Core Viewpoint - The concept of Co-Packaged Optics (CPO) is gaining traction, driven by major players like Intel, Broadcom, Marvell, and NVIDIA, especially in the context of increasing data traffic in data centers due to AI models and the rise of "super nodes" [1][5][20]. Market Outlook - Yole predicts that the CPO market will grow from $46 million in 2024 to $8.1 billion by 2030, with a compound annual growth rate (CAGR) of 137% [1]. Industry Dynamics - The shift from copper cables to optical fibers and CPO is seen as essential to address challenges in power, density, scalability, bandwidth, and distance in data centers [1][5]. - The increasing demand for bandwidth in large-scale data centers is leading to a transition towards optical interconnects, as copper's limitations become more apparent [6][7]. Technological Advancements - CPO technology integrates optical engines with ASIC chips on a single substrate, significantly reducing signal loss and power consumption compared to traditional optical modules [18][20]. - The collaboration between Xizhi Technology and Suiruan Technology has resulted in the first domestic xPU-CPO optical co-packaged prototype system, setting a new benchmark for data center interconnects in China [3][20][23]. Competitive Landscape - Major companies like TSMC and GlobalFoundries are also entering the CPO market, alongside numerous startups, indicating a robust competitive environment [1]. - NVIDIA's recent developments in silicon photonics and CPO technology highlight the industry's focus on reducing power consumption and improving reliability [15][16]. Future Prospects - The successful implementation of CPO technology is expected to enhance the performance of data centers, allowing for more efficient scaling and reduced operational costs [9][23]. - The maturity of the domestic CPO supply chain suggests that large-scale deployment is imminent, although some companies may be cautious due to the inherent risks of new technologies [23][24].

7月29日，市场全天震荡走高，创业板指领涨。沪深两市全天成交额1.8万亿，较上个交易日放量609 亿。医药股集体大涨，CRO、创新药方向领涨，辰欣药业等多股涨停。CPO等算力硬件股震荡走强，中 际旭创等多股再创历史新高。截至收盘，沪指涨0.33%，深成指涨0.64%，创业板指涨1.86%。 ...

近期，上证指数突破3600点，水泥、钢铁、光伏等传统行业在"反内卷"催化下迎来爆发，也有算力、机 器人等新兴行业在技术突破下的轮动行情。伴随行情的回暖，多家外资公募也纷纷发声看好A股后续市 场表现。 桥水基金认为，未来中国股票宜适度增持，原因是政策支持和估值相对较低。贝莱德基金表示，今年以 来，中国股市、债市及外汇韧性都超预期，将继续看好中国股债双边行情。路博迈基金认为，股市上行 的条件已部分具备，市场等待更确定性的因素落地，三季度末到四季度更有望突破中枢。 投资快报记者从景顺全球最新发布的研究调查看到，国际投资机构对中国市场的兴趣明显回升。从国内 的外资公募持仓来看，公募排排网统计数据显示，二季度有6家进行了股票增持，其中路博迈基金、联 博基金在二季度的股票市值增长率分别高达491.66%、348.49%。 摩根大通基金持股超200亿，超5000万自购 数据显示，截至二季度末，摩根大通基金资产规模高达1989.01亿元，根据基金二季度报，旗下基金在 二季度持有186只标的，合计市值约为225.50亿元。 摩根大通基金二季度持股市值最多的20家公司，均在3亿以上。值得注意的是，自一季度末以来，仅4只 个股出现 ...

