证券研究报告 | 公司点评报告 2025 年 08 月 26 日 亨通光电（600487.SH） 业绩符合预期，跨洋通信与能源互联齐头并进 TMT 及中小盘/通信 事件：公司 8 月 28 日晚发布《2025 年半年度报告》，公司实现营业收入 320.49 亿元，同比增长 20.42%；归母净利润 16.13 亿元，同比增长 0.24%；扣非归母 净利润 15.71 亿元，同比增长 3.69%。 ❑ 风险提示：费用成本加大风险、业务拓展不利风险、市场竞争加剧风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 47622 | 59984 | 66808 | 73559 | 80827 | | 同比增长 | 2% | 26% | 11% | 10% | 10% | | 营业利润(百万元) | 2311 | 3301 | 3867 | 4321 | 4755 | | 同比增长 | 38% | 43% | 17% | 12% | 10% | | 归 ...

证券代码：000851 证券简称：*ST 高鸿 公告编号：2025-087 大唐高鸿网络股份有限公司 与此同时，《行政处罚事先告知书》认定公司 2020 年度非公开发行股票的 相关文件，引用了上述 2018 年至 2020 年虚假业务收入和利润的数据。2021 年 高鸿股份非公开发行股票相关文件存在虚假记载，构成欺诈发行。 上述事项将触及《深圳证券交易所股票上市规则》第 9.5.1 条第一项、第 强制退市。 截至本公告披露日，公司尚未收到就上述立案调查事项的正式处罚决定，公 司将全力配合中国证监会的相关工作，并严格按照相关要求行信息披露义务。如 根据正式的行政处罚决定书结论，公司触及重大违法强制退市情形，公司股票将 被终止上市。 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假 记载、误导性陈述或者重大遗漏。 特别提示： 违规，被中国证券监督管理委员会(以下简称"中国证监会")立案调查。公司于 知书》")。根据《告知书》认定的事实，公司 2020 年非公开发行股票构成欺诈 发行、2015 年至 2023 年年度报告存在虚假记载，将触及《深圳证券交易所股票 上市规则》第 9.5.1 条第一项、第 ...

Group 1 - The supply-demand pattern in the light curing agent industry is improving, leading to potential profitability recovery [3][4][8] - The demand side shows a rebound in traditional sectors and new opportunities in emerging applications such as UV coatings, inks, and adhesives [4][5] - The light curing agent market in China is projected to grow, with a demand increase of 9% in 2023, reaching 35,000 tons [5][6] Group 2 - The production capacity of leading light curing agent companies in China is concentrated, with major players like Jiu Ri New Materials and Qiangli New Materials holding significant market shares [7][8] - The industry is expected to see a further increase in concentration as weaker players exit the market, enhancing competitive dynamics [6][8] - The light curing agent industry is rated as "recommended" due to the anticipated recovery in profitability and demand [8] Group 3 - The refrigerant market is experiencing a price increase due to quota restrictions, with R32 and R134a showing significant price rises [11][12] - The demand for refrigerants is driven by the growth in household and automotive air conditioning markets, with production expected to rise [15][16] - The refrigerant industry is rated as "recommended" based on tightening supply-demand relationships and continuous demand growth [16][17] Group 4 - The macroeconomic environment in China is showing resilience, with a stable growth outlook supported by strong consumer demand and manufacturing investment [19][20] - The government is implementing proactive fiscal policies, including increased budget deficits and special bond issuances to stimulate economic growth [27][28] - The export sector is expected to maintain resilience, supported by diversified trade partners and optimized product structures [45][46]

Core Insights - Huawei's data center autonomous network achieved an overall intelligence level of AN L3.9, with core business scenarios in "planning and configuration" and "application deployment and configuration" reaching AN L4 level, marking it as the first solution to pass EANTC L4 autonomous network testing [1][2] - The evaluation by EANTC, a recognized independent network testing organization, serves as a significant reference for assessing network product performance, reliability, and intelligence level [2] Group 1 - The autonomous network grading assessment focused on three key value scenarios: planning and configuration, application deployment and issuance, and monitoring and troubleshooting, analyzing four critical capabilities of autonomous networks [2] - Huawei's solution demonstrated high intelligence and reliability in data center network operations, aligning well with the goals of AN L4, especially as enterprises expand data centers due to AI/ML workloads and private cloud adoption [2][3] Group 2 - The autonomous network solution has been deployed at scale in industries such as finance and the internet, with plans for broader implementation across various sectors in collaboration with industry organizations and testing agencies [3]

Core Insights - Telstra, Australia's largest telecommunications brand, has chosen to convey the meaning of "broad coverage" through 26 micro stop-motion animation shorts dedicated to specific remote towns, rather than using traditional high-volume advertising methods [2][3] Group 1: Brand Strategy - Telstra faced the challenge of being perceived as powerful but lacking in "human touch," often relying on technical jargon and coverage statistics to assert its position as Australia's top network [3] - The brand shifted its focus to underrepresented areas, showcasing the daily lives of remote towns, thus honoring these locations rather than self-promoting [3][4] Group 2: Creative Execution - The 26 shorts utilized stop-motion animation, a labor-intensive craft, with each character inspired by local flora and fauna, showcasing meticulous attention to detail in movements and expressions [4] - The creative team conducted thorough research to accurately recreate the unique landscapes of each area, incorporating local ecological features and cultural nuances into the sets [4][8] Group 3: Authenticity and Engagement - Each character's voice was provided by real residents of the towns, adding authenticity and local humor to the narratives, which transformed the residents into storytellers while positioning the brand in the background [5][8] - The release of these shorts coincided with the Olympics, a time of heightened public attention, allowing Telstra to subtly convey its message of connectivity without leveraging popular athletes or events [7] Group 4: Reception and Impact - The campaign received significant positive feedback, particularly from the represented communities, with residents sharing the shorts on social media and expressing pride in seeing their towns featured [9] - This initiative is noted as one of the few recent examples of integrating stop-motion animation into brand communication at such a scale, celebrated for its emotional depth and craftsmanship [9]