今日A股市场全天震荡走高， 三大指数盘中均创年内新高 。沪深两市全天成交额1.89万亿，较上个 交易日放量1931亿。 板块方面，超级水电、工程机械、煤炭、水泥等板块涨幅居前，智谱AI、元件、软件开发、游戏等 板块跌幅居前。 截至收盘，沪指涨0.62%，深成指涨0.84%，创业板指涨0.61%。 盘面上，市场热点集中在大基建方向，个股跌多涨少， 全市场超2700只个股下跌，连续两日逾百股 涨停。 从板块来看，超级水电概念股持续爆发，中国电建等多股涨停。钢铁、煤炭、水泥等反内卷 方向集体走强，潞安环能等多股涨停。下跌方面，算力方向展开调整，优刻得等跌超5%。 ...

收评：三大指数小幅上涨均创年内新高 两市成交额近1.9万亿 智通财经7月22日电，市场全天震荡走高，三大指数盘中均创年内新高。沪深两市全天成交额1.89万亿，较上个交易日放量1931亿。盘面上，市场热点集中 在大基建方向，个股跌多涨少，全市场超2700只个股下跌，连续两日逾百股涨停。从板块来看，超级水电概念股持续爆发，中国电建等多股涨停。钢铁、煤 炭、水泥等反内卷方向集体走强，潞安环能等多股涨停。下跌方面，算力方向展开调整，优刻得等跌超5%。板块方面，超级水电、工程机械、煤炭、水泥 等板块涨幅居前，智谱AI、元件、软件开发、游戏等板块跌幅居前。截至收盘，沪指涨0.62%，深成指涨0.84%，创业板指涨0.61%。 昨涨停今表现 7.44% 高开率 80% 获利率 89% 89.00% 封板 105 触及 13 | O | 50 | 100 | ラロJ火測里 ・ | | --- | --- | --- | --- | | | | | 1.89万亿 [ +1931亿 | 涨停表现 封板率 ...

Market Overview - On July 21, the market closed higher with the Shanghai Composite Index rising by 0.72%, the Shenzhen Component Index increasing by 0.86%, and the ChiNext Index up by 0.87%[2] - The total trading volume reached 1.73 trillion CNY, an increase of approximately 140 billion CNY compared to the previous trading day[1] Sector Performance - Key sectors such as construction materials, building, steel, non-ferrous metals, and chemicals showed significant gains, while banking, computing, and home appliances experienced slight declines[1] - The net inflow of funds into the Shanghai market was 317.96 billion CNY, and 126.16 billion CNY into the Shenzhen market on July 21[3] Investment Opportunities - The launch of the Yarlung Tsangpo River downstream hydropower project is expected to catalyze growth in cyclical sectors, with notable inflows into construction, building materials, non-ferrous metals, chemicals, and power equipment[1] - The first half of 2025 saw a 10.4% year-on-year increase in the total import and export value of China's western region, reaching 2.12 trillion CNY, marking a historical high for the same period[6] Financial Indicators - The Loan Prime Rate (LPR) for both 5-year and 1-year terms remained unchanged at 3.5% and 3% respectively in July[7] - Publicly offered Fund of Funds (FOF) reported an average return of 4.24% year-to-date, with pension FOFs achieving an average return of 4.33%[13][14] Industry Dynamics - China's express delivery volume has ranked first globally for 11 consecutive years, with over 500 million packages collected daily[8] - The online dining sector's share of total dining revenue increased by 1.9 percentage points in the first half of 2025, reflecting a growing trend towards digital services[9]

Group 1 - The core point of the news is that Zhejiang Chenfeng Technology Co., Ltd. has approved a capital increase of 90 million yuan to its wholly-owned subsidiary, Zhejiang Beiwang Zhican Technology Co., Ltd., aiming to enhance its integrated electric computing ecosystem based on incremental distribution networks [1] - After the capital increase, the registered capital of Beiwang Zhican will rise from 30 million yuan to 120 million yuan, with Chenfeng Technology retaining 100% ownership [1] - The investment reflects the company's strategic emphasis on the integration of green electricity and computing power, aiming to strengthen its capabilities in smart grids and efficient computing services [1][2] Group 2 - In recent years, Chenfeng Technology has made significant progress in its renewable energy business, contributing 166 million yuan in revenue for the fiscal year 2024 [2] - The company has established a standardized business model for incremental distribution networks, achieving large-scale expansion in regions like Inner Mongolia, effectively addressing renewable energy consumption challenges [2] - Chenfeng Technology is leveraging local wind and solar resources to reduce project development costs and enhance energy efficiency, with multiple wind and solar power projects now in stable operation [2] Group 3 - The company has developed an integrated smart energy system that combines renewable energy stations with smart microgrids, creating a closed-loop operation model that improves energy efficiency and grid stability [3] - Future plans include maintaining the integrated model and attracting high-energy-consuming enterprises to promote industrial cluster development in low-carbon parks [3] - The demand for green computing power is rapidly increasing due to the digital economy and carbon neutrality, positioning Chenfeng Technology to provide high green electricity at low costs for computing facilities [3]

