Core Viewpoint - The AI Fund Zhaoshang China Opportunity Stock (001749) reported a profit of 4.3172 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0328 yuan, indicating a net value growth rate of 2.48% during the period [3]. Fund Performance - As of the end of Q2 2025, the fund's scale was 183 million yuan [15]. - The fund's unit net value was 1.452 yuan as of July 17 [3]. - The fund manager, Li Huajian, oversees two funds, both of which have shown positive returns over the past year [3]. - The fund's one-year compounded net value growth rate reached 18.53%, ranking it 87 out of 166 comparable funds [3]. - Over the past three months, the fund's compounded net value growth rate was 9.75%, ranking 86 out of 167 comparable funds [3]. - The fund's six-month compounded net value growth rate was 5.60%, ranking 122 out of 167 comparable funds [3]. - The fund's three-year compounded net value growth rate was -29.86%, ranking 141 out of 159 comparable funds [3]. Risk Metrics - The fund's three-year Sharpe ratio was -0.2043, ranking 130 out of 159 comparable funds [8]. - The maximum drawdown over the past three years was 50.43%, ranking 14 out of 158 comparable funds [10]. - The largest single-quarter drawdown occurred in Q1 2021, at 23.46% [10]. Investment Strategy - The fund management remains optimistic about the structural market trends in A-shares, citing improvements in domestic economic growth and structural transformation [3]. - The fund is particularly focused on investment opportunities in sectors such as AI, pharmaceuticals, military industry, and media [3]. Portfolio Composition - As of the end of Q2 2025, the fund's top ten holdings included Changying Tong, Zhongke Feice, Jingyi Equipment, Boqian New Materials, Youfang Technology, Hudian Co., Changchuan Technology, Xinyi Sheng, Jinqiao Information, and Chip Origin Technology [18]. - The average stock position over the past three years was 89.19%, compared to the industry average of 87.97% [13]. - The fund reached a maximum stock position of 93.14% at the end of H1 2025, with a minimum of 79.84% at the end of H1 2024 [13].

Core Viewpoint - The report outlines the performance and investment strategy of the Penghua High-end Equipment One-Year Holding Mixed Securities Investment Fund, emphasizing its focus on high-end equipment sectors and the management's commitment to achieving long-term asset appreciation while controlling risks [1][2][11]. Fund Overview - The fund primarily invests in listed companies within the high-end equipment theme, utilizing an active investment strategy to seek returns that exceed the performance benchmark [2][3]. - As of the end of the reporting period, the total fund shares amounted to 90,172,149.47 [1]. Investment Strategy - The fund employs an asset allocation strategy that considers macroeconomic variables and national policies to assess economic cycles and adjust asset classes accordingly [2][4]. - High-end equipment is defined as industries with high technology and added value, including aerospace, marine engineering, and advanced manufacturing sectors [3][4]. - The fund utilizes both top-down and bottom-up approaches for stock selection, focusing on industry growth prospects and individual company fundamentals [4][5]. Financial Performance - For the reporting period from April 1, 2025, to June 30, 2025, the A class shares experienced a net value growth rate of -5.91%, while the C class shares had a growth rate of -6.06% [18]. - The performance benchmark for the fund is a combination of the CSI High-end Equipment Manufacturing Index, the Hang Seng Index, and the China Bond Composite Wealth Index [6][18]. Portfolio Composition - The fund's total assets include a significant allocation to stocks, with a fair value of approximately 91,063,219.92 RMB, representing 92.61% of the total assets [15]. - The fund also invests in Hong Kong stocks through the Stock Connect program, with a fair value of 28,534,465.68 RMB, accounting for 29.55% of the net asset value [15][19]. Market Analysis - The report indicates that the A-share market experienced fluctuations during the second quarter, with small and micro-cap stocks outperforming larger companies [11][12]. - The fund's investment focus has shifted towards the AI industry chain, particularly in sectors related to AI inference applications and related software [12][13].

