Group 1 - The People's Bank of China has increased its gold reserves for eight consecutive months, with the latest figures showing a rise of 70,000 ounces to a total of 73.9 million ounces as of the end of June [2] - By the end of 2027, China aims to have over 100,000 high-power charging facilities nationwide, focusing on local economic development and the promotion of new energy vehicles [2] - The Shanghai Stock Exchange and the China Securities Index Company will launch several specialized indices on July 21, including the Shanghai Stock Exchange Specialized New Index and the China Securities Specialized New 100 Index [3] Group 2 - A new mandatory national standard for passenger car braking systems will take effect on January 1, 2026, introducing requirements for electric transmission braking systems and emergency braking signals [3] - An international standard for testing scenarios of autonomous vehicle systems has been officially released, detailing evaluation processes and testing methods [4] - The U.S. President has signed an executive order extending the delay for "reciprocal tariffs" until August 1, affecting imports from 14 countries with varying tariff rates [8][5] Group 3 - The U.S. stock market saw declines across major indices, with the Dow Jones down 0.94%, the Nasdaq down 0.92%, and the S&P 500 down 0.79%, impacting stocks of Japanese and Korean companies listed in the U.S. [5] - Companies such as Nissan and Toyota experienced significant stock drops, with Nissan down over 7% and Toyota down nearly 4% [5] - The market sentiment is shifting towards a balanced approach, with a focus on large-cap stocks and potential inflows of incremental capital in July [8][9]

Core Viewpoint - Several listed companies in the Shanghai and Shenzhen markets have announced significant developments, including management changes, stock trading fluctuations, and major contracts, which may present investment opportunities and risks for investors [2]. Group 1: Management Changes and Legal Issues - Scanda's chairman and general manager, Li Yuejie, along with director Zhu Chuncheng, have been subjected to criminal coercive measures due to alleged violations related to information disclosure [3]. - Longhong High-Tech is planning to acquire 100% equity of Guangxi Changke, leading to a stock suspension for up to 10 trading days [6]. Group 2: Stock Trading and Performance - New Asia Electronics reported abnormal stock trading with a cumulative price deviation exceeding 20% over three days, while confirming that its operations are normal and consistent with previously disclosed share reduction plans [5]. - ST Tiexin announced the removal of risk warnings and a name change, which will increase the trading limit from 5% to 10% [8]. Group 3: Financial Performance Forecasts - Industrial Fulian expects a net profit increase of 36.84% to 39.12% year-on-year for the first half of 2025, driven by a surge in AI-related business [18]. - Huayou Cobalt anticipates a net profit increase of 55.62% to 67.59% for the same period, benefiting from integrated operations and rising cobalt prices [19]. - Guoli Co. forecasts a staggering net profit increase of 130.91% to 158.08% for the first half of 2025, attributed to new product and market expansions [20]. - Bangji Technology expects a net profit increase of 166.77% to 200.91%, driven by increased sales from direct sales channels [21]. - Lier Chemical predicts a net profit increase of 185.24% to 196% due to rising product sales and cost reduction efforts [25]. Group 4: Major Contracts and Projects - Huadian Science and Technology signed significant contracts worth approximately RMB 25.16 billion for coal handling and transportation systems [41]. - Aerospace Engineering is the first candidate for a project with a bid of RMB 23.92 billion for a coal gasification facility [43].

Group 1 - The National Development and Reform Commission and three other departments aim to have over 100,000 high-power charging facilities nationwide by the end of 2027 [1] - Changxin Storage, a domestic DRAM memory chip manufacturer, has initiated the listing guidance process with China International Capital Corporation and CITIC Securities as advisory institutions [4] Group 2 - ShenNan Electric A expects a net profit loss of between 21 million to 27 million yuan for the first half of the year [5] - Xinyada's cross-border payment business is projected to account for less than 5% of the company's total revenue in 2024 [5] - Brother Technology's controlling shareholder reduced holdings by 5.6 million shares during a period of unusual stock trading fluctuations [5] - New Asia Electronics experienced stock fluctuations during which directors and senior management reduced their holdings [5] - Industrial Fulian anticipates a year-on-year net profit increase of 36.84% to 39.12% for the first half of the year [5] Group 3 - As of the end of June, China's gold reserves stood at 73.9 million ounces (approximately 2,298.55 tons), with an increase of 70,000 ounces (approximately 2.18 tons) month-on-month, marking the eighth consecutive month of gold accumulation [3]

