Core Viewpoint - The company, Benchuan Intelligent (300964.SZ), is a leader in high-frequency communication PCB technology and has established long-term stable partnerships with numerous leading enterprises in downstream industries, enjoying a high brand recognition in the market [1] Group 1: Company Positioning - The company has a strong technological advantage based on traditional products and has deepened its layout in application fields such as 5G-A, 6G, and low-altitude economy [1] - The company has engaged in long-term technical exchanges and collaborations with several leading communication equipment manufacturers [1]

Group 1 - The core point of the article is that Guanghe Technology (001389) has officially commenced production at its factory in Thailand, which is currently in the capacity ramp-up phase [1] - The company has developed advanced HDI product process capabilities and is specifically enhancing the production capacity of related products [1] - As PCBs are highly customized products, mass production will depend on the order demands from downstream customers [1]

Group 1: Company Insights - Shijia Photon has made progress in multiple business segments, with 800G/1.6T optical module MT-F products in mass production and 1.6T optical module WG chips and components completed in R&D and verification [1] - Dongxin Co. has invested 200 million yuan in Shanghai Lishuan, holding 37.88% stake, and is developing its first self-researched GPU chip "7G100" for various applications [1] - Chongda Technology anticipates a positive growth in the global PCB market by 2025, with a capacity utilization rate of 85% and plans to enhance profitability through high-value customer engagement and cost management [2] Group 2: Industry Trends - The demand for Shijia Photon’s products is driven by strategic raw material inventory and capital expenditure growth due to increased R&D and capacity expansion [1] - Dongxin Co. is focusing on the integration of storage, computing, and networking, while developing WiFi7 chips to address high bandwidth and low latency needs [1] - Chongda Technology is responding to rising raw material costs by implementing structural price increases and optimizing its sales structure to improve profitability [2]

Market Overview - The Shanghai Composite Index closed at 3593.66 points with a weekly increase of +1.67% [1] - The Shenzhen Component Index closed at 11168.14 points with a weekly increase of +2.33% [1] - The ChiNext Index closed at 2340.06 points with a weekly increase of +2.76% [1] - The CSI 300 Index closed at 4127.16 points with a weekly increase of +1.69% [1] - The CSI Artificial Intelligence Index closed at 1479.24 points with a weekly increase of +1.72%, aligning with the overall market trend [1] Technology Sector Insights - Dongshan Precision announced an investment of up to $1 billion for a high-end printed circuit board (PCB) project to meet long-term demand in high-performance servers and AI applications [1] - The investment aims to enhance existing capacity and build new capacity, focusing on high-density interconnect and advanced technology products [1] - The PCB industry is shifting towards high-value products, and this investment is expected to strengthen the company's leading position in the PCB sector [1] Alphabet Financial Performance - Alphabet reported Q2 2025 revenue of $96.428 billion, a 14% year-over-year increase, exceeding market expectations [2] - Non-GAAP net profit for the quarter was $28.196 billion, up 19% year-over-year [2] - The search business generated $54.190 billion in revenue, a 12% increase, with AI Overviews reaching over 2 billion monthly active users [2] - Cloud business revenue was $13.624 billion, a 32% increase, with OpenAI utilizing Google Cloud for ChatGPT services [2] - Capital expenditures are projected to rise from $75 billion to $85 billion in 2025, with further increases expected in 2026 [2] Microsoft Financial Performance - Microsoft reported Q4 FY2025 revenue of $76.441 billion, an 18% year-over-year increase, surpassing market expectations [3] - Net profit increased by 24% to $27.233 billion [3] - Azure cloud revenue exceeded $75 billion for the first time, growing 34% year-over-year [3] - Capital expenditures for the quarter totaled $24.2 billion, a 27% increase, with full-year capital expenditures around $81.4 billion [3] Meta Financial Performance - Meta's Q2 2025 revenue reached $47.52 billion, a 22% year-over-year increase, with net profit of $18.34 billion, up 36% [4] - The company is enhancing advertising efficiency through generative AI, with nearly 2 million advertisers using its AI tools [4] - Capital expenditures for 2025 are projected between $66 billion and $72 billion, focusing on talent, infrastructure, and AI development [4] Investment Recommendations - Focus on PCB, ODM, AIOT, and AIDC sectors for potential investment opportunities [5] - PCB sector is expected to benefit from increased AI server shipments; recommended companies include Shenghong Technology, Huitian Technology, and Shengyi Technology [5] - The semiconductor sector is poised for growth due to trade barriers; recommended companies include Chipone Technology, Aojie Technology, and North Huachuang [5] - AI new consumption scenarios are anticipated to explode; recommended companies include Tailin Micro and Hengxuan Technology [5] - AIDC sector is expected to benefit from major capital expenditures; recommended company is Weichai Heavy Machinery [7] - ODM sector is expected to benefit from domestic AI and Xiaomi's supply chain; recommended companies include Huaqin Technology and Longqi Technology [8]

