Core Viewpoint - The A-share market is witnessing a positive trend in Q3 earnings forecasts, with 47.06% of the 17 companies reporting optimistic projections for the first three quarters of 2025, indicating overall growth in performance [1][2]. Group 1: Earnings Forecasts - Longchuan Technology expects a net profit of 827 million to 877 million yuan for the first three quarters of 2025, representing a year-on-year increase of 131.39% to 145.38% due to strong demand in the semiconductor market [1][2]. - Zhongtai Co. anticipates a net profit of 325 million to 355 million yuan for the same period, reflecting a growth of 71.36% to 87.19%, driven by normalizing domestic and international orders and an increase in overseas revenue [2][3]. - Brother Technology forecasts a net profit of 100 million to 115 million yuan, marking a significant increase of 207.32% to 253.42%, with Q3 net profit expected to be 35.459 million to 50.459 million yuan, up 92.49% to 173.92% year-on-year [2][3]. Group 2: Market Reactions and Institutional Interest - Following the earnings forecasts, several companies, including Brother Technology, experienced notable stock price increases, with Brother Technology's stock hitting the limit up the day after its announcement [2][3]. - Institutions have shown increased interest in companies post-earnings announcements, focusing on the reasons behind the positive performance, product price changes, and market expansion [2][3]. Group 3: Growth Drivers and Future Outlook - Brother Technology attributes its growth to rising prices of Vitamin B1, increased production capacity utilization, and lower costs, leading to improved overall gross margins [3]. - Zhongtai Co. has established a competitive edge in overseas markets, having entered the supplier lists of several well-known clients, which enhances brand recognition and overall profitability [3][4]. - Companies like Luxshare Precision emphasize innovation-driven growth and plan to leverage their global manufacturing advantages to enhance market competitiveness, focusing on smart manufacturing and technological innovation [4][5]. - Starshine Technology highlights rapid growth in new product lines such as smart robots and automotive electronics, contributing to overall revenue growth [5][6].

Core Viewpoint - The market continues to reach record highs despite macroeconomic challenges, with expectations for volatility in Q3 but a positive outlook for AI and capital expenditure into next year [1][2]. Market Predictions - The year-end target for the market is projected at around 6,600, with a potential rise to 6,900 by mid-next year and a bull case of 7,200 [2]. - The current market level is expected to remain stable, with buying opportunities during Q3 volatility [3]. Gold Market Insights - Anticipation of a Federal Reserve easing cycle, with two more rate cuts expected by year-end and possibly two additional cuts in Q1 next year, is seen as favorable for gold [4]. - Central bank purchases of gold continue, indicating ongoing diversification amid rising geopolitical concerns and a slowing economy, which are all positive factors for gold prices [5]. Labor Market and Economic Conditions - A dual economic scenario is emerging, with significant infrastructure investment alongside a weakening labor market, projected to see unemployment rise to 4.8% by year-end [6][7]. - The Fed's easing cycle is viewed as beneficial for risk assets, despite the current elevated market levels [7]. Tariff Implications - The effective tariff rate is currently around 18%, significantly up from 2.5% at the start of the current administration, with potential increases to 20% if sectoral tariffs are implemented [8][9].

风王逼近，各方严阵以待。 今年第18号台风"桦加沙"已加强为超强台风级，并逐渐趋向广东沿海，将给广东带来严重的风雨浪潮影 响。9月22日下午，台风"桦加沙"已成为今年以来的"全球风王"，其强度达到17级，眼区大且清晰。 这个被气象专家称为"今年以来最强"的台风，正引发华南地区经济领域的全面防御行动，财政、保险、 企业等多方力量已进入"战时状态"。 受台风"桦加沙"影响，佛山、珠海、湛江、潮州、深圳、广州等城市陆续发布实行"五停"措施（即：停 课、停工、停产、停运、停业）的通告。 截至记者发稿，广东已有10个城市宣布实施"五停"措施。 受台风"桦加沙"影响，经粤港澳三地协商一致，港珠澳大桥珠海公路口岸将自9月23日15时起暂停出境 通关服务，大桥主桥将同步封闭。 据"深中通道发布"微信公众号消息，为确保行车安全，结合深圳、中山两地交通管制时间差异，经会商 研判，定于9月23日15时起，关闭深中通道翠亨东收费站入口，自20时起关闭深中通道双向主线及收费 站入口。 面对台风威胁，地方政府与金融监管部门率先发力，构建多层次防御体系。在广东金融监管局指导下， 广东保险业依托"1+N"应急处置体系，迅速集结全行业力量，从 ...

