Group 1: Macro and Market Overview - In March, both manufacturing and non-manufacturing sectors continued to show positive growth, remaining in the expansion zone, driven by the implementation of "two new" policies which accelerated market demand and boosted production willingness [1] - The new orders index in March increased by 0.7 percentage points compared to the previous month, contributing significantly to the rise in manufacturing PMI [1] - The construction industry saw an upturn in March due to warmer weather and accelerated construction progress, leading to improved market expectations [1] Group 2: Industry Comparisons and Valuation - The report emphasizes that relying on a single factor for industry comparison is insufficient; a multi-faceted approach is necessary, particularly focusing on valuation metrics [2] - Among various valuation indicators, the absolute PE valuation score has shown the best effectiveness, suggesting that investors should pay close attention to this metric during industry comparisons [2] Group 3: Fund Market Trends - Equity funds experienced continued withdrawal, while fixed-income funds maintained positive returns; however, pharmaceutical and consumer-themed funds saw increases [3] - The domestic market remains active with 41 new funds established, totaling 30.148 billion shares issued [3] - Stock ETFs stabilized with net inflows, primarily increasing positions in Hong Kong stocks, TMT, and commodity-themed ETFs [3] Group 4: Low-altitude Economy - The certification of EHang OC marks the beginning of low-altitude commercial operations, with a payback period of 2-3 years for tourism and sightseeing operations [4] - The development of low-altitude operations is being supported by local state-owned capital, exploring a regional industrial chain and light asset model [4] - Key companies to watch include infrastructure players like Sihua Electronics and Zhongke Xingtu, as well as manufacturers such as EHang Intelligent and Yingboer [4] Group 5: Chemical and Agricultural Sector - The report highlights a positive outlook for pesticide and fertilizer sectors, particularly in light of the new implementation plan for high-standard farmland [5] - It suggests focusing on low-valuation, high-dividend, and strong-performing companies in the "three barrels of oil" and oil service sectors, including China National Petroleum and China Petroleum & Chemical [5] - The report also notes the potential benefits for domestic semiconductor and panel material companies due to the trend of domestic substitution [5] Group 6: Metal and Mining Sector - Antimony prices have reached a five-year high, while cobalt prices have seen a comprehensive increase [7] - Lithium prices have dropped below 80,000 yuan per ton, with potential for accelerated capacity clearance in the lithium mining sector [7] - The suspension of cobalt exports from the Democratic Republic of Congo for four months may alleviate global supply excess, with a recommendation to focus on Huayou Cobalt [7] Group 7: Pharmaceutical Sector - The integration of commercial health insurance with innovative drugs is progressing, with pilot programs in Guangzhou and recommendations for Shanghai to include innovative drugs in national insurance [9] - Companies with strong R&D capabilities and commercialized innovative drug products, such as BeiGene and Hengrui Medicine, are highlighted as key investment opportunities [9] Group 8: Financial Performance of Companies - Agricultural Bank reported a revenue of 710.6 billion yuan for 2024, with a year-on-year growth of 2.3% and a net profit of 282.1 billion yuan, reflecting a 4.7% increase [12] - Yuexiu Services achieved a revenue of 3.87 billion yuan, a 20% increase year-on-year, although net profit decreased by 27.5% due to goodwill impairment [13] - Cangge Mining's revenue fell by 37.8% to 3.25 billion yuan, but investment income increased significantly due to rising copper prices [14] Group 9: Energy Sector - China National Petroleum achieved a total revenue of 2.938 trillion yuan in 2024, a decrease of 2.48%, while net profit increased by 2.02% to 164.7 billion yuan [15] - The report anticipates a stable profit outlook for the company, projecting net profits of 173 billion yuan, 178.4 billion yuan, and 182.9 billion yuan for 2025-2027 [15] Group 10: Consumer Goods Sector - Qingdao Beer reported a revenue of 32.14 billion yuan in 2024, a decrease of 5.3%, while net profit increased by 1.8% to 4.34 billion yuan [33] - The company is expected to maintain a positive outlook for 2025-2027, with projected net profits of 4.846 billion yuan, 5.171 billion yuan, and 5.442 billion yuan [33]

截至2025年3月31日 10:03，中证软件服务指数下跌1.30%。成分股方面涨跌互现，广联达领涨2.14%，深信服上涨1.44%，中科星图上涨1.28%；同花顺领 跌，用友网络、恒生电子跟跌。软件ETF(159852)回调整固，盘中成交额已达1.03亿元，换手率3.81%。 以上内容与数据，与界面有连云频道立场无关，不构成投资建议。据此操作，风险自担。 规模方面，软件ETF近1周规模增长9363.05万元，实现显著增长。份额方面，软件ETF近1周份额增长1.90亿份，实现显著增长。资金流入方面，软件ETF最 新资金净流入6182.61万元。拉长时间看，近5个交易日内有3日资金净流入，合计"吸金"1.12亿元。 数据显示，杠杆资金持续布局中。软件ETF本月以来融资净买额达200.80万元，最新融资余额达1.18亿元。 中信建投研报认为，AI产业链正面临从性能拐点到份额拐点、从技术价值到商业化价值双重变化的转折点，当前AI产业链硬件和软件同频共振，均呈现加 速趋势，建议关注AI产业持续变化，持续看多大厂资本开支持续下底层算力产业链发展；看好AI产业链配套基础设施建设，建议关注数据处理和大模型安 全厂商。 场外 ...

