Core Viewpoint - The company, Lianhua Holdings, is responding to an inquiry from the Shanghai Stock Exchange regarding the sustainability and profitability of its computing power service business, which has shown high gross margins but incurred losses in 2024 [1][2]. Financial Performance - In 2024, the computing power service business generated revenue of 80.64 million yuan, with a gross margin of 42.45%, but reported a net loss of 14.56 million yuan [1][2]. - The breakdown of costs includes operating costs of 46.41 million yuan (57.55% of revenue), financial expenses of 26.13 million yuan (32.40%), and asset impairment losses of 11.26 million yuan (13.96%) [1][2]. Investment Recovery - The company has invested a total of 637.92 million yuan in fixed assets for its computing power services, with an expected cash inflow of 610.33 million yuan over the next five years, resulting in an estimated investment recovery period of approximately 4.86 years [2][5]. Financing and Costs - The computing power business primarily relies on external financing, with total borrowings of 509.38 million yuan as of the end of 2024, leading to significant interest expenses that impacted profitability [1][2]. - The average capital cost for the company is calculated at 5.13%, with interest expenses for the computing power business amounting to 26.28 million yuan, which is 180.53% of the net profit [5][6]. Client and Supplier Relationships - The company disclosed its top ten clients for the computing power service, detailing contract amounts, revenue recognition, and payment statuses, indicating a diverse client base [6][7]. - There are no significant related party transactions or conflicts of interest identified between the company and its clients or suppliers, ensuring the integrity of business operations [6][7]. Asset Impairment - The company recognized an asset impairment loss of 11.26 million yuan due to market price fluctuations affecting the value of its computing power equipment, which is a significant factor contributing to the overall losses [2][5].

Core Viewpoint - The company, Jiangsu Litong Electronics Co., Ltd., has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, highlighting significant fluctuations in revenue and profit margins across its business segments, particularly in the precision metal stamping and computing power sectors [1][2]. Financial Performance - In 2023, the company achieved revenue of 1.893 billion yuan, which decreased by 6.53% year-on-year, while in 2024, revenue rose to 2.248 billion yuan, marking an 18.72% increase. However, the net profit attributable to shareholders dropped significantly from 20.38 million yuan in 2023 to 5.89 million yuan in 2024, reflecting declines of 41.94% and 71.10% respectively [1][2]. - The computing power business generated revenue of 455.197 million yuan in 2024, a staggering increase of 3817% compared to 11.621 million yuan in 2023, with a gross margin of 53.42%, up by 9.39 percentage points [12][16]. Business Segments Analysis - The precision metal stamping segment saw a decline in both revenue and gross margin, with the gross margin dropping from 14.84% in 2023 to 8.58% in 2024, attributed to increased costs and competitive pricing pressures in the television market [6][9]. - The computing power segment benefited from early market entry and strategic partnerships with major players like NVIDIA, leading to a robust growth trajectory in revenue and maintaining a high gross margin [3][4]. Market Conditions - The Chinese intelligent computing power market is projected to maintain a compound annual growth rate of over 60% from 2020 to 2024, with AI computing power reaching 725.3 billion EFLOPS in 2024, a 74.10% increase year-on-year [2][3]. - The television market in China experienced a retail volume decline of 1.80% in 2024, despite a 15.70% increase in retail sales value, indicating a shift towards larger screen sizes and advanced technologies [6][7]. Competitive Landscape - The company’s computing power revenue and gross margin are competitive within the industry, with peers also experiencing significant growth due to the AI boom. For instance, comparable companies reported substantial increases in their computing power revenues [4][5]. - The company’s gross margin in the computing power sector is positioned at a mid-level compared to peers, influenced by the structure of its computing power business and the types of servers utilized [5][6]. Operational Adjustments - The company is actively managing costs and reducing low-margin orders in response to declining profitability in its manufacturing segment, particularly in the precision metal stamping business [10][11]. - The company has implemented measures to enhance operational efficiency, including cost control and waste reduction strategies, particularly in its overseas production facilities [11][12].

