Core Viewpoint - Rui Ming Technology is preparing for a listing in Hong Kong, reflecting a trend among similar-sized A-share companies to pursue overseas listings [1] Group 1: Company Overview - Rui Ming Technology reported a closing price of 45.62 yuan on July 31, with a decline of 0.61% from the previous trading day [1] - The company operates in the computer equipment sector and is based in Guangdong Province, focusing on advanced technologies such as star flash technology and millimeter-wave technology [1] - The current market capitalization of Rui Ming Technology is approximately 8.2 billion yuan, categorizing it as a small to mid-cap company [1] Group 2: Market Activity - On July 31, the trading volume for Rui Ming Technology was 31,559 lots, with a total transaction value of 145 million yuan and a turnover rate of 2.61% [1] - The net inflow of main funds into Rui Ming Technology on the same day was 1.1792 million yuan, indicating a certain level of market interest in the stock [1]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603516 | 淳中科技 | 60.48 | 10.00% | 24.19万 | | 14.46 乙 | | 300807 | 天迈科技 | 45.51 | 6.78% | 5.94万 | | 2.63亿 | | 300249 | 依米康 | 15.52 | 6.59% | 97.70万 | | 15.40 乙 | | 301330 | 輝基科技 | 29.21 | 3.80% | 17.27万 | | 4.95亿 | | 430198 | 微创光电 | 11.48 | 3.80% | 6.90万 | | 7805.24万 | | 300588 | 熙菱信息 | 19.55 | 3.66% | 32.47万 | | 6.52亿 | | 688292 | 浩瀚深度 | 22.31 | 3.53% | 5.52万 | | 1.25亿 | | 872808 | 曙光数创 | 59.63 | 3.22% | 6.94万 | | 4.18亿 ...

格隆汇7月30日｜智微智能公告，公司上半年实现营业收入19.47亿元，同比增长15.29%；归属于上市公 司股东的净利润1.02亿元，上年同期5648.13万元，同比增长80.08%；基本每股收益0.41元。 ...

Group 1 - Company announced a total asset impairment provision of 52.2353 million yuan for the half-year financial report ending June 2025, which will be included in the company's 2025 half-year profit and loss statement [1] - The impairment provision will reduce the net profit attributable to shareholders of the listed company by 39.6896 million yuan, which corresponds to a decrease in shareholders' equity by the same amount [1] - The impairment provision accounts for 41.81% of the audited net profit attributable to shareholders of the listed company for the year 2024 [1] Group 2 - For the first half of 2025, the company's revenue composition is as follows: industry terminals 53.57%, ICT infrastructure 15.78%, intelligent computing business 15.31%, others 7.88%, and industrial IoT 7.46% [1] - The company's market capitalization is currently 13 billion yuan [2]

（文章来源：每日经济新闻） 智微智能（SZ 001339，收盘价：51.61元）7月30日晚间发布半年度业绩报告称，2025年上半年营业收 入约19.47亿元，同比增加15.29%；归属于上市公司股东的净利润约1.02亿元，同比增加80.08%；基本 每股收益0.41元，同比增加78.26%。 ...

证券之星消息，7月30日计算机设备板块较上一交易日下跌1.11%，熙菱信息领跌。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。计算机设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603516 | 淳中科技 | 54.98 | 6.99% | 15.63万 | | 8.18亿 | | 301318 | 维海德 | 36.92 | 5.04% | 11.31万 | 4.16亿 | | | 430198 | 微创光电 | 11.06 | 1.75% | 5.69万 | 6283.91万 | | | 300807 | 天迈科技 | 42.62 | 1.28% | - 4.26万 | | 1.82亿 | | 603496 | 恒为科技 | 29.01 | 1.15% | 30.97万 | | 8.81亿 | | 688060 | 云浦科技 | 40.00 | 0.93% | 9315.48 | 3763.95 ...

Market Overview - The three major indices in the A-share market showed mixed performance, with the Shanghai Composite Index rising by 0.52% to 3628.53 points, while the Shenzhen Component Index fell by 0.06% to 11283.18 points, and the ChiNext Index decreased by 0.71% to 2389.58 points [1] Sector Performance - The top-performing sectors included: - Film and television industry with a gain of 3.53%, total trading volume of 1,078.27 million hands, and net inflow of 1.33 billion [2] - Oil and gas extraction and services sector increased by 1.83%, with a trading volume of 808.51 million hands and net inflow of 0.71 billion [2] - Chemical pharmaceuticals sector rose by 1.77%, with a trading volume of 3,768.32 million hands and net inflow of 0.83 billion [2] - The sectors with the largest declines included: - Battery sector decreased by 2.04%, with a trading volume of 1,151.74 million hands and a net outflow of 5.436 billion [2] - Diversified finance sector fell by 1.84%, with a trading volume of 854.12 million hands and a net outflow of 2.010 billion [2] - Small metals sector dropped by 1.64%, with a trading volume of 950.76 million hands and a net outflow of 1.713 billion [2]

