Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including 沪电股份 (002463.SZ), 美格智能 (002881.SZ), 中际旭创 (300308.SZ), 天孚通信 (300394.SZ), and others [1]. Core Insights - The report highlights the broad prospects for domestic computing power chips and the acceleration of AI digital interaction in commercial scenarios, indicating a positive outlook for related industry chain investment opportunities [2][6]. - The reintroduction of the H20 chip is expected to provide more computing power options for AI application companies, alleviating the shortage of high-end chips and accelerating the commercialization of AI applications [3][20]. - The RISC-V summit in 2025 is seen as a pivotal moment for China's chip industry, with significant contributions to the global RISC-V chip shipment volume expected from China [19][20]. Summary by Sections Industry Viewpoints - The communication sector index increased by 7.56%, outperforming the Shanghai and Shenzhen 300 index by 6.47 percentage points [14]. - The report emphasizes the importance of the H20 chip and RISC-V developments in enhancing China's chip autonomy and innovation capabilities [24][32]. Weekly Strategy Insights - The approval of H20 chip exports to China and the launch of the RTX Pro GPU by NVIDIA are significant developments that could enhance the domestic chip market [18][24]. - The AI model Grok 4 has shown substantial improvements in human-like simulation capabilities, indicating a growing trend in AI-driven digital interactions [21][51]. Communication Industry Dynamics - The report notes that the domestic computing power market is expanding rapidly, with the AI chip market expected to reach 141.2 billion yuan in 2024, reflecting a 41.9% year-on-year growth in 2023 [20][36]. - The investment scale of China's intelligent computing center market reached 87.9 billion yuan in 2023, with a projected growth to 288.6 billion yuan by 2028 [50][51].

Group 1 - Bullish has applied for an IPO on the NYSE, marking a significant event in the cryptocurrency industry following the recent capital frenzy triggered by Circle's listing [1] - Bullish was founded in 2021 by Block.one and notable investors including Peter Thiel, who has also made strategic investments through his funds [1] - The company previously attempted a reverse merger to go public but had to abandon the plan due to rising interest rate concerns and turmoil in the crypto market [1] Group 2 - Nvidia has informed its Chinese clients that the inventory of its H20 AI chips is limited and there are no plans to restart production [3] - The approval for H20 chip sales to China has been granted, and Nvidia is set to launch a new graphics card named RTX Pro [3][4] - The limited inventory and production halt may put pressure on the supply chain and impact the AI industry landscape [4] Group 3 - South Korean investors have shown a strong preference for Chinese stocks, with China being the second most favored overseas market for them this year, following the US [7] - As of July 18, South Korean investors held the most significant amount of Xiaomi Group-W shares among Hong Kong stocks [7] - The available investment deposits for South Korean investors reached 66.7 trillion KRW, indicating potential for further investments [7] Group 4 - The minimum admission score for Fujian Fuyao University in Guangxi has surpassed several double-first-class universities, with a score of 616 [5][6] - This trend indicates a potential rise in the status of private universities in China [6] Group 5 - The city of Nantong has introduced a housing subsidy program for talent, offering up to 1.5 million CNY for purchasing new homes [11] - The subsidy is available for individuals with master's degrees or higher, as well as those with senior professional titles [11]

Group 1 - The macroeconomic environment shows a strong performance in the first half of the year, with actual GDP growth of 5.3%, laying a solid foundation for the annual target of 5.0% [2][22] - Industrial added value and retail sales both maintained strong growth, with industrial added value increasing by 6.4% year-on-year in the first half of the year [2][22] - Fixed asset investment grew by 2.8%, although real estate development investment saw a decline of 11.2% [22][33] Group 2 - The report maintains a preference for asset allocation in the order of stocks, commodities, bonds, and currency, indicating a bullish outlook on stocks [3][4] - The stock market showed positive performance, with the ChiNext Index rising by 3.17% and the Shenzhen Component Index by 2.04% [37] - The bond market remains under pressure, with a recommendation for lower allocation due to potential short-term impacts from stock market fluctuations [4][43] Group 3 - The report highlights the importance of fiscal policy in stimulating domestic demand, especially in light of uncertainties in external demand due to U.S. tariff policies [2][22] - The central urban work conference emphasized the need for a new model of real estate development, focusing on quality improvement rather than quantity expansion [20][33] - The automotive sector is expected to benefit from policies supporting consumption, with significant year-on-year growth in wholesale and retail sales of passenger vehicles [33][40]

