又有牛股出没。 A股市场今天（7月16日）上午整体窄幅震荡，通信板块再度领涨。 新股方面，A股市场今天有一只新股上市，为华电新能，上午盘中该股最高涨幅接近220%，总市值一度超过4000亿元，后公司股价和市值均有所回落。 港股市场上午多数时间小幅上涨，稳定币相关概念股的炒作仍在持续，上午又有港股因涉及相关事项股价暴涨，盘中涨幅一度超过80%。 A股市场通信板块再度领涨 A股市场今天上午整体窄幅震荡，上证指数围绕3500点整数关口上下波动。截至中午收盘，上证指数跌0.13%，深证成指涨0.11%，创业板指涨0.36%。 | 内地股票 △ | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 3500.62 | 深证成指 10755.85 | 北证50 1420.36 | | -4.38 -0.13% +11.29 +0.11% +8.24 +0.58% 科创50 | 创业板指 | 万得全A | | 1000.15 | 2243.08 | 5429.20 | | +3.91 +0.39% +8.03 +0.36% +7.68 +0.14% | | | | 沪 ...

Group 1 - Nvidia's H20 chip has been released, leading to strong performance in technology sectors, with significant gains in communication equipment, services, electronic components, and the internet [1] - The ChiNext AI ETF (159246) saw an increase of 3.42%, while the communication equipment ETF (159583) rose by 3.15%, indicating positive market sentiment [1] - Key components of the ChiNext AI ETF include Zhongji Xuchuang, New Yisheng, and Tianfu Communication CPO, which together account for 28.2% of the ETF [1] Group 2 - Recent catalysts in the technology sector include the U.S. Department of Commerce's withdrawal of the "AI diffusion rules" and Nvidia's resumption of H20 chip supply to China [2] - The H20 chip, while not as powerful as the H100, can achieve near H100 performance in cluster mode, addressing the needs for domestic AI model training and inference [2] - The ChiNext AI ETF tracks the ChiNext AI Index, which selects 50 companies from the ChiNext market, covering the entire AI industry chain, including hardware, software, and applications [2]

受英伟达H20解禁提振，今日早盘通信板块续涨，光模块含量近30%的通信ETF（515880）涨超2%。 通信ETF（515880）很好地代表了AI的行情。通信ETF跟踪通信设备指数，从A股市场中选取涉及通信设备制造、通信技术服务等业务的上市公司证券作为 指数样本，以反映通信设备行业相关上市公司证券的整体表现。通信ETF（515880）在同类ETF中流动性好，光模块占比较高，加上服务器和运营商占比， AI直接相关的成分占比接近60%。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变动，不构成 任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹 配的产品。基金有风险，投资需谨慎。 目前A股半年报临近，昨日北美算力链部分个股集中披露业绩预告，光模块板块/PCB板块头部企业Q2业绩多有不俗表现，其中少数代表性厂商2025年半年 归母净利润同比成长数倍。叠加此前扩产动作，可见算力景气高企。 关于业绩表现，从英伟达和北美云厂产业链来看，A股上市公司中能在北美 ...

Group 1 - The Hang Seng Index and ChiNext Index showed positive performance, with the ChiNext AI ETF Guotai (159388) continuing to rise after a nearly 7% increase yesterday, gaining nearly 3% today, driven by component stocks like Changxin Bochuang and Xinyisheng, which both rose over 10% [1] - Nvidia announced the resumption of sales of its H20 AI accelerator in China, designed to comply with U.S. export controls, featuring 96GB HBM3 memory and 4.0TB/s bandwidth, which is expected to meet some of the domestic demand for computing power and enhance AI model capabilities [3] - Xinyisheng reported a significant increase in its mid-year earnings forecast, expecting a net profit of 3.7 billion to 4.2 billion yuan for the first half of 2025, representing a year-on-year growth of 327.68% to 385.47%, positively impacting related CPO concept stocks [3] Group 2 - The ChiNext AI ETF Guotai (159388) tracks the ChiNext AI Index, focusing on hardware, software, and core computing power sectors, heavily investing in optical modules, communication equipment, and integrated circuits, benefiting from the global demand for AI computing power [4] - Since its establishment in March, the ETF has achieved a growth rate of 17.93%, significantly outperforming the CSI 300 Index, indicating strong investor interest in AI-related investments [4] - According to CITIC Securities, the capital expenditure of the four major North American cloud service providers reached $77.1 billion in Q1 2025, a 59% increase, suggesting that the optical module industry is expected to grow faster than overall computing investment [3]

Group 1 - The development of large models by domestic and international manufacturers is ongoing, benefiting the computing power sector [1] - The Kimi K2 model utilizes a mixture of experts (MoE) architecture with a total parameter scale of 1 trillion and 32 billion active parameters, achieving optimal results among open-source models in various authoritative benchmarks [1] - The Grok 4 series models support multi-agent parallel reasoning, indicating a significant increase in training computing power and a continuous release of demand for specialized reasoning training [1] Group 2 - Continuous policy catalysts in the communication industry are evident, with ongoing advancements in satellite internet development and research into 5G-A and 6G standards [1] - The communication ETF tracks the communication equipment index, which reflects the overall performance of listed companies in the communication network and terminal equipment sectors [1] - The index has significant industry characteristics and allocation value, effectively representing market trends in the communication equipment sector [1]

