Group 1 - The core viewpoint of the article highlights the active performance of computing hardware stocks, particularly PCB and copper cable high-speed connection sectors, with companies like Huadian Co. and Jingwang Electronics reaching historical highs [1] - Huadian Co. and Jingwang Electronics both achieved record highs in their stock prices, indicating strong market interest and investor confidence in the computing hardware sector [1] - Other companies in the sector, such as Yihua New Materials, Jin'an Guoji, Aoshikang, Dongcai Technology, Zhongyi Technology, Shenyu Co., and Wolong Nuclear Materials, also experienced significant stock price increases, with some rising over 5% [1] Group 2 - The news mentions that Nvidia's stock reached a new historical high in the US market, which may have contributed to the positive sentiment in the computing hardware sector [1]

Group 1 - The concept of computing power leasing has experienced a rebound, with Data Port hitting the daily limit up [1] - Other companies in the sector, such as Nanling Technology, Runze Technology, Aofei Data, Guanghuan Xinwang, and Hanggang Co., have all seen their stock prices increase by over 5% [1]

Group 1 - The core viewpoint of the article highlights the strong performance of computing power concept stocks, with Data Port (603881) hitting the daily limit, and Runze Technology (300442) rising over 8% [1] - Other companies such as Aofei Data (300738), Kehua Data (002335), and Industrial Fulian (601138) also experienced significant upward movement [1] - There is an influx of dark pool funds into these stocks, indicating increased investor interest and potential market activity [1]

证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 112 期 2025 年 07 月 04 日 晨会纪要 研究所： 观点精粹: 最新报告摘要 朗科科技(300042.SZ)深度报告：积极布局算力生态，韶关"东数西算"核心受益--朗科科技/计算机设备 (300042/217101) 公司 PPT 报告 证券研究报告 1、最新报告摘要 1.1、朗科科技(300042.SZ)深度报告：积极布局算力生态，韶关"东数西算" 核心受益--朗科科技/计算机设备(300042/217101) 公司 PPT 报告 分析师：刘熹 S0350523040001 存储行业引领者，韶关国资委为公司实控人 公司是闪存盘的发明者，成立于 1999 年，于 2010 年在创业板上市，经过二十余年的行业积累，产品覆盖 SSD、 DDR、嵌入式存储和移动存储等多个品类，远销 60 多个国家及地区，产品应用于手机、平板电脑、电子计算 机等下游领域。2022 年 4 月韶关城投通过司法拍卖的方式获得公司 4987.5 万股。截至 2024 年年报，韶关城 ...

Group 1 - The Hang Seng Index opened down by 0.7% and the Hang Seng Tech Index opened down by 0.75% [1] - Xiaopeng Motors (09868.HK) opened down nearly 2% following the launch of its first L3-level AI vehicle, the Xiaopeng G7 [1]

要闻提示 NEWS REMIND 1. 被曝已通知全面停工停产，工资只发到6月，罗马仕深夜发声：没倒闭 2.字节被曝两年半造出千台机器人，长期目标是具身智能 3.格力高管放话：世界最好的空调一定是中国的格力，格力钛的车绝对不起火、不爆炸 4.字节多维表格AI产品负责人王翛离职二次创业 5.荣耀方飞回应苹果做折叠屏iPhone：荣耀折叠屏已经接近无人区，非常期待同台竞技 6.造车新兵「星空计划」工厂明年竣工，首款车2027年投产 7 . 微软大裁员引Xbox员工不满：一边告诉我们这是盈利最强的一年，一边却启动了裁员 8.TikTok 对美国电 商部门启动新一轮裁员，官方回应称"做出艰难决定" 今日头条 HEADLINE NEWS 被曝已通知全面停工停产，工资只发到6月，罗马仕深夜发声：没倒闭 7月4日消息，罗马仕在充电宝自燃、召回事件发生后，成了大家关注的焦点。日前有报道称，罗马仕员工 透露7月1日开始内部已经陆续通知员工全面停工停产，正式公告还没出，员工工资只发到6月份。对此， 罗马仕官微深夜发文辟谣，称"没有倒闭，感谢关心。" 同时罗马仕还表态：定将努力解决所有朋友、用户及合作伙伴的一切问题。值得注意的是， ...

Group 1 - In the first half of the year, 82.97% of the 8267 comparable mixed funds saw an increase in net value, with 6859 funds rising and 1398 funds declining [1] - Six mixed funds achieved a growth rate exceeding 70%, with the top three being theme products focused on the Beijing Stock Exchange [1][2] - The top-performing fund, China CITIC Bank's Beijing Stock Exchange Selected Two-Year Open Mixed A, recorded a growth of 82.45% and a cumulative net value of 2.3271 yuan since its establishment [1][5] Group 2 - The China CITIC Bank's Beijing Stock Exchange Selected Two-Year Open Mixed Fund A and C are primarily invested in companies that meet the "specialized, refined, unique, and innovative" criteria in various sectors, including medical beauty and automotive parts [2] - The fund manager, Gu Xinfeng, has extensive experience in investment research and management within the industry [2] - Other funds with over 70% growth include Changcheng Medical Industry Selected Mixed Fund A and C, and Bank of China Hong Kong Stock Connect Medical Mixed Fund A, with growth rates of 75.18%, 74.73%, and 70.08% respectively [2][3] Group 3 - The Changcheng Medical Industry Selected Mixed Fund A and C focused on innovative drug sectors, investing in companies with disruptive innovation and those that have commercialized their products [3] - The fund manager, Liang Furui, has a background in medical research and has been with Changcheng Fund Management since 2019 [3] - Four funds from Caitong Fund Management Company were among the top ten funds with the largest declines, each dropping over 16% [3][4]

