转自：智通财经 注：智通财经VIP为内容资讯产品，并非投资建议。以下内容仅为资讯价值展示非对相关公 司的推荐建议，非未来走势预测。投资有风险，入市需谨慎。 市场热点一 跨境支付、稳定币 消息面上，7月4日央行就《人民币跨境支付系统业务规则（征求意见稿）》公开征求意见。此外香港特 区政府财经事务及库务局局长许正宇7日表示，目标今年内可发出稳定币牌照。 《公告全知道》：梳理隐藏在公告中的利好、利空。 6月30日21:58《公告全知道》 精选"金一文化"公司公告并展开梳理，发文指出：公司背靠北京海淀区国 资委，主营黄金珠宝首饰的研发设计及销售；公司积极拓展产业链，围绕金融科技纵、横方向发展，其 中开科唯识数字人民币产品利用区块链技术设计数币钱包的分布式账本，独立支持运营钱包核心处理体 系，掌握的部分技术可以应用于稳定币领域。金一文化收获3连板，5日最高涨幅达27.75%。 | | 金一文化(002721) | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 07-07 15:48:09 深 | | | | | | | ...

Group 1 - The focus of the brokerage strategy discussions this week is on the upcoming trade agreement progress and the sustainability of the "anti-involution" sector [1][2] - The Huaxi strategy team indicates that the core pricing in the global market is centered around the trade agreement progress on July 9, with potential tariff extensions being a negotiation tactic [1][3] - The A-share market is expected to maintain an upward trend, with two main lines of focus: positive mid-term performance expectations in sectors like wind power, thermal power, and robotics, and the potential for domestic chains to catch up following Nvidia's overseas breakthroughs [1][3] Group 2 - The Dongfang strategy team notes that the market previously viewed the July 9 tariff as a negligible short-term risk, but it may escalate into a core issue next week, leading to a volatile market [1][3] - The Zhongyin strategy team emphasizes that the current liquidity environment supports the market, and as the third quarter progresses, domestic demand expectations may improve if tariff policies do not experience unexpected fluctuations [1][3] - The Xuch team's analysis suggests that "expectation management" is a key tool in the "anti-involution" policy, with limited space for further capacity clearance in traditional cyclical industries like coal and steel due to already high industry concentration [2][4] Group 3 - The market is currently in a state of fluctuation, with the potential for increased volatility in the coming weeks due to the expiration of the 90-day tariff grace period and the implications of the "Great Beautiful Act" [5] - The overall sentiment in the A-share market is that the liquidity environment remains a primary support factor, with expectations for recovery in domestic demand as price pressures ease and policies are implemented [5] - The current cycle of capacity reduction is crucial, but its short-term impact on profitability may be limited if demand does not show signs of recovery [4][5]

Investment Rating - Industry rating: Recommended [6] Core Insights - The GB300 is expected to start volume production in the second half of the year, with significant advancements in AI performance and capabilities [1][8] - The central government emphasizes high-quality development of the marine economy, with wind power generation rapidly increasing, accounting for over 12% of total power generation [2][10] - There is a strong growth in overseas AI demand, particularly from new enterprises, driving high capital expenditure in AI [3][14] Summary by Sections GB300 Launch - CoreWeave announced the first market delivery of the NVIDIA GB300 NVL72, featuring advanced AI performance with over exaflop capabilities and significant improvements in user response speed and throughput [1][8] Marine Economy Development - The central government is focusing on enhancing the marine economy through policy support and encouraging social capital participation, with wind power generation capacity rapidly increasing [2][10] Investment Recommendations - The report recommends focusing on the AI capital expenditure and related sectors, highlighting the growth potential in the optical module industry and PCB supply chain [3][14] - Specific beneficiary stocks include NewEase, Zhongji Xuchuang, and Tianfu Communication in the optical module sector, and China Telecom, China Mobile, and China Unicom in the telecommunications sector [3][16][17] - The marine economy sector is also highlighted, with companies like Zhongtian Technology and Hengtong Optic-Electric being potential beneficiaries [4][15]

