消息面上，国家数据局局长刘烈宏4月29日在第八届数字中国建设峰会开幕式上表示，持续推进算力基 础设施建设。系统推进全国一体化算力网建设，创新算力、电力协同机制，推动算力设施一体化。 数据显示，截至2025年3月31日，中证云计算与大数据主题指数(930851)前十大权重股分别为科大讯飞 (002230)、金山办公(688111)、紫光股份(000938)、浪潮信息(000977)、中科曙光(603019)、新易盛 (300502)、中际旭创(300308)、恒生电子(600570)、润和软件(300339)、润泽科技(300442)，前十大权重 股合计占比47.55%。 大数据ETF(159739)，场外联接联接A：021090；联接C：021091；联接I：022882。 截至2025年4月30日 09:46，大数据ETF(159739)上涨2.58%，跟踪指数成分股万兴科技(300624)上涨 8.38%，石基信息(002153)上涨6.08%，拓维信息(002261)上涨5.66%，拓尔思(300229)、润和软件 (300339)等个股跟涨。 东吴证券此前指出，中国已经逐步实现算力降本、模型平权，数据 ...

Group 1: US Market Signals - The Dow Jones has experienced six consecutive days of gains, but underlying issues such as Microchip's poor performance indicate a valuation crisis in tech stocks, with server inventory turnover days rising to 92 days and a significant 18% reduction in orders due to delayed customer pickups [2] - Consumer confidence index has fallen below pandemic lows, with median disposable income decreasing by 4.2%, raising concerns that this data is more alarming than the Federal Reserve's interest rate hikes [2] Group 2: A-Share Market Dynamics - Kweichow Moutai reported contrasting results, with the price of its flagship product falling below 2500 yuan, while its series of wines achieved over 10 billion yuan in quarterly revenue, indicating a trend of high-end consumption downgrade and the emergence of the light luxury market as a new opportunity [3] - Vanke's impressive repayment rate of over 100% is misleading, as it relies heavily on asset disposals, having sold over 20 billion yuan in commercial real estate in three months, a common survival strategy among real estate companies [3] Group 3: Energy Sector Developments - The Three Gorges Group's Yangjiang project has successfully connected to the grid, becoming the world's first offshore photovoltaic power station in a typhoon zone, exceeding expected output by 15% under 12-level wind conditions, creating a market space of 240 billion yuan [4] - Beneficiaries of this technological breakthrough are not the component manufacturers but rather the corrosion-resistant support structures and flexible cables, with orders for the latter extending to 2026 [4] Group 4: Investment Strategies - Position management suggests reducing total holdings to 50%, with 20% allocated to Changjiang Electric (4.3% dividend yield and dual drivers from flood control and power generation) and China Shenhua (lowest pithead coal cost in the industry) [5] - Identifying undervalued opportunities includes semiconductor equipment leader AMEC, which secured a major order of 12 etching machines from Yangtze Memory Technologies, and SMIC, which is trading at a 32% discount on Hong Kong stocks [5] - A hedging strategy includes a 3% allocation to a gold ETF (Shandong Gold trading at a 38% discount in Hong Kong compared to A-shares) and a 2% allocation to a dollar-denominated money market fund [5] Group 5: Key Observations for May - The MLF operation on May 15 could lead to a valuation recovery in the consumer sector if interest rates are cut by more than 10 basis points [6] - The LPR quote on May 20, particularly a reduction in the 5-year rate, is expected to stimulate the home appliance and building materials sectors [6] - The Federal Reserve's minutes on May 23 will be closely monitored for indications of a "slower balance sheet reduction," which may present buying opportunities in tech stocks [6]

上证指数日K线图 郭晨凯 制图 ◎记者 徐蔚 在昨日午后交易时段，零售板块的步步高与茂业商业走势格外引人注目，两只个股先后拉升涨停，强势 走出"地天板"行情。 步步高昨日早盘低开后一路下探，但午后风云突变，股价直线拉升，14时02分触及涨停，随后股价又震 荡走低，最终收涨2%。当日成交金额高达31.74亿元，换手率达31.18%。步步高近期走势强劲，4月以 来累计涨幅已超70%，此前便已连续多日涨停，在市场中人气颇高。 茂业商业同样不甘示弱，早盘表现平平，盘中一度下跌，然而在14时09分强势涨停，最终收盘实现4连 板，当日成交额6.02亿元，换手率7.56%。 盘面上，以机器人产业链为代表的成长赛道持续发力，其中PEEK材料概念股爆发领涨市场，减速器、 机器人执行器等细分方向均有所表现。 PEEK材料概念成为昨日市场焦点。中欣氟材开盘后迅速涨停，收获6天4板，新瀚新材强势斩获20%幅 度涨停，带动板块整体上扬。 随着人形机器人迎来量产元年，以PEEK材料为代表的核心化工新材料也受到资金的持续追捧。近期， 多家公司披露PEEK材料最新产业化进展。天赐材料日前在投资者关系活动中表示，公司在PEEK材料方 面已针对 ...

