方正证券发布研报称，2024年，全球PCB总产值达735.65亿美元(约合人民币5252亿元)，同比增长 5.8%。随着AI应用加速演进，PCB行业将进入新的增长周期，高端产品存在供需缺口。建议关注PCB设 备多领域布局的全球龙头企业大族激光（002008）(002008.SZ)，高价值量环节钻孔设备/耗材：鼎泰高 科（301377）(301377.SZ)、中钨高新（000657）(000657.SZ)，曝光设备：芯碁微装(688630.SH)，电镀 设备：东威科技(688700.SH)，SMT设备：凯格精机（301338）(301338.SZ)。 方正证券主要观点如下： 2024年全球PCB专用设备市场规模约为70.85亿美元(约合人民币506亿元)，2020-2024CAGR约为4.9%， 预计到2029年达到107.65亿美元市场规模(约合人民币769亿元)，以8.7%的CAGR增长。PCB加工包括钻 孔、曝光、检测、电镀、压合、成型、贴附等环节。其中，钻孔、曝光是设备价值量占比最高的两个环 节，占比分别为20.7%、17%，其次，检测设备种类繁多，占比15%，成型设备、电镀设备占比8.7%、 7.2% ...

Macro Insights - The US July CPI shows a moderate increase, with core CPI rising 0.3% month-on-month, aligning with market expectations, alleviating concerns about significant inflation rebound [2] - The core CPI year-on-year increased by 0.2 percentage points to 3.1%, slightly above the expected 3.0% [2] - The market anticipates a 96% probability of a Federal Reserve rate cut in September, influenced by the manageable inflation pressures from tariffs [2] Fixed Income Insights - AI is becoming a central theme in the market, impacting investment, employment, and asset prices, leading to a structural divergence in stock performance [3] - The report suggests that AI could enhance labor productivity, potentially leading to a scenario where stock market performance outpaces GDP and employment growth [3] - Long-term, AI may alleviate debt pressures but could also exacerbate income and opportunity disparities [3] Energy Sector Insights - National electricity generation in July is estimated to increase by 3.2% year-on-year to 924.9 billion kWh, with coal, hydro, and renewable energy sources contributing differently [4] - The report anticipates a positive growth momentum for thermal power generation despite some pressure from hydroelectric output recovery [4] Banking Sector Insights - The introduction of a personal consumption loan interest subsidy policy aims to stimulate domestic demand, with a 1% annual subsidy rate [5] - Major banks are responding positively to the subsidy policy, indicating a favorable outlook for structural opportunities in the banking sector [5] Company-Specific Insights - Wanchen Group (300972 CH) is accelerating the acquisition of minority shareholder equity, with stable earnings in April and May, leading to an upgraded target price of 212.66 CNY and a "Buy" rating [7] - Guizhou Moutai (600519 CH) reported a 9.2% year-on-year increase in total revenue for H1 2025, indicating a solid foundation for achieving its annual growth target [11] - Pengding Holdings (002938 CH) is focusing on AI-related capacity investments, with a revenue increase of 24.75% year-on-year in H1 2025, leading to an upgraded target price of 69.2 CNY [12] - Desay SV (002920 CH) benefited from the smart driving trend, achieving a 25.25% year-on-year revenue growth in H1 2025, with a positive outlook for future growth [17] - City Development Environment (000885 CH) reported a revenue increase of 11.25% year-on-year in H1 2025, indicating stable growth in waste treatment operations [21]

7月份的话，首先从政策层面上来讲，大家都知道7月底有重要的政治局会议，所以整个7月份行情其实 相对来说还是比较积极的。首先大家对于这种政策上的催化和刺激还是有一些期待，我们看到7月份市 场也呈现出了震荡上行的走势，大盘的强势一定程度上也是超出市场的预期。上证综指近期也创下了一 个阶段性的新高，7月份以来整个市场相对来说是比较强势的。 另外下游需求其实也是在不断上修的过程中，前段时间海外的几大互联网云厂商刚刚发布了最新季度财 报，其中季度资本开支以及未来的资本开支指引很大程度上超出了市场预期。不仅仅是短期的资本开支 情况，包括我们看到这些巨头对于2026年的一些资本开支指引还是比较积极和乐观的。另外，我们看到 它们的云业务收入增长其实也贡献了比较可观的增量。 总体上讲，我们认为下游需求已经看到了积极的预期。从产业链的一些调研情况来看，我们也看到像光 模块公司今年、明年的需求还是有在上修。另外，近期也有一些PCB公司发布了自己的扩产计划，其实 也反映了下游需求现在还是在一个景气度比较高的状态。 未来几年的话，其实大家之前在2024年下半年以来的一些担忧都在7月份得到了明显缓解，比如AI算力 需求的下降，大模型发展 ...

