8月26日，A股主要指数高开高走，沪指涨1.51%报3883点，续创十年新高，深证成指涨2.26%，创业板指涨3%。全市场超3300股上 涨。全天成交额3.18万亿元，较前一交易日增量5981亿元，创2022年以来新高。 | ● 代码 | 名称 | 现价 | 涨跌 | 涨幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3883.56 | +57.80 | +1.51% | | 399001 | 深证成指 | 12441.07 +275.01 | | +2.26% | | 399006 | 创业板指 | 2762.99 | +80.44 | +3.00% | | 000688 | 科创50 | 1287.73 | +39.87 | +3.20% | 盘面上，三部门出台《稀土开采和稀土冶炼分离总量调控管理暂行办法》，稀土股集体强势，金力永磁20CM涨停；白酒股拉升，舍 得酒业涨停；鲍威尔态度明显转鸽，9月降息预期升温，贵金属概念走高；CPO板块涨幅居前，罗博特科、强瑞技术20CM涨停；卫星 导航板块拉升，开普云、航天宏图20CM涨停；此外，通信设备、工业 ...

证券研究报告 星网锐捷 (002396 CH) 2025 年 8 月 22 日│中国内地 通信设备制造 业绩符合预告，AI 数据中心高景气 公司发布 1H25 财报，公司 1H25 实现收入 88.86 亿元，同比+21.76%；归 母净利润 2.12 亿元，同比+69.32%，主要系互联网行业数据中心建设提速， 框采交付进度快于往年。单季度来看，公司 2Q25 实现营业收入 54.01 亿元， 同比+29.86%，归母净利润 1.70 亿元，同比+49.46%，贴近此前中报预告 区间中值（1.68 亿元）。随着英伟达 H20 供应缓和、国产 GPU 逐步放量， 下半年互联网资本开支有望持续高增，数据中心交换机配套需求或进一步抬 升。我们看好公司外部受益数通高景气、内部经营不断优化下，业绩有望加 速成长。维持"买入"评级。 网络设备业务引领增长，海外拓展持续深入 分产品板块来看，1H25 公司：1）企业级网络设备产品收入 64.59 亿元（同 比+41.7%），其中子公司锐捷网络数据中心交换机产品收入 35.39 亿元（同 比+110%），我们看好数据中心交换机的高增趋势延续至全年；2）网络终 端板块收入 3 ...

证券研究报告 锐捷网络 (301165 CH) 数据中心需求加速释放,上调全年业绩 2025 年 8 月 22 日│中国内地 通信设备制造 华泰研究 中报点评 投资评级(维持): 买入 目标价(人民币): 98.13 王兴 研究员 SAC No. S0570523070003 SFC No. BUC499 高名垚 研究员 SAC No. S0570523080006 SFC No. BUP971 gaomingyao@htsc.com 王珂 研究员 SAC No. S0570524080005 SFC No. BWA966 wangke020520@htsc.com +(86) 755 8249 2388 唐攀尧* 联系人 SAC No. S0570124040002 tangpanyao@htsc.com +(86) 755 8249 2388 基本数据 | 目标价 (人民币) | 98.13 | | --- | --- | | 收盘价 (人民币 截至 8 月 21 日) | 81.24 | | 市值 (人民币百万) | 64,623 | | 6 个月平均日成交额 (人民币百万) | 585.98 | | ...

Group 1 - The core point of the article highlights the financing activities of Meilixin, indicating a financing buy amount of 0.24 billion yuan on August 20, ranking 2033 in the market [1] - Over the recent three trading days from August 15 to August 20, Meilixin recorded financing buys of 0.15 billion yuan, 0.28 billion yuan, and 0.24 billion yuan respectively [1] - On the same day, the financing repayment amount was 0.27 billion yuan, resulting in a net sell of 2.6793 million yuan [1] Group 2 - In terms of securities lending, there were no shares sold or net sold on that day, indicating no activity in this area [2]

风险提示：以上信息仅供参考，不构成投资建议。市场有风险，投资需谨慎。 奥尼电子属于通信设备制造业，公司主营业务为智能音视频终端产品的研发、生产和销售，产品涵盖网 络摄像机、行车记录仪、蓝牙耳机等消费电子领域。公司注册地位于广东省，具有专精特新企业资质。 从资金流向来看，8月20日主力资金净流入63.26万元，近五个交易日累计净流入2803.54万元。 截至2025年8月20日收盘，奥尼电子股价报35.93元，较前一交易日下跌0.10元，跌幅0.28%。当日开盘 价为36.04元，最高触及37.37元，最低下探35.36元，全天振幅达5.58%。成交量为47001手，成交金额 1.70亿元。 ...