Core Viewpoint - TSMC's CoPoS packaging technology mass production timeline is delayed from 2027 to 2029-2030 due to technical challenges, which may influence NVIDIA's plans for its Rubin Ultra GPU and shift focus to multi-chip module architecture [1] Group 1: TSMC's CoPoS Technology - TSMC's CoPoS (chip-on-panel-on-substrate) technology aims to enhance area utilization through larger panel sizes (e.g., 310x310mm) to meet AI GPU demands from clients like NVIDIA [1] - The delay in CoPoS mass production is attributed to immaturity in technology, particularly in managing panel and wafer discrepancies, larger area warpage control, and additional redistribution layers (RDL) [1] Group 2: Impact on AI Industry - Nomura's analysis suggests that TSMC may redirect its 2026 chip backend capital expenditures towards other technologies such as WMCM and SoIC, with CoWoS capacity allocation becoming a critical monitoring point [1] - The postponement of CoPoS could lead NVIDIA to adopt a multi-chip module architecture similar to Amazon's Trainium 2 design for its 2027 product launch [1]

Core Viewpoint - Nomura indicates that TSMC's CoPoS packaging technology mass production timeline may be delayed from the original plan of 2027 to 2029-2030, potentially forcing NVIDIA to shift its chip design strategy for the Rubin Ultra GPU to an MCM architecture to avoid limitations of single-module packaging [2][3][4]. Group 1: TSMC's CoPoS Technology Delay - TSMC's CoPoS (chip-on-panel-on-substrate) technology aims to enhance area utilization through larger panel sizes (e.g., 310x310mm) to meet AI GPU demands [4]. - The delay in CoPoS mass production is attributed to technical challenges, particularly in managing panel and wafer discrepancies, warpage control, and additional redistribution layers (RDL) [4][5]. - The expected mass production timeline has shifted from 2027 to potentially late 2029 [4][5]. Group 2: Impact on NVIDIA's Product Strategy - The delay in CoPoS may compel NVIDIA to adopt an MCM architecture for the Rubin Ultra GPU, distributing four Rubin GPUs across two modules connected via a substrate [5][6]. - This adjustment is similar to Amazon's AWS Trainium 2 design, which utilizes CoWoS-R and MCM to integrate computing chips and HBM on a single substrate [6]. - While this change may help NVIDIA mitigate delays, it could also increase design complexity and costs [6]. Group 3: TSMC's Capital Expenditure Adjustments - TSMC's capital expenditure allocation may shift towards wafer-level multi-chip modules (WMCM) and system-on-chip (SoIC) technologies due to the CoPoS delay [7]. - Nomura maintains its forecast for TSMC's CoWoS capacity, expecting monthly wafer production to reach 70,000 and 90,000-100,000 by the end of 2025 and 2026, respectively [7]. - The report warns that market expectations for WMCM may be overly optimistic, while those for SoIC are more conservative [8].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The stock market shows a pattern of oscillating rotation, while the bond market sentiment has turned positive. In the stock index futures market, events have catalyzed the rotation from large - financial sectors to TMT sectors. For stock index options, a covered - call defense strategy is recommended. In the treasury bond futures market, the sentiment has improved, with different impacts on long - and short - term bonds [1][2] 3. Summary by Related Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - The event has catalyzed the rotation from large - financial sectors to TMT sectors. The IF, IH, IC, and IM basis and spread data have changed compared to the previous trading day, and their positions have also changed. The market is affected by events such as NVIDIA's sales plan in China and the Central Urban Work Conference. The anti - involution trading is expected to continue until the Politburo meeting in July. It is recommended to configure IM long positions before the meeting [7][8] 3.1.2 Stock Index Options - A covered - call defense strategy is recommended. The trading volume of each option variety has increased by 78.86%, while the implied volatility has decreased by an average of 0.27%. The decline in implied volatility is mainly due to the weakening of far - month implied volatility, and the short - term market trend is oscillating and weak [2][8] 3.1.3 Treasury Bond Futures - The bond market sentiment has turned positive. The treasury bond futures closed higher across the board, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts rising by 0.47%, 0.18%, 0.13%, and 0.04% respectively. The central bank made a large - scale net investment, but the capital market was still tight during the tax - payment period. The GDP growth in the first half of the year was 