每经记者｜刘艳美 每经编辑｜杨欢 不过众所周知，苏州并不是一座创新资源富集的城市，创新资源相对欠缺、研发力量较为薄弱，都是摆在眼前的现实。 苏州此前还提及，对标先进城市和地区，苏州科技创新工作还存在不小的差距，产业创新转型速度还不快、缺乏产业地标，创新主体发挥作用还不足、缺乏 标杆企业，创新载体支撑力度还不强、缺乏高端平台。 为大力补短板，近年来，苏州一方面加速布局苏州实验室、全国重点实验室和"一区两中心"等重大平台，C9高校悉数落户；另一方面着力强化企业创新主 体地位，推动科技创新与产业创新深度融合。今年苏州市政府工作报告亦明确提出，要把"提质增效、创新转型"作为推动高质量发展的核心工作。 研发投入是衡量企业创新能力的关键指标，是培育新质生产力的基础支撑。7月21日，"2025苏州民营企业研发投入100家"名单正式发布，这是苏州首次以企 业年度研发费用为核心指标发布的榜单。 | 序号 | 企业名称 | 属地 | 所属行业名 | | --- | --- | --- | --- | | 1 | 江苏沙钢集团有限公司 | 张家港市 | 黑色金属冶炼和玉延加 | | 2 | 盛虹控股集团有限公司 | 吴江区 | 化 ...

消费保持增长，以旧换新提供支撑。上半年，全市社会消费品零售总额608.52亿元，同比增长2.8%。分 销售类型看，商品零售573.32亿元，增长2.8%；餐饮收入35.20亿元，增长2.0%。分城乡看，城镇消费 品零售额480.37亿元，增长2.8%；乡村消费品零售额128.16亿元，增长2.8%。在以旧换新政策的有力拉 动下，全市限额以上家用电器和音像器材类、文化办公用品类消费延续高增长势头，同比分别大幅增长 152.6%、77.3%。与此同时，线上消费保持稳健增长，限额以上单位通过公共网络实现商品零售额 123.10亿元，同比增长10.9%。 南都讯 记者蔡雯 实习生李婷 李迎春 根据广东省地区生产总值统一核算结果，2025年上半年，肇庆市地 区生产总值1358.01亿元，按不变价格计算，同比增长5.2%。 7月21日，肇庆市统计局发布2025年上半年肇庆经济运行简况。其中，第一产业增加值175.34亿元，增 长4.8%；第二产业增加值536.38亿元，增长4.9%；第三产业增加值646.29亿元，增长5.6%。 农业生产稳定，各类产品增长较好。上半年，全市农林牧渔业实现产值308.86亿元，同比增长5. ...

Market Performance - On July 21, 2025, the Shanghai Composite Index rose by 0.72%, closing at 3,559.79, marking a three-and-a-half-year high with a total market turnover of 16,996.87 billion yuan, an increase of 1,288.31 billion yuan from the previous trading day[2][15] - The Shenzhen Component Index increased by 0.86% to 11,007.49, while the ChiNext Index rose by 0.87% to 2,296.88[2][15] - A total of 4,056 stocks rose, while 1,310 stocks fell across the market[2][15] Sector Performance - The best-performing sectors included building materials (up 5.64%), construction (up 3.73%), and steel (up 3.46%)[2][21] - The banking sector saw a decline of 0.77%, while comprehensive finance and computing sectors fell by 0.39% and 0.37%, respectively[2][21] Capital Flow - On July 21, 2025, the net outflow of main funds was 93.04 billion yuan, with large orders seeing a net outflow of 116.24 billion yuan, while small orders had a net inflow of 168.90 billion yuan[3][25] - Southbound funds recorded a net inflow of 70.52 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 39.00 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 31.52 billion HKD[4][27] ETF Trading - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw changes in trading volume, with the former at 16.57 billion yuan (down 2.91 billion yuan) and the latter at 31.84 billion yuan (up 2.43 billion yuan)[3][30] - The net inflow for the CSI 1000 ETF was 2.65 billion yuan on July 18, indicating a strong interest in this fund[3][30] Global Market Overview - On July 21, 2025, the Hang Seng Index rose by 0.68% to 24,994.14, while the Australian S&P 200 Index fell by 1.02% to 8,668.20[4][34] - The U.S. stock market showed mixed results, with the Dow Jones Industrial Average down 0.32% and the Nasdaq Composite up 0.05%[5][34]

