Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 Index [1]. Core Viewpoints - The recent OpenAI ban on API services for unsupported countries, including mainland China and Hong Kong, is seen as a potential opportunity for domestic AI model developers, allowing them to better serve local entrepreneurs and content creators [1]. - Domestic AI model companies, such as Zhipu AI, Baidu Smart Cloud, and Alibaba Cloud, are responding swiftly to assist users in transitioning to local models, which may enhance the demand for domestic AI technology and accelerate its development [1]. - The report suggests that the OpenAI ban could lead to increased competition among domestic AI model providers, resulting in improved services and resources for users, thereby fostering the growth of AI technology in China [1]. Summary by Sections Investment Highlights - The OpenAI ban is expected to benefit domestic AI models, prompting companies to offer competitive services to facilitate user migration [1]. - Major domestic AI firms are launching initiatives to provide free tokens and migration support to attract users from OpenAI [1]. Market Performance - The report notes a significant drop in relative returns, with a decrease of -4.28% for 1M, -18.32% for 3M, and -23.76% for 12M periods [1]. - Absolute returns also reflect a decline, with -7.64% for 1M, -20.11% for 3M, and -32.41% for 12M periods [1]. Analyst Recommendations - The report recommends focusing on companies such as Tencent Holdings, NetEase, Meitu, Tom Cat, Kunlun Wanwei, and others, as they are well-positioned to benefit from the shift towards domestic AI models [1].

Investment Rating - The report maintains an investment rating of "Leading the Market" for the gaming industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 Index [1]. Core Insights - The issuance of 104 new mobile game licenses in June marks a significant recovery, with the total number of approved domestic online game licenses reaching 628 for the year [1]. - The gaming market is experiencing a resurgence, with major companies releasing significant titles, leading to a potential explosion in new game releases during the summer season [1]. - Chinese gaming companies are performing well, with 40 companies entering the global mobile game publisher revenue TOP 100, collectively generating $2.11 billion, accounting for 39.7% of the total revenue [1]. Summary by Sections Industry Performance - The number of approved games in June has returned to over 100 per batch, with some games taking only six months from copyright registration to obtaining a license [1]. - The revenue from Tencent's mobile game "Dungeon & Fighter: Origin" has surpassed the combined revenue of "Honor of Kings" and "Peacekeeper Elite" in the domestic iOS market by the end of May [1]. Market Trends - The gaming industry is entering a competitive phase for the summer season, driven by both domestic and international market dynamics [1]. - The report highlights the importance of technological advancements, particularly in AI, game engines, and virtual reality, as key drivers for productivity improvements in the gaming sector [1]. Investment Recommendations - The report suggests focusing on companies such as Yaoji Technology, Tencent Holdings, and others, as the continuous issuance of game licenses is expected to invigorate the gaming ecosystem [1].

2024 年 06 月 26 日 公司研究●证券研究报告 兴森科技(002436.SZ) 公司快报 关键技术持续精进,FCBGA 项目稳步推进放量在 即 投资要点 2024 年 6 月 24 日,公司荣获 2023 年度国家科技进步二等奖。 关键技术持续精进,突破电子高密度互连基板制造等多项关键技术 2024 年 6 月 24 日,兴森科技参与的项目"面向高性能芯片的高密度互连封装制造 关键技术及装备"荣获 2023 年度国家科技进步奖二等奖。在后摩尔时代背景下, 以芯片高密度集成互连为核心的先进封装技术在产业链中的重要性日渐突出。兴森 科技与广东工业大学及相关产业方长期深入产学研合作,突破了电子高密度互连基 板制造等多项关键技术,形成行业领先优势。项目成果已获得国内国际一流龙头企 业的严格认证与批量采购。 封装基板:CSP 进军中高端市场,FCBGA 项目稳步推进放量在即 2023 年封装基板业务实现收入 8.21 亿元,同比增长 19.09%,增长主要来自于 CSP 封装基板业务;毛利率为-11.83%,同比下降 26.58 个百分点,主要系 FCBGA 封 装基板项目投入较大。 CSP:CSP 封装基板 ...

