Core Viewpoint - The liquidity in the stock market remains abundant, which is favorable for the sustained development of a slow bull market in A-shares, characterized by rotational increases and low-level rebounds since June 23, differing from last year's "924" market [1] Market Liquidity - As of the latest data, the financing balance of A-shares has risen to approximately 2 trillion yuan, with the financing balance accounting for 2.3% of the circulating market value, aligning with the median level for the year [1] - This indicates a broad source of incremental funds in the current market, with increased participation from public and private equity institutions alongside financing funds [1] Investment Opportunities - The current micro liquidity in the stock market is relatively abundant, and the positive feedback effect of "residents allocating funds to the market and the slow rise of the stock market" is expected to strengthen under the asset allocation dilemma [1] - Recommended sectors for investment include: 1. New technologies and growth directions such as AI computing power, robotics, and solid-state batteries [1] 2. Dividend sectors that present reallocation opportunities after corrections, particularly undervalued state-owned enterprises [1] - Thematic areas of focus include self-controllable technologies, military industry, low-altitude economy, and marine technology [1]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In July, the convertible bond market continued its upward trend, with the equal - weighted index significantly outperforming the weighted index. The median convertible bond price reached a maximum of 129 yuan, approaching the level at the beginning of 2022, but the structure showed that low - priced bonds were significantly higher than those at the beginning of 2022, while high - priced bonds were significantly lower [2][9]. - The July market was a "second - derivative" fluctuation, while the equity "first - derivative" remained positive. Before the September 3 parade, A - shares may have opportunities, and the dumbbell strategy (high - dividend + micro - cap stocks) may rebound. The convertible bond market will continue to follow the underlying stocks and remain strong [2]. - The new VAT policy on the interest income of bonds such as treasury bonds may increase the cost - effectiveness of stable and low - volatility convertible bonds, and the buying volume of bond - type convertible bonds and the entire convertible bond market may increase [2]. - After short - term winning - rate volatility pricing, the market will shift to odds - based advantages. It is recommended to pay attention to the cost - effectiveness improvement of bank convertible bonds and high - elasticity varieties, and the future will shift from position - based victory to structure - based victory [4]. Summary According to Relevant Catalogs 1. Review of the Convertible Bond Market in July: Recovery under Strong Equity - **Price and Index Performance**: The convertible bond market continued to rise in July, with a steeper upward slope compared to June. The equal - weighted index significantly outperformed the weighted index, and there was a slight pullback at the end of the month. The median convertible bond price reached a maximum of 129 yuan and closed at around 127 yuan at the end of the month [2][9]. - **Style and Sector Performance**: In July, small - cap and low - rating styles were dominant again, and their excess performance since the beginning of the year reached a new high. The pharmaceutical sector led the rise, while the financial sector significantly underperformed other sectors since 2025 [10][12][15]. - **Comparison with Underlying Stocks**: Convertible bonds slightly underperformed the underlying stocks, but the underperformance margin further narrowed compared to June. The convertible bond market showed strong performance overall, and its valuation advantage was significant [16][21]. - **Valuation Situation**: The convertible bond valuation confirmed an upward trend, with the 100 - yuan premium rate rising to a maximum of 33% in July. The current high - valuation problem is mainly reflected in the low - parity area, while the 120 - 130 yuan parity is still a valuation depression [22][24][27]. 2. Outlook for the Convertible Bond Market in August: Shifting from Position - Based Victory to Structure - Based Comparison - **Equity Market and Convertible Bond Market**: The short - term adjustment of the equity market is due to the full implementation of the market rotation and catch - up market, and the market has returned to a volatile state. Before the September 3 parade, A - shares may have opportunities, and the convertible bond market will follow the underlying stocks and remain strong [2][46]. - **Valuation of Convertible Bonds**: The high valuation of convertible bonds may be maintained because the overall risk of the stock market is controllable. However, the absolute valuation of bond - type convertible bonds is relatively high, and there are potential adjustment risks. After the short - term adjustment, they have certain cost - effectiveness [48][53][60]. - **Impact of VAT Policy**: The adjustment of the bond VAT policy may increase the attractiveness of bond - type convertible bonds. After the tax increase, the cost - effectiveness of pure bonds decreases, and the buying volume of bond - type convertible bonds may increase [63][66]. - **Cost - Effectiveness of Different Types of Convertible Bonds**: The cost - effectiveness of high - dividend and low - volatility convertible bonds such as bank convertible bonds may increase, and attention should also be paid to high - elasticity varieties and individual bonds with odds advantages [4]. 3. Bond Selection Directions and Targets in August - **Bond Selection Directions**: First, pay attention to the directions favored by the high - to - low shift in the August market, such as bank convertible bonds and some "bank - like" convertible bonds; second, focus on small - cap growth sectors such as self - controllability and national defense and military industries; third, pay attention to convertible bonds that are not subject to forced redemption or have been listed for less than 6 months; fourth, pay attention to convertible bonds that can replace underlying stocks [4]. - **Targets in August**: Low - volatility convertible bonds include Lvdong Convertible Bond, Hengyi Convertible Bond 2, etc.; stable convertible bonds include Bo 25 Convertible Bond, Guanghe Convertible Bond, etc.; high - volatility convertible bonds include Daotong Convertible Bond, Jiahe Convertible Bond, etc. [4]