Group 1 - The Hong Kong stock market continues to gain momentum with accelerated rotation of market hotspots, as evidenced by the performance of major indices [1][2] - For the week of July 14 to July 18, the Hang Seng Index rose by 2.84%, the Hang Seng Tech Index increased by 5.53%, and the Hang Seng China Enterprises Index climbed by 3.44% [2][4] - Among the ten sectors in the Hong Kong stock market, all but the real estate sector saw gains, with healthcare, information technology, and consumer staples leading the way with increases of 9.52%, 4.16%, and 3.92% respectively [2][7] Group 2 - The average daily trading volume on the Hong Kong Stock Exchange for the week was HKD 246.725 billion, an increase of HKD 4.213 billion from the previous week [2][13] - Southbound capital recorded a net inflow of HKD 21.456 billion, which is a decrease of HKD 4.899 billion compared to the previous week [2][13] - The price-to-earnings (PE) and price-to-book (PB) ratios for the Hang Seng Index as of July 18 were 11.04 and 1.16, respectively, both of which are at the 81% and 82% percentile levels since 2019 [2][18] Group 3 - The report highlights that the overall valuation of the Hong Kong stock market is relatively low compared to global equity markets, with the Hang Seng Index's risk premium at 4.62%, which is at the 8% percentile since 2010 [2][20] - The report suggests that sectors benefiting from favorable policies, such as stablecoin concept stocks, innovative pharmaceuticals, AI industry chains, and "anti-involution" industries, should be closely monitored [2][37] - The performance of companies exceeding expectations in their mid-year reports is expected to rebound, indicating potential investment opportunities [2][38]

Group 1 - The Hong Kong stock market continues to gain momentum with accelerated rotation of market hotspots, as evidenced by the performance of major indices [1][2] - For the week of July 14 to July 18, the Hang Seng Index rose by 2.84%, the Hang Seng Tech Index increased by 5.53%, and the Hang Seng China Enterprises Index climbed by 3.44% [2][4] - Among the ten sectors in the Hong Kong stock market, all but the real estate sector saw gains, with healthcare, information technology, and consumer staples leading the way with increases of 9.52%, 4.16%, and 3.92% respectively [2][7] Group 2 - The average daily trading volume on the Hong Kong Stock Exchange for the week was HKD 246.725 billion, an increase of HKD 4.213 billion from the previous week [2][13] - Southbound capital recorded a net inflow of HKD 21.456 billion, which is a decrease of HKD 4.899 billion compared to the previous week [2][13] - The price-to-earnings (PE) and price-to-book (PB) ratios for the Hang Seng Index as of July 18 were 11.04 and 1.16, respectively, both reflecting increases of 2.69% from the previous week [2][18] Group 3 - The report highlights that the overall valuation of the Hong Kong stock market is relatively low compared to global equity markets, with the Hang Seng Index's risk premium at 4.62%, indicating a favorable investment environment [2][20] - The report suggests focusing on sectors that may benefit from favorable policies, such as stablecoin concept stocks, innovative pharmaceuticals, AI industry chains, and sectors showing better-than-expected interim performance [2][37][38] - The report notes that the performance of the Chinese economy remains resilient, with GDP growth of 5.3% year-on-year in the first half of 2025, and a strong industrial output growth of 6.8% in June [2][36]

Group 1 - The return of "AI players" has led to a strong performance in the AI computing sector, with several actively managed equity products seeing significant net value increases, surpassing related ETF products. The light communication and PCB sectors have experienced rapid growth due to the AI boom, and Chinese companies are expected to benefit from the global AI development dividends [2][3] - High-performing funds have capitalized on emerging trends, with many focusing on innovative pharmaceuticals, new consumption, and artificial intelligence sectors. The emergence of niche products such as short drama-themed funds and controllable nuclear fusion funds indicates a diversification in investment strategies [2][3] - In the second quarter, many high-performing funds increased their equity asset allocations, with technology and pharmaceuticals becoming core investment directions. This shift reflects a strategic response to structural opportunities in the market [3] Group 2 - Foreign institutions have collectively raised their GDP growth forecasts for China in 2025, with Morgan Stanley increasing its prediction from 4.5% to 4.8%, Goldman Sachs from 4.6% to 4.7%, and UBS from 4% to 4.7% [3][5] - Citigroup has upgraded the ratings for the Chinese and South Korean stock markets to "overweight," projecting the Hang Seng Index to reach 25,000 points by the end of this year and 26,000 points by mid-next year, while the CSI 300 Index is expected to hit 4,200 points by year-end and 4,350 points by mid-next year [4][5] Group 3 - NVIDIA has confirmed the resumption of H20 chip sales in China, with CEO Jensen Huang stating that the U.S. government has assured the granting of licenses, and NVIDIA aims to initiate deliveries promptly [6] - Recent global stock market performance has shown mixed results, with the Hang Seng Index and Shenzhen Component Index in China both rising over 2%, while the U.S. markets also saw gains in the Nasdaq and S&P 500 indices [7] Group 4 - The bond market has shown varied performance, with yields on 1-year, 5-year, and 10-year Chinese government bonds all declining, while the 10-year U.S. Treasury yield increased slightly [9][10] - Recent data indicates that fixed-income products dominate the bank wealth management market, with fixed-income plus products accounting for 48.34% of new offerings and 61.23% of total assets, reflecting a preference for stable returns and low-risk assets [14][15]

