一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 证券代码：300447 证券简称：全信股份 公告编号：2025-026 所有董事均已出席了审议本报告的董事会会议。 天衡会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所为天衡会计师事务所（特殊普通合伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以未来实施分配方案时股权登记日享有利润分配权的总 股本（不含回购股份）为基数，向全体股东每10股派发现金红利0.50元（含税），不送红股，不以资本 公积金转增股本。 ■ 2、报告期主要业务或产品简介 （一）公司主要业务和主要产品 公司自成立以来一直以军工业务为主业，聚焦军工电子信息领域，主要从事军用光电线缆及组件、光电 元器件、FC光纤高速网络及多协议网络解决方案、光电系统集成 ...

Core Insights - Tesla has removed the option to order new Model S and Model X vehicles in China, leaving only options for viewing existing stock and scheduling test drives [1][2] - The decision to halt new orders is attributed to the impact of rising tariffs on imported vehicles, particularly as the U.S. has increased tariffs on Chinese goods to 125% [8][9] - The competitive landscape for high-end electric vehicles in China has intensified, with domestic brands gaining significant market share and launching performance-oriented models at lower price points [5][12] Summary by Sections Product Availability - Consumers can no longer custom order new Model S and Model X vehicles, only existing stock or certified used cars are available [2] - In major cities like Beijing and Shanghai, Model S is available for immediate delivery, while Model X has no current stock [1] Market Dynamics - The high-end electric vehicle market has become more competitive over the past decade, with domestic brands establishing a strong presence [5] - New entrants like Xiaomi and other domestic brands have launched high-performance electric vehicles at competitive prices, leading to a decline in demand for Model S and Model X [5][12] Tariff Impact - The recent increase in tariffs has made the importation of Model S and Model X economically unfeasible, leading Tesla to limit new orders to protect its brand image [8][9] - The Model 3 and Model Y, produced in Tesla's Shanghai factory with a high localization rate, are less affected by these tariffs [8] Future Outlook - Tesla plans to introduce updated versions of Model S and Model X later this year, featuring new design language and advanced hardware [11][12] - The new models are expected to enhance driving capabilities and range, but may struggle to attract consumers if priced similarly to existing models [12][14] - There is speculation that local production of these models could mitigate tariff impacts and improve sales performance [15] Conclusion - The halt in new orders for Model S and Model X reflects their marginal sales position in the Chinese market, signaling potential volatility for other imported models as well [17]

4月1日，MAMMOUTH二期开业仪式在凯士比阀门常州工厂隆重举行。 此次盛会汇聚了凯士比的经销商、代理商、客户、供应商以及凯士比集团总部、北亚区的领 导，同时常州新北区、高新区及滨开区代表也特别出席本次仪式，共同见证了 隆重开业 ， 这标志着凯士比集团在中国本土化战略又迈出了坚实的一步 径蝶阀MAMMOUTH国产化，2024年启动MAMMOUTH二期项目，这不仅 标志着凯士比集团 在中国市场的 ，更彰显了对 的坚定承诺。 。 凯士比秉承绿色和可持续发展的理念，传承凯士比AMRI品牌百年技术积淀，于2023年实现大口 Ralf Kannefass先生 、 Andreas Laschke先生 、 贺钧先生 、 姜平先生 以及 常州新北区、高新区、滨开区代表 共同完成启动仪式，现场璀璨的光束，像流水一般源源 不断流出，正如KSB集团持续发展的动力。 在开业仪式上，凯士比集团执行董事兼首席销售官Ralf Kannefass先生发表致词，他表示 凯士 比集团近几年稳步成长，不断提升品牌与市场声誉，拓展全球业务范围。 应需求 ，也 进一步提升了本地制造能力 。未来，还将 持续引进更多新品 ， 不断壮大凯士比常 州的规模 ...

