Core Viewpoint - The National Integrated Circuit Industry Investment Fund Co., Ltd. plans to reduce its stake in Shengke Communication by up to 12.3 million shares, representing 3.00% of the company's total share capital [1] Summary by Category - **Company Announcement** - Shengke Communication (688702.SH) announced that the National Integrated Circuit Industry Investment Fund intends to reduce its holdings through centralized bidding or block trading [1]

Core Viewpoint - The shareholder, National Integrated Circuit Industry Investment Fund Co., Ltd., plans to reduce its stake in Shengke Communication by selling up to 12.3 million shares, representing a maximum of 3.00% of the total shares held [1] Summary by Relevant Sections - Shareholder Information - National Integrated Circuit Industry Investment Fund Co., Ltd. holds 70.0493 million shares, accounting for 17.09% of the total shares [1] - Reduction Plan - The planned reduction will occur between August 18, 2025, and November 17, 2025, through centralized bidding or block trading [1] - The maximum number of shares to be sold is 12.3 million [1]

陈衍鹏在担任诺安益鑫灵活配置混合A（002292）基金经理的任职期间累计任职回报43.53%，平均年化 收益率为7.44%。期间重仓股调仓次数共有111次，其中盈利次数为65次，胜率为58.56%；翻倍级别收 益有2次，翻倍率为1.8%。 以下为陈衍鹏所任职基金的部分重仓股调仓案例： 证券之星消息，截止2025年二季度末，基金经理陈衍鹏旗下共管理3只基金，本季度表现最佳的为诺安 和鑫灵活配置混合（002560），季度净值涨3.55%。 | 在任基金 | 规模(亿元) | | 年化回报 | 2025年二季度涨幅 | 第一重仓股 | 占浄値比 | | --- | --- | --- | --- | --- | --- | --- | | 诺安和鑫灵活配置混合 | | 27.13 | 5.99% | 3.55% | 北方华创 | 5.45% | | 002560 | | | | | 002371.SZ | | | 诺安益鑫灵活配置混合A | | 0.43 | 6.85% | 3.29% | 盛科通信 | 5.97% | | 002292 | | | | | 688702.SH | | | 诺安益鑫灵活配置混合C | ...

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 3.1% during trading, with a transaction volume of 9.55 billion yuan [3] - As of July 15, the Sci-Tech Chip ETF's latest scale reached 30.492 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The ETF's latest share count reached 20.104 billion shares, also a six-month high, ranking first among comparable funds [3] - Over the past six days, the ETF has seen continuous net inflows, with a maximum single-day net inflow of 761 million yuan, totaling 2.273 billion yuan [3] - The leveraged funds continue to invest, with a net financing amount of 30.2579 million yuan this month and a latest financing balance of 1.844 billion yuan [3] - The ETF's net value has increased by 57.25% over the past year, ranking first among comparable funds, and it is in the top 5.33% of index stock funds [3] - Since its inception, the ETF's highest monthly return was 25.18%, with the longest consecutive monthly gains being four months and a maximum increase of 36.01% [3] Group 2: Semiconductor Industry Outlook - Tianfeng Securities predicts a continued optimistic growth trajectory for the global semiconductor industry in 2025, driven by AI and downstream growth [4] - Policy support is expected to enhance the domestic semiconductor industry chain through horizontal category expansion and vertical technological complementarity, accelerating industry concentration and competitiveness [4] - The top ten weighted stocks in the Sci-Tech Board Chip Index as of June 30, 2025, include SMIC, Haiguang Information, Cambricon, and others, collectively accounting for 57.76% of the index [4] Group 3: Stock Performance - The top ten stocks in the Sci-Tech Chip Index show varying performance, with SMIC at -0.11% and Cambricon at +6.24%, indicating a diverse range of stock movements [6] - Investors without stock accounts can access investment opportunities in domestic chips through the Sci-Tech Chip ETF linked fund (017470) [6]

Market Overview - The Shanghai Composite Index closed at 3519.65 points, above the annual line, with a change of 0.27% [1] - The total trading volume of A-shares reached 14809.22 billion yuan [1] Stocks Breaking Annual Line - A total of 46 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Huaming Equipment (002270) with a deviation rate of 2.75% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.63% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, latest price 76.99 yuan, deviation rate 7.62% - Huaming Equipment: 3.25% increase, latest price 16.85 yuan, deviation rate 2.75% - Tongyi Co., Ltd.: 2.63% increase, latest price 16.02 yuan, deviation rate 2.63% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Daqin Railway and *ST Haiyuan with minimal deviation rates [1]

