证 券 研 究 报 告 2. 细分业务情况：（1）数据中心：FY26Q1 营收创历史新高，达 391 亿美元， 环比增长 10%，同比增长 73%。其中，计算营收 342 亿美元，同比+76%， 环 比+5%；网络营收 49.57 亿美元，同比+56%，环比+64%。Blackwell GPU 产能 爬坡是公司历史上最快的，推动了数据中心营收同比增长 73%。本季度 Blackwell 贡献了近 70%的数据中心计算营收，从 Hopper 的转型接近完成。 （2）游戏：FY26Q1 收入为 37.63 亿美元，环比+48%，同比+42%。游戏玩家、 创意人士和 AI 爱好者的强劲采用使 Blackwell 架构显卡成为公司有史以来最 快的产能爬坡。（3）专业可视化：FY26Q1 收入为 5.09 亿美元，环比几乎持 平，同比增长 19%。关税相关的不确定性暂时影响了第一季度的系统和需求， AI 工作站的需求强劲，公司预计第二季度营收将恢复环比增长。（4）汽车和 机器人：FY26Q1 收入为 5.67 亿美元，环比-1%，同比增长 72%，同比增长是 由众多客户的自动驾驶产能爬坡以及新能源汽车的强劲终端需求推动 ...

Blackwell 占比已到 7 成，推理 agent、工业 AI、主权 AI 开启算力新投资时代 事项： 1. 业绩情况：（1）营收 441 亿美元（YoY+69%，QoQ+12%），显著高于市场 预期的 433 亿美元及公司指引的 430±2%亿美元，主要受益于数据中心业务的 持续爆发（Q1数据中心收入 391亿美元，YoY+73%，QoQ+10%），其中 Blackwell 贡献数据中心计算收入 7 成。关于 H20，一季度产生了 45 亿美元费用，略好 于预期主要系部分材料库存复用，预计二季度将损失 80 亿美元收入。（2）本 季度，GAAP 和非 GAAP 毛利率分别为 60.5%和 61.0%。若不计入 45 亿美元 的费用，第一季度非 GAAP 毛利率将达到 71.3%。（3）本季度，GAAP 和非 GAAP 稀释每股收益分别为 0.76 美元和 0.81 美元。若不计入 45 亿美元的费 用及相关税费影响，第一季度非 GAAP 稀释每股收益为 0.96 美元。 证 券 研 究 报 告 英伟达（NVIDIA）FY26Q1 业绩点评及业绩说明会纪要 2025 年 5 月 29 日 NVIDIA 发 ...

证 券 研 究 报 告 星环科技-U（688031）2025 年一季报点评 推荐（维持） 25Q1 亏损同比收窄，大模型业务初现突破 目标价：52.93 元 事项： 星环科技发布 2025 年一季报，报告期内实现营业收入 6436 万元，同比增长 2.59%；归母净利润-8358 万元；扣非净利润-8785 万元。2024 年，公司实现营 业收入 3.71 亿元，同比下降 24.31%；归母净利润-3.43 亿元；扣非净利润-3.80 亿元。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 371 | 427 | 508 | 605 | | 同比增速(%) | -24.3% | 15.0% | 19.0% | 19.1% | | 归母净利润(百万) | -343 | -238 | -159 | -103 | | 同比增速(%) | -19.2% | 30.7% | 33.3% | 34.9% | | 每股盈利(元) | -2.8 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 98 CNY based on a DCF model evaluation [2][10]. Core Insights - The company is a pioneer in the ophthalmic device sector, focusing on intraocular lenses, orthokeratology lenses, and contact lenses, and is strategically expanding its product matrix [6][14]. - The company has established itself as a leading domestic player in the intraocular lens market, with a strong product lineup and favorable bidding results in national procurement [8][46]. - The report highlights the increasing demand for cataract surgeries due to an aging population, which is expected to drive growth in the intraocular lens market [36][41]. Summary by Sections Company Overview - The company was founded in 2010 and has a strong R&D capability, achieving key technological breakthroughs in various fields, including multifocal intraocular lenses, thus breaking the import monopoly [6][14]. - The company has a diversified product matrix, focusing on intraocular lenses, orthokeratology lenses, and contact lenses, and aims to cover the entire lifecycle of eye health products [14][26]. Intraocular Lenses - The company is a domestic leader in intraocular lenses, with a comprehensive product system and good performance in national procurement [8][35]. - The report notes that cataract surgeries are the most direct and effective treatment for cataracts, which are prevalent among the elderly population [35][36]. - The company has successfully introduced innovative products, including the first domestic toric intraocular lens and a dual-focus intraocular lens, which has been well-received in national procurement [8][46]. Orthokeratology Lenses - The company’s orthokeratology lenses are positioned in the first tier of product performance, with ongoing efforts to expand the myopia prevention industry chain [9][20]. - The increasing prevalence of myopia among children and adolescents is driving demand for orthokeratology lenses, which have been recognized in national guidelines [9][20]. Contact Lenses - The company has a solid technological foundation for contact lenses, aiming to penetrate both high-end and consumer markets [9][20]. - Recent acquisitions have accelerated the development of the contact lens business, with plans to focus on high-end silicone hydrogel contact lenses and soft contact lenses for consumer markets [9][20]. Financial Projections - The company is expected to achieve net profits of 4.7 billion CNY, 5.9 billion CNY, and 7.1 billion CNY for the years 2025 to 2027, with corresponding EPS of 2.45 CNY, 3.03 CNY, and 3.69 CNY [2][10]. - The report anticipates a gradual recovery in profit margins as the impact of national procurement pricing on intraocular lenses diminishes and the contact lens business stabilizes [20][10]. Market Potential - The report projects that the intraocular lens market in China could reach 100 billion CNY by 2030, driven by increasing surgical demand and the ongoing shift towards domestic products [41][42]. - The company is well-positioned to benefit from the growing market share of domestic brands in the intraocular lens sector, which is expected to continue rising due to national procurement policies [42][46].