Group 1: QDII Funds and Market Trends - Several QDII funds have announced subscription limits, with the Wan Ke Nasdaq 100 Index Fund restricting single-day subscriptions to a maximum of 500,000 yuan [1] - The Guotai S&P 500 ETF and the top-performing fund of the first half of the year, Huatai-PB Hong Kong Advantage Selection Mixed Fund, have completely stopped accepting new subscriptions [1] - Since July, multiple overseas-listed Chinese stock ETFs have seen significant capital inflows, with five large ETFs collectively attracting nearly 3 billion USD [1] Group 2: Nonferrous Metals Industry - In the first half of 2025, the value-added growth rate of China's regulated nonferrous industry increased by 7.6%, with the production of ten common nonferrous metals reaching 40.32 million tons, a year-on-year increase of 2.9% [2] - The nonferrous metal industry has maintained stable operations, with fixed asset investment growing by 16.1% compared to the same period last year [2] Group 3: PCB Industry - The PCB industry has seen a significant improvement in market conditions compared to the previous year, particularly for high-end products driven by AI hardware upgrades [2] - Major manufacturers like Dongshan Precision and Huitian Technology are focusing on increasing production capacity for high-end PCB products due to strong demand and rising prices [2] Group 4: Corporate Announcements - China CNR Corporation announced the signing of several major contracts totaling approximately 32.92 billion yuan, covering various sectors including urban rail vehicles and wind power equipment [5] - Hongfa Co., Ltd. reported a net profit of 964 million yuan for the first half of 2025, reflecting a year-on-year growth of 14.19% [5] - Enhua Pharmaceutical reported a net profit of 700 million yuan for the first half of 2025, an increase of 11.38% year-on-year [7] - Guobang Pharmaceutical achieved a net profit of 456 million yuan in the first half of 2025, up 12.60% year-on-year [8]

【导读】苹果首次在华关停直营店 中国基金报记者泰勒 大家好，简单关注下今天市场发生了什么。 苹果首次关闭中国零售店 7月29日，苹果公司将首次关闭其在中国的一家零售店，这标志着这家 iPhone制造商在这一力求重振销量的市场中出现一次显著的收缩。 苹果表示，将于8月9日关闭位于大连市中山区百年城购物中心的零售店，理由是该购物中心的环境发生变化。苹果在大中华区约有56家零售店，占其全球 530多家门店总数的逾10%。 苹果在声明中表示："我们始终致力于为所有顾客提供卓越的体验，无论是在网上，还是在大中华区50多家苹果零售店中。鉴于百年城购物中心多家零售 商相继撤离，我们决定关闭在那里经营的门店。" 此次关闭的门店是苹果在大连市的两家门店之一。另一家位于奥林匹克66购物中心的门店将继续营业。苹果表示，被关闭门店的员工将有机会调往其他地 点工作。这两家门店相距约10分钟路程。 总体而言，苹果正寻求在中国市场实现反弹。今年第二财季（截至3月29 日）苹果在中国的销售额下降2.3%至160亿美元，低于分析师预期的168 亿美 元。 另据报道，苹果将于8月16日在深圳前海万象汇开设新店，并计划在未来一年于北京和上海开设更 ...

Group 1 - Apple is set to close its first retail store in China, located in Dalian, due to changes in the shopping center environment, marking a significant contraction in its efforts to boost sales in this market [3][4] - The closure will take effect on August 9, and Apple has approximately 56 retail stores in Greater China, accounting for over 10% of its global total of more than 530 stores [3] - Despite the closure, Apple plans to open a new store in Shenzhen on August 16 and aims to establish more locations in Beijing and Shanghai over the next year [3][4] Group 2 - In the second fiscal quarter ending March 29, Apple's sales in China decreased by 2.3% to $16 billion, falling short of analysts' expectations of $16.8 billion [3] - The company is also becoming more cautious regarding lease renewals, as evidenced by the simultaneous announcement of store closures in the UK and other locations [5] - Overall, Apple's retail expansion has slowed since the pandemic, with a greater focus on online store openings in new markets like India and Saudi Arabia, as well as upgrading or relocating existing stores [4]

| 代码 | 名称 | 涨幅+ | 现价 | | --- | --- | --- | --- | | 837344 | 三元基因 | +20.76% | 34.84 | | 300149 | 雪智医药 | +20.02% | 13.61 | | 300725 | 药石科技 | +18.77% | 53.10 | | 688189 | 图新制药 | +17.01% | 11.90 | | 688513 | 苑东生物 | +15.45% | 65.92 | | 300683 | 海特生物 | +15.28% | 50.61 | | 688321 | 微芯生物 | +12.85% | 38.37 | | 430047 | 诺思兰德 | +11.14% | 25.25 | | 603229 | 奥翔药业 | +10.02% | 10.54 | | 002370 | 亚太药业 | +10.02% | 6.81 | | 603367 | 辰欣药业 | +10.01% | 25.93 | | 603456 | 九洲药业 | +10.01% | 19.68 | | 601089 | 福元医药 | 49.99% | 22.90 ...

