本报记者 陈红 《证券日报》记者根据东方财富Choice数据统计，截至7月7日，已有57家A股上市公司披露2025年上半年业绩预告及主要 经营数据，科技等行业表现亮眼。 具体来看，聚光科技（杭州）股份有限公司预计2025年上半年净利润亏损5400万元至4200万元。报告期内，在主动深化业 务优化与聚焦高价值领域的转型过程中，公司经营成果阶段性承压，营收与利润较上年同期有所回调。 雪天盐业集团股份有限公司预计2025年半年度净利润为6478万元至7774万元，同比减少76.34%到80.29%，主要受市场变化 影响，公司部分产品市场价格同比下降。 中国金融智库特邀研究员余丰慧向《证券日报》记者表示，业绩分化的核心在于"行业生态重构"。科技板块的高增长缘于 中国企业在全球产业链中实现从跟跑到领跑的突破，溢价效应持续释放；而传统行业承压则反映新旧动能转换的阵痛，依赖单 一产品、缺乏迭代能力的企业在需求升级下盈利收窄。周期行业内部的"冰火分化"，本质是转型期企业对新兴产业链"适配 性"竞争的结果。 具体来看，57家披露业绩预告的公司中，有24家预增、14家略增、3家扭亏、5家续盈。其中，在24家预增公司中，惠而浦 （ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is in a rapid growth phase, with a projected revenue of 503 million yuan for the first half of 2025, representing a year-on-year increase of 37%. The net profit attributable to the parent company is expected to reach 99 million yuan, with a year-on-year growth of approximately 267% [1][2] - The company benefits from increased customer demand, new customer acquisition, and the successful launch of new products, including AI chips and BLE6.0 chips, which have gained significant market traction [2][3] - The company has demonstrated significant scale effects, with net profit growth outpacing revenue growth due to higher sales of high-margin products and operational leverage [3] Summary by Sections Financial Performance - For the first half of 2025, the company expects a revenue of 503 million yuan, a 37% increase year-on-year, and a net profit of 99 million yuan, reflecting a 267% increase. Excluding stock payment expenses, the net profit is approximately 119 million yuan [1][2] - The net profit margin is projected to reach around 19.7%, significantly higher than the previous year's figures [3] Market Position and Product Development - The company holds a leading position in the low-power Bluetooth SoC chip market and is the largest domestic Zigbee chip supplier, maintaining a strong global presence [2] - New product launches, such as the edge AI chip and Matter chip, have entered mass production and are well-received in the market, contributing to revenue growth [2][3] Future Outlook - The company is expected to maintain rapid growth, with revenue forecasts for 2025 to 2027 set at 1.115 billion yuan, 1.466 billion yuan, and 1.857 billion yuan, respectively [4][10] - The net profit forecasts for the same period have been revised upwards, indicating strong growth potential [9]

Core Viewpoint - The article discusses advancements in 4D printing technology, particularly focusing on a new method for ceramic 4D printing driven by hydrogel dehydration, which allows for the creation of complex structures without the need for molds or external forces [2][3][4]. Group 1: 4D Printing Technology - 4D printing is a novel additive manufacturing technology that enables the creation of three-dimensional structures from smart materials, which can change shape over time when stimulated by external factors such as light, heat, or electricity [12]. - Current 4D printing materials are primarily limited to soft materials like hydrogels and shape memory polymers, with significant challenges remaining for hard materials like ceramics [2][3]. Group 2: Research and Development - A collaborative research team from Southern University of Science and Technology has developed a hydrogel-driven ceramic 4D printing method, utilizing light-sensitive ceramic elastomer slurries and acrylic hydrogel precursors suitable for DLP printing [3]. - The developed materials can undergo significant deformation, with the ceramic elastomer capable of withstanding up to 700% tensile strain and the hydrogel achieving a volume shrinkage of up to 65% during dehydration, along with a modulus increase of over 40 times [3]. Group 3: Upcoming Forum - Professor Ge Qi will present on "Multi-material 3D/4D Printing: From Hydrogels to Ceramics" at the 2025 (4th) Polymer 3D Printing Materials Summit Forum, scheduled for July 18-20, 2025, in Hangzhou, Zhejiang [5][8]. - The forum aims to facilitate discussions on high-precision 4D printing equipment, advancements in high-performance light-curing smart materials, and design methodologies for multi-material 4D printing [12].

