Group 1: Company Highlights - Changchun High New has made significant progress in using AI large models to design highly alkaline single-domain antibodies, successfully completing the development of a protein product designed by the model that has entered 5000-liter scale production [1] - Oko Yi achieved operating revenue of 603.48 million yuan in the first half of 2025, a year-on-year increase of 4.17%, but net profit decreased by 98.71% due to low capacity utilization, increased depreciation, rising material costs, and higher expense ratios [2] - Jingwang Electronics reported operating revenue of 7.095 billion yuan in the first half of 2025, a year-on-year increase of 20.93%, with net profit of 650 million yuan, a slight decrease of 1.06% [3] - Lens Technology has engaged in joint R&D with leading companies in the 3D printing industry, with some products expected to achieve mass production next year [4] - Ximai Food's revenue for the first half of the year was over 30 million yuan, a year-on-year increase of approximately 10%, with profitability starting in the second quarter [5] - Antu Bio experienced a decrease in testing volume due to price reductions in chemiluminescence products, but anticipates a record high in installed capacity in 2024 [6] Group 2: Industry Insights - The manufacturing recovery is driving demand for tools in the automotive, aerospace, and consumer electronics sectors, with significant potential for domestic replacements in high-end fields [2] - The industry is in a golden development phase, with substantial room for domestic substitution and significant overseas market potential [2] - The automotive electronics sector is experiencing rapid growth, with increased shipments of AI servers and 800G optical modules [3] - The biopharmaceutical sector is facing pressure from the implementation of centralized procurement and DRG policies, impacting sales and pricing strategies [5][6]

AI的影响力正从纯粹的科技公司向外溢出。长城基金基金经理刘疆近日指出，人工智能（AI）对经济 的重塑效应有望堪比移动互联网，其影响是全方位、深层次的，不仅限于科技行业，更将广泛渗透至传 统领域，为"AI+"标的带来历史性机遇。 "中长期而言，AI会大幅提升传统行业的生产经营效率，并深刻改变整个经济和社会的生产力与生产关 系。"刘疆表示。这种影响已开始映射到二级市场，投资者正在积极寻找并布局那些能够有效利用AI技 术进行智能化升级、从而提升核心竞争力的企业，无论其身处科技行业还是传统领域。 免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确性或 完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表达的 意见可能会更改且不另外通知。此通讯不应被接受者作为对其独立判断的替代或投资决策依据。本公司 或本公司的相关机构、雇员或代理人不对任何人使用此全部或部分内容的行为或由此而引致的任何损失 承担任何责任。未经长城基金管理有限公司事先书面许可，任何人不得将此报告或其任何部分以任何形 式进行派发、复制、转载或发布，且不得对本通讯进行任何有悖原意的删节或修 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 9.031 billion yuan for the first half of 2025, representing a year-on-year growth of 86.00% [2][5] - The net profit attributable to shareholders reached 2.143 billion yuan, with a staggering year-on-year increase of 366.89% [2][5] - The gross margin and net margin were 36.22% and 23.73%, respectively, reflecting increases of 15.61 percentage points and 14.28 percentage points year-on-year [2][5] - In Q2 2025, the company achieved a revenue of 4.719 billion yuan, a year-on-year growth of 91.51% and a quarter-on-quarter growth of 9.42% [2][5] - The net profit for Q2 2025 was 1.222 billion yuan, showing a year-on-year increase of 390.14% and a quarter-on-quarter increase of 32.78% [2][5] - The gross margin for Q2 was 38.83%, up 17.14 percentage points year-on-year and 5.46 percentage points quarter-on-quarter [2][5] - The net margin for Q2 was 25.91%, reflecting a year-on-year increase of 15.79 percentage points and a quarter-on-quarter increase of 4.56 percentage points [2][5] Summary by Sections Company Overview - The company has over 20 years of experience in the PCB industry and ranks 6th globally among PCB suppliers, and 3rd among domestic manufacturers in mainland China [11] Financial Performance - The company is expected to achieve net profits of 5.529 billion yuan, 8.362 billion yuan, and 9.934 billion yuan for the years 2024, 2025, and 2026, respectively [11] - Corresponding price-to-earnings ratios for these years are projected to be 40.41, 26.72, and 22.49 [11] Product and Market Position - The company has a leading position in the AI computing card and AI Data Center UBB & switch market, with significant product structure upgrades [11] - The company has successfully broken through key technological barriers, enabling it to produce high-layer PCBs and HDI products at scale [11] - The company is positioned to benefit from the growing demand for AI-related products, which is expected to enhance its profit margins further [11]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][4]. Core Views - The company continues to expand its advantages in the automotive sector while focusing on AI to develop high-end projects, which is expected to enhance profitability [4][9]. - In the first half of 2025, the company achieved a revenue of 7.095 billion yuan, a year-on-year increase of 20.93%, and a net profit attributable to shareholders of 650 million yuan, a slight decrease of 1.06% year-on-year [4][8]. - The company has become the world's largest automotive PCB supplier as of 2024, leveraging its extensive industry experience and a strong customer base [8][9]. - The company is actively embracing opportunities in AI, with ongoing advancements in high-end PCB products for data centers and AI servers [9]. Financial Performance Summary - Revenue projections for the company are as follows: 2024A: 12.659 billion yuan, 2025E: 15.055 billion yuan, 2026E: 17.774 billion yuan, and 2027E: 20.863 billion yuan, with year-on-year growth rates of 17.7%, 18.9%, 18.1%, and 17.4% respectively [7][10]. - Net profit projections are: 2024A: 1.169 billion yuan, 2025E: 1.433 billion yuan, 2026E: 1.830 billion yuan, and 2027E: 2.246 billion yuan, with year-on-year growth rates of 24.9%, 22.6%, 27.7%, and 22.7% respectively [7][10]. - The company's gross margin is expected to improve from 22.7% in 2024 to 24.6% in 2027, while the net margin is projected to increase from 9.2% to 10.8% over the same period [11]. Market Position and Strategy - The company has established itself as a leading supplier in the automotive PCB market, with a focus on high-end projects such as laser radar boards and domain controller boards, which are in the process of mass production [8][9]. - The company is also enhancing its production capabilities for high-end HDI boards and is investing in technology upgrades at its manufacturing facilities to support AI and data center applications [9].

