指数盘中再创新高后尾盘出现回落，收盘沪指仍然站在 5 日均线之上。周二沪指早盘再次创出近期 新高，但尾盘市场出现一定震荡回落，科技成长类板块出现一定调整，最终收盘沪指仍然位于 5 日均线 之上。全天板块和个股表现分化，个股表现涨跌互现，显示市场在临近 3900 点时存在一定分歧。目前 市场沿着短期均线震荡盘升的态势明确，上行趋势保持良好，不必对短期震荡过度担忧。 本报告的版权归本公司所有，属于非公开资料。本公司对本报告保留一切歌称。除非另有良面面示，否就本报告中的所有材料的板内网 本公司还不经本公司等年来 中国歌歌 二本相关的手包部分 均不得以任何方式制作任何形式的排贝、复印件或复制品，或再次分发给任何其他人，或以任何硬犯本公司版权的其他方式使用。所有本报告中使用的商标、服务标记及标记均为本公司的商标。 服务标记及标记,未获本公司同意,任何人均无权在任何情况下使用他们。 盘面回顾：指数小幅震荡回落，调整幅度有限。周二指数在盘中再次创出近期新高后出现一定震 荡，尾盘出现回落，但震荡幅度比较有限，收盘沪指仍然位于 5 日均线之上，近期表现突出的科创 50 下跌超 1%领跌市场。截止收盘个股和板块表现涨跌互现，下跌 ...

招商证券认为，交换网络是超节点方案核心增量环节，目前头部厂商引领Scale Up交换芯片市场。如博 通发布TH ultra交换芯片，是针对SUE方案的旗舰芯片。 国内方面，华为于2025世界人工智能大会首次线下展出昇腾384超节点，该产品基于超节点架构，通过 总线技术实现384个NPU之间的大带宽低时延互联。 另外腾讯主推ETH-X方案：基于以太网升级，25年4月推出原型机。阿里主推ALS方案：借力UALink， 发展国内产业生态。同时浪潮、中兴、新华三、华勤、超聚变等也纷纷参与其中，国内厂商加速部署超 节点方案。 8月23日，英伟达推出Spectrum-XGS以太网，采用scale-across突破建筑物限制，实现跨数据中心互联， CoreWeave等云厂商已开始部署。 此外，据央视新闻从2025中国算力大会上了解到，中国算力平台正加快建设。预计2025年，我国智能算 力规模增长将超过40%。 随着AI需求的激增，单个设施内的数据中心功率和容量已达到极限。为了实现数据中心的扩展，必须 打破建筑物的限制，而现有的商用以太网网络基础设施因高延迟、高抖动及性能的不可预测而无法满足 需求。 在数据交换产业中，Inf ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 算力产业跟踪：超节点引领新一代算力基础设施 报告要点 [Table_Summary] 超节点是新一代算力基础设施，当前算力龙头企业纷纷推出超节点产品。超节点能解决大模型 训练推理中以通信速度为核心的性能瓶颈，技术升级和复杂度提升，超节点带来多个算力环节 价值量提升，建议关注产业链相关环节投资机会。 分析师及联系人 [Table_Author] 宗建树 余庚宗 SAC：S0490520030004 SAC：S0490516030002 SFC：BUX668 软件与服务 cjzqdt11111 [Table_Title 算力产业跟踪：超节点引领新一代算力基础设 2] 施 [Table_Summary2] 事件描述 全球算力产业龙头英伟达 2025 年逐渐开始主要以超节点 GB200 面向市场出货，而华为也在 2025 年推出昇腾 384 超节点，浪潮信息在 2025 开放计算技术大会发布超节点 AI 服务器"元 脑 SD200"。 事件评论 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 ...

