8月26日主力资金净流出4140.22万元，占流通市值的1.49%。近五个交易日累计净流出5444.75万元，占 流通市值的1.96%。 华脉科技8月26日股价报17.29元，较前一交易日下跌0.58%。当日成交额2.85亿元，换手率达10.27%。 公司总市值27.77亿元，市盈率为负值。 华脉科技主营业务为通信设备制造，产品涵盖光通信模块、铜缆高速连接等领域。公司属于江苏板块， 同时被归类为微盘股。 8月26日公司披露的半年报显示，上半年实现营业收入3.75亿元，同比下降9.29%；归属于上市公司股东 的净亏损2180.04万元，亏损幅度较上年同期有所扩大。基本每股收益为-0.1358元。 风险提示：以上内容仅供参考，不构成投资建议。股市有风险，投资需谨慎。 ...

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 8 月 26 日 总量视角 【A 股大势研判】 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 成交超 3 万亿史上第二，指数仍有进一步上冲的可能，警惕繁华之下所 隐藏的风险 观点： 周一晨报提醒，指数在短期内或有加速上涨的趋势，建议投资者顺势而为但 多一分理性和警惕。市场走势如我们预期，周一沪深三大指数延续近期上行态势， 呈现高开高走的强劲格局。尽管盘中有震荡与反复，但沪指仍成功突破关键点位， 创出 3883 点的年度新高，且两市成交额突破 3 万亿元，创下 2024 年 10 月 9 日 以来新高，并跻身 A 股历史成交额第二位。如此大的成交，既是行情快速推进的 信号，也提示市场后期可能出现较大幅度震荡。 成交量史上第二，显示出较强的市场活力与吸引力，指数在强劲动能支撑下 仍有进一步上冲的可能。然而，理智的投资者更应警惕繁华之下所隐藏的波动风 险。操作上，避免盲目追高，根据不同的情况，采取不同的策略，有业绩支撑且 形态走势良好的个股，可持仓待涨 ...

英大证券研究所证券研究报告 每 周 投 资 早 参 2025 年 8 月 25 日 上周五两市成交额超 2.5 万亿，量能仍处于强势区域。从当前市场走势来看， 指数在短期内或有加速上涨的趋势。一方面，科技股的大涨带动了市场人气，吸 引了更多资金入场。另一方面，市场的赚钱效应逐渐凸显，投资者的风险偏好持 续提升，进一步推动指数上行。然而，这种加速上涨或是阶段冲高的信号，投资 者需适当留意节奏。虽然市场大趋势向好，但随着指数的快速攀升，波动节奏可 能会加大。在上涨过程中，可能会面临获利盘回吐、政策调整等因素的影响，从 而引发市场的短期波动。 操作上，建议投资者顺势而为但多一分理性和警惕。根据不同的情况，采取 不同的策略，有业绩支撑且形态走势良好的个股，可持仓待涨。对近期涨幅过大 且缺乏基本面强支撑的标的，可降低风险敞口。另外，可将注意力转向有业绩支 撑的低估值板块，并严格控制仓位，保持操作的灵活性。在趋势未发生根本性逆 转前，仍可参与，但必须留一份清醒，时刻关注券商和量能这两大核心变量的动 向。 请务必阅读最后一页的免责条款 1 沪指突破 3800 点，短期内或有加速上涨趋势，顺势而为但多一分警惕 分析师：惠祥凤 ...

联特科技8月20日报收109.87元，较前一交易日下跌2.13元，跌幅1.9%。当日股价波动明显，盘中曾出 现快速反弹，5分钟内涨幅超过2%。全天成交额达10.31亿元，换手率为14.05%。 从资金流向来看，8月20日主力资金净流入1729.77万元，占流通市值的0.23%。近五个交易日主力资金 累计净流出4790.4万元，占流通市值的0.64%。 风险提示：股市有风险，投资需谨慎。 该公司主营业务为光通信模块的研发、生产和销售，产品主要应用于数据中心、电信网络等领域。作为 通信设备行业企业，其业务涉及光电子器件制造等细分领域。 ...

