计算机行业周报 2025 年 04 月 21 日 [Table_Title] 行业维持底部震荡，OpenAI 引领行业创新 ——计算机行业周报 [Table_Summary] 报告要点： [Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 1) 本周(2025.4.14-2024.4.18)计算机（申万）指数维持底部震荡态势， 波动幅度显著收窄。本周计算机（申万）指数下跌 0.84%，上证指数 上涨 1.19%，深证成指下跌 0.54%，创业板指下跌 0.64%。 本周(2025.4.14-2024.4.18)市场回顾 业绩汇总 1) 凌志软件发布《2024 年年度报告》，2024 年，公司实现营业收入 11.14 亿元，同比增长 59.99%；实现归属于上市公司股东的净利润 1.24 亿元，同比增长 43.65%；实现归属于上市公司股东的扣除非经 常性损益的净利润 0.93 亿元，同比增长 15.64%。 投资观点 本周，美国加增关税的影响逐步减弱，市场继续关注 2024 年业绩的 披露与 AI 应用领域的创新，计算机（申万）指数维持底部震荡态势。 本周，OpenAI 发布 GPT-4. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][7]. Core Views - The company experienced a revenue decline in 2024, with total revenue of 3.315 billion yuan, a year-on-year decrease of 26.44%. However, it is projected to return to profitability in the first quarter of 2025, with an expected net profit of 1.1 to 1.65 million yuan [2][5]. - The company is increasing its investment in AI, with R&D expenditures reaching 980 million yuan in 2024, a year-on-year increase of 14.95%. This investment supports the development of security models and intelligent applications in collaboration with China Mobile [3][4]. - The company has deepened its collaboration with China Mobile, achieving 1.083 billion yuan in related transaction sales in 2024, with over 70% coming from joint efforts in government and enterprise security business [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.315 billion yuan, down 26.44% year-on-year, and a net loss of 226 million yuan. The first quarter of 2025 is expected to show a revenue of 600 to 680 million yuan, compared to 923 million yuan in the same period last year, with a projected net profit of 1.1 to 1.65 million yuan [2][8]. - The gross margin improved by 8 percentage points in the first quarter of 2025 compared to the previous year, laying a foundation for stable operations and high-quality development [2]. Growth Prospects - Revenue forecasts for 2025 to 2027 are 3.525 billion, 3.789 billion, and 4.079 billion yuan, respectively, with net profits projected at 168 million, 271 million, and 397 million yuan [5][8]. - The company is expected to maintain a strong growth trajectory, driven by technological innovation and a focus on high-quality development [5]. Strategic Initiatives - The company is committed to enhancing its AI capabilities and has launched the "Nine Sky·Taihe Security Model" and "Anxing Intelligent Agent" in collaboration with China Mobile [3][4]. - The company’s security business, particularly in cloud security and trusted innovation, has seen revenue growth of 15% and 20% year-on-year, respectively [4].

2025 年 04 月 21 日 备行业周报、月报 [Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 [Table_Title] 美国加大对中算力芯片限制，定制化 ASIC 有望崛 [Table_Invest] 推荐|维持 [Table_Summary] 报告要点： 本周（2025.4.14-2025.4.20）市场回顾 1）海外 AI 芯片指数本周下跌 7.0%，美国政府宣布 H20 芯片和达到 H20 内存带宽、互连带宽等的芯片向中国等地出口需要获得许可证， 叠加美国的关税政策潜在影响的不确定性仍在持续升高，海外 AI 芯片 板块下跌。2）国内 AI 芯片指数本周上涨 1.6%。受益美国政府加征关 税下的国产替代，叠加寒武纪等国内 AI 芯片公司 25Q1 业绩表现亮 眼，中国 AI 芯片公司股价持续修复。3）英伟达映射指数本周下跌 0.4%，受美国政府限制英伟达出口 H20 及加征关税政策持续发酵， 英伟达产业链板块普遍下跌。4）服务器 ODM 指数本周上涨 1.6%， 本周服务器 ODM 厂迎来小幅回暖，但成分股表现分化较大。5）存储 芯片指数本 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][7]. Core Insights - The company experienced a revenue decline of 26.44% year-on-year in 2024, with total revenue of 3.315 billion yuan. However, it is projected to achieve profitability in the first quarter of 2025, with expected revenue between 600 million and 680 million yuan [2]. - The company is increasing its investment in AI, with R&D expenditures reaching 980 million yuan in 2024, a 14.95% increase year-on-year. This investment supports the development of security models and intelligent applications in collaboration with China Mobile [3]. - The company has deepened its collaboration with China Mobile, achieving 1.083 billion yuan in related transaction sales in 2024, with over 70% coming from joint efforts in government and enterprise security business [4]. Financial Performance Summary - In 2024, the company reported a net profit attributable to shareholders of -226 million yuan, with a projected recovery to a net profit of 1.68 million yuan in 2025. The earnings per share (EPS) is expected to improve from -0.19 yuan in 2024 to 0.14 yuan in 2025 [5][8]. - Revenue forecasts for 2025, 2026, and 2027 are 3.525 billion, 3.789 billion, and 4.079 billion yuan, respectively, with corresponding net profits of 168 million, 271 million, and 397 million yuan [5][8].

