Investment Rating - The industry investment rating is "Positive" and is maintained [7] Core Viewpoints - The OpenHarmony Developer Conference 2025 was held on May 24 in Shenzhen, showcasing the progress of the OpenHarmony project. The report suggests that OpenHarmony is expected to accelerate its penetration into various industries due to its open-source nature and ecosystem, benefiting the related industrial chain [2][11] - The OpenHarmony system has released version 5.1, focusing on enhancing the overall interaction experience and system capabilities, which is anticipated to reach world-class performance levels with continuous iterations [11] - The code scale of OpenHarmony has exceeded 130 million lines, with over 8,600 contributors and more than 1,100 software and hardware products passing compatibility tests. This growth is expected to attract more manufacturers, creating a positive cycle for ecosystem development [11] - OpenHarmony is actively incubating "AI + Robotics" technologies and has already seen 38 manufacturers release 67 commercial versions of the operating system across various sectors, including finance, transportation, education, and healthcare [11] - The report recommends focusing on investment opportunities in the Huawei Harmony PC supply chain and OpenHarmony operating system developers [11]

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 新增专项债发行进度 32.79% ——政府债周报（5/25） 报告要点 [Table_Summary] 5 月 26 日-6 月 1 日地方债披露发行 2282.12 亿元。其中新增债 1815.57 亿元（新增一般债 235.91 亿元，新增专项债 1579.66 亿元），再融资债 466.55 亿元（再融资一般债 415.93 亿元， 再融资专项债 50.62 亿元）。 5 月 19 日-5 月 25 日地方债共发行 2485.22 亿元。其中新增债 1130.83 亿元（新增一般债 55.19 亿元，新增专项债 1075.64 亿元），再融资债 1354.39 亿元（再融资一般债 864.76 亿元，再融 资专项债 489.63 亿元）。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title ...

丨证券研究报告丨 行业研究丨行业周报丨煤炭与消费用燃料 [Table_Title] 如何衡量本轮煤炭行情空间？ 报告要点 [Table_Summary] 近期市场红利风格有所回归，本周涨幅前十板块中红利板块居多。基于红利横向对比视角，如 何衡量当前位置下后续煤炭行情空间？通过测算发现，基于最新 10Y 国债收益率以及农业银行 /中国移动/长江电力 2025E 股息率最新预测，以中国神华为代表的此轮煤炭红利交易或仍有上 行空间，建议重视未来季度级别煤炭基本面与外部风格共振的行情。 分析师及联系人 [Table_Author] 肖勇 赵超 叶如祯 庄越 韦思宇 SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 煤炭与消费用燃料 cjzqdt11111 [Table_Title2] 如何衡量本轮煤炭行情空间？ [Table_Summary2 ...

[Table_Summary] 美东时间 5 月 20 日，谷歌 2025 年度 I/O 开发者大会的开幕，谷歌带来了一系列以人工智能为 核心的重大更新，涵盖了搜索、浏览器、办公工具、硬件设备等多个领域。此次谷歌开发者大 会，无论是其 Gemini 2.5 系列大模型的发布，还是其在搜索中引入"AI 模式"，谷歌都展现了 其在生成式 AI 领域的深厚实力。同时，随着谷歌将 AI 与其产品深度整合，并实现场景落地， 其 AI 产品商业化进度值得期待。建议关注：1）AI Agent 相关标的；2）国产算力产业链；3） 算力基础设施。 丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] AI 产业跟踪："降低门槛、加速创造"，谷歌开启 AI 生态新时代 报告要点 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title AI 产业跟踪："降低门槛、加速创造"，谷歌开 2] 启 A ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 7.757 billion yuan for 2024, a year-on-year decrease of 4.71%, with a net profit attributable to shareholders of 315 million yuan, down 37.90% year-on-year [4][10]. - In Q4 2024, the company achieved a revenue of 2.364 billion yuan, with a net profit of 77 million yuan [4]. - For Q1 2025, the company reported a revenue of 1.216 billion yuan, an increase of 2.73% year-on-year, with a net profit of 69 million yuan, down 6.26% year-on-year [4][10]. Summary by Sections Financial Performance - In 2024, the company's data center revenue was 3.152 billion yuan, up 14.07% year-on-year, while IDC revenue was 1.231 billion yuan, down 4.53% year-on-year due to declining rents [10]. - Product revenue reached 1.921 billion yuan, a year-on-year increase of 30.33%, benefiting from domestic data center capital expenditure expansion and equipment localization [10]. - New energy revenue was 3.608 billion yuan, down 15.98% year-on-year, primarily due to a significant drop in storage product prices [10]. - The gross margin for IDC was 23.32%, down 2.91 percentage points year-on-year, while the gross margin for data center products was 32.25%, down 1.07 percentage points year-on-year [10]. Future Outlook - The company is expected to benefit from the growing demand for data center infrastructure driven by AI applications, with a projected revenue growth of over 50% for data center products in 2025 [10]. - The IDC business is anticipated to grow by 10-20% year-on-year, supported by improved profitability as the product listing rate increases [10]. - The new energy business is expected to continue reducing losses, aided by market expansion and limited price declines for storage products [10]. - Overall, the company aims for a net profit of approximately 700 million yuan in 2025, corresponding to a PE ratio of 28 times [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 430 million yuan for 2024, a decrease of 28.87% year-on-year. The net profit attributable to the parent company was 36 million yuan, down 72.23% year-on-year. The net profit after deducting non-recurring items