Economic Overview - Sichuan's GDP grew by 5.6% year-on-year in the first half of 2025, with an acceleration of 0.1 percentage points compared to the first quarter [1] - Key economic indicators such as primary industry value added, industrial value added, service industry value added, and retail sales of consumer goods all showed increased growth rates compared to the first quarter [1] Industry Development - The province is enhancing six major advantageous industries and building a modern industrial system, with stable production in grain and oil, and sufficient supply of major agricultural and livestock products [2] - Natural gas production reached a historical high with an 11.5% year-on-year increase, while hydropower generation grew by 5.1% [2] - The manufacturing sector is experiencing high-quality development, with value added in the automotive manufacturing and electronic information industries maintaining double-digit growth [2] New Growth Drivers - High-tech manufacturing investment rose by 10.2% year-on-year, with value added increasing by 13.1%, leading the province's industrial growth [3] - Significant growth in the green transition, with value added in the battery, new energy vehicle, and vanadium-titanium industries increasing by 36.5%, 11.0%, and 13.8% respectively [3] - The internet sector is also performing well, with a 10.9% increase in value added from information transmission, software, and IT services [3] Market Dynamics - Investment in equipment and industrial sectors grew by 18.7% and 10.9% respectively, with retail sales in communication equipment, home appliances, and automobiles increasing by 50.8%, 20.2%, and 2.7% [4] - Per capita consumption expenditure for residents increased by 6.2%, indicating a release of consumer potential [4] - Profits for large-scale industrial and service enterprises grew by 7.0% and 13.9% respectively from January to May, with acceleration in growth rates compared to previous months [4]

"全球工商界要坚定维护多边贸易体制""助力营造开放、公平、公正、非歧视的创新生态""期待各国深 化数智供应链协同"……本届链博会开幕式上，在与会全球工商界代表见证下，中国贸促会发布了《第 三届中国国际供应链促进博览会北京倡议》，呼吁以实际行动深化产业链供应链国际合作。 本届链博会新增创新链专区，致力于把实验室里的"金点子"变成产业发展的"金钥匙"。国家知识产权局 展示了自主研发的高校和科研机构专利盘活系统。"通过这个系统，企业可便捷地查询高校和科研机构 的高价值专利详情及对接信息，助力专利更好走向市场。"国家知识产权局工作人员介绍，开展首日， 伦敦投资署、意中理事基金会等一批考察团队已预约参观。 开幕式当天，广东作为主宾省举办了国际供应链合作大会，向中外伙伴介绍广东的产业优势、政策利好 和营商环境。据介绍，广东本次组织了64家企业参展链博会，包括中兴通讯、TCL、广药集团、小鹏汽 车等。广东是中国制造的重要支点，也是全球供应链的重要节点。广东省贸促会会长陈小锋表示，将以 链博会为契机，深入推动产业链、创新链、资金链、人才链"四链融合"，促进"引进来"与"走出去"双向 发力，助力广东企业拓市场、谈合作。 接下来 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the CSI 300 index within the next six months [18]. Core Insights - The company is experiencing rapid net profit growth, with a forecasted net profit of 8.9 to 9.5 billion yuan for the first half of 2025, representing a year-on-year increase of 42.43% to 52.03% [4]. - The company focuses on three core business areas: perception, connectivity, and intelligent manufacturing, with significant growth in revenue and profitability in these segments [7]. - The company has a strong position in the global optical module market, benefiting from high demand in domestic computing optical modules and successful overseas expansion [8]. Summary by Sections Financial Performance - The company reported a sales net profit margin of 12.12% in Q1 2025, with a decrease in expense ratios, indicating effective cost control [7]. - The projected net profits for 2025, 2026, and 2027 are 17.97 billion yuan, 23.10 billion yuan, and 28.16 billion yuan, respectively, with corresponding P/E ratios of 26.69X, 20.76X, and 17.03X [8][10]. Business Segments - The connectivity business is experiencing significant growth due to increased demand for high-speed optical modules in data centers, while the perception business is capitalizing on the rising penetration of electric vehicles [7]. - The intelligent manufacturing segment is also seeing rapid order growth, driven by equipment upgrades in industries such as electric vehicles and shipbuilding [7]. Research and Development - The company has full self-research design capabilities from silicon photonic chips to modules, with a 43.03% year-on-year increase in R&D expenses in Q1 2025 [7]. - The company is actively developing new technologies and materials for next-generation optical modules, including a 1.6T optical module and various product solutions [7]. Market Outlook - The global demand for optical modules is expected to benefit from the increasing computational power needs driven by AI and big data applications, with significant growth projected in the Chinese intelligent computing market [8].

