Market Overview - During the trading days from July 28 to August 1, all three major A-share indices experienced a pullback, with the Shanghai Composite Index down by 0.94%, the Shenzhen Component Index down by 1.58%, and the ChiNext Index down by 0.74% [1] - The Shanghai Composite Index closed at 3560 points with a trading volume of 684.6 billion yuan on Friday [3] Sector Performance - The pharmaceutical sector showed strong performance this week, with several stocks in the AI application, electronics, photovoltaic, and solid-state battery sectors also being active [1] - A total of 20 stocks saw a price increase of over 30%, with Nanjing New Pharmaceutical leading with a cumulative increase of 78.01% [4] Notable Stocks - Nanjing New Pharmaceutical's significant rise is attributed to its announcement regarding the potential acquisition of domestic pharmaceutical technology assets, although the deal is still in the planning stage and carries uncertainty [4] - Other notable gainers include Dongxin Co. (53.68%), Southern Road Machinery (53.38%), and Siquan New Materials (50.75%) [5] Trading Activity - A total of 71 stocks had a turnover rate exceeding 100%, with Beifang Changlong leading at 257.92% [6] - The sectors with high turnover rates included electronics, machinery equipment, and pharmaceuticals [6] Fund Flow - The banking and transportation sectors were favored by institutional investors, receiving net inflows of 2.224 billion yuan and 990 million yuan, respectively [8] - Conversely, sectors such as computers, non-ferrous metals, and electronics faced significant net sell-offs, each exceeding 10 billion yuan [8] Institutional Research - DeFu Technology attracted the most attention from institutions, with 238 firms participating in its research [14] - The focus of institutional research remains on sectors like electronic components, photovoltaic equipment, and industrial machinery [14] Financing Activity - New Yisheng topped the list for financing net purchases, amounting to 1.6 billion yuan, followed by Ningde Times and WuXi AppTec with 1.351 billion yuan and 1.123 billion yuan, respectively [12]

Group 1 - A total of 138 listed companies were investigated by institutions this week, with Defu Technology receiving the most attention from 238 participating institutions [1] - Other companies such as Shijia Photonics, Haida Group, and Shunluo Electronics were also investigated by over 90 institutions [1] - In terms of total investigation frequency, Gains Group was investigated 4 times, while Weili Transmission, Tianlong Co., Jeya Co., and Beite Technology were each investigated 3 times [1] Group 2 - Institutions continue to focus on sectors such as electronic components, photovoltaic equipment, industrial machinery, and electric power [1]

Investment Rating - The report suggests a positive outlook on Sichuan Road and Bridge as a leading player in Southwest infrastructure, highlighting its current combination of regional infrastructure growth and dividend yield [3][15]. Core Insights - The report emphasizes the importance of local manufacturing in Africa, particularly for companies like Keda Manufacturing, which is positioned as a leader in localized production and sales [4][16]. - The report notes a price increase in RTF copper foil, indicating a high demand for HVLP products, and suggests continued investment in copper foil and electronic cloth sectors [5][17]. - The report tracks the performance of various materials, indicating a downward trend in cement prices and a mixed outlook for glass and fiberglass markets [6][18][22]. Summary by Sections Weekly Discussion - Sichuan Road and Bridge is highlighted for its strong position in Southwest infrastructure, with a reported investment of 134.9 billion yuan in transportation construction, ranking second nationally and showing a 3.5% increase year-on-year [3][15]. Cyclical Linkage - Cement prices averaged 340 yuan per ton, down 43 yuan year-on-year, with an average shipment rate of 44.7% [6][18]. - Glass prices increased to 1295.28 yuan per ton, reflecting a 4.58% rise, while concrete mixing stations reported a capacity utilization rate of 7.12% [6][18]. - The report warns of potential price declines in steel due to market fundamentals [6][18]. National Subsidy Tracking - The report mentions the allocation of 690 billion yuan for consumer goods replacement subsidies, with plans for further funding in October [7][19]. Important Changes - Notable acquisitions include Defu Technology's purchase of Circuit Foil Luxembourg for 174 million euros and the listing of Hanhai Group on the A-share market [8][20][21]. Market Performance - The construction materials index fell by 3.96% over the week, with specific declines in glass manufacturing and fiberglass sectors [24]. Material Price Changes - Cement prices continued to decline, with a national average of 340 yuan per ton, while glass prices showed a slight increase [32][41]. - Fiberglass prices remained under pressure, with a reported average of 3595.25 yuan per ton [66].