证券代码：605277 证券简称：新亚电子 公告编号：2025—026 敬请广大投资者注意二级市场交易风险、理性投资、审慎决策。 一、股票交易异常波动的具体情况 新亚电子股票于 2025 年 7 月 3 日、7 月 4 日和 7 月 7 日连续三个交易日收 盘价格涨幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动的情况。 新亚电子股份有限公司 股票交易异常波动公告 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、准确性和完整性承担法律责任。 重要内容提示： 新亚电子股份有限公司（以下简称"新亚电子"或"公司"）股票于 2025 年 7 月 3 日、7 月 4 日和 7 月 7 日连续三个交易日收盘价格涨幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动的 情况。 经公司自查及向控股股东、实际控制人核实，公司经营情况正常，不存 在应披露而未披露的重大事项。 （三）媒体报道、市场传闻、热点概念情况。 经公司自查，公司未发现存在对公司股价交易价格可能产生重大影响的媒体 报道及市场传闻 ...

关于对新亚电子股份有限公司 股票交易异常波动的询问函的回复 新亚电子股份有限公司： 本公司已于 2025 年 7 月 7 日收到贵公司发来的《新亚电子股份 有限公司股票异常波动的询问函》，经本公司认真自查，现回复如下： 本公司为新亚电子股份有限公司（以下简称"新亚电子"）的控 股股东，截止目前不存在影响新亚电子股份有限公司交易异常波动的 重大事项；不存在其他应披露而未披露的重大信息：包括但不限于筹 划涉及上市公司的重大资产重组、股份发行、收购、债务重组、资产 剥离、资产注入、股份回购、股权激励、破产重组、重大业务合作、 引进战略投资者等对新亚电子股票交易价格产生较大影响的重大事 项。 特此回函！ 控股股东：乐清利新控股有限公司 2025 年 7 月 7 日 关于对新亚电子股份有限公司 股票交易异常波动的询问函的回复 新亚电子股份有限公司： 本人已于 2025 年 7 月 7 日收到贵公司发来的《新亚电子股份有 限公司股票异常波动的询问函》，经本人认真自查，现回复如下： 本人为新亚电子股份有限公司（以下简称"新亚电子"）的实际 控制人，截止目前不存在影响新亚电子股份有限公司交易异常波动的 重大事项；不存在其他应 ...

Core Viewpoint - The company New Asia Electronics (605277.SH) announced that during the period of stock fluctuations, its directors and senior management engaged in the reduction of company shares [1] Summary by Relevant Sections - The company disclosed a share reduction plan on May 6, 2025, indicating that directors Chen Huahui, Yang Wenhua, Chen Jingmiao, and board secretary Huang Juan plan to reduce their holdings by a total of no more than 2.19 million shares [1] - The reduction period is set from May 28, 2025, to August 28, 2025, coinciding with the stock fluctuation period [1]

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5] Core Insights - The global computing infrastructure remains highly prosperous, with a continued positive outlook on computing directions. The global server market is expected to reach $366 billion in 2025, growing by 44.6% year-on-year. The market for GPU-equipped servers is projected to grow by 46.7%, nearly accounting for half of the overall market [12][19][22] - The deployment of NVIDIA's GB300 AI systems has begun, indicating sustained growth in the global AI landscape. CoreWeave and Dell Technologies announced the launch of the first batch of GB300 NVL72 AI systems, which are equipped with advanced GPUs and CPUs to meet increasing AI computing demands [23][24] - China Mobile's procurement of AI servers worth 3.2 billion yuan marks a significant acceleration in AI inference computing infrastructure development, highlighting the urgency for operators to enhance AI application capabilities [35][40] Summary by Sections Industry News Tracking - The global computing infrastructure is expected to maintain high prosperity, with a focus on computing directions. The global server market is projected to reach $366 billion in 2025, with a year-on-year growth of 44.6% [12][19] - The Chinese GenAI IaaS market is anticipated to grow by 165% year-on-year in the second half of 2024, reaching 8.74 billion yuan, marking a significant share in the overall AI IaaS market [16][22] Market Performance Review - The communication index fell by 0.10% this week, while the Shanghai and Shenzhen 300 index rose by 1.54%, resulting in a relative return of -1.64%, ranking 26th among primary industries [3][48] Investment Recommendations - Focus on AI computing infrastructure across various segments, particularly in optical devices and copper connection industries, which are expected to benefit from the global AI development [4][55] - Long-term investment in the three major telecom operators is recommended due to their stable operations and increasing dividend ratios, with a cumulative revenue of 748.8 billion yuan in the first five months of the year, reflecting a 1.4% year-on-year growth [4][55]