Core Viewpoint - Lixun Precision has seen a significant increase in market value, reaching 476.457 billion yuan, following news of a collaboration with OpenAI to develop a consumer-grade AI hardware device [1][2]. Group 1: Company Overview - Lixun Precision's stock opened at 67.05 yuan and closed with a 7.79% increase, marking a notable rise in its market capitalization [1]. - The company has established itself as a key player in Apple's supply chain, having started its partnership with Apple in 2011 and expanding its operations to include products like iPhone, AirPods, and Apple Watch [2]. - Under the leadership of Wang Laichun, Lixun Precision has diversified into smart hardware and is a major supplier for AI-related devices, including a strategic partnership with PIMIC for developing next-generation wearable products [2]. Group 2: Industry Context - The collaboration with OpenAI represents a shift in the global manufacturing landscape, highlighting China's evolving role from being a low-cost manufacturing hub to a leader in engineering capabilities and supply chain innovation [3]. - The ongoing AI model wave presents opportunities for manufacturing companies, positioning Lixun Precision as an essential player in the global AI terminal industry chain [3].

格隆汇9月23日｜立讯精密公告，公司目前的经营情况正常，近期公司经营情况及内外部经营环境未发 生重大变化；公司控股股东和实际控制人不存在关于公司的应披露而未披露的重大事项，也不存在处于 筹划阶段的重大事项；股票异常波动期间，除公司股权激励对象自主行权外，公司控股股东、实际控制 人及公司董事和高级管理人员不存在买卖公司股票的情形。公司于2025年8月26日披露了《2025年第三 季度业绩预告》，目前公司已披露的业绩预告暂不存在应修正情况。本次业绩预告是公司财务部门初步 测算或核算数据，未经会计师事务所审计。 ...

Core Viewpoint - The collaboration between OpenAI and Luxshare Precision marks a significant development in the consumer electronics sector, potentially reshaping the industry landscape as Luxshare aims to diversify its business beyond Apple [4][19]. Group 1: OpenAI and Luxshare Precision Collaboration - OpenAI has signed an agreement with Luxshare Precision to develop a consumer-grade AI device, expected to be produced by late 2026 to early 2027, marking OpenAI's first venture into AI hardware [5][11]. - Following the announcement, Luxshare's stock surged, closing at 60.95 CNY per share, a 10% increase, with a market capitalization of 442 billion CNY [7]. - Luxshare's IPO in Hong Kong aims to raise approximately 1 billion USD (about 7.8 billion HKD) to enhance global operations and governance [7][19]. Group 2: Luxshare's Financial Performance - Luxshare's revenue and net profit have shown consistent growth from 2022 to 2024, with revenues of 214.03 billion CNY, 231.90 billion CNY, and 268.80 billion CNY, and net profits of 9.16 billion CNY, 10.95 billion CNY, and 13.37 billion CNY respectively [16]. - In the first half of 2025, Luxshare reported a revenue of 124.5 billion CNY, a year-on-year increase of 20.18%, and a net profit of 6.64 billion CNY, up 23.13% [16]. Group 3: Customer Dependency and Global Expansion - Luxshare's top five customers contributed 2.11 billion CNY, accounting for 78.5% of total revenue, with the largest customer alone contributing 1.90 billion CNY, representing 70.74% [17]. - The company has established a global manufacturing presence across multiple countries, including Vietnam, Thailand, and Mexico, to mitigate risks associated with customer dependency [17][18]. Group 4: Strategic Acquisitions and Diversification - Since its inception, Luxshare has raised a total of 116.4 billion CNY through various financing activities, with over 25.2 billion CNY spent on acquisitions to expand its business scope [21][31]. - The company has pursued a diversification strategy, entering sectors such as automotive and medical, aiming to reduce reliance on Apple and adapt to changing market conditions [24][30]. Group 5: Founder’s Background and Leadership - The founder of Luxshare, Wang Laichun, has a compelling personal story, transitioning from a factory worker to leading a company valued at 442 billion CNY, showcasing her resilience and business acumen [9][39]. - Wang's leadership has been pivotal in Luxshare's growth, with her wealth reaching 62 billion CNY, making her one of the wealthiest women in China [32][39].

Core Insights - The company held a recognition event for the DGX Spark AI supercomputer project, highlighting the contributions of core teams in customer development, product research, engineering design, and mass production [1] - The DGX Spark AI supercomputer demands extreme performance, reliability, and stability from PCB technology, which the company has addressed through advanced interconnect technology, high-frequency materials, and innovative packaging techniques [1][3] - The company has established a complete AI computing infrastructure solution, demonstrating its capability to handle high-end AI computing projects from technology development to mass production [3] Technology and Production Capabilities - The company has achieved a four-layer HDI mass production capability and has successfully developed six-layer HDI technology for small batch supply, catering to high-end market demands such as AI servers and high-performance computers [3] - The company’s advancements in signal integrity optimization, thermal management, and multilayer wiring design have led to a perfect balance of high precision, stability, and efficiency in its products [1][3] Market Position and Future Outlook - The demand for AI computing power is experiencing explosive growth due to the emergence of large models like DeepSeek, positioning the company as a key supplier of high-end PCB products essential for AI supercomputers [3] - The company is expected to expand its high-end production capacity as it deepens its technological investments and industry layout in the AI computing sector, supported by the release of production capacity in Thailand and the implementation of convertible bond projects [3]

