2025年1月-3月，方正科技实现营业收入9.52亿元，同比增长23.68%；归属净利润7847.72万元，同比增 长2.04%。 8月13日，方正科技盘中上涨8.64%，截至13:06，报6.54元/股，成交18.53亿元，换手率7.17%，总市值 279.5亿元。 资料显示，方正科技集团股份有限公司位于上海市南京西路1515号嘉里商务中心9楼，公司专注于PCB 产品的设计、研发、生产和制造，提供QTA和NPI服务，涵盖高密度互连板、多层板、软硬结合板等。 其产品广泛应用于移动智能终端、5G通信、数据中心、工业控制等多个领域。 截至3月31日，方正科技股东户数23.81万，人均流通股1.75万股。 ...

证券时报记者 叶玲珍 7月6日晚间，弘信电子（300657）公告，拟向中国银行间市场交易商协会申请注册发行2025年度第一期 科技创新债券，发行规模最高不超过5亿元，发行期限不超过3年。 弘信电子表示，若本次科技创新债券成功发行，将有利于进一步拓宽融资渠道，有效改善现金流状况， 提升流动性管理能力；与此同时，依托市场化定价机制降低综合融资成本，为公司战略发展提供中长期 资金支持。 近期，多部门打出"组合拳"支持科创债发行，各类主体发行科创债热情持续高涨。今年5月7日，中国人 民银行、中国证监会联合发布关于支持发行科技创新债券有关事宜的公告，从丰富科技创新债券产品体 系和完善科技创新债券配套支持机制等方面，对支持科技创新债券发行提出多项重要举措。随后，沪深 北交易所同步发布《关于进一步支持发行科技创新债券 服务新质生产力的通知》，从三大方面进一步 细化支持措施。 Wind数据显示，自5月份科创债相关政策落地以来，截至7月3日，全市场已发行419只科创债，发行规 模超6200亿元。 弘信电子起步于FPC（柔性印制电路板）业务，2023年开始涉足AI算力服务器的研发、设计、制造和销 售，AI算力资源服务业务等，打造 ...

7月7日晚间，工业富联（601138）发布业绩预告，预计上半年实现归母净利润119.58亿元~121.58亿元， 同比上升36.84%到39.12%；预计第二季度实现归母净利润67.27亿元到69.27亿元，同比上升 47.72%~52.11%，均创下同期历史新高。 工业富联称，业绩大幅增长主要得益于AI相关业务的爆发，在第二季度AI服务器营收同比增长超过 60%，800G交换机营收达2024全年的3倍。 分业务来看，工业富联云计算业务在二季度实现高速增长，整体板块营业收入较去年同期增长超过 50%。 工业富联方面表示，客户对AI数据中心Hyper-scale AI机柜产品需求不断增加，产品量产加速爬坡，结 构持续优化。其中，AI服务器营业收入较去年同期增长超过60%，云服务商服务器的营业收入较去年同 期成长超过1.5倍。 证券时报记者 严翠 "公司在大客户的核心产品份额继续保持领先优势，先进AI算力的GPU模块及GPU算力板等产品的出 货，在第二季度实现显著增长。"工业富联方面表示，凭借在全球多地完善的产能布局以及较为显著的 产业链优势，公司在主要客户中的市场份额持续提升，客户关系不断深化。 另外，通信及移 ...

Core Viewpoint - The report from Zhongyin Securities indicates that Industrial Fulian is expected to achieve steady revenue and net profit growth in the first half of 2025, driven by breakthroughs in cloud computing and stable growth in communication and network equipment [1] Revenue and Profitability - In the first half of 2025, the company achieved a gross margin of 6.60%, a year-on-year decrease of 0.13 percentage points, while the gross margin for the second quarter of 2025 was 6.50%, reflecting a year-on-year increase of 0.50 percentage points and a quarter-on-quarter decrease of 0.23 percentage points [1] Cloud Services and AI Infrastructure - The company anticipates that the capital expenditure of the four major cloud service providers in North America will experience rapid year-on-year growth in 2025, with a significant increase in the proportion of investment in AI cloud infrastructure, which will drive demand for high-end AI servers [1] Switch Business Growth - In the first half of 2025, revenue from 800G high-speed switches grew nearly threefold compared to the total revenue for 2024 [1] Market Position and Competitive Edge - The company has strengthened its market share among core customer groups through deepened cooperation and optimized product structure, solidifying its competitiveness in the global high-performance computing and AI infrastructure sectors [1] Future Outlook - Given the expected continued upturn in global AI infrastructure demand, the company is advancing the research and development of advanced products, with diverse performance elasticity likely to accelerate [1]

| | 601138 工业富联 | | | | 41.24 | | +1.53 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | +3.85% | | 午间休市 CNY | | | | | | | ■ ★ ■ 自选 + ▼ | | 载比 | -4.30% 季元 | | -36 | 行情分析 | | 深度分析 | | | 萍 | 41.29 | 113 | | 主力流入 | | | 331406 万元 | | 卖四 | 41.28 | 186 | | 主力流出 | | | 352626 万元 | | 卖 | 41.27 | 1 | | 主力净流出 | | | 21220 万元 | | 卖二 | 41.26 | 54 | | | | | | | 球 | 41.25 | 83 | | (万元) | 流入 | | 流 | | 水 | 41.24 | 10 | | 超大 | 145202 | | 166226 | | 三 | 41.23 | 1 | | 大单 | 186204 | | 186400 | | 派三 | 41.21 | 4 ...

Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue of 16.38 billion, a year-on-year increase of 24.75%, and a net profit of 1.23 billion, up 57.2% year-on-year, indicating robust growth driven by product structure optimization and improved operational efficiency [1][2]. Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 8.29 billion, a year-on-year increase of 28.7%, and a net profit of 745 million, up 159.6% year-on-year, reflecting significant profitability improvements [1][2]. - The gross margin for Q2 was 20.3%, an increase of 4.8 percentage points year-on-year, while the net margin reached 8.9%, up 4.5 percentage points year-on-year [1][2]. Group 2: Business Structure Analysis - Revenue from communication boards was 10.27 billion, a year-on-year increase of 17.6%, with a gross margin of 16.0% [2]. - Revenue from consumer electronics and computer boards was 5.17 billion, up 31.6% year-on-year, with a gross margin of 24.5% [2]. - Revenue from automotive and server applications reached 810 million, a remarkable increase of 87.4% year-on-year, driven by new product certifications and collaborations [2]. Group 3: Capital Expenditure and Future Outlook - The company has increased its capital expenditure (Capex) for AI PCB to over 30 billion New Taiwan dollars (approximately 7-9 billion RMB) for 2025-2026, with nearly 50% allocated to expanding high-end HDI and HLC production capacity [3][11]. - The company is actively expanding its production capabilities in Thailand and Kaohsiung, with plans for new production lines for ultra-high-layer products [3][11]. Group 4: Long-term Growth Drivers - The company anticipates a significant growth cycle from 2025 to 2027, driven by innovations in AI-related products such as AI smartphones, foldable devices, and AI glasses [4][20]. - The demand for high-end AI products is expected to drive a new round of capital expenditure expansion, with a focus on GPU/ASIC terminal customers [4][20].

Core Viewpoint - The A-share market has entered a bullish phase driven by retail investor sentiment and foreign capital inflow, supported by a favorable external environment and liquidity easing [1] Market Performance - On August 13, the three major A-share indices opened higher, with the Shanghai Composite Index surpassing the previous high of 3674.4 set on October 8, 2024, marking the highest level since December 2021 [1] - The MSCI China A50 Connect Index, which represents core leading assets, saw an upward movement, with leading stocks such as Industrial Fulian, Zijin Mining, and China Unicom leading the gains [1] Market Dynamics - According to Guojin Securities, the bullish atmosphere in July was a result of a combination of liquidity easing and positive policy expectations, with retail investors being the main driving force [1] - The market funds are categorized into four types: state-owned funds, institutions, retail investors, and foreign capital. Retail investors are identified as the core driving force, while foreign capital shows signs of recovery [1] - Institutional fund flows are varied, and the support from state-owned funds has weakened. The current market rally is primarily led by the improvement in retail investor sentiment and the return of foreign capital, with insurance funds providing long-term support [1] Investment Products - The A50 ETF (159601) closely tracks the MSCI China A50 Connect Index, offering a packaged investment in 50 leading interconnected assets, providing balanced coverage of core leading assets in the A-share market [1] - Compared to other "beautiful 50" indices, the MSCI China A50 Connect Index emphasizes liquidity and industry balance during its compilation, showcasing significant large-cap growth style characteristics [1]

工业富联短线飙升5%，总市值突破8200亿元；中际旭创、新易盛、华工科技、光库科技、胜宏科技均 续创历史新高。 (本文来自第一财经) ...

Core Insights - Fujian Furi Electronics Co., Ltd. is a leading enterprise in the electronic information industry in Fujian Province, primarily engaged in the research, manufacturing, and sales of ODM/JDM/OEM for smart terminal products, LED packaging, LED application products, and LED engineering projects [1][2] Financial Performance - As of June 30, 2023, Fujian Furi Electronics reported a revenue of 53.33 billion yuan for the first half of 2023, representing a year-on-year growth of 0.42% [2] - The net profit attributable to shareholders for the same period was 22.08 million yuan, showing a significant year-on-year increase of 123.62% [2] - For the full year 2023, the company achieved a total revenue of 106.41 billion yuan [1] Market Activity - On August 13, 2023, Fujian Furi Electronics' stock price increased by 7.04%, reaching 18.56 yuan per share, with a trading volume of 31.29 billion yuan and a turnover rate of 30.1% [1] - The company's total market capitalization stood at 110.06 billion yuan [1] Company Overview - Fujian Furi Electronics is located in the Fuzhou Development Zone Science and Technology Park and is recognized for its strong position in the electronic information manufacturing sector [1] - The subsidiary, Zhongnuo Communications, ranked 45th among the top 100 electronic information manufacturing enterprises in Guangdong Province in 2022 [1]

截至北京商报记者发稿，工业富联股价涨幅3.45%，报41.08元/股，最新总市值8158亿元。 8月10日，工业富联发布2025年半年度报告显示，公司上半年实现营业收入约为3607.6亿元，同比增长 35.58%；对应实现归属净利润约为121.13亿元，同比增长38.61%。 北京商报讯（记者 马换换 王蔓蕾）8月13日，工业富联（601138）高开0.03%，开盘后公司股价震荡走 高，盘中一度涨近5%，触及41.72元/股高点，股价再度创下历史新高，总市值破8000亿元。 ...