A股复盘 |人的成见是A股 / 2025.05.20 看看，是不是每天都要认真看我的复盘， 昨天刚发了新消费概念的专题， 今天 大爆发了吧！而且今天微盘股又双叒叕新高了， 周报的含金量还在上升！！ 今天520，不管是谁忘了你，大A都会在520当天给你发红包！ PS：封面图别急，后面有详细的研报！！ 话题一转，哈哈哈，今天来说一个大摩的预测——鉴于经济的韧性和关税战的暂 停， 中国 额外的财政的扩充会比预想的来得更迟，并且规模可能也更小。 大摩分析师在每周策略会上指出，关税对于中国毫无疑问是一个比较显著的需求 冲击，它会降低产出和价格。当然硬的数据会有一定的滞后性。以五一出行来 看，它很多的长途出行，都是在关税在升级之前就已经定下的。而在投资端，一 些很大的项目它一旦开启了也不会立刻的叫停。再包括一些抢出口、抢转口，再 包括一些政策宽松的滞后的效应，都使得一些硬数据的下滑至少在初期可能是比 较平缓的。 因此短期经济数据可能还比较有韧性，再叠加关税谈判的不确定性可能会维持到 7月底，甚至更长更久。 这些都意味着之前两会定下的政策空间，额外的财政的 扩充会比我们之前预想的来得更迟，并且规模可能也更小。 我们之前是预 ...

4.内链支持率：网站的二级和三级链接在IPv6网络环境下的访问成功率，反映了网站内部链接的兼容性 和可用性。 随着互联网的飞速发展，IPv4地址资源逐渐枯竭，IPv6作为下一代互联网协议，凭借其海量的地址空 间、更高的安全性和更优的路由效率等优势，正逐步成为互联网发展的主流趋势。因此，了解网站的 IPv6支持度以及如何检测网站的IPv6支持度，对于提升用户体验、优化网络性能以及保障网络安全具有 重要意义。 网站IPv6支持度是指网站在IPv6网络环境下的表现能力和兼容性。一个支持IPv6的网站，应确保在IPv6 网络环境下能够正常访问，内容与IPv4情况下保持一致，连接稳定，访问体验良好。具体而言，网站 IPv6支持度涉及以下几个关键指标： 1.IPv6解析能力：通过DNS解析，网站域名应能正确获得AAAA记录（IPv6地址）。这是网站IPv6支持 的基础。 2.网站首页IPv6可访问性：在IPv6网络环境下，用户应能够正常访问网站的首页。 3.内容一致性：网站在IPv6和IPv4网络环境下的首页内容应保持高度一致，防止出现虚假网站应付IPv6 考核的情况。 -用户可以利用本地支持IPv6协议的设备，如安装了 ...

Financial Performance - In 2024, the company achieved revenue of CNY 60,136.10 million, remaining stable compared to the previous year [8] - The net profit attributable to shareholders was CNY 1,830.30 million, a decrease of 51.22% year-on-year [11] - The overall gross margin for 2024 was 29.81%, down from 32.10% in 2023, reflecting a decline of 2.29 percentage points [11] Cash Flow and Accounts Receivable - The net cash flow from operating activities in 2024 was CNY 28,130.8 million, a year-on-year decrease of 34.72% [2] - Prepayments decreased by 31.98% year-on-year due to reduced payments as project progress advanced [2] - Accounts receivable increased by CNY 561.11 million, primarily due to some clients opting for bank acceptance bills for settlement [3] Research and Development - In 2024, the company invested CNY 56,008.1 million in R&D, accounting for 9.31% of total revenue [3] - The company launched Managed Security Services (MSS) to provide comprehensive security monitoring and management [3] Market and Industry Trends - The global shift towards AI-driven industrial revolution is expected to create new security application scenarios and demands [6] - By 2025, it is predicted that 60% of enterprises will adopt MSS to replace some internal security functions [3] Strategic Initiatives - The company is focusing on cost optimization and enhancing operational efficiency to counteract market challenges [12] - It aims to deepen collaboration with telecom operators and cloud service providers to expand its market presence [20] International Business - In 2024, overseas revenue reached CNY 34,082.3 million, representing a 15% increase year-on-year [14] - The company has established 76 global network nodes to support the international operations of Chinese enterprises [19] Customer Segmentation - The top five customer industries in 2024 included manufacturing (23.45%), information transmission, software and IT services, wholesale and retail, and finance [16] - The company is actively enhancing brand recognition and market presence through participation in industry reports and collaborations with telecom operators [12] Future Outlook - The company plans to continue investing in R&D and expanding its product offerings to meet evolving market demands [5] - It aims to leverage its strengths in cloud security and network integration to support enterprises in their digital transformation [24]