家人们，今天的龙虎榜看得帮主后背发凉啊！81只个股登榜，章盟主和量化打板两大主力狂砸7亿多，一边是游资猛攻军工算力，一边是机构砍仓地产家电 ——这市场分明是镰刀互砍，散户看戏！二十年财经老炮儿今儿带你们扒开底牌，看透这场资本暗战的门道！ 一、游资主力对决：章盟主 vs 量化，7亿子弹分三路 章盟主3.32亿猛攻"困境反转"： • 华胜天成（净买1.31亿）：数据要素龙头惨遭机构抛售，章盟主却逆势接盘！这操作像极了去年他抄底寒武纪的套路——赌的是数据资产入表政策加速落 地，但风险在于订单延迟已成事实，短线可能继续承压。 • 南方精工（净买1.28亿）：子公司上海圳呈的汽车芯片打入特斯拉链，章盟主押注的是车规级芯片替代放量。但帮主提醒：这票游资扎堆（成都系、孙哥 同步买入），小心量化砸盘陷阱。 量化打板4.41亿"机械化收割"： • 光启技术（净买1.46亿）：超材料隐身罩已用于歼-35，中东土豪订单传闻发酵。量化资金早盘秒封涨停，封单占比流通市值3.2%——典型的技术突破+事 件驱动模型。 • 军工新材料集群：北矿科技（稀土永磁）、云南锗业（光伏锗片）被量化批量扫货，逻辑就一条：地缘冲突升级+国产替代硬需求！但 ...

8月20日，A股主要指数集体上涨，沪指续创10年新高；截至收盘，沪指涨1.04%报3766点，深证成指涨0.89%，创业板指涨0.23%，科创50指数涨3.23%。全 市场超3600股上涨。市场热点聚焦半导体、AI芯片、白酒、AI眼镜板块。 | 代码 | 名称 | 涨幅 | 现价 几天几板� | 张停分析 | | --- | --- | --- | --- | --- | | 600658 | 电子城 | 49.99% | 8.48 7大5板 | REITs+科技城市更新+量子科 | | 603128 | 腾龙股份 | +10.04% | 14.14 6大5板 | 液冷服务器+华为汽车+汽车 | | 603222 | 济民健康 | +10.02% | 11.86 5连板 | 医疗器械+细胞治疗+海南自 | | 600107 | ST尔雅 | +5.02% | 5.02 5天4板 | 服装+亏损收窄+纠纷解决 | | 603021 | ST = 1 | +4.93% | 4.47 4连板 | 日用玻璃+资产抵押+中报减 | | 603626 | 科森科技 | +10.03% | 12.61 4连板 | 消费电子 ...

固收：强预期高估值，转债如何赚取超额？20250819 摘要 股票市场成交量持续抬升，增量资金入场，混合型和指数型基金扩容， 动量效应增强，电子、AI 等板块表现良好，预计转债估值将进一步上升， 股性策略表现突出。 银行转债到期或临近到期，部分资金可能流向光伏、化工等反内卷板块， 以及银行内部结构调仓带来的增量资金，这些行业成为银行增量资金的 新去向。 主要机构投资者持仓占比未显著上升，但自然人和一般机构占比下降， 表明私募、券商等其他类型投资者参与抢筹，整体估值上行仍受增量资 金支撑。 股性策略表现最强，基因增配策略如电子医药军工中小盘标的也表现良 好，而高 YT 和基因低配策略表现较弱。配置集中在热门方向反内卷及 弹性中小盘转债。 股性转债溢价率相对平衡转债较低，仍有上升空间。双高转债数量处于 相对低位，股票市场预期尚未达到极值，股性转债具有超额收益潜力。 绝对收益投资者关注基因低配置和低拥挤度指标筛选冷门转债，以及高 a 天策略和双低策略，例如关注 80 评价以下、溢价率较低的标的。 推荐化工类平衡转债如杭氧、丰二、一阳、丰天业，以及中小盘正股相 关标的如科顺海顺、启帆天能。关注银行类兴业浦发重银以及钢 ...

