计算机行业 超配 （维持） 计算机行业 2024 年与 2025 年一季度业绩综述 业 资料来源：东莞证券研究所，iFinD 2024 行业利润端仍旧承压，2025Q1 业绩明显改善 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 2025 年 5 月 12 日 投资要点： 绩 综 SAC 执业证书编号： 罗炜斌 SAC 执业证书编号： 行情及机构持仓回顾。2025年1月20日，国内DeepSeek（深度求索）公 司发布DeepSeek-R1模型，为全球人工智能领域带来巨大的革新，点燃 新一轮AI行情。截至2025年5月9日，年初至今SW计算机行业指数累计 ...

Core Insights - The China Central Enterprise Innovation Driven Index (000861) has shown a strong increase of 1.37% as of May 12, 2025, with notable gains in constituent stocks such as Ruike Laser (300747) up 11.37% and Guorui Technology (600562) up 9.99% [3] - The Central Enterprise Innovation Driven ETF (515900) has also risen by 1.34%, with a latest price of 1.44 yuan, and has a trading volume of 562.87 million yuan [3] - The ETF's scale has reached 3.3 billion yuan, ranking it in the top quarter among comparable funds [3] Performance Metrics - As of May 9, 2025, the Central Enterprise Innovation Driven ETF has achieved a net value increase of 24.83% over the past three years, ranking 312 out of 1747 in equity funds, placing it in the top 17.86% [4] - The ETF has recorded a maximum monthly return of 15.05% since inception, with the longest consecutive monthly gain being five months and a total gain of 24.91% [4] - The average return for the months with gains is 4.08%, and the annual profit percentage stands at 80.00%, with a historical three-year holding profit probability of 97.34% [4] Risk and Fee Structure - The management fee for the Central Enterprise Innovation Driven 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 five years is 0.038%, indicating the highest tracking precision among comparable funds [4] Index Composition - The top ten weighted stocks in the Central Enterprise Innovation Driven Index include Hikvision (002415), State Grid NARI (600406), and China Telecom (601728), collectively accounting for 34.48% of the index [5][6] - The individual weights of the top stocks range from 5.08% for Hikvision to 2.60% for China Railway (601390) [8]

2025 年 5 月 11 日 行业研究 25Q1 电子行业 AI、PCB 等领域净利润同比增速较快 ——电子行业 2025 年一季报总结 要点 25Q1 电子行业中显示、AI 供应链、PCB 归母净利润同比增速较快。2025 年 Q1 全行业（A 股）670 家公司归母净利润为 830.7 亿元，同比+18%，环比+13%。 我们把电子行业分为 23 个子行业，其中，25Q1 归母净利润同比增速排名前 3 的子行业为显示（25Q1 归母净利润为 25.1 亿元，同比+565%，下同）、AI 供 应链（128.2 亿元，+65%）、PCB（52.9 亿元，+58%）。 细分领域中，显示-设备、PCB-PCB 材料、显示-面板、LED-LED 芯片、消费电 子-盖板等子行业 25Q1 归母净利润同比增速较快。74 个细分领域中 25Q1 归母 净利润增速排名前 5 的细分领域为：显示-设备（25Q1 归母净利润为 0.75 亿元， 同比+1172%，下同）、PCB-PCB 材料（0.39 亿元，+361%）、LED-LED 芯片 （2.04 亿元，+279%）、显示-面板（27.55 亿元，+211%）、消费电 ...

Group 1 - The company Hangzhou Hikvision Digital Technology Co., Ltd. has obtained a patent for a "cable for cameras and camera systems," with the authorization announcement number CN222839731U, applied for on April 2024 [1] - The patent describes a cable that includes a main body with two free ends, where the first free end connects to the camera and includes a network interface, power interface, and an indicator light interface, while the second free end connects to external devices and power supply [1] - The implementation of this patent allows for stable and intuitive display of the camera's status through the indicator light when connected to the power supply or external devices [1] Group 2 - Hangzhou Hikvision Digital Technology Co., Ltd. was established in 2001 and is located in Hangzhou, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of approximately 923.32 million RMB and has invested in 67 enterprises, participated in 5000 bidding projects, and holds 5000 patent information records [2] - Additionally, the company has 833 trademark information records and 568 administrative licenses [2]

Core Viewpoint - The annual general meeting of Hikvision Technology Co., Ltd. was held on May 9, 2025, where various proposals were reviewed and approved by shareholders, reflecting strong support for the company's governance and financial performance [1][2]. Meeting Details - The meeting was held on May 9, 2025, at 15:00, with both on-site and online voting options available [3][5]. - The total share capital of the company was 9,233,198,326 shares, with 9,187,659,207 shares eligible for voting [8]. - A total of 2,939 shareholders and their representatives participated, representing 6,361,542,870 shares, which is 69.2401% of the voting shares [8]. Proposal Review and Voting Results - The following proposals were approved with significant majority votes: - **2024 Annual Report and Summary**: 99.9762% in favor [9]. - **Board of Directors' 2024 Annual Work Report**: 99.9753% in favor [10]. - **Supervisory Board's 2024 Annual Work Report**: 99.9745% in favor [11]. - **2024 Financial Settlement Report**: 99.9755% in favor [12]. - **2024 Profit Distribution Plan**: 99.9756% in favor [13]. - **2024 Internal Control Evaluation Report**: 99.9737% in favor [14]. - **2024 Annual Director Remuneration Proposal**: 99.9640% in favor [15]. - **Appointment of Accounting Firm for 2025**: 99.9731% in favor [17]. - **Expected Daily Related Transactions for 2025**: 98.3296% in favor [18]. - **Comprehensive Credit Limit Application**: 99.9714% in favor [20]. - **Guarantee for Subsidiaries**: 99.9648% in favor [21]. - **Financial Assistance for Subsidiaries**: 99.6565% in favor [23]. Legal Opinion - The legal opinion from Guohao Law Firm confirmed that the meeting's procedures and voting results complied with relevant laws and regulations, deeming the resolutions valid [24]. Documentation - The resolutions from the 2024 annual general meeting and the legal opinion letter are available for review [25].