| 上市公司 | 代码 | | | --- | --- | --- | | 英搏尔 | 300681 | 公司与亿航智能 亿航智能产品技 | | | | 控制器产品。 | | 万丰奥威 | 002085 | 旗下万丰飞机作 | | | | 飞行器(eVTOL){ | | 中信海直 | 000099 | 公司推出了"中 | | | | 议,将围绕低空 | | 宗申动力 | 001696 | 已组建项目团队 | | | | 司控股子公司宗 | | | | 腾盾无人机等多 | | 上工申贝 | 600843 | 公司2024年7月 | | | | ICONA5轻型运动 | | 莱斯信息 | 688631 | 民航空管信息化 | | 中科星图 | 688568 | 2025年1月,中和 云 科技有限公i | | --- | --- | --- | | 蓝海华腾 | 300484 | 公司已参股固态 大专业科研团队 | | | | 以及低空经济的 | | 四创电子 | 600990 | 在气象雷达和空 | | 四川九洲 | 000801 | 控股子公司四川 设备的研发、制 | | 深城交 | 301091 | 公司作为 ...

Core Viewpoint - The digital earth industry in China has shown significant growth, with the market size increasing from approximately 2.88 billion yuan in 2019 to around 5.82 billion yuan in 2023, driven by advancements in technology and increasing demand for applications in resource management, environmental protection, and smart city construction [1][10]. Group 1: Industry Definition and Characteristics - Digital earth is defined as a digital model of the Earth, integrating data on spatial and temporal changes of activities and environments, aimed at providing high-quality services for sustainable development and economic construction [2][4]. Group 2: Industry Chain Analysis - The upstream of the digital earth industry includes remote sensing technology, geographic information systems (GIS), and satellite navigation systems, which provide essential data and technical support [4]. - The midstream focuses on data processing and service, utilizing advanced technologies for data preprocessing, classification, and modeling [4]. - The downstream applications include smart cities, natural resource management, traffic navigation, and weather forecasting, benefiting from innovations in remote sensing satellites, drones, and cloud computing [4][8]. Group 3: Industry Development History - The digital earth industry in China has evolved through several stages since the early 2000s, starting with theoretical exploration and pilot projects, leading to widespread application and commercialization [6]. Group 4: Current Industry Status - The digital earth industry has achieved significant technological innovations, particularly in remote sensing, GIS, and GPS, with a market size of approximately 5.82 billion yuan in 2023 [10]. - The demand for digital earth applications is expected to grow, especially in areas like natural resource management and smart city development [10]. Group 5: Downstream Application Areas - Natural resource management accounts for 32% of the digital earth applications, followed by environmental protection at 22%, and urban planning at 16% [12]. Group 6: Key Companies in the Industry - Major companies in the digital earth industry include: - Zhongke Xingtou, which excels in data integration and application across various sectors [14]. - Aerospace Hongtu, focusing on satellite remote sensing and global application [14]. - SuperMap Software, leveraging GIS technology for data processing and visualization [14]. - Four-dimensional Map New Technology, extending navigation services into the digital earth domain [14]. - Beidou Star Communication, integrating satellite navigation with digital earth applications [14]. Group 7: Future Development Trends - The digital earth industry is expected to see technological integration and innovation, driven by advancements in 5G, IoT, and AI, enhancing performance and efficiency [20][21]. - The application areas of digital earth are diversifying, impacting sectors such as disaster management, agriculture, and transportation [21]. - Global cooperation in the digital earth industry is increasing, facilitating technology sharing and market expansion [22].

