Investment Rating - The report maintains an "Outperform" rating for the heat management industry, driven by the slowdown of Moore's Law and the rise of edge AI applications [1]. Core Insights - The heat management industry is undergoing significant upgrades due to the deceleration of Moore's Law and the explosive growth in cloud computing power demands, leading to increased pressure on thermal management solutions for edge AI applications [1][2]. - Passive cooling methods are nearing their physical limits, prompting a shift towards active cooling technologies in mobile devices [3][4]. Summary by Sections 1. Moore's Law Slowdown and Edge AI Iteration - The growth rate of transistor density has significantly slowed, with the compound annual growth rate (CAGR) dropping to single digits for processes below 5nm, indicating the gradual failure of Moore's Law [19][20]. - As performance demands increase, the power consumption per unit area of chips is rising, necessitating enhanced thermal management solutions [24][25]. - The limitations of passive cooling methods are becoming evident, as the area of vapor chambers (VC) is increasing while material iterations are slowing down [43][44]. 2. Transition to Active Cooling Technologies - The industry is expected to enter an active cooling era, with technologies like micro-pump liquid cooling and micro fans becoming more prevalent [3][4]. - By 2030, it is projected that the penetration rate of active cooling in smartphones will reach 30%, with a market size of approximately 20 billion yuan [3][4][75]. 3. Investment Highlights and Beneficiary Segments - Active cooling technologies are anticipated to unlock the full potential of edge AI applications, with significant benefits for companies involved in the thermal management supply chain [4][4]. - Key players in the thermal management module sector include Feirongda, Suzhou Tianmai, and Zhongshi Technology, while chip-related companies include Aiwei Electronics and Nanchip Technology [4][4].

7月30日午后，A股市场冲高回落，石油化工涨幅靠前。AI硬件算力方向回调，光模块、光通信、光芯 片、电路板、英伟达产业链等相关概念分化明显。广和通、光环新网、深南电路均跌近3%，然而，太 辰光、电连技术、工业富联等涨超5%。截至14:00，热门ETF中，光含量高的创业板人工智能ETF华夏 （159381）下跌1.70%，聚焦英伟达+苹果产业链的5G通信ETF（515050）下跌0.72%。 近年来中国光模块厂商在全球的市占率持续提升，最新发布的2024年全球光模块TOP10榜单显示，中国 厂商已在该领域占据主导地位（占7席）。高速光模块需求提升有望带动行业盈利能力提升。 华龙证券称，大模型兴起和生成式人工智能应用显著提升，带动人工智能服务器市场规模持续扩大和高 速光模块需求快速增长。根据Lightcounting预测，2025年800G以太网光模块市场规模将超过400G，随 着高速光模块的快速导入，预计2029年800G和1.6T光模块的整体市场规模将超过160亿美元。 资料显示，5G通信ETF（515050），跟踪中证5G通信主题指数，深度聚焦英伟达、苹果、华为产业 链，光通信概念股权重占比超30%，覆盖了 ...

人工智能企业让机器人真正"活过来"。 7月26日至29日，2025世界人工智能大会（WAIC）在上海举行。3000余项前沿成果集中亮相，上百款 形态各异的机器人同台竞技：有的挥拳格斗，有的跳街舞、打麻将，还有的成为长跑冠军、叠衣小助 手，甚至"售货员"。 大会期间，《华夏时报》记者穿梭于具身智能展区，记录下数十家产业链上下游企业如何让机器人 从"能动"到"能想"，再到"有温度"。这些企业赋予机器人记忆力、物理感知力、语言能力、行动力与视 触觉，让钢铁之躯逐渐拥有鲜活的"生命感"。 赋予机器人"记忆力" 7月28日，位于H3展馆的国家地方共建人形机器人创新中心（下称"上海国地中心"），携全新系列人形 机器人矩阵、国产化核心组件、通用具身智能开发平台等8款产品亮相。 本届大会上，上海国地中心发布"青龙"全产品体系，包括青龙Pro、青龙Lite、青龙Wheel等，构建出 以"青龙矩阵"为核心的具身智能机器人生态。 《华夏时报》记者在现场看到，身高185cm、体重85kg的全尺寸人形机器人青龙Pro在展台供参展人员 观摩。工作人员介绍称，它搭载了全新一代的操控系统，集成五感感知、双臂协同、能源动力、灵巧 手、通讯交互 ...

