科技行业4月报，1季度业绩喜忧参半，低空经济政策密集出台

Group 1 - The MSCI Information Technology Index fell by 5.6% in April, underperforming the MSCI Global Index by 2.2 percentage points, making it the worst-performing sector globally [4] - The Wind Information Technology Index in A-shares dropped by 1.8%, lagging behind the CSI 300 Index by 3.7 percentage points, primarily due to declines in software services and semiconductor equipment sectors [4] - The Hang Seng Information Technology Index rose by 10.3%, outperforming the Hang Seng Composite Index, indicating increased investor interest in growth stocks under improved market sentiment [4] Group 2 - In April, various local governments issued regulations and policies related to the low-altitude economy, with the issuance of the world's first production license for unmanned aerial vehicle systems to EHang being a significant milestone [5][67] - The demand for AI servers, particularly in the hardware sector, is robust, with companies like Inspur reporting a significant increase in contract liabilities, driven by high demand for AI servers [10][20] - The semiconductor design sector in mainland China has seen a notable increase in revenue, with a 4.7% year-on-year growth to 21 billion yuan, driven by a recovery in consumer electronics [13][29] Group 3 - The semiconductor equipment sector is experiencing significant growth due to policy support and the expansion of domestic wafer fabs, with leading companies showing resilience despite some profit declines in non-core businesses [30][22] - TSMC has lowered its revenue outlook for the semiconductor foundry industry, indicating ongoing weakness in downstream demand, particularly in automotive and industrial sectors [11][48] - The AI sector remains a key focus, with companies like Microsoft reporting strong growth in cloud services driven by AI, confirming the industry's leading position in generative AI [31][50]