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 ...

追求更高弹性可关注创业板人工智能ETF华夏（159381），跟踪创业板人工智能指数，选取创业板上市 的AI主业公司，日内涨跌幅限制为±20%。目前年管理费率为0.15%，托管费率为0.05%，场内综合费率 在可比基金中最低。行业分布上，指数光模块权重超33%，前3大成分股囊括中际旭创、新易盛、天孚 通信三大光模块龙头，成分股还包含北京君正、全志科技、软通动力、润泽科技、光环新网、网宿科 技、深信服等行业龙头公司。 （文章来源：每日经济新闻） 7月22日早盘，A股主要指数冲高回落，建筑材料、美容护理、医药生物等行业领涨市场，TMT科技板 块中，通信逆势走强，全市场中赛道内规模最大的5G通信ETF（515050）盘中涨超1.5%，截至10点10 分，持仓股太辰光涨超14%，源杰科技、天孚通信、华工科技、东山精密等纷纷上涨。 消息面上，英伟达创始人兼CEO黄仁勋表示，英伟达正在与小米共同开发人工智能、自动驾驶软件等 等，还有很多项目正在合作。黄仁勋透露，英伟达在华员工规模已接近4000人，涵盖研发、销售、技术 支持等多个领域。 中信证券表示，英伟达将恢复H20销售，叠加下一代系统级算力快速发展为国内AI产业链发展注 ...

Core Viewpoint - Fund manager Wu Hao oversees two funds, with the best-performing fund being Huaxia High-end Manufacturing Mixed A (002345), which achieved a quarterly net value increase of 1.01% by the end of Q2 2025 [1]. Fund Performance Summary - Huaxia High-end Manufacturing Mixed A has a total scale of 9.11 billion, with an annualized return of 2.04% and a quarterly increase of 1.01%. The top holding is Guoguang Electric, accounting for 8.47% of the net value [2]. - Huaxia High-end Manufacturing Mixed C has a scale of 0.21 billion, with a negative annualized return of -9.01% and a quarterly increase of 0.86%, also holding Guoguang Electric at 8.47% [2]. - Wu Hao's management of Huaxia High-end Manufacturing Mixed A has yielded a cumulative return of 35.89% and an average annualized return of 6.19%. The fund has made 89 adjustments to its heavy holdings, with a success rate of 66.29% [2]. Stock Adjustment Cases - Notable stock adjustments include: - Trina Solar (天合光能) was bought in Q2 2021 and sold in Q3 2021, yielding an estimated return of 141.89% with a company revenue growth of 51.20% during the holding period [3][5]. - Tongwei Co., Ltd. (通威股份) was held from Q2 2020 to Q4 2020, achieving a return of 120.32% with a company performance increase of 36.95% [3]. - Tanfeng Communication (天孚通信) was held from Q2 2023 to Q2 2024, resulting in a return of 96.16% with a net profit growth of 84.07% [6]. Underperforming Stock Cases - Underperforming stocks include: - Green Harmony (绿的谐波) was held from Q4 2023 to Q3 2024, resulting in a return of -48.55% despite a revenue growth of 8.77% [4][6]. - Huayi Technology (华依科技) was held from Q4 2023 to Q2 2024, with a return of -44.46% and a performance increase of 20.36% [4].

Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including 沪电股份 (002463.SZ), 美格智能 (002881.SZ), 中际旭创 (300308.SZ), 天孚通信 (300394.SZ), and others [1]. Core Insights - The report highlights the broad prospects for domestic computing power chips and the acceleration of AI digital interaction in commercial scenarios, indicating a positive outlook for related industry chain investment opportunities [2][6]. - The reintroduction of the H20 chip is expected to provide more computing power options for AI application companies, alleviating the shortage of high-end chips and accelerating the commercialization of AI applications [3][20]. - The RISC-V summit in 2025 is seen as a pivotal moment for China's chip industry, with significant contributions to the global RISC-V chip shipment volume expected from China [19][20]. Summary by Sections Industry Viewpoints - The communication sector index increased by 7.56%, outperforming the Shanghai and Shenzhen 300 index by 6.47 percentage points [14]. - The report emphasizes the importance of the H20 chip and RISC-V developments in enhancing China's chip autonomy and innovation capabilities [24][32]. Weekly Strategy Insights - The approval of H20 chip exports to China and the launch of the RTX Pro GPU by NVIDIA are significant developments that could enhance the domestic chip market [18][24]. - The AI model Grok 4 has shown substantial improvements in human-like simulation capabilities, indicating a growing trend in AI-driven digital interactions [21][51]. Communication Industry Dynamics - The report notes that the domestic computing power market is expanding rapidly, with the AI chip market expected to reach 141.2 billion yuan in 2024, reflecting a 41.9% year-on-year growth in 2023 [20][36]. - The investment scale of China's intelligent computing center market reached 87.9 billion yuan in 2023, with a projected growth to 288.6 billion yuan by 2028 [50][51].

