近期，上证指数突破3600点，水泥、钢铁、光伏等传统行业在"反内卷"催化下迎来爆发，也有算力、机 器人等新兴行业在技术突破下的轮动行情。伴随行情的回暖，多家外资公募也纷纷发声看好A股后续市 场表现。 桥水基金认为，未来中国股票宜适度增持，原因是政策支持和估值相对较低。贝莱德基金表示，今年以 来，中国股市、债市及外汇韧性都超预期，将继续看好中国股债双边行情。路博迈基金认为，股市上行 的条件已部分具备，市场等待更确定性的因素落地，三季度末到四季度更有望突破中枢。 投资快报记者从景顺全球最新发布的研究调查看到，国际投资机构对中国市场的兴趣明显回升。从国内 的外资公募持仓来看，公募排排网统计数据显示，二季度有6家进行了股票增持，其中路博迈基金、联 博基金在二季度的股票市值增长率分别高达491.66%、348.49%。 摩根大通基金持股超200亿，超5000万自购 数据显示，截至二季度末，摩根大通基金资产规模高达1989.01亿元，根据基金二季度报，旗下基金在 二季度持有186只标的，合计市值约为225.50亿元。 摩根大通基金二季度持股市值最多的20家公司，均在3亿以上。值得注意的是，自一季度末以来，仅4只 个股出现 ...

Core Insights - AI inference chips are emerging as a new focus in the artificial intelligence industry, with Shenzhen Yuntian Lifeng (688343.SH) announcing a comprehensive focus on this area during the World Artificial Intelligence Conference in 2025 [1][2] - The CEO of Yuntian Lifeng, Chen Ning, highlighted that 2025 will be a pivotal year for AI development, with significant reductions in model invocation costs and a shift from AI as an "expert tool" to a "universal infrastructure" [1][2] - The demand for inference computing power is expected to experience explosive growth as AI transitions from training to inference [1][3] Industry Trends - The report from CITIC Securities indicates that three main factors are accelerating the demand for inference computing power: the integration of AI with existing internet businesses, the combination of agents and deep reasoning, and the penetration of multimodal capabilities [2] - AI is anticipated to redefine various electronic products, including wearable devices and household appliances, enabling them to interact more naturally and respond to complex commands [2] Company Developments - Yuntian Lifeng is focusing on AI inference chips, which are categorized into training chips and inference chips, with the latter being crucial for utilizing neural network models for predictions [3] - The company has developed four models of chips: DeepEdge10C, DeepEdge10 Standard, DeepEdge10Max, and DeepEdge200, with the DeepEdge10 series specifically designed for edge AI applications [3][4] - The DeepEdge10 series employs a "computing power building block" architecture, allowing for scalable integration of computing units to meet varying power requirements [4][5] Financial Performance - Yuntian Lifeng reported an 81% revenue growth in 2024, with a further increase to 160% in the first quarter of this year [5] - The management expressed confidence in maintaining high growth rates in the second half of the year, driven by advancements in AI inference algorithms and increasing demand for computing power [5]

Core Viewpoint - The company, Yuntian Lifei, is transitioning to focus entirely on AI inference chips, aiming to become a leader in the domestic AI chip market and drive the large-scale application of artificial intelligence across various scenarios [5][12][20]. Company Background - Founded in 2014 by Chen Ning in Shenzhen, Yuntian Lifei initially focused on AI applications in public security, leveraging facial recognition technology to address social issues like child abduction [2][10]. - The company has evolved over the past nine years, achieving significant milestones in AI applications across consumer, enterprise, and industry sectors, while also being recognized as "Shenzhen's AI first stock" upon its listing on the Sci-Tech Innovation Board [3]. Strategic Shift - In 2025, Yuntian Lifei will fully concentrate on AI inference chips, restructuring its business model from a multi-line approach to a "1+N" model, where "1" represents a unified platform centered on inference chips, and "N" encompasses various business units [11][12]. - The company aims to develop a comprehensive product system for AI inference chips targeting three key markets: edge computing, cloud model inference acceleration, and embodied intelligence [11][12]. Market Potential - The AI inference chip market is viewed as a "blue ocean" with significant growth potential, expected to outpace training chips in the next three to five years [16][20]. - The company anticipates that AI inference chips will become ubiquitous, similar to WiFi routers, serving as core components in smart devices [16][20]. Technological Foundation - Yuntian Lifei has a strong foundation in chip design, having developed the first generation of neural network processors for public security applications, which significantly improved efficiency and reduced costs [10][11]. - The company emphasizes an "algorithm chipification" approach, integrating algorithm requirements with chip architecture to enhance performance and adaptability [19]. Future Outlook - The company is in a critical phase of high investment for growth, with revenue exceeding 900 million yuan in the previous year, reflecting an over 80% year-on-year increase [18]. - Yuntian Lifei is committed to enhancing the efficiency and cost-effectiveness of AI inference chips, aiming to make AI a foundational infrastructure for the fourth industrial revolution [22].

