Core Viewpoint - The recent announcement by two national departments in China regarding nine key industries is seen as a roadmap for stable growth, indicating a clear direction for investment opportunities in the coming years [2][4][6]. Group 1: Policy and Industry Direction - The nine industries are part of a long-term strategy, marking the transition from the 14th Five-Year Plan to the 15th, outlining where resources should be allocated in the next five years [6][7]. - China's policy continuity is emphasized as a significant certainty, contrasting with other markets where policies frequently change [7][9]. - The focus is on long-term logic rather than short-term numerical fluctuations, with funding expected to follow established policy directions [9]. Group 2: Key Themes in the Nine Industries - The first theme is "high-quality development," which prioritizes stability over rapid growth in certain sectors, such as construction materials and light industry, to protect supply chains and employment [11][13]. - The second theme is "domestic discourse power," promoting self-sufficiency in technology, particularly in AI servers, allowing for a 20% price premium for domestic products [13][15]. - The third theme is "green transformation," which aims to upgrade industries through low-carbon processes, emphasizing environmental standards as a competitive advantage [15][17]. - The fourth theme is "anti-involution," which seeks to control new capacity in industries like photovoltaics and lithium batteries, shifting the focus from scale to technology [17]. Group 3: Structural Opportunities in Specific Industries - The electronic information manufacturing sector is highlighted as a key beneficiary, with a projected growth rate of 7% and a target for AI server industry scale exceeding 400 billion [19][21]. - The automotive industry is transitioning to a focus on new energy and smart technologies, with a projected 20% growth in electric vehicles, indicating a shift from price competition to technological advancement [21][22]. - The non-ferrous metals sector is encouraged to focus on high-value-added products rather than raw material extraction, signaling a shift towards processing and innovation [24][26]. Group 4: Investment Logic for the Future - The investment logic for the next five years emphasizes policy benefits, industry characteristics, and technological capabilities rather than chasing new concepts or hot trends [26].

通富微电：公司是AMD最大的封测供应商，占其订单总数的80%以上。 世运电路：公司已具备批量供应主流AI服务器所需PCB的能力，产品通过OEM方式已成功进入 NVIDIA、AMD的供应链体系。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 10月6日，OpenAI和AMD宣布达成一项价值数百亿美元的合作协议，共同开发基于AMD处理器的AI数 据中心。根据该协议的条款，AMD将在为期四年的协议中，向OpenAI提供数十万块人工智能芯片， OpenAI承诺将购买价值6吉瓦的AMD芯片，从明年开始将首先购买MI450芯片。 证券时报援引分析师观点称，该协议突破了以往单纯采购关系，在全球AI"闭环经济"与资本循环逻辑 下，OpenAI不仅作为AMD大客户，还成为未来重要战略股东，极大增强双方长期利益捆绑和动力协 同。一方面显著提升了AMD在高端AI芯片市场的竞争地位，有助于挑战英伟达主导地位；另一方面， 通过巨量芯片采购，OpenAI加速了自身多元算力底座建设，减少对单一厂商依赖。AI浪潮带动算力需 求爆发，服务器、AI芯片、光芯片、存储、PCB板等环节价值量将大幅提升。 公司方面 ...

Core Insights - The article highlights the rapid evolution of robotics and AI, emphasizing the transformative role of companies like Jialichuang in the PCB industry, which has become a crucial enabler for innovation and supply chain efficiency [1][3][4]. Company Overview - Jialichuang achieved nearly 8 billion yuan in revenue and 998 million yuan in net profit in 2024, reflecting year-on-year growth of 18.55% and 35.19% respectively, showcasing its significant growth in the PCB sector [2]. - The company specializes in PCB prototyping and small-batch manufacturing, distinguishing itself from larger competitors by focusing on high flexibility and rapid response to customer needs [4][6]. Market Dynamics - The global small-batch PCB market is estimated to be between 7.357 billion and 11.035 billion USD in 2024, with the prototyping market around 3.678 billion USD, indicating a niche yet critical market segment [6]. - Jialichuang's business model addresses the high demands for flexibility and rapid turnaround in prototyping, which is essential for emerging tech companies [7][8]. Technological Advancements - The company has developed proprietary industrial software and intelligent production systems, reducing prototyping costs from thousands to tens of yuan and shortening delivery times from weeks to as little as 12 hours [1][11]. - Jialichuang's digital transformation includes a self-developed ERP system that allows users to place orders via mobile or computer, enhancing efficiency and reducing design and production risks through AI algorithms [8][20]. Industry Impact - Jialichuang serves over 7.1 million engineers globally, processing more than 17.8 million PCB prototyping orders in 2024, which reflects its pivotal role in supporting innovation across various sectors, including robotics and AI [11][24]. - The company has established a closed-loop system that seamlessly connects prototyping and mass production, facilitating the transition of new products from the lab to the market [12][18]. Future Prospects - Jialichuang is expanding its capabilities in high-layer PCBs and has recently launched a 64-layer PCB production line, catering to complex industrial needs [15][18]. - The company is also investing in mechanical services, including 3D printing and CNC processing, to broaden its service offerings and enhance its competitive edge in the market [17][19].

