证 券 研 究 报 告 鹏鼎控股（002938）2025 半年报点评 强推（维持） AI 端侧&服务器齐头并进，推动公司开启新 一轮成长 事项： ❖ 公司 2025H1 实现营业收入 163.74 亿元（YoY +24.75%）；归母净利润 12.33 亿 元（YoY+57.22%）；扣非净利润 11.49 亿元（YoY+51.90%）；毛利率 19.07% （YoY+1.1pcts）。2025Q2 实现营业收入 82.88 亿元（YoY+28.71%，QoQ +2.49%）；归母净利润 7.45 亿元（YoY+159.55%，QoQ+52.59%）；扣非净利润 6.71 亿元（YoY+166.09%，QoQ+40.32%）；毛利率 20.28%（YoY+4.8pcts，QoQ +2.45pcts）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 35,140 | 39,341 | 47,124 | 56,073 | | 同比 ...

格隆汇8月19日｜工业富联(601138.SH)涨停，报48.91元，再创历史新高，市值超9700亿元。该股年内累涨131%。 ...

Core Points - The unprecedented trade war between the US and India was ignited by President Trump's executive order raising tariffs on Indian goods to 50%, leading to a significant drop in India's annual export value by 30% [1] - India's economy, particularly its manufacturing sector, faces severe challenges as the "Make in India" initiative struggles, with manufacturing's GDP contribution declining from 16% to 14% over the past decade [5] - India's retaliatory measures, including halting a $3.6 billion arms deal and imposing high tariffs on US bourbon, have impacted US companies and highlighted the interconnectedness of the two economies [3][5] Group 1: Trade Impact - The 50% tariff increase has caused a drastic reduction in India's exports to the US, which account for 18% of its total exports [3] - The textile industry has been particularly hard hit, with orders being diverted to Vietnam, and the pharmaceutical sector facing losses due to increased costs [3] - The trade conflict has led to protests in India, with farmers expressing their discontent over the economic fallout [3] Group 2: Economic Structure - The "Make in India" initiative, aimed at boosting manufacturing, has not achieved its goals, with a decline in manufacturing's share of GDP [5] - The dependency on Chinese components for mobile phone assembly has increased costs for Indian manufacturers, making them less competitive [5] - The energy sector has seen a strategic shift, with India initiating oil transactions in yuan to mitigate the impact of US sanctions [3] Group 3: Geopolitical Dynamics - The trade war has prompted India to strengthen ties with other nations, as evidenced by increased military cooperation with Russia and diplomatic engagements with China [8] - The postponement of US-India tariff negotiations indicates ongoing tensions and uncertainty in trade relations [6] - The geopolitical landscape is shifting, with India seeking to assert itself as a strong player despite external pressures [8]

光弘科技（300735.SZ）8月19日在投资者互动平台表示，公司是华为的核心供应商，除了为客户提供包 括手机在内的各类消费电子产品的制造服务以外，也为其提供汽车电子、数字新能源、云计算与服务器 等领域的产品制造服务。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司不是华为手机零件的生产商吗？ ...

Group 1: Market Overview - The Hang Seng Index rose by 0.19%, gaining 48 points to close at 25,224 points, while the Hang Seng Tech Index increased by 0.10%. The early trading volume in the Hong Kong stock market reached HKD 135.9 billion [1] Group 2: AI Application Sector - The AI application sector is experiencing rapid growth, with companies like Fenbi (02469) rising by 18%, Huilyang Technology (01860) increasing over 12%, and Weimob Group (02013) up by 8% [1] Group 3: Earnings Reports and Expectations - Huilyang Technology (01860) is set to announce its earnings at the end of the month, with Mintegral identified as the core growth engine for the company [1] - Sijingt Technology (00580) is expected to report a more than 167% year-on-year increase in mid-term net profit this Friday [1] - DeXiang Shipping (02510) anticipates at least a 220% growth in mid-term net profit, with earnings report scheduled for next Monday [2] - China Rare Earth Holdings (03788) reported over 10% revenue growth in the first half and announced plans to spin off its gold business for a Hong Kong listing [3] - Zhihu-W (02390) is expected to release its earnings next Wednesday, with significant investment from long-term fund Fidelity International [4] - Dongfang Zhenxuan (01797) has seen its stock price increase over 300% since early July, drawing market attention for its "Sam's Club model" [5] - Baixin An-B (02185) saw a significant rise, with a 50% increase yesterday, as RDN was included in the U.S. hypertension guidelines [6] - Wanwuyun (02602) reported a 3.88% year-on-year increase in net profit for the first half, with an interim dividend of HKD 0.951 [7] Group 4: Company Performance - BYD Electronics (00285) experienced a decline of over 4%, attributed to competitive pressures affecting sales of consumer electronics [8] - China National Pharmaceutical Group (01177) saw a drop of over 6% post-earnings, despite exceeding expectations for revenue growth of over 10% in the first half [9]