7月21日早盘，A股市场走势分化，前期强势的光模块CPO、AI算力方向回调，光含量高的创业板人工 智能指数连涨后今日回调，截至9:56，同类费率最低的创业板人工智能ETF华夏（159381）跌0.36%， 持仓股中文在线、润泽科技、太辰光、天孚通信等回调居前。 国盛证券表示，上周国内海外算力产业链迎来爆发时刻，截至周五收盘中际旭创市值突破2000亿大关， 周涨幅达24%；新易盛市值突破1800亿，并实现39%的周涨幅。我们认为，此次行情是多因素共振的结 果：（1）英伟达市值站稳四万亿美元，截至周五收盘已达到4.2万亿美元，进一步提振市场信心。 （2）海外四大CSP巨头25年Capex超3000亿美元，且结构性向AI倾斜从需求侧印证算力硬件仍保持高景 气。（3）token激增并提供正反馈为AI产业技术提供底层支撑逻辑，至此AI叙事逐步得到印证，市场主 线已较为明确。 短期回调或是布局机会，创业板人工智能ETF华夏（159381）一键布局易、中、天。该ETF跟踪创业板 人工智能指数，选取创业板上市的AI主业公司，日内涨跌幅限制为±20%。值得注意的是，指数光模块 权重超33%，前3大成分股囊括中际旭创、新易盛、天 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **communication industry** and its key players, particularly focusing on companies like **Zhongji Xuchuang**, **Tianfu Communication**, and **Xinyi Sheng** [1][2][3]. Key Financial Performance - **Zhongji Xuchuang** reported a net profit of approximately **24 billion** CNY in Q2, representing a **75% year-over-year increase** and a **53% quarter-over-quarter increase**, significantly exceeding expectations [1][2]. - **Xinyi Sheng** achieved a net profit of **23.8 billion** CNY in Q2, marking a **340% year-over-year increase** and a **52% quarter-over-quarter increase**, also surpassing prior forecasts [2]. Future Outlook - The outlook for Q3, Q4, and 2026 is optimistic due to the rising demand for **AI applications** and **computing power**. Companies like **Meta** and **OpenAI** are increasing their investments in computing power, which is expected to drive growth in the sector [1][3]. - The recovery of **NVIDIA**'s sales of H20 chips to China is seen as a positive signal for the domestic computing power supply chain, potentially clarifying demand for Q3 and beyond [3][10]. Valuation Insights - **Xinyi Sheng** is projected to have earnings close to **150 billion** CNY by 2026, with a valuation of approximately **12 times** earnings. **Zhongwei Co.** is expected to have profits between **150 billion** to **200 billion** CNY, with a valuation of about **11 times**, indicating room for growth [5]. - If AI applications continue to mature and overseas demand increases, valuations for leading companies could return to **16-17 times** levels seen in 2024, suggesting significant upside potential [5]. Emerging Opportunities - Beyond leading companies, attention is drawn to **supply chain segments** such as **jumpers** and **chip supplies**, with companies like **Changxing Bochuang**, **Shijia Photon**, and **Taicheng Light** being highlighted [6]. - Domestic optical module manufacturers like **Hua Gong Guang Xun** and **Rui Jie** have shown strong performance in Q2, driven by robust hardware demand and construction progress [9]. Market Trends - The **global AI computing power industry** is performing well, with companies like **Xuchuang** and **Xinyi Sheng** exceeding market expectations, positively impacting the sector [7]. - The **optical fiber and cable market** is experiencing high demand, particularly for **MPO** and **AOC** products, with significant year-over-year growth in exports [3][17]. Regional Performance - In June, the **optical module** exports from regions like **Hubei** and **Shanghai** showed promising growth, while **Sichuan** and **Jiangsu** faced declines [12][14]. - The **fiber optic cable** exports reached a historical high of **6.66 billion** CNY in June, with a **71% year-over-year increase** [13][14]. Future Trends - The industry is expected to see continued growth in **AI-related products** and **core communication components** as global digital transformation accelerates [15][16]. - The emergence of **hollow fiber technology** and its applications in data centers is noted as a significant trend, with companies like **Changfei** and **Hengtong** actively developing related products [18]. Recommendations for Investment - Companies with strong capabilities in **commercial leasing** for computing power, such as **Xie Chuang**, **You Fang**, and **Hong Jing**, are recommended as potential investment opportunities due to their ability to meet rising demand [19][20].

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].

