人工智能大会释放的"未来感" 今年的世界人工智能大会不仅是产品发布的舞台，更是将"未来感"拉到眼前的一次集中演示。从展馆入 口到核心展区，AI技术渗透到几乎每个环节。人形机器人在展台间灵活行走、与观众对话，能熟练完 成端盘、整理、指引等动作，仿佛预演着未来服务场景。智元机器人展台前，观众排起长队，只为体验 最新一代智能体在语音交互与精准操作上的进化速度。 算力和AI的紧密关系在展会上被放大。天津移动在智算中心展示区带来了采用国产TPU芯片的计算平 台，现场实时演示大模型训练与推理速度，引发围观。天津移动网运中心算力平台维护支撑室经理柴华 表示："我们希望通过新型架构的算力平台，让企业像用电一样便捷地获取计算力。" 中昊芯英创始人及CEO杨龚轶凡则在接受智通财经专访时直言，"AI芯片行业仍处在早期阶段，但大模 型和智能体的爆发让国产算力迎来了窗口期。未来三到五年，中国必将走上多技术架构并行的路 径。"他特别强调，降低算力成本、提升效能是推动AI商业化的关键，"下一代芯片会实现性价比的成倍 提升，这是产业落地的必由之路。" 基金重仓数据揭示：算力产业链成为资金新宠 从资金面看，算力产业链在二季度成为公募基金重点配 ...

必读要闻一：AI赋能后交互性大幅提升，目前产业链正加速将传统产品AI化 据媒体报道，近日，商汤科技与广东省汕头市澄海区人民政府正式签署战略合作协议，携手共建全国首 个"AI+玩具"产业基地，推动人工智能与传统玩具产业深度融合。 AI赋能后，玩具的交互性、趣味性及把玩性大幅提升。东北证券指出，AI玩具赋予了玩具"动"的能力， 即交互、陪伴与教育（问答）三重能力，整体需求向全年龄段辐射，AI有望成为继潮流IP之后玩具市场 的核心催化剂，潜力将远超潮玩爆发时期的Z世代。从中性角度判断，AI玩具渗透率提升速度至少达到 潮流玩具玩的渗透速度，预计2026/2028/2030年国内渗透率有望达到29%/41%/47%，2030年国内市场有 望接近850亿元。 的主力。看好具备领先技术能力、积极扩充高阶PCB产能、海外客户卡位合作相对领先的头部PCB公 司。 必读要闻四：江苏省医保局公示脑机接口相关医疗服务价格项目 据媒体报道，香港金管局印发实施稳定币发行人监管制度，稳定币发行人监管制度将于8月1日生效。任 何机构有意申请牌照以进行受规管稳定币活动，应向牌照组表达其意向。此举有助进行初步、非正式的 讨论，让牌照组能更深入了 ...

Industry News - The State Council held a press conference announcing that starting from January 1, 2022, eligible infants can receive childcare subsidies, with a preliminary budget of approximately 90 billion yuan for this year [6] - A national teleconference on the prevention and control of the Chikungunya virus was held, emphasizing the need for environmental sanitation and effective mosquito control measures [6] - The Chinese medicine industry will implement labeling regulations for medicinal herbs starting August 1, 2023, requiring labels to include expiration dates [7] - The China Coking Industry Association held a market analysis meeting, where representatives agreed to raise coking prices by 50 to 75 yuan per ton starting July 31 [7] - A successful launch of low-orbit satellite internet satellites was conducted using the Long March 8 rocket, marking advancements in automated launch technology [8] Company News - Upwind New Materials announced a suspension of trading due to abnormal stock price fluctuations [3] - CATL reported a net profit of 30.5 billion yuan for the first half of the year, a year-on-year increase of 33.02%, and plans to distribute a cash dividend of 10.07 yuan per share [9] - Vanke A announced that Shenzhen Metro Group will provide a loan of up to 869 million yuan to the company [9] - XGIMI Technology projected a net profit increase of 2062% year-on-year for the first half of the year [9] - Yonghui Supermarket plans to raise no more than 3.992 billion yuan through a private placement for store upgrades [9] - Yangtze Power announced plans to invest approximately 26.6 billion yuan in the construction of the Gezhouba shipping capacity expansion project [9] - Digital Certification announced that its controlling shareholder intends to transfer shares without compensation, changing the controlling shareholder to Beijing Data Group [9] - Chip products from Shanghai Lisan are undergoing optimization, with no revenue generated yet [9] - Zhongwang Software is facing a copyright infringement lawsuit from Autodesk in a U.S. court [9] - Chipsea Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [9] - Sunshine Dairy announced that its controlling shareholder sold a total of 1.1452 million shares in the past two days [9]