Core Viewpoint - Nvidia's stock price surged by 83% in less than four months, indicating potential overheating signals in the market, especially after a significant drop of over 20% following profit-taking by investors [1][4]. Group 1: Stock Performance and Market Sentiment - Nvidia's 14-day relative strength index (RSI) exceeded 80, marking the highest level since June 2024, suggesting extreme buying conditions [1][5]. - The stock has seen a continuous rise for eight weeks, adding approximately $1.9 trillion to its market capitalization since April's low, surpassing Meta's total market value [5]. - Nvidia's current market capitalization stands at over $4.2 trillion, leading Microsoft by about $400 billion [5]. Group 2: Key Drivers of Stock Surge - Key factors driving the recent surge include the U.S. approval for H20 chip sales to China and the upcoming launch of the RTX Pro graphics card [4]. - Analysts express caution regarding the extreme buying signals, with some indicating that the market sentiment has shifted from optimism to near-euphoria [5]. Group 3: Long-term Outlook and AI Demand - Despite concerns about technical overheating, Wall Street remains optimistic about Nvidia's future, with only one out of 79 analysts recommending a sell [6]. - Strong guidance from TSMC has bolstered confidence in ongoing AI demand, with major tech companies' earnings reports being closely monitored for capital expenditure insights [6]. - Significant investments in AI and energy infrastructure, including a $920 billion commitment announced by Trump, further support the positive outlook for Nvidia [6].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The short - term volatility of gold has increased, but the medium - term upward trend remains good. London gold may oscillate and consolidate between $3120 - 3500 per ounce before rising again. The long - cycle and medium - cycle bull markets of gold are supported by multiple factors, but the volatility is also significant. It is recommended that investors maintain a long - position mindset and participate in trading with medium - to - low positions [4][5] 3. Summary by Relevant Catalogs 3.1 Precious Metals Market Analysis 3.1.1 Intraday Market - The stabilization and rebound of the US CPI in June supported the Fed's decision to stay on hold. The US dollar index rebounded significantly to around 98.5, and London gold fell back to around $3320 per ounce. However, the change in the US attitude towards Russia and the concern about the long - term Russia - Ukraine conflict provided bottom support for precious metals. London gold rebounded slightly to $3340 per ounce in the Asian session on the 16th [4] 3.1.2 Medium - term Market - Since late April, London gold has been in a wide - range oscillation between $3100 - 3500 per ounce. The cooling of international trade and the US fiscal expansion bill weakened the hedging and allocation demand for gold, but the hedging demand due to Trump's new - deal uncertainty and geopolitical risks supported the gold price. In June, speculative funds flowed into the silver and platinum markets, and the gold - silver ratio has basically returned to the level before April. The long - cycle and medium - cycle bull markets of gold are supported, but the gold price volatility is significant. It is expected that London gold will continue to oscillate and consolidate in the range of $3120 - 3500 per ounce in the short term [5] 3.2 Main Macroeconomic Events/Data - Russia's President Putin intends to continue the war in Ukraine until Western countries accept his peace terms, believing that Russia's economic and military strength can withstand further Western sanctions [17] - NVIDIA will resume the sales of H20 chips in China, announce a new GPU for the Chinese market, and launch a new graphics card RTX Pro [17] - US President Trump reached an agreement with the Indonesian President. Indonesia promised to buy US energy worth $15 billion, US agricultural products worth $4.5 billion, and 50 Boeing aircraft. The US will impose a 19% tariff on all Indonesian imports, while US exports to Indonesia will enjoy tariff - free and non - tariff - barrier - free treatment [17] - The US CPI in June rose 2.7% year - on - year, the highest since February, in line with market expectations. The core CPI rose 2.9% year - on - year and 0.2% month - on - month, both lower than market expectations. Traders predict that the Fed will start to cut interest rates in September and cut rates nearly twice by the end of the year [18]

