解锁【第一财经智享会员】实时解读市场动态，把握投资先机。 5月23日，三大股指集体低开，上证指数开盘报3376.87点， 跌0.1% ，深成指开盘报 10210.62点， 跌0.09% ，创业板指开盘报2043.2点， 跌0.12% 。NMN概念、跨境支 付、燃气板块表现活跃，兵装重组、港口航运、贵金属、互联网电商板块跌幅居前。 今日嘉宾观点 金元证券首席投资顾问徐传豹认为， 当前,中美关系已由前期的对抗态势进入阶段性缓和期 然而，在此缓和阶段，双方能否达成实质性且互利共赢的协议仍存在不确定性。 受此影响， 市场多空双方均持谨慎态度，短期内难以形成明确方向性突破，预计市场 * * * * * * 。 针对当 前市场环境，我们对投资者的操作建议如下:建议重点配置 * * * * * * 标的。 所 谓 " 强 " ， 不 仅 体现在技术面上处于上升通道，更需关注其基本面特质-- * * * * * * 品种。 对于符合上述标准 且技术形态保持完好的个股，投资者可考虑继续持有;反之，对于缺乏基本面支撑的题材炒作 个股，或已呈现技术性走弱的标的，建议 * * * * * * ， * * * * * * 。 【解锁隐 ...

Market Overview - The three major indices in China opened lower, with the Shanghai Composite Index down 0.1%, the Shenzhen Component down 0.09%, and the ChiNext down 0.12% [1] - In the US market, the S&P 500 Index fell 0.04% to 5842.01 points, marking the third consecutive day of decline; the Nasdaq Composite Index rose 0.28% to 18,925.73 points; and the Dow Jones Industrial Average slightly decreased by 1.35 points to 41,859.09 points [2] Industry Insights - **Computer Industry**: China Galaxy Securities indicates that the computer industry may have shown bottom signals in Q1 2025, with revenue growth maintaining an upward trend and significant acceleration, suggesting a gradual market demand recovery. Cost control measures are becoming effective, and profits are expected to see a strong rebound due to last year's low base effect, particularly in AI computing power and related fields [3] - **Gold and Jewelry Industry**: Guotai Junan Securities reports that the gold and jewelry industry has entered a phase of clearing and upgrading since 2024, with leading companies shifting from store expansion to enhancing single-store efficiency. The collaboration between brand owners and franchisees is promoting high-margin products, and the industry is expected to continue its valuation enhancement logic throughout the year, favoring companies with strong product capabilities and consumer demand capture [4] - **Express Delivery Industry**: Huatai Securities expresses a long-term positive outlook on leading express delivery companies' market share growth, despite the sector being at historical low valuations. The report notes that while the volume growth has slightly slowed since April, leading companies are still focused on market share, and the application of digital tools is expected to enhance efficiency and reduce costs, helping to mitigate the impact of price declines [5] - **Carbon Fiber Industry**: Huaxi Securities highlights that the demand for carbon fiber is expected to be released again due to the material's characteristics. The period from 2019 to 2023 saw a significant increase in China's carbon fiber production capacity, which is projected to reach 135,500 tons by the end of 2024. However, the growth rate has significantly narrowed. The report mentions that new demand from emerging industries, such as wind power and robotics, is likely to drive further demand [6]

截至2025年5月22日收盘，恒华科技(300365)报收于6.03元，下跌1.15%，换手率1.66%，成交量7.86万 手，成交额4764.28万元。 董秘最新回复 投资者： 新型基础设施，基建信息化，可视化质量溯源，工程档案数字化，工程数字化的系统应用， 新旧模式转换带来公司行业业务增长新空间吗？ 董秘： 尊敬的投资者您好，在数字经济、双碳、信创、人工智能技术应用创新等市场机遇下，公司将 紧扣整体战略部署，全力推进各项经营计划：持续巩固并提升BIM平台软件业务，优化产品功能，提升 用户体验，增强市场竞争力；加大技术创新力度，深度融合人工智能等前沿技术，加速基于国产操作系 统的智能设计工具升级改造；加强各业务体系的紧密合作与价值共享，打通部门壁垒，促进资源高效流 通，提升整体运营效率；加大市场开拓力度，深入挖掘潜在市场，制定精准的营销策略，提升品牌知名 度和市场份额。感谢您的关注！ 投资者： 目前公司和中国交通信息在国内和"一带一路"沿线国家和地区业务有合作吗？ 董秘： 尊敬的投资者您好，公司作为"BIM平台软件及行业数字化应用服务商"，积极服务中资企业 在"一带一路"沿线业务拓展，与中国交建、中国中铁等 ...