Core Insights - HarmonyOS has achieved a significant milestone with over 10 million devices running HarmonyOS 5 as of July 30, 2025, indicating a robust user base and commercial potential for the ecosystem [1][3][5] - The unique ecological strategy of HarmonyOS, which emphasizes "one development, multi-end deployment," has facilitated rapid adaptation of applications, contributing to its swift growth [5][6] Group 1 - HarmonyOS 5 marks a breakthrough as China's first fully self-developed operating system, showcasing significant progress in the operating system domain [5] - The ecosystem has seen a rapid transformation, with over 40 Huawei terminal products now equipped with HarmonyOS 5, reflecting the system's growing adoption [5] - Huawei regained the top position in the domestic smartphone market with an 18.1% share in Q2 2025, attributed to the enhanced user experience provided by HarmonyOS 5 [5] Group 2 - Analysts suggest that the HarmonyOS ecosystem is entering an ascending phase, transitioning from initial growth to a more mature state, which could lead to richer application scenarios and deeper technological exploration [6] - The integration of HarmonyOS across various devices, including computers, enhances cross-device collaboration, breaking down barriers and allowing seamless data flow [5]

Core Viewpoint - BYD is significantly focusing on the development of intelligent driving technologies and has established a competitive internal culture to drive innovation and efficiency in its new technology research institute [2][4]. Group 1: Establishment and Purpose of the New Technology Research Institute - The New Technology Research Institute was established in 2017 to focus on systematic research and development, addressing previous limitations in team integration and focus [3]. - The institute promotes competition not only internally but also against industry leaders like Tesla and Toyota, aiming to enhance product performance and user experience [4]. Group 2: Internal Competition and Development Strategy - Internal competition is encouraged to ensure that projects meet high standards; if a team cannot achieve desired outcomes, another team is selected to continue the project [5]. - The integration of cockpit and intelligent driving teams is a response to the trend of combined functionalities, with a focus on hardware evolution and collaborative projects [5]. Group 3: Technological Focus and Future Plans - BYD is prioritizing data and algorithms over self-developed computing chips, collaborating with companies like NVIDIA and Horizon to optimize computing power [5]. - The company maintains a dual-mode technology and intelligent development structure within the New Technology Research Institute, ensuring a cohesive approach to innovation [6].

Group 1 - The number of devices running HarmonyOS 5 has officially surpassed 10 million within less than a year since its release [1][3] - Major applications such as WeChat, Alipay, and Douyin have completed adaptation to HarmonyOS 5 and are continuously being updated [3] - The unique technical features of HarmonyOS are leading to innovative usage experiences that differ significantly from Android and iOS [3] Group 2 - Huawei's Pura 80 digital version was launched on the same day, with the announcement of a giveaway of 100 phones to thank users for their support of HarmonyOS [3]

Group 1: Core Insights - The World Artificial Intelligence Conference has reignited discussions on generative AI, with various industries, including insurance, prioritizing AI in their strategic development [1] - China Pacific Insurance is implementing a new "AI+" strategy, aiming to enhance its AI capabilities over the next five years, focusing on core business areas such as customer management and investment [1] - AI applications are evolving from traditional efficiency improvements to creating new business value, with a shift towards data analysis and reasoning capabilities [2][3] Group 2: AI Agent Development - AI agents are emerging as a transformative force in the AI landscape, characterized by autonomous decision-making, long-term operation, and data-driven behavior evolution [3] - The insurance sector is witnessing the deployment of AI agents, which enhance operational efficiency across various functions, including customer interaction and claims processing [3][6] - Megxin Health has developed an AI agent matrix that integrates front-end interaction, mid-platform decision-making, and back-end fulfillment, showcasing a comprehensive approach to AI in insurance [3] Group 3: AI in Risk Control and Sales - AI technology is significantly impacting risk control in insurance, improving claims processing efficiency and fraud detection [4][5] - Warmwa Technology has launched a new intelligent risk control product that covers underwriting, claims, and investigation, aiming for dual breakthroughs in efficiency and value transformation [5] - AI is enhancing the sales process by assisting agents with customer profiling and strategy generation, leading to a 1.9 times increase in agent outreach effectiveness for China Pacific Life Insurance [5] Group 4: AI Applications in Property Insurance - In property insurance, AI applications are widespread, with innovations in crop identification and disaster risk management being implemented by China Pacific Property Insurance [7] - The "Huiyan Zhiyuan" platform utilizes AI and remote sensing to provide comprehensive services for crop production and risk monitoring across multiple provinces [7]

