2025 年 08 月 31 日 九月策略和十大金股 —9 月十大金股 投资要点 ▌ 总量观点 海外关注行业关税、经济成色、降息指引和流动性影响。 美股资金提前防御，降息交易轮动，先关注困境反转的金 融、保健和地产，及降息受益的美债和黄金。国内经济边 际放缓，但重点行业延续扩张，供需矛盾逐步缓解，价格 指数连续回升，PPI 止跌值得期待。A 股快速拉升后分歧初 现，关注监管风向和散户入市进度。三大再平衡支撑下的 A 股有望震荡上行，把握科技轮动、降息交易和 PPI 回升利好 行业机会。 行业选择：1）科技轮动。关注科技成长内部的高低切换， 如机器人、创新药、军工、半导体、消费电子等。2）降息 交易。海外降息在即，中美货币宽松共振利好的 TMT、有 色、非银等。3）PPI 回升。PPI 回升拐点确认后，上游周 期、中游制造和下游消费有望受益，如有色、化工；电力 设备、机械；美护、食饮、农林牧渔等。 ▌ 本期金股组合： 电子：蓝思科技（300433.SZ） 电子：盛科通信-U（688702.SH） 电子：生益电子（688183.SH） 中小盘：思泉新材（301489.SZ） 新能源：浙江荣泰（603119.SH） ...

人民财讯8月31日电，中上协消息，工业制造业绩回暖。上半年，制造业经营状况边际改善，营收、净 利同比增速为4.73%、7.75%。军工、新能源、医疗器械等先进制造领域原料需求旺盛，叠加供给结构 性收紧，有色金属和塑料制品价格持续突破新高，两行业营收增速分别为6.49%、10.10%，净利润增速 分别为36.55%、19.59%。受益于产业链下游景气周期，尤其是海外客户业务扩张，光模块、PCB行业 订单量保持高位，光模块上市公司净利润翻倍、PCB上市公司净利润增长近50%。 ...

A股上市公司半年报披露收官。Choice数据显示，截至记者发稿，A股共有5424家上市公司披露半 年报。按照申万一级行业分类，综合、农林牧渔、钢铁、建筑材料、计算机、有色金属、传媒、电子等 行业净利润增速居前。 从二级市场看，在AI大浪潮下，近期算力概念股站上风口，共封装光学（CPO）、印制电路板 （PCB）、AI芯片、液冷等细分板块成为资本追逐的赛道。此外，军工、稀土永磁、人形机器人、创新 药等板块今年以来涨幅居前，成为市场热门板块。 据Choice数据，A股今年以来涨幅居前的八大热门板块，相关公司半年报业绩迎来兑现，多只股票 归母净利润同比增长超10倍。 地面装备板块 军工细分概念地面装备板块今年以来上涨107.85%。板块15家公司中，9家公司上半年归母净利润 实现同比增长。其中，纳睿雷达上半年归母净利润同比增长866.97%，居板块首位。 PCB板块 PCB板块今年以来上涨93.12%。板块112家公司中，73家公司上半年归母净利润实现同比增长。其 中，宏和科技上半年归母净利润同比增长10587.74%，业绩增长位居板块首位。 算力缺口带动PCB行业需求上行。东吴证券表示，根据IDC数据，2025年一 ...

A股上市公司半年报披露收官。数据显示，截至记者发稿，A股共有5424家上市公司披露半年报。按照 申万一级行业分类，综合、农林牧渔、钢铁、建筑材料、计算机、有色金属、传媒、电子等行业净利润 增速居前。 从二级市场看，在AI大浪潮下，近期算力概念股站上风口，共封装光学（CPO）、印制电路板 （PCB）、AI芯片、液冷等细分板块成为资本追逐的赛道。此外，军工、稀土永磁、人形机器人、创新 药等板块今年以来涨幅居前，成为市场热门板块。 地面装备板块 军工细分概念地面装备板块今年以来上涨107.85%。板块15家公司中，9家公司上半年归母净利润实现 同比增长。其中，纳睿雷达上半年归母净利润同比增长866.97%，居板块首位。 PCB板块 PCB板块今年以来上涨93.12%。板块112家公司中，73家公司上半年归母净利润实现同比增长。其中， 宏和科技（603256）上半年归母净利润同比增长10587.74%，业绩增长位居板块首位。 据，A股今年以来涨幅居前的八大热门板块，相关公司半年报业绩迎来兑现，多只股票归母净利润同比 增长超10倍。 算力缺口带动PCB行业需求上行。东吴证券表示，根据IDC数据，2025年一季度，全球服 ...

