Investment Rating - The report maintains a "Buy" rating for several companies in the AI and computing sector, including 亿道信息 (Yidao Information), 科大讯飞 (iFlytek), 唯科科技 (Weike Technology), 泓淋电力 (Honglin Electric), 嘉和美康 (Jiahe Meikang), 寒武纪 (Cambricon), 鼎通科技 (Dingtong Technology), and 迈信林 (Maixinlin) [15][50]. Core Insights - The computing industry has shown a strong relative performance, with a 1-month return of 14.6% and a 12-month return of 27.8%, significantly outperforming the沪深300 index [2][11]. - The launch of DeepSeek-Prover-V2 marks a significant advancement in mathematical reasoning models, achieving state-of-the-art performance in neural theorem proving [4][21]. - 阿里通义千问's Qwen3 model has been introduced, showcasing competitive results in various benchmarks and significantly increasing its pre-training dataset size to approximately 36 trillion tokens [8][30]. Summary by Sections 1. Computing Dynamics - The rental prices for computing power remain stable, with specific configurations like A100-40G priced at 28.64 CNY/hour on Tencent Cloud and 31.58 CNY/hour on Alibaba Cloud [20][23]. - DeepSeek-Prover-V2 was released on April 30, featuring two parameter sizes (7B and 671B) and achieving advanced performance in theorem proving tasks [21][22]. 2. AI Application Dynamics - Gemini's average stay duration increased by 3.45% during the reporting period, indicating growing user engagement [26]. - The Qwen3 model from 阿里通义千问 has been launched, demonstrating competitive performance against top models and supporting two distinct reasoning modes for enhanced user flexibility [27][28]. 3. AI Financing Trends - Persona Identities Inc. completed a $200 million Series D funding round, achieving a valuation of $2 billion, highlighting the growing demand for AI-driven identity verification solutions [34][35]. 4. Market Review - The AI computing index and AI application index showed fluctuations, with notable gains in specific companies like 天源迪科 (Tianyuan Dike) and 鸿博股份 (Hongbo Shares) [39][40]. 5. Investment Recommendations - The report suggests focusing on companies like 嘉和美康 (Jiahe Meikang), 科大讯飞 (iFlytek), 寒武纪 (Cambricon), and others that are positioned to benefit from advancements in AI and computing technologies [48][49].

2025 年 05 月 07 日 Q1 略超预期，期待渠道改革成效 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-05-06 | | --- | --- | | 当前股价（元） | 129.49 | | 总市值（亿元） | 5026 | | 总股本（百万股） | 3882 | | 流通股本（百万股） | 3881 | | 52 周价格范围（元） | 107.69-164.05 | | 日均成交额（百万元） | 2933.66 | 市场表现 -40 -30 -20 -10 0 10 20 (%) 五粮液 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《五粮液（000858）：营销执行 提升年，稳定压倒一切》2024-12- 19 2、《五粮液（000858）：浓香龙头 迎复兴，酒业大王向前看》2024- 12-06 3、《五粮液（000858）：发布中期 利 ...

双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 资料来源：Wind，华鑫证券研究 2025 年 05 月 07 日 市场情绪：91 分（过热） 最近一年大盘走势 -15 -10 -5 0 5 10 15 20 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 91 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：机器人、稀土、苹果链 1、机器人主题：五一假期期间，山岳型景区迎来大批游 客。在八达岭长城、黄山、泰山这些热门景点，游客们体验 到了一种别样的登山方式一穿戴外骨骼机器人登山。这种设 备被形容为"登山外挂"，通过机械结构或电机驱动，能够 降低 20%-40%的体能消耗，瞬间在户外圈爆火。相关标的： 伟思医疗(688580)、精工科技(002006) 2、稀土主题：近日，据相关媒体报道，自中国宣布对 7 类中重稀土相关物项实施出口管制后，稀土金属价格在数周 内达到了创纪录的高位。截至 5 月 1 日，欧洲镝价已自 4 月 初以来上涨两 ...

2025 年 05 月 06 日 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 80 100 120 (%) 利民股份 沪深300 相关研究 —利民股份（002734.SZ）公司事件点评报告 利民股份发布 2024 年年度业绩报告：2024 年，公司实现总 营业收入 42.37 亿元，同比增长 0.32%；实现归母净利润 0.81 亿元，同比增长 31.11%。2025 年一季度，公司实现总 营业收入 12.11 亿元，同比增长 22.28%，环比增长 35.57%； 实现归母净利润 1.08 亿元，同比增长 1373.23%，环比增长 258.81%。 投资要点 技术与战略并驾，多维布局静候春耕旺季 买入(首次) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：高铭谦 | S1050124080006 | | gaomq@cfsc.com.cn | | | 基本数据 | 2025-05-06 | | --- | --- | | 当前股价（元） | 13.62 | | 总市值 ...

