北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 北京市君合律师事务所 关于中科星图股份有限公司 2025 年第一次临时股东大会之 法律意见书 二零二五年五月 | 北京总部 | 电话: (86-10) 8519-1300 | 上海分所 | 电话: (86-21) 5298-5488 | 广州分所 | 电话: (86-20) 2805-9088 | 深圳分所 | 电话: (86-755) 2939-5288 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 传真: (86-10) 8519-1350 | | 传真: (86-21) 5298-5492 | | 传真: (86-20) 2805-9099 | | 传真: (86-755) 2939-5289 | | 杭州分所 | 电话: (86-571) 2689-8188 | 成都分所 | 电话: (86-28) 6739-8000 | 西安分所 | 电话: (86-29) 8550-9666 | 青岛 ...

Summary of Key Points - The company plans to repurchase shares with a budget of 40 million to 60 million RMB, with a maximum repurchase price of 84.39 RMB per share [1] - The repurchased shares will be used for cancellation and reduction of the company's registered capital [1] - The funding sources for the repurchase will be from the excess funds raised during the company's initial public offering and its own funds [1] - The repurchase period will last no more than 12 months from the date the shareholders' meeting approves the repurchase plan [1] - The company will make repurchase decisions based on market conditions during the repurchase period and will fulfill information disclosure obligations in a timely manner [1]

证券研究报告 | 行业专题 计算机 行业投资评级 | 优于大市（维持） 2025年5月7日 24年报&25Q1季报总结： 盈利反转之年，AI产业率先体现 证券分析师 姓名：陈涵泊 资格编号：S0120524040004 邮箱：chenhb3＠tebon.com.cn 证券分析师 姓名：李佩京 资格编号：S0120524090004 邮箱：lipj＠tebon.com.cn 研究助理 姓名：王思 邮箱：wangsi＠tebon.com.cn 0 核心逻辑 降本增效效益显现，25年或迎来盈利拐点。 请务必阅读正文之后的信息披露及法律声明。 1 2024年计算机行业收入同比稳健增长，2025Q1利润端增速迎来拐点。2024年，计算机行业整体实现营收11563.43亿元，同比增长3.50%；实现归母净利润 144.41亿元，同比下滑48.97%；实现扣非归母净利润56.16亿元，同比下滑53.54%。2025Q1，计算机行业整体实现营收2615.94亿元，同比增长15.13%；实现 归母净利润26.33亿元，同比增长230.22%；实现扣非归母净利润1.12亿元，同比增长108.22%。 受益于降本增效，25Q1归母 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The year 2025 may witness a profit turning point for the industry, driven by cost reduction and efficiency improvement [4] - The AI sector is leading in performance, with revenue and profit growth rates for AI applications and terminals being notably high [42] Summary by Sections 1. Profitability and Cash Flow - In 2024, the computer industry achieved a revenue of 1,156.34 billion yuan, a year-on-year growth of 3.50%, while the net profit attributable to shareholders dropped by 48.97% to 14.44 billion yuan [11][9] - In Q1 2025, the industry reported a revenue of 261.59 billion yuan, a year-on-year increase of 15.13%, and a net profit of 2.63 billion yuan, up 230.22% [15][12] - The gross profit margin and net profit margin for 2024 were 25.12% and 1.25%, respectively, both showing a decline compared to the previous year [23][24] - In Q1 2025, the gross profit margin and net profit margin improved to 21.86% and 1.01%, respectively [24][28] - Operating cash flow for 2024 was 71.25 billion yuan, a 7.09% increase year-on-year, while Q1 2025 showed a cash flow of -30.48 billion yuan, improving by 39.61% year-on-year [33][33] 2. AI Sector Performance - In 2024, the revenue growth rates for AI terminals and applications were 25.72% and 12.40%, respectively, with net profit growth rates of 19.23% and 24.84% [42] - In Q1 2025, the revenue growth rates for AI terminals and applications were 27.74% and 13.77%, with net profit growth rates of 37.86% and 15.91% [42] 3. Institutional Holdings and Valuation - As of Q1 2025, the proportion of computer funds held by institutions was 3.11%, an increase of 0.35 percentage points [77] - The computer index (Shenwan) had a PE ratio of 81.54 and a PS ratio of 3.18 as of April 30, 2025, indicating potential for valuation improvement [80][80] - The market performance of the computer industry ranked sixth among 31 sectors from January 1 to April 30, 2025, with a cumulative increase of 2.35% [77]