Core Viewpoint - The fundamental path for China's information industry lies in establishing a third ecological system independent of X86 and ARM architectures, as stated by the chairman of Loongson Technology, Hu Weiwu [2][4]. Company Development - Loongson Technology focuses on building an independent information technology ecosystem through self-controlled chips, emphasizing self-reliance in research, production, and software ecology [2][5]. - The company transitioned from a research team to an enterprise in 2010, aiming to industrialize its CPU technology after realizing the limitations of its previous MIPS architecture [4][5]. - In 2020, Loongson launched its self-developed instruction set architecture, "LoongArch," and has since developed core operating system modules for various applications [5][8]. Market Strategy - Hu Weiwu emphasizes the importance of achieving a performance threshold for CPU products to compete in the market, advocating for a dual approach of focusing on both policy-driven and open markets from 2022 to 2024 [7][8]. - The company aims to enhance its product competitiveness and has seen significant improvements in product performance and cost-effectiveness, with new products achieving three times the performance of previous generations [8][10]. Future Outlook - The year 2024 is seen as a critical year for Loongson to solidify its ecological construction and transition towards open markets, with a projected revenue growth of 29.64% quarter-on-quarter and 43.91% year-on-year [8][11]. - By 2025 to 2027, the company plans to shift focus from R&D to market sales, aiming to improve product cost-performance ratios and reduce reliance on policy-driven markets [8][11]. Strategic Approach - Loongson maintains a pragmatic yet bold strategy, integrating AI technology into its chip ecosystem while focusing on practical technological breakthroughs [10][11]. - The company aims to establish a third ecological system by 2025, with a vision to achieve a competitive balance with X86 and ARM architectures by 2035 [11].

[Table_Title] 防守反击 [Table_Title2] 类权益月报 [Table_Summary] ►行情回顾：充满惊喜的 7 月 7 月，利好纷至沓来，行情持续走强。7 月 1 日，中央财经委 会议召开，反内卷成为继科技、消费后又一政策主线。7 月 19 日，雅江水电站宣布开工，助推强势行情进一步突破。在基建 行情发生波动后，科技接力上涨。时至 7 月底，市场自发修正 非理性政策预期，行情显著回落。 ►权益行情或将定价不确定性 在 7 月的上涨过程中，市场由"暂无明确利好"，逐渐过渡到 "充分交易利好及预期利好"。同时，资金在 FOMO（怕踏空） 心理下，暂不定价外部不确定性、基本面数据等压力因素。 然而，这些压力因素已不可忽视。一方面，中美"蜜月期" 或渐近尾声。第三轮中美贸易谈判结果不及预期，同时中美 贸易关系的不稳定性已逐渐显性化，体现在美国对中国购买 俄油持反对态度、中国调查英伟达H20芯片安全问题等。另一 方面，7 月 PMI 回落，基本面因素可能决定资金是否追涨。 ►固收+火热，130 元或不是转债价格的归宿 固收+方面，随着转债市场价格逼近 130 元，诸多绝对收益机 构在转债潜在 ...

