Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including 沪电股份 (002463.SZ), 美格智能 (002881.SZ), 中际旭创 (300308.SZ), 天孚通信 (300394.SZ), and others [1]. Core Insights - The report highlights the broad prospects for domestic computing power chips and the acceleration of AI digital interaction in commercial scenarios, indicating a positive outlook for related industry chain investment opportunities [2][6]. - The reintroduction of the H20 chip is expected to provide more computing power options for AI application companies, alleviating the shortage of high-end chips and accelerating the commercialization of AI applications [3][20]. - The RISC-V summit in 2025 is seen as a pivotal moment for China's chip industry, with significant contributions to the global RISC-V chip shipment volume expected from China [19][20]. Summary by Sections Industry Viewpoints - The communication sector index increased by 7.56%, outperforming the Shanghai and Shenzhen 300 index by 6.47 percentage points [14]. - The report emphasizes the importance of the H20 chip and RISC-V developments in enhancing China's chip autonomy and innovation capabilities [24][32]. Weekly Strategy Insights - The approval of H20 chip exports to China and the launch of the RTX Pro GPU by NVIDIA are significant developments that could enhance the domestic chip market [18][24]. - The AI model Grok 4 has shown substantial improvements in human-like simulation capabilities, indicating a growing trend in AI-driven digital interactions [21][51]. Communication Industry Dynamics - The report notes that the domestic computing power market is expanding rapidly, with the AI chip market expected to reach 141.2 billion yuan in 2024, reflecting a 41.9% year-on-year growth in 2023 [20][36]. - The investment scale of China's intelligent computing center market reached 87.9 billion yuan in 2023, with a projected growth to 288.6 billion yuan by 2028 [50][51].

Market Overview - The FTSE China A50 Index showed mixed performance with banks and insurance sectors declining, while energy and automotive sectors mostly advanced [1][6]. Banking Sector - Major banks like China Everbright Bank reported a market capitalization of 252.295 billion with a trading volume of 391 million, experiencing a slight decline of 0.03 (-0.70%) [3]. Insurance Sector - Key insurance companies such as China Pacific Insurance, Ping An Insurance, and China Life Insurance had market capitalizations of 369.27 billion, 349.31 billion, and 1,037.255 billion respectively, with trading volumes of 1.066 billion, 1.782 billion, and 0.345 billion. They experienced declines of 0.78 (-2.10%), 0.11 (-0.19%), and 0.04 (-0.48%) [3]. Alcohol Industry - Leading companies in the alcohol sector, including Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, had market capitalizations of 1,811.450 billion, 218.056 billion, and 475.070 billion respectively, with trading volumes of 2.287 billion, 1.577 billion, and 0.913 billion. Kweichow Moutai saw a slight increase of 5.01 (+0.35%), while the others faced declines [3]. Semiconductor Sector - Notable semiconductor firms like North Huachuang, Cambricon Technologies, and Hygon reported market capitalizations of 231.057 billion, 244.680 billion, and 317.063 billion respectively, with trading volumes of 1.070 billion, 2.435 billion, and 1.138 billion. North Huachuang experienced a decline of 4.99 (-1.53%) [3]. Oil Industry - Major players in the oil sector, including Sinopec, PetroChina, and China Railway, had market capitalizations of 273.495 billion, 715.347 billion, and 1,634.377 billion respectively, with trading volumes of 0.732 billion, 0.426 billion, and 0.427 billion. Sinopec saw an increase of 0.08 (+1.37%) [3]. Coal Industry - Companies like Shenhua Energy and Shaanxi Coal and Chemical Industry had market capitalizations of 749.639 billion and 189.440 billion respectively, with trading volumes of 0.536 billion and 0.911 billion. Shenhua Energy reported an increase of 0.33 (+0.88%) [3]. Automotive Sector - BYD, a leading automotive manufacturer, had a market capitalization of 1,827.526 billion with a trading volume of 2.984 billion, experiencing an increase of 3.49 (+1.06%) [3]. Securities Sector - Major securities firms such as CITIC Securities and Guotai Junan reported market capitalizations of 425.350 billion and 347.129 billion respectively, with trading volumes of 2.668 billion and 1.636 billion. CITIC Securities saw an increase of 0.36 (+1.27%) [4]. Consumer Electronics - Companies like Hon Hai Precision Industry and Luxshare Precision reported market capitalizations of 534.617 billion and 276.157 billion respectively, with trading volumes of 1.553 billion and 2.572 billion. Hon Hai experienced a decline of 0.19 (-0.70%) [4]. Home Appliances - Leading home appliance firms such as Haier Smart Home and Gree Electric Appliances had market capitalizations of 266.739 billion and 243.580 billion respectively, with trading volumes of 0.713 billion and 0.309 billion. Haier reported a decline of 0.26 (-0.54%) [4]. Pharmaceutical Sector - Major pharmaceutical companies like Heng Rui Medicine and Muyuan Foods had market capitalizations of 255.221 billion and 384.958 billion respectively, with trading volumes of 1.833 billion and 1.230 billion. Heng Rui experienced a decline of 0.76 (-1.29%) [4].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 7月以来，AI算力概念板块走出了主升浪行情。算力概念股在本周成为成交额榜前10的常客。其 中的光模块、PCB等分支牛股辈出，新易盛、东山精密、胜宏科技、沪电股份、长芯博创等股续 创历史新高。 （ 点此领取AI算力产业链A股核心公司名单 ） 一方面，AI算力产业依然处于高景气周期，大模型的推理需求带来了更大的算力投入预期。AI算 力全球龙头英伟达在近期市值突破4万亿美元，成为里程碑事件，对AI算力板块形成了较大的催 化。 另一方面是，A股的算力概念公司的中报业绩预告普遍超预期，如工业富联、新易盛等在业绩公 告后都是涨停。 综合多家券商的行业研报来看，目前， 我国在 AI算力产业链方面，光模块和PCB环节是我国的 优势产业，很多公司在全球市占率排名居前，并且是英伟达的供应商 。市场反馈来看，创新高的 算力概念股也主要集中在光模块和PCB领域。 （ 点此领取完整名单 ） | 产业链 股票简称 环节 | AI算力相关业务 | 涨跌幅 | | --- | --- | --- | | | 公司是全球光模块龙头厂商之一，是英伟达的CPO光模块供 | | | 新 ...

