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云铝股份20250825
2025-08-25 14:36
云铝股份 20250825 摘要 云铝股份 2025 年上半年营收 291 亿元,归母净利润 27.68 亿元,加权 平均净资产收益率 9.8%,归母净资产达 300 亿元,经营业绩表现良好。 公司实施 2025 年中期分红,每 10 股派发现金红利 3.2 元,占上半年归 母净利润比例超 40%,为 2024 年以来第二次中期分红,持续回报投资 者。 2025 年上半年云铝产品总产量 161.32 万吨,同比增长 15.59%,包 括电解锭约 68 万吨,再生合金约 68 万吨,对外销售液态金属约 25 万 吨。 公司未来资本开支重点为补齐资源端、矿石端、电解铝完善及绿色能源 项目短板,将综合判断并履行决策程序后进行信息披露。 公司电价目标保持稳定可控,尽管二季度火电比例增加导致成本略有波 动,但整体电量保障没有问题,相较去年相对稳定。 公司将持续专注于电解铝及其一体化,不会因短期效益而改变战略布局, 坚持长期主义,确保企业可持续发展。 公司将考虑在东南亚等地区布局电解铝项目,前提是具备矿资源、电力 保障且政治风险较小,目前仍处于前期研究阶段。 Q&A 请简要回顾云铝股份 2025 年上半年的经营情况,并展 ...
成交额连续7日站上2万亿 短线维持震荡走势
Chang Sha Wan Bao· 2025-08-22 03:32
长江证券湖南分公司首席分析师王振怀表示,昨天国产算力概念再次上涨。消息面,8月18日,中国移 动发布17亿元人工智能服务器集采中标公示,其中中兴通讯斩获整体中标份额的50%以上,金额约8.85 亿元,剩余部分则被浪潮计算机和新华三集团瓜分。基本面上,高盛预计,市场规模方面,预测 2025 年和 2026年光模块市场总值预计分别达到127.3亿美元和193.7亿美元,同比增长60%和52%,显示出强 劲的增长轨迹。市场角度看,国产算力方向的再度活跃不仅仅是硬件端内部的高低切,更多是受益于国 内大厂深度绑定后,业绩放量的想象空间逐渐打开。 机构观点方面,国金证券研报认为,英伟达GB300 NVL72服务器算力进一步提升,液冷散热需求迅速 提升。现有液冷方案众多,主要包括冷板式、浸没式及喷淋式,高效液冷方案对氟化液材料依赖较高。 AI服务器出货量带动电子氟化液需求的快速提升,龙头退出带来结构性新机会。配合高效TIM材料液态 金属,两相冷板散热方案优势明显。液冷方案将会是未来AI服务器主流的散热方式,建议关注冷板 式、浸没式液冷上游原材料氟制冷剂、电子氟化液的国内龙头企业;以及高效TIM材料液态金属的相关 企业。 长 ...
国金证券:AI服务器散热进入液冷时代 导热散热材料需求突显
智通财经网· 2025-08-22 02:00
智通财经APP获悉,国金证券发布研报称,英伟达(NVDA.US)GB300服务器采用了完全液冷式机架设 计,引领了AI服务器液冷的新潮流;AI服务器液冷散热需求或将伴随AI服务器出货量的提升而迅速提 升。现有液冷方案众多,主要包括冷板式、浸没式及喷淋式,高效液冷方案对氟化液材料依赖较高。液 冷方案将会是未来AI服务器主流的散热方式,建议关注冷板式、浸没式液冷上游原材料氟制冷剂、电 子氟化液的国内龙头企业;以及高效TIM材料液态金属的相关企业。 国金证券主要观点如下: 英伟达GB300 NVL72服务器算力进一步提升,液冷散热需求迅速提升 下游需求增长不及预期风险,技术发展不及预期风险,AI发展不及预期风险,项目进展不及预期风 险,市场竞争加剧风险,安全生产及环境保护风险。 AI服务器出货量带动电子氟化液需求的快速提升,龙头退出带来结构性新机会 电子氟化液是一系列全氟碳化物的总称,例如全氟己烷、全氟丁烷、氢氟醚化合物、全氟酮类等,这类 材料拥有高绝缘性、不易燃、低毒无腐蚀性、热稳定性及化学稳定性良好等优异的性质,同时可以根据 不同的组分占比调节沸点,因此电子氟化液这类混合物有着较为广泛的工作温度,可以适用于多种 ...