Investment Rating - The report maintains a "Recommendation" rating for the non A+H financial stocks in the Hong Kong market, indicating an expectation to outperform the benchmark index by 10%-20% in the next six months [6][28]. Core Insights - The report focuses on the development of the public fund industry in China and its impact on the Hong Kong non A+H financial stocks, aiming to provide strategies for investors to achieve excess returns [2]. - It highlights the historical performance of non A+H financial stocks in Hong Kong, identifying those that have consistently generated strong alpha returns over the past five years [9][23]. Summary by Sections Section 1: Overview of Non A+H Financial Stocks - The report provides an overview of the holdings of active equity funds in non A+H financial stocks, with a weighted average benchmark comprising various indices [3][4]. - The average allocation to Hong Kong stocks in active equity funds is approximately 14.7%, compared to a benchmark weight of 15.3% [3]. Section 2: Historical Performance Review - The Hong Kong non A+H financial index shows a higher dividend yield of 4.53% compared to 2.06% for the A-share non-financial index, indicating a preference for high dividend stocks in the Hong Kong market [8]. - The report identifies 166 non A+H listed financial stocks in Hong Kong, with several achieving over 80% success rates in generating excess returns over the past five years [9]. Section 3: Individual Stock Performance - Specific stocks such as 易鑫集团 (Yixin Group) and 友邦保险 (AIA) have shown significant excess returns, with 易鑫集团 achieving a 112.7% return in 2025 [10][12]. - Non Hong Kong stocks like 耀才证券金融 (Yao Cai Securities) have also performed well, with a 175.6% return in 2024 [13]. Section 4: Investment Recommendations - The report recommends focusing on stocks with stable performance or improving fundamentals, specifically highlighting 中国财险 (China Pacific Insurance) and 香港交易所 (Hong Kong Exchanges) as long-term outperformers [28]. - It suggests monitoring high-quality stocks that are not yet included in the Hong Kong Stock Connect but have potential for future inclusion [28].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 52.93 CNY [1][7]. Core Insights - The company reported a revenue of 64.36 million CNY in Q1 2025, reflecting a year-on-year growth of 2.59%. However, it incurred a net loss of 83.58 million CNY [1][7]. - The company experienced a significant decline in revenue in 2024, with total revenue of 371 million CNY, down 24.31% year-on-year, and a net loss of 343 million CNY [1][7]. - The company is in a phase of technological investment and market expansion, with signs of improvement in cash flow and a reduction in losses in Q1 2025 [7]. Financial Performance Summary - **2024 Financials**: Total revenue was 371 million CNY, with a net loss of 343 million CNY. The revenue from the core software business was 285 million CNY, down 28.5% year-on-year [3][7]. - **2025 Projections**: Expected total revenue for 2025 is 427 million CNY, with a projected net loss of 238 million CNY, indicating a reduction in losses by 30.7% compared to 2024 [3][7]. - **Future Growth**: The company anticipates revenue growth of 15.0% in 2025, 19.0% in 2026, and 19.1% in 2027, with corresponding net losses decreasing over the same period [3][7]. Business Strategy and Developments - The company is focusing on AI strategy upgrades, with initial breakthroughs in large model business, including the launch of the Sophon LLMOps platform and the TKH knowledge platform [7]. - The company secured nearly 50 million CNY in orders related to large model business, covering sectors such as finance, government, and energy [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Today, more than half of the convertible bond sectors declined, and the valuation contracted on a month - on - month basis. The CSI Convertible Bond Index rose 0.06% month - on - month, while the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, SSE 50 Index, and CSI 1000 Index all declined. The large - cap value style was relatively dominant. The trading sentiment in the convertible bond market heated up [1]. - The convertible bond price center increased, and the proportion of high - price bonds decreased. The overall weighted average closing price of convertible bonds was 118.66 yuan, up 0.01% from yesterday. The valuation compressed, with the 100 - yuan par - value fitted conversion premium rate at 22.21%, down 0.15 pct from yesterday [2]. - Today, more than half of the underlying stock industry indices declined, with 25 industries falling in the A - share market and 18 in the convertible bond market. Different industries showed different trends in closing prices, conversion premium rates, conversion values, and pure bond premium rates [3]. 