Group 1 - The company focuses on multi-variety, sample, and small-batch PCB design, manufacturing, and assembly services, emphasizing short delivery times, high reliability, and special requirements [1] - The company is one of the largest manufacturers of special-purpose PCBs in China and a supplier in sectors such as rail transportation, electric power, and high-end communications [1] - The company produces approximately 100,000 types of PCB products annually, with applications across a wide range of industries [1] - The company manufactures PCBs used in high-performance computer servers and supercomputers [1]

Market Overview - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index showed stronger performance. Oil and gas stocks collectively surged, with Junyou Co. hitting the daily limit. The film and tourism sectors were active, with Jinyi Film also reaching the daily limit. However, lithium and photovoltaic stocks in the new energy sector declined, with Shanneng Electric dropping nearly 10% [1]. Key Highlights 1. **PCB and Computing Power** - The PCB sector saw significant gains, with stocks like Dongshan Precision, Yidun Electronics, and Jingwang Electronics hitting the daily limit. Shenghong Technology rebounded with a 12% increase. In the computing power sector, stocks such as Bojie Co. and Chunzong Technology also reached the daily limit. Oracle's first-quarter earnings report revealed strong growth prospects in its AI business, leading to a post-market surge of over 27% in its stock price [4][5][6]. 2. **Oil Services** - The oil service sector performed well, with companies like Shandong Molong, Junyou Co., and Yunnan Energy Investment all hitting the daily limit. A recent explosion in Qatar and subsequent military actions have influenced oil prices, with WTI crude oil futures rising by 1% [8][9]. Analysts predict that the oil service sector will continue to recover, supported by OPEC's production cuts and rising capital expenditures [10]. 3. **Domestic Chips** - The domestic chip sector rebounded, with Tianpu Co. achieving an 11-day consecutive limit increase. Other stocks like Shenghui Integration and Dagang Co. also hit the daily limit. The approval of a significant fundraising plan for Cambrian Technology and the announcement of a stock incentive plan by Haiguang Information have catalyzed this rebound [11][12]. 4. **AI Infrastructure Demand** - The global demand for AI infrastructure is surging, driven by substantial investments from major tech companies. The capital expenditure of six major U.S. tech firms reached $99.973 billion, a 77% year-on-year increase. The global data center market is expected to grow significantly, with projections indicating it will reach $163.25 billion by 2027 [7]. 5. **Other Active Sectors** - Other sectors such as solid-state batteries, robotics, and consumer goods have seen active trading, while pharmaceuticals and energy storage have experienced declines [13].

责任编辑：小浪快报 今年以来崇达技术已经2次登上龙虎榜，最近一次登上龙虎榜为8月21日，当日龙虎榜净买入-3.59亿 元；买入总计2.05亿元 ，占总成交额比9.91%；卖出总计5.64亿元 ，占总成交额比27.29%。 资料显示，崇达技术股份有限公司位于广东省深圳市光明区凤凰街道东坑社区科能路(南延伸段)808号 崇达大厦，成立日期1995年5月4日，上市日期2016年10月12日，公司主营业务涉及印制电路板的设计、 研发、生产和销售。主营业务收入构成为：PCB板82.83%，废料及其他10.52%，IC载板6.64%。 崇达技术所属申万行业为：电子-元件-印制电路板。所属概念板块包括：消费电子、专精特新、PCB概 念、5G、机器人概念等。 截至8月29日，崇达技术股东户数6.46万，较上期增加12.50%；人均流通股11291股，较上期增加 1.17%。2025年1月-6月，崇达技术实现营业收入35.33亿元，同比增长20.73%；归母净利润2.22亿元，同 比减少6.19%。 分红方面，崇达技术A股上市后累计派现21.12亿元。近三年，累计派现6.65亿元。 机构持仓方面，截止2025年6月30日，崇达 ...