Market Overview - The A-share market experienced a significant rally, with all three major indices rising, and the Shanghai Composite Index reaching a new high for the year at 3461.15 points, up 0.18% [1] - The Shenzhen Component Index closed at 10534.58 points, up 1.17%, while the ChiNext Index rose 1.90% to 2164.09 points [1] - The total market turnover exceeded 1.33 trillion yuan, with over 3200 stocks advancing [1] Consumer Electronics Sector - The consumer electronics sector showed strong performance, with an overall increase of 2.83%, ranking third among industry sectors for the day [2] - Notable individual stock performances included Lens Technology rising over 11%, and Industrial Fulian hitting the daily limit, with a net inflow of 20.23 billion yuan [2] - Analysts predict strong order growth for Industrial Fulian in the next 3 to 5 years, driven by robust demand from cloud service providers [2][3] PCB and Computing Power Industry - The PCB and computing power-related stocks saw a collective rise, with the PCB concept sector increasing by 3.27% [4] - Key players like Dongshan Precision and Shenghong Technology reached new highs, with Dongshan Precision planning to complete the acquisition of Solstice Optoelectronics by Q3 [4] - The overall outlook for the communication sector is improving, particularly for light module leaders, driven by surging AI demand in North America [5] Solid-State Battery Sector - The solid-state battery sector rebounded, with an overall increase of 1.77%, and 173 stocks within the sector rising [7] - Notable performers included Hong Kong Technology rising nearly 16% and Huasen Lithium rising over 15% [7] - The solid-state battery industry is accelerating its industrialization process, with expectations for long-term growth as performance improves [8]

工业富联在未来仍然具备较大的投资机会，预计今年（2025 年）有超过 20% 的上涨空间。当前股价涨停的基础上，初步目标价为 5,510 元以上。主要原因 包括海外算力产业链的共振、公司的基本面兑现以及盈利预测和估值。 海外算力产业链对工业富联有哪些影响？ 工业富联 20250703 摘要 海外算力产业链进入业绩兑现和估值修复阶段，AI 服务器市场规模和业 绩空间巨大，工业富联受益于海外产业链共振，与台湾友商相比，其市 值仍有增长空间。 工业富联云计算业务中的 AI 服务器是核心增长引擎，2025 年一季度占 比已超 50%，受益于英伟达 GPU200 出货量增加，预计二季度出货量 将超过 3,500 台，通用服务器增速也超过 50%。 工业富联数通类产品在 800G 渗透率提升及 AI 驱动下保持景气向好趋势， 精密结构件在大客户高端机型中份额保持良好增长，基本面在二季度开 始进入较好的兑现阶段。 预计 2025 年第二季度，公司基本 200 产品出货量预计在 3,500 至 4,000 台之间，单价为 350 万美元，乐观估计销售收入可能达到 800 亿至 1,000 亿人民币，实现显著营收增长。 公司持 ...

Core Viewpoint - The performance of fund manager Jin Zicai has drastically declined in 2025 after a successful 2024, with his funds experiencing significant losses due to high portfolio similarity and poor risk management strategies [2][5][12]. Group 1: Performance Overview - In 2024, Jin Zicai's fund "Caitong Jingqi Zhenxuan" achieved a remarkable 51.85% return, ranking second in the market, with four other funds also performing well [2]. - By the first half of 2025, Jin Zicai's seven managed funds averaged a loss of approximately 17%, with six funds ranking among the top ten in terms of losses [2][4]. - The funds "Caitong Duocelue Fuxin" and "Caitong Jiangxin Youxuan" saw declines exceeding 17%, placing them in the bottom ranks [4]. Group 2: Investment Strategy Issues - The funds managed by Jin Zicai exhibited a high degree of portfolio overlap, with six stocks appearing in the top ten holdings of multiple funds, indicating a lack of diversification [5][8]. - The concentration of top holdings was notably high, with "Caitong Duocelue Fuxin" having 61.12% of its net value in its top ten holdings during the first quarter of 2025, a significant increase from 80% in 2024 [8]. - This "copy-paste" investment strategy led to a situation where all funds either thrived or suffered together, resulting in collective performance downturns in 2025 [8]. Group 3: Market Reaction and Stock Performance - Jin Zicai's strategy of chasing high-performing stocks led to significant losses, as evidenced by the poor performance of his funds despite some of the underlying stocks performing well [10][12]. - Stocks that were reduced in Jin Zicai's portfolios, such as "Wancheng Group," saw substantial gains shortly after being sold, highlighting the misalignment between his trading decisions and market movements [12]. - The funds under Jin Zicai's management exhibited weak risk control, with maximum drawdowns exceeding 40% over the past three years, indicating a lack of effective risk management practices [12].