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]

Core Insights - On July 28, the Shanghai Composite Index rose by 0.12%, with institutional investors appearing on the trading lists of 30 stocks, net buying 17 and net selling 13 [1][3] - The total net buying amount by institutional seats was 12.61 million yuan, with significant participation from the Shenzhen-Hong Kong Stock Connect in 24 stocks [1][7] Institutional Trading Summary - The stock with the highest net buying from institutional seats was Shenzhen South Circuit, which closed at the daily limit with a trading volume of 3.23 billion yuan and a turnover rate of 3.46%. The net buying amounted to 229.78 million yuan [2][5] - Other notable stocks included Ashi Chuang, which rose by 9.18% with a turnover rate of 42.80% and a net buying of 84.84 million yuan, and Copper Crown Copper Foil, which also closed at the daily limit with a net buying of 59.26 million yuan [2][5] Market Performance - The average increase of stocks with institutional net buying was 3.79%, outperforming the Shanghai Composite Index. Stocks like Copper Crown Copper Foil and Dazhu CNC showed strong performance, closing at the daily limit [3] - A backtest of stocks with institutional net buying over the past month revealed a 44.85% probability of rising the next day and a 36.40% probability of rising within three days [3] Earnings Forecasts - Among the stocks with institutional net buying, six had released half-year earnings forecasts, with two expecting profit increases. The highest projected net profit increase was for Mankun Technology, with a median expected profit of 65 million yuan, representing a year-on-year increase of 66.81% [3] Net Selling Summary - The stock with the highest net selling was Shenghong Technology, which saw a net selling of 233.56 million yuan despite a daily increase of 17.51%. The stock had significant net inflows from the Shenzhen-Hong Kong Stock Connect [3][6]

7月28日，上证指数、科创50指数早盘探底回升，临近午盘快速回落，午后震荡回升；深证成指、创业 板指早盘探底回升，临近午盘震荡回落，午后回升上扬。截至收盘，上证指数报3597.94点，涨0.12%， 成交额7612.65亿元；深证成指报11217.58点，涨0.44%，成交额9810.42亿元；创业板指报2362.60点， 涨0.96%，成交额4543.89亿元；科创50指数报1055.11点，涨0.09%，成交额350.94亿元。沪深两市合计 成交17423.07亿元，成交额较上一交易日减少450.3亿元。 医药生物、保险等行业走强西藏旅游6连板 盘面上来看，行业板块、概念涨多跌少。其中，医药生物、保险、国防军工、电子、通信、机械设备、 塑料制品、电力设备等行业涨幅靠前；PCB、复合集流体、长寿药、PEEK材料、纳米银、6G、玻璃基 板、全息技术等概念走势活跃。煤炭、钢铁、交通运输、石油石化、纺织服饰、建筑装饰等行业跌幅居 前；低碳冶金、赛马、海南自贸、黄金、钒电池、快递、民爆等概念走势较弱。涨停个股主要集中在电 子、医药生物、机械设备、化工、轻工制造等行业。 个股涨跌情况，截至收盘，沪深两市合计2675只 ...

Group 1 - Foxconn concept stocks rose by 2.17%, ranking 10th in the concept sector, with 71 stocks increasing in value [1] - Notable gainers included Shenghong Technology, which surged by 17.51%, and Fuliwang, which increased by 9.86% [1][8] - The sector experienced a net inflow of 2.567 billion yuan, with 46 stocks receiving net inflows, and six stocks exceeding 100 million yuan in net inflow [2] Group 2 - The top three stocks by net inflow were Shenghong Technology (1.133 billion yuan), Pengding Holdings (461 million yuan), and Shenzhen South Circuit (382 million yuan) [2][4] - The net inflow ratios for Pengding Holdings, Liding Optoelectronics, and Shenzhen South Circuit were 16.14%, 14.43%, and 11.85% respectively [3] - The PCB concept led the market with a daily increase of 4.33%, while the Hainan Free Trade Zone saw a decline of 1.76% [2]

Group 1 - The PCB (Printed Circuit Board) industry stocks have seen significant gains, with notable increases in companies such as Pengding Holdings, Shenghong Technology, and Shennan Circuit [1][4] - The electronic ETF (515260) has also performed well, with a mid-day price increase of over 1.1% [1] - Since April 8, the PCB sector has shown strong performance, with Shenghong Technology rising over 146%, Dongshan Precision over 99%, and Shengyi Technology over 64% [2][4] Group 2 - Over 13.7 billion yuan of main funds have flowed into the electronic sector, with the components sector receiving a net inflow of 10.016 billion yuan, the highest among all secondary industries [3] - Shenghong Technology has attracted a net inflow of 2.111 billion yuan, ranking third in A-share capital absorption [3] Group 3 - The recent surge in the PCB industry is driven by several key factors, including the demand for high-end PCBs due to major companies like Meta, Google, and Amazon investing in self-developed AI chips [5] - The number of layers in AI server PCBs has increased from 20 to over 40, resulting in a value increase of 3-5 times [5] Group 4 - Breakthroughs in high-frequency materials and processes have occurred, such as the introduction of low-dielectric-loss materials by Shengyi Technology, which competes with Japanese companies [6] - Shenghong Technology has achieved mass production of 70-layer high-precision boards, with AI business revenue accounting for 60% [6] Group 5 - The automotive electronics and consumer electronics sectors are recovering, with the value of PCBs in electric vehicles increasing significantly due to the rise of smart driving technologies [7] - The demand for flexible boards and substrate-like PCBs is being driven by the iteration of AI in consumer electronics, with Pengding Holdings becoming the exclusive supplier for Apple's AI phone SL boards [8] Group 6 - The PCB industry's current growth is fundamentally driven by "AI computing infrastructure + technological upgrades + domestic substitution" [8] - The demand for AI servers and automotive electronics is expected to continue supporting high growth in performance [8] Group 7 - The electronic sector is anticipated to experience a series of catalysts, supported by strong performance in financial reports [8] - The North American computing power surge is becoming a major emotional driver for the industry [9]

