31日早盘，AI产业链全线沸腾，光模块等AI硬件带动AI应用大涨，创业板人工智能涨幅持续扩大超 3%。AI算力硬件方面，光模块龙头"易中天"（新易盛、中际旭创、天孚通信）集体新高；AI应用方 面，易点天下20CM涨停，深信服大涨超7%，拓尔思涨超5%。 热门ETF方面，同标的指数规模最大、流动性突出的创业板人工智能ETF（159363）场内涨幅扩大，盘 中涨幅摸高3.73%，价格持续推高触及0.64元，放量成交超2.35亿元。 算力硬件方面，英伟达昨晚股价再创历史新高！国盛证券认为，A股算力产业链是稀缺的真成长板块。 未来随着AI商业化的持续落地，算力产业趋势有望成为上一轮云计算的黄金十年的强化版，A股AI主线 中的优秀企业估值体系有望向成长股切换。海外算力复苏趋势已经较为显著，坚定推荐算力产业链相关 企业如光模块龙头、光器件等。 AI应用方面，消息面上，据不完全统计，大模型应用的个人用户注册总数已超过31亿，API调用用户总 数超过1.59亿。东方证券表示，看好下半年垂类AI产品用户增长和商业化闭环提速，考虑到目前海外AI 付费习惯和意愿更好，认为应重视国内有海外AI应用布局的公司，商业化起量或超预期。 把 ...

Group 1: Market Performance - The computing power sector experienced significant gains on July 31, with stocks such as Invec, Changfei Fiber, and Hewei Electric seeing consecutive increases, while Chunzhong Technology and Siquan New Materials reached their daily limit [1] - Notable stock performances included Invec (002837.SZ) with a price of 40.21, up 10.01%, and a market cap of 338.70 billion; Hewei Electric (603063.SS) at 37.90, also up 10.01%, with a market cap of 172.28 billion [2] Group 2: Industry Developments - Meta announced an increase in its capital expenditure forecast for 2025 to between 66 billion and 72 billion, driven by investments in talent, infrastructure, data centers, and energy to support the evolving AI competition [4] - Microsoft reported fourth-quarter revenue of 76.44 billion, exceeding analyst expectations, and projected capital expenditures for the next fiscal year to exceed 30 billion [4] - The Ministry of Industry and Information Technology in China emphasized the acceleration of high-quality development in computing power infrastructure during the release of the National Information Development Report (2024) [4] Group 3: Institutional Insights - Guosheng Securities noted that some CSP manufacturers have revised their annual expenditure forecasts upward, indicating a high demand for computing power, with light communication becoming a crucial component of AI infrastructure [5] - According to招商证券, there is a noticeable trend of computing power demand overflow from leading overseas manufacturers, with significant growth in international business for top IDC companies [5] - Huachuang Securities highlighted the rapid iteration of AI large models and smart hardware applications driving a surge in demand for high-performance servers, GPUs, and advanced PCBs [5]

Core Insights - The WEC China Computing Power Industry Panorama (2025) aims to create a comprehensive map of the computing power industry, highlighting its development and opportunities for innovation [1][2][3] Industry Development Direction - The 2025 panorama will cover three core areas, twelve sub-industries, and seventy-eight vertical tracks, establishing a complete ecosystem from computing power infrastructure to application scenarios [2] - The upstream sector focuses on chip design and manufacturing, IT hardware, and computing center infrastructure, laying a solid foundation for computing power [2] - The computing power industry encompasses basic software, computing services, and platform development, forming a central network for technology and services [2] - The downstream sector includes data services, large model applications, AIGC tools, and various industry applications, showcasing the potential of computing power to empower the real economy [2] Value Proposition for Participants - Joining the panorama offers three core values: brand exposure, ecosystem connectivity, and trend insights [5] - Companies will gain official recognition and visibility at major industry events, enhancing their industry recognition [5] - The classification system will facilitate precise matching of upstream and downstream resources, promoting collaboration across different sectors [5] - Participants will receive priority access to industry analysis and insights, enabling informed strategic decisions [5] Participation Details - The application period for the panorama is from July 1, 2025, to August 10, 2025, with no fees required for participation [6][7] - The panorama will be officially launched at the WEC World Computing Power Expo, providing a platform for brand display and business expansion [7]

