早盘，通信ETF（515880）震荡下探后翻红，当前涨超1.4%，盘中成交额近15亿元。 资金逢低买入，昨日下跌后净流入超13亿元，近5日吸金超38亿元，当前规模超115亿元位居同类首位。 长城证券表示，当前全球AI浪潮持续加速，催生算力需求指数级提升，同时国产诸如DeepSeek等大模 型加速推进，考虑地缘政治及产业链稳定等因素，必定带来国产算力需求的持续攀升，在国产算力基础 设施逐步建设充分AI芯片技术上逐步提升，将带来充分的算力国产自主化空间，持续看好算力自主化 相关投资机会。 通信ETF（515880）光模块占比近50%，"光模块+服务器+光纤+铜连接"占比超75%，一键布局算力核 心引擎，感兴趣的投资者可以关注相关布局机会。 没有股票账户的投资者可以关注通信ETF联接基金（联接 A：007817；联接 C：007818）。 注：市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及个股仅供参考，不构成股 票推荐，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产 品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the report indicates that ZTE Corporation's revenue increased by 15% year-on-year to 71.6 billion yuan, while net profit decreased by 12% to 5.1 billion yuan [1] - The shift in product mix towards higher shipment volume servers has negatively impacted gross margin and net margin, which fell by 8 and 2.1 percentage points to 32.5% and 7.1% respectively [1] - The report suggests that ZTE is expected to maintain strong growth momentum in the coming years, supported by the AI infrastructure investment cycle and the trend of domestic semiconductor localization [1] Group 2 - The target price for ZTE's H-shares has been raised from 26.5 HKD to 42 HKD, and the target price for A-shares has been increased from 32.86 CNY to 57 CNY [1] - The forecasted net profits for ZTE from 2025 to 2027 are projected to be 7.976 billion, 8.035 billion, and 9.568 billion yuan, reflecting year-on-year changes of -5.3%, +0.7%, and +19.1% respectively [1]

Market Overview - The Shanghai Composite Index fell by 0.45% to close at 3858.13 points, with a high of 3885.31 points [1] - The Shenzhen Component Index decreased by 2.14% to 12553.84 points, reaching a maximum of 12857.16 points [1] - The ChiNext Index dropped by 2.85% to 2872.22 points, peaking at 2979.73 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 22811.21 billion yuan, with a financing balance of 22650.35 billion yuan and a securities lending balance of 160.85 billion yuan [2] - The margin trading and securities lending balance decreased by 85.37 billion yuan compared to the previous trading day [2] - The Shanghai market's margin trading balance was 11692.6 billion yuan, down by 25.08 billion yuan, while the Shenzhen market's balance was 11118.61 billion yuan, down by 60.29 billion yuan [2] Top Margin Buying Stocks - The top three stocks by margin buying amount were: - Xinyi Technology (51.06 billion yuan) [3] - Zhongji Xuchuang (50.48 billion yuan) [3] - Shenghong Technology (50.25 billion yuan) [3] Fund Issuance - Two new funds were issued yesterday: - China Merchants Balanced Optimal Mixed A [4] - China Merchants Balanced Optimal Mixed C [4] Top Net Buying Stocks on the Dragon and Tiger List - The top ten net buying stocks on the Dragon and Tiger list were: - Julun Intelligent (437.29 million yuan) [6] - Changchun High-tech (274.93 million yuan) [6] - Gongxiao Daji (258.11 million yuan) [6] - Jianghai Shares (252.47 million yuan) [6] - Baiyin Youse (129.70 million yuan) [6]

Group 1 - The main stocks with significant capital outflow include Shanzi Gaoke (-8.24 billion), Xinyi Sheng (-5.19 billion), and Pacific (-4.83 billion) [1][2] - The sectors affected by the capital outflow include automotive, telecommunications, securities, and internet services [2][3] - Notable stock performances show that Shanzi Gaoke had a slight increase of 0.75%, while Longcheng Military Industry and Zhonghang Chengfei experienced declines of -4.87% and -8.12% respectively [2][3] Group 2 - The total capital outflow from the top 20 stocks indicates a trend of investors pulling back from certain sectors, particularly in specialized equipment and internet services [1][2] - Companies like Wan Tong Development and Liou Shares saw positive stock performance despite significant capital outflow, indicating potential resilience in the real estate and internet service sectors [2][3] - The data reflects a broader market sentiment where certain stocks are under pressure, leading to strategic shifts in investment focus [1][2]

