Quantitative Models and Construction Methods - **Model Name**: Real-time Public Fund Positioning **Model Construction Idea**: This model estimates the real-time positioning of public funds based on publicly available market information such as fund net value, disclosed holdings, and research activities[3][20] **Model Construction Process**: The process involves complex data processing of public market information, including fund net value, disclosed holdings, and research activities. Detailed methodology is referenced in the report "偏股混合型基金指数（885001.WI）：优势、复制与超越"[20] - **Model Name**: ETF Fund Positioning **Model Construction Idea**: This model tracks the dynamics of ETF fund holdings as a key indicator of market fund flows, reflecting the growing importance of index investment in the A-share market[3][21] **Model Construction Process**: The model calculates the proportion of ETF holdings relative to the market capitalization of PCB sector stocks. As of Q2 2025, the total scale of public ETF funds exceeded 4.3 trillion yuan, with ETF holdings in the PCB sector at a historical high, accounting for 2.6% of the sector's market capitalization[21][23] - **Model Name**: Financing Balance Dynamics **Model Construction Idea**: This model uses financing balance as a proxy for investor sentiment, where an increase in financing balance indicates a bullish outlook on the market[3][25] **Model Construction Process**: The model tracks the total amount of outstanding financing in margin trading. The PCB sector's financing balance is at a historical high, while the short-selling balance remains at a low level[25][27] - **Model Name**: Chip Yield Characteristics **Model Construction Idea**: This model evaluates the profitability of the PCB sector based on chip yield, which measures the return of current prices relative to historical chip costs. It identifies momentum effects in strong markets and reversal effects in weak markets[3][26] **Model Construction Process**: The model estimates the average holding cost of funds at different price levels and calculates chip yield as the return of current prices relative to historical chip costs. The PCB sector's current profitability is 22.95%[26][28] Model Backtesting Results - **Real-time Public Fund Positioning**: No specific quantitative backtesting results provided - **ETF Fund Positioning**: ETF holdings account for 2.6% of the PCB sector's market capitalization[23] - **Financing Balance Dynamics**: Financing balance is at a historical high, while short-selling balance is at a low level[25][27] - **Chip Yield Characteristics**: Current profitability of the PCB sector is 22.95%[26][28] Quantitative Factors and Construction Methods - **Factor Name**: Chip Yield **Factor Construction Idea**: This factor measures the profitability of the PCB sector based on the return of current prices relative to historical chip costs[3][26] **Factor Construction Process**: The factor is calculated as the return of current prices relative to historical chip costs. It reflects momentum effects in strong markets and reversal effects in weak markets. The PCB sector's current chip yield is 22.95%[26][28] Factor Backtesting Results - **Chip Yield**: Current profitability of the PCB sector is 22.95%[26][28]

证券日报网讯 8月1日晚间，生益电子发布公告称，截至2025年7月31日，公司尚未实施回购股份，公司 后续将根据市场情况择机实施本次回购计划。 （文章来源：证券日报） ...

生益电子股份有限公司 证券代码：688183 证券简称：生益电子 公告编号：2025-045 由于公司实施 2024 年年度权益分派，根据《生益电子股份有限公司关于以集 中竞价交易方式回购公司股份的回购报告书》，若公司在回购期内发生派发红利、 送红股、转增股本等除权、除息事项，自股价除权、除息日起，相应调整回购价 格上限。公司按照中国证券监督管理委员会及上海证券交易所的相关规定，对回 购价格上限进行相应调整，调整后回购股份价格上限为不超过人民币 42.77 元/ 股（含）。具体内容详见公司于 2025 年 6 月 5 日披露的《生益电子股份有限公司 关于股份回购进展暨 2024 年年度权益分派实施后调整回购股份价格上限的公告》 （公告编号：2025-032）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内披露截至上月末的回购进展情况。公司回购股份的进展情况如下： 截至 2025 年 7 月 31 日，公司尚未实施回购股份，公司后续将根据市场情况 择机实施本次回购计划。 关于股份 ...

Group 1 - The core viewpoint of the article highlights the significant rise in AI industry stocks, particularly in companies like DingTong Technology and Shengyi Electronics, which have reached new historical highs [1] - Domestic large models represented by the DeepSeek series are now comparable in performance to leading overseas models, with lower costs, indicating a shift from "usable" to "well usable" [1] - The application of domestic large models in sectors such as finance and office work is noteworthy, with AI Agents already being implemented in enterprise management scenarios, suggesting substantial future growth potential [1] Group 2 - Domestic AI chip manufacturers like Haiguang Information, Huawei, and Cambricon have made positive breakthroughs in AI chip products, while companies such as Suiyuan, Muxi, Tianshu, and Biran are also rapidly developing [1] - The domestic AI industry chain is gradually improving from computing power, algorithms to application scenarios, as noted by Ping An Securities [1] - The intelligent driving market in China, valued in trillions, is accelerating its penetration, with a significant trend towards the popularization of smart driving [1]