证券代码： 300502 证券简称： 新易盛 公告编号： 2025-034 成都新易盛通信技术股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的具体情况 成都新易盛通信技术股份有限公司（以下简称"公司"）股票交易价格连续 三个交易日（2025 年 7 月 15 日、2025 年 7 月 16 日、2025 年 7 月 17 日）收盘 价格涨幅偏离值累计达到 38.14%（超过 30%），根据深圳证券交易所相关规定， 属于股票交易异常波动情形。 二、公司关注及核实情况的说明 针对公司股价异常波动，公司董事会对公司控股股东、实际控制人及公司全 体董事、监事和高级管理人员就相关事项进行了核实，现就有关情况说明如下： 大影响的未公开重大信息； 重大变化； 项，也不存在处于筹划阶段的重大事项； 级管理人员不存在买卖公司股票的情形； 三、是否存在应披露而未披露信息的说明 公司董事会确认，除在指定媒体已公开披露的信息外，公司目前没有任何根 据《深圳证券交易所创业板股票上市规则》等有关规定应予以披露而未披露的事 项；董事会也未获悉公司有根据《 ...

Group 1: Overseas Business Strategy - The company focuses on building core competitiveness in overseas markets, primarily targeting North America, Asia-Pacific, and Europe [2] - An independent overseas marketing team has been established to provide multi-operator, multi-network integrated products and services [2] - The company aims to enhance sales credit support in rapidly growing overseas regions and will continue to focus on wireless coverage, wireless networks, and wireless security [2][3] Group 2: Future Development Plans - The company is committed to a comprehensive internationalization strategy, emphasizing the development of overseas business [2] - Plans include establishing localized sales and technical support teams, as well as maintaining channel relationships to build a global partner ecosystem [3] - The company aims to expand into key application scenarios such as subways, large CBDs, hospitals, and agricultural networks, striving to rank among the top global mobile communication equipment manufacturers [3] Group 3: Satellite Communication Services - The company provides specialized maritime satellite communication services through its Haiwei Tong business, offering VSAT antennas and shipboard information equipment [3] - Services include comprehensive offerings such as remote equipment monitoring and satellite phone broadcasting, enhancing safety and efficiency for maritime clients [3] Group 4: Research and Development Investment - In 2024, the company invested a total of 133.52 million yuan in R&D, focusing on cutting-edge communication technologies like DAS and ORAN [3] - Continuous support for R&D is seen as crucial for maintaining competitive advantages in patent technology and providing industry-leading product solutions [3]

Group 1 - Nvidia has received approval from the Trump administration to resume sales of the "special version" H20 to China, following a meeting between CEO Jensen Huang and President Trump [1] - Nvidia is preparing to launch a new GPU based on the Blackwell architecture that complies with U.S. export regulations, which may be used in smart factories and logistics [1] - The easing of U.S.-China trade tensions since June has alleviated concerns over the "chip shortage" in domestic computing power, potentially benefiting AI data centers, applications, and overseas supply chains [1] Group 2 - The upcoming A-share semi-annual reports are significant, with several North American computing power chain companies recently disclosing earnings forecasts, showing strong performance in Q2 for leading firms in the optical module and PCB sectors [1] - Some representative companies are expected to see their net profits attributable to shareholders grow several times year-on-year by 2025 [1] - The overall computing power sector remains optimistic due to previous expansion actions and high market demand [1] Group 3 - The Communication ETF (515880) effectively represents the AI market, tracking the communication equipment index and selecting listed companies involved in communication equipment manufacturing and technology services [2] - The Communication ETF has good liquidity and over 40% of its composition is in optical modules [2]

