还有，A股休市期间，美股涨幅超3%，恒生科技涨超3%，富时A50指数涨超1%，也刺激了今天A股的 涨势。 第二点，今天A股的开盘，特别的漂亮，没有大幅高开，而是小幅高开且回补了跳空缺口，这种走势有 利于全天的强势，上涨的路径比较平坦，给多头更多的信心。 我们再来看看板块的情况：可控核聚变概念全线爆发。消息面上，合肥紧凑型核聚变能实验装置项目工 程总装工作正式启动，较原计划提前两个月。有机构表示，可控核聚变或为人类能源终极解决方案，未 来商业化发展前景广阔，近年来国内外可控核聚变项目持续推进，商业化进程有望加速。 鸿蒙概念股表现活跃。消息面上，华为开发者大会定档6月20-22日召开，根据显示，这次大会可以深度 体验HarmonyOS最新版本的设计。此外，鸿蒙PC版也可能会在此次大会亮相。 稀土永磁概念股涨幅居前。消息面上，自宣布对7类中重稀土相关物项实施出口管制后，稀土金属价格 在数周内达到了创纪录的高位。欧洲锑价上涨两倍多，铽价累计涨幅超210%。有机构指出，稀土价格 处于周期底部位置，价格中枢有望上移，此外2025年人形机器人开始进入量产阶段，若按照远期1亿台 人形机器人销量，远期增量空间约20-40万吨。 ...

Market Performance - The A-share market experienced a strong opening on May 6, with the Shanghai Composite Index closing above 3300 points, up by 1.13%, while the Shenzhen Component and ChiNext Index rose by 1.84% and 1.97% respectively [1] - Nearly 5000 stocks in the market saw gains, with a total trading volume of 1.34 trillion yuan, an increase of 166.8 billion yuan compared to the previous trading day [1][2] - The average stock price across the A-share market increased by 2.6%, marking a significant improvement compared to the first trading days of the previous four months [2] Sector Performance - Key sectors that led the gains included controllable nuclear fusion, rare earth permanent magnets, and Huawei-related stocks, while banking stocks saw declines [1][4] - The controllable nuclear fusion sector saw a notable increase of 6.32%, while rare earth permanent magnets rose by 5.45% [4][8] - The technology growth style is gaining favor among institutions as they become more optimistic about the sector [4][6] Economic and Policy Context - The market's strong performance is attributed to a rebound in global risk assets during the May Day holiday and a strengthening of the yuan, indicating a demand for catch-up in Chinese assets [6] - Economic and performance data risks have been cleared, and the policy stance remains focused on stability, which is expected to enhance market risk appetite [6][14] - The impact of tariffs on the market is diminishing, and the focus is shifting towards sectors with continuous catalysts, particularly in technology and growth [6][14] Specific Industry Developments - The controllable nuclear fusion project in Hefei has officially launched, aiming to demonstrate fusion energy generation, which is expected to advance China's fusion energy development [7] - Rare earth metal prices have surged significantly following China's export controls, with dysprosium prices doubling and terbium prices increasing by over 210% [8] - The AI computing industry is showing strong performance, with companies in this sector reporting positive earnings, indicating sustained high industry prosperity [14]

消息面上 新华财经北京5月6日电 （王媛媛） A股今日迎来五月首个交易日，市场全天高开高走迎节后开门红， 创业板指领涨，沪指收盘重回3300点上方。截至收盘，沪指报3316.11点，涨1.13%，成交5518亿元；深 证成指报10082.34点，涨1.84%，成交7844亿元；创业板指报1986.41点，涨1.97%，成交3625亿元。 板块方面，可控核聚变、稀土永磁、鸿蒙、CPO等板块涨幅居前，银行等少数板块下跌。 盘面热点 盘面上，可控核聚变概念股集体大涨，海陆重工等涨停。鸿蒙、算力概念股震荡走强，南天信息等10余 股涨停。机器人概念股反复活跃，南山智尚等多股涨停。 个股涨多跌少，全市场近5000只个股上涨。 机构观点 巨丰投顾：周二市场震荡反弹，金属新材料板块涨幅居前。近期，人民币升值，叠加关税摩擦降温预 期，这些因素为市场走强提供助力。在政策刺激作用下，A 股市场有望与经济发展同步迎来向上的拐 点，后续或将以震荡上行的趋势运行。在具体投资方向方面，从中线角度来看，建议重点关注半导体、 消费电子、人工智能、机器人、低空经济等维持高景气度领域的增量投资机会。 中信证券：预计风险偏好还有回升空间，A股将继续 ...

