Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report indicates a positive outlook for the overseas AI computing power industry chain, suggesting that major AI companies are entering a phase of large-scale investment in AI computing and applications [6] - The report highlights significant improvements in the capabilities of the GPT-5 model, which was released by OpenAI, showcasing advancements in various fields such as coding, mathematics, writing, health, and visual perception [4][5] Summary by Relevant Sections Industry Overview - The communication industry is projected to outperform the overall market [1] - The report includes a comparative performance chart between the communication sector and the CSI 300 index, indicating a potential upward trend [2] AI Sector Insights - The report emphasizes the importance of the AI computing power industry chain, recommending specific investment targets in various segments such as optical modules, liquid cooling, optical chips, and more [6] - Notable recommended stocks include Zhongji Xuchuang and New Yisheng for optical modules, and Yingweike for liquid cooling [6] GPT-5 Model Analysis - GPT-5 has achieved state-of-the-art (SOTA) results in multiple domains, with a 45% reduction in factual error rates compared to its predecessor [4] - The model's performance in various tests includes a score of 94.6% in mathematics and 74.9% in programming, indicating significant advancements [4] Pricing Structure - The pricing for GPT-5 and its variants is detailed, with costs for input and output tokens set at $1.25 and $10.00 per million tokens for GPT-5, respectively [5]

宣导会上，南通市政府、江苏证监局、江苏省工信厅主要负责及分管同志就发展海洋经济发表讲话，阐 明发展海洋经济是推进中国式现代化的重要路径。 江苏作为通江达海的经济大省，肩负着经略海洋、向海图强的时代使命。江苏船舶海工产业底蕴深厚， 实力强劲，修船能力占全国三分之一，造船完工量连续十四年位居全国第一，构建了从研发到总装的完 整产业链。资本市场作为推动科技创新的重要引擎，已为江苏船舶海工产业高质量发展提供了强大支 撑。目前，该领域江苏上市公司已达70余家，涵盖船舶制造、风电设备、海洋重工、港口运输等多个领 域，总市值7435亿元，累计募集资金1809亿元，近三年研发投入累计418亿元，有效促进了技术攻关与 产业升级。 中证报中证网讯（王珞）8月7日，由江苏证监局、江苏省工信厅指导，南通市人民政府主办的"资本市 场支持高技术船舶与海工装备先进制造业集群高质量发展宣导会"在南通市张謇企业家学院举办。会议 以"扬帆蓝海 资本领航"为主题，旨在深入贯彻落实党中央关于发展海洋经济、建设海洋强国的战略部 署，抢抓资本市场深化改革机遇，凝聚各方合力，以金融活水赋能江苏高技术船舶与海工装备产业集群 高质量发展，助力江苏由"海洋大省 ...

面对机遇江苏企业交出了亮眼答卷，今年以来新增A股上市企业14家，位居全国首位。截至目前，江苏 A股上市公司已达709家，其中科创板114家、北交所50家，稳居全国第一。 会上，江苏省工信厅分析江苏世界级船舶海工集群发展情况，沪深北交易所分别宣讲企业首发上市、并 购重组、债券发行等相关政策，江苏证监局介绍辅导监管相关政策，与会企业代表三星能科(北交所过 会企业)和中天科技（600522）(沪主板上市企业)分享了借助资本市场实现创新发展与产业链协同的经 验。 各方围绕如何用好资本市场政策、推动产业高质量发展开展深入交流。与会各方代表表示，企业家要弘 扬张謇先生"敢为人先"的实业精神，抢抓资本市场改革机遇，借力资本市场做强主业。地方政府要抢抓 机遇，厚植培育沃土，共同打造良好的市场生态。监管部门将切实寓监管于服务之中，帮助企业夯实基 础，规范发展，共同营造规范透明的上市氛围。 8月7日，由江苏证监局、江苏省工信厅指导，南通市人民政府主办的"资本市场支持高技术船舶与海工 装备先进制造业集群高质量发展宣导会"在南通市举办。 会议以"扬帆蓝海，资本领航"为主题，旨在抢抓资本市场深化改革机遇，凝聚各方合力，以金融活水赋 能 ...

| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 兵装重组概念 | 6.12 | 华为盘古 | -0.78 | | PEEK材料 | 4.11 | 仿制药一致性评价 | -0.55 | | 脑机接口 | 2.72 | Sora概念(文生视频) | -0.53 | | 铜缆高速连接 | 2.60 | 流感 | -0.50 | | 汽车热管理 | 1.89 | 幽门螺杆菌概念 | -0.50 | | 碳纤维 | 1.76 | 智谱AI | -0.48 | | 高压氧舱 | 1.76 | 创新药 | -0.46 | | 卫星导航 | 1.76 | 辅助生殖 | -0.44 | | 液冷服务器 | 1.75 | 肝炎概念 | -0.38 | | 成飞概念 | 1.74 | MLOps概念 | -0.36 | | 300991 | 创益通 | 3.75 | 10.72 | 279.44 | 0.90 | | --- | --- | --- | --- | --- | --- | | 301067 | 显盈科 | 1.55 | 13.34 | 15 ...