证券研究报告·海外公司点评·汽车(HS) 小鹏汽车-W（09868.HK） 小鹏 G7 上市点评：辅助驾驶进入 L3 级算力 时代，本地端 VLA+VLM 能力再进阶 买入（维持） 证券分析师 黄细里 执业证书：S0600520010001 021-60199793 huangxl@dwzq.com.cn 股价走势 -17% 6% 29% 52% 75% 98% 121% 144% 167% 190% 2024/7/4 2024/11/2 2025/3/3 2025/7/2 小鹏汽车-W 恒生指数 市场数据 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 30,676 | 40,866 | 94,687 | 167,573 | 249,073 | | 同比(%) | 14.23 | 33.22 | 131.70 | 76.97 | 48.64 | | 归母净利润（百万元） | (10,375.78) | (5,790.26) ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来 源： 内容来自工商时报 。 随 着 AI 算 力 需 求 暴 增 ， 资 料 中 心 电 力 架 构 正 迎 来 十 年 最 大 升 级 ， 英 伟 达 领 军 的 800V 高 压 直 流 （HVDC）技术，预计2027年全面导入兆瓦级AI机柜，将牵动第三代半导体代工版图重组。台积 电（2330）日前宣布两年内逐步退出氮化镓（GaN）市场，其大客户纳微半导体（Navitas）急寻 新来源，多方角力下，台系功率元件、电源管理芯片产业链将迎新竞争格局。 将外部工业用交流电转换为800V直流电，可使相同尺寸导线传输功率增加85％；相较于传统架 构，英伟达800V HVDC，主要差异在于多一道800V直流电降压至54V直流电的程序，法人分析， 该架构需使用高规的耐高压PMIC（电源管理IC），但在个别Compute Tray则沿用原先中低压 PMIC即可。 未来Compute Tray中的Power IC需求将提升，如记忆体电压必须由54伏转到12伏。尽管目前为海 外业者如英飞凌、MPS的天下，但台厂致新（8081）、茂达（6138）持续抢攻，从一般型伺服器 入局，有望 ...

Market Overview - The Hong Kong stock market opened lower and fell further, with the Hang Seng Index closing down 0.64% at 23916.06 points, with a total turnover of 267.81 billion HKD [1] - The Hang Seng Index dropped 1.52% over the week, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index fell 1.75% and 2.34%, respectively [1] Blue-Chip Stocks Performance - Alibaba Health (00241) led the decline among blue-chip stocks, falling 6.64% to 4.22 HKD, contributing a loss of 3.04 points to the Hang Seng Index [2] - Alibaba announced the pricing of a zero-coupon exchangeable bond totaling 12 billion HKD, with an initial exchange price of 6.23 HKD per share of Alibaba Health, representing a 48% premium over the hedge placement price [2] - Other notable blue-chip movements included Xinyi Solar (00968) rising 4.73% and AIA (01299) falling 4.42% [2] Sector Highlights - Large tech stocks showed mixed performance, with Alibaba and Xiaomi both down over 1%, while Baidu rose 1.48% [3] - Pharmaceutical stocks gained strength, with Rongchang Bio (09995) up 15.01% and several others also showing significant increases [3][4] - The solar energy sector saw a general rise, with Xinyi Energy (03868) up 15% following government support for the industry [5][6] Regulatory and Policy Developments - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, including 16 specific initiatives [4] - Citigroup anticipates multiple catalysts for the innovative drug and biotechnology sector by the second half of 2025, including commercial collaborations and favorable pricing environments [4] Cryptocurrency and Stablecoin Trends - The stablecoin sector continued to gain traction, with Guotai Junan International (01788) rising 10.62% as the Hong Kong Monetary Authority prepares to accept license applications for stablecoin operations [6] - The market for stablecoins is expected to expand beyond cryptocurrency trading into broader payment applications, enhancing market scale and trading activity [6] Gold Stocks Performance - Gold stocks experienced weakness, with notable declines in companies like Tongguan Gold (00340) and China Gold International (02099) [7] - Strong U.S. non-farm payroll data has diminished expectations for interest rate cuts, impacting gold prices negatively [7] Notable Stock Movements - XPeng Motors (09868) faced pressure, closing down 6.56% despite the launch of its new G7 model [8] - Data center stocks rose, with Global Data (09698) up 6.09%, driven by increasing demand for AI computing power [8] - Jitu Express (01519) saw a significant rise of 5.49%, supported by positive growth forecasts related to its operations with TikTok Shop [9]

计算机行业 2025 年 7 月 4 日 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：iFinD，东莞证券研究所 超配（维持） 计算机行业双周报（2025/6/20-2025/7/3） 行 业 国内科技巨头争相抢滩 AI 医疗，有望加快 AI 垂类应用场景落地 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 计 算 机 行 业 指 数 涨 跌 幅 及 估 值 ： 申 万 计 算 机 板 块 近 2 周 （2025/6/20-2025/7/3）累计上涨4.48%，跑赢沪深300指数1.23个百分 点，在31个申万一级行业中排名第15名；申万 ...