Group 1 - The top 20 stocks with significant capital inflow as of September 3 include: Yanshan Technology (2.424 billion), Unisplendour (1.400 billion), Sungrow Power (0.539 billion), and others [1] - Yanshan Technology experienced a price increase of 10.04%, with a capital inflow of 2.424 billion [2] - Unisplendour saw a price rise of 6.64% and attracted 1.400 billion in capital [2] Group 2 - Sungrow Power had a price increase of 6.98% with a capital inflow of 0.539 billion [2] - Jishi Media reported a price rise of 9.94% and received 0.466 billion in capital [2] - Heng Rui Medicine experienced a 4.14% increase in price with a capital inflow of 0.417 billion [2] Group 3 - The stock with the highest capital inflow, Yanshan Technology, is categorized under Internet Services [2] - Other notable sectors include Photovoltaic Equipment (Sungrow Power), Cultural Media (Jishi Media), and Chemical Manufacturing (Heng Rui Medicine) [2][3] - The banking sector, represented by Agricultural Bank, saw a slight decline of 0.28% with a capital inflow of 0.170 billion [3]

Market Performance - As of September 3, the A-share market opened with the Shanghai Composite Index up by 0.07%, the Shenzhen Component Index up by 0.30%, and the ChiNext Index up by 0.47% [1] - The Shanghai Composite Index was recorded at 3860.84, while the Shenzhen Component Index was at 12591.33, and the ChiNext Index was at 2885.63 [2] Sector Performance - Strong sectors included precious metals, gold, tourism, and batteries, while sectors such as supply and marketing cooperatives, corn, and communication equipment experienced slight declines [1] - The market saw 1190 stocks rising, 206 remaining flat, and 923 declining in the Shanghai market [2]

Core Insights - The report highlights the profitability pressure faced by the North Exchange in Q2 2025, primarily due to overseas disturbances and high fixed asset growth, with a forecasted turning point in the second half of the year [3][8]. - The technology manufacturing sector is leading the growth, driven by a combination of cyclical recovery and AI industry trends, while consumer sectors show a mixed performance [3][8]. - The report suggests three strategies to identify high-growth opportunities: selecting companies with sustained revenue growth, those with upward revisions in profit forecasts, and those with high contract liabilities and advance payments [3][8]. Summary by Sections Profitability Analysis - As of Q2 2025, the North Exchange reported a revenue growth rate of +4.9% and a net profit growth rate of -16.6%, indicating significant profitability challenges [8]. - The decline in net profit is attributed to a sharp drop in export growth to the U.S., with over 50% of companies experiencing negative net profit growth [8]. - Fixed asset growth reached a historical high of +30.2%, contributing to the pressure on profitability, with a gross margin of 22.4% [8]. Industry Structure - The technology manufacturing sector is experiencing high growth, with key industries such as computing, telecommunications, and electrical equipment showing positive trends [8]. - The report notes a structural recovery in midstream manufacturing, particularly in traditional robotics and engineering machinery, alongside emerging industries [8]. - Consumer sectors are experiencing a mixed recovery, with agriculture and forestry showing potential for improvement [8]. Investment Strategies - The report recommends identifying companies with consistent upward trends in revenue and net profit growth over the past four quarters, highlighting specific companies like Kaiter and Fujida [3][8]. - It also suggests focusing on companies with upward revisions in profit forecasts, such as Shuguang Shuchuang and Naconoer, which have seen significant increases in expected net profit growth [3][8]. - Companies with high contract liabilities and advance payments, like Kangnong Agriculture and Kun工科技, are also highlighted as potential investment opportunities [3][8].

