数据显示，该基金近3个月收益率17.79%，近一年收益率34.88%，成立以来收益率为-56.3%。其股票持 仓前十分别为：生益科技、华丰科技、凌云股份、光迅科技、锐捷网络、华工科技、光明肉业、山推股 份、深南电路、上海机电，前十持仓占比合计47.49%。 天眼查商业履历信息显示，长盛基金管理有限公司成立于1999年3月，位于深圳市，是一家以从事资本 市场服务为主的企业。注册资本20600万人民币，法定代表人为胡甲。 来源：金融界 截至2025年6月30日，长盛基金旗下长盛国企改革混合（001239）期末净资产3.86亿元，比上期增加 5.72%，该基金经理为代毅。 简历显示，代毅先生:研究生,硕士,中国国籍。2010年7月加入长盛基金管理有限公司研究部,曾任行业研 究员、基金经理助理等职务。现任长盛城镇化主题混合型证券投资基金基金经理。曾任长盛动态精选证 券投资基金基金经理。2020年4月21日起担任长盛国企改革主题灵活配置混合型证券投资基金基金经 理。2019年05月22日至2020年05月27日任长盛同盛成长优选灵活配置混合型证券投资基金(LOF)基金经 理。曾任长盛生态环境主题灵活配置混合型证券投资基 ...

Core Viewpoint - Nine listed companies in the optical module sector have disclosed their performance forecasts for the first half of the year, with significant year-on-year profit increases, particularly for New Yisheng, which expects a nearly fourfold increase in net profit [1] Group 1: Company Performance - New Yisheng anticipates a net profit increase of 328%-385% year-on-year, with a quarterly increase of 35.22%-67.01% [2] - Ruijie Network expects a year-on-year profit increase of 160%-232% and a quarterly increase of 172.79%-275.30% [2] - Zhongji Xuchuang forecasts a net profit of 3.6 billion to 4.4 billion yuan, with a year-on-year increase of 52.64%-86.57% [2] - Huagong Technology projects a net profit of 890 million to 950 million yuan, with a year-on-year increase of 42.43%-52.03% [2] - Guangxun Technology expects a net profit of 323 million to 407 million yuan, with a year-on-year increase of 55%-95% [2] - Xingwang Ruijie anticipates a net profit of 180 million to 240 million yuan, with a year-on-year increase of 43.81%-91.75% [2] - Cambridge Technology forecasts a net profit of 120 million to 128 million yuan, with a year-on-year increase of 50.12%-60.12% [2] - Guangku Technology expects a net profit of 48.56 million to 54.63 million yuan, with a year-on-year increase of 60%-80% [2] - Huilv Ecology anticipates a net profit of 36 million to 49 million yuan, with a year-on-year increase of 34.92%-83.64% [2] Group 2: Market Trends - The demand for high-speed optical modules has significantly increased, driven by the growth in data centers and AI technology [2] - Companies are benefiting from optimized product structures and increased customer demand in the computing power sector [2] - The overall performance of the optical module industry is being positively impacted by technological advancements and cost control measures [2]

Core Insights - The computing power is the "cornerstone" of the artificial intelligence industry, with rapid advancements in generative AI technology leading to accelerated global infrastructure development and significant performance growth for industry chain companies [1] Group 1: Company Performance - Zhongji Xuchuang expects a net profit of 3.6 billion to 4.4 billion yuan for the first half of 2025, representing a year-on-year increase of 52.64% to 86.57% due to strong capital expenditure and increased sales of high-end optical modules [1] - Xinyi Technology anticipates a net profit of 3.7 billion to 4.2 billion yuan, with a year-on-year growth of 327.68% to 385.47% [2] - Foxconn Industrial Internet forecasts a net profit of 11.958 billion to 12.158 billion yuan, reflecting a year-on-year increase of 36.84% to 39.12%, driven by rapid growth in cloud computing and AI server revenues [2] - Ruijie Networks expects a net profit of 400 million to 510 million yuan, with a year-on-year growth of 160.11% to 231.64% [2] - Feirongda anticipates a net profit of 155 million to 170 million yuan, representing a year-on-year increase of 103.95% to 123.69% [2] Group 2: Market Outlook - The computing power market's sustainability is a key focus for investors, with companies like Zhongji Xuchuang and Xinyi Technology reporting strong demand for AI data centers and optical modules [3] - The chief economist of Samoyed Cloud Technology Group noted that AI servers, intelligent computing centers, optical modules, and liquid cooling technologies are the fastest-growing segments in the computing power industry [3] - A report from Zhongtai Securities indicates that both domestic and international companies are expected to continue investing heavily in AI training and inference, enhancing their competitive edge [3] - The Ministry of Industry and Information Technology's action plan aims for computing power to exceed 300 EFLOPS by 2025, with intelligent computing accounting for 35% [4] - Experts emphasize the importance of technological innovation, vertical integration, and global capacity in maintaining competitive advantages in the computing power sector [4]

