8月13日，电子板块A股市值达到102882亿元，创出历史新高。其中，工业富联总市值8674.62亿元居首，寒武纪-U总市值3597.81亿元位居次席，海光信息 总市值3256.86亿元位居第三位。目前电子行业A股市值仅次于银行业，位居第二。 8月13日，工业富联（601138）再度创出历史新高，收盘涨停，市值达到8675亿元。 截至13日收盘，工业富联A股市值排在A股第13位，超过了中国海油。 | 1 | 601398.SH | 工商银行 | 2,557,701,889,112.9990 | | --- | --- | --- | --- | | 2 | 601288.SH | 农业银行 | 2,323,835,644,736.0918 | | 3 | 601939.SH | 建设银行 | 1,936,978,462,896.9009 | | ব | 600519.SH | 贵州茅台 | 1,783,863,685,890.0000 | | 5 | 600941.SH | … 中国移动 | 1,762,392,363,675.8779 | | 6 | 601988.SH | 中国银行 | 1,677,494 ...

7月28日，工业富联连续三个交易日上涨，股价攀升至29.57元，总市值超5800亿元，创下历史新高。 工业富联表示，自2018年上市以来，公司一直坚持与广大投资人共享经营成果，持续通过回购、大手笔 分红等多种方式，不断加强对投资者的回报。此外，为进一步加强市值管理,提升资本市场对公司的认 可度，公司应监管要求，制定了工业富联市值管理制度，相关制度已通过董事会审议。后续，公司将遵 循监管及制度要求，继续以创新驱动高质量发展，为投资者创造更大价值，实现企业与股东的共赢。 此外，强劲分红底气来自持续向好的基本面。根据半年报预告，预计上半年实现归母净利润119.58亿元 到121.58亿元，同比增长36.84%到39.12%；预计第二季度实现归母净利润67.27亿元到69.27亿元，同比 增长47.72%到 52.11%，均创下同期历史新高。其中，云计算业务实现高速增长，AI服务器营业收入较 去年同期增长超过60%，云服务商服务器的营业收入较去年同期增长超过1.5倍。 消息面上，工业富联将向全体股东每10股派发现金红利6.4元，合计派发127.04亿元，再创公司上市以来 新高，除权（息）日及现金红利发放日均为2025 ...

Core Viewpoint - Industrial Fulian (601138) is expected to see a significant increase in net profit for the first half of 2025, with projections indicating a growth of 36.84% to 39.12% compared to the previous year [1][2]. Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company for Q2 2025 to be between 67.27 billion and 69.27 billion yuan, representing an increase of 21.73 billion to 23.73 billion yuan, or a year-on-year growth of 47.72% to 52.11% [2]. - For the first half of 2025, the expected net profit is projected to be between 119.58 billion and 121.58 billion yuan, an increase of 32.19 billion to 34.19 billion yuan, translating to a year-on-year growth of 36.84% to 39.12% [2]. - Excluding non-recurring gains and losses, the net profit for Q2 2025 is expected to be between 66.94 billion and 68.94 billion yuan, reflecting a year-on-year increase of 57.10% to 61.80% [2]. - The net profit for the first half of 2025, excluding non-recurring items, is projected to be between 115.97 billion and 117.97 billion yuan, indicating a year-on-year growth of 35.91% to 38.25% [2]. Business Segments Performance - The growth in performance is attributed to strong results across multiple business segments, particularly in cloud computing, which saw over 50% revenue growth year-on-year in Q2 [3]. - Revenue from AI server products increased by over 60% compared to the previous year, while revenue from servers for cloud service providers surged by more than 150% [3]. - The company maintains a leading market share in core products among major clients, with significant growth in shipments of advanced AI computing products [3]. - In the communications and mobile network equipment sector, the company is leveraging opportunities in smart manufacturing and AI integration, leading to steady growth [3]. - The precision components segment also experienced robust growth due to high demand for advanced and affordable AI models [3]. - Revenue from 800G switches reached three times the total for the entire year of 2024, driven by increasing AI demand [3]. Executive Compensation - The chairman and general manager of Industrial Fulian, Zheng Hongmeng, received a salary of 7.512 million yuan in 2024, reflecting a 10.86% increase from the previous year's salary of 6.776 million yuan [5].

