点击招商研究小程序查看PDF报告原文 参考报告： 1、《沪电股份（002463）—20年业绩符合预期，青淞厂开启新一轮扩产计划》2021/02/03 2、《沪电股份（002463）—入股胜伟策，长线卡位汽车板下一代技术》2022/01/12 3、《沪电股份（002463）—今年有望迎增长拐点，汽车+数通长线逻辑清晰》2022/03/24 4、《沪电股份（002463）—Q1迎来经营拐点，疫情担忧不改长期趋势》2022/04/25 5、《沪电股份（002463）—H1业绩逆势增长，创新需求持续驱动产品产能结构升级》2022/08/24 6、《沪电股份（002463）—Q3业绩稳中向好，源于产品结构升级、稼动率提升及汇兑收益》2022- 10-25 7、《沪电股份（002463）点评报告—Q4业绩优于市场预期，数通及汽车板仍为成长主线》2023- 02-01 8、《沪电股份（002463）点评报告—盈利能力持续改善，数通+汽车双轮驱动打开长线空间》 2023-03-24 9、《沪电股份（002463）—Q1业绩短期承压，AI算力+汽车打开长线增长空间》2023-04-26 10、《沪电股份（002463）：Q2业 ...

证券研究报告 | 公司点评报告 2025 年 07 月 11 日 % 1m 6m 12m 绝对表现 30 8 14 相对表现 26 0 -3 资料来源：公司数据、招商证券 -60 -40 -20 0 20 40 Jul/24 Nov/24 Feb/25 Jun/25 (%) 沪电股份 沪深300 相关报告 沪电股份（002463.SZ） Q2 业绩超预期，拟加码黄石基地扩产，看好中长线 AI 订单承接能力 TMT 及中小盘/电子 事件：1）公司发布 2025 年业绩预告。2）公司近期公告同意出于黄石沪士未 来经营发展的需求，2025 年 7 月至 2031 年 6 月期间，在不超过人民币 36 亿 元的总投资额度范围内，授权管理层可就潜在项目投资与黄石经济技术开发区 管理委员会进行磋商。我们点评如下： 强烈推荐（维持） 当前股价：47.25 元 基础数据 | 总股本（百万股） | 1923 | | --- | --- | | 已上市流通股（百万股） | 1922 | | 总市值（十亿元） | 90.9 | | 流通市值（十亿元） | 90.8 | | 每股净资产（MRQ） | 6.6 | | ROE（TTM） ...

目前，麦格理维持对CoreWeave的"中性"评级及65美元目标价，同时给予Core Scientific"跑赢大盘"评 级，目标价15美元。此次收购若顺利落地，或为双方在数据中心资源整合与财务优化层面开辟新空间。 财务影响方面，CoreWeave表示该交易将立即消除未来12年内现有合同场地累计超100亿美元的租赁支 出。通过运营聚焦优化，预计到2027年底可实现年度运营成本节约5亿美元。麦格理基于当前对 CoreWeave的2028年调整后净收入预测及稀释后股本结构测算，仅5亿美元税后净节约(税率21%)即可支 撑约5%的EPS增厚效应，尚未计入潜在产能复用或资产剥离带来的额外收益。 值得注意的是，Core Scientific原有加密货币挖矿产能存在转型可能，既可转向高性能计算(HPC)领域， 亦可进行资产剥离。麦格理指出，此次收购有望通过多元化融资渠道降低资本成本，缓解市场对 CoreWeave债务状况的关注。 智通财经APP获悉，麦格理最新研报披露，CoreWeave(CRWV.US)拟以90亿美元收购Core Scientific(CORZ.US)的交易细节。该收购将显著扩大CoreWeave的数据 ...

来源：内容编译自hpcwire 。 高性能计算 (HPC) 以太网旨在促进计算节点之间的快速通信，最大限度地降低延迟并最大化带宽， 以确保快速可靠的数据传输。尽管近年来数据传输速率有所提高，但技术进步仍在不断突破传统网络 的界限。人工智能工作负载尤其苛刻，严重依赖于稳健、可扩展的网络架构。超级以太网联盟(UEC) 最近通过了超级以太网规范 1.0，确保了基于以太网的通信路径的持续发展，以满足现代人工智能和 HPC 系统的严苛需求。 随着数据量和计算需求的激增，专业人员面临着高昂的运营成本、低下的可扩展性以及意想不到的性 能限制。他们该如何避免日益常见的系统膨胀和瓶颈？ 公众号记得加星标⭐️，第一时间看推送不会错过。 HPC 网络的膨胀和瓶颈 面对新出现的瓶颈，企业正在快速扩张，投资新硬件，并增加云计算支出，这导致网络变得过于复 杂，配置过度。关键在于，问题在于访问的便捷性，而非计算速度。 技术进步带来了显著的性能提升。然而，现代硬件无法充分发挥其潜力，因为数据密集型工作负载会 造成性能瓶颈。即使是最强大的组件，如果受到低效存储系统的阻碍，也会受到阻碍。 导致这些代价高昂的问题的关键趋势 在 AI 工作流程中， ...

