大资金积极入场。 4月16日，A股尾盘翻红，沪指已连续7日上涨；港股弱势下探，恒生指数跌近2%，恒生科技指数跌超 3%。 具体来看，沪指盘中弱势震荡，尾盘在银行、保险等板块的带动下拉升翻红，上证50指数涨近1%。截 至收盘，沪指涨0.26%报3276点，深证成指跌0.85%报9774.73点，创业板跌1.21%报1907.11点，上证50 指数涨0.91%，沪深北三市合计成交11410亿元，较昨日增加约300亿元。 场内超4300股飘绿，农业、汽车、医药、家电等板块走低；银行板块逆市拉升，农业银行、建设银行、 上海银行（601229）等盘中创出新高；旅游出行板块崛起，君亭酒店（301073）涨约11%，金陵饭店 （601007）涨停，天府文旅（000558）涨近7%，全聚德（002186）、同庆楼（605108）涨近5%；食品 饮料板块强势，品渥食品（300892）涨超10%，麦趣尔（002719）、桂发祥（002820）、安记食品 （603696）等涨停；物流板块走高，华贸物流（603128）、永泰运（001228）、上海雅仕（603329）等 涨停；中特估概念活跃，中国国航（601111）涨近4%，中国石 ...

华勤技术（603296）今日跌9.48%，成交额14.94亿元，换手率4.26%，盘后龙虎榜数据显示，沪股通专 用席位买入8955.76万元并卖出1.67亿元，一机构专用席位净买入1.25亿元，一机构专用席位净卖出 7242.65万元。 ...

4月16日，华勤技术（603296.SH）股价跳水、接近跌停，成交额超14亿元，总市值625亿元。 消息面上，当地时间4月15日，英伟达发布8-K文件称，公司日前收到美国政府通知，H20芯片和达到H20内存带宽、互连带宽等的芯片向中 国等国家和地区出口需要获得许可证。英伟达预计，第一季度业绩中，与H20产品相关的库存、采购承诺及相关准备金费用将高达约55亿 美元。 受此消息影响，英伟达盘后股价大跌超6%。 16日中午，据微信公众号"华勤技术投资者关系"，华勤技术就英伟达H20许可证事件发布回应称，目前，公司并未收到客户订单方面的变 化通知，业务正常有序进行。 针对H20不确定性风险的影响，华勤技术作出说明称，产业链对于H20的不确定性预期从2024年下半年开始形成，此次H20贸易管制，产业 链已针对这类不确定性做了充分准备，公司判断目前产业链库存能够支撑国内上半年度的正常出货。 华勤技术表示，2024年公司已经在多元化的算力芯片平台进行适配及测试等工作，保障能够快速支撑客户量产需求；同时，公司会跟踪英 伟达后续针对国内市场的产品计划，将继续发挥研发和供应链优势，快速响应客户需求。 华勤技术还称，公司对2025 ...

华勤技术（603296）就英伟达H20许可证事件发布回应称，目前，公司并未收到客户订单方面的变化通 知，业务正常有序进行。针对H20不确定性风险的影响，华勤技术作出说明称，产业链对于H20的不确 定性预期从2024年下半年开始形成，此次H20贸易管制，产业链已针对这类不确定性做了充分准备，公 司判断目前产业链库存能够支撑国内上半年度的正常出货。华勤技术表示，2024年公司已经在多元化的 算力芯片平台进行适配及测试等工作，保障能够快速支撑客户量产需求；同时，公司会跟踪英伟达后续 针对国内市场的产品计划，将继续发挥研发和供应链优势，快速响应客户需求。华勤技术还称，公司对 2025年全年业绩充满信心，即便在面临H20的不确定风险下，预计公司整体营收将维持20%以上的增 长。(21世纪经济报道) ...

