截至发稿，三孚新科市值为65亿元。 每经头条（nbdtoutiao）——天水麻辣烫、淄博烧烤、荣昌卤鹅⋯⋯"泼天流量"退去后，这些城市怎么 样了？ 每经AI快讯，三孚新科（SH 688359，收盘价：66.18元）10月10日晚间发布公告称，2025年10月10日， 公司通过上海证券交易所交易系统以集中竞价交易方式首次实施回购股份约9.01万股，占公司总股本的 0.09%，回购成交的最高价为67.3元/股，最低价为66.08元/股，支付的资金总额为人民币约600万元。 2025年1至6月份，三孚新科的营业收入构成为：印刷电路板占比64.11%，五金卫浴占比14.11%，被动 元件占比8.54%，电子通讯领域占比5.06%，汽车零部件占比4.25%。 （记者 曾健辉） ...

东山精密表示，截至目前，公司正计划与相关中介机构就本次发行H股上市的相关工作进行商讨，关于本次发行H股上市的细节尚未确定。此外，东山精 密还指出，本次H股发行上市能否通过审议、备案和审核程序并最终实施具有较大不确定性。敬请广大投资者关注公司后续公告，注意投资风险。 近年来，"A+H"上市模式持续得到青睐，在国际化战略驱动下，不少A股公司选择赴港上市，其中不乏LED关联企业。 日前，苏州东山精密制造股份有限公司（股票简称：东山精密股票代码：002384）披露《关于筹划发行H股股票并在香港联合交易所有限公司上市相关事 项的提示性公告》。 《公告》显示，为进一步推动公司国际化战略发展及海外业务布局，提升国际品牌知名度，增强公司综合竞争力，东山精密正在筹划境外发行股份（H 股）并在香港联合交易所有限公司（简称"香港联交所"）主板上市的相关工作。 东山精密，始创于1980年，于2010年在深交所挂牌上市。自成立以来，东山精密通过内生外购、深耕拓展、优化主业，逐步形成了电子电路、光电显示和 精密制造三大板块，其主要产品包括印刷电路板、新能源汽车金属结构件、LED背光等。 业绩方面，2025年上半年，东山精密实现营收约16 ...

中国商务部9月25日发布公告，决定自当天起对墨西哥相关涉华限制措施启动贸易投资壁垒调查。 根据公告，本案的被调查措施为：墨西哥政府拟对中国等非自贸伙伴的产品提高进口关税税率的相关措施。此外，墨西哥近年来采取的 其他涉及中国的贸易投资限制措施也在本次调查范围内。 商务部新闻发言人表示，中方认为，在当前美方滥施关税的背景下，各国应共同反对各种形式的单边主义和保护主义，绝不能因为他人 胁迫而牺牲第三方利益。墨方单边加税举动一旦落地，即便是在世贸框架内，也会损害包括中国在内的相关贸易伙伴的利益，还会严重 影响墨营商环境的确定性，降低企业对墨投资的信心，中方对此坚决反对。 墨西哥政府9月10日向国会提交关税提案，拟对来自中国及其他与墨方没有自由贸易协定的国家的进口商品加征最高达50%的关税，其中 既包括汽车及零部件、钢铁、纺织品等大宗商品，也包括日用品、鞋履服饰、玩具、家电等消费品。 当前，该关税提案仍处于审议阶段，需要议院批准才能生效。如果获批，相关措施预计最早于2026年12月31日前全面生效，但具体以何 种形式落地暂无定数。对中国出海企业来说，这一举措引发广泛讨论和担忧。中国商务部此前回应称，这么做将降低中国企业 ...

Group 1: Industry Overview - The computing power industry is categorized into three main types: basic computing power, intelligent computing power, and supercomputing power, with intelligent computing power seeing rapid demand growth due to AI applications [12][15][19] - The computing power industry chain includes upstream hardware production (chips, devices, energy), midstream integration and delivery (data centers), and downstream applications across various sectors such as finance and AI [13][18] Group 2: Growth of Computing Power in China - China's intelligent computing power is projected to reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028, with a compound annual growth rate (CAGR) of 46.2% from 2023 to 2028 [19][20] - General computing power in China is expected to reach 85.8 EFLOPS by 2025 and 140.1 EFLOPS by 2028, with a CAGR of 18.8% during the same period [20] Group 3: Increasing Demand for Computing Hardware - The CPU market in China is estimated to grow from approximately 216.03 billion yuan in 2024 to 248.4 billion yuan in 2025, reflecting a year-on-year growth of 6.47% [23][24] - The GPU market is projected to increase from about 107.3 billion yuan in 2024 to 120 billion yuan in 2025, with a significant year-on-year growth of 32.96% [26][29] - The server market is expected to grow from approximately 249.21 billion yuan in 2024 to 282.35 billion yuan in 2025, showing a year-on-year increase of 41.25% [35][37] Group 4: Liquid Cooling Market Development - The IT energy consumption of AI data centers is projected to reach 77.7 TWh in 2025, doubling from 2023, and is expected to grow to 146.2 TWh by 2027, with a CAGR of 44.8% from 2022 to 2027 [36] - By 2028, it is anticipated that 60% of data centers will adopt innovative solutions such as microgrids and liquid cooling systems to address energy constraints and sustainability [36] Group 5: Company Profiles - Fangsheng Co., Ltd. focuses on the research, design, production, and sales of heat exchangers and systems, with its revenue composition in the first half of 2025 being 68.57% from plate heat exchangers and 28.45% from heat systems [42][44] - Wanyuantong Co., Ltd. specializes in the research, production, and sales of printed circuit boards, with its revenue composition in the first half of 2025 being 43.54% from multilayer boards, 29.70% from double-sided boards, and 18.72% from single-sided boards [55][57] Group 6: Financial Performance of Companies - In 2024, Fangsheng Co., Ltd. achieved a revenue of 347 million yuan, a year-on-year increase of 1.10%, while in the first half of 2025, it reported a revenue of 180 million yuan, up 15.41% [48] - Wanyuantong Co., Ltd. reported a revenue of 1.043 billion yuan in 2024, a year-on-year increase of 5.96%, and 541 million yuan in the first half of 2025, reflecting a growth of 16.40% [60]

