华夏时报记者赵奕上海报道 7月10日，此前收获5连板的金安国纪（002636）(002636.SZ)披露了2025年半年度业绩预告。公司预计 归属净利润1500万元—2250万元，同比下降67.83%—78.56%；扣非净利润6000万元—8000万元，同比 增长4700%—6300%。 在此前一天，金安国纪还披露了调整出售控股子公司股权挂牌价格的公告，拟将控股子公司上海金板科 技有限公司(下称"上海金板")60%股权的挂牌价格调整为不低于7100万元，并重新提交上海联合产权交 易所公开挂牌寻觅受让方。而这已是金安国纪今年以来第二次降价出售该子公司。 就本次子公司出售及公司业绩相关情况，《华夏时报》记者致函金安国纪，但截至发稿，尚未收到回 复。 预计上半年扣非净利润猛增47倍 对于今年上半年归属净利润的下降，金安国纪在公告中解释称，去年同期公司完成对承德天原药业有限 公司(下称"承德天原")80%的股权转让，产生投资收益7701万元，本报告期无此类事项。承德天原是金 安国纪在2019年9月收购而来的子公司，因其未完成三年业绩承诺，金安国纪于2024年5月将其出售。 此外，为优化资产结构及整合资源配置，聚焦主业 ...

Core Viewpoint - Jin'an Guoji Group Co., Ltd. expects a significant decline in net profit for the first half of 2025, primarily due to the absence of previous year's extraordinary gains and asset impairment from the sale of a subsidiary's stake [1] Group 1: Financial Performance - The estimated net profit attributable to shareholders for the first half of 2025 is projected to be between 15 million to 22.5 million yuan, representing a year-on-year decline of 78.56% to 67.83% [1] - The company anticipates a net profit excluding non-recurring gains and losses to be between 60 million to 80 million yuan, indicating a year-on-year increase of 4700% to 6300% [1] Group 2: Business Operations - Jin'an Guoji's main business involves the research, production, and sales of copper-clad laminates, with products including PCBs and medical devices [2] - The company has seen an increase in production and sales volume of copper-clad laminates, along with a slight recovery in sales prices [1][2] Group 3: Industry Outlook - The PCB market is experiencing growth driven by AI trends, with a projected year-on-year increase in PCB output value and shipment volume of 6.8% and 7.0%, respectively, in 2025 [2] - The demand for high-end PCBs is being fueled by the recovery in consumer electronics and increased orders from sectors like home appliances and automotive electronics [3] - Jin'an Guoji is positioned among the top three in the domestic copper-clad laminate industry, benefiting from integrated production and sales, and is focusing on high-end products to enhance market share [3]

算力 PCB 系列：高端覆铜板应用趋势展望 20250707 摘要 AI 技术推动 PCB 需求，尤其高速板和 3D PCB（AIPCB），盛宏等公司 表现突出，需求增长向上游 CCL、铜箔等材料延伸，高频高速应用对材 料电损耗要求提高，材料升级是关键。 覆铜板（CCL）是 PCB 核心，正朝着更高频、更低损耗方向发展，以满 足下游需求，需求提升体现在性能和价格上，材料升级如从 PPO 到碳氢 化合物等新方案是趋势。 PCB 行业供不应求，盛宏等公司利润大幅增长，反映中国在 PCB 行业的 优势，尽管芯片领域美国主导，但中国在 PCB 板、线缆、组装等方面具 有优势。 覆铜板行业可能经历类似 PCB 行业的发展，台资企业主导市场后，内资 企业如生益科技凭借技术和积极性，有望提高渗透率和市场占有率。 PCB 产业链中，上游客户集中在国内，国内供应链具有巨大机会，国内 公司只要有机会就能满足需求并取得成功，应重视产业链及其上游环节。 高端材料和新技术是发展趋势，虽然很多新技术尚未完全落地，但最终 将逐步应用，例如 HDI 与高多层之间的转换，新材料和新技术将推动产 业向更高端发展。 AI 技术显著推动了 PCB ...

