2025年一季报业绩进一步印证了算力产业链的高景气程度，特别是国产算力核心企业，净利润普遍大幅 增长，这反映了算力市场的旺盛需求。在业界人士看来，国产算力正处于政策利好持续释放、市场需求 爆发、技术创新突破、业绩开始兑现四重共振的关键节点，其价值实现的奇点正加速到来。 政策红利持续释放 政策作为产业发展的"方向盘"和"助推器"，在推动国产算力崛起的过程中，发挥着不可或缺的关键作 用。 2020年4月，中共中央、国务院印发《关于构建更加完善的要素市场化配置体制机制的意见》，"数 据"作为一种新型的生产要素首次被列入。2020年底，国家发展改革委等部门发布《关于加快构建全国 一体化大数据中心协同创新体系的指导意见》，提出到2025年，全国范围内数据中心形成布局合理、绿 色集约的基础设施一体化格局。 2021年5月，《全国一体化大数据中心协同创新体系算力枢纽实施方案》确定了在京津冀、长三角、粤 港澳大湾区、成渝，以及贵州、内蒙古、甘肃、宁夏等地布局建设全国一体化算力网络国家枢纽节点， 提出加快实施"东数西算"工程。2021年12月到2022年2月，"东数西算"涉及的8个国家算力枢纽节点和10 个国家数据中心集群全部 ...

Core Insights - The article highlights that Zhongke Shuguang's DeepAI intelligent engine has successfully passed a joint evaluation by the China Academy of Information and Communications Technology, Tair Laboratory, and the Foundry Plan, becoming the first end-to-end AI acceleration suite to receive this certification in the industry [1] - The DeepAI engine's DAP (AI Application Platform) is recognized for its comprehensive functionality, business security, technological advancement, and operational stability, positioning it as a leader in the industry [1] Group 1: Product Features - The DAP platform adheres to the "out-of-the-box, secure and controllable" philosophy, integrating deeply with domestic GPU acceleration cards to provide a full-stack solution for large model application development [1] - Key capabilities of the DAP platform include dialogue services, RAG knowledge base, and Agent intelligence, along with enterprise-level features such as SSO, fine-grained permissions, and comprehensive auditing [1] Group 2: Market Applications - The DAP platform has been successfully deployed in various clients, including Bank of China, Beijing Aerospace General Hospital, Nanjing University of Aeronautics and Astronautics, and Shenzhen Discipline Inspection Commission, demonstrating the superior support capabilities of domestic AI computing hardware and software for complex large model tasks [3] - The platform addresses challenges in IT operations management by providing a cost-effective and efficient solution for knowledge management, particularly in industries like finance and healthcare where the quality of product requirement documents (PRD) is critical [2][3] Group 3: Future Developments - Following the certification from the China Academy of Information and Communications Technology, the company plans to continuously iterate on the DeepAI intelligent engine, focusing on enhancing product functionality in line with actual scene requirements and integrating deeply with client datasets and business processes [3] - The company aims to collaborate with more ecosystem partners to further enhance the competitive edge of domestic AI computing hardware and software [3]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,586,233,304.50, representing a 4.34% increase compared to CNY 2,478,641,535.71 in the same period last year[4] - Net profit attributable to shareholders increased by 30.79% to