国金证券近日发布电子行业研究：8月29日，阿里发布二季报，最大的亮点在于云业务 强劲表现，季度收入333.98亿元，同比增长26%，创下三年来的最高增速，AI相关产品收入 连续第八个季度保持三位数增长。阿里强调过去四个季度已累计在AI基础设施与产品研发 上投入超千亿元人民币，二季度资本支出达到387亿元，是去年同期的3.25倍，这些投入正 开始转化为业绩增长。 投资建议与估值 以下为研究报告摘要： 看好AI-PCB及算力硬件、苹果链、AI驱动及自主可控受益产业链。阿里发布二季度云 业务收入333.98亿元，同比增长26%，创下三年来的最高增速，AI相关产品收入连续第八个 阿里未来三年AI投资3800亿，继续看好AI算力核心硬件。8月29日，阿里发布二季报， 最大的亮点在于云业务强劲表现，季度收入333.98亿元，同比增长26%，创下三年来的最高 增速，AI相关产品收入连续第八个季度保持三位数增长。阿里强调过去四个季度已累计在 AI基础设施与产品研发上投入超千亿元人民币，二季度资本支出达到387亿元，是去年同期 的3.25倍，这些投入正开始转化为业绩增长。阿里重申未来三年计划投入3800亿元用于AI和 云基础设 ...

