Macro and Strategy - The government bond weekly report indicates that the "cleaning debt" special bonds disclosed exceed 100 billion [5][9] - As of the 32nd week (August 4-10), the cumulative net financing of government bonds reached 9.6 trillion, exceeding the same period last year by 4.9 trillion [8][9] Industry and Company - The energy storage industry has proposed an "anti-involution" initiative, focusing on improving profitability for energy storage companies [10] - China Unicom (600050.SH) reported a 5% year-on-year increase in net profit for the first half of 2025, driven by strong momentum in computing power business [14][15] - Industrial Fulian (601138.SH) achieved a 51% year-on-year profit growth in Q2, with continuous increases in the shipment of the GB200 series [16][17] - Jiemai Technology (002859.SZ) is seeing batch imports of release films, with significant growth expected in composite current collectors [20][21] - Huahong Semiconductor (01347.HK) reported a gross margin exceeding guidance in Q2 2025, maintaining full capacity utilization [24] - Guizhou Moutai (600519.SH) saw a 9.2% year-on-year revenue increase in Q2 2025, adjusting its product structure according to market conditions [28][30] - Ganyuan Food (002991.SZ) faced a 55.2% year-on-year decline in net profit due to pressure on distribution channels and increased expense ratios [31][32] Investment Recommendations - The report suggests focusing on energy storage companies that may benefit from the "anti-involution" policy, highlighting firms like Sungrow Power, Sungrow, and CATL [10] - For the livestock industry, the report recommends companies like Yuran Livestock and Modern Animal Husbandry, anticipating a reversal in the cattle cycle in 2025 [13] - The report maintains a "better than market" rating for China Unicom, projecting net profits of 95/101/109 billion for 2025-2027 [16] - Industrial Fulian's investment outlook is positive, with an upward revision of profit expectations due to strong demand for AI infrastructure [19] - Jiemai Technology is expected to maintain a "better than market" rating, with projected net profits of 2.58/3.39/4.29 billion for 2025-2027 [23]

Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,683.46, up by 0.48%, and the Shenzhen Component Index rising by 1.76% to 11,551.36 [4]. Industry Commentary - In the chemical pharmaceutical sector, the oral GLP-1 small molecule receptor agonist has reached phase III clinical endpoints, showcasing weight loss potential in domestic pipelines during U.S. clinical trials [5][6]. - The AI-powered slag removal equipment developed by Qingda Environmental Protection has been recognized as internationally leading, aiming for a smart operation model with self-sensing and self-diagnosing capabilities [8][9]. Company Commentary - Qingda Environmental Protection (688501.SH) has received approval for a private placement to raise up to 150 million yuan, aimed at enhancing liquidity. The company is expected to see significant revenue growth driven by the demand for flexible transformation in thermal power generation [8][9]. - 361 Degrees reported a strong performance in e-commerce channels with a mid-year dividend payout ratio of 45%, reflecting robust growth in online sales [8]. - Industrial Fulian (601138.SH) reported a 35.58% year-on-year increase in revenue for the first half of 2025, driven by strong demand for AI servers and high-speed switches [17][19]. - Zhigao Machinery (920101.BJ) is recognized as a "small giant" in the engineering machinery sector, focusing on rock drilling equipment and air compressors, with a strong market presence [16]. Financial Performance - Qingda Environmental Protection anticipates revenue between 900 million to 1.25 billion yuan for the first half of 2025, representing a year-on-year growth of 75.1% to 143.2% [9]. - 361 Degrees expects revenues of 113.67 billion, 127.14 billion, and 141.10 billion yuan for 2025-2027, with net profits projected to grow steadily [12]. - Industrial Fulian's EPS is projected to be 1.56, 2.01, and 2.61 yuan for 2025-2027, maintaining a "buy-A" rating based on strong growth prospects [19].

Core Viewpoint - Industrial Fulian reported a strong performance in Q2 2025, with revenue and net profit reaching historical highs, driven by robust growth in AI server and high-speed switch businesses [1] Financial Performance - In Q2 2025, the company's revenue reached 200.34 billion yuan, a year-on-year increase of 36% [1] - Net profit for the same period was 6.88 billion yuan, up 51% year-on-year [1] Business Segments - The AI server business showed strong competitiveness, with overall server revenue growth exceeding 50% and cloud service server revenue increasing by 150% year-on-year [1] - AI server revenue grew by over 60% year-on-year, indicating a significant demand in this segment [1] - The demand for high-speed switches remains strong, with revenue from 800G high-speed switches nearly tripling compared to the entire year of 2024 [1] - The precision components business benefited from the popularity of certain high-end smartphone models, with shipment volume increasing by 17% year-on-year [1] Future Outlook - The trend of high-end smartphone upgrades driven by AI is expected to sustain terminal demand for the precision components business [1] - Earnings per share forecasts for 2025-2027 are adjusted to 1.59, 2.19, and 2.59 yuan respectively, reflecting an increase in the proportion of high-end products [1]

