Core Viewpoint - The company suggests to continue increasing positions in the computer industry, emphasizing the marginal changes in AI applications and the domestic innovation (信创) sector [2]. Group 1: Computer Industry Outlook - The current holdings in the computer industry are at a low level, with expectations for improvement in sector prosperity driven by demand and innovation [2]. - The release of semi-annual report forecasts, the continuous rise of overseas markets, and the release of policy dividends are expected to enhance market risk appetite [2]. - Key focus areas for investment include AI, financial technology, and domestic innovation [2]. Group 2: AI Applications - AI applications are anticipated to experience an upward trend in prosperity, with large models entering a new round of intensive iteration [2]. - Notable releases include xAI's flagship model Grok-4 on July 10 and 月之暗面's Kimi K2 model on July 11, both of which are expected to accelerate the penetration of AI applications [2]. - Future releases of models such as GPT-5, DS V4, and DS R2 are expected to further enhance the certainty of prosperity in AI applications [2]. Group 3: Domestic Innovation Sector - The domestic innovation sector has experienced a transition from expected improvement to a decline in expectations due to changes in bidding rhythms since Q3 2024 [2]. - Current market attention is low, but with government budgets being implemented, the certainty of order fulfillment is high [2]. - Considering the semi-annual report expectations of related companies, this period is seen as an excellent opportunity for bottom-fishing and increasing positions [2].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [3][10]. Core Viewpoints - The company is positioned as a rare player in the domestic CPU and NPU market, with a projected net profit of 0.92 to 1.04 billion yuan for 1H25, representing a year-on-year growth of 50% to 70% [1]. - The AI subsidiary has secured multiple orders and is compatible with various domestic GPUs, enhancing its market position [1]. - The investment in Yizhi Electronics aims to strengthen the AI industry chain, with the company expected to hold a 10% stake post-investment [2]. - The upcoming TF9000 series from Yizhi Electronics is anticipated to be a high-performance, cost-effective chip for AI computing, which aligns with the company's strategic goals [3]. Financial Projections - Revenue is expected to grow from 30 billion yuan in 2025 to 36 billion yuan in 2027, with net profits projected at 2.1 billion yuan in 2025 and 3.3 billion yuan in 2027 [3][5]. - The report forecasts a significant increase in earnings per share, from 0.39 yuan in 2024 to 1.32 yuan in 2027, reflecting strong growth potential [5][8]. - The price-to-earnings ratio is projected to decrease from 78 in 2024 to 23 in 2027, indicating improving valuation metrics over time [5][8].

[Table_Reportdate] 2025年07月10日 [晨会纪要 Table_NewTitle]20250710 [证券分析师： Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@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 重点推荐 财经要闻 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.CPI同比转正，PPI仍待"反内卷"发力——国内观察：2025年6月通胀数据 ➢ 2.行业供需弱平衡，关注AI与国产化机会—电子行业2025年中期投资策略 ➢ 1.国家发改委：今年经济体量有望达到140万亿元左右 ➢ 2.市场监管总局召开企业公平竞争座谈会 ➢ 3.国办印发《关于进一步加大稳就业政策支持力度的通知》 | 1. 重点推荐 | | 3 | | --- | --- | --- | | ...

Group 1: Investor Relations Activity Overview - The investor relations activity was a targeted research event held on July 7, 2025, at the company meeting room, attended by Dongguan Securities and Southwest Securities [3] - Company representatives included the Vice President, Chief Financial Officer, and Board Secretary Zhao Gangtao [3] Group 2: R&D Progress and Material Development - The company is collaborating with Guangdong Guangxin Innovation Research Institute and its controlling shareholder, Foshan Fusheng Technology Group, to establish Guangdong Liyuan New Materials Technology Co., focusing on high-value-added nuclear materials [4] - The current stage of development is in material research and development, aiming to enhance import substitution rates and increase domestic production ratios [4] Group 3: Product Positioning and Competitive Edge - The company's product positioning focuses on the R&D, production, and sales of high-performance customized polarizers and optical films [5] - Continuous attention to technological trends in the display industry and a commitment to innovation are key strategies for maintaining competitive differentiation [5] Group 4: Market Demand and Trends for High-Durability Products - The market demand for high-durability polarizer products is expected to grow as applications expand, particularly in outdoor smart meters and automotive displays [6] - The company is expanding its high-temperature and high-humidity resistant polarizer technology from dye-based to iodine-based products, indicating a broadening application scope [6] Group 5: Production Capacity and Future Business Growth - The third phase of the polarizer project is currently in the ramp-up stage, with some production lines still in installation and debugging [7] - The demand for high-durability polarizers is anticipated to increase with the rapid adoption of electric vehicles and the trend towards multi-screen and large-screen displays in automotive applications [7]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expected performance above the market index by more than 10% [1][35]. Core Viewpoints - The electronic industry is expected to continue its strong performance driven by the resonance of computing power and edge-side innovations, with a notable rebound in the consumer electronics supply chain linked to AI innovations [1]. - The demand for servers is projected to grow, particularly in enterprise-level storage, with a forecasted increase in eSSD contract prices by 5% to 10% in the third quarter [2]. - AI infrastructure development remains a high-growth investment theme, with significant advancements in AI server systems, such as the GB300 NVL72 from CoreWeave, which shows up to 10 times faster user response and 5 times higher throughput per watt compared to previous generations [3]. - The lifting of export restrictions on EDA software by the US BIS for major companies like Siemens, Synopsys, and Cadence does not alter the long-term trend towards domestic semiconductor industry self-sufficiency [4]. - The IPO applications of two domestic GPU companies signal a positive outlook for the development of the entire AI industry chain in China [5]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.40%, while the electronic sector increased by 0.74%, with components rising by 6.82% and semiconductors declining by 1.18% over the past week [10]. Key Companies and Recommendations - The report recommends several companies for investment, including Industrial Fulian, Huadian Technology, Jianghai Technology, and Xiaomi Group, among others, based on their potential in the current market environment [1][9]. Company Earnings Forecasts and Investment Ratings - Semiconductor companies like SMIC and Aojie Technology are rated as "Outperform," with projected earnings per share (EPS) for 2025 estimated at 0.52 and -0.98 respectively, indicating a strong outlook despite current challenges [9].

