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].

Group 1 - The core investment focus of public fund managers has shifted significantly towards the AI sector, particularly in computing power, with notable increases in holdings of companies like Zhongji Xuchuang and Xinyi Sheng, which are leaders in optical modules and PCB supply respectively [1] - The financial sector has also seen increased investment, driven by strong earnings from banks and brokerages, as well as the rising trend of stablecoins, leading fund managers to position themselves in brokerage and fintech companies [2] - Fund managers are increasingly looking at the Hong Kong stock market for new opportunities, particularly in innovative pharmaceuticals and new economy sectors, as southbound capital flows have been active this year [2] Group 2 - There is a notable divergence in opinions among fund managers regarding the future of popular stocks like Pop Mart, with a significant reduction in holdings from over 68 million shares at the end of Q1 to about 33 million shares by the end of Q2, indicating a cautious approach [2] - Traditional industries such as food and beverage, automotive, and machinery have seen a decline in interest, with significant reductions in holdings of companies like BYD and Wuliangye, which have both exited the top ten heavyweights in public fund portfolios [2] - The strategy of diversifying assets with a focus on gold as a core buffer asset remains prevalent among professional investors, with a substantial increase in the scale of commodity funds, rising from 180 billion to nearly 270 billion, marking a 47.8% increase [3]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.52%, while the Shenzhen Component Index and the ChiNext Index fell by 0.06% and 0.71% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1,102.2 billion yuan, a decrease of 43.6 billion yuan compared to the previous day [1] - Over 2,000 stocks in the two markets experienced gains [1] Sector Performance - The innovative drug and film industry sectors saw significant gains, with stocks like Nanjing New Pharmaceutical and Happiness Blue Sea hitting the daily limit [2] - Conversely, the battery, digital currency, and diversified finance sectors faced adjustments, with notable declines in stocks such as Xinyu Ren and Dongxin Peace [2] Notable Stocks - Xizang Tourism achieved an impressive eight consecutive trading limit increases [3] - Stocks like Huaci Co., Happiness Blue Sea, and Chenxin Pharmaceutical recorded three consecutive limit increases [4] - Several stocks, including Sunshine Dairy and Xining Special Steel, managed to achieve two consecutive limit increases [5] Strong Sector Trends - The chemical pharmaceutical sector emerged as the strongest, with six stocks hitting the daily limit and one stock achieving three consecutive limit increases [6] - The e-commerce sector also performed well, with six stocks hitting the daily limit and four stocks achieving three consecutive limit increases [7] - The innovative drug sector had five stocks hitting the daily limit, with one stock achieving three consecutive limit increases [8] Industry Insights - The data center sector is expected to accelerate construction in the second half of the year, driven by rising prices for generators and strong demand for backup power sources [11] - The PCB industry is experiencing significant improvement in market conditions, with high demand for advanced products and a notable increase in prices [12] - The digital currency sector is preparing for regulatory changes in Hong Kong, with the Monetary Authority set to implement a licensing regime for stablecoin issuers by August 2025 [13][14]