5.3%, which the bond market had already priced in. The stock - bond seesaw effect supported the bond market. The improvement of risk preference is negative for the long - term bonds, while the central bank's care for the capital market and large banks' purchase of short - term bonds are positive for short - term bonds. It is recommended to pay attention to the steepening of the yield curve [2][9][10] 3.2 Economic Calendar - The economic data of China and the US in June are presented, including China's export amount, new RMB loans, industrial added value, and the US CPI. The actual values of some data deviate from the predicted values [12] 3.3 Important Information and News Tracking - **Important Meetings**: The Central Urban Work Conference was held, emphasizing the transformation of urban development from large - scale incremental expansion to stock quality improvement and efficiency enhancement [12] - **Economic Data**: The GDP in the first half of the year was 66.0536 trillion yuan, with a year - on - year growth of 5.3%. The social consumer goods retail sales and industrial added value data in June are also provided [13] - **AI Computing Power**: NVIDIA has obtained approval to sell H20 chips to China and will launch RTXpro GPU [13] 3.4 Derivatives Market Monitoring - **Stock Index Futures Data**: The basis, spread, and position data of IF, IH, IC, and IM are provided [7] - **Stock Index Options Data**: No specific data content provided - **Treasury Bond Futures Data**: The trading volume, open interest, spread, and basis data of T, TF, TS, and TL are provided, along with the central bank's open - market operations [9]

Summary of Conference Call Notes Industry and Company Involved - The conference call focuses on the TMT (Technology, Media, and Telecommunications) sector, specifically analyzing the computer and media industries. Core Points and Arguments 1. **Industry Outlook**: The analysis indicates a favorable outlook for the computer and media sectors, drawing parallels to the conditions observed in 2019-2020 [1][2][3] 2. **PBRV Framework**: The report utilizes the PBRV (Price-to-Book Ratio and Return on Equity) framework to assess industry performance and make mid-term predictions [2][3] 3. **Historical Performance**: The historical trajectory of PB and ROE for the computer and media sectors is examined, revealing that current valuations are at historical lows, similar to the pre-recovery phase of the telecommunications sector in 2019 [4][5][6] 4. **Valuation Metrics**: As of Q1 2025, the computer sector's ROE is at 1.7, with a PB of 2.6, indicating a low-risk, high-reward investment opportunity [4][5] 5. **Comparative Analysis**: The computer sector's current positioning is compared to the telecommunications sector at the end of 2019, highlighting similarities in market conditions and investor sentiment [5][6] 6. **Media Sector Recovery**: The media sector shows signs of recovery, with Q1 ROE at 3.6 and PB at 2.6, indicating potential for growth [6][7] 7. **Investment Recommendations**: The report suggests that both the computer and media sectors have the potential for a turnaround, supported by improving financial metrics [7][8] 8. **Market Dynamics**: The computer sector is identified as the only underweighted industry in the TMT sector, presenting opportunities for capital inflow as fund managers adjust their portfolios [9][10] 9. **Fund Performance**: A significant number of active public funds are underweight in the computer sector, with a shortfall of approximately 256 billion yuan compared to benchmark allocations [10][11] 10. **Investment Trends**: The report outlines a cyclical pattern in the TMT sector, where valuation improvements typically precede earnings recovery [12][13] 11. **AI Sector Insights**: The AI application sector is highlighted as a growth area, particularly in the computer and media industries, with expectations for significant market movements in the coming years [16][17][18] 12. **Risks Identified**: The telecommunications and electronics sectors face potential risks due to high valuations and crowded positions, which may limit future growth [20][21][22] Other Important but Possibly Overlooked Content 1. **Market Sentiment**: The report emphasizes that current market conditions may not fully reflect the potential of the AI sector, suggesting that earnings may not be the primary concern in the near term [15][17] 2. **Future Events**: A mid-term strategy meeting is scheduled for June 10, where further insights and reports on industry allocations will be shared [23][24] This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the current state and future outlook of the TMT sector, particularly focusing on the computer and media industries.

