Market Overview - The market experienced a strong upward trend throughout the day, with the ChiNext Index leading the gains. The total trading volume in the Shanghai and Shenzhen markets reached 1.8 trillion yuan, an increase of 609 billion yuan compared to the previous trading day. The Shanghai Composite Index rose by 0.33%, the Shenzhen Component Index by 0.64%, and the ChiNext Index by 1.86% [1]. Sector Performance - The innovative drug and CRO sectors continued their strong performance, with multiple stocks such as Ruizhi Pharmaceutical, Zhongsheng Pharmaceutical, and Chenshin Pharmaceutical hitting the daily limit. WuXi AppTec reported a revenue of 20.799 billion yuan for the first half of 2025, a year-on-year increase of 20.64%, and a net profit of 8.561 billion yuan, up 101.92%. The company raised its full-year revenue forecast to between 42.5 billion and 43.5 billion yuan, indicating strong confidence in the industry's prospects [2][8]. - The CPO and computing hardware sectors also showed strength, with stocks like Dekoli and Tianfu Communication rising over 10%. Companies such as Zhongji Xuchuang and Xin Yisheng reached new historical highs [2][3]. Investment Opportunities - The innovative drug sector remains a clear trend with significant growth potential. The valuation of this sector is still attractive, and foreign investment in Hong Kong's innovative drugs is expected to increase. The focus on performance recovery in specific sub-sectors or stocks is recommended [2][8]. - The CPO technology is projected to penetrate 30% of the market by 2027, addressing high computing transmission bottlenecks. The sector may expand into data centers and other related areas, presenting additional investment opportunities [3]. Individual Stock Highlights - The stability coin concept was active, with stocks like Hengsheng Electronics hitting the daily limit and Guotou Intelligent rising over 18%. The upcoming implementation of the "Stablecoin Regulations" in August 2025 is expected to benefit major companies like Ant Group and JD.com, which may be among the first to obtain stablecoin licenses [4][12]. - The market saw a slight increase in the number of stocks with consecutive gains, with Xizang Tourism being the only stock with more than two consecutive gains, reaching seven [6]. Future Market Analysis - The overall market is expected to continue its upward trend, supported by the computing hardware and innovative drug sectors. The trading volume has increased, indicating a healthy market rotation. Investors are advised to look for low-entry opportunities in core stocks within previously popular sectors [8].

Core Viewpoint - The communication industry is experiencing a threefold driving logic, primarily fueled by the explosive demand for optical modules, with 800G products leading global market growth and advancements in 1.6T and 3.2T technologies [2] Group 1: Market Dynamics - The demand for optical modules is the core engine of growth, with 800G products leading the market and 1.6T technology gradually increasing in volume, while LPO and CPO technologies are maturing to support the 3.2T era [2] - Major companies in the sector have reported significantly better-than-expected earnings, with New East Wisdom's net profit soaring by 327% to 385% year-on-year, and Zhongji Xuchuang's growth ranging from 53% to 87% [2] - The acceleration of AI computing infrastructure is forming a critical support, with NVIDIA's H20 chip resuming supply to China alleviating computing bottlenecks, and North American cloud providers like Meta expanding production, leading to increased orders for optical modules, PCBs, and server ODMs [2] Group 2: Investment Opportunities - The communication ETF (515880) tracks the communication equipment index, selecting listed companies involved in communication equipment manufacturing and technology services, reflecting the overall performance of related securities [2] - The communication ETF (515880) has shown strong liquidity among similar ETFs, with nearly 40% of its index weight in optical modules, positioning it to benefit from the current AI wave [2] - Over the past year, the communication ETF (515880) has achieved a return of 39.77%, outperforming the 800 communication and 5G communication indices [3]

野村表示，先进封装通过Chiplet和混合键合提升性能，并向更低成本的硅桥/有机RDL及面板级封装演进。CPO虽能降低 数据中心功耗，但成本和高精度组装仍是挑战。同时，两相液冷正取代传统风冷/水冷，成为解决AI加速器高功耗散热问 题的关键，而芯片制造商则会根据成本与性能选择最适合的架构。 硬·AI 作者 | 硬 AI 编辑 | 硬 AI 生成式 AI 的性能竞赛正面临三大物理瓶颈：高热量、数据传输带宽限制以及芯片尺寸（尤其是 SRAM 容 量）的制约。 野村证券于 7 月 2 日 -15 日举办了 AI 半导体技术专家系列研讨会，会上提出了四大关键技术发展趋势有望 突破这些障碍。行业前沿的技术探索正聚焦于先进封装、光电共封装（ CPO ）、终端芯片架构及散热解决 方案。 野村表示，先进封装技术正通过 Chiplet 和混合键合应对 AI 处理器性能提升的需求。为降低成本， 2.5D 封 装正从硅中介层转向硅桥与有机 RDL 基板组合，未来有望转向面板级封装。混合键合通过提高对准精度缩 小键合面积，是提升性能的关键。 下一代数据中心连接技术 CPO 能有效降低 AI 数据中心服务器的功耗，尤其适用于高带宽场景。 ...

