[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 4 月 19 日 [Table_Title] 海外算力制裁加剧，关注算力硬件自主可控 ——通信行业周报 [Table_Summary] 报告要点： 1) 算力产业链：关税政策仍具有不确定性，海外 H20 出口新增许可 要求。在海外科技制裁加剧背景下，根据 deepseek 实测数据，昇腾 910C 在 AI 推理侧已有不俗表现，性能及机会的同步改进将为国产算 力硬件创造黄金发展窗口期。同时，国内算力基建在发改委"窗口指 导"下资源统筹将更为有序，短期建议关注主线仍以国产算力及配套 通信设备为主。建议关注：光迅科技（002281.SZ）、华工科技 （000988.SZ）、源杰科技（688498.SH）等。 2) 卫星互联网：2025 年 4 月 17 日，信投建设采购网站已正式公示 应用终端设备采购项目的中标结果，该项目业主方为上海垣信卫星科 技有限公司，项目拟采购卫星应用终端整机。入围供应商包括中交航 信、中科星辰、中兴通信等 8 家供应商。终端产品偏产业链下游，商 业闭环或将加速。建议关注：臻镭科技（688270.S ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [5] Core Insights - The social retail sales total for March 2025 reached 4.09 trillion yuan, showing a year-on-year growth of 5.9%, exceeding the consensus forecast of 4.36% [2][19] - The total retail sales for the first quarter of 2025 amounted to 12.47 trillion yuan, with a year-on-year increase of 4.6%, accelerating by 1.1 percentage points compared to the previous year [2][19] - The report highlights the ongoing implementation of policies aimed at boosting domestic demand, including initiatives to integrate domestic and foreign trade [2][28] Market Performance - During the week of April 14-18, 2025, the Shenyin Wanguo indices for retail, social services, and beauty care sectors increased by 0.24%, 0.14%, and 0.43% respectively, ranking 18th, 21st, and 14th among 31 primary industries [11][12] - The internet e-commerce sector saw a notable increase of 5.69%, benefiting from policies promoting the integration of domestic and foreign trade [12][19] Key Industry Data and News - The report indicates that the retail sales of essential goods and some upgraded products showed strong growth, with food and daily necessities increasing by 12.2% and 6.8% respectively [19][26] - The beauty care sector is witnessing innovation, with companies like Proya launching new products and establishing global brand ambassadors [31][32] - The collectible card game company, Card Game, is set to surpass 10 billion yuan in revenue for 2024, reflecting significant growth in the entertainment sector [34] Company Announcements - Xiangyuan Cultural Tourism reported a revenue of 864.12 million yuan for 2024, marking a year-on-year increase of 19.64% [41] - Tongcheng Travel announced the acquisition of 100% of Wanda Hotel Management for approximately 2.49 billion yuan [42] - Upme Cosmetics plans to establish a joint venture to create a new cosmetics brand [43]

行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 04 月 19 日 [Table_Title] 3 月社零增速超预期，卡游 24 年收入破百亿 ——美护商社行业周报 [Table_Summary] 报告要点： 市场表现 本周（2025.04.14-2025.04.18），申万商贸零售/社会服务/美容护理 分别+0.24%/+0.14%/+0.43%，在 31 个一级行业中排名第 18/21/14； 同期上证综指+1.19%，深证成指-0.54%，沪深 300 指数+0.59%。 细分子板块来看，受益关税冲击下政策加大力度推进内外贸一体化， 帮助外贸产品拓内销，互联网电商板块涨幅居前达 5.69%，个护用品 /酒店餐饮/教育板块分别+3.74%/+1.72%/+1.59%。 3 月社零增速超预期，扩内需增量政策持续落地 2025 年 1-3 月社会消费品零售总额 12.47 万亿元，同比+4.6%。3 月 社零总额 4.09 万亿元，同比+5.9%，高于 wind 一致预期的 4.36%。 分消费类型来看，2025 年 1-3 月，商品零售累计值达到 11.06 万亿 元，同比+4.6% ...

