Market Performance - On July 29, the Shanghai Composite Index rose by 0.33%, the Shenzhen Component Index increased by 0.64%, and the ChiNext Index surged by 1.86%[1] - The total trading volume in the Shanghai and Shenzhen markets approached 1.8 trillion yuan, showing a slight increase compared to the previous trading day[1] - Over 2,200 stocks in the two markets experienced gains, indicating a strong market performance[1] Sector Highlights - Key sectors that saw significant gains included telecommunications, pharmaceuticals, electronics, steel, oil, and defense industries[1] - The ChiNext Index's strong performance was driven by technology growth stocks, particularly in the innovation drug and computing power supply chains[2] Capital Flow - On July 29, net inflows into the Shanghai Stock Exchange amounted to 13.446 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 8.955 billion yuan[3] - The top three sectors for capital inflow were semiconductors, communication equipment, and medical services, while the largest outflows were from state-owned banks, urban commercial banks, and the electricity sector[3] Economic Policies - The Ministry of Agriculture and Rural Affairs announced a plan to boost agricultural product consumption, involving 23 specific measures to stimulate market growth[4] - The establishment of a third central enterprise automobile group aims to enhance the development of smart connected new energy vehicles[5][6] Monetary Policy - The People's Bank of China conducted a 449.2 billion yuan reverse repurchase operation, resulting in a net injection of 234.4 billion yuan into the market[7] Trade Statistics - In the first half of the year, trade between China and Central and Eastern European countries reached 522.88 billion yuan, marking a 6.8% year-on-year increase[8] Fund Management - In the second quarter, public funds increased their holdings in bank stocks, with the banking sector reaching its highest allocation in nearly four years[12] - QDII funds have begun to impose purchase limits, with some funds suspending large subscriptions due to high demand[13]

Group 1 - The core viewpoint of the articles highlights a strong performance in the semiconductor materials and equipment sector, particularly driven by AI-related capital expenditures and innovations in chip architecture [1][2] - The STAR Market Semiconductor Materials and Equipment Theme Index has seen a significant increase of 1.83%, with notable gains in constituent stocks such as ZKFC and Huafeng Measurement Control [1] - The STAR Semiconductor ETF (588170) has experienced a robust trading activity, with a turnover rate of 12.83% and a total transaction volume of 51.56 million yuan, reaching a new high in scale and shares over the past three months [1] Group 2 - Tianfeng Securities indicates that the AI capital expenditure cycle is still on the rise, which is expected to continuously drive the demand for computing infrastructure [2] - The STAR Semiconductor ETF (588170) tracks the STAR Market Semiconductor Materials and Equipment Theme Index, focusing on semiconductor equipment (59%) and materials (25%), which are crucial for domestic substitution [2] - The semiconductor materials and equipment industry is positioned to benefit from the expansion of semiconductor demand driven by the AI revolution and advancements in lithography technology [2]

2025年7月29日早盘，光模块等AI硬件反复走强，光模块含量超33%的创业板人工智能涨超2%继续上探 新高！其中，中际旭创放量飙升超9%创历史新高，总市值上升至创业板第四位，长芯博创、天孚通 信、新易盛等纷纷涨超5%，太辰光、联特科技、兆龙互连等多股涨超1%。 投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息（包括但不限于个股、评论、预 测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负 责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容 所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业绩并不代表其未来表现，基金管 理人管理的其他基金的业绩并不构成基金业绩表现的保证，基金投资须谨慎。 长江证券表示，2025Q2通信板块获公募显著加仓，光模块为核心增配方向；北美科技巨头纷纷加码AI 投资，算力军备竞赛全面提速，我们判断AI产业链"戴维斯双击"时刻已到，AI商业变现提速带动PE估 值提升。通信板块估值仍处于低位，具备较高配置性价比。 国盛证券认为，A股算力产业链是稀缺的真成长板块。未来随着AI商业化的持续落地 ...