"判断目前产业链库存能够支撑国内上半年度的正常出货。" 4月16日，英伟达H20许可证事件引发市场关注。当日，华勤技术（603296.SH）在开盘不久后封住跌停 板。 根据媒体报道，英伟达在当地时间15日发布8-K文件称，公司日前收到美国政府通知，H20芯片和达到 H20内存带宽、互连带宽等的芯片向中国等国家和地区出口需要获得许可证。 "我们十分理解大家的担忧。目前公司并未收到客户订单方面的变化通知，业务正常有序进行。"16日午 间，华勤技术发布消息称。 针对H20不确定性风险的影响，华勤技术称，产业链对于H20的不确定性预期从2024下半年开始形成， 此次H20贸易管制，产业链已针对这类不确定性做了充分准备，公司判断目前产业链库存能够支撑国内 上半年度的正常出货。 "华勤技术在数据业务上积累的跨平台研发能力，能够保证第一时间响应客户的各产品需求，2024年已 经在多元化的算力芯片平台进行适配及测试等工作，保障能够快速支撑客户量产需求；同时，公司会跟 踪英伟达后续针对国内市场的产品计划，将继续发挥研发和供应链优势，快速响应客户需求。"华勤技 术称。 华勤技术还称，面对当前的各类不确定性政策，将坚持数据业务的" ...

Core Viewpoint - The company has not experienced any changes in customer orders and continues to operate normally despite uncertainties related to the H20 licensing issue from NVIDIA [2][3]. Group 1: Business Operations and Strategy - The industry chain has been preparing for uncertainties related to H20 since the second half of 2024, and the company believes that current inventory can support normal shipments in the first half of the year [2]. - The company has developed cross-platform R&D capabilities in its data business, allowing it to respond quickly to customer product demands [2]. - The domestic demand for computing power is experiencing robust growth, and the company, as a core supplier to leading internet clients, is expected to maintain its market share and achieve performance growth [2]. Group 2: Revenue Growth and Market Strategy - The company will adhere to a "dual-drive" strategy in its data business, aiming for rapid growth and sustained product competitiveness in the leading internet market while also exploring industry and channel markets [3]. - The company maintains a 3+N+3 business strategy and a 1+5+5 global layout, leveraging its core competitiveness in ODMM, and is confident in achieving significant revenue growth in 2025 [3]. - Despite the uncertainties posed by H20, the company anticipates overall revenue growth of over 20% in 2025, driven by positive growth expectations across various segments including smartphones, laptops, wearables, tablets, and AIoT [3].

Core Insights - The report highlights the emergence of new product cycles for Dongshan Precision, focusing on foldable screens, robotics, and smart glasses, indicating a strategic shift towards innovative technologies [3][7]. Company Summaries Dongshan Precision (002384.SZ) - In 2024, Dongshan Precision is projected to achieve revenue of 36.79 billion yuan, a year-on-year increase of 9.33%, while the net profit attributable to shareholders is expected to decline by 44.55% to 1.09 billion yuan due to operational adjustments in the LED business [7]. - The company anticipates a significant recovery in Q1 2025, with net profit forecasted between 434 million and 463 million yuan, representing a year-on-year growth of 50%-60% [7]. - The demand for PCB and precision components is expected to rise due to the expansion of AI applications in ICT infrastructure and consumer products, leading to an increase in average selling prices (ASP) [7]. - Revenue projections for 2025 and 2026 are 43.6 billion and 50.7 billion yuan, respectively, with net profits expected to reach 3.8 billion and 4.8 billion yuan, reflecting substantial growth rates of 248.6% and 26.4% [7]. Huakin Technology (603296.SH) - Huakin Technology has established itself as a leading ODM manufacturer in the global smart hardware sector, with a diversified product structure that includes smartphones, laptops, and data center products [3]. - The company is expanding into new application areas such as servers, automotive electronics, and robotics, driven by the increasing demand for AI computing power and smart vehicle technologies [3]. - Revenue forecasts for 2024-2026 are 109.25 billion, 129.36 billion, and 152.09 billion yuan, with net profits projected at 2.88 billion, 3.41 billion, and 4.05 billion yuan, indicating growth rates of 28.0%, 18.4%, and 17.6% [3]. Hongcheng Environment (600461.SH) - Hongcheng Environment is experiencing growth in both revenue and profit, supported by an improving operational management and a robust cash flow [7]. - The company is expected to benefit from the expansion of its business segments, with net profits projected at 1.28 billion, 1.36 billion, and 1.44 billion yuan for 2025-2027 [7]. Bojun Technology (300926.SZ) - Bojun Technology is set to benefit from the release of core customer models and the ramp-up of new product capacities, with Q1 2025 net profit expected to be between 130 million and 160 million yuan, reflecting a year-on-year increase of 30%-60% [9]. - The company is focusing on lightweight and electronic components, enhancing its production capabilities and expanding into new product areas such as white body and battery packs [10].

