证券时报记者 阮润生 作为英伟达战略合作商，华勤技术一度因英伟达H20 GPU禁售"受伤"，公司在4月澄清，未收到客户订 单变化通知，业务正常有序进行；贸易管制下，产业链已做充分准备，公司判断产业链库存能支撑国内 上半年正常出货。 最新业绩预告显示，华勤技术预计今年上半年实现营业收入830亿元到840亿元，同比增长110.7%到 113.2%；预计实现归属于上市公司股东的净利润18.7亿元到19.0亿元，同比增长44.8%到47.2%。 对于业绩增长，华勤技术介绍，受益于全球数字化转型、人工智能爆发，行业景气度持续提升，助推智 能终端、高性能计算、汽车及工业、AIoT等领域的发展，对公司经营产生积极影响。 时隔三个月余，全球算力巨头将重新回归中国算力市场。7月15日，英伟达宣布对华特供版H20算力芯 片恢复供应，并将面向中国市场上新完全兼容的GPU产品。同日，A股英伟达概念板块上涨，中电港涨 停，中际旭创上涨16.58%，此前受H20禁售影响的华勤技术上涨8.2%。 据官宣，英伟达正在提交重新销售H20 GPU的申请。美国政府已向英伟达保证将授予许可证，并且英伟 达希望尽快启动交付。同时，英伟达还宣布推出面向 ...

Group 1 - NVIDIA denies the existence of backdoors, kill switches, or monitoring software in its chips, emphasizing that these are not ways to build trustworthy systems [1] - Concerns have been raised regarding the potential for remote disabling of GPUs without user consent, leading to calls for hardware kill switches by experts and policymakers [1] - The Chinese government has requested NVIDIA to explain security risks associated with its H20 chips, following reports of serious security issues [1] Group 2 - NVIDIA's CEO Jensen Huang announced the launch of the new NVIDIA RTX PRO GPU, designed for digital twin AI applications in smart factories and logistics [2] - The U.S. government imposed a ban on NVIDIA's H20 chip sales to China, which was specifically designed to comply with U.S. export restrictions [2] - Huang highlighted the importance of the Chinese market for U.S. companies, noting its size, vibrancy, and innovation potential [2]

Group 1: Key Recommendations - Nvidia has resumed sales of its H20 chips to China, which is expected to alleviate the domestic market's computing power shortage in the short term. AMD has also resumed sales of its MI308 chips to China. The long-term trend indicates a push towards self-sufficiency in AI chip development in China [6][7] - TSMC reported Q2 2025 revenue exceeding $30 billion, with a year-on-year growth of 44.4% and a net profit increase of 60.7%. The revenue from 7nm and below process nodes accounted for 74% of total revenue, with high-performance computing revenue growing by 14% quarter-on-quarter [8] - Global smartphone shipments grew by 1% year-on-year in Q2 2025, while shipments in China declined by 4%. The overall demand in the electronics sector is in a phase of mild recovery, with a focus on AIOT, AI-driven technologies, and consumer electronics [10][11] Group 2: Industry Insights - The Ministry of Industry and Information Technology is set to introduce a growth stabilization plan for key industries such as steel, non-ferrous metals, and petrochemicals, which may positively impact the chemical industry [13] - A fire at Covestro's plant in Germany has disrupted TDI supply, leading to price increases. The TDI price is expected to rise due to supply constraints from Covestro, maintenance in Asia, and increased overseas demand [14][15] - The pharmaceutical and biotechnology sector saw a 4% increase last week, outperforming the broader market. The 11th batch of national drug procurement has been initiated, focusing on mature drugs, which may enhance the industry's growth prospects [20][21]

