Core Viewpoint - The article discusses the latest holdings of the "National Team" in the A-share market as of the end of Q2 2025, highlighting their significant investments in traditional industries, particularly in the financial sector, and the performance of their key stocks. Group 1: National Team Holdings Overview - As of the end of Q2 2025, the "National Team" was involved in 804 A-share companies, with a total holding value of approximately 44,362 billion yuan, an increase of about 2,312 billion yuan from the previous quarter [3][5]. - The "National Team" includes entities such as Central Huijin, China Securities Finance, and social security funds, which play a crucial role in stabilizing the market [3][20]. Group 2: Sector Allocation - 85% of the "National Team's" holdings are concentrated in the financial sector, with bank stocks alone accounting for 33,124 billion yuan, representing 74.67% of their total holdings [5][8]. - Other sectors with significant holdings include food and beverage, public utilities, and construction decoration, each exceeding 500 billion yuan [5]. Group 3: Stock Performance - Among the "National Team's" major holdings, 10 companies saw stock price increases exceeding 100% since April 2025, with notable performances from AI computing and innovative pharmaceutical companies [8][10]. - A total of 25 companies with holdings over 1 billion yuan experienced stock price increases of over 60% since April, indicating strong market performance [8]. Group 4: Major Holdings - The "National Team" held over 10 billion yuan in 152 companies, with 33 companies exceeding 100 billion yuan in holdings [10]. - Major bank holdings include China Bank (11,158.12 billion yuan), Industrial and Commercial Bank (10,608.27 billion yuan), and Agricultural Bank (9,825.95 billion yuan), collectively accounting for over 70% of the "National Team's" A-share holdings [10][12]. Group 5: New Investments and Adjustments - In Q2 2025, the "National Team" initiated positions in 155 new companies and increased holdings in 343 companies, while reducing positions in 136 companies [17]. - Notable new investments include companies in the electronics and biopharmaceutical sectors, with some stocks like Deep South Circuit and Yifang Bio seeing price increases over 100% since April [17][18]. Group 6: Central Huijin and Social Security Fund - Central Huijin holds the largest market value among "National Team" members, with significant investments in major banks [4][28]. - The social security fund has the highest number of holdings, with a focus on maintaining a diversified portfolio across various sectors [4][28].

Core Viewpoint - The liquid cooling sector is poised to become a core investment direction in the AI computing revolution, with increasing penetration rates and a shift from speculative trading to fundamental support [4][6][10]. Group 1: Market Dynamics - In August, the AI market expansion spread from optical modules and PCBs to server power supplies and liquid cooling [1]. - Companies like Invec, Oulu Tong, and Megmeet have seen their stock prices reach historical highs, indicating a growing interest in the liquid cooling sector [2]. - The liquid cooling concept has been developing for nearly two years, but the actual market implementation has been slow [5][6]. Group 2: Technological Advancements - The demand for liquid cooling technology is becoming urgent with the release of NVIDIA's Blackwell series chips, which require advanced cooling solutions [8][10]. - The transition from air cooling to liquid cooling is driven by the increasing power requirements of GPUs, with the B200 and B300 chips necessitating liquid cooling solutions [7][8]. - The penetration rate of liquid cooling in AI data centers is expected to rise significantly, from 14% in 2024 to 33% in 2025, as major cloud service providers upgrade their infrastructure [12]. Group 3: Investment Opportunities - The liquid cooling market is projected to reach 100 billion RMB by 2026, driven by the increasing demand for AI servers and the expansion of liquid cooling solutions [15]. - Companies in the liquid cooling supply chain, such as Invec, have seen substantial stock price increases, with Invec's stock rising nearly 98% in August alone [17]. - The liquid cooling sector is expected to replicate the success of the optical module and PCB markets, with potential for significant growth and investment opportunities [20][27]. Group 4: Competitive Landscape - The liquid cooling industry can be divided into two categories: system integrators like Invec and manufacturers focusing on individual components [28]. - The entry of domestic manufacturers into the global liquid cooling supply chain is anticipated, similar to the previous trends seen in the PCB market [22][24]. - The high entry barriers in the liquid cooling sector are primarily due to the need for advanced system integration capabilities, which many manufacturers currently lack [32][35].

