Investment Rating - The report maintains an "Outperform" rating for the communication industry [1]. Core Insights - The upgrade of AI cluster network architecture is driving demand for optical modules, switches, network cards, and fiber optic cables due to the need for enhanced backend networking to support increased east-west traffic [2][12]. - The upcoming release of NVIDIA's GB300 is expected to significantly boost the demand for 1.6T optical modules, as the new architecture requires a higher number of upgraded optical modules compared to its predecessor [2][67]. - The trend towards self-developed ASICs by major players like Google, AWS, Meta, and Microsoft is anticipated to further increase the demand for optical modules and AEC connections [2][69]. Summary by Sections AI Cluster Network Architecture Upgrade - Traditional network architectures are inadequate for AI computing, primarily due to high latency and bandwidth limitations [11][12]. - The AI network architecture necessitates the addition of backend networks, which increases the demand for switches and optical modules [12][34]. NVIDIA H100 and NVL72 Cluster Network Architecture - The report details the network architecture for NVIDIA's H100 and NVL72 clusters, highlighting the differences in optical module requirements between the GB200 and GB300 models [47][66]. - The GB300 model requires a significant number of 1.6T dual-port optical modules, reflecting a shift in optical module demand as network speeds increase [67][68]. North American Leading CSP Network Architecture - The report discusses the network architecture of leading cloud service providers in North America, emphasizing the importance of efficient interconnectivity and the role of optical modules in supporting large-scale AI operations [74][78]. Investment Recommendations - The report recommends leading companies in the optical device and module sector, such as Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication, while also suggesting attention to companies like Huilv Ecology and Zhaolong Interconnect in the high-speed copper cable segment [2][113].

Industry Overview - The high-speed copper cable sector has seen significant stock price increases, with the index rising by 7.86% from June 23 to June 30 [1] - High-speed copper cables are characterized by low cost, high transmission speed, low energy consumption, and strong substitutability, primarily used for short-distance interconnects in data centers [1] - The high-speed copper cable market is projected to exceed 10 billion yuan in 2025 and 20 billion yuan by 2028, with global AEC sales expected to grow at a compound annual growth rate of 45% from 2024 to 2028 [2] Product Segmentation - High-speed copper cables can be categorized into three types: passive copper cables (DAC), active copper cables (ACC), and active electrical cables (AEC), with AEC offering longer transmission distances and improved signal quality [1][2] - Active cables are expected to see increased market share due to their advantages in transmission distance, thickness, and latency, aligning with the needs of AI clusters [2] Company Insights - Shenzhen Walden Materials Co., Ltd. is experiencing increased demand for its products due to the rapid growth of AI and data center construction, benefiting the entire supply chain [3] - Suzhou Ruikeda Connection Systems Co., Ltd. is focusing on expanding into AI data centers while continuing to serve the automotive and communication sectors, driven by steady demand growth in the connector industry [3]

