金融界消息 截至2025年8月6日收盘，鹏鼎控股（002938）报收于48.37元，下跌0.68%，换手率1.28%， 成交量29.60万手，成交金额14.33亿元。 通过天眼查大数据分析，鹏鼎控股(深圳)股份有限公司共对外投资了15家企业，参与招投标项目38次， 知识产权方面有商标信息15条，专利信息1507条，此外企业还拥有行政许可331个。 资金流向方面，今日主力资金净流入9843.39万元，占比成交额6.87%。其中，超大单净流入5350.54万 元、占成交额3.73%，大单净流入4492.85万元、占成交额3.13%，中单净流出流出9529.38万元、占成交 额6.65%，小单净流出314.01万元、占成交额0.22%。 来源：金融界 鹏鼎控股最新一期业绩显示，截至2025一季报，公司营业总收入80.87亿元、同比增长20.94%，归属净 利润4.88亿元，同比减少1.83%，扣非净利润4.78亿元，同比减少5.19%，流动比率2.176、速动比率 1.871、资产负债率25.83%。 天眼查商业履历信息显示，鹏鼎控股(深圳)股份有限公司，成立于1999年，位于深圳市，是一家以从事 计算机、通信和其 ...

鹏鼎控股8月5日股价报48.70元，较前一交易日下跌0.91元，跌幅1.83%。当日开盘价为50.20元，最高触 及50.89元，最低下探48.15元，成交量为31.97万手，成交金额15.68亿元。 该公司主营业务为印制电路板的设计、研发、制造与销售，产品广泛应用于通讯电子、消费电子、计算 机、汽车电子等领域。作为全球领先的PCB制造商，鹏鼎控股在高端PCB产品领域具有较强竞争力。 根据公司披露的业绩预告，2025年上半年归属于上市公司股东的净利润预计为11.98亿元至12.60亿元， 同比增长52.79%至60.62%。业绩增长主要得益于产品结构优化、产能利用率提升以及新产品良率提高 等因素。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China A-shares market** and its performance in July 2025, highlighting solid price gains across various sectors [1][2]. Core Insights and Arguments - **Sector Performance**: - **Healthcare**: Led with a **13.5%** increase in July and **23.1%** year-to-date (YTD) performance, driven by recovering demand and strong drug pipelines [2][8]. - **IT**: Increased by **6.7%** in July and **14.7%** YTD, benefiting from Nvidia's resumption of sales to China [2][8]. - **Materials**: Gained **6.4%** in July and **18.0%** YTD, supported by government initiatives against overcapacity [2][9]. - **Energy**: Saw a **4.7%** increase in July but a decline of **1.8%** YTD [2]. - **Real Estate**: Increased by **4.5%** in July but declined **2.3%** YTD [2]. - **Financials**: Only **2.1%** increase in July and **10.5%** YTD, with some companies experiencing significant declines [2][10]. - **Market Drivers**: - The **CSI300** index rose **3.5%** in July, with improving liquidity and solid GDP growth of **5.2%** year-on-year (y-y) in Q2 2025 [5][39]. - **Net inflows** into A-shares totaled **US$193 million**, primarily in Financials, IT, and Materials, while Industrials and Consumer Discretionary saw outflows [5][14]. - **Macroeconomic Indicators**: - **GDP Growth**: China's GDP growth was **5.2%** y-y, with nominal GDP growth at **3.9%** y-y, indicating a decline in the GDP deflator to **-1.2%** [5][39]. - **Industrial Production**: Increased by **6.8%** y-y, with notable growth in high-tech sectors [5][42]. - **Retail Sales**: Grew by **4.8%** y-y, below expectations, indicating weak consumer sentiment [5][39]. - **Trade**: Exports rose **5.8%** y-y, with a rebound in exports to the US [5][41]. Additional Important Insights - **Margin Financing**: The margin buying as a percentage of A-share turnover rose to **10.5%** at the end of July from **9.6%** at the end of June, indicating increased investor confidence [5][24]. - **Fund Issuance**: Equity mutual fund issuance remained stable at **Rmb18 billion** in July, compared to **Rmb21 billion** in June [5][27]. - **Shareholding Structure**: By the end of 2024, retail investors held **42%**, controlling shareholders **43%**, domestic financial institutions **12%**, and foreign investors **3%** of A-shares' total market cap [5][28]. This summary encapsulates the key points from the conference call, providing a comprehensive overview of the current state of the China A-shares market and its underlying economic factors.