Group 1 - The core viewpoint of the article emphasizes Suzhou's focus on three main directions: industrial instruments, scientific instruments, and specialized instruments, aiming to strengthen six key advantageous areas and optimize the industrial system with 18 specific tasks, targeting a scale of over 150 billion yuan for high-end scientific instruments by 2027, maintaining the top position in the country [1][3] Group 2 - On July 21, the municipal government held an executive meeting to review and approve the "Suzhou AI Chip Industry Innovation Development Three-Year Action Plan (2025-2027)" and related measures, aiming for the AI chip industry scale to exceed 50 billion yuan by 2027, with over 30 industrialization projects introduced and more than 10 innovative products filling domestic gaps [2] - The "Quality Suzhou" construction action plan was also approved, focusing on quality branding, market expansion, and growth promotion, with 18 key tasks across six areas to comprehensively advance the "Quality Suzhou" initiative [2]

Market Overview - The U.S. stock market showed a clear divergence on July 22, with the Dow Jones Industrial Average rising by 0.4% to 40,974.97 points, and the S&P 500 slightly increasing by 0.06% to a record high of 5,675.11 points, while the Nasdaq Composite fell by 0.39% to 18,503.85 points [1] - Energy stocks led the market with a 1.7% increase, with ExxonMobil rising 2.1% to a 52-week high [1] - The technology sector exhibited significant internal divergence, with Tesla up 1.2% to $178.6, while Nvidia fell 2.1% to $123.7, and Broadcom dropped 3.2% to $171.5, reflecting concerns over slowing demand for AI chips [1] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index surged 1.7% to 7,345.6 points, driven by strong performances in the electric vehicle sector, with NIO soaring 10.2% to $5.8, Li Auto up 1.3% to $21.8, and Xpeng rising 3.1% to $8.2 [2] - Internet giants also saw gains, with Baidu up 4.2% to $95.6, Pinduoduo rising 3.4% to $142.3, and JD.com increasing 1.2% to $33.7, attributed to positive signals from Chinese regulators [2] Federal Reserve Policy Expectations - President Trump indicated that the current interest rates are too high, suggesting a reduction of 300 basis points, which has led to increased expectations for a rate cut by the Federal Reserve [2][3] - Treasury Secretary Becerra reinforced this sentiment, stating that inflation pressures have eased significantly, with June CPI rising 3% year-on-year, close to target levels [3] Trade Agreements - Significant trade agreements were announced, including a "non-symmetric" trade deal with the Philippines, involving a 19% uniform tariff on U.S. imports while the Philippines will have zero tariffs on U.S. goods [4] - The U.S.-Indonesia trade agreement includes Indonesia supplying key minerals to the U.S. and committing to purchase at least 200 Boeing aircraft over five years [4] Market Reactions - Following the trade agreements, the Philippine PSE Composite Index futures fell 1.8%, and Indonesia's Jakarta Composite Index futures dropped 1.3% [5] - The U.S. dollar index rose 0.4% to 104.5, and the 10-year Treasury yield increased by 5 basis points to 4.25% [5] Economic Data and Investor Sentiment - Investors are closely watching upcoming economic data, including the preliminary Q2 GDP and June core PCE price index, with expectations of a 2.0% annualized growth rate for GDP [6] - The current economic policy environment is prompting institutional investors to adjust asset allocation strategies, with Morgan Stanley reducing U.S. equity allocations from 62% to 58% [6] Company Earnings and Market Trends - Tesla is set to release its Q2 earnings, with expectations of $24.5 billion in revenue and a potential recovery in gross margin to 18.5% [7] - The earnings season for tech giants is underway, with Microsoft, Google, and Meta expected to report soon, while the S&P 500 tech sector is projected to see an 8.2% year-on-year decline in earnings [7] Bond and Commodity Markets - The yield curve between 10-year and 2-year Treasury bonds has narrowed to 10 basis points, indicating a market expectation of economic soft landing [8] - Gold prices are hovering around $2,400 per ounce, while WTI crude oil near-month contracts rose 1.2% to $78.5 per barrel, reflecting market concerns over long-term supply-demand balance [8]