Group 1: Recent IPOs - Haitian Flavor Industry, a leading condiment company from Foshan, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 10.129 billion with a market capitalization of HKD 212.3 billion [1] - Black Eye Technology, a mobile game developer from Hong Kong, filed for an IPO on NASDAQ, planning to issue 1.5 million shares to raise about USD 6 million [2] - Jiamei New Materials, a nylon product manufacturer from Fuzhou, submitted an IPO application to NASDAQ, aiming to raise approximately USD 6 million [3] - Hope Sea Inc, a comprehensive supply chain solutions provider from Shenzhen, filed for an IPO on the Hong Kong Stock Exchange, focusing on cross-border supply chain solutions for electronic products [4] - Wolong Nuclear Materials, a high-speed copper cable manufacturer from Shenzhen, submitted an IPO application for "A+H" shares on the Hong Kong Stock Exchange [5] - Banou, a hot pot enterprise from Beijing, filed for an IPO on the Hong Kong Stock Exchange, claiming to be the largest brand in China's quality hot pot market with a 3.1% market share [6] - Xin'ao Co., a private natural gas company from Langfang, submitted an IPO application to the Hong Kong Stock Exchange, leveraging over 30 years of operational experience [7] - Anmai Biotech, a Shanghai-based biotechnology company, filed for an IPO on the Hong Kong Stock Exchange, focusing on T-cell connectors for cancer and autoimmune disease treatments [8] - Vision Electronics, a commercial display equipment company from Guangzhou, submitted an IPO application for "A+H" shares on the Hong Kong Stock Exchange [9] - Haizhi Technology, an AI company from Beijing, filed for an IPO on the Hong Kong Stock Exchange, ranking fifth among industrial AI providers in China by revenue [10] - Diguantong, a fintech platform from Macau, filed for an IPO on the Hong Kong Stock Exchange, aiming to connect global capital with China's micro-economy [11] - Yuxin Technology, a fintech solution provider from Beijing, submitted an IPO application to the Hong Kong Stock Exchange, focusing on full-stack technology solutions for financial institutions [12] - Zhaowei Electromechanical, a provider of integrated micro-drive systems from Shenzhen, filed for an IPO on the Hong Kong Stock Exchange [13] - Meige Intelligent, a wireless communication module provider from Shenzhen, submitted an IPO application to the Hong Kong Stock Exchange, ranking fourth globally in wireless communication module revenue [14] - Jiyi Technology, a cross-border e-commerce service provider from Suzhou, filed for an IPO on the Hong Kong Stock Exchange, leading in cross-border e-commerce operations in China [15] Group 2: Upcoming IPOs - Xiangjiang Electric, a home appliance manufacturer, is set to launch an IPO from June 17 to June 20, aiming to raise approximately HKD 212 million [16] - Cao Cao Mobility, a travel technology platform, plans to launch an IPO from June 17 to June 20, targeting to raise about HKD 1.853 billion [17] - Saint Bella, a comprehensive home care brand group, will conduct an IPO from June 18 to June 23, aiming to raise around HKD 628 million [18] - Zhou Li Fu, a jewelry company, is set to launch an IPO from June 18 to June 23, targeting to raise approximately HKD 1.123 billion [19] - Yingtong Holdings, a perfume brand management company, plans to conduct an IPO from June 18 to June 23, aiming to raise about HKD 1.127 billion [20] Group 3: Regulatory Approvals - Ten companies, including Tianyu Semiconductor and Shuangdeng Group, received approval from the China Securities Regulatory Commission for overseas listings and "full circulation" of unlisted shares [21]

Core Viewpoint - The article discusses the recent performance of the Beijing Stock Exchange (北交所) and highlights upcoming events that may serve as catalysts for investment opportunities in various sectors, particularly in solid-state batteries, hydrogen energy, and technology. Group 1: Market Performance - In May, the Beijing Stock Exchange experienced a surge followed by a pullback, with the 北证50 index rising over 10% to reach a new high of 1500 points, outperforming the Shanghai and Shenzhen markets [1] - Despite the index reaching new highs, there were signs of market distortion, such as "price increases without volume growth" and increased difficulty in stock profitability, leading to a cautious outlook on the sustainability of the rally [1] - The market showed resilience during the pullback, with the adjustment being less severe than expected, indicating relative strength [1] Group 2: Upcoming Catalysts - The 2025 Solid-State Battery Technology and Application Summit will be held on June 10, focusing on the latest trends in sodium-ion and solid-state battery industries, aiming to advance the industrialization of solid-state batteries [1] - The 2025 International Hydrogen Energy and Fuel Cell Vehicle Conference will take place from June 18-20, featuring exhibitions and discussions on the scaling of hydrogen energy technologies [3] - Tesla's Robotaxi service is set to launch in Austin in June, marking a significant step towards the commercialization of autonomous driving, with plans to expand the fleet in the future [4] - The 2025 Huawei Developer Conference will occur from June 20-22, showcasing advancements in HarmonyOS and AI technologies, which may impact various industries [5] - The 2025 Global High-Speed Copper Cable Innovation and Technology Conference will be held on June 18, focusing on the entire supply chain of high-speed copper cables [6] Group 3: Relevant Companies - Solid-state battery-related companies on the Beijing Stock Exchange include Lingge Technology, Yintu Network, Liwang Co., Nacnor, Wuhan Blue Electric, and Lijia Technology, with Lingge Technology and Nacnor having higher capital recognition [2] - Hydrogen energy-related companies include Tianli Composite, Kaida Catalysis, Silane Technology, Huitong New Materials, Fangsheng Co., and Qilu Huaxin, with Kaida Catalysis and Fangsheng Co. being more recognizable [3] - Tesla-related companies include Suzhou Axis, Jun Chuang Technology, Audiwei, Jiyang Precision, Tianming Technology, Wanyuantong, Jiezong Technology, Dezong Automotive, Jianbang Technology, and Taide Co., with Jun Chuang Technology and Jiezong Technology showing better stock characteristics [4] - Huawei-related companies include a variety of firms, with Airong Software and Lierda being the most relevant to the upcoming conference [5] - High-speed copper cable-related companies include Fujida, Qiuquan Cable, Taihu Yuanda, Chenguang Cable, and Zhixin Electronics, with Fujida and Taihu Yuanda positioned at a higher-end market segment [6]