Core Viewpoint - The article discusses the growing importance of the optical module market driven by the demand for AI servers and the evolution of NVIDIA's GPU technology, highlighting the interconnectedness of various components in the computing infrastructure [2][3][5]. Industry Overview - The computing power supply chain involves NVIDIA designing GPUs, TSMC manufacturing them, and various ODMs assembling servers for major cloud providers like Amazon, Google, and Microsoft [2]. - A-share companies have a low participation rate in IC design and manufacturing but hold significant shares in PCB, optical modules, and server ODM segments, which are closely tied to NVIDIA's performance [2]. Optical Module Market - Optical modules are essential for large-scale AI model training and inference, enabling efficient data transmission between GPUs in a cluster [3][5]. - The transition from copper cables to optical transmission is necessary due to the limitations of copper in handling high-frequency signals over long distances, which can lead to signal loss and inefficiencies [5]. Technological Advancements - NVIDIA's GPUs have seen a significant increase in network communication speeds, with the latest models requiring optical modules capable of handling 800G to 1.6T speeds [6]. - The ratio of GPUs to optical modules in a three-layer network setup is approximately 1:3.5, indicating a strong demand for optical modules as GPU deployment increases [6]. Investment Opportunities - Investment in communication ETFs and funds focusing on optical modules and server ODMs is recommended, as these sectors show strong performance and growth potential [7]. - The optical module market is expected to benefit from the increasing volume and technological advancements in NVIDIA's GPUs, leading to a rise in demand for related components [7].

Group 1 - Huawei will showcase the Ascend 384 super node at the 2025 World Artificial Intelligence Conference, marking its first offline exhibition of this technology [1] - The demand for PCBs is expected to grow due to the recovery in downstream electronic demand and the ongoing boom in AI and high-speed communication sectors [1] - Domestic PCB manufacturers are gradually enhancing their position in the high-end market, with an increasing share in AIPCB supply, driven by technological advancements and product competitiveness [1] Group 2 - Companies like Qichuang Data focus on IoT smart terminals and data storage devices, leveraging their storage technology to enter the computing hardware market [2] - Sichuan Changhong, through its joint venture Huakun Zhenyu, has designed Ascend servers and won a 650 million yuan AI server procurement contract from China Mobile [2]

Market Overview - A-shares experienced a high and then a pullback, with the Shanghai Composite Index losing and regaining the 3600-point mark. The total trading volume was 1.86 trillion yuan, with over 4000 stocks declining [1][5][11] - The financial sector showed significant movement, with the leading brokerage stock, Dongfang Caifu, achieving the highest trading volume of 19.2 billion yuan. The A-share leading brokerage ETF (512000) rose nearly 3% during the day, closing up 0.88% after a five-day strong performance [1][5][7] Sector Performance Brokerage Sector - The brokerage sector, known as the "bull market flag bearer," showed a clear upward trend, with the brokerage ETF (512000) reaching a new high for the year. The sector's trading volume increased by 63% compared to the previous day [5][11] - Major brokerages like Dongfang Caifu and CITIC Securities saw significant trading volumes, with CITIC Securities rising nearly 4% during the day [7][8] Medical Sector - The medical sector showed signs of recovery, with notable performances from CXO and medical device companies. Stocks like Zhaoyan New Drug and Opu Kangshi hit their daily limit, with the largest medical ETF (512170) reaching a four-month high [1][12][15] - The medical ETF (512170) recorded a trading volume of 10.52 billion yuan, marking a 45% increase from the previous day [12][15] Future Outlook - According to Everbright Securities, August may be a critical month for the market, with attention on the semi-annual reports of listed companies and potential easing of external uncertainties. The market is expected to enter a new phase of upward momentum [2] - The brokerage sector is seen as a good opportunity for investment, with significant net inflows into the sector, indicating a positive feedback loop of capital inflow and market rise [8][11] ETF Performance - The brokerage ETF (512000) and the medical ETF (512170) both showed strong performances, with the former gaining 0.88% and the latter rising 1.14% [2][12] - The medical sector's recovery is supported by positive earnings forecasts from several leading CXO companies, indicating a significant improvement in industry conditions [17][19]

Group 1 - The core viewpoint highlights a significant rebound in the optical module sector and AI applications, with notable stock performances from companies like Guangku Technology and Lian Te Technology [1] - The AI application sector is showing active performance, with stocks such as Tuoer Si and Han De Information experiencing gains [1] - The market sentiment for the AI-focused ETF (159363) improved after a three-day decline, indicating a recovery in trading activity with a total transaction volume of 160 million yuan [1] Group 2 - The outlook for the optical module sector suggests a dual increase in performance and valuation, making it a key area for investment focus [3] - Multiple companies in the computing power industry are reporting strong earnings forecasts, reflecting sustained high demand for AI computing power [3] - The A-share computing power industry is viewed as a rare growth sector, with expectations for a shift in valuation systems towards growth stocks as AI commercialization progresses [3] Group 3 - Citic Securities reports that Nvidia's resumption of H20 sales and advancements in next-generation systems are boosting confidence in the domestic AI industry chain [4] - The AI industry chain is expected to accelerate due to supportive policies and ongoing innovations in AI applications [4] - The first ETF tracking the entrepreneurial board AI index is recommended for investment, focusing on core opportunities in AI computing power [4]