Key Points - Xiaomi's AI glasses project, initiated by CEO Lei Jun, aims for an annual shipment of 5 million units within three years, with initial sales exceeding expectations [1][2] - BYD's Fangchengbao model showcased its durability during a rescue operation, with the vehicle sustaining no deformation [2][3] - Zhou Hongyi criticized Apple for failing in the AI battle, while noting Google's core search business is being eroded by AI [5] - Li Xiang, CEO of Li Auto, clarified he never used the phrase "stupid technology" and emphasized the importance of valuable technology [6] - Alibaba Cloud's founder Wang Jian predicted that 90% of current AI applications may disappear within ten years, urging developers to focus on innovative applications [7] - Antigravity, a new brand by Ying Shi, announced the upcoming public testing of its first panoramic drone [8] - Samsung and Tesla signed a $16.5 billion chip supply agreement for AI6 chips to be produced in the U.S. [29][30] - Tesla confirmed the ongoing development of the Roadster project, with a significant demonstration planned for the end of the year [34] - Intel plans to spin off its NEX networking division, indicating a strategic shift away from direct competition with Nvidia [36]

Group 1 - The number of devices running HarmonyOS 5 has officially surpassed 10 million [1] - The development of the HarmonyOS ecosystem has been significantly supported by popular applications such as WeChat, Alipay, Douyin, Taobao, Amap, WPS, and JD, contributing to the "Harmony speed" [3] - IDC's latest report indicates that Huawei's smartphone shipment is expected to regain the top position in the domestic market with an 18.1% share by the second quarter of 2025 [3] Group 2 - The chairman of Huawei's terminal BG, Yu Chengdong, expressed gratitude to users for their strong support of HarmonyOS [4]

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the dynamics of AI, robotics, and technology, highlighting the continuous growth in AI computing demand and the positive performance of several companies, including Innovate, Shenghong, and Hudian, indicating increased investments from giants like Meta and Amazon, which is driving up valuations [1][4][5]. Core Insights and Arguments - **AI Computing Demand**: The demand for AI computing is expected to continue rising, with a significant upward revision of the 1.6T demand indicating a supply-demand imbalance [1][4]. - **Domestic and International AI Development**: Companies like Huawei are showcasing advancements in AI technology, such as their super nodes, which have significantly increased the proportion of optical modules from 1:3 to 1:16 or even 1:18, underscoring the importance of communication and optical technology [2][5]. - **PCB Industry Outlook**: The high-end PCB market is experiencing robust growth, with companies like Pengding expected to increase their output significantly, projecting a rise in revenue from under 1 billion yuan to around 3 billion yuan this year [7][8]. - **Telecommunication Sector Growth**: The telecommunications industry is expanding its infrastructure, with device shipments expected to rise from 5 million to 7 million units this year, leading to an upward revision of profit forecasts for 2026 from 50% to potentially 80% [9][10]. - **Computer Sector Developments**: The application of AI in the computer sector is seeing significant improvements, with a notable increase in user engagement in medical apps and a rapid rise in global token usage, indicating a growing demand for AI computing [11][12]. Additional Important Insights - **800G Optical Module Market**: The market for 800G optical modules is projected to grow by 100% this year, with expectations of a 70%-80% growth next year, driven by increasing demand from North American markets [21][19]. - **Investment Opportunities in Telecommunications**: The telecommunications sector presents investment opportunities, particularly in companies related to PCB and optical modules, which are currently trading at attractive valuation levels [18]. - **AI Tools and Applications**: AI tools are showing strong commercial viability, particularly in video and content modalities, with companies like Meitu and others expected to perform well in the market [25][26]. - **Emerging Companies in AI Hardware**: There are several small companies in the AI hardware space that are worth monitoring, particularly those involved in AI SaaS and educational applications [26]. This summary encapsulates the key points discussed during the conference, providing insights into the current state and future outlook of the AI, telecommunications, and PCB industries.