Core Viewpoint - The report highlights the investment strategies and portfolio adjustments of Morgan Stanley fund manager Lei Zhiyong, focusing on the digital economy sector, particularly in intelligent computing infrastructure and AI applications [2][10]. Group 1: Fund Performance and Management - Lei Zhiyong's managed fund size increased by over 50% in Q1 2025, reaching a total management scale of 55.31 billion yuan, up from 36.09 billion yuan in the previous quarter [5]. - The fund "Damo Digital Economy Mixed" saw a net subscription of 763 million units during Q1, bringing its latest scale to 52.33 billion yuan, a nearly 55% increase from the end of last year [5]. - The fund maintained a high stock position, with stock holdings exceeding 90%, and made slight increases compared to the previous quarter [6]. Group 2: Investment Focus and Adjustments - The top ten holdings of the Damo Digital Economy Mixed fund remained stable, with structural adjustments made in individual stocks. New additions included KOTAI Power, Lens Technology, and Shenghong Technology, while stocks like Zhongji Xuchuang and Huadian were removed [7]. - The fund continues to focus on the digital economy sector, with a positive outlook on intelligent computing infrastructure and AI applications for future investment opportunities [9][10]. Group 3: Market Environment and Challenges - The market environment in 2025 has not been favorable for Lei Zhiyong, with only one of the three managed funds, Damo Wan Zhong Innovation, showing a profit, while the others reported negative returns [10]. - The strategy of focusing on the technology sector reflects Lei Zhiyong's long-term belief in AI, but the current market performance indicates that this approach may not yield leading returns compared to diversified investments [10].

Investment Rating - The report suggests a positive investment outlook for the diesel generator set industry, particularly for domestic OEM manufacturers and key players in the supply chain [2][5]. Core Insights - The domestic AI model Deepseek is accelerating the application of AI in China, leading to a significant increase in computing power demand, which in turn benefits the diesel generator set market as it is a core component of data center infrastructure [3][5]. - Diesel generator sets are essential for data centers, accounting for approximately 23% of supporting infrastructure costs and 6%-7% of total data center construction costs. The market for diesel generators in data centers is projected to grow from 4.57 billion yuan in 2023 to 13.16 billion yuan by 2028, with a compound annual growth rate (CAGR) of 24% [3][31]. - Domestic brands are expected to benefit from the challenges faced by foreign manufacturers in expanding production capacity, leading to opportunities for volume and price increases for local suppliers [3][5]. Summary by Sections 1. Deepseek Accelerates Domestic AI Application and Drives Computing Power Demand - Deepseek demonstrates performance comparable to leading international AI models, significantly enhancing domestic AI application scenarios and driving up computing power demand [3][6]. - Major tech companies like Tencent and Alibaba are increasing capital expenditures for computing power infrastructure, with Tencent's capital expenditure reaching 768 billion yuan in 2024, a 221% year-on-year increase [3][14]. 2. Diesel Generator Sets as Core CAPEX for Data Centers - Diesel generator sets are critical backup power sources for data centers, complementing UPS systems to ensure continuous operation during power outages [22][24]. - The construction of data centers requires diesel generator sets, which are mandated for A and B level data centers as per national standards [24][26]. - The market for diesel generator sets in data centers is expected to reach 13.16 billion yuan by 2028, driven by the rapid growth of intelligent computing power [31][32]. 3. Domestic Supply Chain Benefits from High Demand and Limited Foreign Expansion - The core components of diesel generator sets, particularly diesel engines, are dominated by foreign brands, which hold a 90% market share in 2024. However, domestic brands are gaining market share due to supply chain challenges faced by foreign manufacturers [3][47]. - Recent bidding results show that domestic manufacturers like Weichai Heavy Machinery have significantly increased their market share in high-pressure diesel generator sets [66][68]. 4. Investment Recommendations - The report recommends focusing on domestic OEM manufacturers such as KOTAI Power, Taihao Technology, and Sumida, as well as main engine manufacturers like Weichai Heavy Machinery and component manufacturers like Linde [3][5].

