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%。 全球化运营战略深化，跨洋通信与能源互联齐头并进。公司持续深化全球化运营战略，在通信网络与能 源互联领域同步推进国际业务布局。通信网络业务方面，公司稳步实施全球跨洋海缆项目，完成亚太五 号SEA-H2X 项目在泰国和新加坡的登陆工作，并推进PEACE GULF 海湾延伸段海洋勘测及巴西亚马孙 三期项目海缆交付；截至报告期末，公司海洋通信业务相关在手订单达75 亿元，印证跨洋通信系统集 成能力持续提升。能源互联业务方面，公司上半年中标中东海缆项目、国家海上油气应急救援装备购置 项目、广西钦州等海上风电示范项目；截至报告期末，公司海底电缆、海洋工程及陆缆产品等能源互联 领域累计在手订单约200 亿元，凸显海洋能源产业链竞争优势。 投资建议：公司始终专注于在通信和能源两大领域为客户创造价值，提供行业领先的光通信、海洋通信 与能源、智能电网等产品与解决方案。同时，公司坚持全球化战略，有望在全球通信和能源行 ...

丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0825 A 股日评：上证指数站稳 3800 点，市场成 交额创历史次高 报告要点 [Table_Summary] 2025 年 8 月 25 日，今日 A 股市场加速放量，三大指数集体收涨，通信、有色金属、房地产板 块涨幅居前，上证指数站稳 3800 点，市场成交额仅次于 2024 年 10 月 8 日成交额，创 A 股历 史次高。从指数表现来看，上证指数上涨 1.51%，深证成指上涨 2.26%，创业板指上涨 3.00%， 上证 50 上涨 2.09%，沪深 300 上涨 2.08%，科创 50 上涨 3.20%，中证 1000 上涨 1.56%，市 场成交额约 3.18 万亿元，全市场 3349 家上涨。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 0825 2] A 股日评：上证指数站稳 3800 点，市场 成交额创历史次高 [Table_Summary2] 事件描述 今日 A 股市场加速放量，三大指数集体收涨，通 ...

市领导林涛、蒋敏参加。 8月22日，民营企业座谈会（新一代信息通信专场）暨全国高校信息通信区域技术转移转化中心 （江苏）建设工作座谈会在紫金山实验室召开。市委书记周红波与民营企业家、高校和金融机构代表座 谈交流，学习贯彻习近平总书记关于民营经济发展的重要论述，研究推动新一代信息通信产业高质量发 展的思路举措。 周红波说，促进技术转移转化，关键在于建立良好的创新生态。市委市政府将充分吸纳大家的意见 建议，进一步优化体制机制，促进科学家、企业家、金融家各展所长、融通互补，强化企业创新主体地 位；引入金融活水，更好发挥政府投资基金的引导作用，带动更多社会资本投早、投小、投长期、投硬 科技；强化平台支撑，整合高校院所、龙头企业各类资源，促进公共服务平台开放共享；扩大场景供 给，持续深化"宁工品推"活动，加快完善"概念验证—场景测试—产品推广"链条；促进人才引育，加大 高层次人才招引和精细化服务力度，着力营造人才发展良好环境。 座谈会上，信息通信区域技术转移转化中心（江苏）汇报了运行情况，与会的企业家、高校和金融 机构代表先后发言，围绕加快分中心建设、推动科技创新和产业创新深度融合，进行了充分深入的讨 论。北京大学、南 ...