在AI与大模型应用领域，开科唯识的实力也不容小觑。它聚焦银行等金融机构的智能化转型，将大模 型技术深度融入财富管理、支付清算等核心场景，打造行业智能金融解决方案。通过优先构建垂直领域 智能体，如理财师助手、客户经理助手等大模型助手，推动代码生成、智能问答、数据分析等场景的自 动化工具开发，有效降低了传统开发人力成本，实现了人均效能提升。同时，公司还深化生态伙伴合 作，形成大模型多场景联合解决方案，构建"自有方案+代理硬件"全栈服务能力。 在金融信创方面，开科唯识同样优势显著。随着国产化进程的加速，其自研产品陆续完成70余项国产化 软硬件生态适配。根据工信部赛迪研究院数据，2021-2023年度，开科唯识在新兴的银行财富管理业务 解决方案领域连续三年排名市场第一，支付清算业务解决方案居行业第一梯队。公司自主研发的核心技 术能够适应金融业务海量交易数据规模庞大、高并发、效率和可靠性要求高等特点，助力国产化软硬件 设备更广泛地适用于基础性金融业务。 ST金一此前主要从事黄金珠宝零售业务，旗下拥有"金一"、"越王珠宝"、"越王古法金"等品牌，在品牌 价值、产品设计创新以及区位渠道等方面具备一定优势。然而，公司并未满足 ...

Market Space and Transformation Demand - The demand for digital transformation in enterprises has significantly increased post-pandemic, with the core ERP market space exceeding 50 billion yuan and the broader ERP market space exceeding 100 billion yuan [1][10] - Large enterprises continue to release information technology needs in areas such as group finance, marketing, and supply chain, while medium-sized enterprises are upgrading from basic information technology to intelligent management [1][10] - There are nearly 400,000 industrial enterprises above a designated size in China, providing a substantial customer base for ERP software, with significant differences in customer unit prices across different enterprise sizes [1][10] Breakthroughs and Competitive Landscape of Domestic Vendors - The dual-channel drive of digital transformation and the "Xinchuang" policy has created significant opportunities for domestic vendors, particularly in state-owned enterprises [2][10] - Leading vendors such as Kingdee, Yonyou, and Inspur have established dominant market positions through cloud transformation and product line enhancements, with Kingdee's cloud business revenue accounting for 76% of total revenue, and Yonyou's cloud business revenue nearing 70% [2][10] - Market share is dominated by Yonyou and Kingdee, which together account for approximately 26%, while foreign vendors like SAP hold an 18% share [2][10] Technological Evolution and Application Scenario Innovation - AI technology is reshaping the application model of enterprise management software, with international vendors like Microsoft and Salesforce implementing low-code platforms combined with AI capabilities [3][10] - Domestic vendors are also leveraging AI, with Kingdee's cloud services implementing chatbots and visual recognition, while Yonyou's intelligent platform automates processes in finance, human resources, and procurement [3][10] - The combination of cloud computing and AI is lowering the barriers to software usage, with Kingdee's public cloud renewal rate reaching 90% [3][10] Xinchuang and Domestic Process - The Xinchuang policy is driving the localization of software from office applications to core business systems, with significant progress in the financial and telecommunications sectors [4][10] - State-owned enterprises have set clear digital transformation goals during the 14th Five-Year Plan, with notable increases in Xinchuang investment proportions [4][10] - Domestic vendors like Kingdee and Yonyou are gradually replacing foreign systems like SAP and Oracle in core systems of large enterprises [4][10] Future Trends - The enterprise management software market is expected to exhibit a threefold trend of "cloudification, localization, and intelligence," with cloud business revenue continuing to rise [5][10] - Driven by Xinchuang, domestic vendors are likely to increase their market share in large enterprises from the current 50% [5][10] - AI technology is anticipated to evolve from being an auxiliary tool to becoming a core productivity driver, ultimately achieving full-scenario coverage as "personal AI assistants" [5][10]

Group 1 - The company has signed an investment agreement with Blue Core Computing (Shenzhen) Technology Co., Ltd., investing 10 million RMB, with 111,500 RMB allocated to registered capital and the remainder to capital reserves, resulting in a 0.6729% equity stake in Blue Core Computing [1] - Blue Core Computing specializes in the research, design, and sales of RISC-V server chips (CPU + AI), providing high-performance, reliable, and customizable AI computing server solutions for global data centers, cloud computing, enterprise applications, AI, and large model applications [1][2] - The company is a core supplier in the domestic financial technology sector, which is crucial for national self-control and innovation, and anticipates significant demand for domestic CPU servers that meet national requirements [2] Group 2 - As Blue Core Computing's RISC-V domestic CPU servers begin mass production, the company is positioned to become a potential sales partner for Blue Core Computing [2] - The company aims to integrate its software solutions with Blue Core Computing's chip technology to create customized CPU design solutions tailored to the needs of financial institutions [2]

高伟达（300465）公告，公司以自有资金增资蓝芯算力科技有限公司1000万元，其中11.15万计入注册 资本，剩余部分计入资本公积。增资完成后，高伟达将持有蓝芯算力0.6729%的股权。蓝芯算力主营 RISC-V架构芯片及相关软硬件解决方案的设计和销售。此次投资不构成关联交易或重大资产重组，已 通过公司内部审议批准。高伟达计划借助蓝芯算力的技术优势，结合自身在金融科技领域的积累，推动 国产信创领域的发展和应用。公司将根据投资进展及时履行信息披露义务。 ...

