Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - Figma's IPO on July 31, 2025, saw its stock price surge by 250%, closing at $115.5 per share, with a market capitalization of approximately $56.302 billion and a price-to-sales ratio exceeding 75x, marking it as the largest IPO in the U.S. for 2025 [3][12] - Figma is a cloud-based collaborative interface design tool that disrupts traditional design tools by emphasizing real-time collaboration and cross-platform compatibility, catering to designers, developers, and product managers [3][12] - The long-term growth logic for Figma includes a comprehensive product matrix covering the entire front-end workflow, significant user penetration potential, rapid growth among top-paying enterprises, and international market expansion as a key growth driver [4][12] Summary by Sections 1. Computer Industry Insights - Figma's successful market entry and high market recognition are expected to boost the rise of domestic design software and strengthen the demand for "self-controllable" solutions, catalyzing growth in the AIGC industry chain [5][12] - Figma Make, a core product, integrates seamlessly with Figma's workflow, allowing front-end engineers to quickly generate basic code directories from design drafts, enhancing efficiency [5][13] 2. Market Performance Review - The computer industry index decreased by 0.20% this week, outperforming the Shanghai Composite Index by 0.74% and the ChiNext Index by 0.54% [15][18] - Year-to-date, the computer industry index has increased by 13.76%, ranking 7th among 31 industry indices [15][18] 3. Technology Software Industry News - The report highlights various sectors including EDA, industrial internet, automotive intelligence, fintech, smart healthcare, and artificial intelligence, indicating ongoing developments and regulatory measures in these areas [24][25][26][29][31][32]

Market Overview - A-shares showed mixed performance on August 4, with the Shanghai Composite Index rising by 0.2% to 3567.02 points, while the Shenzhen Component Index and ChiNext Index fell by 0.28% and 0.49% respectively [1] - The trading volume for the Shanghai Composite was 398.4 billion, Shenzhen Component was 522.4 billion, and ChiNext was 263.2 billion [1] Sector Performance - Strong performance was noted in military industry stocks, AI intelligent agents, and robotics, with multiple stocks hitting the daily limit [1][2] - Conversely, the consumer sector and innovative pharmaceuticals faced corrections, with stocks like Dalian Friendship and Sinovac Biotech dropping significantly [1][2] Institutional Insights - Huatai Securities indicated that A-shares may enter a period of increased volatility, with active local hotspots primarily in AI, capacity clearance, and self-control sectors [3] - CICC highlighted that the recent surge in capital expenditure by overseas companies in the AI sector is expected to continue, with a projected 40% year-on-year growth in power transformer exports in the first half of 2025 [3] - CITIC Securities noted that companies with inherent growth potential in the consumer sector are outperforming, while those closely tied to macroeconomic cycles remain undervalued [3] Industry Developments - The penetration rate of new energy vehicles reached a historical high of 44.3% in the first half of the year [4] - The China Machinery Industry Federation plans to issue growth stabilization plans for machinery, automotive, and electrical equipment sectors to enhance supply capabilities and optimize industry environments [5] - Hainan province is working to optimize its duty-free policies and expand the list of goods available for immediate purchase and delivery, aiming for significant growth in medical tourism and digital economy sectors by 2027 [6]

智通财经获悉，芯片股涨幅居前，截至发稿，华虹半导体(01347)涨5.2%，报41.5港元；上海复旦 (01385)涨3.94%，报32.48港元；中芯国际(00981)涨3.1%，报51.6港元；中电华大科技(00085)涨2.11%， 报1.45港元。 消息面上，据"网信中国"公众号消息，近日，英伟达算力芯片被曝出存在严重安全问题。依据《网络安 全法》《数据安全法》《个人信息保护法》有关规定，国家互联网信息办公室于2025年7月31日约谈了 英伟达公司，要求英伟达公司就对华销售的H20算力芯片漏洞后门安全风险问题进行说明并提交相关证 明材料。 开源证券指出，此次事件是中美科技博弈的缩影，短期虽将抑制国内互联厂商资本开支投入，但长期倒 逼中国AI产业构建"技术-安全-生态"三位一体的自主可控体系，有望推动行业更稳定、健康地发展。国 产替代进程提速下，自主可控链条投资机遇值得关注。华西证券认为，在美国芯片安全法案、H20约谈 等一系列因素催化下，包括华为昇腾、寒武纪等国产AI算力芯片有望借此加速国产化进程，长期确定 性增长主线更加明确。 本文源自智通财经网 ...