金十数据5月6日讯，5月6日早盘，三大指数震荡上行，截至午间收盘，沪指涨0.94%，深证成指涨 1.66%，创业板指涨2%。盘面上看，可控核聚变概念大涨，久盛电气、合锻智能等多只个股涨停；稀土 永磁概念大涨，盛和资源等涨停；华为鸿蒙概念、数字货币概念、CPO概念、算力概念、光刻机概念、 有色板块等均大涨，银行、旅游等板块下跌；全市场半日成交额逾8600亿元，约4800只个股上涨。 A股午评：创业板指涨2% 可控核聚变、稀土永磁概念大涨 ...

智通财经5月6日电，市场早盘高开高走，创业板指领涨。沪深两市半日成交额8493亿，较上个交易日放 量1353亿。盘面上热点良性轮动，个股涨多跌少，全市场超4800只个股上涨。从板块来看，可控核聚变 概念股集体大涨，海陆重工等涨停。鸿蒙概念股表现活跃，南天信息等10余股涨停。稀土永磁概念股震 荡走强，盛和资源等涨停。板块方面，可控核聚变、稀土永磁、鸿蒙、CPO等板块涨幅居前，银行等少 数板块下跌。截至收盘，沪指涨0.94%，深成指涨1.66%，创业板指涨2%。 午评：创业板指半日涨2% 全市场超4800只个股上涨 ...

Summary of Conference Call on ABF Substrate Industry Industry Overview - The ABF (Ajinomoto Build-up Film) substrate market is expected to experience oversupply conditions until the second half of 2026, with a projected 7% oversupply in 2025 [1][11][25]. - The total addressable market (TAM) for ABF substrates has been revised down by 12% and 10% for 2025 and 2026, respectively, due to lower-than-expected AI server GPU substrate shipments and increased pricing pressure [2][22]. Key Insights - **Demand Dynamics**: The demand for AI server substrates has been cut by approximately 50% for 2025, reflecting a significant decrease in AI server rack shipments, which are expected to decline by 35% [2][60]. - **Pricing Pressure**: The average selling price (ASP) for AI GPU substrates has decreased from over US$120 earlier in the year to US$100, indicating a challenging pricing environment [2][60]. - **Impact on Suppliers**: Tier-2 suppliers like Unimicron and Kinsus are expected to face significant challenges due to their exposure to legacy ABF products and weaker-than-expected spillover orders from tier-1 suppliers [2][9][24]. Supplier Performance - **Unimicron**: Downgraded to Neutral from Buy due to weaker AI spillover orders and a slow PC demand outlook. Target price revised from NT$170 to NT$90 [9][10]. - **Kinsus**: Downgraded to Sell from Neutral, with a new target price of NT$63, reflecting less favorable growth in the mid-to-low-end ABF substrate market [9][10]. - **Ibiden**: Maintained Buy rating with a target price of ¥6200, benefiting from its leading position in the high-end substrate market [10][22]. - **Zhen Ding Technology (ZDT)**: Initiated with a Buy rating, expected to benefit from ABF demand expansion from Chinese IC design houses [8]. Future Catalysts - The mid-to-long-term outlook for Taiwan ABF suppliers is expected to improve with the localization of AI IC production in China, projected to grow at a CAGR of 53% from 2025 to 2027 [3][4]. - Adoption of CPO (Chip-on-Package) technology is anticipated to double the consumption of switch IC ABF substrates compared to general 2.5D packaging substrates [3]. Capacity and Utilization - The overall industry capacity is expected to increase by approximately 40% from 2024 to 2027, with a significant portion of new capacity planned before 2024 [29][53]. - Utilization rates for ABF substrate suppliers are projected to improve in 2025, but overall industry utilization will remain below 80% [27][24]. Risks and Challenges - Potential risks include higher electricity costs in Taiwan and the impact of tariffs, which could increase costs as a percentage of revenue significantly [46][45]. - The overall cash margins for ABF substrate suppliers are expected to remain under pressure until at least the second half of 2025, with a potential recovery starting in 2026 [44][59]. Conclusion - The ABF substrate industry is currently facing a challenging environment with oversupply and pricing pressures, particularly affecting tier-2 suppliers. However, long-term growth opportunities exist through technological advancements and increased demand from AI-related applications. The market is expected to stabilize post-2026, with significant growth driven by AI and server upgrades.

