Core Viewpoint - The technology innovation sector, particularly the STAR Market, is experiencing a strong rebound driven by multiple positive signals, including significant policy support and increased capital inflow [1][2]. Group 1: Market Performance - The STAR Market Index ETF, Huatai-PineBridge (589080), saw a sharp rebound, rising nearly 3% and at one point exceeding 4%, with a trading volume surpassing 31 million yuan, indicating a significant increase in trading activity compared to the previous day [1]. - Major component stocks of the STAR Market ETF experienced substantial gains, with Tongyi rising over 18%, and other companies like Xindong Lian Ke and Guokai Military Industry increasing by over 14% [1]. Group 2: Policy and Institutional Support - Recent policies, including stock buybacks and increased investments from state-owned enterprises, are creating a synergistic effect that is expected to enhance the attractiveness of A-share core assets [1][2]. - Guoxin Investment Co. plans to increase its holdings in central enterprise stocks and technology innovation stocks through stock buybacks and special re-loans, with an initial amount of 80 billion yuan [1]. Group 3: Market Outlook - According to China International Capital Corporation (CICC), the risk of further declines in the A-share market is limited, supported by historical trends where state-owned enterprises tend to increase stock holdings during liquidity risk phases [2]. - Guoxin Securities emphasizes that technological self-reliance and autonomy are crucial for overcoming challenges posed by trade conflicts, particularly for the domestic electronics industry [2].

Core Viewpoint - The AI Fund Guotou UBS Core Enterprise Mixed Fund (121003) reported a profit of 13.44 million yuan for 2024, with a weighted average profit per fund share of 0.0126 yuan, and a net asset value growth rate of 2.09% for the reporting period [3][17]. Fund Performance - As of April 3, the fund's unit net value was 0.769 yuan, with a recent one-year return of -2.83%, ranking 230 out of 256 comparable funds [3][6]. - The fund's three-month return was 2.26%, ranking 209 out of 256, while the six-month return was -6.04%, ranking 217 out of 256 [6]. - Over the past three years, the fund's return was -17.20%, ranking 134 out of 236 [6]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.0032, ranking 157 out of 238 [11]. - The maximum drawdown over the past three years was 35.86%, with the largest single-quarter drawdown occurring in Q2 2018 at 21.13% [13]. Fund Holdings and Structure - As of December 31, 2024, the fund had a total scale of 780 million yuan and 38,300 holders, with individual investors holding 85.77% of the shares [17][20]. - The fund's top ten holdings include companies such as CATL, BYD, Midea Group, and others [25]. Investment Strategy - The fund manager maintains an optimistic outlook for the A-share equity market in 2025, believing that opportunities outweigh risks, supported by a higher dividend yield from the CSI 300 compared to the 10-year government bond yield [3]. - The fund will continue to focus on high-quality companies with competitive advantages across various sectors, including home appliances, automotive, telecommunications, resources, and electronics, while also seeking opportunities in technology and consumer sectors [3].

Investment Rating - The report maintains a "Recommended" rating for key companies in the semiconductor industry, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [4]. Core Viewpoints - The recent U.S. tariff policy is seen as a unilateral action that could accelerate the domestic replacement of semiconductor products in China. The report emphasizes the importance of increasing exposure to self-sufficient sectors within the semiconductor industry, particularly in areas with low domestic production rates [1][3]. - The semiconductor industry in China has made significant progress since the trade disputes began in 2018, and the new tariff measures are expected to further enhance the development of domestic alternatives [1][3]. Summary by Sections Semiconductor Industry Overview - The U.S. government announced a 34% tariff on all imports from the U.S. to China, effective April 10, 2025, which is viewed as a significant escalation in trade tensions [1]. - The report suggests that this situation is different from previous trade disputes, as it represents a broader attempt by the U.S. to isolate China economically [1]. Investment Opportunities - **Analog Chips**: The report highlights that the domestic supply rate for analog chips in China is below 15%, with even lower rates in automotive and high-end industrial markets. Companies like Siwei Pu, Naxin Micro, and Shengbang Co. are recommended due to their exposure to these sectors [2]. - **Semiconductor Equipment**: In 2024, China's total semiconductor equipment imports are projected to be $47.1 billion, with $4.5 billion from the U.S. The report suggests that the tariff response may accelerate the domestic replacement of semiconductor equipment, recommending companies like Northern Huachuang and Tuo Jing Technology [2]. - **Domestic Computing Power**: The report identifies SMIC as a key player in domestic computing power, with a focus on ASIC and CPU development. Companies such as Chipone Technology and Haiguang Information are highlighted for their potential growth in this area [3]. Key Company Forecasts and Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with all listed companies receiving a "Recommended" rating. For example, SMIC is projected to have an EPS of 0.49 yuan in 2024 with a PE ratio of 180 [4].

