Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights the strong performance of the AIDC (Artificial Intelligence Data Center) industry, driven by the recovery of NVIDIA's H20 sales in China and the introduction of a new compliant GPU, which is expected to alleviate the domestic computing power shortage and benefit the entire AIDC supply chain [3][4] - Century Internet has raised its revenue and adjusted EBITDA guidance for the fiscal year 2025, indicating a positive outlook for the domestic AIDC industry, with net revenue expected to grow by 11-13% and adjusted EBITDA by 14-16% [4] Summary by Sections AIDC Industry Overview - The report emphasizes a strong outlook for the AIDC industry, particularly in data center construction, IT side (domestic computing power chips, servers), network side (switches, optical communication), cloud computing, and AI applications [5] Recommended Stocks - Recommended stocks in the AIDC data center construction include: Yingweike, Xinyi Network Group, Runze Technology, and Baoxin Software [5] - Recommended stocks on the IT side include: Unisplendour and ZTE [5] - Recommended stocks on the network side include: Zhongji Xuchuang, Xinyi Sheng, and ZTE [5] - Beneficiary stocks in cloud computing include: China Mobile, China Telecom, and China Unicom [5] - Beneficiary stocks in AI applications include: Guohua Tong, Yiyuan Communication, and Meige Intelligent [5]

2025 年 07 月 14 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 117 期 观点精粹: 最新报告摘要 2025H1 业绩预期高增，充足在手订单叠加下游石化项目进展保障业绩弹性--博隆技术/专用设备 (603325/216402) 中小市值点评报告 工业富联(601138.SH)公司报告：乘上 AI 算力东风，服务器与网络双轮驱动--工业富联/消费电子 (601138/212705) 公司 PPT 报告 陶氏计划退出其欧洲有机硅产能，关注有机硅行业修复机会--行业动态研究 硅料报价提至综合成本线上，欧洲分布式储能需求高景气--行业周报 智元入主上纬新材，xAI 发布大模型 Grok4--行业周报 两部门印发《计量支撑产业新质生产力发展行动方案（2025-2030 年）》--行业周报 铝行业周报：海外关税扰动再起，铝需求淡季深入--行业 PPT 报告 极氪发布浩瀚-S 架构，尚界启动预热--行业周报 本周北证 50 小幅上涨，北矿检测上会--北交所行业普通报告 焦煤期货持续上涨的原 ...

Group 1 - The report highlights a significant surge in overseas AI inference demand, which is expected to drive a positive feedback loop in model iteration, leading to a potential systematic profit upgrade due to market size and capacity reassessment [1][5][6] - The report indicates that the AI inference demand is in its early growth phase, with a notable increase in token volume, which will sustain high capital expenditure (Capex) in AI applications [1][6] - The report emphasizes that the optical module industry, as a foundational component for computing clusters, still possesses high growth potential in the medium to long term [1][6] Group 2 - The report recommends several beneficiaries within the computing power supply chain, including high-speed optical modules and liquid cooling technologies, with specific companies such as NewEase, Zhongji Xuchuang, and Tianfu Communication identified as key players [2][7] - It also lists additional beneficiaries in the computing equipment and data center sectors, recommending companies like China Telecom, China Mobile, and China Unicom, among others [2][9] - The report suggests that the optical network upgrade and edge computing sectors present further investment opportunities, with companies like Guangxun Technology and Huagong Technology highlighted as beneficiaries [9][10]