3. Summary by Relevant Catalogs 3.1 Market Main Index Performance - The CSI Convertible Bond Index closed at 429.31, up 0.06% daily, down 0.09% weekly, up 1.90% monthly, and up 3.56% since the beginning of 2025. Other convertible bond - related indices and major A - share indices also showed different trends in daily, weekly, monthly, and year - to - date changes [6]. - In terms of style indices, large - cap value was relatively strong, with the large - cap growth index down 1.09%, and the large - cap value index up 0.14% [7]. 3.2 Market Fund Performance - The trading volume of the convertible bond market was 5.8988 billion yuan, up 3.21% month - on - month, while the total trading volume of the Wind All - A Index was 116.4246 billion yuan, down 4.05% month - on - month. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 35.262 billion yuan, and the yield of the 10 - year treasury bond decreased by 1.65 bp to 1.67% [1][8]. 3.3 Convertible Bond Price and Valuation - The overall weighted average closing price of convertible bonds was 118.66 yuan, up 0.01% from yesterday. The proportion of bonds with a closing price above 130 yuan was 22.25%, down 1.27 pct from yesterday. The price median was 120.27 yuan, down 0.26% from yesterday [2]. - The 100 - yuan par - value fitted conversion premium rate was 22.21%, down 0.15 pct from yesterday. The overall weighted par value was 88.61 yuan, down 0.39% from yesterday [2]. 3.4 Industry Performance - In the A - share market, the top three declining industries were automobiles (- 1.91%), electronics (- 1.85%), and machinery and equipment (- 1.81%); the top three rising industries were agriculture, forestry, animal husbandry, and fishery (+ 1.20%), banking (+ 0.64%), and pharmaceutical biology (+ 0.37%). In the convertible bond market, the top three declining industries were communication (- 2.33%), automobiles (- 1.23%), and household appliances (- 1.14%); the top three rising industries were building materials (+ 3.21%), banking (+ 0.80%), and agriculture, forestry, animal husbandry, and fishery (+ 0.76%) [3]. - Different industries showed different trends in closing prices, conversion premium rates, conversion values, and pure bond premium rates. For example, the closing price of the large - cycle industry increased by 0.36% month - on - month, while the manufacturing industry decreased by 0.68% [3]. 3.5 Industry Rotation - Industries such as agriculture, forestry, animal husbandry, and fishery, banking, and pharmaceutical biology led the rise. The report provided detailed data on the daily, weekly, monthly, and year - to - date changes in the underlying stocks and convertible bonds of various industries, as well as the valuation quantiles of the underlying stocks [55].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][7][17]. Core Insights - The company reported a revenue of 297 million yuan in Q1 2025, a year-on-year increase of 3.04%, while the net profit attributable to shareholders was a loss of 2.59 million yuan, showing a reduction in losses compared to the previous year [1][7]. - The company experienced a decline in revenue for the full year 2024, with a total of 1.736 billion yuan, down 9.46% year-on-year, and a net profit of 18.586 million yuan, down 42.18% year-on-year [1][7]. - The report highlights that the company is building momentum for future growth through increased contracts and inventory, with a significant rise in new sales contracts and inventory levels [1][7]. Financial Performance Summary - **2024 Financials**: Total revenue was 1,736 million yuan, with a year-on-year decline of 9.5%. The net profit attributable to shareholders was 19 million yuan, down 42.2% [3][8]. - **2025 Projections**: Expected revenue growth of 11.2% to 1,932 million yuan, with net profit projected to increase significantly by 582.2% to 127 million yuan [3][8]. - **Earnings Per Share (EPS)**: Projected EPS for 2025 is 0.16 yuan, with a price-to-earnings (P/E) ratio of 89 [3][8]. Business Segment Analysis - **Digital Finance**: Revenue for 2024 is expected to be 1.043 billion yuan, a decline of 9.2%, accounting for 60.1% of total revenue [7]. - **Big Data**: Anticipated revenue of 574 million yuan in 2024, down 7.4%, representing 33.1% of total revenue [7]. - **Comprehensive Financial Services**: Expected revenue of 119 million yuan, down 20.3%, making up 6.8% of total revenue [7]. Market Expansion - The company has established a foothold in Southeast Asia, with overseas revenue of 129 million yuan in 2024, a year-on-year increase of 3.5%, and overseas contracts now account for 20% of total contracts [7][8]. - The report notes that the company has secured significant contracts in Thailand and Malaysia, indicating a strategic push for global expansion [7].