Investment Rating - The report suggests a positive outlook for the AI-PCB and core computing hardware sectors, indicating a strong demand and growth potential in these areas [1][4][32]. Core Insights - The introduction of Nvidia's GB300 NVL72 server by Dell marks a significant advancement in AI server technology, promising 50 times the AI inference output and five times the throughput, which is expected to drive demand for AI-PCB [1][4]. - The report anticipates a rapid increase in shipments of GB200 and GB300 products in the second half of the year, with strong orders from multiple AI-PCB companies leading to high growth in Q2 and Q3 [1][4]. - The semiconductor industry is experiencing a shift towards domestic production and self-sufficiency due to geopolitical tensions and export controls, which is expected to benefit domestic semiconductor companies [24][31]. Summary by Sections AI-PCB and Core Computing Hardware - The report highlights the strong growth potential in AI-PCB driven by the rapid deployment of Nvidia's Blackwell GPUs and ASIC chips, with expectations of over 7 million ASIC chips from major companies by 2026 [1][4]. - Companies in the AI-PCB sector are currently experiencing robust order volumes and are expanding production capacity to meet demand [1][4]. Consumer Electronics - The imposition of a 20% tariff on goods exported from Vietnam to the U.S. is expected to benefit the Apple supply chain, providing more pricing flexibility for Apple and its suppliers [5][6]. - The report emphasizes the importance of monitoring the foldable screen market, particularly with Apple's upcoming product innovations [6]. PCB Industry - The PCB industry is showing signs of accelerated growth, particularly in the copper-clad laminate sector, with expectations of significant year-on-year growth in Q2 [7][19]. - The report notes that the demand for AI-related copper-clad laminates is strong, with a shift towards M8 materials expected as production ramps up [1][4]. Semiconductor Sector - The storage segment is projected to see continued upward momentum, driven by increased demand from cloud computing and consumer electronics, with price increases expected for DRAM products [21][23]. - The report identifies a trend towards domestic semiconductor equipment and materials production due to export restrictions, which is expected to enhance the competitiveness of local firms [24][31]. Key Companies - The report recommends focusing on companies that are likely to benefit from the growth in AI-PCB and core computing hardware, including Shenghong Technology, Industrial Fulian, and others [32][34]. - Specific companies such as North Huachuang and Jiangfeng Electronics are highlighted for their strong market positions and growth potential in the semiconductor equipment and materials sectors [35][37].

Group 1 - The technology growth sector has seen a strong rebound since April 9, with the PCB index rising over 50% and the CPO concept index increasing nearly 40% as of July 3 [1] - Notable companies such as Xinyiseng in the optical module sector and Shenghong Technology, Dongshan Precision in the PCB sector have reached historical stock price highs [1] - Funds heavily invested in the technology sector have also experienced significant net value rebounds, with the Yongying Technology Smart Mixed Fund increasing by 57.77% and the Zhonghang Opportunity Leading Mixed Fund rising by 56.66% from April 9 to July 2 [3] Group 2 - A substantial influx of capital into technology sub-sectors has been observed, with significant net subscriptions for thematic ETFs, including 2.682 billion yuan for the Jiashi Science and Technology Chip ETF and 1.413 billion yuan for the Huaxia Robot ETF since June [3] - The overall valuation of the TMT sector has recovered to historical averages, although there is internal valuation differentiation, particularly in computing, electronics, and media sectors, which may lead to short-term market fluctuations [3] - Institutions have been actively researching technology sub-sectors, with a focus on semiconductor, computer software, and optoelectronic devices, emphasizing performance as a core concern [4]

Group 1 - The core viewpoint is that the demand for PCB is recovering, driven by AI and high-speed communication innovations, leading to overall growth in PCB demand [2] - The AI server and switch market for M8 PCB is projected to have a market space of 50-60 billion by 2026, indicating a strong growth potential in the PCB industry [1] - The CSI Cloud Computing and Big Data Theme Index has seen a 0.73% increase, with significant gains in constituent stocks such as Data Harbor (up 8.19%) and Runze Technology (up 5.69%) [1] Group 2 - The CSI Cloud Computing and Big Data Theme Index includes 50 companies involved in cloud computing and big data services, reflecting the overall performance of these sectors [2] - As of June 30, 2025, the top ten weighted stocks in the CSI Cloud Computing and Big Data Theme Index account for 51.84% of the index, highlighting the concentration of performance among leading companies [2] - The domestic PCB manufacturers are gradually enhancing their position in the high-end market due to prior technological accumulation and improved product competitiveness [2]

