六部门《促消费实施方案》解读：供需协同共进，把握消 费新机遇 20251126 摘要 新消费赛道表现亮眼，泡泡玛特、老铺黄金和毛戈平等公司通过优质供 给创造需求，表明供给侧提升对经济增长和国家影响力至关重要，政策 支持兴趣消费，文化创意潮流和宠物经济是重点，相关公司如泡泡玛特、 晨光股份等受益。 智能化消费品受益于 AI 大模型迭代和成本下降，相关标准建立促进普及， 康耐特光学等公司值得关注。品牌服饰方面，休闲和运动产品发展迅速， 国产品牌如波司登、安踏和海澜之家份额提升空间大。制造升级关注新 型纺织纤维材料研发，新澳股份、台华新材等公司受益。 赛事经济和智慧体育场馆建设受政策支持，利好力盛体育和珠江股份等 公司。珠江股份运营体育馆数量增至 33 个，智能化设计符合政策方向。 演唱会等服务类需求增长潜力强劲。 保健品行业受益于人口老龄化和政策支持，市场规模达两三千亿元，保 持中高个位数增长。新希望健康中国区业务加速增长，同比增长约 20%，受益于新客户开拓。婴幼儿配方奶粉供给端也将得到丰富。 Q&A 新出台的促消费政策对哪些细分板块有积极影响？ 该政策提到多个细分板块，以下是几个重点方向： 1. 兴趣消费：文 ...

Investment Rating - The report maintains a strong positive outlook on the AI application-driven demand for computing power, indicating a high growth trajectory for the industry [3]. Core Insights - The report emphasizes that the domestic computing power capacity bottleneck is expected to be broken through, with a significant increase in domestic chip production anticipated by 2026 [3][5]. - The acceleration of commercialization by overseas AI giants like OpenAI is driving widespread adoption of AI applications, sustaining high demand for computing hardware [3]. - The ongoing U.S.-China tensions are not expected to alter the positive trend in the AI industry, but rather increase the urgency for domestic computing power adoption [5]. Summary by Sections Domestic Computing Power Industry - Cambricon (688256) reported a Q3 2025 revenue of 1.73 billion, a year-on-year increase of 1332.5%, and a net profit of 570 million, marking a turnaround from losses [4]. - The first three quarters of 2025 saw a revenue of 4.61 billion, up 2386.4%, with a net profit of 1.61 billion, also a turnaround from losses [4]. - Inventory levels increased to 3.73 billion in Q3 2025, indicating that supply chain disruptions may have been resolved, suggesting a potential for performance growth as the industry adapts [4]. U.S.-China Tensions - The Nexperia incident highlights the ongoing geopolitical tensions, with the Dutch government restricting operations of Nexperia due to economic security concerns, leading to Chinese government countermeasures [5]. - This situation underscores the competitive dynamics in the global market, emphasizing the need for domestic computing power solutions [5]. Demand Side Dynamics - Major Chinese internet companies like ByteDance and Alibaba exhibit a "real demand" for computing power, driven by the need for intelligent computing to support business operations and the rise of generative AI applications [6]. - The report suggests focusing on key players in the domestic computing hardware supply chain, including Cambricon and SMIC (981.HK), as well as Huahong Semiconductor (1347.HK) for investment opportunities [6]. Communication Capabilities - The demand for ASICs from companies like Google, Meta, and AWS is expected to drive an increase in optical module demand, with anticipated shipments of 1.6T optical modules exceeding 10 million units in 2026 [8]. - The report predicts that the optical communication industry will continue to thrive in the AI era, with leading firms benefiting from technological innovations [8]. Edge AI Opportunities - Meta's recent announcements regarding AI smart glasses and OpenAI's plans for AI hardware indicate a growing market for edge AI devices [9]. - The report highlights investment opportunities in companies involved in edge storage chips and hardware collaborations within the Apple supply chain [9]. Investment Recommendations - The report recommends buying shares in Cambricon (688256), SMIC (0981.HK), and Huahong Semiconductor (1347.HK) among others in the domestic computing power sector [12]. - It also suggests investment in companies like Zhaoyi Innovation (603986) and Baiwei Storage (688525) in the domestic storage sector, as well as various overseas CSP/ASIC supply chain companies [12].

2025 年 08 月 1 日 研 Meta(META.O):AI 重构广告生态，算力军备竞赛 领跑全球 究 报 告 推荐(维持) 事件 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 12.1 | 10.3 | 60.5 | | 300 沪深 | 5.5 | 7.2 | 14.7 | 资料来源：Wind，华鑫证券研究 1、《计算机行业点评报告：特斯拉 （TSLA.O）：Robotaxi 开启 AI 商业 化，储能业务构筑第二增长曲线》 2025-07-29 KimiK2 测试成绩优秀，OpenAI 正式 推出通用智能体》2025-07-24 Researcher、K2 双线突破，强化学 习革新与开源智能的双擎驱动》 2025-07-21 行 业 2025 年 7 月 30 日，Meta 公布了截至 2025 年 6 月 30 日的 2025 财年第二财季业绩，公司第二财季营收 475.16 亿美 元，同比增长 22%；净利润同比增长 36%至 183.37 亿美元。 分析师：宝幼琛 S1050521110002 baoy ...

晨会纪要（R3） 晨会纪要 2025 年 08 月 01 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3573.21 | -1.18 | | 深证成指 | 11009.77 | -1.73 | | 创业板指 | 2328.31 | -1.66 | | 科创 50 | 1047.87 | -1.01 | | 北证 50 | 1422.87 | -1.16 | | 沪深 300 | 4075.59 | -1.82 | 上证指数-沪深 300 走势图 -8% 2% 12% 22% 32% 2024-07 2024-10 2025-01 2025-04 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 汪颜雯 | 研究助理 | | wangyanwen@hnchasing.com | | 晨会聚焦 一、财信研究观点 【市场策略】大盘震荡调整，三大指数收跌 【基金研究】基金数据日跟踪 ...

