Core Viewpoint - The market experienced a rebound with the ChiNext Index leading the gains, driven by a surge in computing hardware stocks and other sectors [1] Market Performance - The ChiNext Index rose by 1.9%, while the Shanghai Composite Index increased by 0.18% and the Shenzhen Component Index rose by 1.17% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.31 trillion, a decrease of 67.2 billion compared to the previous trading day [1] Sector Highlights - Computing hardware stocks saw significant gains, with multiple stocks hitting the daily limit, particularly in the PCB sector [1] - Innovative drug concept stocks also performed well, with companies like ShenZhou Cell reaching the daily limit [1] - Solid-state battery concept stocks rebounded, with DaDongNan experiencing a dramatic price increase [1] Declining Sectors - The marine economy sector faced adjustments, with Krait falling over 10% [1] - Sectors such as controllable nuclear fusion, marine economy, oil and gas, and gaming showed declines [1]

Group 1 - The Southern Runze Technology Data Center REIT is the first public REIT in the data center sector in China, marking a significant expansion of public REITs' underlying assets and filling a gap in the domestic market [1] - The fund has a total issuance scale of 1 billion shares, with 700 million shares (70%) allocated for initial strategic placement, including 340 million shares (34%) subscribed by the original equity holder Runze Technology Development Co., Ltd. and its affiliates [1] - The fund aims to revitalize high-quality existing assets, enhance asset turnover speed, and broaden financing channels for the company, ensuring sustainable long-term development [2] Group 2 - Runze Technology is a leading technology company in the comprehensive computing power center sector, having established seven AIDC intelligent computing infrastructure clusters across six major regions in China [2] - The global demand for computing power is experiencing explosive growth due to the expansion of AI model scales and digital transformation, with the domestic computing power industry expected to benefit significantly [2] - By 2025, Runze Technology is projected to have delivered a total of 19 computing power centers, leveraging its first-mover advantage in attracting top AI clients amid surging demand [3]

论坛现场举行两项发布活动，东城区副区长邓慧敏推介了东城区数字经济高质量发展布局及政策，聚焦 算力、大模型与产业融合，释放政策引力。北京市东城区新智算力与大模型研究院正式揭牌。 在主旨演讲环节，7位行业领军人物呈现了各自领域的硬核实践。中国信息协会算力网专委会主任梅建 平呼吁避免"百模大战"式低效投入，聚焦"东数西算"工程与超算协同，推动算力如电力普惠可及。圆桌 对话环节，7位来自高校、企业、服务机构和投资机构的嘉宾聚焦"构建产业生态，合作共赢新范式"展 开深入讨论。 本次专题论坛特设"数字经济体验区"。来自东城区内外的7家创新企业集中展示了各自创新技术与解决 方案，参会者可沉浸式感受未来体验。 编辑 白爽 校对 陈荻雁 新京报讯（记者陈琳）7月3日，2025全球数字经济大会专题论坛"国央企数智化转型 链通产业新质生产 力"在东城区王府中心召开。论坛上，北京市东城区新智算力与大模型研究院正式揭牌。该研究院由东 城区政府联合金隅集团等20余家单位共建，定位"政产学研用金服"七位一体创新联合体。 7月3日，2025全球数字经济大会专题论坛"国央企数智化转型 链通产业新质生产力"召开。新京报记者 王贵彬 摄 本次论坛 ...

Group 1 - AI hardware sector showed strong performance on July 3, with significant increases in servers, circuit boards, optical modules, and consumer electronics [1] - The 5G Communication ETF (515050) rose by 2.34%, with Industrial Fulian increasing over 8%, and other stocks like Pengding Holdings, Shenzhen South Circuit, and Dongshan Precision also performing well [1] - The total trading volume of the ETF exceeded 140 million yuan during the session [1] Group 2 - Galaxy Securities anticipates a recovery in the AI computing industry chain in the second half of the year, presenting new investment opportunities [1] - Key sectors for investment include operators, optical communication, satellite internet, and quantum technology [1] - The AI Computing and related industries, including Nvidia and Apple supply chains, are recommended for investment focus [1] Group 3 - The创业板人工智能ETF华夏 (159381) tracks the AI index of companies listed on the ChiNext board, with a daily price fluctuation limit of ±20% [2] - The fund has a management fee rate of 0.15% and a custody fee rate of 0.05%, making it one of the lowest in its category [2] - The index has over 30% weight in optical modules, including leading companies like NewEase, Zhongji Xuchuang, and Tianfu Communication [2]

Core Viewpoint - ST Te Xin (000070.SZ) has announced that it will apply to the Shenzhen Stock Exchange to lift the risk warning on its stock after rectifying issues related to an administrative penalty and adequately provisioning for investor claims [2][6]. Financial Reporting and Penalties - The company has restated its financial reports for the relevant years due to administrative penalties related to financial fraud, which resulted in a cumulative profit inflation of 149 million yuan over five years [3][5]. - Following the fraud incident, the company was designated as "ST Te Xin," leading to a 70% drop in market value as the stock faced nine consecutive trading halts [5]. - The Shenzhen Securities Regulatory Bureau imposed a fine of 8 million yuan on the company and fines ranging from 1 million to 4 million yuan on several former executives, with some facing market bans of up to 10 years [5][6]. Performance and Recovery Efforts - In 2024, the company reported revenues of 4.409 billion yuan, a year-on-year decline of 10.69%, and a net loss of 403 million yuan, a decrease of 47.74% [6]. - Despite the overall decline, the cable segment achieved revenues of 2.931 billion yuan, a year-on-year increase of 6.25%, indicating competitive strength [6]. - The company plans to focus on AI computing power, low-altitude economy drones, and military information technology in its future development strategy [6]. Challenges Ahead - The company faces challenges in rebuilding investor trust, which requires time and consistent, transparent information disclosure [7]. - Increasing industry competition necessitates a transformation in business structure and improvement in profitability [7].

