编号：2025-005 | 投资者关系活动类别"选中 | □特定对象调研 □分析师会议 □业绩说明会 | □媒体采访 | | --- | --- | --- | | 项请打√" | □新闻发布会 □路演活动 □现场参观 √其他（电话会 | | | | 议） | | | | 中金公司，安信基金，Balance Investment，BEST INVESTMENT， | | | | ， ， ， BlackRock BRIGHTER INVESTMENT BROAD PEAK Caitong | | | | International，Cathay Site，Cathy Securities，Cephei capital，China Life | | | | Franklin，常春藤资产，冲积资产，大家资管，DANTAI CAPITAL，道仁 | | | | 资产，德劭投资，Discovering Investment，eFusion Capital，EIP Alpha， | | | | 复胜资产，富国基金，富唐资产，复星保德信，Fidelity，FOSUN HANI， | | | | 赋格投资，高毅资产，广发基金 ...

华懋科技8月26日在互动平台表示，富创优越是全球AI及算力制造产业链企业，致力于高速率光模块、 高速铜缆连接器等高可靠性复杂电子产品核心组件的智能制造公司，目前没有和寒武纪及其关联方有业 务合作，富创优越代工的产品目前也没有OAM卡和UBB板卡和服务器算力卡等。 ...

下一个大牛股，会是哪个行业龙头？ 多只AI硬件龙头股创新高 随着2025年半年报披露季拉开帷幕，行业龙头股业绩数据备受各方关注。龙头股的业绩情况能在一定程度上反映所属行业的发展态势，良好的业绩表现， 表明公司在复杂的市场环境中仍能保持较强的竞争力和盈利能力，向市场传递出积极信号，有助于增强投资者对A股市场的信心。 受业绩利好刺激，行业龙头股在二级市场的强劲表现，往往也会对所属板块产生带动作用，提升板块的市场关注度和整体估值。 以光模块龙头新易盛（300502）为例，公司预计2025年上半年净利润为37亿元至42亿元，同比增长327.68%至385.47%。报告期内，受益于人工智能相关 算力投资持续增长，公司产品结构优化，高速率产品需求持续增加，销售收入和净利润较上年同期大幅增加。 业绩超预期的表现，使得新易盛持续受到市场资金追捧，该股8月13日收盘涨幅15.45%，股价再创历史新高，最新A股市值已突破2300亿元。最新收盘价 与近3年来低点相比，最大涨幅超22倍。 同样受益于AI需求推动业绩大增的工业富联，今日收盘封住涨停板，股价创历史新高，A股市值突破8600亿元。公司今年上半年实现净利润121亿元，同 比 ...

Group 1: Government Policies and Initiatives - The State Council approved the "Artificial Intelligence +" action plan to promote large-scale commercialization of AI applications across various sectors, emphasizing innovation-driven applications and a supportive ecosystem for AI development [1] - The National Development and Reform Commission (NDRC) aims to eliminate "involution" competition and standardize local investment attraction behaviors to promote healthy and high-quality development of the private economy [2] - The National Financial Regulatory Administration issued guidelines to regulate "benefit insurance," emphasizing the need for fair pricing and adherence to insurance principles [3] Group 2: Corporate News and Financial Performance - Sinopec expects a significant decline in net profit for the first half of 2025, projecting a decrease of 39.5% to 43.7% year-on-year, with estimated net profit ranging from RMB 201 billion to RMB 216 billion [5][6] - South Road Machinery announced that if its stock price continues to rise, it may apply for a trading suspension due to significant market volatility and potential irrational speculation [3] - Tibet Tourism reported a cumulative stock price increase of 135.98% from July 21 to July 31, indicating a risk of a sharp decline if trading anomalies persist [4] Group 3: Innovations and Developments - HaiSiKe received FDA acceptance for its new drug HSK3486, a key step towards international market entry for its innovative anesthetic [9] - Huahai Pharmaceutical's dual-target antibody drug HB0043 received clinical trial approval, representing a breakthrough in treating autoimmune diseases [11] - The company YingweiKe has developed a complete liquid cooling technology and solution, aiming to expand its market presence in data centers and computing equipment [7]

Investment Overview - The company approved an investment of approximately 200 million RMB for the establishment of a high-speed optical module production base in the Ezhou Airport Economic Zone by its subsidiary, Wuhan Junheng Technology Co., Ltd [1][51] - The total investment for the project has been increased to approximately 800 million RMB, with an additional 600 million RMB planned for phased construction [2][51] Subsidiary Registration - Wuhan Junheng has completed the registration of its wholly-owned subsidiary, Hubei Junheng Technology Co., Ltd, with a registered capital of 50 million RMB [2][9] - The subsidiary's business scope includes research and development, manufacturing, and sales of optical communication equipment and electronic components [2][9] Board Meeting Decisions - The board of directors held meetings on July 31, 2025, to approve the increase in investment for Wuhan Junheng, authorizing the general manager to implement investment details within the scope approved by the shareholders [4][51] - The proposal for increased investment will be submitted for approval at the upcoming shareholders' meeting [4][51] Project Details - The project aims to construct production facilities, a research and development center, and acquire high-end optical communication equipment [5][6] - The estimated investment for the project is 800 million RMB, with funding sourced from the company's own or self-raised funds [5][6] Impact on Company - The investment is expected to enhance the operational scale and production capacity of Wuhan Junheng, aligning with the company's long-term strategic development [10][6] - The funding will not adversely affect the company's main business operations, cash flow, or asset status, and is seen as a positive step for future growth [10][6]

每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收购、业绩、解禁、 高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前寻找到投资热点， 防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①PCB+英伟达+人形机器人+算力+数据中心！这家公司AI算力卡市场份额全球第一且产品最终广泛应用 于英伟达等客户，应用于人形机器人的PCB产品已小批量出货；②创新药+减肥药！这家公司已在国内获 批上市23款1类创新药和4款2类新药；③光模块+铜缆高速连接+石英砂！公司投建高速率光模块生产基地 项目额度增至8亿元。 前言 ...

