2Q25基金持仓数据曝光 中金：关注端侧 AI 硬件升级趋势 这些个股行情将启动

Group 1: Market Overview - The public fund holdings data for Q2 2025 shows a stable increase in the electronics sector and a significant rise in the communications sector holdings [1] - The initial asset revaluation driven by the DeepSeek market was interrupted by tariff disturbances in April, but since May, the revaluation has been led by financial, consumer, and pharmaceutical sectors, pushing the Hang Seng Index back to 24,000 points [1] - Despite experiencing rapid growth, the negative pressures in Q3 are expected to be milder than market expectations, indicating a potential recovery in the market [1] Group 2: Sector Analysis - The semiconductor sector saw a slight decrease in holdings, but the high demand for computing power has boosted PCB holdings [1] - The consumer electronics sector experienced a decline in holdings due to tariff uncertainties affecting the supply chain [1] - The communications and security sectors saw a significant increase in holdings, with the optical communication industry benefiting from overseas demand for computing power [1] Group 3: Future Outlook - The Hong Kong stock market is expected to reach new highs in the second half of 2025, with three major sectors being promoted: semiconductors and components, consumer electronics, and communications/security [3] - The semiconductor sector is anticipated to grow due to clear demand growth, the formation of a positive cycle in AI, and improvements in the competitive landscape [3] - Structural opportunities are expected to dominate the market, with a focus on sectors benefiting from AI applications and hardware innovations [3] Group 4: Stock Recommendations - Recommended stocks in the semiconductor sector include Hengxuan Technology, Rockchip, Shenzhen South Circuit, SMIC A/H, and Huahong Semiconductor [4] - In the consumer electronics sector, attention is drawn to the trend of AI hardware upgrades, particularly in AI mobile hardware and wearable devices [4] - For the communications/security sector, recommended stocks include Lens Technology, Industrial Fulian, Sunny Optical, Huaqin Technology, and Gao Wei Electronics, with a focus on the ongoing demand for computing power [5] Group 5: Additional Recommendations - Additional stock recommendations include Lenovo Group, Zhongji Xuchuang, Ruijie Networks, Guangxun Technology, and Yiyuan Communication, focusing on the sustained demand for computing power and infrastructure upgrades [6]