（文章来源：证券日报） 证券日报网讯 8月18日晚间，实益达发布公告称，2025年半年度公司实现营业收入309，200，228.17 元，同比下降2.38%；归属于上市公司股东的净利润为15，464，424.22元，同比下降36.55%。 ...

Market Overview - The A-share market continues its slow bull trend, with the Shanghai Composite Index reaching a nearly 10-year high, and the North China 50 index hitting a historical peak [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.76 trillion, an increase of 519.6 billion compared to the previous trading day, marking a new high for the year [2] - Northbound capital has seen a net inflow for 15 consecutive days, primarily increasing positions in brokerage and state-owned enterprises, while southbound capital recorded a net purchase of 35.8 billion HKD in Hong Kong stocks, a historical high [3] Financial Data Insights - The central bank released July financial data showing a year-on-year growth of 9.0% in social financing, with an increase of 1.16 trillion yuan, 389.3 billion more than the previous year [4] - The money supply M1 and M2 grew by 5.6% and 8.8% year-on-year, respectively, with increases of 1.0 and 0.5 percentage points compared to the previous month [4] - The increase in non-bank deposits and the narrowing of the M1-M2 gap indicate a significant trend of household savings flowing into the capital market [5] Economic Environment and Future Outlook - The current market environment is more stable compared to 2020, with a focus on technological innovation and industrial upgrades, supported by a GDP growth of 5.2% in Q2 2025 and a 21.3% increase in high-tech manufacturing investment [6] - The "924" new policy is expected to initiate a new round of economic stimulus, with non-bank financial institutions seeing an increase of 910 billion yuan in deposits in September 2024, 1.6 trillion more than the previous year [6] - The trend of household savings entering the stock market is ongoing, with expectations for the Shanghai Composite Index to reach 5,000 points and the CSI 300 to potentially rise to 5,500 points within a year, indicating a possible 30% increase [9][11] Stock Selection Strategies - Investors are advised to focus on high-recognition industry leaders that show sudden volume increases, such as ZTE Corporation and Lingyi iTech [17] - Stock selection can involve choosing strong stocks with moderate price increases or those that have undergone appropriate adjustments, suitable for aggressive investors [17] Liquid Cooling Sector Insights - The liquid cooling server market continues to thrive, with over 20 stocks in the sector rising more than 10% [18] - The demand for liquid cooling solutions is expected to surge due to the acceleration of AI computing infrastructure, with domestic liquid cooling chains poised to enter overseas markets [18][19] - Key players in the liquid cooling supply chain include: - Upstream: Companies like Juhua and Sinoma are leading in cooling liquid production [20] - Midstream: Leading manufacturers include Inspur and Sugon, with significant market shares [21] - Downstream: Applications in data centers and energy storage are being driven by major players like Dataport and Shenling Environment [22]

Group 1 - The Hong Kong stock market for Apple-related stocks has declined, with notable drops in several companies [1] - Hong Teng Precision (06088.HK) experienced a decline of over 7% [1] - Sunny Optical Technology (02382.HK), Weishi Jiajie (00856.HK), and BYD Electronics (00285.HK) all fell by more than 3% [1] Group 2 - Lens Technology (06613.HK) saw an increase of over 4%, contrasting with the overall trend [1]

Group 1 - Apple is increasing investments in chip materials and servers through the American Manufacturing Plan (AMP), collaborating with multiple companies to build a domestic semiconductor supply chain in the U.S. However, the likelihood of traditional consumer electronics assembly returning is low, which may benefit China's electronics manufacturing industry [1] - CoWoP packaging technology is expected to replace traditional ABF substrates with lower costs and higher efficiency, driving demand for high-end PCBs [1] - BOE has surpassed Samsung Display to become the industry leader in foldable OLED screens, while TCL Technology's semiconductor display business saw a net profit increase of over 70% year-on-year in the first half of the year [1] Group 2 - The AI application market is rapidly developing, forming a four-tier structure, with mobile monthly active users reaching 680 million and the user base for plugin formats surpassing that of native apps [1] - The launch of GPT-5 marks a new leap in AI technology, showcasing breakthroughs in programming and creative writing, with a commercial strategy reflecting both inclusivity and ecological integration [1] - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which selects listed companies involved in semiconductor design, manufacturing, packaging, testing, and related equipment materials, reflecting the overall performance of the semiconductor industry [1]