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [6] Core Viewpoints - The overseas computing power industry chain remains highly prosperous and has not been impacted by DeepSeek and trade frictions, with stronger fundamental resonance in the related industry chain. The AI industry is viewed as a key investment theme for the year, with expectations for continued high prosperity in the AI sector and the AIDC industry chain [2][19] - The report suggests that 2025 may become a pivotal year for domestic AI infrastructure competition and application development, with ongoing advancements in AI in both China and the US [2][19] - The government work report has included "deep-sea technology" for the first time, indicating a positive trend for the offshore wind and submarine cable industry starting in 2025 [2] Summary by Sections Artificial Intelligence and Digital Economy - Key recommendations for optical modules and optical devices include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology. Suggested stocks include: Guangxun Technology, Suosi, Dingtong Technology, and others [4][22] - For switch server PCBs, key recommendations are: Hudian Co., ZTE, and Unisplendour. Suggested stocks include: Shengke Communication, Ruijie Networks, and others [4][22] - Low valuation and high dividend stocks in cloud and computing IDC resources include: China Mobile, China Telecom, and China Unicom [4][22] - For AIDC and cooling solutions, key recommendations are: Yingweike, Runze Technology, and others. Suggested stocks include: Shenling Environment and others [4][22] - For AIGC applications and edge computing power, key recommendations are: Guanghe Communication, Meige Intelligent, and Yiyuan Communication. Suggested stocks include: Cai Xun Co., Mengwang Technology, and others [4][23] Offshore Wind and Submarine Cable - Key recommendations for offshore wind and submarine cable include: Hengtong Optic-Electric, Zhongtian Technology, and Dongfang Cable [5][24] - The report emphasizes the recovery of overseas markets and recommends focusing on leading companies in the submarine cable industry [3][20] Satellite Internet and Low-altitude Economy - The acceleration of national defense informatization and low-orbit satellite development is highlighted, with key recommendations including: Huace Navigation and Haige Communication. Suggested stocks include: Chengchang Technology, Zhenlei Technology, and others [6][25] Market Performance Review - The communication sector rose by 2.19% during the week of July 7-11, outperforming the CSI 300 index by 1.37 percentage points [26] - Notable individual stock performances include: Hengbao Co. and Changxin Bochuang, which saw significant increases [27][29]

Investment Rating - The report maintains a positive investment rating for the domestic computing power and AI application sectors, highlighting significant growth potential in these areas [6]. Core Insights - A new round of AI "arms race" has commenced globally, with the release of major models like Grok4 and Kimi K2 expected to significantly boost domestic computing power demand and application ecosystems [4][10]. - The report emphasizes the importance of focusing on domestic AI computing power, particularly in chip design, advanced wafer manufacturing, and liquid cooling technologies [4]. - Various AI application sectors are highlighted, including office automation, programming, terminal AI, ERP/CRM, judicial applications, financial/taxation services, education, healthcare, and customer service [4]. Summary by Sections Market Review - During the week of July 7-11, the CSI 300 index rose by 0.82%, the SME index increased by 0.73%, and the ChiNext index saw a rise of 2.36%. The computer sector (CITIC) experienced a growth of 3.37% [2]. Industry News - Notable company developments include Zhuoyi Information's plan to reduce its shareholding by up to 2,271,445 shares, representing no more than 1.88% of total shares [3]. - Wanjie Technology received nine invention patent certificates from the National Intellectual Property Administration [3]. Weekly Insights - The report suggests focusing on key players in the domestic AI computing power sector, such as Cambrian and Haiguang Information in chip design, and SMIC in advanced wafer manufacturing [4]. - The report also identifies various AI application companies across different sectors, including Kingsoft Office, Hehe Information, and Keda Xunfei in office automation and education [4]. Recent Developments - The report outlines significant investments and acquisitions in the AI sector, including Amazon's potential additional investment in Anthropic and Google's acquisition of AI programming startup Windsurf's core talent and technology [16][17]. - The report notes that xAI, led by Elon Musk, is negotiating a new funding round that could value the company at up to $200 billion, reflecting the growing interest and investment in AI technologies [10][18]. AI Application Ecosystem - The report highlights the rapid growth of AI applications, with OpenAI and Anthropic achieving annual recurring revenues (ARR) of $10 billion and $3 billion, respectively [22]. - Domestic AI applications like deepseek and Doubao are showing significant commercial potential, with user engagement metrics comparable to leading international AI applications [22]. Global AI Company Rankings - The report provides a ranking of global AI companies based on their ARR, with OpenAI leading at $10 billion, followed by Anthropic at $3.008 billion [23].