Investment Rating - The report maintains a recommendation for bank stock allocation, indicating a positive outlook for the sector [7]. Core Insights - The report emphasizes the historical performance of bank stocks, highlighting their ability to generate excess returns during stable or declining economic periods, while also noting their relative underperformance during economic upturns [11][13]. - Bank stocks are characterized as long-term investment champions, with average annualized returns of 12.58% over the past 20 years, ranking third among all sectors [34]. - The report identifies stable Return on Equity (ROE) and dividends as key sources of bank stock returns, with current industry ROE remaining above 9% despite a decline in net interest margins [38][45]. Summary by Sections 1. Historical Review of Bank Stocks - The absolute returns of bank stocks are influenced by macroeconomic conditions and liquidity, with positive returns during economic growth and loose liquidity, and negative returns during economic downturns [11]. - Over the past 20 years, bank stocks have achieved excess returns in 14 out of those years, particularly during periods of market volatility [11][13]. 2. Sources of Bank Stock Returns - Bank stocks are noted for their stable ROE and dividends, with a significant portion of returns derived from economic growth options [34]. - The average annualized return for bank stocks over the past 20 years is 12.58%, with the sector consistently outperforming the broader market in various holding periods [34][18]. 3. Individual Bank Performance - The report highlights the varying performance of different banks, with state-owned banks showing lower volatility and stable returns, while regional banks have exhibited higher short-term returns [44]. - Historical data indicates that smaller banks have often led in absolute returns, particularly in recent years [41]. 4. Investment Recommendations - The report suggests a focus on bank stock allocation, anticipating an increase in overall positions due to the influx of medium to long-term capital and reforms in public funds [7]. - Specific banks recommended for investment include major state-owned banks and strong regional banks with high provisioning coverage [7].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report The report comprehensively analyzes various policies from multiple aspects including macro - economy, finance, real estate, and tariffs. It details the latest policy trends and their potential impacts on different sectors, such as the support for small and micro - enterprises, the adjustment of deposit interest rates, and the progress of international trade negotiations. Summary by Directory 1. Macro - economic Tone - Eight departments jointly issued measures to support small and micro - enterprise financing, covering 8 aspects and 23 work measures [11]. - Shanghai, Henan, and Fujian introduced special consumption - boosting actions with different focuses and measures [12]. - The National Development and Reform Commission aims to issue the full - year "two - important" construction project list by the end of June and strengthen policy research and reserve [13]. 2. Fiscal Policy - New policy - based financial instruments may be introduced in the second quarter to support stable foreign trade and effective investment, with potential expansion of PSL and central fiscal subsidies [16]. - The 50 - year treasury bond issuance faced challenges, and the supply - demand relationship of long - term bonds may be unfavorable due to factors like pre - issued ultra - long bonds and slow growth of life insurance premiums [17]. - Over 80% of the 2 - trillion - yuan replacement bonds have been issued, and the issuance peak has passed. Four regions have slow progress [17]. 3. Monetary Policy - The "moderately loose" monetary policy will continue, and attention should be paid to policies announced during the Lujiazui Forum [20]. - The seventh round of large - bank deposit listing interest rate cuts was implemented on May 20, and the impacts on the asset and liability sides of the bond market should be noted [21]. - In May, the MLF was over - renewed by 375 billion yuan, with net investment for three consecutive months [22]. 4. Financial Supervision - For science - innovation bonds, there are differential arrangements in the issuance and trading system, focusing on supporting equity investment institutions [24]. - The regulatory trial rating of bank wealth - management companies is in progress, and the disclosure of performance benchmarks of asset - management products will be regulated. The performance benchmarks of wealth - management products have been frequently lowered [25]. - Xinhua Insurance was approved to participate in the third - batch long - term investment reform pilot of insurance funds, and the third - batch pilot funds will be approved soon [26]. - The first batch of 26 new floating - rate funds were registered by the CSRC, and applications for multiple credit - bond ETFs to be included in the repurchase collateral pool were approved [27]. 5. Real Estate Policy - It is expected to issue the 2025 central budget investment plan for urban renewal by the end of June, and a special loan management method for urban renewal projects will be introduced [30]. - Guangdong Province encourages various forms to support rural migrants' housing purchases, and Hefei extended its housing subsidy policy [30]. - Shenzhen plans to prohibit the conversion of allocated affordable housing into commercial housing [31]. 6. Tariff Policy - China and ASEAN completed the negotiation of the China - ASEAN Free Trade Area 3.0 [32]. - The US - EU tariff negotiation deadline was extended to July 9 [34]. - The US Court of Appeals temporarily restored Trump's tariff policy [34].