Core Viewpoint - Industrial Fulian's market capitalization has reached 1.07 trillion yuan, making it the 13th member of the "trillion club" in A-shares, highlighting a significant shift in market recognition towards manufacturing giants beyond traditional sectors like finance and energy [3] Group 1: Market Performance - On August 29, Industrial Fulian's stock price hit a limit up at 53.83 yuan, leading to a market cap of 1.07 trillion yuan [3] - Industrial Fulian is the third non-financial and non-energy company to join the trillion club, following Ningde and BYD [3] Group 2: Business Strategy - The company's success is attributed to its positioning in two major sectors: the "Apple chain" and the "NVIDIA chain," leveraging its strong manufacturing foundation and becoming a core supplier for NVIDIA's AI servers [3] - Industrial Fulian's business spans communication equipment, cloud computing, and industrial interconnectivity, showcasing a stable operational base [3] Group 3: Financial Performance - In its recently released 2025 semi-annual report, Industrial Fulian reported revenue of 360.7 billion yuan and a profit of 12.1 billion yuan, with growth rates exceeding 30% [3] Group 4: Investment Insights - The company exemplifies the importance of being rooted in strong sectors and adapting to emerging trends, which is crucial for long-term investment success [3] - The recognition of manufacturing giants in the A-share market indicates a shift towards valuing hard technology manufacturing alongside traditional sectors [3]

Group 1 - The core viewpoint of the article highlights the strong performance of Hunan Aihua Group in the first half of 2025, with revenue reaching approximately 1.961 billion yuan, a year-on-year increase of 1.89%, and a net profit attributable to shareholders of approximately 135 million yuan, up 59.06% [1][2] - The aluminum electrolytic capacitor industry is experiencing a significant recovery, driven by surging demand in emerging sectors such as new energy vehicles, photovoltaics, wind power, industrial automation, and data centers [1][2] - The global capacitor market is projected to exceed 21.1 billion USD by 2025, with a compound annual growth rate of 3%, where high-voltage, high-frequency, and low ESR products are expected to be the main growth drivers [1] Group 2 - Aihua Group's strategic focus on high-growth sectors has led to an increase in the revenue share of industrial and new energy products to 52.75%, becoming the core engine of its performance [2] - The company has achieved breakthroughs in AI server power modules, photovoltaic inverters, and energy storage converters, while maintaining steady growth in the consumer and home appliance markets through high-end product positioning [2] - Aihua Group has consistently adhered to an "investor-centric" philosophy, distributing cash dividends of 59.817 million yuan in June 2025, which accounts for 30.18% of the annual net profit, and has cumulatively distributed 1.7 billion yuan since its listing, demonstrating long-term investment value [2] Group 3 - Looking ahead to the second half of 2025, the market for high-performance capacitors is expected to continue expanding due to increased penetration of new energy vehicles, accelerated installation of wind and solar energy storage, and surging demand for AI computing power [2] - Aihua Group plans to deepen its technological breakthroughs in high-voltage, high-frequency, and solid-state capacitors while optimizing production capacity and global layout to solidify its position as a "world-class capacitor company from China" [2]

Core Insights - Huawei's strategy of "exchanging profit for technology" is evident in its significant investment in core technology research and development, particularly in the first half of 2025 [2][10] - The company's revenue for the first half of 2025 reached 427.04 billion RMB, a year-on-year increase of 3.95%, while net profit decreased by 32.2% to 37.20 billion RMB due to high R&D expenditures [2][3] - R&D expenses amounted to 96.95 billion RMB, representing 22.7% of total revenue, marking the highest proportion in history [2][3] Financial Performance - The decline in profit is attributed to a significant loss of 5.84 billion RMB in "fair value changes" compared to a minor loss of 0.035 billion RMB in the same period last year [3] - A positive highlight in the financial report is that operating cash flow turned positive with a net inflow of 31.18 billion RMB, contrasting with negative cash flows in previous years [3] Business Segments - Huawei operates six major business segments: ICT infrastructure, terminals, cloud computing, digital energy, smart automotive solutions, and chips & devices [4] - The ICT infrastructure segment generated 369.90 billion RMB, accounting for 42.9% of total revenue, but faces pressure due to reduced 5G investments from telecom operators [4] - The terminal segment performed well, with Huawei regaining the top position in the Chinese smartphone market with a shipment of 12.50 million units and a market share of 18.1% in Q2 2025 [5] Smart Automotive Solutions - Huawei does not manufacture cars but provides core technologies for smart driving and connected vehicles, achieving significant market share and technological advancements [5] - The revenue from the smart automotive solutions segment was 26.35 billion RMB, representing only 3% of total revenue, indicating limited short-term contribution to overall revenue [5] Chip and Device Business - The chip and device segment, previously known as "Shanghai HiSilicon," aims to enhance Huawei's chip capabilities and drive the semiconductor industry [6] - Huawei's chip business spans various fields, with significant products including the Kirin series for mobile, Kunpeng for data centers, and Ascend for AI computing [7] - The Kunpeng CPU has captured over 20% of the server market in China, while the Ascend chip holds about 23% of the AI chip market [7][9] AI Computing Developments - Huawei has made strides in AI computing, addressing performance limitations of the Ascend 910 chip and launching the CloudMatrix 384 "super node" solution [8] - The company has invested over 10,000 personnel in R&D for AI capabilities, indicating a strong commitment to advancing its technology [8] - The domestic AI chip market is expected to see a significant increase in localization, with projections indicating a rise from 17% in 2023 to 55% by 2027 [9]

