Core Insights - The report highlights the strong performance of Celestica, which raised its annual revenue guidance to $11.55 billion, up from the previous $10.85 billion, driven by robust demand from major clients [12][13] - The AI PCB industry is experiencing a significant expansion due to high demand for advanced AI servers, leading to increased capital expenditures and a tight supply chain for PCB equipment [16][17] - The antibiotic sector, particularly for the company Federated Pharmaceuticals, is stable with a growing market for diabetes and animal health products, projecting net profits of 2.839 billion, 2.452 billion, and 2.705 billion for 2025-2027 [29][30] Total Research - As of July 29, 2025, the 10-year government bond yield is at 1.75%, up 11 basis points from the June low of 1.64% [3] - Historical patterns indicate that bond yields can reverse in either a V-shape or W-shape, with the latter often leading to a more significant upward movement [4][5] - The report anticipates that the 10-year government bond yield could rise to a target range of 1.9% to 2.2% in the second half of 2025, driven by economic recovery and inflation normalization [10] Industry Analysis - The communication sector is seeing increased demand for light modules and liquid cooling solutions, as indicated by Celestica's performance [12] - The PCB industry is entering a phase of intensive expansion, with several manufacturers announcing new projects to meet the rising demand for high-end products [17][18] - AI's impact on PCB performance is pushing for upgrades in materials and manufacturing processes, with a focus on higher layer counts and advanced techniques [19][20] Company-Specific Insights - Celestica's second-quarter revenue reached $2.89 billion, a 21% year-over-year increase, with a notable 82% growth in its hardware platform solutions segment [12] - The company is benefiting from strong demand from its top clients, which account for a significant portion of its revenue [12] - The report emphasizes the potential for significant growth in the PCB equipment market due to ongoing expansions and technological upgrades [16][18]

固 定 收 益 研 2025 年 07 月 29 日 债市收益率反转的历史规律 《信用债发行额和净融资有所回暖， 成交热度提升—固收专题》-2025.7.28 《资金利率波动率放大，债市收益率 有望上行—固收专题》-2025.7.25 《市场预期差修正，股债配置有望切 换—固收专题》-2025.7.23 陈曦（分析师） 刘伟（分析师） 固定收益研究团队 ——事件点评 事 件 点 评 开 源 证 券 证 券 研 究 报 告 相关研究报告 chenxi2@kysec.cn 证书编号：S0790521100002 liuwei1@kysec.cn 证书编号：S0790524070008 2025 年 7 月 29 日，10 年国债收益率 1.75%，较 6 月低点 1.64%上行 11BP。 规律一：债券收益率见底的两种方式 历史上看，债券收益率见底的两种形态为：V 型反转和 W 型反转。 （1）对于债券收益率的 V 型反转，均是政策显著刺激下，经济明显快速上行， 债市在政策影响下呈现收益率的 V 型反转。例如，2009 年、2020 年。 （2）对于债券收益率的 W 型反转，即债券收益率呈现二次探底，原因是经济呈 ...