Group 1 - The core viewpoint of the news highlights the significant stock performance of Guangxun Technology, with a 9.95% increase in share price, reaching 60.47 CNY per share, and a total market capitalization of 48.79 billion CNY [1] - Guangxun Technology specializes in the optical communication sector, providing a full range of optical communication modules, passive optical devices, and optical amplifiers, with vertical integration capabilities from chips to systems [1] - The company has been recognized as the most competitive enterprise in China's optical device and auxiliary equipment industry for eighteen consecutive years, establishing partnerships with top global communication equipment manufacturers due to its high-quality delivery capabilities and comprehensive sales network [1] Group 2 - As of March 31, Guangxun Technology had 123,800 shareholders, with an average of 6,244 circulating shares per person [2] - For the first quarter of 2025, Guangxun Technology reported a revenue of 2.222 billion CNY, representing a year-on-year growth of 72.14%, and a net profit attributable to shareholders of 150 million CNY, reflecting a year-on-year increase of 95.02% [2]

Core Views - The current market is characterized by a rotation of leadership among financial and technology sectors, driven by incremental capital and strong market sentiment, with the potential for the Shanghai and Shenzhen indices to challenge new highs [1][10] - The market has shown strong performance, with the Shanghai Composite Index reaching a ten-year high since August 2015, and both the Shenzhen Component and ChiNext indices surpassing their previous highs from October 2022 [1][10] - The trading volume has exceeded 2.7 trillion yuan, indicating a robust market atmosphere that may attract more capital [1][10] Market Overview - On Monday, the market opened strongly, with the Shanghai Composite Index rising over 1% and the ChiNext Index increasing over 3% [3] - Key sectors that performed well include shipbuilding, consumer electronics, glass fiber, small metals, power equipment, software development, cultural media, communication equipment, electronic components, motors, and semiconductors [3] - The liquid cooling server concept saw significant gains, driven by increasing demand for cooling solutions in data centers [5] Sector Analysis - The consumer electronics sector has shown a strong upward trend, with expectations of a demand turning point as the economy recovers post-pandemic [6] - The new energy sector, particularly related to lithium batteries and solar power, is expected to continue its upward trajectory, supported by global carbon neutrality goals [7] - The optical communication module sector is also on the rise, driven by technological advancements and the need for high-capacity data transmission in modern communication networks [8] Future Market Outlook - The market is anticipated to maintain its strength if trading volumes remain above 2 trillion yuan; however, a decline in volume could signal potential adjustments [10][11] - Investors are advised to adopt different strategies based on the performance and fundamentals of individual stocks, particularly focusing on those with strong earnings support [11]

截至2025年8月14日15时27分，长芯博创股价为90.88元，较前一交易日收盘价下跌6.59元，跌幅为 6.76%。当日开盘价为96.08元，最高价为96.90元，最低价为90.66元，成交量为227955手，成交额为 21.18亿元。 2025年8月14日主力资金净流出28559.04万元，占流通市值比为1.17%。近五日主力资金净流入10990.33 万元，占流通市值比为0.45%。 风险提示：股市有风险，投资需谨慎。 长芯博创所属通信设备板块，公司主营业务为光通信模块的研发、生产和销售。产品主要应用于数据中 心、5G通信、云计算等领域。 根据公开信息显示，永赢科技智选A基金二季度末持仓前十中包含长芯博创，该基金年初至今收益率达 119.80%。该基金同时持有新易盛、中际旭创、天孚通信等同行业公司。 ...