Market Overview - The FTSE China A50 Index components showed strong performance in sectors such as banking, insurance, and liquor, while the consumer electronics sector underperformed [1][6]. Banking Sector - Everbright Bank had a market capitalization of 254.068 billion with a trading volume of 609 million, closing at 4.30, up by 0.03 (+0.70%) [3]. Insurance Sector - China Ping An and China Life Insurance had market capitalizations of 1,039.258 billion and 356.818 billion respectively, with trading volumes of 24.93 billion and 6.12 billion. Their stock prices increased by 0.42 (+1.15%) and 0.03 (+0.36%) [3]. Liquor Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,805.156 billion, 220.936 billion, and 480.465 billion respectively. Their trading volumes were 59.85 billion, 25.98 billion, and 30.62 billion, with stock price increases of 5.03 (+2.86%), 20.65 (+1.46%), and 1.13 (+0.92%) [3]. Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Hygon had market capitalizations of 234.658 billion, 243.739 billion, and 318.365 billion respectively. Their trading volumes were 26.40 billion, 29.85 billion, and 16.55 billion, with stock price changes of +6.59 (+2.07%), -1.03 (-0.75%), and +0.22 (+0.04%) [3]. Oil Industry - Sinopec and PetroChina had market capitalizations of 271.538 billion and 705.647 billion respectively, with trading volumes of 8.53 billion and 6.48 billion. Their stock prices increased by 0.09 (+1.57%) and remained unchanged [3]. Coal Industry - China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 743.083 billion and 185.562 billion respectively, with trading volumes of 7.78 billion and 9.61 billion, with stock price increases of 0.27 (+0.73%) and 0.17 (+0.90%) [3]. Automotive Sector - BYD had a market capitalization of 1,808.349 billion with a trading volume of 44.82 billion, closing at 329.11, up by 1.09 (+0.33%) [3]. Shipping and Port Sector - No specific data provided for this sector in the document [4]. Power Industry - No specific data provided for this sector in the document [4]. Securities Sector - CITIC Securities had a market capitalization of 420.014 billion with a trading volume of 18.87 billion, closing at 28.34, up by 0.09 (+0.32%) [4]. Battery Sector - CATL had a market capitalization of 1,236.485 billion with a trading volume of 59.82 billion, closing at 271.20, up by 5.70 (+2.15%) [4]. Consumer Electronics - Industrial Fulian and Luxshare Precision had market capitalizations of 538.390 billion and 280.871 billion respectively, with trading volumes of 35.27 billion and 53.15 billion, with stock price decreases of -0.39 (-1.42%) and -0.67 (-1.70%) [4]. Home Appliances - Haidilao and Gree Electric Appliances had market capitalizations of 268.195 billion and 241.985 billion respectively, with trading volumes of 10.06 billion and 8.44 billion, with stock price changes of +0.32 (+0.67%) and -0.02 (-0.08%) [4]. Chemical and Pharmaceutical Sector - Hengrui Medicine had a market capitalization of 251.506 billion with a trading volume of 38.81 billion, closing at 47.71, up by 1.35 (+2.91%) [4]. Logistics Sector - SF Holding had a market capitalization of 241.541 billion with a trading volume of 11.63 billion, closing at 46.04, up by 0.76 (+1.68%) [4]. Non-ferrous Metals - Mindray Medical had a market capitalization of 273.187 billion with a trading volume of 25.08 billion, closing at 225.32, up by 8.14 (+3.75%) [4].