CNY 186,472,838.24 from CNY 142,577,605.46 year-on-year[4] - The basic earnings per share rose by 30.61% to CNY 0.128 from CNY 0.098 in the previous year[4] - Total profit for Q1 2025 was ¥232,323,413.96, up from ¥209,201,041.21 in Q1 2024, marking an increase of 11.05%[21] - Other comprehensive income after tax for Q1 2025 was ¥4,983,323.27, compared to a loss of ¥1,741,321.08 in Q1 2024[21] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 1,117,741,866.55, compared to a net outflow of CNY 493,551,141.49 in the previous year, indicating a significant increase in cash outflow[4] - Total cash inflow from operating activities for Q1 2025 was ¥5,194,521,683.02, an increase from ¥3,659,402,093.13 in Q1 2024[23] - Total cash outflow from operating activities for Q1 2025 was ¥6,312,263,549.57, compared to ¥4,152,953,234.62 in Q1 2024[23] - The ending cash and cash equivalents balance decreased to $4.75 billion from $6.34 billion, a decline of approximately 25.0%[24] - Total cash and cash equivalents decreased by $1.52 billion during the period, compared to a decrease of $774.69 million in the prior period[24] Assets and Liabilities - Total assets decreased by 1.88% to CNY 35,930,290,716.83 from CNY 36,617,491,563.87 at the end of the previous year[5] - The company's current assets decreased to RMB 12,636,705,803.81 from RMB 13,986,714,455.67, reflecting a decline of approximately 9.7%[15] - The total liabilities of the company decreased to RMB 14,817,885,780.74 from RMB 15,290,643,033.33, a reduction of about 3.1%[17] - The company's total equity stood at RMB 21,112,404,936.09, slightly down from RMB 21,326,848,530.54, reflecting a decrease of approximately 1.0%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 377,310[12] - The top shareholder, Beijing Zhongke Sanyuan Asset Management Co., Ltd., holds 239,388,281 shares, accounting for 16.36% of the total shares[12] Investment and Expenses - The company reported a significant increase in investment income by 89.36%, primarily due to increased profits from joint ventures[10] - Research and development expenses for Q1 2025 amounted to ¥390,306,528.12, an increase of 7.52% from ¥363,343,338.86 in Q1 2024[20] - Cash outflow for financing activities totaled $240.33 million, up from $121.03 million, indicating an increase of 98.8%[24] Other Financial Metrics - The weighted average return on equity increased by 0.15 percentage points to 0.91% from 0.76%[5] - The company's inventory decreased to RMB 3,198,462,014.55 from RMB 3,858,528,097.75, a decline of about 17.1%[16] - The company reported a significant increase in other receivables, which rose to RMB 308,322,608.36 from RMB 59,286,971.24, marking an increase of approximately 419.5%[15] - The company has not reported any significant changes in its shareholder structure or related party transactions during the reporting period[13] - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[24]