Core Insights - The electronic industry in 2025 H1 achieved a revenue of 1,850.3 billion yuan, a year-on-year increase of 19%, with a net profit of 85.2 billion yuan, up 31% [1] - The demand for AI cloud computing hardware is expected to remain strong, driving significant growth in the industry [1][2] - The PCB sector is benefiting from robust demand, with 2025 H1 revenue reaching 132.7 billion yuan, a 25.2% increase, and net profit of 12.39 billion yuan, up 59.3% [2] - The semiconductor equipment sector is accelerating its domestic production, with 2025 H1 revenue of 38.92 billion yuan, a 31.7% increase, and net profit of 6.31 billion yuan, up 20.3% [3] - The design sector reported a revenue of 58.137 billion yuan in 2025 H1, a 19.5% increase, with net profit rising 67.5% to 8.62 billion yuan [4] Electronic Industry Performance - In 2025 H1, the electronic industry saw a revenue of 1,850.3 billion yuan, with a net profit of 85.2 billion yuan, reflecting strong growth [1] - The gross margin for 2025 H1 was 15.8%, with a net margin of 4.5%, showing improvements compared to the previous year [1] PCB Sector Insights - The PCB sector's revenue in 2025 H1 was 132.7 billion yuan, with a net profit of 12.39 billion yuan, indicating strong performance driven by AI demand [2] - The second quarter of 2025 saw PCB revenue of 70.25 billion yuan, a 24.5% increase, and net profit of 7.01 billion yuan, up 56.6% [2] Semiconductor Equipment Sector - The semiconductor equipment sector reported a revenue of 38.92 billion yuan in 2025 H1, with a net profit of 6.31 billion yuan, reflecting a strong growth trajectory [3] - The second quarter of 2025 saw revenue of 21.04 billion yuan, a 33.5% increase, and net profit of 3.74 billion yuan, up 19.4% [3] Design Sector Performance - The design sector achieved a revenue of 58.137 billion yuan in 2025 H1, with a net profit of 8.62 billion yuan, benefiting from domestic substitution trends [4] - The second quarter of 2025 saw revenue of 32.04 billion yuan, a 21.9% increase, and net profit of 5.16 billion yuan, up 64.4% [4] Other Electronic Segments - Other electronic segments, including consumer electronics and automotive electronics, reported varied performance, with significant growth in some areas [5] - In 2025 H1, consumer electronics revenue was 878.43 billion yuan, with a net profit of 32.79 billion yuan, reflecting a 15.4% increase [4][5] Investment Outlook - The demand for AI-related products is expected to drive growth in the semiconductor and electronic sectors, with a focus on AI-PCB and domestic production benefiting from ongoing trends [6]

证券研究报告 | 投资策略研究*专题报告 2025 年 09 月 01 日 投资策略研究 科技板块当前的分化状态——周度策略行业配置观点 在数字经济政策推动下，金融科技领域的财税数字化、数字货币等场景加 一周热点事件复盘："人工智能+"行动意见发布，"沪六条"放宽购房条 件、美国上修二季度 GDP、美团 Q2 净利同比骤降。本周（2025 年 8 月 25 日-2025 年 8 月 29 日）A 股波动幅度增大，主要指数产生了一定的分化， 上证指数周 0.84%，深证成指周 4.36%，创业板指周 7.74%，科创 50 周 7.49%，全市场日均成交额 2.98 万亿元。A 股呈现沪弱深强、大盘领跑的 格局，成长板块表现强劲，市场交投活跃但资金面呈现一定分歧。政策层 面，国务院印发"人工智能+"行动意见，催化 AI 产业链估值扩张，通信 设备、电子等板块受提振。同时，半导体行业需求端受益于全球数字化浪 潮，汽车电子、数据中心等下游领域订单增长，推动天孚通信、中际旭创 等龙头股上涨。港股方面，美团净利润大幅下降导致恒生科技为代表的港 股在周中产生回调。 伴随指数整体上扬，近期 TMT 板块交易拥挤度显著升高， ...

