26日晚，AI产业链多只大牛股也披露了中报业绩。其中，胜宏科技上半年净利同比增长366.89%，中际 旭创上半年净利同比增长69.40%。 值得注意的是，26日A股收盘后，人工智能产业迎来了重磅利好政策。国务院发布《关于深入实施"人 工智能+"行动的意见》，目标到2027年，率先实现人工智能与6大重点领域广泛深度融合，新一代智能 终端、智能体等应用普及率超70%，智能经济核心产业规模快速增长，人工智能在公共治理中的作用明 显增强，人工智能开放合作体系不断完善。 寒武纪营收大增43倍首次实现半年度盈利 继2024年四季度首次实现上市以来单季盈利之后，寒武纪2025年上半年又首次实现半年度盈利。 寒武纪8月26日晚公告，2025年上半年，公司实现营业收入28.81亿元，同比增长4347.82%；实现归属于 上市公司股东的净利润10.38亿元，归属上市公司股东的扣除非经常性损益的净利润为9.13亿元，均实现 了扭亏为盈。这是寒武纪2020年上市以来首次实现半年度盈利。 新华财经北京8月27日电（胡晨曦） 8月26日晚，寒武纪发布2025年半年度报告。数据显示，公司上半 年实现营业收入28.81亿元，较上年同期增加2 ...

分产品来看，报告期内，浪潮信息在服务器产品实现营业收入752.86亿元，同比增长99.5%；存储类、 交付类等产品，实现营业收入48.37亿元，同比增长11.52%；其他类产品实现营业收入6961.18万元，同 比减少42.45%。 据悉，浪潮信息是全球领先的IT基础设施产品、方案和服务提供商。近年来，公司不断完善和强化智算 产品技术布局，全面推进算力、算法、数据和互连技术的创新，加速"人工智能+"的落地。 算力方面，发展新一代以系统为核心的计算架构，打造开放、多元、绿色、智能的元脑智算产品和方 案，为人工智能的创新和应用，提供强大算力平台。 8月26日晚，浪潮信息(000977)披露2025年半年报。上半年，公司实现营业收入801.92亿元，同比增长 90.05%；归母净利润7.99亿元，同比增长34.87%；扣非净利润6.72亿元，同比增长61.1%。 2025年，浪潮信息持续聚焦云计算、大数据、人工智能为代表的智慧计算，在研发、生产、交付、服务 模式等方面持续创新，各项业务保持快速增长势头。 根据Gartner、IDC发布的最新数据，浪潮信息服务器、存储产品市场占有率持续保持全球前列：2025年 第一季 ...

核心业务进展： 2025年上半年，浪潮信息实现营业收入801.92亿元，同比增长90.05%。上半年扣非净利润达6.72亿元，同比增长61.1%。营收高增主要来自服务器 销售激增，相关收入达752.86亿元，占总营收近94%。营收快速增长的同时，毛利率同比下降至4.51%，服务器业务毛利率从7.70%降至4.32%。 由于客户需求增加，服务器销售增长，浪潮信息上半年营收同比增超90%，扣非净利润同比增长超60%。 与此同时，公司因业务扩张导致营运资金占用加大，经营性现金流净额同比下滑22.99%至-55.76亿元。因服务器销售增长导致资金需求增加，筹 资活动产生的现金流量净额同比增长860.02%。 8月26日周二，浪潮信息发布半年报，具体来看： | 项目 | 本报告期 | 上年同期 | | 本报告期比上年同期 増減 | | --- | --- | --- | --- | --- | | | | 调整前 | 调整后 | 调整后 | | 营业收入(元) | 80, 192, 433, 185, 82 | 42,063,540,640.03 | 42, 195, 350, 606. 66 | 90. 05% | ...

Group 1 - BYD Electronics (00285) saw a significant stock price increase, rising over 9% during trading, with a previous close of 7.73% higher, and currently trading at 37.76 HKD with a transaction volume of 2.487 billion HKD [1] - Huachuang Securities anticipates that the usage of cold plates will further increase as NVIDIA's GB200 to GB300 chips enter mass production and delivery, with Microsoft and Google also announcing new data centers that will support liquid cooling [1] - Guosen Securities previously indicated that through close collaboration with NVIDIA, BYD Electronics has made significant advancements in liquid cooling technology, having mastered immersion liquid cooling technology and planning to launch corresponding server products [1] Group 2 - A recent report indicated that Apple is collaborating with a brain-computer interface company to develop a technology standard for "manipulating Apple devices using brain signals," with a demonstration video showcasing progress in this technology [1]