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The AI chip and CPU sectors are moving towards self-sufficiency, with significant growth potential in domestic chip production as companies like Alibaba, Tencent, and Huawei increase their investments in chip development [3][10]. - The domestic software industry is expected to accelerate, with the foundational software market projected to grow from approximately 153.8 billion RMB in 2023 to 432.76 billion RMB by 2025, reflecting a compound annual growth rate (CAGR) of about 48% [48]. - The autonomous driving chip market is also seeing a shift towards domestic production, with a notable increase in the output of domestic chips as the new energy vehicle industry expands [3][10]. Summary by Sections 01: AI Hardware: AI Chips + CPUs - The U.S. has added several Chinese AI companies to its entity list, increasing the difficulty of importing related components, which emphasizes the need for self-sufficiency in the AI industry [5]. - In 2024, China's AI chip shipments are estimated at 2.7 million units, with domestic brands accounting for only 30% of the market, indicating a significant reliance on imports [15]. - The market for AI chips in China is projected to grow rapidly, with a CAGR of 66.4% from 2020 to 2024, reaching a market size of approximately 1.412 trillion RMB in 2024 [15]. 02: Accelerated Development of the Trustworthy Computing Industry - The trustworthy computing industry is expected to grow significantly, with a market size projected to reach 3.38 trillion RMB by 2025, driven by increased domestic demand and government support [48]. - The foundational software market is anticipated to see rapid growth, with key segments such as operating systems and databases showing substantial potential for domestic replacement [48][51]. 03: Domestic Autonomous Driving Chips - In 2024, the output of domestic autonomous driving chips is expected to increase, with domestic manufacturers gradually catching up in terms of technology and production capacity [3][10]. - The market for intelligent cockpit chips is also expanding, with domestic chips currently accounting for only 10% of the market, indicating significant room for growth [3][10]. 04: Investment Recommendations - The report suggests actively monitoring the trustworthy computing industry chain due to the ongoing U.S. trade policies and technology restrictions, which are likely to drive domestic production and innovation [3].

Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Viewpoints - The emphasis on "technology domestic demand" is highlighted, with a focus on self-reliance and control as a core theme in the context of major power competition [3][10][22] - The report suggests that the domestic computing demand and self-reliance will be the main drivers for investment opportunities in the technology sector [3][22] - The report identifies key areas of focus including domestic AI computing, national software innovation (信创), military information technology, and the Harmony OS ecosystem [3][22] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.37%, the SME Index by 2.93%, and the ChiNext Index by 2.95% during the week of March 31 to April 3 [30] Industry News - The report discusses the release of the national measurement list which is expected to accelerate the domestic innovation industry [14] - It notes the importance of the Harmony OS as a significant new player in the domestic operating system market, particularly in PCs [15] Company Dynamics - Highwei Technology plans to reduce its shareholding by up to 4,400,000 shares, accounting for 1% of the total share capital [27] - The report mentions that Lai Si Information has completed the registration and filing procedures for changing its legal representative [27] Investment Suggestions - The report recommends focusing on companies involved in domestic AI computing, national software innovation, military information technology, and key players in the Harmony OS ecosystem [22] - Specific companies highlighted include Haiguang Information, Cambrian, Inspur Information, China Software, and others across various segments [22][21]

"数"说科创板 2025年3月 总体情况 截至2025年3月底，科创板上市公司共计586家。其中，集成电路领域公司总数 达119家，占A股同类上市公司的"半壁江山"，涵盖上游芯片设计、中游晶圆代工及 下游封装测试，形成上下游链条完整、产业功能齐备的发展格局；生物医药领域上 市公司总数112家，重点介入癌症、艾滋病、乙肝、丙肝等治疗领域，已成为美国、 香港之外全球主要上市地；新能源领域，已有17家光伏企业，20家动力电池产业链 公司，绿色经济发展势头良好；工业机器人、轨道交通等产业链也已初具规模。 01 地区分布情况 截至3月底，科创板上市公司已覆盖全国23省（自治区、直辖市），家数排名前五的省市为江苏 省113家，上海93家，广东省91家，北京76家，浙江省51家，合计424家，占比72%。长三角三省一市 合计281家，占比48%。 02 募集资金情况 科创板586家公司合计首发募集资金总额9,207.82亿元。科创板公司平均募集资金金额为15.74亿 元，最大值为中芯国际532.3亿元，中位数为9.90亿元。 科创板公司募集资金前五名 科创板公司募集资金分布情况 | 证券代码 | 证券简称 | 募资总额 | ...

