Group 1 - Recent fund flows show a shift, with broad-based ETFs experiencing redemptions while technology-themed ETFs attract significant inflows, leading to multiple ETFs reaching historical highs in share volume [1] - As of May 15, 2023, notable net subscriptions include 3.102 billion CNY for Huaxia SSE Sci-Tech Innovation Board 50 ETF, 1.376 billion CNY for Guolian An Semiconductor ETF, and 1.104 billion CNY for Harvest SSE Sci-Tech Innovation Board Chip ETF, among others [2] - Several technology-themed ETFs are expected to expand significantly, with new funds being launched, including E Fund Digital Economy ETF and ICBC Credit Suisse Digital Economy ETF [2][3] Group 2 - Institutions are actively conducting research in the technology sector, with over 3,000 institutional inquiries in the computer software and semiconductor industries, and more than 2,600 in electronic equipment manufacturing [4] - Notable institutions involved in recent research include Xing Shi Investment and Freshwater Spring Investment, focusing on companies like Anji Technology and Weir Shares [4] - Institutions are particularly interested in companies' profitability and global expansion strategies, as seen in inquiries about gross margin improvements and overseas investment plans [4] Group 3 - The technology sector is viewed as a key investment focus for public funds, with multiple fund companies collaborating to launch a series of products, including both active equity funds and passive index funds [3] - The current technological breakthroughs in areas such as large models, smart vehicles, and robotics are attributed to a significant influx of engineering talent in China, marking the beginning of a new cycle of technological innovation [5] - Investment opportunities are anticipated in AI applications, particularly in smart driving, AI-integrated internet giants, AI hardware, and computing power, as the A-share market shows signs of structural opportunities [5]

Core Viewpoint - The company, Heertai, is optimistic about its future development, focusing on stable growth in its main business while exploring new growth points for long-term sustainable development [1][2]. Group 1: Overseas Capacity and Market Strategy - Heertai's overseas production capacity accounts for 30% to 40% of its total global capacity, effectively mitigating risks from trade wars and ensuring operational stability [1]. - The company has no current plans to increase its stake in the emerging technology of Moer Thread, but it remains attentive to its technological developments for potential future collaboration [1]. Group 2: Robotics and Automotive Electronics - Heertai is well-prepared for the humanoid robot sector, having made technological advancements and investments in related products such as robotic vacuum cleaners and pool cleaning robots [1]. - The company has made significant progress in automotive electronics, establishing three major product systems with a full order book, showcasing its strong competitive edge in this area [1]. Group 3: Financial Performance and Growth Projections - Institutions predict Heertai's net profit growth rates for this year, next year, and 2027 to be 97.51%, 32.16%, and 32.01% respectively, indicating a potential for three consecutive years of over 30% net profit growth [2]. - The company's first-quarter performance showed over 30% revenue growth and over 75% net profit growth year-on-year, with a nearly 146% increase in net cash flow from operating activities [2]. Group 4: Research and Development - As a leading domestic smart controller enterprise, Heertai has a competitive advantage in the global smart controller industry due to its strong R&D capabilities and operational excellence [3]. - The company's R&D expenditure reached 619 million yuan in 2024, marking a historical high [3].

证券代码：000021 证券简称：深科技 深圳长城开发科技股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与公司2024年度业绩说明会的投资者 | | 时间 | 2025年05月16日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 董事长 韩宗远 | | | 董事、副总裁 周庚申 | | | 副总裁、财务负责人 莫尚云 | | | 董事会秘书 钟彦 1.公司2024年净利润增长很好，净利润也达到了历史最高水 | | | 平。得益于哪些业务增长呢？ | | 投资者关系活动主要内容 | 答:尊敬的投资者，您好！公司2024年归属于上市公司股东的 | | 介绍 | 净利润9.30亿元，同比增加44.33%，主要原因是公司存储半导体业 ...

Financial Performance - In 2024, the company achieved a revenue of 627 million yuan, a year-on-year decrease of 35.71% [2] - The net profit attributable to shareholders was -214 million yuan, an increase of 56.76% year-on-year [2] - In Q1 2025, the company reported a revenue of 1.25 million yuan, a year-on-year decrease of 38.10%, while the net profit attributable to shareholders increased by 283.02% [2] Corporate Actions - The company is currently in the process of implementing relevant matters regarding the halted stock issuance [3][5] - There is ongoing uncertainty regarding the completion of the issuance before the deadline of August 12, 2025 [3][5] Industry Context - The banking sector, which is closely related to the company's business, is facing challenges such as a rapid narrowing of net interest margins, reaching historical lows [4] - Marketing budgets from banking clients are being managed cautiously, focusing more on the effectiveness and cost-performance of marketing efforts [4] Future Outlook - The company aims to enhance its market capabilities, solution capabilities, and operational capabilities while accelerating technological upgrades and promoting AI applications [3] - The company is also focused on optimizing its digital marketing service solutions and improving internal operational efficiency to strengthen long-term competitive barriers [3] Competitors - Key competitors in the industry include Fengzhushou (301382.SZ), Shijihengtong (301428.SZ), and Yuanlong Yatu (002878.SZ), although there are differences in main business and customer groups [4]