Core Viewpoint - Lens Technology (06613) has seen a significant stock increase of over 6%, reaching a new high of 23.26 HKD, driven by positive market sentiment and favorable analyst coverage [1] Group 1: Company Performance - Lens Technology's stock rose by 6.52% to 23.2 HKD, with a trading volume of 210 million HKD [1] - The company is a major supplier of glass covers and metal casings for Apple, benefiting from rising average selling prices and market share expansion [1] Group 2: Market Trends and Projections - The company is expected to benefit from iPhone specification upgrades, the trend towards foldable iPhones, and 3D glass technology [1] - Lens Technology is also a key supplier for Tesla's smart cockpit and is expanding into Xiaomi's automotive glass market [1] - The company is collaborating with industry leaders to explore emerging businesses such as humanoid robots and AI-enhanced AR glasses [1] Group 3: Financial Forecast - According to Citi's report, Lens Technology's revenue is projected to grow at a compound annual growth rate (CAGR) of 18% from 2024 to 2027 [1] - Growth drivers include increased market share in smartphones and computers, diversification of automotive products, and expansion into new sectors [1] - The initial coverage by Citi has assigned a "Outperform" rating with a target price of 28.2 HKD for H-shares [1]

丨证券研究报告丨 公司研究丨点评报告丨工业富联（601138.SH） [Table_Title] 算力巨头进入业绩释放期 报告要点 [Table_Summary] 工业富联披露 2025 年半年度报告，2025 上半年公司实现营业收入 3607.60 亿元，同比增长 35.58%；实现归属于上市公司股东的净利润 121.13 亿元，同比增长 38.61%；实现归属于上 市公司股东的扣除非经常性损益的净利润 116.68 亿元，同比增长 36.73%。 分析师及联系人 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 工业富联（601138.SH） cjzqdt11111 [Table_Title2] 算力巨头进入业绩释放期 [Table_Summary2] 事件描述 工业富联披露 2025 年半年度报告，2025 上半年公司实现营业收入 3607.60 亿元，同比增长 35.58%；实现归属于上市公司股东的净利润 121.1 ...

Core Viewpoint - The company, Xiechuang Data, is making a significant move in the computing power sector with a procurement contract worth up to 1.2 billion yuan, indicating its aggressive expansion strategy in the rapidly growing market for computing power services [1][6]. Company Overview - Founded in 2005 by founder Geng Kangming, Xiechuang Data initially focused on computer storage products and has since expanded its product line to include mobile and tablet motherboards, becoming a key player in the smart manufacturing sector [3]. - The company has shown consistent growth, with revenue increasing from 839 million yuan in 2016 to 7.41 billion yuan in 2024, and net profit rising from 30 million yuan to 692 million yuan during the same period [6]. Recent Developments - On August 15, 2023, Xiechuang Data announced plans to procure servers from multiple suppliers, with a total contract value not exceeding 1.2 billion yuan, primarily aimed at enhancing its computing power rental services [1][6]. - The company's asset scale has seen remarkable growth, increasing from 7.305 billion yuan at the end of 2024 to 15.044 billion yuan by mid-2025, reflecting a doubling in just six months [1][5]. Strategic Decisions - Geng Kangming has made three critical strategic decisions throughout his career, transitioning from computer cases to memory bars and then to storage devices and smart terminals, which have all contributed to the company's rapid growth [1][2]. - The company is actively pursuing partnerships with major clients, including Tencent, and has successfully participated in significant project bids, such as the China Unicom computing power service procurement project [5]. Market Position - Xiechuang Data's revenue is heavily reliant on its data storage devices and IoT smart terminals, which together account for over 90% of its total revenue [3]. - The company’s stock price has seen significant appreciation since its IPO, with shares reaching a peak of over 100 yuan, reflecting strong market confidence in its growth trajectory [6].

