Group 1 - The A-share computing power industry chain is active, with a focus on optical modules, servers, and PCB leaders, as evidenced by the 5G Communication ETF (515050) rising over 2% in intraday trading [1] - China Mobile announced its 1H2025 performance, indicating a strategic investment increase in AI computing power, with capital expenditure of 58.4 billion yuan for the first half of 2025 and a full-year guidance of 151.2 billion yuan [1] - The total intelligent computing scale reached 61.3 EFLOPS in 1H2025, with self-built intelligent computing capacity at 33.3 EFLOPS and over 660,000 IDC racks for external services [1] Group 2 - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index, with a latest scale exceeding 6 billion yuan, focusing on the Nvidia, Apple, and Huawei supply chains [2] - The optical module CPO concept stocks account for 31% of the ETF's weight, while PCB circuit board concept stocks account for 15.95% [2] - The top ten weighted stocks include companies like Zhongji Xuchuang, Xinyi Sheng, and Lixun Precision, indicating a strong presence in the AI computing hardware and 6G industry chain [2]

Market Overview - The market continues to operate in an upward trend, with the core observation variable being whether the market's profit-making effect can be sustained. As long as the profit-making effect remains positive, incremental capital is likely to continue entering the market. The current WIND All A trend line is around 5540 points, with a profit-making effect value of 2.30%, which is significantly positive. It is recommended to hold positions patiently and maintain a high allocation until the profit-making effect turns negative [1][4][8]. Industry Rotation - In terms of industry allocation, the model continues to recommend sectors that are in a turnaround phase, specifically Hong Kong innovative pharmaceuticals and securities, as the upward trend persists. The TWO BETA model continues to recommend the technology sector, with a focus on military and computing power. Short-term signals indicate that the liquor and agriculture sectors are entering a low point in the emotional cycle, which may lead to a rebound [2][4][8]. Performance Metrics - The Davis Double strategy achieved an excess benchmark of 1.32% this week, with a cumulative absolute return of 33.83% for the year. The CSI 300 Enhanced strategy also outperformed the benchmark by 1.77% this week, with a cumulative excess return of 19.41% for the year. The net profit gap strategy had an excess benchmark of -0.26% this week, with a cumulative absolute return of 37.50% for the year [1][9][15]. Valuation Indicators - The overall PE of the WIND All A index is at the 70th percentile, indicating a medium level, while the PB is at the 30th percentile, indicating a relatively low level. Based on short-term trend assessments, the absolute return products with WIND All A as the stock allocation subject are recommended to maintain an 80% allocation [4][6][8].

Core Insights - The report emphasizes a potential second wave of market growth, focusing on technology and cyclical leaders as key investment opportunities [3][6][11] Liquidity and Market Conditions - The report notes a decline in U.S. non-farm employment figures, raising concerns about the U.S. economy and increasing expectations for interest rate cuts, with a 10Y/2Y U.S. Treasury yield drop of 10BP/18BP since August [4][12] - Continuous monetary easing is highlighted, with weekly reverse repos exceeding 1 trillion yuan for four consecutive weeks, and a strong inflow into the bond market expected due to anticipated tax incentives [4][12] - Market trading volume remains stable at 1.6 to 1.8 trillion yuan, with financing balances nearing 2 trillion yuan, indicating robust new inflows [4][12] Investment Themes - The report identifies three main investment themes: 1. **Leading Companies**: Focus on sectors like non-ferrous metals, military industry, and state-owned enterprise restructuring, with PPI hitting a bottom [4][12] 2. **Domestic Innovation**: Anticipation of a recovery in domestic technology and semiconductor sectors, with high utilization rates in domestic foundries and clear expansion trends [5][13] 3. **Global Expansion**: The report discusses the ongoing global expansion of new investments in cultural sectors, gaming, and innovative pharmaceuticals [5][14] Market Phases and Performance - Historical analysis indicates that each market cycle sees a flow of new capital from institutional investors to retail investors, with the current phase identified as a second wave of growth [6][14][15] - The report outlines the performance of various sectors across different market phases, noting that technology and cyclical sectors are expected to lead in the current second wave of growth [16][30] PPI Trends - The report discusses the PPI cycle, indicating that PPI has reached a bottom and is expected to recover, which aligns with the performance of cyclical sectors [32][33]