Summary of Conference Call Records Industry Overview - The conference call discusses the PCB (Printed Circuit Board) industry, focusing on advancements in technology and materials driven by companies like NVIDIA and Huawei [1][2][3]. Key Points and Arguments New PCB Solutions and Technology - NVIDIA's new solution integrates chip packaging directly onto the PCB, eliminating the need for traditional ABF substrates, which enhances efficiency and reduces costs [2][6]. - The new PCB design requires high-density interconnect (HDI) technology, with GB200 using 5-layer HDI and GB300 potentially reaching 6 or 7 layers, increasing line density and reducing hole size [1][5]. Material Requirements - The new PCB solutions demand higher uniformity in copper plating and improved properties in glass fiber cloth (low CTE and low DK materials) [1][3][8]. - For 7-layer HDI, approximately 15-16 square meters of glass cloth is needed per square meter of accelerated card, with 9-layer HDI requiring 18 times more [8]. Market Demand and Projections - By Q4 2026, the demand for low e glass cloth is projected to reach 10 million square meters due to the Roping 27 platform [1][9]. - NVIDIA's server demand for the new COVO process is estimated at 10 million meters, with an additional 1 million square meters needed for switches [13]. Cost and Performance Implications - The new PCB solutions, while having a higher unit price, are expected to improve overall performance and signal integrity due to reduced transfer steps [6]. - The price of high-end HDI PCBs can be two to three times higher than traditional boards, with current prices ranging from 10,000 to 12,000 yuan per square meter [16][17]. Competitive Landscape - Major manufacturers capable of producing high-end HDI PCBs include Shenghong, Pengding Holdings, Dongshan Precision, and Shennan Circuit [19]. - Shenghong holds a 75% market share in the accelerator card market, indicating a strong competitive position [21]. Future Trends - The industry is expected to see continued advancements in high-end HDI technology, with potential for 9-layer HDI and further optimization of low TK glass cloth [7]. - The adoption of MSAP (Modified Semi-Additive Process) is anticipated to increase the demand for low-expansion materials by approximately 10 million square meters annually [23]. Specific Applications and Innovations - Huawei's 384 super orthogonal backplane is manufactured by leading domestic companies, with a high production cost of around 200,000 yuan per square meter [12][31]. - The new COVO process requires resin with higher expansion coefficients and improved copper foil uniformity, enhancing performance for high-speed PCBs [14]. Additional Important Insights - The transition from ADF narrow boards to advanced PCB solutions is expected to significantly increase the demand for low CTE glass cloth [23]. - The new packaging method, which integrates chips with larger PCBs, is still in the experimental phase and has not yet reached mass production [29]. This summary encapsulates the critical developments and projections within the PCB industry as discussed in the conference call, highlighting the technological advancements, material requirements, market dynamics, and competitive landscape.

7月30日，A股三大指数集体低开，计算机板块震荡走低。截至发稿，相关ETF方面，计算机ETF （159998）跌0.74%，实时成交额超2700万元暂居同标的产品第一，盘中获净申购超2200万份。成分股 方面，中科星图张超1%，萤石网络、恒生电子等个股飘红，近八成成分股下跌。 资金流向方面，据Wind金融终端，计算机ETF（159998）近4个交易日（7月24日—7月29日）连续获资 金净流入，累计"吸金"近6000万元。截至7月29日，计算机ETF（159998）年内新增份额超15亿份，新 增份额率超68%。 计算机ETF（159998）跟踪中证计算机指数（930651.CSI）。该指数以中证全指为样本空间，选取涉及 信息技术服务、应用软件、系统软件、电脑硬件等业务的上市公司股票作为成分股。 消息面上，据智通财经，记者近日多方采访获悉，PCB行业市场景气度较去年同期显著改善，尤其是高 端产品，市场需求量较大。一家企业高管透露，BT载板景气度回升，订单饱满，也有涨价。受益于AI 服务器及高速交换机等硬件升级推动，高多层板、高阶HDI等PCB品类走俏、价格上扬。但因技术壁垒 制约，高端产品短期内存在供需缺口。目 ...