Group 1: Market Overview - The FTSE China A50 Index components showed a mixed performance with most sectors in the green, while the consumer electronics and internet services sectors experienced declines [1][6]. Group 2: Sector Performance - The banking sector, represented by Everbright Bank, had a market capitalization of 255.25 billion with a trading volume of 392 million, showing a slight increase of 1.17% [3]. - In the liquor industry, Kweichow Moutai led with a market cap of 1,797.53 billion and a trading volume of 3.923 billion, increasing by 1.37% [3]. - The semiconductor sector saw Northern Huachuang with a market cap of 233.94 billion and a trading volume of 1.908 billion, rising by 1.76% [3]. - In the oil sector, Sinopec had a market cap of 703.22 billion with a trading volume of 552 million, increasing by 1.22% [3]. - The coal industry was represented by China Shenhua with a market cap of 743.88 billion and a trading volume of 709 million, rising by 0.83% [3]. - In the automotive sector, BYD had a market cap of 1,793.90 billion with a trading volume of 516 million, but saw a decrease of 0.47% [3]. - The battery sector was led by CATL with a market cap of 4,189.77 billion and a trading volume of 1.153 billion, increasing by 0.88% [4]. - The consumer electronics sector, represented by Hon Hai Precision, had a market cap of 540.97 billion with a trading volume of 2.376 billion, decreasing by 0.74% [4]. - In the home appliance sector, Gree Electric had a market cap of 267.47 billion with a trading volume of 446 million, showing a slight decrease of 0.31% [4]. - The pharmaceutical sector was led by Hengrui Medicine with a market cap of 387.15 billion and a trading volume of 2.654 billion, increasing by 2.36% [4]. - The logistics sector, represented by SF Holding, had a market cap of 240.58 billion with a trading volume of 737 million, increasing by 1.04% [4].

Core Insights - The computing power is the "cornerstone" of the artificial intelligence industry, with rapid advancements in generative AI technology leading to accelerated global infrastructure development and significant performance growth for industry chain companies [1] Group 1: Company Performance - Zhongji Xuchuang expects a net profit of 3.6 billion to 4.4 billion yuan for the first half of 2025, representing a year-on-year increase of 52.64% to 86.57% due to strong capital expenditure and increased sales of high-end optical modules [1] - Xinyi Technology anticipates a net profit of 3.7 billion to 4.2 billion yuan, with a year-on-year growth of 327.68% to 385.47% [2] - Foxconn Industrial Internet forecasts a net profit of 11.958 billion to 12.158 billion yuan, reflecting a year-on-year increase of 36.84% to 39.12%, driven by rapid growth in cloud computing and AI server revenues [2] - Ruijie Networks expects a net profit of 400 million to 510 million yuan, with a year-on-year growth of 160.11% to 231.64% [2] - Feirongda anticipates a net profit of 155 million to 170 million yuan, representing a year-on-year increase of 103.95% to 123.69% [2] Group 2: Market Outlook - The computing power market's sustainability is a key focus for investors, with companies like Zhongji Xuchuang and Xinyi Technology reporting strong demand for AI data centers and optical modules [3] - The chief economist of Samoyed Cloud Technology Group noted that AI servers, intelligent computing centers, optical modules, and liquid cooling technologies are the fastest-growing segments in the computing power industry [3] - A report from Zhongtai Securities indicates that both domestic and international companies are expected to continue investing heavily in AI training and inference, enhancing their competitive edge [3] - The Ministry of Industry and Information Technology's action plan aims for computing power to exceed 300 EFLOPS by 2025, with intelligent computing accounting for 35% [4] - Experts emphasize the importance of technological innovation, vertical integration, and global capacity in maintaining competitive advantages in the computing power sector [4]

