Investment Rating - The report maintains a strong positive outlook on the AI application-driven demand for computing power, indicating a sustained high growth trajectory in the industry [2]. Core Insights - The computing power industry is at a pivotal moment with both domestic and international chains resonating, leading to renewed market interest in the domestic computing power supply chain after a period of stagnation [2]. - The report anticipates that the tight balance in domestic computing power will persist, with critical bottlenecks in advanced process capacity, advanced packaging capacity, large model adaptation, and HBM supply gradually being addressed over time [2]. - The second half of the year and into next year is expected to present significant investment opportunities in domestic computing power [2]. Domestic and International Computing Power Supply Chain Opportunities - The report suggests focusing on high-end PCB, optical modules, and server ODM sectors within the overseas computing power supply chain, which are expected to maintain high demand and profitability [3]. - Supply shortages in upstream materials such as fiberglass cloth and M8 CCL for AI servers are projected to continue, leading to potential price and profit margin increases [3]. - Investment opportunities are highlighted in companies like Shengyi Technology (生益科技, 600183) [3]. CoWoP Solution - NVIDIA is exploring the CoWoP packaging solution as a potential alternative to the current CoWoS packaging, which could enhance the value of PCBs if adopted [4]. - The CoWoP solution requires mSAP processes, which depend on ultra-thin peelable copper foil, currently dominated by Mitsui Mining & Smelting in Japan [4]. - Domestic company Fangbang Technology (方邦股份, 688020) is mentioned as having relevant products, although supply confirmation is pending [4]. Domestic Computing Power Supply Chain - Key domestic computing hardware companies such as Cambricon (寒武纪, 688256) and SMIC (中芯国际, 0981.HK) are recommended for investment [5]. - The report notes that due to geopolitical considerations, ByteDance has paused its ASIC chip design project with Broadcom and is now working with domestic design service providers [5]. - Investment opportunities are also suggested in domestic chip IP leader Xinyuan Technology (芯原股份, 688521) [5]. Traditional Analog Chip Recovery Opportunities - The analog chip sector is benefiting from domestic substitution and local-for-local demand, with wafer fab utilization rates remaining high and terminal prices increasing by 10-20% [8]. - TI has announced price increases for 99.9% of its product lines, with significant portions seeing price hikes of over 30% [8]. - Investment opportunities are recommended in companies like Huahong Semiconductor (华虹半导体, 1347.HK) and others [8]. Investment Recommendations - The report recommends buying shares in Huahong Semiconductor (1347.HK) and other companies involved in storage and mature process chips [9].

Core Insights - Longxin Zhongke announced that its self-controlled NJ400 series PLC, based on Longxin processors, has been officially put into operation at the Xiluodu Hydropower Station, replacing Schneider's Premium series and Siemens' S7-300 series PLCs [1] Group 1 - The successful implementation of the NJ400 series PLC marks a significant step towards the complete localization of core control equipment for the hydropower station [1] - This development strengthens the technological foundation for the long-term safe and stable operation of the world-class hydropower station [1]

Group 1 - The core point of the news is that the company 德福科技 is acquiring 100% equity of Circuit Foil Luxembourg for a purchase price of €1.74 billion, which is part of its strategy to enhance its position in the high-end IT copper foil market [2][3][4] - The acquisition is expected to increase 德福科技's total electrolytic copper foil production capacity from 175,000 tons per year to 191,000 tons per year, making it the world's largest producer in this sector [8] - The target company, Circuit Foil Luxembourg, has a strong R&D capability and is the only non-Japanese leader in high-end IT copper foil technology, with a production capacity of 16,800 tons per year [4][5] Group 2 - Circuit Foil Luxembourg reported a revenue of €13.4 million in 2024, with a net profit of -€370,000, but turned profitable in Q1 2025 with a net profit of €1.67 million [7] - The acquisition will allow 德福科技 to leverage Circuit Foil's brand and product advantages to expand into emerging markets, particularly in the Asia-Pacific region [8] - 德福科技's R&D investment in 2024 was ¥183 million, a year-on-year increase of 30.45%, indicating a strong commitment to innovation in the high-frequency and ultra-thin copper foil technology [9][10]

