Group 1 - The report emphasizes the focus on "April Decision" under the economic context, indicating a shift from expectation-driven trading to fundamental pricing, with economic data, performance realization, and policy changes forming a "stress test" framework for stock prices [4][6][9] - The report highlights a selection of "golden stocks" across various sectors, including mechanical, electronic, environmental, coal and steel, computing, electric new energy, media internet, and pharmaceuticals, with detailed financial metrics provided for each [2][6][72] - The report suggests that the "April Decision" may lead to increased volatility in high-odds growth stocks, while larger, value-oriented stocks tend to perform better historically during this period [4][6] Group 2 - For the mechanical sector, the report recommends Niuwei Co., which is positioned as a global leader in industrial valves, benefiting from strong demand in LNG and marine industries, with expected overseas order growth of over 30% in the first half of 2024 [9][10][11] - In the electronic sector, Tianyue Advanced is highlighted for its core role in AR glasses components, with anticipated demand growth driven by major tech companies' product launches [15][16][17] - The environmental sector's Huanlan Environment is noted for its strong dividend growth and improved cash flow from debt resolution, with significant operational scale expansion through acquisitions [20][21][24] - In the coal and steel sector, Shanjin International is expected to benefit from rising gold prices amid economic stagnation risks, with a strong production outlook and low cost per gram of gold [27][29][30] - Dongtu Technology in the computing sector is recognized for its advanced operating system and AI-driven robotics, positioning it well for future growth in industrial automation [33][34][35] - Keda Li in the electric new energy sector is projected to maintain strong profit growth driven by high lithium battery demand, with a favorable valuation outlook [38][39][41] - XGIMI Technology in the media internet sector is expected to see revenue growth from domestic recovery and international expansion, particularly in the automotive sector [44][45][48] - In the pharmaceutical sector, Sanofi Pharmaceutical is noted for its solid fundamentals and multiple new product launches, contributing to revenue diversification [50][51][53] - Innovent Biologics is highlighted for its robust pipeline and international expansion potential, with several new drugs expected to drive revenue growth [55][56][61] - Zoli Pharmaceutical is recognized for its steady growth in traditional Chinese medicine products and successful new product launches, with ambitious profit targets [65][66][68]

Core Viewpoint - Robotics is considered the "crown jewel of manufacturing," with its research and manufacturing capabilities serving as a benchmark for a country's technological innovation and high-end manufacturing level [2]. Group 1: Robotics Technology - The modern humanoid robot's technological architecture has formed a collaborative system of "brain-cerebellum-limbs," marking a qualitative change in the bionic robot field [2]. - The "brain" of humanoid robots serves as the core of the intelligent decision-making system, integrating high-performance computing platforms and cutting-edge algorithm architectures [2]. - The "cerebellum" acts as the motion control center, converting decision instructions into precise actions, with mainstream control technologies categorized into model control, reinforcement learning, and imitation learning [2]. Group 2: Operating Systems and Software - The open-source solution Ubuntu+ROS has become the mainstream operating system for humanoid robots, with ROS providing essential functions such as hardware abstraction and inter-process messaging [3]. - Ubuntu offers a stable and reliable environment for open-source robotics projects, enabling a rich ecosystem of applications and algorithms for Xiaomi's CyberDog [3]. Group 3: Company Focus and Innovations - Dongtu Technology is promoting the localization of embodied intelligent operating systems, with plans to release an AI robot operating system product for embodied robots in the first half of 2025 [4]. - The company focuses on core technologies in industrial networking and intelligent control, integrating software-defined control technology and AI capabilities [4]. - Dongtu Technology's industrial operating system, Intewell, is the only domestic system to have strategic partnerships with major international chip manufacturers like NXP, Intel, and Qualcomm [4]. Group 4: Business Expansion - Dongtu Technology has expanded its business through multiple acquisitions, including the 100% acquisition of Kexin Jingcheng in 2017 and a 30% stake in Kedu Software in 2023 [5]. - The company increased its stake in Neuron Company, which specializes in the design and development of industrial network chips and wireless baseband chips [5][6].

证券代码：300353 证券简称：东土科技 公告编码：2025-052 北京东土科技股份有限公司 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的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示: 1、本次股东大会无否决提案的情况； 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、会议召开时间： 现场会议时间：2025年3月24日 下午14:30。 网络投票时间：2025年3月24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3月24日9:15-9:25，9:30-11:30和13:00-15:00；通过深圳 证券交易所互联网系统投票的具体时间为2025年3月24日9:15-15:00。 出席公司本次股东大会的股东及股东代理人共666人，代表股份共计 107,258,862股，占上市公司有表决权股份总数的17.4435%。其中，现场出席本次 股东大会的股东及股东代理人共计8人，代表股份共计98,641,617股，占上市公司 有表决权股份总数的16.0421%；通过网络投票系统进行表决的股东 ...