出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：在自主可控大背景下，为何恒坤新材此次IPO闯关遭遇暂缓审议？审议暂缓背后又折射出上 市委何种隐忧？值得注意的是，公司申报材料毛利率不仅异于同行，也与冲刺上市前差异较大，其报表 质量是否可能构成此次上市障碍？此外，公司依赖贸易业务贡献了大部分毛利。 恒坤新材曾为新三板挂牌上市企业。我们发现，公司毛利率科创板IPO上市前后毛利率差异也巨大。 Wind数据显示，公司2019年及之前，毛利率维持在20%至25%之间左右；而2021年后，即公司科创板冲 刺上市披露的毛利率却飙涨至53%至72%左右。 公司毛利率为何远超同行？为何毛利率科创板上市前后差异如此巨大？ 恒坤新材成为今年首单IPO上会被暂缓审议公司引发市场关注。 公开资料显示，恒坤新材致力于集成电路领域关键材料的研发与产业化应用，据称为国内少数具备12英 寸集成电路晶圆制造关键材料研发和量产能力的创新企业之一。 公司所从事光刻材料和前驱体材料等产品的研发、生产和销售，旨在解决集成电路制造领域关键材料自 主可控。在自主可控大背景下，为何公司此次IPO闯关遭遇暂缓审议？审议暂缓背后又折射出上市委何 种隐忧？ ...

Market Performance - The Shanghai Composite Index rose by 0.96% to close above 3600 points, while the Shenzhen Component Index increased by 0.59% and the ChiNext Index gained 0.39% [1][2][3] - Over 3900 stocks in the market experienced gains, indicating a broad-based rally [3] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets approached 1.6 trillion yuan [4] Sector Performance - PEEK materials, brain-computer interfaces, high-speed copper cable connections, and banking sectors showed significant gains, with PEEK materials leading the charge [5] - Notable stocks included Xinhan New Materials, which hit a 20% limit up, and other companies like Huami New Materials and Fuchun Dyeing & Weaving also reached their limit up [5] - The consumer electronics sector also performed well, with stocks like Langte Intelligent and Furi Electronics hitting their limit up [5] Fund Flow - Main funds saw net inflows into sectors such as automotive, banking, and electronics, while there were net outflows from computer, pharmaceutical, and media sectors [7] - Specific stocks with net inflows included Dongxin Peace, Innovation Medical, and Zhangjiang Hi-Tech, while stocks like Shanhe Intelligent and Hanyu Pharmaceutical faced significant sell-offs [7] Institutional Insights - According to Citic Securities, the A-share market is entering a consolidation phase, but the medium to long-term upward trend remains intact, supported by improving performance and inflows of new capital [8] - The strategy suggested is to maintain a dynamic balance between high-growth sectors and defensive assets, focusing on quality stocks during the current adjustment period [8] - Qianhai Bourbon Fund noted that most indices, except for the Sci-Tech Innovation Board, have reached new highs since October 8 of last year, indicating a need for adjustment in the Sci-Tech sector [8]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [14]. Core Insights - The report highlights a significant increase in capital expenditures among major North American cloud providers, with Q2 capital expenditures reported as follows: Google at $22.4 billion (+70% YoY), Microsoft at $24.2 billion (+27% YoY), Meta at $17 billion (+101% YoY), and Amazon at $32.2 billion (+83% YoY) [3]. - The upward revisions in capital expenditure forecasts for 2025 by these companies reflect strong demand for cloud products and services, with Google increasing its forecast from $75 billion to $85 billion, Microsoft expecting over $30 billion in the next quarter, Meta adjusting its range from $64-72 billion to $66-72 billion, and Amazon indicating that Q2 expenditures represent the level for the second half of the year [3]. - The report emphasizes the ongoing competition and iteration in AI models, suggesting that capital expenditures related to computing power will remain high, further reinforced by the strong Q2 earnings reports and future guidance [3]. Summary by Sections Industry Dynamics - The report notes a substantial increase in inference computing power consumption, which has seen a multiplicative growth this year, driven by the demand for training-related computing power. As of May 2025, the daily token usage for the Doubao large model exceeded 16.4 trillion, a 137-fold increase from the previous year [4]. - Google reported that the monthly token processing volume reached 980 trillion, doubling from April's figure, indicating significant growth in user engagement and demand for AI applications [4]. Investment Recommendations - The report suggests that the AI industry trend has been reinforced this year, driven by a substantial increase in inference demand, leading to sustained growth in AI capital expenditures. It highlights the importance of PCB in the AI hardware supply chain, with a recommendation to focus on companies such as Huadian Co., Shenghong Technology, Shennan Circuit, and others due to expected benefits from supply-demand dynamics [5]. - Additionally, it recommends monitoring server manufacturing firms like Industrial Fulian and liquid cooling supply chain companies such as Invec and Sihua New Materials [5].

