Core Viewpoint - Chinese equity assets are expected to outperform overseas markets in the second half of the year due to strong policy expectations and favorable liquidity conditions in the Asia-Pacific emerging markets [22]. Group 1: Global Economic Impact - The average import tariff level in the U.S. has reached 15.6% this year, significantly higher than the 2.4% expected in 2024, which may elevate U.S. inflation and weaken corporate profitability [11]. - The U.S. tariff policy is likely to slow global trade flows, reduce investment and consumption growth, and reshape global supply chains, potentially leading to a "de-Americanization" and "multilateralization" of trade among non-U.S. economies [11]. Group 2: U.S. Monetary Policy Outlook - The Federal Reserve is expected to maintain interest rates unchanged as long as the U.S. economy and labor market remain robust, with market expectations for rate cuts cooling down [14]. - It is anticipated that the Federal Reserve will cut rates four times by June next year, totaling 100 basis points [16]. Group 3: Investment Strategies - Investors are advised to increase their allocation to non-U.S. assets, particularly European investment-grade bonds and stocks, which are expected to benefit from Germany's fiscal stimulus plan [20]. - A focus on Chinese A-shares and H-shares is recommended, as they are likely to attract international capital inflows due to policy support and improving fundamentals [20]. Group 4: Sector Focus in China - The market is expected to show a "high-low cut" characteristic, with significant interest in cyclical stocks driven by infrastructure policies and technology events [23]. - The technology sector, particularly AI-related stocks, is projected to remain a core focus, with recommendations to monitor semiconductor, optical module, and high-end PCB stocks [23].

◎记者 陈玥 永赢科技智选基金经理任桀在二季度进行了仓位调整。他表示，今年以来，以领先模型厂商为代表的企 业开始形成"模型/应用—算力投入"的闭环。全球AI应用已进入较为健康的成长阶段。中国厂商擅长的 光通信、PCB 领域在过去两年的AI发展中实现了高增长，今年以来客户逐渐提出更高、更长期的需求 后，一些厂商也进入扩产阶段。中国厂商有望持续分享全球AI发展的红利。展望三季度，任桀将重点 关注GPT5、Grok4等前沿模型的发布、新兴应用的发展，积极挖掘全球云计算产业的投资机会。 而上述财通系列基金均由基金经理金梓才管理，他在相关基金的二季报中表示，一季度曾大幅超配国内 算力，二季度对组合持仓进行了较大幅度调整。"二季度，我们注意到一个关键逻辑正在走强：尽管国 产算力叙事持续演进，海外巨头AI模型研发及其资本开支非但未见收缩，反而在持续加码。尤其是服 务海外科技巨头的优质出海算力（光模块、PCB等）迎来了业绩与估值双重提振。在产业层面，我们观 察到海外也在持续发力基座模型训练，训练用算力的需求仍未见顶，在三季度有望看到多款模型迭代， 海外云计算服务厂商对明年的资本开支预期也可能会超预期。"他说。 事实上，科技股 ...

Core Viewpoint - The article highlights the recent performance of A-share listed companies, focusing on significant stock price increases for specific companies amid a generally declining market trend. It emphasizes the importance of institutional research and the potential for growth in certain sectors, particularly in technology and manufacturing. Group 1: Market Performance - During the week of July 28 to August 1, A-share indices experienced fluctuations, with the Shanghai Composite Index falling by 0.94% to close at 3559.95 points, while the Shenzhen Component and ChiNext Index dropped by 1.58% and 0.74%, respectively [2] - Despite the overall market decline, two stocks, Defu Technology and Shenghong Technology, surged over 20%, reaching new highs for the year [3] Group 2: Institutional Research - A total of 125 listed companies disclosed institutional research minutes last week, with nearly 40% of the companies experiencing positive returns. Defu Technology and Shenghong Technology were among those with significant gains, with Defu Technology achieving a year-high stock price [3] Group 3: Defu Technology - Defu Technology (301511) hosted 144 institutional investors for research, the highest number for the week. The interest was driven by the company's plan to acquire 100% of Luxembourg Copper Foil for €1.74 billion, which is noted for its advanced technology and production capabilities [5] - The acquisition will increase Defu Technology's electrolytic copper foil production capacity from 175,000 tons per year to 191,000 tons per year, making it the world's largest producer [5] - The company highlighted a supply shortage in the global HVLP3 and above copper foil market, indicating strong future growth potential [5] Group 4: Shenghong Technology - Shenghong Technology, also in the electronic components sector, announced plans for a Hong Kong IPO to capitalize on global AI opportunities. The company aims to become a leading player in the AI hardware supply chain [6] - The funds raised from the IPO will be used for high-end capacity expansion, smart upgrades, and research in advanced PCB technologies, enhancing the company's global expansion capabilities [8] Group 5: Industry Insights - CIMC Group reported optimistic performance in its container business, driven by favorable US-China trade negotiations and increased demand for container orders, with expectations of industry production exceeding 3 million TEU for the year [9] - CATL disclosed a net profit of 30.5 billion yuan for the first half of the year, a 33.33% increase year-on-year, with a high capacity utilization rate of around 90% [9] - BOE Technology indicated a continued trend of inventory reduction in the LCD TV market, with expectations for price stabilization as demand recovers in August [9]