was 34 million yuan, a decrease of 73.19% year-on-year. The operating cash flow net amount was 50 million yuan, down 72.10% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 55 million yuan, a decrease of 51.82% year-on-year, with a net profit attributable to the parent company of -10 million yuan, compared to a profit of 7 million yuan in the same period last year. The net profit after deducting non-recurring items was -11 million yuan, down from 6 million yuan year-on-year. The operating cash flow net amount was -8 million yuan, compared to -44 million yuan in the same period last year [2][4]. - The company focuses on standardized examination point construction and aims to leverage AI to drive a new growth curve in smart education and examination [4]. Summary by Sections Financial Performance - For 2024, the company’s total revenue was 430 million yuan, with a gross profit margin of 51.43%, which is relatively stable compared to 51.75% in 2023. The net profit margin was 6.96%, a significant decline of 14.48 percentage points year-on-year due to revenue pressure and fixed costs [10]. - The company’s sales, management, and R&D expenses for 2024 were 68 million yuan, 84 million yuan, and 42 million yuan respectively, with year-on-year changes of -13.15%, +25.78%, and -6.00% [10]. - The revenue from the core business of standardized examination products and solutions was 270 million yuan, down 35.91% year-on-year, while the revenue from smart education products was 93 million yuan, down 19.89% year-on-year [10]. Future Outlook - The company is expected to achieve revenues of 475 million yuan, 554 million yuan, and 680 million yuan for 2025, 2026, and 2027 respectively, with net profits of 68 million yuan, 88 million yuan, and 130 million yuan for the same years [10]. - The company is implementing an "AI+" strategy to assist in its transformation, with AI products expected to drive new business opportunities and enhance existing offerings [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant improvement in operational performance, with Q1 2025 revenue reaching 1.469 billion yuan, a year-on-year increase of 24.69%. The net profit attributable to shareholders was 93 million yuan, up 2.00% year-on-year, while the net profit after deducting non-recurring items was 88 million yuan, reflecting a 2.48% increase. However, the net operating cash flow decreased by 25.44% to 122 million yuan [2][4][11]. - The company is positioned as a global leader in intelligent operating system products and technologies, leveraging its strategic advantages to drive the development of the smart industry amid a new wave of intelligentization. A new growth curve is expected to gradually open up [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 1.469 billion yuan, a 24.69% increase year-on-year. The gross profit margin for Q1 was 36.28%, down 3.54 percentage points year-on-year, primarily due to increased personnel costs as the workforce grew from 13,119 in 2023 to 15,031. Operating costs rose by 32.02% year-on-year. However, the gross margin improved significantly by 6.74 percentage points compared to the previous quarter [11]. - The sales expense ratio, R&D expense ratio, and management expense ratio for Q1 2025 were 3.54%, 19.20%, and 9.37%, respectively, showing a decrease compared to the same period last year [11]. Growth Strategy - The company has outlined three major growth curves: 1. Capitalizing on the emerging trend of mobile operating systems to enter a rapidly growing market. 2. Enhancing existing business with edge intelligence to benefit from the increasing penetration of smart terminals. 3. Innovating in edge intelligence and new business areas, such as mobile robotics, to fully leverage the opportunities presented by edge intelligence [11]. - Recent product launches, including Drip OS 1.0 Evo, TurboX AI glasses, and mobile robot AMR, highlight the company's breakthroughs in AI-native operating systems and edge intelligence [11]. Market Positioning - The company is firmly committed to its "operating system + edge intelligence" strategy, which is expected to open up new growth opportunities. It has established long-term collaborations with leading players in the chip, operating system, and cloud sectors, enhancing its competitive positioning [11]. - The company is well-positioned in the smart industry, aligning its business layout with the trend of value growth shifting from cloud to edge, and is expected to benefit from every wave of terminal intelligence opportunities [11]. Financial Projections - The company is projected to achieve net profits attributable to shareholders of 482 million yuan, 561 million yuan, and 804 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 52, 45, and 31 times [11].

