证券研究报告 | 浙商早知道 报告日期：2025 年 07 月 07 日 浙商早知道 2025 年 07 月 07 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 ：zhangyanbing@stocke.com.cn 重要推荐 【浙商纺服 马莉/詹陆雨/邹国强】海澜之家（600398）公司点评：主业企稳+新业态加速，稳增长高分红属性凸显 ——20250704 重要观点 重要点评 【浙商通信 张建民/王逢节】通信 行业深度：ASIC 深度：AI 算力添动力，打开成长新空间——20250705 http://www.stocke.com.cn 1/5 请务必阅读正文之后的免责条款部分 【浙商策略 廖静池/王大霁/赵闻恺】策略深度报告：银行：趋势的力量，坚定的胆量——20250704 【浙商科创&海外策略 王杨】科创&海外市场策略深度研究：解码主题投资兼论稳定币机会——20250704 【浙商策略 廖静池/王大霁】A 股策略周报：多头格局继续，持原仓、享收益、不追高——20250705 浙商早报 1 重要推荐 1.1 【浙商纺服 马莉/詹陆雨/邹国强】海澜之家（600398） ...

财政部公布第三季度国债发行有关安排显示，三季度将发行11期超长期特别国债 ，7月、8月、9月分别发行3期、4期、4期。 程序化交易新规7月7日（本周一）实施 ，近期市场传言称"新规中高频交易频率将从每秒299次降至30次"，对此，多家量化私募均称该传言不属实，现行 监管标准未作调整。 7月7日，中国6月外汇储备、中国6月黄金储备量(万盎司)公布 。 7月9日，中国国家统计局将公布6月CPI、PPI数据。 同一天，美国关税暂停期到期。特 朗普4月2日宣布对全球几十个国家输美产品征收所谓"对等关税"，之后迫于压力暂缓90天执行。与此同时，新西兰联储公布利率决议和货币政策评估报 告。7月10日，美联储公布货币政策会议纪要。 富国中证AAA科技创新公司债ETF、华夏中证AAA科技创新公司债ETF、招商中证AAA科技创新公司债ETF、博时上证AAA科创债ETF等首批10只科创债 ETF将于7月7日起发售 日本政府计划派遣经济再生担当相赤泽亮正再度访美，在本周举行第八轮关税谈判。 日美谈判达成妥协的最大障碍是汽车，日本要求大幅下调加征的 25%关税遭美方拒绝。美国总统特朗普此前表示，不考虑延长7月9日关税谈判截止日期；若 ...

日前，记者从青海省工业和信息化厅获悉，青海省在招商引资过程中，以省委、省政府出台的《青海省 关于进一步加强招商引资工作因地制宜发展新质生产力的若干措施》(以下简称"23条措施")为指引， 以"六大工程"筑牢发展根基、"六大行动"强化推进动能，从产业政策、服务机制、开放合作三方面协同 发力，采取一系列创新举措吸引优质项目落地。 通过重点产业引领工程，打造盐湖资源综合利用、新能源等五大特色产业集群；实施招大引强突破工 程，精准引进强链补链延链重大项目；依托重大项目促进工程，保障项目顺利落地；借助企业梯度培育 工程，激发市场主体活力；推进园区提档升级工程，提升产业承载能力；开展技术创新提升工程，增强 产业发展动能，为招商引资提供坚实支撑。 深入贯彻23条措施中聚焦优势产业延链招商，传统产业升链招商，新兴产业建链招商的要求，依托本省 清洁能源装机占比超94.6%、40%"天然冷源"的能耗优势，深耕绿色算力赛道。发布5项绿色算力地方标 准，出台专项建设方案，明确"1+2+N"绿色算力基地布局，建成西宁国家级互联网骨干直联点等重大设 施。省委、省政府高位推进，连续两年在北京召开绿色算力产业发展推介会，在全国率先实现新能源 ...