Market Overview - The A-share market saw a collective decline in the three major indices last Friday, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component Index down by 0.17%, and the ChiNext Index down by 0.24%. The total trading volume in the Shanghai and Shenzhen markets was 15,981.54 billion yuan [2][7]. - In terms of industry performance, sectors such as environmental protection, media, and light manufacturing led the gains, while oil and petrochemicals, national defense and military industry, and steel sectors faced declines. Concept stocks related to animal vaccines, DRG/DIP, and BC batteries saw the highest increases, while those related to the China Shipbuilding Industry Corporation, military equipment restructuring, and domestic aircraft carriers experienced the largest declines [2][7]. Important News - The U.S. non-farm payroll data for July fell short of expectations, with only 73,000 jobs added, marking a nine-month low and significantly below the anticipated 110,000. The unemployment rate slightly rose to 4.2%. This data indicates a rapid slowdown in the U.S. labor market, raising concerns about a potential recession [3][8]. - OPEC+ has agreed to significantly increase oil production in September, with a planned increase of approximately 548,000 barrels per day, reversing the previous reduction of 2.2 million barrels per day in August [3][8]. Industry Insights Communication Industry - The communication industry index has significantly outperformed the Shanghai Composite and ChiNext indices in the first seven months of 2025, ranking third among 31 primary industries. The valuation level of the communication industry at the end of July 2025 is comparable to the beginning of the year, remaining within a reasonable range but higher than the historical three-year average [9]. - The industry is expected to benefit from the deep coverage of 5G infrastructure and the ongoing optimization of computing power infrastructure by the three major operators. The government is promoting the development of commercial aerospace and low-altitude economies, as well as nurturing future industries like quantum technology and 6G [9][10]. AI Computing Power Industry - The AI computing power industry is experiencing a surge in capital expenditure from leading domestic and international companies, with a significant increase in the usage of Tokens, which are essential for AI processing. This indicates a robust demand for computing power [10][11]. - The demand for AI infrastructure is expected to grow, with a focus on liquid cooling technology and high-speed optical connections. The growth in AI applications is driving the demand for optical modules and copper connections, with domestic suppliers positioned favorably in the global market [11]. Low-altitude Economy and Satellite Internet - The low-altitude economy is seeing infrastructure optimization, with leading eVTOL companies obtaining necessary licenses, indicating a move towards commercial operations. The government is actively promoting policies to support the development of this sector [12]. - The satellite internet industry in China is progressing with the launch of low-orbit satellites, and advancements in technology are accelerating the commercialization of satellite internet services, including mobile direct satellite connections [12][13]. Investment Recommendations - The report suggests focusing on the AI computing power industry and the low-altitude economy as key investment opportunities. Specific areas of interest include the enhancement of AI infrastructure, the surge in Token usage, and the development of low-altitude economic infrastructure [13][19]. - Investors are encouraged to monitor the growth of AI applications and the demand for computing power, as well as the advancements in satellite internet technology and its commercial applications [19].

Core Viewpoint - The article discusses the evolution of semiconductor technology, particularly focusing on the transition from traditional SoC (System on Chip) designs to Chiplet architectures, which are expected to extend the economic benefits of Moore's Law in the post-Moore era [4][6][18]. Group 1: Chiplet Technology - Chiplet architecture allows for modular design, enabling flexible customization for specific applications, which can lead to significant performance and cost optimizations [5][7]. - The Chiplet model is anticipated to reduce development cycles and risks associated with chip manufacturing, as seen in AMD's 32-core Chiplet example, which has a total area of 852 mm² compared to a SoC's 777 mm² [5][6]. - Chiplet technology is gaining traction in various fields, including FPGA, CPU, and GPU, with a projected market growth rate (CAGR) of 46% for FPGA and 58% for GPU applications from 2018 to 2025 [10][9]. Group 2: Advanced Packaging Techniques - Advanced packaging technologies such as 2.5D and 3D packaging are critical for the successful implementation of Chiplet architectures, enhancing integration and performance [13][16]. - The industry is focusing on various advanced packaging methods, including Flip-Chip, Wafer Level Packaging, and System in Package (SiP), which improve electrical performance and reduce overall costs [13][16]. - Major players like TSMC, Intel, and Samsung are investing heavily in high-performance packaging as a key direction for the next generation of semiconductor technology [16]. Group 3: SiC Power Semiconductors - Silicon Carbide (SiC) is emerging as a preferred material in the post-Moore era due to its superior performance in high-power and high-frequency applications, particularly in electric vehicles and renewable energy systems [20][22]. - The global SiC power device market is expected to grow significantly, with a CAGR of 42.4% from 2017 to 2021, driven by applications in electric vehicles and industrial automation [28][29]. - SiC devices offer advantages such as higher efficiency, reduced size, and improved thermal performance compared to traditional silicon devices, making them ideal for high-temperature and high-voltage applications [22][27]. Group 4: Market Dynamics and Trends - The SiC power device market is rapidly expanding, with China increasing its market share significantly, indicating a shift in the global supply chain dynamics [28][30]. - The SiC industry is characterized by a strong reliance on substrate suppliers, with a significant portion of the market controlled by foreign companies, highlighting the need for domestic investment and development [30][32]. - The cost structure of SiC devices is heavily influenced by substrate and epitaxy processes, which are critical for maintaining competitive pricing and performance in the market [30][32].