Core Viewpoint - The recent recovery in the A-share market is supported by traditional industries like cement, steel, and photovoltaic, alongside emerging sectors such as computing power and robotics, driven by technological breakthroughs [2] Group 1: Market Sentiment and Foreign Investment - The Shanghai Composite Index has stabilized around 3500 points and is moving towards 3600, with several foreign public funds expressing optimism about the future performance of the A-share market [2] - Bridgewater Associates recommends a moderate increase in Chinese stocks due to policy support and relatively low valuations [2] - BlackRock indicates that the resilience of China's stock, bond, and foreign exchange markets has exceeded expectations this year [2] - In the second quarter, six foreign public funds increased their stock holdings, with notable growth rates of 491.66% and 348.49% for Robeco and Invesco, respectively [2][3] Group 2: Fund Holdings and Performance - Morgan Stanley Fund, which recently became a foreign public fund, reported an asset scale of 297.49 billion yuan and a significant increase in stock holdings [10] - Morgan Chase Fund has a total asset scale of 1989.01 billion yuan, with a focus on high-quality companies, and has seen a notable increase in stock values [4][5] - Manulife Fund, focusing on the computing power industry, reported significant gains in its top holdings, with major stocks reaching historical highs [7][8] - Robeco Fund has increased its stock holdings significantly, with a focus on blue-chip stocks like Kweichow Moutai and Ningde Times [13][14] Group 3: Sector Focus and Growth Potential - Manulife Fund's top three holdings are in the computing power supply chain, benefiting from the ongoing demand in this sector [7][8] - Morgan Stanley Fund's top holding, China National Materials, has seen a 93.08% increase since the end of the first quarter, indicating strong performance in the materials sector [11][12] - BlackRock Fund's top holding, Haili Wind Power, has also performed well, with a notable increase in stock value [15][17] - Fidelity Fund emphasizes the growth potential of Chinese technology stocks, highlighting the shift from being the "world's factory" to becoming a "world innovator" [20][21]

长城证券认为，随着算力需求的持续火热，H20 的重新回归一方面为AI 应用企业提供了更多的算力选 择，缓解了部分高端芯片短缺的燃眉之急，有助于加速AI 应用的商业化落地。另一方面，打破了部分 市场主体对外部供应链的幻想，望激励国产厂商加速产品迭代，坚定迈向全栈自主之路，助力国产替代 浪潮，我们持续看好相关产业链投资机会。 科创人工智能ETF华夏（589010）紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼具高 研发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 今日截至14点29分，科创人工智能ETF华夏（589010）下跌1.05%，盘中跌幅有所扩大，回调进程加 速，或迎来低吸布局的有利时点。持仓股方面，优刻得领跌6.91%，合合信息、亚信安全、奥比中光跌 幅超3%。流动性方面，盘中换手14.06%，成交总额达1020万，维持量能释放中枢值。 消息方面，安克创新依托亚马逊云科技生成式AI技术，加速推进研发、营销服务及AI能力平台的智能 化转型。借助Amazon Bedrock与Amazon Q Developer，其AI代码采用率已超50%。同时，基于Amazon Co ...

Market Overview - A-shares experienced a mixed performance with the Shanghai Composite Index down 0.04% at 3558.35, while the Shenzhen Component Index rose 0.22% to 11031.81, and the ChiNext Index increased by 0.54% to 2309.19 [1][2] - Hong Kong stocks showed slight gains, with the Hang Seng Index up 0.07% at 25012.75 and the Hang Seng Tech Index down 0.03% at 5583.70 [2][3] Bond Market - The bond market saw collective gains in government bond futures, with the 30-year contract up 0.10%, the 10-year contract up 0.03%, the 5-year contract up 0.03%, and the 2-year contract up 0.02% [3][4] Commodity Market - Domestic commodity futures mostly rose, with coking coal increasing nearly 5%, and other commodities like alumina, industrial silicon, and polysilicon rising over 3% [4][5] - The shipping index fell by 4.7% [5] Sector Performance - The computing power industry chain was active, with stocks like Yuanjie Technology and Taicheng Light rising over 10% [7][8] - Electric power equipment stocks continued to rise, with Harbin Electric up over 5% and Dongfang Electric up 3% [9] Notable Stocks - The stock of Shangwei New Materials hit a 10-day limit up, setting a record for consecutive limit-ups in A-shares, with a trading volume exceeding 1.3 billion [10][12] - The concept stocks related to the Yajiang Hydropower Station saw significant gains, with multiple stocks hitting the limit-up [15][16]