AI 需求：全球算力产业链 20250618 摘要 Q&A 在当前背景下，全球算力产业链有哪些投资机会？ 当前背景下，全球算力产业链的投资机会主要集中在两个方面。首先是云计算 产业链，这一领域近年来加速渗透，尤其是在美国市场。B 端企业首选的 API 基本都是云计算 API。今年（2025 年）2 月份时，OBE 的收入约为 Cloud 的 4.5 倍，但到今年（2025 年）5 月份时，OBE 的收入已缩小至 Cloud-A 的 3.5 倍。这表明双方收入差距正在进一步缩小。今年以来，海外市场最亮眼的 是 Cloud 的普及。大量公司开始意识到云计算带来的影响，例如亚马逊计划将 AI 自动化引入工作中，提高效率并可能减少员工数量。 其次是 OpenAI 用户数 上升对算力需求的推动。从今年（2025 年）的数据来看，今年年初欧贝云日 活跃用户数约为 2 亿，到现在已增长至 3.5 亿至 4 亿之间，实现了 70%以上的 大幅增长。同时，我们观察到新增算力需求不一定导向微软云，大部分可能流 向甲骨文和 CoreView。因此，在这条产业链中，以 OBI 最新合作伙伴为代表 的新兴公司存在较大投资机会。 为什么 ...

Market Overview - The market experienced a rebound with all three major indices slightly up, driven by strong performance in computing hardware stocks, particularly in PCB and CPO sectors [1] - Notable stocks that hit the daily limit include Yihua New Materials, Kexiang Co., and Huadian Co. [1] - Banking stocks showed volatility but strengthened, with Agricultural Bank, Pudong Development Bank, and Chengdu Bank reaching historical highs [1] - The storage chip sector saw a midday surge, with Dawi Co. hitting the limit [1] - Military stocks also rose, with Beifang Changlong hitting the limit [1] - AI glasses concept stocks remained active, with Biyi Co. hitting the limit [1] - Overall, over 3,400 stocks declined, with a total trading volume of 1.22 trillion [1] Hot Topics PCB Sector - The PCB sector saw significant gains, with stocks like Zhongjing Electronics, Yihua New Materials, and Huadian Co. hitting the limit [4] - Shenghong Technology's market value surpassed 100 billion [4] Blockchain Sector - The blockchain sector continued to be active, with stocks like GCL-Poly and Dongxin Peace hitting consecutive limits [7] - The People's Bank of China Governor highlighted the accelerating application of new technologies in cross-border payments, promoting the development of central bank digital currencies [7] Smart Glasses Sector - The smart glasses sector experienced a surge, with stocks like Biyi Co. and Lianjian Optoelectronics hitting the limit [10] - A significant collaboration was announced between Oakley and Meta to develop smart glasses, with results expected to be revealed soon [10] - Xiaomi's AI smart glasses are set to be launched on June 26 [10] Industry Insights - According to Prismark, the server PCB market is projected to grow at a CAGR of 11.6% from 2024 to 2029, reaching $18.9 billion, becoming the largest application area for PCBs [6] - The demand for high-end PCBs is expected to remain tight in the medium to long term due to the continuous upgrade of AI servers and the need for high-speed data transmission [6] - The global cross-border payment transaction volume is expected to reach $194.6 trillion in 2024, with a projected CAGR of 6.4% to $320 trillion by 2032 [9] - The demand for stablecoins in cross-border payments is anticipated to grow significantly, given the current market size of approximately $230 billion [9]