Group 1: Fixed Income Market Insights - The central bank's monetary policy is leaning towards limited easing, with the cancellation of pledged bond freezes having a neutral impact on the bond market [3] - The "anti-involution" policy is in its early stages and has not yet directly affected the bond market, primarily influencing through the stock market [3] Group 2: Swine Industry Outlook - The long-term value reassessment opportunity for the swine industry is promising, with pig prices expected to decline in the short to medium term due to supply pressures [4] - Key recommended companies in the swine sector include Wen's Foodstuffs, Muyuan Foods, and Juxing Agriculture [4] Group 3: Poultry and Animal Health - The poultry market is experiencing price declines, with a focus on marginal improvements in the cycle [5] - The animal health sector is expected to see performance recovery, with a growing interest in the pet medical industry, projected to reach a market size of 840 billion yuan by 2024 [7] Group 4: Machinery Industry Insights - The motorcycle export market remains robust, with a year-on-year growth of 14% in June 2025, driven by significant increases in exports of motorcycles over 250cc [12][14] - Africa continues to show high growth rates in motorcycle exports, with a notable increase of 63% [15] Group 5: Computer Industry Developments - The AI computing market is experiencing exponential growth, with significant opportunities in AI processors and related sectors [18] - Recommended companies in the AI computing space include Haiguang Information and Nvidia [19] Group 6: Apparel Industry Performance - Xtep International's main brand shows steady growth, while the Saucony brand is expected to grow significantly, with a 20%+ increase in retail sales [22] - The company anticipates revenue growth of 144.1 billion yuan in 2025, with a corresponding net profit of 13.7 billion yuan [25] Group 7: Automotive Sector Trends - The automotive sector outperformed the Shanghai Composite Index, with a notable increase in stock prices for companies like Li Auto and NIO [26] - The launch of new models, including the Li Auto i8 and Tesla Model Y 6-seater, is expected to drive consumer interest [27][29] Group 8: Sportswear Industry Insights - Anta Sports reported low single-digit growth in its main brand, while outdoor brands are experiencing strong growth, with a 50%-55% increase in sales for other brands [32] - The acquisition of Jack Wolfskin is expected to enhance the company's international market presence [34] Group 9: Consumer Goods Market Analysis - The consumer goods sector is under pressure, with a decline in retail sales for food and beverage categories, particularly in the restaurant sector [43] - Recommendations for consumer goods include companies like Nongfu Spring and Eastroc Beverage, which are expected to benefit from increased consumer spending [46]

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于沪深300指数5%以上) [23] Core Views - The report maintains a positive outlook on the global computing power industry, supported by strong capital expenditures from tech giants like Meta, which plans to invest hundreds of billions in AI [4][6] - The performance forecast for the first half of 2025 shows an improving trend among listed companies in the computing sector, with significant reductions in losses for software development and IT services compared to the previous year [9][10] Summary by Sections Industry News and Commentary - Nvidia will resume sales of H20 in China, and Meta is set to invest significantly in AI, indicating robust support for the global AI computing power industry [5][6] - As of July 20, 2025, 76 A-share listed companies in the computing sector have released performance forecasts, showing a collective reduction in losses compared to the previous year [9] Performance Forecasts - The computing sector's listed companies are expected to report a total net profit of -2.354 billion (取业绩预告上下限的中值), a significant improvement from -4.059 billion in the same period last year [9][10] - By segment, the computing equipment sector is expected to report a net profit of 248 million, down 74.22% year-on-year, while software development and IT services are expected to show substantial reductions in losses [10] Key Company Announcements - Notable companies such as Taiji Co., Qiming Information, and Hengsheng Electronics have announced their performance forecasts for the first half of 2025, with varying results in profitability and revenue [11][13] - For instance, Hengsheng Electronics expects a net profit of approximately 251 million, a year-on-year increase of about 740.95% [11] Market Performance Review - The computing industry index rose by 2.12% last week, outperforming the CSI 300 index by 1.03 percentage points [14][16] - As of the last trading day, the computing industry had a P/E ratio of 54.2, with 235 out of 359 A-share stocks in the sector experiencing price increases [16] Investment Recommendations - The report suggests focusing on several sectors within the computing industry, including the Xinchuang sector, Huawei supply chain, AI sector, financial IT sector, and low-altitude economy, with specific company recommendations for each [19]