Core Viewpoint - The recent public fund reports reveal that high-performing funds have achieved impressive returns by focusing on sectors like innovative pharmaceuticals and new consumption, while also highlighting a trend towards thematic funds targeting niche markets [1][2][5]. Fund Performance and Holdings - High-performing funds have seen significant returns, with the Changcheng Pharmaceutical Industry Fund achieving a return rate of 102.52% this year, driven primarily by its focus on innovative pharmaceuticals [2]. - Many top-performing funds in the first half of the year are pharmaceutical-themed, including Zhongyin Hong Kong Stock Connect Pharmaceutical and Huashan Pharmaceutical Biotechnology [2][3]. - The top holdings of several funds have shifted towards technology and pharmaceuticals, with notable new additions like Zhongji Xuchuang and Xin Yisheng in the top ten holdings of the China Europe Digital Economy Mixed Fund [3]. Thematic Funds and Sector Focus - Some actively managed funds have undergone significant portfolio changes, with a complete overhaul of their top holdings to focus on emerging sectors like robotics and short dramas [4]. - The Tongtai Industry Upgrade Mixed Fund increased its stock position from 30% to 90% and shifted its focus to robotics, while the Tongtai Huile Mixed Fund transitioned to short drama and gaming stocks [4]. - Fund companies are launching numerous thematic products targeting specific high-growth sectors, such as controllable nuclear fusion and deep-sea technology, indicating a trend towards specialized investment strategies [5]. Market Outlook - Fund managers maintain a positive outlook for the equity market in the third quarter, with confidence in the performance of related sectors [6]. - The Changcheng Pharmaceutical Industry Fund manager anticipates growth in innovative pharmaceuticals driven by overseas licensing and domestic sales, while the Tongtai Industry Upgrade Fund manager expects significant opportunities in the robotics sector due to increased production and technological advancements [6].

Group 1 - The core viewpoint of the news highlights the positive impact of NVIDIA and AMD's resumption of AI chip supply to China, which is expected to drive demand for domestic data center construction and boost the performance of companies in the optical module sector, particularly the "three musketeers" of optical modules: NewEase, Zhongji Xuchuang, and Tianfu Communication [3][4] - NewEase is identified as a supplier of NVIDIA's 800G LPO optical modules, with the demand for H20 chip inference computing power expected to drive procurement of low-power optical modules [3] - Zhongji Xuchuang is noted as a core supplier of NVIDIA's 1.6T/800G optical modules, with the recovery of H20 chip supply anticipated to increase domestic AI server demand and subsequently enhance orders for high-speed optical modules [3] - Tianfu Communication provides optical engines and CPO components for NVIDIA, with the H20 chip's server clusters requiring more efficient optical interconnect solutions [3] Group 2 - The "three musketeers" of optical modules—Zhongji Xuchuang, NewEase, and Tianfu Communication—are components of the dual-innovation leading ETF (588330), with respective weightings of 5.22%, 5.08%, and 1.50%, totaling over 10% [4] - The dual-innovation leading ETF (588330) offers a lower investment threshold compared to direct investments in the Sci-Tech Innovation Board and the Growth Enterprise Market, allowing investors to start with less than 100 yuan based on the current price [4][7] - The investment strategy focuses on AI as a key theme, with expectations for continued integration of AI capabilities across various industries, driving investment opportunities in AI computing power, applications, and terminals [6]

Group 1 - The AI computing power sector experienced a strong surge on July 15, with several actively managed equity funds seeing significant net value increases, outperforming related ETF products [1][2] - Fund manager Zhou Jiansheng's Nord New Life A achieved a net value growth rate of 9.42%, the highest in the market, while other funds managed by Jin Zicai also reported growth rates above 8% [2][3] - The rapid growth in the optical communication and PCB sectors over the past two years is attributed to the expansion of global customer demand and the long-term positive outlook for the AI industry, suggesting that Chinese manufacturers are likely to continue benefiting from global AI development [1][6] Group 2 - The active equity funds led the gains in the AI computing power sector, with notable performances from funds managed by Zhou Jiansheng, Jin Zicai, and Ren Jie, all reporting net value growth rates above 8% [2][3] - The ETF market also showed strong performance, with the Huaxia SSE Sci-Tech Innovation Board 50 ETF leading in trading volume, surpassing 35 billion yuan in consecutive trading days [4] - Fund inflows have been strong, with the Huaxia SSE Sci-Tech Innovation Board 50 ETF seeing nearly 10 billion yuan in net inflows on July 15, and cumulative inflows close to 50 billion yuan for July [4] Group 3 - Looking ahead, the demand for AI computing power is expected to remain high, as leading companies in the sector have reported better-than-expected financial results [5][6] - The AI industry is witnessing a continuous breakthrough in cognitive boundaries, with significant capital investments from tech giants and a substantial increase in AI cluster scale [6][7] - The market is currently reassessing the value of the AI computing power sector, with a focus on Chinese companies that possess global competitiveness [6][7]