Macro News - The Ministry of Finance and the State Taxation Administration are soliciting opinions on the draft implementation regulations of the Value-Added Tax Law, which clarifies definitions of taxable transactions, taxpayers, and the scope of VAT [1][2] - As of August 11, the financing balance of the Shanghai Stock Exchange reached 1,021.79 billion yuan, an increase of 9.07 billion yuan from the previous trading day, while the Shenzhen Stock Exchange's financing balance reached 983.90 billion yuan, an increase of 7.66 billion yuan, bringing the total financing balance of both markets to 2,005.69 billion yuan, surpassing 2 trillion yuan for the first time in ten years [2] Industry News - The China Nonferrous Metals Industry Association's lithium division has issued an initiative to strengthen industry self-discipline and prevent "involution" competition, promoting healthy development in the lithium industry by enhancing cooperation and maintaining market stability [4] - A research team led by Xu Cao from the Institute of Genetics and Developmental Biology has published a paper proposing a crop-robot collaborative design concept, successfully creating the world's first intelligent breeding robot, "GEAIR," which significantly reduces breeding costs and time [5] - The China Logistics and Purchasing Federation reported that the e-commerce logistics index for July reached 112.0 points, a 0.2 point increase from the previous month, marking a new high for the year [6] Sector Insights - CITIC Securities reports that the suspension of operations at the Jiangxi Ganfeng Lithium's mine will reduce domestic lithium supply by 8,300 tons per month, leading to a supply shortage and a significant increase in lithium prices [7] - CITIC Construction Investment highlights the ongoing support policies for the robotics industry, recommending sectors such as sensors and flexible hands, as the domestic robotics market continues to thrive [7] - China International Capital Corporation notes that high overseas demand for computing power is driving growth in the PCB market, with expectations for the AI PCB market to reach $5.6 billion by 2025 and $10 billion by 2026 [7][8]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][9]. Core Insights - The PCB industry is experiencing continuous expansion driven by the demand for AI computing infrastructure, with major companies like Huadian and Shenghong investing significantly in new projects [3]. - The expansion is primarily focused on high-layer HDI boards, leading to increased requirements for equipment quantity and pricing [3]. - The exposure segment of PCB equipment, which accounts for 10%-15% of the total equipment value, is seeing higher demand for advanced exposure equipment due to stricter requirements from high-end PCB boards [3]. - The drilling segment, which constitutes about 25% of PCB equipment value, is benefiting from the increasing complexity of PCB designs, with a shift towards laser drilling technology [3]. - The PCB drill needle market is experiencing growth due to the surge in AI demand, prompting manufacturers to expand production capacity [3]. - The electroplating segment, which represents around 10% of PCB equipment value, is seeing increased demand for high-end equipment as AI applications require thicker copper and finer lines [3]. Summary by Sections PCB Expansion - Continuous expansion in the PCB sector is driven by AI computing needs, with significant investments from leading companies [3]. Exposure Equipment - Exposure equipment is critical for high-end PCB production, with domestic companies improving their capabilities to meet rising demands [3]. Drilling Equipment - The drilling process is evolving with a shift towards laser technology, driven by the need for smaller apertures and tighter tolerances in PCB manufacturing [3]. Drill Needles - The demand for high-quality drill needles is increasing, with manufacturers ramping up production to meet the needs of upgraded AI server PCBs [3]. Electroplating Equipment - The demand for advanced electroplating equipment is growing, particularly for high-end applications in the AI sector [3].

Group 1 - The global PCB market size is expected to decline by 15% to $69.517 billion in 2023 due to global inventory pressure and interest rate hikes aimed at curbing inflation, but it is projected to enter a new growth cycle in 2024 with a total output value of $73.565 billion, representing a year-on-year growth of 5.8% [1] - In 2024, the output value and production of 18+ layer multilayer boards are expected to grow by 25.2% and 35.4% respectively, making them the fastest-growing products in the PCB segment [2] - The demand for HDI boards is driven by applications in AI servers, high-speed networks, and satellite communications, leading to an 18.8% year-on-year growth in HDI [2] Group 2 - The global PCB equipment market is projected to reach approximately $7.085 billion in 2024, with a CAGR of about 4.9% from 2020 to 2024, and is expected to grow to $10.765 billion by 2029, with a CAGR of 8.7% [3] - Drilling and exposure processes account for the highest value proportions in PCB processing equipment, at 20.7% and 17% respectively, followed by testing equipment at 15% [3] - The demand for high-precision boards like HDI is increasing, which raises the requirements for processing technology and equipment, particularly in drilling, exposure, and electroplating [4]

截至2025年8月12日 10:27，中证A500指数(000510)上涨0.36%，成分股神州泰岳(300002)上涨9.22%，江 特电机(002176)上涨7.60%，德赛西威(002920)上涨7.17%，胜宏科技(300476)上涨6.75%，乐普医疗 (300003)上涨5.84%。A500ETF基金(512050)上涨0.20%，最新价报1.03元。 流动性方面，A500ETF基金(512050)盘中换手12.83%，成交18.38亿元，市场交投活跃。拉长时间看，截 至8月11日，A500ETF基金(512050)近1周日均成交41.28亿元，居可比基金第一。 A500ETF基金紧密跟踪中证A500指数，中证A500指数从各行业选取市值较大、流动性较好的500只证券 作为指数样本，以反映各行业最具代表性上市公司证券的整体表现。 数据显示，截至2025年7月31日，中证A500指数(000510)前十大权重股分别为贵州茅台(600519)、宁德 时代(300750)、中国平安(601318)、招商银行(600036)、兴业银行(601166)、美的集团(000333)、长江电 力(600900)、 ...