Core Insights - A new wave of technological revolution and industrial transformation is reshaping the global innovation landscape, with the digital economy emerging as a new engine for high-quality economic development [1] - Beijing is positioning itself as a national hub for digital economy development, focusing on the deep integration of digital and real economies [1] - The launch of the Baode Advanced Computing Laboratory represents a significant milestone in the collaboration between Baode and Huawei, aimed at promoting autonomous innovation in computing power [1][2] Group 1: Event and Collaboration - The "Artificial Intelligence Empowering High-Quality Industrial Development Seminar and Baode Advanced Computing Laboratory Inauguration" was successfully held, marking a key development in the computing power industry in Beijing [1] - The laboratory serves as a platform for showcasing technological innovations and facilitating industry collaboration, integrating product display, POC validation, ecological adaptation, and industry communication [1][2] Group 2: Industry Challenges - The computing power industry faces three main challenges: 1. Technical innovation is still needed, particularly in core algorithm optimization and architecture design [5] 2. There is a lack of synergy between research and application, leading to inefficiencies in market transformation of technological innovations [5] 3. The industry chain faces collaboration barriers, with a need for improved compatibility testing and system adaptation across different vendors [5] Group 3: Future Prospects - Baode and Huawei are exploring pathways to overcome these challenges through technological innovation and industry collaboration, with the Baode Advanced Computing Laboratory being a critical step in this direction [6] - The laboratory is designed to showcase a comprehensive range of solutions from general computing to AI clusters, enhancing the visibility and accessibility of computing power innovations [6] - Baode aims to leverage this laboratory to strengthen its position in the computing power industry and contribute to the digital transformation across various sectors [6][7]

Group 1 - Oracle will collaborate with OpenAI on computing power and develop multiple data centers across the United States, indicating a positive outlook for the global computing power industry [1][2] - Baidu has launched its self-developed video generation model MuseSteamer, while Google has introduced the new Veo3 video generation model globally, highlighting the intense competition in large model development [1][2] - Beijing has released a three-year action plan for "Artificial Intelligence + Pharmaceutical Health," aimed at accelerating the integration of AI in the pharmaceutical industry [2] Group 2 - The computer industry index fell by 1.28% last week, while the CSI 300 index rose by 1.54%, indicating a 2.82 percentage point underperformance of the computer sector [3] - As of the last trading day of the previous week, the price-to-earnings ratio of the computer industry stood at 51.7 times, with 106 out of 359 A-share component stocks rising and 253 falling [3] - The computer industry is expected to see dual improvements in performance and valuation due to the recovery of demand, with investment opportunities identified in various sectors including the Xinchuang sector and AI sector [3]

Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expected performance that exceeds the market by more than 5% over the next six months [22]. Core Insights - Oracle is collaborating with OpenAI on computing power, developing multiple data centers across the U.S. This partnership is expected to sustain strong demand in the global computing power industry [3][4]. - The competition in large models remains intense, with companies like Baidu and Google launching new video generation models, further driving the demand for computing power [6]. - Beijing has released a three-year action plan for "AI + Healthcare," aiming to accelerate the integration of AI in the pharmaceutical industry, which is expected to enhance the digital transformation of the sector [8][10]. Summary by Sections Industry News and Commentary - Oracle's partnership with OpenAI involves the development of data centers in various U.S. states, with OpenAI renting approximately 4.5 gigawatts of power capacity [5]. - The global competition in AI models is intensifying, as evidenced by Baidu's and Google's recent model launches, which will maintain robust demand for computing power [6]. Key Company Announcements - Wanhua Technology announced its second employee stock ownership plan for 2025, aiming to raise up to 27.89 million yuan [12]. - China Software is set to issue 90,130,689 shares at a price of 22.19 yuan per share, raising nearly 2 billion yuan [12]. - Haima Data announced a stock option incentive plan for 2025, with a total of 17.66 million options to be granted [12]. Weekly Market Review - The computer industry index fell by 1.28% last week, underperforming the CSI 300 index, which rose by 1.54% [13]. - The overall P/E ratio for the computer industry is 51.7 times, with 106 out of 359 A-share stocks rising in price [15]. Investment Recommendations - The report suggests a strong outlook for the computer industry, recommending stocks in various sectors including: - Innovation and Creation sector: Longxin Zhongke, Kingsoft Office, and others [18]. - Huawei supply chain: Daotong Technology and Digital China [18]. - AI sector: Strong recommendations for Zhongke Chuangda and Shengshi Technology [18]. - Financial IT sector: Strong recommendation for Hengsheng Electronics [18]. - Low-altitude economy sector: Recommendations for companies like Wanfeng Aowei and Les Information [18].