Core Points - The article emphasizes the importance of private enterprises and entrepreneurs in promoting Chinese-style modernization and contributing to the healthy development of the non-public economy [2][3][4] Group 1: Contributions of Private Economy - The private economy has made significant contributions to China's economic development, accounting for over 92% of enterprises, more than 50% of tax revenue, and over 60% of GDP [3] - Private enterprises have actively participated in poverty alleviation and rural revitalization, with 127,000 companies investing over 110 billion yuan in poverty alleviation efforts, benefiting over 18 million impoverished individuals [3] - In the first half of the year, 151,000 private enterprises participated in employment promotion actions, providing 2.838 million job opportunities [3] Group 2: Expectations for Private Enterprises - The article outlines expectations for private enterprises to embody patriotism, focus on development, operate lawfully, and contribute to common prosperity [4][7][15] - Private entrepreneurs are encouraged to integrate their personal ambitions with national development goals, emphasizing the importance of patriotism in their business practices [6][7] - The need for private enterprises to adhere to legal and ethical business practices is highlighted, with a focus on modernizing corporate governance structures [12][13][14] Group 3: Innovation and High-Quality Development - The article stresses the necessity for private enterprises to pursue high-quality development through innovation and maintaining focus on their core businesses [8][10] - Private enterprises are identified as key players in technological innovation, with significant contributions in various sectors such as artificial intelligence and new materials [10] - The importance of addressing challenges in innovation and avoiding inefficient practices is emphasized, urging companies to enhance their research and development efforts [10][12] Group 4: Social Responsibility and Common Prosperity - Private enterprises are called upon to take an active role in promoting common prosperity, with expectations for them to contribute to social welfare and community development [15][16] - The article highlights the historical commitment of private entrepreneurs to social responsibility and their role in reducing disparities in wealth and opportunity [16] - Initiatives such as "Ten Thousand Enterprises Helping Ten Thousand Villages" and employment promotion actions are mentioned as examples of private enterprises' contributions to societal well-being [15][16]

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].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [14]. Core Insights - The company is positioned as a leading wafer foundry in mainland China, benefiting from advanced process optimization and the trend of domestic substitution [5][12]. - In H1 2025, the company achieved revenue of $4.456 billion, a year-on-year increase of 22.04%, and a net profit of $321 million, up 35.61% year-on-year, with a gross margin of 21.45%, reflecting improvements in product structure and capacity utilization [5]. - The report highlights the high barriers in the AI chip industry, with domestic manufacturers gradually overcoming challenges related to design and manufacturing [6][9]. - The domestic semiconductor equipment sector is advancing, with significant support from national policies, which is expected to alleviate the challenges faced by local manufacturers [7][12]. - The demand for advanced process chips is rapidly increasing, particularly in AI computing, smart automotive driving chips, and high-end consumer electronics [9][12]. - The company is expected to benefit from the growing demand in various sectors, including AI computing and smart automotive technologies, due to its advanced process capabilities and production capacity [12][14]. Financial Projections - The company is projected to achieve revenues of $9.386 billion, $11.159 billion, and $12.852 billion for the years 2025, 2026, and 2027, respectively, with corresponding EPS of HKD 0.73, HKD 0.94, and HKD 1.19 [14][16]. - The report anticipates a revenue growth rate of 16.9% in 2025, followed by 18.9% in 2026 and 15.2% in 2027 [16][17]. - The net profit is expected to rebound significantly, with a projected growth rate of 51.5% in 2025 and continued growth in subsequent years [16][17].

Core Insights - A-shares indices showed collective strength on August 8, with the Shanghai Composite Index rising by 0.05%, driven by gains in sectors such as comprehensive, non-ferrous metals, and steel, while the computer and electronics sectors faced declines [1] Semiconductor Industry - Global semiconductor sales reached $179.7 billion in Q2 2025, marking a year-on-year increase of 19.6% and a quarter-on-quarter increase of 7.8%, continuing a trend of seven consecutive quarters of year-on-year growth [1] - China's semiconductor sales in Q2 2025 amounted to $51.7 billion, accounting for 28.8% of the global total, with a year-on-year growth of 13.1% [1] - Domestic high-performance AI hardware capabilities are advancing, with significant developments in domestic AI chips such as Ascend 384, Cambricon 690, and others, indicating a promising outlook for the domestic AI-related semiconductor sector [1] Chip ETF Overview - The Chip ETF (159995) tracks the Guozheng Chip Index, which includes 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, featuring firms like SMIC, Cambricon, and Northern Huachuang [2]