Core Viewpoint - The AI computing power competition is reshaping the global technology industry, with AI computing power becoming a "hard currency" in infrastructure as demand for large model inference and training surges [1] Group 1: AI Server Market - AI servers are the core revenue segment, with Industrial Fulian achieving record revenue and profit in the first half of the year, with Q2 revenue surpassing 200 billion yuan and a year-on-year growth of over 60% in AI server revenue [2] - Inspur Information reported a revenue of 801.92 billion yuan in the first half of 2025, a year-on-year increase of 90.05%, with a net profit of 7.99 billion yuan, up 34.87% [2] Group 2: Optical Module Market - Optical modules are crucial in AI investments, with leading companies like Zhongji Xuchuang showing strong growth, reporting a revenue of 147.89 billion yuan in the first half of 2025, a year-on-year increase of 36.95%, and a net profit of 39.95 billion yuan, up 69.40% [2] - Tianfu Communication also demonstrated significant growth, with a revenue of 24.56 billion yuan, a year-on-year increase of 57.84%, and a net profit of 8.99 billion yuan, up 37.46% [2] Group 3: Liquid Cooling and PCB Market - The demand for liquid cooling is expected to rise significantly, with a projected penetration rate of 33% in AI data centers by 2025, and companies like Yingwei Ke achieving a revenue of 25.73 billion yuan, up 50.25%, and a net profit of 2.16 billion yuan, up 17.54% [4] - PCB manufacturers are also experiencing growth, with Shenghong Technology reporting a revenue of 90.31 billion yuan, a year-on-year increase of 86%, and a net profit of 21.43 billion yuan, up 366.89% [4] Group 4: Overall Market Trends - The A-share computing power industry chain is being revalued by the market, with leading companies showing strong performance, indicating a robust demand driven by the expansion of global AI infrastructure [5] - Major cloud service providers like Microsoft, Amazon, Meta, and Google are increasing capital expenditures significantly, with a combined capital expenditure of 87.4 billion USD in Q2 2025, up 69% year-on-year [7] Group 5: Future Projections - NVIDIA expects global AI infrastructure spending to reach 3 to 4 trillion USD by the end of the decade, with China being the second-largest computing market projected at around 50 billion USD, growing at a CAGR of approximately 50% [8]

Core Viewpoint - The financial performance of Benchuan Intelligent (300964) shows significant growth in revenue and net profit for the first half of 2025, indicating a positive trend in business operations and market demand [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 380 million yuan, a year-on-year increase of 36.91% compared to 277 million yuan in 2024 [1]. - Net profit attributable to shareholders was 21.46 million yuan, up 37.33% from 15.63 million yuan in the previous year [1]. - The second quarter alone saw total revenue of 209 million yuan, reflecting a 35.05% increase year-on-year [1]. - The gross profit margin improved to 21.97%, up 9.69% from the previous year, while the net profit margin slightly decreased to 5.54%, down 1.73% [1][2]. Key Financial Metrics - The company reported a significant increase in accounts receivable, which rose by 41.98% to 201 million yuan, indicating higher sales but also potential cash flow concerns [1][2]. - The total of selling, administrative, and financial expenses amounted to 39.35 million yuan, accounting for 10.36% of revenue, which is a 10.01% increase year-on-year [1]. - Earnings per share increased to 0.28 yuan, a rise of 38.80% from 0.20 yuan in the previous year [1]. Changes in Financial Items - Cash and cash equivalents decreased by 43.76% to 154 million yuan due to increased capital expenditures and rapid business growth [1][2]. - Inventory increased by 44.68% as production levels rose, reflecting higher stock levels of finished goods and work in progress [2]. - Long-term equity investments surged by 77.83%, indicating a strategic increase in external investments [2]. Operational Insights - The company’s return on invested capital (ROIC) was reported at 2.01%, suggesting a need for improved capital efficiency [3]. - The company is actively pursuing advancements in 5G and 6G technologies, aiming to establish a competitive edge in emerging markets [4]. - The company’s reliance on research, marketing, and capital expenditures highlights the importance of evaluating the effectiveness of these investments [4].

证券日报网讯 宏达电子8月25日在互动平台回答投资者提问时表示，PCB板在各种领域的电子设备中都 有，阻容感等电子元器件通过安装在PCB板上来构成电路连接，公司不涉及PCB板的制造业务。 （编辑 王雪儿） ...

Group 1 - The company, Hongda Electronics (300726.SZ), indicated that some of its module and board card products require PCB boards, which are part of its upstream industry [1]