点击 关注我们 报告发布日期：2025年7月8日 报告名称: 《工业富联（601138.SH）：预告上半年利润增长36.8%-39.1%，云计算业务营收持续高增》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 张大为 S0980524100002/ 詹浏洋 S0980524060001 / 李书颖 S0980122080309 联系人：连欣然 完整报告请扫描下方二维码 核心观点 初步核算2025年上半年归母净利润同比增长36.84%至39.12% 公司发布2025年半年度业绩预告，初步核算2025年上半年归母净利润119.58-121.58亿元(YoY 36.84%至 39.12%)，扣非归母净利润115.97-117.97亿元(YoY 35.91%至38.25%)；其中2Q25归母净利润67.27-69.27亿元 (YoY 47.72%至52.11%，QoQ 28.61%至32.44%)，扣非归母净利润66.94-68.94亿元(YoY 57.10%至61.80%，QoQ 36.54%至40.62%)。 GB300服务器全球首批部 ...

PCB 眼中的 AI 需求（铜箔+电子布）20250707 摘要 GB200 服务器已批量出货，预计今年出货 2 至 2.5 万柜，上半年已出货 1.2 万柜，下半年需求预计 1.3 万柜，价格在 3.5 万至 4 万元/平方米波 动。SVD 高多层部分主要供应商包括沪电、TTM、盛宏和优德麦克，出 货状况稳定。 GB300 方案已基本确定，采用 HDR 加高多层方案，样品已送样，预计 8 月开始逐步量产，今年预计出货 1 至 1.5 万柜，每平米可生产约 14 个 unit。材料采用 M7、M8 混压，compute 部分 HDR 方案优先向盛宏、 星星、沪电和 TPM 等供应商倾斜。 LDK 三代石英布在 PCB 制造中面临打孔工艺难题，材料硬度高，激光钻 孔易导致孔径变大和树脂扯开。改进方向包括提升玻纤布硬度和吸光率， 尝试不同光源波长，但问题尚未完全解决，需材料商与设备制造商共同 研发。 新材料研发存在技术指标尚未完全克服的问题，如 Q 布应用于小孔间距 产品设计时存在离子迁移风险。解决方案包括优化产品设计和材料商与 PCB 板供应商合作研发，新材料认证周期预计半年。 Q&A 请介绍一下目前 NV 服 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained) [5] Core Insights - The upcoming launch of the GB300 server and Oracle's contract are expected to drive investment opportunities in computing power [12] - The listing plans of Lens Technology and Luxshare Precision in Hong Kong, along with the US-Vietnam tariff adjustments, are stimulating the recovery of the consumer electronics supply chain [12][15] - The GB300 AI server chip from NVIDIA is set to be released in the second half of the year, with revenue opportunities expected to increase by 50 times compared to the previous generation [16] - Oracle has signed multiple cloud service contracts, which are anticipated to significantly boost demand for computing power and related infrastructure [20][21] - The demand for PCB (Printed Circuit Board) is expected to rise due to the increasing needs from AI servers and ASIC (Application-Specific Integrated Circuit) developments [23][31] Summary by Sections 1. Consumer Electronics Sector - Lens Technology and Luxshare Precision are planning to list in Hong Kong, enhancing their global presence and benefiting from tariff adjustments between the US and Vietnam [12][15] - The US-Vietnam trade agreement is expected to lower supply chain costs for companies like Apple, positively impacting the consumer electronics sector [15] 2. Computing Power Infrastructure - The GB300 AI server chip is anticipated to drive significant orders and technological upgrades within the industry [16][17] - Oracle's cloud service contracts are projected to contribute over $30 billion annually, indicating strong demand for AI infrastructure [20] 3. PCB Market Dynamics - The demand for PCB is expected to grow due to the increasing requirements from AI servers and ASIC technologies [23][31] - The GB200 NVL72 architecture from NVIDIA is raising the standards for PCB, leading to increased growth in the sector [26] 4. Smartphone Market Insights - Huawei continues to lead the Chinese smartphone market, with a 12% year-on-year growth in the second quarter of 2025 [35] - The release of new models from major brands is expected to drive further innovation and competition in the smartphone market [38][40]

证券研究报告｜基金配置周报 2025 年 07 月 07 日 创新药高质量发展政策发布，如何抓住机会？ 【20250630-20250706】 | ◼ | 市场回顾：上周权益市场主要指数集体反弹，沪深 300 涨幅最 | | | --- | --- | --- | | | 大，上涨 1.54%；债券市场长短端利率均有所下行，其中十年 | 大同证券研究中心 | | | 期国债下行 0.90BP，期限利差进一步走阔，长短端 AAA 信用利 | 分析师：杨素婷 | | | 差均有所收窄；基金市场中偏股基金指数和二级债基指数均周 | 执业证书编号： | | | 度收涨，中长期纯债基金指数和短期纯债基金指数周度飘红； | S0770524020002 | | | 申万 31 个行业涨多跌少，周期板块有所反弹。 | 邮箱：yangst@dtsbc.com.cn | | ◼ | 权益类产品配置策略： | | | ➢ | 事件驱动策略：（1）《支持创新药高质量发展的若干措施》 | 地址：山西太原长治路 111 号山 | | | 发布，可关注：工银医药健康 A(006002)、鹏华医药科技 | 西世贸中心 A 座 F12、F1 ...

