分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -8% -2% 3% 9% 15% 21% 26% 32% 2024.07 2024.11 2025.03 2025.07 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,509.68 | 0.48 | | 深证成指 | | 10,631.13 | 0.47 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,010.02 | 0.47 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,793.67 | 0.57 | | 中证 | 500 | 5,983.05 | 0.50 | | 中证 | 1000 | 6 ...

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

消息面上，隔夜美股市场大型科技股集体上涨，英伟达收涨1.8%，盘中一度涨超2%至164美元，总市值 一度突破4万亿美元。英伟达股价上涨或受益于其在算力领域的业绩爆发。 过去三年，受数据中心AIGPU需求爆发式增长拉动，英伟达营收激增，已从2024财年的约270亿美元飙 升至2025财年的1305亿美元，预计截至明年1月的2026财年的营收有望接近2000亿美元。 值得关注的是，中国光模块企业占据全球60%以上的市场份额，国内外算力资本高增都有利于A股市场 光通信板块业绩改善。 中原证券表示，光模块的可靠性要求提高、迭代周期缩短，带来行业技术门槛显著提升，光模块头部厂 商产品的优势将进一步凸显。头部云厂商2025年资本开支展望乐观，海外算力高速发展，英伟达GB300 正式出货，AI发展推动大型数据中心的建设，拉动光器件产品需求持续且稳定增长。 通信ETF（515880）跟踪通信设备指数，光模块占比近30%，位于市场同类产品中前列，有望深度受益 于海外映射逻辑。 创业板人工智能ETF国泰（159388）跟踪创业板人工智能指数，一键布局人工智能产业链上下游，把握 人工智能行情发展。另外，该ETF为20cm标的，弹性 ...

英伟达近期股价飙涨，国产算力产业链有望深度受益于海外映射逻辑。公开信息显示，云计算50ETF （516630）跟踪云计算指数（930851）。该指数的AI算力含量较高，覆盖了光模块&光器件、算力租 赁、数据中心、AI服务器、液冷等热门算力概念。云计算50ETF（516630）为跟踪该指数合计费率最低 的ETF。 英伟达总市值一度突破4万亿美元。消息面上，隔夜美股市场大型科技股集体上涨，英伟达收涨1.8%， 盘中一度涨超2%至164美元，总市值一度突破4万亿美元。英伟达股价或深度受益于市场对其在AI领域 领先地位的乐观情绪，以及对其需求激增的预期。 中原证券（601375）指出，光模块的可靠性要求提高、迭代周期缩短，带来行业技术门槛显著提升，光 模块头部厂商产品的优势将进一步凸显。头部云厂商2025年资本开支展望乐观，海外算力高速发展，英 伟达GB300正式出货，AI发展推动大型数据中心的建设，拉动光器件产品需求持续且稳定增长。 7月10日早盘，A股三大指数涨跌不一。上证指数开盘报3491.50点，跌0.04%。深证成指开盘报10593.70 点，涨0.11%。创业板指开盘报2192.99点，涨0.38%。近期 ...

分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -9% -3% 3% 9% 15% 20% 26% 32% 2024.07 2024.11 2025.03 2025.07 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,493.05 | -0.13 | | 深证成指 | | 10,581.80 | -0.06 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,991.40 | -0.18 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,772.00 | -0.21 | | 中证 | 500 | 5,953.49 | -0.41 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7, ...