2025 年 05 月 06 日 利润同比增长，搬迁项目竣工实现盐包装一体化 布局 买入(首次) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：覃前 S1050124070019 qinqian@cfsc.com.cn | 基本数据 | 2025-05-06 | | --- | --- | | 当前股价（元） | 9.67 | | 总市值（亿元） | 76 | | 总股本（百万股） | 782 | | 流通股本（百万股） | 777 | | 52 周价格范围（元） | 8.88-11.93 | | 日均成交额（百万元） | 96.83 | 市场表现 -20 -10 0 10 20 30 (%) 苏盐井神 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌ 产品销售价格下跌致公司营业收入下降 公司 2024 年营业收入下降的原因为主要产品销售价格同比下 跌。公司分产品产销情况来看，1）盐类产品：2024 年产量 为 755.54 万吨，同比+0.98%；销量 774.22 万吨，同比- 0.06%。2）碱类产品：2024 年产量为 74.48 万吨， ...

2025 年 05 月 06 日 银锡量价齐升，内部扩产外部并购护航远期增长 —兴业银锡（000426.SZ）公司事件点评报告 买入(维持) 事件 ▌ 银漫矿山扩建+外部并购宇邦矿业，远期增长可 期 2025 年 1 月银漫矿业扩建工程获批，项目建设规模由 165 万 吨/年扩建为 297 万吨/年，开采方式为地下开采，建设属性 为改扩建项目。 2025 年 1 月，公司以自有资金及自筹资金人民币 23.88 亿元 完成宇邦矿业 85%股权的收购。宇邦矿业矿区位于于内蒙古 自治区巴林左旗，总共拥有一宗采矿权和三宗探矿权。其中 采矿权位于双尖子山银铅矿，截止至 2017 年 3 月 31 日，已 备案的主、共生矿产保有资源储量矿石量为 15,897.87 万 吨，银金属量 15,129.30 吨，铅金属量 389,119 吨，锌金属 量 1,500,462 吨，主、共生矿产中：银平均品位 138g/t，铅 平均品位 1.03%，锌平均品位 1.46%；另含有伴生银金属量 3,110.08 吨，伴生铅金属量 461,905 吨，伴生锌金属量 388,170 吨。 兴业银锡发布 2024 年年报和 2025 年一季 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - Demand is steadily recovering, with overseas markets continuing to show high growth [5][6] - The company reported Q1 2025 revenue of 3.794 billion yuan, a year-on-year increase of 9%, and a net profit attributable to shareholders of 370 million yuan, up 16% year-on-year [4] - The gross margin improved by 1 percentage point to 25.97% in Q1 2025, primarily due to a decrease in molasses costs and reduced shipping pressure [5] - The company is expanding its production capacity and enhancing its overseas business layout, with Q1 2025 revenue from yeast and deep processing products reaching 2.773 billion yuan, a 13% increase year-on-year [6] Summary by Sections Financial Performance - Q1 2025 revenue was 3.794 billion yuan, with a net profit of 370 million yuan, reflecting a 16% increase year-on-year [4] - The gross margin for Q1 2025 was 25.97%, an increase of 1 percentage point [5] - The net profit margin increased by 1 percentage point to 10.20% [5] Capacity and Market Expansion - The company is actively releasing production capacity, with significant contributions from the expansion of subsidiaries and ongoing projects [6] - Domestic revenue in Q1 2025 was 2.099 billion yuan, a slight decrease of 0.3%, while international revenue was 1.684 billion yuan, a 23% increase year-on-year [6] - The number of overseas distributors increased by 151 to 6,179 by the end of Q1 2025, indicating strong growth in international markets [6] Earnings Forecast - The company expects EPS for 2025, 2026, and 2027 to be 1.80 yuan, 2.06 yuan, and 2.31 yuan respectively, with corresponding PE ratios of 20, 18, and 16 times [7] - Revenue growth rates are projected at 10.3% for 2025, 9.5% for 2026, and 8.3% for 2027 [10]

