证券研究报告 海信视像 (600060 CH) 电视盈利质量改善，新成长曲线延展 2025 年 8 月 26 日│中国内地 视听器材 公司公布上半年业绩：25H1 实现营收 272.31 亿元（同比+6.95%），归母 净利 10.56 亿元（同比+26.6%），其中，25Q2 营收同比+8.59%，归母净 利同比+36.72%，盈利能力持续改善。公司凭借大屏化、高端化布局和新显 示业务扩张，在收入端保持稳健增长，并在毛利率和归母净利率均改善的情 况下实现盈利能力提升。我们认为，公司在产品升级+新业务多元化+全球 化产能布局的三重驱动下，有望继续在行业分化中保持优势。维持"增持" 评级。 电视：结构升级支撑稳健增长 公司电视业务表现稳健。1）25H1 公司继续保持国内第一的电视零售份额 （奥维云网），品牌价格指数提升，显示出中高端产品竞争力。展望 Q3， 根据奥维云网数据，25W27-W33(6.30-8.17)海信/Vidda 线上+线下 KA 零售 额分别同比+20.3%/+6.89%，零售价分别同比+12.5%/+17.4%。我们继续 看好需求结构升级趋势延续，国内收入增长可期。2）海关总署数据显示， ...

Group 1 - The company plans to issue shares to specific investors to meet funding needs and enhance capital strength and profitability [1][4][5] - The issuance is driven by the competitive pressure in the outdoor brand market and aims to leverage the company's industry experience through product innovation, brand empowerment, and channel development [1][2][3] - The company aims to deepen its "outdoor + chip" dual business strategy, focusing on technology-driven innovation and overcoming core technology barriers [2][3][21] Group 2 - The issuance will be fully subscribed by the company's actual controller, Li Ming, and his controlled enterprise, Beijing Tongyu He Ying Investment Management Co., Ltd., which will stabilize the company's equity structure [4][5][10] - The shares will be issued as domestic listed ordinary shares (A shares) with a par value of RMB 1.00 per share [4][6] - The issuance price is set at RMB 7.28 per share, which is not less than 80% of the average trading price over the previous 20 trading days [6][10] Group 3 - The company anticipates that the issuance will enhance its financial risk resistance and support stable operations and development [5][21] - The funds raised will be used to supplement working capital, which is crucial for the company's expanding business scale and operational needs [3][21][22] - The company has established a modern corporate governance structure and internal control environment to ensure the proper use of raised funds [22][24] Group 4 - The issuance is expected to increase the total assets and net assets of the company, although it may dilute immediate returns for existing shareholders [17][19][26] - The company has proposed measures to mitigate the impact of dilution on immediate returns, including focusing on technology innovation and product development [21][23][25] - The company will ensure compliance with relevant laws and regulations throughout the issuance process, including obtaining necessary approvals from shareholders and regulatory bodies [15][26]

2025年3月4日，新相微发布公告称，公司拟通过发行股份、可转换公司债券及支付现金方式，购 买 深圳市爱协生科技股份有限公司（以下简称"爱协生" ） 100%股权，并向不超过35名特定投 资者发行股份募集配套资金。 8月8日，新相微宣布， 由于交易相关方未能就本次交易的最终方案达成一致意见 ，公司拟终止本 次交易并授权管理层办理本次终止相关事宜。 值得一提的是，企查查显示，新相微与京东方拥有共同股东——北京国有资本运营管理有限公司。 资料显示，爱协生是一家专注于集成电路产品设计、开发、测试与销售的公司，其业务范围涵盖通 信系统产品、计算机软硬件、电子产品技术开发等领域。此外，公司在AMOLED驱动芯片、穿戴 TDDI驱动芯片、智能显控SoC、指纹识别芯片、音频与电源芯片、智联显控模块等产品方向上也 有布局。 而新相微的主营业务聚焦于显示芯片的研发、设计及销售，致力于提供完整的显示芯片系统解决方 案。产品覆盖了各终端应用领域的全尺寸显示面板，适配当前主流的TFT-LCD和AMOLED显示技 术。 2024年，新相微营业收入为50,739.99万元，同比增长5.61%；归属于上市公司股东的净利润为 843.29万 ...

长江证券湖南分公司首席分析师王振怀表示，昨天煤炭板块午后大幅走强，7月22日，焦煤期货价格继 续大涨，持续刷新本轮反弹新高。现货市场情绪得到进一步提振，下游在买涨不买跌情绪的推动下，采 购积极性明显回升。近期工信部在国新办发布会上表示，钢铁、有色、石化等十大重点行业稳增长工作 方案即将出台，推动重点行业着力调结构、优供给、淘汰落后产能。从行业整体来看，供应端边际收紧 （进口煤持续减量、高成本矿山减产、安监趋严）叠加迎峰度夏电煤消费回升，将推动社会库存缓慢下 降并刺激电厂刚需采购，对煤价形成阶段性支撑。 行情上，昨天市场震荡走高，三大指数均创下了年内新高，两市成交额放大到1.9万亿。市场风格上， 超级水电概念连续两日与指数共振上行，资金虹吸效应强，其余热点均受到一定程度的资金分流，后续 大基建方向与前期热点方向或延续跷跷板效应，包括创新药、机器人、AI、大金融（稳定币）、军工 等前期热点方向仍存在着反复活跃空间。技术面上，目前三大指数日线MACD红柱持续放大，沪指技术 面若中期能有效突破前高3674点，后续或更具想象空间。操作上，可关注低位科技方向的补涨机会。 长沙晚报掌上长沙7月23日讯（全媒体记者 周丛笑） ...

