于2025年上半年，在全球地缘政治波动、国内经济增速放缓的严峻环境下，中国通信行业面临需求收缩 与竞争加剧的双重压力。在当前的市场环境下，光纤及光缆公司经营遇到的挑战和不确定性依旧存在。 集团对上述事项的发展保持警惕，继续评估其对集团的影响并采取必要措施以减轻其对公司业务的影 响。 格隆汇8月27日丨高科桥(09963.HK)公告，集团于截至2025年6月30日止6个月录得的财务业绩不尽如人 意。集团录得总收入约3870万港元，同比减少约46.9%。公司拥有人应占报告期间的亏损约为1260万港 元，较上一期间亏损减少约8.0%。收入减少主要由于光缆的销售额减少约46.0%至约3740万港元。每股 基本亏损约为4.9港仙(截至2024年6月30日止6个月：每股基本亏损约5.3港仙)。 ...

高科桥(09963)公布2025年中期业绩，收入3874.6万港元，同比减少46.82%;净亏损1264.4万港元，同比 减少7.57%;每股亏损4.9港仙。 公告称，收入减少主要由于光缆的销售额减少约46.0%至约3740万港元.光纤的销售额减少约63.9%至约 130万港元。 亏损减少主要由于以下各项带来的净影响所致：(i)外汇收益增加;(ii)毛损增加;(iii)财务成本减少;(iv)预期 信贷亏损模式下的应收账款亏损拨备拨回增加;及(v)存货拨备增加。 ...

公告称，收入减少主要由于光缆的销售额减少约46.0%至约3740万港元.光纤的销售额减少约63.9%至约 130万港元。 亏损减少主要由于以下各项带来的净影响所致：(i) 外汇收益增加;(ii) 毛损增加;(iii) 财务成本减少;(iv) 预 期信贷亏损模式下的应收账款亏损拨备拨回增加;及(v) 存货拨备增加。 智通财经APP讯，高科桥(09963)公布2025年中期业绩，收入3874.6万港元，同比减少46.82%;净亏损 1264.4万港元，同比减少7.57%;每股亏损4.9港仙。 ...

鸿日达股价报49.36元，较前一交易日下跌1.56元，跌幅3.06%。盘中最高触及50.50元，最低下探48.00 元，成交量为73552手，成交金额3.62亿元。 8月26日，鸿日达主力资金净流出334.05万元，占流通市值的0.09%。近五日主力资金累计净流入861.10 万元，占流通市值的0.22%。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 鸿日达属于电子元件行业，公司主要从事精密电子连接器及金属结构件的研发、生产和销售。2025年上 半年，公司新增了光缆、光纤、光通信设备及光电子器件的制造与销售业务。 公司2025年半年报显示，上半年实现营业收入4.38亿元，同比增长12.41%；归母净利润亏损714.17万 元，上年同期盈利1607.74万元；经营活动产生的现金流量净额为-1.02亿元。报告期内，公司在汽车连 接器产品方面取得突破，开始批量供货。 ...

Group 1: Market Trends - A-shares have shown strong performance since August, driven by improved global manufacturing sentiment and rising domestic demand[3] - The overall valuation of the TMT and military sectors has reached historical highs, indicating limited room for further expansion[4] - The shift from small-cap growth represented by the National Index 2000 to large-cap growth represented by the ChiNext Index is evident, reflecting accelerated industry rotation[4] Group 2: Economic Indicators - The manufacturing sector's profitability is expected to improve, with the lower limit of net profit margins confirmed by February 2025[4] - As of July, the electricity consumption in the secondary industry has shown a continuous recovery for five months, indicating a positive trend in production activity[4] - The average ROE for non-financial companies in the A-share market is projected to improve in Q1 and Q2 of 2025, suggesting a broadening of profit recovery across sectors[4] Group 3: Investment Recommendations - Focus on sectors benefiting from overseas manufacturing recovery, such as industrial metals and capital goods, as they are expected to see increased demand[5] - The insurance sector is likely to benefit from capital returns reaching a bottom, alongside brokerage firms[5] - Opportunities in domestic demand-related sectors are emerging, particularly in food and beverage and electric equipment, as large-cap stocks begin to outperform[5] Group 4: Risks - There is a risk that domestic economic recovery may fall short of expectations, which could impact market performance[6] - A significant downturn in the global economy could also pose risks to the A-share market[6]