PCB 行业近况更新 20250703 摘要 AI 服务器需求驱动高速覆铜板增长，年增幅达 30%-50%，但部分产品 存在 10%左右的缺货，价格相对平稳。FR-4 覆铜板受益于汽车和消费 电子需求，2025 年价格上涨 10%-15%。 覆铜板选材策略因市场而异：中低端市场重价格，中高端市场重品质。 汽车安全件属中高端应用，非安全件及消费电子属中低端，PC 和手机亦 属中高端。 高速覆铜板技术路径多样，高端型号如马 8 和马 9 采用碳氢化合物树脂。 随着传输速率提升，高速与高频材料在 DF 参数上趋同，电性能损耗差 异缩小。 国内覆铜板厂商战略各异：深裕是综合供应商，建涛专注中低端，华胜 和南亚定位高端精品店，力图提升高频高速产品份额。 全球覆铜板厂商各有侧重：台光拓展 AI 服务器市场，联茂主打高 TG FR4 及高速 CCL，台湾南亚产品线全面，罗杰斯专注于高频市场。 英伟达下一代 Robin NBL576 材料预计 2027 年后应用，目前处于验证 阶段。PTFE 方案大概率应用于正交背板，但良率和加工性是关键考量 因素。 公司二季度订单充足，F2 满负荷运转，得益于中高端订单结构、市场需 求旺盛 ...

【玻璃&玻纤】低介电布供需变化及光伏玻璃减产近况更新 20250701 摘要 一季度玻纤行业吨净利显著提升，中国巨石等企业表现突出，主要受益 于高端产品涨价，但四月份后玻纤行情出现回调，受出口预期和低阶产 品供给过剩担忧影响。 电子布市场在 2 月底开始涨价，通用型号和机电产品价格均有提升，一 季度主要交易玻纤业绩兑现和电子布实际落地涨价，中材科技受益于低 阶店铺收益。 五月份 AI 产业链各环节业绩景气，下游算力需求消化 AI 基建需求，高 端 PCB 公司收入和利润快速增长，市场对 AI 放量趋势和需求更加乐观。 4-5 月 AI 需求升级推动覆铜板行业产品快速迭代，市场关注点从一代部 产品转向低阶电铺产品升级，中材科技在各代产品上的布局备受关注。 覆铜板行业整体趋势由 AI 需求预期重塑主导，市场从担忧供给过剩转向 关注产品升级迭代，头部企业机电店铺产能提升，低阶电能贡献显著增 长。 中材科技二季度业绩预计显著增长，受益于低阶电盈利提升、叶片和隔 膜业务良好表现，以及玻纤粗纱部分受出口影响较小，业绩确定性较高。 光伏玻璃行业面临挑战，价格接近亏损边缘，海外基地企业盈利相对较 好，行业缺乏行政性减产措施， ...

每经记者｜吴永久 每经编辑｜闫峰峰 本周五，投资者做多情绪高涨，抛售高股息（银行、保险、公路等）和黄金等避险资产，资金流向了有色金属、科技（如覆铜板）板块。 从周末的消息面来看，主要有这些重要消息。第一是：特朗普再次在公开场合批评美联储主席鲍威尔，并称将选择一位愿意降息的人接替他。第二是：美参 议院程序性投票通过大而美法案。第三是：A股主板风险警示股涨跌幅拟调整为10%。 周五，美股标普500和纳斯达克指数创历史新高，市场对后市持乐观预期。在每日经济新闻App举办的掘金大赛中，第64期比赛正在火热进行中，多位选手 积极报名入场，一些参赛高手抓住了有色金属板块的机会。如何看待下周的市场行情，今日一些参赛高手分享了观点。 大赛为模拟炒股，模拟资金50万元。第64期比赛的报名时间为6月21日到6月30日，比赛时间为6月23日到6月30日。正收益就获奖，报名就拿福利！周周发奖 金，月月有大奖！ 每期比赛的税前现金奖励为：第1名奖励688元，第2~4名奖励188元/人，第5~10名奖励88元/人，其余正收益选手均分500元正收益奖。月度积分王的税前现 金奖励为：第1名奖励888元，第2~4名奖励288元/人，第5~10 ...

Core Viewpoint - The company has faced significant financial challenges, reporting a net loss of 1.13 billion yuan for 2024, marking two consecutive years of substantial losses. The company is implementing measures to enhance its operational efficiency and profitability, particularly through its new copper-clad laminate business [1][3][6]. Financial Performance - The company's operating revenue for 2024 was 418 million yuan, with a net profit attributable to shareholders of -1.13 billion yuan. The revenue for the first three quarters of 2024 was only 46 million yuan, while the fourth quarter saw a significant increase to 314 million yuan due to the launch of the copper-clad laminate business [1][6]. - The first quarter of 2025 showed a slight improvement, with main business revenue of 287.23 million yuan and a gross profit margin of 6.45% [6][7]. Business Strategy and Measures - The company plans to deepen its focus on the electronic information industry and expand into AI and new energy applications. Specific strategies include cost reduction, optimizing material procurement, and enhancing production efficiency [3][4][5]. - The copper-clad laminate business aims for comprehensive cost reduction and efficiency improvement, with a focus on optimizing manufacturing costs and enhancing product quality [3][4][5]. Customer and Market Analysis - The company has established a stable business model for its new copper-clad laminate operations, with a registered capital of 50 million yuan and significant investment in production capacity [8][9]. - The top five customers for the copper-clad laminate business accounted for 55.35% of sales, indicating a moderate level of customer concentration, which has decreased to 47.48% in the first quarter of 2025, suggesting improved customer diversification [10][12]. Operational Challenges - The company has faced challenges related to continuous losses, with significant impairments and operational losses attributed to various factors, including the performance of its new materials business [1][3]. - The company has implemented measures to address these challenges, including enhancing internal controls and improving financial management practices [19][20]. Future Outlook - The company is optimistic about the long-term demand for copper-clad laminates, driven by growth in downstream industries such as aerospace, consumer electronics, and automotive sectors [9][12]. - The company has committed over 400 million yuan to the copper-clad laminate business and is confident in its ability to sustain operations and improve profitability through strategic initiatives [9][10].

