Core Viewpoint - The Hong Kong stock market experienced a strong rally driven by the surge in demand for AI computing power, with the Hang Seng Index reaching its highest level since March this year [2][4]. Market Performance - The Hang Seng Index rose by 1.60%, while the Hang Seng Tech Index increased by 2.80%, marking a new high since June [2]. - The trading volume for the Hang Seng Index exceeded HKD 288 billion, indicating a significant improvement in market sentiment [2]. Stock Movements - Chinese concept stocks in the U.S. saw substantial pre-market gains, with Kingsoft Cloud up over 15%, GDS Holdings up over 12%, and Alibaba rising over 6% [3]. - Several stocks in the Hong Kong market, including Kingsoft Cloud, GDS Holdings, and Alibaba, experienced gains of over 10% [6]. AI Computing Power Sector - The computing power sector saw a strong performance in both Hong Kong and A-shares, with various related themes such as CPO, Kimi, and optical communication witnessing significant growth [5]. - Nvidia received approval from the U.S. government to resume sales of its H20 chip in China, which is expected to alleviate the domestic computing power shortage and benefit the entire AIDC industry chain [10][8]. Future Outlook - The AI narrative is expected to reignite as Nvidia's market capitalization surpasses USD 4 trillion, leading to increased interest in AI computing power sectors [14]. - Alibaba plans to invest CNY 380 billion in AI and cloud infrastructure over the next three years, marking the largest investment in this area by a private enterprise in China [16]. Industry Trends - The global AI industry is entering a rapid development phase, with increasing demand for computing power driving the need for enhanced data center resources [18]. - Analysts predict sustained high levels of investment in computing power, particularly in North American core players and companies poised to capture market share [18].

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company is expected to achieve a net profit attributable to shareholders of 160-170 million yuan for H1 2025, representing a year-on-year increase of 59%-69% [5] - The company continues to optimize its profitability through cost advantages and is expanding its product lineup, particularly in the health beverage sector [6] - The company is undergoing internal marketing reforms to enhance brand recognition and is steadily increasing its market share in the MSG segment [7] Summary by Sections Financial Performance - The company forecasts a net profit of 1.60-1.70 billion yuan for H1 2025, with a growth rate of 59%-69% year-on-year [5] - For Q2 2025, the expected net profit is 0.59-0.69 billion yuan, reflecting a year-on-year increase of 14%-34% [5] Product Development - The company is seeing strong growth in its core MSG business, with a downward trend in costs and significant contributions from retail packaging [6] - New products such as Matsutake Fresh, premium brewed soy sauce, and compound seasonings have all seen over 100% year-on-year revenue growth in H1 2025 [6] - The company is also entering the health beverage market with new products like red bean and coix seed water, which are expected to drive new growth [6] Profitability Forecast - The company is adjusting its EPS forecasts for 2025-2027 to 0.18, 0.24, and 0.30 yuan respectively, with corresponding PE ratios of 33, 25, and 20 times [7] - The company is expected to maintain a steady increase in revenue and net profit, with projected growth rates of 30.1% for 2025 and 63.8% for the same year in net profit [10]

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, as AI hardware stocks surged while power and photovoltaic sectors faced declines. Over 4,000 stocks in Shanghai, Shenzhen, and Beijing markets closed lower, with total trading volume reaching 1.64 trillion [1]. Key Highlights 1. **Optical Communication Sector** - The optical communication sector saw significant gains, with stocks like New Yi Sheng and Yue Ling Co. hitting the daily limit. New Yi Sheng projected a net profit of 3.7 billion to 4.2 billion yuan for the first half of 2025, representing a year-on-year increase of 327.68% to 385.47% [4][5]. 2. **Computing Power Sector** - The computing power sector also performed well, with companies like Weichai Heavy Machine and Fuda Alloy reaching daily limits. Meta's CEO announced a multi-billion dollar investment in AI, indicating strong demand for computing power [7][8]. 3. **AI Large Models** - AI large model stocks strengthened in the afternoon, with companies like Fanwei Network and Cloud Ding Technology hitting daily limits. The market anticipates the release of new AI models, which could enhance commercial applications [11][13]. 4. **Market Trends and Predictions** - Analysts predict that the optical module market will evolve towards 800G/1.6T, with the market size expected to exceed $16 billion (approximately 112 billion yuan) by 2029. Chinese manufacturers are gaining a dominant position in the global optical module market [6][10]. 5. **Performance of Individual Stocks** - Notable stock performances included New Yi Sheng (+20%), Yue Ling Co. (+10.03%), and Zhong Ji Xu Chuang (+16.68%). The overall trend indicates a strong interest in companies involved in AI and optical communication technologies [5][17].

