[GF Machinery] Update on the 300 Billion Market Cap Portfolio - 20260731

English summary

### [GF Machinery] Update on the 300 Billion Market Cap Portfolio - 20260731 Time: 2026-07-31 17:01:42 Content: In July, our core portfolio experienced a significant pullback, deviating greatly from fundamentals. We update our core recommendations as follows. 1. #Changchuan Technology. GPU testers are deeply tied to H, and the company has captured all share of the latest generation of GPU test equipment, with 1H26 results exceeding expectations. The company is expanding into panel-level packaging and TCB equipment, expected to become a core target in the CoPoS wave; TCB is already being validated at major customers; the metrology and inspection business is making active breakthroughs. 2. #Songfa. The company's private placement price is 146.02 yuan, with total fundraising of 7 billion yuan. Q2 results greatly exceeded expectations, net margin climbed to 17%, new orders signed in the first half reached 20 billion USD, and production is scheduled through 2029-2030. Currently, demand is accelerating, performance is growing strongly, valuation is at historical lows, and long-term performance is expected to exceed 40 billion yuan. 3. #Jereh. Recently signed 1.6 billion USD in new orders, using FTAI aeroderivative gas turbine heads, with an order scale of 1GW+. …