Core Viewpoint - The article emphasizes the importance of state-owned enterprises (SOEs) in driving high-quality development through technology innovation and industry integration on the Sci-Tech Innovation Board [1][2]. Group 1: Industry Mergers and Acquisitions - SOEs are accelerating the cultivation of new productive forces by actively engaging in mergers and acquisitions on the Sci-Tech Innovation Board [2]. - In January 2025, China Telecom's subsidiary, Quantum Group, officially took over "the first stock in quantum communication," Guoshield Quantum, to build new industry synergies in the quantum communication field [2]. - In 2024, Zhongke Star Map and its subsidiaries acquired seven companies to enhance their industry chain and broaden application areas, reinforcing a dual-driven development model of "internal growth + external expansion" [2]. Group 2: Quality Improvement and Efficiency - Improving the quality of listed companies is fundamental for the long-term healthy development of the capital market, with SOEs playing a leading role [3]. - Nearly 40 SOE companies on the Sci-Tech Innovation Board disclosed their annual action plans for "quality improvement and efficiency enhancement" in 2024 [3]. - SOEs have established a good benchmark for investor returns, with many maintaining a cash dividend ratio exceeding 20% and repurchasing nearly 100 million yuan worth of stocks in recent years [3]. Group 3: Market Value Management - Effective market value management requires enhancing internal operational efficiency and improving external communication with investors [6]. - SOEs are encouraged to strengthen their internal capabilities and improve operational quality to gain market and investor recognition [6]. - A representative from an SOE shared that their company established a market value management leadership group and improved information disclosure, leading to positive outcomes in market performance and institutional holdings [6]. Group 4: Future Support and Policy Implementation - The Shanghai Stock Exchange will continue to support SOEs in enhancing operational quality and increasing social value [4][7]. - The exchange plans to implement policies such as the "Eight Measures for the Sci-Tech Innovation Board" and "Six Measures for Mergers and Acquisitions" to optimize institutional inclusiveness and adaptability [7].

Investment Rating - The report indicates a positive outlook on the military industry, particularly focusing on the integration of AI and robotics in military applications, suggesting significant growth potential in this sector [3]. Core Insights - The global military transformation is entering a new phase characterized by intelligence and unmanned operations, with AI and robotics reshaping warfare and equipment systems [3][18]. - AI is expected to reconstruct military decision-making processes, opening up a market potential of hundreds of billions, with the global military intelligence application scale projected to reach $358 billion by 2034 [3][30]. - The evolution of combat systems is marked by the emergence of robotic clusters as a new form of combat power, with military robots transitioning from auxiliary platforms to autonomous intelligent combat systems [3][65]. Summary by Sections 1. Core Driving Logic: Evolution of Warfare Towards Intelligence and Unmanned Operations - Military transformation is driven by the shift from mechanization and informatization to AI-driven intelligent and unmanned combat [6][8]. - The future of warfare will see unmanned systems as the main force, with human operators managing tactical tasks from a distance [8][9]. 2. AI: Restructuring Battlefield Decision-Making - AI is a core variable in redefining battlefield rules, with its military applications including decision support, autonomous operations, and real-time data analysis [18][24]. - The global military AI application market is projected to grow at a CAGR of 13% from 2024 to 2034, reaching approximately $358 billion [30][34]. 3. Military Robots: New Quality Combat Forces - Military robots are categorized into ground, underwater, surface, aerial, and space robots, each serving distinct operational roles [63][65]. - AI technology is enhancing military robots, enabling them to evolve into autonomous intelligent combat systems with capabilities for intelligent perception and decision-making [65][66]. 4. Overseas Mapping: Palantir and Anduril - Palantir is highlighted as a key player in the military AI sector, leveraging strong data analysis and AI decision-making capabilities [3]. - Anduril is noted for integrating AI software and hardware, establishing a competitive edge in defense technology products [3]. 5. Domestic Situation: AI and Robotics Expected to Deeply Integrate - China is actively advancing military intelligence and unmanned construction, with significant potential for AI and robotics integration in military applications [3][19]. 6. Key Investment Targets - Key companies to watch include Zhongke Xingtu and Xingtuxinke in the military AI sector, and Jingpin Tezhuang and Jianshe Gongye in the military robotics sector [3].

中科星图: 中科星图股份有限公司2024年年度股东 大会决议公告 证券代码：688568 证券简称：中科星图 公告编号：2025-019 中科星图股份有限公司 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 3 月 25 日 （二） 股东大会召开的地点：北京市海淀区永丰产业园中关村壹号 F1 座五层集 团会议室 普通股股东人数 493 普通股股东所持有表决权数量 339,051,893 例（%） 普通股股东所持有表决权数量占公司表决权数量的比例（%） 62.4030 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长许光銮先生主持，采用现场投票与 网络投票相结合的方式召开。本次会议的召集、召开及表决方式符合《中华人民 共和国公司法》《上海证券交易所科创板股票上市规则》及《中科星图股份有限 公司章程》的有关规定。 （五） 公司董事、监事和董事会秘书的出席情 ...

