Core Viewpoint - The CPO (Chip-on-Board) sector in the A-share market has experienced a significant surge, driven by strong performance forecasts from leading companies and increasing demand for AI-related technologies [2][3]. Group 1: Market Performance - On July 15, the CPO index rose by 6.44%, with notable stocks like NewEase (300502) hitting the daily limit, and others such as Zhongji Xuchuang (300308) and Tianfu Communication (300394) seeing increases of nearly 17% and 12% respectively [2]. - The overall trading activity in the CPO sector has significantly increased, indicating a bullish sentiment among investors [2]. Group 2: Factors Driving Growth - A leading optical module company's half-year earnings forecast showed a net profit increase of 328% to 385% year-on-year, with a quarter-on-quarter growth of 35% to 67% in Q2, which exceeded market expectations and boosted confidence in the communication sector [3]. - The approval of NVIDIA's H20 chip for sale in China is expected to increase demand for AI servers, which are critical components that rely on optical modules, further driving growth in the CPO sector [3]. Group 3: Industry Outlook - Analysts believe that Chinese optical module manufacturers are well-positioned to benefit from the global AI development boom due to their enhanced technical capabilities and the explosive growth in global data traffic [5]. - The demand for 800G technology has shown unexpected resilience, supported by the strong performance forecasts from leading companies [4]. - The ongoing development of AI applications is expected to create a closed-loop system of model/application and computing power investment, leading to sustained growth in the optical communication and PCB sectors [6]. Group 4: Investment Recommendations - Investment firms suggest that investors consider buying on dips in the CPO and AI sectors, while also being mindful of the inherent volatility [7][8]. - It is recommended to focus on companies with strong technical barriers and customer loyalty, as these firms are likely to outperform in the evolving market landscape [8].

Core Viewpoint - The CPO (Chip Packaging Optical) sector has seen significant gains, driven by strong performance from leading companies and the anticipated benefits from the global AI development boom [2][4][6]. Group 1: Factors Driving CPO Sector Performance - The CPO sector's surge is primarily attributed to a leading optical module company's earnings forecast, which indicates a net profit increase of 328% to 385% year-on-year, with a quarter-on-quarter growth of 35% to 67% in Q2 [4]. - The approval of NVIDIA's H20 chip for sale in China is expected to boost demand for AI servers, which are critical for optical modules, thereby benefiting related companies in the communication sector [4][6]. - The optical module industry's demand expectations have shifted from pessimism to optimism, with the 800G demand showing resilience and strength, corroborated by the strong earnings forecasts from leading companies [5]. Group 2: Future Outlook for Chinese Manufacturers - Chinese optical module companies are poised to benefit from the global explosion in data traffic and the strengthening of their technological capabilities [7]. - The ongoing development of AI applications is expected to enhance the confidence of major players in their computational investments, leading to increased demand for optical communication and PCB sectors [7]. - The demand cycle for optical modules remains, but advancements in new chips and network architectures are likely to improve the growth potential of related companies [7]. Group 3: Investment Recommendations - Investors are advised to consider buying on dips due to the volatility in the optical module and AI sectors, while keeping an eye on the separation between domestic and overseas markets [8][9]. - It is recommended to closely monitor the pace of capacity release, supply chain stability, and competition in technology routes, focusing on leading companies with core technological advantages and customer loyalty [10].

国泰海通证券股份有限公司 关于苏州东山精密制造股份有限公司 对外投资暨关联交易的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为苏 州东山精密制造股份有限公司（以下简称"东山精密"或"公司"）持续督导的 保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规 则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》等法律法规和规范性文件的要求，对东山精密对外投资暨关联交易的事项进 行了核查。核查情况如下： 一、对外投资暨关联交易概述 （一）交易概述 为践行绿色发展理念，实现可持续发展目标，东山精密全资子公司 DSBJ Pte. Ltd.（以下简称"DSG"）受让香港东山投资控股有限公司（以下简称"香港投 资控股"）拟参与投资的 China Renewable Power Infrastructure LPF（以下简称 "CRPIF 基金"）份额。CRPIF 基金主要围绕光伏、风电等新能源基础设施及配 套储能项目进行投资布局，基金目标规模不超过 6.5 亿美元，DSG 将出资不超 过 3,000 万美元认购基金份额。 （二）关联关系情况 香港投资控 ...

Core Viewpoint - The computing power industry chain is experiencing significant growth, with several leading stocks reaching historical highs, driven by strong performance forecasts and market demand for AI-related investments [1][4][6]. Group 1: Market Performance - The computing power industry chain saw strong performance, with stocks like New Yisheng, Zhongji Xuchuang, and Shenghong Technology hitting their daily limit up [4][6]. - Zhongji Xuchuang (300308) rose by 11.71%, with a trading volume of 10.62 billion yuan, leading the A-share market [1][4]. - Other sectors such as electricity, innovative pharmaceuticals, and coal experienced collective pullbacks, while the real estate and consumer sectors also adjusted [1]. Group 2: Earnings Forecasts - New Yisheng announced an earnings forecast for the first half of 2025, expecting a net profit of 3.7 billion to 4.2 billion yuan, representing a year-on-year increase of 327.68% to 385.47% [6][7]. - Other companies in the computing power sector, including Industrial Fulian and Hu Dian Co., also reported significant earnings growth [7]. Group 3: Industry Catalysts - The attendance of NVIDIA's CEO Jensen Huang at the China International Supply Chain Promotion Expo is expected to boost market sentiment [7][8]. - Recent releases of large models, such as Kimi K2 and Grok 4, indicate ongoing competition and investment in computing power, suggesting sustained high demand in the sector [8]. Group 4: Other Notable Stocks - Besides New Yisheng, stocks like Long Steel, Dabo Medical, and Pengding Holdings also saw significant increases following positive earnings forecasts [10]. - Pengding Holdings (002938) rose by 8.23%, with a market value of 99.05 billion yuan, and projected a net profit of 1.198 billion to 1.26 billion yuan for the first half of 2025, marking a growth of 52.79% to 60.62% year-on-year [10].