Group 1: Market Overview - The A-share market experienced fluctuations last week, with the Shanghai Composite Index declining by 0.94% to close at 3559.95 points, while the Shenzhen Component and ChiNext Index fell by 1.58% and 0.74%, respectively [1] - Most sectors entered a correction phase, with notable declines in coal, non-ferrous metals, and real estate, while the biopharmaceutical, communication, and media sectors showed overall gains [1] - 125 listed companies disclosed institutional research reports, with nearly 40% of the surveyed stocks achieving positive returns [1] Group 2: Individual Company Highlights - Defu Technology (301511) attracted 144 institutional investors for research, the highest number last week, due to its plan to acquire 100% of Luxembourg Copper Foil for €174 million, which is expected to enhance its production capacity from 175,000 tons/year to 191,000 tons/year, making it the world's largest producer of electrolytic copper foil [3] - The acquisition targets high-demand applications in AI servers, 5G base stations, and mobile terminals, with Defu Technology aiming to leverage the acquired company's brand and product advantages to expand into emerging markets [3] - Victory Technology, also in the electronic components sector, announced plans for a Hong Kong IPO to capitalize on global AI opportunities, aiming to enhance its financing capabilities and risk resilience [4] Group 3: Financial Performance - CATL reported a net profit of 30.5 billion yuan for the first half of the year, a 33.33% increase year-on-year, with a high capacity utilization rate of approximately 90% [5] - BOE Technology indicated a continued trend of inventory reduction among manufacturers, with slight price declines in certain LCD TV sizes, but expects stabilization in panel prices as demand recovers in August [5]

Core Viewpoint - The article highlights the recent performance of A-share listed companies, focusing on significant stock price increases for specific companies amid a generally declining market trend. It emphasizes the importance of institutional research and the potential for growth in certain sectors, particularly in technology and manufacturing. Group 1: Market Performance - During the week of July 28 to August 1, A-share indices experienced fluctuations, with the Shanghai Composite Index falling by 0.94% to close at 3559.95 points, while the Shenzhen Component and ChiNext Index dropped by 1.58% and 0.74%, respectively [2] - Despite the overall market decline, two stocks, Defu Technology and Shenghong Technology, surged over 20%, reaching new highs for the year [3] Group 2: Institutional Research - A total of 125 listed companies disclosed institutional research minutes last week, with nearly 40% of the companies experiencing positive returns. Defu Technology and Shenghong Technology were among those with significant gains, with Defu Technology achieving a year-high stock price [3] Group 3: Defu Technology - Defu Technology (301511) hosted 144 institutional investors for research, the highest number for the week. The interest was driven by the company's plan to acquire 100% of Luxembourg Copper Foil for €1.74 billion, which is noted for its advanced technology and production capabilities [5] - The acquisition will increase Defu Technology's electrolytic copper foil production capacity from 175,000 tons per year to 191,000 tons per year, making it the world's largest producer [5] - The company highlighted a supply shortage in the global HVLP3 and above copper foil market, indicating strong future growth potential [5] Group 4: Shenghong Technology - Shenghong Technology, also in the electronic components sector, announced plans for a Hong Kong IPO to capitalize on global AI opportunities. The company aims to become a leading player in the AI hardware supply chain [6] - The funds raised from the IPO will be used for high-end capacity expansion, smart upgrades, and research in advanced PCB technologies, enhancing the company's global expansion capabilities [8] Group 5: Industry Insights - CIMC Group reported optimistic performance in its container business, driven by favorable US-China trade negotiations and increased demand for container orders, with expectations of industry production exceeding 3 million TEU for the year [9] - CATL disclosed a net profit of 30.5 billion yuan for the first half of the year, a 33.33% increase year-on-year, with a high capacity utilization rate of around 90% [9] - BOE Technology indicated a continued trend of inventory reduction in the LCD TV market, with expectations for price stabilization as demand recovers in August [9]