Core Viewpoint - The military industry sector is experiencing heightened activity and investor interest ahead of the upcoming military parade on September 3, with expectations for accelerated order demand due to the execution of the "14th Five-Year Plan" [1] Group 1: Market Performance - On August 5, the A-share market showed slight fluctuations, with the aerospace ETF (159227) experiencing a decline of 0.34% and a trading volume of 110 million yuan, maintaining the highest market share among similar products [1] - Key stocks in the military sector, such as Longcheng Military Industry, saw a surge, with other companies like Hualichuantong, Construction Industry, Yaguang Technology, Aerospace Electronics, and Hailanxin also experiencing gains [1] Group 2: Industry Outlook - The military industry is expected to see a recovery in overall industry chain prosperity, driven by the upcoming military parade and the critical phase of capability delivery in the "14th Five-Year Plan" [1] - The aerospace ETF (159227) closely tracks the National Aerospace Index, focusing on core military aerospace sectors, with a high concentration of 97.86% in the first-level military industry [1] - The ETF's component stocks have a significant weight of 66.8% in aerospace equipment, surpassing other military and defense indices [1] Group 3: Investment Opportunities - According to Shenwan Hongyuan Securities, there are potential short-term opportunities in the self-controlled and national defense military sectors leading up to the military parade [1] - Historical data indicates that major military parade events have a significant catalytic effect on military stocks, with market expectations continuing to rise as the event approaches [1]

Core Viewpoint - The A-share market is currently in a period of consolidation, digesting performance discrepancies and external disturbances, but the medium to long-term upward trend remains intact, supported by improved performance logic and inflow of incremental capital [1] Group 1: Market Outlook - Short-term market dynamics indicate a phase of oscillation and energy accumulation [1] - The long-term upward trend is reinforced by performance improvements and new capital inflows [1] Group 2: Investment Strategy - A dynamic balance between high-elasticity growth sectors and defensive assets is recommended [1] - The current adjustment period presents an opportunity to invest in quality targets, focusing on sectors with performance certainty such as capacity clearance, AI, pharmaceuticals, and self-sufficiency [1] - Emphasis on capturing undervalued rebound opportunities [1]

Market Overview - The Shanghai Composite Index rose by 0.53% to 3602.13 points, while the Shenzhen Component Index increased by 0.14% to 11056.69 points. The ChiNext Index, however, fell by 0.26% to 2328.36 points [2][3]. Sector Performance - High-end materials, including PEEK and ultra-hard materials, saw significant growth. The consumer electronics, photolithography, and robotics sectors performed actively, while military stocks experienced a pullback. The AI industry chain collectively adjusted, with hardware sectors like CPO showing high opening but low closing, and the intelligent agents sector saw widespread declines [3]. Capital Flow - Main capital inflows were observed in the automotive, banking, and electronics sectors, while there were outflows from the computer, pharmaceutical, and media sectors. Notable inflows included Longcheng Military Industry (11.69 billion), Zhangjiang Hi-Tech (10.9 billion), and Dongxin Peace (7.99 billion). Conversely, significant outflows were seen in Xinyisheng (10.06 billion), Zhongji Xuchuang (7.52 billion), and Dingjie Zhizhi (4.29 billion) [5]. Institutional Insights - According to Jin Jun, Investment Director at Qianhai Bourbon Fund, various indices, except for the Sci-Tech Innovation Board, have reached new highs since October 8 of last year. Despite a quick pullback, the indices found support at the 10-day and 20-day moving averages. It is anticipated that the overall floating capital will require 2-4 weeks to digest, maintaining a judgment of box oscillation for August. The recommendation is to avoid chasing prices and to focus on buying on dips, emphasizing the rotation of underperforming sectors [6]. Investment Strategy - Wu Yinchao from Caitong Securities suggests that the A-share market is entering a period of consolidation, accumulating momentum while digesting performance discrepancies and external disturbances. The long-term upward trend remains intact, supported by improved performance logic and inflows of incremental capital. The strategy should balance between high-growth sectors and defensive assets, avoiding chasing prices. The current adjustment period is seen as an opportunity to invest in quality stocks, focusing on sectors with performance certainty such as capacity clearance, AI, pharmaceuticals, and self-sufficiency, while seizing undervalued rebound opportunities [7].