帮主郑重:龙虎榜暗战!章盟主3亿火拼量化,三路资金抢筹军工芯
Sou Hu Cai Jing· 2025-08-20 16:49
Group 1: Market Dynamics - The market is witnessing a fierce competition between retail investors and institutional players, with 81 stocks on the leaderboard and over 700 million yuan being traded [1] - Retail investors are primarily focused on military and computing sectors, while institutions are offloading real estate and home appliance stocks [1] Group 2: Key Players and Strategies - "Zhang Mengzhu" invested 332 million yuan in "turnaround" stocks, notably buying 131 million yuan of Huasheng Tiancai, which is facing institutional sell-offs [3] - "Quantitative trading" has aggressively purchased stocks worth 441 million yuan, including 146 million yuan in Guangqi Technology, driven by rumors of military contracts [4] Group 3: Industry Trends - Military new materials are gaining consensus, with Guangqi Technology's production capacity utilization exceeding 90%, indicating strong performance potential [6] - The computing sector is showing resilience, with Langchao Information's AI server overseas orders increasing by 70% quarter-on-quarter [8] Group 4: Risks in Traditional Sectors - The white goods sector is under pressure, with Hai Li股份 facing significant sell-offs and high inventory levels [10] - The real estate sector is also struggling, with 华丽家族 having a debt ratio of 87%, indicating high financial risk [11]
中兴通讯热设计专家周爱兰:热界面材料将成为6G时代核心技术之一
DT新材料· 2025-08-19 16:04
随着全球5G网络建设进入深水区,通信基站和数据中心的功率密度正经历前所未有的跃升。根据3GPP标准的节奏,5G-ADVANCED ( 5.5G ) 也逐渐 进入商用阶段,这为迈向6G打下基础。而在通信速率代际提升的同时,基站功耗也会随之迈上新台阶,带来更高的热管理挑战。 在这场静悄悄的"散热革命"中, 热界面材料(Thermal Interface Materials, TIM) 作为填补芯片与散热器间微隙的"隐形桥梁",正成为保障通信系 统稳定性的战略物资。 基站体积的减小对天线、滤波器的集成化要求也较高,也使得小基站散热器的尺寸受到限制。但5G小基站的发热件尺寸小、功耗大,且长时间运行累 积的热量若不及时散发出去,就会严重影响到5G小基站的通讯信号及其使用寿命。但基站是典型的封闭式自然散热设备,当温度稳定后,所有热量都 会先传到外壳,再由外壳传导到空气。芯片和壳体之间需要借助导热界面材料,推动导热界面材料的提升。 当前主要有 四大类创新热界面材料 ,包括: 导热凝胶、相变材料(PCM)、碳基材料、液态金属 等。 中兴通讯 在BBU基带单元中采用7.8W/mK凝 胶方案,实现200万小时无故障运行。而相变材 ...
苹果助攻,2025年折叠手机铰链市场规模预估达12亿美元
WitsView睿智显示· 2025-08-19 07:41
Core Insights - The article discusses the anticipated growth of the foldable smartphone market, driven by Apple's expected entry in the second half of 2026, which is projected to increase the penetration rate of foldable phones from 1.6% in 2025 to over 3% by 2027 [2]. Group 1: Foldable Smartphone Market - The foldable smartphone hinge market is expected to reach a value of $1.2 billion by 2025, with the hinge cost accounting for approximately 5% to 8% of the bill of materials (BOM) for each device [3]. - Samsung has adopted a droplet hinge design in its Galaxy Z Fold 5 and Flip series starting in 2023, enhancing foldability and durability while reducing crease visibility, which has become a mainstream design in the industry [3]. - The industry is moving towards modular designs and standardization to reduce costs and improve yield rates, which will shift hinges from traditional material processing to system module supply [3][4]. Group 2: Apple’s Potential Impact - Apple is considering the use of liquid metal for structural components in its foldable devices, aiming to leverage the material's properties for lightweight and high toughness [5]. - The entry of Apple into the foldable smartphone market is expected to signal a maturation of the segment, with competition shifting towards manufacturing efficiency, cost control, and supply chain integration [5]. - Suppliers that can manage technology, capacity, and price flexibility will be key beneficiaries in the upcoming growth cycle as the market evolves [5].