IPO Market Overview - In July, 9 companies were presented for IPO approval in the A-share market, with 1 company having its vote postponed and the remaining 8 companies approved [1][2] - 6 companies terminated their IPO applications in July, a decrease from 10 in June [4] - The number of companies applying for IPOs in Hong Kong decreased, with only 21 companies submitting applications, the lowest since April [7][8] New Listings Performance - 8 new stocks were listed in July, maintaining the same number as in June, with all new stocks experiencing first-day gains exceeding 100%, the highest being Dingjia Precision with a 479.12% increase [1][3] Company-Specific Insights - Super Electronics, one of the companies that passed the IPO review, reported that over 80% of its sales revenue came from overseas, with a high customer concentration [2] - For Super Electronics, the revenue for the first half of 2025 is projected to grow by 12.61% year-on-year, while the net profit attributable to shareholders is expected to decline by 17.92% [3] Trends in Hong Kong Listings - In July, 17 A-share listed companies announced plans for IPOs in Hong Kong, marking a new monthly high for the year [8] - The number of companies receiving approval for overseas listings significantly dropped from 20 in June to only 3 in July [7] Market Dynamics - The overall IPO market in July showed signs of cooling, with fewer companies seeking to go public compared to previous months [7][9] - The trend of companies terminating their IPO applications, particularly among brokers and banks, indicates a cautious approach in the current market environment [4][5]

Core Viewpoint - Company products are widely used in various fields including communication, industrial, automotive, and servers, with net profit contributions dynamically adjusting based on market demand, order structure, and cost changes [2] Group 1 - Current market conditions have led to strong domestic and international order demand, particularly in mobile phones, servers, and communications sectors [2] - The company anticipates rapid sales order growth in these downstream application areas by 2025 [2] - Market prices for high-layer boards in communication and server fields, high-density interconnect (HDI) boards for mobile phones, and integrated circuit (IC) substrates produced by subsidiaries are continuously rising [2] Group 2 - The company aims to deepen its marketing strategy targeting major clients in key industries such as mobile phones, automotive, and servers by 2025 [2] - There will be an increased focus on acquiring high-value-added orders and enhancing the professional capabilities of the sales team [2] - These strategies are intended to effectively fill the capacity gaps of newly commissioned factories [2]

Core Viewpoint - The financing activities of Jingwang Electronics indicate a significant level of trading interest, with notable fluctuations in both buying and selling over recent days [1] Financing Activities - On August 1, Jingwang Electronics recorded a financing buy amount of 192 million yuan, ranking 66th in the two markets, while the financing repayment amount was 279 million yuan, resulting in a net sell of approximately 86.95 million yuan [1] - Over the last three trading days, from July 30 to August 1, the financing buy amounts were 215 million yuan, 240 million yuan, and 192 million yuan respectively, showing a consistent interest in the stock [1] Securities Lending - On the same day, the securities lending activity showed a sell of 0.01 thousand shares, while there was a net buy of 2.75 thousand shares, indicating a positive sentiment towards the stock in the lending market [1]