Group 1 - The core viewpoint of the report highlights that Langke Technology (300042.SZ) is actively positioning itself within the computing power ecosystem, benefiting from the "East Data West Computing" initiative in Shaoguan [2][3] - Langke Technology is a leader in the storage industry, having been established in 1999 and listed on the Growth Enterprise Market in 2010, with a product range that includes SSDs, DDR, embedded storage, and mobile storage [3] - The company experienced a decline in revenue from 2022 to 2024, with figures of 1.772 billion, 1.088 billion, and 0.829 billion yuan respectively, reflecting year-on-year decreases of 7.36%, 38.63%, and 23.73% due to weak terminal demand and falling product prices [3] Group 2 - The global storage market is expected to enter an upward cycle driven by increased shipments of electronic devices and data center construction, with the NAND Flash market in China accounting for approximately 36% and DRAM for about 62% [4] - The global smartphone market is projected to rebound strongly in 2024, with shipments reaching 1.22 billion units, a year-on-year increase of 7% [4] - The global data center market is estimated to be worth approximately 82.2 billion USD in 2023, with a year-on-year growth of 10.04%, and is expected to reach 96.8 billion USD by 2025 [4] Group 3 - Shaoguan is the only node in South China for the "East Data West Computing" initiative, with 22 intelligent computing center projects and a total investment of 62.1 billion yuan as of the end of 2024 [5] - The city plans to establish 500,000 standard racks and 5 million servers by 2025, with an investment exceeding 50 billion yuan, significantly enhancing the computing power capacity in the Guangdong-Hong Kong-Macao Greater Bay Area [5] - Langke Technology, backed by the Shaoguan State-owned Assets Supervision and Administration Commission, is expected to become a strategic investment hub in the region's computing power layout [5] Group 4 - The company's main storage business is anticipated to benefit from a recovery in industry demand, with projected revenues of 0.851 billion, 1.046 billion, and 1.301 billion yuan from 2025 to 2027, and net profits of -0.031 billion, 0.146 billion, and 0.217 billion yuan respectively [6] - The report assigns a price-to-sales ratio (PS) of 6, 5, and 4 for the years 2025 to 2027, indicating a positive outlook for the company's financial performance [6]

Core Viewpoint - The AI computing industry continues to show strong performance, with significant gains in related stocks and ETFs, particularly in the context of increasing demand for AI infrastructure and components [1][3][5]. Group 1: Stock Performance - On the last trading day of June, the AI computing sector remained active, with the ChiNext AI ETF achieving a six-day consecutive rise, closing up 2.1% [1]. - Notable stocks such as Zhongji Xuchuang and Tianfu Communication saw significant fluctuations, with Tianfu Communication leading with a rise of over 6% [1]. - The ChiNext AI ETF Huabao (159363) recorded a trading volume of 1.59 billion yuan, indicating strong market interest [1]. Group 2: Monthly Performance - The ChiNext AI ETF Huabao reported a monthly increase of 16.99%, outperforming the ChiNext Index, which rose by 8.02% [6]. - The ETF's performance was significantly better than other AI-themed indices, such as CS AI and Kexin AI [6]. Group 3: Industry Outlook - The investment strategy for July suggests continued high demand for AI computing infrastructure, particularly in light of the upcoming earnings forecast season [3]. - Key sectors to watch include optical modules and copper connection industries, which are expected to benefit from global AI development [3]. - The server manufacturing sector is experiencing robust growth, with Taiwanese AI server manufacturers reporting a year-on-year revenue increase of 162% in May [4]. Group 4: Market Trends - The A-share computing industry is viewed as a rare growth sector, with expectations that the commercialization of AI will enhance its market position [5]. - The report emphasizes the importance of focusing on leading companies in the optical module sector and related fields to capture opportunities in the AI market [5].