Group 1 - The social security system is transforming from a simple safety net into a robust buffer against risks, supporting China's economic transition amid challenges like weak exports, high local debt, and aging population [1] - The dynamic adjustment mechanism of social security rates is crucial for fostering innovation, as evidenced by a biotech company reducing labor costs by 5% while increasing research positions by 14% due to policy incentives [3] - The social security fund is exploring innovative paths to address hidden debts through equity investments, with pilot projects in affordable housing REITs yielding a 6.8% annual return while absorbing 111,200 units of inventory [4] Group 2 - The cross-provincial adjustment mechanism of unemployment insurance is becoming vital in the context of industrial restructuring, with the central adjustment fund ratio increasing from 3% to 5% to enhance labor market fluidity [6] - The national coordination of social security is a systematic upgrade of risk hedging mechanisms, with a focus on efficient fund utilization in housing construction through special government bonds [9] - The upgrade of the social security system is emerging as a new logic for China's economic development, acting as both a stabilizer for society and a catalyst for economic transformation [10]

东莞银行首家香港子行开业 本期看点：东莞市科技成果转化基金完成首投；东莞银行首家香港子行开业；生益电子新增投资17.5亿 建设算力项目；易事特牵手海辰储能共探新能源储能产业；开普云携手瀚博半导体共推国产智能体一体 机；正业科技拟出售控股子公司正业玖坤92.07%股权；华立股份及其子公司因1.4亿元合伙合同纠纷遭 起诉。 1、金融要闻 东莞市科技成果转化基金完成首投 近日，由东莞科创集团管理的市科技成果转化基金联合深圳基石资本管理的科创扬远基石基金（东莞市 天使子基金）、东方嘉富，共同完成对中科华芯（东莞）科技有限公司的天使轮投资，为推动东莞本土 科技成果项目产业转化、赋能新材料应用发展提供有力支持，同时意味着7月底完成备案的市科转基金 正式完成"首投"，走出科技成果转化"最初一公里"。 东莞市科技成果转化基金由东莞市天使母基金出资设立，由科创集团担任基金管理人，首期规模1亿 元，是东莞首支聚焦科技成果转化项目的政策性基金，将全部投向种子期、初创期项目，重点围绕东莞 市"8+8+4"现代化产业体系，破解高校科技成果转化"最后一公里"难题。 首投项目中科华芯是东莞松山湖材料实验室创新样板工厂非晶智芯团队成立的产业 ...

Group 1 - The report highlights that the issuance of new stocks has increased to two per week, with a focus on growth stocks like Ge Bi Jia [10][11] - The North Exchange 50 index rose by 2.4%, and the average daily trading volume increased by 7.7% [10][14] - The market sentiment has improved, with significant gains in sectors such as liquid cooling, consumer electronics, and semiconductors [10][11] Group 2 - This week, one new stock, Zhi Gao Machinery, was listed, and two stocks, Ke Ma Materials and Da Peng Industry, were approved for issuance [26][32] - The upcoming subscription for Ba Lan Shi is expected to attract significant investor interest due to its fundraising amount of 345 million yuan [11][32] - The report notes that the strong stocks on the North Exchange account for 43.2% of the market, indicating a positive market atmosphere [17][22] Group 3 - The report identifies key companies to watch, including Ge Bi Jia, Lin Tai New Materials, and Min Shi Da, due to their potential for recovery and growth [11][12] - The trading volume on the North Exchange reached 5.227 billion shares, with a total transaction value of 127.978 billion yuan, reflecting a robust trading environment [22][25] - The report emphasizes the importance of monitoring companies with strong interim results, particularly those that have underperformed recently [11][35]