Core Viewpoint - BYD Electronics (00285) has seen a significant stock increase, with a recent rise of over 9%, attributed to positive performance forecasts from major overseas CSP manufacturers and liquid cooling suppliers, as well as advancements in liquid cooling technology in collaboration with NVIDIA [1] Group 1: Company Performance - BYD Electronics' stock rose by 9.15% to HKD 38.66, with a trading volume of HKD 2.16 billion [1] - The company reported a 7.73% increase in stock price the previous day, indicating strong market interest [1] Group 2: Industry Developments - Major overseas CSP manufacturers and liquid cooling suppliers have released Q2 performance results and annual guidance that exceeded market expectations, leading to an upward revision in capital expenditures [1] - The introduction of NVIDIA's GB200 to GB300 chips is expected to increase the demand for cold plates, enhancing the liquid cooling market [1] - Microsoft and Google have announced new data centers that will support liquid cooling technology, indicating a growing trend in the industry [1] Group 3: Technological Advancements - BYD Electronics has made significant progress in liquid cooling technology through close collaboration with NVIDIA, mastering immersion liquid cooling technology and planning to launch corresponding server products [1] - Lead Wealth, a subsidiary of BYD Electronics, is positioned as a key infrastructure partner for NVIDIA's Blackwell platform, which may lead to expanded supply business for AI server components and parts [1] - Apple is reportedly developing technology standards for brain-machine interfaces to control devices using brain signals, showcasing advancements in interface technology [1]

Group 1 - The report highlights a selection of convertible bonds for August, including leading companies in various sectors such as intelligent manufacturing, automotive semiconductors, natural gas, and pharmaceuticals [1][2][3] - The convertible bond market is experiencing a rise in valuations, with the median price of convertible bonds showing an upward trend, reaching historical highs [1][2][3] - The report suggests that investor risk appetite has increased, with a focus on sectors like coal, steel, and chemicals, indicating a potential for valuation recovery in these industries [2][3] Group 2 - The report emphasizes the importance of AI and robotics in driving the growth of high-end manufacturing, recommending attention to convertible bonds from companies like Lingyi and Wentai [3][4] - There is a noted increase in overseas demand for computing power, which may accelerate the industrialization of AI, with a focus on convertible bonds from companies like Huanxu and Shenshu [3][4] - The second half of the year is expected to see a recovery in the new energy and automotive parts sectors, with recommendations to monitor convertible bonds from Huayou and Mikirin [3][4] Group 3 - Lingyi Technology is recognized as a global leader in intelligent manufacturing, providing comprehensive AI terminal hardware solutions and maintaining a leading market share in precision components [8][9] - Shenshu focuses on enterprise-level network security and cloud computing, offering a range of products and services aimed at facilitating digital transformation for various industries [10][11] - Wentai Technology is a leading player in the automotive semiconductor sector, with a strong emphasis on high-quality, automotive-grade products that meet stringent industry standards [33][34] Group 4 - Huayou Cobalt is involved in the development and manufacturing of new energy lithium battery materials, with a vertically integrated supply chain from resource extraction to material production [39][40] - Mikirin has established a global production layout in the tire industry, enhancing its competitiveness through strategic investments in smart manufacturing facilities [48][49] - Dacelin is a prominent retail chain in the pharmaceutical sector, focusing on providing quality health products through a well-established supply and logistics system [29][30]

Group 1 - The core viewpoint of the news highlights that Zhengyuan Investment has conducted research on a listed company, Shengyi Electronics, which has shown promising financial performance and strategic developments [1] Group 2 - Shengyi Electronics achieved an operating income of 1.579 billion yuan and a net profit of 200 million yuan in Q1 2025, driven by product structure optimization and cost reduction [1] - The company has made breakthroughs in communication products, particularly in the 800G high-end switch and satellite communication sectors, with mass production expected in 2025 [1] - Server products accounted for 48.96% of sales, and the company plans to increase investment in technology research and production capacity in 2025 [1] - Shengyi Electronics is steadily advancing bulk orders in automotive electronics for smart driving assistance, power energy, and smart cockpit applications, with plans to increase investment in automotive dedicated lines [1] - The company has seen a slight increase in bulk material prices but has managed to keep overall raw material prices stable through dynamic supply strategy adjustments [1] - Investment in a factory in Thailand has increased to 170 million USD, with construction expected to start in November 2024 and trial production anticipated in 2026 [1] - The smart computing center's high-density interconnect circuit board construction project will start in December 2024, implemented in two phases, with trial production for the first phase in 2025 and the second phase in 2027 [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has significantly turned around its profitability in 2024, with a strong continuation of positive performance into Q1 2025, leading to the sustained "Buy" rating [1][8] - The company is deepening its product layout in various sectors such as wired communication, servers, automotive, and low-orbit satellites, while enhancing R&D investments to drive efficiency and growth [5][8] Financial Summary - The company is projected to achieve revenues of RMB 69.98 billion, RMB 90.73 billion, and RMB 116.11 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 9.03 billion, RMB 13.28 billion, and RMB 17.67 billion [5][7] - The revenue growth rates are expected to be 49.3% in 2025, 29.7% in 2026, and 28.0% in 2027 [7] - The company reported a significant increase in Q1 2025 revenue to RMB 15.79 billion, a year-on-year increase of 78.55% [8] - The gross margin for 2024 is projected at 22.73%, improving to 29.84% in Q1 2025 [8] Product and R&D Development - The company is actively analyzing industry trends and refining its product structure and regional layout, which has led to a 48.96% increase in server product orders in 2024 [8] - In 2024, the company established 24 R&D projects focusing on high-potential areas such as AI computing, satellite communications, and high-end servers [8] - The company is expanding its production capacity with new projects, including a significant investment in a new production base in Thailand, increasing the planned investment from USD 100 million to USD 170 million [8]