Group 1 - Foreign institutional interest in A-shares has increased significantly since Q2, with over 470 A-share companies receiving foreign institutional research from early April to May 8, highlighting companies like Huaming Equipment, Hongfa Technology, and Luxshare Precision as the most engaged [1] - The sectors attracting the most attention from foreign investors include electronics, pharmaceuticals, and machinery, indicating a trend towards these industries [1] - Foreign institutions are particularly focused on companies' overseas market expansion and capacity construction, with Huaming Equipment emphasizing its strategy of local market penetration rather than capacity considerations [3] Group 2 - The AR/VR industry is transitioning from technology validation to large-scale penetration, with significant investments from global tech giants, creating new opportunities for AI hardware like smart glasses [3] - Weier Technology is leveraging its technological advantages in the chip sector to actively enter emerging markets, with its CIS products being core chips in the AR/VR field, enhancing the value of its products [3] - The development of intelligent computing systems is providing new opportunities for companies in the industry, with companies like Lanke Technology aiming to become a leading international interconnected chip design company over the next five to ten years [4] Group 3 - Foreign institutions are also focusing on the application and layout of robotics, with companies like Huqin Technology planning to establish a professional robotics team by 2025, targeting industrial and health care robots [4] - Huqin Technology sees significant potential in the development of industrial robots and health care robots, aiming to build core technological competitiveness in these areas [4]

Group 1: Foreign Investment Interest in A-shares - Since the second quarter, foreign investment institutions have shown increased enthusiasm for researching A-shares, with over 470 A-share companies receiving foreign institutional visits from early April to May 8 [1] - Companies such as Huaming Equipment, Hongfa Technology, and Luxshare Precision have been among the most visited by foreign institutions, particularly in the electronics, pharmaceutical, and machinery sectors [1] Group 2: Focus on Overseas Expansion - Foreign institutions are particularly interested in companies' overseas market expansion and capacity construction, with firms like Huaming Equipment emphasizing local market penetration rather than just production capacity [2] - Prolaya is focusing on the Southeast Asian market, developing products tailored to local needs and collaborating with local distributors [2] - Anker Innovations is capitalizing on the European market's demand for clean energy through its Solarbank series, which is experiencing a surge in market demand [2] Group 3: Overseas Capacity Development - Luxshare Precision expects its Vietnam facility to account for 30% of its production capacity in three years [3] - Huidian Technology is pushing its Thai production base towards mass production, aiming for accelerated customer certification and product introduction by Q2 2025 [3] - Crystal Optoelectronics anticipates its second phase of the Vietnam factory to enter mass production this year, enhancing its global manufacturing layout [3] Group 4: Interest in Cutting-edge Technologies - Foreign institutions are closely monitoring companies' product layouts and future trends, with a particular focus on robotics, chips, and AI [4] - Weir Shares is leveraging its technology in the chip sector to actively engage in emerging markets, particularly in the AR/VR field [4] - Crystal Optoelectronics is developing optical hardware for AR glasses, with a significant market share compared to smartphones [4] Group 5: Interconnect Chip Market Potential - Interconnect chips are becoming essential for enhancing system efficiency in intelligent computing systems, with a growing demand for higher bandwidth and lower latency [5] - The interconnect chip market is emerging as a significant blue ocean market due to the complexity of intelligent computing systems [6] Group 6: Robotics Sector Developments - Foreign institutions are also focusing on the application and layout of robotics, with companies like Estun planning to enhance their AI and robotics R&D investments [6] - Huqian Technology is forming a specialized robotics team, aiming to establish core technological competitiveness in industrial and health care robotics by 2025 [6]

Core Viewpoint - The company Xinxiangwei plans to acquire control of Aixiangsheng through a combination of share issuance and cash payment, which could enhance its competitiveness in the integrated circuit industry and provide new growth opportunities if the transaction is successful [1][3]. Group 1: Company Overview - Xinxiangwei focuses on the research, design, and sales of display chips, providing complete display chip system solutions for various terminal applications, covering mainstream TFT-LCD and AMOLED display technologies [2]. - Aixiangsheng specializes in the design, development, testing, and sales of integrated circuit products, with a business scope that includes communication system products, computer software and hardware, and electronic product technology development [2]. Group 2: Transaction Details - The transaction is currently in the planning stage, with no formal agreement signed yet, and the specific transaction plan is still under discussion, indicating uncertainty [2]. - The transaction requires approval from Xinxiangwei's board of directors, shareholders' meeting, and relevant regulatory authorities before it can be officially implemented, which also carries uncertainty regarding approval [2].

本次股票发行后拟在科创板市场上市,该市场具有较高的投资风险。科创板公司具 有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的 市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险因素, 审慎作出投资决定。 上海新 Shanghai New Vision Microelectronics Co., Ltd. (住所:上海市徐汇区桂平路 680 号 31 幢 7 楼) 首次公开发行股票并在科创板上市 招股说明书 保荐机构(主承销商) (住所:北京市朝阳区建国门外大街1号国贸大厦2座27层及28层) 上海新相微电子股份有限公司 招股说明书 发行人声明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法 发行后因发行人经营与收益变化或者股 ...

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司 具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险 因素，审慎作出投资决定。 上海新相微电子股份有限公司 Shanghai New Vision Microelectronics Co., Ltd. （住所：上海市徐汇区桂平路 680 号 31 幢 7 楼） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 中国证监会、上海证券交易所对本次发行所作的任何决定或意见均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法 发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说 保荐机构 ...