证券代码：002463 证券简称：沪电股份 沪士电子股份有限公司 投资者活动记录表 编号：2025-0703-020 | 投资者关系 | 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观 □电话会议 其他：网络会议 | | 活动参与人员 | 中银基金、兴全基金、运舟资本、汇丰、海富通、源乐晟、东证资管、平安 | | | 基金、东吴证券、鹏华基金、景林资产、宁波量利、敦和资产、华峰资管 | | | （本次会议采取网络会议形式，参会者均未签署书面调研承诺函。但在交流 | | | 活动中，我公司严格遵守相关规定，保证信息披 露真实、准确、及时、公 | | | 平，没有发生未公开重大信息泄露等情况。下文会议纪要中的内容不代表公 | | | 司对未来的盈利预测和业绩指引，请投资者注意投资风险并谨慎投资。） | | 时间 | 2025 年 7 月 3 日 11:00-11:40 | | 地点 | 公司会议室 | | 形式 | 网络会议 | | 公司接待 | 钱元君、王术梅 | | 人员姓名 | | | | 1、公司整体经营策略 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha China's Wafer Fab Equipment Industry Present & Future Covering the present tools & future roadmap of NAURA, AMEC, ACM Research, SiCarrier and Piotech ZEPHYR JUN 29, 2025 5 Share Source: CGTN The advent of LLMs and the intensication of the US-China rivalry have placed semiconductors at the undisputed center of global power dynamics. While headlines frequently focus on the progress of Chinese chip designers like Huawei and foundries such as SMIC and CXMT, a critical yet far mor ...

Key Takeaways Applied Digital Corporation's (APLD) shares have surged 52% so far in June, significantly outperforming the Financial - Miscellaneous Services industry's increase of 9.3%. The upside can be attributed to the rising demand for AI services as well as the company's progress with its infrastructure. APLD recently entered into two approximately 15-year lease agreements with the AI hyperscaler, CoreWeave. Moreover, calendar-year first-quarter earnings commentary by industry leaders, including Micros ...

Group 1 - Core Scientific's shares experienced a slight decline after a significant 33% increase, following reports of CoreWeave's renewed interest in acquiring the company [1][5] - Last year, CoreWeave attempted to acquire Core Scientific for $5.75 per share, valuing the deal at over $1 billion, but the offer was rejected by Core Scientific [2][5] - Following the news, Core Scientific's stock closed at $16.36, with an additional 5% increase noted shortly before the market opened [2][5] Group 2 - Core Scientific has established a business relationship with CoreWeave, providing billions of dollars' worth of high-performance computing infrastructure [4] - CoreWeave rents access to Nvidia GPUs for companies like Microsoft to support their AI product models [4] - CoreWeave's shares have increased nearly 3% in recent trading and have quadrupled since their IPO in March [4]

RETRANSMISSION: HIVE Achieves FY2025 Total Revenue of $115.3 Million and $56.2 Million Adjusted EBITDA with 1,414 Bitcoin Mined and 3x Growth in AI GPU RevenueJune 26, 2025 6:00 AM EDT | Source: HIVE Digital Technologies Ltd.This news release constitutes a "designated news release" for the purposes of the Company's amended and restated prospectus supplement dated May 14, 2025, to its short form base shelf prospectus dated September 11, 2024.San Antonio, Texas--(Newsfile Corp. - June 26, 2025) ...

Core Insights - HIVE Digital Technologies Ltd. reported total revenue of $115.3 million for FY2025, with a significant contribution from digital currency mining and high-performance computing (HPC) services [6][3] - The company achieved adjusted EBITDA of $56.2 million, representing 48.7% of total revenue, despite a net loss of $3.0 million [6][3] - HIVE's Bitcoin production reached 1,414 Bitcoin, while HPC revenue grew approximately threefold year-over-year to $10.1 million [6][3] Financial Highlights - Total revenue for FY2025 was $115.3 million, with digital currency mining revenue at $105.2 million, down 5.2% year-over-year [6] - HPC/AI Cloud revenue was $10.1 million, a 194% increase from $3.4 million in FY2024 [6] - Gross operating margin was $25.1 million, equating to 21.8% [6] - General and administrative expenses rose to $16.6 million from $13.2 million in FY2024 due to increased staffing for global expansion [6] - Total digital currency assets were valued at $181.1 million, including 2,201 Bitcoin [6] Management Insights - The company expanded its operational hashrate from 4.5 EH/s to 6.3 EH/s, a 40% increase, despite challenges from the Bitcoin halving [7] - HIVE acquired 300 MW of hydro-powered green energy sites in Paraguay, enhancing its leadership in sustainable mining [7] - The company aims to scale its Bitcoin mining business to 25 EH/s by December 31, 2025, and continues to grow its Buzz HPC business [7] - HIVE transitioned its financial reporting from IFRS to US GAAP to align with strategic objectives and enhance comparability with U.S. peers [7] Q4 FY2025 Highlights - Q4 total revenue was $31.2 million, with digital currency mining revenue at $28.1 million, reflecting a 5.5% sequential increase [8] - General and administrative expenses for Q4 were $5.3 million, up from $4.6 million in Q3 FY2025 [8] - Bitcoin production in Q4 was 303 Bitcoin, down 6% sequentially due to increased hashrate difficulty [8] - Buzz HPC revenue reached a record $3.0 million in Q4, an 18.5% sequential increase [8]