Investment Rating - The report suggests a positive outlook for the electronics sector, indicating a gradual recovery in demand and price stabilization, with a recommendation to gradually accumulate positions in the market [6][7]. Core Insights - Nvidia has announced the resumption of sales for its H20 chip to China, alongside AMD's MI308, which is expected to alleviate the domestic market's computing power shortage in the short term. The long-term trend remains focused on the acceleration of domestic AI chip self-sufficiency [6][12]. - TSMC reported a Q2 2025 revenue of approximately $30.07 billion, a year-on-year increase of 44.4%, with a net profit surge of 60.7%. The revenue from 7nm and below process nodes accounted for 74% of total revenue, driven primarily by AI and high-performance computing demand [6][12]. - Global smartphone shipments grew by 1% year-on-year in Q2 2025, while shipments in China declined by 4%, marking the end of a six-quarter growth streak. The growth in the global market is attributed to innovations in AI technology and new product launches [6][14]. Summary by Sections Industry Overview - The electronics sector is experiencing a mild recovery in demand, with a focus on four main investment themes: AIOT, AI-driven technologies, equipment materials, and consumer electronics [6][7]. Company Performance - Nvidia's H20 and AMD's MI308 chips are set to resume sales to China, indicating a potential easing of geopolitical tensions and a boost for domestic AI chip development [6][12]. - TSMC's Q2 2025 financial results exceeded expectations, with significant contributions from AI and HPC-related demands, projecting a nearly 30% revenue growth for the full year [6][12]. Market Trends - The report highlights a 1% year-on-year increase in global smartphone shipments, with a notable decline in the Chinese market, reflecting a shift in consumer demand and market dynamics [6][14]. - The electronics industry outperformed the broader market, with the semiconductor sector showing positive growth, particularly in electronic components and consumer electronics [21][23].

Group 1 - The report highlights the resumption of AI chip sales to China by Nvidia and AMD, indicating a potential growth opportunity for semiconductor and AI-related companies listed on the Beijing Stock Exchange [2][3][13] - There are 16 semiconductor-related companies on the Beijing Stock Exchange, with a total market capitalization of 64.865 billion yuan as of July 18, 2025 [3][16] - The AI-related companies total 20, with a combined market capitalization of 75.575 billion yuan as of July 18, 2025 [3][18] Group 2 - The information technology sector experienced an average increase of 0.70% in stock prices during the week of July 14 to July 18, 2025 [24][25] - The average price-to-earnings (P/E) ratio for the information technology sector is reported at 91.3X, with notable performers such as *ST Guandao and Wanyuantong showing significant price increases [24][25][55] - The report indicates that the technology new industry consists of 150 companies, with a median P/E ratio rising from 53.3X to 53.4X during the same week [37][38] Group 3 - Parallel Technology (839493.BJ) is identified as a leading provider of supercomputing cloud services, with a revenue of 614.0033 million yuan in 2024, reflecting a year-on-year growth of 48.27% [3][20] - The company reported a revenue of 198 million yuan in Q1 2025, marking a 51.68% increase year-on-year [20][22] - The report emphasizes the strategic importance of AI and semiconductor sectors in driving growth within the Beijing Stock Exchange [2][3][15]

Investment Rating - The report assigns a "Buy" rating to several companies including NVIDIA, AMD, and TSMC, indicating a positive outlook for these firms in the technology sector [33]. Core Insights - The resumption of NVIDIA's H20 GPU sales to China is expected to positively impact the APAC technology supply chain, particularly benefiting companies like Inventec and Wistron [2][4]. - AMD's MI308X license applications for export to China are moving forward, which could lead to a recovery in revenue after significant write-downs [3]. - The overall demand for NVIDIA's RTX GPU series may moderate due to the increased availability of H20 GPUs, suggesting a shift in market dynamics [4][6]. Summary by Sections NVIDIA and AMD Developments - NVIDIA is filing applications to resume sales of the H20 GPU, with government assurances for license approval, and has introduced a compliant RTX PRO GPU [2]. - AMD's license applications for MI308X are under review, with expectations of resuming shipments as approvals are granted, despite prior inventory write-downs of approximately US$800 million [3]. APAC Technology Supply Chain - Inventec is positioned to benefit significantly from the H20 server rack business, with 10% of shipments to China potentially generating over 20% of sales due to higher average selling prices (ASPs) [4]. - Other ODMs like Wistron and Hon Hai are also expected to gain from the H20 export relief, enhancing their revenue prospects [4]. Semiconductor and HBM Market - The relaxation of export controls on NVIDIA's AI GPUs is anticipated to benefit upstream suppliers like TSMC and KYEC, with projections of significant growth in CoWoS demand [8]. - Samsung is expected to be the main beneficiary in the HBM market due to the resumption of H20 sales, with forecasts indicating substantial quarter-over-quarter growth in HBM bit demand [10]. Price Dynamics and Market Trends - The report notes a potential moderation in RTX GPU sales due to cannibalization from H20, with expectations of price adjustments in the secondary market [6]. - The demand for HBM is projected to surge with the resumption of H20 shipments, despite ongoing localization efforts in China [9].