Investment Rating - The report does not explicitly state an investment rating for the precision slide rail industry Core Insights - The precision slide rail industry is experiencing new opportunities due to the rapid development of industrial automation and smart manufacturing [3] - The structure of precision slide rails includes key components such as outer rail, inner rail, and functional mechanisms, which are essential for various applications [6][7] - The industry is characterized by a competitive landscape with major players like Accuride, Hettich, and domestic companies such as Haidar and Xinghui [11][15] - The domestic manufacturers are rapidly closing the technology gap with international brands, with some products even outperforming foreign counterparts [17][18] - The government’s household appliance subsidy policy is expected to drive market demand for precision slide rails, particularly in the home appliance sector [22][23] Summary by Sections Structure and Applications - Precision slide rails consist of a slide rail body and functional mechanisms, with two-section and three-section types available [6] - They are widely used in various fields, including home appliances (e.g., refrigerators, ovens), servers, and commercial equipment [5][7] Market Participants - Key players in the precision slide rail market include Accuride (USA), Hettich (Germany), and several Chinese companies like Haidar and Xinghui, which are expanding their market presence [11][15] Product Segmentation - The market for home appliance slide rails is segmented into low-end, mid-range, and high-end products, each targeting different customer needs and competitive dynamics [12][15] Technology and Domestic Progress - The technology gap between domestic manufacturers and international leaders is narrowing, with significant advancements in product performance and innovation [17][18][19] Government Policy Impact - The implementation of the household appliance subsidy policy is anticipated to stimulate demand for precision slide rails, particularly in the context of product upgrades and consumer preferences shifting towards higher quality [22][23]

Group 1: Core Insights - The report highlights the trend of domestic GPU companies, specifically Muxi and Moer Thread, receiving approval for their IPO applications on the Sci-Tech Innovation Board, indicating a clear trend towards autonomous computing power in AI [3][4] - Muxi's product matrix includes the Xisi N series for intelligent computing inference, the Xiyun C series for training and general computing, and the Xicai G series for graphics rendering, with cumulative GPU sales exceeding 25,000 units as of Q1 2025 [7][8] - Moer Thread has launched a comprehensive product matrix covering AI intelligent computing, professional graphics acceleration, and desktop graphics acceleration, with cumulative revenue from AI intelligent computing products reaching 336 million [33][34] Group 2: Muxi Company Overview - Muxi's self-developed architecture is compatible with CUDA, and the company has successfully implemented a thousand-card cluster, with plans for a ten-thousand-card cluster [7][13] - The flagship product, Xiyun C500, is set for mass production in February 2024, while the C600 and C700 are expected to follow in 2026 [8][10] - Muxi's management team has a strong background in AMD GPGPU development, contributing to a robust software and hardware team [10][11] Group 3: Moer Thread Company Overview - Moer Thread's product matrix includes four generations of GPU architectures, with the MTT S4000 and MTT S5000 set to enhance performance through innovations like FP8 precision support [33][34] - The company has developed a high-bandwidth interconnect technology, supporting thousands of interconnected cards, with the KUAE2 cluster expected to launch by the end of 2024 [33][34] - Moer Thread's market strategy focuses on both consumer and enterprise markets, aiming to cultivate a developer ecosystem while strengthening vertical solutions in key industries [33][34] Group 4: Market Strategy and Industry Outlook - Muxi's market strategy is defined by a "1+6+X" model, targeting six key industries including education, finance, transportation, energy, healthcare, and entertainment, while also exploring long-tail markets [26][28] - The report anticipates that AI computing will drive the localization of core supply chain segments, with several companies identified as potential beneficiaries of this trend [3][4] - The report emphasizes the importance of domestic supply chain stability and technological advancement in the semiconductor industry, particularly in the context of Muxi's and Moer Thread's growth [26][29]