开源证券指出，此次事件是中美科技博弈的缩影，短期虽将抑制国内互联厂商资本开支投入，但长期倒 逼中国AI产业构建"技术-安全-生态"三位一体的自主可控体系，有望推动行业更稳定、健康地发展。国 产替代进程提速下，自主可控链条投资机遇值得关注。华西证券认为，在美国芯片安全法案、H20约谈 等一系列因素催化下，包括华为昇腾、寒武纪等国产AI算力芯片有望借此加速国产化进程，长期确定 性增长主线更加明确。 智通财经APP获悉，芯片股涨幅居前，截至发稿，华虹半导体(01347)涨5.2%，报41.5港元；上海复旦 (01385)涨3.94%，报32.48港元；中芯国际(00981)涨3.1%，报51.6港元；中电华大科技(00085)涨2.11%， 报1.45港元。 消息面上，据"网信中国"公众号消息，近日，英伟达算力芯片被曝出存在严重安全问题。依据《网络安 全法》《数据安全法》《个人信息保护法》有关规定，国家互联网信息办公室于2025年7月31日约谈了 英伟达公司，要求英伟达公司就对华销售的H20算力芯片漏洞后门安全风险问题进行说明并提交相关证 明材料。 ...

Group 1 - The core viewpoint emphasizes the importance of artificial intelligence (AI) as a key technology and the necessity for self-control in its development [2][4] - The State Council approved the "Artificial Intelligence+" action plan to promote large-scale commercial applications of AI [2] - China's AI core industry scale has increased from 18 billion to 600 billion from 2017 to 2024, with projections to exceed 1 trillion by 2030 and reach 1.7295 trillion by 2035 [2] Group 2 - The average increase of 40 self-controlled concept stocks in the A-share market has exceeded 8% this year, with individual stocks like Tuowei Information and Ruixin Micro achieving over 30% growth [4][5] - Ruixin Micro, a leader in SoC chips, has a projected net profit of 530 million for the first half of 2025, representing a 190% increase [4] - CloudWalk Technology has seen a year-to-date increase of over 34%, focusing on creating AI systems that integrate various core technologies [4] Group 3 - As of July 31, the total financing balance for the 40 self-controlled concept stocks reached 97.472 billion, a 4.47% increase from the end of last year [6] - Among these stocks, 16 have seen a significant decrease in shareholder numbers, indicating concentrated ownership [6] - Notable companies like Northern Huachuang and Ziguang Guowei have experienced a decline in shareholder numbers by over 15%, suggesting strong market positioning [6] Group 4 - Companies like ShenZhou TaiYue and DaMeng Data have seen significant increases in financing and a decrease in shareholder numbers, indicating strong investor confidence [7][9] - ShenZhou TaiYue's Ultra-CPSG platform has been recognized for its technological innovation, while DaMeng Data is noted for its advancements in shared storage cluster technology [7] - HaiLiang Data has established itself as a leading provider of database technology across various key industries [7]

Core Viewpoint - Huatai Securities released a report indicating that the A-share market is entering a period of increased volatility due to key domestic and international events, with a focus on sectors that show potential for rebound and sustained performance [1] Market Analysis - The market experienced a contraction in trading volume due to fluctuations in the US dollar index and policy expectations, but the selling pressure is considered manageable [1] - The current profit-making effect has reverted to levels seen in mid-July, suggesting a potential stabilization in the market [1] Sector Focus - Key sectors identified for rebound potential include AI, capacity clearance, and self-controllable technologies, which are expected to show continuous improvement in performance [1] - Investment strategies should focus on sectors with high dividend yield and potential for recovery, such as white goods, storage chips, optical fiber cables, chlor-alkali, aviation equipment, intelligent driving, and robotics [1] Strategic Recommendations - The report suggests an overweight allocation in large financials, innovative pharmaceuticals, and military industries to capitalize on growth opportunities [1]

华泰证券策略团队最新研报指出，上周进入海内外关键事件频发的"超级周"，后半周在美元指数、政策 预期扰动下，市场缩量调整，但考虑到目前赚钱效应已回调至7月中旬位置、市场抛压相对可控，短期 A股或进入波动率放大的平台期，局部热点活跃或为基准情形。结合题材容量、补涨空间、业绩持续性 分析，目前具备补涨逻辑且景气改善持续性的板块主要集中于AI、产能出清及自主可控方向。配置 上，把握赔率思维，关注白色家电等跌出股息率性价比的稳健及潜力高股息品种及Q2业绩回升且具备 补涨逻辑的方向，如存储芯片、光纤光缆、氯碱、航空装备、 智能驾驶、机器人等。战略上超配大金 融、创新药、军工。 ...