Group 1 - The Suzhou government has approved the "AI Chip Industry Innovation Development Three-Year Action Plan (2025-2027)" and related measures to accelerate the development of the AI chip industry [1][3] - The action plan aims for the AI chip industry in Suzhou to exceed a scale of 50 billion yuan by 2027, with over 30 industrialization projects introduced and more than 10 innovative products filling domestic gaps [3] - The plan includes 14 specific tasks across five areas, focusing on strengthening high-end resource introduction and cultivation [3] Group 2 - The meeting also approved the "Quality Suzhou Construction Action Plan," which emphasizes quality branding, market expansion, and growth promotion through six key areas and 18 specific tasks [3] - Additionally, the "Three-Year Action Plan for the Cultivation and Enhancement of the National Advanced Manufacturing Cluster for High-end Scientific Instruments (2025-2027)" was approved, targeting a scale of over 150 billion yuan by 2027 [3] - This plan focuses on three main directions: industrial instruments, scientific instruments, and specialized instruments, with 18 specific tasks to optimize the industrial system [3]

Group 1 - The Yarlung Tsangpo River downstream hydropower project has commenced, with a total investment of approximately 1.2 trillion yuan [3][4] - Five sectors are expected to benefit from the project: main construction, cement and building materials, civil explosives, foundation treatment, and transportation infrastructure [4] - China Energy Construction Corporation holds over 30% market share in the hydropower construction sector, while Tibet Tianlu is a leading local cement and building materials company [4] Group 2 - The stock prices of companies related to the humanoid robot sector have surged, with Weisheng New Materials achieving an eight-day consecutive rise [5][6] - Utree Technology, a profitable company in the industry, has initiated IPO counseling, attracting significant attention [5][6] - The AI chip and server supply chain is gaining interest, with projections indicating the AI chip market could exceed $400 billion by 2027 [7] Group 3 - The London Metal Exchange saw increases in copper, aluminum, zinc, and tin prices, indicating potential opportunities in the non-ferrous metal sector [7] - Solid-state battery technology is gaining traction, with market focus on oxide routes and dry process equipment-related stocks [8]

Core Viewpoint - The new "1 6" regulations released by the Sci-Tech Innovation Board on July 13 aim to support technology innovation by creating a "Growth Layer" for unprofitable tech companies, facilitating their access to public financing and addressing critical technology gaps in areas like artificial intelligence and commercial aerospace [1][3]. Group 1: New Regulations Overview - The introduction of the "Growth Layer" allows unprofitable tech companies to list, breaking previous restrictions on unprofitable firms [1]. - 32 existing unprofitable companies, including AI chipmaker Cambricon and cancer drug developer Junshi Biosciences, have automatically been included in this new layer [1]. - New listings of unprofitable companies will directly enter the Growth Layer, with stock names tagged as "U成" for new listings and "U成1" for existing ones [1]. Group 2: Investment Requirements and Risks - Individual investors must meet a threshold of 500,000 yuan in average assets over 20 trading days and have two years of trading experience to participate in the Growth Layer [3]. - Investors must sign a "Risk Disclosure Statement" when purchasing shares of newly listed unprofitable companies, acknowledging potential high risks, including the possibility of significant price volatility [3]. - The new regulations impose stricter requirements on companies, with existing firms able to exit the Growth Layer upon achieving profitability, while new firms face more rigorous criteria [3]. Group 3: Market Impact and Investor Sentiment - The new rules signal a positive outlook for investment institutions with experience in the Sci-Tech Innovation Board, as they will receive additional consideration during the review process [5]. - Brokerages are under increased pressure to assess investors' risk tolerance more stringently, especially when selling stocks from the Growth Layer [5]. - The majority of the 32 companies in the Growth Layer are concentrated in the biopharmaceutical (56%) and semiconductor/AI (34%) sectors, with an average R&D intensity of 22%, significantly higher than the A-share average [5]. Group 4: Investor Demographics - The distribution of investors shows that 23.15% have assets below 10,000 yuan, while 48.48% have between 10,000 and 100,000 yuan, indicating a conservative risk appetite among the majority [6]. - Only 6.70% of investors have assets exceeding 500,000 yuan, highlighting the limited pool of high-net-worth individuals eligible for the Growth Layer [6]. - Supporters of the new regulations argue that the 500,000 yuan threshold effectively filters out lower-risk tolerance retail investors, while critics cite past instances of stock price crashes post-listing [6].