140+页PPT详解全球科技发展趋势与材料产业最新进展
材料汇· 2025-07-18 15:50
Core Viewpoint - The article discusses the latest advancements and trends in artificial intelligence and robotics, highlighting various innovative fields and technologies that are shaping the future of these industries. Group 1: Artificial Intelligence and Robotics - Artificial intelligence aims to replicate human-like intelligence in machines, encompassing areas such as robotics, language recognition, and image recognition [12][19][22] - Key technologies in AI include machine learning, neural networks, and natural language processing, which are essential for developing intelligent systems [19][22] - The rise of swarm intelligence is noted, where collective behavior of multiple agents can lead to enhanced problem-solving capabilities in various applications [15][16] Group 2: Innovative Fields - Nine major innovative fields are identified, including human-machine interaction, biohybrids, and radical social innovation breakthroughs [8][89] - The article emphasizes the importance of interdisciplinary research in driving advancements in these fields, particularly in integrating AI with other technologies [8][89] Group 3: Emerging Technologies - Technologies such as hyperspectral imaging, speech recognition, and touchless gesture recognition are highlighted for their potential applications in various sectors [10][13][29] - The development of flying cars and autonomous vehicles is discussed, emphasizing the need for advancements in materials and battery technology to make these innovations feasible [32][33] Group 4: Material Innovations - Liquid metal technology is presented as a frontier material with applications in electronics and flexible devices, showcasing its unique properties [34][37] - The article also covers the advancements in high-temperature alloys and carbon fiber, which are crucial for aerospace and automotive industries [39][56] Group 5: Future Directions - The article suggests that the integration of AI with neuroscience could lead to breakthroughs in understanding human cognition and developing smarter systems [24][90] - It calls for continued investment in research and development to maintain competitiveness in the global market for AI and robotics technologies [86][88]
宜安科技增资旗下液体金属子公司 提高竞争优势
Zheng Quan Shi Bao Wang· 2025-07-01 13:38
Core Viewpoint - The company is increasing its investment in its subsidiary, Yihao Metal, to enhance its competitive edge in the liquid metal industry and improve R&D and production capabilities [1][3]. Group 1: Investment Details - The company plans to invest 120 million yuan in Yihao Metal, with 44.28 million yuan allocated to registered capital and the remainder to capital reserves [1]. - After the investment, Yihao Metal's registered capital will increase from 92.25 million yuan to 137 million yuan, with the company holding a 72.97% stake [1]. Group 2: Financial Performance - Yihao Metal reported a revenue of 149 million yuan and a net profit of 2.73 million yuan last year [1]. - In the first quarter of this year, Yihao Metal generated a revenue of 18.16 million yuan but incurred a loss of 3.47 million yuan [1]. - The estimated value of Yihao Metal's total equity is 252 million yuan by the end of 2024 [1]. Group 3: Industry Context - Liquid metal, or amorphous alloy, is characterized by a non-crystalline structure, providing superior properties such as high strength, hardness, and corrosion resistance [2]. - The liquid metal industry is experiencing growth due to favorable national policies and increasing market demand, with applications in consumer electronics, automotive parts, medical devices, and more [2]. - The company aims to leverage market opportunities and expand its liquid metal production capacity to enhance profitability and competitiveness [2][3].