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Viewpoints - The report highlights the strong performance of computing-related companies and maintains a positive outlook on the global AIDC (AI Data Center) industry chain, driven by increasing demand for data center infrastructure and AI applications [5][19] - The release of Grok 4 by XAI and the introduction of AWS's GB200 UltraServers are significant advancements in AI computing capabilities, enhancing the competitive landscape [16][17] Summary by Sections 1. Investment Insights - The report emphasizes the impressive earnings forecasts from several companies in the computing sector, with Ruijie Networks expecting a net profit of 400 million to 510 million yuan for H1 2025, representing a year-on-year growth of 160.11% to 231.64% [5][13] - Industrial Fulian anticipates a net profit of 6.727 billion to 6.927 billion yuan for Q2 2025, reflecting a year-on-year increase of 47.72% to 52.11% [15] - The demand for high-speed optical modules in computing centers is rapidly increasing, contributing to significant revenue growth for companies like Huagong Technology, which expects a net profit of 890 million to 950 million yuan for H1 2025, up 42.43% to 52.03% year-on-year [14] 2. Market Trends - As of May 2025, China has established 4.486 million 5G base stations, with a net increase of 235,000 stations since the end of 2024 [29] - The number of 5G mobile phone users reached 1.098 billion, marking a year-on-year growth of 21.3% [29] - The report notes a decline in 5G mobile phone shipments, with 21.19 million units shipped in May 2025, down 17.0% year-on-year [29] 3. Recommended Investment Targets - AIDC Infrastructure: Recommended stocks include New Idea Network Group, Baoxin Software, and Runze Technology; Beneficiary stocks include Guanghuan New Network, Aofei Data, and Century Interconnect [20] - IT Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Cambrian and Inspur [21] - Network Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Ruijie Networks and Yingtong Technology [22] - Cloud Computing: Beneficiary stocks include China Mobile, China Telecom, and China Unicom [25] - AI Applications: Beneficiary stocks include Guanghe Tong and Yiyuan Communication [26] - Satellite Internet & 6G: Beneficiary stocks include Haige Communication and Shenglu Communication [27]

深圳市英维克科技股份有限公司 关于公司签署国有建设用地使用权出让合同暨总部 基地项目的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、交易概述 深圳市英维克科技股份有限公司（以下简称"公司"）于 2025 年 5 月 21 日、 2025 年 6 月 6 日分别召开第四届董事会第十七次会议及 2025 年第一次临时股东 大会，审议通过了《关于拟购买土地使用权并投资建设总部基地的议案》。董事 会同意公司购买土地使用权投资新建精密温控节能设备研发中心及生产基地项 目（暂定名，以有关部门最终备案名称为准），投资总额不低于人民币 100,000 万元（含购置土地款、建筑工程、设备费等），资金来源包括但不限于自有资金、 自筹资金等形式。董事会提请股东大会授权董事会，并同意董事会授权董事长负 责办理此项投资的所有后续事项，并签署与此项投资相关文件。具体内容详见公 司 2025 年 5 月 22 日披露于《证券时报》《证券日报》及巨潮资讯网 （www.cninfo.com.cn）的《关于公司入选精密温控节能设备研发中心及生产基 地重点产业项目遴选方案的进展暨拟 ...

