| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002636 | 金安国纪 | 13.27 | -6.42% | 56.54万 | 7.76亿 | | 688519 | 南亚新材 | 68.68 | -6.34% | 13.06万 | 9.16亿 | | 686509 | 艾华集团 | 18.27 | -6.26% | 15.78万 | 2.97亿 | | 871981 | 晶赛科技 | 39.71 | -5.86% | 5.67万 | 2.30亿 | | 301458 | 钧威电子 | 38.69 | -5.13% | 11.19万 | 4.46 Z | | 300903 | 科翔股份 | 11.37 | -5.09% | 31.86万 | 3.76亿 | | 300460 | 惠伦晶体 | 11.19 | -4.93% | 15.46万 | 1.78亿 | | 832491 | 圆迪威 | 31.58 | -4.74% | 8.03万 | 2.61亿 | | 603936 | 博敏电子 | ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 东山精密（002384.SZ） 盈利能力持续提升，AI PCB+光通信注入新动能 盈利水平提升显著，拓展新领域多元发展。东山精密发布 2025 半年报业 绩，实现营收 169.6 亿元，yoy+2.0%；实现归母净利润 7.6 亿元， yoy+35.2%；毛利率为 13.6%，yoy+0.5pct；净利率为 4.5%，yoy+1.1pcts。 25Q2 实现营收 83.5 亿元，yoy-6.0%，qoq-2.9%；归母净利润 3.0 亿元， yoy+11.4%，qoq-33.7%。25H1 汇兑损失为 6464.6 万元，若加回此费用， 公司营业利润同比增幅更大。公司紧握 PCB 行业的快速发展机遇，并继续 保持在新能源汽车核心零部件领域的竞争优势，积极推进新产品的研发和 客户拓展，实现了盈利水平的大幅增长。2025 年公司启动了对法国 GMD 和索尔思光电的收购，新业务的加入将支撑公司业绩长期发展。 FPC 双寡头竞争格局优势凸显+线宽线距设计难度提升，ASP 有望增长， AI 终端带动 PCB 设计难度加大，AI 服 ...

兴业证券发布研报称，今年所有A股中报业绩将于8月29日披露完毕，近期进入披露高峰期。从已披露中报业绩的公司来看，25H1全A/全A非金融/主板以 整体法计算的净利润同比增速分别为9.85%/6.74%/9.23%，二季度景气延续。一级行业看，Q2业绩高增的行业主要集中在周期、券商、农林牧渔、电力设 备。二级行业看，除以上一级行业外，TMT、消费、制造等板块中也具备业绩α。结合6月23日以来涨跌幅，当前低位绩优的方向主要集中在消费板块， 以及部分周期和制造板块。 兴业证券主要观点如下： A股进入中报业绩披露高峰期，市场对业绩的关注度明显提升。今年所有A股中报业绩将于8月29日披露完毕，近期进入披露高峰期。截至8月26日15点， 已有3233家上市公司披露中报业绩(含业绩预告/快报，剔除次新股，下同)，披露率60.85%。 从"股价-业绩相关性"的季节效应看，随着业绩陆续披露，8月下半月市场对业绩的关注度明显提升。 从已披露中报业绩的公司来看，25H1全A/全A非金融/主板以整体法计算的净利润同比增速分别为9.85%/6.74%/9.23%，二季度景气延续。 一级行业看，Q2业绩高增的行业主要集中在周期、券商、农 ...

电子/元件 《2025H1 业绩有望回升，2025H2 持 续性仍需跟踪—港股公司信息更新报 告》-2025.4.9 张可（分析师） 陈沆（联系人） zhangke1@kysec.cn 证书编号：S0790523070001 chenhang1@kysec.cn 证书编号：S0790124070037 建滔积层板（01888.HK） 2025H2 或受益于提价，2026 年 AI 期权或逐步兑现 2025 年 08 月 26 日 投资评级：买入（维持） | 日期 | 2025/8/25 | | --- | --- | | 当前股价(港元) | 12.300 | | 一年最高最低(港元) | 14.270/5.600 | | 总市值(亿港元) | 383.76 | | 流通市值(亿港元) | 383.76 | | 总股本(亿股) | 31.20 | | 流通港股(亿股) | 31.20 | | 近 3 个月换手率(%) | 31.06 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-08 2024-12 2025-04 建滔积层板 恒生指数 相关研究报告 2025H2 业绩有 ...

电子 | 证券研究报告 — 业绩评论 2025 年 8 月 25 日 688519.SH 买入 原评级：买入 市场价格:人民币 67.87 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 239.9 66.3 90.1 252.6 相对上证综指 224.3 60.4 78.8 220.6 发行股数 (百万) 234.77 流通股 (百万) 234.77 总市值 (人民币 百万) 15,933.91 3 个月日均交易额 (人民币 百万) 245.91 主要股东 上海南亚科技集团有限公司 53.69% (11%) 43% 98% 153% 207% 262% Aug-24 Sep-24 Oct-24 Nov-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 南亚新材 上证综指 资料来源：公司公告， Wind ，中银证券 以 2025 年 8 月 21 日收市价为标准 相关研究报告 《南亚新材》20250417 《南亚新材》20250416 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：元件 证券 ...