Core Views - The report emphasizes that the breakthrough of the 3674-point level in the A-share market is often driven by major weight sectors such as brokerage firms, and the accompanying trading volume is crucial for sustaining this momentum [3][10][11] - Historical data suggests that during a bull market, the market tends to rise gradually, and the current overall valuation level of the A-share market still has room for improvement compared to historical bull market highs, providing support for further index increases [3][10][11] Market Overview - On the day of the report, the A-share market saw a strong performance, with the Shanghai Composite Index breaking the 3674-point high from October 2024, and the ChiNext Index rising over 3%, with total trading volume exceeding 2 trillion yuan [3][6][10] - The report notes that the brokerage sector's strong performance is pivotal in leading the market's upward movement, and the overall market sentiment is active with more stocks rising than falling [5][6][7] Sector Analysis - The brokerage sector is highlighted as a key area for investment, with expectations of continued growth driven by increased trading volume, improved economic fundamentals, and favorable policies [7][9] - The report also points out the rising trend in the optical communication module sector, which is essential for high-speed data transmission in modern communication networks, indicating a potential high prosperity cycle in the second half of 2025 [8] - The semiconductor sector is noted for its ongoing growth, supported by national policies and increasing global demand for AI and high-performance computing, with a recommendation to focus on companies that are technologically advanced and can adapt quickly to industry changes [9][10]

Core Viewpoint - The company, Guangxun Technology, is expected to see significant growth in revenue and net profit in the first half of 2025, driven by rapid growth in computing power investments and a leading market share among domestic cloud service providers [2][3][6]. Financial Performance - The company forecasts a net profit of 3.23 to 4.07 billion yuan for H1 2025, representing a year-on-year increase of 55.0% to 95.0% [2]. - For Q2 2025, the expected net profit is between 1.73 to 2.57 billion yuan, with a year-on-year growth of 32.1% to 96.2% [2]. - In Q1 2025, the sales gross margin was 25.61%, an increase of 3.08 percentage points year-on-year and 5.47 percentage points quarter-on-quarter [4]. Market Position and Product Offering - The company has a strong vertical integration capability and offers a full range of optical communication modules and related products, which are widely used in data centers, backbone networks, metropolitan area networks, broadband access networks, wireless communications, and the Internet of Things [3][5]. - In 2024, the revenue share from access and data communication products was 61.67%, while transmission products accounted for 37.50% [3]. - The company ranked sixth among global optical module manufacturers according to LightCounting, with a market share of 4.7% in the data communication optical device market and 5.7% in the telecom optical device market [4]. Research and Development - The company emphasizes R&D innovation, with R&D expenses increasing by 55.14% year-on-year in Q1 2025 [5]. - It possesses comprehensive solutions and flexible manufacturing capabilities, with annual shipment volumes ranking among the top three in the industry [5]. Industry Outlook - The demand for optical modules is expected to grow significantly due to the increasing investments in AI and computing power, with the global data communication optical module market projected to grow at a CAGR of 27% from 2024 to 2029 [5]. - The company is well-positioned to benefit from the high demand in the optical module industry, particularly in the context of the ongoing AI commercialization wave [5]. Profit Forecast and Investment Recommendation - The company is projected to achieve net profits of 11.77 billion yuan, 15.09 billion yuan, and 18.11 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 35.45X, 27.65X, and 23.03X [6]. - The initial coverage of the stock has been rated as "Buy" [6].

Group 1 - The stock price of Changxin Bochuang closed at 86.28 yuan on July 31, 2025, down by 4.73 yuan, a decrease of 5.20% from the previous trading day [1] - The stock opened at 93.05 yuan, reached a high of 94.76 yuan, and a low of 85.40 yuan, with an overall trading range of 10.28% [1] - The trading volume was 341,100 hands, with a total transaction amount of 3.047 billion yuan [1] Group 2 - Changxin Bochuang's main business is communication equipment manufacturing, with key products including optical communication modules [1] - The company is part of concept sectors such as copper cable high-speed connections and CPO concepts [1] - On the afternoon of July 31, the PCB concept sector declined overall, leading to a drop in Changxin Bochuang's stock price [1] Group 3 - On the same day, the net outflow of main funds was 67.5129 million yuan, accounting for 0.29% of the circulating market value [1]