Macro Strategy - The "urban renewal" initiative is expected to achieve a total investment of at least 4.48 trillion yuan during the 14th Five-Year Plan period, averaging nearly 900 billion yuan annually. The main sources of potential demand will come from the renovation of urban villages, old residential areas, and urban infrastructure upgrades [1][18] - The renovation of old residential areas and urban infrastructure is projected to contribute at least 2.35 trillion yuan in new investment during the 14th Five-Year Plan period, supported by over 470 billion yuan in central budget investments and special bonds [1][18] - The urban village renovation is estimated to contribute 2.13 trillion yuan in new investment during the 14th Five-Year Plan period, assuming a "half-demolition, half-renovation" approach for the remaining self-built houses [1][18] Economic Data - The actual GDP growth rate for Q2 was 5.2%, with a cumulative growth of 5.3% for the first half of the year, indicating a strong performance compared to the previous year. However, the nominal GDP growth rate was lower at 3.9% [2][20] - Consumer spending showed a year-on-year increase of 5.0% in the first half, driven by the "old-for-new" policy, while real estate sales showed resilience compared to the previous year [2][20] - Industrial production in June saw a year-on-year increase of 6.8%, supported by strong external demand, particularly in the equipment manufacturing sector [2][21] Company Analysis - Zhongkuang Resources (002738) has adjusted its profit forecast for 2025-2027 due to pressure from falling lithium prices and temporary losses in copper smelting, projecting net profits of 4.0/9.6/19.3 billion yuan [10] - Li Ning (02331.HK) anticipates challenges in sales due to deepening discounts and increased expenses, with revised net profit forecasts of 23.1/26.0/29.3 billion yuan for 2025-2027 [10] - 361 Degrees (01361.HK) is expanding its superstore network and maintaining industry-leading growth, with net profit forecasts of 13.0/14.6/16.2 billion yuan for 2025-2027 [11] - Zhongrong Electric (301031) expects continued high growth in its electric vehicle-related products, projecting net profits of 3.4/4.8/6.3 billion yuan for 2025-2027 [12] - Huanxin Cement (600801) reported a significant increase in Q2 profits, driven by improvements in domestic cement profitability and overseas operations, with revised net profit forecasts of 28.8/32.2/35.6 billion yuan for 2025-2027 [15]

Group 1: ExxonMobil Huizhou Ethylene Project - The ExxonMobil Huizhou Ethylene Project Phase I officially commenced production on July 15, with a total investment of $10 billion, marking it as the first major petrochemical project wholly owned by a U.S. company in China and the first foreign-funded petrochemical project in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] - Ethylene, known as the "mother of the petrochemical industry," is a crucial raw material for organic chemicals, and the project aims to produce high-end chemical products to effectively meet domestic market demand [1] Group 2: XPeng Heavens' B Round Financing - XPeng Heavens announced the completion of a $250 million B round financing on July 15, which will be used to ensure the smooth progress of research and development, mass production, and commercialization of flying cars [3] - The world's first flying car mass production factory has been topped out and is currently undergoing equipment debugging, with plans to be completed in the fourth quarter of this year, and the "land aircraft carrier" is expected to be delivered in 2026 [3][4] Group 3: Guangdong's Innovative Drug Approvals - Guangdong has received approval from the National Medical Products Administration for 25 Class I innovative drugs and 48 innovative medical devices, showcasing products like Ivosidenib injection and Orelabrutinib tablets [5] - The province ranks among the top in the country in terms of the number of pharmaceutical, medical device, and cosmetic manufacturing enterprises, as well as the quantity of registered products and innovative approvals [5][6] Group 4: Macao Tourism Price Index - The Macao tourism price index increased by 1.42% year-on-year in the second quarter of 2025, driven by higher prices for jewelry, watches, and entertainment, while clothing and dining services saw price declines [7] - The price index for miscellaneous items (jewelry, watches, and crafts) and entertainment and cultural activities rose by 13.40% and 12.00% respectively, while clothing and dining prices fell by 3.14% and 2.80% [7] Group 5: Shenzhen Stock Market Performance - The Shenzhen Component Index closed at 10,744.56 points, up 0.56% on July 15 [8] - Notable gainers included Dingjie Zhishi with a price of 46.02 yuan, up 20.00%, and Xinyi Sheng at 157.08 yuan, also up 20.00% [8]