Group 1 - The report emphasizes a strategy of maintaining confidence in policies while lowering slope expectations, recommending a "4+1" investment approach focusing on domestic consumption, technology growth, cost improvement, and structural opportunities abroad, along with a stable dividend base [3][22][20] - The report identifies key sectors for investment in June, including transportation, non-bank financials, coal, environmental protection, construction decoration, beauty care, food and beverage, media, electric equipment, and social services based on an industry rotation model [4][25] Group 2 - In the media sector, Shanghai Film (601595.SH) is highlighted as a leading company benefiting from the recovery of the film market, with AI technology enhancing cost efficiency and expanding IP monetization opportunities [5][27] - In the communication sector, New Yi Sheng (300502.SZ) is recognized as a global leader in optical modules, with ongoing partnerships with major internet and communication equipment companies, driven by increasing demand for high-speed optical modules [6][30] - In the electric new energy sector, Daikin Heavy Industries (002487.SZ) is noted for being the only supplier in the Asia-Pacific region capable of delivering offshore products to Europe, with a robust order book and potential for profit growth as European offshore wind projects accelerate [7][32] - In the utilities sector, China Nuclear Power (601985.SH) is positioned as a domestic duopoly with significant cost advantages in nuclear power generation, promising future profits and dividends [8][34] - In the pharmaceutical sector, Sanofi Pharmaceutical (1530.HK) is recognized for its diverse product portfolio and strong commercialization capabilities, with promising new drug pipelines [9][36] - In the chemical sector, Zhenhua Co. (603067.SH) is highlighted as a leading global player in the chromium salt industry, expected to benefit from strong downstream demand [10][39] - In the automotive sector, XPeng Motors (9868.HK) is noted for its strong product lineup and potential for profitability as it expands its AI capabilities [11][42] - In the consumer discretionary sector, Ninebot (689009.SH) is projected to maintain high double-digit revenue growth in Q2, driven by strong sales of electric scooters and lawnmowers [12][44] - In the non-bank financial sector, Jiangsu Jinzhong (600901.SH) is expected to benefit from lower funding costs due to monetary easing, with projected earnings growth of 13% in 2025 [13][47] - In the computer sector, Zhuoyi Information (688258.SH) is recognized for its innovative AI programming products and potential benefits from high computing demand [14][50]

公司报告 | 年报点评报告 新易盛（300502） 证券研究报告 25 年一季度再创新高，硅光产业线逐步丰富 事件：公司发布 24 年年报及 25 年一季报。24 年全年营业收入 86.47 亿元 （YoY +179.15%），归母净利润 28.38 亿元（YoY +312.26%）；25 年 Q1 营业 收入 40.52 亿元（YoY +264.13%），归母净利润 15.73 亿元（YoY +384.54%）。 24 年非海外大客户订单增幅显著：2024 年公司高速率光模块、硅光模块、 相干光模块、800G LPO 光模块等相关新产品新技术研发项目取得多项突破 和进展。从收入端来看，24 年海外收入 68.05 亿元（YoY +162.31%），主要 因为 800G 产品已逐渐上量，我们判断海外行业客户使用以太网方案驱动 配套的 800G 光模块需求持续增长；国内收入 18.42 亿元（YoY +265.95%）， 我们推测或将因为客户 FTTH-CHINA 对接的东欧等地客户订单增长，并通过 浙江粮油按照三方《出口合作协议书》约定进行采购及结算。 关税背景下公司风险可控：从采购端来看，公司拓展国产芯片在 ...

Core Insights - In 2024, 178 listed companies in Sichuan reported a total operating revenue of 1,107.3 billion yuan and a net profit attributable to shareholders of 95.9 billion yuan, with 74% of companies profitable and 42% showing year-on-year profit growth [1] Group 1: Revenue and Profit Performance - Three companies, Sichuan Road and Bridge, Sichuan Changhong, and New Hope, entered the "billion club" with revenues of 107.24 billion yuan, 103.69 billion yuan, and 103.06 billion yuan respectively [2] - Wuliangye led the net profit rankings with 31.85 billion yuan, followed by Luzhou Laojiao with 13.47 billion yuan and Chengdu Bank with 12.86 billion yuan [2] - 15 companies doubled their net profits, while 11 companies turned losses into profits [1] Group 2: Industry Dynamics - The pharmaceutical and biological, food and beverage, and banking sectors emerged as key profit drivers, with 19 pharmaceutical companies forming a comprehensive "R&D + authorization + manufacturing" ecosystem [3] - Baili Tianheng's revenue surged by 936.31% due to an international authorization fee of 800 million USD for its dual-antibody ADC drug, leading to a significant turnaround in profitability [3] - Chengdu Bank achieved a weighted return on equity of 17.81%, ranking high among listed banks [3] Group 3: R&D Investment - Sichuan companies invested a total of 24 billion yuan in R&D in 2024, with 147 companies contributing to this figure [4] - Kelun Pharmaceutical led in R&D investment with 12.3 billion yuan, while New Hope's R&D investment was 4.03 billion yuan, representing 4.66% of its revenue [4] - Tongwei has invested over 11 billion yuan in R&D over the past three years, focusing on cutting-edge photovoltaic technologies [4][5]