- The report defines the market environment using the distance between the long-term (120-day) and short-term (20-day) moving averages of the WIND All A index, which continues to expand, indicating an upward trend [2][9][10] - The industry allocation model recommends sectors such as innovative drugs in Hong Kong and securities for mid-term allocation, while the TWO BETA model continues to recommend the technology sector, focusing on military and computing power [2][3][10] - The current PE ratio of the WIND All A index is around the 70th percentile, indicating a moderate level, while the PB ratio is around the 30th percentile, indicating a relatively low level [3][10][15] Model and Factor Construction 1. **Model Name: Industry Allocation Model** - **Construction Idea**: Recommends sectors based on mid-term market trends - **Construction Process**: Utilizes historical data and market trends to identify sectors with potential for reversal and growth, such as innovative drugs and securities in the Hong Kong market - **Evaluation**: Effective in identifying sectors with potential for mid-term growth [2][3][10] 2. **Model Name: TWO BETA Model** - **Construction Idea**: Focuses on sectors with high beta values, indicating higher volatility and potential returns - **Construction Process**: Analyzes sectors with high beta values, recommending technology, military, and computing power sectors - **Evaluation**: Continues to recommend high-growth sectors, showing consistency in sector selection [2][3][10] Model Backtesting Results 1. **Industry Allocation Model** - **PE Ratio**: 70th percentile [3][10][15] - **PB Ratio**: 30th percentile [3][10][15] - **Moving Average Distance**: 6.92% [2][9][10] - **Profitability Effect**: 2.30% [2][9][10] 2. **TWO BETA Model** - **PE Ratio**: 70th percentile [3][10][15] - **PB Ratio**: 30th percentile [3][10][15] - **Moving Average Distance**: 6.92% [2][9][10] - **Profitability Effect**: 2.30% [2][9][10]

Core Insights - The conference held in Wuhu, Anhui, focused on the theme of "Carbon Index Green Computing Driving Supply and Demand," marking the official launch of the Wuhu Liquid Cooling Intelligent Computing Base with a total investment of 250 million yuan [1] - The Long Triangle region is recognized as a key area for the development of intelligent computing, with the establishment of national integrated computing network hubs and data center clusters aimed at optimizing computing power layout [1][2] - The global data center electricity consumption is projected to reach 415 terawatt-hours in 2024, accounting for 1.5% of global electricity use, with significant contributions from the US, China, and Europe [1][2] Industry Developments - China is actively promoting the proximity of computing power to energy-rich areas and implementing new models for green electricity supply, energy storage, and microgrids to address energy consumption challenges [2] - The "Green Computing Development Research Report (2025)" indicates that over 60% of new computing power in 2024 will be concentrated in key hub areas, with the average Power Usage Effectiveness (PUE) of data centers expected to drop to 1.46 [2] - Liquid cooling technology is gaining traction in data center construction due to its advantages over traditional air cooling, including higher heat dissipation rates and lower noise levels [2] Market Potential - The liquid cooling server market in China is projected to reach $2.37 billion (approximately 17.03 billion yuan) in 2024, with a year-on-year growth of 67%, and is expected to grow to $3.39 billion (approximately 24.35 billion yuan) in 2025 [3] - The Wuhu Liquid Cooling Intelligent Computing Base, developed by TIER Technology, has a total investment of 250 million yuan and covers an area of approximately 26,000 square meters, featuring an immersion liquid cooling data center and related facilities [3][4] - The base aims to achieve a PUE of 1.08 and over 80% green electricity usage through a combination of self-generated photovoltaic systems and purchased green electricity [4] Strategic Goals - TIER Technology plans to enhance its technical capabilities and service offerings in the Long Triangle region, aiming to create a comprehensive intelligent computing platform for various sectors including government, industry, education, finance, transportation, and healthcare [4]

昨天（8月8日），2025算力之都开发者大会在宁夏银川正式拉开帷幕。本次大会聚焦人工智能关键共性 技术创新，推动人工智能技术与实体经济深度融合。这也标志着宁夏正式启动"人工智能+实体经济"深 度赋能工程。 宁夏工业和信息化厅副厅长卢机智：一方面是要全力推动宁夏枢纽扩量提速，把宁夏的电力变成全国的 算力，另一方面我们还要加快建设人工智能通用大模型训练场，打造一批典型应用场景，把宁夏打造成 全国算力之都。 本次大会邀请全球顶尖院士专家及3000余名开发者，围绕AI算力优化、大模型应用、低空经济、量子 通信、具身机器人及数字孪生等前沿技术，现场拆解行业难题，形成多套可直接落地的深度应用模板。 （文章来源：央视新闻） 参会专家姚卯青：人工智能已经走入了大模型的时代，大模型背后最重要的生产资料，那就是大算力、 大数据和大的模型参数。能把我们的基础设施做得越来越稳定、越来越高效、越来越安全、越来越绿 色，也为我们长期发展奠定好的基础。 自2024年以来，宁夏的线上算力产业园线上已入驻企业超百余家，涵盖算力、大模型、机器人、AI仿 真和系统集成等多业务方向，积极推动绿色算力服务国家"东数西算"战略任务，撬动整个产业链面向全 ...