"聪明钱"流向曝光！暗盘资金破解主力操盘密码>> PCB概念震荡反弹，鹏鼎控股（002938）涨停，江南新材（603124）、胜宏科技（300476）、生益科技 （600183）、东山精密（002384）、景旺电子（603228）、德福科技（301511）等跟涨。 ...

Core Viewpoint - Dongshan Precision is actively expanding its business through high-value acquisitions in the automotive and optical communication sectors, despite facing significant financial challenges and increasing asset impairment losses. Group 1: Investment Activities - Dongshan Precision's subsidiary DSG will acquire shares in China Renewable Power Infrastructure LPF, with an investment of up to $30 million, sourced from the company's own funds [1] - The company announced a €100 million acquisition of French automotive parts company GMD Group, which has a high debt ratio of 98% and a purchase premium of 560% [1][5] - In June, Dongshan Precision proposed to acquire Source Photonics Holdings for up to ¥59.35 billion, with a purchase premium exceeding 400% and no performance commitments set for the target [2][6][8] Group 2: Financial Performance - Dongshan Precision's revenue for 2024 is projected at ¥36.77 billion, a year-on-year increase of 9.27%, while net profit is expected to decline by 44.74% to ¥1.09 billion, marking a second consecutive year of profit decline [3] - Asset impairment losses have surged from ¥85 million in 2020 to ¥939 million in 2024, a tenfold increase over four years [3] - The company's goodwill has exceeded ¥2.12 billion, with the two recent acquisitions potentially adding around ¥5 billion in goodwill, raising concerns about future impairment risks [2][8] Group 3: Market Position and Strategy - Dongshan Precision operates in the precision metal components sector, primarily serving clients in the new energy and communication equipment industries [3] - The company aims to establish a third growth curve by diversifying into optical communication, alongside its existing focus on consumer electronics and new energy [6] - The strategic acquisitions are part of a broader effort to enhance market scale in the automotive parts sector, despite the associated financial risks [5][8]

Group 1 - The A-share market showed mixed performance on July 14, with the Shanghai Composite Index closing at 3519.65 points, up 0.27% on low trading volume [1] - A500ETF by Jiashi (159351) experienced a slight decline of 0.10% but maintained above the 1 yuan mark, with a trading volume of 3.405 billion yuan, ranking second in the market for similar products [1] - The turnover rate for A500ETF reached 23.94%, also ranking second in the market for similar products, indicating strong investor interest [1] Group 2 - The robotics sector received positive news, with key figures participating in a press conference on July 15, which may boost investor sentiment [1] - Strong performance was noted among the components of the A500 index, with stocks like Ecovacs hitting the daily limit and Stone Technology rising over 9% [1] - The A500ETF tracks the CSI A500 Index, consisting of 500 large-cap, liquid stocks across various industries, providing a tool for investors to access representative A-share companies [2]

（文章来源：每日经济新闻） 中信证券认为，横向对比光模块，强增长逻辑、高产业壁垒/定位决定了AI PCB有望获得超额估值。历 史来看，2023年以来，由于光模块龙头公司率先进入全球AI算力供应链，业绩增长周期相对前置，且 市场对光模块（爆发增长）和PCB（从周期复苏到快速成长行业）的发展属性认知存在差异，PCB估值 整体相对较低（2023年以来光模块的预测PE（当年度）均值/峰值分别为26x、83x，而PCB为23x、 37x）。但目前AI PCB公司逐步进入全球算力链，供不应求关系获得市场认知，估值已逐步超过光模 块。展望后续，AI PCB行业具有逻辑强（持续升规迭代，量价双升）、产业阶位高（从组件供应商身 份向AI芯片协作开发者身份升级）的超额价值。 资料显示，5G通信ETF（515050），跟踪中证5G通信主题指数，深度聚焦英伟达、苹果、华为产业 链，覆盖了多个AI算力、6G、PCB、通信设备、服务器、光模块、消费电子、半导体、物联网等细分 行业的龙头个股。相关ETF全称：华夏中证5G通信主题ETF（515050），场外联接(A类：008086；C 类：008087)。 7月14日，A股三大指数高开，T ...

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

Group 1 - The company Dongshan Precision (002384.SZ) announced that its wholly-owned subsidiary DSG plans to invest up to 30 million USD in the China Renewable Power Infrastructure LPF fund [1] - The fund primarily focuses on investments in renewable energy infrastructure such as photovoltaic and wind power, along with supporting energy storage projects [1] - The target size of the fund is set at no more than 650 million USD, indicating a significant commitment to renewable energy investments [1] Group 2 - This transaction is classified as a related party transaction but does not constitute a major asset restructuring [1]