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - The escalation of the tariff event has accelerated the process of self - controllability in key areas. China is using "independent innovation" to drive "import substitution" and upgrading the high - end manufacturing supply chain [2]. - The semiconductor, computer, AI, and military industries are expected to benefit from the trend of self - controllability. The semiconductor industry is in an upward cycle, the computer industry is gradually recovering, the AI industry has more development opportunities, and the military industry shows strong resilience [7]. - Some convertible bonds, such as Xingfa Convertible Bond, Weil Convertible Bond, Daotong Convertible Bond, and Kelan Convertible Bond, are worthy of key attention [9]. Summary According to the Directory 1. Breakthrough and Establishment: Accelerated Implementation of Self - Controllability in Key Areas 1.1 Tariff Event Review - In early April 2025, the Sino - US tariff event escalated. The US continuously increased tariffs on Chinese goods, and China took counter - measures. The event objectively accelerated the process of domestic substitution [15]. 1.2 Semiconductor Industry - The self - autonomy process of the Chinese semiconductor industry has accelerated. China is considering strengthening cooperation with other regions to diversify the supply chain, but the key lies in independent innovation. The "integrated circuit origin rule" promotes the transfer of the industrial chain to the domestic market [19][20]. - In terms of semiconductor materials, China is trying to break through the import dependence on key materials such as CMP polishing materials, high - end photoresists, and electronic special gases. Some domestic companies have achieved certain results [21]. - For semiconductor chips, the tariff event has a short - term impact on imports, but it also accelerates domestic substitution. In the long run, it promotes the construction of a "de - Americanized" supply chain [24][25]. 1.3 Information Technology Application Innovation (ITAI) - The tariff event has a short - term impact on the ITAI industry but catalyzes long - term domestic substitution. The ITAI industry is upgrading from "usable" to "good - to - use" [26]. - Huawei's HarmonyOS has achieved breakthroughs in technology and ecological construction. It faces challenges in application and developer ecosystems but has the potential to form a tripartite situation with Android and iOS [28][30]. - The tariff event accelerates the R & D and iteration of domestic industrial software, promoting its market penetration and competitiveness [32][35]. 1.4 Satellite Internet - The satellite Internet industry in China has transformed from policy - driven to technology and market - driven, with a complete industrial chain. It has achieved technological breakthroughs but also faces challenges such as security protection and standardization [36][39]. 1.5 Domestic Computing Power - The domestic computing power industry is in a critical turning point from following to leading in technology. It has achieved multi - dimensional breakthroughs in basic software and hardware, and the market is in a virtuous cycle of investment and application [42][43]. 1.6 National Defense and Military Industry - The national defense and military industry has a high degree of self - controllability in the supply chain, showing strong resilience in the tariff event. The military electronics and aerospace industries have achieved system - level development [45][46]. 2. The US Imposes Tariffs on China, and the Self - Controllable Sector May Become the Dominant Force 2.1 Semiconductor Industry - The global semiconductor industry is recovering, entering an upward cycle. AI development and automotive intelligence drive the industry. Some leading companies have achieved significant performance growth. Key convertible bonds to focus on are Weil Convertible Bond and Xingfa Convertible Bond [47]. 2.2 Military Industry - In 2024, the performance of military industry listed companies showed a more significant structural differentiation. Leading enterprises maintained growth, while small and medium - sized manufacturers faced challenges [50]. 2.3 Computer Industry - In 2024, the computer industry gradually recovered. Leading enterprises achieved performance growth through innovation and market expansion. Daotong Convertible Bond is worthy of attention [56]. 2.4 AI Industry - In 2024, the AI industry had more development opportunities. Leading enterprises achieved performance growth through innovation. The industry is expected to benefit from the expansion of application scenarios and policy support. Kelan Convertible Bond is worthy of attention [58]. 3. There Are Many Relevant Convertible Bonds, and Some Can Be Focused on 3.1 Xingfa Convertible Bond - Xingfa Group has transformed from a traditional chemical enterprise to a high - end chemical new material supplier. Its business is distributed at home and abroad, and its net profit has increased significantly [61]. 3.2 Weil Convertible Bond - Weil Semiconductor is a leading global semiconductor design enterprise. Its performance has grown significantly, and it is in a leading position in the industry [63][65]. 3.3 Daotong Convertible Bond - Daotong Technology is a leading global enterprise in automotive intelligent diagnosis. Its net profit has increased steadily, and its overseas business revenue accounts for a high proportion [67]. 3.4 Kelan Convertible Bond - Kelan Software is an important participant in the financial technology field. Its performance has grown steadily, and it continues to expand its business areas [70].

