Core Insights - The article discusses the performance and trends of various ETFs, highlighting the strong market conditions and sector rotations, particularly in the food and beverage sector, as well as advancements in AI technology and domestic chip manufacturing [4][6]. Market Overview - The overall market sentiment is positive, with the food and beverage sector showing significant strength, particularly in liquor stocks, which are expected to enter a mid-cycle buying point after a four-year adjustment period [6]. - The food and beverage index closed with a nearly 2% increase, indicating a potential for continued upward movement as valuations remain low [6]. Sector Performance - The top-performing sectors on the day included: - Communication: +25.70 billion - Electronics: +21.80 billion - Food and Beverage: +9.09 billion - The sectors with the largest outflows were: - Computers: -96.86 billion - Pharmaceuticals: -65.10 billion - Machinery: -42.73 billion [2]. ETF Highlights - The "AI Core Trend" ETFs, particularly the "Science and Technology Innovation Artificial Intelligence ETF," have shown a 4.28% increase over the past six months, reflecting strong investor interest in AI technologies [4]. - The "Smart Manufacturing ETF" and "Electronics ETF" also reported positive performance, with increases of 10.78% and 10.52% respectively over the same period [4]. Investment Opportunities - The article suggests that the current market conditions present a favorable opportunity for investment in the food and beverage sector, as well as in AI and semiconductor industries, driven by domestic demand and technological advancements [6][4].

智通财经APP获悉，7月23日港股市场，北水成交净卖出13.2亿港元，其中港股通(沪)成交净卖出9.28亿 港元，港股通(深)成交净卖出3.92亿港元。 北水净买入最多的个股是中国人寿(02628)、中芯国际(00981)、中国能建(03996)。北水净卖出最多的个 股是国泰君安国际(01788)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 腾讯控股 | 30.84 乙 | 32.61 Z | 63.44亿 | | HK 00700 | | | -1.77 乙 | | 国泰君安 ... | 26.74亿 | 25.71 乙 | 52.45 Z | | HK 01788 | | | +1.04 乙 | | 阿里巴巴-W | 20.13 乙 | 24.28亿 | 44.41亿 | | HK 09988 | | | -4.16 Z | | 巨星传奇 | 20.22 乙 | 19.55亿 | 39.78亿 | | HK 08883 | | | +6688.27万 | | 美团-W | 14.29 乙 ...

| 6.08亿 | 4.51亿 | 10.59亿 +1.57亿 | | --- | --- | --- | | 小米集团-W 5.07亿 | 5.00亿 | 10.07亿 +670.13万 | | 中国龙工 4.09亿 | 4.10亿 | 8.18亿 -86.81万 | | 康方生物 HK 09926 HK 01810 HK 03339 | | | 智通财经APP获悉，7月22日港股市场，北水成交净买入27.17亿港元，其中港股通(沪)成交净买入29.85 亿港元，港股通(深)成交净卖出2.67亿港元。 北水净买入最多的个股是中国人寿(02628)、建设银行(00939)、中芯国际(00981)。北水净卖出最多的个 股是国泰君安国际(01788)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 东方电气 | 22.70亿 | 21.05 乙 | 43.74 Z | | HK 01072 | | | +1.65 亿 | | 华新水泥 | 19.01亿 | 15.88 亿 | 34.89 乙 | | ...

Group 1 - Suiyuan Technology is preparing for an IPO on the A-share Sci-Tech Innovation Board, with its third progress report on listing guidance recently released [2] - The report indicates that the company has determined preliminary fundraising targets, while the overall scale and feasibility of the fundraising projects are still under continuous verification [2] - Suiyuan Technology has completed ten rounds of financing, raising nearly 7 billion yuan, and is valued at 16 billion yuan, making it to the Hurun "2024 Global Unicorn List" [2] Group 2 - Tencent is the largest shareholder of Suiyuan Technology, holding approximately 20.5% of the shares, along with other significant investors like Wuyuefeng Capital and the National Semiconductor Integrated Circuit Fund [3] - The company is likely to divest non-core assets and focus on its main business to avoid competition and enhance its chances for a successful IPO [3] Group 3 - The AI chip industry is experiencing a push for domestic alternatives, with several companies, including Suiyuan, Muxi Integration, Biran Technology, and Moore Threads, also pursuing IPO plans [4] - Despite significant R&D investments, AI chip companies face notable profitability pressures, and there are concerns about potential structural overcapacity or market saturation as more companies enter the field [5] - While the domestic AI chip industry is developing rapidly, there remains a gap in technical strength and market share compared to international leaders like NVIDIA, indicating challenges for Suiyuan in its IPO journey [5]

Investment Rating - The report suggests focusing on domestic AI development-driven sectors such as servers, IDC, switches, and connectors, as well as overseas AI development-driven sectors like servers and optical modules [4] Core Insights - The U.S. Department of Commerce upgraded chip controls against China, banning Huawei's Ascend chips and limiting U.S. chips for AI training in China, which is expected to benefit domestic chip suppliers [1][6] - NVIDIA's AI chip shipments fell short of expectations, leading to a projected slight decline in capital expenditures from domestic internet companies in the short term, but this will accelerate the domestic replacement of AI chips [1][5] - The establishment of an AI chip R&D center in Shanghai by NVIDIA and a significant order for 18,000 GB300 servers from Saudi Arabia highlight the global strategic layout and increasing demand for high-speed optical modules and liquid cooling technology [1][6] Summary by Sections Communication Sector Overview - The telecom operators achieved a total revenue of 446.9 billion yuan in the first quarter of 2025, a year-on-year increase of 0.7%, with a total telecom business volume growth of 7.7% [3][12] - The optical module exports saw a growth of 19.6% year-on-year in March, with a cumulative growth of 3.18% from January to March 2025 [28][30] Server Sector - The server index experienced a slight decline of 2.51% this week, primarily due to delays in NVIDIA's GB200 deliveries and lower-than-expected capital expenditures from companies like Alibaba [5][6] - The report anticipates that the domestic AI chip supply will benefit from the U.S. chip control upgrades, which may lead to a long-term increase in AI-driven business growth [5][6] Optical Module Sector - The optical module industry is showing signs of recovery, with leading companies like NewEase and Zhongji Xuchuang reporting significant revenue growth of 179% and 264% respectively in Q1 2025 [7] - The overall revenue of the optical module sector increased by 48% year-on-year, driven by AI computing demand and cost reduction measures [7] IDC Sector - The IDC industry is expected to grow driven by increasing AI computing demand and supportive policies, with resources concentrating on companies that meet energy consumption standards and have sufficient project reserves [2]