从持股市值来看，2025年Q1SW传媒行业的前十大重仓股分别为分众传媒（002027）、恺英网络 （002517）、芒果超媒（300413）、巨人网络（002558）、完美世界（002624）、神州泰岳 （300002）、光线传媒（300251）、昆仑万维（300418）、三七互娱（002555）、上海电影 （601595），游戏行业占据6席。从行情表现看，前十大重仓股股价2025年Q1表现存在差异，光线传媒 表现亮眼，股价上升123.83%。 基金重仓配置集中，抱团现象显著 2025年Q1SW传媒行业基金前5、前10、前20大重仓股的市值占整体SW传媒行业基金重仓市值的比例分 别为60.03%、79.41%和93.66%，较2024年Q4环比分别0.09pct、+0.73pct、-0.14pct，抱团现象较为显 著。 风险因素：监管政策趋严;新游延期风险;新游表现不及预期;技术发展不及预期;商誉减值风险。 万联证券发布研报称，从2025年Q1SW传媒行业的基金重仓配置及估值水平看，估值水平明显有所修 复，行业整体仍处于低配区间，存在较大提升空间，游戏及广告营销领域头部公司是机构关注的核心， 建议关注游戏版号 ...

【导读】昨日股票ETF市场净流出资金64亿元，宽基ETF净流出居前 昨日（5月15日），三大股指收跌，当日股票ETF（含跨境ETF，下同）市场净流出资金约64亿元。其 中，宽基ETF净流出居前。 股票ETF单日净流出64亿元 数据显示，截至5月15日，全市场1089只股票ETF总规模达3.54万亿元。当日股票ETF市场总份额减少 41.33亿份，按照成交均价测算，当日净流出资金约为63.74亿元。 细分品类中，宽基ETF净流出居前，净流出53.37亿元。规模变化方面，宽基ETF规模下降296.85亿元。 具体到指数维度，5月15日沪深300指数单日净流出居前，达17.91亿元。 从单只基金看，上证50ETF单日净流出居前，达10.44亿元。沪深300ETF、中证A500ETF龙头等核心宽 基指数ETF均出现一定资金净流出。 业内表示，近期场内资金情绪虽有改善但在多重因素扰动下整体依然偏谨慎，因此一些资金开始对宽基 指数"获利了结"。 | | | | 5月15日股票ETF资金净流出排行 | | | | | --- | --- | --- | --- | --- | --- | --- | | 排行 | 证券简称 ...

5月15日美股盘前，贝壳（BEKE.US）（02423.HK）公布了2025年第一季度的财报，表现超市场预期。 财报显示，今年一季度，贝壳实现总交易额8437亿元（人民币，下同），同比增长34%；总收入为233 亿元，同比增加42.4%。 这主要得益于存量房与新房业务的强劲表现，以及非房产交易服务（家装、租赁等）的快速扩张。 具体来看，贝壳存量房业务交易额5803亿元，同比增长28.1%，净收入为69亿元，同比增长20.0%；新 房业务交易额达2322亿元，同比增长53.0%，净收入达81亿元，同比增长64.2%。 非房产交易服务方面，一季度净收入同比增长46.2%，占总净收入的比例达35.9%。 其中，房屋租赁服务一季度净收入达51亿元，同比增长93.8%，主要由于省心租模式下的租赁房源数目 增加。此外，家装家居的净收入29亿元，同比增长22.3%；新兴业务及其他收入则同比下滑50%，至3.5 亿元。 贝壳指出，2025年4月，贝壳二手房交易额同比增长10-15%；5月到目前为止增长百分之十几；由于 2024年的高基数，预计6月同比将下降。考虑到贸易关税的不确定影响，预计2025年第二季度的二手房 交易额同 ...

