证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交12.11亿元，其中，买入成交额为8.51亿 元，卖出成交额为3.59亿元，合计净买入4.92亿元。 具体来看，今日上榜的营业部中，共有5家机构专用席位现身，即买四、买五、卖一、卖二、卖三，合 计买入金额1.68亿元，卖出金额2.34亿元，合计净卖出6615.98万元，深股通为第一大买入营业部，买入 金额为4.37亿元，卖出金额为3817.74万元，合计净买入3.99亿元。 资金流向方面，今日该股主力资金净流入12.57亿元，其中，特大单净流入12.42亿元，大单资金净流入 1512.08万元。近5日主力资金净流入10.79亿元。 融资融券数据显示，该股最新（7月25日）两融余额为17.40亿元，其中，融资余额为17.27亿元，融券余 额为1276.26万元。近5日融资余额合计减少2543.04万元，降幅为1.45%，融券余额合计增加388.04万 元，增幅43.69%。（数据宝） 光迅科技今日涨停，全天换手率14.12%，成交额57.17亿元，振幅6.22%。龙虎榜数据显示，机构净卖出 6615.98万元，深股通净买入3.99亿元，营业部席位合计净买入 ...

Core Viewpoint - The 6G concept sector has shown a positive performance with a 2.25% increase, ranking 8th among concept sectors, indicating growing investor interest and potential in this area [1] Group 1: Market Performance - As of July 28, the 6G concept sector saw 54 stocks rise, with notable performers including ShuoBeide (20% limit up), Xingsen Technology, ZhiZhen Technology, and Guangxun Technology, all hitting the limit up [1] - The top gainers in the sector included Jingwang Electronics (8.37%), Huazheng New Materials (6.51%), and Jinxin Nuo (5.79%) [1] - Conversely, stocks like Caixun Co., China Telecom, and China Mobile experienced declines of 2.67%, 1.08%, and 0.82% respectively [1] Group 2: Capital Flow - The 6G concept sector attracted a net inflow of 2.845 billion yuan, with 39 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflow [1] - Guangxun Technology led the net inflow with 1.257 billion yuan, followed by ShuoBeide (833 million yuan), Xingsen Technology (323 million yuan), and ZTE Corporation (135 million yuan) [1] - The top three stocks by net inflow ratio were Shijia Technology (27.14%), ShuoBeide (26.89%), and Guangxun Technology (21.99%) [2]

Market Overview - The Shanghai Composite Index rose by 0.12% on July 28, with 15 out of the 28 sectors experiencing gains, led by defense and non-bank financial sectors, which increased by 1.86% and 1.51% respectively [1] - The communication sector also saw an increase of 1.24% [1] - The coal and steel sectors faced the largest declines, with decreases of 2.60% and 1.41% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets was 18.575 billion yuan, with 8 sectors experiencing net inflows [1] - The electronic sector had the highest net inflow, totaling 3.655 billion yuan, followed by the communication sector with a net inflow of 2.848 billion yuan [1] - The computer sector had the largest net outflow, amounting to 6.892 billion yuan, followed by the non-ferrous metals sector with a net outflow of 3.254 billion yuan [1] Communication Sector Performance - The communication sector increased by 1.24%, with a total net inflow of 2.848 billion yuan, and 86 out of 125 stocks in this sector rose [2] - Notably, 3 stocks hit the daily limit up, while 36 stocks declined, with 1 stock hitting the daily limit down [2] - The top three stocks with the highest net inflow were Guangxun Technology (1.257 billion yuan), Xinyi Sheng (588 million yuan), and Zhongji Xuchuang (442 million yuan) [2] Communication Sector Capital Inflow - The top stocks in the communication sector by capital inflow included: - Guangxun Technology: +10.00%, turnover rate 14.12%, inflow 1.257 billion yuan - Xinyi Sheng: +2.79%, turnover rate 7.31%, inflow 588 million yuan - Zhongji Xuchuang: +3.59%, turnover rate 3.97%, inflow 442 million yuan [2] Communication Sector Capital Outflow - The top stocks in the communication sector by capital outflow included: - Aofei Data: -2.52%, turnover rate 5.17%, outflow -104.65 million yuan - Data Port: -0.52%, turnover rate 3.84%, outflow -96.10 million yuan - Guanghuan New Network: -2.17%, turnover rate 4.26%, outflow -89.18 million yuan [3]

