野村发表研究报告指，集团维持有效支出管理，尤其在研发方面，部分抵销毛利率下跌的影响。该行认 为，集团下半年继续面对利润率压力，并由明年起逐渐恢复，受惠较佳的成本优化。该行对中兴2025年 至2027年收入预测上调8.5%至10%，反映AI服务器需求增强，但将同期盈利预测下调4%至21%，以反 映利润率摊薄。 智通财经APP获悉，中兴通讯(00763)跌超7%，截至发稿，跌6.96%，报33.7港元，成交额9.89亿港元。 消息面上，中兴通讯上半年营收715.53亿元，同比增长14.51%；净利润50.58亿元，同比下降11.77%。 毛利率32.45%，同比下降7.99%。富瑞发布研报称，中兴通讯过去三个月股价累升约52%，受人工智能 及ASIC芯片增长憧憬，但第二季业绩逊预期显示市场过度乐观。目前其对中兴今明两年净利润预测较 市场预测低出分别26%及31%，22倍市盈率估值对比未来三年净利润负增长并不吸引，投资评级由"持 有"降至"跑输大市"，目标价上调至27.27港元。 ...

Group 1 - CPO concept stocks experienced a downturn on September 2, with Cambridge Technology hitting the daily limit down [1] - Ruijie Networks fell over 10%, while Dekoli, Taichengguang, Zhongfu Circuit, and Tianfu Communication all dropped more than 7% [1]

| 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-09-01 | 104.03万 | 3.60亿 | 6.67% | | 2025-08-29 | 575.46万 | 3.59亿 | 6.69% | | 2025-08-28 | 1827.64万 | 3.53亿 | 6.62% | | 2025-08-27 | -1588.61万 | 3.35亿 | 6.66% | | 2025-08-26 | -1334.15万 | 3.51亿 | 6.75% | 证券之星消息，9月1日，神宇股份（300563）融资买入6992.38万元，融资偿还6888.35万元，融资净买 入104.03万元，融资余额3.6亿元，近3个交易日已连续净买入累计2507.14万元，近20个交易日中有11个 交易日出现融资净买入。 融资融券：融资融券交易又称"证券信用交易"或保证金交易，是指投资者向具有融资融券业务资格的证 券公司提供担保物，借入资金买入证券（融资交易）或借入证券并卖出（融券交易）的行为。包括券商 对投资者的融资、融券和金融机构对券商的 ...

近5日机构合计调研525家公司，迈瑞医疗、天孚通信、爱博医疗等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（8月26日至9月1日）两市约525家公司被机构调研，调研机构类型 显示，证券公司共对510家公司进行调研，即97.14%的上市公司调研活动有证券公司参与；基金公司调 研437家，位列其后；阳光私募机构调研343家，排名第三。 机构调研榜单中，共有301家公司获20家以上机构扎堆调研。迈瑞医疗最受关注，参与调研的机构达到 398家；天孚通信被306家机构调研，榜单中排名第二；爱博医疗、银轮股份等分别被262家、251家机构 调研。 机构调研次数来看，弘景光电机构调研最为密集，共获机构4次调研。国航远洋、安利股份等机构调研 也较为密集，均被机构调研3次。 数据宝统计，20家以上机构扎堆调研股中，近5日资金净流入的有87只，兴森科技近5日净流入资金8.85 亿元，主力资金净流入最多；净流入资金较多的还有麦格米特、中微公司等，净流入资金分别为7.05亿 元、5.37亿元。 市场表现上，机构扎堆调研股中，近5日上涨的有132只，涨幅居前的有天孚通信、豪恩汽电、东田微 等，涨幅为71.75%、47.08 ...

Group 1 - The report from China International Capital Corporation (CICC) suggests a focus on sectors with solid industrial logic, such as communication equipment, semiconductors, electronic hardware, solid-state batteries, innovative pharmaceuticals, national defense and military industry, and robotics, due to favorable liquidity expectations [1] - The advantages of Chinese manufacturing are highlighted, with a recommendation to pay attention to white goods, construction machinery, and power grid equipment that have established overseas production capacity and are benefiting from trade growth with non-US economies [1] - The recovery in capital market sentiment is expected to boost financial performance, leading to a focus on insurance and brokerage firms [1] Group 2 - The "anti-involution" trend is guiding supply contraction in various industries, with policy efforts expected to stabilize demand, particularly in the photovoltaic sector [1] - There may be differentiation within dividend sectors, with an emphasis on high-quality cash flow, volatility, and dividend certainty, suggesting investments in leading consumer stocks, cyclical leaders, and telecommunications [1]

