公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容来自半导体行业观察综合 。 意法半导体周四公布第二季度亏损，这是该公司十多年来首次出现亏损，业绩不及市场预期，原因是该公司因重组和减值 成本损失了 1.9 亿美元。 这家法国-意大利芯片制造商的股价收盘下跌 16.6%，创下单日最大跌幅。该公司为特斯拉的动力传动系统生产电源芯 片，为苹果的 iPhone 生产 eSim 模块。 该公司是欧洲最大的芯片制造商之一，本季度营业亏损 1.33 亿美元，低于伦敦证券交易所调查中分析师预测的 5620 万美 元的平均利润。 该计划包括在未来三年内在法国和意大利裁员 5,000 人，这引发了法国和意大利政府之间的争执，两国政府共持有该公司 27.5% 的股份。 收购恩智浦 MEMS 传感器业务，增强其在传感器领域的地位 意法半导体表示，若不计入 1.9 亿美元的减值、重组费用和其他成本，该公司本季度的利润将达到 5700 万美元，符合市 场预期。 分析师表示，意法半导体严重依赖内部制造，约占销售额的 80%，当市场放缓时，其工厂利用率过低，员工成本高昂，而 竞争对手英飞凌和恩智浦则更多地采用合同制造。 意法半导体、 ...

飞龙股份 20250724 摘要 飞龙股份自 2024 年 10 月成立价值分析工程（VVE），通过内部降本 在机械水泵、排气管和涡轮增压器等产品上取得显著成效，提升了盈利 能力。 公司预计下半年收入端将改善，出口业务新项目逐步补上，新能源车端 集成模块产品订单量大，正全力保生产保供，每月订单创新高，飞车业 务海外拓展顺利也将推动收入增长。 飞龙股份在液冷泵业务方面表现出色，是国内市场的领导者，并已实现 海外突破。积极布局 PC 液冷市场，预计从中获得数亿利润，并首次披 露与整车厂客户合作开发机器人业务。 公司预计未来三到五年内汽车主业利润可达 5 亿元以上，液冷泵、PC 液 冷等新兴赛道及机器人业务的发展潜力，总体利润空间预计超过 10 亿 元，股价有望迎来戴维斯双击。 海外市场主要集中在台湾地区和美国，台湾业务受大陆客户影响大，出 口美国需 UL 认证预计 8 月 25 日完成，非 UL 认证的 NV 需求订单陆续 发出，下半年海外市场形势乐观。 Q&A 飞龙股份在 2025 年上半年实现了增利不增收的情况，具体原因是什么？展望 下半年，收入端是否会有所改善？ 2025 年上半年飞龙股份实现了增利不增收的 ...

[Table_Title] Meta&甲骨文超算项目扩张，AI 军备竞赛提速 报告要点 [Table_Summary] Meta 公布两大超大规模数据中心项目规划，采用轻量化帐篷结构与现场天然气发电方案提升 部署效率，配套的 DSF 架构推动网络组件用量持续增长；OpenAI 与 Oracle 确认 4.5GW Stargate 扩容协议，海外 AI 基础设施建设加速。我们判断 AI 产业链"戴维斯双击"时刻已到， AI 商业变现提速带动 PE 估值提升，ASIC 渗透率提升背景下，光模块等网络通信环节价值量 占比显著提升，看好光模块&光器件板块。 分析师及联系人 丨证券研究报告丨 行业研究丨点评报告丨通信设备Ⅲ [Table_Author] SAC：S0490517110002 SAC：S0490522050005 SFC：BUX641 于海宁 黄天佑 操俊茹 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 1、国际政治环境变化； 2、云商投入 AI 大模型力度不及预期。 请阅读最后评级说明和重要声明 丨证券研究报告丨 通信设备Ⅲ cjzqdt11111 [T ...

证券时报记者 周春媚 卓泳 清晨，漫步于深圳光明科学城的核心区，一条以"创投"为名的道路跃入眼帘。以创投路向周围辐射的半小时车程 内，处处是磅礴的科技图景：合成生物研究、脑解析与脑模拟等大科学装置巍峨耸立；深圳医学科学院、深圳理 工大学等顶尖科研院所集群闪耀；更有众多创业企业点缀其间——它们如破土的春芽，在这片土壤中蓄势生长。 以"创投"之名冠于道路，不仅体现了光明科学城对创业投资的重视，也印证了其对驱动科技创新内在规律的精准 把握——科技突破与产业腾飞绝非单一环节所能成就，而是需要让创新链、产业链、资金链、人才链如同精密齿 轮般紧密咬合、联动运转。创新、创业、创投——这驱动科技前行的三股力量，如今在光明科学城激荡融合。这 座年轻的科学城正以独特的路径探索，在深圳乃至全国的科技创新版图上，绽放出璀璨的光芒。 创新"培养皿"： 汇集各类要素的强磁场 "你不觉得这里的人气越来越旺吗？"在前不久的一次采访中，深圳医学科学院创始院长、深圳湾实验室主任颜宁 表示。 此时距离颜宁来到光明科学城创办深圳医学科学院不过两年多的时间，许多变化已悄然发生。如今以深圳医学科 学院和深圳湾实验室为核心，四周坐落着"湾有引力"（光明生 ...