中国云计算资本支出持续强劲，AI服务器需求上升高盛预计中国云计算相关资本开支将在2025年同比增长 26%，并于2026年维持高位。这为AI服务器供应链带来持续增长动力，尤其是本地基础模型优化将进一步推动 生成式AI设备和应用落地。 覆盖三家中国关键公司，分别给予不同评级 高盛首次覆盖华勤(603296.SS)、领益(002600.SZ)与浪潮信息（000977）(000977.SZ)。华勤和领益因营收增长与 估值匹配，被给予"买入"评级;浪潮因估值已合理，暂维持"中性"评级。目标价分别为:华勒RMB79.8；领益 RMB9.4；浪潮RMB53.0。 个股亮点拆解 (1)华勤将从传统智能手机/PC ODM转向AI服务器与智能穿戴设备，预计2025-27年净利润CAGR达22%，AI相关 营收占比快速提升。 (2)领益在折手机、XR/AI眼镜、散热/供电模块等组件领域多元化布局,预计2025-27年营收CAGR达20%. (3)浪潮作为AI服务器龙头，将受益于中国本地GPU/ASIC替代进程，2025-27年净利润CAGR达17%。 估值对比与敏感性分析 高盛认为三家公司2025年P/E(华勒20x,浪潮25x ...

摘要/ 交出筹码后 周末最火的消息应该是手机等商品的关税豁免！ 美国海关与边境保护局（CBP）于周五深夜更新了关于特朗普总统根据总统令 14257号及其修正案（EO 14259）实施的互惠关税中的商品排除指南。 此次豁 免范围涵盖大量电子产品，包括智能手机、笔记本电脑及相关组件。 随后白宫发布声明，自2025年4月5日东部夏令时间凌晨12:01起，依据总统令 14257号及其后续命令，对被豁免的进口商品（即被归类为"半导体"的商品）所 征收的关税，将依据CBP退税标准程序予以退还。 从两种口径大致估算下，豁免产品规模约在1000亿美元左右。 | | 本轮清单豁免产品出口规模测算 | | | | | --- | --- | --- | --- | --- | | 代码 | 产品 | 2024对美出口金 | 占中国对美出 | 占中国 | | | | 额(亿美元) | ロ比重(%) | 比重 | | 8471 | 自动数据处理设备(如计算机、服务器) | 412.2 | 7.9 | | | 8473.30 | 打印设备零件及附件 | 44.4 | 0.8 | | | 8486 | 半导体制造设备零件(如晶圆传输装置 ...

Investment Rating - The report maintains a "Buy" rating for Huaqin Technology [5] Core Views - Huaqin Technology is a leading ODM manufacturer with a strong growth trajectory, leveraging its extensive client base and diversified product offerings, particularly in high-performance computing and AI-driven solutions [1][4] - The company has established itself as a dominant player in the global smartphone ODM market, holding a 28% market share in 2023, and is expanding its presence in the PC and automotive electronics sectors [2][3] Summary by Sections 1. Huaqin Technology: ODM Leader with Diverse Product Lines - Huaqin Technology has over 10 years of experience in the ODM industry, serving major clients like Samsung, OPPO, and Xiaomi, and has developed a robust supply chain and customer base [1][10] - The company has seen rapid revenue growth, with a CAGR of 24.69% from 2019 to 2023, despite a slight revenue decline in 2023 [1][17] 2. Consumer Electronics: Mobile ODM as Core Business - Huaqin has a long history in mobile ODM, with a strong technical foundation, and is expected to benefit from increasing smartphone penetration rates [2][30] - The company is also making strides in the PC market, with revenue growth from 12.81 billion yuan in 2018 to 234.42 billion yuan in 2022, breaking the dominance of Taiwanese manufacturers [2][71] 3. Server Business: AI Demand Surge - Since entering the server market in 2017, Huaqin's server revenue grew significantly, reaching 53 billion yuan in the first half of 2024, driven by AI computing needs [3][4] 4. Automotive Sector: New Energy Driving Demand - Huaqin is expanding its automotive electronics business, achieving 6.4 billion yuan in revenue in the first half of 2024, a 102% increase year-on-year, capitalizing on trends in smart and connected vehicles [3][4] 5. Financial Forecast and Investment Recommendations - The report forecasts revenues of 109.21 billion yuan, 132.64 billion yuan, and 151.84 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.88 billion yuan, 3.63 billion yuan, and 4.57 billion yuan [4][18] - The company is expected to maintain a favorable PE ratio, indicating strong growth potential in its diversified business segments [4][18]