2025年广东省东莞市新质生产力发展研判:持续完善“8+8+4”产业体系,构建东莞新质生产力培育高地[图]
Chan Ye Xin Xi Wang· 2025-05-19 01:07
Core Viewpoint - Dongguan City aims to build a "global advanced manufacturing innovation leading city" by developing a modern industrial system characterized by "8+8+4," which includes traditional industries, strategic emerging industries, and future industries to support high-quality development [1][14]. Group 1: Industrial Structure - Dongguan has established a modern industrial system consisting of eight traditional advantageous industries, eight strategic emerging industries, and four future industries, creating a comprehensive industrial ecosystem [1][14]. - The eight traditional industries include food and beverage, paper and paper products, textiles and clothing, chemical manufacturing, furniture manufacturing, packaging and printing, toys and sporting goods, and molds and precision manufacturing [1][14]. - The eight strategic emerging industries focus on new-generation electronic information, high-end equipment manufacturing, semiconductors and integrated circuits, advanced materials, new energy, biomedicine and health, artificial intelligence, and low-altitude economy [1][14]. - The four future industries are next-generation mobile communication, frontier new materials, embodied intelligent robots, and future life health [1][14]. Group 2: Economic Performance - In 2024, Dongguan's GDP reached 1,228.215 billion yuan, with a year-on-year growth of 4.6%, indicating steady economic growth [5]. - The secondary industry added value was 6,800.80 billion yuan, growing by 6.6%, showcasing strong industrial growth momentum [5]. - The advanced manufacturing and high-tech manufacturing sectors saw significant growth, with advanced manufacturing value-added increasing by 11.1% and high-tech manufacturing value-added growing by 12.7% [7]. Group 3: Policy Framework - The "new quality productive forces" concept was introduced as a national strategy in 2024, emphasizing innovation-driven development and high-quality economic growth [11]. - Dongguan's government has implemented various policies to support the development of new quality productive forces, including plans for low-altitude economy, strategic emerging industries, and artificial intelligence integration into manufacturing [11][12]. - The city aims to cultivate over seven industrial clusters with a scale exceeding 100 billion yuan by 2027, with a focus on high-tech manufacturing and industrial investment growth [17]. Group 4: Future Development Trends - Dongguan is focusing on the integration of innovation chains and industrial chains, aiming to break through key technologies in semiconductors and industrial mother machines [29]. - The city plans to enhance the digital economy and advanced manufacturing integration, targeting a digital economy core industry scale of over 500 billion yuan by 2027 [30]. - Efforts are being made to accelerate green and low-carbon transformation, particularly in new energy and circular economy sectors [31]. - Dongguan aims to strengthen industrial collaboration with Shenzhen and Guangzhou, attracting global high-end innovation resources [32].
银河证券晨会报告-20250514
Yin He Zheng Quan· 2025-05-14 14:50
Key Insights - The report highlights the positive impact of the recent US-China trade agreement, which includes the cancellation of 91% of additional tariffs and a 90-day suspension of 24% tariffs, creating a more stable environment for negotiations and potential cooperation [2][3] - The agreement is expected to reduce uncertainty in trade, improve investor sentiment, and enhance corporate profit expectations, particularly for industries heavily reliant on exports [3][4] - The report suggests that sectors previously affected by tariffs, such as electronics, consumer goods, and machinery, may see a recovery in market performance [3][4] Electronics Industry - The electronics sector is experiencing a structural recovery, with high growth in AI-related hardware and a stable performance in consumer electronics, supported by government subsidies [19][16] - Sub-sectors like semiconductors are witnessing a resurgence, with domestic replacements accelerating and a strong performance from leading companies [16][19] - The report notes a divergence in performance among companies within the consumer electronics space, with some benefiting from AI and global expansion while others face challenges from competition and demand weakness [17][19] Military Industry - The recent India-Pakistan conflict has highlighted China's military exports, with Pakistan being a significant customer for Chinese military equipment, which may enhance China's military trade reputation [22][23] - The report anticipates increased demand for military equipment due to the conflict and suggests that domestic military enterprises are less affected by US tariff wars, presenting a stable investment opportunity [24][22] - The long-term outlook for the military sector remains positive, with expectations of sustained high demand leading up to the centenary of the Chinese military in 2027 [24][22] Construction Materials - The construction materials sector is showing signs of recovery, with a notable improvement in profitability in Q1 2025 compared to the previous year, driven by stabilizing infrastructure investment and a gradual recovery in demand [27][30] - The report indicates that cement prices may see upward pressure due to improved demand and supply optimization, while glass fiber and other materials are also expected to benefit from emerging market demand [30][27] - The construction materials market is anticipated to continue its recovery, supported by favorable policies and a focus on renovation and upgrading existing properties [30][28] Banking Sector - The banking sector is benefiting from a series of financial policies aimed at optimizing credit structures and enhancing profitability, with a notable increase in bank stock performance [32][37] - The report emphasizes the importance of structural monetary policy tools and the potential for increased capital inflows into the banking sector, which may further enhance its valuation [33][37] - The outlook for the banking sector remains positive, with expectations of continued support from government policies and a focus on technological financial services [36][37]