近一周机构调研个股数量有近190只，德福科技成为调研机构数量最多的股票。 近一周3股均获逾百家机构调研 德福科技（301511）近一周合计有238家机构调研，其中包括48家基金公司、44家证券公司、60家阳光私募、15家保险机 构等。公司与Volta Energy Solutions S.à.r.I.于2025年7月29日签署了《股权购买协议》，德福科技拟收购Circuit FoilLuxembour S.a.r.I.（卢森堡铜箔公司）100%股权，标的公司100%企业价值为2.15亿欧元，扣除双方约定的调整项目 后，计算得到标的公司100%股权收购价格为1.74亿欧元，最终收购价格以交割时根据双方约定的项目调整后（如有调 整）为准。 据悉，标的公司卢森堡铜箔成立于1960年，拥有悠久的经营历史,是全球自主掌握高端IT铜箔核心技术与量产能力的唯一 非日系龙头厂商，欧洲仅此一家IT电解铜箔企业，核心产品包括HVLP和DTH，终端应用包括AI服务器等数据中心5G基 站、移动终端等，具有广阔的成长空间。 另外，卢森堡铜箔凭借深耕行业多年的技术沉淀在全球高频铜箔领域市占率第一，和全球头部高频覆铜板企业保持长期 紧密深 ...

Group 1 - Two stocks, Defu Technology and Shenghong Technology, surged over 20% this week, reaching new highs for the year [1] - The A-share market saw a decline in major indices, with the Shanghai Composite Index down 0.94% and the Shenzhen Component down 1.58% [1] - Defu Technology received the highest number of institutional visits this week, with 144 institutions participating in a research meeting [2] Group 2 - Defu Technology plans to acquire 100% of Luxembourg Copper Foil for €174 million, which is the only non-Japanese leader in high-end IT copper foil technology [2] - The acquisition will increase Defu Technology's electrolytic copper foil capacity from 175,000 tons per year to 191,000 tons per year, making it the world's largest producer [2] - Shenghong Technology announced plans for a Hong Kong IPO to capitalize on global AI opportunities, positioning itself as a leading player in the AI hardware supply chain [3] Group 3 - CIMC reported optimistic demand for its container business, with orders currently scheduled through the third quarter, and expects industry production to exceed 3 million TEU for the year [4] - CATL disclosed a net profit of 30.5 billion yuan for the first half of the year, a 33.33% increase year-on-year, with a high capacity utilization rate of around 90% [4] - BOE Technology indicated a slight decline in LCD TV prices but anticipates a recovery in demand and stabilization of prices in August [4]