Investment Rating - The industry investment rating is "Strongly Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [32]. Core Insights - Oracle announced a $30 billion order and plans to expand data centers in the U.S., with multi-cloud database revenue growing at over 100% [4][7]. - CoreWeave received the first batch of NVIDIA GB300 servers, significantly enhancing AI processing capabilities and efficiency [8]. - Figma is preparing for a major IPO, projecting $749 million in revenue for 2024, with a focus on integrating AI into its design platform [9][13]. - The AI sector is experiencing a new technology cycle driven by increased computational power, model iteration, and accelerated commercialization [4]. - ByteDance's Doubao launched a new "In-Depth Research" feature, enhancing its AI capabilities for complex task processing [22][26]. Summary by Sections Oracle - Oracle's CEO stated a strong start to FY26, with multi-cloud database revenue growing over 100% and a significant contract with OpenAI expected to contribute over $30 billion annually starting FY28 [4][7]. CoreWeave - CoreWeave announced the receipt of NVIDIA's latest GB300 servers, which enhance AI model output efficiency by up to 50 times, marking a significant advancement in AI cloud services [8]. Figma - Figma aims for a $1.5 billion IPO, with 2024 revenue projected at $749 million, reflecting a 48% year-over-year growth. The platform is embedding AI to improve design efficiency [9][13]. AI Dynamics - The AI industry is witnessing a robust cycle characterized by high demand for computational power and rapid advancements in AI applications, with major companies like Oracle and CoreWeave leading the charge [4]. ByteDance - ByteDance's Doubao introduced the "In-Depth Research" feature, which allows users to process complex tasks and generate structured reports, indicating a shift towards deeper AI application capabilities [22][26].

Group 1 - New Asia Electronics (605277) has seen a strong performance in the stock market, reaching a limit-up price of 18.46 yuan per share [1] - The company has developed a new high-speed copper cable manufacturing technology called "lotus core high-speed wire" in collaboration with Amphenol, which has received patent authorization and is now in mass production [1][2] - The lotus core structure technology allows for the production of high-quality, high-performance high-speed copper cables without the need for imported fluoropolymer foaming equipment, addressing limitations in the current manufacturing process [1][2] Group 2 - The demand for high-speed copper cables is increasing rapidly due to the growth of data centers, and the lotus core structure is expected to become a mainstream technology solution beyond traditional foaming methods [2] - New Asia Electronics was established in 1987 and focuses on the research and manufacturing of electronic cables, with a diverse product range including precision electronics, communication optical cables, and cables for electric vehicles [3] - The company has obtained a total of 31 authorized invention patents and 164 utility model patents, serving well-known clients such as Hisense, Gree, Midea, BYD, Dell, and HP [3]

通信周观点： 1）美国商务部 5 月 13 日升级对华芯片管制，撤销《AI 扩散规则》并出台三项新规：全球禁用华为昇腾芯片、限制美 芯片用于中国 AI 训练、强化供应链审查。此外黄仁勋受访时表示英伟达将重新推出面向中国市场的芯片，但不会再 推出 Hopper 系列产品，预计将采用 GDDR7 显存替代 HBM 高带宽内存，以满足美国出口限制要求。我们认为从性能看， 国产芯片性能或将大超英伟达改版后芯片性能，利好国产算力芯片。2）因英伟达 AI 芯片出货量不及预期（GB200 出 货不及预期，且 H20 受到管制，NVIDIA 计提约 55 亿美元的与 H20 相关的费用损失），而国内芯片供应增长需要时间， 阿里、腾讯等互联网厂商 1Q25 资本支出略低于市场预期。我们认为短期看，互联网厂商全年资本开支可能略有下滑， 但这也将加速 AI 芯片的国产替代进程。长期看伴随国产 AI 芯片的起量，AI 仍将驱动业务增长。3）英伟达 5 月 14 日 宣布在上海设立 AI 芯片研发中心，并与沙特签署 18000 台 GB300 服务器订单。此举凸显其全球布局战略，将推动高 速光模块及液冷技术需求。海外算力基建需求激增， ...