Core Viewpoint - The rapid development of AI will lead to a new computing era, accelerate the robotics age, and restructure manufacturing models, fundamentally transforming various industries and creating new opportunities for companies to embrace AI technology [1][3]. Company Overview - Shenghong Technology specializes in the R&D, production, and sales of high-precision multilayer, HDI, FPC, and rigid-flex boards, with applications in AI, big data centers, industrial interconnect, automotive electronics, new communication technologies, new energy, aerospace, and medical instruments [1]. - Since its listing on the Shenzhen Stock Exchange in 2015, Shenghong Technology has achieved a compound annual growth rate of 30% over eight years, becoming a leader in the PCB industry, with a market capitalization exceeding 160 billion yuan [1]. Strategic Development - The company has established three core strategies: smart factories, green manufacturing, and high-tech, high-quality services, along with four innovations in concepts, technology, talent, and capital, which are central to its competitive advantage [2]. - Shenghong Technology holds a leading position globally in AI computing power, AI servers, and advanced HDI and PCB technologies, successfully becoming a core supplier for Nvidia's AI computing PCBs and Tesla's automotive electronics [2]. Market Trends - The AI industrial revolution is just beginning, with significant investments from major tech companies like Microsoft, Meta, Google, and Amazon, totaling $218 billion in AI data centers by 2024 [3]. - China's AI industry is expected to grow from 486.2 billion yuan in 2026 to 1 trillion yuan by 2030, with a compound annual growth rate of approximately 20% [3]. Recommendations for Embracing AI - Companies should establish ambitious strategies, focusing on three strategies and four innovations, while prioritizing technology and capacity to capture high-end market opportunities [4]. - It is essential to foster a spirit of practicality, maintain a positive mindset, and uphold a belief in success [4]. Future Outlook - Shenghong Technology aims to enhance its core competitiveness by increasing production capacity to meet customer demand, investing in high-end products, and introducing advanced equipment to improve manufacturing capabilities [4].

Core Viewpoint - The rapid development of AI will lead to a new computing era, accelerate the robotics age, and reconstruct manufacturing models, fundamentally transforming various industries and creating new opportunities for companies to embrace AI [2][4]. Company Overview - Shenghong Technology specializes in the R&D, production, and sales of high-precision multilayer, HDI, FPC, and rigid-flex boards, with applications in AI, big data centers, industrial interconnect, automotive electronics, new communication technologies, new energy, aerospace, and medical instruments [2]. - Since its listing on the Shenzhen Stock Exchange in 2015, Shenghong Technology has achieved a compound annual growth rate of 30% over eight years, becoming a leader in the PCB industry, with a market capitalization exceeding 160 billion yuan [2]. Strategic Development - The company has established three core strategies: smart factories, green manufacturing, and high-tech, high-quality services, along with four innovations in concepts, technology, talent, and capital, which are central to its competitive advantage [3]. - Shenghong Technology holds a leading position in AI computing power, AI servers, and advanced HDI and PCB technologies, successfully becoming a core supplier for NVIDIA's AI computing PCB and Tesla's automotive electronics [3]. Market Trends - The global AI industry is experiencing significant growth, with major tech companies like NVIDIA, Microsoft, Meta, Google, and Amazon investing a total of 218 billion USD in AI data centers by 2024 [4]. - China's AI industry is projected to grow from 486.2 billion yuan in 2026 to 1 trillion yuan by 2030, with a compound annual growth rate of approximately 20% [4]. Future Outlook - Shenghong Technology aims to enhance its core competitiveness by increasing production capacity to meet customer demand, focusing on high-end products, and investing in advanced equipment to improve manufacturing capabilities [6].