Group 1: Communication ETF and Market Performance - The Communication ETF (515880) opened higher on June 12 and closed with a gain of 2.07% for the day [1] Group 2: Broadcom's Financial Performance and Market Outlook - Broadcom announced the shipment of its Tomahawk 6 switch chip, which is the world's first single-chip with a switching capacity of 102.4 terabits per second [2] - For FY2025 Q2, Broadcom reported revenue of $15.004 billion, a year-on-year increase of 20% and a quarter-on-quarter increase of 1% [2] - The gross margin for Broadcom was 79.4%, reflecting a year-on-year increase of 3.2 percentage points and a quarter-on-quarter increase of 0.3 percentage points [2] - Broadcom's guidance for Q3 revenue is approximately $15.8 billion, representing a year-on-year growth of 21% [2] Group 3: Oracle's Financial Results and Growth Projections - Oracle reported total revenue of $15.9 billion for Q4 of FY2025, marking an 11% year-on-year increase [3] - Cloud services revenue reached $6.7 billion, a 27% year-on-year increase, while cloud infrastructure revenue was $3 billion, showing a 52% year-on-year growth [3] - Oracle's CEO projected that cloud infrastructure revenue is expected to grow over 70% in FY2026, following a 50% growth rate in FY2025 [3] Group 4: PCB Industry and Communication Network Upgrades - The A-share PCB manufacturers have been experiencing capacity shortages, with high-end switches requiring PCBs with more than 20 layers, and some exceeding 30 layers [3] - The price of PCBs has significantly increased compared to previous automotive applications, which typically had 8-15 layers [3] - The upgrade of communication networks is expected to benefit various segments of the industry, including optical modules, PCBs, switch assembly, and switch chip design [3]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index closing at 3402.66 points, up 0.01%, while the Shenzhen Component Index fell 0.11% to 10234.33 points, and the ChiNext Index rose 0.26% to 2067.15 points [1][2]. Sector Performance - The computing power industry chain strengthened, with CPO direction leading the gains. The gold and jewelry, innovative pharmaceuticals, rare earth permanent magnets, quantum technology, and IP economy concept stocks were active, while sectors like outbound tax refunds, anti-tariff, semiconductors, liquor, and consumer electronics weakened [5]. - The film and television sector saw significant gains, with Happiness Blue Ocean rising over 13%, and Light Media up over 5% [6]. - The breeding industry faced declines, with Xianfeng Holdings down over 4% and Juxing Agriculture down over 3% [7]. Capital Flow - Main funds saw net inflows into sectors such as telecommunications, computers, and media, while there were net outflows from food and beverage, public utilities, and transportation sectors [8]. - Specific stocks with net inflows included Rongfa Nuclear Power, Zijin Mining, and Dongfang Fortune, attracting 0.881 billion, 0.786 billion, and 0.607 billion respectively [9]. - Stocks experiencing net outflows included BYD, Kweichow Moutai, and Yaoji Technology, with sell-offs of 0.665 billion, 0.494 billion, and 0.471 billion respectively [10]. Institutional Insights - Guojin Securities noted that new consumption faces valuation pressure, recommending low absorption rather than chasing high prices [11]. - China Galaxy Securities highlighted the positive impact of the "H+A" stocks on the brokerage sector. Guodu Securities mentioned that the Shanghai Index recently crossed the 3400-point mark, but new capital signs remain unclear, with trading volume around 1.3 trillion, making it difficult to stabilize this level. They suggested focusing on safety margins and selecting growth stocks with upward beta in the short term [12].

Market Overview - The computing power industry chain is strengthening, with the CPO direction leading the gains [1][3] - The gold and jewelry, innovative pharmaceuticals, rare earth permanent magnets, quantum technology, and IP economy concept stocks are active [1][3] - The sectors of departure tax refund, anti-tariff, semiconductors, liquor, and consumer electronics are weakening [1][3] Index Performance - On June 12, the three major stock indices closed mixed: the Shanghai Composite Index at 3402.66 points, up 0.01%; the Shenzhen Component Index at 10234.33 points, down 0.11%; and the ChiNext Index at 2067.15 points, up 0.26% [1] Sector Performance - Precious metals sector rose by 3.26% with significant inflows [4] - The beauty care sector increased by 2.39% with a net inflow of 6.18 million [4] - The film and television sector saw a rise of 2.32%, with Happiness Blue Ocean up over 13% [5] - The breeding industry declined, with Xianfeng Holdings down over 4% [5] Fund Flow - Main funds saw a net inflow into communication, computer, and media sectors [7] - Notable net inflows included Rongfa Nuclear Power at 8.81 billion, Zijin Mining at 7.86 billion, and Dongfang Caifu at 6.07 billion [8] - Major net outflows were observed in BYD at 6.65 billion, Kweichow Moutai at 4.94 billion, and Yaoji Technology at 4.71 billion [9] Institutional Insights - Guojin Securities suggests that new consumption faces valuation pressure, recommending low absorption rather than chasing highs [10] - China Galaxy Securities notes the positive impact of "H+A" stocks on the brokerage sector [11] - Guodu Securities highlights that the market's recent stabilization above 3400 points lacks clear signs of new capital influx, with trading volume around 1.3 trillion, indicating a need for caution [11]