东土科技 20250318 • 东土科技通过虚拟化技术融合机器人"大脑"和"小脑"，旨在解决传统 双系统方案功耗高、体积受限和待机时间短等问题，降低成本并实现小型 化，该技术已在军工领域智能装备中得到应用。 • 智能装备发展趋势推动东土科技优化微内核虚拟化技术，实现跨域融合及 安全隔离，提高实时性，以适应从分布式控制到集中式软件定义控制的演 进，并支持多传感器融合。 • 东土科技在军工领域积累了分时分区、安全隔离等关键技术，通过微内核 虚拟化实现跨域融合，提高实时性，这些技术已应用于飞控系统，并领先 于汽车和电动机器人领域。 • 巨型智能机器人因增加了"大脑"部分，需要更多算力，导致价格较传统 工业机器人上涨 20%至 30%，未来可能通过调整算力来控制成本。 • 东土科技的智能控制器融合机器视觉和 PLC 控制功能，通过虚拟化技术集 成多个控制单元，减少设备数量和功耗，并简化网络架构，与传统 PLC 方 案相比可节省超过 50%的成本。 • 东土科技的工业网络通信产品在电力和轨道交通领域保持平稳，计划加大 中东、沙特、拉美等友好区域市场的开拓，预计 2025 年海外市场会有一定 增幅。 • 东土科技的工业操 ...

证券代码：300353 证券简称：东土科技 公告编码：2025-052 二、公司关注并核实情况的说明 针对公司股票交易异常波动情况，公司董事会对公司、控股股东及实际控制 人、公司全体董事、监事及高级管理人员就相关问题进行了核实，现就相关情况 说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共媒体报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息； 北京东土科技股份有限公司 股票交易异常波动的公告 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。 一、股票交易异常波动的情况介绍 北京东土科技股份有限公司（以下简称"公司"）股票于2025年3月17日、 2025年3月18日连续两个交易日收盘价格涨幅偏离值累计超过30%，根据《深圳证 券交易所交易规则》的有关规定，属于股票交易异常波动情形。 根据深圳证券交易所《创业板股票上市规则》等有关规定应予以披露而未披露的 事项或与该事项有关的筹划、商谈、意向、协议等；董事会也未获悉本公司有根 据深圳证券交易所《创业板股票上市规则》等有关规定应予以披露而未披露的、 对本公司股票及 ...

Group 1 - A total of 203 companies were investigated by institutions in the past five days, with significant interest in companies like Shenzhen South Circuit, Chip Source Micro, and Zoli Pharmaceutical [1] - Among the companies investigated, 46 received attention from more than 20 institutions, with Shenzhen South Circuit being the most popular, attracting 129 institutions [1] - The types of institutions involved in the investigations included 177 securities companies, 148 fund companies, and 85 private equity firms [1] Group 2 - In terms of market performance, 25 stocks among those investigated saw an increase, with Shenghong Technology, Xingtum Control, and Chaohongji leading with gains of 37.70%, 27.75%, and 18.76% respectively [2] - Nine stocks have reported annual results, with the highest net profit growth seen in Wantong Hydraulic and Xingtum Control, at 37.02% and 35.68% respectively [2] - Fourteen stocks have released preliminary reports for 2024, with significant net profit growth reported by Sitwei and Shenghong Technology, at 2651.81% and 72.94% respectively [2]

Group 1: Company Overview and Operations - Dongtu Technology's Intewell industrial operating system offers high real-time performance and virtualization capabilities, catering to the needs of rapid response and high-precision operations in the industrial sector [3] - The company is currently in the introduction phase within the domestic industrial field, with significant market potential driven by the trend of autonomous control and advancements in artificial intelligence [3] - The company plans to continuously invest in R&D to enhance the performance of the Intewell operating system and build a broad ecosystem [3] Group 2: Robotics and AI Solutions - The company collaborates with robot manufacturers to develop electronic architectures for robots, with a new AI robot operating system product set to launch in the first half of the year [3] - The Intewell operating system addresses several issues faced by current mainstream robotic systems, such as high power consumption and inefficiencies in real-time task execution [4] - The operating system achieves microsecond-level control precision, meeting the stringent requirements of industrial robots and high-end CNC machines [4] Group 3: Cost and Efficiency Advantages - The Intewell operating system can reduce the electronic architecture costs of embodied robots by approximately 50% and lower power consumption by over 60% [5] - The system's microkernel and virtualization architecture allow for compatibility with Linux application ecosystems while maintaining 100% independent intellectual property rights [5] Group 4: Market Potential and Revenue Projections - The smart control systems and industrial operating systems have a market potential in the hundreds of billions, with expectations that new business revenue will account for about 50% of total revenue within 2-3 years [6] - The operating system business is projected to maintain a high growth trajectory, contributing significantly to the company's overall revenue by 2025 [6]