市场整体行情及通信细分板块行情回顾 [Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 4 月 19 日 [Table_Title] 海外算力制裁加剧，关注算力硬件自主可控 ——通信行业周报 [Table_Summary] 报告要点： 1) 算力产业链：关税政策仍具有不确定性，海外 H20 出口新增许可 要求。在海外科技制裁加剧背景下，根据 deepseek 实测数据，昇腾 910C 在 AI 推理侧已有不俗表现，性能及机会的同步改进将为国产算 力硬件创造黄金发展窗口期。同时，国内算力基建在发改委"窗口指 导"下资源统筹将更为有序，短期建议关注主线仍以国产算力及配套 通信设备为主。建议关注：光迅科技（002281.SZ）、华工科技 （000988.SZ）、源杰科技（688498.SH）等。 2) 卫星互联网：2025 年 4 月 17 日，信投建设采购网站已正式公示 应用终端设备采购项目的中标结果，该项目业主方为上海垣信卫星科 技有限公司，项目拟采购卫星应用终端整机。入围供应商包括中交航 信、中科星辰、中兴通信等 8 家供应商。终端产品偏产业链下游，商 业闭环或将加速。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [7] Core Insights - The media industry has shown a weekly increase of 1.91%, ranking 6th among industries, outperforming the Shanghai Composite Index and Shenzhen Component Index [12][18] - The cultural industry is highlighted as a key driver for national soft power and domestic consumption, benefiting from the strategic goal of building a cultural strong nation by 2035 [3][37] - AI-native applications are rapidly growing, with monthly active users reaching 240 million in February 2025, marking an 88.9% increase [22] - The gaming sector continues to thrive, with top games like "Honor of Kings" and "Endless Winter" leading sales, and new titles showing promising performance [27][29] - The film industry reported a total box office of 220 million yuan in the latest week, with "Sunshine Flowers" leading the charts [35] Summary by Sections Market Performance - The media industry saw a weekly increase of 1.91%, with various sub-sectors, except publishing, experiencing growth [12][18] - Notable performers included companies like Dazhong Media and Ciweng Media, with significant weekly gains [18] Key Industry Data AI Applications - The market for AI-native applications is expanding, with significant user growth and reduced costs for AI model usage [22][23] Gaming Data - "Delta Action" achieved over 12 million daily active users, and new games are performing well in the market [27][28] Film Data - The domestic box office reached 220 million yuan, with "Sunshine Flowers" leading the weekly box office [35] Key Industry Events and Announcements - President Xi Jinping emphasized the importance of cultural development in a recent article, outlining strategies for enhancing national cultural strength [3][37] - OpenAI announced several advancements in AI models, including the release of new versions and features [38][39][40] - The launch of new games and AI applications by major companies indicates a vibrant and competitive landscape in the media sector [45][46]

6 80.41-1.46 每日复盘 证券研究报告 2025 年 04 月 18 日 [Table_Title] 2025 年 4 月 18 日沪指收跌止步 8 连阳，两市成交额继续 缩量 报告要点： 2025 年 4 月 18 日沪指收跌止步 8 连阳，两市成交额继续缩量。上证指 数下跌 0.11%，深证成指上涨 0.23%，创业板指上涨 0.27%。市场成交额 9145.18 亿元，较上一交易日减少 848.18 亿元。全市场 2420 只个股上涨， 2776 只个股下跌。 风格上看，各指数涨跌幅排序为：金融>成长>0>周期>稳定>消费；大盘 价值>中盘价值>小盘价值>小盘成长>中盘成长>大盘成长；中证全指表现优 于基金重仓。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：通信 （1.70%），房地产（1.36%），综合金融（0.97%）；表现相对靠后的是：消费 者服务（-2.39%），纺织服装（-1.62%），农林牧渔（-1.53%）。概念板块方 面，多数概念板块上涨，昨日连板、6G、3D 玻璃等大幅上涨；抗菌面料、粮 食、预制菜等大幅走低。 资金筹码方面，主力资金 4 月 18 日净流出 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Viewpoints - The company achieved rapid growth in its performance, with a 20.50% year-on-year increase in revenue to 549.76 million yuan and an 11.09% increase in net profit attributable to shareholders, reaching 93.59 million yuan in 2024 [1][4]. - The company is a leading player in the renewable energy data development and application services sector, maintaining the largest service scale in power forecasting, with a total of 4,345 renewable energy plants served by the end of 2024 [2][3]. - The introduction of the "Four Available" requirements for distributed power stations by the National Energy Administration is expected to expand the market space for the company's power forecasting and control services [3]. Financial Performance Summary - In 2024, the company reported a revenue of 549.76 million yuan, a 20.50% increase from the previous year, and a net profit of 93.59 