Group 1 - The core viewpoint indicates that the communication ETF has shown significant performance, with a 7.32% increase over the past week, ranking first among comparable funds [1][2] - The communication ETF has experienced a liquidity turnover of 24.49% with a trading volume of 26.65 million yuan, indicating active market participation [2] - The communication ETF's net value has increased by 39.22% over the past year, showcasing strong return capabilities [2] Group 2 - The top ten weighted stocks in the Guozheng Communication Index account for 59.17% of the index, with key players including Zhongji Xuchuang and Xinyi Sheng, which have exceeded performance expectations [3][5] - Nvidia has submitted an application to resume sales of H20 GPU in the Chinese market, which may alleviate domestic GPU supply bottlenecks and accelerate data center construction [2] - The communication ETF closely tracks the Guozheng Communication Index, which reflects the price trends of communication industry stocks in the Chinese securities market [2]

Group 1 - Nvidia's CEO Jensen Huang attended the China International Supply Chain Promotion Expo, highlighting the approval for Nvidia to resume sales of H20 GPUs to China, indicating a potential easing of trade tensions [1] - The expo saw a 35% participation rate from overseas exhibitors, with a 15% increase in American companies compared to the previous year, suggesting a resilience of globalization despite ongoing protectionist measures [1] - The global supply chain is undergoing restructuring due to trade protectionism and geopolitical tensions, prompting economies like the US and Japan to diversify supply chains for enhanced resilience and security [1] Group 2 - Emerging market countries are significantly increasing their manufacturing capabilities, leading to a surge in demand for intermediate goods from China, which has a comprehensive industrial base [2] - In 2023, China's intermediate goods trade reached 25.53 trillion yuan, accounting for 61.1% of total trade, with intermediate goods exports at 11.24 trillion yuan, representing 47.3% of total exports [2] - The Chinese government is focusing on expanding intermediate goods trade and enhancing supply chain cooperation, positioning China as a global supply chain hub [2] Group 3 - China is accelerating the digitalization, greening, and intelligent transformation of its manufacturing sector, establishing a competitive edge in industries like new energy, batteries, and electric vehicles [3] - Major global companies are increasing investments in China's electric vehicle supply chain, recognizing China's leadership in scale and technology [3] - Nvidia's return to the Chinese market is driven by the anticipated high demand for chips in AI, automotive intelligence, and humanoid robotics, as China plays a significant role in global AI research [3] Group 4 - The global manufacturing landscape is increasingly centered around China's supply chain, with a digital, green, and intelligent industrial revolution taking place [4] - Developed economies pushing for supply chain diversification may face increased uncertainty and costs, potentially hindering their technological advancement [4] - China's ongoing expansion of domestic demand and innovation will reinforce its position in the global supply chain, creating a cycle of high-quality demand and supply [4]

Industry News - The Ministry of Commerce and the Ministry of Science and Technology have adjusted the "Catalog of Technologies Prohibited and Restricted from Export" to align with China's technological development and improve technology trade management, aiming to safeguard national economic security and promote international economic and technological cooperation [3] - The 11th batch of national centralized drug procurement has been initiated, with 55 products included in the procurement scope. The procurement follows the principle of "collective procurement for non-new drugs, new drugs not included," focusing on mature "old drugs" that have been on the market for many years and have expired patent protection [3] - NVIDIA is in the process of submitting an application to resell H20 GPUs, with the U.S. government assuring NVIDIA that it will grant the necessary licenses, and NVIDIA aims to commence delivery as soon as possible [3] Overseas News - On July 15, U.S. stock indices closed mixed, with the Dow Jones Industrial Average falling by 436.36 points to 44023.29, a decrease of 0.98%. The S&P 500 index dropped by 24.8 points to 6243.76, down 0.4%. In contrast, the Nasdaq Composite Index rose by 37.47 points to 20677.8, an increase of 0.18%. Notably, semiconductor stocks, including NVIDIA, saw gains, with NVIDIA rising over 4% and the Philadelphia Semiconductor Index increasing by 1.27% [4] - The European Union has stated it does not intend to take any trade countermeasures before August 1, despite U.S. President Trump's announcement of a 30% tariff on goods imported from the EU starting August 1. The EU Commission President has indicated that the deadline for countermeasures will be extended until early August [4]

Core Viewpoint - Nvidia's CEO Jensen Huang announced the submission of an application to resume sales of the H20 GPU to China, with the U.S. government guaranteeing the issuance of the necessary license, aiming for prompt delivery [1][2] Group 1: H20 GPU Resumption - The resumption of H20 GPU sales is expected to alleviate the backlog of computing power demand in China, which had been impacted by previous licensing uncertainties [1][3] - The H20 chip, a simplified version of the H100, is designed to meet U.S. export control policies and is crucial for AI applications in China, despite having only one-sixth the computing power of the H100 [2][3] Group 2: Impact on Supply Chain - The recovery of H20 supply is likely to enhance visibility and shipment rhythm for Nvidia's core suppliers, potentially restoring previous pessimistic expectations and driving performance growth in the second half of the year [3] Group 3: Investment Opportunities - Suggested companies to watch include those in the overseas AI supply chain such as Industrial Fulian, Huadian Technology, and others, as well as domestic AI supply chain companies like Chipone, Cambricon, and others [4]