Market Overview - A-shares exhibited a mixed performance, with the Shanghai Composite Index falling approximately 1% to below 3500 points, while the ChiNext Index surged over 2% [1] - As of the afternoon close, the Shanghai Composite Index decreased by 0.42% to 3505 points, the Shenzhen Component Index increased by 0.56% to 10744.56 points, and the ChiNext Index rose by 1.73% to 2235.05 points [1] - Total trading volume in the Shanghai, Shenzhen, and North markets reached 163.53 billion yuan, an increase of over 150 billion yuan compared to the previous day [1] AI Industry Chain - Stocks in the AI industry chain rose against the trend, with New Yi Sheng (300502) hitting a 20% limit up, marking a historical high [1] - Other notable performers included Zhongji Xuchuang (300308) with a nearly 17% increase, and Tianfu Communication (300394) rising about 12% [1] - The Nvidia concept stocks also saw significant gains, with China Electric Port (001287) hitting the limit up, and Huajin Technology (603296) and Inspur Information (000977) rising over 7% [1][2] Nvidia Concept Stocks - Nvidia concept stocks experienced a substantial rise, with Zhongji Xuchuang increasing nearly 17%, Shenghong Technology (300476) and Yipinhong (300723) rising over 13%, and Tianfu Communication up about 12% [2] - The Nvidia concept sector overall rose by 2.02%, ranking fifth among industry concept sectors for the day, with a weekly increase of 2.31% [2] - Nvidia announced the resumption of H20 sales to China and the launch of a new GPU compliant with Chinese regulations, which is expected to alleviate the domestic chip shortage [2][3] AI Intelligent Agent Concept - The AI intelligent agent concept also showed strength, with stocks like Dingjie Zhizhi (300378), Chutianlong (003040), and Fanwei Network (603039) hitting the limit up [4] - The AI intelligent agent sector overall rose by 1.05%, ranking eighteenth among industry concept sectors for the day [4] - A new standard for AI intelligent agent operation safety testing was released, addressing risks associated with language barriers and establishing a comprehensive risk analysis framework [4] Real Estate Sector - The real estate sector saw a notable rally, with stocks like Tianbao Infrastructure (000965) and Chongqing Development (000514) hitting the limit up [6] - The Hong Kong real estate sector also experienced a surge, with Meidi Real Estate rising over 60% at one point [6] - Recent government meetings emphasized the need for comfortable and convenient living cities, indicating a potential shift in real estate development strategies [6]

Market Overview - On July 15, A-shares showed mixed performance with the Shanghai Composite Index barely holding above 3500 points, closing down 0.42% at 3505.00 points, while the Shenzhen Component Index rose 0.56% to 10744.56 points, and the ChiNext Index increased by 1.73% to 2235.05 points [2] - The total trading volume across the Shanghai, Shenzhen, and Hong Kong markets reached 16,350 billion yuan, an increase of 1,541 billion yuan compared to the previous day [2] AI Industry Chain - The AI sector saw a collective surge, particularly in ERP concepts and AI hardware, with companies like Dingjie Zhizhi and Yonyou Network hitting the daily limit [3] - Newyi Sheng announced a significant profit forecast for the first half of the year, expecting a net profit of 3.7 billion to 4.2 billion yuan, representing a year-on-year increase of 327.68% to 385.47% [3] - Nvidia's announcement regarding the resubmission of its H20 GPU sales application and the introduction of a new RTX PRO GPU compatible with China further fueled the AI sector's momentum [3][4] Real Estate and Urbanization - The real estate and new urbanization sectors experienced a notable rally, with stocks like Tianbao Infrastructure and China New Group hitting the daily limit [5] - The Central Urban Work Conference highlighted a shift in urbanization from rapid growth to stable development, emphasizing quality over quantity in urban development [6] - Data from the National Bureau of Statistics indicated a continued decline in housing prices across major cities, with first-tier cities seeing a year-on-year decrease of 1.4%, a reduction of 0.3 percentage points from the previous month [6] Market Outlook - According to Industrial Securities, the market is expected to find structural highlights as the macro environment stabilizes, with a focus on sectors like steel, chemicals, and non-ferrous metals during the traditional high-performance window from July to August [7] - Zheshang Securities noted that the current market sentiment is strong, with the Shanghai Composite Index showing a "bullish divergence" pattern, suggesting limited downside potential even if a correction occurs [7]

