分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 软件半导体行业领涨 A 股低开高走 ——市场分析 相关报告 《市场分析：防御行业领涨 A 股震荡整固》 2025-04-16 《市场分析：银行消费行业领涨 A 股小幅上 行》 2025-04-15 《市场分析：汽车消费行业领涨 A 股震荡上 行》 2025-04-14 联系人： 李智 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 04 月 17 日 周四 A 股市场低开高走、小幅震荡上行，早盘股指低开后震荡上 行，盘中股指在 3284 点附近遭遇阻力，随后股指维持震荡，盘中软 件开发、半导体、房地产以及化学制品等行业表现较好；贵金属、 航运港口、汽车整车以及小金属等行业表现较弱，沪指全天基本呈 现小幅震荡上行的运行特征。当前上证综指与创业板指数的平均市 盈率分别为 13.93 倍、33.92 倍，处于近三年中位数平均水平，适 合中长期布局。两市周四成交金额 10305 亿元，处于近三年日均成 交量中位数区域上方。2025 年财政政策预计更加积极，货币政策 ...

Investment Rating - The report maintains a "Strong Buy" rating for the computer industry, indicating a positive outlook compared to the market [3]. Core Insights - The domestic AI chip industry has made significant breakthroughs, with the launch of the HarmonyOS PC expected in May 2025, which is anticipated to enhance the competitive landscape for domestic software and hardware manufacturers [3][59]. - The integration of AI technologies is accelerating, with DeepSeek's latest updates showing substantial improvements in model performance, and OpenAI planning to release new models soon [4][60][78]. - The EDA industry is experiencing consolidation, with major acquisitions indicating a trend towards increased concentration among leading firms [4]. Summary by Sections Industry Data - In the first two months of 2025, the software industry generated revenues of 1.90 trillion yuan, reflecting a year-on-year growth of 9.9%, slightly down from 10.0% in 2024 [12][13]. - The integrated circuit (IC) design sector showed the highest growth within the software industry, with a year-on-year increase of 13.5% [17]. Domestic Production - As of January-February 2025, the domestic integrated circuit localization rate reached 26%, up 4 percentage points from 2024 [3][34]. - The domestic AI chip sector is witnessing continuous breakthroughs in both training and inference capabilities, with significant advancements reported by companies like Huawei and Ant Group [43][44]. AI Developments - DeepSeek has released a new version of its model, DeepSeek-V3-0324, which has shown improved performance metrics compared to previous versions [62]. - OpenAI is set to launch new models, including GPT-5, which is expected to enhance its competitive position in the AI market [78]. Electronic Design Automation (EDA) - The EDA industry is seeing increased activity in mergers and acquisitions, which is likely to accelerate the growth of leading companies in the sector [4]. Liquid Cooling Market - The liquid cooling server market in China is projected to grow at a compound annual growth rate of 47% over the next five years, driven by demand from the internet, telecommunications, and government sectors [49][51]. HarmonyOS PC Launch - The upcoming launch of the HarmonyOS PC in May 2025 is expected to significantly impact the domestic operating system landscape, enhancing the push for localization in software [59].

计算机 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 国产 AI 芯片实现重要突破，积极关注 5 月鸿蒙 PC 问世 ——计算机行业月报 证券研究报告-行业月报 强于大市(维持) 计算机相对沪深 300 指数表现 相关报告 《计算机行业深度分析：AI 时代下，算力产 业的发展趋势及河南概况》 2025-03-31 《计算机行业月报：国内算力投入明显加 快，平台企业借势积极入局》 2025-03-13 《计算机行业深度分析：三大要素齐发力， AI 应用步入全面加速期》 2025-03-07 联系人：李智 电话： 0371-65585629 投资要点： （1）国产化：2025 年 1-2 月，我国集成电路国产化率 26%，较 2024 年提升 4 PCT。目前中美执行了新的关税政策，美国将浪潮 集团旗下 6 家公司、宁畅信息、中科可控旗下的服务器品牌 Suma 放入实体清单，又要求 H20 芯片在出口至中国时需要"无 限期"申请许可证，利好国产 GPU 厂商。同时，硅基流动联合 华为云基于 CloudMatrix 384 超节点昇腾云服务和高性 ...

分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -13% -7% -2% 4% 9% 15% 20% 26% 2024.04 2024.08 2024.12 2025.04 上证指数 深证成指 | 国内市场表现 | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 上证指数 | 3,276.00 | 0.26 | 深证成指 | 9,774.73 | -0.85 | | | | 创业板指 | 2,022.77 | -0.47 | 沪深 | 300 | 3,772.82 | 0.31 | | | 上证 | 50 | 2,443.97 | -0.52 | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | 中证 | 100 | 3,611.99 | 0.31 | | 中证 | 500 | 5,556.86 | -0.82 | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | ...