新华财经上海8月30日电（记者魏雨田）近期，公募基金2025年中期报告陆续开始披露，安信基金、摩 根士丹利基金、融通基金、鹏华基金等多家机构旗下绩优基金的重仓方向随之浮出水面。 安信基金经理陈鹏管理的安信洞见成长混合A表现亮眼。新华财经数据显示，截至8月28日，该基金今 年以来净值涨幅为99.69%，接近翻倍。今年上半年，该基金在新消费、创新药和算力三大方向发力， 捕捉到多只翻倍牛股。从具体持仓来看，前十大重仓股中，新易盛、中际旭创等标的聚焦算力赛道，信 达生物、三生制药、绿叶制药构成创新药投资矩阵，而泡泡玛特则为新消费方向热门标的。 同样表现突出的还有2024年的"冠军基"——摩根士丹利基金经理雷志勇管理的大摩数字经济混合A。截 至8月28日，该基金2025年以来净值上涨61.36%。从最新披露的中报数据看，截至6月30日，该基金共 持有50只个股，持仓聚焦AI算力核心产业链，包括新易盛、海光信息、寒武纪等代表性标的。 对于下半年市场走向，基金经理持有积极看法。雷志勇表示，当前市场正处于新旧动能转换的关键阶 段，科技创新已开始形成对经济的向上牵引力，投资者的悲观预期得到有效扭转。从产业层面跟踪来 看，AI产 ...

全球化布局持续完善，产能扩张奠定后续增长基础。当前公司积极推进全球化布局，通过境内外自建工 厂与并购逐步完成全球化产能的建设，持续构建兼具高端制造、客户服务与区域协同的运营网络，其 中，国内产能以惠州总部为核心，结合各生产线的技术优势，划分成多层板一至六处和HDI一处、二 处，各生产单位产品定位清晰，同时可根据客户需求协同作业，大幅减少了客户前期引入及认证周期。 此外，为了满足全球客户对高多层及高阶HDI的海外交付需求，公司积极提升全球化交付和服务能力， 在泰国、越南投资建设生产线，海外高端PCB产能持续扩充，为公司未来业绩增长提供有力支撑。 单季盈利水平大幅提升，经营业绩步入高增阶段。当前AI算力需求强劲，持续推动高端高多层以及HDI 需求，公司紧抓行业高端结构性需求，实现经营业绩的快速增长，25H1公司实习营收90.31亿元，同比 +86%，实现归母净利润21.43亿元，同比+366.89%，利润率方面，随着高端产品占比提高，25H1公司 毛利率和净利率分别增长至36.22%和23.73%。单季度来看，25Q2公司营收达47.19亿元，同比 +91.51%，环比+9.42% ， 实现归母净利润12.22 ...