million yuan, reflecting an 11.09% growth [1][7]. - The forecast for revenue from 2025 to 2027 is projected to be 679.47 million yuan, 820.82 million yuan, and 976.33 million yuan, respectively, with net profits expected to reach 121.69 million yuan, 156.10 million yuan, and 192.15 million yuan [4][7]. - The company's earnings per share (EPS) are projected to grow from 1.21 yuan in 2025 to 1.92 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 52.36 to 33.16 over the same period [4][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Views - The company achieved rapid growth in its performance, with a 20.50% year-on-year increase in revenue to CNY 549.76 million and an 11.09% increase in net profit attributable to shareholders, reaching CNY 93.59 million in 2024 [1][4]. - The company is a leading player in the renewable energy data development and application services sector, maintaining the largest market share in power prediction services, with a total of 4,345 serviced power plants by the end of 2024 [2][3]. - The introduction of the "Four Available" requirements for distributed power stations by the National Energy Administration is expected to expand the company's market opportunities in power prediction and control services [3]. Financial Performance - The company's revenue for 2024 was CNY 549.76 million, with a year-on-year growth of 20.50%, while the net profit attributable to shareholders was CNY 93.59 million, reflecting an 11.09% increase [1][7]. - Forecasted revenues for 2025-2027 are CNY 679.47 million, CNY 820.82 million, and CNY 976.33 million, respectively, with net profits projected at CNY 121.69 million, CNY 156.10 million, and CNY 192.15 million [4][7]. - The company's earnings per share (EPS) are expected to grow from CNY 1.21 in 2025 to CNY 1.92 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 52.36 to 33.16 [4][7]. Market Position and Growth Potential - The company has consistently increased its service scale in the renewable energy sector, with a net addition of 755 power plants in 2024, showcasing its competitive advantage in the industry [2][3]. - The implementation of new national standards for distributed photovoltaic power stations is anticipated to further enhance the company's service offerings and market reach [3].

证券研究报告 6 80.41-1.46 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：房地产 （2.42%），建材（1.12%），轻工制造（1.04%）；表现相对靠后的是：综合金 融（-1.75%），汽车（-0.92%），有色金属（-0.47%）。概念板块方面，多数 概念板块上涨，昨日连板_含一字、昨日连板、昨日涨停_含一字等大幅上 涨；纳米银、数字阅读、电子后视镜等板块走低。 资金筹码方面，主力资金 4 月 17 日净流出 57.75 亿元。其中超大单净流 入 18.54 亿元，大单净流出 76.28 亿元，中单资金净流出 87.44 亿元，小单 持续净流入 155.23 亿元。 每日复盘 2025 年 04 月 17 日 [Table_Title] 2025 年 4 月 17 日市场低开回升，成交额跌破万亿 报告要点： 2025 年 4 月 17 日市场低开回升，成交额跌破万亿。上证指数上涨 0.13%，深证成指下跌 0.16%，创业板指上涨 0.09%。市场成交额 9993.36 亿 元，较上一交易日减少 1123.79 亿元。全市场 3164 只个股上涨，2062 只个 股下跌。 风格上看 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][7]. Core Insights - The company has secured a significant order worth 238 million RMB from LAZ Parking, the largest commercial parking operator in North America, to supply 50,000 commercial AC charging piles [2][3]. - The North American market for parking lot charging piles is projected to have a demand for nearly 1.8 million units, corresponding to a market size of up to 60 billion RMB, indicating substantial growth potential [3]. - The company is proactively addressing potential trade risks by increasing safety stock in the U.S. and planning to establish a factory in Mexico to mitigate tariff impacts [4]. Financial Projections - The company is expected to achieve revenues of 47.51 billion RMB, 56.44 billion RMB, and 65.84 billion RMB for the years 2025, 2026, and 2027, respectively [5][9]. - The projected net profit attributable to the parent company is forecasted to be 7.69 billion RMB, 9.26 billion RMB, and 10.91 billion RMB for the same years [5][9]. - Earnings per share (EPS) are estimated to be 1.70 RMB, 2.05 RMB, and 2.42 RMB for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 20.09, 16.68, and 14.16 [5][9].