中科星图: 北京市君合律师事务所关于中科星图股份有限 公司2024年年度股东大会之法律意见书 本法律意见书仅供见证本次股东大会相关事项合法性之目的而使用，未经本 所书面同意，任何人不得将其用作其他任何目的。 一、关于本次股东大会的召集和召开 （一）本次股东大会的召集与通知 根据公司于 2025 年 3 月 4 日公告的《中科星图股份有限公司关于召开 2024 年年度股东大会的通知》 （以下称《会议通知》），本次股东大会由公司董事会召集， 并且公司董事会已作出相关决议。根据《会议通知》，本次股东大会将于 2025 年 股东发出通知。 《会议通知》的内容包括会议时间、地点、方式、召集人、会议审 议议题、股权登记日以及会议出席对象、会议登记方法等内容，其中，股权登记 日与会议召开日期之间间隔不超过 7 个工作日。 （二）本次股东大会的召开 本次股东大会采取现场投票、网络投票相结合的方式。本次股东大会现场会 议于 2025 年 3 月 25 日下午 14:00 时在北京市海淀区永丰产业园中关村壹号 F1 座 五层集团会议室召开。本次股东大会召开的实际时间、地点以及方式与《会议通 知》中所告知的时间、地点及方式一致。本 ...

Investment Rating - The report does not explicitly state an investment rating for the deep-sea technology industry. Core Insights - The 2025 government work report first mentions deep-sea technology as an emerging industry, indicating its importance alongside commercial aerospace and low-altitude economy [12][15]. - Various regions, including Hainan and Shandong, have introduced policies to accelerate the development of deep-sea technology, with plans to enhance innovation and build a comprehensive industrial chain [15][17]. - The development of deep-sea technology is crucial for resource exploration and ensuring security in deep-sea environments, as it encompasses advanced technologies for exploration, resource development, and environmental research [22][25]. Summary by Sections Section 1: Government Initiatives - The 2025 government work report positions deep-sea technology as a priority emerging industry, with significant policy support from various provinces [12][15]. - Specific plans include enhancing deep-sea technology innovation platforms and building a robust industrial ecosystem [15][17]. Section 2: Importance of Deep-Sea Technology - Deep-sea areas, defined as waters deeper than 1000 meters, hold vast strategic resources and are critical for national security [19][22]. - The report highlights the rich resources in deep-sea oil, gas, and minerals, emphasizing the need for technological advancements to exploit these resources sustainably [25][29]. Section 3: Industry Growth and Investment - The national marine production value surpassed 10 trillion yuan in 2024, with deep-sea equipment identified as a key growth area [37][40]. - Investment in the deep-sea equipment sector has shown rapid growth, with significant increases in funding from 19 million yuan in 2021 to 75 million yuan in 2024 [41][42]. Section 4: Underwater Defense Systems - The report discusses the importance of submarines and unmanned underwater vehicles (UUVs) in modern underwater defense systems, highlighting their roles in surveillance and combat [46][57]. - UUVs are noted for their autonomy and capability to perform various missions, with a projected market space of 53.1 billion USD for UUVs in the U.S. Navy alone over the next decade [64][66]. Section 5: Ocean Observation Networks - The establishment of underwater observation networks is emphasized as a critical infrastructure for continuous marine monitoring, with significant investments from multiple countries [72][76]. - China has initiated its underwater observation network projects, enhancing its capabilities in marine data collection and environmental monitoring [76][81]. Section 6: Deep-Sea Space Stations - The concept of deep-sea space stations is introduced as a long-term underwater research platform, with ongoing developments in China aimed at creating advanced operational capabilities [86][91]. - These platforms are expected to support comprehensive experiments and resource development in deep-sea environments [86][91].

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The report emphasizes the continuous high growth of global defense spending and anticipates a new cycle for military informationization [3] - The introduction of "deep-sea technology" in the 2025 government work report marks a strategic upgrade from technological exploration to industrial application, which is expected to enhance the prosperity of the military-civilian deep-sea industrial chain [4][5] - The deep-sea technology is identified as a core driver for transforming the marine economy from "scale expansion" to "high added value" [5] - The report highlights the need for technological breakthroughs in deep-sea resource development, particularly in the context of China's strategic mineral resource shortages [5] Summary by Sections Industry Overview - The report discusses the strategic importance of deep-sea technology, which encompasses advanced technologies for exploring, developing, and utilizing deep-sea resources [4] - It notes that the global naval powers are accelerating the construction of new underwater combat systems, with significant investments from the U.S. military in deep-sea capabilities [6] Investment Opportunities - The report suggests focusing on the entire deep-sea technology industrial chain, particularly in four core areas: surveying, extraction, transportation, and communication [7] - Specific companies to watch include: - Surveying: Zhongke Xingtou, Weiguang Co., China Marine Defense, Tianhai Defense, Zhongke Haixun, Changying Tong [7] - Resource Extraction: Baotai Co., Baose Co., Western Materials, Fushun Special Steel, Longda Co., Yingliu Co. [7] - Transportation: China Shipbuilding [7] - Information Support: Hailanxin [7] - Equipment Support: AVIC Heavy Machinery, Parker New Materials, Aerospace Technology, Steel Research High-Tech [7]