证券研究报告 工业/基础材料 5 月建筑新订单/地产销售环比改善 华泰研究 2025 年 6 月 02 日│中国内地 行业周报（第二十二周） 本周观点：5 月地产销售环比改善，新产业投资高景气 (2.0) (1.3) (0.5) 0.3 1.0 05/23 05/25 05/27 05/29 (%) 建筑与工程 建材 沪深300 (2.00) (0.50) 1.00 2.50 4.00 陶瓷 建筑装修 建筑设计及服务 专用材料 其他建材 建筑施工 水泥 玻璃 (%) 一周内各行业涨跌图 (6.0) (3.3) (0.5) 2.3 5.0 房 地 产 服 务 环 保 航 天 军 工 医 药 健 康 通 信 农 林 牧 渔 计 算 机 交 通 运 输 传 媒 石 油 天 然 气 综 合 房 地 产 开 发 建 筑 与 工 程 商 业 贸 易 保 险 轻 工 制 造 社 会 服 务 证 券 银 行 公 用 事 业 机 械 设 备 建 材 煤 炭 教 育 和 人 力 资 源 纺 织 服 装 电 子 基 础 化 工 食 品 饮 料 家 用 电 器 有 色 金 属 钢 铁 电 力 设 备 与 新 能 源 汽 车 多 元 ...

Core Viewpoint - The strategic partnership between Kingsoft Office and Shaanxi Data Group aims to enhance the digital transformation of state-owned enterprises in Shaanxi Province, aligning with China's "Digital China" strategy and promoting the development of a domestic software ecosystem [3][4]. Group 1: Partnership Details - Kingsoft Office and Shaanxi Data Group signed a strategic cooperation agreement to support the digital transformation of state-owned enterprises in Shaanxi [1]. - The collaboration focuses on three main areas: new generation smart office models, product ecosystem integration, and industry joint solutions [3]. Group 2: Technological Integration - The partnership will leverage Kingsoft Office's advanced AI capabilities and Shaanxi Data Group's deep understanding of state-owned enterprise scenarios to create intelligent and efficient office solutions [4]. - The integration aims to provide AI + document solutions for government and state-owned enterprises, enhancing document collaboration experiences [4]. Group 3: Broader Impact - The collaboration seeks to establish a replicable "Shaanxi benchmark" for the digital transformation of state-owned enterprises, potentially serving as a model for similar initiatives across the country [5]. - Both companies aim to drive high-quality regional economic development by enabling various industries to achieve secure, efficient, and intelligent transformations [6].

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang represents a significant strategic move in the domestic computing power sector, aligning with national policies to strengthen state-owned enterprises and enhance the competitiveness of China's semiconductor industry [1][5]. Financial Synergy - The transaction involves Haiguang Information acquiring Zhongke Shuguang through a share swap, with plans to raise additional funds through A-share issuance, reflecting their existing financial collaboration [2]. - By 2024, the inter-company transactions are projected to reach approximately 2.7 billion RMB, nearly equivalent to Zhongke Shuguang's total revenue for Q1 of the same year [2]. - The merger is expected to optimize liquidity and preserve cash resources, similar to AMD's acquisition of Xilinx, which utilized a stock-for-stock exchange [2]. Business Synergy - Haiguang's strengths lie in high-performance chips based on AMD's x86 architecture, while Zhongke Shuguang excels in liquid-cooled data centers and supercomputing solutions, creating a complementary partnership [3]. - The merger aims to enhance the application of domestic chips in critical sectors such as government, finance, and energy, leveraging Zhongke Shuguang's market channels for rapid penetration [3]. - The integration will facilitate a complete value chain from chip design to server manufacturing and computing services, reducing reliance on international x86 ecosystems [3]. Strategic Alignment - The merger aligns with China's "Digital China" strategy and the "Strong Chain and Supplement Chain" policy, aiming to overcome technological bottlenecks and respond to U.S. technology restrictions [5]. - The combined entity is positioned to compete with global giants like Intel and NVIDIA in AI computing and intelligent computing centers, capitalizing on the growing demand for domestic alternatives in the server market [5]. Market Dynamics - The server industry is characterized by a supply chain dominated by foreign companies, limiting the bargaining power of domestic players [9]. - Haiguang aims to penetrate the internet sector, which has historically contributed less to its revenue, by focusing on high cost-performance ratios [9]. - The challenge remains to reduce dependency on government subsidies and develop commercial value through ecosystem building [10].