本报记者 肖伟 7月31日晚间，奥士康科技股份有限公司（以下简称"奥士康"）披露可转债发行预案，公司拟向不特定 对象发行总额不超过10亿元的可转换公司债券，扣除发行费用后全部用于"高端印制电路板项目"（以下 简称"高端PCB项目"）。这一动作标志着公司在AI服务器、汽车电子等新兴领域的产能布局进入加速 期。 湖南大学经济与贸易学院副院长曹二保教授向《证券日报》记者提供了一组数据："从市场规模来看， 2025年全球PCB市场销售金额预计达968亿美元，中国占比超57%，已成为核心增长极。从细分领域来 看，AI服务器、汽车电子等高端应用表现尤为突出。其中，AI服务器PCB价格是传统服务器PCB价格的 300%，2026年相关市场空间预计突破490亿元；汽车电子PCB受益于智能驾驶渗透率提升，2025年全球 市场规模有望突破180亿美元，年复合增长率超10%。" 奥士康已为上述市场做好充分的技术储备。公司拥有高精度阻抗控制、跨层盲孔等六大核心技术，其中 高厚径比微钻技术、高速PCB混压工艺等已通过国内通信、人工智能、电动汽车等行业头部客户认证。 前述分析师向《证券日报》记者补充称："奥士康此次可转债发行是其深耕高端 ...

Group 1: Qingdao Bank - Qingdao Bank reported a net profit of 3.065 billion yuan for the first half of 2025, representing a year-on-year increase of 16.05% [1] - The bank achieved an operating income of 7.662 billion yuan, up 7.50% year-on-year [1] - Established in November 1996, Qingdao Bank primarily provides deposit, loan, and payment services [1] Group 2: Fuanna - Fuanna plans to repurchase shares worth between 55.85 million yuan and 104 million yuan, with a maximum repurchase price of 11 yuan per share [1] - The repurchased shares will be used for employee stock ownership plans or equity incentive plans [1] - Founded in August 1994, Fuanna specializes in the research, design, production, and sales of textile home products [1] Group 3: Zhengdan Co., Ltd. - Zhengdan Co., Ltd. reported a net profit of 630 million yuan for the first half of 2025, a significant year-on-year increase of 120.35% [1] - The company achieved an operating income of 1.429 billion yuan, up 3.37% year-on-year [1] - The company plans to distribute a cash dividend of 3 yuan per 10 shares [1] Group 4: Huilv Ecology - Huilv Ecology's subsidiary plans to increase its investment in a light module production base from 200 million yuan to 800 million yuan [3] - The project will be constructed in phases in the Ezhou Airport Economic Zone, focusing on production facilities and high-end optical communication equipment [3] - Established in January 1990, Huilv Ecology provides a full range of services in landscape engineering and design [3] Group 5: Shandong Highway - Shandong Highway plans to participate in a capital increase project for Weihai Bank, with a total fundraising of up to 3 billion yuan [5] - The company intends to subscribe to no more than 106 million shares at a price of 3.29 yuan per share [5] - Founded in November 1999, Shandong Highway focuses on investment and operation of transportation infrastructure [5] Group 6: Aoshikang - Aoshikang plans to issue convertible bonds not exceeding 1 billion yuan for high-end printed circuit board projects [6] - The bonds will have a maturity of six years [6] - Established in May 2008, Aoshikang specializes in the research, production, and sales of high-density printed circuit boards [6] Group 7: Darui Electronics - Darui Electronics intends to acquire 80% of Weisi Technology for a total of 1.34 billion yuan [7] - The acquisition includes a capital increase of 30 million yuan for Weisi Technology [7] - Founded in September 2003, Darui Electronics focuses on the development and production of consumer electronic components [7] Group 8: Wanhu Chemical - Wanhu Chemical's shareholder plans to reduce their stake by up to 0.54%, equating to a maximum of 17 million shares [8] - The reduction is due to the shareholder's personal financial needs [8] - Established in December 1998, Wanhu Chemical specializes in polyurethane and fine chemicals [8] Group 9: Changhua Chemical - Changhua Chemical plans to raise up to 230 million yuan through a private placement for a carbon dioxide polyether project [10] - The total investment for the project is 743 million yuan [10] - Founded in October 2010, Changhua Chemical focuses on the research, production, and sales of polyether products [10] Group 10: New Aluminum Era - New Aluminum Era plans to invest at least 500 million yuan in a project to produce 800,000 lightweight high-strength automotive components [11] - The company will also invest in an aluminum alloy recycling project in Chongqing [11] - Established in December 2015, New Aluminum Era specializes in the development and production of aluminum components for electric vehicle battery systems [11] Group 11: Oriental Yuhong - Oriental Yuhong reported a net profit of 564 million yuan for the first half of 2025, a year-on-year decrease of 40.16% [12] - The company achieved an operating income of 13.569 billion yuan, down 10.84% year-on-year [12] - The company plans to distribute a cash dividend of 9.25 yuan per 10 shares [12] Group 12: Yisheng Co., Ltd. - Yisheng Co., Ltd. reported a net profit of 6.1551 million yuan for the first half of 2025, a significant year-on-year decrease of 96.64% [13] - The company achieved an operating income of 1.321 billion yuan, down 3.98% year-on-year [13] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares [13] Group 13: Guangzhou Port - Guangzhou Port expects to complete a cargo throughput of 50.233 million tons in July, a year-on-year increase of 3.1% [14] - The port anticipates a container throughput of 2.272 million TEUs in July, up 1.2% year-on-year [14] - Established in December 2010, Guangzhou Port provides comprehensive services including cargo handling and logistics [14] Group 14: Tibet Tourism - Tibet Tourism announced it may apply for a trading suspension if significant stock trading anomalies continue [16] - The company's stock has seen a cumulative increase of 135.98% over nine consecutive trading days [16] - Founded in June 1996, Tibet Tourism focuses on tourism services and related businesses [16] Group 15: Jiayao Co., Ltd. - Jiayao Co., Ltd. announced a plan to reduce its stake by up to 4.95%, equating to a maximum of 5.5715 million shares [18] - The reduction is due to the shareholders' management needs [18] - Established in August 1999, Jiayao Co., Ltd. specializes in the research, production, and sales of wet wipes [18] Group 16: Heyuan Gas - Heyuan Gas plans to reduce its stake by up to 2%, equating to a maximum of 2.1124 million shares [19] - The reduction will occur through both centralized bidding and block trading [19] - Founded in November 2003, Heyuan Gas focuses on the research, production, and sales of various gas products [19] Group 17: Dalian Friendship - Dalian Friendship announced that its controlling shareholder reached a settlement agreement regarding a litigation case [4] - The controlling shareholder plans to inform the company upon receiving the court's ruling [4] - Established in July 1992, Dalian Friendship primarily operates in retail, hospitality, and real estate [4] Group 18: Daxin City - Daxin City plans to privatize and delist, with a total repurchase amount of approximately 2.932 billion HKD [20] - The repurchase will involve 4.73 billion shares at a price of 0.62 HKD per share [20] - Founded in October 1993, Daxin City focuses on real estate development and management [20] Group 19: *ST Taihe - *ST Taihe announced that a shareholder's shares have been judicially frozen due to a contractual dispute [21] - The frozen shares account for 10.56% of the total share capital [21] - Established in December 2010, *ST Taihe focuses on water environment ecological construction and maintenance [21] Group 20: Qianli Technology - Qianli Technology's subsidiary plans to transfer technology intellectual property for 345 million yuan [22] - The transaction involves a project technology transfer agreement with Ningbo Geely Automotive Research Institute [22] - Founded in December 1997, Qianli Technology specializes in the research, production, and sales of passenger vehicles and motorcycles [22]

Group 1 - The company Aoshikang (002913.SZ) plans to issue convertible bonds to unspecified investors, with a total fundraising amount not exceeding RMB 100 million, which will be used for high-end printed circuit board projects [1][2] - The convertible bonds will have a maturity period of six years and will be issued at a face value of RMB 100 each [1] - The initial conversion price for the bonds will be determined based on the average trading price of the company's A-shares over the 20 trading days prior to the announcement [1] Group 2 - The total investment for the high-end printed circuit board project is approximately RMB 182 million, with RMB 100 million expected to be raised from the bond issuance [3] - The issuance will prioritize existing shareholders, who have the right to waive their priority subscription [3] - The bonds will not be guaranteed, and a credit rating report will be obtained from a qualified rating agency [3] Group 3 - In the first quarter of 2025, the company reported revenue of RMB 1.164 billion, a year-on-year increase of 19.16%, and a net profit attributable to shareholders of RMB 112 million, a slight increase of 0.61% [7][8] - The net profit excluding non-recurring gains and losses was RMB 108 million, reflecting a year-on-year growth of 6.22% [8] - The net cash flow from operating activities reached RMB 97 million, up 29.86% compared to the previous year [8]