Group 1 - The China Securities Artificial Intelligence Industry Index (931071) experienced a decline of 0.51% as of July 28, 2025, with mixed performance among constituent stocks [1] - Notable gainers included Guangxun Technology (002281) with a 10% limit up, Chipone Technology (688521) up 3.25%, and Stone Technology (688169) up 3.17% [1] - The Artificial Intelligence ETF (515980) underwent a downward adjustment, with the latest price at 1.13 yuan [1] Group 2 - The Artificial Intelligence ETF had a turnover rate of 4.15% and a half-day trading volume of 145 million yuan, with an average daily trading volume of 189 million yuan over the past week [2] - The latest scale of the Artificial Intelligence ETF reached 3.482 billion yuan, with continuous net inflows over the past five days totaling 249 million yuan [2] - The ETF has seen a net value increase of 56.22% over the past year, ranking 350 out of 2938 index equity funds, placing it in the top 11.91% [2] Group 3 - As of June 30, 2025, the top ten weighted stocks in the China Securities Artificial Intelligence Industry Index accounted for 52.07% of the index [3] - The top ten stocks included Zhongji Xuchuang (300308) at 8.20% weight, Xinyi Sheng (300502) at 7.36%, and Keda Xunfei (002230) at 6.63% [6] Group 4 - The 2025 World Artificial Intelligence Conference opened in Shanghai on July 26, featuring over 800 companies and showcasing more than 3000 cutting-edge exhibits [6] - The conference's exhibition area exceeded 70,000 square meters, marking the largest scale in its history [6] Group 5 - CICC highlighted China's ability to leverage its industrial foundation and data resources to accelerate AI empowerment in various industries, driving efficiency and innovation [7] - CITIC Securities anticipates that the conference will catalyze multiple sub-sectors, with the STAR Market expected to see a rebound due to ongoing supportive policies [7]

Group 1 - The 6G concept has seen a strong surge in the market, with companies like ShuoBeide rising nearly 17%, and others such as XingSen Technology and ZhiZhen Technology hitting the daily limit up [1] - The Ministry of Industry and Information Technology (MIIT) is committed to promoting high-quality development in the information and communication industry, focusing on network construction, application promotion, and technological innovation [1] - MIIT plans to accelerate the deployment of 5G-A and 10G optical networks, and enhance the national integrated computing power network system [1] Group 2 - The telecommunications industry in China has maintained stable operations in the first half of the year, with continuous growth in telecom business volume and expansion of user scales for 5G, gigabit, and IoT [2] - By 2025, the telecommunications sector is expected to experience a period of technological iteration and policy benefits, with new growth drivers from AI, quantum communication, and low-altitude economy [2] - There is an anticipated ongoing demand for communication infrastructure such as base stations, optical cables, and data centers, which will create new opportunities for devices, equipment, and service operations [2]

Group 1 - The AI computing power industry chain is experiencing a surge, with active performance in optical modules and PCB concepts, as evidenced by the 5G communication ETF (515050) rising by 0.98% and peaking at 1.58% during trading [1] - The 5G communication ETF tracks the CSI 5G communication theme index, with a current scale exceeding 60 billion yuan, focusing on key players in the Nvidia, Apple, and Huawei supply chains across various sectors including optical modules, PCB, 6G, AI computing power, consumer electronics, semiconductors, communication equipment, servers, and IoT [1] - Alphabet announced a 13% increase in capital expenditure for 2025, reaching 85 billion dollars, driven by strong and growing demand for cloud products and services, up from an earlier forecast of 75 billion dollars for the year [1] Group 2 - The AI-PCB industry chain is experiencing high prosperity, rapidly driving the application of upstream high-speed copper-clad laminates and other materials, with major tech companies like Google, Amazon, and Meta increasing their self-developed ASIC chip initiatives [2] - The demand for servers, motherboards, and high-frequency high-speed PCBs is expected to rise sharply as the GB200 servers enter a ramp-up phase in the second half of the year, followed by the GB300 shipments [2]