1. Report Industry Investment Rating - The investment rating for stock index futures is "oscillating with a slight upward bias" [7] - The investment rating for stock index options is "oscillating" [8] - The investment rating for treasury bond futures is "oscillating, taking a cautious approach" [10] 2. Core Views of the Report - Stock index futures are experiencing a strengthening of the technology - growth trend. The market sentiment is positive, and funds are flowing towards high - growth sectors. There is still room for price increases in the technology - growth sector, and it is recommended to continue to allocate long positions in IM contracts [7]. - For stock index options, there are two trading logics based on the volatility changes: partial profit - taking in the spot and switching to buying out - of - the - money call options, or buying put options for protection during the process of chasing the market. In the short - term, a double - selling strategy is recommended, and in the medium - term, the covered call strategy continues [2][8]. - Treasury bond futures are facing multiple disturbing factors. The market is pricing in potential risks from major meetings in advance. In the short - term, the bond market is affected by many factors, and it is recommended to pay attention to various strategies such as basis trading and curve trading [2][10]. 3. Summary by Relevant Catalogs 3.1 Market Views Stock Index Futures - **Market Performance**: On Tuesday, the Shanghai Composite Index opened lower and closed higher, with trading volume reaching 1.83 trillion yuan. The market sentiment is positive, and the focus is shifting to the technology - growth sector. The pharmaceutical and communication industries led the gains [7]. - **Logic**: The strong performance of the CXO leader's mid - year report and the technological catalysis of PCB are driving the technology - growth sector. Funds are flowing out of the "anti - involution" and dumbbell - shaped sectors, and there is still room for price increases in the technology - growth sector [7]. - **Operation Suggestion**: Allocate long positions in IM contracts [7]. Stock Index Options - **Market Performance**: The underlying assets continued to be strong, with the GEM ETF rising by 1.75% and the Science and Technology Innovation 50 ETF rising by 1.35%. The trading volume of the STAR Market and ChiNext ETF options increased, but the overall market share is limited [8]. - **Logic**: The increase in weighted volatility mainly comes from the out - of - the - money put side, while the at - the - money and slightly out - of - the - money call volatility has declined, implying short - term market correction concerns. Two trading logics are derived [8]. - **Operation Suggestion**: In the short - term, use the double - selling strategy; in the medium - term, continue the covered call strategy [2][8]. Treasury Bond Futures - **Market Performance**: Treasury bond futures declined across the board. The central bank continued large - scale net injections, but the bond market sentiment was weak [2][10]. - **Logic**: The market is pricing in potential risks from the Sino - US economic and trade negotiations and the Politburo meeting in advance. The stock market and commodity market sentiment has improved, putting pressure on the bond market [2][10]. - **Operation Suggestion**: For trend trading, be cautious; for hedging, pay attention to short - hedging at low basis levels; for basis trading, pay attention to the basis convergence of the TL main contract; for curve trading, it is more profitable to steepen the yield curve in the medium - term [10]. 3.2 Economic Calendar - The economic calendar includes data such as the US July ADP employment figures, the US Federal Reserve interest rate decision, China's July official manufacturing PMI, and the US July Michigan Consumer Sentiment Index final value [12]. 3.3 Important Information and News Tracking - From January to June 2025, the number of newly established foreign - invested enterprises in China increased by 11.7% year - on - year, but the actual use of foreign capital decreased by 15.2% year - on - year. The manufacturing and service industries used 1090.6 billion yuan and 3058.7 billion yuan of foreign capital respectively [12]. - From January to June, the total operating income of state - owned enterprises decreased by 0.2% year - on - year, and the total profit decreased by 3.1% year - on - year. The asset - liability ratio at the end of June increased by 0.3 percentage points year - on - year [13]. - The China Photovoltaic Industry Association clarified that some self - media reports on the anti - involution work in the photovoltaic industry, especially in the polysilicon sector, are inconsistent with the facts [13]. - Due to heavy rainfall in Beijing, a national level - four disaster relief emergency response was launched. The National Development and Reform Commission arranged 200 million yuan of central budget - inner investment for post - disaster recovery [13]. 3.4 Derivatives Market Monitoring - The report mentions the monitoring data of stock index futures, stock index options, and treasury bond futures, including contract basis, spreads, trading volume, and open interest, but specific data details are not fully presented in the summary [7][8][10].

Group 1: Core Insights - The report highlights the continuous growth in the PCB and AI server sectors, indicating a strong demand for computing hardware [8] - The solid-state battery production timeline has been accelerated, with several companies announcing their plans for mass production [8] - A new childcare subsidy plan has been introduced, providing 3,600 yuan per child annually for children under three years old, which may benefit related companies [8] Group 2: Industry Dynamics - The report notes that the PCB industry is experiencing high growth alongside AI server demand, with specific companies like Shenghong Technology and Shenzhen South Circuit being mentioned as key players [8] - The solid-state battery sector is entering a rapid industrialization phase, with companies such as Liyuanheng and Haishun New Materials highlighted for their involvement [8] - The introduction of the national childcare subsidy is expected to positively impact companies like Kidswant and Aiyingshi, which are focused on childcare services [8] Group 3: Company Focus - Xuefeng Technology plans to acquire a 51% stake in Shengshi Putian for 154 million yuan through a private agreement [10] - Xiangdian Co. intends to purchase a 12.5% stake in Tongda Electromagnetic Energy for 208 million yuan from its controlling shareholder [10] - Fuwei Co. has received notices for seat product development from well-known joint venture and domestic brands [10] - Sinochem Equipment is set to issue shares to acquire 100% stakes in two companies from China National Chemical Equipment and Beijing Bluestar Energy Investment [10] Group 4: Market Review and Outlook - On July 29, the total trading volume in the two markets reached 1.8032 trillion yuan, with 2,142 stocks rising and 2,840 stocks falling [12] - The Shanghai Composite Index opened flat and then rose, with all three major indices closing with small gains, while the ChiNext and STAR Market indices continued to reach new highs [12] - The report indicates a potential upward breakout for the Shanghai Composite Index, approaching the July 23 high of 3,613 points, with a generally optimistic short-term outlook [12]