Group 1 - A total of 88 A-share listed companies have announced their performance forecasts for the first half of 2025, with 72 companies expecting positive results, representing over 80% [1] - The highest net profit growth is projected by Hunan Huayin Power, with an increase of 3600.7% to 4423.07% [1][3] - Several pharmaceutical companies are also expecting significant net profit increases, with Hanyu Pharmaceutical forecasting a net profit of 142 million to 162 million yuan, a year-on-year increase of 1470.82% to 1663.89% [1] Group 2 - The electronics industry is experiencing structural opportunities due to the acceleration of artificial intelligence implementation, with Industrial Fulian expecting a net profit of 11.958 billion to 12.158 billion yuan, a year-on-year increase of 36.84% to 39.12% [2] - The cloud computing business of Industrial Fulian has seen rapid growth, with overall revenue increasing by over 50% compared to the same period last year [2] - AI server revenue has grown by over 60% year-on-year, and revenue from cloud service provider servers has increased by more than 150% [2] Group 3 - Companies such as Whirlpool, Xianggang Technology, and Yinglian Co. are also expected to see a doubling of net profits in the first half of 2025 [3] - The average stock price of companies that have released performance forecasts has increased by over 25% this year, with Hunan Huayin Power and others seeing stock price increases exceeding 100% [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to significantly benefit from the AI wave, with multiple growth engines contributing to its development [2] - The company is currently in a golden development period, with notable growth in AI-related revenues [2] - The company is positioned as a core player in the AI industry chain, awaiting further developments in its GB200 product line [2] Financial Performance Summary - The company forecasts a net profit attributable to shareholders of approximately 6.73 billion to 6.93 billion yuan for Q2 2025, representing a year-on-year growth of 47.72% to 52.11% [2] - For the first half of 2025, the expected net profit attributable to shareholders is between 11.96 billion and 12.16 billion yuan, with a year-on-year growth of 36.84% to 39.12% [2] - The company anticipates total revenue of 804.63 billion yuan for 2025, with a year-on-year growth of 32.1% [4] - The projected net profit for 2025 is 30.39 billion yuan, reflecting a year-on-year increase of 30.9% [4] Business Growth Drivers - The cloud computing business is experiencing rapid growth, with Q2 revenue increasing by over 50% year-on-year [5] - AI server revenue has grown by over 60% year-on-year, and revenue from cloud service provider servers has more than doubled [5] - The company maintains a leading market share in core products among major clients, with significant growth in GPU modules and GPU computing boards [5] - The precision components business has seen steady growth due to strong sales of high-end and affordable AI models [5] - Revenue from 800G switches reached three times the total for 2024, driven by increasing AI demand [5] Future Projections - The company expects revenues of 987.6 billion yuan in 2026 and 1,087.14 billion yuan in 2027, with year-on-year growth rates of 22.7% and 10.1% respectively [5] - The projected net profit for 2026 is 40.54 billion yuan, and for 2027, it is 45.10 billion yuan, with year-on-year growth rates of 33.4% and 11.3% respectively [5]

Group 1: Foreign Exchange Reserves and Gold Holdings - As of June 2025, China's foreign exchange reserves reached $33,174 billion, an increase of $322 million from May, marking a 0.98% rise and maintaining stability above $32,000 billion for 19 consecutive months [2] - The People's Bank of China reported that as of the end of June, the country's gold reserves stood at 7.39 million ounces (approximately 2,298.55 tons), with a month-on-month increase of 70,000 ounces (about 2.18 tons), representing the eighth consecutive month of gold accumulation [2] Group 2: Automotive Industry Regulations - The Ministry of Industry and Information Technology released a mandatory national standard for passenger car braking systems, effective January 1, 2026, which includes "single-pedal braking" requirements to enhance predictability and safety in braking operations [3] - The new standard mandates that vehicles cannot be brought to a stop by simply releasing the accelerator pedal; drivers must use the brake pedal, thus formally regulating the "single-pedal mode" at the national standard level [3] Group 3: Corporate Developments - Industrial Fulian expects a net profit of between 11.958 billion and 12.158 billion yuan for the first half of 2025, representing a year-on-year increase of 36.84% to 39.12% [4] - The company reported that its cloud computing business experienced rapid growth in the second quarter, with overall revenue increasing by over 50% year-on-year, and AI server revenue growing by over 60% [4] - Longxin Storage has initiated the listing guidance process, with China International Capital Corporation and CITIC Securities serving as advisory institutions [3] Group 4: Market Reactions and Economic Indicators - Following the announcement of new tariffs by the U.S. on imports from Japan and South Korea, U.S. stock markets experienced declines, with the Dow Jones Industrial Average falling by 0.94% [5] - The S&P 500 index decreased by 0.79%, and the Nasdaq Composite index dropped by 0.92% [5]

