北京市中伦律师事务所 关于华勤技术股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于华勤技术股份有限公司 致：华勤技术股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》、中国证券监督管理委员会发布的《上市公司股东会规则》（以下简称《股 东会规则》）等规定，北京市中伦律师事务所（以下简称"本所"）接受华勤技 术股份有限公司（以下简称"公司"）的委托，指派本所律师对公司 ...

解析行业前景 在近期举行的业绩说明会上，光伏、白酒等多个行业上市公司从行业情况出发，分析了公司面对的机遇 挑战和应对方式。 中国上市公司协会5月12日公布的数据显示，截至5月7日，除公告延迟披露公司外，沪、深、北三家证 券交易所共5412家上市公司公布2024年年度报告。2024年全市场上市公司共实现营业收入71.98万亿 元，近六成公司实现营收正增长。其中，创业板、科创板公司总体营收增速领先，沪深主板公司净利润 指标保持韧性。 近日，多家上市公司举行业绩说明会，分析行业变化、解读公司生产经营情况，"剧透"全年发展动向。 不少上市公司表示，2025年将坚持全球化布局、数智化转型、多元化发展，增强企业核心竞争力。值得 一提的是，"人工智能"成为上市公司在阐述未来发展机遇时频频提到的热词。 ● 本报记者 王婧涵 上交所针对科创板专设了"科创热点行业周"，针对半导体设备、人工智能及软件、低空经济、机器人、 创新药、新能源等市场关注度较高的细分行业举办集体业绩说明会。 在科创板机器人专场集体业绩说明会上，步科股份董事长、总经理唐咚表示，目前人形机器人技术正处 在从实验室迈向现实应用、逐渐实现批量化生产的关键期。公司重 ...

2023年，Mate60发布带火了捷荣技术，22天内暴涨17个涨停板；问界汽车上市，带动圣龙股份从10元飙升到55元； 2024年，华为海思芯片技术突破，深圳华强17天拉出16个涨停板，常山北明更是从7元涨至39元，成为A股现象级"妖股"。 如今，轮到鸿蒙电脑登场了！ 市场普遍预期，它或将延续"造妖体质"，相关产业链公司有望迎来爆发式上涨行情！ 我们特别梳理出6家鸿蒙电脑概念的核心公司，未来或都是"金股潜力股"，值得投资者重点关注！ 第一家：常山北明 各位股民请高度关注！ 华为5月即将发布重磅新品——鸿蒙电脑，这或许将成为A股市场下一轮行情的"引爆点"！ 从历史表现看，华为每次大动作，几乎都能在股市激起巨浪： 参与构建从底层算力到上层应用的鸿蒙行业解决方案，AI全栈能力突出。在云边端架构中重点布局鸿蒙专属系统与终端，或具备长期成长潜力。 第六家：或最具爆发潜力（素材来源栱众号，郑说市，主页发消息515解密） 公司专注平板显示材料20多年，是国内极少数自主完整掌握平板显示前段工艺及触摸屏技术的厂商。公司是华为的核心供应商，曾助力华为客户全球第一 款全面屏触控笔记本电脑上市热销。目前股价仅11元左右，81家机构资 ...

1）细分持仓比例及变动：25Q1 电子行业基金持仓总市值约 2344 亿，占比 18.09%，环比 24Q4 提升 1.25pct，细分板块中半导体持仓占 比显著提升，消费电子保持稳定，元件板块有小幅下降。其中半导体/电子化学品/光学光电子/其他电子/消费电子/元件持仓占比分别达 到 10.69%/0.43%/0.66%/0.08%/4.62%/1.61%，环比提升 2.02/0.06/0.01/-0.09/0/-0.76pct。 行业报告 | 行业专题研究 消费电子 证券研究报告 25Q1：AI 业绩红利兑现伊始、机构持仓稳定，看好算力开支及新机带动下的板块修复机遇 电子及消费电子行业基金持仓情况：国产算力+国补政策助推 25Q1 基金持仓比例进一步抬升至 18.09%，大幅超配。 元件及光学光电子板块 25Q1 业绩总结：AI 业绩红利开始显著兑现。1）被动元件：汽车及 AI 算力已经成为新动能。2）PCB：作为业绩 增速较为亮眼的子行业板块，显著受益于高速 PCB 的旺盛需求。沪电股份：25Q1 公司实现营收 40.38 亿元，yoy+56%，实现归母净利润 7.62 亿元，yoy+48%，延续高速增长 ...