截至2025年3月28日收盘，苏州科达（603660）报收于7.13元，较上周的7.61元下跌6.31%。本周，苏州 科达3月24日盘中最高价报7.66元。3月28日盘中最低价报7.1元。苏州科达当前最新总市值37.84亿元， 在计算机设备板块市值排名53/84，在两市A股市值排名3554/5140。 本周关注点 机构调研要点 3月19日特定对象调研,机构策略会,电话会议,投资者留言板 问：公司下一步的业务规划是什么？答：公司将紧跟数字中国建设和国内信创产业发展的战略方向，推 进产品和解决方案的优化与迭代，提升公司整体运营效率，实现高质量的可持续发展。海外市场方面， 公司制定了明确的发展战略，预计今明两年海外收入规模有望进一步快速提升。此外，公司正积极开拓 政府以外的音视频产品和解决方案应用场景与市场机会。 问：公司后续海外业务如何持续发力？答：从2023年开始，公司在海外业务布局取得进展，2024年新设 了两个分支机构加大区域营销力度，并正筹划设立海外智能制造中心。为了使海外业务持续快速健康发 展，公司制定了明确的战略，预计今明两年海外业务收入规模有望进一步快速提升。 问：公司自研的算力服务器的相关情况？答 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【建筑建材】文旅或是人形机器人的最先落地场景——建筑建材行业跟踪报告 人形机器人 已从实验室走向初步商业化应用，正处于专用场景落地加速、通用场景探索突破的关键阶段。 一是公共服务领域，机器人已用于展览表演、迎宾接待、高危环境巡检等场景。 二是工业制造领域，异构 人形机器人在上海张江的训练场中，已能执行倒饮料、叠衣服等任务，未来可扩展至工业分拣、医疗辅助 等场景。 （何缅南/韦勇强） 2025-03-19 （孙伟风） 2025- 03-19 您可点击今日推送内容的第1条查看 【电子】半导体材料市场景气上行，各领域头部企业受益于国产化浪潮——半导体材料系列报告之三 半导体材料市场逐步回暖，行业维持景气上行。人工智能驱动需求推 ...

Investment Rating - The report maintains an "Outperform" rating for the computer industry [1]. Core Insights - The computer industry is experiencing a slowdown in revenue and profit growth, with software business revenue expected to reach 13.73 trillion yuan in 2024, a 10.0% year-on-year increase, down from 13.4% in 2023 [4][10]. - The report highlights significant capital expenditure increases from major tech companies, indicating a strong investment trend in AI and computing infrastructure [49][52]. Summary by Sections 1. Industry Data - The software industry in China is projected to see a revenue growth of 10.0% in 2024, down from 13.4% in 2023, with total profits expected to grow by 8.7% [4][10][11]. - Software exports are anticipated to increase by 3.5% in 2024, recovering from a decline in the previous year [11]. 2. High-Growth Sectors in 2024 - Integrated Circuit (IC) design is expected to be the highest growth sector, with a projected increase of 16.4% [13]. - Embedded system software is forecasted to grow by 11.8%, driven by ongoing AI advancements [14]. - E-commerce platform services are also expected to grow by 11.4% [15]. 3. Localization - The dependency on imported integrated circuits is at 78%, indicating a 22% localization rate, which has decreased by 2% [20][21]. - Nvidia's revenue from mainland China has decreased, reflecting the impact of U.S. sanctions [23]. 4. AI Developments - The launch of DeepSeek-R1 has intensified competition in the AI model space, with significant advancements in open-source models [25][27]. - DeepSeek's open-source initiative has garnered global attention and is expected to accelerate AI technology development [32][38]. 5. Computing Power - Domestic computing power investments are accelerating, with major tech firms planning substantial capital expenditures [49][52]. - Nvidia's new Blackwell chip has significantly contributed to its revenue growth, indicating strong demand for advanced computing solutions [55][56].

以下文章来源于车与轮店主联盟 ，作者Sky 车与轮店主联盟 . 《车与轮》有车与轮新媒体矩阵和《轮胎经销商》杂志，汇聚轮胎行业50万人。主导《奚仲奖评选》、《中国轮胎测试排行榜》、《车与轮选胎指南》、 《中国轮胎10大人物评选》。《年度颁奖盛典—奚仲奖》被誉为中国轮胎行业奥斯卡。 作 者 | Sky 来源 | 车与轮店主联盟 导语：这种"既要国产化红利，又要洋品牌光环"的做派，到底是谁在拖中国工业的后腿？ 近日，理想汽车产品线总裁汤靖表示："短期内不会将国产轮胎作为标配。"这一言论，无疑是对国产轮胎行业的一种"轻视"，也让我们不禁要问： 国产轮胎，真的就那么不堪吗？ 其实，国产轮胎早已不是吴下阿蒙，从超跑到国民车，从技术专利到全球销量，中国轮胎企业用实力打脸偏见。 今天，我们有必要为国产轮胎正名，也请部分国内企业收起傲慢与偏见，睁开眼看看这个早已换了剧本的行业！ 原配市场逆袭：国产轮胎 早已打入"国际大厂核心圈" 赛轮液体黄金轮胎与小米汽车联合研发，用新材料技术重新定义新能源车配套标准； 森麒麟为百万级超跑昊铂SSR定制轮胎，让国产轮胎首次站上性能鄙视链顶端。 玲珑轮胎成功为宝马2系和奥迪A3提供轮胎配套服务 ...