近日，江苏本川智能电路科技股份有限公司针对深圳证券交易所出具的《关于江苏本川智能电路科技股 份有限公司申请向不特定对象发行可转换公司债券的审核问询函》，发布了详细的回复报告，就公司经 营情况、募投项目等诸多关键问题进行了深入阐述。 报告期内，本川智能营业收入分别为55926.34万元、51094.26万元、59610.27万元和17048.74万元，扣除 非经常性损益后的净利润分别为3405.22万元、-673.93万元、1697.04万元及903.85万元。公司业绩波动 明显，2023年受宏观经济下行、下游市场需求降低等因素影响，营业收入和净利润均有所下降；2024年 随着宏观经济复苏，下游电子产品市场回暖，公司营业收入和净利润显著增长。 从业务构成来看，公司主营业务为多品种、小批量、定制化印刷电路板的销售，报告期内占营业收入总 额比例超90%。外销是重要收入来源，占主营业务收入比例分别为57.37%、52.13%、48.39%和 50.78%，产品主要出口至美国、欧洲。公司前五大客户和前五大供应商存在贸易型公司，向前五大原 材料供应商采购占比超50%，部分期间向单个供应商采购占比超30%。同时，公司产能利 ...

截至发稿，三孚新科市值为67亿元。 每经头条（nbdtoutiao）——始祖鸟深陷"炸山"风波，母公司大中华区新总裁上任才两个多月，被赞"专 业能力深厚"！安踏体育最新回应→ （记者 王晓波） 每经AI快讯，三孚新科（SH 688359，收盘价：68.04元）9月22日晚间发布公告称，2025年9月22日，公 司召开了第四届董事会第二十一次会议，全体董事审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，同意公司以集中竞价交易方式回购公司股份，回购股份将在未来适宜时机全部用于员工 股权激励或员工持股计划，回购资金总额不低于人民币1000万元（含），不超过人民币1500万元 （含），回购期限为自董事会审议通过本次回购方案之日起12个月内。董事会同意授权公司管理层具体 办理本次回购股份的相关事宜。 2025年1至6月份，三孚新科的营业收入构成为：印刷电路板占比64.11%，五金卫浴占比14.11%，被动 元件占比8.54%，电子通讯领域占比5.06%，汽车零部件占比4.25%。 ...

万联证券近日发布电子行业跟踪报：营收端，SW电子行业2025年上半年实现营业收入18,460.95亿元， 同比上升19.10%；成本费用端，整体期间费用率为10.62%，同比下降0.65pct，整体费用控制良好；利 润端，上半年实现归母净利润840.40亿元，同比上升29.29%，大于同期营收增幅；毛利率/净利率为 15.68%/4.45%，同比上升-0.09pct/0.44pct，体现出行业整体盈利能力有所提升。 光学光电子：归母净利润同比大幅增长，面板盈利能力提升。2025年上半年，各子板块营收和归母净利 润均实现同比增长，其中面板子板块2025年H1归母净利润同比大幅增长193.31%，盈利能力大幅提升， 主要系面板供给端格局优化，中国大陆面板厂商掌握产业链话语权并维持"按需生产"策略，因而面板价 格较为稳定，提升了行业整体盈利能力。 万联证券近日发布电子行业跟踪报：营收端，SW电子行业2025年上半年实现营业收入18,460.95亿元， 同比上升19.10%；成本费用端，整体期间费用率为10.62%，同比下降0.65pct，整体费用控制良好；利 润端，上半年实现归母净利润840.40亿元，同比上升29 ...

