记者丨杨期鑫 编辑丨于长洹 近期，上证指数重回3600点，在这波火热的行情下，广东千亿市值军团加速扩容。 南方财经记者梳理A股发现，截至2025年8月1日收盘，广东共有26家企业总市值超千亿元。近一年时间 内，广东千亿市值军团持续扩容，新增9家千亿市值企业。特别是在AI浪潮驱动下，深圳、惠州、东莞 等地的优势产业，正批量涌现千亿市值龙头。其中，PCB板块表现尤为亮眼，胜宏科技、鹏鼎控股、生 益科技等领军企业市值屡创新高，该领域近一年来集中诞生了4家千亿市值企业。此外，东鹏饮料与光 启技术也在同期成功跻身千亿市值行列。 这场资本盛宴中，谁将接棒冲击下一个千亿市值目标？结合近一年千亿市值企业变动情况来看，AI基 建下的细分赛道最有希望诞生千亿市值企业。综合来看，PCB领域的生益电子以及液冷技术龙头英维 克，将会是下一个千亿市值股的有力竞争者。 广东千亿军团再添9席 Wind数据显示，截至2025年8月1日收盘，广东共有26家企业总市值超千亿元，其中招商银行、中国平 安、比亚迪位列市值前三，分别为11266.59亿元、9852.17亿元、9647.24亿元。 从地域分布上看，千亿市值企业高度集中于深圳，多达18家； ...

Data Center - Nvidia has ordered 300,000 H20 chips from TSMC due to strong demand in China, shifting from a reliance on inventory to actual supply [1] - Major internet companies like ByteDance, Tencent, and Alibaba are accelerating their data center construction demands, leading to potential increases in capital expenditures [1] - ByteDance plans to start its modular data center procurement project by July 30, 2025, which may provide guidance for the related sectors [1] - There is a forecasted increase in demand for H20 chips, with ByteDance potentially purchasing an additional 100,000 units and Tencent needing between 20,000 to 50,000 units [1] AI Infrastructure - ByteDance's procurement plan for modular data centers is a key part of its AI-driven data center strategy, aimed at enhancing computing power for AI model training and applications [2] - The company is expected to spend 160 billion yuan in capital expenditures by 2025, with approximately 90 billion yuan allocated for AI computing power procurement [2] - The procurement plan aligns with the H20 chip release, likely leading to explosive growth in demand across the liquid cooling, power generation, and server industries [2] Computing Power Scheduling - The first intelligent storage scheduling platform in China has been launched, addressing key challenges in data storage [3] - This platform integrates heterogeneous resources and dynamic scheduling, enhancing the foundation for nationwide data center construction and AI technology implementation [3] - The platform aims to optimize resource allocation and improve network stability, facilitating the efficient circulation and value extraction of data elements [3] Huawei Harmony - Huawei's Cangjie programming language will be open-sourced on July 30, featuring a compiler and standard library aimed at native intelligence and high performance [4] - Cangjie is designed to support all-scenario application development within the Harmony ecosystem, playing a crucial role in its infrastructure [4] Macro and Industry News - The Central Organization Department allocated 140 million yuan to support flood relief efforts in Beijing and other areas [5] - Chinese stock ETFs listed overseas have seen significant capital inflows since July [5] - The Beijing Stock Exchange is conducting self-inspections focusing on the technical and business preparations for batch switching of securities codes [5]

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company benefits from the expansion of PCB equipment and the acceleration of semiconductor equipment layout, maintaining a "Buy" rating. Despite a downward revision of the company's annual profit forecast due to limited capacity in the first phase of the factory, the company is expected to benefit from downstream PCB manufacturers' expansion and the upcoming production of the second-phase factory, leading to a positive mid-term performance release. Long-term, the company's semiconductor business is gradually constructing multiple growth drivers, with projected revenues of 1.5 billion, 2.2 billion, and 2.7 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 300 million, 516 million, and 709 million yuan for the same years [5][6][9]. Company Overview - The company is a leading manufacturer of direct imaging lithography equipment, primarily serving the PCB and semiconductor sectors. Its products include direct imaging equipment for PCB and semiconductor applications, covering various processes from microns to nanometers. The company has a complete range of LDI equipment for PCB manufacturing, including IC substrates, HDI, and flexible printed circuits [6][15]. PCB Business - The PCB business is driven by high-end demand from AI infrastructure, with optimistic capital expenditure guidance from PCB manufacturers. The company has maintained a full order book since Q2 2024, but growth has been limited by capacity constraints. The gradual production of the second-phase factory is expected to release capacity and positively impact order growth [6][15]. Semiconductor Business - The semiconductor business is accelerating its industrialization process, with multiple layouts constructing a new growth curve. The company is focusing on advanced packaging technologies and has successfully completed product validation for several advanced packaging customers. The company is also making steady progress in the general semiconductor field, benefiting from the long-term trend of domestic substitution [7][36]. Financial Summary and Valuation Metrics - The company's revenue has shown steady growth, with a projected revenue of 1.467 billion yuan in 2025, representing a year-on-year increase of 53.8%. The net profit is expected to reach 300 million yuan, with a year-on-year growth of 86.7%. The gross margin is projected to be 39.9% in 2025, with a net margin of 20.4% [8][34]. Market Position - The company has established a strong market position with a complete range of products covering various PCB types and processes. It has successfully penetrated the high-end PCB market and is positioned to benefit from the ongoing expansion in the semiconductor sector [6][15].