Core Viewpoint - The report on Kuaike Intelligent (603203) indicates that the company's performance meets expectations, with stable growth in revenue and profit, and highlights significant potential in semiconductor equipment technology breakthroughs [1][4]. Financial Performance - In 2024, the company achieved revenue of 945 million yuan, a year-on-year increase of 19%, and a net profit attributable to shareholders of 212 million yuan, up 11% year-on-year. The net profit excluding non-recurring items was 174 million yuan, reflecting a 17% increase year-on-year [1]. - For Q1 2025, the company reported revenue of 250 million yuan, an 11% year-on-year increase, with a net profit of 66 million yuan, also up 11% year-on-year, and a net profit excluding non-recurring items of 59 million yuan, marking a 19% increase year-on-year [1]. Business Segment Analysis - Precision welding equipment benefited from a structural recovery in consumer electronics, generating revenue of 698 million yuan, a 32% increase year-on-year, with a gross margin of 50.84%, down 1.22 percentage points [2]. - Machine vision process equipment revenue reached 137 million yuan, up 37% year-on-year, with a gross margin of 49.75%, down 3.37 percentage points [2]. - Smart manufacturing equipment revenue was 83 million yuan, down 41% year-on-year, with a gross margin of 30.97%, up 3.04 percentage points [2]. - Silicon carbide and packaging equipment revenue was 26 million yuan, a 9% increase year-on-year, with a gross margin of 40.90%, up 7.05 percentage points [3]. Future Growth Potential - The company anticipates significant growth from breakthroughs in silicon carbide and packaging equipment technology, with ongoing collaborations with major international and domestic semiconductor companies [3]. - Revenue projections for 2025-2027 are 1.061 billion yuan, 1.298 billion yuan, and 1.496 billion yuan, respectively, with year-on-year growth rates of 12.31%, 22.29%, and 15.27% [4]. - Expected net profits for the same period are 259 million yuan, 312 million yuan, and 364 million yuan, with growth rates of 22.10%, 20.22%, and 16.92% respectively [4].

Investment Rating - The report provides an overall positive outlook for the technology hardware sector, indicating a recovery in valuations due to tariff easing between China and the U.S. [1] Core Insights - The easing of tariffs is expected to stabilize costs for key components in the consumer electronics supply chain, particularly benefiting companies in the Apple supply chain [2][8] - The semiconductor sector will experience short-term cost relief, but domestic replacements in China are anticipated to grow, impacting market shares of U.S. companies like Texas Instruments and Intel in the long run [2][9] - Data center hardware costs are projected to decrease, enhancing profit margins for companies involved in AI server production and data center construction [2][11] - The tariff policy is moving towards a more rational level, reducing the risk of further escalation, although long-term uncertainties remain [2][12] Consumer Electronics - Supply chain pressures are expected to ease, with most products under a 90-day tariff exemption, leading to a stabilization of costs for iPhone and other hardware components [2][8] - Companies such as Sunny Optical, Q Tech, and Luxshare are likely to see margins recover to pre-tariff levels, with stable order flows from assemblers [2][8] Semiconductors - U.S. semiconductor companies will benefit from reduced export costs due to tariff cuts, particularly Texas Instruments and Analog Devices, which have significant sales in China [2][9] - Despite short-term benefits, the market share of U.S. chipmakers is expected to decline as domestic Chinese manufacturers continue to grow [2][10] Data Centers - The reduction in tariffs on GPU servers and optical modules will lower BOM costs, positively impacting profit margins for AI server manufacturers [2][11] - The overall construction costs for data centers in the U.S. are expected to decrease, potentially accelerating the construction timeline [2][11] Policy Outlook - The report suggests that tariff policies are trending towards rationalization, with ongoing negotiations expected to address various trade issues [2][12] - Future discussions may include topics such as fentanyl control and export restrictions on advanced technologies [2][12]

算力平权，国产 AI 力量崛起 20250512 摘要 • 腾讯和阿里巴巴加速数据中心建设，腾讯已下单 10 万台 910C 服务器， 阿里巴巴租用 1GW 数据中心并推动巴拿马电源项目，利好中恒电气等相 关企业。 • 新元股份否认三星流片限制传言，已与龙头云厂商签署合作协议，涉及设 计费 5-7 亿元和 IP 授权 5-10 亿元，并在汽车芯片设计服务方面与理想汽 车等合作，定增计划值得关注。 • 中芯国际先进制程稳步推进，从 14 纳米到 N+2 节点，逐步接近台积电 7 纳米工艺。2024 年第一季度少数股东权益数据显示先进制程需求崛起， 预计 2025 年第二季度开始持续乐观。 • 升腾系列产品性能提升显著，C 型号 FP16 算力接近 H100 水平，大幅增 强 AI 训练及云计算应用能力，预计 2025 年出货表现良好，有望满足市场 需求。 • DMS 模型优化提升训练效率 40%，缩小与国际高端算力差距。2025 年 第一季度少量出货，预计第二季度末至第三季度初大规模出货，达到万卡 级别，主要客户包括字节跳动等 CSP 厂商。 Q&A 中美关税和解对海外和国产算力市场的影响如何？ 中美关税和解对 ...

