Group 1 - The A-share market saw all three major indices rise, with electronic components and power generation equipment sectors leading the gains [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) opened significantly higher, rising over 1% as of the report, with a latest circulation size of 631 million shares and a total market size of 704 million yuan [1][2] - Key component stocks such as Daotong Technology and Tianzhun Technology rose nearly 4%, while Optoelectronics increased over 3% [2] Group 2 - The U.S. Customs and Border Protection announced the exemption of tariffs on electronic products like smartphones and computers, which may alleviate price pressures for U.S. consumers and benefit major electronics companies including Apple and Samsung [2] - Huatai Securities views the tariff exemption as favorable for domestic fruit chain and PCB companies, suggesting that the core issues may shift back to overall demand and innovation pace, with optimism regarding the competitiveness and valuation recovery of Chinese enterprises [2][3] - Industrial chain analysis indicates that the impact of tariffs on the Apple supply chain and computing PCBs is largely eliminated, with expectations for recovery in product sales and supply chain pricing [3]

Core Viewpoint - The recent U.S. tariff policy has prompted a surge in institutional research on cross-border e-commerce companies, with firms expressing confidence in their strategies to mitigate impacts and seize opportunities amidst challenges [1][4][5]. Group 1: Company Responses to Tariff Policies - Companies like Anker Innovation believe that while there may be short-term pressure, their long-term value remains intact, and they are confident in navigating through cycles for sustainable growth [5]. - Tongdao Technology has proactively set up operations in low-tariff countries like Mexico to reduce tariff impacts and is expanding its business in Europe, Asia-Pacific, and the Middle East [2]. - SanTai Co. stated that the overall impact of the tariff policy is limited, and they will continue to implement a multi-regional strategy while optimizing supply chain costs [2]. Group 2: Market Opportunities and Challenges - Companies like Giant Star Technology view the tariff situation as presenting more opportunities than challenges, as rising prices may lead to market consolidation, benefiting those with competitive products [4][6]. - The overall market size is not expected to be significantly affected, despite potential price increases and volume declines [4]. - The tariff policy is seen as a catalyst for innovation, allowing companies to enter previously challenging market segments [4]. Group 3: Industry Performance and Trends - The cross-border e-commerce sector has seen significant growth, with China's cross-border e-commerce import and export reaching 2.63 trillion yuan in 2024, a 10.8% increase [7]. - There is a notable performance divergence among companies, with some achieving substantial growth while others face increasing losses [7][8]. - Companies that have diversified their supply chains and markets are expected to capture more market share and thrive in the evolving landscape [8].

Group 1 - The company announced a share repurchase plan approved during the 19th meeting of the fourth board of directors held on April 8, 2025 [1] - The details of the share repurchase plan were disclosed on the Shanghai Stock Exchange website on April 9 and April 10, 2025 [1] - The announcement includes information about the top ten shareholders and top ten unrestricted shareholders as of the trading day prior to the board meeting [2][3] Group 2 - The shareholding data for the top ten shareholders includes the total number of shares held after combining ordinary accounts and margin trading accounts [2] - The same methodology applies to the top ten unrestricted shareholders, ensuring a comprehensive view of the ownership structure [3]

Group 1 - The first quarterly report for 2025 from the Sci-Tech Innovation Board was released by Xigao Institute, marking it as the first company to disclose such results [2] - Xigao Institute reported a revenue of 207 million yuan for Q1 2025, representing a year-on-year growth of 12.1%, and a net profit of 62.97 million yuan, also up by 12.1% [2] - The overall performance of Sci-Tech Innovation Board companies in Q1 2025 shows positive signals, with 14 companies reporting earnings forecasts, including 9 with expected profit increases and 5 turning losses into profits [2] Group 2 - Linweina, the first chip testing probe company in the A-share market, achieved a revenue increase of 112% in Q1 and turned a profit due to higher sales of high-margin products and expanded sales scale [3] - Tailin Micro, a leader in low-power Bluetooth chips, reported a revenue of 230 million yuan in Q1, with a year-on-year increase of 43% and a net profit increase of approximately 894% [3] - Guanda Special Materials achieved a revenue of 1.12 billion yuan in Q1, with a net profit increase of 1504.79%, driven by strong demand in downstream industries and the effectiveness of its fundraising projects [3][4] Group 3 - Companies like United Imaging and Guoxin Technology are maintaining strong R&D momentum and practical business strategies, with United Imaging reporting over 140 product approvals globally [5] - Guoxin Technology disclosed significant progress in RISC-V architecture development, showcasing its R&D capabilities with successful internal testing of a new high-performance cloud security chip [5] - Zhongchuan Special Gas reported a 142.42% year-on-year increase in new orders for its trifluoromethanesulfonic acid series products in Q1 2025 [5] Group 4 - A total of 33 share repurchase plans have been disclosed on the Sci-Tech Innovation Board in 2025, with a maximum repurchase amount of 3.215 billion yuan [6] - Companies like Daotong Technology and Zhongwulian have announced share repurchase plans, reflecting confidence in their development [6] - Key figures in the integrated circuit and new energy sectors are actively increasing their shareholdings, indicating a commitment to the future value of their companies [6]