金融界3月31日消息，上证指数下跌0.46%，中国战略新兴产业成份指数 (新兴成指，000171)下跌 0.7%，报1209.46点，成交额797.64亿元。 从中国战略新兴产业成份指数持仓的市场板块来看，深圳证券交易所占比60.96%、上海证券交易所占 比39.04%。 从中国战略新兴产业成份指数持仓样本的行业来看，信息技术占比27.54%、工业占比19.46%、通信服 务占比14.09%、医药卫生占比13.75%、可选消费占比9.87%、金融占比8.16%、原材料占比6.52%、公用 事业占比0.31%、主要消费占比0.29%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 跟踪新兴成指的公募基金包括：华夏战略新兴成指ETF联接A、华夏战略新兴成指ETF联接C、华夏战略 新兴成指ETF。 数据统计显示 ...

Group 1: DeepSeek Model and Factor Optimization - The DeepSeek model optimizes and generates stock selection factors based on the Alpha158 factor integrated with Qlib, covering five categories: intraday, volatility, price, volume, and price-volume correlation [3] - By optimizing these factors, DeepSeek significantly improves the predictive ability of most factors, particularly excelling in RankIC and ICIR metrics [3] - Generating new factors from scratch is challenging, but using existing optimized factor expressions as references allows for the generation of new high ICIR factors with fewer iterations [3] - In portfolio optimization, combining the optimized Alpha158 factors with newly generated factors using the Lasso model effectively enhances stock selection capabilities, especially in the full A-share data and the CSI 800 index combination [3] Group 2: New Incremental Policies and Economic Stimulus - On March 23, the Premier reaffirmed confidence in China's economic operation and macro policy implementation, emphasizing increased counter-cyclical adjustments and the potential introduction of new incremental policies, mainly referring to the possibility of central government leverage [4] - Following the National People's Congress, high-level leaders conducted intensive research in key regions such as Guizhou, Guangdong, and Fujian, focusing on technology, openness, foreign trade, employment, and security [4] - The State Council approved the "2025 Key Work Division Plan" on March 12, stressing the need to strengthen support for local governments, particularly in resource assurance, technological innovation, and reform and opening up, likely favoring major economic provinces like Zhejiang, Guangdong, and Fujian [4] - The central bank and other departments plan to stimulate the economy through policies such as reserve requirement ratio cuts, interest rate reductions, promoting foreign trade growth, and facilitating cross-border trade [4] - The "Special Action Plan to Boost Consumption" was issued on March 16, proposing measures to stimulate consumption through demand reform, supply upgrades, and livelihood guarantees, while also mentioning stabilizing the stock and real estate markets [4] Group 3: Hainan Huatie's Computing Power Leasing Business - Hainan Huatie (Huatie Dahuangfeng) has begun laying out its computing power leasing business and announced an investment plan for intelligent computing centers in 2024 [5] - As of December 2024, the company has signed computing power service orders totaling 2.475 billion yuan, and with a new contract of 3.69 billion yuan, the cumulative order amount has reached 6.165 billion yuan, 1.39 times its 2023 revenue [5] - The company’s former controlling shareholder has transferred its shares to Hainan State-owned Capital Holding Company, becoming the new controlling shareholder [5] - Expected net profits for the company from 2024 to 2026 are projected to be 619 million yuan, 846 million yuan, and 1.065 billion yuan, with EPS of 0.31 yuan, 0.43 yuan, and 0.54 yuan respectively [5] Group 4: Haiguang Information's Development in CPU and AI Computing - Haiguang Information, established in 2014, obtained AMD technology authorization in 2016 and initiated CPU product development, leveraging AMD's technology and its own R&D capabilities [7] - The company employs a "sell one generation, verify one generation, and develop one generation" strategy to promote continuous iteration of its Haiguang series CPUs and deep computing units (DCUs) [7] - Haiguang has significantly increased R&D investment, with product performance gradually catching up to global leaders while maintaining a leading position in the domestic market [7] - The Haiguang CPU is based on the x86 architecture, featuring a mature ecosystem and strong compatibility, particularly achieving seamless switching at the software and application levels [8] - Haiguang's DCU products, primarily used in supercomputing centers, have become leaders in domestic supercomputing chips, with ongoing development of the next-generation DCU, expected to significantly enhance AI performance [12] - The domestic information technology innovation industry is accelerating, with increasing domestic production rates supported by fiscal policies [10] - Haiguang is positioned to benefit from the rise of the domestic AI computing industry amid increasing U.S. chip export controls [12] Group 5: Investment Strategies During Earnings Season - Stocks disclosing last year's annual reports are suitable for shorter holding periods, while those disclosing quarterly reports are better for longer holding periods [13] - The excess return rate is typically better for shorter holding periods after annual report disclosures, while it improves with longer holding periods after quarterly report disclosures [13] - In the context of technology stocks experiencing box fluctuations, opportunities for low-cost entry in humanoid robots and DeepSeek + AI computing can be considered [13] - Investors should focus on stocks that perform well post-annual report release, keeping holding periods within T+5 for short-term gains [13] - After quarterly report disclosures, excess returns improve with extended holding periods, making it suitable to select stocks with sustained growth potential and consider holding until T+10 [13] - Maintaining dividend stocks as defensive assets is advisable, especially in a market lacking hotspots, with sectors like steel also considered for supplementary allocation [13]

