策 略 研 究 联系人 王雪蓉 (8621)23297818× wangxr@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 励精图治，开板六年，科创板始终是资本市场深化改革的"试验田"，改革政策一马当先。2019 年 7 月 22 日，首批 25 家科创板企业上市，其审核标准、审核过程及审核内容高度透明，为 A 股市场向 注册制转型树立了首批典范。六年来，多元化上市条件成效显著，截至 2025 年 6 月 12 日，科创板已 有 54 家未盈利企业（上市时）、8 家特殊股权架构企业、7 家红筹企业、20 家通过第五套标准上市企 业以及 1 家转板上市企业。结合科创板最新改革进展，我们认为重点关注三点： 2025 年 07 月 21 日 科创板励精图治，科特估扬帆起航 A 股 策 略 相关研究 - 证券分析师 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 牟瑾瑾 A0230524100002 mujj@swsresearch.com 王胜 A02305110 ...

Key Takeaways UMC's foundries in Taiwan, Singapore and Japan operated at healthy utilization rates in 2025. A focus on mature and specialty process nodes has helped UMC navigate chip industry volatility. Zacks expects UMC earnings to grow 11.32% next year after a projected 8.62% decline in 2025.In 2025, United Microelectronics Corporation (UMC) , part of the Zacks Electronics – Semiconductors industry, has steadily strengthened its position in the global semiconductor landscape, building on its reputation ...

British rock icons Oasis began their long-awaited reunion tour this month, and it's not hard to see parallels between the Gallagher brothers, Liam and Noel, and current China and U.S. trade relations. After a long and bitter dispute, the two sides agreed to put the past aside and negotiate for the betterment of both parties. And while we likely won’t get a world tour with Presidents Trump and Xi Jinping anytime soon, it appears the two have learned the lesson the Gallaghers sang about in their concert stapl ...

新华社北京7月21日电 题：11.23亿网民如何共享数字发展成果？——透视第56次《中国互联网络发展 状况统计报告》 新华社记者王思北 21日，中国互联网络信息中心在京发布第56次《中国互联网络发展状况统计报告》。报告显示，截至 2025年6月，我国网民规模达11.23亿人，互联网普及率达79.7%，5G基站总数达455万个；新型信息基 础设施加速布局，数字经济规模持续扩大，互联网普惠深入推进，越来越多群体共享数字发展成果…… 数据的背后折射出哪些新趋势，数字如何点亮美好生活？ 共享数字发展成果 从产业方面看，2024年我国人工智能产业规模突破7000亿元，连续多年保持20%以上的增长率。国产人 工智能产品与办公协同、教育普惠、工业设计、内容创作等场景深度融合，构建了覆盖多个领域的智能 应用生态。 "随着我国人工智能领域的持续发展创新，一批优质的国产人工智能产品加速出海，我国在人工智能领 域影响力显著提升。"中国互联网络信息中心副主任张晓举例道，DeepSeek上线不足20天，全球日活跃 用户突破3000万，成为全球用户增速最快的生成式人工智能应用。此外，我国已成为全球人工智能专利 最大拥有国，占比达60%。 ...

业绩总结 - 2025年第二季度净收入为1920万美元，每股摊薄收益为0.61美元，平均资产回报率(ROAA)为1.53%[6] - 调整后净收入为1980万美元，每股摊薄收益为0.63美元，调整后平均股东权益回报率(ROATCE)为16.02%[6] - 2023年调整后的净收入为78,182,000美元，较2022年增长39.9%[133] - 2023年第二季度的每股收益（稀释后）为0.61美元[134] - 2023年总资产为5,073,170,000美元，较2022年增长约18.4%[140] 用户数据 - 截至2025年6月30日，总资产为50.18亿美元，总贷款为33.48亿美元，总存款为43.07亿美元[14] - 核心存款占比为95.3%[14] - 截至2025年6月30日，前100名存款者占公司存款基数的14%[29] - 截至2025年6月30日，未投保和无担保存款估计为5.95亿美元，占总存款的14%[29] - 2023年，公司的核心存款总额为4,116,058,000美元，占总存款的95.32%[142] 未来展望 - 预计2025年第三季度贷款增长将在2%至5%之间[68] - 预计2025年第三季度非利息收入将与2025年第二季度持平[70] - 预计2025年第三季度非利息支出将在3100万至3300万美元之间[70] 新产品和新技术研发 - 非利息收入较第一季度增加30万美元，主要由于卡收入和抵押贷款销售收益的季节性增长[21] 市场扩张和并购 - 芝加哥大都市区贷款在过去12个月增长了1.9%[121] - 爱荷华州地区贷款在过去12个月增长了6.1%[121] 负面信息 - 不良资产占总资产的比例为0.13%，较第一季度的0.11%有所上升[8] - 净冲销率为0.12%，较第一季度的0.05%有所上升[8] - 2025年第二季度的不良贷款占比为0.17%[79] 其他新策略和有价值的信息 - 股票回购计划将继续在2026年1月1日前以1210万美元的额度进行[70] - 2025年第二季度的贷款与存款比率为78%[79] - 贷款损失准备金（ACL）占贷款的1.24%[50]

Key Takeaways LRCX surged 58.6% in three months, outpacing peers and the broader semiconductor industry. Lam Research shipped $1B in AI chip tools in 2024, with volume expected to triple in 2025. The operating margin rose to 32.8% in Q3 FY25 as Asia expansion cut costs and boosted efficiency.Lam Research Corporation (LRCX) has surged 58.6% in the past three months, comfortably outperforming the broader Zacks Electronics – Semiconductors industry, which rose 54.7%. While many semiconductor names have ralli ...

Key Takeaways MU has surged 35.9% YTD, outperforming major chipmakers and the broader tech sector. AI, data centers, and auto tech are driving demand for MU's DRAM, NAND and HBM3E memory products. MU trades at a 2.69X P/S ratio, well below peers like AMD, NVDA and AVGO, reinforcing its value appeal.Micron Technology, Inc. (MU) has had a strong run so far in 2025, gaining 35.9% year to date. This is far ahead of the broader Zacks Computer and Technology sector, which rose just 9.5% in the same period.Micro ...

Key Takeaways Digital Realty Trust (DLR) is slated to report second-quarter 2025 results on July 24, after the closing bell. The quarterly results are expected to reflect year-over-year growth in both revenues and funds from operations (FFO) per share. This Austin, TX-based data center real estate investment trust (REIT) reported a core FFO per share of $1.77 in the prior quarter, surpassing the Zacks Consensus Estimate of $1.73. Results reflected steady leasing momentum with better rental rates amid rising ...

Key Takeaways HubSpot's AI-powered platform and pricing model fuel adoption across premium and entry-level markets. Okta's AI-integrated security tools enhance identity protection, driving improved earnings estimates. Adobe's Firefly and Express apps expand its AI-driven creative and marketing ecosystem.The artificial intelligence (AI) infrastructure space recently gathered steam, with DeepSeek-related fears turning out to be overblown. The global shift toward digitization creates opportunities in various ...

Key Takeaways Quest Diagnostics is projected to post 13.4% revenue growth and 9.4% EPS growth in Q2 2025. DGX may see gains from Advanced Diagnostics, new MRD blood tests and expanded payer access. DGX likely drove operating income growth through acquisitions and AI-powered efficiency programs.Quest Diagnostics (DGX) is set to release its second-quarter 2025 results on July 22, before the market opens.The renowned diagnostics provider posted adjusted earnings per share (EPS) of $2.21 in the last reported ...