Market Overview - A-shares experienced a mixed performance with over 3,400 stocks in the red and a half-day trading volume of 1.1 trillion, an increase of 56.19 billion compared to the previous trading day [1] - The Shanghai Composite Index fell by 0.68%, the Shenzhen Component Index decreased by 0.45%, while the ChiNext Index rose by 0.43% [1] - Open-source Securities maintains an optimistic long-term outlook for the market despite existing divergences, describing the current market as a "slowly rising oscillating market" [1] Sector Performance AI Hardware Stocks - AI hardware stocks collectively surged, with Zhongji Xuchuang and Xinyi Sheng reaching new historical highs, and companies like Lian Te Technology, Tianfu Communication, and Taicheng Guang also seeing gains [1][3] - Meta's second-quarter revenue was reported at $47.52 billion, a 22% year-over-year increase, exceeding expectations, which positively impacted the market [3] Liquid Cooling Server Sector - The liquid cooling server sector saw a rise, with Yingwei Ke achieving a two-day consecutive limit-up, and companies like Ice Wheel Environment and Chuanhuan Technology hitting the limit-up as well [1][4] - A report from Tianfeng Securities indicates that the value of the Socket solution is expected to increase from 600,000 to over 700,000, with significant changes in the usage of cold plates and quick connectors [4] Assisted Reproductive Technology - The assisted reproductive sector continued its strong performance, with Yangguang Dairy and Anzheng Fashion achieving three consecutive limit-ups, and companies like Gongtong Pharmaceutical and Hanshang Group hitting the limit-up [1][2] - The Beijing government announced measures to enhance reproductive support policies, including adjustments to medical insurance coverage for assisted reproductive technologies [2] Institutional Insights Industry Rotation - GF Securities highlights that the current focus should be on the Sci-Tech Innovation Board, noting that cyclical and financial sectors often act as engines for market initiation [5] - Recent months have seen strong performance from previously underperforming cyclical sectors such as steel, construction materials, and real estate, driven by themes like water station construction and urban renewal [5] Low-Valuation Assets - Guojin Securities suggests that despite the market nearing previous highs, there are still "low-valuation assets" worth exploring, as the current valuation expansion is not overly aggressive compared to fundamental recovery [6][7] - The ongoing domestic policies aim to support demand while promoting supply-side reforms, with expectations of improved return on equity (ROE) due to easing tariffs and the commencement of investment cycles [7] Market Sentiment - Dongfang Securities notes that the current A-share market is in a phase of sustained oscillation and upward movement, with ample trading volume attracting new capital [8] - The sentiment remains cautiously optimistic, with no immediate risk of market reversal, and the Shanghai Composite Index is expected to consolidate around the 3,600-point level before potentially expanding upward [8]

Market Overview - On July 31, A-shares opened mixed, with the Shanghai Composite Index slightly lower and the Shenzhen Component and ChiNext indices in the green [2] - By midday, the Shanghai Composite Index had dropped over 1%, while all three major indices were collectively in the red [2][3] Sector Performance - The cyclical sectors such as steel, precious metals, coal, and real estate experienced significant declines, while sectors like communication and computer technology showed strength [4] - The communication equipment sector rose by 1.98%, and electronic components increased by 1.87% [5] Hong Kong Market - The Hong Kong market also saw declines, with the Hang Seng Index and the Hang Seng China Enterprises Index dropping over 1% [6][7] - Longfor Group led the decline among Hang Seng constituents, falling over 5% [6] CPO and Liquid Cooling Server Stocks - CPO concept stocks were notably active, with Cambridge Technology hitting the daily limit and Lian Te Technology rising over 10% [10] - Liquid cooling server stocks also performed well, with Siquan New Materials hitting the daily limit and Yingweike reaching a new historical high shortly after opening [12] Assisted Reproductive Technology Sector - The assisted reproductive sector saw strong performance, with stocks like Gongtong Pharmaceutical and Lide Man hitting the daily limit, and other stocks like Anke Bio and Guangsheng Tang experiencing significant gains [17] - A new policy from the Beijing government aims to enhance reproductive health services and include assisted reproductive technology in medical insurance coverage, which is expected to boost the sector [19] South Road Machinery - South Road Machinery opened high and reached the daily limit, achieving a remarkable performance of "9 days 8 boards," with its stock price doubling since the beginning of the current rally [21] - The company announced a cumulative increase of 91% in its stock price since July 18, indicating potential market overheating despite no significant changes in its fundamentals [21]

