Core Viewpoint - The AI Fund Bosera Contrarian Investment Mixed A (004434) reported a profit of 1.3663 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0385 yuan, and a net value growth rate of 2.74% during the reporting period [2] Fund Performance - As of July 18, the fund's unit net value was 1.546 yuan, with a fund size of 51.5762 million yuan as of the end of Q2 2025 [2][13] - The fund's one-year compounded net value growth rate reached 11.02%, the highest among its peers, while the lowest was 7.1% for Bosera Advanced Manufacturing Mixed A [2] - Over the past three months, the fund's compounded net value growth rate was 14.96%, ranking 175 out of 615 comparable funds; over six months, it was 8.67%, ranking 370 out of 615; and over three years, it was -11.48%, ranking 140 out of 324 [2] Risk Metrics - The fund's Sharpe ratio over the past three years was -0.0683, ranking 190 out of 319 comparable funds [7] - The maximum drawdown over the past three years was 35.33%, with a single-quarter maximum drawdown of 22.5% occurring in Q1 2021, ranking 217 out of 322 [9] Investment Strategy - The fund manager indicated a focus on emerging industries, high-quality alpha stocks, and undervalued dividend stocks to enhance the probability of success and optimize the portfolio for better returns [2] Portfolio Composition - As of the end of Q2 2025, the fund's top ten holdings included Ningde Times, Nuwell, ST Huaton, Xiaoshangpin City, Xinyi Sheng, Zhongji Xuchuang, Hudian Co., Zongshen Power, Ninebot, and Zijin Mining [16] - The average stock position over the past three years was 74.1%, compared to the industry average of 83.27%, with a peak of 85.53% at the end of 2021 and a low of 60.86% in mid-2021 [12]

Core Viewpoint - The market experienced a significant rally on July 21, with both the Shanghai Composite Index and the ChiNext Index reaching new highs for the year, driven primarily by infrastructure-related stocks and a surge in trading volume [1][2][3]. Market Performance - The Shanghai Composite Index rose by 0.72%, the Shenzhen Component Index increased by 0.86%, and the ChiNext Index gained 0.87% [1]. - Over 4,000 stocks in the market saw gains, with more than a hundred stocks hitting the daily limit up [2]. Sector Highlights - Infrastructure stocks, particularly in cement and building materials, saw a collective surge, with companies like Conch Cement hitting the daily limit up [3][8]. - High-voltage power transmission and grid concept stocks also performed strongly, with companies such as Guodian Nanzi reaching the daily limit up [4][8]. - The robotics sector maintained its strength, exemplified by Changsheng Bearing hitting the daily limit up [5]. Trading Volume and Key Stocks - The total trading volume for the Shanghai and Shenzhen markets reached 1.7 trillion yuan, an increase of 128.9 billion yuan from the previous trading day [5]. - Notable stocks by trading volume included Northern Rare Earth at 14.664 billion yuan, followed by Dongfang Fortune, Zhongji Xuchuang, and Ningde Times with trading volumes of 11.143 billion yuan, 10.910 billion yuan, and 9.047 billion yuan respectively [5]. Specific Events - The launch of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, has sparked a rally in related stocks [9]. - An unusual trading incident occurred with Dongfang Electric, where a transaction at an inflated price led to a temporary spike of over 700% in its stock price before stabilizing [11][12]. Foreign Investment Sentiment - Foreign institutional investors are increasingly optimistic about Chinese core assets, with a focus on sectors such as domestic consumption and technology [14][15]. - Recent engagements with foreign sovereign funds and large asset management firms indicate a positive outlook on A-shares, with a shift in interest towards Hong Kong markets as a financial hub [14].

New Stock Issuance - The new stock issued by Hanguo Group is priced at 15.43 RMB per share[1] - The subscription period for the tender offer of ST Kelly is from July 17, 2025, to August 15, 2025[1] Abnormal Fluctuations - Several stocks, including ST Zitian and Guangshengtang, have reported severe abnormal fluctuations[2] - The announcement links for stocks experiencing abnormal fluctuations are provided for investor reference[2] Market Updates - A total of 30 stocks have been listed for trading updates, with various announcements made between July 15 and July 21, 2025[1] - The report includes links to detailed announcements for each stock, ensuring transparency and accessibility for investors[1]

2025 年 07 月 21 日 800G 需求爆发驱动业绩高增，技术领先夯实成 长动能 买入(维持) 事件 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 联系人：张璐 S1050123120019 zhanglu2@cfsc.com.cn | 基本数据 | 2025-07-18 | | --- | --- | | 当前股价（元） | 182.32 | | 总市值（亿元） | 1812 | | 总股本（百万股） | 994 | | 流通股本（百万股） | 885 | | 52 周价格范围（元） | 70.37-183.5 | | 日均成交额（百万元） | 3983.01 | 市场表现 -50 0 50 100 150 200 (%) 新易盛 沪深300 1、《新易盛（300502）：2024Q1 业 绩亮眼，高速光模块铸就长期成长 动力》2024-05-14 —新易盛（300502.SZ）公司事件点评报告 新易盛发布 2025 半年度业绩预告：2025 年 1 月 1 日至 2025 年 6 月 30 日，预计实现归母净利润 37 亿元-42 亿元，同比增 长 327.68% ...