"1+1"肯定大于2 公开信息显示，海光信息与中科曙光的合并涉及总市值高达4000亿元的半导体产业链重组。停牌之前， 中科曙光总市值约为905.7亿元，总股本14.63亿股，海光信息总股本3164亿元，总股本23.24亿股；股价 华夏时报（www.chinatimes.net.cn）记者 胡金华 上海报道 近期内地和香港资本市场热闹非凡，其中的主角当属半导体无疑！这边是内地半导体上市企业掀起赴港 融资潮，这边则是由科创板芯片企业海光信息（688041.SH）吸收合并主板半导体公司中科曙光 （603019.SH），正式拉开A股芯片半导体板块的重组大幕。 5月25日晚间，中科曙光和海光信息共同发布公告宣布，两家公司拟进行战略重组。若相关工作顺利推 进，将实现产业链相互补充，进一步促进信息产业龙头企业发展，对信息产业格局产生较大影响。公告 显示，二者正筹划由海光信息通过向中科曙光全体A股换股股东发行A股股票的方式换股吸收合并中科 曙光，并发行A股股票募集配套资金，两家股票将于5月26日起开始停牌，预计停牌时间不超过10个交 易日。 5月26日，有并购市场人士告诉《华夏时报》记者，海光信息合并中科曙光，简单理解是芯片 ...

Group 1 - The event showcased the skills of students from 20 vocational schools in Shanghai, focusing on the emerging field of live e-commerce [1][3] - The competition was organized by various educational and human resources authorities, emphasizing key aspects of live e-commerce such as content planning, promotion, sales, and interactive operations [3][7] - Participants demonstrated their practical abilities through tasks including product selection, live script writing, studio setup, and data analysis, reflecting real-world live e-commerce operations [5][7] Group 2 - The competition aligns with national strategies for digital economy and vocational education reform, aiming to enhance participants' employability and job competency [7] - The organizing institution, Minhang Vocational Technical College, integrated competition content into regular teaching, promoting a blend of education and practical experience in live e-commerce [5][7] - The event serves as a platform for educational reform and talent cultivation, contributing to the development of high-quality vocational education and skilled professionals in the digital economy [7]

Core Viewpoint - The article highlights the integration of communication infrastructure and digital applications by China Tower, showcasing its role in enhancing urban management, emergency response, and public services in Chongqing through innovative projects and technologies [1][16]. Group 1: Digital Life Project - The "Digital Life Project" in Tongnan District integrates multiple departments for disaster prevention and management, utilizing data sharing across meteorology, water resources, forestry, and emergency management [2][4]. - The project has established 95 AI monitoring points along the Fujiang and Qiongjiang rivers, creating a comprehensive monitoring network that transitions from passive response to proactive prevention [4]. Group 2: Communication Infrastructure in Tourism - The "Three Gorges Summit" scenic area faced signal issues affecting visitor experience, which were resolved by China Tower through the establishment of communication base stations, enhancing connectivity for tourists [6][9]. - The integration of high-definition cameras on communication towers has improved operational efficiency and visitor engagement in the scenic area [6]. Group 3: Urban Management Innovations - In Beibei District, China Tower has implemented a drone-based inspection system to address urban management challenges, enabling real-time monitoring and coordination among multiple departments [10][12]. - The drone system can autonomously inspect 90% of the district's land and water areas, significantly improving the efficiency of urban management tasks [12]. Group 4: Smart Streetlight Solutions - China Tower has reduced the number of streetlight poles on Zhongshan Fourth Road from over 110 to 46 by integrating 22 functions into a single smart light pole, enhancing urban management and reducing operational costs [13][15]. - The smart poles include features such as environmental monitoring, traffic management, and public safety functions, contributing to a more efficient urban infrastructure [15]. Group 5: Overall Achievements - Over the past decade, China Tower has constructed over 2.7 million communication base stations, with a significant increase in the sharing rate of new towers from 14.3% to 85% [16]. - In Chongqing, the sharing rate has risen from 14% to 87%, leading to a reduction of nearly 57,000 redundant communication towers and saving the industry 2.78 billion yuan [16].

Financial Performance - The company achieved an operating income of 902.79 million yuan and a net profit attributable to shareholders of 95.02 million yuan for the fiscal year 2024 [2] - The overseas business revenue for 2024 was 93.62 million yuan, accounting for 10.37% of total revenue [8] Future Growth Drivers - The company will focus on core businesses and leverage opportunities in emerging fields such as IoT, fintech, data security, and big data for technological breakthroughs and product innovation [3] - Plans to deepen product capabilities and increase investment in security products like communication modules, RFID, mobile smart terminals, and identity recognition [5] Industry Outlook - The company is positioned at a pivotal point in the industry, benefiting from technological revolutions and policy incentives, with a focus on AI, blockchain, and quantum encryption technologies [3][6] - The overall market demand in the industry has decreased, leading to intensified competition [6] Strategic Initiatives - The establishment of Jiangsu Zhenjiang Yunbao Technology Industry Development Co., Ltd. aims to optimize strategic layout and enhance market competitiveness [7] - The company is actively seeking partnerships with major tech firms to provide high-end intelligent products and digital security solutions [5] Stock Performance and Market Sentiment - The stock price is influenced by macroeconomic factors, industry developments, and investor sentiment, leading to uncertainty [5] - The management expresses confidence in the company's sustainable and stable development despite external challenges [5] Shareholder Engagement - The company is committed to enhancing shareholder value through effective cash management and securities investment [4] - Future share repurchase plans will be disclosed in a timely manner if they arise [7]