Core Viewpoint - The A-share market is experiencing a strong upward trend, with significant growth in the computing power industry chain, particularly in areas such as liquid cooling, CPO, and AI chips, leading to record-high stock prices for several leading companies [2][3]. Group 1: AI Chips - The global AI chip market is projected to reach $53.6 billion in 2023 and is expected to surge to $71 billion in 2024, with a growth rate exceeding 30% [3]. - Domestic AI chip manufacturers are rapidly closing the performance gap with global leaders like NVIDIA, with local brands accounting for approximately 20% of the market in the first half of 2024 [3]. - Companies such as Cambrian and others are achieving significant stock price increases, with some seeing over 100% growth year-to-date [4]. Group 2: Optical Modules - The optical module market is forecasted to grow at a compound annual growth rate of 22% from 2024 to 2029, potentially exceeding $37 billion by 2029 [5]. - Seven Chinese companies are among the top ten global optical module manufacturers, indicating strong domestic capabilities [5]. - Leading companies in this sector have reported earnings that exceed market expectations, with stock prices reaching historical highs [6]. Group 3: PCB (Printed Circuit Boards) - The PCB industry is experiencing a boom, with eight leading companies achieving record-high stock prices, driven by the demand from AI hardware and electric vehicles [7][8]. - The market for AI server and switch PCBs is estimated to reach between $50 billion to $60 billion by 2026 [7]. - A significant majority of PCB companies listed in A-shares reported revenue growth, with some companies like Shenghong Technology seeing net profit increases of over 300% [8]. Group 4: Liquid Cooling - The liquid cooling technology market is witnessing explosive growth due to increasing demands for efficient heat dissipation in data centers [9][10]. - Major tech companies like NVIDIA and Google are adopting liquid cooling solutions, which are expected to expand into various network devices [10]. - The liquid cooling server concept index has risen over 15% since August, reflecting strong market interest [9]. Group 5: AI Servers - The domestic AI server market has been growing at an annual rate exceeding 20% since 2022, with a market size projected to surpass 69.3 billion yuan by 2024 [15]. - The restrictions on high-end GPU exports have created a favorable market environment for domestic AI server manufacturers [15]. - Companies involved in AI server production are expected to benefit significantly from the growing demand for computing power [15][16].

Group 1: Agricultural Sector Insights - The agricultural sector's performance saw a decline, with the HuShen 300 index down by 0.18% and the agriculture, forestry, animal husbandry, and fishery sector down by 0.36% during the week of May 19-25, 2025 [4] - Pig prices showed a mixed trend, with the average price of external three yuan pigs in Sichuan, Guangdong, and Henan at 14.05, 15.39, and 14.25 yuan per kilogram respectively, reflecting a week-on-week change of -2.09%, +0.65%, and -3.72% [4] - The report highlights the potential recovery in the feed industry due to declining upstream raw material prices and improving downstream farming conditions, particularly for Hai Da Group, which is expected to see an upward trend in its business fundamentals [4] Group 2: AI Computing Industry Insights - The AI computing industry is experiencing sustained high demand, particularly from the internet and intelligent computing centers, with a rapid push for domestic procurement of AI computing power [6] - Major domestic AI chip manufacturers like Huawei, Haiguang Information, and Cambricon are accelerating their performance and capacity breakthroughs, with Huawei's Ascend 910B chip being comparable to NVIDIA's A100 [6] - The AI server market is projected to grow significantly, with IDC forecasting that the market size will reach 25.3 billion USD by 2028, driven by strong demand from domestic internet companies and intelligent computing centers [6]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the increasing trend of using supercapacitors in AI servers to address power consumption challenges and overload shocks, with the GB300 chip expected to integrate supercapacitor modules as peak-shaving components [3][4] - The GB300 chip is projected to enhance performance and power efficiency, with a 50% increase in FP4 computing performance and a 50% increase in high-bandwidth memory (HBM) capacity from 192GB to 288GB [3] - Supercapacitors are favored for their rapid response to power fluctuations, stability in power supply, high power density, and long cycle life compared to traditional battery systems [5] Summary by Sections Industry Overview - The report discusses the anticipated growth in the application of supercapacitors in AI data centers, driven by the need for improved power quality and system reliability [4][5] Technological Advancements - The GB300 chip's design will mirror that of the B200 chip but will feature significant improvements in performance and power consumption, with a total design power (TDP) of 1.4KW [3] Market Dynamics - The report identifies key players in the supercapacitor market, such as Japan's Musashi and Jianghai Co., which are positioned to benefit from the growing demand in AI server applications [5][6] Investment Recommendations - The report suggests focusing on companies with established supercapacitor production capabilities and strong partnerships in the power supply sector, particularly Jianghai Co. [6]