Core Viewpoint - Kingdee has established the "Enterprise Management AI Ecological Alliance" to address the challenges of AI application for small and medium-sized enterprises (SMEs), emphasizing that AI is essential for enterprise management and a key focus for the company's future development [1][4]. Group 1: AI and Large Clients - The strategy of targeting large clients is crucial for Kingdee, as one large client is significantly more valuable than multiple small clients, given the instability and low payment capacity of SMEs [2]. - Kingdee has historically aimed to serve larger enterprises and government services rather than being labeled as a provider for SMEs [3]. - The company is poised to benefit from market and technological advantages, particularly due to policies mandating state-owned enterprises to complete domestic replacements by 2027, which could release a significant portion of the high-end ERP market [4][6]. Group 2: AI Product Development - Kingdee has launched several AI enterprise service products aimed at large clients, including the "China's first financial large model" and upgrades to its AI platform [9][10]. - Despite these efforts, Kingdee's revenue from large enterprises remains low compared to SMEs, with large enterprise cloud service revenue reported at approximately RMB 1.304 billion in 2024, while revenue from SMEs was significantly higher at RMB 21.53 billion [10][11]. Group 3: Challenges in Large Client Acquisition - Kingdee's reliance on SMEs persists, with their revenue contribution from SMEs being 259% higher than that from large enterprises, indicating a need for improvement in attracting larger clients [11]. - The primary challenge in acquiring large clients lies in Kingdee's limited customization capabilities and system functionality, which are critical for meeting the complex needs of large enterprises [12][15]. - To succeed, Kingdee must enhance its product's foundational capabilities, focusing on customization and personalized service for large enterprises, rather than solely on AI concepts [15][16]. Group 4: Future Directions - Kingdee aims to aggressively target the large enterprise market, viewing it as essential for becoming a leading PaaS provider by 2026 and a world-class SaaS provider by 2030 [14]. - The company has invested heavily in R&D, with expenses reaching RMB 1.514 billion in 2024, yet it has faced continuous losses, primarily due to the inability to penetrate the large client market effectively [17].

➢ 鸿蒙 PC 有望加速落地，提升 PC 终端的国产化替代水平，并进一步驱动国 产基础软件生态的建设，PC 有望成为鸿蒙下一个"主战场"。1）PC 有望成为鸿 蒙下一个"主战场"：鸿蒙在 C 端市场持续发力，有望将国产操作系统在国内快 速实现推广。根据 Canalys 数据，2024 年中国大陆地区台式机和笔记本电脑出 货量达到 3971 万台。华为是国内市场的主力军，2024 年华为在中国大陆地区 台式机和笔记本电脑出货量的同比增速达 15%；市场份额由 2023 年的 9%提升 至 11%。2）领军企业持续发力，信创等市场潜力可期：华为鸿蒙 PC 发布后， 基于 OpenHarmony 产品打造的 PC 端操作系统有望加速落地，进而推动信创 等生态发展。根据中国信息安全测评中心发布的《安全可靠测评结果公告》，华为 旗下的盘古 M900、麒麟 9006C 等 CPU 产品入选。华为 CPU 的入选，对信创 端生态完善有着重要意义。以鸿蒙领域部分龙头为例，软通动力 2024 年率先推 出搭载 SwanLinkOS 5 的开源鸿蒙 AI PC 及智能交互平板等智能化产品，2025 年继续全面推进开源鸿蒙 5.0 ...

海光信息（688041.SH）深度报告 | 推荐 | 维持评级 | | --- | --- | | 当前价格： | 138.85 元 | | [Table_Author] | | | 分析师 方竞 | | | 执业证书： S0100521120004 | | | 邮箱： | fangjing@mszq.com | 分析师 吕伟 执业证书： S0100521110003 邮箱： lvwei_yj@mszq.com 分析师 李萌 执业证书： S0100522080001 邮箱： limeng@mszq.com 算力领跑，国产之光 2025 年 05 月 21 日 ➢ CPU+DCU 双轮齐发，铸造国产算力中坚力量。海光是国内领先的高端计算 芯片企业，聚焦 DCU 与 CPU 双产品并行研发，覆盖云计算、人工智能等主流应 用场景。公司最大股东为中科曙光，截至 2025 年一季度持股比例 27.96%。受 下游算力需求带动，公司 2025 年 Q1 实现营业收入 24.00 亿元，yoy +50.76%； 归母净利润 5.06 亿元，yoy +75.33%。公司毛利率自 19 年以来持续增长， 2025Q1 进一步提 ...