Summary of Conference Call for Gongjin Co., Ltd. Industry Overview - The company benefits from increased investments in AI, leading to significant growth in demand for computing infrastructure and an expanding data center switch market. [2][4] - The AI server market is experiencing rapid development, with technological advancements enhancing value. [5] Core Insights and Arguments - Gongjin Co., Ltd. turned a profit in the first half of 2025, with improved profit margins. The network communication business benefited from a recovery in overseas markets, while the data communication business thrived due to high demand for data center switches. [2][6] - The revenue structure changed significantly in the first half of 2025, with overseas revenue from network communication products rising to 70%, which is 14 percentage points higher in gross margin compared to domestic sales. [2][7] - The company is strategically focusing on AI hardware manufacturing, particularly in automotive electronics and EMS (Electronic Manufacturing Services), with EMS showing rapid growth and a projected output nearing 300 million yuan in the first half of 2025. [2][8] Financial Performance - Gongjin Co., Ltd. achieved a turnaround in profitability in the first half of 2025, with a notable recovery in the overseas market for network communication and strong growth in data center switch manufacturing. The company shipped over 17,000 servers in the first half of 2025, with expectations for further acceleration in the second half. [6][11] - The revenue structure saw a significant shift, with overseas revenue from network communication products reaching 70%, compared to a balanced domestic and overseas revenue split in the previous year. [7] Emerging Directions in AI Hardware Manufacturing - The company is focusing on automotive electronics and EMS, with a positive outlook for order growth in automotive electronics and rapid expansion in EMS. [8] Strategic Focus Areas - Gongjin Co., Ltd. plans to focus on two main areas: traditional communication business (including optical, wireless, and mobile terminals) and AI-related sectors, including data centers, key components for smart vehicles, and components for new energy vehicles. [9] Additional Important Insights - The company is actively participating in the AI server market, with expectations that AI servers will account for over 50% of total shipments in the coming years, potentially reaching 70%. [11] - The company has established a presence in the North American and Mexican markets, with production facilities in Vietnam expected to grow by 50% in 2025. [16] - The company is optimistic about the FTTR (Fiber to the Room) product market in China, anticipating a gradual increase in market share despite short-term competitive pressures. [15] - The automotive electronics sector is still in the investment phase, with increasing demand but not yet achieving profitability. [22] Conclusion - Gongjin Co., Ltd. is well-positioned in the current AI and technology bull markets, with strong growth in infrastructure equipment demand and promising developments in automotive electronics and EMS. The company’s financial performance is improving, and it is expected to continue its growth trajectory. [26]

Core Viewpoint - The article highlights the contrasting performances of Alibaba and Huawei, emphasizing the importance of R&D investment in driving growth and resilience in the face of external challenges, particularly from the U.S. tech restrictions [3][5][6]. Group 1: Alibaba's Performance - Alibaba's recent financial results exceeded industry expectations, particularly with its cloud business revenue growing by 26% year-on-year, marking a three-year high [3]. - The company has invested over 100 billion yuan in AI infrastructure and products over the past four quarters, with plans to invest an additional 380 billion yuan over the next three years [3][5]. - The positive performance of Alibaba has led to a surge in related concept stocks, indicating a broader market confidence in the company's recovery and growth [3]. Group 2: Huawei's Financial Situation - Huawei reported a revenue of 427.04 billion yuan for the first half of 2025, a year-on-year increase of 3.95%, but its net profit fell by 32% to 37.20 billion yuan [4]. - The decline in profit is attributed to significant R&D expenditures, which reached 96.95 billion yuan, accounting for 22.7% of its revenue, the highest in its history [4]. - Huawei's cash flow from operating activities improved, with a net cash flow of 31.18 billion yuan, up 24.15% year-on-year, indicating a strong cash position despite profit declines [4]. Group 3: R&D Investment and Market Dynamics - Both Alibaba and Huawei's substantial R&D investments are seen as strategic responses to increasing U.S. restrictions on Chinese tech companies, positioning them for long-term growth [5][6]. - The article suggests that domestic substitution in technology sectors has become a necessity, with companies like Huawei and Alibaba leading the way in R&D efforts [6]. - The long-term focus on R&D is expected to enhance the resilience and competitiveness of Chinese tech firms, despite the immediate challenges they face [5][6].