Investment Rating - The report suggests a positive investment outlook for the diesel generator set industry, particularly for domestic OEM manufacturers and key players in the supply chain [2][5]. Core Insights - The domestic AI model Deepseek is accelerating the application of AI in China, significantly increasing the demand for computing power, which in turn benefits the diesel generator set market as it is a core component of data center infrastructure [3][5]. - Diesel generator sets are essential backup power sources for data centers, which are experiencing substantial capital expenditure growth due to rising computing power demands [3][5]. - Domestic brands are poised to benefit from the challenges faced by foreign manufacturers in expanding production capacity, leading to opportunities for volume and price increases for local suppliers [3][5]. Summary by Sections 1. Deepseek Accelerates Domestic AI Application and Boosts Computing Power Demand - Deepseek demonstrates performance comparable to leading international AI models, enhancing the domestic AI application landscape and driving up computing power needs [6][14]. - Major tech companies like Tencent and Alibaba are significantly increasing their capital expenditures for computing infrastructure, with Tencent's capital expenditure reaching 768 billion yuan in 2024, a 221% year-on-year increase [14][15]. 2. Diesel Generator Sets as Core CAPEX for Data Centers - Diesel generator sets account for 23% of the supporting infrastructure costs in data centers, which are projected to grow from a market size of 4.57 billion yuan in 2023 to 13.16 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 24% [3][31]. - The demand for high-capacity diesel generators is expected to rise significantly due to the increasing construction of AI-related data centers, which require robust power backup systems [24][26]. 3. Domestic Supply Chain Benefits from High Demand and Limited Foreign Expansion - The market for diesel engines in data centers is dominated by foreign brands, but domestic manufacturers are gaining market share due to supply chain challenges faced by foreign companies [3][47]. - Recent bidding results show that domestic brands like Weichai Heavy Machinery have significantly increased their market share, with Weichai's share rising to 40% in recent tenders [3][68]. 4. Investment Recommendations - The report recommends focusing on domestic OEM manufacturers such as Keta Power, Taihao Technology, and Sumida, as well as main engine manufacturers like Weichai Heavy Machinery and component manufacturers like Linde [3][5].

编号：20240418 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 活动类别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 及人员姓名 | 参与公司 2024 年度业绩说明会的网上投资者 | | 时间 | 2025 年 4 月 18 日 15:00-16:00 | | 地点 | 价值在线平台（https://eseb.cn/1nj1JvIesdW） | | 上市公司接待人 | 公司董事长傅强先生，公司董事、总经理尹晓青先生，公司独 | | 员姓名 | 立董事张树明先生，公司财务总监、董事会秘书温涛先生。 | | 投资者关系活动 主要内容介绍 | 公司于 2025 年 4 月 18 日 15:00-16:00，通过价值在线平 台（https://eseb.cn/1nj1JvIesdW）采用网络远程形式召开 公司 2024 年度业绩说明会，投资者对公司生产经营、业绩情 况、市场情况、未来规划等方面进行了提问，公司就投资者的 相关提问进行了回复。 | | | 本 ...

Market Overview - On April 16, the Shanghai Composite Index rose by 0.26%, while the Shenzhen Component Index fell by 0.85%, and the ChiNext Index decreased by 1.21% [1] - The total market turnover reached 1.14 trillion yuan, an increase of 30.6 billion yuan compared to the previous day, with over 4,300 stocks declining [1] - Sectors such as precious metals, consumer goods, port shipping, and logistics showed significant gains [1] Stock Performance - Notable stocks included Guofang Group, Lianyungang, and Beingmate, which exhibited rebound trends, with Taimushi achieving a five-day limit-up streak [3] - The top gainers included: - Wo Technology: +20.02% at 28.24 yuan - Chuangke Technology: +20.00% at 24.18 yuan - Danfeng Information: +20.00% at 15.48 yuan [4] - Lianyungang's stock price increased by 9.95% to 6.52 yuan, with a turnover of 1.9 billion yuan [14] Institutional Trading - The top net buying stocks by institutions included: - Beingmate: 119 million yuan - Lianyungang: 55.8 million yuan - Hengfeng Information: 55.3 million yuan [5] - The top net selling stocks were: - Weichai Heavy Machinery: 181 million yuan - Huqin Technology: 122 million yuan - Southern Precision: 98.7 million yuan [6] Company Highlights - Beingmate focuses on infant formula, nutritional rice flour, and other infant food products, with plans to expand into adult nutrition products [13] - Lianyungang is positioned as a key transportation hub under the Jiangsu Coastal Development Plan, enhancing its role in international logistics [18][19] - Hengfeng Information specializes in smart governance and AI solutions, with a focus on enhancing public service efficiency [24] Trading Trends - The stock market saw significant volatility, with some stocks experiencing sharp declines, such as Weichai Heavy Machinery, which fell by 10.00% [9] - The trading activity indicated a mixed sentiment among investors, with some stocks like Beingmate and Lianyungang attracting substantial interest while others faced selling pressure [30][32]