Core Points - The latest financing balance of the ChiNext market is 367.464 billion yuan, with a week-on-week increase of 3.028 billion yuan, indicating a positive trend in financing activities [1] - A total of 25 stocks saw their financing balances increase by over 10%, while 12 stocks experienced a decline of more than 10% [1] Financing Balance Overview - The total margin balance for ChiNext stocks reached 368.568 billion yuan, marking a continuous increase for six consecutive trading days [1] - The financing balance specifically increased to 367.464 billion yuan, with a week-on-week rise of 3.028 billion yuan [1] - The margin trading balance for short selling decreased to 1.103 billion yuan, reflecting a reduction of 7.6652 million yuan [1] Stocks with Significant Financing Balance Increase - Among the 535 stocks with increased financing balances, the stock with the highest increase is Sanwei Tiandi, which saw a financing balance of 70.6392 million yuan, up 66.35% from the previous day [3] - Other notable stocks with significant increases include Focase Technology and Shanghai Steel Union, with increases of 43.23% and 34.52%, respectively [3] Market Performance of Stocks with Increased Financing - Stocks with financing balance increases averaged a rise of 2.86% on the trading day, with top performers including Sanchuan Wisdom, Yirui Biology, and Focase Technology, which rose by 15.27%, 12.15%, and 11.54% respectively [2] - Conversely, stocks with the largest declines included Pulian Software, Houpu Co., and Hopu Co., with declines of 6.92%, 5.85%, and 3.61% respectively [2] Stocks with Significant Financing Balance Decrease - A total of 400 stocks experienced a decrease in financing balance, with 12 stocks seeing declines of over 10% [4] - The stock with the largest decrease is Tuanluozhe, with a financing balance of 18.9151 million yuan, down 94.06% [4] - Other stocks with significant declines include Laimei Pharmaceutical and Jialian Technology, with decreases of 22.96% and 21.70% respectively [4]

Summary of Key Points from the Conference Call Company Overview - The company discussed is **Xingwang Ruijie**, which operates in four main segments: **Ruijie Network**, **Communication**, **Financial Innovation**, and **Metaverse** [2][4][5]. Core Business Segments and Performance - **Ruijie Network**: Expected to contribute significantly to net profit, with projections between **400 million to 500 million CNY** for the first half of 2025, showing a strong performance [2][4][7]. - **Communication Segment**: The core of this segment is the **Optical Communication** business, primarily serving **China Mobile** and expanding into **China Unicom**, **China Telecom**, and **China Tower** markets. A growth period is anticipated in 2025 due to product updates that will increase the proportion of high-margin products [2][5][8]. - **Financial Innovation**: Led by a subsidiary in Shenzhen, this segment provides comprehensive financial solutions and participates in the **digital RMB pilot project**. The company has completed **Hongmeng certification** and is expanding into the **Middle East** and **ASEAN** for international payment solutions [2][3][5][16]. - **Metaverse Segment**: Focuses on audio-visual technology and immersive experiences, with applications in entertainment and corporate promotion. Collaborations with universities are ongoing to explore brain-computer interface technology [2][6][18]. Financial Performance - The company forecasts a net profit of **180 million to 240 million CNY** for the first half of 2025, representing a year-on-year growth of **3.81% to 91%** [4][7]. - The **De Ming Communications** segment, focusing on the U.S. market for vehicle networking, reported a revenue and profit increase of approximately **30%** in the first half of 2025 despite trade tensions [2][5][7]. Future Growth Drivers - Anticipated growth in the second half of 2025 is driven by advancements in computing power and the availability of computing cards, which are expected to boost demand for switches [2][8]. - The overseas business of Ruijie Network has seen over **50% growth** in revenue last year, with expectations for continued strong performance [2][8]. - The company is also focusing on high-margin products in the optical communication sector, including voice gateways and intelligent gateways, to meet AI demands [8][9]. Market Position and Strategy - The company has joined the **Digital RMB Alliance** and collaborates with major firms like **Meituan**, **Alibaba**, **Tencent**, and **JD.com** to expand cross-border payment solutions [3][16]. - The white-box switches, primarily targeting internet companies, have a gross margin of about **20%**, significantly higher than the **8%-10%** margins typical for simple OEM/ODM manufacturers [10][12]. Operational Efficiency - The company has implemented significant operational cost reductions, which are expected to enhance net profit margins as revenue grows without a proportional increase in operational expenses [9][11][14]. AI and Innovation - The company is actively exploring AI applications, particularly in hardware needs for data center switches and integrated solutions for various sectors, including healthcare [18][19]. - Research in brain-computer interface technology aims to provide personalized mental health analysis through advanced modeling techniques [18][19]. Outlook - The overall performance for the first half of 2025 aligns with expectations, with optimism for increased orders and revenue in the second half, particularly in computing power and operator construction opportunities [20]. - New products and market expansions are anticipated to contribute positively to the company's financial performance, enhancing returns for investors [20].

