摩尔投研精选·2025-07-17 10:23Group 1 - Foreign investment is increasingly favoring A-shares, with Citigroup upgrading the ratings for Chinese and South Korean markets to "overweight" and predicting a 7% return for the MSCI Asia (excluding Japan) index by mid-2026 [1][2] - As of mid-July, South Korean investors have traded over $540 million in Hong Kong and A-shares, making China the second-largest overseas investment destination for them after the US [2] - Northbound capital has increased its holdings in A-shares, with a total of 123.066 billion shares held by the end of Q2 2024, reflecting an increase of 6.75 billion shares [2] Group 2 - The AI computing power sector is experiencing significant growth, with companies like Mankun Technology, Dongshan Precision, and others seeing stock price surges [3] - NVIDIA's resumption of sales to China and the introduction of new compliant GPUs are expected to boost domestic data center construction and related demand [4] - The global 800G optical module market is projected to exceed $12 billion by 2025, with a compound annual growth rate of 67% [5] Group 3 - The industry is currently in a three-phase climb: demand explosion, technological breakthroughs, and performance realization, with companies that possess technological synergy and capacity advantages set to benefit first [7] - CITIC Securities forecasts that the PE valuation levels for first-tier and second-tier PCB companies are expected to rise to 25-35x and 15-25x, respectively, supporting current valuation levels [8] Group 4 - The hardware sector for computing power is benefiting from government policies promoting the construction of "computing power network national hubs," which favor local companies with high-density servers and liquid cooling technology [9] - Major players in the server and integration segment, such as Inspur Information and Zhongke Shuguang, are capitalizing on the surge in AI server demand, with Inspur's H20 order volume increasing by 300% in Q1 2025 [10][11] Group 5 - The data center and infrastructure sector is evolving towards "high power, low energy consumption" due to the explosive demand for AI computing power, with policies driving the adoption of liquid cooling technologies [17] - Companies like Shuguang Shuchuang and Yingweike are leading in liquid cooling solutions, with significant growth in their business expected by 2025 [19][20]