Group 1 - The core viewpoint of the news is that Aohong Electronics has experienced a decrease in the number of shareholders and an increase in average shareholding quantity and value, despite a significant stock price increase during the same period [1][4]. Group 2 - As of June 30, 2025, Aohong Electronics had 13,571 shareholders, a decrease of 1,189 shareholders or 8.06% from March 31, 2025 [2]. - The average number of shares held per shareholder increased from 9,683 shares to 10,500 shares, with an average shareholding value of 321,800 yuan [1][2]. - Compared to the industry average, Aohong Electronics' shareholder count is lower, with the component industry average at 40,000 shareholders and an average shareholding value of 466,500 yuan [1][2]. Group 3 - From March 31, 2025, to June 30, 2025, Aohong Electronics' stock price increased by 28.54%, while the number of shareholders decreased [1][4]. - During this period, the net inflow of main funds was 42.05 million yuan, while retail funds saw a net inflow of 1.78 million yuan, and speculative funds experienced a net outflow of 43.83 million yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Viewpoints - The company's "All in AI" strategy is showing initial results, with a significant increase in revenue and profit margins [4] - The FPC business has turned profitable for the first time in a single quarter after four years of losses, indicating a critical turning point [2] - The AI computing business is expanding rapidly, contributing significantly to overall revenue and establishing a complete commercial ecosystem [3] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 34.94 billion yuan, a year-on-year increase of 15.01%, and a net profit attributable to shareholders of 0.54 billion yuan, up 9.85% [1] - In Q2 2025, the company reported revenue of 19.07 billion yuan, a 39.39% increase year-on-year, and a net profit of 0.47 billion yuan, reflecting a 124.18% growth [2] - The AI computing and related businesses generated revenue of 14.82 billion yuan in H1 2025, a 33.85% increase, accounting for 42.41% of total revenue [3] Profitability Metrics - The company's gross margin increased to 12.07%, up 1.46 percentage points year-on-year, with the electronics sector showing a gross margin of 8.38%, up 5.82 percentage points [4] - The FPC business's gross margin improved significantly, indicating a recovery in profitability [4] Future Projections - The company is expected to achieve revenues of 84.86 billion yuan, 111.30 billion yuan, and 137.07 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits projected at 3.23 billion yuan, 5.12 billion yuan, and 7.09 billion yuan [4]

两融市场概况 沪深两市融资融券分析 上个交易日,两市两融余额21468.0亿,环比下跌 0.04%;融资买入2611.5亿,环比下跌1.22%。 融资融券余额 融资买入额 沪市 深市 两市 08-21 已公布 21.5千亿 21.0千亿 20.0千亿 19.0千亿 18.2千亿 如资融 "VAL 2025年8月21日 个股两融洞察 上个交易日融资买入额排名前五位个股: | 名称/代码 | 融资买入 → 融资买入比 个股涨跌幅 | | | --- | --- | --- | | 中兴通讯 | 30.5亿 13.86% | 6.56% | | 000063 | | | | 东方财富 | 24.0亿 17.53% | -1.03% | | 300059 | | | | 浪潮信息 | 22.7亿 14.66% | -0.74% | | 000977 | | | | 北方稀土 | 19.4亿 13.24% | -1.83% | | 600111 | | | | 寒武纪 | 16.5亿 13.87% | 2.27% | | 688256 | | | 免贡声明 2025-07 2025-08 2025-06 行业两融洞察 ...

电子 | 证券研究报告 — 调整盈利预测 2025 年 8 月 19 日 002938.SZ 买入 原评级：买入 市场价格:人民币 52.13 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 46.4 20.0 77.7 57.0 相对深圳成指 31.1 11.7 63.5 18.0 发行股数 (百万) 2,318.05 流通股 (百万) 2,306.78 (22%) (2%) 18% 38% 57% 77% Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 鹏鼎控股 深圳成指 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：元件 证券分析师：苏凌瑶 lingyao.su@bocichina.com 证券投资咨询业务证书编号：S1300522080003 联系人：李圣宣 shengxuan.li@bocichina.com 一般证券业务证书编号：S1300123050020 鹏鼎控股 | 流通股 (百万) | 2,306.78 | | --- ...

Core Viewpoint - The A-share market is experiencing a structural revaluation process driven by national governance capabilities and supportive policies, with a focus on low valuation and high prosperity sectors such as technology and energy independence [3][17]. Market Performance - On August 13, 2025, the Shanghai Composite Index closed at 3683 points, marking a nearly four-year high, with total market turnover returning to 2 trillion yuan, indicating a "eight consecutive days of gains" [2][7]. - On August 15, the Shanghai Composite Index rose by 0.83% to 3696.77 points, while the Shenzhen Component Index and the ChiNext Index increased by 1.60% and 2.61%, respectively, with market turnover exceeding 2 trillion yuan for the third consecutive trading day [3][7]. Investment Themes - Key investment themes include technology manufacturing, new energy materials, and hard technology innovation chains, reflecting a clear market logic driven by industrial policy and capital expectations [3][7]. - The market is witnessing a rotation of themes, with strong performance in sectors like military restructuring and technology-related themes such as liquid cooling servers and humanoid robots [7][14]. Capital Flow - Positive capital flow is noted, with significant net inflows into high-elasticity sectors such as brokerage, auto parts, and components, while high-dividend sectors like telecommunications are preferred by conservative investors [8][12]. - The People's Bank of China reported a rare negative growth in credit for July, with new RMB loans at -50 billion yuan, indicating a shift in capital dynamics [9][10]. Policy Impact - Recent policy measures, including interest subsidies for personal consumption loans and service industry loans, aim to stimulate market confidence and direct funds into consumption sectors [11][12]. - The central bank's liquidity injection through reverse repos reflects ongoing efforts to support the market [11]. Future Outlook - Analysts suggest that if the interest subsidy policies lead to a recovery in actual consumption, corporate earnings may enter a recovery phase, potentially benefiting the A-share market [17]. - The current market sentiment is seen as an extension of the previous rally, with a focus on structural opportunities and value differentiation amid ongoing challenges [17][18].