Group 1 - The liquidity in the stock market remains abundant, which is favorable for the sustained slow bull market of A-shares [1] - Since June 23, the A-share market has shown a clear characteristic of "rotating upward and low-level replenishment," with better sustainability of the profit-making effect [1] - The financing balance of A-shares has risen to around 2 trillion, accounting for 2.3% of the circulating market value, reflecting a broad source of incremental funds [1] Group 2 - The demand for AI servers has widened the supply-demand gap for high-end PCBs, leading the industry into a new round of innovative expansion cycle [2] - This round of PCB capital expenditure expansion cycle is expected to start in Q4 2024 and may last for about two years, with the potential for an extended boom due to infrastructure demand [2] - There is a growing trend of monthly acceleration in PCB capital expenditure by the second half of 2025, indicating a possibility of continuous upward revision of industry orders [2] Group 3 - Three major events in early August are expected to drive the upward trend of gold prices [3] - The July non-farm employment data was lower than expected, leading to downward revisions of previous months' data, which raises concerns about economic strength [3] - The resignation of a key Federal Reserve official and political interference in labor statistics have cast doubt on the credibility of future economic data and the independence of monetary policy, reinforcing the long-term bullish logic for gold [3]

中金公司研报称，AI服务器需求拉大高端PCB供需缺口，行业迎新一轮创新扩产周期。与2021—2022年 上一轮PCB扩张周期不同，本轮PCB扩产周期的需求来源、扩产主体和技术迭代要素均有所差异。本轮 PCB资本开支扩张周期从2024年四季度启动，按照此前经验，PCB资本开支上行周期一般持续两年左 右，但是本轮算力基建需求属性或将拉长本轮资本开支的景气周期。2025年下半年，观察到PCB行业的 资本开支正处于逐月加速的趋势，行业订单存在持续上修的可能性。看好PCB设备及耗材卖铲人的投资 机会，聚焦创新设备增量。 ...