Summary of AI Server Power PCB Market Conference Call Industry Overview - The AI server power PCB market is experiencing a surge in demand, with the GB200 cabinet requiring up to 198 kilowatts of power, leading to upgrades in power supply to higher power densities such as 12 kilowatts and 30 kilowatts, which increases the requirements for current conduction and heat dissipation capabilities of power PCBs [1][2][3] Key Points and Arguments - **Power Supply Structure**: The AI server power system consists of primary, secondary, and tertiary power supplies. The primary power supply converts AC power from data centers (e.g., 220V or 380V) to intermediate DC voltage (e.g., 48V). For instance, each GB200 cabinet requires 198 kilowatts of power, necessitating 36 parallel primary power modules of approximately 5.5 kilowatts each. The design is evolving towards higher power densities, moving from 5.5 kilowatts to future capacities of 12 kilowatts and 30 kilowatts [2][4] - **Secondary Power Supply Requirements**: The secondary power supply reduces the 48V DC to mid-voltage (e.g., 12V) for server boards, typically installed inside servers or in computing trays. It employs multiple DCDC modules, requiring rapid load response and high voltage regulation accuracy. The industry is exploring single-stage solutions from 48V to 1V to optimize switching frequency and power density [2][4] - **Tertiary Power Supply Specifications**: The tertiary power supply, or VRM, further reduces the voltage to the levels required by chips (e.g., 0.8-1V). The PCB for VRM must meet strict requirements, including high efficiency (over 90%), large current capacity, good EMI control, and high-temperature resistance [2][8] - **Willgo's Competitive Advantage**: Willgo, as a core supplier for Delta, has significant advantages in the primary, secondary, and tertiary AI server power PCB sectors. Its products exhibit strong current conduction and heat dissipation capabilities, high-quality materials, and complex processes that meet stringent reliability testing standards [5][6] - **Domestic Supplier Progress**: Domestic suppliers are making notable progress in power PCB production. Willgo has received certification from core power OEM manufacturers, and its Thai factory has exceeded profitability expectations, benefiting from advancements in AI server power clients and production capacity [7][9] Additional Important Insights - **Future Capacity and Revenue Projections**: Willgo's current factories, including those in Huizhou and Jiangxi, generate approximately 1 billion yuan in revenue. The Thai factory is expected to reach full production by the second half of this year, with a monthly output of 50-60 million yuan. By 2026, total revenue could exceed 5 billion yuan, with net profits projected between 550 million to 600 million yuan [9][10] - **Industry Trends and Investment Opportunities**: The power PCB industry is witnessing continuous product specification upgrades. While domestic companies have not fully entered higher-level fields like secondary and tertiary power supplies, companies like Willgo are gradually expanding upstream and have gained small-batch supply qualifications from international leading power manufacturers. Given the surge in demand from Nvidia, these companies are expected to significantly contribute to revenue elasticity, making Willgo a key focus for future investment opportunities [11]

报告期内，公司及时推出新型号适配OPC鼓和墨粉产品，持续推进产品性能提升，加大高附加值产品研 发和销售力度，市场主流机型适配OPC鼓、墨粉等市场推广取得良好成效，公司产品结构进一步优化。 人民财讯8月13日电，中船汉光（300847）8月13日晚间披露2025年半年报，公司上半年实现营业收入 5.95亿元，同比增长4.01%；实现归属于上市公司股东的净利润5708.97万元，同比下降6.61%。 ...

证券日报网讯 金百泽8月13日在互动平台回答投资者提问时表示，公司近年来营业收入保持稳定的增 长，主要得益于以IPDM一站式设计与制造为核心的服务体系，与核心客户群建立了稳固且高粘性的合 作关系。当前，公司大亚湾PCB总部、西安等基地已完成多条SMT与AOI自动化产线的技改升级，柔性 制造与快速交付能力持续增强，现有产能仍具释放空间；同时，公司正加速推进集成智能制造与扩产项 目建设，电子云工厂的升级、募集项目的陆续结项，进一步提升PCB研发板、集成制造IPM等核心业务 产能与协同效率。随着总部统筹能力与多地产能协同效应的显现，公司将持续释放产能潜力，为未来营 收增长和市场拓展提供产能支撑。 （编辑 王雪儿） ...