Group 1: Key Companies and Their Performance - Shenghong Technology saw a net purchase of 11.89 billion, with northbound funds aggressively buying 14.32 billion, indicating strong foreign investment interest in AI computing hardware [3][8] - Guangxun Technology had a net purchase of 4.92 billion, driven by a profit forecast increase of 95% and bulk shipments of 1.6T optical modules [4][10] - Shuo Beid had a net purchase of 4.22 billion, with significant retail investor activity, but a high turnover rate of 39% raises concerns about sustainability [6][11] Group 2: Market Trends and Investment Strategies - There is a clear divide between northbound funds favoring technology stocks and institutions shifting towards lower PE manufacturing stocks, indicating a cautious approach to high-valuation tech [8][9] - The policy environment is supportive of AI computing and optical communication sectors, with Shanghai issuing 6 billion in computing vouchers, benefiting companies like Shenghong and Guangxun [10] - The market is characterized by speculative trading in concept stocks, with a warning against high turnover stocks like Shuo Beid, which may not hold long-term value [11][12]

Group 1: Economic News - European Central Bank maintains deposit facility rate at 2%, aligning with market expectations after seven consecutive rate cuts [1] - Initial jobless claims in the U.S. for the week ending July 19 totaled 217,000, below the expected 226,000 and prior value of 221,000 [1] - EU member states approved a countermeasure of €93 billion in tariffs on U.S. products, set to take effect on August 7 if no trade agreement is reached with the U.S. [1] Group 2: Company News - IBM's Q2 earnings report shows revenue and profit exceeding expectations, but software division revenue at $7.39 billion fell short of the $7.43 billion forecast [2] - Bank of America (BAC.N) approves a $40 billion stock buyback plan [3] - AMD (AMD.O) reveals that chip costs at TSMC's U.S. factory are 5-20% higher, prioritizing supply chain flexibility [4] - Nokia's Q2 earnings and revenue did not meet market expectations, with projected comparable operating profit for the year revised down to between €1.6 billion and €2.1 billion, from a previous range of €1.9 billion to €2.4 billion [4] - Google (GOOG.O) invests $85 billion to enhance AI infrastructure, with spending expected to increase by 2026 [5] - Tesla's Q2 net profit declines 16% to $1.172 billion, with revenue down 12% year-over-year to $22.5 billion; automotive revenue falls 16% and energy revenue drops 7%, with new car registrations in Europe down 22.9% for six consecutive months [5]

Group 1: Market Performance - The S&P 500 index closed at a new high, while the tech sector's rally paused, dragging down the Nasdaq [1] - Domestic bulk commodity markets experienced a collective surge, with six major products hitting the daily limit [1] - A-share coal stocks saw a surge, with reports of a "coal mine production inspection" notice confirmed by media [1] Group 2: Company News - Medpace's Q2 performance significantly exceeded expectations, leading to a nearly 55% surge in its stock price, positively impacting CRO concept stocks [1] - SAP, the largest weight in European stocks, reported cloud sales below expectations, raising concerns over tariffs and currency fluctuations, resulting in a 3% drop in after-hours trading [1] Group 3: Trade Agreements - Trump announced a trade agreement with Japan, setting a tariff rate of 15% [1] - Trump also stated that a trade agreement with the Philippines has been reached, imposing a 19% tariff [1] Group 4: Federal Reserve Pressure - Trump has moderated his stance on "firing Powell" while simultaneously pressuring the Federal Reserve alongside Bessenet, who stated that Powell has no reason to resign early [1]