Group 1 - The core index, the CSI Electronic 50 Index, has seen a recent decline of 1.75%, closing at 3884.65 points, with a trading volume of 46.189 billion yuan [1] - Over the past month, the CSI Electronic 50 Index has increased by 11.16%, while it has decreased by 7.54% over the last three months and 3.76% year-to-date [1] - The index comprises the 50 largest listed companies in the electronic and semiconductor sectors, reflecting the overall performance of the electronic sector [1] Group 2 - The top ten weighted stocks in the CSI Electronic 50 Index include: SMIC (6.48%), Luxshare Precision (6.17%), Cambricon (5.55%), BOE Technology Group (5.42%), Northern Huachuang (5.34%), Haiguang Information (5.08%), Will Semiconductor (4.23%), Hikvision (4.02%), Zhongke Shuguang (3.58%), and Lattice Semiconductor (3.33%) [1] - The market capitalization distribution of the CSI Electronic 50 Index shows that the Shanghai Stock Exchange accounts for 53.35%, while the Shenzhen Stock Exchange accounts for 46.65% [1] Group 3 - The CSI Electronic 50 Index is composed entirely of companies in the information technology sector, with a 100% allocation [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the CSI Electronic 50 include: Hua Bao Electronic ETF Link A, Hua Bao Electronic ETF Link C, Hua An CSI Electronic 50 Link A, Hua An CSI Electronic 50 Link C, Hua Bao CSI Electronic 50 ETF, and Hua An CSI Electronic 50 ETF [2]

Meeting Details - The shareholders' meeting of Hikvision was held on May 9, 2025, at 15:00, with online voting available throughout the day [1] - The total share capital of the company is 9,233,198,326 shares, with 9,187,659,207 shares eligible for voting [1] Attendance and Voting Results - A total of 2,939 shareholders and representatives attended the meeting, representing 763,559,786 shares, which is 8.31% of the voting shares [1] - 31 shareholders attended the meeting in person, representing 5,358,855,502 shares (58.33% of voting shares) [1] - 2,908 shareholders participated via online voting, representing 1,002,687,368 shares (10.91% of voting shares) [1] Proposal Voting Outcomes - The overall voting results showed 6,360,029,930 shares in favor, accounting for 99.9762% of the valid votes [2] - For minority shareholders, 762,046,846 shares voted in favor, representing 99.8019% of their valid votes [2] - The voting results consistently showed a high approval rate, with most proposals receiving over 99% support from both total and minority shareholders [2][3][4][5][6][7][8][9] Legal Opinion - The legal opinion from Guohao Law Firm confirmed that the meeting's procedures and voting results complied with relevant laws and regulations, deeming the results valid [9]

Core Viewpoint - The legal opinion letter confirms that the procedures for convening and holding the 2024 annual general meeting of shareholders for Hangzhou Hikvision Digital Technology Co., Ltd. comply with relevant laws and regulations, ensuring the legitimacy and validity of the meeting and its resolutions [1][3][5]. Group 1: Meeting Procedures - The company convened the meeting following the approval of the board of directors and published the meeting notice on designated platforms, detailing the time, location, and voting methods [3][4]. - The meeting was held at the company's conference room, presided over by the chairman, and included both on-site and online voting options [4][5]. Group 2: Attendance and Voting - A total of 31 shareholders attended the meeting in person, representing 5,358,855,502 shares, which is 58.33% of the total voting shares [5][6]. - An additional 2,908 shareholders participated via online voting, representing 1,002,687,368 shares, or 10.91% of the total voting shares [5][6]. - The combined attendance from both methods totaled 2,939 participants, representing 6,361,542,870 shares, or 69.24% of the total voting shares [6]. Group 3: Resolutions and Voting Results - The meeting reviewed several resolutions, all of which were consistent with the meeting notice and complied with legal requirements [7][8]. - The voting results showed overwhelming support for the resolutions, with approval rates exceeding 99.97% for most items, indicating strong shareholder backing [8].

证券代码：002415 证券简称：海康威视 公告编号：2025-024 号 杭州海康威视数字技术股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会不存在增加、变更或否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、本次股东大会的召开时间： （1）现场会议时间：2025 年 5 月 9 日 15:00。 （2）网络投票时间：2025 年 5 月 9 日。其中，通过深圳证券交易所交易系 统进行网络投票的时间为 2025 年 5 月 9 日的交易时间，即 9:15-9:25，9:30-11:30， 13:00-15:00；通过深圳证券交易所互联网投票系统的投票时间为 2025 年 5 月 9 日上午 9:15 至下午 15:00 期间的任意时间。 2、会议召开地点：杭州市滨江区物联网街 518 号海康威视公司会议室。 3、会议召开方式：采用现场表决与网络投票相结合的方式召开。 4、会议召集人：公司董事会。 5、会议主持人：公 ...

国浩律师（杭州）事务所 关于 杭州海康威视数字技术股份有限公司 2024 年年度股东大会之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 杭州海康威视数字技术股份有限公司 2024 年年度股东大会之 法律意见书 1 国浩律师（杭州）事务所 法律意见书 致：杭州海康威视数字技术股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受杭州海康威视数字技术 股份有限公司（以下简称"公司"）的委托，指派律师列席公 ...