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][38]. Core Insights - The launch of the AI agent platform Manus signifies a maturation of intelligent agent capabilities, with significant market interest and a rapid increase in computational token consumption [4][11]. - Manus is designed to integrate various capabilities, including planning, tool usage, and memory, which are essential for executing complex tasks and will lead to a substantial increase in computational demand [4][12]. - The report emphasizes that the domestic computational power sector is currently the largest investment theme, with recommendations to focus on companies benefiting from capital expenditures by CSPs and operators [5][13]. Summary by Sections Industry Investment Rating - The telecommunications industry is rated as "Outperform" with expectations of exceeding the benchmark index by over 10% [1][38]. Market Performance - The overall market saw an increase during the week of March 3 to March 9, 2025, with the Shenwan Communications Index rising by 2.81% and the STAR Market Index increasing by 2.67% [6][14]. Key Developments - The Manus AI platform has been released, showcasing advanced capabilities in handling various tasks, which has garnered significant attention in the market [4][11]. - The report highlights that the introduction of Manus will lead to a dramatic increase in the consumption of computational tokens, with a single task running cost estimated at approximately $2, significantly lower than previous models [4][12]. Investment Recommendations - The report suggests focusing on domestic computational power, particularly in sectors such as servers, switches, optical modules, and IDC infrastructure, which are expected to benefit from increased capital expenditures [5][13]. - It also recommends monitoring overseas computational sectors for innovations in NV technology and ASIC capital expenditures, especially with upcoming events like GTC2025 [5][14]. - Attention is drawn to edge AI applications, particularly in IoT modules and edge computing, as they align with privacy compliance requirements [5][14]. Notable Companies to Watch - Domestic computational power: Unisplendour, Ruijie Networks, Guangxun Technology, Huagong Technology, Guanghuan New Network, Aofei Data, Chaoxun Communication, Langwei Co [5][15]. - Overseas computational power: NewEase, Tianfu Communication, Zhongji Xuchuang, Taicheng Light, Guangku Technology, Dingtong Technology, Wolong Nuclear Materials [5][15]. - Edge AI: Guanghetong, Yiyuan Communication, Meige Intelligent, Yuntian Leifeng, Yinghantong, Tianzhun Technology, Heertai, Tuobang Co [5][15].

证券研究报告·公司点评报告·通信设备 东土科技（300353） 研发具身智能操作系统，启动与机器人头部 企业授权合作 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1163 | 1029 | 1374 | 1621 | 1949 | | 同比（%） | 5.28 | (11.52) | 33.54 | 17.96 | 20.20 | | 归母净利润（百万元） | 260.28 | 38.63 | 86.25 | 151.79 | 202.39 | | 同比（%） | 1,199.22 | (85.16) | 123.24 | 75.99 | 33.34 | | EPS-最新摊薄（元/股） | 0.42 | 0.06 | 0.14 | 0.25 | 0.33 | | P/E（现价&最新摊薄） | 35.93 | 242.08 | 108.44 | 61.62 | 46.21 | [Table_Tag] [Tabl ...

北京市中伦律师事务所 关于北京东土科技股份有限公司 2025 年股票期权激励计划首次授予事项的 法律意见书 关于北京东土科技股份有限公司 2025 年股票期权激励计划首次授予事项的 法律意见书 致：北京东土科技股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受北京东土科技股份有限公 司（以下简称"东土科技"或"公司"）的委托，就公司 2025 年股票期权激励计 划（以下简称"本次激励计划"）相关事宜担任专项法律顾问，根据《中华人民 共和国证券法》（以下简称"《证券法》"）《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股权激励管理办法》（以下简称"《管理办法》"）《深圳证券交 易所创业板股票上市规则》（以下简称"《上市规则》"）及《深圳证券交易所创业 板上市公司自律监管指南第 1 号——业务办理》（以下简称"《自律监管指南 1 号》"）等有关法律、法规、规范性文件及《北京东土科技股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，已就本次激励计划出具了《北京市中伦律 师事务所关于北京东土科技股份有限公司 2025 年股票期权激励计划（草案）的 法律意见书》。经本所律师进一步核查， ...