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company has shown steady revenue and profit growth, driven by the synergy of its three main business segments: tire molds, gas turbines, and CNC machine tools [3][4] - The tire mold business achieved revenue of 46.51 billion yuan in 2024, a year-on-year increase of 22.73%, supported by technological advancements and capacity expansion [4] - The gas turbine business is benefiting from the global energy transition and increasing demand for electricity, with orders expected to exceed 50GW in 2024, marking a 15% increase [9] Summary by Sections Financial Performance - In 2024, the company reported revenue of 88.13 billion yuan, a 22.99% increase year-on-year, and a net profit of 20.11 billion yuan, up 24.77% [2][3] - For Q1 2025, revenue reached 22.79 billion yuan, reflecting a 29.06% year-on-year growth, with net profit at 5.20 billion yuan, a 29.96% increase [2][3] Business Segments - The tire mold segment is experiencing high growth due to its leading market position and full order books, with significant contributions from the new factories in Thailand and Mexico [4] - The electric heating vulcanizing machine has secured significant orders, indicating a shift from pilot projects to mass production, with recent contracts totaling 135 million yuan [5] - The gas turbine segment is positioned to capitalize on the increasing global electricity demand, with a forecasted market growth to over 100GW by 2029 [9] Profit Forecast - Revenue projections for 2025-2027 are 108.9 billion yuan, 131.2 billion yuan, and 156.1 billion yuan respectively, with corresponding EPS of 3.12 yuan, 3.80 yuan, and 4.64 yuan [10][12]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company has signed a significant international contract worth approximately 4.06 billion USD (about 29.26 billion RMB) for an alumina project, which represents 190.53% of its 2024 revenue, ensuring performance growth [4] - The company has seen substantial revenue growth, with a 45.80% year-on-year increase in 2024 revenue to 1.536 billion RMB and a 53.80% increase in net profit to 157 million RMB [3][10] - The company is enhancing its production capacity through new projects, including a digital twin intelligent conveyor production base in Tangshan, which is expected to add 40,000 meters of capacity [5] - A partnership with Huawei has led to the development of the "Mine Intelligent Industrial Inspection Robot V1.0," integrating advanced technologies such as AI and big data [6][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 407 million RMB, a 54.02% increase year-on-year, and a net profit of approximately 38.88 million RMB, up 27.30% [3] - Forecasted revenues for 2025-2027 are 2.136 billion RMB, 2.835 billion RMB, and 3.635 billion RMB, respectively, with corresponding EPS of 1.50, 2.19, and 2.97 RMB [8][10] Capacity Expansion - The company has successfully launched projects aimed at alleviating capacity shortages, including an energy-saving and environmentally friendly project [5] - The Tangshan base is being constructed to high standards and is expected to enhance the company's competitive edge through automation and digital upgrades [5] Strategic Partnerships - The collaboration with Huawei aims to leverage AI and advanced technologies to create innovative industrial solutions, enhancing the company's product offerings [6][7]

Investment Rating - The report maintains a "Buy" investment rating for Longbai Group (002601.SZ) [1] Core Views - Longbai Group, as a leader in the titanium industry, has shown steady growth and established scale advantages that create long-term barriers to entry [5] - The company achieved a total revenue of 27.539 billion yuan in 2024, a year-on-year increase of 2.78%, while the net profit attributable to shareholders decreased by 32.79% to 2.169 billion yuan [4][8] - In Q1 2025, the company reported a revenue of 7.060 billion yuan, a year-on-year decline of 3.21%, but a quarter-on-quarter increase of 6.10% [4] Summary by Sections Market Performance - Longbai Group's performance is compared to the CSI 300 index, showing fluctuations in stock performance [3] Financial Performance - In 2024, the company produced 1.2955 million tons of titanium dioxide, a year-on-year increase of 8.74%, and sold 1.2545 million tons, a year-on-year increase of 8.25% [5] - The revenue from titanium dioxide accounted for 69% of total revenue, while sponge titanium production increased by 34.56% to 69,700 tons [5] - The company’s operating cash flow increased by 11.54% to 3.797 billion yuan in 2024 [6] Research and Development - Longbai Group is advancing in the new energy materials sector, with breakthroughs in high-performance lithium iron phosphate and artificial graphite materials [7] - The company is working on projects to produce 200,000 tons of lithium-ion battery anode materials and 200,000 tons of lithium iron phosphate [7] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 3.187 billion, 3.752 billion, and 4.110 billion yuan respectively, with corresponding P/E ratios of 12.4, 10.5, and 9.6 [8][10]