Core Viewpoint - The article highlights the significant progress in the Jiangdu High-tech Zone, emphasizing the transformation of traditional industries, the emergence of new industries, and the strategic layout for future industries, all supported by a favorable business environment. Group 1: Traditional Industries "Revitalization" - Jiangdu High-tech Zone is witnessing a transformation in traditional industries, with companies like Jiangsu Rongtai Industrial Co., Ltd. securing exclusive supply agreements with major automotive firms like BYD, generating annual orders of 300 million yuan [1] - The zone's first listed company, Rongtai Industrial, exemplifies the successful transition of traditional industries, with other companies like Yawey Co., Ltd. investing 2 billion yuan in advanced manufacturing projects [1][2] - A significant portion of the 227 industrial enterprises in the park are traditional industries, with 140 classified as high-tech enterprises, indicating a shift towards innovation within traditional sectors [2] Group 2: Emerging Industries "Cluster Development" - The launch of the world's first ultra-thin enhanced film production line by Yangzhou Boheng New Energy Materials Technology Co., Ltd. marks a breakthrough in the new materials sector, enhancing lithium battery safety and reducing weight [3] - The Jiangdu High-tech Zone has established a "project service team" to streamline processes for new projects, resulting in an average annual revenue growth of 35% for emerging industries, increasing their contribution from 5.3% to 18% of total revenue [3] Group 3: Future Industries "Strategic Layout" - The establishment of a low-altitude economy talent training base and the development of a high-altitude tethered lighting drone by Yuhang Jichuang Aviation Technology Co., Ltd. exemplify the region's focus on future industries, with expected annual output value of 300 million yuan [4][5] - The zone is also advancing in aviation technology and artificial intelligence, with projects aimed at enhancing capabilities in power inspection and emergency rescue [5] - The Jiangdu High-tech Zone aims to optimize its business environment and infrastructure to support high-quality project development and regional economic growth [5]

Group 1 - The core viewpoint is that Muxi Integrated Circuit Co., Ltd. has received approval for its initial public offering on the Sci-Tech Innovation Board, indicating a potential expansion in the domestic AI chip sector [1] - Muxi has focused on high-performance GPUs and AI, achieving significant technological advancements and commercial success, with a compound annual growth rate of 4074.52% in revenue over the past three years [1] - The company has a high R&D expense ratio, with 74.94% of its workforce dedicated to research, and holds 245 applicable and industrialized invention patents [1] Group 2 - Muxi's products are widely used across various sectors, including education, finance, transportation, energy, healthcare, and entertainment, with over 25,000 GPU units sold [1] - In the financial sector, Muxi collaborates with China Merchants Bank to enhance operational efficiency through AI-driven models [1] - In healthcare, Muxi has partnered with Zhongshan Hospital to launch an intelligent endoscopy model that integrates big data and AI, aiming to improve patient care and assist doctors [2] Group 3 - Muxi's foundational computing power has been delivered to several intelligent computing clusters, extending its network across major cities in China [3] - The company has received multiple industry awards, enhancing its brand influence and market competitiveness [3]