Market Performance - The three major stock indices in Shanghai and Shenzhen opened higher on July 15, with the Shanghai Composite Index slightly up, the Shenzhen Component Index up modestly, and the ChiNext Index significantly higher. However, all indices experienced fluctuations throughout the day, with the Shanghai index closing slightly down, while the Shenzhen and ChiNext indices closed significantly up [1][2]. Company Performance - New Yi Sheng expects a net profit of 3.7 billion to 4.2 billion yuan for the first half of 2025, representing a year-on-year increase of 327.68% to 385.47%. This led to a 20% limit-up in its stock price on July 15, with a total trading volume exceeding 8 billion yuan. The significant profit forecast also boosted the stock prices of related companies in the CPO concept sector [1]. - Other companies in the computing power industry, such as Shenghong Technology, Inspur Information, and Industrial Fulian, also saw substantial stock price increases due to rising market risk appetite [1]. Sector Analysis - The CPO concept, communication equipment, NVIDIA concept, liquid cooling servers, and AI sectors saw notable gains, while sectors like POE adhesive film, horse racing concept, and coal mining experienced declines [1]. - According to institutional views, the semiconductor, consumer electronics, artificial intelligence, and robotics sectors are recommended for investment due to their sustained high growth potential [3]. Policy and Economic Outlook - The Central Urban Work Conference emphasized the need to accelerate the construction of a new model for real estate development, focusing on urban renewal and improving public service levels [5]. - The National Bureau of Statistics announced measures to enhance market order and address issues of excessive competition in certain industries, which is expected to improve market supply-demand relationships and promote high-quality economic development [6].

7月15日，A股走势分化，沪指于3500点关口震荡，创业板指表现偏强，市场逾4000股飘绿。全天成交1.6万亿，较上个交易日放 量1533.1亿。截至收盘，沪指跌0.42%，深成指涨0.56%，创业板指涨1.73%。 值得关注的是，今日市场热点主要围绕算力产业链上涨。据中证报报道，主要有以下利好催化： 首先，龙头股中报业绩预告超市场预期。7月14日晚间，新易盛发布业绩预告，上半年净利同比预增328%-385%。此外，工业富 联、沪电股份、华工科技等算力股也相继发布中报业绩预告，均有较大幅度增长。 其次，据央视新闻报道，应中国贸促会邀请，美国英伟达公司创始人兼首席执行官黄仁勋将于7月16日出席第三届中国国际供应 链促进博览会开幕式，并参加相关活动。英伟达创始人兼首席执行官黄仁勋表示，将开始向中国市场销售H20芯片。 最后，多个大模型于近期发布。中信建投表示，大模型的竞争与迭代仍在持续，意味着算力投资大概率维持较高强度，继续推荐 算力板块：一是业绩持续高增且估值仍处历史较低水平的北美算力链核心标的；二是有望享受外溢需求、取得客户或份额突破的 公司；三是上游紧缺的环节；四是1.6T光模块及CPO产业链。 盘面上，资 ...