格隆汇7月31日｜A股市场CPO概念股集体走强，其中，汇绿生态、剑桥科技、长飞光纤涨停，联特科 技涨超9%，中际旭创涨超6%再创历史新高，锐捷网络、天孚通信、曙光数创涨超4%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | | --- | --- | --- | --- | --- | | 001267 | 汇绿生态 | � | 10.02 | 113亿 | | 603083 | 剑桥科技 | 报 | 10.01 | 146亿 | | 601869 | 长飞乐红 | 부 | 10.00 | 405亿 | | 301205 | 联特科技 | | 9.55 | 136亿 | | 603773 | 沃格光电 | | 6.74 | 64.41亿 | | 300308 | 中际旭创 | 1 | 6.41 | 2490亿 | | 301165 | 锐捷网络 | 1 | 4.65 | 515亿 | | 300394 | 天孚通信 | 年 | 4.50 | 826亿 | | 872808 | 曙光数创 | 长 | 4.19 | 120亿 | | 600601 | 方正科技 | 资 | 3.48 | 261亿 | | ...

格隆汇7月31日｜A股市场CPO概念股集体走强，其中，汇绿生态、剑桥科技、长飞光纤(601869)涨停， 联特科技涨超9%，中际旭创(300308)涨超6%再创历史新高，锐捷网络、天孚通信、曙光数创涨超4%。 | 代码 | 名称 | 涨幅% ↓ | | 总市值 | | --- | --- | --- | --- | --- | | 001267 | 汇绿生态 | - | 10.02 | 113亿 | | 603083 | 剑桥科技 | * * | 10.01 | 146亿 | | 601869 | 长飞洗红 | - | 10.00 | 405亿 | | 301205 | 联特科技 | | 9.55 | 136亿 | | 603773 | 沃格光电 | | 6.74 | 64.41亿 | | 300308 | 中际旭创 | 1 | 6.41 | 2490亿 | | 301165 | 锦捷网络 | → | 4.65 | 515亿 | | 300394 | 天孚通信 | 来 | 4.50 | 826亿 | | 872808 | 曙光数创 | 资 | 4.19 | 120亿 | | 600601 | 方正科技 | 来 ...

Core Viewpoint - The article highlights the strong performance of the optical module sector, particularly in the context of AI and computing power demand, driven by technological advancements and significant investments from major tech companies [1][2]. Group 1: Market Performance - Leading optical module companies have reached new highs, with notable increases in stock prices for companies like Zhongji Xuchuang (up over 6%) and New Yisheng (up over 4%) [1]. - The AI-focused ETF on the ChiNext board has also surged, reaching a new high with a trading volume exceeding 46 million yuan [1]. Group 2: Industry Growth Drivers - The demand for optical modules is expected to explode due to the need for massive computing power for large model training, with a persistent global computing power gap [2]. - The "East Data West Computing" initiative in China is accelerating, with major tech firms like Microsoft and Google increasing their investments in AI infrastructure [2]. Group 3: Market Projections - Goldman Sachs forecasts that the sales of 800G optical modules will reach 19.9 million and 33.5 million units in 2025 and 2026, respectively, with market values projected at $12.73 billion and $19.37 billion, reflecting year-on-year growth of 60% and 52% [2]. - Longjiang Securities notes significant accumulation in the communication sector, with optical modules being a core focus, as North American tech giants ramp up AI investments [2]. Group 4: Investment Opportunities - The article suggests focusing on the first AI ETF in the market, which has over 60% of its portfolio in computing infrastructure and over 30% in AI applications, effectively capturing the AI theme [3]. - The ETF includes leading companies in the optical module sector, covering various hot AI tracks such as hardware, IDC computing leasing, and AI applications [3].

Group 1 - The core viewpoint highlights the strong performance of leading optical module companies and the significant rise in the AI sector on the ChiNext board, driven by increasing demand for computing power and supportive policies [1][3][4] - Notable stock movements include Zhongji Xuchuang rising over 6%, Xinyisheng up over 4%, and Liantech increasing by over 7%, indicating a bullish trend in the optical module market [1][3] - The largest and most liquid ETF tracking the ChiNext AI index saw a 2% increase at opening, reaching a new high with a real-time transaction volume exceeding 46 million yuan [1][3] Group 2 - The demand for optical modules is expected to surge due to the growing need for massive computing power in large model training, with a persistent global computing power gap [3][4] - Goldman Sachs projects that the sales volume of 800G optical modules will reach 19.9 million and 33.5 million units in 2025 and 2026, respectively, with market values expected to hit 12.73 billion and 19.37 billion USD, reflecting strong growth trajectories [4] - The communication sector has seen significant accumulation by public funds, with optical modules identified as a core allocation direction, indicating a favorable investment environment [4][5] Group 3 - The A-share computing power industry is viewed as a rare growth sector, with expectations that the commercialization of AI will enhance the valuation of leading companies in this space [4][5] - The first ETF tracking the ChiNext AI index is highlighted as a key investment opportunity, with over 60% of its portfolio focused on computing infrastructure and more than 30% on AI applications [5][6]