Summary of Conference Call Records Industry Overview - The conference call discusses the North American cloud service providers (CSPs) and the PCB (Printed Circuit Board) industry, particularly focusing on the demand for computing power driven by major tech companies like Google, Meta, Microsoft, and Amazon [1][2][4][5][13]. Key Points and Arguments Capital Expenditure Trends - Major tech companies have significantly increased their capital expenditure forecasts for data centers and cloud infrastructure, indicating a sustained demand for computing power. Amazon's expected capital expenditure for the year is projected to reach between $110 billion and $120 billion [1][4]. - Google raised its 2025 capital expenditure forecast from $75 billion to $85 billion, with further increases expected in 2026 [2]. - Meta's capital expenditure for 2025 is anticipated to be between $66 billion and $72 billion, with a confirmation of an additional $30 billion increase in 2026 [2]. - Microsoft reported a capital expenditure of $24.2 billion for the quarter, with expectations to exceed $30 billion in Q1 2026 [2]. PCB Companies Performance - Core PCB companies are experiencing a tight supply-demand situation, leading to significant stock price increases, reflecting market confidence in the growth of computing power demand [5][6]. - Key recommended PCB companies include: - **沪电 (Hui Dian)**: Expected to triple its output value, with a market capitalization potential of $150 billion to $200 billion, driven by major clients like Google, AWS, Meta, and OpenAI [6][7]. - **鹏鼎 (Peng Ding)**: Benefiting from Apple's hardboard business and flexible computing PCB business, with significant capacity expansion plans [6][7]. - **生益科技 (Sheng Yi Technology)**: Capable of switching over 50% of its capacity to AI-related products, with a strong presence in the North American market [6][7]. Future Outlook - The PCB industry is expected to see explosive growth in computing power demand in 2026, leading to increased tension in the supply chain [5][13]. - 生益电子 (Sheng Yi Electronics) is increasing its exposure in the ASIC field, with significant revenue contributions expected from clients like AWS, Google, and Meta [3][8]. - 深南电路 (Shen Nan Circuit) is positioned to enter the GPU and ASIC supply chains, with promising developments in new technology areas [10][11]. Additional Important Insights - The domestic PCB industry is on an upward trend, with CSP manufacturers continuously raising their capital expenditure expectations, positioning domestic PCB companies as global leaders in technology and capacity expansion [13]. - The anticipated shipment volume of NVIDIA GPU chips is expected to reach 4.5 to 5 million units by 2025, indicating robust growth in the semiconductor sector [14]. - The ASIC server supply chain is primarily dominated by Google and AWS, with Meta expected to increase its involvement starting in 2026 [16]. Conclusion - The conference call highlights a strong growth trajectory for the cloud computing and PCB industries, driven by increased capital expenditures from major tech companies and a tightening supply-demand balance in the PCB market. The outlook for key players in the PCB sector appears promising, with significant opportunities arising from the growing demand for AI and computing power.