相关研究 杨海晏 A0230518070003 yanghy@swsresearch.com 袁航 A0230521100002 yuanhang@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 陈俊兆 A0230124100001 chenjz@swsresearch.com 联系人 陈俊兆 (8621)23297818× chenjz@swsresearch.com 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 电子 《AI 推动国产算力，先进制程版图重塑 （AI 硬件深度之一暨 GenAI 系列深度之五 十）》 2025/03/09 《AI+车载:2025 算力与算法新星熠熠!— —2025 年电子&计算机投资策略》 2024/12/17 证券分析师 2025 年 07 月 06 日 沐曦股份及摩尔线程获科创板 IPO 受理，算力自主化趋势再明确 看好 ——AI 算力行业跟踪点评 本期投资提示： 本研 ...

Investment Rating - Industry rating: Recommended [6] Core Insights - The GB300 is expected to start volume production in the second half of the year, with significant advancements in AI performance and capabilities [1][8] - The central government emphasizes high-quality development of the marine economy, with wind power generation rapidly increasing, accounting for over 12% of total power generation [2][10] - There is a strong growth in overseas AI demand, particularly from new enterprises, driving high capital expenditure in AI [3][14] Summary by Sections GB300 Launch - CoreWeave announced the first market delivery of the NVIDIA GB300 NVL72, featuring advanced AI performance with over exaflop capabilities and significant improvements in user response speed and throughput [1][8] Marine Economy Development - The central government is focusing on enhancing the marine economy through policy support and encouraging social capital participation, with wind power generation capacity rapidly increasing [2][10] Investment Recommendations - The report recommends focusing on the AI capital expenditure and related sectors, highlighting the growth potential in the optical module industry and PCB supply chain [3][14] - Specific beneficiary stocks include NewEase, Zhongji Xuchuang, and Tianfu Communication in the optical module sector, and China Telecom, China Mobile, and China Unicom in the telecommunications sector [3][16][17] - The marine economy sector is also highlighted, with companies like Zhongtian Technology and Hengtong Optic-Electric being potential beneficiaries [4][15]

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5] Core Insights - The global computing infrastructure remains highly prosperous, with a continued positive outlook on computing directions. The global server market is expected to reach $366 billion in 2025, growing by 44.6% year-on-year. The market for GPU-equipped servers is projected to grow by 46.7%, nearly accounting for half of the overall market [12][19][22] - The deployment of NVIDIA's GB300 AI systems has begun, indicating sustained growth in the global AI landscape. CoreWeave and Dell Technologies announced the launch of the first batch of GB300 NVL72 AI systems, which are equipped with advanced GPUs and CPUs to meet increasing AI computing demands [23][24] - China Mobile's procurement of AI servers worth 3.2 billion yuan marks a significant acceleration in AI inference computing infrastructure development, highlighting the urgency for operators to enhance AI application capabilities [35][40] Summary by Sections Industry News Tracking - The global computing infrastructure is expected to maintain high prosperity, with a focus on computing directions. The global server market is projected to reach $366 billion in 2025, with a year-on-year growth of 44.6% [12][19] - The Chinese GenAI IaaS market is anticipated to grow by 165% year-on-year in the second half of 2024, reaching 8.74 billion yuan, marking a significant share in the overall AI IaaS market [16][22] Market Performance Review - The communication index fell by 0.10% this week, while the Shanghai and Shenzhen 300 index rose by 1.54%, resulting in a relative return of -1.64%, ranking 26th among primary industries [3][48] Investment Recommendations - Focus on AI computing infrastructure across various segments, particularly in optical devices and copper connection industries, which are expected to benefit from the global AI development [4][55] - Long-term investment in the three major telecom operators is recommended due to their stable operations and increasing dividend ratios, with a cumulative revenue of 748.8 billion yuan in the first five months of the year, reflecting a 1.4% year-on-year growth [4][55]