证券研究报告 汽车行业报告 领先大市-A(首次) 2024年6月26日 智能驾驶系列报告(一):华为智能驾驶方案简剖 分析师:李蕙 S0910519100001 联系人:曾晓婷 本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 核心观点 u 华为ADS智驾方案始终坚持激光雷达+毫米波雷达+摄像头的多传感器融合路线,行业降本压力下硬件配置从超配逐步转 向贴合实际需求,带动整体硬件成本下降。1)单车传感器数量呈现下降趋势,包括激光雷达从3个减配至1个、毫米波雷 达从6R减配至3R、摄像头数量亦有所减少;2)车侧算力从400TOPS降低至200TOPS、更贴合实际需求,同时或在探索 "Max + Pro "双版本智驾硬件配置方案。 u 算法架构方面,从2021年的ADS 1.0到2023年的ADS 2.0,障碍物识别从人工标注走向自主决策、道路识别上从有图方案 转为无图方案,而今年4月发布的3.0版本采用端到端大模型。华为ADS在感知、决策规划两大方面持续迭代:1)障碍物 识别方面,从BEV升级至GOD,优化对异形障碍物、罕见障碍物的识别性能;2)车道识别及路径规划方面,从1.0的"有 ...

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 index [1]. Core Insights - The recent Huawei Developer Conference introduced HarmonyOS NEXT, an independent operating system that does not rely on traditional Unix or Linux kernels, showcasing Huawei's commitment to AI integration and system-level capabilities [1]. - HarmonyOS has achieved a market share of 17% in China as of Q1 2024, surpassing iOS to become the second-largest operating system in the country, with over 900 million devices and 2.54 million developers engaged in its ecosystem [1]. - The report emphasizes the potential for AI products to penetrate various sectors as leading domestic companies complete system restructuring, suggesting a significant growth opportunity in the AI industry [1]. Summary by Sections Industry Performance - The report highlights that HarmonyOS has transitioned into a full commercial phase since its establishment in 2015, with significant advancements in AI capabilities and user experience [1]. Market Share and Developer Engagement - According to Counterpoint Research, HarmonyOS's market share reached 17% in Q1 2024, with over 900 million devices and 2.54 million developers contributing to its ecosystem [1]. Investment Recommendations - The report suggests focusing on leading companies such as Tencent, NetEase, Meitu, and others, which are expected to benefit from the increasing penetration of AI products across various fields [1].

Revenue Insights - In May, the general public budget revenue was 15,986 billion, showing a year-on-year decline of 3.2%, a slight improvement from April's decline of 3.7%[1] - Non-tax revenue increased by 15.8% year-on-year, significantly up by 10 percentage points from the previous month, supported by profits from state-owned assets and financial central enterprises[1] - The value-added tax (VAT) growth turned positive at 4.0%, improving by 13.6 percentage points, primarily due to the easing of high base effects from previous tax deferrals[1] Expenditure Trends - General public budget expenditure growth declined by 3.5 percentage points to 2.6% year-on-year, with significant reductions in education, culture, and health expenditures[1] - Despite a concentrated issuance of ordinary government bonds in May, the accumulated revenue-expenditure gap remains challenging to fill, indicating a need for more robust fiscal measures[2] Debt and Investment Dynamics - Local government debt issuance accelerated by 10.8 percentage points compared to April, but remains significantly slower than the same period in 2022 and 2023[6] - The issuance of special bonds and particularly long-term special government bonds has started, but the high standards for project profitability may hinder significant acceleration in infrastructure investment growth[6] Fund Budget Performance - Government fund income saw a year-on-year decline of 22.2%, marking a 15-month low, with land transfer income dropping by 27.4%[21] - The expenditure from government funds decreased by 14.2% year-on-year, but the decline was less severe due to last year's low base and an increase in special bond issuance[21]

2024 年 06 月 24 日 行业研究●证券研究报告 半导体 行业快报 FOPLP 有望加速渗透 AI 领域,封测产业链迎 来发展新契机 投资要点 2024 年 6 月 21 日消息,半导体技术天地引用日经新闻报道,台积电正在开发一种 新的先进芯片封装方法,使用矩形面板状基板,而不是传统的圆形晶圆,其允许将 更多芯片放置在单个基板上,以满足对先进多小芯片处理器日益增长的需求。台积 电在日经新闻发表的一份声明中写道:"台积电密切关注先进封装的进展和发展, 包括面板级封装。" CoWoS 供不应求&FOPLP 具有更大封装尺寸/更好散热性能,FOPLP 有望加 速进入 AI 芯片领域。扇出型面板级封装技术相对于传统的 CoWoS 具有更大的 封装尺寸和更好的散热性能,这使得它能够支持更大规模的芯片集成,提高性能, 并减少功耗。因此,对于英伟达等 AI 芯片厂商,采用 FOPLP 技术有助于缓解 当前 CoWoS 产能紧张的问题,并提高 AI 芯片的供应量。根据雷达产业链大会 引用苏州晶方半导体刘宏钧副总经理数据,英伟达 H100 采用 CoWoS-S 技术进 行封装,其中包含 7 个芯片。核心部分是面积为 8 ...