Investment Rating - The investment rating for the company is "Accumulate" (首次) [2] Core Viewpoints - The company is expected to benefit from the ongoing AI wave, with its PCB and copper-clad laminate (CCL) business poised for sustained growth [2] - The automotive sector is a significant focus, with the company having over 20 years of experience and a comprehensive product range that meets the increasing demand for electric and intelligent vehicles [7] - The company has achieved substantial growth in revenue and profit, driven by increased sales of copper-clad laminates and strong performance from its subsidiary, Shengyi Electronics [6] Summary by Relevant Sections Financial Data and Valuation - The company is projected to achieve revenues of 255.10 billion, 307.47 billion, and 354.39 billion yuan from 2025 to 2027, with growth rates of 25.1%, 20.5%, and 15.3% respectively [9][15] - The net profit attributable to the parent company is expected to be 28.32 billion, 36.97 billion, and 45.03 billion yuan for the same period, with growth rates of 62.9%, 30.5%, and 21.8% respectively [9][15] - The company's gross margin is projected to improve from 24.7% in 2025 to 26.7% in 2027 [8] Business Overview - The company specializes in the design, production, and sale of copper-clad laminates and printed circuit boards (PCBs), serving various high-demand sectors including AI servers, 5G antennas, and automotive electronics [10][11] - The global market for automotive PCBs is expected to grow significantly, with the company well-positioned to capture this growth due to its extensive product offerings [7] Market Trends - The global PCB market is projected to reach a value of 73.565 billion USD in 2024, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [12] - The server and data storage PCB market is expected to grow at a CAGR of 11.6% from 2024 to 2029, significantly outpacing other PCB applications [6][12] Competitive Position - The company has achieved a global market share of 14% in rigid copper-clad laminates as of 2023, ranking second worldwide [6] - The company has established a strong management system and technical platform, enabling it to respond quickly to customer needs and market changes [6]

Core Viewpoint - Shenghong Technology's market capitalization has surged to 160 billion yuan amid a significant increase in stock price, prompting the company to plan a listing in Hong Kong to raise funds and alleviate financial pressure [1][2]. Financial Performance - The company's financial situation is concerning, with cash reserves decreasing from 2.141 billion yuan at the end of 2023 to 1.33 billion yuan by the end of Q1 2025, while current liabilities reached 7.713 billion yuan [1][6]. - Shenghong Technology reported a revenue of 4.312 billion yuan in Q1 2025, marking an 80.31% year-on-year increase, and a net profit of 921 million yuan, up 339.22% year-on-year [3]. IPO Plans - The planned Hong Kong IPO aims to support global expansion, enhance brand recognition, and improve competitiveness, with a fundraising target not exceeding 10% of the post-issue total share capital [2][6]. - The funds raised will be allocated for capacity expansion, product matrix improvement, R&D investment, and general corporate purposes [2]. Market Dynamics - The PCB industry is experiencing a growth wave driven by demand from AI servers, data centers, and smart vehicles, with global PCB market value projected to reach 94.661 billion USD by 2029 [4]. - Shenghong Technology is a leading supplier of PCB products, including AI computing cards, and has become a Tier 1 supplier for NVIDIA, with over 70% of related orders in Q1 2025 [3]. Stock Market Performance - Despite financial pressures, Shenghong Technology's stock price has increased by over 350% year-to-date, with a market cap exceeding 160 billion yuan [7]. - Institutional investors, including several public funds, have significantly increased their holdings in the company, indicating strong market confidence [7]. Shareholder Actions - The controlling shareholder, Shenghua Xinye, reduced its stake by transferring shares worth approximately 1.694 billion yuan, citing personal funding needs [8].