Core Viewpoint - The article discusses the performance and trends of the Sci-Tech Innovation Board Artificial Intelligence Index and the related ETF, highlighting the impact of government policies and market dynamics on the AI sector in China [2][3][4]. Group 1: Market Performance - As of May 7, 2025, the Sci-Tech Innovation Board Artificial Intelligence Index (950180) decreased by 0.17%, with mixed performance among constituent stocks [2]. - Notable gainers included Zhongke Xingtou (688568) up by 6.17%, Youfang Technology (688159) up by 3.31%, and Cambricon (688256) up by 2.71% [2]. - Conversely, Tianzhun Technology (688003) led the declines at 3.05%, followed by Chipone (688521) down 2.57% and Anheng Information (688023) down 2.39% [2]. Group 2: ETF Performance - The Sci-Tech AI ETF (588790) showed a recent price of 0.6 yuan, with a cumulative increase of 6.71% over the past two weeks [2]. - The ETF's trading volume was notable, with an 8.62% turnover and a total transaction value of 249 million yuan [2]. - The ETF's total assets reached 2.862 billion yuan, marking a new high since its inception, ranking it in the top 1/6 among comparable funds [3]. Group 3: Fund Inflows and Leverage - The Sci-Tech AI ETF experienced a significant increase in shares, growing by 36.3 million shares over the past two weeks, placing it in the top 1/6 for comparable funds [4]. - The ETF saw a net inflow of 84.6078 million yuan, with five out of the last seven trading days recording net inflows totaling 227 million yuan [4]. - Leveraged funds have been actively buying into the ETF, with a maximum single-day net purchase of 13.8065 million yuan, bringing the latest financing balance to 57.3333 million yuan [4]. Group 4: Historical Returns and Fees - Since its inception, the Sci-Tech AI ETF has recorded a maximum monthly return of 15.59%, with an average return of 15.59% during rising months and a 95.65% probability of profit over three months [4]. - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [6]. - The tracking error over the past two months was 0.012%, indicating high tracking precision compared to similar funds [6]. Group 5: Index Composition - As of April 30, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board Artificial Intelligence Index accounted for 70.68% of the index, with notable companies including Lanke Technology (688008) and Cambricon (688256) [6][8]. - The top ten stocks include a mix of gainers and losers, reflecting the volatility in the AI sector [8].

Core Insights - The data ETF (516000) has shown a decline of 0.52% as of 11:05, with mixed performance among constituent stocks, highlighting a notable increase in certain stocks like Zhongke Xingtong, which rose by 5.34% [1] - The ETF has experienced a significant growth in shares, with an increase of 23.5 million shares over the past year, ranking it in the top third among comparable funds [1] - The overall performance of the data ETF has been strong, with a net value increase of 38.01% over the past three years, placing it first among comparable funds [1] Performance Metrics - As of April 30, 2025, the data ETF has a Sharpe ratio of 1.05, ranking it in the top third among comparable funds, indicating the highest return for the same level of risk [2] - The data ETF has achieved a maximum monthly return of 31.45% since its inception, with an average monthly return of 8.34% and an annual profit percentage of 66.67% [1] - The ETF's performance over the past year has surpassed its benchmark with an annualized excess return of 2.71%, also ranking in the top third among comparable funds [1] Industry Outlook - According to CITIC Securities, the computer industry is expected to see steady revenue growth in 2024, with a notable improvement in profitability in Q1 2025, indicating a potential turning point [2] - The report emphasizes the importance of capitalizing on "AI mainline" opportunities, particularly in sectors such as management software, educational IT, servers, and cloud vendors [2] - The data ETF and its associated funds closely track the China Securities Big Data Industry Index, focusing on popular sectors like data elements, data security, and the East Data West Computing initiative [2]

消息面上，联想创新科技大会5月7日在上海开幕，大会打造了一场长达12小时的全天候直播，这是1场 超级"有料"的主论坛揭秘超级智能体的"大"世界，4场含AI量超级高的分论坛聚焦算力、智能体、具身 智能等前沿科技。沉浸式上手体验AI主题展全面解析混合式AI深入了解超级智能体的世界。根据 grandviewresearch的测算，2024年全球AI智能体市场规模估计为54亿美元，预计从2025年到2030年将以 45.8%的年复合增长率增长。 5月7日，A股市场高开震荡，人工智能题材股小幅回调迎来布局时点。科创板人工智能指数成分股中， 中科星图涨超4%，有方科技、石头科技涨超2%，奥普特、力合微、中邮科技、道通科技逆势上涨。科 创板人工智能ETF（588930）过去20个交易日日均成交额超7000万元，市场热度较高。 科创板人工智能ETF（588930）跟踪的科创板人工智能指数布局30只科创板人工智能龙头，覆盖AI产业 链上游算力、中游大模型云计算、下游机器人等各类创新应用，聚焦电子、计算机、机械设备、家电、 通信五大行业，前五大成份股合计权重47%，或具有较高的AI主题纯度和更高的弹性。 华鑫证券表示，AI板块的 ...