Market Overview - The A-share market showed high volatility, with the Shanghai Composite Index closing at 3597.94 points, up 0.12% [2] - The Shenzhen Component Index rose 0.44% to 11217.58 points, while the ChiNext Index increased by 0.96% to 2362.60 points [2] - Total trading volume in the Shanghai and Shenzhen markets was 17.423 trillion yuan, a decrease of 45 billion yuan compared to the previous Friday [2] PCB Sector Performance - The AI hardware sector, represented by PCB (Printed Circuit Board) concepts, led the market with significant gains, with multiple stocks hitting the daily limit [3] - Notable performers included Fangbang Shares, Junya Technology, and Pengding Holdings, with Shenghong Technology surging over 17% [3] - At least 10 PCB companies have released half-year performance forecasts, with Shengyi Electronics expecting a net profit increase of 432% year-on-year [3] - The demand for high-end PCBs is rapidly growing due to AI computing needs, with projections indicating a supply-demand gap for AI PCBs by 2026 [3] Non-Bank Financial Sector - The non-bank financial sector, including brokerage and insurance, performed well, with the Shenwan Securities Index rising by 0.68% [4] - Major brokerages like Zhongyin Securities and Huatai Securities saw significant stock price increases, with at least 12 brokerages forecasting over 100% growth in net profit for the first half of the year [4][5] - The insurance sector benefited from economic recovery, with a notable increase in the sales of savings-type products [5] Resource Sector Dynamics - The resource sector experienced significant divergence, with coal, steel, and oil sectors undergoing substantial corrections [6] - Futures markets saw sharp declines in black and new energy commodities, with major contracts for coking coal and lithium carbonate hitting the daily limit down [6] - Several brokerages have warned of trading risks in the resource sector, suggesting that the recent price surges were driven by policy expectations and market sentiment [6] Investment Themes - In the medium to long term, institutions suggest focusing on undervalued sectors within the "anti-involution" theme, including polyurethane, LED, and semiconductor precursor materials [7] - The "anti-involution" theme has begun to expand, with specific commodities like red dates experiencing price fluctuations [7]

Market Overview - The Shanghai Composite Index is at 3597.22 points, above the five-day moving average, with a slight increase of 0.10% [1] - The total trading volume of A-shares today is 14,360.10 billion yuan [1] Stocks Performance - A total of 656 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Tongguan Copper Foil (15.08%) - Defu Technology (9.48%) - *ST Huike (9.43%) [1] - Stocks with smaller deviation rates that have just crossed the five-day moving average include: - Yao Yigou - Ningde Times - SAIC Group [1] Top Stocks by Deviation Rate - The following stocks have the highest deviation rates from the five-day moving average: - Tongguan Copper Foil: 20.00% increase, trading at 25.08 yuan [1] - Defu Technology: 11.96% increase, trading at 30.99 yuan [1] - *ST Huike: 12.10% increase, trading at 12.88 yuan [1] - Other notable stocks include: - Chaojie Shares: 12.51% increase, trading at 42.08 yuan [1] - Zhongxin Fluorine: 10.00% increase, trading at 20.68 yuan [1] [2]

Industry Overview - The global PCB market is projected to reach $73.565 billion in 2024, with a year-on-year growth of 5.8%, and is expected to grow to $94.661 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [1] - PCB is essential for the development of electronic devices such as smartphones and AI servers, indicating strong underlying demand in the electronics sector [1] Company Performance - Willgo announced an expected revenue of $700 million to $720 million for the first half of the year, representing a year-on-year increase of 55.41% to 59.85%. The net profit is projected to be between $43 million and $50 million, with a growth of 12.55% to 30.87% [3] - Willgo attributes its performance to increased demand from the AI market, expansion of overseas clients, and advancements in technology, leading to a significant growth in orders [3] - Mankun Technology forecasts a net profit of $60 million to $70 million for the first half of 2025, marking a year-on-year increase of 53.98% to 79.64%, driven by capacity ramp-up and optimization of product and customer structure [3] - Shengyi Electronics expects revenue between $3.65 billion and $3.88 billion for the first half of 2025, a year-on-year increase of 84.98% to 96.73%, with net profit projected at $511 million to $549 million, reflecting a growth of 432.01% to 471.45% [4] - Shengyi Electronics attributes its significant growth to continuous optimization of product structure and strategic capacity adjustments, enhancing its competitive edge in the mid-to-high-end market [4]