Investment Rating - The report maintains a positive outlook on the industry, rating it as "Positive" [11] Core Insights - The computer sector experienced a slight decline of 1.39% last week, ranking 32nd among primary industries in the Yangtze River region, with a trading volume accounting for 9.23% of the total market [2][5] - Key recommendations include focusing on companies with a first-mover advantage in the energy IT sector and those involved in the cross-border payment industry, particularly cross-border payment platforms [7][8] Summary by Sections Energy IT Investment Opportunities - The report highlights critical policy milestones for China's distributed photovoltaic industry on April 30 and May 31, 2025, which are expected to accelerate market transactions and increase demand for trading management and decision-making software [7][40] - The ongoing energy market reforms are anticipated to drive the development of virtual power plant models and comprehensive energy service business models, suggesting a focus on companies that are well-positioned to capitalize on these trends [52] Cross-Border Financial Investment Opportunities - The report notes the continuous advancement of China's financial opening strategy, which is expected to enhance the development of the cross-border payment sector [8][53] - The increasing use of the Renminbi in international transactions is projected to boost demand for cross-border financial services, with a recommendation to focus on companies within the cross-border payment industry [56][65]

Market Overview - A-shares showed mixed performance on May 19, with the Shanghai Composite Index closing flat at 3367.58 points and a trading volume of approximately 437.2 billion yuan [1] - The Shenzhen Component Index fell by 0.08% to 10171.09 points, with a trading volume of about 649.3 billion yuan [1] - The ChiNext Index decreased by 0.33% to 2032.76 points, with a trading volume of around 290.3 billion yuan [1] Sector Performance - The port and shipping sector, real estate, and merger and acquisition concept stocks saw significant gains, with several stocks hitting the daily limit [1][2] - Notable gainers included An Cai High-Tech, Binhai Energy, and Jin Hongshun, all of which reached the daily limit [1] - Conversely, the robotics sector experienced a downturn, with stocks like Longxi Co. dropping over 5% [1] Institutional Insights - Jifeng Investment Advisory noted that the market is stabilizing after recent fluctuations, with policy support expected to drive further gains in A-shares. Investors are advised to enter the market on dips, focusing on merger and acquisition themes and digital economy sectors [3] - Huatai Securities indicated that A-shares are in a weak stabilization phase, with ongoing capacity clearing. The market is expected to maintain a "top and bottom" state, favoring a balanced investment approach across dividends, domestic demand, and technology sectors [3] - CITIC Securities highlighted the collaboration between major companies like Huawei and Tencent with robotics manufacturers, which is anticipated to accelerate the commercialization of humanoid robots and attract more investment into the robotics sector [3] Policy Developments - The Ministry of Industry and Information Technology and eight other departments issued a directive to accelerate the high-quality development of the technology service industry, focusing on research and development, technology transfer, and enterprise incubation [4] - The directive aims to enhance the integration of technology innovation with industrial development, promoting advanced green technologies and deepening the collaboration across various industries [4] Talent Development - Shanghai has launched a plan to cultivate 50,000 certified live-streaming economy talents from 2025 to 2027, with a focus on expanding training and optimizing the talent structure [5] - The initiative aims to match the supply and quality of live-streaming skills with the demands of the live-streaming economy, enhancing career development pathways for skilled professionals [5]

Group 1 - The A-share market is expected to remain in a trend of steady upward movement amidst fluctuations, supported by policies aimed at stabilizing and activating the capital market, which will help raise the index's central level [1][20]. - The China Securities Regulatory Commission (CSRC) has announced modifications to the major asset restructuring management measures for listed companies, introducing a simplified review process and encouraging private equity funds to participate in mergers and acquisitions [6][20]. - The Hang Seng Index Company has announced its quarterly review results, increasing the number of constituent stocks from 83 to 85, with Meidi Group and ZTO Express being added, while Reading Group is removed [6]. Group 2 - The People's Bank of China is actively supporting the high-quality development of Beijing's economy and finance, aiming to create a favorable monetary and financial environment and enhance the international influence of Beijing as a national financial management center [8]. - The National Bureau of Statistics is set to release various economic indicators, including the monthly report on residential sales prices in 70 large and medium-sized cities, and data on retail sales and industrial output for April [2]. - The digital economy's core industry value is expected to exceed 10% of the GDP by the end of 2025, as outlined in the "Digital China Construction 2025 Action Plan" [8].