Core Insights - The report emphasizes the acceleration of AI commercialization and the ongoing innovation in large models, with significant advancements in model intelligence, efficiency, and multimodal capabilities [3][6] - The AI Agent market is projected to grow substantially, with a compound annual growth rate (CAGR) of 44.8% globally from 2024 to 2030, and a staggering 72.7% CAGR in China from 2023 to 2028 [3][19] Model Sector - Continuous upgrades in large models are observed, with OpenAI's GPT-4o and Google's Gemini 2.5 series showcasing enhanced capabilities in processing and understanding [3][6] - The SuperCLUE benchmark results indicate that leading models are achieving high scores in various categories, reflecting the competitive landscape in AI model development [6] Computing Power Sector - Capital expenditures for AI infrastructure are on the rise, with major companies like Microsoft and Amazon significantly increasing their investments [14] - AI inference demand is expected to surpass training demand, with projections indicating that inference will account for over 70% of total AI computing needs by 2027 [14] Application Sector - Major tech companies are rapidly advancing AI Agent commercialization, with significant investments and product launches aimed at both B2B and B2C markets [19] - The introduction of the MCP protocol by Anthropic is expected to lower development barriers and expand the application of AI Agents [19] Domestic Innovation - The report highlights the push for self-sufficiency in technology, driven by government policies and market dynamics, particularly in the context of the Sino-US tech competition [20][22] - The domestic market for trusted information technology is projected to reach 26,559 billion yuan by 2026, with a CAGR of 17% from 2021 to 2026 [22] Investment Recommendations - The report suggests focusing on companies involved in computing power, AI data centers, and AI applications, including firms like Huafeng Technology, Cambricon, and Kingsoft Office [24]

Group 1 - Shenzhen Stock Exchange launched five new ChiNext thematic indices focusing on battery, medical, and computing infrastructure sectors, selecting 50 stocks with high market capitalization and liquidity as sample stocks [1] - The exchange is planning reforms for the ChiNext market, aiming to support high-quality innovative companies in issuing shares, enhancing financing flexibility, and promoting mergers and acquisitions [1] - A new listing standard has been introduced for unprofitable innovative companies, requiring a market capitalization of 5 billion and revenue of 300 million, to facilitate financing for high-tech enterprises [1] Group 2 - According to Founder Securities, the relative PE of the ChiNext Index compared to the CSI 300 Index is at a historical 5.9% percentile, indicating relatively high cost-effectiveness [2] - The small-cap and volume-price trading factors are recovering, with machine learning strategies performing well and enhanced index products yielding excess returns [2] - In the computing sector, open-source models are driving AI democratization, with clear demand for computing infrastructure and accelerated domestic ASIC self-research [2]

Core Insights - The marine economy in Shenzhen is projected to reach a total output value of 540.94 billion yuan in 2024, marking a significant milestone and serving as a crucial engine for the city's stable economic development [1] Group 1: Marine Industry Development - Shenzhen's foreign trade measures have shown significant effectiveness, with the marine transportation industry leading the way [1] - The marine tourism sector continues to thrive, supported by strong supply and demand in the market [1] - The marine oil and gas industry is experiencing sustained growth in reserves and production, solidifying its pillar status [1] - The marine engineering equipment market is seeing active demand, with steady growth in marine engineering manufacturing and shipbuilding industries [1] - The inclusion in the Ministry of Commerce's pilot program for expanding service industry openness has led to robust growth in marine technology and information services [1] Group 2: Technological Innovation and Green Development - Shenzhen is committed to a "digital, green, and domestic" industrial development direction, focusing on technological innovation as the core driving force [2] - Support for CNOOC's Shenzhen branch in implementing oil and gas reserve enhancement projects in the South China Sea has strengthened marine oil and gas development capabilities [2] - The successful production of Asia's first deep-water jacket platform and the first cylindrical FPSO marks significant advancements in marine engineering [2] - A major oil field discovery near Shenzhen, with a capacity of 1.9 billion tons, highlights the city's achievements in overcoming deep-sea exploration challenges [2] Group 3: Marine Manufacturing and Services - Shenzhen is actively nurturing marine manufacturing sectors, including shipbuilding, marine engineering equipment, and related materials [3] - The city is promoting the development of green and intelligent marine products, such as underwater robots and smart boats, in response to industry trends [3] - The Marine Development Bureau is facilitating the introduction of high-quality marine industry projects and attracting key enterprises [3] Group 4: Policy Support and Infrastructure Development - Shenzhen is increasing policy and financial support for marine high-end equipment and biotechnology projects [4] - The establishment of the first "marine industry professional park" in Shenzhen Bay Eco-Tech Park is a significant step in advancing marine industry infrastructure [4] - Strategic cooperation agreements with various organizations aim to enhance marine technology and service capabilities [4] Group 5: Open Testing Zones and Collaborative Initiatives - The establishment of Shenzhen's first open water testing zone for marine intelligent equipment is a key initiative to facilitate research and development [5] - Collaborative efforts among city planning, marine development, and other departments are aimed at resolving critical issues related to site selection and infrastructure [5] - The construction of a comprehensive marine testing ground in Dapeng Bay is underway, focusing on sensor and underwater equipment testing [5][6]