Market Overview - On July 23, the Hang Seng Index rose by 408 points or 1.6%, closing at 25,538 points, marking its highest closing level of the year[1] - The Hang Seng Tech Index increased by 2.5%, closing at 5,745 points, with total market turnover reaching HKD 333.1 billion, the highest since April 10[1] - Despite the rise, net outflow from Hong Kong Stock Connect was HKD 1.319 billion, indicating a lack of broad-based market strength[1] Sector Performance - Major tech stocks drove the index higher, with Tencent (700 HK) up 4.9% to HKD 552, a new high for the year[1] - Other notable gains included Alibaba (9988 HK) and Meituan (3690 HK), which rose between 2.5% and 3.3%[1] - AI and robotics stocks showed strong performance, with companies like UBTECH (9880 HK) rebounding by 5.8% after a recent share placement[4] Economic Dynamics - The Trump administration is shifting from broad tariffs to targeted investment agreements, maintaining at least a 10% baseline tariff while negotiating investment commitments from countries like Japan and the Philippines[3] - This strategy may help control inflationary pressures from imported goods, as certain key agricultural and energy products receive exemptions[3] Real Estate Insights - New home sales in 30 major cities fell to 1.23 million square meters, a year-on-year decline of 21.7%, although this was an improvement from the previous week's 24.9% drop[6] - The cumulative transaction volume for new homes in first-tier cities showed mixed results, with Guangzhou up 15.6% year-on-year, while Beijing and Shanghai saw declines[7] Investment Strategy - The overall sentiment in the Hong Kong market remains positive, with expectations of foreign capital inflows potentially accelerating the market's upward momentum[2] - Investors are advised to focus on high-dividend sectors such as telecommunications, utilities, and financials while looking for opportunities in growth areas like AI and biomedicine[13]

Investment Rating - The industry maintains a "Buy" rating [7][5][33] Core Viewpoints - The "Big and Beautiful" Act in the US increases tax credits for semiconductor manufacturers building new factories from 25% to 35%, which is expected to significantly lower expansion costs and encourage companies like TSMC, Intel, and Micron to accelerate their projects in the US [3][11][21] - The Philadelphia Semiconductor Index has shown a continued upward trend, supported by strong capital expenditures and positive long-term technology demand expectations, with a year-to-date increase of 12.46% as of July 3, 2025 [4][15] - The demand for AI-related hardware is expected to rise due to the proliferation of AI large models and devices like AI smart glasses and AI smartphones, driving steady growth in the market for high-performance Ethernet switches, advanced storage products, GPUs, and edge computing chips [5][33] Summary by Sections Industry Investment Rating - The report maintains a "Buy" rating for the semiconductor industry, suggesting a positive outlook for the sector [7][5][33] Market Overview - The semiconductor industry index experienced a decline of 1.18% from June 30 to July 4, 2025, while the broader market indices showed gains [10][13] - The semiconductor equipment sector led the performance among sub-sectors, while other sectors recorded declines [14] Key Legislative Developments - The "Big and Beautiful" Act was signed into law, which is expected to stimulate high-end manufacturing in the US and increase import tariffs on semiconductor manufacturing equipment and high-end chips [11][22] Company Recommendations - The report recommends focusing on companies such as Zhaoyi Innovation, Lanke Technology, Juchen Co., Shenkong Co., and Longxin Zhongke, which are expected to benefit from the ongoing trends in the semiconductor market [5][33]

【Claude 网页版接入 MCP！10 款应用一键调用】Anthropic 宣布 Claude 两大更新："MCP 协议在网页端开放"与"Research 功能更新"。目前两项 更新已向 Max、Team 和 Enterprise 用户开放，并在之后覆盖到 Pro 用户， 网页搜索功能已经面向所有付费用户开放。MCP 是 Anthropic 提出的一种通 信协议，支持 AI 与外部数据源无缝集成，被喻为"AI 应用的 Type-C 接 口"。此次 MCP 在网页版端的开放降低了技术门槛，集成多个应用，开发者 可在 30 分钟内创建自己的集成应用。官方通告中展示了 Confluence、Jira 任务管理、Zapier 日程解析、Intercom 故障排查三大应用场景。同时 Research 新增更多数据来源，支持 Integration 中接入的 MCP 应用，可以对 更多的内外部来源进行更深入的调查，并且对引用进行清晰的标注并直接链 接到原始资料。 风险提示：政策监管风险，竞争加剧风险，宏观环境不确定性风险。 增持（维持） 行业走势 作者 分析师 顾晟 执业证书编号：S0680519100003 邮箱：g ...

Group 1: AI Product Development - The company has developed a series of AI smart terminal products, including the Nex playground AI game box and the AI fitness box in collaboration with True, a Thai operator [2] - The company is actively enhancing its product capabilities in AI, focusing on multi-modal AI technology applications and innovative products [2] Group 2: Broadband Network Expansion - As of the end of 2024, there are 207 million users with access rates of 1000Mbps or higher, accounting for 30.9% of total users, an increase of 5.2 percentage points from the previous year [3] - The company has achieved a market share of 18.85% in the PON gateway segment, winning significant contracts with major domestic telecom operators [3][4] Group 3: Future Development Plans - The company is focusing on new generation information technology, broadband network communication, and XR technologies as part of its strategic development [4] - Plans include expanding into AI glasses, AR glasses, and smart integrated terminal systems, while also pursuing external growth through investments and acquisitions [5]