Core Viewpoint - As of April 30, 2024, a total of 2,462 A-share listed companies in China have published their sustainable development reports, with a notable focus on tax compliance management practices within these reports [1][3]. Group 1: Implementation of Sustainable Development Reporting - The "Guidelines for Sustainable Development Reporting of Listed Companies" came into effect on May 1, 2024, marking a new phase in the standardized disclosure of sustainable information [3]. - Companies included in major indices must disclose their 2025 sustainable development reports by April 30, 2026, while other companies are encouraged to voluntarily adopt these guidelines [3]. Group 2: Tax Compliance Commitments - Listed companies contributed a total of 4.54 trillion yuan in taxes in 2024, accounting for 25.96% of the national tax revenue, with many companies making commitments to comply with tax laws in their reports [3][5]. - Baoshan Iron & Steel Co., Ltd. outlined seven commitments regarding tax compliance, emphasizing adherence to local tax laws and transparent relationships with government entities [4]. Group 3: Tax Management Practices - Zhejiang Lino Fluid Control Technology Co., Ltd. highlighted its tax management procedures and commitment to tax compliance, reflecting the growing importance of tax issues among stakeholders [6]. - New Wind Technology Co., Ltd. adapted its internal tax management processes to align with business model changes and conducted employee training to enhance tax awareness [7]. Group 4: Digitalization and Risk Management - ZTE Corporation has established a global tax compliance committee to oversee tax governance and ensure compliance, reflecting a trend towards digitalization in tax management [9]. - Tianma Microelectronics Co., Ltd. developed a tax risk control system to monitor and manage tax risks proactively, shifting from reactive to preventive measures [10].

资金面上看，两市主力资金全天净流出377.02亿元，今日有10个行业主力资金净流入，煤炭行业主力资 金净流入规模居首，该行业今日上涨6.18%，全天净流入资金27.04亿元，其次是食品饮料行业，日涨幅 为1.73%，净流入资金为21.37亿元。 通信行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002017 | 东信和平 | 9.99 | 4.61 | 16235.67 | | 300394 | 天孚通信 | 0.73 | 5.15 | 11863.91 | | 300570 | 太辰光 | 11.20 | 17.86 | 10635.20 | | 600487 | 亨通光电 | 1.45 | 2.55 | 10426.07 | | 300921 | 南凌科技 | 6.28 | 24.12 | 7374.47 | | 002104 | 恒宝股份 | 6.25 | 40.34 | 7111.94 | | 301205 | 联特科技 | 1.59 | 17.42 | 6921.29 ...

Group 1 - The core viewpoint indicates that the communication ETF has shown significant performance, with a 7.32% increase over the past week, ranking first among comparable funds [1][2] - The communication ETF has experienced a liquidity turnover of 24.49% with a trading volume of 26.65 million yuan, indicating active market participation [2] - The communication ETF's net value has increased by 39.22% over the past year, showcasing strong return capabilities [2] Group 2 - The top ten weighted stocks in the Guozheng Communication Index account for 59.17% of the index, with key players including Zhongji Xuchuang and Xinyi Sheng, which have exceeded performance expectations [3][5] - Nvidia has submitted an application to resume sales of H20 GPU in the Chinese market, which may alleviate domestic GPU supply bottlenecks and accelerate data center construction [2] - The communication ETF closely tracks the Guozheng Communication Index, which reflects the price trends of communication industry stocks in the Chinese securities market [2]

从中证深圳科技创新主题指数持仓样本的行业来看，信息技术占比37.93%、工业占比31.48%、医药卫 生占比11.16%、通信服务占比10.85%、可选消费占比8.58%。 资料显示，指数样本每季度调整一次，样本调整实施时间分别为每年3月、6月、9月和12月的第二个星 期五的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在 下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将 其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当上 证港股通范围发生变动导致样本不再满足港股通资格时，将进行相应调整。 跟踪深圳科技的公募基金包括：安信深圳科技指数(LOF)A、安信深圳科技指数(LOF)C。 金融界7月21日消息，上证指数高开高走，中证深圳科技创新主题指数 (深圳科技，931136)上涨1.03%， 报8067.94点，成交额297.47亿元。 数据统计显示，中证深圳科技创新主题指数近一个月上涨9.67%，近三个月上涨14.93%，年至今上涨 13.61%。 据了解，中证深圳科技创新主题指数围绕深圳科技创新 ...