Group 1 - The Tonghuashun Fruit Index concept rose by 3.37%, ranking second among concept sectors, with 20 stocks increasing in value, including Dongshan Precision which hit the daily limit, and others like Pengding Holdings, Luxshare Precision, and Lens Technology showing gains of 9.98%, 6.34%, and 4.69% respectively [2] - The concept sector saw a net inflow of 2.518 billion yuan, with 17 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflow, led by Dongshan Precision with a net inflow of 516 million yuan [2] - The leading stocks in terms of net inflow ratio included Lingyi Technology, Dongshan Precision, and Lens Technology, with net inflow ratios of 13.59%, 13.40%, and 10.75% respectively [3] Group 2 - The top stocks by net inflow included Dongshan Precision, Luxshare Precision, GoerTek, and Industrial Fulian, with net inflows of 516 million yuan, 433 million yuan, 309 million yuan, and 271 million yuan respectively [4] - The trading turnover rates for the leading stocks were 5.09% for Dongshan Precision, 2.34% for Luxshare Precision, and 5.59% for GoerTek, indicating active trading in these stocks [4]

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by over 10% [1][36]. Core Insights - The communication industry has seen significant advancements with the release of Grok4 and Kimi K2, which are expected to enhance capabilities in various applications such as programming and robotics [3][15]. - The earnings forecasts for major players in the server, optical module, and copper connection sectors are promising, with notable year-on-year growth expected [5][16]. - The ongoing global competition in computing power is shifting from model training to service quality and competitive advantages, suggesting a robust outlook for investments in the sector [7][18]. Summary by Sections Industry Investment Rating - The communication industry is rated as "Outperform," with expectations of exceeding the benchmark index by over 10% [1][36]. Industry Trends - Grok4, launched by xAI, boasts a tenfold improvement in reasoning capabilities compared to its predecessor, with applications in complex task execution and programming [3][14]. - Kimi K2, a new MoE model, has achieved state-of-the-art results in several foundational tests, indicating significant advancements in AI capabilities [4][15]. Earnings Forecasts - Industrial Fulian anticipates a net profit of 11.96-12.16 billion yuan for the first half of 2025, reflecting a year-on-year increase of 36.8%-39.1% [5][16]. - Other companies like Guangxun Technology and Huagong Technology also project substantial profit growth, with increases ranging from 30% to 95% year-on-year [5][16]. Investment Recommendations - The report suggests focusing on both overseas and domestic computing power chains, highlighting companies such as Industrial Fulian and Huagong Technology as key players [8][19]. - The ongoing arms race in computing power is expected to yield numerous investment opportunities in the coming years, particularly in the context of domestic algorithm optimization [17][18]. Market Overview - The overall market showed positive performance during the week of July 7-11, 2025, with notable increases in various indices, including a 2.36% rise in the ChiNext Index [8][19]. - Specific sectors such as equipment manufacturers and IoT led the weekly gains, indicating strong investor interest [8][19].

Group 1 - The core viewpoint of the news is that the China Securities Mobile Internet Index has shown significant growth, with a 7.70% increase over the past month and an 11.61% increase over the past three months, indicating a positive trend in the mobile internet sector [2] - The index is composed of companies that benefit from mobile internet, including mobile terminal providers, platform operators, and content service providers, reflecting the overall performance of the mobile internet theme [2] - The top ten weighted companies in the index include Zhongji Xuchuang (4.43%), Luxshare Precision (3.4%), and Industrial Fulian (3.08%), among others, highlighting the key players in the mobile internet industry [2] Group 2 - The index is primarily composed of companies listed on the Shenzhen Stock Exchange (68.51%) and the Shanghai Stock Exchange (31.49%), indicating a regional concentration in the Chinese market [2] - The industry composition of the index shows a significant focus on information technology (71.67%) and communication services (23.86%), with financials and consumer discretionary making up a smaller portion [2] - The index undergoes quarterly adjustments to its sample and weight factors, with specific implementation dates, ensuring that it remains reflective of the current market landscape [3]

Group 1 - The Shanghai Stock Exchange 180 Equal Weight Index opened low and rose, increasing by 0.47% to 8334.39 points, with a trading volume of 165.144 billion yuan [1] - The Shanghai 180 Equal Weight Index has risen by 2.50% in the past month, 4.91% in the past three months, and 1.28% year-to-date [1] - The index uses an equal-weighting method, providing a more uniform distribution of individual stocks and industry weights compared to the Shanghai 180 Index [1] Group 2 - The top ten holdings of the Shanghai 180 Equal Weight Index include major companies such as China Construction Bank (0.74%), Industrial Fulian (0.71%), and others [1] - The index's holdings are entirely from the Shanghai Stock Exchange, with the industrial sector accounting for 25.53%, financial sector 23.65%, and information technology 11.86% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December, with a sample adjustment limit of 10% [2]