策略早餐 主要品种策略早餐 （2025.04.28） 日内观点：震荡偏强，IM 相对强势 中期观点：蓄力上涨 参考策略：持有 IM2505 多单、买入 1 手 MO2506-C-5900 看涨期权同时卖出 2 手 MO2506-P-5200 看跌期权组合 核心逻辑： 1.中央政治局会议强调底线思维 财政政策重点在于存量落地。货币政策上提到将创设 新的工具。会议稳定资本市场的表态结合 4 月中上旬一系列坚决的救市举措，明确了决策层 坚决维护资本市场稳定的决心，后续权益市场整体下行风险可控，叠加后续随着业绩披露期 结束，再度进入业绩真空期，以及在经济整体稳定，流动性充裕背景下，市场风险偏好有望 持续提升。 2.产业方面，中央政治局就加强人工智能发展和监管进行第二十次集体学习，对高端芯 片、基础软件、算力基建、数据资源等构建自主可控的人工智能基础软硬件系统做出部署， 从政策角度来看，继续重点关注科技自主可控，国产替代，算力、数据要素等产业体系，IC、 IM 或保持相对强势。 国债期货 品种：TS、TF、T、TL 金融期货和期权 股指期货 品种：IF、IH、IC、IM 核心逻辑： 1 请务必阅读文末免责条款 日内观点 ...

Group 1: Financial Performance - In 2024, the company's total revenue decreased by 21.93% to 658 million yuan, and net profit attributable to shareholders fell by 72.13% to 20.38 million yuan [2] - Despite the decline in overall revenue, the company's AI-driven innovative business revenue is steadily increasing, leading to a recovery in gross margin to 46.33% in Q1 2025 [2] - The net profit attributable to shareholders after deducting non-recurring items increased by 11.10% year-on-year in Q1 2025, indicating positive signals of business structure optimization [2] Group 2: Market Position and Services - The company is a leading player in the third-generation social security card service sector, actively participating in the issuance of social security cards in nearly 170 cities, maintaining a leading market share [2] - The company has developed an "AI Employment Counselor" system, creating a service matrix that includes a gig market system, WeChat mini-program, and employment map, enhancing service efficiency and user experience [3] - The company has achieved a "15-minute employment service circle" in certain areas of Guangdong Province, promoting a shift from extensive coverage to refined operations in public employment services [3] Group 3: Technological Innovations and Collaborations - The company has established a "Credit Medical" system in collaboration with China UnionPay, connecting nearly 100 top-tier hospitals in Guangzhou, with over 2 million signed users [3] - In the smart government sector, the company has built a vertical large model platform that integrates with mainstream models, enhancing operational efficiency in government services [3] - The company has won the world's first ISO 55013 certification for data asset management, indicating its capabilities in data asset management have reached an internationally leading level [4] Group 4: Data Resource Management - The company is positioned to leverage its advantages in public data resource governance as the national public data resource platform is officially launched [4] - The company aims to fully release the value of data elements through its participation in local public data resource governance [4]

上海市数据局相关负责人介绍，上海率先构建数据基础制度体系，推进要素市场化配置，通过公共数据 开放共享与企业数据价值释放，形成全国数据工作的"上海经验"。数字经济高质量发展，包括以现代农 业为切口，挖掘数据在精准种植、智慧供应链等领域的乘数效应，为乡村振兴注入新动能，展现上海数 据要素应用的创新实践。 上海市农业农村委相关负责人表示，当前数据要素已成为驱动农业高质量发展的核心引擎，上海正通过 筹建"农业农村数据创新实验室"和构建智慧农业产业数据枢纽中心，打造"数据资源平台-要素赋能平台- 产品流通平台"的三级体系，为全国智慧农业发展提供高质量解决方案。本次大赛聚焦设施农业、无人 农场等重点领域，既是激发创新活力的重要平台，也是培育农业数字化人才的关键契机。 新华财经上海4月27日电（记者李荣） 数据作为驱动经济社会变革的核心要素，正在聚焦场景创新与产 业需求，培育形成可复制推广的数据应用方案。以"数据赋能、乘数而上"为主题的2025年"数据要素 ×"大赛上海分赛现代农业赛道27日在嘉定启动。数据要素正在成为上海现代都市农业发展新引擎。 本次"数据要素×"大赛上海分赛现代农业赛道在国家数据局指导下，由上海市数据局 ...