Market Overview - A-shares exhibited a mixed performance on July 15, with the Shanghai Composite Index falling approximately 1% at one point, dropping below 3500 points, while the ChiNext Index surged over 2% [1][2] - The Shanghai Composite Index closed down 0.42% at 3505 points, the Shenzhen Component Index rose 0.56% to 10744.56 points, and the ChiNext Index increased by 1.73% to 2235.05 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 16,353 billion yuan, an increase of over 1,500 billion yuan compared to the previous day [2] Sector Performance - The power and coal sectors experienced declines, with companies like Huayin Power and Tuori New Energy hitting the daily limit down, and Dayou Energy dropping over 9% [2][13] - The banking sector also faced losses, with Qilu Bank falling over 3% and Ping An Bank and Zheshang Bank declining around 2% [2] - Conversely, AI-related stocks saw significant gains, with New Yi Sheng hitting a 20% limit up, marking a historical high, and Zhongji Xuchuang rising nearly 17% [2][5] AI Sector Developments - The NVIDIA concept stocks experienced a notable surge, with Zhongji Xuchuang rising nearly 17%, and other stocks like Shenghong Technology and Yipinhong increasing over 13% [5] - NVIDIA announced the resumption of H20 sales to China and introduced a new GPU compliant with Chinese regulations, which is expected to alleviate the domestic chip shortage in computing power [7] - The recovery of H20 sales is anticipated to meet some of the domestic demand for AI model training and inference, enhancing the hardware and software capabilities of domestic AI models [7] AI Intelligent Agent Concept - The AI intelligent agent concept saw active trading, with Dingjie Zhizhi hitting a 20% limit up and other stocks like Zhiyuan Huli and Pulian Software rising over 10% [9][11] - The World Digital Academy released the AISTR series new standards for AI intelligent agent operation safety testing, marking the first global standard for single-agent operation safety [11] - The year 2025 is projected to be the "Year of Intelligent Agents," as AI evolves from simple responses to complex decision-making and execution capabilities [11] Power Sector Decline - The previously strong power sector saw a collective decline, with Huayin Power and Tuori New Energy hitting the daily limit down, and ShenNan Electric A dropping over 8% [13][15] - Huayin Power's stock had previously surged over 100% in the last 10 trading days, raising concerns about potential short-term pullbacks [15] - Tuori New Energy projected a loss of 48 million to 68 million yuan for the first half of the year due to intensified competition in the photovoltaic industry [15]

Market Overview - The A-share market experienced a volatile upward trend this week, driven by the banking sector and certain blue-chip stocks, with structural activity noted in AI hardware-related fields [2][3]. Weekly Review - The banking sector performed exceptionally well, with the four major banks (Agricultural, Industrial, Commercial, and Construction) reaching historical highs in stock prices. The dividend yield for bank stocks is currently around 4%, making them attractive in the current low-interest-rate environment [3]. - The rise in bank stocks and increased interest in stablecoins also positively impacted brokerage, insurance, and diversified financial sectors [3]. - The government has emphasized addressing "involution" competition, particularly in industries like new energy vehicles and photovoltaics. Recent policies aim to promote industrial upgrades and innovation, leading to a notable performance in the photovoltaic sector, with slight gains in steel, building materials, and cement stocks [3]. AI Hardware Sector - The AI hardware sector saw significant gains due to Nvidia's market capitalization reaching a historical high, alongside optimistic expectations for mid-year performance across the AI industry chain. Key products like PCB circuit boards and CPO optical modules experienced substantial price increases [4]. - However, the sector faced increased volatility due to substantial price increases since early June and uncertainties surrounding global trade tariffs [4]. Market Outlook - With core listed companies in major sectors like finance, innovative pharmaceuticals, new energy, and real estate seeing rising stock prices, the Shanghai Composite Index has surpassed the 3500-point mark and is showing an upward trend. It is anticipated that A-share listed companies' performance will gradually improve in the low-interest-rate environment, leading to a heightened preference for equity assets [5]. - There is an opportunity to strategically position in high-quality listed companies expected to report growth in mid-year results [5].