Core Viewpoint - The Chinese air traffic management system is undergoing significant advancements through domestic innovation and digital transformation, aiming to reduce reliance on foreign technology and enhance international competitiveness. The market size is projected to reach 6 billion yuan in 2024, reflecting a year-on-year increase of 15.38% [1][14]. Industry Overview - The air traffic management system (ATMS) is essential for overseeing and managing civil aviation operations, ensuring safety and efficiency in aircraft operations. It consists of three main components: air traffic services, air traffic flow management, and airspace management [3][10]. - The industry has evolved from relying on international products to achieving significant domestic technological breakthroughs, including the development of new-generation flight data processing systems and airport surveillance radars [1][14]. Industry Development History - The ATMS in China has developed from its inception in the early 1950s to a more sophisticated system today, marked by key reforms and technological advancements since the 2000s. The establishment of the Civil Aviation Administration of China in 1994 was a significant milestone [5][12]. Policy Support - Recent policies, such as the "14th Five-Year Plan for Civil Aviation Development" and the "Smart Civil Aviation Construction Roadmap," emphasize the modernization of the air traffic management system and the integration of advanced technologies [7][9]. Market Dynamics - The demand for air traffic management systems is increasing due to the rising passenger and cargo throughput in China's civil aviation sector, which is expected to continue growing post-pandemic [12][14]. - The market is characterized by both domestic and international players, with key domestic companies including Sichuan Chuan Da Zhisheng, Sichuan Electronic Technology, and Nanjing Lais Information Technology leading the way in technological capabilities [16][20]. Future Trends - The industry is moving towards greater intelligence and networking, leveraging technologies such as AI and big data to enhance operational efficiency and safety. This shift aims to create a more integrated and responsive air traffic management system [22][23]. - The integration of military and civilian air traffic management systems is becoming increasingly important, with a focus on collaboration and standardization to improve overall system coordination [24].

中期展望：掘金阿尔法，聚焦 AI 与国产化 。 1 ）从业绩来看 ： 计算机行业有望结束 2020 年以来的持续下行， 进入到反转通道，下半年将伴随着需求端和费用端剪刀差的进一步显现，业绩增长具有加速潜力。 2 ）从持仓水 平来看： 目前仍处于低配状态且显著低于历史中枢，但已连续两个季度提升，未来进一步提升的空间较大。 3 ） 从月历效应来看： 计算机 5 、 6 月份较 4 月份更友好，而 2 月份超额收益最为显著。 4 ）从投资方向来看： 本 轮板块已上行的最大幅度为 98% 、时间跨度为 8 个月，参考历史上的四轮上行趋势，预计本轮上行仍有进一步 延展空间，但挖掘板块中的阿尔法投资机会将逐渐变得更为重要，建议重点关注人工智能与国产化的投资新机 会。 人工智能：星辰大海，扬帆算法平权新时代 。 1 ）在模型端： 国内外大模型厂商竞赛加剧， DeepSeek 指明了性 能提升的第二路径，带动了国产厂商加速崛起，未来多模态能力持续提升可期，建议关注 科大讯飞。 2 ）在算力 端： 持续高景气，英伟达引领芯片性能不断迭代升级，全球科技巨头加大资本开支，推理算力需求激增，建议关 注 海光信息、紫光股份、中科曙光、 ...

三是国际贸易形势变化加速国产化进程，本土半导体设备厂商崛起。芯片法案等事件凸显半导体设备的 重要战略地位，外部封锁之下客户对国产设备的采购意愿强烈，积极配合设备验证导入，显著提振了半 导体设备产业链国产化进程。展望未来，随着先进制程工艺日趋成熟且持续扩产，国产厂商设备有望继 续把握窗口导入期，不断提升整体国产化率，以北方华创（002371）为代表的国内半导体设备厂商将持 续受益。 四是中国大陆晶圆代工与封装技术双轮并进，大国重器当自强。晶圆代工方面，中芯国际、华虹等国产 晶圆代工厂以成熟制程为基，向先进制程突围，全球排名显著提升。封测方面，封测产业是中国大陆集 成电路最具国际竞争力的环节之一。由于先进封装突破了摩尔定律的限制，未来国产半导体产业有望通 过先进封装技术实现"弯道超车"。 从中长期看，耿琛表示，政策支持与技术创新协同，国产AI算力生态链加速成熟。国产算力公司正持 续加码AI研发投入，逐步建立本土化的AI算力生态，解决算力瓶颈问题。2025年政府工作报告进一步 提出要持续推进"人工智能+"行动，将数字技术与制造优势、市场优势更好结合起来，体现出我国对人 工智能产业发展的高度重视。政策红利叠加技术突破 ...