Group 1 - China Unicom's 2025 general server procurement demand has been announced, with a domestic production ratio exceeding 90%, significantly higher than previous levels [1] - The total procurement scale amounts to 87,020 servers, with a total value of approximately 7.963 billion yuan [1] - The procurement includes 8,625 Intel CPU servers, 30,245 Haiguang servers, and 48,150 Kunpeng servers, reflecting a substantial increase in domestic chip server share compared to 40% in 2020 and 2022 [1] Group 2 - The demand for domestic innovation in the government and key industries has been deepening, with a notable increase in bidding activities since the fourth quarter of last year [2] - In the first half of this year, there were 60 projects with budgets exceeding 20 million yuan, totaling over 3 billion yuan, indicating a recovery in the bidding landscape [2] - Database-related companies in the domestic innovation sector have reported significant revenue growth, with increases of 41-46% and 66% year-on-year for various domestic database vendors [2]

Core Viewpoint - The A-share market is transitioning from a stock game to an incremental market, driven by significant improvements in capital inflow and supportive macro policies [1][3][2]. Capital Inflow and Market Transition - The capital inflow scale has significantly improved, contributing to the shift towards an incremental market. The trend of net outflow from actively managed public funds is narrowing, with a projected net inflow by June 2025 [3][2]. - Various types of funds, including public, quantitative, and insurance funds, are showing synchronized incremental inflows, promoting orderly rotation and structural increases in the A-share market [3][2]. Investment Strategy Shift - Investors are advised to shift from short-term trading strategies to holding strategies as liquidity gradually recovers, enhancing the attractiveness of core assets with high economic resilience [4][2]. - The focus is on sectors with low valuations and high resilience, such as overseas markets and the Hang Seng Technology sector, which are expected to attract incremental capital [2][3]. Emerging Investment Opportunities - The "outbound" sector is highlighted as a new direction for investment, with expectations of exceeding performance in the upcoming reporting season. This sector has not been fully priced in by the market [5][6]. - Specific industries, such as computer equipment, general equipment, agricultural chemicals, and home furnishings, are projected to see net profit increases of 3.2%, 2.3%, 2.2%, and 1.7% respectively for 2025 [5]. Sector Rotation and Focus Areas - Recommended sectors for investment include Hang Seng Technology, non-ferrous metals, and AI, which are expected to become focal points for capital in the current market environment [7][8]. - The Hang Seng Technology sector, despite short-term performance challenges, is anticipated to benefit from multiple catalysts in the third quarter, including domestic AI applications and optimization of domestic computing power capacity [7][8]. Long-term Trends and Global Positioning - The long-term narrative of outbound investments is shifting from being highly correlated with domestic economic cycles to being linked with global income, enhancing the liquidity and valuation of stocks [6]. - The AI and innovative pharmaceutical sectors are expected to attract continuous capital inflow due to their clear industrial trends and growth potential, making them core investment directions [7][8].

Core Viewpoint - The A-share market is transitioning from a stock game to an incremental market, driven by significant improvements in capital inflow and supportive macro policies [2][6]. Capital Inflow and Market Transition - The capital inflow scale has significantly improved, with various types of funds, including public funds, quantitative funds, and insurance, showing synchronized incremental inflows [2][3]. - The shift from net outflows to net inflows in active public funds is expected to occur by June 2025, indicating a gradual transition to an incremental market [2][3]. Investment Strategy Shift - Investors are advised to shift from short-term trading strategies to holding strategies, as the attractiveness of core assets with high economic resilience is expected to rise [2][3]. - The focus should be on sectors with low valuations and high resilience, such as overseas markets and Hang Seng Technology, which are anticipated to become key allocation directions for incremental funds [2][6]. Sector Rotation and Opportunities - Key sectors for investment include Hang Seng Technology, non-ferrous metals, and AI, each with unique investment logic and clear rotation rhythms [4][5]. - The Hang Seng Technology sector is expected to benefit from multiple catalysts, including the domestic application of AI and optimization of domestic computing power capacity [4][5]. Emerging Trends in Overseas Markets - The overseas market is seen as a new direction for investment, with significant potential for companies in the export chain to exceed performance expectations [3][4]. - Historical data indicates that overseas expansion significantly enhances companies' return on equity (ROE) and profit margins, although this potential has not yet been fully priced in by the market [3][4]. Focus on AI and Innovative Pharmaceuticals - The AI and innovative pharmaceuticals sectors are highlighted as core investment directions due to their clear industry trends and growth potential [5][6]. - The AI sector is experiencing a positive cycle driven by increased reasoning computing power and user engagement, while innovative pharmaceuticals are positioned as a resilient sector amid economic fluctuations [5][6].