【深圳商报讯】近日，市住房建设局印发了《深圳市推进模块化建筑发展行动方案（2026-2028）》， 到2028年末，实施模块化建筑项目面积累计不少于300万平方米，促进模块化建筑三大产业集群融合发 展，打造全产业链集聚的模块化建筑产业体系。 《方案》围绕"一个重点、两个带动、三个体系"，全力打造模块化建筑深圳样板，更好促进建筑业高质 量发展。并且，明确提出如下工作任务：一是以"好房子"建设为重点，大力推进模块化建筑应用。聚 焦"好房子"建设理念，在商品房、保障性住房、宿舍等住宅项目推广应用模块化建筑技术。鼓励采用模 块化建筑技术对老旧小区进行整体"原拆原建"和微改造。积极推进公共服务设施项目应用模块化建筑技 术和产品，不断拓展模块化建筑应用场景。二是积极发挥优质企业作用，带动产业提档升级，培育一批 掌握模块化建筑核心技术且具有统筹协调能力的优质企业。三是精准布局优势产业集群，带动产业协同 发展。结合各区实际情况和产业布局培育研发、设计服务、生产三大集群。四是强化管理体系创新，加 强模块产品监管。建设各环节建立与模块化建筑相适应的管理体系。五是强化技术体系支撑，助力标准 引领创新。支持企业开展模块化建筑技术体系 ...

Solaris Energy Infrastructure (SEI) Q2 2025 Earnings Call July 24, 2025 09:00 AM ET Speaker0Good day and welcome to the Solaris Energy Infrastructure Inc. Second Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded.I would now like to turn the conference over to Yvonne Fletcher, Senior Vice President of Finance and Investor Relations. Please go ahe ...

证券代码：002536 证券简称：飞龙股份 飞龙汽车部件股份有限公司投资者关系活动记录表 编号：2025-025 | 投资者关系活动 | ☑特定对象调研 | | | □分析师会议 □业绩说明会 | | --- | --- | --- | --- | --- | | | □媒体采访 | | | | | 类别 | □新闻发布会 | | | □路演活动 | | | ☑现场参观 | | | | | | ☑其他（电话会议） | | | | | | 浙商大制造 | | 周艺轩 | | | | 东北计算机 | | 赵宇阳 | | | | 国盛通信 | | 石瑜捷 | | | | 中信电新 | 华鹏伟 | 许文荣 | | | | 中信建投 | | 汪洁 | 孟龙飞 | | | 天风电新 | | 孙潇雅 | 高鑫 | | | 方正电新 | | 唐叶 | | | | 国海电新 | 李航 | 李昂 | | | 上午电话会（线 | 国金电新 | | 姚遥 | 曾爽 | | 上）参与单位名称 | 华福电新 | | 邓伟华 | 李宜琛 | | 及人员姓名 | 长江汽车 | 高伊楠 | 张永乾 | | | | 东吴汽车 | | 郭雨蒙 | ...

投资评级：看好（维持） ——行业点评报告 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2024-07 2024-11 2025-03 通信 沪深300 行 业 研 究 2025 年 07 月 24 日 相关研究报告 《海外 AI 或估值提升，国内 AI 迎基 本面拐点—行业周报》-2025.7.20 《英伟达将恢复 H20 在华销售，核心 利 好 AIDC 链 — 行 业 点 评报 告 》 -2025.7.15 《算力公司业绩亮眼，Grok-4 发布， AWS 推出 GB200 UltraServers，看好 全 球 AIDC 产 业 链 — 行 业周 报 》 -2025.7.13 蒋颖（分析师） 陈光毅（联系人） jiangying@kysec.cn 证书编号：S0790523120003 谷歌云营收超预期，上调 2025 年资本开支 2025 年 7 月 14 日，谷歌母公司 Alphabet 公布第二季度财报，谷歌云第二季度营 收为 136 亿美元，同比增长 32%，高于市场预期的 131 亿美元，我们认为 AI 对 于谷歌云的助力持续显现。Alphabet 表示，2025 年全年资 ...