东莞证券表示，海内外科技巨头AI商业化进程加快，资本开支增速维持高位，近期AI扩散规则取消 后，主权AI需求加速释放，为算力基建提供有力支撑。目前GB200NVL72出货节奏加快，台系ODM厂 月度营收高增，后续出货动能充足。作为AI服务器的关键零部件PCB有望迎来量价齐升，特别是HDI具 备高密度互联、高频高速、高可靠性稳定性、散热性能好等优势，需求有望井喷，目前多家陆系厂商加 快相关产品布局。 （文章来源：每日经济新闻） 7月31日早盘，A股三大指数分化，沪指走低。光模块、光芯片、光通信等概念集体高开。开盘来看， 5G通信ETF（515050）高开1.67%，持仓股东山精密、中际旭创涨超5%，太辰光、新易盛、沪电股份均 拉涨超4%。创业板人工智能ETF华夏（159381）直线拉涨2%，持仓股联特科技涨超7%。 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，场内综 合费率在可比基金中最低。行业分布上，光模块CPO概念股权重超26.6%，是目前"光"含量较高的AI类 指数。前5大成分股囊括新易盛、中际旭创、天孚通信三大光模块龙头。 5G通信ETF（515050） ...

Group 1 - The core viewpoint of the articles highlights the significant growth potential in the optical module sector, driven by increasing demand for AI and computing power, as evidenced by the surge in stock prices of leading companies in this space [1][2][3] - The optical module market is projected to reach $12.73 billion and $19.37 billion in 2025 and 2026, respectively, reflecting year-on-year growth rates of 60% and 52% [2] - Major companies like Nvidia are experiencing record-high revenues, indicating a robust demand for data center solutions, which is expected to benefit domestic server manufacturers [1][2] Group 2 - The AI infrastructure-focused ETF, Huabao (159363), is noted for its strategic allocation, with over 60% of its portfolio in computing infrastructure and more than 30% in AI applications, effectively capturing the AI market trends [3] - Analysts from various firms, including Goldman Sachs and Changjiang Securities, emphasize the importance of the optical module sector as a core investment area, predicting a "Davis Double" moment for the AI industry, which will enhance PE valuations [2] - The communication sector is seeing significant accumulation by public funds, with optical modules being a key focus for investment, suggesting a favorable outlook for this segment [2]

7月31日，A股走势分化。截至09:38，沪指跌0.41%，深成指涨0.10%，创业板指涨0.83%。 盘面上，AI硬件股集体走强，中际旭创、新易盛再创历史新高，联特科技、天孚通信、太辰光等跟涨; 液冷服务器概念拉升，英维克涨停，冰轮环境、川环科技等跟涨。下跌方面，军工、有色金属等板块指 数跌幅居前跌幅居前。 展望后市，东方证券认为，当前A股市场呈现持续震荡攀升态势，量能配合较为充沛，市场赚钱效应吸 引增量资金入场，谨慎乐观情绪持续积聚，市场暂时没有转向风险，沪综指3600点附近震荡整固后仍有 潜力拓展上升空间。。 热门板块 1、广发证券：从轮动的角度目前最值得关注的是科创板 广发证券认为，从行业轮动经验来看，周期与金融往往是启动的引擎，而"低位策略+催化"是行业轮动 的重要因素。从7月以来，在指数向上突破的过程中，确实也遵循了这一规律。比如，最近三个月涨幅 靠后的周期风格率先启动，钢铁、建材、建筑、地产、煤炭等前期表现较差的方向在近期反内卷、水电 站建设、城市更新等主题提振下，表现出较强的超额收益。 2、国金证券：仍有"低位资产"值得挖掘 国金证券认为，市场整体接近前高，但当前估值扩张相对于基本面修复的"超 ...

AI硬件股开盘集体走强，中际旭创、新易盛、东山精密、胜宏科技、沪电股份均再创历史新高，联特 科技、天孚通信、太辰光等跟涨。 ...