Investment Rating - The report maintains an "Outperform" rating for the computer industry relative to the Shanghai and Shenzhen 300 Index [1][4]. Core Insights - The report highlights significant developments in the domestic AI chip sector, particularly the upcoming launch of the Harmony PC and the acceleration of AI applications, which are expected to drive growth in cloud computing and related services [3][4][60]. - The report notes a clear trend of increasing investment in AI and cloud computing, with major companies like Meta raising their investment forecasts for generative AI [4][18]. - The report emphasizes the ongoing challenges posed by international export controls on AI chips, particularly affecting Chinese companies, while also noting the potential for domestic manufacturers to benefit from these restrictions [3][4][38]. Summary by Sections Industry Data - In Q1 2025, the software industry saw a revenue increase of 10.6% year-on-year, reaching 3.15 trillion yuan, with profits rising by 11.6% to 372.6 billion yuan [12][13]. - The IC design sector experienced a growth rate of 19.7%, making it the highest-performing sub-industry in the software sector [17]. Domestic Developments - The report discusses the impact of U.S. export controls on AI chips, which have led to increased uncertainty for domestic server ecosystems [26][30]. - The launch of the Harmony PC on May 19 is highlighted as a significant step towards the localization of operating systems in China [56][58]. AI Sector - The demand for AI applications surged in Q1 2025, with the daily token usage of the Doubao large model reaching 12.7 trillion, a 318% increase from December 2024 [63]. - The upcoming release of the DeepSeek-R2 model, which boasts 1.2 trillion parameters, is expected to be a focal point in the AI market [72]. Computing Power - The report notes a clear differentiation in performance among data center providers, with traditional IDC competition intensifying while AIDC is rapidly growing [4][18]. - Major tech companies are projected to continue their aggressive investment strategies in AI and cloud computing, with Meta increasing its investment range for 2025 to between 64 billion and 72 billion USD [4][18].

Group 1 - The core viewpoint is that the A-share market is experiencing a valuation recovery supported by multiple favorable factors, leading to improved market sentiment and risk appetite [1][2] - Public fund performance has improved significantly, with average returns for ordinary stock funds and mixed equity funds at 3.87% and 4.14% year-to-date as of May 13, respectively, and over 7% for the past year [1] - Key sectors leading the market include aviation, military, and telecommunications, with several funds achieving returns exceeding 10% [1] Group 2 - Fund managers attribute the market's upward momentum to steady economic recovery, improved liquidity expectations, and supportive policies [2][3] - The recent monetary policy adjustments, including reserve requirement ratio and interest rate cuts, have stimulated financing demand, positively impacting the market [3] - Investment opportunities are seen in sectors with relatively low valuations, such as banking, non-bank financials, construction, and home appliances, as well as themes like domestic production, supply clearing, technological advancement, and consumption stimulation [3][4] Group 3 - Recent financial policies are expected to stabilize the market and improve expectations, with a focus on sectors like AI, Hong Kong internet, new consumption, and domestic demand-driven industries [4]