Financial Performance - In the first half of 2025, the company's operating revenue was approximately 亿元, a year-on-year decrease of about 12.39% [3] - The net profit attributable to shareholders was approximately 21.88 million yuan, down about 71.32% year-on-year [3] - In Q2 2025, the company achieved an operating revenue of approximately 亿元, with a quarter-on-quarter growth of about 4.32% [3] - The net profit for Q2 2025 was 11.17 million yuan, reflecting a quarter-on-quarter growth of about 4.19% [3] R&D Investment - R&D investment in the first half of 2025 was approximately 71.88 million yuan, accounting for about 9.96% of the company's operating revenue [10] - R&D efforts focused on various product categories, including data center switches, automotive electronic products, and wireless communication devices [10] Market and Customer Structure - The top five customers accounted for approximately 96.77% of the company's operating revenue in the first half of 2025, with Xinhua San being the largest customer [5] - The company achieved overseas sales revenue of approximately 15.18 million yuan, primarily from projects with clients in Japan and South Korea [11] Product Development and Progress - The company has expanded its product offerings to include domestic solutions for switches, servers, and IoT gateways, among others [7] - Sales of data center switches increased by approximately 67% year-on-year in the first half of 2025 [6] - The Zhejiang Haining subsidiary achieved operating revenue of approximately 171 million yuan and a net profit of about 2.86 million yuan in the first half of 2025 [12] Future Outlook - The company aims to enhance its operational efficiency and product quality while focusing on strategic layout and new business development [15] - The digital economy is expected to grow, driven by advancements in cloud computing, big data, and artificial intelligence, presenting opportunities for the company [15]

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 5.73 RMB [7][5]. Core Insights - The company reported a revenue of 8.97 million RMB and a net profit of 0.26 million RMB for 1H25, marking a year-on-year increase of 36% and a return to profitability, primarily driven by the successful expansion of its vehicle terminal business and an increase in the proportion of high-quality B-end business, leading to a significant improvement in gross margin [1][2]. - The vehicle terminal business achieved a record revenue of 5.19 million RMB in 1H25, up 47.3% year-on-year, with automotive terminal and rail transit terminal products generating revenues of 3.23 million RMB and 1.96 million RMB, respectively [2][3]. - The company has a comprehensive C-V2X product matrix and is well-positioned to benefit from the integration of vehicle-road-cloud construction, with significant growth potential in the vehicle-road-cloud market projected to reach 417.4 billion RMB by 2030 [4][5]. Summary by Sections Financial Performance - In 1H25, the company achieved a gross margin of 37.25%, an increase of 3.69 percentage points year-on-year, attributed to an improved product mix and a higher proportion of quality B-end business [3]. - The company’s sales expense ratio, management expense ratio, and R&D expense ratio decreased significantly, reflecting a substantial dilution of expense ratios due to revenue growth [3]. Business Segments - The vehicle terminal business revenue reached 5.19 million RMB, with automotive terminals growing by 79.1% year-on-year and rail transit terminals by 14.0% [2]. - The electronic license plate and vehicle-road-cloud business generated 0.23 million RMB, up 14.3% year-on-year, while the smart justice and video cloud business achieved 2.43 million RMB, a 19.2% increase [2]. Market Outlook - The company has been actively involved in smart connected vehicle demonstration zones and pilot projects since 2019, positioning itself favorably for future local tenders related to vehicle-road-cloud integration [4]. - The report forecasts a compound annual growth rate (CAGR) of 80% for the vehicle-road-cloud market from 2025 to 2030, indicating substantial growth opportunities for the company [4]. Profitability Forecast - The company’s net profit forecasts for 2025-2027 are 0.63 million RMB, 1.38 million RMB, and 1.74 million RMB, respectively, with a projected price-to-earnings (PE) ratio of 72x for 2026 [5][11].

