Key Insights - The report highlights the resilience of the Chinese market amidst global uncertainties, emphasizing the advantages of domestic circulation and the potential for growth in the equity market [6][9][12] - The report discusses the impact of U.S. tariffs on Chinese exports, estimating a negative effect of approximately 8-10 percentage points on export growth and a 1.5-2.0 percentage point impact on GDP [5][21] - The report outlines the government's commitment to boosting domestic consumption through various policies, including a significant increase in special bonds for consumer subsidies [25][28] Macro Analysis - The U.S. CPI rose by 2.4% year-on-year in March, while China's CPI is expected to face downward pressure, with a forecasted decline of around -0.4% in April [1][21] - The report anticipates that the Chinese government will implement a fiscal stimulus of 1.5-2 trillion yuan to support domestic demand and consumption [21][22] - The report notes that the core CPI has shown signs of recovery, with a year-on-year increase of 0.5% in March, indicating potential stabilization in consumer prices [19][22] Banking Sector - The report emphasizes the role of central financial institutions, such as the Central Huijin Investment, in stabilizing market expectations by increasing their holdings in ETFs [9][10] - It highlights the expected continuation of a low-interest-rate environment, which enhances the attractiveness of bank dividends and low volatility [13][12] - The report suggests that the banking sector is poised for a valuation reset, driven by increased long-term capital inflows and improved market efficiency [12][13] Consumer Sector - The report discusses the expansion of the "immediate refund" tax policy for foreign tourists, which is expected to stimulate domestic consumption and benefit high-quality domestic products [25][26][28] - It notes that the government's focus on boosting consumption is reflected in various initiatives aimed at enhancing consumer spending capabilities [25][28] - The report anticipates that the combination of the "immediate refund" policy and relaxed entry visa regulations will significantly contribute to the growth of inbound tourism consumption [26][28] Company-Specific Insights - Gu Ming (古茗) is identified as a leading brand in the Chinese tea beverage market, with a strong focus on quality and a robust expansion strategy [34][36] - The company has maintained a high average profit margin for franchisees, indicating strong brand recognition and operational efficiency [35][36] - The report highlights the company's commitment to supply chain management and R&D investment, positioning it well for future growth in the competitive market [35][36] Industry Trends - Tai Chi Co., Ltd. (太极股份) is noted for its strategic focus on AI and domestic innovation, with expectations for performance improvement in the latter half of the year [38][39] - The company has reported a decline in revenue and profit but is expected to benefit from the acceleration of domestic innovation initiatives [38][41] - The report emphasizes the importance of integrating advanced technologies to enhance service capabilities and drive future growth [40][41]

Investment Rating - Industry rating: Recommended [5] Core Viewpoints - The ongoing tariff war between the US and China has intensified, with the US imposing a 34% tariff on Chinese imports, prompting China to respond with similar tariffs, which accelerates the domestic innovation and localization process in the technology sector [1][3][14] - The Chinese government emphasizes "technological self-reliance" as a core agenda, with policies aimed at enhancing key technology breakthroughs and increasing investment in basic research, which supports the growth of the domestic technology industry [2][26] - The tariff situation has led to significant market volatility, with the Chinese stock market experiencing a drop of over 7% in a single day, but state-owned enterprises have stepped in to stabilize the market through share buybacks and acquisitions [3][32] Summary by Sections 1. Changes in Foreign Tariff Policies - The US has implemented a "reciprocal tariff" policy, raising tariffs on Chinese goods, which has increased the cost of imported high-end components for the Chinese tech industry, particularly in hardware sectors like chips and servers [1][14][19] - The tariff war has created short-term challenges for the domestic innovation industry, but it also accelerates the push for domestic alternatives and self-sufficiency in technology [19][35] 2. Policy Promotion of Self-Reliance - The Chinese government has introduced measures to strengthen key technology research and optimize the layout of scientific research resources, aiming to create a trillion-level domestic innovation industry cluster by 2027 [2][28] - Local governments are also implementing supportive policies to promote domestic technology development, focusing on areas such as artificial intelligence and software ecosystems [28][30] 3. Corporate Actions and Domestic Tariff Responses - In response to the tariff war, state-owned enterprises have increased share buybacks to bolster market confidence, with 18 central enterprises taking action to stabilize the market [3][32] - The domestic chip market is benefiting from the increased prices of imported chips, highlighting the competitive advantage of domestic alternatives [3][31] 4. Investment Recommendations - Beneficial targets include core domestic innovation companies such as China Software, China Great Wall, and Dongfang Tong, as well as domestic computing and chip firms like Tuwei Information and Haiguang Information [4][39]