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [11]. Core Insights - The communication sector experienced a decline of 1.85% in the 21st week of 2025, ranking 26th among primary industries in the Yangtze River region. Since the beginning of 2025, the sector has decreased by 4.71%, also ranking 26th [2][5]. - Recent releases of AI models, such as Google's Gemini 2.5 and Anthropic's Claude 4, continue to drive demand in data center communications, indicating a sustained positive outlook for AI and computing power [2][9]. - The current valuation of the telecommunications business segment remains low, suggesting a high cost-performance ratio for overall industry allocation [2]. Summary by Sections Market Performance - In the 21st week of 2025, the communication sector saw a 1.85% decline, with a year-to-date drop of 4.71%, both placing it 26th among primary industries [2][5]. - Among companies with a market capitalization above 8 billion, the top three gainers were Dongtu Technology (+14.5%), Haige Communication (+12.8%), and Mengwang Technology (+11.7%). The largest decliners were Lian Te Technology (-10.5%), Taicheng Light (-10.2%), and Cambridge Technology (-8.9%) [5]. AI and Computing Power Developments - Google's annual developer conference introduced the Gemini 2.5 series, enhancing multi-modal capabilities and platform integration, which is expected to bolster the AI ecosystem [6]. - Anthropic launched the Claude 4 series, focusing on coding capabilities and tool usage, with the Claude Code programming assistant now operational [7]. - Huawei's KADC 2025 emphasized the integration of AI and computing power, showcasing advancements in their software and hardware platforms [8]. Investment Recommendations - The report recommends focusing on several key players: - Telecom Operators: China Mobile, China Telecom, China Unicom [9]. - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, with a focus on Taicheng Light and Shijia Photon [9]. - Domestic Computing Power: Fenghuo Communication, Huafeng Technology, Yingweike, Runze Technology, Guangxun Technology, ZTE, and Unisplendour, with attention to Kehua Data and Aofei Data [9]. - IoT: Heertai, Tuobang, Yiyuan Communication, Meige Intelligent, and Aojie Technology [9]. - Satellite Applications: Haige Communication and Huace Navigation, with a recommendation to monitor Chengchang Technology [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 430 million yuan in 2024, a year-on-year decrease of 28.87%. The net profit attributable to the parent company was 36 million yuan, down 72.23% year-on-year. The net profit after deducting non-recurring items was 34 million yuan, a decrease of 73.19% year-on-year. The operating cash flow net amount was 50 million yuan, down 72.10% year-on-year. In Q1 2025, the company achieved a revenue of 55 million yuan, a year-on-year decrease of 51.82%, with a net profit attributable to the parent company of -10 million yuan, compared to 7 million yuan in the same period last year [2][5][11] - The company is a leader in standardized examination point construction, focusing on smart examination and smart education. The integration of AI is expected to create a new growth curve for the company [5][11] Summary by Sections Financial Performance - In 2024, the company's revenue was 430 million yuan, with a gross margin of 51.43%, which is relatively stable compared to 51.75% in 2023. The net profit margin was 6.96%, a significant decline of 14.48 percentage points year-on-year. The sales, management, and R&D expenses were 68 million, 84 million, and 42 million yuan respectively, with year-on-year changes of -13.15%, +25.78%, and -6.00% [11][12] - For Q1 2025, the company continued to face pressure with a revenue of 55 million yuan and a net profit of -10 million yuan, indicating ongoing challenges in the market [5][11] Business Segments - The core business segments faced pressure, with the standardized examination products generating 270 million yuan in revenue, down 35.91%, and a gross margin of 58.01%. The smart education products generated 93 million yuan, down 19.89%, with a gross margin of 37.32% [11][12] - The company is advancing its "AI+" strategy to support transformation, leveraging AI for smart examination and education solutions, which are expected to drive future growth [11][12] Future Projections - Revenue projections for 2025, 2026, and 2027 are 475 million, 554 million, and 680 million yuan respectively, with net profits of 68 million, 88 million, and 130 million yuan. The corresponding price-to-earnings ratios are projected to be 65, 50, and 34 times [11][12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2024, the company achieved operating revenue of 4.237 billion yuan, a year-on-year decrease of 5.69%, and a net profit attributable to the parent company of 110 million yuan, a year-on-year decrease of 62.63% [2][4] - In Q4 2024, the company reported operating revenue of 1.192 billion yuan, a year-on-year increase of 6.86%, while the net profit attributable to the parent company was 16 million yuan, a year-on-year decrease of 86.33% [2][4] - In Q1 2025, the company achieved operating revenue of 1.085 billion yuan, a year-on-year increase of 5.19%, and a net profit attributable to the parent company of 42 million yuan, a year-on-year increase of 4.67% [2][4] Summary by Sections Financial Performance - The company experienced a strategic adjustment in its brand portfolio in 2024, leading to revenue pressure and a decline in profit margins. However, the gross margin improved by 4.6 percentage points due to an ongoing optimization of brand structure, with a higher proportion of high-end brands [11] - The sales expense ratio increased by 7.7 percentage points year-on-year, attributed to increased brand promotion investments, while the management and R&D expense ratios also saw slight increases [11] - In Q4 2024, the company saw a recovery in revenue growth, with a year-on-year increase of 7%, and a gross margin improvement of 3.1 percentage points [11] - For Q1 2025, the company maintained stable revenue growth of 5%, with a gross margin increase of 2.4 percentage points, indicating effective control over brand marketing expenses [11] Future Outlook - The company aims to establish itself as a "global emerging luxury beauty group," with ongoing investments in high-end brands and market expenses. The revenue is expected to stabilize, and profit margins are anticipated to gradually recover [11] - Forecasted net profits for 2025, 2026, and 2027 are projected to be 230 million yuan, 320 million yuan, and 390 million yuan, respectively [11]