Group 1 - Nearly 60% of 2024 undergraduate graduates have starting salaries below 6000 yuan, with less than 10% earning over 10,000 yuan monthly [1][2] - The average monthly salary for 2024 graduates six months after graduation is 6199 yuan, showing a stable increase [1] - The distribution of starting salaries for 2024 graduates shows 57.8% earning 6000 yuan or less, and 23.2% earning between 6000 and 8000 yuan [1] Group 2 - The top three high-paying professions for graduates are integrated circuit engineering technicians (8459 yuan), internet developers (8245 yuan), and industrial internet engineering technicians (8030 yuan), all exceeding 8000 yuan [2] - Other high-paying professions include game planners (7799 yuan), sales engineers (7675 yuan), and software quality assurance engineers (7638 yuan) [2] Group 3 - High-paying professions for 2024 graduates exhibit a clear technology-driven and industry-concentrated characteristic, with integrated circuit engineering technicians primarily hiring from electronics and automation fields [3] - New professions such as integrated circuit engineering technicians and industrial internet engineering technicians are among the top high-paying jobs, reflecting the demand for standardized technical talent in the information technology service sector [3][4] Group 4 - Employment satisfaction and job relevance are important indicators of job quality, with integrated circuit engineering technicians and industrial internet engineering technicians showing satisfaction rates of 85% and 86%, respectively, above the average of 81% for all graduates [4] - New professions are emerging alongside the rapid development of cloud computing, big data, and artificial intelligence, indicating strong employment advantages in technology-driven roles [4]

Group 1 - The communication equipment sector continues to show strong performance, with sub-sectors like electronic components, consumer electronics, and instruments being particularly active, leading in gains [1] - As of July 15, the ChiNext AI ETF (159246) and the communication equipment ETF (159583) have high "Yizhongtian" content, with the top three holdings in the AI ETF being major CPO players, accounting for a combined weight of 28.2% [1] - The ChiNext AI ETF tracks the ChiNext AI Index, which selects 50 companies from the ChiNext market involved in AI-related fields, covering the entire AI industry chain [2] Group 2 - Huang Renxun stated that China's open-source AI is a catalyst for global progress, allowing various countries and industries to participate in the AI revolution, with the next wave focusing on robotic systems [2] - The communication equipment ETF closely tracks the CSI Communication Equipment Theme Index, which selects 50 listed companies involved in communication equipment manufacturing and services [2]

Group 1 - The core viewpoint of the news is the significant changes in the top holdings of various funds managed by Ruiyuan Fund, particularly the entry of Xinyi Technology into the top holdings of Ruiyuan Growth Value and the exit of Guanghui Energy [1][2] - Ruiyuan Growth Value experienced some net redemptions in Q2, but still maintained over 14.4 billion shares by the end of the quarter [2] - The fund reduced its holdings in China Mobile, Ningde Times, Tencent Holdings, and Maiwei Shares, with notable reductions in China Mobile and Maiwei Shares [2] Group 2 - Ruiyuan Balanced Value Three-Year Holding Fund saw significant changes in its top holdings, with new entries including Luxshare Precision, Hangzhou Bank, China Taiping, and Shenneng Power, while China Mobile and Shanxi Fenjiu exited the top ten [3] - The fund increased its allocation in banking, insurance, and electric power sectors while reducing exposure to consumer services, liquor, and pharmaceutical sectors [3] Group 3 - The Ruiyuan Hong Kong Stock Connect Core Value Mixed Fund experienced a significant increase in shares, with a growth of approximately 100% compared to the end of Q1 [6] - The top holdings included Pop Mart, Xiaomi Group, Zijin Mining, and others, while Alibaba, Shenzhou International, Shanxi Fenjiu, and others exited the top ten [6] - The fund manager emphasized the need for a nuanced understanding of the new consumption sector, highlighting the varying development stages and internal ROE models of sub-industries [6] Group 4 - The innovation drug sector emerged as a hotspot, with successful clinical progress in PD1/VGFR targets in China, raising concerns for multinational corporations (MNCs) about potential revenue declines due to patent expirations [7] - Uncertainties regarding tariffs have eased slightly, but concerns about the financial decoupling between China and the U.S. continue to suppress valuations in the technology sector [7] - The technology sector is currently at a relatively low valuation, and if advancements in AI research can close the gap with the U.S. industry, significant investment opportunities may arise in the second half of the year [7]

Group 1 - The communication industry is experiencing multiple catalysts, with ongoing support for the satellite internet sector and increasing policy backing, leading to deeper industry development [1] - Research on 5G-A and 6G standards is progressing, highlighting relevant investment opportunities [1] - Nvidia has launched several new products, further driving demand for computing power, which benefits the communication equipment supply chain [1] Group 2 - The communication ETF tracks the communication equipment index, which is compiled by China Securities Index Co., Ltd., selecting listed companies from the A-share market involved in communication network infrastructure and terminal equipment [1] - Investors without stock accounts can consider the Guotai CSI All-Share Communication Equipment ETF Connect C (007818) and Guotai CSI All-Share Communication Equipment ETF Connect A (007817) [1]