Market Overview - A-shares experienced fluctuations with the Shanghai Composite Index peaking at 3636.17 points before closing down 0.94% for the week at 3559.95 points [1] - The Shenzhen Component and ChiNext Index also saw declines of 1.58% and 0.74% respectively [1] - Most sectors entered a correction phase, with notable gains in biomedicine, communication, and media, while coal, non-ferrous metals, and real estate sectors faced significant declines [1] Company Highlights - Defu Technology (301511) attracted the highest number of institutional investors this week, with 144 participating in a recent survey, driven by its plan to acquire 100% of Luxembourg Copper Foil for €174 million [3] - The acquisition is expected to enhance Defu Technology's production capacity from 175,000 tons/year to 191,000 tons/year, solidifying its position as the world's largest producer of electrolytic copper foil [3] - The company aims to leverage the acquisition to expand into emerging markets and improve profitability through resource integration and brand advantages [3] Victory Technology - Victory Technology, also in the electronic components sector, announced plans for a Hong Kong IPO to capitalize on global AI opportunities [4] - The company positions itself as a leading player in the AI hardware supply chain, with backing from internationally recognized strategic investors to enhance its financing and risk management capabilities [4][6] - Proceeds from the IPO will be used for high-end capacity expansion, smart upgrades, and R&D in advanced PCB technologies to meet global expansion needs [6] Industry Insights - CIMC Group reported optimistic demand in the container business, with orders extending into Q3, and expects the industry to produce no less than 3 million TEUs this year, exceeding initial forecasts [6] - CATL disclosed a net profit of 30.5 billion yuan for the first half of the year, a 33.33% increase year-on-year, with a high capacity utilization rate of approximately 90% [6] - BOE A indicated a continued trend of inventory reduction in the LCD TV sector, with slight price declines, but anticipates a recovery in demand and stabilization of panel prices in August [7]

Group 1 - Insurance capital has shown significant interest in the technology growth sector, particularly in the computer, electronics, and biopharmaceutical industries, with over 800 investigations conducted in July involving more than 280 stocks [1][3] - The computer industry led the investigations with a total of 88 times, followed closely by electronics and biopharmaceuticals, each exceeding 80 investigations [3] - Notable companies such as Defu Technology and Shijia Photon received the highest attention, each being investigated 16 times [4] Group 2 - Defu Technology, a leader in power equipment, announced plans to acquire 100% of a Luxembourg copper foil company for €1.74 billion, which is expected to increase its annual production capacity from 175,000 tons to 191,000 tons [6] - Shijia Photon, a leader in optical chips, is focused on the optical communication industry and has been under scrutiny regarding its business progress and expansion plans [6] - In July, stocks like Dongxin Co. saw significant price increases, with a rise of over 110%, while Defu Technology's stock increased by over 70% [6] Group 3 - Insurance capital has accelerated its market entry, with 21 instances of stake acquisitions reported this year, surpassing the total for the entire previous year [8] - The insurance asset management industry has shown a rebound in investment confidence, with the index rising from 50.12 in Q2 to 56.11 in Q3 [8] - The current market is viewed as reasonably undervalued, with expectations of continued policy support and a focus on growth stocks and large-cap stocks [8]

Market Overview - A-shares experienced fluctuations this week, with the Shanghai Composite Index peaking at 3636.17 points before closing down 0.94% at 3559.95 points. The Shenzhen Component Index fell 1.58%, and the ChiNext Index decreased by 0.74% [1] - Most sectors entered a correction phase, with notable declines in coal, non-ferrous metals, and real estate, while sectors like biomedicine, communication, and media saw overall gains [1] - 125 listed companies disclosed institutional research reports this week, with nearly 40% of the surveyed stocks achieving positive returns [1] Company Highlights - Defu Technology received the highest number of institutional visits this week, with 144 institutions participating, primarily due to its plan to acquire 100% of Luxembourg Copper Foil for €1.74 billion. This acquisition is expected to enhance its production capacity from 175,000 tons/year to 191,000 tons/year, making it the world's largest producer of electrolytic copper foil [2] - The end-use applications for copper foil include AI servers, 5G base stations, and mobile terminals, indicating significant growth potential in these sectors [2] - Victory Technology, another company that saw substantial gains, announced plans for a Hong Kong IPO to capitalize on global AI opportunities. The funds raised will support high-end capacity expansion and advanced PCB technology development [3] - CIMC reported optimistic demand for its container business, with orders currently scheduled through Q3. The industry anticipates a total production of no less than 3 million TEUs for the year, exceeding initial expectations [4] - CATL disclosed a net profit of 30.5 billion yuan for the first half of the year, a 33.33% increase year-on-year, with a high capacity utilization rate of approximately 90% [4] - BOE Technology indicated a slight decline in LCD TV prices due to ongoing inventory destocking, but expects a recovery in demand and stabilization of prices in August [4]