1. Report Industry Investment Rating - The report does not explicitly mention the overall industry investment rating 2. Core Viewpoints of the Report - In Q2 2025, the overall market value of A - share holdings of active equity - oriented funds decreased, while that of H - share holdings increased. The industry concentration of the top heavy - stock holdings of equity - oriented funds decreased. The communication, non - bank finance, and media industries saw significant increases in allocation ratios, while the steel, food and beverage, and coal industries had large reduction ratios [4][6]. - The structure of the top heavy - stocks of active equity - oriented funds changed. The overall number of large - market - cap leaders decreased, and the holdings of sub - industry leaders increased. The new high - growth technology stocks related to AI emerged, while traditional large - cap white - horse stocks were significantly reduced [4]. - In terms of industry leaders, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - The report suggests focusing on four investment themes: communication and hardware upstream under AI diffusion, non - bank finance, new consumption in the Hong Kong stock market, and national defense and military industry [26] 3. Summary by Relevant Catalogs 3.1 2025Q2 Active Fund Heavy - Stock Holding Structure Overview - **A - share and H - share holdings changes**: In Q2 2025, the total market value of active equity - oriented fund heavy - stock holdings was 1736.2 billion yuan, a 1.66% QoQ decrease. A - share holdings decreased by 2.79% QoQ to 1394.8 billion yuan, while H - share holdings increased by 3.20% QoQ to 341.3 billion yuan. Due to the complex macro - economic environment and market volatility, funds faced redemption pressure and tended to reduce large - cap stocks with poor liquidity [6]. - **Industry concentration decline**: From Q1 to Q2 2025, the industry concentration of the heavy - stock holdings of equity - oriented funds decreased. CR3 decreased by 0.56 percentage points to 38.37%, and CR5 decreased by 4.18 percentage points to 51.18%. The top five industries in terms of holding market value remained the same, but the proportion of the electronics industry increased, while the other four industries decreased [4][7]. - **Structural adjustment of industry holdings**: In Q2 2025, 12 industries saw an increase in the total market value of holdings. The communication, non - bank finance, and media industries had large increases in allocation ratios, rising by 75.88%, 64.62%, and 38.37% respectively. The steel, food and beverage, and coal industries had large reduction ratios, decreasing by 46.32%, 26.16%, and 23.99% respectively [9] 3.2 Q2 Active Fund Top Heavy - Stock Tracking - **Change in the structure of top heavy - stocks**: In Q2 2025, the structure of the top 20 heavy - stocks of active equity - oriented funds changed. The large - market - cap leaders decreased, and the sub - industry leaders increased. The market value of the top 20 heavy - stocks accounted for 20.72% of all heavy - stocks, a 2% decrease from Q1 [12]. - **Changes in the top five heavy - stocks**: The top five heavy - stocks remained the same, but the overall holdings decreased. New high - growth technology stocks such as New Fiber Optic Technology and Inphi Corporation quickly rose in the rankings, while traditional large - cap white - horse stocks such as Luxshare Precision Industry, Midea Group, and Contemporary Amperex Technology were significantly reduced [4]. - **Hong Kong stock market adjustment**: In the Hong Kong stock market, AI and Internet media leaders were reduced, while the pharmaceutical and new consumption sectors that performed well in Q2 were significantly increased [18] 3.3 Q2 Industry Leader Heavy - Stock Tracking - **Industry leader allocation changes**: In Q2 2025, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - **Communication industry focus**: Driven by the booming demand for AI hardware, the communication industry became the focus of funds. The optical module sector, which benefits from the expansion of AI capital expenditure, was the main area for increasing communication heavy - stocks. The profitability of communication equipment is expected to continue to improve in the second half of the year [22]. - **Non - bank finance sector highlights**: The leaders of the non - bank finance sector attracted attention. The holdings of Ping An Insurance and CPIC increased by 55% and 41% respectively, and securities leaders such as Citic Securities and Huatai Securities also saw over 30% increases. The brokerage sector's performance is expected to continue to improve [23] 3.4 Investment Recommendations - **AI diffusion - related communication and hardware upstream**: The significant increase in the holdings of optical module leaders reflects that funds are extending from AI software to computing infrastructure. AI capital expenditure is expected to drive the performance of upstream sectors in the second half of the year [26]. - **Non - bank finance sector**: The concentrated increase in holdings of leaders such as Citic Securities and Ping An Insurance reflects the positive expectations of the market for the profitability improvement of the brokerage and insurance sectors. The non - bank finance sector is expected to achieve a resonance of valuation repair and performance recovery [26]. - **Hong Kong stock new consumption theme**: After the correction in the AI sector, funds refocused on consumption structure highlights, especially in the Hong Kong stock market. Sub - sectors such as pets, toys, and emotional consumption have become important directions for heavy - stock allocation [26]. - **National defense and military industry safety theme**: The significant increase in the holdings of core military stocks reflects the high attention of institutions to the "national security + high - end manufacturing" theme. The military industry has policy support, order growth, and mid - report performance improvement expectations, with medium - term allocation value [27]

2025 年 7 月 24 日 朱吉翔 C0044@capitalcom.tw A 股目标价(人民币) 33 公司基本资讯 | 产业别 | | | 电子 | | | --- | --- | --- | --- | --- | | A 股价(2025/7/23) | | | 25.37 | | | 上证指数(2025/7/23) | | | 3582.30 | | | 股价 12 个月高/低 | | | 34.63/17.16 | | | 总发行股数(百万) | | | 1664.07 | | | A 股数(百万) | | | 1664.07 | | | A 市值(亿元) | | | 422.18 | | | 主要股东 | | 杭州士兰控股有 | | | | | | | 限公司(30.88%) | | | 每股净值(元) | | | 7.39 | | | 股价/账面净值 | | | 3.43 | | | 一个月 | | 三个月 | 一年 | | | 股价涨跌(%) | 2.3 | | 4.1 | 18.6 | 近期评等 | | | | 产品组合 | | | --- | --- | | 集成电路 | 32.9% ...