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index (000698) experienced a decline of 0.66% as of July 15, 2025, with mixed performance among constituent stocks [3] - The China Artificial Intelligence Computing Power Development Assessment Report indicates that China's intelligent computing power is expected to reach 725.3 exaFLOPS in 2024, a year-on-year increase of 74.1% [4] - The Sci-Tech Innovation 100 Index ETF (588030) saw a decrease of 0.59%, with a latest price of 1.01 yuan, while it recorded a cumulative increase of 1.19% over the past week [3][4] Market Performance - The top-performing stocks in the Sci-Tech Innovation 100 Index included Huaheng Biological (688639) with a rise of 5.04%, while Airo Energy (688717) led the decline with a drop of 4.99% [3] - The ETF's trading volume reached 1.52 billion yuan, with a turnover rate of 2.4% [3] - Over the past two weeks, the Sci-Tech Innovation 100 Index ETF's scale increased by 24.15 million yuan, ranking first among comparable funds [4] Investment Trends - Leveraged funds have been actively investing in the Sci-Tech Innovation 100 Index ETF, with a net purchase of 21.67 million yuan on the highest single day [5] - The ETF's net value increased by 41.94% over the past year, placing it in the top 14.3% among equity index funds [5] - The ETF's management fee is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [5] Sector Analysis - The report from IDC and Inspur indicates that the AI computing power market in China is projected to grow to 25.9 billion USD by 2025, reflecting a 36.2% increase from 2024 [4] - Major companies like Huawei and Longxin Zhongke are launching high-performance AI nodes and new generation CPU and GPGPU products, enhancing the domestic computing infrastructure [4] - The top ten weighted stocks in the Sci-Tech Innovation 100 Index account for 22.99% of the index, with companies like Baijie Shenzhou (688235) and Ruichuang Micro-Nano (688002) leading the list [6]

Core Viewpoint - The optical module and computing power sectors experienced significant gains, driven by strong earnings reports and substantial investments in AI technology from major companies like Meta [1][4]. Group 1: Market Performance - New Yi Sheng's stock reached a limit-up increase of 20%, while other companies like Shi Jia Photon and Zhong Ji Xu Chuang saw increases exceeding 10% [1]. - The optical communication sector rose by 2.47%, attributed to leading companies reporting net profit increases of over three times [2]. - Notable stock performances included New Yi Sheng at 157.08 with a 20% increase, Zhong Ji Xu Chuang at 172.20 with a 14.94% increase, and Tian Fu Communication at 95.18 with an 11.99% increase [2][3]. Group 2: Company Earnings and Investments - New Yi Sheng's mid-year earnings forecast indicated a net profit between 3.7 billion to 4.2 billion yuan, representing a growth of 3.28 to 3.85 times [4]. - Meta's CEO announced plans for a multi-hundred billion dollar investment in AI, with significant infrastructure projects like the Prometheus and Hyperion clusters set to launch by 2026 [4]. Group 3: Industry Insights - Lightcounting predicts that the market for 800G Ethernet optical modules will exceed $16 billion by 2029, with Chinese manufacturers gaining a dominant position in the global market [5]. - Nvidia's upcoming products, including the Quantum3400X800IB and Spectrum4UltraX800 Ethernet switches, are expected to launch in 2025 and 2026, respectively, benefiting from high-density MPO connectors and fiber components [5]. - The demand for AI PCBs is strong, driven by Nvidia's GB200 and ASIC growth, with domestic manufacturers likely to benefit from slow overseas expansion [6].

上周，以工业富联（601138）、沪电股份（002463）、华工科技（000988）、光迅科技（002281）、锐 捷网络（301165）等为代表的算力链公司相继发布业绩预告，均实现较快增长，反映出算力行业景气度 依然较高。当前，中信建投（601066）认为大模型的竞争与迭代仍在持续，意味着算力投资大概率维持 较高强度，继续推荐算力板块：一是业绩持续高增且估值仍处历史较低水平的北美算力链核心标的；二 是有望享受外溢需求、取得客户或份额突破的公司；三是上游紧缺的环节；四是1.6T光模块及CPO产业 链。 英伟达近期股价飙涨，国产算力产业链有望深度受益于海外映射逻辑。公开信息显示，云计算50ETF （516630）跟踪云计算指数（930851）。该指数的AI算力含量较高，覆盖了光模块&光器件、算力租 赁、数据中心、AI服务器、液冷等热门算力概念。云计算50ETF（516630）为跟踪该指数合计费率最低 的ETF。 7月15日早盘，A股整体小幅高开。上证指数开盘报3519.81点，涨0.00%。深证成指开盘报10700.37点， 涨0.15%。创业板指开盘报2211.40点，涨0.65%。盘面上，通信、电子、汽车等 ...