| 股票代码：688208 | 股票简称：道通科技 公告编号：2025-030 | | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | 深圳市道通科技股份有限公司 序号 股东名称 持股数量（股） 占总股本比例（%） 1 李红京 168,491,606 37.29 2 香港中央结算有限公司 29,595,297 6.55 3 李宏 13,822,209 3.06 4 汇添富基金管理股份有限公司－社保基 金17022组合 6,649,288 1.47 5 深圳市道通科技股份有限公司回购专用 证券账户 6,359,282 1.41 6 达孜熔岩投资管理有限公司－平潭熔岩 新战略股权投资合伙企业（有限合伙） 5,525,408 1.22 7 玄元私募基金投资管理（广东）有限公司 5,273,704 1.17 一、公司前十大股东持股情况 | | －玄元科新46号私募证券投资基金 | | | | --- | --- | --- | --- | | 8 | 深圳市道通科技股份有限公司－2024年 员工持股计划 | 4,622,100 | 1.02 | | 9 | 深圳南山鸿泰股权投资基金合伙 ...

[Table_MainInfo] 公司研究/信息服务/信息科技服务 证券研究报告 道通科技（688208）公司跟踪报告 2025 年 04 月 07 日 [Table_InvestInfo] 全球化布局缓解关税风险，业绩持续高增 [Table_Summary] 投资要点： 维持优于大市评级，目标价上调至 47.06 元（+6.79 元）。"对等关税"影 响下，公司通过提高在美安全库存、加强美国本土生产力、在墨西哥开 设工厂、适当调整销售价格、降低美国市场比重的组合策略，积极应对 关税新政，力求缓和美国关税政策的冲击力，促进公司在美业务平稳、 可持续发展。预计公司 2025-2027 年（新增 2027）EPS 预测分别为 1.69(-0.09)/2.09(-0.06)/2.5 元。考虑充电桩业务全球拓展超预期，给予公 司 2025 年 27.83 倍 PE，目标价 47.06 元，维持"优于大市"评级。 提高在美安全库存，加强美国本土或周边生产力。自从 2024 年下半年 开始，公司就考虑到中美贸易的潜在风险，因此不断提高美国本土的安 全库存，目前在美库存可以满足 6 个月以上的产品需求，为在美业务开 展设置 ...

Core Viewpoint - The AI sector in the Chinese market is experiencing significant growth, with the Sci-Tech Innovation Board AI Index showing strong performance and investor interest in AI-related ETFs [3][4][5]. Group 1: Market Performance - As of April 10, 2025, the Sci-Tech Innovation Board AI Index (950180) increased by 4.46%, with notable gains from stocks such as Daotong Technology (688208) up 12.82% and Youfang Technology (688159) up 9.70% [3]. - The Sci-Tech AI ETF (588790) rose by 4.89%, marking its third consecutive increase, with a latest price of 0.56 yuan [3]. - Over the past three months, the Sci-Tech AI ETF has accumulated a rise of 3.53%, ranking 2nd among comparable funds [3]. Group 2: Liquidity and Scale - The Sci-Tech AI ETF had a turnover rate of 7.71% during trading, with a total transaction volume of 203 million yuan [3]. - The ETF's average daily trading volume over the past week was 382 million yuan, leading among comparable funds [3]. - In the past month, the ETF's scale increased by 448 million yuan, ranking 1st among comparable funds [3]. Group 3: Fund Inflows and Shares - The Sci-Tech AI ETF saw a significant increase in shares, with a growth of 66 million shares over the past week, also ranking 1st among comparable funds [3]. - In the last four trading days, the ETF experienced net inflows on three occasions, totaling 127 million yuan, with an average daily net inflow of 31.73 million yuan [3]. Group 4: Performance Metrics - Since its inception, the Sci-Tech AI ETF has recorded a highest monthly return of 15.59%, with an average monthly return of 15.59% and a monthly profit probability of 71.11% [4]. - The ETF's longest consecutive monthly increase was two months, with a total increase of 26.17% [4]. - The management fee for the ETF is 0.50%, and the custody fee is 0.10%, both of which are the lowest among comparable funds [4]. Group 5: Industry Outlook - IDC predicts that by 2026, digital products, services, and experiences will contribute over 40% to the total revenue of the world's top 2000 companies [4]. - By 2027, it is expected that 70% of economic value will be presented in the form of high information density goods and services [4]. - Financial analysts suggest focusing on hardware sectors with high earnings certainty in the short term, while mid-term opportunities lie in application explosions in AI-related fields [5].