Group 1 - 33 companies listed on the ChiNext board have released their performance forecasts for the first half of the year, with 23 companies expecting profit increases, accounting for 69.70% of the total [1] - The overall proportion of companies with positive forecasts (including profit increases and profit forecasts) is 78.79%, while 3 companies expect profit declines, 1 company anticipates losses, and 1 company expects reduced losses [1] - Among the companies with positive forecasts, 10 companies are expected to see net profit growth exceeding 100%, with Han Yu Pharmaceutical leading at a projected increase of 1567.36% [1] Group 2 - The sectors with the most companies expecting profit growth include pharmaceuticals and electronics, with 2 stocks from each sector listed among those expecting to double their profits [2] - The average increase in stock prices for companies expecting profit growth has been 35.51% year-to-date, with notable performers including Ice River Network, Morning Light Biology, and Han Yu Pharmaceutical, which have risen by 90.03%, 55.14%, and 43.60% respectively [2] - A detailed list of companies expecting significant profit increases includes Han Yu Pharmaceutical, Rui Jie Network, and Ice River Network, with projected net profit growth rates of 1567.36%, 195.88%, and 168.92% respectively [2]

Summary of the Conference Call on Switch Industry and AI Computing Power Industry Overview - The report focuses on the **switch industry**, highlighting its critical role in network interconnection and the growing demand driven by data center construction [4][20]. - The global switch market is projected to grow significantly, with the top five manufacturers holding a substantial market share [4][68]. Key Points and Arguments Market Growth and Demand - The global switch market is expected to grow from **$61.9 billion in 2020** to **$96.8 billion by 2025**, with a **CAGR of 9.4%** [24]. - In China, the market is projected to increase from **¥116.8 billion in 2020** to **¥318 billion by 2025**, with a **CAGR of 22.2%** [24]. - The demand for switches is driven by the increasing data center construction and the need for higher data transfer rates [20][30]. Market Concentration - The top five global switch manufacturers, including **Cisco, Arista, Huawei, HPE, and Xinhua San**, hold **69.6%** of the market share, with Cisco leading at **35.9%** [4][68]. - In China, the top five manufacturers account for **89.7%** of the market, with Huawei at **32.4%** [4][68]. Technological Trends - **White-box technology** is emerging, allowing for hardware-software decoupling, which reduces acquisition and operational costs [31][35]. - The **CPO (Chip-Package-Optical)** switch technology is gaining traction, promising lower power consumption and higher efficiency [36][41]. Chip Market Dynamics - The global Ethernet switch chip market is expected to grow, with commercial vendors driving the majority of the growth [81][86]. - The market is currently dominated by overseas giants, indicating significant room for domestic alternatives [87]. Important but Overlooked Content - The report highlights the **risk factors** including the potential underdevelopment of AI applications, escalating US-China trade tensions, intensified market competition, and the risk of failure in new technology and product development [7]. - The **data center switch market** in China is expected to account for **51.7%** of the total switch market by 2026, indicating a growing reliance on data center infrastructure [30]. Recommendations - The report suggests monitoring companies such as **Sengke Communication, Yutai Micro, Ruijie Networks, Unisplendour, ZTE, and Feiling Kesi** for potential investment opportunities [6]. This summary encapsulates the essential insights from the conference call regarding the switch industry and its intersection with AI computing power, providing a comprehensive overview of market dynamics, technological advancements, and investment opportunities.