Summary of the Conference Call on Switch Industry and AI Computing Power Industry Overview - The report focuses on the **switch industry**, highlighting its critical role in network interconnection and the growing demand driven by data center construction [4][20]. - The global switch market is projected to grow significantly, with the top five manufacturers holding a substantial market share [4][68]. Key Points and Arguments Market Growth and Demand - The global switch market is expected to grow from **$61.9 billion in 2020** to **$96.8 billion by 2025**, with a **CAGR of 9.4%** [24]. - In China, the market is projected to increase from **¥116.8 billion in 2020** to **¥318 billion by 2025**, with a **CAGR of 22.2%** [24]. - The demand for switches is driven by the increasing data center construction and the need for higher data transfer rates [20][30]. Market Concentration - The top five global switch manufacturers, including **Cisco, Arista, Huawei, HPE, and Xinhua San**, hold **69.6%** of the market share, with Cisco leading at **35.9%** [4][68]. - In China, the top five manufacturers account for **89.7%** of the market, with Huawei at **32.4%** [4][68]. Technological Trends - **White-box technology** is emerging, allowing for hardware-software decoupling, which reduces acquisition and operational costs [31][35]. - The **CPO (Chip-Package-Optical)** switch technology is gaining traction, promising lower power consumption and higher efficiency [36][41]. Chip Market Dynamics - The global Ethernet switch chip market is expected to grow, with commercial vendors driving the majority of the growth [81][86]. - The market is currently dominated by overseas giants, indicating significant room for domestic alternatives [87]. Important but Overlooked Content - The report highlights the **risk factors** including the potential underdevelopment of AI applications, escalating US-China trade tensions, intensified market competition, and the risk of failure in new technology and product development [7]. - The **data center switch market** in China is expected to account for **51.7%** of the total switch market by 2026, indicating a growing reliance on data center infrastructure [30]. Recommendations - The report suggests monitoring companies such as **Sengke Communication, Yutai Micro, Ruijie Networks, Unisplendour, ZTE, and Feiling Kesi** for potential investment opportunities [6]. This summary encapsulates the essential insights from the conference call regarding the switch industry and its intersection with AI computing power, providing a comprehensive overview of market dynamics, technological advancements, and investment opportunities.

Group 1 - The Shanghai Stock Exchange has released the "Self-Regulatory Supervision Guidelines for Companies Listed on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the guideline's implementation [1] - Newly registered unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing [1] Group 2 - Investors participating in the subscription and trading of newly registered stocks in the Sci-Tech Growth Tier must sign a "Risk Disclosure Statement for the Sci-Tech Growth Tier" [2] - The 32 existing companies that have not yet removed the "U" designation include: Zejing Pharmaceutical, Junshi Biosciences, Frontier Biotech, Qingyun Technology, Hehui Optoelectronics, Jingjin Electric, BeiGene, Dize Pharmaceutical, Maiwei Biotech, Aojie Technology, Yuhong Pharmaceutical, Shouyao Holdings, Haichuang Pharmaceutical, CloudWalk Technology, Yifang Biotech, Obsidian Optics, Mengke Pharmaceutical, Nuo Cheng Jianhua, Xinke Mobile, Xinghuan Technology, Yutai Micro, Yuntian Lifa, Tianzhihang, Qi Anxin, Hanwujin, Yihua Tong, Aifute, Huizhiwei, Xinlian Integrated, Zhixiang Jintai, Shengke Communication, and Zhongjuxin [2]

Core Viewpoint - Chip stocks experienced a rebound in the afternoon, with several major stocks seeing significant gains, indicating a positive trend in the semiconductor sector [1] Group 1: Stock Performance - Companies such as Cambricon, Taiji, Shengke Communication, Huahong Group, and Jingfeng Mingyuan all saw their stock prices rise by over 5% [1] - Other companies including SMIC, Aishi Chuang, Guoxin Technology, Shengbang Technology, and Guomin Technology also followed suit with notable increases [1]

Group 1 - The core viewpoint of the article highlights that multiple semiconductor and food & beverage stocks have received upgraded ratings from various institutions [1] - In May, a total of 71 institutions conducted 5,151 ratings, with 1,859 stocks receiving a "buy" rating, which includes buy, overweight, strong buy, and recommended [1] - The semiconductor sector saw several stocks, including Zhongwei Semiconductor, Shengke Communication, Weicai Technology, and Naxin Micro, being upgraded to "buy" ratings [1] Group 2 - Additionally, certain food and beverage stocks, such as Lianhua Holdings, Bairun Co., and Dongpeng Beverage, also received rating upgrades, with their latest ratings being "buy" [1]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [6]. Core Views - The company achieved a revenue of 1.082 billion yuan in 2024, representing a year-on-year growth of 4%, but reported a net loss attributable to shareholders of 68 million yuan, with losses expanding by 250% compared to the previous year [6][2]. - In Q1 2025, the company generated a revenue of 223 million yuan, a decrease of 12% year-on-year, with a net loss of 15 million yuan, marking a 150% increase in losses compared to the same period last year [6][2]. - The company focuses on the Ethernet switch chip sector, with high-end flagship chips being delivered in small batches in 2024, targeting large-scale data centers and cloud service demands [2][1]. - The company has a comprehensive product lineup in Ethernet switch chips, with capabilities reaching up to 800G and switching capacities of 12.8Tbps and 25.6Tbps [1]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 1.353 billion yuan, 1.776 billion yuan, and 2.195 billion yuan, respectively, with expected growth rates of 25.1%, 31.3%, and 23.6% [2][4]. - The company plans to increase its R&D investment to 428 million yuan in 2024, a 36% increase year-on-year, accounting for 39.61% of its revenue [2][4]. - The number of R&D personnel reached 409 by the end of 2024, an increase of 38 from the previous year, representing 76.31% of the total workforce [2][4].