其他化学制品Ⅱ 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 2024 年产销增长经营稳健，新项目保障 长期发展 ——万华化学(600309)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 56.26 | | --- | --- | | 一年内最高/最低(元) | 93.75/56.26 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 1.80 | | 流通市值(亿元) | 1,766.42 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 31.31 | | 每股经营现金流(元) | 0.19 | | 毛利率(%) | 15.70 | | 净资产收益率_摊薄(%) | 3.14 | | 资产负债率(%) | 66.15 | | 总股本/流通股(万股) | 313,974.66/313,974.6 | | | 6 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 -34% -26% -18% -10% ...

电信运营Ⅱ 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 算力服务快速增长，派息率稳步提升 ——中国联通(600050)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 5.41 | | --- | --- | | 一年内最高/最低(元) | 6.82/4.42 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 1.04 | | 流通市值(亿元) | 1,664.49 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.18 | | 每股经营现金流(元) | 2.87 | | 毛利率(%) | 23.42 | | 净资产收益率_摊薄(%) | 5.48 | | 资产负债率(%) | 45.19 | | 总股本/流通股(万股) | 3,126,442.53/3,076,6 | B 股/H 股(万股) 0.00/0.00 相关报告 《中国联通(600050)季报点评：联通云快速发 展，净利润双位数增长》 2024-10-31 联系人：李智 ...

分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 自营业绩优异，投行逆市增长 证券Ⅱ ——广发证券(000776)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 15.34 | | --- | --- | | 一年内最高/最低(元) | 18.37/11.25 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 0.97 | | 总市值(亿元) | 1,166.74 | | 流通市值(亿元) | 1,166.74 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 15.88 | | 总资产(亿元) | 7,587.45 | | 所有者权益(亿元) | 1,476.02 | | 净资产收益率(%) | 7.44 | | 总股本(亿股) | 76.06 | 发布日期：2025 年 04 月 16 日 2024 年年报概况:广发证券 2024 年实现营业收入 271.99 亿元，同比 +16.74%；实现归母净利润 96. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27] Core Views - The company's performance in 2024 was impacted by the photovoltaic business, with total revenue declining by 15.23% year-on-year to 19.15 billion yuan, and net profit decreasing by 29.33% to 1.31 billion yuan [7][10] - Despite the challenges in the photovoltaic sector, the company has shown significant improvement in operating cash flow, which turned positive at 4.39 billion yuan, attributed to increased sales collections and reduced cash payments for raw materials [10] - The company maintains a strong position in the photovoltaic encapsulant market, with a global market share of around 50%, and a sales volume of 2.81 billion square meters, up 24.98% year-on-year [10][13] - The company is expanding its overseas production capacity in Thailand and Vietnam to mitigate international trade risks and ensure sales in foreign markets [10] - The electronic materials and functional films segment is expected to become a new growth driver, with significant sales increases in photosensitive dry films and aluminum-plastic films [10][13] Financial Summary - The company's gross profit margin for photovoltaic encapsulants was 14.72%, showing a slight increase of 0.12 percentage points year-on-year, despite a significant drop in sales price [10] - The projected net profits for 2025, 2026, and 2027 are estimated at 1.51 billion, 1.81 billion, and 2.12 billion yuan respectively, with corresponding diluted EPS of 0.58, 0.69, and 0.81 yuan [12][13] - The company’s financial ratios indicate a return on equity (ROE) of 7.97% for 2024, with expectations for gradual improvement in the following years [12][13]

乘用车Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 新能源驱动业绩扭亏，关注新车表现 ——赛力斯(601127)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-15) | 收盘价(元) | 134.40 | | --- | --- | | 一年内最高/最低(元) | 144.75/71.36 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 16.55 | | 流通市值(亿元) | 2,029.15 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 8.12 | | 每股经营现金流(元) | 14.91 | | 毛利率(%) | 26.15 | | 净资产收益率_摊薄(%) | 48.48 | | 资产负债率(%) | 87.38 | | 总股本/流通股(万股) | 163,336.61/150,978.2 | | | 2 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -18% -6 ...

乘用车Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 新能源驱动业绩扭亏，关注新车表现 ——赛力斯(601127)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-15) | 收盘价(元) | 134.40 | | --- | --- | | 一年内最高/最低(元) | 144.75/71.36 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 16.55 | | 流通市值(亿元) | 2,029.15 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 8.12 | | 每股经营现金流(元) | 14.91 | | 毛利率(%) | 26.15 | | 净资产收益率_摊薄(%) | 48.48 | | 资产负债率(%) | 87.38 | | 总股本/流通股(万股) | 163,336.61/150,978.2 | | | 2 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -18% -6 ...