Group 1 - The Hong Kong stock market opened lower, with the Hang Seng Tech Index dropping by 4.26%, but later saw a narrowing of losses, with notable gains in stocks like SMIC and Xiaomi [1] - Southbound capital net purchases of Hong Kong stocks exceeded 13 billion HKD during the trading session, indicating strong investor interest [1] - A-shares in sectors like electronics and computers showed strong upward movement, with the ChiNext 50 ETF rising over 3% [1] Group 2 - The institution believes that the trend of increased investment in Hong Kong stocks by both domestic and foreign capital will continue despite short-term fluctuations, driven by the fundamentals of the stock market [2] - Southbound capital has seen a net inflow of nearly 540 billion HKD this year, highlighting the attractiveness of Hong Kong tech leaders [2] - The Hang Seng Tech Index ETF includes 30 leading tech stocks in Hong Kong, focusing on the AI industry chain, with companies like Alibaba, Tencent, and SMIC positioned as key players in China's tech sector [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 中电太极（集团）有限公司、中电科投资控股有限公司保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 1、太极计算机股份有限公司（以下简称"公司"）于2024年10月19日披露了《关于控股股东及一致行动 人增持公司股份计划的公告》（公告编号：2024-029），基于对公司未来持续稳定发展的信心和长期投 资价值的认可，为增强投资者信心，中电太极（集团）有限公司（以下简称"中电太极"）及一致行动人 中电科投资控股有限公司（以下简称"电科投资"）拟自2024年10月19日起6个月内以不限于集中竞价交 易、大宗交易等深圳证券交易所允许的方式增持公司股份，增持金额分别为不低于人民币1亿元且不超 过2亿元和不低于人民币5000万元，双方合计增持股份数量不超过公司总股本的2%。 2、截至本公告日，中电太极及一致行动人电科投资以集中竞价的方式累计增持公司股份7,111,512股， 占公司总股本的1.14%，累计增持金额合计175,012,996.65元（不含交易费用），其中中电太极累计增持 金额124,990,049.65元，电科投资累计增持金额 ...

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **信创 (Xinchuang) industry**, which is focused on domestic technology development and innovation in response to international trade tensions and tariffs [2][4][6]. Key Points and Arguments - **Impact of Tariffs on the Computer Industry**: The computer industry is characterized by high elasticity, with a recent drop of approximately 13%. Tariffs have a limited impact, as overseas revenue constitutes about 10% of the sector, with only 5% affected by U.S. tariffs [2][6]. - **Growth in Xinchuang Industry**: The Xinchuang industry is experiencing a peak in construction due to fiscal stimulus and a clear quantitative target set for 2027. The demand is high, as indicated by procurement data from Guangdong Province [2][4]. - **Domestic Supply and Demand**: There is robust demand and supply in the Xinchuang sector, with rapid technological advancements among companies. Fiscal support is enhancing industry sentiment [7][10]. - **U.S. Trade Policies**: The U.S. has expanded its entity list, impacting Chinese semiconductor development and prompting companies to adjust supply chains. This has accelerated domestic innovation and technology upgrades [8][9]. - **Investment Strategy**: Investors should focus on the entire Xinchuang sector, analyzing company performance and market sentiment while considering lessons from previous trade disputes [7][26]. Notable Companies in Xinchuang - Key companies to watch include **EDA**, **华大九天 (Huada Jiutian)**, **达梦 (Dameng)**, **中软 (Zhongruan)**, and **软通 (Ruantong)**. EDA is particularly significant due to its critical role in the industry [5][26]. Market Dynamics - **Procurement Trends**: Guangdong Province's commercial PC procurement from January to March 2025 has already surpassed the total for the previous year, indicating strong market growth [14][15]. - **Operating Systems**: The primary operating systems in the Xinchuang sector include **麒麟 (Kylin)** and **统信 (Tongxin)**, which dominate in government and financial sectors [18]. - **Database and CPU Developments**: **达梦 (Dameng)** is a key player in the database market, while **龙芯 (Loongson)** is notable in the CPU space, with products achieving competitive performance levels [19][20]. Future Projections - **PC and Server Sales**: Projections indicate that online PC sales in the government sector will reach 950,000 units by 2025, with significant growth expected in subsequent years [24]. - **Government Support**: The government is providing substantial financial backing for the Xinchuang sector, with plans for long-term bonds and significant funding allocations [23]. Additional Insights - **Global Supply Chain Opportunities**: The instability in global supply chains presents opportunities for Chinese hardware and software companies to expand internationally, particularly in regions involved in the Belt and Road Initiative [12]. - **Market Share Dynamics**: The Xinchuang industry is seeing shifts in market share across various segments, with domestic products gaining ground against established foreign competitors [25]. This summary encapsulates the key insights and developments discussed in the conference call, highlighting the current state and future potential of the Xinchuang industry amidst ongoing global trade challenges.

太极股份分析师会议 调研日期：2025年04月07日 调研行业：互联网服务 参与调研的机构：光大证券股份、华鑫证券、上海益和源、中电 科投资控股、广东正圆私募等 / | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 接待时间：2025-04-07 上市公司接待人员：董事、总裁 仲恺,副总裁、创新研究院院长 ...