但咱得拎清楚啊，高换手率就像火锅店里的热闹劲儿：看着红火，得看是真材实料还是营销噱头。有些票是因为行业政策出利好，机构和游资抢筹；可也不 排除个别小票靠概念炒作拉人气，就跟路边摊喊麦似的，看着热闹但没啥真东西。就说这涨幅居前的诚邦股份，做生态修复的，突然放量大涨，您得看看是 不是业绩真有拐点，还是纯靠市场情绪推着走。 作为熬了20年的老江湖，我送大伙儿两句实在话：第一，中长线投资咱得看"地基"，别被短期换手率晃花眼。就像盖房子，热闹的施工场面重要，但钢筋水 泥的质量更关键，得盯着公司的护城河、现金流和行业地位。第二，高换手的板块里确实藏着机会，但得学会"沙里淘金"。比如电力设备里的储能细分赛 道，既有政策托底又有业绩增长，这就比纯炒概念的靠谱多了。 最后提醒一句：换手率就像股市的"体温表"，高烧不退时得警惕是不是"虚火"。咱宁可错过一波短期热闹，也别在概念炒作里当了接盘侠。投资这事儿，跟 煲汤似的，得耐住性子等火候，您说对吧？ 大伙儿周末好啊，我是帮主郑重。这礼拜A股有个事儿挺惹眼——97只股票换手率齐刷刷超过100%，北方长龙更是飙到257%，这量能放得跟开闸放水似 的。好多朋友私信问：这热闹背后到底藏着啥 ...

东吴证券（601555）研报称，本轮指数突破中，金融是上行突破的助推器，从本周行情来看，其角色演 绎或已接近尾声。金融股带动指数搭台后，成长板块有望"登台唱戏"，尤其是当前筹码和位置具备优势 的泛科技方向。当前部分产业趋势品种的股价位置和拥挤度仍处于历史中偏低水平，尤其AI板块成交 占比仍处在2023年以来23%的历史分位，科技成长方向的人工智能、算力产业链等环节具有配置价值。 (第一财经) ...

0:00 21世纪经济报道记者倪雨晴 深圳报道 华为的昇腾，让英伟达黄教主都坐不住了。他公开表示，华为昇腾CloudMatrix 384超节点，部分性能上 甚至超过英伟达的产品。 华为的384超节点方案，就像全真七子用剑阵打黄药师，集群一起上，黄药师还真有点招架不住。 海外专业机构SemiAnalysis更是直接点名：384超节点的整体计算能力是英伟达GB200机柜的1.6倍！ 在单芯片性能受限、制裁持续的情况下，华为昇腾是真能打，还是"自嗨"？它是如何与英伟达竞争的？ 国产算力究竟到了什么水平？还有什么差距？ 今天，我们就带着这些问题，一口气了解对垒英伟达的国产芯片，昇腾。 和英伟达"掰手腕" 目前昇腾最主力的产品叫"昇腾910"。但以往的昇腾芯片，更多是作为"备胎"使用的——因为美国断 供，英伟达、AMD最高端的芯片买不到，很多厂商只能硬着头皮用国产，而昇腾已经是国产芯片中的 佼佼者。 过去几年，昇腾其实主要用在AI"推理"环节，也就是模型训练好之后，用它来支持大模型生成内容、聊 天等应用环节。但模型训练？说实话——很少用国产芯片，原因也简单：单卡性能弱、生态不够用、系 统稳定性差。 但这一切，在2024 ...

Group 1 - The article highlights a significant phenomenon where, despite a net outflow of over 9 billion from the stock market, 19 stocks attracted more than 200 million in investments, with沃尔核材 receiving over 1.4 billion [1][3] - 沃尔核材 is noted for its involvement in both nuclear fusion and ultra-high voltage sectors, indicating a strategic positioning in essential energy transitions, which may attract long-term investments [3] - 协鑫能科 received over 500 million in investments, linked to its positioning in the energy storage sector, particularly with the increasing demand for new technologies like molten salt storage [3] Group 2 - Other companies like 数据港 and 信雅达 are also highlighted for their connections to current market trends, with 数据港 focusing on AI computing and data centers, while 信雅达 is associated with financial technology [3] - The article discusses the outflow of funds from companies like 东方财富 and 中际旭创, attributing it to market volatility and profit-taking, rather than fundamental issues [4] - The analysis emphasizes the importance of understanding the underlying logic behind capital flows, suggesting that significant inflows may indicate industry turning points or undiscovered company strengths [4]