Group 1 - The 17th Shenzhen International Battery Technology Exchange Conference (CIBF2025) opened with over 3,200 global companies participating, covering an exhibition area of nearly 300,000 square meters, and is expected to attract over 400,000 professional visitors during the three-day event [1] - The conference focuses on trends such as solid-state batteries, fast charging, green manufacturing, and international standards, emphasizing the competition in the battery industry based on digital intelligence and closed-loop ecosystems [1][3] - Companies like CATL, BYD, and others showcased innovations in energy storage, cell manufacturing, and recycling, with a particular emphasis on high-nickel cathodes and molecular-level material innovations [1] Group 2 - Solid-state batteries emerged as a hot topic, with a report from CITIC Securities predicting global solid-state battery shipments to reach 642.6 GWh by 2030, with a compound annual growth rate exceeding 130% [2] - Hive Energy's CEO highlighted that solid-state batteries and ultra-fast charging are the future directions of battery technology, with the stacking process being the optimal path for mass production [2] - Hive Energy plans to introduce "end fast charging" technology in its mass-produced fast-charging batteries this year, optimizing charging time significantly compared to industry standards [2] Group 3 - The conference also featured over 200 thematic speeches and high-end forums, with reports such as the "Lithium-Ion Battery Industry Blue Book 2024" being released, focusing on emerging topics like energy storage and AI applications [3] - The chairman of the CIBF organizing committee stated that the transition from scale expansion to quality improvement is a critical turning point for China's new energy sector [3] - In the first quarter of 2025, China's newly installed renewable energy capacity reached 76.75 million kilowatts, a year-on-year increase of 21%, indicating the battery industry's role in supporting structural changes [3]

证券研究报告 | 行业定期报告 2025 年 05 月 16 日 泡泡玛特 Labubu 三代搪胶毛绒全球发售，关注腾讯一季报 传媒互联网行业周报 TMT 及中小盘/传媒 近期我们继续坚定推荐各个细分行业龙头公司，我们继续坚定看好【神州泰岳】 【南方传媒】【分众传媒】【完美世界】【恺英网络】【巨人网络】【腾讯控 股】【昆仑万维】【中国科传】【芒果超媒】【哔哩哔哩】【中文在线】等 ❑ 过去的一周，传媒行业上涨了 2.79%，在所有行业中排名第 11 位，传媒板块 年初到现在上涨了 4.61%，排名所有板块第 5 名。近期，传媒板块走势相对 稳定，游戏出版营销影视都相对平稳，但在这个位置，我们继续坚定看好游 戏板块和 AI 应用板块，特别是 AGENT 板块，我们最近一直持续紧密跟踪国内 外 AI 应用，因为贸易争端带来的海外科技大跌，最先反弹甚至创新高的就是 像多邻国，PALANTIR，APP 这样的 AI 应用公司，他们创新高的核心推动力就 是 AI 帮助其收入业绩和产品快速提升。同样，国内的 AI 应用也在蓄势待发， 我们继续坚定看好受 AI 变革影响较大的游戏互联网巨头（中概互联的腾讯、 美图、第四范式、 ...

Core Insights - Beike reported a net income of 23.3 billion yuan for Q1 2025, a year-on-year increase of 42.4%, and a net profit of 855 million yuan, up 97.9% [1] - The total transaction volume on Beike's platform reached 843.7 billion yuan, a 34.0% increase year-on-year, driven by growth in the existing housing market and improved market coverage [1] - The company aims to focus on input-output ratios and maintain a solid operational safety baseline while ensuring sustainable returns for shareholders [3] Financial Performance - In Q1 2025, Beike's existing housing business net income rose to 6.9 billion yuan, a 20.0% increase from the previous year, while new housing business net income increased by 64.2% to 8.1 billion yuan [1] - Home decoration and furniture net income grew by 22.3% to 2.9 billion yuan, attributed to increased orders from real estate transactions [2] - Rental service net income surged by 93.8% to 5.1 billion yuan, driven by the increase in rental properties under the "worry-free rental" model [2] Cost Analysis - Beike's total operating costs rose by 51.0% to 18.5 billion yuan compared to the previous year [2] - The external commission cost increased by 66.6% to 5.7 billion yuan, while internal commissions and remuneration rose by 33.1% to 4.8 billion yuan [2] - The cost of rental services saw a significant increase of 91.3% to 4.7 billion yuan [2] Market Outlook - The market performance in Q1 2025 was stable, continuing the positive impact from policy changes since September of the previous year [3] - The number of active stores and agents increased by 29.6% and 23.0% year-on-year, respectively, indicating strong market engagement [3] - Beike's CEO expressed confidence in the "one body, three wings" strategy and plans to continue investing in AI applications while being more cautious in other investments [3]