Core Viewpoint - The company TaiLing Microelectronics has reported significant growth in its financial performance for the first half of the year, with net profit exceeding the total for the previous year, driven by increased customer demand and new product launches [4][6]. Financial Performance - TaiLing Microelectronics expects to achieve approximately 503 million yuan in revenue for the first half of the year, representing a year-on-year growth of around 37% [4]. - The company anticipates a net profit of approximately 99 million yuan, reflecting a substantial year-on-year increase of about 267% [4]. - The net profit margin is projected to be around 19.7%, a significant improvement from 7.38% in the same period last year [4]. - The gross profit margin is estimated at 50.7%, up 4.52 percentage points from 46.18% year-on-year [4]. Product Performance - The sales of the newly launched edge AI chips reached the scale of tens of millions of yuan in the second quarter, indicating strong market acceptance and potential for future growth [8]. - All product lines have seen revenue increases, with notable growth in multi-mode and audio product lines, as well as BLE product lines [8]. - The company has successfully entered mass production of its BLE 6.0 chips, which support advanced features like high-precision indoor positioning [9]. - The new WiFi chips have also achieved mass production, and audio business has seen significant growth with new major clients [9]. Market Outlook - The overseas business of TaiLing Microelectronics is expanding rapidly, with an increased proportion of foreign revenue compared to the same period last year [9]. - Future projections by Huashan Securities estimate the company will achieve net profits of 193 million yuan, 284 million yuan, and 387 million yuan in 2025, 2026, and 2027 respectively, with corresponding EPS of 0.80, 1.18, and 1.61 yuan [9].

二季度已临近尾声，A股上市公司已经陆续开始披露半年度业绩预告。Choice金融终端数据显示，截至 6月24日晚间，A股共有21家上市公司对外披露了2025年半年度的业绩预告，范围涵盖多家行业龙头公 司。 科创板层面，至撰稿时已有影石创新、甬矽电子、圣诺生物、广大特材、泰凌微、达梦数据、京仪装 备、青达环保8家企业披露了业绩预告。值得注意的是，泰凌微是今年首家披露业绩预告的芯片设计企 业。 一季度高增长水平得以延续 上半年利润已超去年全年 今年3月下旬，泰凌微凭借"历史最好一季度表现"和一系列超预期的基本面数据表现引发市场追捧，从 此次半年度预告中可见，今年一季度的优异表现和高增速在二季度得到了延续，业绩处于成长期的逻辑 进一步巩固。 具体来看，预计2025年半年度实现营业收入5.03亿元左右，同比增加37%左右；归母净利润9900万元左 右，增幅267%左右；归母扣非净利润9500万元左右，增幅265%左右，若剔除本期计提的约2200万的股 份支付费用以及相关所得税的影响，则净利润可以来到约1.19亿元的规模。 无论是否剔除该部分的影响，上半年扣非前后归母净利润均已经超过了2024年全年的水平。 报告期里，各 ...

证券代码：688591 证券简称：泰凌微 公告编号：2025-028 （4）本期计提股份支付费用约 2,200 万元，若剔除股份支付费用及相关所 得税影响，本期净利润约 1.19 亿元，与上年同期相比，预计增加 8,675 万元左右， 增幅 269%左右。 （5）本期公司净利率预计为 19.7%左右，相比 2024 年同期净利率 7.38%有 明显提升。 （6）本期公司毛利率约 50.7%，相比 2024 年同期的 46.18%增长 4.52 个百 分点左右。 （三）公司本期业绩预告未经注册会计师审计。 泰凌微电子（上海）股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 （1）经财务部门初步测算，预计 2025 年半年度实现营业收入为 5.03 亿元 左右，与上年同期（法定披露数据）相比，将增加 1.37 亿元左右，同比增加 37% 左右。 （2）预计 2025 年半年度实现归属于母公司所有者的净利润为 9,900 万元左 右，与上年同期（法定披露数 ...

证券研究报告：电子 | 公司点评报告 发布时间：2025-06-17 股票投资评级 买入 |维持 个股表现 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 -22% -7% 8% 23% 38% 53% 68% 83% 98% 113% 泰凌微 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 35.65 | | --- | --- | | 总股本/流通股本（亿股）2.41 | / 1.66 | | 总市值/流通市值（亿元）86 | / 59 | | 52 周内最高/最低价 | 45.25 / 15.58 | | 资产负债率(%) | 5.9% | | 市盈率 | 86.95 | | 第一大股东 | 国家集成电路产业投资 | | | 基金股份有限公司 | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 泰凌微(688591) 从超低功耗到 EdgeAl， ...