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The AI computing power market is experiencing exponential growth driven by the demand for large model training and inference, with a positive outlook for AI processors, computing leasing, servers, liquid cooling, PCB, optical modules, and AIDC sectors [14] - The GB300 architecture is set to ramp up production smoothly, with the first batch already shipped and expected to significantly benefit the supply chain in the second half of the year [6][24][30] Summary by Sections 1. Servers - The NVIDIA Blackwell platform is the main driver for the AI server market, with GB200 shipments increasing and GB300 expected to start shipping in Q3 [6][24] - AI server revenue is showing strong growth, with companies like Quanta and Wistron expecting AI server revenue to exceed 50% of their total revenue by 2025 [7][9] - The AI server market is projected to maintain a strong growth trend, with companies like Quanta and Wistron forecasting triple-digit growth for AI servers in 2025 [9] 2. Core Components - The GB300 liquid cooling system requires more components than the GB200, enhancing the value of each tray by over 50% [11] - Companies like Qisda and DoubleWin are positioned well in the liquid cooling supply chain, with expectations of significant revenue contributions from liquid cooling products [11][63] - PCB manufacturers like Gigabyte and MSI are expanding their AI server offerings and overseas operations [68][72] 3. Upstream Supply Chain - CoWoS capacity is expected to double by Q4 2025, indicating a significant increase in advanced packaging capabilities [13] - TSMC's advanced packaging facilities in the U.S. are set to begin construction in 2028, marking a shift in the supply chain dynamics [13] 4. Company Performance - Quanta's AI server revenue is projected to exceed 70% of total server revenue by the end of 2025, with significant year-over-year growth [35] - Wistron's AI server revenue is expected to grow over 100% year-over-year, with a strong focus on expanding production capacity in Texas [39][44] - Hon Hai's cloud network products are experiencing robust growth, with expectations for continued strong performance in the second half of the year [53]

宏观流动性： 上周美元指数继续回升，中美利差"倒挂"程度有所加深。10Y 美债名义/实际利率分别上升/下降，通胀预期回升。 海外流动性边际有所宽松，国内银行间资金面整体先紧后松，期限利差(10Y-1Y)走阔。 交易热度、波动与流动性： 市场交易热度有所回升，主要指数波动率均回落。行业上，计算机、轻工、纺服、医药、通信、机械等板块交易热度 均处于 80%分位数以上，大多数行业的波动率均处于 40%历史分位数以下。 机构调研： 电子、医药、计算机、通信、商贸零售、汽车等板块调研热度居前，金融等板块的调研热度环比仍在上升。 分析师预测： 全 A 的 25/26 年净利润预测同时被上调。行业上，有色、房地产、通信、医药、化工、机械、建材、轻工、电子、交 运、电力及公用事业、商贸零售、建筑、钢铁、电新、消费者服务、银行等板块 25/26 年净利润预测均被上调。指数 上，创业板指、沪深 300、上证 50、中证 500 的 25/26 年净利润预测均被上调。风格上，大盘成长、中盘/小盘价值 的 25/26 年的净利润预测均被上调，大盘价值的 25/26 年的净利润预测均被下调，中盘成长的 25/26 年的净利润预测 分别 ...

2025 年 07 月 21 日 Kimi：Researcher、K2 双线突破，强化学习革 新与开源智能的双擎驱动 —计算机行业点评报告 推荐(维持) 事件 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 联系人：谢孟津 S1050123110012 xiemj@cfsc.com.cn 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 (%) 计算机 沪深300 相关研究 1、《计算机行业周报：Grok4 屠榜 验证 Scalinglaw 有效，高德地图推 出小高智能体》2025-07-16 2、《计算机行业周报：谷歌发布全 新多模态大模型 Gemma3n，阿里达摩 院发布医疗 AI 模型 DAMOGRAPE》 2025-06-30 3、《计算机行业点评报告：优步 （UBER.O）：战略技术攻坚筑壁 垒，生态破局启新程》2025-06-28 2025 年 6 月，Moonshot AI 推出 Kimi-Researcher，通过端 到端强化学习实现多轮搜索推理，在 Humanity's Last Exam 基准以 26.9% Pass@1 刷新 ...

