Group 1: Macro Economic Insights - In July, the social financing scale increased by 1.2 trillion yuan, lower than the expected 1.4 trillion yuan and significantly down from the previous value of 4.2 trillion yuan, indicating a tightening credit environment [7][21] - The RMB loan decreased by 500 million yuan, contrasting with the expected decrease of 150 million yuan and a previous increase of 22.4 trillion yuan, reflecting a decline in credit demand [7][21] - The government bond issuance continued to show a seasonal high increase, with 12.44 trillion yuan in new government bonds issued in July, up 5.56 trillion yuan year-on-year, indicating strong government support for financing [9] Group 2: Banking Sector Insights - The introduction of fiscal subsidy policies aims to lower financing costs and stimulate consumer demand, particularly benefiting sensitive price customers [31] - The fiscal subsidy policies cover a wide range of consumer loans and service industry entities, enhancing the accessibility of credit for a large portion of the population [32] - The policies are expected to stabilize bank interest margins and reduce competitive pressure among banks, thus supporting the overall health of the banking sector [33] Group 3: Coal Mining Sector Insights - The company reported a significant improvement in Q2 performance, with a quarter-on-quarter revenue increase of 32.14%, despite a year-on-year decline of 12.16% [36] - The company’s net profit for Q2 increased by 38.36% quarter-on-quarter, indicating a recovery trend in operational performance [36] - The company is expected to benefit from the recovery of the real estate market and consumer demand, leading to improved performance in the coming years [36] Group 4: Food and Beverage Sector Insights - The company reported a 3.0% year-on-year increase in revenue for the first half of 2025, with a net profit increase of 1.2%, indicating stable growth [42] - The company’s meat product sales improved, with a revenue of 56.2 billion yuan in Q2, reflecting a positive response to professional reforms and new channel development [43] - The company is focusing on enhancing its brand value and expanding its marketing network to drive future growth [39] Group 5: Media Sector Insights - The company achieved a net profit increase of 68.5% in H1 2025, primarily due to significant gains from equity disposals, despite a 23.9% decline in revenue [50] - The online reading business showed steady growth, with a 2.3% increase in revenue, supported by a thriving content ecosystem [51] - The company is leveraging AI technology to enhance its content distribution and user engagement, indicating a forward-looking growth strategy [51]

2025 年 08 月 14 日 液冷：下一个光模块&PCB 策略研究团队 ——投资策略专题 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn 我们多篇报告一直明确：市场的结构是【双轮驱动】：其一为全球科技共舞下的 成长品类提供强劲的弹性，其二为"反内卷"牵头下周期与顺周期交易 PPI 修复 的扩散行情。我们于 7 月 29 日发布了《市场的双轮驱动系列一——交易 PPI》， 于 8 月 8 日发布了《市场的双轮驱动系列二——全球科技共舞》。 在双轮驱动行情下，"坚守自我，科技为先"尤为重要。我们于 8 月 3 日发布的 《坚守自我，科技为先》中提出：不应该在积极的市场中做"惊弓之鸟"，调整 后的布局更为关键。 科技当中的下一个光模块&PCB：液冷 AI 算力链条我们一直持续推荐，我们于 7 月 12 日、8 月 3 日、8 月 8 日、8 月 9 日多次提示 AI 硬件的投资机会。AI 算力链条景气度高、业绩确定性强，是当下 市场科技主线的核心。 光模块、PCB 是 AI 算力链的重要组成部分，二者深度绑定海内外 AI 算力基础 设施的建设浪潮，并跟随 AI 服务器不断迭代，无论是出 ...