Group 1: Autonomous Driving - BYD announced it has achieved L4-level smart parking capabilities and will cover all safety and loss liabilities for users of its Tian Shen Yan vehicles in smart parking scenarios [1] - CITIC Securities predicts that by 2025, the penetration rate of mid-to-high-end autonomous driving in China is expected to double, creating a market increment of 35 billion [1] - Guohai Securities notes that the commercialization of smart driving is accelerating, with increasing penetration rates expected to benefit the domain controller hardware and software supply chain [1] Group 2: Short Dramas - The short drama market in China has reached an annual scale of 300 to 350 billion, with expectations to surpass 500 billion next year [2] - The user base for micro-short dramas is projected to exceed 600 million by 2024, with the market size expected to reach 505 billion, surpassing annual box office revenue for the first time [2] - CITIC Jinshi Securities highlights a significant shift in the short drama industry towards advertising-based business models and an influx of traditional film companies [2] Group 3: 3D Printing - Researchers at the University of Texas at Austin have developed a new 3D printing technology that seamlessly integrates soft and hard material properties, opening new possibilities for prosthetics and flexible medical devices [3] - The 3D printing market in China is expected to exceed 63 billion by 2024, growing 30 times over the past decade, with projections to surpass 100 billion by 2029 [3] - The technology is seen as a transformative force in manufacturing, with applications expanding across various industries including healthcare and education [3] Group 4: Measurement and Testing - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued a plan to support the development of new industrial productivity through measurement [4] - The demand for high-precision measurement in emerging industries such as new energy and aerospace is increasing significantly [4] - The Chinese measurement market is projected to exceed 150 billion yuan by 2025, with a compound annual growth rate of over 10% [4]

分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 英伟达 GB300 正式出货，海外算力高速 发展 ——通信行业月报 证券研究报告-行业月报 强于大市(维持) 通信相对沪深 300 指数表现 相关报告 《通信行业半年度策略：AI 算力升级，价值 成长主导》 2025-06-20 《通信行业月报：电信运营商收入增速回升， 海外算力复苏》 2025-06-10 《通信行业月报：北美云厂商加大 AI 资本开 支，AI 算力中心带动光模块市场增长》 2025-05-15 通信 发布日期：2025 年 07 月 09 日 -13% -6% 1% 7% 14% 21% 27% 34% 2024.07 2024.11 2025.03 2025.07 通信 沪深300 资料来源：中原证券研究所，聚源 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18 楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 2025 年 6 月，通信行业指数强于沪深 300 指数。通信行业指数 6 月上涨 13.15%，跑赢上证指数（+2.90 ...

产业观察 [table_Header]2025.07.09 【 AI 产业跟踪 - 海 外 】 德 国 TNG 推 出 产业研究中心 [Table_Authors] | DeepSeek | 变体模型，DeepSWE | 开源 AIAgent | | 李嘉琪(分析师) | | --- | --- | --- | --- | --- | | 摘要：产业最新趋势跟踪，点评产业最新风向 | | | | 021-38676666 | | [Table_Summary] | | | 登记编号 | S0880524040001 | | AI 行业资讯 | | | | | | 戴尔向 CoreWeave 交付首批英伟达 | GB300 NVL72 系统 | | | | | Meta 成立超级智能实验室 | | | | 刘峰(研究助理) | | 智 AI 应用资讯 | | | | | | | | | | 021-38676666 | | 为 商业版添 Meta WhatsApp AI | 功能 | | | | | | | | 登记编号 | S0880124060013 | | 亚马逊推出新 基础模型提升机器人性能 AI | ...