Group 1 - The People's Bank of China announced an increase in the re-lending quota for technological innovation and technological transformation from 500 billion to 800 billion yuan, supporting the implementation of the "two new" policies [1] - The cloud computing 50 ETF (159527) opened high on May 7, 2025, with the CSI Cloud Computing and Big Data Theme Index (930851) rising by 0.76% [1] - Notable increases in component stocks include Zhongke Xingtu (688568) up 5.98%, Hengsheng Electronics (600570) up 2.96%, and Tuolisi (300229) up 2.70% [1] Group 2 - The Digital China Development Report (2024) indicates a steady growth of over 10% in the Digital China Development Index over the past three years, with data production increasing by 25% year-on-year [2] - The total computing power reached 280 EFLOPS, and 5G base stations built totaled 4.251 million, with mobile IoT terminal users reaching 2.656 billion [2] - AI computing power-related companies have shown good performance in their earnings reports, indicating a high level of industry prosperity [2]

Group 1 - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity to the market, along with a 0.1 percentage point decrease in policy interest rates [1] - The AI sector is experiencing a significant transformation, moving from quantitative to qualitative changes, with advancements in general large models demonstrating near-human capabilities in various cognitive tasks [1] - The AI technology is reshaping social production methods and human existence, indicating a profound impact on various industries [1] Group 2 - The release of multiple AI models by Alibaba and the financial results from major US tech companies highlight the competitive landscape in the AI sector [2] - The upcoming 2025 Lenovo Tech World and other significant industry events indicate a growing focus on AI and related technologies [2] - The emergence of new job roles, such as prompt engineers, reflects the changing employment landscape driven by AI advancements [4] Group 3 - The diversification of AI applications is evident, with digital human technology marking a shift towards multi-dimensional penetration in various fields, including education and healthcare [5] - The market for digital humans is projected to grow significantly, with estimates indicating a market size exceeding 640 billion yuan by 2025 [5] - The integration of AI into public services and commercial sectors demonstrates the expanding boundaries of technology applications [5] Group 4 - The competition in the AI industry is shifting towards breakthroughs in underlying technologies and cost control, with advancements in embodied intelligence and multi-modal models [7] - The technology sector is expected to regain momentum as concerns over previous performance and tariff disruptions dissipate, with a focus on long-term industry trends [8] - The upcoming months are critical for the tech sector, with numerous industry conferences and events expected to catalyze new growth opportunities [8] Group 5 - The TMT sector is showing signs of recovery, with a notable increase in net profit growth rates, particularly in the AI industry [9] - Institutional investors have significant room for increasing allocations in the TMT sector, particularly in computer and media segments [9] - The AI ETF, which tracks the innovation board's AI index, includes major companies across the AI value chain, indicating a strategic investment opportunity [9][10]

新质生产力持续赋能上市公司业绩增长。在人工智能、半导体、高端制造等赛道，一批上市公司在2025 年第一季度交出优异"成绩单"。 在人工智能领域，拓维信息系统股份有限公司、深圳市优博讯科技股份有限公司、中科星图股份有限公 司等多家上市公司今年第一季度归属于上市公司股东的净利润同比增长超1倍。 服务器龙头浪潮电子信息产业股份有限公司（以下简称"浪潮信息"）主业高速成长。第一季度公司实现 营业收入468.58亿元，同比增长165.31%；实现归属于上市公司股东的净利润4.63亿元，同比增长 52.78%。对于营业收入同比增长的主要原因，浪潮信息披露的公告显示，主要是客户需求增加，服务 器销售增长。 在半导体领域，有研新材料股份有限公司、江苏微导纳米科技股份有限公司、杭州长川科技股份有限公 司等多家上市公司第一季度归属于上市公司股东的净利润同比增长超1倍。 2025年一季度，A股上市公司业绩整体实现"开门红"。据《证券日报》记者梳理，截至5月6日午间，沪 深北交易所已有5391家上市公司披露了2025年一季报，其中4068家上市公司第一季度归属于上市公司股 东的净利润实现盈利，占比达75.46%。 中国电子商务专家服 ...