Core Insights - Enbridge Inc.'s business model minimizes commodity price volatility and volume risks through regulated or take-or-pay contracts, which support 98% of its EBITDA [1][9] - More than 80% of Enbridge's profits come from activities that allow automatic price or fee increases, helping to offset rising costs and protect earnings and dividends in a high inflationary environment [1][9] - The stability of Enbridge's business model contributes to its investment-grade credit rating and provides long-term visibility into cash flows [2] Pipeline Operations - The Matterhorn Express Pipeline and Traverse Pipeline are significant assets for Enbridge, transporting natural gas to key markets like the U.S. Gulf Coasts from the Permian Basin, operating under take-or-pay contracts that shield against volume risks [3][4] - Shippers reserving capacity on these pipelines are investment-grade counterparties, ensuring stable fee-based revenues that are resilient to energy market volatility [4] Comparison with Peers - Other midstream companies like Kinder Morgan (KMI) and Enterprise Products Partners LP (EPD) also have stable business models supported by fee-based revenues [5] - Kinder Morgan's network of pipeline and storage assets operates under long-term take-or-pay contracts, ensuring consistent revenue streams [6] - Enterprise Products has a diversified asset portfolio and has achieved over two decades of distribution increases across various business cycles [7] Financial Performance - Enbridge's shares have increased by 37.3% over the past year, outperforming the industry average of 35.9% [8] - The company trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 15.36X, higher than the industry average of 13.95X [11] - The Zacks Consensus Estimate for Enbridge's 2025 earnings remains unchanged over the past week, with current estimates at $2.12 per share [13][14]

如果您希望可以时常见面，欢迎标星收藏哦~ 在AI推动的新一轮技术浪潮中，连接、感知和计算正同时加速演进。5月21日，Qorvo在北京举办 了以「连接无界 智护未来」为主题的2025媒体日，全面展示了其在三大核心技术方向的最新布 局：包括Wi-Fi 8的标准演进、UWB与Matter的融合应用，以及面向AI数据中心的企业级SSD电源 管理方案（PMIC）。 从过去强调"更快"，到如今关注"更稳"，Wi-Fi 8正引领无线通信标准的方向变化；UWB和Matter 的结合，则让空间定位和多协议协同走向真正可用、可扩展；而在AI大模型带动下，电源管理早 已不只是简单"供电"，更关乎数据中心的稳定性和可靠性。 这不仅是一场产品的集中亮相，更是Qorvo围绕"下一代智能连接"给出的一份系统级答卷。 Wi-Fi 8标准轮廓初显，Qorvo敢为人先 在2024年Wi-Fi 7尚未全面普及之际，Wi-Fi 8已悄然走入技术前沿的讨论视野。近日，Qorvo亚太 区无线连接事业部高级行销经理林健富在活动上率先披露Wi-Fi 8的关键演进路径、核心技术特性 及其面临的系统设计挑战，标志着这家全球领先的射频技术企业再次走在了下一代无线 ...

文 | 追问nextquestion 人脑如何测算时间呢？比如时钟滴答，我们可以通过时钟齿轮的震动来感受时间；或者昼夜交替，我们 通过日月移动感受时间——所谓的时间测量，似乎都来源于规律运动的外部事物产生的运动痕迹。 除此之外，有没有人脑内部的时间表征呢？这是一个回归到原点的神经科学思辨，可能也是理解人脑和 人工智能区别的一把钥匙。 神经科学家大卫·罗比（David Robbe）认为，我们并不依赖所谓"脑内时钟"，我们对时间的估计是通过 我们与周围世界（或我们内心世界）的互动以及我们的行为产生的。这来自于他自己的啮齿动物行为实 验，也基于他对法国哲学家亨利·柏格森*（Henri Bergson）的思想的重新审视。他将这些思想整理成了 一篇综述文章 "Lost in Time, Relocating the Perception of Duration Outside the Brain"（迷失在时间中：将 时间感知重新定位在大脑之外）发表在Neuroscience & Biobehavioral Reviews上[1]。 保罗：亨利·柏格森*（Henri Bergson）是谁？你为什么如此痴迷于他和他提出的思 ...