Market Overview - The three major A-share indices opened lower on June 12 but turned positive during the morning session, with a narrow range of fluctuations in the afternoon [1] - The Shanghai Composite Index rose by 0.01% to 3402.66 points, while the ChiNext Index increased by 0.26% to 2067.15 points [1] - Total trading volume in the Shanghai and Shenzhen markets reached 12,717 billion, an increase of 162 billion from the previous trading day [1] Sector Performance - The computing power industry chain showed strength, with CPO direction leading the gains; gold jewelry, innovative pharmaceuticals, rare earth permanent magnets, quantum technology, and IP economy stocks were active [1] - Gold stocks continued to perform well, with several stocks like Ying Si Te and Da Di Xiong hitting the daily limit or rising over 10% [3] - The home appliance sector led the declines, with stocks like Dongfang Electric and He Sheng New Materials dropping over 2% [3][4] Stock Movement - A total of 2,325 stocks rose while 2,864 stocks fell, with 223 stocks remaining flat [1] - There were 94 stocks with gains exceeding 9%, while no stocks experienced declines of 9% or more [2] Market Sentiment and Outlook - Zhongyuan Securities anticipates a steady upward trend in the short term, supported by a loose monetary policy and fiscal measures [5] - Huashan Securities notes that small-cap stocks are performing significantly better than large-cap stocks, indicating strong investment opportunities in this segment [6] - Dongfang Securities emphasizes the importance of a rotation strategy in the current market environment, with a focus on low-position stocks [7] - Galaxy Securities highlights three main lines for investment: high safety margin assets, technology as a long-term focus, and consumer sectors boosted by policy support [8]

2025.06. 12 本文字数：1648，阅读时长大约3分钟 作者 | 第一财经 6月12日午盘，上证指数报3404.66点，涨0.07%，深成指报10250.68点，涨0.05%，创业板指报 2072.16点，涨0.5%。 Wind数据显示，个股涨少跌多，近3000股下跌。 算力产业链走强，CPO方向领涨；短剧游戏、稀土永磁、谷子经济、数字货币、可控核聚变、机器人概 念股活跃；离境退税、反关税、固态电池题材回调。 | | | A股重要指数 | | | --- | --- | --- | --- | | 名称 | 最新 | 涨跌 | 涨幅 | | 上证指数 | 3404.66 | +2.34 | +0.07% | | 深证成指 | 10250.68 | +4.66 | +0.05% | | 北证50 | 1422.51 | -5.40 | -0.38% | | 创业板指 | 2072.16 | +10.29 | +0.50% | 沪指围绕3400点盘整 突破大箱体需要哪些契机？ 国都证券投顾严秀丽认为，沪指近期刚刚站上3400点大关，但市场新增资金的迹象并不明显，市场成 交量维持在1.3万亿附近，这使得市场 ...