Group 1: Company Insights - Dongfang Shenghong (000301) reported a net profit of 257 million yuan in the refining segment for the first half of 2025, marking a turnaround from losses year-on-year [1] - Dekoli experienced rapid growth in computing power demand, but faced insufficient capacity and supply chain resources, leading to order delivery issues [2] - Jinbo Co. achieved a revenue of 411 million yuan in the first half of 2025, with a year-on-year growth of 19.69%, driven by significant increases in the transportation and lithium battery sectors [3] - Hangcai Co. reported a revenue of 1.36 billion yuan for the first half of 2025, a decline of 9.87% year-on-year, with net profit also decreasing by 9.92% [4] Group 2: Financial Performance - Dongfang Shenghong's petrochemical segment is expected to benefit from anti-involution policies, with capital expenditures projected to gradually decrease [1] - Dekoli's telecom business saw a year-on-year decline of approximately 8%, but new factory operations are expected to improve performance in the second half of the year [2] - Jinbo Co.'s new business revenue grew by 305.35%, accounting for over 70% of total revenue, while solar energy revenue decreased from 59.87% in 2024 to below 30% [3] - Hangcai Co. plans to distribute a mid-term dividend of 2.3045 yuan per 10 shares, totaling 103.7 million yuan, which represents 37.01% of net profit [4] Group 3: Strategic Developments - Dongfang Shenghong is focusing on flexible procurement strategies and hedging in response to market fluctuations, with ongoing projects expected to enhance production capacity [1] - Dekoli is enhancing its core competitiveness to address uncertainties in tariff policies and is exploring applications for its OCS products [2] - Jinbo Co. is expanding its market coverage in the transportation sector and promoting the large-scale application of porous carbon products [3] - Hangcai Co. is advancing the application of titanium alloys and other products in various fields, including high-speed rail and drones [4]

Group 1: Dekoli - The company is experiencing rapid growth in computing power demand, but faces challenges with insufficient production capacity and supply chain resources, leading to order delivery issues [1] - Revenue from data communication products is increasing, with access and data products accounting for nearly 40% of total revenue; however, telecom business revenue has decreased by approximately 8% year-on-year [1] - A new factory is expected to be operational in the second half of the year, which is anticipated to improve the situation; OCS products have received orders worth millions [1] - The company's factory in Thailand is projected to start production after the 2026 Spring Festival, with some clients already certified [1] - The company emphasizes enhancing core competitiveness to address uncertainties in tariff policies [1] Group 2: Xinmai Medical - The company reported a revenue of 714 million yuan and a net profit of 315 million yuan during the reporting period, with a proposed cash dividend of 1.3 yuan per share, totaling 157 million yuan [1] - The Cratos product was launched domestically in March, with a listing price below 100,000 yuan, and its promotion is exceeding expectations; Hector has received custom certification in the EU and has completed clinical implants in multiple countries [1] - Research and development investment is expected to be around 10% this year, maintaining a range of 10%-15% in the future [1] - Overseas revenue has increased by over 95% year-on-year, accounting for 17% of total revenue, primarily due to the consolidation of Lombard and organic growth, with plans to expand coverage from 45 to 60 countries next year [1] - High-margin products such as Talos, Cratos, and Fontus are set to be launched internationally [1] Group 3: Green Fund - Green Fund was established in 2016, with total assets under management of 25.643 billion yuan, ranking 110 out of 210 in public funds [2] - The fund has 61 public funds under management, ranking 91 out of 210, and employs 12 fund managers, ranking 97 out of 210 [2] - The best-performing public fund product in the past year is the Green High Dividend Preferred Mixed A, with a latest net value of 1.84 and a growth of 118.24% over the past year [2] - The latest public fund product launched is the Green Technology Growth Mixed A, which is equity-oriented and has a subscription period from August 8, 2025, to November 7, 2025 [2]

Group 1: Zhongwei Semiconductor - Zhongwei Semiconductor reported a revenue of 504 million yuan in the first half of the year, with consumer electronics accounting for 40%, small appliances 31%, industrial control 25%, and automotive applications 4% [1] - The company has seen a reduction in inventory from 700 million yuan to over 300 million yuan, with a turnover rate of 2-4 [1] - The gross margin is approximately 33%, with expectations for improvement; the company shipped 1.7 billion units in the first half, including 1.4 billion 8-bit chips and 130 million 32-bit chips [1] - The company aims to increase its 32-bit chip shipments to over 300 million units in the second half of the year and is focusing on domestic substitution in the white goods sector [1] Group 2: Tongyu Communication - Tongyu Communication is actively expanding into low-orbit broadband satellite internet, entering the supply chain of Yuanxin and promoting full-scenario coverage [2] - The revenue from microwave antennas reached 119 million yuan in the first half of 2025, representing an 84% year-on-year increase, with a gross margin of 33% [2] - Satellite communication revenue was 26 million yuan, up 2.59% year-on-year, while optical module revenue grew by 98% [2] - Overseas sales accounted for 49% of total revenue, primarily driven by 4G/5G construction needs in Belt and Road countries [2] - The company plans to maintain its market position in base station antennas and participate in the integrated construction of 5G and 6G over the next 3-5 years [2]