截至8月5日收盘，液冷服务器概念上涨1.75%，位居概念板块涨幅第9，板块内，69股上涨，澄天伟业 20%涨停，淳中科技、日海智能等涨停，飞荣达、同飞股份、硕贝德等涨幅居前，分别上涨8.31%、 6.52%、6.45%。跌幅居前的有英维克、华光新材、润泽科技等，分别下跌3.55%、3.42%、2.44%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 兵装重组概念 | 6.12 | 华为盘古 | -0.78 | | PEEK材料 | 4.11 | 仿制药一致性评价 | -0.55 | | 脑机接口 | 2.72 | Sora概念(文生视频) | -0.53 | | 铜缆高速连接 | 2.60 | 流感 | -0.50 | | 汽车热管理 | 1.89 | 幽门螺杆菌概念 | -0.50 | | 碳纤维 | 1.76 | 智谱AI | -0.48 | | 高压氧舱 | 1.76 | 创新药 | -0.46 | | 卫星导航 | 1.76 | 辅助生殖 | -0.44 | | 液冷服务器 | 1.75 | 肝炎 ...

天眼查商业履历信息显示，江苏中天科技股份有限公司，成立于1996年，位于南通市，是一家以从事电 气机械和器材制造业为主的企业。企业注册资本341294.9652万人民币，实缴资本341294.9652万人民 币。公司法定代表人为薛驰。 通过天眼查大数据分析，江苏中天科技股份有限公司共对外投资了60家企业，参与招投标项目5000次， 知识产权方面有商标信息70条，专利信息1870条，此外企业还拥有行政许可6918个。 来源：金融界 金融界消息 截至2025年8月5日收盘，中天科技（600522）报收于14.25元，上涨2.22%，换手率3.36%， 成交量114.76万手，成交金额16.31亿元。 资金流向方面，今日主力资金净流入1.56亿元，占比成交额9.54%。其中，超大单净流入1.75亿元、占 成交额10.74%，大单净流出1951.42万元、占成交额1.2%，中单净流出流出10326.01万元、占成交额 6.33%，小单净流出5237.95万元、占成交额3.21%。 中天科技最新一期业绩显示，截至2025一季报，公司营业总收入97.56亿元、同比增长18.37%，归属净 利润6.28亿元，同比减少1.3 ...

Market Overview - The Shanghai Composite Index closed at 3608.33 points, above the annual line, with an increase of 0.70% [1] - The total trading volume of A-shares reached 1,290.701 billion yuan [1] Stocks Breaking Annual Line - A total of 40 A-shares have surpassed the annual line today, with notable stocks including: - Datang Telecom (4.33% deviation) - Xinquan Co., Ltd. (3.26% deviation) - Galaxy Electronics (3.20% deviation) [1] - Stocks with smaller deviations that just crossed the annual line include: - Huatech (0.00% deviation) - Huaxing Yuanchuang (0.00% deviation) - Guizhou Gas (0.00% deviation) [1] Top Performers - Datang Telecom: Increased by 5.18% with a turnover rate of 4.64% [1] - Xinquan Co., Ltd.: Increased by 10.00% with a turnover rate of 2.69% [1] - Galaxy Electronics: Increased by 7.30% with a turnover rate of 20.12% [1] Additional Notable Stocks - Other stocks with significant performance include: - Huafu Fashion: 3.71% increase, 2.87% turnover [1] - Xingrui Technology: 5.72% increase, 3.77% turnover [1] - China Shipbuilding: 2.79% increase, 1.75% turnover [1]