Group 1: Key Recommendations - The report highlights that Haiguang Information (688041.SH) is a core player in the domestic computing chip sector, while Zhongke Shuguang leads in server systems. Their merger will create a closed-loop layout for the computing industry chain, maximizing resource utilization and enhancing industry competitiveness. The projected net profits for Haiguang Information from 2025 to 2027 are estimated at CNY 2.956 billion, CNY 4.314 billion, and CNY 6.153 billion, with corresponding PE ratios of 111.7X, 76.5X, and 53.6X based on the closing price on June 10, 2025 [2][9][10] - Beike-W (2423.HK) is recognized as a leading integrated real estate transaction service platform, with significant advantages in real estate brokerage. The company is expected to benefit from policy support for market recovery, with projected EPS for 2025 to 2027 at CNY 1.58, CNY 1.83, and CNY 2.11, corresponding to PE ratios of 28.7X, 24.8X, and 21.5X. The report gives a "recommend" rating for the stock [2][11][12] Group 2: Company Overview - Haiguang Information is a leading high-end processor design company in China, having developed various high-end processor products widely used in data centers across telecommunications, finance, and internet sectors. Zhongke Shuguang is a leading enterprise in high-end computing, focusing on high-end computers, storage, and data centers. The merger will enable Haiguang Information to achieve a closed-loop layout from high-end chip design to high-end computer systems, enhancing its competitive edge in the industry [8][9][10] - Beike has established a robust position in the real estate brokerage market, with a significant market share in both existing and new home transactions. The company’s "true housing source" standard and ACN network address service quality issues, creating a unique competitive advantage. The projected total transaction volume for 2024 is CNY 3.3 trillion, with net revenue reaching CNY 934.6 billion, marking a historical high [11][12] Group 3: Industry Insights - The computing industry is undergoing a transformation with a focus on domestic chip production and intelligent computing infrastructure. The merger of Haiguang Information and Zhongke Shuguang is expected to accelerate the localization of the computing industry in China, enhancing the overall competitiveness of the sector [8][9] - The real estate market is showing signs of recovery, supported by policy measures. Beike's diversified business model, including home decoration and rental services, positions it well for future growth. The company is expected to leverage its brokerage strength to drive growth in its ancillary services [11][12]

以下文章来源于格隆汇投资学苑 ，作者格隆汇小编 格隆汇投资学苑 . 中国领先的全球投资研究平台。全球视野，下注中国！让普通的投资者能够享受到专业的投研服务，让 每一个个体的投资之路不再孤单和艰难。 今日 ， A 股市场 进入 震荡，三大指数 均收阴 ，上证指数 跌 0. 44 % ， 收至 3384.82 点 ；深证成指下跌 0. 86 % ，创业板指跌幅 达 1.17 % 。沪深 两 市 全天 成交额达 14154 亿元，显示市场活跃度维持在较高水平，但个股呈现普跌态势，超 400 0 只个股飘 绿，结构性分化特征凸显。 一、领涨板块：防御与成长共舞 1 、 银行板块今日成为稳定市场的核心力量。兴业银行股价刷新历史高点，民生银行、南京银 行、长沙银行等均创下阶段新高。这一强势表现源于多重政策红利：国企考核优化、保息差政 策落地、地方债务置换推进及金融互换便利等政策组合拳，为银行业筑牢根基。在市场震荡 期，银行股高股息与避险属性成为资金 " 避风港 " 。 2 、 创新药板块延续强劲涨势，昂利康、哈三联、众生药业等多股涨停。驱动因素主要来自三 方面： 1 ） 人口老龄化加速背景下医药消费刚需属性凸显 2 ） ...

Group 1 - Haiguang Information disclosed a major asset restructuring plan on June 9, proposing to issue A-shares to all shareholders of Zhongke Shuguang in exchange for their shares [1] - The exchange price for Haiguang Information's shares is set at 143.46 CNY per share, while the exchange price for Zhongke Shuguang's shares is 79.26 CNY per share [1] - After the merger, Zhongke Shuguang will be delisted, and Haiguang Information will inherit all assets, liabilities, businesses, personnel, contracts, and other rights and obligations of Zhongke Shuguang [1] Group 2 - According to Zhongtai Securities, the strategic restructuring is expected to achieve complementary capabilities in the computing power industry chain and technical synergy, creating an integrated solution for "domestic chips + server systems" [1] - The merger aims to enhance the development of high-end chips and optimize integrated technology solutions, accelerating the realization of economies of scale [1] - Dongwu Securities indicated that in the short term, the rotation of themes will continue, and a weak dollar environment could benefit Chinese assets, potentially leading to a new round of growth in A-shares [2] Group 3 - On June 10, following the merger announcement, Zhongke Shuguang's shares hit the daily limit, while Haiguang Information's shares rose nearly 9% [2] - The Huashan Xinchuan ETF trio, including the Sci-Tech Chip ETF (588290), Sci-Tech Information ETF (588260), and Digital Economy ETF (159658), received significant market attention and capital inflows [2] - The Sci-Tech Chip ETF closely tracks the Shanghai Stock Exchange Sci-Tech Board Chip Index, reflecting the performance of semiconductor-related companies [3]