Summary of Conference Call Records Industry Overview - The high-end equipment manufacturing sector is experiencing strong performance, with companies like Chuncheng Power, Jiechang Drive, Longxin General, and Zongshen Power exceeding expectations due to a surge in exports since November 2023 and easing US-China tariff negotiations. Continued strong performance is anticipated in Q2 2025 [1][2][6]. Key Points and Arguments High-End Equipment Manufacturing - The implementation of new national standards is expected to drive the development of the composite fluid industry chain, benefiting leading battery manufacturers with stable supply capabilities. Material suppliers are set to initiate a new round of capital expenditure by the end of Q2 2025, with Dongwei Technology positioned to benefit [1][4]. - The machine tool sector has seen a significant year-on-year revenue increase since Q1 2025, driven by robust capital expenditure in the automotive parts sector, despite challenges from international trade barriers. Leading companies are maintaining a global presence, with demand for AI-related AIDC server processing and robotics boosting order volumes [1][5]. Performance Metrics - In Q1 2025, companies like Chuncheng Power reported nearly 50% year-on-year growth, Jiechang Drive's linear drive systems for lifting desks grew by 60%, and Longxin General's large-displacement motorcycles doubled in performance, while Zongshen Power saw an 88% increase. This growth is attributed to the export surge and tariff negotiations [2]. - The injection molding machine industry, led by Haitian, showed expected financial performance with revenue and profit growth between 20% and 30% [2][30]. Robotics and AI Integration - The industrial robotics market outlook for 2025 is optimistic, with automotive and 3C electronics remaining key growth areas. Despite a price war in 2024 affecting some companies' financial health, Q1 2025 showed signs of recovery, particularly with potential collaborations with major AI firms like Huawei [1][9]. Domestic Market Opportunities - Domestic CNC system and related hardware companies, such as Huazhong CNC and Haoda, are expected to achieve double-digit growth in 2024 and 2025 due to expanding domestic markets [1][7]. - The machine tool industry is seeing demand growth opportunities, particularly in AI-exposed companies, with management improvements also being a focus area [1][8]. Military and Aerospace Sector - The military sector has faced a decline in overall performance in 2024 and Q1 2025, with a 4% drop in revenue and a 40% decrease in profit year-on-year. However, segments like high-end equipment manufacturing and military electronics are showing positive revenue growth [2][32]. - Investment opportunities in the military sector include the missile supply chain and components benefiting from increased downstream demand, as well as military trade opportunities in the context of geopolitical tensions [2][33]. Additional Insights - The injection molding machine sector is expected to benefit from global manufacturing shifts, with a stable gross margin forecasted between 30% and 35% for 2025, despite a low direct exposure to the US market [1][30]. - The shipbuilding sector is experiencing steady growth, with a 12% revenue increase in 2024 and improved profit margins due to high-value ship deliveries [2][14]. - The textile machinery sector is facing mixed performance, with domestic demand slowing but overseas markets compensating for growth [2][12]. This summary encapsulates the key insights and performance metrics from the conference call records, highlighting the current state and future outlook of various sectors within the high-end equipment manufacturing industry.

5月15日，第十三届中国指挥控制大会暨第十届中国（北京）军事智能技术装备博览会在北京国家会议 中心开幕。 开幕当天一早，这场科技与军事交汇的展会就吸引了大批的观众参观、咨询。南都记者在逛展中注意 到，本次博览会有上千家企业参展，他们拿出各家的明星产品，希望一举斩获订单。同时，无人化、智 能化、国产化、低空经济成为了参展产品的亮点。 面对不确定的国际形势，企业更需加快自主研发 近年来，无人机在军事领域的应用愈加深入，扮演着越来越重要的角色，此次博览会上就有多款无人机 亮相。 在北京卓翼智能科技有限公司（以下简称"卓翼智能"），一款系留无人机吸引了多位观众咨询。这款型 号为TS-A8系留无人机，以军工技术为基础，采用航空级材质，最大载荷能力为10kg，其大载重能力和 双天线定向技术提供了卓越的飞行稳定性和抗电磁干扰性能，广泛应用于电子对抗、通信中继、视频监 控、信号侦察等多种场景。 和普通民用无人机不同，这款系留无人机不用担心电池续航的问题，其通过光电复合线缆供电进行运 作，当然，受限于线缆长度，其最高飞行高度为200米，但这足以完成信号侦察等军事场景的需求。 "我们不单单做装备，也不单单做系统，而是从仿真验证到 ...