Core Viewpoint - The report from Kaiyuan Securities indicates that the sustained high capital expenditure from overseas AI giants is driving strong demand for high-end AI server PCBs, leading to supply tightness in the market [1] Group 1: Industry Expansion - The PCB industry is entering a period of intensive expansion, with several PCB manufacturers announcing new expansion projects, including notable projects from Huadian Co., Shenzhen South Circuit, and Guanghe Technology [2] - The capital expenditure for PCB manufacturers is expected to increase significantly, with Pengding Holdings guiding a capital expenditure of 5 billion yuan for 2025, a year-on-year increase of 51.5% [2] - The acceleration of expansion and increased capital expenditure reflect the current high prosperity of the industry and indicate sustainable future growth [2] Group 2: Supply Chain Dynamics - Some upstream PCB equipment suppliers are experiencing supply tightness due to the active expansion plans of downstream manufacturers [2] - The rapid growth in global AI computing power demand is accelerating the technological upgrades and capacity expansions of high-layer PCBs and high-end HDI boards [2] - Chip Quik's order delivery schedule has extended to the third quarter of 2025, with its capacity running at full load and optimistic business development prospects [2] Group 3: Technological Upgrades - AI's requirements for PCB performance are driving upgrades in layers, materials, and processes, with AI server PCBs typically having over 20 layers, compared to traditional servers which have 6-16 layers [3] - Advanced manufacturing processes such as back drilling and resin-filled holes are necessary to enhance the reliability and stability of AI server PCBs [3] - The complexity of high-layer HDI board structures is increasing, necessitating upgrades in related equipment, such as the introduction of advanced testing machines and drilling technologies by companies like Dazhu CNC [3] Group 4: Beneficiary Companies - Recommended beneficiaries in the PCB exposure equipment sector include Chip Quik [4] - Dazhu CNC is highlighted as a beneficiary in PCB drilling, exposure, forming, and testing equipment [4] - Dongwei Technology is identified as a beneficiary in PCB electroplating equipment, while Ding Tai Gao Ke is noted for PCB drilling needles [4]

Group 1 - The China-US trade talks held in Stockholm resulted in an agreement to extend the suspension of the US's 24% tariffs and China's countermeasures for another 90 days [1] - The Ministry of Finance emphasized the need for a more proactive fiscal policy and plans to accelerate the issuance and use of ultra-long special government bonds and local government special bonds [1] - The International Monetary Fund (IMF) raised China's economic growth forecast for this year by 0.8 percentage points to 4.8%, reflecting stronger-than-expected economic activity in the first half of the year [1] Group 2 - The PCB industry has seen a significant improvement in market conditions compared to the same period last year, particularly for high-end products, with increased demand and rising prices reported [2] - WuXi AppTec announced an increase in the share repurchase price limit from 90.72 yuan to 114.15 yuan per share for its upcoming buyback [2] - Shijia Photon reported a 1712% year-on-year increase in net profit, driven by the mass shipment of its 1.6T optical module products [2] Group 3 - Shenghong Technology plans to issue H-shares and list on the Hong Kong Stock Exchange [3] - The stock of Quzhou Development is suspended as it plans to purchase shares of Xianlead Electronics Technology [3] - Dong'an Power announced a change in its indirect controlling shareholder to China Chang'an Automobile [3] Group 4 - The three major US stock indices collectively fell, with the Dow down 0.42%, the Nasdaq down 0.38%, and the S&P 500 down 0.28%, as most popular tech stocks declined [3] - WTI crude oil futures rose by 3.75% to $69.21 per barrel, while Brent crude oil futures increased by 3.53% to $72.51 per barrel [3] Group 5 - Novo Nordisk lowered its 2025 sales growth outlook to 8%-14% from a previous forecast of 13%-21% [4] - The Federal Reserve is expected to maintain interest rates in its upcoming decision [4]