Group 1: PCB Industry - PCB stocks, such as Shenghong Technology, have seen significant gains, with Shenghong Technology rising over 6% to reach a historical high, and Industrial Fulian increasing by more than 4%, with a total market capitalization exceeding 750 billion yuan [1] - CICC predicts that the overseas demand for computing power will drive both volume and price increases in the PCB market, with the AI PCB market expected to reach 5.6 billion USD by 2025 and 10 billion USD by 2026 [3] - Despite domestic PCB manufacturers accelerating production, the release efficiency of high-end capacity is expected to lag behind demand growth, leading to a persistent supply-demand gap [3] Group 2: Consumer Electronics - Apple is increasing investments to secure tariff exemptions in the U.S., which may lead to a valuation recovery for the Apple supply chain as concerns over AI innovation pace and "reciprocal tariffs" diminish [3] - The consumer electronics sector is anticipated to experience a rebound, driven by the strong performance of computing power in North America, which is expected to catalyze the related supply chain [3] - Key suppliers in the Apple supply chain, as well as new products like foldable screens and AI glasses, are recommended for investment consideration [3] Group 3: Electronic ETFs - The electronic ETF (515260) focuses on sectors such as semiconductors, consumer electronics, and PCBs, and is designed to passively track the electronic 50 index, covering key areas like AI chips, automotive electronics, 5G, and cloud computing [4] - The ETF has shown strong technical performance, trading above all moving averages, indicating a bullish trend [1][4] - The ETF includes major companies like Luxshare Precision, SMIC, and Cambrian [4]

Group 1: Market Performance - Military stocks such as Changcheng Military and robotics concept stocks like Beiwai Technology have shown significant upward trends, with Changcheng Military achieving 6 consecutive gains in 8 days [1] - The total trading volume of the Shanghai and Shenzhen markets reached 1.83 trillion yuan, an increase of 116.7 billion yuan compared to the previous trading day [1] - Sectors such as PEEK materials, lithium mining, CPO, and PCB have led in terms of percentage gains [1] Group 2: Company Announcements - Shanhe Intelligent announced that its wholly-owned subsidiary AVMAX received an insurance compensation payment of approximately 229.65 million yuan, impacting the company's net profit by 126 million yuan, which is 172.92% of the previous year's net profit [2] - Changan Automobile's board and senior management plan to increase their holdings in the company, with a total investment of no less than 5.7 million yuan, to enhance investor confidence and demonstrate recognition of the company's long-term value [3] - Jiu Ding Investment intends to acquire a 53.29% stake in Nanjing Shenyuan Intelligent Technology for 213 million yuan, aiming to enter a key segment of the robotics industry and enhance its core competitiveness [4]

Market Performance - The A-share market experienced a strong rebound on Monday after a volatile Friday, with trading volume significantly increasing and the index reaching 3656 points, close to the historical high of 3674 points set during last year's National Day holiday [1] - The securities sector showed active performance, with Tonghuashun's stock price soaring over 7%, indicating that some funds may be positioning for a breakout above the historical high [1] Sector Analysis - The real estate and liquor sectors, which have been underperforming for a long time, are showing signs of strength, potentially driven by the relaxation of purchase restrictions in Beijing for the real estate sector [1] - The liquor sector's rise is notable as it reflects a gradual recovery in market confidence, attracting funds even from previously pessimistic areas [1] - If the liquor, real estate, and securities sectors can work in tandem, a breakthrough of previous highs is possible, although it would require a trading volume of over 2 trillion to support such a move [1] Bond Market - The bond market experienced a significant drop, with the 30-year government bond futures falling by 0.55%, suggesting that the previously concentrated funds in the bond market are loosening, indicating a reduction in the most pessimistic market sentiment [1] Upcoming Events - The A-share market will closely monitor two major events: tariff negotiations and expectations for a Federal Reserve interest rate cut, with recent comments from Trump providing positive signals regarding tariffs [3] - Following disappointing U.S. non-farm data, expectations for interest rate cuts have begun to take shape, leading to a decline in the U.S. dollar index to around 98 [3] Commodity Market - The international financial market has been unsettled due to news of U.S. tariffs on imported gold bars, although the White House later denied this plan, resulting in a significant impact on gold prices, which fell by 1% [3] - The lithium mining sector gained attention over the weekend due to news of production halts in the Ningde Times' mining area, leading to a rebound in lithium price expectations and a surge in A-share lithium mining stocks [3] Stock Performance - The A-share market saw a notable increase in trading volume, reaching 1.84 trillion, with over 4100 stocks rising [5] - The power equipment, communication, computer, electronics, and food and beverage sectors led the gains, while banking, oil and petrochemicals, coal, public utilities, and transportation sectors lagged [5]