【导读】回顾周末大事，汇总十大券商最新研判 中国基金报记者 泰勒 1.美国黑天鹅！7月非农就业人数增加7.3万人，不及市场预期 美国7月非农就业人数增加7.3万人，预估为增加10.4万人，前值为增加14.7万人。数据创9 个月以来新低。 更令人担忧的是5月和6月新增就业合计下修25.8万（相当于2个月新增就业近乎归0，当然不 排除7月就业继续下修的可能）。数据公布后，市场对美国经济下行的担忧演绎到了极致，美 元立刻跳水，几乎消化了7月底以来的一半涨幅，美股大跌，而9月降息概率也从此前的不降 息飙升至70%以上。 2.消息人士称主要产油国计划9月继续增产 8月3日，据央视新闻报道，据路透社援引消息人士的话报道，沙特、俄罗斯、伊拉克和阿联 酋等欧佩克和非欧佩克产油国中的 八个主要产油国 ，计划在8月3日举行的会议上批准9月 再 次大幅增产，日均增产54.8万桶 。 欧佩克和非欧佩克产油国中的8个主要产油国2023年11月宣布日均220万桶的自愿减产措 施，此后减产措施多次延期，于2024年12月延长至2025年3月底。8国今年3月决定自4月1 日起逐步增加石油产量，以回撤自愿减产措施。之后，这些主要产油国7月日均 ...

Group 1 - The market is currently experiencing a trend-focused rally rather than a high-cut low rotation, with funds favoring high consensus stocks over low-positioned ones [2] - Recent liquidity growth has slowed down, indicating a need for market cooling to ensure stability [2] - Key sectors of focus include AI, innovative pharmaceuticals, resources, and the Science and Technology Innovation Board [2] Group 2 - The market's risk appetite continues to recover, with high dividend sectors showing mixed performance due to the banking sector's underperformance [3] - Some stable and potential high dividend stocks have become attractive in terms of yield, suggesting emerging value [3] - The cyclical high dividend stocks are expected to perform better due to improved supply-demand dynamics [3] Group 3 - The market is undergoing a short-term adjustment after a previous rally, with a need to refocus on main lines of growth [4] - The upcoming events, such as the September 3 military parade, may provide short-term opportunities in sectors like defense and autonomous control [4] - The technology sector, particularly AI and robotics, is expected to lead the market's recovery [4] Group 4 - The core logic supporting the current market rally remains intact, with potential catalysts for renewed confidence [5] - Key upcoming events include the release of GPT-5 and developments in U.S.-China trade talks, which may signal a new upward trend [5] - The focus should be on low-positioned growth stocks while being prepared for a potential new rally [5] Group 5 - The overall market trend remains bullish despite recent adjustments, with liquidity conditions still favorable [6] - The recommended sector allocation includes undervalued large-cap tech growth stocks, innovative pharmaceuticals, and global pricing resources [6] - Traditional consumer sectors are also considered, but with a lower priority compared to tech and innovative sectors [6] Group 6 - The market is expected to favor cyclical stocks in the upcoming months, with a focus on sectors like machinery and power equipment [7] - Long-term attention should be given to consumer and technology sectors, particularly those benefiting from policy support [7] - The market is anticipated to enter a new phase of upward movement, potentially breaking through previous highs [7] Group 7 - A significant likelihood exists for the A-share market to reach new highs in August, following a period of adjustment [8] - The market is expected to stabilize after earnings reports, with a potential recovery in risk appetite as key events approach [8] - The overall trend suggests a positive outlook for A-shares, supported by improving cash flow and ongoing capital inflows [8] Group 8 - The market is likely to experience localized hot spots and rotation, with a focus on sectors that show strong earnings certainty [11] - The "anti-involution" policy is expected to remain a central theme in market dynamics [11] - The technology growth sector is anticipated to maintain high levels of activity due to ongoing trends in AI and emerging industries [11] Group 9 - The market is in a short-term adjustment phase but remains on an upward trajectory, with key technical supports in place [12] - A balanced sector allocation strategy is recommended, focusing on financials and technology growth sectors [12] - The market outlook remains positive, with expectations for continued growth despite short-term fluctuations [12]

策 华福证券 2025 年 08 月 03 日 略 研 究 策 略 定 期 报 美国有望降息且推动通胀上升的概率较高——产 业经济周观点 投资要点： 近期观点 1、 美国经济内生性下行压力较大，预计财政和货币政策有望推 动美国经济维持稳定，且通胀压力不断上升。 团队成员 分析师： 李浩(S0210524050003) lh30530@hfzq.com.cn 分析师： 李刘魁(S0210524050006) llk30550@hfzq.com.cn 相关报告 1、医疗与消费周报——古方新用与现代科技双轮 驱 动 中 药 产 业 开 启 高 质 量 发 展 新 篇 — — 2025.08.03 2、医药生物 2 主题走出主升形态——2025.08.02 3、反转策略：红利滞涨下的超额选择 —— 2025.08.02 风险提示 全球制造业复苏受阻；中美关系改善不及预期；美国地产市场不 健康 证 券 研 究 报 告 2、 中国价格复苏后，对就业呈现正面影响，对产出或有抑制， 总量层面重点是出口价格能否持续改善。 3、 供给驱动的价格复苏更有利于资产价格上升，短期价格波动 对资本市场的影响较小。 4、 重点看好非银，低 ...