Core Insights - Yongying Technology Smart Selection A and C funds achieved net value growth of 32.28% and 32.03% respectively in Q2, ranking third and fourth among equity mixed funds [1][2][3] - The top ten holdings of the funds were completely replaced in Q2, with increased allocation to industries such as optical modules and computing power, featuring stocks like Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication [1][3][4] Fund Performance - The funds outperformed their performance benchmarks significantly, with both A and C shares leading in their category [2][3] - Since inception, the funds have recorded a return of 76.22% as of July 11, attracting substantial market interest with net subscriptions of 53.8 million and 447.06 million shares for A and C respectively [4] Financial Metrics - Despite strong net value performance, the funds experienced a mismatch between realized gains and profits, with A and C recording realized losses of -720,800 and -4,233,400 yuan respectively, while profits were 19,551,100 and 171,682,200 yuan [5] - The realized gains reflect actual trading outcomes, while profits include both realized gains and fair value changes, indicating a significant unrealized gain component [5] Portfolio Management - The fund manager, Ren Jie, noted a high turnover in the portfolio, which may lead to increased trading costs and potential losses [6] - The strategy of frequent adjustments in holdings may lack stability, with analysts suggesting that such funds are better suited for satellite positions rather than core investments [6] Top Holdings - The top ten holdings for Yongying Technology Smart Selection in Q2 include: 1. Xinyi Sheng (300502) - 925,708 shares, fair value 117,583,430.16 yuan 2. Zhongji Xuchuang (300308) - 793,000 shares, fair value 115,666,980.00 yuan 3. Tianfu Communication (300394) - 1,377,480 shares, fair value 109,978,003.20 yuan 4. Shenghong Technology (300476) - 798,100 shares, fair value 107,248,678.00 yuan 5. Yuanjie Technology (688498) - 540,250 shares, fair value 105,348,750.00 yuan 6. Changxin Bochuang (300548) - 1,425,400 shares, fair value 95,173,958.00 yuan 7. Hudian Co. (002463) - 2,159,000 shares, fair value 91,930,220.00 yuan 8. Industrial Fulian (601138) - 3,725,000 shares, fair value 79,640,500.00 yuan 9. Taicheng Light (300570) - 823,300 shares, fair value 79,349,654.00 yuan 10. Shennan Circuit (002916) - 532,190 shares, fair value 57,375,403.90 yuan [7]

Key Insights - The report highlights the strong performance of the domestic computing power industry chain, indicating that the logic chain of "industry breakthrough - performance verification - demand verification" has gradually been established, leading to a catalytic market environment [3][6] - The report emphasizes the robust growth of Jitu Express, with a total global parcel volume of 7.39 billion pieces in Q2 2025, representing a year-on-year increase of 23.5%. The Southeast Asian market showed particularly strong performance, with parcel volume increasing by 65.9% to 1.69 billion pieces [3][7][8] Strategy Research - The domestic computing power industry is entering a high growth cycle, supported by the rapid increase in demand for domestic large models and the upcoming IPOs of key domestic GPU manufacturers, which fill the gap in the A-share market for fully functional GPUs [6] - The report suggests focusing on domestic computing power chips, servers, PCB, and optical communication manufacturers as potential investment opportunities [6] Transportation Sector - Jitu Express's Q2 2025 performance is highlighted, with a total parcel volume of 7.39 billion pieces, marking a new high since its listing. The company has optimized its network and efficiency, significantly enhancing its automation capabilities [7][8] - The Southeast Asian market's strong performance is attributed to strategic partnerships with major e-commerce platforms, which have led to substantial growth in cross-border e-commerce [9] Future Outlook - The report anticipates continued growth in Jitu Express's business volume driven by the e-commerce boom in Southeast Asia, while the optimization of operations in the Chinese market is expected to release profit margins under the "anti-involution" policy [9]