Core Viewpoint - The article discusses the recent fluctuations in the A-share market, highlighting the impact of U.S.-Vietnam trade agreements and the performance of specific sectors, particularly consumer electronics and innovative pharmaceuticals. Market Overview - The A-share market experienced a rebound, with the Shanghai Composite Index rising by 0.18%, the Shenzhen Component Index increasing by 1.17%, and the ChiNext Index up by 1.9% [5] - The total market turnover was 13,336 billion, a decrease of 716 billion from the previous day, with over 3,200 stocks rising [5] - A total of 66 stocks hit the daily limit up, with 14 stocks achieving consecutive limit ups, the highest being six consecutive limit ups [5] Sector Performance - The consumer electronics sector saw a collective surge, with stocks like Industrial Fulian, New Asia Electronics, and Chaoyang Technology hitting the daily limit up [5] - The PCB sector also rebounded, with stocks such as Zhongjing Electronics, Bomin Electronics, and Yihua New Materials reaching the daily limit up, driven by speculation on future demand for AI-PCB [5] - Innovative pharmaceutical stocks continued their strong performance, with companies like Guosheng Tang and Changchun High-tech also hitting the daily limit up [5] Trade Policy Impact - The U.S. has lifted restrictions on EDA and ethane exports to China, while Trump announced a trade agreement with Vietnam, which will impose a 20% tariff on Vietnamese exports to the U.S. [1][2] - This policy shift is seen as beneficial for consumer electronics companies with operations in Vietnam, such as Luxshare Precision, which had previously invested in production capacity there [2] Investment Trends - Morgan Stanley's MSCI China Index has risen by 32% over the past year, indicating a recovery in consumer spending and addressing overcapacity issues [7] - The article notes that the current market environment is conducive to a potential supply-side reform, with a focus on key sectors such as automotive, materials, and technology [8][9] Capital Market Dynamics - The article highlights that despite the return to average price-to-earnings ratios, the equity risk premium remains high, suggesting that the Chinese stock market is still undervalued [9] - The low interest rates are expected to continue, with predictions of further rate cuts, which could lead to a shift in investment towards growth stocks as overall return on equity improves [9]

Group 1 - New Asia Electronics (605277) has seen a strong performance in the stock market, reaching a limit-up price of 18.46 yuan per share [1] - The company has developed a new high-speed copper cable manufacturing technology called "lotus core high-speed wire" in collaboration with Amphenol, which has received patent authorization and is now in mass production [1][2] - The lotus core structure technology allows for the production of high-quality, high-performance high-speed copper cables without the need for imported fluoropolymer foaming equipment, addressing limitations in the current manufacturing process [1][2] Group 2 - The demand for high-speed copper cables is increasing rapidly due to the growth of data centers, and the lotus core structure is expected to become a mainstream technology solution beyond traditional foaming methods [2] - New Asia Electronics was established in 1987 and focuses on the research and manufacturing of electronic cables, with a diverse product range including precision electronics, communication optical cables, and cables for electric vehicles [3] - The company has obtained a total of 31 authorized invention patents and 164 utility model patents, serving well-known clients such as Hisense, Gree, Midea, BYD, Dell, and HP [3]

Core Insights - The AI server market is experiencing significant growth, driven by advancements in technology and increasing demand for AI applications [3][4] - Major companies like Quanta Computer are actively involved in the development and testing of next-generation AI server chips, indicating a competitive landscape [3] Group 1: Market Performance - On July 3, notable stock performances included Industrial Fulian rising over 8% and Huajin Technology increasing by 5% [1] - New Asia Electronics saw a price increase of 10.01%, with a market capitalization of 57.96 billion [2] - Industrial Fulian's latest price was 22.91, with a market cap of 4549.51 billion [2] - Huajin Technology's stock price reached 81.92, with a market cap of 468.12 billion [2] Group 2: Industry Developments - Goldman Sachs has raised its forecast for the shipment of AI servers, with expectations for high-performance AI servers like H200 and B200 to reach 525,000 and 527,000 units by 2025 and 2026, respectively [4] - The global AI server shipment is projected to reach 1.811 million units this year, marking a year-on-year growth of 26.29%, with high-end AI servers expected to see a 40% increase [4] - The global server market is anticipated to grow from $216.4 billion in 2024 to $332.87 billion by 2028, with a compound annual growth rate (CAGR) of 18.8% [4] Group 3: Cost Structure - In AI servers, GPU costs can account for nearly 70% of the total cost, significantly higher than other components [5] - Upgrading from standard servers to AI training servers results in substantial increases in the value of components such as memory, SSDs, and power supplies [5]