中科曙光：第一季度净利润同比增长31% 智通财经4月29日电，中科曙光(603019.SH)公告称，2025年第一季度实现营业收入25.86亿元，同比增长 4.34%；归属于上市公司股东的净利润为1.86亿元，同比增长30.79%。主要原因是公司联营企业利润增 加对投资收益的影响。 ...

中科曙光（603019）公告，2025年第一季度营收为25.86亿元，同比增长4.34%；净利润为1.86亿元，同 比增长30.79%。 ...

Investment Rating - The report maintains a "Neutral" rating for the computer industry [6] Core Insights - The computer sector's fund holding ratio has significantly decreased to approximately 1.52% in Q1 2025, down from previous quarters [10][19] - The number of computer companies among the top ten holdings has increased to 197 in Q1 2025, indicating a rise in concentration [11] - The top ten companies by fund holding market value include Kingsoft Office, iFlytek, Hikvision, and others, with notable changes in rankings compared to Q4 2024 [15][19] Summary by Sections Market Review - During the week of April 21-25, the CSI 300 index rose by 0.38%, while the computer sector (CITIC) increased by 0.8% [2][26] Industry News - Shanghai's Economic and Information Technology Commission announced a new initiative for AI innovation tasks [20] - The Ministry of Industry and Information Technology and the National Standardization Administration jointly issued guidelines for the construction of a national intelligent manufacturing standard system [21] Company News - Pingzhi Information plans to bid for a GPU computing power project with a total amount of approximately 246 million yuan [24] - Century Dingli has completed changes in its board and senior management [24] Weekly Insights - The fund holding ratio for the computer sector has decreased, indicating a historical low, while the concentration of holdings has increased [4][19] - The top ten holdings in the computer sector have changed, with notable entries and exits compared to the previous quarter [15][19]

关于选举职工董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为完善公司治理结构，依据《公司法》等法律法规、规范性文件及《公司章 程》等有关规定，公司于 2025 年 4 月 25 日召开 2025 年第一次职工代表大会， 以无记名投票方式，选举崔梓杰先生为公司第五届董事会职工董事，任期自本次 职工代表大会审议通过之日起至公司第五届董事会任期届满止。 特此公告。 证券代码：603019 证券简称：中科曙光 公告编号：2025-031 曙光信息产业股份有限公司 根据《公司法》《证券法》《上海证券交易所股票上市规则》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》等法律法规、规范性文件及《公 司章程》等有关规定，经审查，崔梓杰先生不存在法律法规规定的不得担任上市 公司董事的情形；未被中国证监会采取证券市场禁入措施；未被证券交易所公开 认定为不适合担任上市公司董事、监事和高级管理人员；最近三年内未受到证监 会行政处罚；不存在因涉嫌犯罪被司法机关立案调查或者涉嫌违法违规被中国证 监会立案调查的情形。 曙光 ...

证券代码：603019 证券简称：中科曙光 公告编号：2025-032 曙光信息产业股份有限公司 关于股东权益变动的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次权益变动为公司股东北京中科算源资产管理有限公司（以下简称"中 科算源"）履行此前披露的股份变动计划（详见公司公告：2025-001）所致，不 触及要约收购，不涉及公司控股股东及实际控制人发生变化。 本次权益变动后，中科算源持有公司股份比例由 15.96%变为 15.00%，并 根据《上市公司收购管理办法》的规定编制并披露《简式权益变动报告书》。 2025 年 4 月 25 日，曙光信息产业股份有限公司（以下简称"公司"或"中 科曙光"）收到股东中科算源出具的《简式权益变动报告书》，现将其有关权益 变动的具体情况公告如下： 一、本次权益变动的基本情况 | 信息披露 | 股东名称 | 北京中科算源资产管理有限公司 | | --- | --- | --- | | 义务人 | 注册地 | 北京市海淀区 | | | 成立时间 | 2007 ...

曙光信息产业股份有限公司 简式权益变动报告书 上市公司名称：曙光信息产业股份有限公司 信息披露义务人名称：北京中科算源资产管理有限公司 住所/通讯地址：北京市海淀区海淀北二街 签署日期：二〇二五年四月二十五日 1 | 信息披露义务人声明 | | --- | | 第一节 释义 . | | 第二节 信息披露义务人介绍 . | | 第三节 权益变动目的及持股计划 | | 第四节 信息披露义务人权益变动方式 | | 第五节 前六个月内买卖中科曙光股份的情况 . | | 第六节 其他重大事项 . | | 第七节 信息披露义务人声明 | | 第八节 备查文件 . | | 附表:简式权益变动报告书 14 | 股票简称：中科曙光 股票代码：603019 上市地点：上海证券交易所 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国证券法》（以下简称 《证券法》）、《上市公司收购管理办法》（以下简称《收购管理办法》）、 《公开发行证券的公司信息披露内容提要与格式准则第 15 号——权益变动报告 书》（以下简称《准则 15 号》）等相关法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和 ...