Group 1 - The company has signed a land use rights transfer contract for the construction of its headquarters base project, which includes the establishment of a precision temperature control energy-saving equipment R&D center and production base [1][2] - The total investment for the project is not less than RMB 1 billion, which will cover land acquisition, construction, and equipment costs [1] - The company has successfully acquired the land use rights for a site in Longhua District, with a winning bid of RMB 24 million [2] Group 2 - The signing of the land use rights contract provides strong support for the implementation of the project, aligning with the company's strategic planning and operational development needs [2][3] - This project is expected to enhance the company's overall image, improve management efficiency, and strengthen resource integration capabilities, laying a foundation for long-term stable development [2]

Core Insights - The report highlights the ongoing recovery of the Chinese economy, with consumption and investment as the main driving forces, suggesting a favorable environment for long-term investments in the stock market [9][10][12] - The financial and real estate sectors are leading the market performance, indicating potential investment opportunities in these areas [6][10] - The report emphasizes the importance of monitoring policy changes, capital flows, and international market conditions, which could impact investment strategies [9][10][12] Domestic Market Performance - The Shanghai Composite Index closed at 3,509.68, with a slight increase of 0.48%, while the Shenzhen Component Index rose by 0.47% to 10,631.13 [3] - The average P/E ratios for the Shanghai Composite and ChiNext indices are at 14.36 and 38.94, respectively, suggesting a suitable environment for medium to long-term investments [9][10] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down by 0.67%, while the S&P 500 and Nasdaq also experienced declines of 0.45% and 0.15%, respectively [4] - The report notes that global market conditions, particularly U.S. Federal Reserve policies, could influence investor sentiment and market performance [9][10] Industry Analysis - The automotive market in China has shown strong growth, with production and sales exceeding 15 million units in the first half of 2025, reflecting a year-on-year increase of over 10% [5][9] - The report identifies the chemical industry, particularly lithium battery chemicals, inorganic salts, and membrane materials, as sectors with strong performance, suggesting potential investment opportunities [17][19] Investment Strategies - The report recommends a balanced investment strategy, focusing on sectors with strong mid-year performance and reasonable valuations, such as financials, real estate, and renewable energy [9][10][12] - It suggests that investors should pay attention to companies with better-than-expected mid-year earnings and reasonable valuations for potential growth [9][10][12] Sector-Specific Insights - The report indicates that the photovoltaic industry has seen record installations, with a significant increase in new capacity in May 2025, suggesting a robust growth outlook for solar energy [24][25] - The communication sector is also highlighted, with a strong performance in telecommunications equipment and services, driven by the increasing adoption of 5G technology [19][22]

Core Insights - The report highlights the steady progress of the "14th Five-Year Plan" with 102 major projects advancing smoothly, indicating positive economic growth and productivity metrics [4][8] - China's CPI rose by 0.1% in June, marking a turnaround after four months of decline, while PPI fell by 3.6%, indicating mixed inflationary pressures [5][8] - The financial and media sectors are leading the A-share market amidst slight fluctuations, with a focus on consumer and dividend assets for stable growth [6][8] Domestic Market Performance - The Shanghai Composite Index closed at 3,493.05, down 0.13%, while the Shenzhen Component Index closed at 10,581.80, down 0.06% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are at 14.37 and 38.95, respectively, suggesting a favorable environment for medium to long-term investments [8][13] International Market Performance - The Dow Jones closed at 30,772.79, down 0.67%, while the S&P 500 and Nasdaq also experienced declines of 0.45% and 0.15%, respectively [4] Industry Analysis - The communication sector outperformed the market with a 13.15% increase in June, driven by a rise in telecom business volume and 5G user adoption [15] - The solar energy sector saw a record high in new installations, with 92.92 GW added in May, reflecting a 388.03% year-on-year increase [20][21] - The semiconductor industry continues to show growth, with global sales increasing by 22.7% year-on-year in April 2025 [24] Investment Recommendations - The report maintains a "stronger than market" rating for the communication sector, suggesting investments in optical communication, telecom operators, and AI-enabled smartphones [18] - In the solar energy sector, it is recommended to focus on leading companies in polysilicon and photovoltaic glass as the market undergoes a clearing phase [22] - The machinery sector is advised for investment, particularly in traditional engineering machinery and emerging technologies like humanoid robots and AIDC [35][36]