Core Viewpoint - O-Film Technology Co., Ltd. has reported a return to losses in its 2025 interim results, with a net profit of -1.09 billion yuan, marking a 378.13% decrease year-on-year, primarily due to increased share-based payment expenses and reduced investment income from joint ventures [1][2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 9.837 billion yuan, a year-on-year increase of 3.15% [1] - The net profit for Q1 2025 was -589.5 million yuan, a 470.51% decline year-on-year, while the net profit for Q2 2025 was -49.92 million yuan, a 314.87% decrease year-on-year [2] - The cash flow from operating activities for the first half of 2025 was 325 million yuan, a 2.39% increase year-on-year [3] Business Segments - The smartphone segment generated revenue of 7.437 billion yuan in the first half of 2025, a 0.43% increase year-on-year, accounting for 75.60% of total revenue [4] - The smart automotive business saw revenue of 1.262 billion yuan, an 18.19% increase year-on-year, making it the fastest-growing segment [6] - Revenue from new fields, including handheld imaging devices and smart locks, reached 1.105 billion yuan, a 9.73% increase year-on-year [7] Market Conditions - The global smartphone market showed a modest growth of 1.28% in the first half of 2025, while the Chinese smartphone market experienced a slight decline of 0.35% [5] - The company faces challenges in the automotive sector, where profit growth lags behind revenue growth [7]

证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250811-20250815） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研家数前二十的热门公司有东鹏饮料、中宠股份、海康威视、 德福科技和新易盛等。近5天机构调研家数前二十的热门公司有南微医学、安 杰思、金橙子、新强联和百亚股份等。近30天机构调研家数前二十的热门公 司中评级机构家数大于或等于10家的有12家，分别为东鹏饮料、中宠股份、 九号公司、百亚股份、海康威视、杰瑞股份、新易盛、宏发股份、南微医学、 百济神州、华明装备和仕佳光子。其中新易盛、东鹏饮料、中宠股份和九号公 司 2024年归母净利润相较2023年实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年8月11日至2025年8月15日，发布重要股东增持进展情况公告且评级 机构家数大于10家的公司共5家，但拟增持金额上下限均值占公告日市值比例 均低于1%。 ➢ 本周A股上市公司回购情况 2025年8月11日至2025年8月15日，共计51家公司发布回购进展情况公告， 评级机构家数大于10家（含10家）的共10家，其中，预计回购金额上下限均 值占预案日市值比例大于 ...