Market Overview - The Shanghai Composite Index is at 3597.48 points, above the annual line, with a change of 0.40% [1] - The total trading volume of A-shares is 7540.27 billion [1] Stocks Breaking Annual Line - 34 A-shares have surpassed the annual line today, with notable stocks including: - Yinhe Electronics with a deviation rate of 5.65% - Xinquan Co. with a deviation rate of 3.26% - Datang Telecom with a deviation rate of 2.01% [1] Top Stocks by Deviation Rate - The following stocks have the highest deviation rates from the annual line: - Yinhe Electronics: Today's change of 9.86%, turnover rate of 13.88%, annual line at 5.27, latest price at 5.57 [1] - Xinquan Co.: Today's change of 10.00%, turnover rate of 2.52%, annual line at 44.74, latest price at 46.20 [1] - Datang Telecom: Today's change of 2.83%, turnover rate of 1.62%, annual line at 8.56, latest price at 8.73 [1] Additional Stocks with Minor Deviations - Other stocks that have just crossed the annual line include: - Huada Technology with a deviation rate of 0.66% - Hekang Vision with a deviation rate of 0.91% [1]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Insights - Microsoft reported revenue of $76.442 billion for the latest quarter, a year-on-year increase of 18.1%, with net profit reaching $27.233 billion, up 23.58%, driven primarily by its intelligent cloud business [1][12] - Meta's Q2 revenue was $47.52 billion, a 22% year-on-year increase, exceeding market expectations, with ad revenue of $46.56 billion [2][15] - The overseas computing power industry remains robust, unaffected by DeepSeek and trade frictions, with a strong fundamental resonance in the related supply chain [3][28] Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include optical modules and devices, with a focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [5][31] - For switch server PCBs, recommended companies include Hudian Co., ZTE, and Unisplendour [5][31] - Low valuation and high dividend opportunities are identified in major telecom operators like China Mobile, China Telecom, and China Unicom [5][31] - AIDC and cooling solutions are highlighted, with key recommendations for companies like Yingweike and Runze Technology [5][31] - AIGC applications and edge computing are emphasized, recommending companies such as Guohua Communication and Meige Intelligent [5][31] 2. Marine Wind and Submarine Cables - Key recommendations for submarine cable companies include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [6][32] - The recovery of overseas markets and concentration on leading companies is noted, with recommendations for Huace Navigation and Weisheng Information [6][32] 3. Satellite Internet and Low-altitude Economy - The acceleration of national defense informatization and low-orbit satellite development is highlighted, with key recommendations for Huace Navigation and Haige Communication [6][33] - The successful launch of low-orbit satellites for broadband communication services is noted, marking significant progress in China's satellite internet initiatives [26][27] 4. Recent Industry Trends - The report indicates that the computing power industry is expected to maintain high growth, with AI as a key investment theme for 2025 [3][28] - The government has included "deep-sea technology" in its work report, indicating a positive trend for the marine wind and cable industry [3][28] - The report emphasizes the importance of AI and digital economy as long-term trends, with a focus on ICT equipment, optical modules, and cloud computing infrastructure [30][29]

Core Insights - The establishment of a 16+ megawatt floating wind turbine by Goldwind Technology in Wenzhou marks a significant advancement in offshore wind power technology, with the unit expected to be shipped by the end of August [1] - Wenzhou is positioning itself as a leader in offshore wind power, leveraging its extensive marine resources and favorable environmental conditions to support the development of a robust offshore wind power industry [1][3] - The city has implemented a supply chain strategy to attract leading enterprises in the wind power sector, resulting in substantial investments and growth in energy and manufacturing sectors [2] Group 1 - The first 16+ megawatt floating wind turbine, weighing over 500 tons and made with carbon fiber materials, is set to enhance Wenzhou's capabilities in offshore wind power [1] - Wenzhou's marine area exceeds 8,600 square kilometers, with an average wind speed of over 7.5 meters per second, ensuring high efficiency for offshore wind projects [1] - The city aims to create a trillion-yuan offshore wind power industry cluster by integrating resources and attracting leading companies [1] Group 2 - Wenzhou has attracted major wind power companies such as Goldwind, Yunda, and Envision, which have stimulated local supply chains and investment growth [2] - The establishment of the National Wind Power Technology Innovation Center in Wenzhou will support technological advancements in offshore wind power and foster collaboration between universities and enterprises [2] - Wenzhou has planned over 17 offshore wind power projects with a total capacity exceeding 20 million kilowatts, accounting for over 50% of the province's capacity [3] Group 3 - The city is developing a deep-sea wind power hub with integrated functions for assembly, core component manufacturing, and operational services, aiming to support a 2 million kilowatt demonstration project by the end of the year [3] - By 2030, Wenzhou plans to establish a comprehensive deep-sea wind power hub with an installed capacity exceeding 5 million kilowatts and an industry output value of over 100 billion yuan [3]