Core Insights - The report highlights a selection of stocks for August, including companies such as SF Holding (顺丰控股) and Heng Rui Pharmaceutical (恒瑞医药) as key investment opportunities [1] - The macroeconomic analysis indicates that low inflation in China is primarily influenced by domestic demand, overseas input factors, and "involution competition," which affects industrial profitability and household income expectations [2][5] Market Indices - The Shanghai Composite Index closed at 3583.31, reflecting a 0.66% increase, while the Shenzhen Component Index rose by 0.46% to 11041.56 [3] - The CSI 300 Index increased by 0.39% to 4070.70, indicating a positive trend in the broader market [3] Industry Performance - The defense and military industry showed a strong performance with a 3.06% increase, while retail and oil sectors experienced declines of 0.46% and 0.36%, respectively [4] - The machinery and equipment sector also performed well with a 1.93% increase, indicating a positive outlook for these industries [4] Macroeconomic Analysis - In the first half of 2025, China's total retail sales of consumer goods grew by 5.0% year-on-year, maintaining the same growth rate as the previous months [5] - The report notes a significant correlation between the price trends of production materials and consumer prices, suggesting that weak production material prices are a key factor in the current lack of consumer price growth [5][6] Fixed Income Insights - The report discusses the potential for the Federal Reserve to adopt a more open stance on interest rate cuts due to lower-than-expected non-farm employment data and a slowdown in nominal consumption growth [8][10] - The analysis indicates that the U.S. economy is experiencing a cooling effect from restrictive policies, which may lead to an earlier-than-expected interest rate cut by the Federal Reserve [9][10]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002938 | 鹏鼎控股 | 49.61 | -3.67% | 40.18万 | 19.96 Z | | 002384 | 东山精密 | 53.31 | -3.28% | 71.72万 | 38.07亿 | | 688183 | 生益电子 | 50.97 | -3.15% | 18.48万 | 9.43 Z | | 688519 | 南亚新材 | 49.05 | -3.08% | ¥ 4.30万 | 2.11亿 | | 002436 | 兴霖科技 | 17.70 | -2.96% | 139.33万 | 24.48 乙 | | 603228 | 景旺电子 | 60.88 | -2.04% | 33.22万 | 20.02亿 | | 603920 | 世运申路 | 33.00 | -1.76% | 40.39万 | 13.35 Z | | 300476 | 胜宏科技 | 188.53 | -1.47% | 32.77万 | 61.04亿 | | 6 ...

Group 1: New Stock Offerings - Shenke Co., Ltd. (002633) has a tender offer period from July 29, 2025, to August 27, 2025[1] - ST Kelly (300326) has a tender offer period from July 17, 2025, to August 15, 2025[1] - ST Zitian (300280) has a tender offer period ending on July 21, 2025[1] Group 2: Market Alerts - Xizang Tourism (600749) reported severe abnormal fluctuations on July 31, 2025[1] - Tianlu Convertible Bonds (110060) announced significant market activity on July 30, 2025[1] - ST Suwu (600200) experienced unusual trading patterns on July 30, 2025[1] Group 3: Additional Announcements - Happiness Blue Ocean (300528) issued a notice on July 30, 2025, regarding market conditions[1] - Common Pharmaceutical (300966) provided updates on August 1, 2025, related to stock performance[1] - Dongjie Intelligent (300486) released a statement on August 1, 2025, concerning market volatility[1]

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.11%, driven by gains in sectors such as defense, banking, and machinery, while pharmaceuticals and retail sectors faced declines [1] - The Consumer Electronics ETF (159732.SZ) decreased by 0.81%, with individual stocks like Transsion Holdings rising by 3.65% and Sanan Optoelectronics by 2.52%, while companies like Dongshan Precision and Pegatron experienced declines of -4.66% and -4.31% respectively [1] Group 2 - The National Development and Reform Commission announced that the third batch of 690 billion yuan in special bonds to support consumer goods replacement has been fully allocated, with plans to issue a fourth batch of 690 billion yuan in October, completing the annual target of 300 billion yuan [3] - According to Xiangcai Securities, the consumer electronics sector is expected to continue its recovery from 2025, driven by advancements in artificial intelligence technology, which will sustain high demand for AI infrastructure and promote hardware upgrades in terminal devices [3] - The Consumer Electronics ETF tracks the Guozheng Consumer Electronics Index, investing in 50 A-share listed companies involved in the consumer electronics industry, primarily in high-profile sectors such as electronic manufacturing, semiconductors, and optical electronics [3]