今天，A股三大指数集体上涨，深证成指与创业板指数再创年内新高。截至收盘，上证指数、深证 成指分别上涨0.33%、0.64%，创业板指数上涨1.86%。 沪深两市成交额达到18032亿元，较昨日放量609亿元。整个市场有2240只个股上涨，3002只个股下 跌，个股涨跌幅的中位数为下跌0.2%。 大盘方面，在量能充沛的情况下，走势强势。盘中券商股的大幅回落，也没有将指数拉下来多少。 未来两天，市场将迎来重要的变盘时间窗口。创业板指数今天迎来了7月9日以来的最大涨幅，有一 种加速的味道，且上方即将面临去年11月高点附近的压力。微盘股指数、国证2000指数等早已"涨上了 天"。 本轮水牛行情，能否演化为持续时间更久的全面牛市，需要观察后续基本面（即使是结构性的）好 转情况。如果以今年6月作为本轮市场从存量转为增量的起点，那么目前水牛行情才持续不到2个月，并 且未来可以期待会有增量政策，进一步推动基本面预期改善。 中信建投则指出，当前市场情绪高涨，增量资金有望加速流入。一是大盘突破3600点，情绪指数进 入亢奋区；二是证监会表态"全力巩固市场回稳向好态势"继续力挺市场；三是赚钱效应下融资买入，新 基金发行指标上行。这 ...

Core Viewpoint - Shenghong Technology has announced plans to issue overseas listed shares (H shares) and apply for listing on the Hong Kong Stock Exchange, aiming to enhance its global strategic layout and capital strength [1][2] Group 1: Company Developments - Shenghong Technology plans to issue H shares not exceeding 10% of its total share capital post-issue [1] - The company has seen its stock price increase over tenfold since January 2024, closing at 189.25 yuan per share with a market capitalization of 163.3 billion yuan as of July 29 [1] - The company has received significant support from fund managers, with several funds increasing their holdings in Shenghong Technology [1] Group 2: Financial Performance - In 2024, Shenghong Technology achieved revenue of 10.731 billion yuan, a year-on-year increase of 35.31%, and a net profit of 1.154 billion yuan, up 71.96% [2] - For Q1 2025, the company reported revenue of 4.312 billion yuan, a year-on-year growth of 80.31%, and a net profit of 921 million yuan, up 339.22% [2] - The company forecasts a net profit growth of no less than 30% quarter-on-quarter for Q2 2025, with a year-on-year increase exceeding 360% for the first half of 2025 [2] Group 3: Industry Context - The demand for high-end PCBs, particularly in AI servers, high-speed computing, and automotive electronics, is currently strong [2][3] - The global PCB market is projected to reach a value of 94.661 billion USD by 2029, driven by the growth of AI and related industries [2] - Shenghong Technology is expanding its production capacity for high-end products and has secured substantial orders from various domestic and international tech giants [3]

Core Viewpoint - The article highlights the significant growth and strategic initiatives of Shenghong Technology, particularly in the context of the AI boom, including plans for an H-share listing in Hong Kong to enhance global competitiveness and brand recognition [1][2]. Group 1: Financial Performance - In 2024, Shenghong Technology achieved a revenue of 10.731 billion yuan, representing a year-on-year growth of 35.31%, and a net profit of 1.154 billion yuan, up 71.96% [2]. - In the first quarter of 2025, the company reported a revenue of 4.312 billion yuan, a remarkable increase of 80.31%, with a net profit of 921 million yuan, soaring by 339.22% [2]. - The company anticipates a net profit growth of no less than 30% quarter-on-quarter in Q2 2025, with a year-on-year increase exceeding 360% for the first half of 2025 [2]. Group 2: Market Position and Strategy - Shenghong Technology has successfully achieved large-scale production of AI server-related PCB products and has entered the supply chain of top global server clients [3]. - The company holds the largest market share in the AI computing card sector, with over 40% of its revenue in Q1 2025 coming from AI computing and data center-related products [2][3]. Group 3: Stock Performance - Since January 2024, the stock price of Shenghong Technology has increased by over ten times [4]. - As of July 29, the stock closed at 189.25 yuan per share, with a market capitalization of 163.3 billion yuan [5].