Core Viewpoint - The article highlights the recent performance of the Shanghai Composite Index, which reached a new high for the year, driven by strong performances in various sectors, particularly in the power and PCB industries. Group 1: Market Performance - The Shanghai Composite Index hit a new high of 3477.1 points, marking a 0.41% increase by the morning close [2][3] - The power sector showed significant strength, with stocks like Huayin Power reaching a limit-up, marking its fourth consecutive day of gains [12][14] - The PCB sector gained attention, with several stocks hitting historical highs, indicating a growing market interest [6] Group 2: PCB Industry Insights - The PCB industry is experiencing rapid growth, driven by demand from AI and high-speed networking, with projections indicating a market space growth to 490 billion yuan for cloud AI server PCBs by 2026 [8][10] - PCB manufacturers are operating at high capacity utilization rates of 90%-95%, with an expected acceleration in production expansion starting in the second half of 2024 [9] - The demand for high-end PCBs is expected to increase significantly, with global output value growth rates projected at 41.7% for high-end multilayer boards and 10.4% for HDI boards by 2025 [10] Group 3: Power Sector Developments - The power sector is benefiting from increased electricity demand during the summer peak, with expectations of a 10 million kilowatt increase in maximum load compared to the previous year [14] - Huayin Power announced an expected net profit increase of 175 million to 215 million yuan for the first half of 2025, attributed to increased power generation and reduced fuel costs [14] - Investment opportunities in the power sector are suggested to focus on regional leaders with strong asset quality, stable dividend-paying companies, and firms with robust cash flow [15]

机构观点方面，中信建投研报表示，6月份以来飞天茅台批价大幅下探，据"今日酒价"散飞最低价格跌 破1800元。随着人民网+、新华网先后发表文章，强调"整治违规吃喝，不是一阵风不能一刀切"，低位 白酒餐饮链有望回暖，加之6·18电商活动结束，中信建投认为茅台批价有望回升。酒企积极求变，五粮 液、老窖等均针对产品进行低度化创新研究，老窖、酒鬼酒等亦加大终端扩张力度，行业集中度仍有较 大提升空间，龙头白酒仍有较好的成长机会。当前白酒板块估值走低，投资者预期低迷，板块底部机会 值得珍视。 长沙晚报掌上长沙7月4日讯（全媒体记者 周丛笑）昨天市场全天震荡反弹，沪深两市成交额1.31万亿， 较上个交易日缩量672亿。盘面上，市场热点较为杂乱，个股涨多跌少，全市场超3200只个股上涨。板 块方面，PCB、消费电子、创新药、固态电池等板块涨幅居前，可控核聚变、海洋经济、油气、游戏等 板块跌幅居前。 消息面，国家药监局发布优化全生命周期监管支持高端医疗器械创新发展有关举措的公告。其中提到， 加强人工智能、生物材料"揭榜挂帅"产品的注册指导，配合相关部门出台基于脑机接口技术的医疗器械 产品支持政策。对依法作出附条件批准的高端医疗器 ...

Core Viewpoint - The PCB concept stocks are experiencing significant activity, with companies like Yihau New Materials, Huadian Co., and Jingwang Electronics reaching new highs, indicating a bullish trend in the market [1] Group 1: Market Dynamics - The M8 PCB market space for AI servers and switches is projected to be between 50-60 billion by 2026, according to Tianfeng Securities [1] - Major global manufacturers are intensifying their infrastructure development to meet the surging demand for inference computing power, which is driving the growth of the PCB industry [1] Group 2: Company Performance - Yihau New Materials (301176), Huadian Co. (002463), and Jingwang Electronics (603228) have all achieved new record highs in stock performance [1] - Jin'an Guoji (002636) has seen a consecutive two-day stock increase, while Aoshikang (002913) and Zhongyi Technology (301150) are also experiencing upward trends [1] Group 3: Investment Trends - There is a notable influx of dark pool funds into these stocks, suggesting increased investor interest and confidence in the PCB sector [1]

Industry Insights - The Ministry of Industry and Information Technology (MIIT) is addressing the issue of low-price disorderly competition in the photovoltaic industry, aiming to promote the orderly exit of outdated production capacity and enhance product quality for sustainable development [1] - The State Council has issued a notice to replicate and promote the pilot measures of the Shanghai Free Trade Zone, aiming to create a national demonstration zone for institutional opening and innovation [3] - The China Food and Drug Administration has introduced ten measures to support high-end medical devices, with brain-computer interface technology expected to receive policy support, indicating significant growth potential in the Chinese market [9] Macro Economic Developments - The U.S. Labor Department reported that non-farm employment increased by 147,000 in June, with an unemployment rate of 4.1%, both better than market expectations, which has alleviated concerns about economic slowdown and boosted investor confidence [2] - The U.S. House of Representatives narrowly passed the "Big and Beautiful" bill, which raises the federal debt ceiling by $5 trillion, potentially increasing the government budget deficit by $3.4 trillion over the next decade according to the Congressional Budget Office [4] Market Trends - The demand in the electronic downstream sector is showing signs of recovery, supported by the ongoing growth in AI and high-speed communication sectors, which is expected to drive overall demand growth in the PCB industry [11] - The Shanghai government plans to increase the number of tax refund shops to over 3,000 and service points to over 10,000 by 2027, indicating significant growth potential in the inbound tourism and retail sectors [10]