Core Viewpoint - Mengwang Technology Group Co., Ltd. has decided to terminate the acquisition of assets due to a contractual dispute that led to the freezing of shares held by the transaction counterparty, which does not meet regulatory requirements [1][5][6]. Group 1: Termination of Acquisition - The company announced the termination of the acquisition of 100% equity in Hangzhou Bicheng Digital Technology Co., Ltd. for a transaction price of 1.28 billion yuan and a fundraising amount not exceeding 830 million yuan [5]. - The termination was prompted by a court summons received by Hangzhou Chengxiang, resulting in the freezing of 10.51 million shares of the target company, which significantly impacts the transaction [5][6]. - This situation reflects a broader trend where other companies, such as Guozhong Water, have also had to terminate acquisitions due to similar equity issues [7]. Group 2: Financial Performance - Mengwang Technology has reported continuous losses over the years, with revenues of 3.175 billion yuan, 4.157 billion yuan, 5.234 billion yuan, and 4.404 billion yuan from 2021 to 2024, and net profits of -238 million yuan, -722 million yuan, -1.822 billion yuan, and 42 million yuan during the same period [9]. - In the first half of this year, the company generated revenue of 1.539 billion yuan, a year-on-year decrease of 33.89%, while the net profit attributable to shareholders was 9.2399 million yuan, a slight increase of 0.05% [9]. - Despite expectations of profitability in 2024, the performance in the first half of 2025 is projected to decline again, raising concerns about the company's ability to recover from its financial difficulties [9].

精密线缆解决方案商，立讯控股赋能"数据中心+汽车"业务发展——汇聚科技 （1729.HK）首次覆盖报告 汇聚科技是定制电线互连方案供应商，立讯精密是控股股东。基于：1）AI算力 维持景气度，公司数据中心电线组件、特种线缆、服务器ODM业务收入持续高 速增长；2）汽车智能化趋势推动汽车线缆需求高速增长，Le o n i K与公司汽车 线束相关业务有望持续发挥渠道、技术等协同效应。 点击注册小程序 摘自： 精密线缆解决方案商，立讯控股赋能"数据中心+汽车"业务发展——汇聚 科技（1 7 2 9 .HK）首次覆盖报告 （点击阅读原文） 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 市场观点纷繁芜杂，光大研究荟萃本周重点报告，涵盖总量、行业、公司研究，为您筛选有价值的 声音。 每周六早8点，"研选"助您快 ...

Market Performance - The semiconductor industry index (931865) decreased by 3.59% as of August 29, 2025, with notable declines in stocks such as Northern Huachuang (6.48%) and Chipone (5.84%) [2] - The Sci-Tech Innovation Board chip index (000685) fell by 3.32%, led by Shengke Communication (7.87%) and Aojie Technology (7.70%) [6] - The Sci-Tech Innovation Board new materials index (000689) saw a smaller decline of 0.85%, with Tiancheng Technology leading gains at 12.01% [7] ETF Performance - The semiconductor industry ETF (159582) dropped by 3.48%, with a recent price of 1.89 yuan, but had a weekly increase of 19.65% as of August 28, 2025 [2] - The Sci-Tech chip ETF (588990) decreased by 8.91% to 2.28 yuan, yet it recorded a weekly rise of 29.89% [6] - The new materials ETF (588010) fell by 1.06% to 0.75 yuan, with a weekly increase of 4.28% [7] Company Financials - SMIC reported a revenue of $4.456 billion for the first half of the year, a 22% increase year-on-year, with a net profit of $320 million, up 35.6% [8] - Zhongwei Company achieved a revenue of 4.961 billion yuan, a 43.88% increase, with a net profit of 706 million yuan, up 36.62% [8] - BOE Technology Group's revenue reached 101.278 billion yuan, an 8.45% increase, with a net profit of 3.247 billion yuan, up 42.15% [8] Industry Trends - Samsung is set to use its second-generation 2nm process for Tesla's AI6, with improvements in performance, power, and area [9] - Nvidia is actively seeking export licenses for its Blackwell architecture to China, estimating the market size at $50 billion with a potential annual growth rate of 50% [10] Investment Insights - The semiconductor sector is expected to continue benefiting from inventory replenishment and domestic substitution, with strong fundamentals from companies like SMIC and Zhongwei [11] - The demand for AI-related products is anticipated to drive upgrades in cooling and storage solutions [11] ETF Details - The semiconductor industry ETF has a recent scale of 214 million yuan, marking a six-month high, with a one-year net value increase of 100.05% [14] - The Sci-Tech chip ETF has reached a scale of 390 million yuan, also a six-month high, with a one-year net value increase of 150.14% [19] - The new materials ETF has seen a scale increase of 43.71 million yuan in two weeks, with a one-year net value increase of 80.67% [26]