Overall Research - The domestic equity market continues to rise, with the ChiNext Index increasing by 8.58%. The performance of equity and bond funds is diverging, with equity mixed funds leading the gains. TMT theme funds are significantly outperforming, while consumer themes show relatively weaker growth. Passive index funds in financial and AI themes are performing well, while there is a net outflow from domestic stock ETFs, particularly in the double innovation sector and TMT themes, with noticeable inflows into large-cap and broad-based funds [1]. Real Estate Industry - As of August 17, 2025, new home transactions in 20 cities totaled 491,000 units, down 5.5%. In major cities, Beijing saw 26,000 units sold (-13%), Shanghai 63,000 units (-1%), and Shenzhen 19,000 units (-3%). In the second-hand housing market, transactions in 10 cities reached 490,000 units, up 10.7%, with Beijing at 108,000 units (+11%), Shanghai 160,000 units (+18%), and Shenzhen 44,000 units (+28%) [2]. Metal Industry - The growth rate difference between M1 and M2 narrowed to -3.2 percentage points in July, marking a near 49-month high. The steel sector's profitability is expected to recover to historical average levels following the Ministry of Industry and Information Technology's guidelines for the steel industry. However, there are risks associated with significant fluctuations in futures prices due to trading restrictions on coking coal futures [3]. Chemical Industry - The report suggests focusing on companies involved in electronic specialty gases, such as nitrogen trifluoride and other products. Key companies include China Shipbuilding Industry Corporation, Nanda Optoelectronics, and Huate Gas. Additionally, companies producing semiconductor materials, such as photolithography resins and PCB inks, are also recommended for attention [4]. Company Research - Sinopec Engineering achieved a revenue of 31.6 billion yuan in H1 2025, a 10.1% year-on-year increase, with a net profit of 1.384 billion yuan, up 4.8%. The company maintains a "buy" rating with profit forecasts for 2025-2027 at 2.595 billion, 2.760 billion, and 2.902 billion yuan, respectively [7]. - Blue Sky Technology won a new lithium extraction project, with expectations for high growth in its lithium resource business. The company forecasts net profits of 1.055 billion, 1.253 billion, and 1.495 billion yuan for 2025-2027, maintaining an "increase" rating [8]. - Changqing Co. reported a recovery in pesticide market demand, with a net profit forecast of 74 million, 128 million, and 181 million yuan for 2025-2027, maintaining an "increase" rating despite a downward adjustment in profit expectations [9]. - Huayou Cobalt's net profit for H1 2025 reached 2.71 billion yuan, a 62.3% increase year-on-year, with future profit forecasts of 5.9 billion, 7.1 billion, and 8.6 billion yuan for 2025-2027, maintaining a "buy" rating [10]. - Keda Li's main business remains stable, with profit forecasts of 1.802 billion, 2.178 billion, and 2.499 billion yuan for 2025-2027, maintaining a "buy" rating [11]. - Oriental Cable's revenue for H1 2025 was 4.432 billion yuan, an 8.95% increase, but net profit fell by 26.57% to 473 million yuan. The company expects growth in the second half of 2025 due to increased cable deliveries [12]. - Jinlang Technology reported a revenue of 3.794 billion yuan in H1 2025, a 13.09% increase, with a net profit of 602 million yuan, up 70.96%. Future profit forecasts are 1.169 billion, 1.399 billion, and 1.657 billion yuan for 2025-2027, maintaining an "increase" rating [12]. - Lian Microelectronics has seen a recovery in its epitaxial wafer business, with future profit forecasts of 69 million, 165 million, and 242 million yuan for 2025-2027, maintaining a "buy" rating [13]. - Tian Shili achieved a revenue of 4.288 billion yuan in H1 2025, with a net profit of 775 million yuan, up 16.97%. The company maintains profit forecasts of 1.150 billion, 1.245 billion, and 1.399 billion yuan for 2025-2027, maintaining a "buy" rating [14]. - Ecovacs Robotics reported strong performance in both domestic and international sales, with profit forecasts of 1.6 billion, 1.9 billion, and 2.3 billion yuan for 2025-2027, maintaining a "buy" rating [15]. - Stone Technology, a leader in smart vacuum robots, has adjusted its profit forecasts to 1.7 billion, 2.1 billion, and 2.5 billion yuan for 2025-2027, maintaining an "increase" rating [16].

立讯精密公告，公司已于2025年8月18日向香港联合交易所有限公司递交发行境外上市股份（H股）并 在香港联合交易所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行的申请材料。投资 者不应根据其中资料作出任何投资决定，认购对象将仅限于符合相关条件的境外投资者及依据中国相关 法律法规有权进行境外证券投资的境内合格投资者。 ...

据港交所文件：立讯精密工业股份有限公司向港交所提交上市申请书。 ...