[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 计算机行业周报 2025 年 04 月 21 日 [Table_Title] 行业维持底部震荡，OpenAI 引领行业创新 ——计算机行业周报 [Table_Summary] 报告要点： 本周(2025.4.14-2024.4.18)市场回顾 1) 本周(2025.4.14-2024.4.18)计算机（申万）指数维持底部震荡态势， 波动幅度显著收窄。本周计算机（申万）指数下跌 0.84%，上证指数 上涨 1.19%，深证成指下跌 0.54%，创业板指下跌 0.64%。 2) 细分板块方面，申万二级行业指数：计算机设备(801101.SL)、软件 开发(801104.SL)、IT 服务Ⅱ(801103.SL)涨跌幅分别为-1.28%、- 0.57%、-0.86%，均呈现回落态势，软件子板块的表现优于硬件。 业绩汇总 1) 凌志软件发布《2024 年年度报告》，2024 年，公司实现营业收入 11.14 亿元，同比增长 59.99%；实现归属于上市公司股东的净利润 1.24 亿元，同比增长 43.65%；实现归属于上市公司股东的扣除非经 常性 ...

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 4 月 19 日 [Table_Title] 海外算力制裁加剧，关注算力硬件自主可控 ——通信行业周报 [Table_Summary] 报告要点： 1) 算力产业链：关税政策仍具有不确定性，海外 H20 出口新增许可 要求。在海外科技制裁加剧背景下，根据 deepseek 实测数据，昇腾 910C 在 AI 推理侧已有不俗表现，性能及机会的同步改进将为国产算 力硬件创造黄金发展窗口期。同时，国内算力基建在发改委"窗口指 导"下资源统筹将更为有序，短期建议关注主线仍以国产算力及配套 通信设备为主。建议关注：光迅科技（002281.SZ）、华工科技 （000988.SZ）、源杰科技（688498.SH）等。 2) 卫星互联网：2025 年 4 月 17 日，信投建设采购网站已正式公示 应用终端设备采购项目的中标结果，该项目业主方为上海垣信卫星科 技有限公司，项目拟采购卫星应用终端整机。入围供应商包括中交航 信、中科星辰、中兴通信等 8 家供应商。终端产品偏产业链下游，商 业闭环或将加速。建议关注：臻镭科技（688270.S ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [5] Core Insights - The social retail sales total for March 2025 reached 4.09 trillion yuan, showing a year-on-year growth of 5.9%, exceeding the consensus forecast of 4.36% [2][19] - The total retail sales for the first quarter of 2025 amounted to 12.47 trillion yuan, with a year-on-year increase of 4.6%, accelerating by 1.1 percentage points compared to the previous year [2][19] - The report highlights the ongoing implementation of policies aimed at boosting domestic demand, including initiatives to integrate domestic and foreign trade [2][28] Market Performance - During the week of April 14-18, 2025, the Shenyin Wanguo indices for retail, social services, and beauty care sectors increased by 0.24%, 0.14%, and 0.43% respectively, ranking 18th, 21st, and 14th among 31 primary industries [11][12] - The internet e-commerce sector saw a notable increase of 5.69%, benefiting from policies promoting the integration of domestic and foreign trade [12][19] Key Industry Data and News - The report indicates that the retail sales of essential goods and some upgraded products showed strong growth, with food and daily necessities increasing by 12.2% and 6.8% respectively [19][26] - The beauty care sector is witnessing innovation, with companies like Proya launching new products and establishing global brand ambassadors [31][32] - The collectible card game company, Card Game, is set to surpass 10 billion yuan in revenue for 2024, reflecting significant growth in the entertainment sector [34] Company Announcements - Xiangyuan Cultural Tourism reported a revenue of 864.12 million yuan for 2024, marking a year-on-year increase of 19.64% [41] - Tongcheng Travel announced the acquisition of 100% of Wanda Hotel Management for approximately 2.49 billion yuan [42] - Upme Cosmetics plans to establish a joint venture to create a new cosmetics brand [43]