Core Viewpoint - The company, Foxconn Industrial Internet Co., Ltd., anticipates significant growth in net profit for the second quarter and first half of 2025, driven by strong performance in its cloud computing and AI-related businesses [1][2]. Financial Performance Forecast - For Q2 2025, the company expects net profit attributable to shareholders to be between 6,727,420 thousand yuan and 6,927,420 thousand yuan, representing a year-on-year increase of 47.72% to 52.11% [1]. - For the first half of 2025, the expected net profit is between 11,958,195 thousand yuan and 12,158,195 thousand yuan, an increase of 36.84% to 39.12% compared to the same period last year [1]. - The forecasted net profit excluding non-recurring gains and losses for Q2 2025 is between 6,694,420 thousand yuan and 6,894,420 thousand yuan, reflecting a year-on-year increase of 57.10% to 61.80% [2]. - For the first half of 2025, the expected net profit excluding non-recurring gains and losses is between 11,597,239 thousand yuan and 11,797,239 thousand yuan, an increase of 35.91% to 38.25% compared to the previous year [2]. Previous Year Performance - In the same period last year, the total profit was 9,659,140 thousand yuan, with a net profit attributable to shareholders of 8,739,098 thousand yuan [2]. - The net profit excluding non-recurring gains and losses for the previous year was 8,533,233 thousand yuan, with earnings per share of 0.44 yuan [2]. Reasons for Profit Increase - The company's cloud computing business experienced rapid growth in Q2, with overall revenue from this segment increasing by over 50% year-on-year [2]. - Demand for AI data center Hyper-scale AI cabinet products has surged, with AI server revenue growing by over 60% compared to the previous year [2]. - Revenue from servers for cloud service providers increased by more than 1.5 times year-on-year [2]. - The company maintains a leading market share in core products among major clients, with significant growth in shipments of advanced AI computing GPU modules and boards [2]. - The company benefits from a well-established production capacity and strong supply chain advantages, leading to increased market share and deepening customer relationships [2]. Business Segment Performance - In the communications and mobile network equipment sector, the company is focusing on the integration of smart manufacturing and AI, investing in core product R&D to achieve steady growth [3]. - The precision components business has also seen stable growth due to strong sales of high-end and affordable AI models from major clients [3]. - In the high-speed switch segment, driven by increasing AI demand, the revenue from 800G switches in Q2 reached three times the total revenue for the entire year of 2024 [3].

Macro Dynamics - As of June 2025, China's foreign exchange reserves reached $331.74 billion, an increase of $32.2 billion from May, representing a growth rate of 0.98% [1] Company Dynamics - Industrial Fulian expects a net profit of 6.727 billion to 6.927 billion yuan for Q2 2025, a year-on-year increase of 47.72% to 52.11%, and for the first half of 2025, a net profit of 11.958 billion to 12.158 billion yuan, up 36.84% to 39.12% [12][13] - Guoli Co. anticipates a net profit of 34 million to 38 million yuan for the first half of 2025, reflecting a year-on-year growth of 130.91% to 158.08%, driven by the booming electric vehicle industry and effective cost management [14] - Changhong High-Tech is planning to acquire 100% equity of Guangxi Changke New Materials Co., Ltd., with the transaction expected to constitute a major asset restructuring [15] - Chuanjinno expects a net profit of 168 million to 188 million yuan for the first half of 2025, a year-on-year increase of 152.25% to 182.28%, supported by strong market demand and optimized production plans [16]

近期，A股进入半年报预告披露窗口期，市场对英伟达产业链的关注度明显提升。 今日，工业富联微涨0.71%，最新报23.98元/股，总市值为4762亿元。 上周四，工业富联股价当日涨停，成交额明显放大，随后周五继续放量大涨2.28%，盘中最高报24.35元/股，创下年内新高。 自4月9日以来，工业富联股价累计反弹超55%，年内累计涨幅仅超11%。 Q2净利预增约50% 今日盘后，工业富联发布公告，预计今年二季度实现归母净利润67.27亿元-69.27亿元，同比增长47.72%-52.11%；扣非净利润为66.94亿元-68.94亿元，同比 增长57.1%-61.8%。 今年上半年预计实现归母净利润为119.58亿元-121.58亿元，同比增长36.84%-39.12%；扣非净利润为115.97亿元-117.97亿元，同比增长35.91%-38.25%。 工业富联的这份业绩预告非常亮眼，二季度净利润的增速创下2021年二季度以来新高。 此外，工业富联还透露，公司云计算业务在二季度实现高速增长，整体板块营收同比增长超过50%。 工业富联的AI产品量产加速爬坡，客户对AI数据中心Hyper-scale AI机柜产品需求 ...

Core Insights - The company reported a significant growth in its cloud computing business, with overall segment revenue increasing by over 50% year-on-year in Q2 [1] - The company expects a net profit attributable to shareholders of 11.958 billion to 12.158 billion yuan for the first half of 2025, representing a year-on-year increase of 36.84% to 39.12% [1] - In Q2, the net profit attributable to shareholders is projected to be between 6.727 billion and 6.927 billion yuan, marking a year-on-year increase of 47.72% to 52.11%, setting a historical high for the same period [1] Cloud Computing Business - The cloud computing segment experienced rapid growth, with AI server revenue increasing by over 60% year-on-year [1] - Revenue from servers for cloud service providers surged by more than 1.5 times compared to the same period last year [1] - The company maintained a leading market share in core products for major clients, with significant growth in shipments of advanced AI computing GPU modules and GPU computing boards in Q2 [1] Telecommunications and Mobile Network Equipment - The company is focusing on the integration of smart manufacturing and AI, leveraging cutting-edge technology research and development to drive steady growth in this business segment [1] - The precision components business also saw stable growth due to strong sales of high-end and affordable AI models from major clients [2] High-Speed Switches - Driven by the increasing demand for AI, the product structure of high-speed switches has continuously improved, with Q2 revenue from 800G switches reaching three times the total revenue for the entire year of 2024 [2] Stock Performance - As of the latest closing, the company's stock rose by 0.71% to 23.98 yuan, with a cumulative increase of over 12% for the month [3]