□ 南京日报/紫金山新闻记者 徐宁 2025年度江苏省"三首两新"技术产品认定名单近日揭晓，一组数据引发业界关注：全省41个首台（套） 装备中，南京独占14席，位列全省第一，占比超过1/3。 这份成绩单背后，不仅是14家企业的技术突破，更是一座城市在高端装备制造领域构建创新生态的系统 性成果——截至目前，全市有效期内首台（套）共计43个。 从打破国外垄断的聚丙烯造粒机组到加强自主创新实现国产化的卫星便携站，南京造"首台（套）"正以 集群化突破态势，重塑装备制造业的竞争格局。 在某知名石化公司挤压造粒车间内，一台由江苏越升科技股份有限公司打造的10万吨/年聚丙烯大型挤 压造粒机组正高效运转。经过关键核心技术的持续攻关，可生产高附加值产品聚丙烯，为客户显著扩大 了产品市场利润空间。 作为乙烯工程的"心脏设备"，这类装备长期被国外企业垄断和技术封锁，国内企业采购不仅要支付高昂 费用，还需接受长达14个月以上的供货周期。 "国产化后，在保证同等技术指标的前提下，客户采购成本大幅下降，供货周期缩短至10个月，客户提 早开机4个月，可实现产值约3亿元。"越升科技董事长陈志强的话语中充满自豪。 技术突破的步伐不止于此。在越 ...

Core Viewpoint - Kirin Trust (688152.SH) is a significant partner of Huawei in the Euler and Kunpeng ecosystems, focusing on the development of domestic solutions based on these technologies [1] Group 1: Partnership and Product Development - The company is a key partner of Huawei in the openEuler and Kunpeng ecosystems, being a standing committee member of the openEuler community and one of the first commercial distributors of openEuler [1] - Kirin Trust has launched a commercial version of the operating system based on openEuler and continues to iterate on it, collaborating with Huawei to create a comprehensive domestic solution that includes "Kirin Trust Operating System + Kirin Trust Cloud Desktop + Kirin Trust Cloud Platform + Kunpeng Server" [1] - The Kirin Trust Operating System, CentOS security hardening suite products, and services are now available on Huawei Cloud's marketplace [1] - The company has introduced a domestic intelligent computing integrated machine product based on the "Kunpeng 920 architecture server + Ascend AI card" [1] Group 2: Financial Goals and Market Position - For 2025, the company has set a performance assessment target for its equity incentive plan at an operating revenue of no less than 450 million yuan [1] - The details of the equity incentive plan can be found in the company's disclosed summary announcement [1] - The newly launched domestic intelligent computing integrated machine is still in the early stages of market promotion, with only a few orders received, and is not expected to significantly impact the company's operating performance at this time [1]

根据wind数据，半导体设备ETF（159516）实时盘中净流入2000万份，规模突破30亿元，近10日净流入 超2亿元，资金抢筹半导体设备资产。 没有股票账户的投资者可关注国泰中证半导体材料设备主题ETF发起联接C（019633），国泰中证半导 体材料设备主题ETF发起联接A（019632）。 注：数据来源wind、截至2025.7.31，半导体设备ETF规模为30.65亿，在同类6只产品中排名第一。如提 及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表 现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任 何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的 产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 湘财证券表示，AI大模型的破圈及AI智能眼镜、AI手机等设备市占率的提升，带动端侧AI算力的需求 上行，驱动高性能以太网交换机、先进存储产品、GPU及边缘计算/端侧算力芯片等多种半导体硬件的 市场需求稳步增长。传统消费电子领域，智能手机、PC及IOT板块弱复苏态势延续，叠加国产 ...

我国海洋油气开发始于上世纪60年代末的渤海湾浅海作业区，深海资源主要位于南海。2011年，公司开 始供应中石化、中石油浅海卡簧式隔水导管；2014年，公司开始供应中海油浅海螺纹式隔水导管；2017 年与中海油研究总院等科研部门联合，承担国家"十三五"科研课题，共同攻关深水表层导管国产化项 目；2019年，通过实现对材料性能、防倒转型式、焊接工艺等难题的攻破，在南海完成1500米海试并取 得圆满成功，标志着深海技术实现了实质性突破。 深水表层导管成功应用在中国首个海上大型深水自营气田"陵水17-2"、平均水深超过1000米的"陵水25- 1"、我国海上首个超高温超高压气田"乐东10-1"、我国海上首个超深大位移井项目"恩平21-4"等多个国 家重点项目上。公司深水表层导管产品成功突破了深海工况的适应性瓶颈，性能达到并超越国外同类产 品，成为国内迄今为止全面掌握深海隔水导管核心技术并实现国产化替代的独家厂商。 截至目前，山东祺龙海洋石油钢管股份有限公司根据海洋钻井作业形式，研发形成了四大系列、50多种 规格的隔水导管。构建起国内唯一一家集研发、管体制造、接头制造、总装配、整管试验及现场服务六 位一体的全产业链公司 ...