Group 1: Product Development and Innovation - Significant breakthroughs in medium PLC U200 with physical point capacity and dual rack structure [2] - Successful development and market application of intelligent needle valves for gas fields [2] - Completion of next-generation intelligent load products with enhanced adaptability and communication capabilities [2] - Launch of intelligent analysis module on EIIP platform, receiving positive user feedback [2] Group 2: 2025 Business Strategy - Focus on expanding market scale by leveraging "Industry 4.0" and "domestic substitution" opportunities [3] - Increased R&D investment to build a core technology system and explore AI applications in the oil and gas sector [3] - Improvement of management efficiency through enhanced performance management and cost control [3] Group 3: Financial Performance and Challenges - 2024 net profit was negative due to economic changes, intense market competition, and unmet project expectations [3] - Business scale limited by ongoing investments in market expansion and product development [3] - 2024 saw a decrease in business but an increase in gross profit due to focus on high-margin projects [6] Group 4: Future Plans and Market Positioning - Commitment to long-term operations by focusing on core business and enhancing the industrial chain [3] - Plans to enhance digital oil service industry chain and develop high-performance drilling tools [5] - Development of a fully domestic M200 PLC control system set for market launch in 2025 [6] Group 5: Competitive Advantages - PLC products designed for high stability and versatility, suitable for harsh environments [6] - Continuous improvement of safety products with new features and enhanced system integration [6]

据介绍，联想凌拓的业务战略重点体现在三个方面。首先，公司始终专注于数据存储管理基础设施这一核心定位，自去年九、十月起加快产品迭代节奏，全 线产品性能翻番，性价比显著提升。其次，为满足中国市场对 "国产化" 和 "安全可控" 的迫切需求，联想凌拓在产品命名、研发体系、本地生态对接以及供 应链管理上投入大量资源，构建了可控的本地供应链和强大的本地化服务体系。最后，AI 领域的应用成为重中之重，联想凌拓已部署端到端的完整方案， 覆盖数据管理在 AI 全流程中的各个环节，并提供多套定制化方案以适应不同行业和场景的需求。 杨旭总结道："联想凌拓今年的战略可归纳为'快速迭代更新产品、深化国产化与可控供应链布局、实现 AI 场景端到端覆盖'。" 随后，杨旭详细介绍了 "联想问天" 品牌的推出背景和战略意义。他表示，在国产化、自主可控成为市场核心诉求的当下，联想凌拓需要一个更聚焦于本地 自主研发与供应链安全的品牌。"联想问天" 系列将与联想凌拓其他子品牌协同发力，形成互补、同向发展的格局。 联想ThinkSystem 继续代表全球领先的存储系列，而 "联想问天" 则专注于国产化、自主可控，从研发到零部件采购、供应链管理再到本 ...

Core Viewpoint - Company reported Q1 2025 revenue of $2.25 billion, a 1.8% increase quarter-over-quarter, but below the previous guidance of 6%-8% [1] Group 1: Financial Performance - Q1 2025 showed an increase in wafer shipments by 15% quarter-over-quarter, with capacity utilization rising by 4.1 percentage points to 89.6%, but average selling price (ASP) decreased by 9% [1] - Gross margin remained stable at 22.5% [1] - Company guidance for Q2 2025 indicates a revenue decline of 4%-6% and a gross margin forecast of 18%-20%, both lower than Bloomberg consensus estimates [1][2] Group 2: Market Demand and Production Capacity - Strong domestic demand is expected to benefit the company, particularly in the simulation and other sectors [1][2] - The main 8-inch and 12-inch factories are operating near full capacity, with stable shipment expectations for Q2 [2] - The company anticipates that the ASP decline is due to a one-time issue related to joint venture factory operations and equipment validation, which is expected to be resolved gradually in the second half of the year [1][2] Group 3: Industry Impact and Valuation - The impact of tariffs on overall industrial revenue is considered minimal, at less than 1% [3] - Demand visibility extends to the end of Q3, with expectations for continued full capacity, while Q4 demand remains uncertain [3] - The company maintains target prices of HKD 63 for Hong Kong shares and RMB 119 for A-shares, reflecting a premium of 103% for A/H shares [3]