Market Overview - The A-share market opened lower but closed higher, with the Shanghai Composite Index rising by 0.65% to 3381.58 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 11,226 billion yuan, an increase of 549 billion yuan compared to last Friday [1] - The market showed a broad-based rally, with active sectors including innovative drugs, copper-clad laminate industry, cobalt metals, and cross-border payment concepts [1] Sector Performance - The innovative drug sector was notably active, with companies like ShenZhou Cell rising by 16.66% and Junshi Biosciences increasing by 5.15% [1] - The copper-clad laminate industry saw Huazheng New Materials increase by 6.17% [1] - The cobalt metal sector experienced significant gains, with Tengyuan Cobalt rising by 15.42% [1] - Cross-border payment concept stocks also surged, with notable increases in companies like Lakala and Sifang Jingchuang [1] Competition and Incentives - The 64th session of the "Digging Gold" competition began, with participants using simulated capital of 500,000 yuan [1][3] - Participants can earn rewards based on positive returns, with weekly and monthly cash prizes available [3][5] - The competition encourages participants to engage with market trends and investment strategies through a dedicated WeChat group [3][8] Technical Analysis - Market experts noted that the Shanghai Composite Index is currently supported by the 90-day moving average, with a resistance level at 3400 points, indicating a range-bound trading pattern [4] - A significant increase in trading volume is necessary for a potential breakout above the 3400-point resistance [4] Investment Opportunities - Experts are optimistic about high-dividend assets such as insurance, highways, and water supply [5] - There is a positive outlook on sectors like copper-clad laminates, 5G, semiconductors, and AI chips [5]

策 略 研 究 华福证券 三主题走出突破形态 团队成员 投资要点： 策 略 定 期 报 告 主题投资数据库旨在筛选优秀量价形态的主题机会，把握热门主题的 见顶节奏、龙头股的调整程度。在 3/9 发布的《主题投资的下半场决胜法 则》中，我们构建了主题投资的数据追踪体系。我们专注于 2 方面：1）4 种形态量化筛选，高赔率的主题机会；2）构建交易热度指标，把握热门主 题的见顶节奏，并最新增加了龙头股的调整程度观察。后续，我们将定期 更新主题投资数据体系。我们希望通过这种偏量化的方式，给予投资者更 客观的参考，把握住主题投资的行情节奏。 三主题走出突破形态。本期走出见底、突破、主升、加速的主题指数 数量分别有 0、3、1、0 只。其中，3 只突破形态的主题指数，行业分别为 交通运输、计算机、国防军工，1 只主升形态的主题指数来自电子行业。 人形机器人、Deepseek 主题交易热度继续回落，对应龙头股收盘价仍 低于 MA60 的位置。我们对人形机器人、Deepseek 主题进行交易热度的监 控，并且观察龙头股的调整程度。其中，人形机器人的交易热度回落至 52%， 长盛轴承的收盘价高于 MA60 的幅度为-13.1% ...

【固收】促信贷还有"撒手锏"——2025年6月13日利率债观察 众所周知，地方政府隐性债务置换是用成本低、期限长的地方政府债券来置换成本高、剩余期限短的债 务，这有利于纾解债务链条，让地方政府卸下包袱，轻装上阵。所以，在地方政府隐性债务置换阶段，虽 然信贷增长的速度并不高，但这不意味着信贷支持实体经济力度出现了下降，反而是有利于经济增长的。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 2025 年 4 月 7 日至 6 月 12 日期间， AI 芯片龙头公司英伟达 /AMD/ 博通累计上涨 54%/38%/75% （ vs 纳斯达克指数累计上涨 26% ），北美 AI 板块股价表现强劲， AI 相关利好频出。 （张旭） 2025-06-13 您可点击今日推送内容的 ...