上海海亮铜业有限公司是一家生产铜产品的民营企业，主要生产空调制冷用无缝铜管等。2024年12月受 出口铜产品取消出口退税政策影响，公司在海外市场发展前景不明。上海海关所属奉贤海关为企业量身 定制"政策服务包"，支持企业运营模式由纯进料加工企业转型为进料、来料并存的复合型加工企业，同 时用好企业集团加工贸易监管模式，通过货物自主存放、集团间自主外发且免担保以及保税货物的合理 串换，实现集团资源深度共享。今年前7个月，上海海亮进出口58.21亿元，同比增长76.32%。 上海移远通信（603236）技术股份有限公司是一家国家级高新技术企业，主要产品是物联网领域无线通 信模组及天线产品，出口至美国、德国、新加坡等超70个国家和地区。在上海海关的信用培育下，移远 通信今年通过AEO认证，享受减少查验、优先送检、快速通关等守法便利政策，企业拓展海外市场"快 人一步"。企业完成备案后，有27种113项商品享受政策优惠，相关货物通关时间缩短2天左右。 新京报贝壳财经讯(记者俞金旻)8月19日，贝壳财经记者从上海海关获悉，今年前7个月，上海市民营企 业进出口总值达9823.8亿元，同比增长25.5%。其中，出口5357亿元， ...

Group 1: Electricity Consumption and Economic Growth - Nanjing's total electricity consumption reached 37.238 billion kWh in the first half of the year, with a GDP of 917.918 billion yuan, reflecting a 5.3% year-on-year growth [1] - The peak electricity load in Nanjing hit a historical high of 16.43 million kW on July 7, indicating strong economic activity [1] Group 2: Consumer Activity and Power Demand - From January to July, the wholesale and retail sector's electricity consumption increased by 12.55% year-on-year, driven by events like music and beer festivals [2] - The core area of the Fuzimiao business district saw a 13% year-on-year increase in electricity consumption since July, attributed to the vibrant night market economy [2] - The "Rich Road" area, a popular tourist destination, experienced a 19% increase in electricity usage, necessitating upgrades to outdated power distribution equipment [2] Group 3: Digital Economy and Power Usage - Nanjing Tencent Digital Co., Ltd. reported a staggering 520.26% year-on-year increase in electricity consumption from January to July, highlighting the growth in the digital economy [4] - The average load of Tencent's data center is 70,000 kW, equivalent to the simultaneous operation of six manufacturing plants [4] Group 4: Green Transition and Electric Vehicle Growth - Nanjing's production of new energy vehicles surged by 45% in volume and 68.9% in retail value in the first half of the year, with over 4000 public charging stations and more than 220,000 private charging piles [5] - The electricity consumption of the charging and swapping service industry rose by 51.64% year-on-year, reflecting the growing market for electric vehicles [5] Group 5: Advanced Manufacturing and Power Support - The second industry in Nanjing saw a 4.1% year-on-year increase in added value, with significant projects in advanced manufacturing [6] - The Chip Technology AI advanced packaging base project in Jiangbei New Area requires high power reliability, with the power supply company completing necessary infrastructure ahead of schedule [6] Group 6: Efficient Power Services for Industry - The Nanjing power supply company has successfully completed 43 major project connections this year, enhancing the electricity service environment for businesses [7] - The rapid response to power supply requests, such as the 3000 kVA application for the Yika Intelligent Vehicle project, demonstrates the efficiency of the local power service [7]

Group 1 - The company is established as a joint-stock company in accordance with the Company Law and other relevant regulations, with independent legal status and self-financing capabilities [2][3] - The registered capital of the company is RMB 683,285,806, and it was approved to issue 53.8 million shares of common stock in November 2007 [3][4] - The company aims to become a leading core supplier in mobile communications, focusing on sustainable development and employee welfare [5][6] Group 2 - The company’s shares are issued in the form of stocks, adhering to principles of openness, fairness, and justice [6][7] - The total number of shares issued by the company is 683,285,806, with a share structure consisting of common stock [6][7] - The company can increase its capital through various methods, including issuing new shares, subject to shareholder approval [7][8] Group 3 - The company’s shareholders have rights to dividends, participate in shareholder meetings, and supervise company operations [13][14] - Shareholders holding more than 3% of shares for over 180 days can request to review the company's accounting books [15] - The company must protect the legal rights of its employees and engage in democratic management practices [4][19] Group 4 - The company’s board of directors is responsible for convening shareholder meetings and ensuring compliance with legal and regulatory requirements [46][52] - Shareholder meetings can be annual or temporary, with specific procedures for calling and conducting these meetings [48][54] - Proposals for shareholder meetings must meet certain conditions, including clarity and relevance to the company's operations [58][66]