Core Viewpoint - The article emphasizes the importance of interconnect architecture in AI infrastructure, highlighting that while GPUs are crucial, the ability to train and run large models relies heavily on effective interconnect systems [1]. Group 1: Interconnect Architecture - Interconnect architecture encompasses various levels, including chip-to-chip communication within packages and system-level networks that support thousands of accelerators [1]. - Nvidia's dominance in the industry is attributed to its expertise in developing and integrating these interconnect architectures [1]. - Broadcom has been quietly advancing various technologies related to interconnect architecture, including Ethernet architectures for large-scale expansion and internal chip interconnect technologies [1][3]. Group 2: Ethernet Switch Technology - Broadcom has introduced high-capacity switches, such as the 51.2Tbps Tomahawk 5 and the recently launched 102.4Tbps Tomahawk 6, which can significantly reduce the number of switches needed for large GPU clusters [3]. - The number of switches required decreases as the switch's port count increases, allowing for more efficient connections among GPUs [3]. - Nvidia has also announced its own 102.4Tbps Ethernet switch, indicating a competitive landscape in high-capacity switch technology [4]. Group 3: Scalable Ethernet Solutions - Broadcom's Tomahawk 6 switches are positioned as a shortcut for rack-level architectures, supporting between 8 to 72 GPUs, with future designs expected to support up to 576 GPUs by 2027 [6]. - Ethernet technology is being utilized for both scalable and large-scale networks, with Intel and AMD also planning to implement Ethernet for their systems [7]. Group 4: Co-Packaged Optics (CPO) Technology - Broadcom has invested in co-packaged optics (CPO) technology, which integrates components typically found in pluggable transceivers into the same package as the switch ASIC, significantly reducing power consumption [9][10]. - The efficiency of Broadcom's CPO technology is reported to be over 3.5 times that of traditional pluggable devices [10]. - The third generation of CPO technology is expected to support up to 512 200Gbps optical ports, with future developments aiming for 400Gbps channels by 2028 [11]. Group 5: Multi-Chip Architecture - As Moore's Law slows, the industry is shifting towards multi-chip architectures, allowing for higher yields and optimized costs by using smaller chips [14]. - Broadcom has developed a 3.5D eXtreme Dimension System in Package (3.5D XDSiP) technology to facilitate the design of multi-chip processors, which is open for licensing to other companies [15]. - The first products based on this design are expected to enter production by 2026, although the specific applications of Broadcom's technology in AI chips may remain undisclosed [15].

Core Insights - The company is actively engaged in building digital infrastructure to support the AI era, focusing on enhancing computational power and technological innovation [1][9] - The company has participated in several significant projects that establish a robust foundation for AI technology implementation [1][4][7] Group 1: Major Projects and Contributions - The company is a key player in the Pengcheng Cloud Brain II expansion project, which is an E-level intelligent computing platform achieving international advanced AI computing levels [1] - The Zhongyuan Artificial Intelligence Computing Center project, featuring an all-flash, green low-carbon design, has a computing power of one quintillion operations per second, showcasing the company's project execution capabilities [2] - The company is involved in the construction of the Guangming Life Sciences Big Data Center, providing essential computational and data support for genomics and drug development [4] - The company contributes to the second phase of the National Supercomputing Center in Shenzhen, which will enhance computing speed and support the industrial transformation of the Greater Bay Area [7] Group 2: Technological Innovations - The company has achieved breakthroughs in key technologies, such as the air-core fiber experimental link, which offers low latency and high efficiency for massive data transmission [7] - The company has developed the IDC 4.0 cluster micro-module solution, which meets high capacity and power requirements for large intelligent data center construction [7] - The company has successfully tackled challenges in the optical connector field by developing high-density, high-integration multi-core MPO connectors, enhancing competitiveness in data center wiring [8] Group 3: Future Directions and Collaborations - The company aims to deepen its involvement in the computational infrastructure sector, enhancing technical capabilities and participating in more major projects [9] - The company plans to expand its collaborative efforts with research institutions and enterprises to tackle industry challenges and promote overall AI industry development [9] - The company is committed to supporting the digital and intelligent transformation of the economy and society, contributing to the establishment of a collaborative digital ecosystem [9]