Core Viewpoint - Silver alloy target materials are crucial conductive materials in semiconductor integrated circuits, with increasing demand driven by the growth of high-end electronic products and advancements in semiconductor technology [1][5][18]. Group 1: Market Overview - The market size for silver-based alloy targets in China is projected to reach approximately 135 million yuan in 2024, with a total consumption of 22.38 tons, and is expected to grow to 160 million yuan and 26.89 tons in 2025 [1][5][7]. - The G6.0 generation line is the primary consumer of silver alloy targets, utilizing 19.22 tons in 2024, which is expected to increase to about 23.56 tons in 2025 [7][18]. Group 2: Industry Chain - The upstream of the silver alloy target industry includes high-purity silver and alloy materials, involving silver mining and high-purity metal refining [9]. - The midstream consists of the manufacturing of silver alloy targets, which are widely used in high-end manufacturing sectors such as semiconductors, OLED displays, and energy industries [9][11]. Group 3: Production Process - The manufacturing process of silver alloy targets involves raw material purification, alloy melting, casting, forging, rolling, heat treatment, and machining, with impurity content and microstructure being critical factors affecting target quality [11][18]. Group 4: Competitive Landscape - The silver alloy target market is dominated by foreign companies, with Japan's Mitsubishi holding over 50% of the market share in 2024, followed by South Korea's LT at 34.95% and Germany's Materion at 6.8% [13][15]. - Domestic companies such as Fujian Astone and Shenzhen Top New Materials are in the early stages of research and development, focusing on alloying and preparation process control [15][18]. Group 5: Patent Technology - Various companies are developing innovative technologies for silver alloy targets, including methods to enhance mechanical properties and corrosion resistance through specific alloying elements [17]. Group 6: Industry Development Trends - The silver alloy target industry is characterized by high technical barriers and significant potential for domestic substitution, as China gradually advances in research and innovation in this field [18][20].

Core Insights - The article highlights the rapid development of the heat exchanger industry cluster in Daye City, Hubei Province, which has grown to include 192 enterprises with a total output value exceeding 16 billion yuan and a domestic market share of 38% by 2024 [1][12]. Company Development - Hubei Difen Heat Exchanger Co., Ltd. has evolved from a county-run agricultural machinery enterprise established in the 1950s to a leading player in the heat exchanger sector, producing over 2,000 types of heat exchangers [2][4]. - Difen's products are utilized in significant projects, including the world's largest single-unit capacity hydropower generator at the Baihetan Hydropower Station, with over 50% of its products supplied to Fortune 500 companies [2][4]. - The company has successfully tackled key technologies previously monopolized by foreign firms, achieving a market share of one-third in the domestic heat exchanger market [4][6]. Industry Innovation - The heat exchanger industry in Daye has seen collaborative innovation, with companies like Sruier Heat Exchanger Co., Ltd. emerging from Difen's influence, focusing on technological advancements and product quality [7][9]. - Sruier has developed a green and efficient finned gas heat exchanger, boasting a product lifespan 15% to 20% longer than competitors, and has established partnerships with prestigious universities for ongoing research [9][11]. - The industry cluster has produced 320 invention patents and achieved over 30 technology transfer projects, indicating a strong emphasis on innovation and collaboration [12]. Future Outlook - Daye City aims to enhance the heat exchanger industry's value, targeting an output value of 26 billion yuan by 2027, with an increase in quality SMEs to 220 and a rise in effective invention patents to 437 [13]. - The cluster is also focusing on digital transformation, with 33 companies completing digital upgrade projects and an 86% coverage rate for digital diagnostics [12][13].

注：数据来源wind、截至2025.7.29，半导体设备ETF规模为31.17亿，在同类6只产品中排名第一。 如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来 表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成 任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配 的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 半导体设备ETF（159516）迎盘中净流入，规模突破30亿元！规模同类第一！ 根据wind数据，半导体设备ETF（159516）实时盘中净流入300万份，规模突破30亿元，近10日净 流入超2.4亿元，资金抢筹半导体设备资产。 湘财证券表示，AI大模型的破圈及AI智能眼镜、AI手机等设备市占率的提升，带动端 ...