Summary of Key Points Core Viewpoint The company, Hangzhou Cable Co., Ltd., has announced a guarantee for its wholly-owned subsidiary, Zhejiang Fuchunjiang Optoelectronics Technology Co., Ltd., amounting to 80 million yuan to support its operational financing needs. This guarantee is part of a broader strategy to ensure the financial stability and operational continuity of its subsidiaries. Group 1: Guarantee Details - The guarantee amount provided by the company is 80 million yuan, with the actual guarantee balance being 84.9308 million yuan [1][4]. - The guarantee is for a comprehensive credit loan application made by the subsidiary to Industrial Bank Co., Ltd. for the period from August 14, 2025, to August 13, 2026 [1][4]. - There is no counter-guarantee provided for this guarantee [1][4]. Group 2: Internal Decision-Making Process - The company’s board approved a total guarantee limit of up to 1.9 billion yuan for its subsidiaries during the 2025 fiscal year, allowing for adjustments among different subsidiaries as needed [2][5]. - The guarantee for Fuchunjiang Optoelectronics was adjusted from the guarantee limit allocated to another wholly-owned subsidiary, Jiangxi Hangdian Copper Foil Co., Ltd. [2][3]. Group 3: Financial Overview - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 1.9 billion yuan, which represents 63.24% of the company's audited net assets for 2024 [5]. - The company has not reported any overdue external guarantees [1][5]. Group 4: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to meet the operational funding needs of the subsidiary, ensuring smooth business operations and promoting the company's sustainable development [4][5]. - The company maintains effective control and supervision over the subsidiary, which mitigates the risk associated with the guarantee [4][5].

Group 1 - A new individual business named Qiangsheng Communication Equipment Sales Department has been established in Yuquan District, Hohhot City, with a registered capital of 30,000 RMB [1] - The legal representative of the business is Wang Qiang [1] - The business scope includes sales of communication equipment, retail of computer software and hardware, sales of wires and cables, optical cable sales, and various technical services [1] Group 2 - The company is authorized to conduct operations independently based on its business license, except for projects that require approval [1]

Group 1 - A new company named Jinzhou Yongjie Cable Sales Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Pei Shuangzhi [1] - The business scope includes a variety of products such as wires, cables, optical cables, hardware products, plastic products, rubber products, instruments, and electrical components [1] Group 2 - The company is authorized to operate independently within the scope of its business license, excluding projects that require approval [1] - The range of products also includes metal materials, mechanical equipment, insulation materials, and daily necessities [1] - The establishment of this company indicates potential growth in the cable and electrical components market [1]

Core Viewpoint - Huayuan Special Cable (Hubei) Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on the manufacturing of wires and cables [1] Company Summary - The legal representative of Huayuan Special Cable is Yu Yuelong [1] - The company is engaged in various business activities including the manufacturing and sales of wires, cables, optical cables, and electrical equipment [1] - The company’s operations are subject to approval from relevant authorities for certain projects [1] Industry Summary - The company operates in the electrical and cable manufacturing industry, which includes a wide range of products such as high-performance non-ferrous metals, photovoltaic equipment, and electrical signal devices [1] - The industry allows for both licensed and general projects, indicating a diverse operational scope [1]

数据来源：国家统计局，智研咨询整理 根据国家统计局数据显示：2025年6月中国光缆产量为2479万芯千米，同比增长8.9%；2025年上半年中 国光缆累计产量为12532.3万芯千米，累计下降2.9%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：长飞光纤(601869),特发信息(000070),中天科技(600522),亨通光电(600487) 相关报告：智研咨询发布的《2025-2031年中国电力光缆行业市场全景评估及发展趋势研究报告》 ...