Core Viewpoint - The Chinese economy shows resilience with a GDP growth of 5.3% in the first half of 2025, but the telecom industry faces stagnation, with telecom revenue growth at only 1.4%, significantly lagging behind GDP growth [1][2]. Group 1: Industry Challenges - The telecom industry's growth has been hindered by the saturation of traditional business models, with mobile phone users exceeding 1.8 billion and fixed broadband users nearing 600 million, leading to a decline in revenue from mobile data services [2][3]. - Intense price competition among telecom operators has resulted in a race to the bottom, where marketing costs remain high while average revenue per user (ARPU) has stagnated or declined [3][4]. - The shift towards digital transformation has not yielded expected results, with growth in digital revenue slowing significantly, indicating that operators are struggling to adapt to new market demands [5][6]. Group 2: Structural Issues - The telecom sector's lagging growth compared to GDP is attributed to a structural imbalance, where the rapid expansion of the digital economy outpaces traditional telecom services [8][9]. - The contribution of telecom revenue to GDP growth has diminished, with the multiplier effect dropping from 1.7% to 0.8% by 2025, reflecting a reduced impact on the broader economy [9]. Group 3: Strategic Recommendations - To overcome stagnation, the telecom industry must transition from a volume-driven model to a value-driven approach, focusing on service differentiation and industry-specific solutions [10][11]. - Strengthening technological capabilities in emerging fields such as 6G and quantum communication is essential for maintaining competitive advantage [11]. - Building collaborative ecosystems with internet companies and manufacturers can enhance operational efficiency and drive innovation, as demonstrated by successful joint projects [11][12].

顾鑫阳介绍，自己大四时有幸参加西安交通大学—华为ADN启航计划菁英班，主要负责解决"虚拟机最 优部署及最优调度"问题。"项目期间，在华为的软件专家们的支持下，我最终解决了问题，使系统获得 了一些新的特性。"顾鑫阳说。他的创新解决方案最终获评华为的"优秀创意奖"和"西安交通大学—华为 ADN启航计划一等奖学金"。正是这一段实际参与产业项目的经历，让他在求职时获得诸多企业认可， 从一众求职者中脱颖而出。 近年来，西安交大积极推动校企协同育人模式，实现人才供需精准对接。学校依托大数据与人工智能技 术搭建了就业大数据分析与服务平台，从学生入学起就开始收集其学习成绩、选修课程等多维度数据。 临近毕业季，平台可结合学生的求职意向调研以及在校综合表现，描绘出学生就业需求的精准画像，从 而为学生匹配到合适的职业和岗位。 为提升人才培养与社会需求的契合度，学校还大力开展"访企拓岗"和"供需对接"就业育人项目，加强校 企协同育人，落实"双导师"制度，邀请企业专家深度参与课程设置、教学内容优化、实践教学指导等环 节。联合重点用人单位成立校企合作菁英班，每学期邀请50余名企业导师授课。学校还组织学生参与各 种就业实习实践活动，深入专 ...

Market Performance - The market continued to rise last week, with the Shanghai Composite Index up 0.69%, the Shenzhen Component Index up 2.04%, and the ChiNext Index up 3.17% [1] - The China Securities Xinhua National Brand Index increased by 1.63%, closing at 1706.67 points [1] Strong Stock Performance - Several constituent stocks performed strongly last week, including: - Zhongji Xuchuang up 24.33% - Xinlitai up 20.86% - Ecovacs up over 20% - Woer Biotech and AVIC Shenfei up 15.42% and 12.78% respectively [1] - Year-to-date performance shows: - Xinlitai up 78.17% - WuXi AppTec up 53.33% - Ecovacs up over 50% [2] Market Outlook - Institutions believe the Shanghai Composite Index has stabilized above 3500 points, indicating strong bullish momentum [2] - Increased market profitability is expected to attract more external funds, supported by ample liquidity and positive trading sentiment [2] - The current market may be at the beginning of a new bull market, driven by domestic policy support and improving fundamentals [2] Focus on Earnings and Policies - The upcoming earnings season is expected to significantly impact individual stock performance [3] - Market attention will shift towards domestic policies and Federal Reserve actions, which may form the basis for mid-term trends [3] - Structural opportunities are anticipated to be key for A-share investments in the second half of the year, with a focus on core A-share assets [3]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Viewpoints - The overseas computing power industry chain remains highly prosperous and has not been impacted by DeepSeek and trade frictions, with stronger fundamental resonance in the related industry chain. The AI industry is viewed as the main investment theme for the year, with expectations for continued high prosperity in the AI sector and the AIDC industry chain. The year 2025 is anticipated to be a pivotal year for domestic AI infrastructure competition and application development [4][22]. - The report emphasizes the importance of "AI + overseas expansion + satellite" core investment opportunities, highlighting areas such as optical modules, liquid cooling, and domestic computing power lines. The report also notes the recovery of the offshore wind industry and the promising developments in the satellite internet sector [5][23]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [6]. - Switch server PCB: Key recommendations include Huadian Co., ZTE, and Unisplendour [6]. - Low valuation, high dividend, and cloud computing IDC resource reassessment: China Mobile, China Telecom, and China Unicom [6]. - AIDC & cooling: Key recommendations include Yingweike, Runze Technology, and Guanghuan New Network [6]. - AIGC applications / edge computing: Key recommendations include Yiyuan Communication, Guanghetong, and Meige Intelligent [6]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Offshore wind and submarine cables: Key recommendations include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [7]. - Recovery of overseas expansion & concentration on leading companies: Key recommendations include Huace Navigation, Weisheng Information, and Tuobang Co. [7]. - Intelligent driving: Suggested focus on modules & terminals, sensors, connectors, and structural components [7]. 3. Satellite Internet & Low Altitude Economy - Accelerated development of low-orbit satellites and low-altitude economy: Key recommendations include Huace Navigation and Haige Communication [8]. - Suggested focus on companies like Chengchang Technology, Zhenlei Technology, and Shenglu Communication [8]. 4. Market Performance Review - The communication sector rose by 7.02% during the week of July 14-18, outperforming the CSI 300 index by 5.93 percentage points. The communication equipment manufacturing sector increased by 9.80% [29][31].