Core Viewpoint - Recent changes in investment strategies among several technology-themed funds indicate a shift from domestic to overseas computing power investments, with some managers reducing exposure to humanoid robot stocks due to a lack of decisive technological breakthroughs [3][4][6]. Group 1: Investment Strategy Changes - Fund manager Jin Zicai from Caitong Fund has significantly adjusted the top ten holdings of his funds, moving from a heavy allocation in domestic computing power to an increased focus on overseas computing power, driven by the ongoing investment from global tech giants [3]. - The Caitong Growth Preferred Mixed Fund reported a net value growth rate of 11.23% in Q2, outperforming its benchmark by a substantial margin [3]. - Fund manager Feng Ludan from China Europe Digital Economy Mixed Fund echoed similar strategies, emphasizing investment in AI infrastructure related to overseas demand, with a Q2 net value growth rate of 12.69% [4]. Group 2: Sector-Specific Adjustments - Feng Ludan has reduced exposure to the humanoid robot sector, citing the need for a decisive technological breakthrough before increasing investments again [6]. - Conversely, fund manager Mo Haibo from Wan Jia Fund believes the humanoid robot sector is entering a golden development period and plans to gradually increase holdings if stock prices decline [6]. - Mo Haibo's funds have increased positions in several internet stocks, highlighting the significant investments by domestic tech giants in AI applications [6]. Group 3: AI and Computing Power Demand - Fund managers Lu Yang and Lei Tao noted that the global push for AI is just beginning, with significant commercial growth expected this year, particularly in overseas markets [7]. - The demand for computing power is anticipated to rise as large model and cloud service providers experience increased token demand and revenue, further driving investment in computing resources [7].

Core Viewpoint - Mini funds that were once struggling on the brink of liquidation are now making a significant comeback by investing in trending sectors and future industries [1][5]. Group 1: Fund Performance and Growth - In Q2, 15 public funds experienced a scale increase of over 10 times, with some funds surging by more than 14,600% [2][5]. - The fund "Tongtai Industrial Upgrade," managed by Wang Xiu, saw its scale grow from under 10,000 yuan to over 14.4 million yuan, marking a growth of over 1,461,747% [3]. - "Changcheng Pharmaceutical Industry Selection," with a nearly 120% return, increased its scale from 3.6 million yuan to 1.132 billion yuan, a growth of over 30 times [4]. Group 2: Investment Strategies and Sector Focus - Many mini funds have undergone significant portfolio adjustments, shifting from traditional sectors to high-growth areas like robotics, innovative pharmaceuticals, and computing power [6][7]. - The fund "Zhongou Digital Economy," managed by Feng Ludan, shifted its focus from robotics and smart driving to computing power, changing eight of its top ten holdings [8]. - The "Yongying Medical Health" fund transitioned its focus from medical services to innovative pharmaceuticals, with top holdings including Shutaishen and Rejing Bio, the latter having a year-to-date increase of 523.75% [9]. Group 3: Early Positioning in Future Industries - Fund companies are using mini funds to target emerging sectors such as deep-sea technology and controllable nuclear fusion, positioning themselves ahead of the curve [10][11]. - The "Yongying Manufacturing Upgrade" fund is heavily invested in controllable nuclear fusion, anticipating significant growth in the sector by 2025, with potential annual investments reaching 30 to 50 billion yuan [12]. - The "Yongying Qiyuan" fund focuses on the deep-sea technology industry, with major holdings in companies involved in deep-sea materials and applications [12].

Group 1 - The report highlights the expectation of a "de-involution" trend, which may lead to a temporary rise in market sentiment, particularly focusing on domestic computing power, robotics, and innovative pharmaceuticals as key investment opportunities [1][2][10] - The humanoid robotics industry is experiencing significant catalysts, with Yuzhu Technology set to debut on the A-share market, marking a critical milestone for the industry and enhancing resource integration and supply chain optimization [2][30][32] - The computing power industry is also seeing renewed catalysts, with the introduction of the H20 chip, which is expected to alleviate supply pressures and stimulate demand across the AI industry chain [2][36][40] Group 2 - The report indicates that the luxury car market will benefit from a reduction in tax thresholds for super luxury vehicles, which may disrupt the current market dynamics and provide competitive advantages for electric luxury cars [2][47] - The innovative pharmaceutical sector is poised for growth due to recent policy adjustments that expand payment options for innovative drugs, enhancing their market potential [2][40][43] - The report emphasizes the importance of monitoring the performance of key sectors, with the automotive, pharmaceutical, and communication industries receiving significant capital inflows recently [2][43][44]

