Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of self-reliance in technology due to escalating global trade tensions, highlighting the urgency for core technology products to be self-sufficient [5][12] - National fiscal support is expected to accelerate the implementation of key projects and policies, particularly in the realm of domestic innovation and technology [6][13] - Domestic software and hardware are transitioning from being merely "usable" to "user-friendly," with an anticipated acceleration in replacement cycles [7][14] Summary by Sections Market Review - During the week of March 31 to April 3, 2025, the CSI 300 index fell by 1.37%, while the computer index decreased by 1.87% [4][16] Investment Opportunities - The report suggests that with changes in the global trade environment, domestic software and hardware are on the rise, and the pace of replacement is expected to accelerate. Recommended companies include: - For domestic computing power: Haiguang Information, Zhongke Shuguang, and Shenzhou Digital - For the innovation and creation sector: Kingsoft Office, Dameng Database, Taiji Co., and others [8][15] Industry Dynamics - The report notes significant developments in the industry, including the upcoming release of Alibaba's new model Qwen3 and OpenAI's completion of a $40 billion financing round, which values the company at $300 billion [22][28]

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The AI chip and CPU sectors are moving towards self-sufficiency, with significant growth potential in domestic chip production as companies like Alibaba, Tencent, and Huawei increase their investments in chip development [3][10]. - The domestic software industry is expected to accelerate, with the foundational software market projected to grow from approximately 153.8 billion RMB in 2023 to 432.76 billion RMB by 2025, reflecting a compound annual growth rate (CAGR) of about 48% [48]. - The autonomous driving chip market is also seeing a shift towards domestic production, with a notable increase in the output of domestic chips as the new energy vehicle industry expands [3][10]. Summary by Sections 01: AI Hardware: AI Chips + CPUs - The U.S. has added several Chinese AI companies to its entity list, increasing the difficulty of importing related components, which emphasizes the need for self-sufficiency in the AI industry [5]. - In 2024, China's AI chip shipments are estimated at 2.7 million units, with domestic brands accounting for only 30% of the market, indicating a significant reliance on imports [15]. - The market for AI chips in China is projected to grow rapidly, with a CAGR of 66.4% from 2020 to 2024, reaching a market size of approximately 1.412 trillion RMB in 2024 [15]. 02: Accelerated Development of the Trustworthy Computing Industry - The trustworthy computing industry is expected to grow significantly, with a market size projected to reach 3.38 trillion RMB by 2025, driven by increased domestic demand and government support [48]. - The foundational software market is anticipated to see rapid growth, with key segments such as operating systems and databases showing substantial potential for domestic replacement [48][51]. 03: Domestic Autonomous Driving Chips - In 2024, the output of domestic autonomous driving chips is expected to increase, with domestic manufacturers gradually catching up in terms of technology and production capacity [3][10]. - The market for intelligent cockpit chips is also expanding, with domestic chips currently accounting for only 10% of the market, indicating significant room for growth [3][10]. 04: Investment Recommendations - The report suggests actively monitoring the trustworthy computing industry chain due to the ongoing U.S. trade policies and technology restrictions, which are likely to drive domestic production and innovation [3].

中国大陆规模最大的探针台设备制造企业。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 自投资之后，丰年资本根据企业的发展需求，在多个关键时刻给予企业管理上的深度赋能和全面指 导。多年来持续派出赋能小组直接进厂，通过丰年经营管理体系（HMS)所提供的一整套改善工具的 实践和应用，帮助企业在最短的时间内快速提高产能，提升产品质量，建立了更加精益化的生产流程 和管理体系，在销售、研发、供应链、生产运营等全价值链上实现了管理提升。 丰年资本表示，接下来将继续助推一批像矽电股份一样的科技领域细分赛道的头部企业，推动我国科 技创新，帮助科技产业链实现更多的"自主可控"，助推企业更好的发展。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 据IPO早知道消息，矽电半导体设备(深圳)股份有限公司（以下简称"矽电股份"）于2025年3月24日 正式以"301629"为股票代码在深交所创业板挂牌上市。 截至首日收盘，矽电股份报于每股157.93元，较发行价上涨202.08%，市值65.90亿元人民币。 成立于2 003 年的 矽电股份专注于半 ...

Group 1 - The first key point is the identification of two critical time points in the market: the first in early April related to external risks and the second around mid-year when the economic and policy cycles of China and the US may align again [1] - The second key point highlights that the technology sector, due to its weak macroeconomic correlation and strong industrial catalysts, is expected to perform well in April and May [1] - The third key point discusses the potential for a fourth round of economic stimulus in China due to weakening US economic conditions and increased tariff pressures, which could lead to a significant market style shift [1] Group 2 - The fundamental performance of major Chinese companies listed in the MSCI index indicates that technology firms are exceeding profit expectations, which may support the Hong Kong stock market [2] - The report suggests that private sector-led AI investments are likely to accelerate, bolstering domestic macro demand [2] - Recent economic data shows positive signals in domestic fundamentals, with signs of stabilization in consumption [2] Group 3 - The changing liquidity environment is expected to lead to a rebalancing of market styles, focusing on sectors with stable or improving performance and free cash flow [3] - The report emphasizes the importance of supply chain security amid escalating trade conflicts, indicating a shift from tariff-based issues to supply chain concerns [3] Group 4 - The report notes that foreign capital still dominates the stock structure in Hong Kong, but the marginal pricing power of southbound funds is increasing, particularly in consumer and dividend sectors [4] - It highlights that technology and financial sectors still hold significant pricing power among foreign investors [4] Group 5 - The report discusses the impact of recent market volatility on risk appetite, with a focus on the importance of performance verification as earnings reports approach [5][6] - It indicates that the market is entering a phase where performance becomes more critical, leading to a potential reduction in risk appetite [6] Group 6 - The upcoming earnings season is expected to bring balance among technology, consumer, and red-chip stocks, with a focus on capital expenditure acceleration as a key driver [7] - The report highlights concerns over the slowdown in US tech capital expenditure while expressing confidence in domestic tech giants [7] Group 7 - The market is experiencing a divergence in trends, with short-term capital rotation increasing, but the underlying fundamentals are expected to drive deeper market differentiation [8] - The report emphasizes the importance of sectors supported by policy benefits and those with high valuation attractiveness [8] Group 8 - The report suggests focusing on sectors benefiting from consumption support policies and those related to price increases in resource products [12] - It maintains a positive outlook on technology trends, particularly in AI applications and domestic substitution [12]