Group 1 - The core index of the China Internet Index (H30535) experienced a slight decline of 0.13%, closing at 3333.49 points, with a trading volume of 87.456 billion yuan [1] - Over the past month, the China Internet Index has increased by 14.66%, by 23.12% over the last three months, and by 11.25% year-to-date [1] - The index comprises 50 listed companies involved in various sectors such as internet hardware, cloud computing, data center infrastructure, intelligent application software, internet operations, and content services [1] Group 2 - The top ten weighted companies in the China Internet Index include: Xinyiseng (9.11%), Zhongji Xuchuang (8.08%), ZTE Corporation (5.55%), iFlytek (5.55%), Hikvision (5.21%), Zhongke Shuguang (5.12%), Kingsoft Office (3.41%), Tonghuashun (2.98%), Inspur Information (2.87%), and Hengsheng Electronics (2.57%) [1] - The market distribution of the index shows that 74.05% of the holdings are from the Shenzhen Stock Exchange, while 25.95% are from the Shanghai Stock Exchange [2] Group 3 - The industry composition of the index indicates that information technology accounts for 52.76% and communication services for 47.24% [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [3] Group 4 - Public funds tracking the internet sector include: Southern China Internet C and Southern China Internet A [4]

Market Overview - The Shanghai Composite Index rose by 0.50% on July 18, with 22 out of 28 sectors experiencing gains, led by non-ferrous metals and basic chemicals, which increased by 2.10% and 1.36% respectively [2] - The media and electronics sectors saw declines of 0.98% and 0.49% respectively, while the telecommunications sector fell by 0.31% [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 22.99 billion yuan, with 10 sectors seeing net inflows. The non-ferrous metals sector led with a net inflow of 3.794 billion yuan, followed by the non-bank financial sector with a net inflow of 0.897 billion yuan and a daily increase of 0.33% [2] - The electronics sector experienced the largest net outflow of 8.341 billion yuan, followed by the computer sector with a net outflow of 4.375 billion yuan. Other sectors with significant outflows included telecommunications, machinery, and automotive [2] Telecommunications Sector Performance - The telecommunications sector declined by 0.31%, with a total net outflow of 2.701 billion yuan. Out of 126 stocks in this sector, 31 rose while 88 fell [3] - Notable stocks with significant net inflows included Dongxin Peace, which saw a net inflow of 182 million yuan, followed by China Mobile and China Telecom with inflows of 144 million yuan and 140 million yuan respectively [3][4] - The sector's stocks with the highest net outflows included Hengbao Co., New Yisheng, and ZTE, with outflows of 716 million yuan, 265 million yuan, and 258 million yuan respectively [5] Key Stocks in Telecommunications Sector - Top gainers in the telecommunications sector included Dongxin Peace with a rise of 2.44% and a turnover rate of 25.65%, and China Telecom with a rise of 0.53% [4] - Major losers included Hengbao Co. with a decline of 7.88% and a turnover rate of 39.74%, and New Yisheng with a decline of 0.64% [5]