交银国际研究 消息快报 汽车 2025 年 7 月 4 日 小鹏汽车 (9868 HK) G7 新车型起售价 19.58 万元性价比凸显，智能化有望助其突围 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com 陈庆 angus.chan@bocomgroup.com (86) 21 6065 3601 李柳晓, PhD, CFA joyce.li@bocomgroup.com (86) 21 6065 3601 事件：7 月 3 日，小鹏 G7 正式上市。新车共推出 3 款车型，小鹏 G7 Ultra 售 价 22.58 万元（人民币，下同），702km 续航 Max 版本售价 20.58 万元， 602km 续航 Max 版本售价 19.58 万元，其中 702km 版本将优先交付。上市起 售价较预售价 23.58 万元降低 4 万元，降价幅度超我们预期。 对比同价位车型，小鹏 G7 聚焦家用、舒适与智能科技，性价比凸显，在中高 端纯电 SUV 市场中展现出差异化竞争力 ...

Group 1: Company Overview - Moores Threads has submitted its IPO prospectus to the Sci-Tech Innovation Board, aiming to issue no less than 44.45 million shares, which will account for at least 10% of the total shares post-issue [1] - The company operates under a Fabless model, focusing on the research, design, and sales of full-function GPU chips, while outsourcing manufacturing and testing processes [1] Group 2: Financial Performance - In 2024, the company's revenue exceeded 400 million yuan, with a compound annual growth rate (CAGR) of over 200% in the last three years [2] - Despite rapid revenue growth, the company has not yet achieved profitability, with net losses reported at 1.84 billion yuan in 2022, 1.67 billion yuan in 2023, and 1.49 billion yuan in the most recent period [8] Group 3: Technological Advancements - The company has developed the MUSA architecture, which supports AI computing acceleration, graphics rendering, physical simulation, and ultra-high-definition video processing on a single chip [2][3] - Moores Threads' products are designed to be highly compatible with existing global GPU application ecosystems, significantly reducing migration costs and ensuring stable technology application [3] Group 4: Market Position and Competition - The global integrated circuit industry is dominated by a few foreign companies, with Nvidia and AMD holding significant market shares [2] - The Chinese GPU market has grown rapidly, from 38.48 billion yuan in 2020 to an expected 163.82 billion yuan in 2024, driven by increasing demand for AI applications [7] Group 5: Future Prospects and Challenges - The funds raised from the IPO will be allocated to the development of new AI training and inference chips, graphics chips, and AISoC chips, as well as to supplement working capital [6] - The company faces challenges due to being placed on the U.S. Entity List, which restricts its ability to procure U.S. materials and technologies, potentially impacting its operations [8]

市场全天震荡反弹，沪指再创年内新高 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3461.15 | 0.18% | 6.36 | | | 深证成指 | 10534.58 | 1.17% | 121.96 | | | 沪深 300 | 3968.07 | 0.62% | 24.38 | | | 创业板 | 2164.09 | 1.90% | 40.37 | | | 科创 50 | 984.95 | 0.24% | 2.31 | | | 北证 50 | 1442.17 | 0.21% | 3.02 | | 证券研究报告 2025 年 7 月 4 日 星期五 【A 股市场大势研判】 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 1 财富通每日策略 值得关注的是，数据显示，6 月 30 日，合计有 43 家 IPO 被沪深北三大交易所受理； 而在 6 月 26 日和 6 月 27 日，均有 18 ...

Core Viewpoint - The State Grid Beijing Electric Power Company is advancing 67 key summer reinforcement projects for the power grid, which will be operational by early July 2025, to meet the rapidly growing electricity demand in Beijing [4]. Group 1: Project Overview - The 67 projects include 19 main network projects and 48 distribution network projects, aimed at ensuring stable operation of the Beijing power grid and enhancing summer comfort for residents [3][4]. - The summer reinforcement projects are expected to add 150 kilometers of transmission lines at 35 kV and above, and increase transformer capacity by 1.73 million kVA [4]. Group 2: Regional Impact - The projects will effectively meet the electricity demand growth in areas such as Tongzhou, Chaoyang, Haidian, and the Beijing Economic-Technological Development Area, while also improving power supply capabilities in Changping, Miyun, and Shunyi [4]. - These initiatives are designed to support high-quality economic and social development in Beijing [4]. Group 3: Strategic Goals - The company is focusing on "strengthening capacity, addressing shortcomings, and ensuring safety" to optimize the power grid development plan and accelerate the construction and upgrading of both main and distribution networks [5]. - The year 2025 marks a critical phase in the implementation of Beijing's 14th Five-Year Plan for the power grid, with key projects like the Global and Jiangzhuang Lake 220 kV substations enhancing regional interconnectivity and reliability [5]. Group 4: Infrastructure Development - The projects incorporate smart technology to significantly enhance the resilience and reliability of the power grid, supporting various sectors including tourism, high-end industries, and artificial intelligence [5][6]. - Key projects also include the construction of 110 kV substations and the expansion of existing substations to improve power supply quality and address regional electricity pressure [6].