截至2025年7月28日 09:56，中证A500指数上涨0.25%，成分股光迅科技10cm涨停，兴森科技上涨9.29%，胜宏科技上涨8.36%，恒瑞医药上涨6.35%，金发科 技上涨5.98%。A500ETF嘉实(159351)红盘蓄势。 A500ETF嘉实紧密跟踪中证A500指数，中证A500指数从各行业选取市值较大、流动性较好的500只证券作为指数样本，以反映各行业最具代表性上市公司证 券的整体表现。 数据显示，截至2025年6月30日，中证A500指数前十大权重股分别为贵州茅台、宁德时代、中国平安、招商银行、兴业银行、长江电力、美的集团、紫金矿 业、比亚迪、东方财富，前十大权重股合计占比20.67%。 申万宏源证券指出，目前阶段，时间已经是牛市的朋友，因为时间是基本面改善和增量资金流入的朋友。反内卷显著提升了2026年中游制造供需格局改善的 可见度。远期有困境反转预期的情况下，2025年下半年经济验证承压可能只会带来短期波折。居民全面增配权益的条件仍有欠缺，但赚钱效应已加速累积。 A股全面增量博弈的时间可能提前。 华泰证券表示，当前交易性资金热度仍在、政策窗口期临近下，市场或仍偏强运行，底部升高，高位 ...

Core Insights - H20's resumption of sales to China is expected to alleviate supply pressure on computing chips, stimulating the entire computing infrastructure and AI industry chain [2][3] - Since the rebound on April 9, overseas computing has seen a significant increase of 40.9%, while domestic computing, represented by Huawei's chain, has only increased by 21.1% [3][4] - The performance of domestic computing has improved, and H20's impact on domestic computing is limited, indicating that domestic computing still has long-term growth potential [5] Industry Overview - The computing power industry chain has been catalyzed by H20's return to the Chinese market, which is designed to comply with U.S. export restrictions and is specifically tailored for the Chinese market [3][5] - The domestic computing power industry is entering a growth cycle, supported by technological advancements, commercial applications, and increasing demand for AI models [4] - Key companies in the domestic computing power sector, such as Huawei, have demonstrated significant performance improvements, with Huawei's computing cluster outperforming NVIDIA's GB200 NVL72 [4][5] Investment Opportunities - The report suggests focusing on specific segments within the computing infrastructure industry, including servers, liquid cooling, copper connections, PCBs, optical communications, cloud computing, and domestic computing [5] - The IPO acceptance of domestic GPU manufacturers like Muxi Integration and Moore Threads fills the gap in the A-share market for full-function GPUs, further supporting the domestic computing ecosystem [4]

Core Viewpoint - The communication industry is experiencing stable growth driven by advancements in AI and new infrastructure development, with significant increases in user scale for 5G, gigabit, and IoT services [1][2]. Industry Overview - In the first half of 2025, China's telecommunications industry generated a total revenue of 905.5 billion yuan, marking a year-on-year growth of 1%, and a 9.3% increase when adjusted for last year's prices [1]. - The Shenzhen Stock Exchange's communication sector has 26 companies forecasting a combined net profit of 9.4 billion to 11.3 billion yuan for the first half of 2025 [1]. Company Performance - Wuhan Guangxun Technology Co., Ltd. anticipates a net profit of 323 million to 407 million yuan for the first half of 2025, representing a substantial year-on-year increase of 55% to 95% [2]. - Fujian StarNet RuiJie Communication Co., Ltd. expects a net profit of 180 million to 240 million yuan, reflecting a growth of 43.81% to 91.75% year-on-year [2]. AI Impact - The AI wave is significantly driving growth in the communication sector, with companies like StarNet RuiJie reporting increased orders for data center switch products due to accelerated data center construction [3]. - The demand for AI computing power is expected to continue driving large-scale data center construction, becoming a primary growth engine for the industry [3]. Policy Support - Recent policies have created a favorable environment for the communication industry, including targeted support for 5G, gigabit networks, and AI-communication technology integration [5][6]. - The National Development and Reform Commission and other agencies have set a goal to establish a national data infrastructure by 2029, which will enhance the demand for computing and optical communication infrastructure [5][6]. Future Outlook - The integration of AI with communication technology is anticipated to create vast market opportunities, with companies positioned to benefit from ongoing digital transformation and infrastructure development [3][6]. - The optical module market for AI clusters is projected to grow significantly, with sales expected to reach 12 billion USD by 2029 [4].

Group 1 - The company has begun mass shipments of 400G and 800G optical modules [1] - A full range of high-speed optical modules, including 1.6T, has been launched to meet various application scenarios [1] - The company is actively investing in the research and development of Co-Packaged Optics (CPO) related optical devices and connection solutions [1] Group 2 - The company is collaborating deeply with industry chain partners to promote the implementation of these technologies [1]