关税风险缓解，如何把握科技硬件底部布局机会？ 20250512 摘要 • 苹果产业链正逐步将生产转移至东南亚，以满足北美市场需求，缓解了市 场对关税成本上升压榨利润的担忧。iPhone 17 备货拉货预计将提升果链 景气度，当前估值与去年水平相当，创新升级有望带来更高估值弹性。 • 通信板块中的光模块公司面临较好的投资机会，基本面稳健，受益于 5G 技术发展和国内政策支持。头部光模块厂商已在泰国设立工厂，形成产业 集群效应，以应对潜在关税变动，增强全球竞争力。 • 预计今年二三季度手机市场将迎来增长，新机 iPhone 17 备货拉货是关键 驱动力。消费者对 AI 功能需求增加，新机型创新升级将推动出货量增长。 未来 6-9 个月内手机市场景气度持续向上。 • 2025 年苹果产业链市场趋势预计强于去年，高点或超过去年。未来 12 至 14 个月，苹果将迎来硬件创新，包括带摄像头的耳机、折叠类产品和眼镜 类产品，Vision Pro 可能推出降本版，推动市场增长。 • 苹果业绩会上强调未来重点发布大陆 AI 产品迭代和升级，有 AI 功能地区 出货量增长明显快于没有 AI 功能地区。软件更新可能包含中文 AI ...

机构调研榜单中，共有161家公司获20家以上机构扎堆调研。兆威机电最受关注，参与调研的机构达到 332家；联影医疗被285家机构调研，榜单中排名第二；华勤技术、百济神州等分别被278家、251家机构 调研。 机构调研次数来看，曼卡龙机构调研最为密集，共获机构5次调研。雅戈尔、伟星股份等机构调研也较 为密集，分别被机构调研4次、3次。 数据宝统计，20家以上机构扎堆调研股中，近5日资金净流入的有57只，盛和资源近5日净流入资金2.59 亿元，主力资金净流入最多；净流入资金较多的还有焦点科技、祥鑫科技等，净流入资金分别为1.84亿 元、1.84亿元。 市场表现上，机构扎堆调研股中，近5日上涨的有118只，涨幅居前的有莱绅通灵、海能技术、欧陆通 等，涨幅为22.46%、17.16%、16.88%；下跌的有42只，跌幅居前的有容百科技、弘景光电、晶丰明源 等，跌幅为8.49%、8.29%、7.89%。（数据宝） 近5日机构调研股一览 | 证券代码 | 证券简称 | 机构调研次数 | 机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | -- ...

Group 1 - The core viewpoint of the article highlights the significant progress made in the recent high-level economic talks between China and the United States, with both sides agreeing to establish a trade consultation mechanism [2][3] - The talks, held in Geneva, were characterized as candid, in-depth, and constructive, leading to important consensus [3] - A joint statement summarizing the outcomes of the talks is expected to be released on May 12 [3] Group 2 - Japan's Prime Minister reiterated the demand for the elimination of all tariffs on exports to the U.S., particularly focusing on automotive tariffs, emphasizing the impact on Japanese companies' investments in the U.S. [5] - The recent data from China's customs indicates a 2.4% year-on-year increase in total goods trade value for the first four months of 2023, with exports growing by 7.5% and imports declining by 4.2% [8] - The railway sector in China completed fixed asset investments of 194.7 billion yuan in the first four months of 2023, reflecting a year-on-year growth of 5.3% [9] Group 3 - The retail market for new energy passenger vehicles in April reached 905,000 units, marking a year-on-year increase of 33.9%, while production reached 1.151 million units, up 40.3% year-on-year [12] - The introduction of the first intelligent inspection robot for freight railways in China is expected to significantly enhance the efficiency and accuracy of railway maintenance [10][11] - The recent implementation of a nationwide marriage registration system has led to a surge in marriage registrations across various cities, indicating a strong public response to the new policy [13]