Core Viewpoint - Huawei's computing concept is gaining traction in the market, with companies like Zhizhen Technology and Hengwei Technology reaching their daily limit up, driven by the upcoming World Artificial Intelligence Conference (WAIC) [1] Group 1: Market Activity - Huawei's computing concept stocks, including Zhizhen Technology and Hengwei Technology, saw significant price increases, with both reaching the daily limit up [1] - Other companies such as Qingyun Technology, Huayu Software, Youkede, Gaoxin Development, and Yakang Co. also experienced price increases, indicating a broader market interest in Huawei's technology [1] Group 2: Upcoming Events - The 2025 World Artificial Intelligence Conference (WAIC) is scheduled to take place from July 26 to July 29, which is expected to further boost interest in AI technologies [1] - Huawei will showcase its Ascend 384 super node hardware for the first time at this event, highlighting its advancements in high-speed interconnect technology [1]

Group 1 - Nvidia announced the resumption of sales of its H20 AI chip designed for the Chinese market, with the U.S. government guaranteeing the issuance of licenses for quick delivery [1] - Nvidia's CEO Jensen Huang introduced a new fully compliant RTX PRO GPU aimed at digital twin AI applications in smart factories and logistics in China [1] - CITIC Securities indicated that the lifting of restrictions on H20 is expected to boost capital expenditure (CAPEX) among leading manufacturers, creating ample investment opportunities in AI infrastructure and applications in the second half of the year [1] Group 2 - xAI, owned by Elon Musk, released the latest version of its AI chatbot, Grok 4, marking the fourth significant iteration since its first model launch in 2023, claiming to be the "world's strongest AI model" [1] - CITIC Jiantou noted that Grok 4's performance improvements are supported by robust computing power, with xAI establishing a supercomputing center in Memphis, Tennessee, equipped with 200,000 Nvidia H100 GPUs by February 2025 [2] - The International Data Corporation (IDC) and Inspur recently reported that China's intelligent computing power is projected to reach 725.3 exaflops in 2024, a year-on-year increase of 74.1%, significantly outpacing the growth of general computing power [2] Group 3 - The Ministry of Industry and Information Technology and other departments released an action plan for the high-quality development of computing power infrastructure, emphasizing the need for a comprehensive supply system and efficient operational capabilities [3] - The plan sets a target for computing power to exceed 300 exaflops by 2025, with intelligent computing power accounting for 35% of the total, promoting balanced development between eastern and western regions [3] - Huajin Securities expressed optimism about the future growth of China's computing power market, recommending attention to companies entering domestic supply chains or possessing relevant technological reserves [3] Group 4 - The Hong Kong stock market saw renewed interest in the computing power sector, with Kingsoft Cloud rising over 12% and Huilyang Technology increasing over 11%, along with gains in several other related stocks [4]

Core Insights - The computing power is the "cornerstone" of the artificial intelligence industry, with rapid advancements in generative AI technology leading to accelerated global infrastructure development and significant performance growth for industry chain companies [1] Group 1: Company Performance - Zhongji Xuchuang expects a net profit of 3.6 billion to 4.4 billion yuan for the first half of 2025, representing a year-on-year increase of 52.64% to 86.57% due to strong capital expenditure and increased sales of high-end optical modules [1] - Xinyi Technology anticipates a net profit of 3.7 billion to 4.2 billion yuan, with a year-on-year growth of 327.68% to 385.47% [2] - Foxconn Industrial Internet forecasts a net profit of 11.958 billion to 12.158 billion yuan, reflecting a year-on-year increase of 36.84% to 39.12%, driven by rapid growth in cloud computing and AI server revenues [2] - Ruijie Networks expects a net profit of 400 million to 510 million yuan, with a year-on-year growth of 160.11% to 231.64% [2] - Feirongda anticipates a net profit of 155 million to 170 million yuan, representing a year-on-year increase of 103.95% to 123.69% [2] Group 2: Market Outlook - The computing power market's sustainability is a key focus for investors, with companies like Zhongji Xuchuang and Xinyi Technology reporting strong demand for AI data centers and optical modules [3] - The chief economist of Samoyed Cloud Technology Group noted that AI servers, intelligent computing centers, optical modules, and liquid cooling technologies are the fastest-growing segments in the computing power industry [3] - A report from Zhongtai Securities indicates that both domestic and international companies are expected to continue investing heavily in AI training and inference, enhancing their competitive edge [3] - The Ministry of Industry and Information Technology's action plan aims for computing power to exceed 300 EFLOPS by 2025, with intelligent computing accounting for 35% [4] - Experts emphasize the importance of technological innovation, vertical integration, and global capacity in maintaining competitive advantages in the computing power sector [4]