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].

证券代码：002916 证券简称：深南电路 深南电路股份有限公司投资者关系活动记录表 编号：2025-26 公司 PCB 业务在深圳、无锡、南通及泰国（工厂在建）均设有工厂。一方面，公司通过 对现有成熟 PCB 工厂进行技术改造和升级，打开瓶颈，提升产能；另一方面，公司有序推 进南通四期项目建设，构建 HDI 工艺技术平台和产能，目前正在推进项目基础工程建设。公 司将结合自身经营规划与市场需求情况，合理配置业务产能。 Q5、请介绍公司泰国工厂投资规模及业务定位。 公司在泰国工厂总投资额为 12.74 亿元人民币/等值外币。目前基础工程建设按期有序推 进中，具体投产时间将根据后续建设进度、市场情况等因素确定。泰国工厂将具备高多层、 HDI 等 PCB 工艺技术能力，其建设有利于公司进一步开拓海外市场，满足国际客户需求， 完善产品在全球市场的供应能力。 Q6、请介绍公司 2025 年第一季度封装基板业务经营拓展情况。 公司封装基板产品覆盖种类广泛多样，包括模组类封装基板、存储类封装基板、应用处 理器芯片封装基板等，主要应用于移动智能终端、服务器/存储等领域。具备了包括 WB、FC 封装形式全覆盖的封装基板技术能力 ...

A股今日（7月3日）全线上扬，创业板指大涨近2%；港股弱势下探，恒生指数、恒生科技指数盘中均跌超1%。 具体来看，沪指盘中窄幅震荡上扬，深证成指涨超1%，创业板指涨近2%。截至收盘，沪指涨0.18%报3461.15点，深证成指涨1.17%报10534.58点，创业板 指涨1.9%报2164.09点，沪深北三市合计成交13336亿元，较此前一日减少逾700亿元。 场内近3300股飘红，创新药概念再度爆发，广生堂（300436）、神州细胞20%涨停，热景生物等涨超10%；PCB概念崛起，逸豪新材（301176）、中一科 技（301150）20%涨停，铜冠铜箔（301217）涨近14%；消费电子概念拉升，蓝思科技（300433）涨超11%，工业富联（601138）、鹏鼎控股 （002938）、大为股份（002213）等涨停；值得注意的是，宁德时代（300750）盘中一度大涨超5%。 算力产业链股活跃 PCB、复合铜箔等算力产业链股集体拉升，截至收盘，逸豪新材、中一科技20%涨停，铜冠铜箔涨近14%，博敏电子（603936）、鹏鼎控股等均涨停。 行业方面，2025年二季度，通信公司业绩预期分化，但总体较一季度改善。得 ...