Group 1 - The Shanghai Super Large Cap Index (000043) opened low and rose, increasing by 0.77% to 2139.89 points, with a trading volume of 39.529 billion [1] - Over the past month, the index has risen by 1.32%, but it has decreased by 1.46% over the past three months and is down 0.55% year-to-date [1] - The index consists of the top 20 listed companies ranked by average total market capitalization and average trading volume over the past year, reflecting the overall performance of these large-cap stocks [1] Group 2 - The index's top ten weightings include: Industrial Bank (5.8%), Zijin Mining (5.73%), China Merchants Bank (5.66%), WuXi AppTec (5.58%), Haiguang Information (5.47%), Industrial and Commercial Bank of China (5.41%), Shanxi Fenjiu (5.31%), Kweichow Moutai (5.19%), Agricultural Bank of China (5.14%), and Yili Group (4.91%) [1] - The Shanghai Stock Exchange accounts for 100% of the index's holdings, with the financial sector making up 31.07%, consumer staples at 15.41%, materials at 10.39%, healthcare at 10.26%, energy at 9.29%, industrials at 8.92%, information technology at 5.47%, utilities at 4.90%, and consumer discretionary at 4.29% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio generally not exceeding 10% [2]

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company is a leader in domestic CPU and DCU markets, benefiting from significant technological and ecological advantages, particularly through its partnership with AMD [3][4] - The domestic CPU market is projected to reach a scale of hundreds of billions, with substantial room for domestic replacement as the government increases support for domestic innovation [4][30] - The company is expected to see rapid growth in net profit from 2025 to 2027, with projected figures of 2.945 billion, 4.228 billion, and 5.647 billion respectively, reflecting year-on-year growth rates of 52.5%, 43.6%, and 33.6% [6][8] Summary by Sections Company Overview - Established in 2014, the company has developed into a leading player in the CPU and DCU sectors by leveraging AMD's technology and its own R&D capabilities [15][19] - The management team has significant experience from major tech firms, enhancing the company's strategic direction and innovation capabilities [19][21] CPU Market Analysis - The company’s CPU products, based on AMD's Zen1 architecture, have consistently outperformed competitors in terms of performance and ecosystem compatibility, particularly in the x86 architecture [42][44] - The domestic CPU market is estimated to be worth over 100 billion, with a growing trend towards domestic products due to increasing government support for local innovation [4][30] DCU Market Analysis - The company’s DCU products are positioned to benefit from the rising demand for AI computing power, with the upcoming deep computing product expected to significantly enhance performance [5][6] - The DCU architecture is highly compatible with existing CUDA ecosystems, facilitating easier integration with international AI frameworks [5][6] Financial Projections and Valuation - The company’s revenue is projected to grow from 6.012 billion in 2023 to 23.546 billion by 2027, with a compound annual growth rate of 89.1% over the past six years [8][22] - The gross margin is expected to improve steadily, reflecting the benefits of scale and product innovation, with a forecasted gross margin of 64.3% by 2027 [8][24]