Group 1 - The core viewpoint of the articles emphasizes that as the A-share market enters the mid-year performance reporting period, the focus is shifting back to fundamentals, with sectors showing stable profits likely to see valuation increases [1][2] - The CSI A500 ETF (563800) has shown strong performance, with a net asset value increase of 7.60% over the past six months, and its latest scale exceeding 17 billion yuan as of July 20 [1] - Among the CSI A500 index constituents, 129 companies have issued earnings forecasts, with 94 expected to be profitable and 85 anticipating year-on-year net profit growth, indicating a significantly better outlook than the overall market [1][2] Group 2 - The strong performance of the CSI A500 index constituents is attributed to its innovative compilation scheme, which selects leading companies across three industry segments while maintaining industry balance and over-allocating to new productivity sectors [2] - Analysts predict that from 2025 to 2027, the average annual growth rate of net profit attributable to the parent company for the CSI A500 index will reach 10.6%, significantly higher than other broad-based indices [2] - The current phase of the A-share market is characterized by a "profit bottom + policy bottom" resonance, with the CSI A500 index expected to build long-term support above 3,500 points [2]

Group 1 - The report highlights a positive trend in the A-share market, with the Shanghai Composite Index rising by 0.69%, the Shenzhen Component Index by 2.04%, and the ChiNext Index by 3.17% during the week of July 14-18, 2025, indicating a strong market sentiment driven by technological advancements and industrial progress [1][8]. - The robotics industry has reached a commercialization milestone, with domestic companies securing billion-level humanoid robot orders, which has activated related supply chains such as reducers and lightweight materials [1][8]. - The semiconductor sector is experiencing robust demand, as evidenced by TSMC's second-quarter earnings call confirming strong AI demand and NVIDIA's resumption of high-end chip supply, alleviating concerns over AI computing power shortages [1][2][8]. Group 2 - The report notes a "hot and cold" economic landscape in China, where external trade has been a key growth driver, but recent tariff increases from the U.S. and potential follow-ups from the EU may threaten sustained export growth [2][18]. - Domestic consumption remains weak, with retail sales growth at only 4.8% in June 2025, and fixed asset investment growth declining to 2.8%, indicating a need for continued policy support to stabilize domestic demand [2][18]. - The technology sector is expected to regain focus, particularly in AI hardware, as recent favorable signals from the industry, such as NVIDIA's and AMD's chip supply resumption, catalyze growth in the computing power supply chain [2][18]. Group 3 - The report emphasizes the importance of the optical module sector, which has established a leading position in the global AI computing power supply chain, with Chinese companies capturing seven out of the top ten spots in 2022 [3][21]. - The optical module industry benefits from a high overseas revenue share of over 80%, driven by the explosive demand for global AI computing infrastructure [3][21]. - The high-end PCB market is also highlighted, with government policies supporting the upgrade of electronic components and a surge in demand driven by AI computing, 5G infrastructure, and automotive electronics [5][21].

Market Overview - The Shanghai Composite Index rose by 0.69% to close at 3534.48 points, with a weekly high of 3536.01 points [1] - The Shenzhen Component Index increased by 2.04% to 10913.84 points, reaching a high of 10946.4 points [1] - The ChiNext Index saw a rise of 3.17%, closing at 2277.15 points, with a peak of 2296.91 points [1] - In the global market, the Nasdaq Composite Index increased by 1.51%, while the Dow Jones Industrial Average fell by 0.07% and the S&P 500 rose by 0.59% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 2.84% and the Nikkei 225 Index increased by 0.63% [1] New Stock Issuance - Two new stocks were issued last week: Shanda Electric Power (301609.SZ) and Jiyuan Group (603262.SH), both on July 14, 2025 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 18964.13 billion yuan, with a financing balance of 18832.44 billion yuan and a securities lending balance of 131.68 billion yuan [3] - The margin trading balance increased by 265.22 billion yuan compared to the previous week [3] - The Shanghai market's margin trading balance was 9613.62 billion yuan, up by 143.67 billion yuan, while the Shenzhen market's balance was 9350.51 billion yuan, increasing by 121.55 billion yuan [3] - A total of 3442 stocks had margin buying, with 89 stocks exceeding 1 billion yuan in buying amount, led by Zhongji Xuchuang (88.2 billion yuan), Xinyi Sheng (80.46 billion yuan), and Dongfang Caifu (62.35 billion yuan) [3][4] Fund Issuance - Sixteen new funds were issued last week, including various types such as mixed funds, bond funds, and money market funds [5] Share Buybacks - Seventeen companies announced share buybacks last week, with the highest amounts being TCL (2.5 billion yuan), Hangyang Co. (60.36 million yuan), and Yanshan Technology (59.99 million yuan) [7] - The sectors with the highest buyback amounts were electronics, basic chemicals, and computers [7]