证券研究报告 Meta发布开源大模型Llama 4， 国有企业数据效能提升行动实施方案正在制定 计算机行业强于大市（维持） 平安证券研究所计算机团队 分析师：闫磊S1060517070006(证券投资咨询)YANLEI511@pingan.com.cn 黄韦涵S1060523070003(证券投资咨询)HUANGWEIHAN235@pingan.com.cn 研究助理：王佳一S1060123070023（一般证券从业资格）WANGJIAYI446@pingan.com.cn 据Meta介绍，Llama 4目前有Scout和Maverick两个版本，是Meta迄今为止最先进的模型，也是同类产品中多模态性最 强的模型。此外，Meta还预览了其迄今最强大最智能的模型——Llama 4 Behemoth，称之为"新模型中的教师"。 Llama 4模型是Llama系列模型中首批采用混合专家（MoE）架构的模型。这一模型也是DeepSeek系列模型采用的架构， 与传统的稠密模型相比，在MoE架构中，单独的token只会激活全部参数中的一小部分，训练和推理的计算效率更高。 2025年4月6日 请务必阅读正文后免责条款 核心 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - The ongoing trade war has led to increased tariffs, with the U.S. imposing a total of 20% tariffs on Chinese goods as of February and March 2025, followed by an additional 34% tariff announced in April 2025 [1][2] - In response, China has implemented a 34% tariff on all U.S. imports and has taken measures against 16 U.S. entities, indicating an escalation in the trade conflict [2] - The heightened tensions between the U.S. and China have underscored the importance of self-reliance in technology and the need for China to enhance its technological capabilities [3] - The software sector is expected to focus on domestic demand, with significant potential for market growth and technological substitution [3] - 2025 is anticipated to be a pivotal year for government and party-related technology initiatives, with a focus on PC-based technology updates and strong performance from key companies in Q1 and throughout the year [3] - Domestic AI models, such as those from Alibaba and DeepSeek, are now among the global leaders, driving the development of AI applications tailored to local needs [4] - The report recommends several companies for investment, including those with high market share in foundational software, AI applications, and hardware sectors [5] Summary by Sections - **Tariff Impact**: The U.S. has increased tariffs on Chinese goods, leading to a total of 20% and then 34% tariffs, prompting China to retaliate with similar measures [1][2] - **Technological Self-Reliance**: The report emphasizes the need for China to focus on self-reliance in technology amidst rising tensions, particularly in the software sector [3] - **AI Development**: Chinese AI models are gaining global recognition, with a focus on applications that meet domestic enterprise needs [4] - **Investment Recommendations**: Key companies recommended for investment include Dameng Data, China Software, and others in the AI and hardware sectors [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of self-reliance in technology due to escalating global trade tensions, highlighting the urgency for core technology products to be self-sufficient [5][12] - National fiscal support is expected to accelerate the implementation of key projects and policies, particularly in the realm of domestic innovation and technology [6][13] - Domestic software and hardware are transitioning from being merely "usable" to "user-friendly," with an anticipated acceleration in replacement cycles [7][14] Summary by Sections Market Review - During the week of March 31 to April 3, 2025, the CSI 300 index fell by 1.37%, while the computer index decreased by 1.87% [4][16] Investment Opportunities - The report suggests that with changes in the global trade environment, domestic software and hardware are on the rise, and the pace of replacement is expected to accelerate. Recommended companies include: - For domestic computing power: Haiguang Information, Zhongke Shuguang, and Shenzhou Digital - For the innovation and creation sector: Kingsoft Office, Dameng Database, Taiji Co., and others [8][15] Industry Dynamics - The report notes significant developments in the industry, including the upcoming release of Alibaba's new model Qwen3 and OpenAI's completion of a $40 billion financing round, which values the company at $300 billion [22][28]

Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Viewpoints - The emphasis on "technology domestic demand" is highlighted, with a focus on self-reliance and control as a core theme in the context of major power competition [3][10][22] - The report suggests that the domestic computing demand and self-reliance will be the main drivers for investment opportunities in the technology sector [3][22] - The report identifies key areas of focus including domestic AI computing, national software innovation (信创), military information technology, and the Harmony OS ecosystem [3][22] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.37%, the SME Index by 2.93%, and the ChiNext Index by 2.95% during the week of March 31 to April 3 [30] Industry News - The report discusses the release of the national measurement list which is expected to accelerate the domestic innovation industry [14] - It notes the importance of the Harmony OS as a significant new player in the domestic operating system market, particularly in PCs [15] Company Dynamics - Highwei Technology plans to reduce its shareholding by up to 4,400,000 shares, accounting for 1% of the total share capital [27] - The report mentions that Lai Si Information has completed the registration and filing procedures for changing its legal representative [27] Investment Suggestions - The report recommends focusing on companies involved in domestic AI computing, national software innovation, military information technology, and key players in the Harmony OS ecosystem [22] - Specific companies highlighted include Haiguang Information, Cambrian, Inspur Information, China Software, and others across various segments [22][21]