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **domestic computing power industry chain**, particularly focusing on the **switching industry** and its performance in the context of recent market trends and regulatory changes [1][5]. Core Insights and Arguments - **Strong Demand in North America**: There is robust demand for computing power infrastructure in North America, as evidenced by the performance of companies like Nvidia, Stargate Construction, and CO CO Wave, which supports ongoing capital expenditures [1][2]. - **Rising Token Consumption**: Google’s rapid increase in TOKEN consumption indicates a growing demand for vertical industry applications and inference needs, which is expected to sustain capital expenditures [4][14]. - **Impact of H20 Ban**: The H20 ban has accelerated training demand within the domestic data center industry, with companies like Century Internet raising their annual performance guidance, and significant improvements in revenue and profit forecasts from optical module companies [1][5]. - **Profitability Improvement**: In Q2, domestic computing power profitability improved significantly, with Ruijie Network's quarterly profit growth ranging from 93% to 160%, and StarNet Ruijie's growth between 21% and 74% [1][5]. Key Industry Trends - **White Box Switches**: The rise of data center white box switches is meeting the customization needs of internet companies, with Ruijie and Unisoc leading the domestic market, while traditional brands like Cisco are losing their competitive edge [1][7]. - **High Sales and R&D Expenses**: Ruijie Network's sales expense ratio is 15.5% and R&D expense ratio is 16%, attributed to the need for channel establishment and high customization in their switching business [3][9][10]. - **Market Challenges**: The domestic computing power market faces challenges due to the H20 ban leading to reduced capital expenditures, with major companies like Alibaba and Tencent reporting lower capital spending [12]. Future Outlook - **Positive Market Trends**: The domestic computing power market is expected to improve, with indicators such as the rapid increase in Google TOKEN consumption and optimistic performance guidance from Oracle, Broadcom, and Marvell [14]. - **Performance Predictions**: Ruijie Network is projected to generate approximately 11.6 billion RMB in revenue in 2024, with a significant portion of profits expected from its data center switching business [9][15]. - **Investment Recommendations**: There is a suggestion to focus on investing in early performers in the domestic computing power sector, such as StarNet Ruijie and Ruijie Network, due to their favorable valuation compared to peers [15].

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (July 7-13, 2025) saw the Shanghai Composite Index rise by 1.09%, the Shenzhen Component Index by 1.78%, and the ChiNext Index by 2.36%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 2.13% during the same period [2][11]. - Within the telecommunications sector, the highest increase was seen in the communication network equipment and devices, which rose by 4.16%, while the communication application value-added services had the lowest increase at 0.16% [2][14]. - Notable individual stock performances included Hengbao Co., which surged by 21.13%, followed by Changxin Bochuang at 19.84% and Shijia Photon at 14.85% [2][16]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high level of prosperity, with significant contributions from advancements in AI and 5.5G technologies, as well as satellite communications [2][3]. - The report highlights a strong performance in the telecommunications sector, with a notable increase in stock prices across various sub-sectors [2][11]. Sub-sector Performance - The communication network equipment and devices sub-sector led the gains with a 4.16% increase, while other sub-sectors also showed positive trends [2][14]. - The report indicates a general upward trend across the telecommunications sub-sectors during the week [2][15]. Individual Stock Highlights - Hengbao Co. led the stock performance with a 21.13% increase, indicating strong market interest and potential investment opportunities [2][16]. - Other notable performers included Changxin Bochuang and Shijia Photon, reflecting a robust market environment for telecommunications stocks [2][16]. Future Focus Areas - The report suggests focusing on the computing power industry chain, particularly the upstream optical chip segment and the module segment, which are expected to benefit from the ongoing demand for AI and computing power [3].

Investment Rating - The report maintains an "Outperform" rating for the communication industry [4] Core Views - The global computing power continues to show high prosperity, driven by the launch of xAI's Grok4 model and strong performance forecasts from computing power infrastructure companies [1][2] - AI inference demand is rapidly increasing, with market size expectations likely to be revised upwards, indicating a significant growth opportunity in the computing power industry [17][18] - The performance forecasts for various companies in the computing power supply chain indicate sustained high growth, particularly in optical modules and copper connection sectors [34][49][51] Summary by Sections Industry News Tracking - xAI launched the Grok4 model, which supports more complex interactions and has a subscription fee of $30/month, surpassing OpenAI's highest fee [1][12] - Broadcom's management indicated that AI inference demand has significantly increased, exceeding current capacity, and this demand was not included in previous market size forecasts of $60-90 billion [1][17] - Mellanox announced the availability of the Quantum-X switch, which features a bandwidth of 115.2 tb/s and is expected to drive orders for related components [1][19][20] Performance Forecasts - Companies such as Ruijie Networks and Huagong Technology forecast substantial profit increases, with Ruijie expecting a net profit of 400-510 million yuan, a year-on-year increase of 160.11%-231.64% [2][34] - Taiwan's AI server ODM manufacturers reported a total monthly revenue of 100.26 billion NTD in June, a 35% year-on-year increase, indicating strong demand in the AI infrastructure market [2][24] Investment Recommendations - The report recommends focusing on various segments of the AI computing power infrastructure, including optical devices and copper connection industries, as well as domestic computing power companies benefiting from increased investments [3][80] - Long-term investment in the three major telecom operators is suggested due to their stable operations and increasing dividend payouts, with a cumulative revenue of 748.8 billion yuan in the first five months of the year, a 1.4% year-on-year increase [3][80]