本次会议为华经证券客户开发设计 和或个人不得以任何形式转发翻版复制发布或引用会议全部或部分内容亦不得从未经华经证券书面授权的任何机构个人或其运营的媒体平台接收翻版复制或引用会议的全部或部分内容不得制作会议纪要度外发送擅自制作会议纪要引起不当传播的后果自负版权所有违者必究 好了各位投资人晚上好啊非常高兴各位领导能够参加我们卖动电磁波的呃周观点会议呃这次的话就是我们主要给各位领导汇报一些新的呃赛道除了算力和那个微信互联网之外我们最近的话在加推一些就是车联网的就是前两周话我们 当时提过就是车路源一体化国家会有政策后面的话这周的话会有一个比较多的像比如说试点然后呢还有一个将近两百亿的投资所以我们预计的话这块会加速这里面背景什么呢背景就是说中国的话像比亚迪这个前挨了出来之后他整个汽车的售价大约是在八到十三万之间 就是入门级汽车所以对日本和那个德国这些车的话就形成了强有力的冲击强有力冲击之后的话因为电动车的话我们一直有个观点电动车就等于智能车因为电动车的话其实整个机械系统是很简单的就一块电池但是呢它上面叠加的像中控屏 激光雷达好很多雷达以及这个这个车载的那个网关车载的这个物联网模组还有车载的这种大屏幕车载的大模型等等就非 ...

各位投资人晚上好非常高兴各位领导能够参加我们脉动电磁波的周观点会议这次的话就是我们主要给各位领导汇报一些新的赛道除了算力和那个微星互联网之外我们最近的话在加推一些就是车联网的就是前两周话我们当时提过就是车路云一体化国家会有政策后面话 这周的话会有一个比较多的像比如说试点然后呢还有一个将近两百亿的投资所以我们预计的话这块会加速这里面背景什么呢背景就是说中国的话像比亚迪这个前来了出来之后他整个汽车的售价大约是在八到十三万之间就是入门级汽车所以对日本和那个德国这些车的话就形成了 强有力的冲击强有力冲击之后的话因为电动车话我们一直有个观点电动车就等于智能车啊因为电动车话其实整个机械系统是很简单的就一块电池但是呢它上面叠加的像中控屏激光雷达好很多雷达以及这个呃这个车载的那个网关呃车载的这个物联网模组还有车载的这种大屏幕 车载的大模型等等都非常多所以呢电力化的话他机械型的车辆是达不到这两点的我们原来论证过第一个就是油车油车的话达不到这两点油车的话他有一个bug就是说他这个是烧油的整个电池是一个小电池不足以支撑这么大的那个电量的使用啊经常话由油车出现那个就是长时间不用就是 打不着车的情况就说明电瓶小这是一个原因这当然这不是 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company's revenue for 2024 is projected to be 707 million yuan, with a growth rate of 40.8%, and is expected to reach 1.244 billion yuan by 2026, with a growth rate of 37.3% [1] - The net profit attributable to the parent company is forecasted to be 81 million yuan in 2024, growing by 11.2%, and is expected to increase to 149 million yuan by 2026, with a growth rate of 52.3% [1] - The company's products have entered major platforms such as Nintendo's Switch, Sony's PS series, and Meta's Quest, indicating strong growth potential in gaming and XR components [1] - The company's stake in Fokexima positions it as a leader in the MT chip sector, and developments in AI and "new infrastructure" are expected to drive performance growth [1] Financial Data and Valuation - Revenue (in million yuan): 576 in 2022, 502 in 2023, 707 in 2024, 906 in 2025, and 1,244 in 2026 [20] - Net profit (in million yuan): 117 in 2022, 73 in 2023, 81 in 2024, 98 in 2025, and 149 in 2026 [20] - PE ratios are projected to be 71.2 for 2024, 59.1 for 2025, and 38.8 for 2026 [20] - The gross margin is expected to be 32.3% in 2024, 32.9% in 2025, and 34.2% in 2026 [20] - The report indicates a significant increase in cash flow from operating activities, projected at 269 million yuan in 2024 [20]