行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 04 月 19 日 [Table_Title] 3 月社零增速超预期，卡游 24 年收入破百亿 ——美护商社行业周报 [Table_Summary] 报告要点： 市场表现 本周（2025.04.14-2025.04.18），申万商贸零售/社会服务/美容护理 分别+0.24%/+0.14%/+0.43%，在 31 个一级行业中排名第 18/21/14； 同期上证综指+1.19%，深证成指-0.54%，沪深 300 指数+0.59%。 细分子板块来看，受益关税冲击下政策加大力度推进内外贸一体化， 帮助外贸产品拓内销，互联网电商板块涨幅居前达 5.69%，个护用品 /酒店餐饮/教育板块分别+3.74%/+1.72%/+1.59%。 3 月社零增速超预期，扩内需增量政策持续落地 2025 年 1-3 月社会消费品零售总额 12.47 万亿元，同比+4.6%。3 月 社零总额 4.09 万亿元，同比+5.9%，高于 wind 一致预期的 4.36%。 分消费类型来看，2025 年 1-3 月，商品零售累计值达到 11.06 万亿 元，同比+4.6% ...

市场整体行情及通信细分板块行情回顾 [Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 4 月 19 日 [Table_Title] 海外算力制裁加剧，关注算力硬件自主可控 ——通信行业周报 [Table_Summary] 报告要点： 1) 算力产业链：关税政策仍具有不确定性，海外 H20 出口新增许可 要求。在海外科技制裁加剧背景下，根据 deepseek 实测数据，昇腾 910C 在 AI 推理侧已有不俗表现，性能及机会的同步改进将为国产算 力硬件创造黄金发展窗口期。同时，国内算力基建在发改委"窗口指 导"下资源统筹将更为有序，短期建议关注主线仍以国产算力及配套 通信设备为主。建议关注：光迅科技（002281.SZ）、华工科技 （000988.SZ）、源杰科技（688498.SH）等。 2) 卫星互联网：2025 年 4 月 17 日，信投建设采购网站已正式公示 应用终端设备采购项目的中标结果，该项目业主方为上海垣信卫星科 技有限公司，项目拟采购卫星应用终端整机。入围供应商包括中交航 信、中科星辰、中兴通信等 8 家供应商。终端产品偏产业链下游，商 业闭环或将加速。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [7] Core Insights - The media industry has shown a weekly increase of 1.91%, ranking 6th among industries, outperforming the Shanghai Composite Index and Shenzhen Component Index [12][18] - The cultural industry is highlighted as a key driver for national soft power and domestic consumption, benefiting from the strategic goal of building a cultural strong nation by 2035 [3][37] - AI-native applications are rapidly growing, with monthly active users reaching 240 million in February 2025, marking an 88.9% increase [22] - The gaming sector continues to thrive, with top games like "Honor of Kings" and "Endless Winter" leading sales, and new titles showing promising performance [27][29] - The film industry reported a total box office of 220 million yuan in the latest week, with "Sunshine Flowers" leading the charts [35] Summary by Sections Market Performance - The media industry saw a weekly increase of 1.91%, with various sub-sectors, except publishing, experiencing growth [12][18] - Notable performers included companies like Dazhong Media and Ciweng Media, with significant weekly gains [18] Key Industry Data AI Applications - The market for AI-native applications is expanding, with significant user growth and reduced costs for AI model usage [22][23] Gaming Data - "Delta Action" achieved over 12 million daily active users, and new games are performing well in the market [27][28] Film Data - The domestic box office reached 220 million yuan, with "Sunshine Flowers" leading the weekly box office [35] Key Industry Events and Announcements - President Xi Jinping emphasized the importance of cultural development in a recent article, outlining strategies for enhancing national cultural strength [3][37] - OpenAI announced several advancements in AI models, including the release of new versions and features [38][39][40] - The launch of new games and AI applications by major companies indicates a vibrant and competitive landscape in the media sector [45][46]