消费电子精密制造龙头立讯精密亦于7月2日宣布筹划H股上市，拟发行不超过总股本5%的股份，并授予承销商 15%超额配售权。公司表示，此举旨在深化全球化战略布局，增强境外融资能力，提升治理透明度。另一家消费 类锂电池模组制造商欣旺达也于7月30日向港交所递交申请，募资将用于海外产能扩张及国际业务拓展。 港股市场升温的背后，是监管协作机制的持续优化。2024年以来，中国证监会与港交所多次出台政策支持企业赴 港上市。备案程序简化：对先A后H企业实施快速备案通道，宁德时代从递表到获准仅用时44天；审批流程加速： 港交所承诺对市值超百亿港元的A股公司，30天内完成审核；融资渠道多元化：允许企业通过"闪电配售"机制快 速融资，宁德时代H股国际配售占比达92.5%，吸引中东主权财富基金、瑞银资管等23家国际机构参与。 平安证券研报指出，近两年赴港上市的中资企业呈现"市值提升""含科量提高""出海加速"三大趋势。以宁德时代 为例，其港股募资超410亿港元，用于海外电池工厂建设，2025年上半年海外营收占比已提升至35%。 业内人士普遍认为，A股公司赴港上市潮将持续至2026年。香港证监会行政总裁梁凤仪表示，将通过"一盾三 箭" ...

证 券 研 究 报 告 【策略月报】 AI 旗手：北美算力 PCB ——多行业联合人工智能 8 月报 策略研究 策略月报 2025 年 08 月 02 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：耿琛 电话：0755-82755859 邮箱：gengchen@hcyjs.com 执业编号：S0360517100004 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：刘欣 电话：010-63214660 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 证券分析师：范益民 电话：021-205725 ...

Investment Rating - The report suggests a positive investment outlook for the AI PCB sector, indicating strong growth potential driven by AI demand and product upgrades [1][8]. Core Insights - North American cloud service providers (CSPs) have reported better-than-expected Q2 performance, leading to upward revisions in future capital expenditure (Capex) forecasts, indicating sustained demand for AI computing power [1][2]. - The AI PCB product upgrade trend is expected to significantly enhance the average selling price (ASP) of AI PCBs, driven by advancements in technology and increased complexity in design [3][7]. - The report emphasizes that the expansion of AI PCB production capacity is unlikely to lead to oversupply in the short to medium term, as demand continues to outpace supply due to high technical barriers and increasing design specifications [8][9]. Summary by Sections AI Computing Power Trends - Major CSPs like Google, Meta, Microsoft, and Amazon have increased their AI Capex forecasts significantly, with Google raising its 2025 Capex from $75 billion to $85 billion, a year-on-year increase of 62% [2]. - The demand for AI computing power is expected to remain robust, with significant investments in AI infrastructure across the industry [2]. AI PCB Product Upgrade Trends - The introduction of next-generation AI server products, such as NVIDIA's Rubin series, is anticipated to require higher-layer HDI and advanced CCL materials, which will increase the value of AI PCBs [3][7]. - The report highlights that the complexity and performance requirements of AI PCBs are increasing, leading to a higher demand for advanced materials and manufacturing techniques [7][10]. Impact of PCB Capacity Expansion - A number of PCB manufacturers in China are planning significant capacity expansions to meet the growing demand for AI PCBs, with companies like Huadian and Pengding Holdings announcing substantial investments [8][9]. - The report suggests that the competitive landscape will favor leading manufacturers with established relationships and technological advantages, reinforcing a "stronger gets stronger" trend in the industry [8][9]. Upstream Material Impact - The demand for high-end materials such as M8/M9 CCL and specialty fiberglass is expected to rise sharply, with a projected CAGR of 26% for high-end CCL materials from 2024 to 2026 [10]. - The supply of these materials is currently constrained, presenting opportunities for domestic manufacturers to increase their market share in high-end product segments [10]. Equipment Demand from PCB Expansion - The expansion of high-end PCB production is expected to drive demand for advanced PCB manufacturing equipment, with the market for PCB-specific equipment projected to grow significantly [11][12]. - Domestic equipment manufacturers are likely to benefit from this trend, particularly in areas such as drilling and exposure equipment, as they seek to replace imported high-end equipment [11][12].