Investment Rating - The report maintains a "Buy" rating on PDD, indicating favorable risk-reward dynamics due to its non-participation in the food delivery competition and potential growth from new user traffic and general merchandise strength [10]. Core Insights - The report highlights a potential resumption of Nvidia H20 chip supply, which could positively impact China's cloud service providers' capital expenditures starting from Q3 2025, with an expected 44% quarter-over-quarter increase in aggregate capex [1]. - There is a notable increase in generative AI adoption among Chinese enterprises, with over 40% having pilot-tested generative AI tools, up from 8% last year [1]. - The performance gap between US and Chinese AI models is narrowing, with new releases from various internet platforms and AI startups [1]. - The report emphasizes steady progress in monetization of AI applications, with Chinese models achieving scalable annual recurring revenue (ARR) for their AI products [1]. Summary by Sections AI Application Trends - China's top AI applications showed healthy user engagement trends in June, with a 6% month-over-month increase in domestic AIGC application engagement, driven by strong growth in Doubao and DeepSeek [8][10]. - The overall time spent on the top 400 mobile apps increased by 7% year-over-year in June 2025, with significant growth in eCommerce and social engagement [7][10]. Capital Expenditure Forecasts - The report forecasts a drop in combined capex from China CSPs in Q2 2025, followed by gradual improvement in Q3 and Q4 2025, driven by the resumption of Nvidia shipments and domestic chip ramp-up [15]. Monetization and Revenue Growth - The ARR of various AI operations in Chinese companies shows significant figures, with Kuaishou's Kling AI expected to reach over US$400 million in total annual revenue by 2027 [20][21]. - The report notes that subscription-based productivity tools and advertising-based AI search engines are contributing to the monetization of AI applications [1]. Competitive Landscape - Competition in video-generative models is intensifying, with Kuaishou's Kling AI projected to achieve substantial revenue growth, alongside other models from ByteDance and Alibaba [1][6]. - The report highlights the increasing capabilities of Chinese AI models, which are closing the performance gap with US counterparts [33][34].

Group 1: Nvidia and Market Impact - Nvidia announced the resumption of H20 sales in China and the launch of a new fully compatible GPU for the Chinese market, leading to a 4.04% increase in its stock price, adding approximately $161.8 billion to its market capitalization, which now stands at about $4.17 trillion [2] Group 2: Apple and Supply Chain Changes - Apple has decided to abandon its self-developed foldable iPhone in favor of a solution from Samsung Display, indicating a deeper collaboration with Samsung's supply chain [3] Group 3: Meta and Regulatory Challenges - Meta faces new antitrust challenges from the EU, having been fined €200 million for unresolved issues related to its "pay or consent" advertising model [4] Group 4: Autonomous Driving Partnerships - Baidu's "萝卜快跑" announced a strategic partnership with Uber to integrate thousands of autonomous vehicles into Uber's global network, with initial deployments planned for Asia and the Middle East [6] - BMW partnered with Momenta to develop a new generation of intelligent driving assistance solutions tailored for the Chinese market, leveraging AI models [8] Group 5: Robotics Industry Growth - The robotics industry is experiencing rapid growth, with significant increases in shipments noted by Yu Shu Technology's CEO, who anticipates accelerated application in the next 3-5 years [7] Group 6: Electric Vehicle Incentives - Various provinces are offering cash subsidies for purchasing specific models of 鸿蒙智行 vehicles, with subsidies ranging from 3,000 yuan per vehicle to 20,000 yuan for certain models [9] Group 7: JD Health's Entry into Medical Aesthetics - JD Health opened its first self-operated offline medical aesthetics clinic in Beijing, marking its entry into the medical aesthetics sector [10] Group 8: Geely's Acquisition of Zeekr - Geely announced the privatization of Zeekr, signing an agreement to acquire all outstanding shares, with a premium over the previously announced acquisition price [11] Group 9: Charging Standards Update - New national standards for power banks are being developed to enhance safety and performance, including stricter testing requirements and monitoring functions [13] Group 10: Corporate Leadership Changes - Wentech Technology announced the resignation of its chairman and several board members as the company shifts its focus to the semiconductor business [14] Group 11: Innoscience's Capacity Expansion - Innoscience plans to significantly increase its wafer production capacity over the next five years, aiming to expand from 13,000 to 20,000 wafers per month by the end of 2025 [15] Group 12: Xiaopeng's Funding for Flying Cars - Xiaopeng Huaitian completed a $250 million Series B funding round to support the development and commercialization of flying cars, with plans for a production facility to be completed by Q4 this year [16] Group 13: Investment in Robotics - Zhiyuan Robotics received strategic investment from Charoen Pokphand Group to explore business opportunities in various verticals, enhancing its market position [17] Group 14: Bertley’s Investment Plans - Bertley announced plans to invest 198 million yuan in a partnership to target high-growth sectors, including humanoid robots and automotive intelligence [17]

