研报掘金丨民生证券：维持禾盛新材“推荐”评级，投资熠知电子，实现AI上下游一体化

Group 1 - The core viewpoint of the article is that Minsheng Securities reports that Hesheng New Materials is investing in Yizhi Electronics to achieve integration in the AI upstream and downstream sectors [1] - The company is investing 250 million yuan of its own or raised funds to increase its stake in Yizhi Electronics, which will result in a 10% ownership after the investment [1] - Yizhi Electronics has established a comprehensive R&D environment for high-end processors, with product performance improving generation by generation and functionalities continuously expanding [1] Group 2 - Yizhi Electronics has launched two major product series targeting different application scenarios: the first-generation TF16000 series integrated processors and servers, and the second-generation TF7000 series integrated processors and corresponding boards [1] - Hesheng New Materials is expected to benefit from the domestic AI large model through its subsidiary Haixi Technology, which is anticipated to accelerate order fulfillment in the context of trends in artificial intelligence, cloud computing, and 5G [1] - The company is optimistic about its business prospects and maintains a "recommend" rating based on industry policy support and steady growth expectations [1]