记者丨倪雨晴 实习生苏梓丹 业绩和股价齐飞 编辑丨包芳鸣 AI浪潮下的算力竞赛，正在改写全球科技产业的节奏。大模型推理与训练需求急速膨胀，让AI算力一 跃成为基础设施中的"硬通货"。 在英伟达市值冲上4万亿美元之后，这场算力周期的红利，正沿着产业链层层释放。过去一年，从存 储、封装到通信连接，资本市场已经经历过数轮追逐。进入2025年，A股的英伟达产业链热度继续攀 升，AI服务器、光模块、液冷、高端PCB与高速连接等环节全面点燃，龙头公司半年报普遍超预期。 工业富联市值突破万亿，新易盛股价三年累计飙升逾28倍，胜宏科技股价今年以来涨幅超过500%，多 家公司纷纷交出亮眼成绩单。在英伟达转向AI基建企业的过程中，资本与产业共振效应进一步放大， 算力赛道已成为资本市场炙手可热的主线之一。 | 356.20 +1.25 +0.35% | | | | | | 新易盛 立即 300502 交易 | | --- | --- | --- | --- | --- | --- | --- | | SZSE CNY 15:30:06 闭市 | | | | | | 通 融 / △ + | | 麦比 | 46.67% 委差 | 31 ...

全球化布局持续完善，产能扩张奠定后续增长基础。当前公司积极推进全球化布局，通过境内外自建工 厂与并购逐步完成全球化产能的建设，持续构建兼具高端制造、客户服务与区域协同的运营网络，其 中，国内产能以惠州总部为核心，结合各生产线的技术优势，划分成多层板一至六处和HDI一处、二 处，各生产单位产品定位清晰，同时可根据客户需求协同作业，大幅减少了客户前期引入及认证周期。 此外，为了满足全球客户对高多层及高阶HDI的海外交付需求，公司积极提升全球化交付和服务能力， 在泰国、越南投资建设生产线，海外高端PCB产能持续扩充，为公司未来业绩增长提供有力支撑。 单季盈利水平大幅提升，经营业绩步入高增阶段。当前AI算力需求强劲，持续推动高端高多层以及HDI 需求，公司紧抓行业高端结构性需求，实现经营业绩的快速增长，25H1公司实习营收90.31亿元，同比 +86%，实现归母净利润21.43亿元，同比+366.89%，利润率方面，随着高端产品占比提高，25H1公司 毛利率和净利率分别增长至36.22%和23.73%。单季度来看，25Q2公司营收达47.19亿元，同比 +91.51%，环比+9.42% ， 实现归母净利润12.22 ...

Core Viewpoint - The AI computing power competition is reshaping the global technology industry, with AI computing power becoming a "hard currency" in infrastructure as demand for large model inference and training surges [1] Group 1: AI Server Market - AI servers are the core revenue segment, with Industrial Fulian achieving record high revenue and profit in the first half of the year, with Q2 revenue surpassing 200 billion yuan and AI server revenue increasing over 60% year-on-year [2] - Inspur Information reported a revenue of 801.92 billion yuan in the first half of 2025, a year-on-year increase of 90.05%, with net profit rising by 34.87% [2] Group 2: Optical Module Market - Optical modules are crucial in AI investments, with leading companies like New Yisheng and Zhongji Xuchuang showing strong growth; Zhongji Xuchuang's revenue reached 147.89 billion yuan, up 36.95% year-on-year, and net profit increased by 69.40% [2] - Tianfu Communication also reported significant growth, with revenue of 24.56 billion yuan, a year-on-year increase of 57.84%, and net profit rising by 37.46% [2] Group 3: Liquid Cooling and PCB Market - Liquid cooling penetration is expected to rise significantly, with a projected 33% penetration rate in AI data centers by 2025; companies like Yingwei Ke achieved a revenue of 25.73 billion yuan, up 50.25% year-on-year [3] - PCB manufacturers are also experiencing growth, with Shenghong Technology's revenue increasing by 86% to 90.31 billion yuan and net profit soaring by 366.89% [4] Group 4: Supply Chain Developments - BYD Electronics entered the NVIDIA GB300 liquid cooling supply chain, leading to a 7.3% stock price increase; the company reported a revenue of 806.1 billion yuan, up 2.58% year-on-year [4] - Luxshare Precision's communication data center business grew nearly 50%, with overall revenue reaching 1245.03 billion yuan, a year-on-year increase of 20.18% [5] Group 5: Capital Expenditure Trends - Major cloud service providers are significantly increasing capital expenditures, with a 69% year-on-year increase to 87.4 billion USD in Q2 2025; combined capital expenditures for Microsoft, Amazon, Meta, and Google are expected to grow by 50% to 333.8 billion USD [7] - Domestic internet companies in China are also ramping up investments in AI-related businesses, with a combined capital expenditure of 55.01 billion yuan, a year-on-year growth of 99.38% [7] Group 6: Future Market Outlook - NVIDIA anticipates a capital expenditure of approximately 600 billion USD this year, projecting global AI infrastructure spending to reach 3 to 4 trillion USD by the end of the decade; China's market is expected to be around 50 billion USD with a CAGR of about 50% [8] - Investment opportunities are suggested in various components related to server hardware, including system assembly, GPU, CPU, storage, high-speed connectors, and PCB/IC substrates [8]