Core Viewpoint - The CPO concept stocks experienced significant fluctuations, with Jiulian Technology rising over 10% following news about Nvidia's efforts to develop a new AI chip compliant with U.S. export regulations to maintain its market share in China after the ban on H20 chips [1] Group 1: Stock Performance - Jiulian Technology saw a rise of over 10% [1] - Other companies such as Shijia Photon, Taicheng Light, Shengyi Electronics, Bochuang Technology, Yuanjie Technology, Dekeli, and Xinyismeng all increased by over 5% [1] Group 2: Market Context - The U.S. government has banned the sale of H20 chips to the Chinese market, prompting Nvidia to accelerate the development of a new AI chip [1] - The new chip aims to comply with U.S. export regulations while allowing Nvidia to retain its market presence in China [1]

暗盘资金一眼洞悉庄家意图>> CPO概念股盘初走高，永鼎股份（600105）涨停，仕佳光子涨超8%，太辰光（300570）、生益电子、 新易盛（300502）纷纷上涨。 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 01 年 月 日 天孚通信（300394.SZ） 技术储备丰富，有望受益于光通信产品迭代。公司始终聚焦高速率、高集 成度、高精度、高可靠性等关键方向，通过持续加大研发投入，推动光器 件解决方案的创新升级。同时，公司积极布局硅光、CPO 等前沿领域核心 技术，目前公司已形成波分复用耦合技术、FA 光纤阵列设计制造技术、 TO-CAN/BOX 封装技术、并行光学设计制造技术等多种技术和创新平台； 并通过产品线垂直整合为客户提供一站式产品解决方案。24 年公司研发 投入 2.3 亿元，较上年同期相比增长 62%。我们预计公司将在本轮 AI 驱 动光器件迅速迭代的产业机遇下，基于其在光通信多年的积累优势，持续 受益于光通信产业的巨大空间。 坚持全球化布局，补充新产品落地。公司积极推进国际化战略，形成双总 部、双生产基地、多地研发中心的产业布局：在苏州和新加坡分别设立海 内外总部；在日本、深圳、苏州设立研发中心；在江西和泰国建立量产基 地。截至 24 年末，公司海外总部和泰国生产基地已进入正常运营。我们 认为，2025 年公司有望进一步扩大产能， ...

FormFactor (FORM) Q1 2025 Earnings Call April 30, 2025 04:25 PM ET Company Participants Stan Finkelstein - VP of Investor RelationsMike Slessor - President and Chief Executive OfficerShai Shahar - Chief Financial OfficerCraig Ellis - Director of ResearchTom Diffely - Director Of Institutional ResearchDavid Duley - Managing PrincipalBrian Chin - Director Conference Call Participants Charles Shi - Managing Director - Senior AnalystNone - AnalystChristian Schwab - Senior Research AnalystDavid Silver - Managing ...