Group 1: Macroeconomic Insights - In June, China's exports increased by 5.8% year-on-year, while imports rose by 1.1%, indicating a recovery in trade dynamics despite global demand challenges [6][7] - The decline in exports to the US has narrowed, with strong demand from ASEAN and Africa contributing to overall export resilience [8] - The contribution of net exports to GDP is primarily driven by low import growth rather than high export growth, with net exports contributing nearly 40% to GDP in Q1 2025 [19][21] Group 2: Real Estate Sector Analysis - In the first half of 2025, the total sales area of commercial housing decreased by 3.5% year-on-year, with a significant drop in June sales data, marking the largest decline since September 2024 [27][28] - The new housing starts in the first half of 2025 fell by 20.0% year-on-year, although the rate of decline has narrowed compared to previous months [28] - The real estate development investment in the first half of 2025 decreased by 11.2% year-on-year, indicating a continued contraction in investment sentiment among developers [29] Group 3: Banking Sector Developments - In June, new loans increased by 22,400 million yuan, exceeding expectations and indicating a recovery in credit demand [12][13] - The growth of M1 and M2 money supply in June reflects effective monetary policy and increased liquidity in the economy, with M1 growth rising to 4.6% [16] - The banking sector is expected to maintain stable performance in 2025, driven by optimized asset-liability structures and controlled retail risks [42] Group 4: Communication Industry Updates - Nvidia announced the resumption of H20 sales in China, which is expected to alleviate the domestic chip shortage and benefit the AIDC industry chain [44] - Century Internet raised its 2025 fiscal year revenue guidance, indicating strong demand in the IDC sector and a positive outlook for the domestic AIDC industry [45] Group 5: Non-Banking Financial Sector Insights - The net profit of 25 listed securities firms is expected to increase by 78% year-on-year, driven by improved market conditions and higher trading volumes [48][50] - The brokerage business, equity self-operation, and overseas operations are key drivers of profit growth for securities firms in the first half of 2025 [50][52]

7月15日晚间，厦门亿联网络技术股份有限公司（以下简称"亿联网络"或"公司"）发布2025年半年度业 绩预告。公司预计1-6月实现营业收入26.40亿元–26.67亿元，比上年同期下降0%-1%；归属于上市公司 股东的净利润盈利12.24亿元–12.51亿元，比上年同期下降8%-10%；扣除非经常性损益后的净利润盈利 11.399亿元–11.649亿元，比上年同期下降7%-9%。尽管公司仍保持超12亿的净利润规模，但这已是继一 季度净利润首现负增长后，业绩颓势的延续。 关于业绩变动原因，亿联网络（300628）称，报告期内，公司营业收入预计较上年同期下降0%-1%，净 利润预计较上年同期下降8%-10%。2025年上半年，公司销售业务开拓进展总体有序，但国际贸易环境 的不确定性对短期业务进展产生一定干扰，公司海外产能建设的转移过渡期对订单出货造成阶段性影 响。虽然受到宏观环境的挑战，但公司毛利率截至目前仍保持稳定，费用率受到短期营收增速不达预期 及关税政策的影响有所上升，从而对净利润增速造成一定影响。 整体而言，国际贸易政策的扰动给市场环境带来了一定的不确定性，但公司在核心业务领域仍然保持了 稳定的市场竞争力 ...

Market Overview - On July 15, A-shares experienced a rise and then a pullback, with the Shanghai Composite Index closing down 0.42% and the Shenzhen Component Index up 0.56% [1] - The market turnover reached 1.64 trillion yuan, an increase of over 150 billion yuan compared to the previous trading day [1] - More than 4,000 stocks declined, with the CPO concept stocks showing strength throughout the day, while the real estate sector saw a midday rally [1] Institutional Trading - On July 15, institutional investors net bought 5.80 billion yuan worth of stocks, with 13 stocks being net bought and 15 stocks being net sold [2] - The top net bought stocks included Zhongji Xuchuang, Xinyi Technology, and COSCO Shipping Technology, with net buying amounts accounting for 5.23%, 0.99%, and 1.57% of the day's trading volume, respectively [2] - The top net sold stocks included Dongtianwei, Laisentongling, and Pengding Holdings, with net selling amounts accounting for 5.01%, 25.42%, and 2.15% of the day's trading volume, respectively [2] Stock Performance - The stocks with the highest institutional net buying on July 15 included Zhongji Xuchuang (16.68% increase), Xinyi Technology (20.00% increase), and COSCO Shipping Technology (3.05% increase) [3] - The average increase for stocks rated as buy by institutions was 1.49%, outperforming the Shanghai Composite Index [5] - Notable stocks with significant upward potential included Shui Jing Fang, with a target price of 64 yuan, indicating a potential increase of 56.33% [5] Announcements - Sinochem International announced plans for an asset restructuring involving the acquisition of a 100% stake in Nantong Xingchen Synthetic Materials Co., Ltd., with stock suspension starting July 16 for up to 10 trading days [7] - Shengao Technology is planning to transfer 22.35% of its shares for 2.5 billion yuan, which may lead to a change in control, with stock suspension starting July 16 for up to 2 trading days [7] Earnings Forecasts - Several companies provided earnings forecasts for the first half of the year, with significant growth expected: - Sitaiwei-W anticipates a net profit of 360 million to 420 million yuan, a year-on-year increase of 140% to 180% [8] - Juxin Technology expects a net profit of 91 million yuan, a year-on-year increase of 122.28% [8] - Satellite Chemical forecasts a net profit of 2.7 billion to 3.15 billion yuan, a year-on-year increase of 31.32% to 53.20% [9]