PCB Industry - Global PCB market value is expected to reach $94.7 billion by 2029, with a CAGR of 5.2% from 2024 to 2029; China's PCB market value is projected to hit $49.7 billion by 2029 [1] - Major cloud companies like Microsoft and Google are expected to increase capital expenditures by over 30% in 2025, with domestic companies Alibaba and Tencent expected to spend over 120 billion and 80 billion respectively, driven by AI infrastructure demand [1] - The current recovery in downstream electronic demand, combined with the growth in innovative fields like AI and high-speed communication, supports overall PCB demand growth [1] Gaming Industry - In June 2025, 33 Chinese companies are expected to enter the global mobile game publisher revenue ranking TOP 100, collectively earning $1.76 billion, accounting for 33% of the total revenue of the global TOP 100 mobile game publishers [2] - Shanghai's government has initiated a policy trial to treat games developed by foreign companies in Shanghai as domestic games, potentially increasing the efficiency and quantity of quality games entering the Chinese market [2] - The domestic gaming industry shows solid market demand and high prosperity, with AI technology applications in gaming expected to lead to more AI-native games, driving a reevaluation of the gaming industry's value [2] Low-altitude Economy - The low-altitude economy has been included in the government work report for the first time, becoming a national strategic emerging industry, with the market expected to reach 1.5 trillion yuan by 2025 and potentially exceed 3.5 trillion yuan by 2035 [3] - A complete low-altitude new infrastructure solution was released at the 2025 Aerospace Information Conference, showcasing innovations in satellite internet, low-altitude cloud, and AI applications [3] - The low-altitude economy is expected to attract capital and achieve significant synergy across the entire industry chain, moving from pilot exploration to large-scale application [3] AI Education - The Ministry of Education has launched a digital empowerment initiative for teacher development, aiming to enhance the application of AI and big data in education and improve teaching quality [4] - By 2025, it is expected that AI technology will cover over 50% of middle and primary school classrooms, with the smart education market projected to reach 180 billion yuan by 2025, growing at a CAGR of 34.5% from 2023 to 2030 [4] - The integration of AI in education is anticipated to transform from an "auxiliary tool" to a "main educational entity," reshaping human learning paradigms [4] AI in Government Services - The State Council has proposed exploring the application of "AI + government services," focusing on enhancing efficiency in administrative processes through AI technologies [5] - The initiative aims to provide intelligent services such as smart Q&A and intelligent assistance for approval processes, ensuring the safety and reliability of AI applications in government [5] Childcare Services - The National Development and Reform Commission has outlined a "1+N" childcare service system to enhance the development of inclusive childcare services [6] - The Chinese infant childcare market is projected to reach 151.81 billion yuan in 2024, with expectations to grow to 232.31 billion yuan by 2030, driven by supportive government policies [6] Cement Industry - Several cement companies are expected to report positive half-year earnings due to industry consolidation and declining costs, with Fujian Cement projecting a net profit of approximately 20.67 million yuan for the first half of 2025 [7] - The cement industry is seeing a push for "anti-involution" and "stable growth," with potential improvements in actual capacity utilization rates if certain production lines are phased out [7]

Group 1 - The overall industry sentiment shows an upward trend in coal, machinery, electronics, food and beverage, textiles, non-bank financials, public utilities, and retail, while electricity equipment, pharmaceuticals, light manufacturing, home appliances, automotive, banking, real estate, and environmental protection are on a downward trend [1] - The automotive sector sees a significant increase in daily sales of passenger cars by 18.44%, but the operating rate of semi-steel tires has decreased by 7.64 percentage points [1] - The machinery equipment sector reports a 4.65% increase in the ex-factory price of liquid oxygen [1] Group 2 - The convertible bond market experienced a decline this week, with the weighted average conversion value increasing to 94.08 yuan, up by 2.58 yuan from last week, and the weighted average premium rate decreasing by 2.77 percentage points to 45.56% [4] - There is a recommendation to focus on convertible bond downshift opportunities, particularly as recent downshift proposals have seen significant price increases [4] Group 3 - The reform and risk mitigation of village and town banks is a key focus for financial work in 2024, with over 50 village banks undergoing mergers and restructuring in the first half of the year [5] - The overall performance of banks remains stable, with investment value supported by high valuations and policy benefits [5] Group 4 - Lens Technology and Luxshare Precision are planning to list in Hong Kong, enhancing their global presence, while the US-Vietnam trade agreement is expected to lower supply chain costs for Apple [8] - The upcoming release of Nvidia's GB300 AI chip is anticipated to significantly boost revenue opportunities, with AI server revenue expected to exceed 50% [8] Group 5 - The instant beverage market is projected to grow significantly, with China's per capita consumption still having room for improvement [17] - IFBH's successful IPO and strong revenue growth highlight its leading position in the coconut water market, which is expected to continue expanding [17] Group 6 - The cement supply-side reform focuses on eliminating excess capacity, with a current utilization rate of only 53%, indicating potential for improvement [20] - The electronic cloth sector is experiencing a positive outlook due to increased demand driven by computing power expectations [20]