电子行业周报：我国可控核聚变发展再迎里程碑，H20将重回中国市场-20250721

Investment Rating - The report maintains a "Buy" rating for specific companies within the electronic industry, particularly for Shenghong Technology and Lianchuang Optoelectronics [8][16]. Core Insights - The report highlights a significant milestone in China's controllable nuclear fusion development, with the successful ignition of the HHMAX-901 reactor, indicating a breakthrough in commercial applications [4][14]. - The re-entry of NVIDIA's H20 chip into the Chinese market is expected to accelerate domestic data center construction and enhance capital expenditure expectations among major companies [5][6][15]. Summary by Sections Market Performance - From July 14 to July 18, the electronic industry rose by 2.15%, ranking 7th among the primary sectors, with a price-to-earnings (P/E) ratio of 54.38 [2][25]. - The printed circuit board sector saw the highest increase of 11.05% during the same period, while the semiconductor materials and discrete devices sectors ranked fourth and fifth in terms of valuation [30][32]. Key Company Focus and Earnings Forecast - The report lists several companies to watch, including Guoguang Electric, Xuguang Electronics, and Wangzi New Materials, which are positioned in critical segments of the nuclear fusion supply chain [4][14]. - Earnings per share (EPS) forecasts for selected companies are provided, with notable mentions such as Shenghong Technology and Lianchuang Optoelectronics receiving a "Buy" rating [8][16]. Weekly Highlights - The report identifies the top-performing stocks for the week, including Zhongji Xuchuang and Hongwei Technology, with weekly gains of 24.33% and 17.26%, respectively [34][35]. - The report emphasizes the importance of monitoring the semiconductor industry, particularly in light of recent developments in chip exports and domestic market dynamics [5][6][19].