Core Viewpoint - Wuhan aims to become a significant strategic support point in central China by focusing on high-quality development and economic capacity enhancement, targeting a GDP exceeding 3 trillion yuan by 2030 [1][2]. Economic Capacity Enhancement - The primary action is to implement economic capacity enhancement, with a focus on high-quality development as the foremost task [2]. - The goal is to achieve a GDP exceeding 3 trillion yuan by 2030, emphasizing the need for steady economic growth and the integration of technological and industrial innovation [2]. Investment Quality and Efficiency - Wuhan plans to initiate 930 projects with investments exceeding 100 million yuan, contributing to economic growth and structural optimization [3]. - The strategy includes enhancing project quality and efficiency across ten key areas, such as advanced manufacturing and urban infrastructure [3][4]. Modern Industry Revitalization - The city is focusing on revitalizing traditional industries and promoting the development of nine pillar industries and six strategic emerging industries [6][7]. - Key initiatives include upgrading the steel, automotive, and chemical industries to enhance competitiveness and sustainability [6][7]. Open Hub Strengthening - Wuhan aims to enhance its role as a logistics hub by developing land, sea, and air routes, thereby facilitating domestic and international trade [8][9]. - The city plans to improve its transportation infrastructure, including expanding high-speed rail and enhancing port capabilities, targeting a cargo throughput of over 170 million tons [8][9].

Core Viewpoint - The 20th "China Optics Valley" International Optoelectronic Exposition will be held from May 15 to 17, showcasing advancements in the optoelectronic industry and emphasizing the integration of optoelectronics with AI and other emerging fields [1][2]. Group 1: Event Overview - The exposition is organized by the Hubei Provincial Government and will take place at the China Optics Valley Science and Technology Exhibition Center, featuring an exhibition area of approximately 25,000 square meters [1]. - A total of 390 companies from 12 countries and regions will participate, with notable attendance from 24 domestic and international academicians and over 230 renowned entrepreneurs [1][2]. - The event is expected to attract around 60,000 professional visitors, continuing its role as a significant platform for the global optoelectronic industry [3]. Group 2: Themes and Focus Areas - This year's theme is "Light Connects Everything, Intelligence Guides the Future," focusing on the integration of optoelectronic technology with AI, low-altitude economy, smart vehicles, and intelligent manufacturing [2]. - The exposition will feature a new exhibition area for "unmanned control equipment" and highlight applications such as "light + unmanned control equipment," "light + robotics," and "light + AI" [2]. Group 3: Innovation and Development - The event will host over 20 business matching and academic activities, including the 2025 China Optics Valley Optoelectronic Information Industry Innovation Development Conference [2]. - Reports on the development of the optoelectronic industry will be released, providing insights into key technological breakthroughs and directions for world-class industrial cluster development [2]. Group 4: Historical Context and Impact - Since its inception in 2002, the exposition has successfully held 19 sessions, attracting over 6,800 top enterprises from more than 30 countries and receiving over 600,000 professional visitors [3]. - The exposition aims to strengthen the unique advantages of the Optics Valley's optoelectronic information industry and contribute to the high-level technological self-reliance of China in this field [3].

Core Viewpoint - The implementation of the "Industrial Doubling Strategy" aims to enhance the competitiveness of Hubei's industries, marking a significant shift in both quantitative and qualitative aspects of economic growth [1][2]. Group 1: Strategic Goals - Hubei has set two phased goals and one long-term vision: by 2027, the industrial scale is expected to reach 7 trillion yuan and the service sector 4 trillion yuan; by 2030, these figures are projected to rise to 10 trillion yuan and 5 trillion yuan respectively; by 2035, Hubei aims to rank among the top in national industrial development [1][2]. Group 2: Seven Major Actions - The "Action Plan" outlines seven major actions with 21 key tasks aimed at enhancing industrial competitiveness, including upgrading traditional industries, fostering emerging sectors, and integrating technology with production [2][3]. - Specific actions include: - Industrial capacity enhancement focusing on upgrading clusters [2]. - Integration of technology and production to strengthen innovation [2]. - Digital transformation to improve efficiency and promote smart industry [2]. - Collaborative efforts to enhance supply chain capabilities [3]. - Transition to green manufacturing to support low-carbon development [2][3]. Group 3: Innovation and Support Measures - Hubei's technological innovation strategy includes achieving breakthroughs in key technologies and fostering a robust innovation ecosystem, with goals of producing significant innovations annually [4][5]. - The province plans to enhance project-driven initiatives and optimize support policies to ensure effective industrial growth [5][6]. - Emphasis is placed on building a strong industrial foundation in Wuhan, focusing on upgrading and nurturing enterprises of all sizes [6].