Group 1: NVIDIA and GPU Market - NVIDIA has received approval from the U.S. government to resume sales of the H20 GPU in China and is launching a new fully compatible GPU for the Chinese market [2] - CEO Jensen Huang emphasized the importance of the Chinese market, describing it as large, vibrant, and innovative, and stated that U.S. companies must establish a presence there [2] Group 2: Mobile Power Industry - The Ministry of Industry and Information Technology in China is seeking public input on the development of mandatory national standards for mobile power supplies, including power banks [4] - The move aims to address safety concerns due to frequent accidents associated with mobile power devices, thereby reducing risks and eliminating low-quality products [4] Group 3: Meta and EU Regulations - Meta Platforms Inc. is facing renewed scrutiny from the EU regarding compliance with new digital regulations, following a previous fine of €200 million [15] - The EU has warned that if Meta does not adjust its services to meet regulatory requirements, it may face further penalties [15][16] Group 4: Apple and Foldable Technology - Apple has decided to abandon its self-developed foldable screen technology in favor of Samsung Display's "no crease" display solution, with plans to mass-produce its first foldable iPhone by the second half of 2026 [16] - The new hinge design aims to address the long-standing issue of screen creasing, with expected production volumes of 13 to 15 million units in 2026 [16] Group 5: Lululemon's Market Expansion - Lululemon has announced plans to enter the Indian market in partnership with Tata Group, launching both physical and online stores in the second half of next year [17] Group 6: Automotive Industry Developments - Geely Holding Group has signed a merger agreement with Zeekr Technology, which will lead to Zeekr's privatization and delisting from the New York Stock Exchange [18] - Reports indicate that WM Motor is planning to resume operations and aims for an IPO in 2027, following a restructuring plan approved by the court [19]

Group 1 - NVIDIA will resume sales of the H20 GPU in China and has announced a new fully compatible GPU, the NVIDIA RTX PRO, aimed at smart factories and logistics [1] - The U.S. government has assured NVIDIA that it will grant the necessary licenses for the resumption of H20 GPU sales, which is expected to alleviate the AI computing power shortage in China [1] - This move reflects a trend among global tech giants to develop geopolitically compliant products, prompting Chinese manufacturers to accelerate the localization of high-end GPUs and build a secure industrial ecosystem [1] Group 2 - Zhiyuan Robotics has received strategic investment from Charoen Pokphand Group, marking a new phase in its global expansion efforts [2] - The partnership will enable Zhiyuan Robotics to explore and develop full-scenario business applications in various verticals, including life sciences, new retail, and health services [2] - The influx of capital from industry giants like Tencent, BYD, and Charoen Pokphand indicates that intelligent manufacturing and robotics are becoming key strategic areas for leading companies [2] Group 3 - Wang Xingxing, CEO of Yushu Technology, emphasized the importance of global collaboration in the development of humanoid robots, highlighting the complementary strengths of China's manufacturing and the U.S.'s AI software ecosystem [3] - The call for an open cooperation ecosystem in the robotics industry aims to address significant challenges faced by both robotics and AI sectors [3] - The development of humanoid robots as the "next-generation general intelligent terminal" requires global wisdom, while ensuring technological sovereignty remains a long-term challenge for companies [3]