沪指4月16日上涨0.26%，申万所属行业中，今日上涨的有9个，涨幅居前的行业为交通运输、银行，涨 幅分别为1.15%、1.00%。跌幅居前的行业为综合、机械设备，跌幅分别为1.84%、1.64%。汽车行业位 居今日跌幅榜第三。 资金面上看，两市主力资金全天净流出324.71亿元，今日有5个行业主力资金净流入，交通运输行业主 力资金净流入规模居首，该行业今日上涨1.15%，全天净流入资金5.08亿元，其次是社会服务行业，日 涨幅为0.38%，净流入资金为2.97亿元。 主力资金净流出的行业有26个，电子行业主力资金净流出规模居首，全天净流出资金50.39亿元，其次 是电力设备行业，净流出资金为37.67亿元，净流出资金较多的还有计算机、汽车、通信等行业。 汽车行业今日下跌1.55%，全天主力资金净流出22.60亿元，该行业所属的个股共273只，今日上涨的有 32只，涨停的有1只；下跌的有240只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有85只，其中，净流入资金超千万元的有8只，净流入资金居首的是上汽集团，今日净流入资金 3279.22万元，紧随其后的是浙江华远、海联金汇，净流入资金分别 ...

这几只票暗盘资金正在偷偷流入，立即查看>> 潍柴重机（000880）今日跌停，成交额13.52亿元，换手率23.64%，盘后龙虎榜数据显示，2家机构专用 席位净买入1492.48万元，二机构专用席位净卖出1.16亿元。 ...

这几只票暗盘资金正在偷偷流入，立即查看>> 数据中心概念股震荡走低，科泰电源（300153）跌超7%，潍柴重机（000880）、科华数据 （002335）、麦格米特（002851）、中恒电气（002364）、海陆重工（002255）等跟跌。 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 潍柴重机股份有限公司（下称"公司"）已于 2025 年 3 月 28 日在巨潮资讯 网上披露了公司 2024 年度报告全文及摘要。为便于广大投资者更加全面深入地 了解公司业绩和经营情况，公司定于 2025 年 4 月 18 日（星期五）15:00-16:00 召开公司 2024 年度业绩说明会。具体情况如下： 证券代码：000880 证券简称：潍柴重机 公告编号：2025-022 潍柴重机股份有限公司 关于召开 2024 年度业绩说明会并征集投资者问题的公告 3.会议参会方式：投资者可登陆网址 https://eseb.cn/1nj1JvIesdW 参与公 司业绩说明会 一、业绩说明会安排 2.会召开方式：采用网络远程互动方式 4.出席人员：公司董事长傅强先生，公司董事、总经理尹晓青先生，公司独 立董事张树明先生，公司财务总监、董事会秘书温涛先生 二、投资者参加及问题征集方式 投资者可于 2025 年 4 月 18 日 （ 星 期 五 ） 15:00 通过网址 https://eseb.cn/1n ...

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, focusing on domestic autonomous industry chains and key companies such as BYD, Geely, and Xpeng [5]. Core Insights - The report highlights the impact of recent U.S. tariffs on the automotive sector, noting that the tariffs have a limited effect on automotive parts, particularly for companies with overseas operations [2][3]. - It emphasizes the importance of monitoring tariff developments and suggests a focus on domestic autonomous vehicle manufacturers that are less affected by U.S. tariffs [3][24]. - The report recommends a selection of companies in the automotive sector, particularly those involved in smart and electric vehicles, as well as automotive parts suppliers [3][4]. Summary by Sections Weekly Data - In the first week of April 2025, passenger car sales reached 337,000 units, a year-on-year increase of 25.6% but a month-on-month decrease of 30.2%. New energy vehicle sales were 168,000 units, up 37.8% year-on-year but down 30.4% month-on-month, with a penetration rate of 50.0% [1][3]. Market Performance - The automotive sector underperformed the market, with the A-share automotive sector declining by 5.26% from April 7 to April 11, ranking 24th among sub-industries [1][3]. Key Recommendations - The report suggests focusing on a core portfolio that includes companies like BYD, Geely, Xpeng, Xiaomi, Berteli, Top Group, and others [1][3]. - It also highlights the potential of companies involved in the new energy vehicle supply chain and those focusing on smart driving technologies [3][4]. Tariff Impact - The U.S. tariffs, particularly the reciprocal tariffs, are expected to have a significant impact on exports and the economy, with a potential drag on GDP growth [10][19]. - The report notes that the automotive parts sector is less affected by the tariffs, especially for companies with production facilities in Mexico and Southeast Asia [2][24]. Company Focus - The report identifies key companies in the automotive parts sector that are well-positioned to benefit from the current market dynamics, including those involved in smart and electric vehicle technologies [3][4][25].