Core Insights - The report highlights a positive outlook for the AI computing industry, driven by significant investments from major overseas companies, which is expected to boost the demand for related technologies and services [25][27][33] - The introduction of a national childcare subsidy program in China is anticipated to stimulate demand in the dairy sector, particularly in infant formula, as it aims to increase birth rates [43][44][45] - The report emphasizes the growth potential in the communication sector, particularly for Corning, which reported strong Q2 earnings and is expected to benefit from the increasing demand for AI-related technologies [24][25][26] Industry Analysis Communication Sector - Corning's Q2 2025 revenue reached $4.05 billion, a 12% year-on-year increase, with a notable 41% growth in its optical communications segment [24][25] - The company's "Scale-up" strategy is projected to significantly enhance its sales and profit margins by 2026, with expectations of a $10 billion market opportunity in data center interconnects by 2030 [26][27] Dairy Sector - The national childcare subsidy program is set to provide annual cash benefits of 3,600 yuan per child, which is expected to positively impact birth rates and subsequently increase demand for infant formula [43][44] - The report anticipates a recovery in the demand for infant formula in 2025, driven by the subsidy and a favorable demographic shift [45][46] AI Computing Industry - The integration of AI technologies is expected to create substantial market opportunities, particularly through platforms like NVIDIA's Omniverse, which facilitates collaboration and simulation across various industries [29][30][31] - The report identifies several investment opportunities within the AI computing supply chain, including optical modules and liquid cooling technologies, which are poised for growth as AI applications expand [27][33] Agricultural Sector - Haida Group reported a 12.5% increase in revenue for H1 2025, driven by strong sales in its feed business, particularly in the pig and poultry segments [60][61] - The company is also expanding its international market presence, with a 40% year-on-year increase in overseas feed sales [61][62] Real Estate and Property Management - South Property's diversified service model is expected to enhance profitability, with a projected net profit of 168 million yuan for 2025 [54][55] - The company is leveraging technology, such as cleaning robots, to improve service efficiency and reduce costs [58][59]

2025 年 07 月 29 日 市场的双轮驱动系列一——交易 PPI 策略研究团队 ——投资策略专题 韦冀星（分析师） 耿驰政（联系人） weijixing@kysec.cn 证书编号：S0790524030002 gengchizheng@kysec.cn 证书编号：S0790125050007 弱基钦周期下交易 PPI 仍有可为 2025 年以来，我国 PPI 当月同比跌幅持续扩大，与此同时，近期密集出台反对"内 卷式竞争"的政策举措。目前市场普遍认为，当前供需失衡的核心矛盾在于需求疲 弱，单一供给收缩难以扭转物价中枢下行趋势，仍需更多需求端政策协同发力以推 动价格修复。然而，我们认为市场的预期差或在于——尽管 PPI 当前仍处于低位， 但其边际改善的可能性，叠加流动性宽松的环境，可能加速估值修复节奏。我们的 判断主要基于以下两个信号：一、信用端的传导正在为 PPI 的边际修复提供领先信 号；二、CRB 的领先指引与 PPI 走势出现结构性背离，但补涨逻辑正在形成。 "反内卷"成为了交易 PPI 的先行者，但行情或仍在扩散中 在政策的反复提及以及雅鲁藏布江下游水电工程的催化下，反内卷已向 PPI 交易扩 ...