7月股市正式收官。当月，上证指数一路高歌猛进，7月31日，上证指数报收3573.21点。前一交易日，上证指数突破3600点，盘中最高触及3636.17 点，仅次于2024年10月8日创下的高点。 进入8月，A股市场将如何演绎？ Wind数据显示，截至7月31日发稿，已有18家券商发布8月金股推荐，共计推荐138只股票，其中东方财富被推荐次数最多，被5家券商同时推荐。近 3个月以来，东方财富累计被推荐9次，该股7月累计成交额达到2364.96亿元，在A股中排名第一。 与此同时，有11只个股同时被2家券商推荐，分别为新易盛、沪电股份、卓易信息、华友钴业、中国化学、大金重工、东鹏饮料、中芯国际、新华 保险、开立医疗、欣旺达。 上述12只个股中，7月内涨超10%以上的有5只。其中，新易盛、沪电股份、卓易信息7月内涨幅分别达到48.96%、32.15%、31.70%，均属于信息技 术相关行业。 东方财富7月成交额登顶A股市场 整体来看，Wind数据显示，在8月金股推荐榜中，东方财富被推荐次数最多，中泰证券、光大证券、国信证券、平安证券、华鑫证券5家券商同时推 荐，相较上月增加2次。近3个月以来，东方财富被累计推荐次数达 ...

Market Performance - In July 2025, the Shanghai Composite Index rose by 3.74%, while the Shenzhen Component Index increased by 5.20% and the ChiNext Index surged by 8.14%[5] - The average return of the stock portfolio in July was 1.14%, underperforming the CSI 300 Index which rose by 3.54%[5] Economic Outlook - China's GDP growth rate for the first half of 2025 was recorded at 5.3%, with a full-year target of 5% growth expected to be achievable[5] - The IMF has raised its global economic growth forecast, but the Federal Reserve's hawkish stance has reduced expectations for a rate cut in September[5] Stock Recommendations - Chengdu Bank (601838) is recommended for its high dividend yield of 4.82% based on a closing price of 18.47 RMB, with a PE ratio of 5.64[9][12] - Xinhua Insurance (601336) shows strong business elasticity with a closing price of 66.77 RMB and a PE ratio of 8.64, reflecting a significant increase in new business value by 67.9%[13][17] - Xiamen Tungsten (600549) is positioned well in tungsten and rare earth sectors, with a closing price of 23.22 RMB and a projected EPS of 1.33 RMB[18][19] Investment Risks - Economic fluctuations may lead to weaker consumer spending and corporate investment, impacting credit demand and asset quality for banks[12] - Regulatory tightening could hinder new policy sales and affect premium growth for insurance companies[17] Company Performance Highlights - Heng Rui Pharmaceutical (600276) reported a 20.14% increase in revenue for Q1 2025, driven by innovative drug sales[26][29] - Ningde Times (300750) achieved a 33.33% increase in net profit for H1 2025, with a strong cash reserve of 350.58 billion RMB[30][33]

埃科光电(688610.SH)在投资者线上交流会中介绍，公司在 PCB行业业绩保持快速增长态势，主要客户 包括深圳宜美智、 大族数控等头部设备厂商。公司与精测主要在新型显示领域进行合作，半导体方面 有所接触，但是尚未起量； 中科飞测方面，公司参与了其多个机型的验证测试，其相机采购主要以国 外产品为主，公司正在陆续进行国产替代。 ...

Investment Rating - The report maintains a positive outlook on the AI industry chain, indicating a "Davis Double-Click" moment for the AI sector, with expectations for accelerated monetization and increased PE valuations [10]. Core Insights - Recent quarterly earnings reports from Microsoft and Meta have exceeded expectations, driven by AI, leading to significant revenue and performance growth, alongside accelerated Capex investments [4][7]. - The AI commercial cycle is evolving rapidly, with cloud service providers entering a high-intensity phase of computing power investment [7]. Summary by Relevant Sections Communication - AI is driving revenue and Capex acceleration for North American cloud service providers, becoming a core driver for the AI commercial cycle. The report recommends focusing on the optical module and optical device sectors, highlighting companies such as Zhongji Xuchuang, Xinyisheng, Tianfu Communication, and Shijia Photon, while paying attention to Taicheng Technology and Yuanjie Technology [10]. Electronics - The report suggests focusing on two growth directions in PCB: HDI for high-density wiring and high data processing efficiency, and orthogonal backplane PCBs for high-density computing clusters. Recommended companies include Industrial Fulian for server assembly and Shenghong Technology, Hudian Co., Pengding Holdings, and Dongshan Precision for PCBs [10]. Computers - AI applications and overseas capital expenditures are creating a positive feedback loop, with cloud and advertising sectors exceeding growth expectations. The report recommends focusing on infrastructure, AI application scenarios, and domestic computing power [10]. Machinery - The evolution of PCB towards higher complexity and performance is driving demand for upstream equipment and materials. The report recommends focusing on PCB drilling needles, drilling equipment, exposure equipment, and other leading companies in the supply chain [10]. Building Materials & Military Industry - The trend in electronic cloth is clear, with a focus on optimizing structures and achieving simultaneous volume and price increases. Key recommendations include Zhongcai Technology and Feilihua [10]. Chemicals - The report highlights the high-frequency and high-speed resin direction, with an expected increase in demand for high-end CCL. Companies to watch include Dongcai Technology and Shengquan Group [10]. Electric New Energy - In copper foil, the need for low Dz, high peel strength, and low transmission loss is emphasized, with recommendations for manufacturers with high-end product technology and capacity reserves. In electrical equipment, the report suggests potential supply chain opportunities related to next-generation DC architecture [10].