5. 2025 年 5 月与苹果、英伟达签订新一代 Vision Pro 供应链备忘录，锁定未来三年订单规模超 300 亿 元。 蓝思科技中国区总裁、董秘江南： 在苹果供应链的生态圈层中，一批兼具专业背景与实战经验的"明星董秘"正脱颖而出，在消费电子的周 期波动中，书写着中国电子制造企业的突围故事。他们以对行业的深刻理解、对资本市场的精准把控， 推动企业穿越周期，实现市值稳步增长，展现了卓越的战略眼光、市场管理能力和资本运作水平。本文 通过盘点果链市值前五位董秘的成功经验，为上市公司提供治理与价值创造的参考范本。 立讯精密董秘黄大伟： 1. 任期从2024 年 2 月 A股市值跌至1180 亿元，仅用 8 个月反弹至 2025 年 5 月 2270 亿元新高，区间最 大涨幅 92%，稳居果链市值第一位。 2. 主导完成 2024 年 120 亿元可转债发行，票面利率 0.2%，创消费电子行业最低票面纪录，机构认购倍 数 5.8 倍。 3. 2024 年度股东大会首次实现线上+线下全球双语直播，参会机构数由 2023 年的 87 家增至 264 家，境 外长线资金持股比例由 18% 提升至 34%。 4. 搭建 ...

Quantitative Models and Construction Methods - **Model Name**: Real-time Public Fund Positioning **Model Construction Idea**: This model estimates the real-time positioning of public funds based on publicly available market information such as fund net value, disclosed holdings, and research activities[3][20] **Model Construction Process**: The process involves complex data processing of public market information, including fund net value, disclosed holdings, and research activities. Detailed methodology is referenced in the report "偏股混合型基金指数（885001.WI）：优势、复制与超越"[20] - **Model Name**: ETF Fund Positioning **Model Construction Idea**: This model tracks the dynamics of ETF fund holdings as a key indicator of market fund flows, reflecting the growing importance of index investment in the A-share market[3][21] **Model Construction Process**: The model calculates the proportion of ETF holdings relative to the market capitalization of PCB sector stocks. As of Q2 2025, the total scale of public ETF funds exceeded 4.3 trillion yuan, with ETF holdings in the PCB sector at a historical high, accounting for 2.6% of the sector's market capitalization[21][23] - **Model Name**: Financing Balance Dynamics **Model Construction Idea**: This model uses financing balance as a proxy for investor sentiment, where an increase in financing balance indicates a bullish outlook on the market[3][25] **Model Construction Process**: The model tracks the total amount of outstanding financing in margin trading. The PCB sector's financing balance is at a historical high, while the short-selling balance remains at a low level[25][27] - **Model Name**: Chip Yield Characteristics **Model Construction Idea**: This model evaluates the profitability of the PCB sector based on chip yield, which measures the return of current prices relative to historical chip costs. It identifies momentum effects in strong markets and reversal effects in weak markets[3][26] **Model Construction Process**: The model estimates the average holding cost of funds at different price levels and calculates chip yield as the return of current prices relative to historical chip costs. The PCB sector's current profitability is 22.95%[26][28] Model Backtesting Results - **Real-time Public Fund Positioning**: No specific quantitative backtesting results provided - **ETF Fund Positioning**: ETF holdings account for 2.6% of the PCB sector's market capitalization[23] - **Financing Balance Dynamics**: Financing balance is at a historical high, while short-selling balance is at a low level[25][27] - **Chip Yield Characteristics**: Current profitability of the PCB sector is 22.95%[26][28] Quantitative Factors and Construction Methods - **Factor Name**: Chip Yield **Factor Construction Idea**: This factor measures the profitability of the PCB sector based on the return of current prices relative to historical chip costs[3][26] **Factor Construction Process**: The factor is calculated as the return of current prices relative to historical chip costs. It reflects momentum effects in strong markets and reversal effects in weak markets. The PCB sector's current chip yield is 22.95%[26][28] Factor Backtesting Results - **Chip Yield**: Current profitability of the PCB sector is 22.95%[26][28]