Core Viewpoint - The Sci-Tech Innovation 100 Index (000698) has shown strong performance, with significant increases in both the index and its constituent stocks, indicating a positive market sentiment towards technology companies in the Sci-Tech Innovation Board [3][4]. Performance Summary - As of April 10, 2025, the Sci-Tech Innovation 100 Index rose by 4.56%, with notable gains from stocks such as Shengyi Electronics (688183) up 13.18% and Huazhu High-Tech (688433) up 12.94% [3]. - The Sci-Tech 100 Index ETF (588030) increased by 4.37%, marking its third consecutive rise, with a latest price of 0.93 yuan [3]. - Over the past three months, the ETF has accumulated a rise of 4.44% [3]. Liquidity and Trading Activity - The ETF experienced a turnover rate of 3.81% during the trading session, with a total transaction volume of 229 million yuan [3]. - The average daily trading volume over the past year reached 474 million yuan, ranking first among comparable funds [3]. Fund Growth and Inflows - The ETF's scale increased by 371 million yuan over the past year, placing it second among comparable funds [4]. - In the last two weeks, the ETF's shares grew by 11.4 million, also ranking second among comparable funds [4]. - There has been a net inflow of funds for three out of the last four trading days, totaling 65.72 million yuan, with an average daily net inflow of 16.43 million yuan [4]. Leverage and Returns - The ETF's financing net purchase amount reached 4.0364 million yuan, with a financing balance of 33.2 million yuan as of the previous trading day [4]. - The ETF's net value increased by 11.71% over the past year, with a maximum monthly return of 27.67% since inception [4]. - The ETF has a Sharpe ratio of 1.04 over the past year, indicating strong risk-adjusted returns [4]. Fee Structure and Tracking Accuracy - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4]. - The tracking error over the past six months is 0.018%, demonstrating high tracking accuracy compared to similar funds [4]. Index Composition - As of March 31, 2025, the top ten weighted stocks in the Sci-Tech Innovation 100 Index accounted for 23.76% of the index, with Hengxuan Technology (688608) being the highest at 3.11% [6][8].

| 证券代码：688208 | 证券简称：道通科技 | 公告编号：2025-029 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：不低于人民币 1 亿元（含），不超过人民币 2 亿元（含）。 ● 回购股份资金来源：深圳市道通科技股份有限公司（以下简称"公司"）自有资 金。 ● 回购股份用途：本次回购的股份拟用于维护公司价值及股东权益，本次回购的 股份将在披露回购结果暨股份变动公告12个月后根据相关规则通过集中竞价交易 方式出售；并在披露回购结果暨股份变动公告后三年内完成出售，若公司未能在 上述期限内完成出售，未实施出售部分股份将履行相关程序予以注销。如国家对 相关政策作调整，则本回购方案按调整后的政策实行。 ● 回购股份价格：不超过人民币 63.83 元/股（含），该价格不高于董事会通过回购 股份决议前 30 个交 ...

深圳市道通科技股份有限公司 2024 年年度股东大会会议资料 二〇二五年四月 | 目录 | | --- | | 一、2024 | 年年度股东大会会议须知 | | 1 | | --- | --- | --- | --- | | 二、2024 | 年年度股东大会会议议程 | | 3 | | 三、议案 | 1：关于《2024 | 年度董事会工作报告》的议案 | 5 | | 四、议案 | 2：关于《2024 | 年度监事会工作报告》的议案 | 17 | | 五、议案 | 3：关于《2024 | 年度财务决算报告》的议案 | 20 | | 六、议案 | 4：关于 2024 | 年度利润分配及资本公积转增股本方案的议案 | 24 | | 七、议案 | 5：关于《2024 | 年年度报告》及其摘要的议案 | 27 | | 八、议案 | | 6：关于授权管理层向金融机构申请综合授信的议案 | 28 | | 九、议案 | | 7：关于授权公司管理层开展外汇衍生品交易的议案 | 29 | | 十、议案 | 8：关于 2025 | 年度对外担保额度预计的议案 | 32 | | 十一、议案 | | 9：关于续聘会计师事务所的议案 | ...