盈利预测与投资建议：预计2025-2027 年营业总收入分别为203.49、305.92、408.29 亿元，同比增速分 别为89.62%、50.33%、33.47%；归母净利润分别为55.90、89.33、124.18 亿元，同比增速分别为 384.18%、59.81%、39.02%，对应25-27 年PE 分别为41X、26X、19X，维持"买入"评级。 风险提示：下游需求不及预期风险；行业竞争加剧风险。 公司25 年上半年业绩同比大幅增长，主要由于公司前瞻性布局AI 算力与数据中心产品，与国际头部客 户深度合作，受益客户需求增加，驱动公司业绩持续兑现。公司AI 应用领域产品规模出货，Q2 收入占 比进一步提升，收入结构优化，同时伴随良率提升，公司Q2 单季度实现毛利率38.83%，同比增长 17.14pct，环比增长5.46pct。 持续强化技术护城河，巩固行业领先定位。公司率先突破高多层与高阶HDI 相结合的核心技术壁垒， 具备100 层以上高多层板制造能力，是全球首批实现6 阶24 层HDI 产品大规模生产，及8 阶28 层HDI 与 16 层任意互联（Any-layer）HDI 技术能力的企业，并 ...

Group 1 - The report on overseas mutual funds indicates that as of March 31, 2025, there were 1,532 mutual funds holding A-shares with a total scale of $1.9 trillion, showing a slight decrease in both number and scale compared to previous periods [9][10][11] - The performance of overseas mutual funds investing in A-shares was notably differentiated, with active funds outperforming passive funds, achieving an average return of 0.51% and a median return of 0.28% [10] - The report highlights that overseas mutual funds increased their holdings in the home appliance, transportation, and computer sectors while reducing their investments in power equipment and new energy sectors [10][11] Group 2 - The report on Shenzhen Circuit (002916.SZ) forecasts revenue for 2025-2027 to be 22.134 billion, 26.330 billion, and 30.087 billion yuan respectively, with net profit expected to be 3.273 billion, 4.278 billion, and 5.154 billion yuan [12] - The target market capitalization for Shenzhen Circuit in 2026 is projected to be 162.572 billion yuan, with a target price of 243.83 yuan, and the report initiates coverage with a "buy" rating [12] - The report emphasizes the company's strong position in the PCB market, particularly in data center and communication sectors, with significant growth potential driven by advancements in AI and high-speed communication technologies [13][14] Group 3 - The report on Tunan Co., Ltd. (300855.SZ) indicates that the company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with a focus on aerospace and nuclear power applications [17][18] - The company is expected to achieve a revenue growth rate of 25.10% and a net profit growth rate of 25.10% from 2020 to 2024, with projected revenues of 1.258 billion yuan and net profits of 267 million yuan in 2024 [17] - Tunan's order backlog reached a historical high of 1.75 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 236.5% [18] Group 4 - Alibaba's self-developed AI chips are aimed at meeting its own AI inference needs, with a planned investment of 380 billion yuan over the next three years to enhance its AI capabilities [20][21] - The report notes that Alibaba's AI inference chip, Hanguang 800, has surpassed NVIDIA's T4 and P4 in certain performance metrics, indicating a strong competitive position in the AI chip market [20] - The report highlights the potential for growth in power supply and liquid cooling technologies as major cloud service providers increase their investment in AI chips [22]

本报记者 李乔宇 8月31日，中国上市公司协会披露《中国上市公司2025年半年度经营业绩报告》（以下简称《报告》）。《报告》显示， 截至8月31日，我国境内股票市场（沪深北三家证券交易所，以下简称"全市场"）共5432家上市公司披露2025年半年度报告。 数据显示，2025年上半年，全市场上市公司实现营业收入35.01万亿元，同比增长0.16%，其中第二季度实现营收18.11万亿 元，同比增长0.43%，环比增长7.15%；上半年全市场上市公司实现净利润3.00万亿元，同比增长2.54%，增速较上年全年提升 4.76个百分点。全市场近六成公司营收正增长，超四分之三公司实现盈利，2475家公司净利润正增长，1943家公司营收、净利 双增长。 工信部信息通信经济专家委员会委员盘和林对《证券日报》记者表示，上市公司中期"成绩单"不仅印证了中国经济的强大 韧性，更凸显出结构优化、质量提升的高质量发展新趋势，为全年经济稳定向好奠定坚实基础。经济复苏的"向上动能"正在加 速积聚，后续增长的连贯性与稳定性值得期待。 消费潜能持续释放 上半年，全市场19个门类行业中，有17个行业实现盈利，7个行业营收正增长，10个行业净利润 ...