同时，该区充分发挥富士康工程师学院、比亚迪实训基地以及19家社会培训机构阵地作用，并加快建设 国家级公共实训基地、河南技师学院、中原新能源汽车工程师学院，打造集"产业链链主企业+院校+培 训机构+岗位推荐+技能升级"于一体的"强技航空港"培训品牌。 此外，该区成立全国机器人和数控机床行业、新能源汽车产业集群市域产教联合体，联络龙头企业与技 师院校共建新能源汽车、工业机器人、航空卫星、时尚创意等产业技工教育联盟，推行"订单班""现代 学徒制"等培养模式，打造"技耀航空港"产教融合品牌。 据悉，中部技能人才港总投资30亿元，占地460亩，建设高技能培训、交流研学、商娱休闲为一体的高 技能人才集聚综合体，构建"人才培养－技术研发－成果转化－产业集聚"的全链条生态体系，最终建设 成为立足港区、服务中部、辐射全国的人才港与技能创新策源地。 以第三届全国技能大赛为契机，郑州航空港打造集"比赛、展示、体验、观摩"于一体的"竞技航空港"赛 事品牌，成功举办第四届全国工业设计职业技能大赛，推动河南省职业技能大赛永久落户航空港区。 来源：环球网 9月19日至23日，由人力资源社会保障部主办，河南省人民政府承办的第三届全国技能大赛 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Insights - The company is a global leader in AI PCB, benefiting from the expansion of computing power demand and technological upgrades. It focuses on high-end HDI and high-layer PCBs, with significant revenue growth projected in the coming years [6][19]. - The global AI/HPC PCB market is expected to grow from approximately $6 billion in 2024 to $15 billion by 2029, with a CAGR of 20.1% [44][45]. - The company has established a strong position with key clients and advanced technology, allowing it to capitalize on the structural expansion trend in AI PCBs [7][10]. Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 20,705 million, 33,379 million, and 51,722 million yuan, respectively, with year-on-year growth rates of 92.9%, 61.2%, and 55.0% [5][8]. - Net profit attributable to shareholders is expected to reach 5,518 million, 9,939 million, and 15,573 million yuan for the same period, with growth rates of 378%, 80.1%, and 56.7% [5][8]. - The company’s gross margin is projected to improve, reaching 38.7% in 2025 and stabilizing at 42.6% by 2027 [5][8]. Market Position and Competitive Advantage - The company ranks first globally in AI/HPC PCB sales, with significant market shares in high-end HDI and high-layer PCBs [23][24]. - It has a strong collaborative development approach with key clients, which enhances its technological edge and market position [6][10]. - The company has a robust production capacity, with plans to expand further in Thailand and Vietnam, aiming for increased output in high-end products [31][32]. Technology and Product Development - The company is advancing towards high-frequency, high-layer, and high-end HDI technologies, which are critical for meeting the demands of AI computing applications [51][52]. - It has achieved significant milestones in mass production capabilities, including 6-layer 24-layer HDI and 70-layer high-multilayer PCBs [6][10]. - The focus on R&D and technological upgrades is expected to drive future profitability and market share growth [36][43].

9月23日，A股三大指数小幅高开后涨跌分化，表征核心龙头资产的MSCI中国A50互联互通指数逆 势上涨约0.65%，成分股立讯精密涨超8%，中际旭创、农业银行、工业富联等跟涨。 瑞银通过五大指标考察全球资金向新兴市场（EM）轮动的速度，发现中国股市本月"北向通"和"南 向通"日均成交额均创历史新高（前者达2024年10月水平的1.6倍），显示境内外资金流动活跃。但散户 资金远未过热：融资余额占市值比例仅为2015年峰值的一半，银行存款规模较A股市值高出约59万亿元 （十年均值：30万亿元）。鉴于估值仍具吸引力，瑞银在新兴市场框架内维持对MSCI中国的超配观 点。 A50ETF（159601）紧密跟踪MSCI中国A50互联互通指数，一键打包50只龙头互联互通标的，均衡 覆盖A股市场核心龙头资产表现，是境内外资金优选之选。相较市场其余"漂亮50"指数，MSCI中国A50 互联互通指数在编制过程中更侧重于流动性与行业均衡，大市值特征显著。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示 ...