Core Viewpoints - The mechanical industry is expected to outperform the market, with a focus on high-quality leading companies and structural growth opportunities [15][5][24] - The industry is undergoing a transformation driven by domestic upgrades, self-sufficiency, and accelerated overseas development [15][20] Industry Overview and Outlook - The core equipment localization is fundamental for the rise of the industry, breaking through bottlenecks in high-end equipment is essential for true autonomy and industrialization [15] - The trend of industrial upgrading is inevitable, with advancements in digitalization and energy transformation enhancing social efficiency and reducing costs [15] - The development of exports is transitioning from point to surface, with competitive manufacturing enterprises moving from import substitution to export substitution [15] Investment Strategy - The report recommends focusing on emerging growth sectors and export-driven leading companies, particularly in areas such as humanoid robots, AI infrastructure, and coal chemical equipment [25][26] - Key recommended stocks include Huace Testing, Guodian Measurement, and Yizhiming, among others [24][2] Key Recommendations - The report highlights specific companies for investment, including: - Humanoid Robots: Hengli Hydraulic, Huichuan Technology, and Zhenyu Technology [26] - AI Infrastructure: Yingliu Technology and Haomai Technology [28] - Engineering Machinery: Hengli Hydraulic, XCMG, and Sany Heavy Industry [29] - Nuclear Power Equipment: Jiadian Co., Zhongmi Holdings, and Jiangsu Shentong [29] - General Equipment: Huichuan Technology, Green Harmonic, and Baichu Electronics [29] Performance Tracking - In June, the mechanical industry index rose by 2.82%, outperforming the CSI 300 index by 0.32 percentage points, with stable valuation levels [6][11] - The manufacturing PMI index for June was reported at 49.70%, indicating a slight improvement [6][12] Financial Projections - The report provides forecasts for key companies, indicating resilience in operations, with expected revenue and profit growth across various sectors [31] - For example, Hengli Hydraulic is projected to achieve a revenue of 27.68 billion yuan in Q2 2025, with a net profit of 7.96 billion yuan [31]

Core Viewpoint - The company anticipates a significant increase in net profit for the first half of 2025, with a year-on-year growth of 36.84% to 39.12% [2] Financial Performance - The preliminary estimate for the company's net profit attributable to shareholders for H1 2025 is between 11.958 billion to 12.158 billion yuan, with a year-on-year increase of 36.84% to 39.12% [2] - The net profit for Q2 2025 is projected to be between 6.727 billion to 6.927 billion yuan, reflecting a year-on-year growth of 47.72% to 52.11% and a quarter-on-quarter increase of 28.61% to 32.44% [2] Cloud Computing Business - The cloud computing segment experienced over 50% year-on-year revenue growth in Q2 2025, driven by increasing demand for AI data center products [3] - Revenue from AI servers grew by over 60% year-on-year, while revenue from servers for cloud service providers increased by more than 1.5 times [3] - The company maintains a leading market share in core products among major clients, with significant growth in shipments of advanced AI computing products [3] Communication Equipment Business - The communication and mobile network equipment segment achieved steady growth, with a notable increase in revenue from 800G high-speed switches, which reached three times the total revenue for 2024 in Q2 [4] - The company is focusing on the integration of smart manufacturing and AI, enhancing its core product technology development [4] AI Infrastructure Development - The deployment of the GB300 server, based on NVIDIA's latest high-end chips, marks a significant advancement in AI inference workload performance [5] - NVIDIA's CEO indicated that the company is entering a "decade-long AI infrastructure construction cycle," highlighting AI and robotics as major growth opportunities with a potential trillion-dollar market [5]

Group 1 - The core viewpoint of the article highlights the strong performance of computing hardware stocks, particularly in the PCB sector, with Dongshan Precision rising over 7% to reach a historical high and a total market capitalization exceeding 85 billion [1] - The article notes that other companies in the sector, such as Tongguan Copper Foil, have also seen significant gains, with a 20% limit up, and several others like Jinan Guoji, Yihua New Materials, Honghe Technology, Changguang Huaxin, Dongtian Micro, and Guanghe Technology rising over 5% [1] - The driving force behind this growth is attributed to the increasing capital expenditures of cloud service providers like Microsoft and Google, which are expected to grow over 30% year-on-year by 2025, alongside domestic companies like Alibaba and Tencent, with projected capital expenditures exceeding 120 billion and 80 billion respectively [1]

Core Viewpoint - Sam Altman, the founder of OpenAI, expressed that he is not concerned about talent acquisition issues despite Trump's interest in AI infrastructure [1] Group 1 - Sam Altman highlighted that Trump's focus on AI infrastructure does not pose a threat to talent competition in the industry [1]