Group 1 - The core viewpoint of the article highlights the significant profit growth of several companies in the electronic components sector, driven by the AI computing industry's expansion [3] - Companies such as Huadian Co., Ltd. (沪电股份) expect a year-on-year increase in net profit attributable to shareholders of 45%-53%, while Zhongji Xuchuang (中际旭创) anticipates a 53%-87% increase, Xinyi Sheng (新易盛) expects a staggering 328%-385% increase, and Shengyi Electronics (生益电子) projects a 432%-471% increase [3] - The article emphasizes that the explosive growth in the AI industry is not only creating new markets and demands but is also pushing the entire electronic industry chain to upgrade its performance with stricter technical standards [3] Group 2 - The article suggests that the beneficiaries of this trend are not limited to upstream components, but also include the midstream manufacturing sector, which is also a focus for potential investment opportunities [4]

Investment Rating - The industry investment rating is "Overweight" as the report anticipates that the interconnection bandwidth demand will experience rapid growth due to the "multiplier effect" [4][90]. Core Insights - The report identifies four major trends in the AI computing interconnection sector: 1. Computing hardware demand is shifting from being anchored to cloud vendors' CapEx to being anchored to the number of tokens processed. 2. The landscape of computing chips is evolving from reliance on GPUs to a coexistence of GPUs and ASICs. 3. Technological iterations are transitioning from product-level upgrades (like optical modules, PCBs, switches, and network cards) to overall upgrades at the network architecture level. 4. The focus of network interconnection upgrades is expanding from Scale Out to Scale Up, enhancing both types of networks and increasing single-chip bandwidth [5][81][85]. Summary by Sections Section 1: Market Trends - The demand for computing power is increasingly linked to the number of tokens processed rather than just cloud vendor capital expenditures [5][81]. - The growth of AI models has led to a significant increase in the demand for high-bandwidth, low-latency interconnections, particularly in the context of large-scale AI training [21][25]. Section 2: Product Innovations - New products like Sora and GB200 are driving demand for multimodal inference, with Sora requiring significantly more inference computing power compared to previous models [27][35]. - The report highlights that the performance of new interconnection technologies, such as GB200, is substantially superior to older models, enhancing overall computational efficiency [75][76]. Section 3: Capital Expenditure Trends - Capital expenditures from major cloud service providers (CSPs) are expected to continue increasing, with a notable shift towards AI computing capabilities [35][37]. - The report estimates that the ratio of NVIDIA's data center revenue from cloud vendors to the capital expenditures of five major cloud vendors has increased from 5% in Q1 2023 to approximately 30% by the second half of 2024 [37][38]. Section 4: Investment Opportunities - The report suggests that various interconnection methods, including optical, copper, and PCB connections, are likely to benefit from the anticipated growth in interconnection demand. Key companies identified include: - Optical interconnection: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Yuanjie Technology, Changguang Huaxin, Changxin Bochuang, Shijia Photon, Zhizhi Technology, Taicheng Light. - Copper interconnection: Zhaolong Interconnection, Zhongji Xuchuang, Hongteng Precision. - PCB: Shenghong Technology, Jingwang Electronics, Hudian Co., Shengyi Technology [4][90].

Core Viewpoint - Eight PCB listed companies have disclosed their performance forecasts for the first half of the year, with significant profit increases expected, particularly for Shengyi Electronics, which anticipates a net profit increase of over 450% year-on-year [1] Group 1: Company Performance Forecasts - Shengyi Electronics expects a net profit of 511 million to 549 million yuan, representing a year-on-year increase of 432% to 471% and a quarter-on-quarter increase of 55.34% to 74.33% [2] - Guanghua Technology forecasts a net profit of 51 million to 58 million yuan, with a year-on-year increase of 375.05% to 440.26% and a quarter-on-quarter increase of 4% to 32% [2] - Pengding Holdings anticipates a net profit of 1.198 billion to 1.26 billion yuan, reflecting a year-on-year increase of 52.79% to 60.62% and a quarter-on-quarter increase of 45.49% to 57.99% [2] - Guanghe Technology expects a net profit of 485 million to 505 million yuan, with a year-on-year increase of 51.85% to 58.12% and a quarter-on-quarter increase of 2.08% to 10.42% [2] - Shengyi Technology forecasts a net profit of 1.4 billion to 1.45 billion yuan, indicating a year-on-year increase of 50% to 56% and a quarter-on-quarter increase of 48.23% to 57.09% [2] - Huadian Co. expects a net profit of 1.65 billion to 1.75 billion yuan, with a year-on-year increase of 44.63% to 53.40% and a quarter-on-quarter increase of 16.54% to 29.66% [2] - Zhongjing Electronics anticipates a net profit of 16 million to 20 million yuan, indicating a turnaround from losses year-on-year and a quarter-on-quarter increase of 28.57% to 85.71% [2] - Jin'an Guoji expects a net profit of 15 million to 22.5 million yuan, with a year-on-year decrease of 67.83% to 78.56% [2]