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].

Core Viewpoint - The Ruiyuan Growth Value Mixed Fund, managed by prominent fund managers Fu Pengbo and Zhu Lin, has maintained a high asset allocation in sectors such as electronics, internet technology, precision manufacturing, and pharmaceuticals, with significant contributions from the PCB industry [1][2]. Fund Performance - As of the end of Q2, the net asset value of Ruiyuan Growth Value Mixed A shares was 1.2955 CNY, with a growth rate of 5.80%, outperforming the benchmark return of 1.67%. The C shares had a net asset value of 1.2634 CNY, with a growth rate of 5.70% [1]. Holdings Overview - The top ten holdings of the fund as of Q2 included Shenghong Technology, Tencent Holdings, CATL, China Mobile, Luxshare Precision, Xinyi Technology, Cambricon Technologies, Juxing Technology, Sanofi Biologics, and Maiwei Co., with new entry Xinyi Technology and exit of Guanghui Energy compared to Q1 [2]. Market Dynamics - The fund's managers noted fluctuations in the US-China tariff agreements, which impacted global markets. The domestic capital market managed to stabilize amid these changes, with expectations of a potential decline in exports due to demand and inventory factors [2]. Policy and Economic Environment - The Chinese government is addressing "involution" in development through policies aimed at correcting distorted factor prices, with a focus on boosting overall commodity prices. The current economic environment differs from past supply-side reforms due to weak overall demand [3]. Investment Strategy - The fund has increased its holdings in companies related to the export chain despite short-term impacts, while reducing exposure to traditional energy companies due to market style influences and fundamental pressures. The fund has also increased its allocation to the pharmaceutical sector, focusing on innovative drugs and traditional medicine benefiting from AI [4]. Future Outlook - The upcoming mid-year reports from listed companies will be used to assess the operational status and future development of existing holdings. The fund aims to identify industries and companies with upward trends in prosperity, optimizing its portfolio to manage net value fluctuations effectively [4].

Core Viewpoint - Gao Nan's managed funds reported significant growth in the second quarter, with a total management scale of 15.326 billion yuan, an increase of nearly 30% from the previous quarter [1] Fund Performance - Gao Nan's flagship fund, Yongying Ruixin, saw an increase of nearly 1.6 billion yuan in scale during the second quarter, reaching 5.016 billion yuan [1] - The net asset value of Yongying Ruixin Mixed A Fund was 1.4545 yuan at the end of the reporting period, with a net value growth rate of 10.12%, compared to a benchmark return of 1.50% [1] Portfolio Composition - The top ten holdings of Yongying Ruixin as of the end of the second quarter included Pop Mart (09992), Zhongji Xuchuang (300308), Kangfang Biotech (09926), Xinyi Sheng (300502), Jiangxin Home (301061), Xinda Biotech (01801), Weichai Heavy Industry (000880), Baijie Shenzhou (688235), San Sheng Pharmaceutical (01530), and Zijin Mining (601899) [1] - New additions to the portfolio included Zhongji Xuchuang, Xinyi Sheng, Xinda Biotech, Weichai Heavy Industry, San Sheng Pharmaceutical, and Zijin Mining, while Kangfang Biotech and Baijie Shenzhou were increased [3] Macroeconomic Environment - The overall economic operation in China remained stable in the second quarter, with resilient industrial production and high levels of infrastructure and manufacturing investment [3] - The central bank implemented measures such as reserve requirement ratio cuts and interest rate reductions to stabilize the market and expectations [3] Market Analysis - The Shanghai Composite Index rose by 3.26% in the second quarter, despite experiencing significant volatility [3] - The market saw a notable differentiation in asset performance, with sectors like innovative pharmaceuticals, artificial intelligence, and finance showing significant excess returns [3] Investment Strategy - The investment strategy emphasized bottom-up stock selection, focusing on company growth potential and earnings realization [4] - The fund aims to diversify industry concentration while capturing growth opportunities, and it also considers stocks with a safety margin and potential for future improvement [4]