Core Viewpoint - Huang Renxun, the founder and CEO of Nvidia, expressed high praise for Lei Jun and Xiaomi, emphasizing their remarkable achievements and the strong collaboration between Nvidia and Xiaomi in various fields [1][2][5]. Group 1: Praise for Xiaomi and Lei Jun - Huang Renxun recognized Lei Jun's potential from their first meeting, stating that he always believed Lei would achieve extraordinary success [2]. - He described Xiaomi's growth as a "miracle," highlighting its strong competitiveness in the smartphone sector and successful expansion into electric vehicles and other product categories [2]. - Huang noted the impressive range of high-quality products that Xiaomi has developed, attributing this success to Lei Jun's unique leadership [3]. Group 2: Collaboration and AI Development - Huang confirmed that Nvidia maintains close cooperation with Xiaomi across multiple areas, indicating significant synergy between Nvidia's AI chip technology and Xiaomi's smart hardware ecosystem [5]. - He praised the rapid advancement of AI in China, citing numerous world-class achievements in AI models, including DeepSeek and Kimi K2, which have surpassed some international benchmarks [6]. - Huang emphasized that AI is becoming a foundational infrastructure, comparable to electricity and the internet, and is driving a new industrial revolution, particularly in manufacturing and consumer technology [7]. Group 3: Future Outlook and Investment - Huang mentioned that hundreds of "digital twin" projects in China are utilizing Nvidia's Omniverse platform to optimize factory construction and train robots, predicting a future where AI-driven human-machine collaboration will dominate manufacturing [7]. - He indicated that Nvidia plans to increase investments in China and deepen collaborations with local companies, despite geopolitical complexities [10]. - Huang announced that the U.S. has approved the sale of the H20 chip to China, and Nvidia will soon launch a new graphics card named RTX Pro [12].

Core Viewpoint - Huang Renxun, the founder of Nvidia, praised Huawei's exceptional chip design capabilities and emphasized the company's strengths in system engineering and cloud services, highlighting Huawei's ability to independently explore markets [1][2]. Group 1: Nvidia's Perspective on Huawei - Huang Renxun acknowledged Huawei's impressive technology and questioned the superiority of other mobile companies compared to Huawei [2]. - He expressed a desire for Nvidia to learn from Huawei and other competitors, indicating a recognition of the competitive landscape in China [2]. - Huang noted that AI is revolutionizing various industries, including computer graphics, and mentioned the potential of AI in quantum computing and its impact on biology and physics [2]. Group 2: Nvidia's Market Strategy in China - Nvidia plans to resume sales of its H20 chip in China, following the approval of export licenses by the U.S. government, which Huang described as a significant victory for the company [5][8]. - Huang highlighted the importance of the Chinese market, citing its size, vibrancy, and innovation, and emphasized the necessity for U.S. companies to establish a presence there [5]. - The H20 chip is tailored to comply with U.S. regulations, being classified as the "fourth best" chip, which is slower than the fastest chips used in the U.S. [6][7]. Group 3: AI Development in China - Huang pointed out the rapid advancements in AI technology in China, mentioning notable models like DeepSeek and Alibaba's contributions [3][6]. - He emphasized that China's open-source AI initiatives are catalysts for global progress and play a crucial role in ensuring AI safety [6]. - Huang expressed a desire for more advanced chips to enter the Chinese market, indicating that Nvidia's technology will continue to improve over time [3]. Group 4: U.S.-China Relations and Technology - The U.S. Secretary of Commerce indicated that the decision to resume H20 chip sales is part of broader negotiations between the U.S. and China regarding rare earth materials [6][8]. - The U.S. aims to keep China reliant on American technology while allowing them access to less advanced chips [7]. - Huang noted that recent changes in U.S. policy are a result of constructive discussions between the U.S. and Chinese governments regarding export controls [8]. Group 5: Collaboration with Chinese Companies - Huang expressed interest in collaborating with Chinese companies, specifically mentioning Xiaomi and the electric vehicle sector, which he finds impressive [9]. - He acknowledged the need for supply chains to adapt to tariff issues but remained optimistic about finding solutions [9].