8月13日，算力硬件股持续活跃。其中，工业富联表现抢眼，下午收盘前封死涨停，股价报43.68元，续 创历史新高，公司最新市值已经达到8675亿。 同时，亚马逊、微软、谷歌、meta等海外头部云厂还在持续加大资本开支，对AI云基础设施投入占比显 著提升，将直接带动高端AI服务器需求激增。面对强劲的市场需求，工业富联的合同负债金额也由去 年年底的3.50亿元增长至今年6月底的20.08亿元。 在此背景下，多家券商也纷纷发布研报，给予工业富联 "买入" 或 "增持" 评级。在他们看来，工业富联 良好的业绩预期和在AI算力领域的龙头地位，将使其持续受益。 业绩创新高的同时，工业富联还同步提高2024年的分红力度，拟每10股派发现金红利6.4元（含税）， 分红总额为127.04亿元，创历史新高，分红率54.72%。据统计，自2018年上市以来，工业富联累计分红 达565.44亿元，并连续三年分红金额超百亿元。 工业富联在公告中称，公司在主要客户市场的份额不断提升带动了其营收上涨。 具体来看，云计算业务在二季度实现高速增长，整体服务器营收增长超50%，云服务商服务器营收同比 增长超150%，AI服务器营收同比增长超60% ...

Group 1: Trade Impact on Indian Apparel Industry - The U.S. market accounts for approximately one-third of India's apparel exports, making it a critical market for the industry [1][3] - The additional 25% tariff imposed by the U.S. on Indian products, combined with the existing tariffs, raises the total tariff rate to 50%, significantly impacting competitiveness [1][3] - The Indian apparel sector could see a decline in exports by $2.5 billion to $3 billion due to these tariffs, as buyers may prefer cheaper alternatives from countries like Bangladesh and Vietnam [3] Group 2: Negotiation Stalemate - Trade negotiations between India and the U.S. have stalled, primarily due to India's reluctance to make concessions on agricultural and dairy markets, which are vital for its political base [5] - The U.S. has expressed dissatisfaction with India's trade practices, particularly regarding the import of Russian oil and agricultural products [5] - Despite the challenges, India has made some concessions, including tariff exemptions on industrial goods and allowing certain foreign companies to operate in India [5] Group 3: Broader Economic Context - While the apparel sector faces increased tariffs, other sectors like electronics and pharmaceuticals continue to enjoy tariff exemptions, indicating a selective approach to trade policy [4] - The Indian government is under pressure to support small and medium-sized apparel enterprises affected by the tariffs, with calls for direct financial assistance to mitigate the impact [3]

格隆汇8月13日｜国盛证券研报指出，鹏鼎控股25Q2业绩大超预期，AI PCB capex上调。公司把握消费 电子复苏周期，并积极推动以AI眼镜、折叠屏等新产品的开发与量产；汽车\服务器用板业务实现营业 收入8.1亿元，同比增长87.4%，公司积极推动市场知名客户新一代产品认证与打样，并进一步扩大与云 服务器厂商在AIASIC相关产品的开发与合作，以增强公司产品在AI服务器市场的竞争力。随着公司新 增更多大客户料号订单，份额有望进一步提升，带动公司FPC价值量与收入体量的快速增长。随着AI服 务器需求的强劲增长，AI服务器对PCB产品的性能要求日益提高，包括层数的增加、密度的提升和传输 速度的加快，母公司臻鼎规划提高2025-2026年的资本支出至新台币300亿以上，其中近50%资本支出将 用于扩大高阶HDI和HLC产能，以掌握相关产品成长契机，满足客户对高阶AI产品的未来订单需求。公 司正加快对高阶HDI及SLP产品的投入，以高端HDI产品切入服务器及光模块市场，产品已通过相关客 户的认证。认为未来AI云-管-端需求释放将支撑公司业绩增长。维持"买入"评级。 ...

8月13日，工业富联强势涨停，单日市值增加786亿元，总市值一举突破8600亿元，创下历史新高，升至 A股市值第八位。本周以来，工业富联市值已经增加1425亿元，如果从年初计算，公司市值涨幅达 109%。 从背靠消费电子巨头苹果，到成为AI算力龙头英伟达的核心伙伴，工业富联凭借与两大巨头的深度绑 定，股价连创新高，正朝着万亿目标稳步迈进。 背靠苹果 制造底盘稳固 市场预测，全年AI服务器营收占比维持约占总服务器营收70%，公司持续观察客户平台转换进度，并因 应不同客户项目时程调整生产与出货规划。AI服务器需求持续强劲，客户项目导入与新客户开发同步 推进，部分客户因新旧平台交替，于第三季进入转换期，预期新一代GB300平台将于季末小量出货，并 逐步放量。 而在更长周期下，AI算力的全球需求依旧强劲。根据Gartner预测，到2030年全球AI算力市场规模有望 达到数万亿级别。无论是自动驾驶、工业机器人，还是企业级智能服务，背后都依赖强大的算力基础设 施。工业富联具备继续成为最大受益者的发展潜质。 结语：双巨头加持下的万亿市值之路 更重要的是，在消费电子领域的长期深耕，让工业富联懂得如何跟随时代递进以及技术革新， ...