Core Viewpoints - The A-share market saw collective gains on Wednesday, with the Shanghai Composite Index rising by 0.37%, the Shenzhen Component Index by 1.16%, and the ChiNext Index by 1.95%. The total trading volume in the Shanghai and Shenzhen markets reached 23,764.76 billion yuan. The leading sectors included power equipment, automobiles, and home appliances, while agriculture, retail, and social services lagged behind [2][8] - The U.S. Federal Reserve announced a 25 basis point cut in the federal funds rate, bringing it to a target range of 4.00% to 4.25%. This marks the first rate cut of 2025 and follows three cuts in 2024. The Fed noted a slowdown in economic activity and rising inflation, with high uncertainty in the economic outlook [3][9] - The Hong Kong government introduced measures to enhance the stock market, including support for tech companies to raise funds in Hong Kong and optimizing listing regulations. These initiatives aim to boost the market's vitality and competitiveness [4][10] Industry Insights Banking Sector - In August, the social financing stock growth rate was 8.8%, a decrease of 0.2% from July. New social financing totaled 2.57 trillion yuan, down by 0.47 trillion yuan year-on-year. The decline was attributed to a slowdown in government bond issuance and credit growth [11][12] - The M1 growth rate was 6%, with M2 growing by 8.8%. The anticipated smooth deployment of fiscal funds may continue to support economic growth, although the increase in monetary growth is expected to narrow [12][14] - The banking sector is expected to see gradual recovery in revenue and profit growth, supported by attractive dividend yields and regulatory encouragement for insurance funds to increase market participation [14] Media Sector - The media industry reported a revenue increase of 3.86% in H1 2025, totaling 254.86 billion yuan, with net profit rising by 28.85% to 21.78 billion yuan. The gross margin remained stable at 32.90% [15][16] - The gaming sector showed significant growth, with revenue reaching 54.45 billion yuan in H1 2025, a 22.17% increase, and net profit soaring by 74.95% to 8.05 billion yuan [15][16] - The film and television sector experienced a revenue increase of 15.24% in H1 2025, driven by successful releases, although Q2 saw a decline in revenue and an increase in losses [16][19] Food and Beverage Sector - The food and beverage industry saw a revenue increase of 2.41% in H1 2025, totaling 5,806.35 billion yuan, but net profit decreased by 0.56% to 1,275.08 billion yuan. The sector's growth rates ranked 14th and 20th among 31 sub-industries [22][23] - The beverage segment, particularly soft drinks and condiments, showed strong revenue growth, while the beer segment maintained positive growth in both revenue and profit [23][24] - The liquor industry faced challenges, with a slight decline in revenue and profit, particularly in the mid-range segment, while high-end brands remained resilient [25][26] Electronics Sector - The SW electronics industry reported a revenue increase of 19.10% in H1 2025, totaling 1,846.095 billion yuan, with net profit rising by 29.29% to 84.04 billion yuan [30][31] - The semiconductor sector performed well, driven by AI demand and domestic substitution, while consumer electronics benefited from government subsidies [31][32] - The optical and electronic sectors saw significant profit growth, particularly in the panel segment, which experienced a 193.31% increase in net profit [32]

Group 1: US-China Trade Negotiations - The recent US-China trade negotiations revealed signs of US concessions, driven by complex pressures on the US administration [4] - The US Trade Representative's office released a list of exempted products from tariffs, including critical components for core US industries, indicating a strategic retreat in key sectors [5] - Major semiconductor companies expressed deep concerns over supply chain disruptions, shifting from advocating for decoupling from China to seeking stability in supply chains [6] Group 2: Impact of US Policies on Domestic Economy - The US has intensified targeted pressure on China's tech sector, which has negatively impacted its own economy, as seen in Nvidia's report indicating a potential 20% revenue drop if supplies to China are halted [7] - The US strategy of "precise containment" has led to a paradox where it aims to suppress China's tech growth while simultaneously protecting its own economic interests [14][15] Group 3: China's Economic Position and Resource Control - China maintains a dominant position in the global supply chain, particularly in rare earth elements, with nearly 90% of refining capacity concentrated in the country [9] - China's economic diversification is evident, with a decreasing reliance on the US market, projected to drop from nearly 20% in 2018 to 15% by 2025 [12] - The structural upgrade of China's export products, particularly in the automotive and renewable energy sectors, showcases its growing international competitiveness [13] Group 4: Future of US-China Relations - The US's recent policy adjustments, such as extending tariff exemptions, reflect a response to internal and external pressures rather than a strategic shift [16] - The ongoing competition and cooperation between the US and China will shape future interactions, with both countries needing to find a balance in their relationship [16]

Group 1 - The core viewpoint of the article is that Fangzheng Technology (SH 600601) held its fifth board meeting of the 13th session on August 27, 2025, to review the 2025 semi-annual report and related documents [1] - For the year 2024, Fangzheng Technology's revenue composition is as follows: printed circuit boards account for 92.46%, other businesses account for 6.13%, integrated communication revenue accounts for 1.39%, and IT system integration accounts for 0.02% [1] - As of the time of reporting, Fangzheng Technology has a market capitalization of 38.5 billion yuan [1]