Core Viewpoint - The article emphasizes maintaining long-term confidence and increasing positions in core leading companies during market adjustments, particularly in the AI and domestic sectors [2][4]. Summary by Sections Weekly Viewpoint - The market has experienced adjustments due to previous rapid increases and the disclosure of performance reports. Looking ahead, the completion of performance reports and the upcoming important policy window are expected to improve performance in Q1 2025 [2][4]. Deep Dive on DeepSeek - DeepSeek, a leader in AI equity, has made significant progress by open-sourcing various solutions, including DeepEP and DeepGEMM, which optimize both hardware and applications. The company has also implemented a "staggered pricing" strategy, significantly reducing API call prices during off-peak hours, which is anticipated to accelerate AI application development [2][3]. Global AI Industry Trends - The global AI industry is experiencing accelerated resonance, with notable advancements from domestic models like Doubao and DeepSeek. OpenAI's release of ChatGPT 4.5 has also shown significant improvements in human-like interactions, contributing to the ongoing trend in the AI sector [2]. Investment Strategy - The recommendation is to continue over-allocating resources to the AI sector, focusing on core leading companies as the industry trends evolve and mature [2].

Group 1: DeepSeek and AI Industry Transformation - DeepSeek's technological innovation, particularly the application of Scaling Law theory, significantly enhances AI model performance [1][3] - The Scaling Law theory indicates that AI model performance is proportional to the amount of parameters, data, and computation, with simultaneous improvements leading to substantial performance gains [3] - DeepSeek optimizes model performance and reduces costs, promoting AI technology applications in traditional industries such as SMEs, healthcare, and finance, thereby stimulating the growth of computing power demand [3] - DeepSeek collaborates with domestic chip manufacturers like Huawei Ascend and Haiguang to enhance the adaptability and development of domestic chips, further strengthening the autonomy of domestic computing power [3] - Through distillation technology and algorithm optimization, DeepSeek significantly reduces model storage requirements and computational load, enabling efficient inference of AI models on smart terminals like smartphones and headphones [3] - Multiple domestic smartphone manufacturers have integrated DeepSeek's AI models, with smart wearable devices (e.g., AI headphones) becoming important scenarios for edge AI applications [3] - DeepSeek-R1 represents a breakthrough in China's open-source AI field, boasting high performance, low cost, and open-source advantages, laying a foundation for future market growth with its global influence and rapidly growing user base [3] Group 2: Investment Research and Large Language Models - Automation programming plugins support multi-mode programming, file operations, command line integration, and multi-model API calls within VSCode, enabling automatic file reading, dependency installation, code execution, and error correction [4] - Large language models can transform subjective factors in investment decisions into quantifiable variables, assisting investors in conducting more efficient quantitative analysis when developing investment models [4] - The model can automatically extract market trends, industry chain information, and corporate financial data from analyst reports, providing valuable input data for quantitative investment models [5] - The model employs sentiment analysis techniques to help research personnel extract relevant emotions and viewpoints from news, social media, and reports, further optimizing the understanding of market dynamics in quantitative investment models [5] - Intelligent agents like ChatGPTTask and Operator can automate tasks such as regularly obtaining information and browsing the web, allowing research personnel to focus more on value-creating work [5] - By constructing knowledge bases, research personnel can easily extract information from historical data and reports, even obtaining relevant answers through direct inquiries [5] - For research institutions that prefer not to invest heavily in hardware and operational costs, large model API services from platforms like OpenRouter, Huoshan Engine, and Alibaba Cloud are available [5] - Tools like Ollama simplify the installation and operation processes of large models while ensuring data privacy and security [5] Group 3: Industry Trends and Future Outlook - The government emphasizes strengthening independent innovation, reflecting a high level of importance placed on technological innovation by representatives of various technology companies [5][8] - The State-owned Assets Supervision and Administration Commission (SASAC) released implementation points for the "AI+" special action, indicating continued policy support for future technological innovation, which enhances market confidence [8] - Due to the ongoing release of policy dividends and continuous deepening of industrial innovation, AI and leading domestic companies are expected to remain the main focus for future allocations [8] - Alibaba plans to invest more in cloud and AI infrastructure over the next three years than in the past decade, demonstrating its commitment and strategic layout in the AI field [8] - The demand for inference computing power is expected to grow rapidly in the short term as AI applications expand, particularly driven by the inference needs of large models, which will become a significant driving force in the computing power industry [8]

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业 绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了 解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （中国(上海)自由贸易试验区浦明路 8 号） 广东天承科技股份有限公司 招股说明书 声明 广东天承科技股份有限公司 Guangdong Skychem Technology Co., Ltd. （珠海市金湾区南水镇化联三路 280 号） 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 1-1-1 广东天承科技股份有限公司 招股说明书 1-1-2 发行股票类型： 人民币普通股（A 股） 发行股数： 发行 14,534,232 股，占发行后总股本比例为 25% 每股面值： 人民币 1.00 元 每股发行价格： 55.00 元 发行日期： 2023 年 6 月 28 日 拟上市的交易所和板 ...