（原标题：算力"硬通货"当道，英伟达产业链狂奔） 21世纪经济报道记者倪雨晴 实习生苏梓丹 AI浪潮下的算力竞赛，正在改写全球科技产业的节奏。大模型推理与训练需求急速膨胀，让AI算力一 跃成为基础设施中的"硬通货"。 在英伟达市值冲上4万亿美元之后，这场算力周期的红利，正沿着产业链层层释放。过去一年，从存储、封装到通信连接，资本市场已经经历过数 轮追逐。进入2025年，A股的英伟达产业链热度继续攀升，AI服务器、光模块、液冷、高端PCB与高速连接等环节全面点燃，龙头公司半年报普 遍超预期。 工业富联市值突破万亿，新易盛股价三年累计飙升逾28倍，胜宏科技股价今年以来涨幅超过500%，多家公司纷纷交出亮眼成绩单。在英伟达转向 AI基建企业的过程中，资本与产业共振效应进一步放大，算力赛道已成为资本市场炙手可热的主线之一。 业绩和股价齐飞 具体来看，AI服务器是核心收益板块。工业富联上半年营收与利润创同期新高，二季度单季营收首次突破2000亿元、AI服务器营收同比增幅超 60%。8月29日，工业富联市值突破1万亿元，在A股排名第十。浪潮信息同样表现亮眼，2025年上半年营收801.92亿元，同比增长90.05%；归母 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][10][14] Core Viewpoints - The company is a leader in the AI PCB market, with significant technological and production capacity advantages solidifying its industry position [1][9] - The company reported a revenue of 9.031 billion yuan for H1 2025, representing a year-on-year increase of 86%, and a net profit of 2.143 billion yuan, up 366.89% year-on-year [5][9] - The company has achieved substantial growth in high-end product demand driven by strong AI computing power needs, leading to a significant increase in profit margins [9][10] Financial Performance Summary - For 2025, the company is projected to achieve revenues of 19.329 billion yuan, with a year-on-year growth of 80.1% [8][12] - The net profit for 2025 is estimated at 5.578 billion yuan, reflecting a year-on-year increase of 383.2% [8][12] - The gross margin is expected to rise to 40.5% in 2025, while the net margin is projected to reach 28.9% [8][12] Market Position and Strategy - The company has established itself as a core supplier for major technology firms, ranking 6th globally among PCB suppliers and 3rd among domestic manufacturers in mainland China [9][10] - The company is actively expanding its global footprint through the establishment of factories and acquisitions, enhancing its high-end manufacturing and service capabilities [10][11] Future Outlook - The report projects significant growth in net profits for 2025-2027, with estimates of 5.578 billion yuan, 9.274 billion yuan, and 14.736 billion yuan respectively [10][12] - The company is expected to benefit from the ongoing demand for AI hardware and the subsequent upgrade of related PCB products, which will likely increase their value [10][11]

Core Insights - The report highlights a significant increase in the performance of the stock market, with the Shanghai Composite Index rising by 1.14% to close at 3843.6 points, and the ChiNext Index experiencing a notable increase of 3.82% [3][8] - The report emphasizes the strong performance of specific sectors, particularly semiconductors, communication equipment, and electronic chemicals, which have shown substantial gains [8] - The overall market sentiment has improved, with over 2800 stocks rising and more than 60 stocks hitting the daily limit up, indicating a recovery in market confidence [8] Domestic Financial Market - The report provides a summary of key financial indices, including the Shanghai Composite Index at 3843.6 with a 1.14% increase, and the Shenzhen Component Index at 12571.37 with a 2.25% increase [3] - The report notes a decrease in trading volume, with the total turnover of the Shanghai and Shenzhen markets reaching 29,708 billion, down by 1,948 billion from the previous day [8] Macro News Summary - The Ministry of Commerce announced the final review of anti-dumping measures on phenol imports from the US, EU, South Korea, Japan, and Thailand [5] - As of the end of July, the total local government debt in China reached 5,276.27 billion, with general debt at 1,724.83 billion and special debt at 3,551.44 billion [5] - The Central Committee and State Council are establishing a sustainable financing system for urban construction and operation, leveraging the bond and stock markets [5] Industry Dynamics - Xiaomi has invested in a core component manufacturer for robotics, with institutions optimistic about the acceleration of the industry chain, highlighting related stocks such as Top Group (601689) and Mingzhi Electric (603728) [6] - The global satellite IoT connection count is expected to grow at a compound annual growth rate of 23.8% by 2030, with related stocks including Huali Chuantong (300045) and China Satellite (600118) [6] - The report mentions the expected increase in shipments of high-density power cabinets, which will drive new growth in AI data centers, with related stocks including Huadian Co. (002463) and Yuanjie Technology (688498) [6] Company Focus - Shenzhen South Circuit (002916) reported a 29.21% year-on-year increase in PCB business revenue for the first half of 2025, reaching 6.274 billion, with a gross margin increase of 3.05 percentage points [7] - Shanghai Xinyang (300236) saw a 126% year-on-year increase in net profit, driven by significant growth in sales of key materials for integrated circuit manufacturing [7] - Zhongtian Technology (600522) is developing a 224G foamed FEP high-speed copper cable, expected to enter mass production in the fourth quarter [7] - Xinlitai (002294) has received approval for clinical trials of its self-developed SAL0140, aimed at treating chronic kidney disease [7]