Core Insights - The AI server market is experiencing significant growth, driven by advancements in technology and increasing demand for AI applications [3][4] - Major companies like Quanta Computer are actively involved in the development and testing of next-generation AI server chips, indicating a competitive landscape [3] Group 1: Market Performance - On July 3, notable stock performances included Industrial Fulian rising over 8% and Huajin Technology increasing by 5% [1] - New Asia Electronics saw a price increase of 10.01%, with a market capitalization of 57.96 billion [2] - Industrial Fulian's latest price was 22.91, with a market cap of 4549.51 billion [2] - Huajin Technology's stock price reached 81.92, with a market cap of 468.12 billion [2] Group 2: Industry Developments - Goldman Sachs has raised its forecast for the shipment of AI servers, with expectations for high-performance AI servers like H200 and B200 to reach 525,000 and 527,000 units by 2025 and 2026, respectively [4] - The global AI server shipment is projected to reach 1.811 million units this year, marking a year-on-year growth of 26.29%, with high-end AI servers expected to see a 40% increase [4] - The global server market is anticipated to grow from $216.4 billion in 2024 to $332.87 billion by 2028, with a compound annual growth rate (CAGR) of 18.8% [4] Group 3: Cost Structure - In AI servers, GPU costs can account for nearly 70% of the total cost, significantly higher than other components [5] - Upgrading from standard servers to AI training servers results in substantial increases in the value of components such as memory, SSDs, and power supplies [5]

Cement Industry - The short-term peak-shifting coordination strength in the cement industry is expected to remain high, supporting continuous price improvement [1] - The average price of cement per ton in April-May 2025 was 390 yuan, showing a year-on-year increase of 24 yuan (+6%) compared to the previous quarter [1] - Medium to long-term policies regarding carbon trading and capacity replacement are expected to drive the elimination of outdated capacity, optimizing the competitive landscape [1] - High dividend returns from some cement companies highlight their long-term investment value [1] Traditional Building Materials - The traditional building materials sector is experiencing continued pressure on downstream demand, leading to intensified market competition [2] - The glass fiber sector is seeing structural price increases due to strong demand from wind power and thermoplastics, although overall demand remains weak [2] - The demand for conventional electronic yarn is at historical low price levels, presenting potential opportunities for improvement [2] High-end Electronic Fabrics - The demand for Low Dk electronic fabrics is expected to remain high due to the surge in AI computing power, driving continuous growth in high-layer CPB demand [3] - Domestic companies are gradually breaking the overseas monopoly in Low Dk electronic fabrics, with some achieving small-scale production of second-generation products [3] - The demand for Low CTE electronic fabrics is also high, benefiting from innovations in advanced packaging technology [3] Mergers and Acquisitions - The new restructuring regulations released by the CSRC on May 16, 2025, are expected to stimulate market-driven mergers and acquisitions in the traditional building materials sector [4] - Companies are actively pursuing asset integration to drive transformation in a challenging demand environment [4] - The optimization mechanisms in the new regulations may accelerate industry consolidation [4] Overall Investment Opportunities - The cement sector is highlighted for its value recovery and long-term investment potential, particularly in regional cement leaders [5] - The high-end electronic fabric sector is recommended for investment, focusing on companies with strong expansion momentum [5] - The transformation prospects driven by asset integration in traditional building materials are also emphasized [5]

证券研究报告——晨会聚焦 2025 年 7 月 3 日 | 中银晨会聚焦-20250703 | | --- | ■重点关注 【通信】国产算力高景气持续*吕然 庄宇。美国对先进芯片进口限制持续， 促使国产算力替代进程加快；国内云厂商持续提升相关资本开支并逐步释放 产业需求；同时，国内 AI 大模型及应用迭代推动算力需求提升。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3454.79 | (0.09) | | 深证成指 | 10412.63 | (0.61) | | 沪深 300 | 3943.68 | 0.02 | | 中小 100 | 6512.36 | (0.62) | 行业表现（申万一级） 创业板指 2123.72 (1.13) 重点关注 | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 钢铁 | 3.37 | 电子 | (2.01) | | 煤炭 | 1.99 | 通信 | (1.96) | | 建筑材料 | 1.42 | 国防军工 | (1.94) | | ...

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Group 1 - The 2025 China International Financial Expo was held from June 18 to 20, showcasing nearly 300 exhibitors, including both mainstream financial institutions and emerging tech companies [1] - Fast Warehouse, a tech company specializing in smart warehousing, has transitioned from being a service provider for banking technology to directly serving bank clients with advanced technologies like AI and big data [1] - The expo highlighted the integration of traditional financial institutions with tech companies, indicating a trend towards collaboration in the digital transformation of the financial sector [1] Group 2 - The "role model effect" is accelerating the digital transformation of finance, with larger banks replicating their intelligent business experiences in smaller banks [2] - OceanBase, a self-developed distributed database, has set a record by switching 133 systems in 48 hours, demonstrating its capability to support over 100 banks with critical systems [2] - The acceptance of autonomous innovation in core trading systems is increasing among users, presenting significant opportunities for companies in the industry chain [2] Group 3 - The expo served as a platform for collaboration between financial institutions and tech companies, focusing on innovations in data, technology, management, and compliance [3] - Attendees were not only interested in new intelligent service experiences but also in capturing the future direction of China's financial industry [3] - The vibrant atmosphere of financial innovation was evident as professionals engaged in discussions and formed project groups on-site [3]