智通财经APP获悉，中金公司发布研报称，8月A股市场普涨，科创风格表现强势，但也需注重近期成交较快上涨后的短期波动风险。该行认为中长期产 业升级有望带动A股资产质量提升，在地产景气偏弱的情况下，股票市场仍是"资产荒"背景下我国居民资产配置重要方向之一。9月行业配置上，成长风 格延续，关注景气细分领域，建议关注如下配置思路。 1)流动性预期好转，科创、赛道主题业绩具备中长期比较优势，关注具备产业逻辑相对扎实的行业，如通信设备、半导体、电子硬件、固态电池、创新 药、国防军工、机器人等。2)中国制造优势凸显，关注对非美经济体贸易增长且已布局海外产能的白色家电、工程机械和电网设备等。3)资本市场情绪回 暖提振金融业绩表现，关注保险、券商。4)"反内卷"引导行业供给收缩，政策发力催化需求企稳预期，关注光伏等行业。5)红利板块或存在分化，从优质 现金流、波动率及分红确定性出发，布局消费龙头、顺周期龙头、电信等。 中金公司主要观点如下： 8月A股市场普涨，科创风格表现强势。8月上证指数仅有5个交易日下跌，市场交易热度较高，全部A股日均成交额达到2.3万亿元，两融余额达到2.2万亿 元，两融交易额占市场成交额比重持续上升。从 ...

Core Viewpoint - Deutsche Bank has returned to the Euro Stoxx 50 index after being excluded for seven years, reflecting a recovery in its stock price and the overall strength of the European banking sector [1][12] Group 1: Deutsche Bank's Return - Deutsche Bank will join Siemens Energy and Argenx SE in the Euro Stoxx 50 index, replacing Nokia, Stellantis, and Pernod Ricard [1] - The bank's stock price has doubled in the past 12 months, leading to its re-inclusion in the index [1] - The return to the index comes after a challenging period since 2018, when the bank was removed due to performance issues [1] Group 2: Market Conditions and Challenges - The Stoxx 600 banking index recently fell by 4.5%, marking the largest weekly decline since April, indicating a cooling market sentiment [2] - Multiple negative factors are impacting European banks, including political instability in France, discussions of windfall taxes in the UK, and concerns over potential tax policy changes in Italy [5] - Despite these challenges, some market participants remain optimistic about the resilience of European banks due to strong capital positions and positive business activity in the US and Europe [5] Group 3: Performance of Other Companies - Siemens Energy has seen its stock rise over 200% since September last year, benefiting from increased demand for gas turbines and grid equipment [11] - Argenx has experienced a 30% stock price increase over the past year, driven by advancements in its drug development for cancer and autoimmune diseases [11] - The companies being removed from the index face various challenges: Nokia's stock fell 7% due to US tariff policies, Stellantis' stock dropped 46% amid leadership changes and weak sales, and Pernod Ricard's stock decreased 24% due to global trade tensions [11]

Core Viewpoint - The overall profitability growth of A-share listed companies is slowing down due to continuous price declines and weak effective demand, despite some improvements in revenue [1][2] Profitability Analysis - The net profit growth of listed companies has narrowed, with quarterly net profit growth rates for 2024Q4, 2025Q1, and 2025Q2 being -15.7%, 3.2%, and 1.2% respectively [2] - Non-financial oil and petrochemical sectors show even more significant declines, with quarterly net profit growth rates of -50.2%, 4.5%, and -0.1% for the same periods [2] Revenue Trends - A-share companies have seen an improvement in quarterly revenue growth compared to 2025Q1, with growth rates of 1.4%, -0.3%, and 0.4% for 2024Q4, 2025Q1, and 2025Q2 respectively [2] - Non-financial oil and petrochemical sectors also show improved revenue growth rates of 1.2%, 0.5%, and 0.9% for the same quarters [2] Sector Performance - Key sectors showing improved profitability include healthcare, midstream manufacturing, and financial real estate, with information technology leading in profit growth [4] - The quarterly profit growth rates for 2025Q2 are ranked as follows: Information Technology > Midstream Manufacturing > Financial Real Estate > Healthcare > Utilities > Consumer Services > Resource Products [4] Cash Flow and Capital Expansion - Free cash flow as a percentage of market value and revenue is steadily increasing, with operating cash flow showing high growth, particularly from midstream manufacturing [5] - Capital expenditure growth has declined since reaching a peak in Q2 2023, with limited recovery in demand and low corporate capital expansion willingness [5] Focus Areas for Growth - Industries with high or improving profit growth in 2025Q2 include TMT (software development, gaming, components, communication devices, other electronics, semiconductors, consumer electronics), mid-to-high-end manufacturing, and certain resource products [6]