Group 1 - The A-share market has shown significant activity, with the Shanghai Composite Index stabilizing above 3600 points and a year-to-date increase of 8.45% as of August 8, with an average daily trading volume exceeding 1.4 trillion yuan [1][2] - The current market rally is driven by both liquidity and positive policy expectations, with a notable increase in investor participation and financing balances since late June [2][3] - Analysts suggest a dual strategy of investing in both technology growth and high-dividend assets, emphasizing the importance of long-term patience to avoid frequent trading due to short-term profit chasing [1][4] Group 2 - The market is believed to have substantial upside potential, with the current valuation levels being lower compared to previous instances when the index surpassed 3600 points, indicating a higher concentration of emerging industries, particularly hard technology [3][4] - Investment strategies for the second half of the year should focus on stability first, followed by aggressive positioning as uncertainties diminish, with key areas of interest including industrial metals, lithium batteries, innovative pharmaceuticals, and AI-related sectors [3][4] - The shift in investment strategy from short-term trading to a more patient, long-term holding approach is recommended, with an emphasis on diversifying investments across multiple promising sectors and maintaining a balanced portfolio [5][6]

Group 1 - The Shanghai Municipal Government issued the "Implementation Plan for the Development of Embodied Intelligence Industry," aiming for breakthroughs in at least 20 core algorithms and technologies by 2027, and a core industry scale exceeding 50 billion yuan [3] - The 2025 World Robot Expo will be held from August 8 to 12, followed by the 2025 China Embodied Intelligence Robot Industry Conference from August 13 to 15, and the World Humanoid Robot Games from August 15 to 17 [1][7] - The market for humanoid robots is expected to see significant growth, with major tech companies like Tesla and Huawei driving industry advancements, and the global market potentially exceeding $150 billion by 2035 [8] Group 2 - The Chinese consumer-grade gaming laptop market saw a year-on-year growth of 24.3% in Q2 2025, driven by demand from university students and core gaming players [5] - The launch of the first MPV by Hongmeng Zhixing is planned for Q1 2026, indicating ongoing innovation in the automotive sector [5] - The introduction of the "Stability Assurance System Standard" for the securities industry aims to enhance the operational security of information systems across the sector [3]

昨日晚间，上交所发布关于上纬新材相关情况的通报称，近日，该股股价继续大幅波动，部分 投资者在交易该股过程中存在影响市场正常交易秩序、误导投资者正常交易决策的异常交易行 为，上交所依规对相关投资者采取了暂停账户交易的自律监管措施。 上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到先 得！ 周三早盘，A股三大指数均小幅上涨。截至午间收盘，上证指数报3627.54点，涨0.27%；深 证成指、创业板指分别涨0.46%、0.39%。全市场半日成交额10735亿元，较上个交易日同期 放量549亿元。 盘面上，全市场超2900只个股上涨，市场热点主要聚焦军工和机器人两大热门题材。军工板块 涨势扩散，长城军工录得5天4板；PEEK材料概念持续活跃，新瀚新材连收2个"20cm"涨停， 中欣氟材2连板；机器人产业链集体走强，豪森智能、国瑞科技以20%幅度涨停，北纬科技3连 板。 个股方面，市场焦点股上纬新材今日开盘大幅跳水，股价重返100元下方，盘中触及20%幅度 跌停。截至午间收盘，上纬新材报90元/股，跌18.54%，成交额16.52亿元。 消 息 面 上 ， 宇 树 科 技 发 ...

早盘A股小幅震荡，机器人概念异动拉升。 机器人概念集体走强 早盘，机器人概念异动拉升，中大力德直线涨停，股价再创历史新高，高德红外盘中涨停，国瑞科技、机器人、安车检测等涨超10%。 消息面上，宇树科技发布新款四足机器狗产品Unitree A2，整机约37千克，空载续航20km。A2最大奔跑速度5米/秒，最大攀爬高度1米。 今日，上海市人民政府办公厅印发《上海市具身智能产业发展实施方案》。其中提到，按照"模型驱动、应用示范、群链协同、开源生态"的总体思路，通 过布局重大技术攻关、建设典型应用示范、构建产业特色集群、打造开源优质项目，到2027年，实现具身模型、具身语料等方面核心算法与技术突破不少 于20项；建设不少于4个具身智能高质量孵化器，实现百家行业骨干企业集聚、百大创新应用场景落地与百件国际领先产品推广，我市具身智能核心产业 规模突破500亿元。 《实施方案》提到，招引和培育一批优质企业、产业生态主导型企业，对销售或租赁具身智能机器人的企业，根据合同额按规定给予最高5%且不超过500 万元的奖励。深化与央企国企战略合作，推动一批区域总部、功能总部落户，支持行业优质企业、科技和互联网大型企业等在沪设立具身智 ...