7月29日，A股三大指数继续上涨，深成指、创业板指创去年11月以来新高。 截至收盘，沪指涨0.33%报3609点，深证成指涨0.64%，创业板指涨1.86%报2406点。 全天成交1.83万亿元，较前一交易日增量632亿元，全市场超3000股下跌。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 上证指数 | Shorton | 3609.71 | +11.77 | +0.33% | | 000001 | | | | | | 创业板指 | | 2406.59 | +44.00 | +1.86% | | 399006 | | | | | | 深证成指 | | 11289.41 | +71.82 | +0.64% | | 1000001 | | | | | 盘面上，CRO、创新药板块爆发，CPO、钢铁板块活跃；化学制药、F5G概念、雅下水电及半导体等板块涨幅居前。另外，保险板块走低，猪 肉、鸡肉概念走弱，银行、PEEK材料及石油等板块跌幅居前。 具体来看： CRO概念、创新药领涨大市，睿智医药、奥翔药业、亚太药业、九州药业等多股涨停。消息面 ...

Overall Market Performance - The A-share market showed a strong upward trend throughout the day, with the ChiNext Index leading the gains. Nearly 3000 stocks in the Shanghai, Shenzhen, and Beijing markets were in the red, with a total trading volume of approximately 1.83 trillion yuan. By the close, the Shanghai Composite Index rose by 0.33%, the Shenzhen Component Index increased by 0.64%, and the ChiNext Index surged by 1.86% [1] Sector Performance - The CPO and PCB sectors, which are related to computing hardware, continued to strengthen, with companies like Fangbang Co. and Woge Optoelectronics hitting the daily limit. The concept stocks related to the Yajiang Hydropower Station saw a significant rise in the afternoon, with multiple stocks such as Xining Special Steel and Tibet Tianlu reaching their daily limit [1] Key Indices Data - Shanghai Composite Index: 3609.71, up 11.77 points (0.33%), trading volume 793.6 billion yuan - Shenzhen Component Index: 11289.41, up 71.82 points (0.64%), trading volume 1009.6 billion yuan - ChiNext Index: 2406.59, up 44.00 points (1.86%), trading volume 492.2 billion yuan - Other indices such as the STAR 50 and CSI 300 also showed positive movements [2] Hot Concepts - Pharmaceutical stocks experienced a continuous surge, with companies like Asia-Pacific Pharmaceutical and Zhongsheng Pharmaceutical seeing over ten stocks hitting the daily limit [2]

Market Overview - The market experienced a strong upward trend, with the ChiNext Index leading the gains, closing up by 1.86% [1] - The total trading volume for the Shanghai and Shenzhen stock exchanges reached 1.8 trillion, an increase of 609 billion compared to the previous trading day [1] Sector Performance - The pharmaceutical sector saw significant gains, particularly in the CRO (Contract Research Organization) and innovative drug segments, with stocks like Chenxin Pharmaceutical hitting the daily limit [1] - CPO (Computing Power Optimization) and related hardware stocks also showed strong performance, with companies like Zhongji Xuchuang reaching new historical highs [1] - Super water and electricity concept stocks rebounded in the afternoon, with Tibet Tianlu hitting the daily limit [1] - The top-performing sectors included CRO, steel, CPO, and advanced packaging, while insurance, pork, banking, and agriculture sectors faced declines [1] Index Performance - The Shanghai Composite Index rose by 0.33%, closing at 3609.71 [2] - The Shenzhen Component Index increased by 0.64%, closing at 11289.41 [2] - The ChiNext Index gained 1.86%, closing at 2406.59 [2] Market Statistics - The limit-up rate was recorded at 65.00%, with 43 stocks hitting the limit and 23 stocks touching the limit-down [5] - The opening rate was 58%, with a profit rate of 49% [5]