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]

Core Points - The China Securities Central Enterprises New Momentum Theme Index (央企新动能, 931522) rose by 1.33% to 1683.98 points, with a trading volume of 25.443 billion yuan [1] - Over the past month, the index has increased by 6.81%, 7.24% over the last three months, and 1.58% year-to-date [1] - The index includes 45 representative listed companies from central state-owned enterprises in manufacturing, technology, and modern services, reflecting the overall performance of these companies [1] Index Composition - The top ten weighted stocks in the index are: Hikvision (9.55%), Changan Automobile (8.66%), AVIC Optoelectronics (6.72%), Shenzhen South Circuit (4.8%), AVIC Onboard (4.06%), China Software (3.6%), AVIC Chengfei (3.44%), China Merchants Highway (3.3%), AVIC High-Tech (3.03%), and Baoxin Software (2.95%) [1] - The market segments of the index holdings are: Shenzhen Stock Exchange (61.98%), Shanghai Stock Exchange (37.67%), and Beijing Stock Exchange (0.35%) [1] Industry Breakdown - The industry composition of the index holdings is as follows: Industrial (45.99%), Information Technology (38.00%), Consumer Discretionary (9.13%), Communication Services (4.42%), Financials (1.54%), and Materials (0.92%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Summary of PCB Industry and Company Insights Industry Overview - The PCB sector is optimistic, with domestic companies like Huadian, Pengding, Shenghong, and Shennan having valuations lower than US counterparts like TTM, despite surpassing them in manufacturing processes and profitability, indicating a golden era for high-end PCBs with significant investment potential [1][4] - The core growth logic of the PCB industry is based on tight supply and demand, with traditional high-end HDI facing price increases, and leading manufacturers acknowledging the need for price adjustments [5] - The overall trend in the PCB industry is positive, characterized by clear industry trends, tight supply, and no disruptive new technologies, making it a favorable investment direction [16] Key Companies and Their Insights Huadian (沪电) - Positioned as a leading domestic PCB manufacturer, with significant capacity but unable to meet the projected market demand of 80 billion by 2026, leading to a shift of orders to companies with new or sufficient capacity [5][18] Pengding (鹏鼎) - Actively expanding capacity through projects in Thailand and Huai'an, with a strong performance in Q2, indicating long-term investment value [15][19] - Entering the overseas computing PCB market, leveraging liquid cooling technology, and maintaining strong business relationships with international companies [15][19] Shenghong (盛宏) - Recognized as the strongest supplier for Nvidia, with PCB demand expected to grow from 14 billion RMB in 2025 to 20 billion RMB in 2026, indicating a significant market opportunity [6] Shennan (深南电路) - Notable for high AI revenue purity, with over 60% of income from AI-related products, and strong growth expectations, potentially doubling revenue by 2026 [8][18] - Achieved significant progress in NV business, with potential revenue increases from partnerships with major tech companies like Google and AMD [12][18] - Currently viewed as having the largest expected discrepancy in the PCB sector, making it a key focus for investment [12][18] Market Dynamics - Nvidia's PCB demand is a core growth area, with significant increases expected in the coming years, driven by new architectures and product innovations [6] - The ASIC sector is projected to double its market size to 32 billion by 2026, with major contributions from companies like Google and Meta [7] - The switch market is also expanding, with expected revenues exceeding 1 billion RMB, contributing to overall growth in the PCB sector [10] Investment Considerations - Companies should be evaluated based on their existing capacity, expansion efforts, and progress in verification to identify suitable investment opportunities [17] - The PCB sector is expected to continue its upward trend, particularly with the growth of overseas computing and the release of large models, which will further drive market growth [20] Conclusion - The PCB industry presents a robust investment landscape, with key players like Huadian, Pengding, Shenghong, and Shennan poised for growth amid increasing demand and technological advancements. The focus on AI and ASIC applications further enhances the sector's attractiveness for investors.

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 ...

金融界7月21日消息，上证指数高开高走，中证央企新动能主题指数 (央企新动能，931522)上涨0.96%， 报1678.38点，成交额252.76亿元。 数据统计显示，中证央企新动能主题指数近一个月上涨9.40%，近三个月上涨7.73%，年至今上涨 2.60%。 据了解，中证央企新动能主题指数从国资委下辖央企上市公司中，选取45只制造、科技与现代服务业领 域涉及产业交叉渗透发展，且在研发投入、盈利能力、产业交叉与渗透和潜力等方面具有一定代表性的 上市公司证券作为指数样本，以反映央企新动能主题上市公司证券的整体表现。该指数以2014年12月31 日为基日，以1000.0点为基点。 从指数持仓来看，中证央企新动能主题指数十大权重分别为：海康威视（9.41%）、长安汽车 （8.79%）、中航光电（6.8%）、深南电路（5.14%）、中航机载（4.05%）、中国软件（3.62%）、中 航成飞（3.53%）、招商公路（3.28%）、中航高科（3.03%）、宝信软件（2.89%）。 从中证央企新动能主题指数持仓的市场板块来看，深圳证券交易所占比62.29%、上海证券交易所占比 37.35%、北京证券交易所占比0.36% ...