【深圳商报讯】（记者詹钰叶）今年以来，港股市场整体走势强劲。今年一季度，主动权益基金的持仓 规模与配置比例双双刷新阶段性高点。其中，超七成产品加码港股，上百只基金单季仓位提升超两成， 最高超40个百分点。 港股今年走出强于A股市场的反弹表现：香港恒生指数年内涨9.71%，恒生科技指数大涨12.35%，跑赢 上证指数、深证成指、创业板指、科创综指等多个A股主要指数。机构动向上看，今年一季度，权益型 基金积极南下"扫货"。 中金公司数据显示，可投资港股公募基金的总规模整体抬升：至今年一季度末，公募基金的港股持仓占 其股票投资市值比例已经升至36.9%，创近5年以来最高水平，明显高于去年底的30.5%。主动偏股型基 金今年一季度末的港股持仓为4084亿元人民币，较去年末增加26.5%，持仓占比也从去年末的25.9%升 至30.8%。 景顺长城中证港股通科技ETF基金经理张晓南表示，AH溢价指数仍处于历史高位，表明港股相对A股依 然处于有利水平，结合港股估值仍处于历史较低位置，长期来看，随着盈利能力改善及估值中枢的抬 升，港股市场的配置价值有望得到进一步提振。 据中金公司数据，新经济是整体内地公募基金配置港股的主要偏 ...

一大批A股公司业绩暴增！ 上市公司一季报正在密集披露中。截至4月29日20：50，两市又有近1000家上市公司披露一季报。其中，不少 公司业绩大幅增长。 有研新材 一季报显示，公司一季度营收为18.4亿元，同比下降18.67%；净利润为6738万元，同比增长 14698%。公司净利润增长主要是报告期子公司有研亿金和控股子公司有研稀土净利润增加。其中，有研亿金 净利润同比增加67%；有研稀土净利润同比减亏64%。 北方稀土 的业绩也实现大幅增长。公告显示，一季度实现营业收入92.87亿元，同比增长61.19%；净利润4.31 亿元，同比增长727.3%。报告期内，公司以镨钕产品为代表的主要稀土产品一季度均价同比升高，原料成本 同比降低，毛利同比增加。 新黄浦公告， 一季度营业收入为2.32亿元，同比增长47.75%；净利润为7759万元，同比增长2123%。公司净利 润增长主要为报告期内投资收益增加所致。 4月29日晚间，又有不少公司披露了不错的业绩。一季度净利润方面，有研新材同比暴增14698%，新黄浦同比 增长2123%，中船防务同比增长1099.85%，北方稀土同比增长727.3%，国泰海通同比增长391 ...

证券代码：301200 证券简称：大族数控 深圳市大族数控科技股份有限公司 投资者关系活动记录表 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | 投资者关系活动类 | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | 别 | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人 | 线上参与公司2024年度业绩说明会的投资者 | | 员姓名 | | | 时间 | 2025年04月29日 15：00-17：00 | | 地点 | 价值在线（https：//www.ir-online.cn/）网络互动 | | 上市公司接待人员 | 董事长兼总经理：杨朝辉先生 | | | 副总经理、财务总监兼董事会秘书：周小东先生 | | | 副总经理：宋江涛先生 | | 姓名 | 独立董事：辛国胜先生 | | | 保荐代表人：吴斌先生 1.大族数控的发展离不开参与IPO发行广大投资者，这些散户投资者， | | | 大部分还在亏损。请问公司发行港股如何才能保证这些投资者的利益，公司 | | | 的股本扩张，怎么能做到这些投资者的权益不被稀释。有发行承诺吗 ...

Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 888 million yuan, a year-on-year growth of 27.65%, and a net profit of 50 million yuan, up 59.06% [1] - The company aims to achieve 100% localization of power components, which is expected to provide new growth opportunities [1][2] - The company has established itself as a major domestic data center power supply manufacturer, with a strong product lineup and global capacity expansion [2] Financial Performance - For Q1 2025, the company achieved a gross margin of 19.11%, a decrease of 0.77 percentage points year-on-year, while the net profit margin increased by 1.13 percentage points to 5.57% [1] - The company’s operating expenses ratio was 13.69%, an increase of 1.24 percentage points year-on-year, with specific expense ratios for sales, management, finance, and R&D being 2.62%, 4.28%, -0.01%, and 6.81% respectively [1] Product and Market Position - The company has launched several core products, including high-power server power supplies, which have received high recognition from leading server manufacturers and end customers [2] - The company has established production bases in both domestic and international locations, including Shenzhen, Dongguan, and Vietnam, to meet diverse market demands [2] Future Outlook - The company forecasts net profits of 331 million yuan, 458 million yuan, and 549 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 33, 24, and 20 times [3] - The growth of the AI industry is expected to enhance the market conditions for power products, supporting the company's data center power business expansion [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][22]. Core Views - The company achieved a revenue of 5.611 billion yuan in Q1 2025, representing a year-on-year increase of 26.86% and a quarter-on-quarter decrease of 0.57%. The net profit attributable to the parent company was 564 million yuan, up 43.76% year-on-year and up 53.82% quarter-on-quarter [1]. - The report highlights the dual growth drivers of high-speed CCL (Copper Clad Laminate) and high-end PCB (Printed Circuit Board) businesses, which are expected to resonate with cyclical growth opportunities [1][7]. - The company is positioned to benefit from the AI industry's growth, with its high-speed CCL products already certified by domestic and international clients, indicating strong future growth potential [7]. Financial Summary - The total revenue forecast for 2024 is 20.388 billion yuan, with a projected growth rate of 22.9%. By 2025, revenue is expected to reach 26.017 billion yuan, reflecting a growth rate of 27.6% [3][8]. - The net profit attributable to the parent company is projected to grow from 1.739 billion yuan in 2024 to 2.882 billion yuan in 2025, with a year-on-year growth rate of 65.8% [3][8]. - The earnings per share (EPS) is expected to increase from 0.72 yuan in 2024 to 1.19 yuan in 2025, indicating strong profitability growth [3][8]. Business Performance Insights - The company's CCL business showed resilience in Q1 2025, with a slight decline in revenue but an increase in gross profit margin, reaching 23%, up 1.5 percentage points from the previous quarter [7]. - The PCB business, primarily operated by the subsidiary, is expected to see significant growth driven by demand from AI servers and high-end products, with inventory levels indicating preparation for increased production [7]. - The report anticipates that the combination of high-speed CCL and high-end PCB will replicate the growth opportunities seen during the 5G cycle, leading to a potential revaluation of the company's worth [7].

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [22]. Core Insights - The company's Q1 2025 revenue reached 1.579 billion yuan, representing a year-over-year increase of 78.55% and a quarter-over-quarter increase of 4.79%. The net profit attributable to shareholders was 200 million yuan, showing a year-over-year increase of 656.87% and a quarter-over-quarter increase of 37.63% [1]. - The report highlights strong growth driven by AI server demand, with expectations for new capacity and customers to continue contributing to revenue growth in the second half of the year [1][7]. - The company is experiencing significant improvements in product structure and profitability, with a gross margin of 29.84% and a net margin of 12.67% in Q1 2025, reflecting a substantial increase from previous periods [7]. Financial Performance Summary - Total revenue projections for the company are as follows: 2024A at 4.687 billion yuan, 2025E at 7.549 billion yuan, 2026E at 10.024 billion yuan, and 2027E at 11.654 billion yuan, with respective year-over-year growth rates of 43.2%, 61.1%, 32.8%, and 16.3% [3]. - The net profit attributable to shareholders is projected to grow from 332 million yuan in 2024A to 1.988 billion yuan in 2027E, with year-over-year growth rates of 1,428.2%, 206.5%, 55.8%, and 25.4% [3]. - The report indicates a significant increase in R&D investment, reaching 91 million yuan in Q1 2025, up 87.08% year-over-year, aimed at supporting the development of next-generation AI servers and high-speed switches [7]. Market Position and Future Outlook - The company is positioned to benefit from the rapid growth of the AI industry, with expectations for continued demand for AI servers and high-speed switches, particularly as major clients like Amazon ramp up production of AI-related products [7]. - The report anticipates that the company's capacity expansion and successful project progress in high-speed switches will drive sustained revenue growth, with profit forecasts for 2025-2027 set at 1.017 billion yuan, 1.585 billion yuan, and 1.988 billion yuan respectively [7].

[Table_Reportdate] 2025年04月29日 [证券分析师： Table_Authors] 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [晨会纪要 Table_NewTitle] 20250429 重点推荐 财经要闻 ➢ 1.国新办召开新闻发布会，介绍稳就业稳经济推动高质量发展政策措施有关情况 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.蚂蚁财富要约收购耀才证券，万能险迎监管优化——非银金融行业周报（20250421- 20250427） ➢ 2.AI芯片厂商业绩表现亮眼，谷歌Q1资本开支持续高增——电子行业周报2025/4/21- 2025/4/27 ➢ 3.匠心家居（301061）：业绩超预期，自主品牌稳步建设——公司简评报告 ➢ 4.乖宝宠物（301 ...