证券代码：003040 证券简称：楚天龙 楚天龙股份有限公司投资者关系活动记录表 编号：【2025】0721 | □特定对象调研 | □分析师会议 | | | --- | --- | --- | | □媒体采访 | □业绩说明会 | 投资者关系活动类 | | □新闻发布会 | □路演活动 | 别 | | □现场参观 | | | | ☑其他 | 投资者线上交流会 | | | 天风证券股份有限公司 | 1. | | | 中信建投基金管理有限公司 | 2. | | | 上海贵源投资有限公司 | 3. | | | 国泰君安资产管理股份有限公司 | 4. | | | 中信证券股份有限公司 | 5. | | | 6. | LCRICH CAPITAL MANAGEMENT | | | 承珞（上海）投资管理中心（有限合伙） | 7. | | | 长江证券股份有限公司 | 8. | | | 兴业基金管理有限公司 | 9. | 参与单位及人员 | | 中国人保资产管理有限公司 | 10. | | | 工银瑞信基金管理有限公司 | 11. | | | 东兴基金管理有限公司 | 12. | | | 循远资产管理（上海）有限公司 | ...

Economic Overview - Zhejiang's GDP for the first half of the year reached 45,004 billion yuan, with a year-on-year growth of 5.8%, surpassing the national average [1] - The growth rates for the primary, secondary, and tertiary industries were 3.5%, 5.6%, and 6.0% respectively [1] - Industrial added value increased by 7.6%, while the service sector grew by 6.0% and agriculture by 3.6% [1] Export Performance - Zhejiang contributed 19.8% to the national export growth, the highest in the country [3] - Total import and export volume reached 2.73 trillion yuan, a 6.6% increase year-on-year, with exports at 2.07 trillion yuan, growing by 9.1% [3] - The export of mechanical and electrical products was 970.54 billion yuan, up 10.7%, accounting for 46.8% of total exports [4] Consumption Trends - Social retail sales in Zhejiang totaled 18,979 billion yuan, with a growth of 5.3%, accelerating by 0.8 percentage points from the first quarter [6] - E-commerce played a significant role, with online retail sales increasing by 27.4%, outpacing overall retail growth by 22.1 percentage points [7] - New retail formats, such as instant retail and flash sales, have emerged as key growth drivers [7] Industrial Development - The added value of industrial enterprises above designated size grew by 7.6%, with private enterprises contributing 77.9% to this growth [9] - Key manufacturing sectors, including computer communication electronics and automotive, saw growth rates of 18.0% and 17.6% respectively [9] - High-tech manufacturing and digital economy sectors also demonstrated robust growth, with increases of 12.7% and 12.0% respectively [10] Price Trends and Income Distribution - Consumer prices in Zhejiang saw a slight decline, with a year-on-year decrease of 0.2% [11] - The per capita disposable income for urban residents was 43,293 yuan, growing by 4.7%, while rural residents saw a 5.7% increase to 25,986 yuan [11] - The income gap between urban and rural residents has narrowed, indicating improved income distribution [11]

本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 港股与全球资金流动：南下资金流入减少，外资边际流入发达市场。 本期恒生指数收涨 2.8 % ，全球主 要市场多数上涨，印尼综指（ +3.8% ）涨幅居前。资金维度： 1 ）南下资金单周净买入下降至 214.6 亿元，处 2022 年以来 76% 分位。本期（截至 07/18 ）外资流入港股 0.3 亿美元。 2 ）本期（截至 07/16 ）发达市场主动 / 被动资金净流动 -35.1 亿 /70.8 亿美元，新兴市场主动 / 被动资金净流动 -8.5/17.2 亿美元。仅外资口径看，本期全球外资主要流入发达市场，其中美国（ +30.2 亿美元）与日 本（ +11.6 亿美元）居前。含各国内资的全球资金整体流动看，美国 / 韩国流入居前，美股工业 / ...

7月21日，A股市场整体上涨。 截至收盘，上证指数收报3559.79点，上涨0.72%，深证成指收报11007.49点，上涨0.86%，创业板指收 报2296.88点，上涨0.87%，北证50指数上涨2.38%。A股市场合计成交17274.28亿元，较上一交易日增 加1339.22亿元。 1. A股市场全天主力资金净流出136.41亿元 今日A股市场主力资金开盘净流出52.22亿元，尾盘净流入15.76亿元，全天净流出136.41亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2025-7-21 | -136.41 | -52. 22 | 15. 76 | -9.08 | | 2025-7-18 | -256. 41 | -65. 68 | -5.90 | -135.30 | | 2025-7-17 | 69.86 | -16. 82 | 13. 64 | 124. 01 | | 2025-7-16 | -134. 35 | -8.00 | ...