Core Viewpoint - The market is experiencing a sustained upward trend, with the Shanghai Composite Index recently breaking through key resistance levels, indicating a positive outlook for the near term [1][2]. Market Outlook - Recent catalysts across various industries, such as the launch of hydropower projects and advancements in AI and robotics, are expected to boost market sentiment [2]. - Two potential paths for the market are identified: continuing the upward trend towards the October 2024 high or consolidating before challenging the 3674-point high [2]. - Three conditions are necessary for a direct challenge to previous highs: implementation of fiscal stimulus, a favorable global environment, and sustained trading volume [2]. Hot Sectors - The technology sector is anticipated to gain momentum, shifting market focus from defensive stocks to growth-oriented technology investments [3]. - Key themes include: 1. AI developments showcased at the AI conference, with new opportunities expected in August [3]. 2. The upcoming World Robot Conference, highlighting the trend of robot integration into daily life and the expansion of robotics applications [3]. 3. Continued emphasis on semiconductor localization, with attention on equipment, wafer manufacturing, materials, and IC design [3]. 4. Expectations of order recovery in the military sector by 2025, with signs of bottoming out in Q1 reports [3]. 5. The innovative drug sector is entering a recovery phase, with positive net profit growth expected to continue into 2025 [3]. Market Review - Despite a brief adjustment in late July, the A-share market has resumed its upward trend, with the Shanghai Composite Index reaching new recent highs [4]. - The market is characterized by orderly rotation among hot sectors, with semiconductor stocks gaining attention [4]. - Overall, more than 2100 stocks rose while over 3000 declined, indicating mixed performance across sectors [5].

Core Insights - The article highlights Shenzhen's strong emphasis on enterprise-driven innovation, showcasing the city's ability to produce significant technological advancements through local companies [2][5][10] Group 1: Innovation Achievements - Huawei showcased its Ascend 384 super node at the World Artificial Intelligence Conference, achieving the industry's largest-scale 384-card high-speed bus interconnection, enhancing resource scheduling efficiency [1] - Shenzhen's enterprises, such as the humanoid robot from Stardust Intelligent, demonstrate advanced capabilities, including high-speed and precision performance in various applications [2] - The city is home to over 2,600 AI companies, with notable models like Huawei's Pangu and Tencent's comprehensive technology architecture supporting a wide range of AI applications [3] Group 2: R&D Investment - Shenzhen's high-tech enterprises have reached 25,000, with an average density of 12 per square kilometer, the highest in the country [5][10] - In 2024, Huawei's R&D investment was 179.7 billion yuan, accounting for 20.8% of its revenue, while Tencent invested 70.7 billion yuan, focusing on AI and cloud computing [6] - Shenzhen leads the nation in PCT international patent applications for 20 consecutive years, with enterprises contributing 76% of the city's applications [6] Group 3: Industrial Support - Shenzhen boasts a complete industrial chain, enabling rapid assembly and production, such as assembling a 3D printer in 2 minutes and producing drones from concept to mass production in 3 months [8][10] - The city has transformed its traditional electronics market into an innovation incubator, providing comprehensive supply chain services for hardware entrepreneurs [8] - The collaborative environment in Shenzhen allows for efficient innovation, with market demands directly guiding R&D efforts [8]

Group 1: AI Industry Development - China's AI industry is currently in the "scale-up" phase, with a market size expected to exceed 1 trillion yuan by 2030, contributing approximately 10% to GDP over the next decade[2][46] - The AI+ industry is projected to achieve a compound annual growth rate (CAGR) of over 15%[2][46] - By the end of 2024, the AI industry in China is expected to surpass 700 billion yuan, maintaining a growth rate of over 20% annually[11] Group 2: Industrial and Consumer Integration - China's industrial base provides rich scenarios for AI applications, with the country expected to account for 45% of global industrial output by 2030[28][33] - The AI consumer hardware market is projected to exceed 1.17 trillion yuan in 2024, with a growth rate of approximately 10%, significantly outpacing the overall consumption growth rate of 3.4%[39] - AI applications are expected to expand from traditional industrial and consumer sectors to deeper integration across various industries[46][50] Group 3: Key Growth Areas - The digital native sector, represented by large internet companies, is poised for rapid growth due to its established data infrastructure and user base[51] - High-penetration industries such as finance, healthcare, and transportation are expected to see accelerated AI adoption, with 88% of financial institutions in the U.S. already deploying AI[51] - Industrial AI tools and platforms are anticipated to evolve, requiring deep integration of algorithms with industry knowledge to achieve comprehensive autonomy[52] Group 4: Risks and Challenges - Potential risks include slower-than-expected policy implementation, volatility in financial markets, and uncertainties in AI technology iterations[2][53]