Core Viewpoint - The article discusses the introduction of a comprehensive data asset management solution by Fujian Bosi Software Co., Ltd., highlighting its significance in transforming data from a resource to an asset and then to capital [1][3]. Group 1: Data Asset Management Framework - The key to data asset management is achieving a value leap from "resource" to "asset" to "capital" [3]. - Bosi Software has developed a "513" product system, which includes 5 core processes (registration, authorized operation, transaction circulation, revenue distribution, and ledger preparation), 1 comprehensive management platform, and 3 service modules (data asset management, property registration, and operation services) [3]. Group 2: Case Study and Significance - The first electronic invoice for non-tax revenue from data assets was issued in Fujian Province on February 10, marking a new chapter in data asset management for administrative and public institutions [3]. - The success of the Fuzhou case is seen as a model of policy and technology integration, representing a significant milestone in the market-oriented reform of data elements and providing a practical example for establishing a foundational data system [3]. Group 3: Strategic Focus - Bosi Software is focusing on the national trends in data elements and digital economy development, targeting data elements X, data asset management, and data asset operation as its main directions [3]. - The company emphasizes not only the technical implementation of its solutions but also the importance of creating viable business models to help governments and enterprises activate data resources and unlock economic value [3].

Group 1: Performance and Financials - The company reported a total revenue of 16.657 billion RMB for the year 2024, demonstrating stable business development and strong asset strength [2] - As of the end of 2024, total assets amounted to 22.307 billion RMB, with net assets of 9.507 billion RMB, and operating cash flow of 600 million RMB during the reporting period [2] - The company secured new contracts worth 11.377 billion RMB, with unfulfilled signed contracts totaling 6.944 billion RMB, laying a solid foundation for long-term and stable growth [2] Group 2: Strategic Focus and Innovation - The company is focusing on the integration of AI technology with smart supply chains and financial technology, continuously increasing investment in core technology areas [2] - In 2024, the company invested 732 million RMB in R&D, added 390 new patents, and led the formulation of 184 national and industry standards, establishing a strong foundation for long-term development in the digital field [2] Group 3: Technological Integration and Market Positioning - The company employs a "technology + scenario + ecosystem" model to seize opportunities in the AI technology revolution, creating replicable case studies across multiple business areas [3] - The upgraded Yanyun Infinity, based on the first-class national technology invention award, serves as a core engine driving business development and a tool for releasing the value of data elements [3] - Recent contracts with major automotive companies have enabled the company to establish a data-driven intelligent chain service model, significantly improving operational efficiency and cost savings [3] Group 4: Governance and Talent Development - The company has established a robust compliance management system with three lines of defense, ensuring effective risk control and a zero-tolerance culture towards fraud [4] - A comprehensive human resource management system has been developed over 20 years, resulting in a skilled management team and a culture of excellence [4] - The workforce increased to 19,268 employees in 2024, reflecting ongoing investment in business expansion and team building [4] Group 5: Future Outlook - The government has emphasized accelerating the construction of a digital China and promoting AI initiatives, presenting new historical opportunities for the company [4] - The company is positioned to leverage its unique data intelligence technology and supply chain expertise to navigate the evolving market landscape and achieve stronger growth [4]

在人工智能应用方面，公司通过自建大模型平台和本地化部署DeepSeek、通义千问等主流大模型，完 成了政务、就业、医疗等核心民生场景的智能化赋能。通过建设AI便民服务站、数字人通用平台、就 业运营服务平台等项目，德生科技不断深化"场景+AI+数据"的闭环布局，推动服务体验优化与效率提 升。2024年，公司研发投入达到7792.55万元，占营业收入比例11.85%，持续保持较高的研发强度。研 发重点围绕大模型、数字人、智能终端、数据运营等方向，助力公司在民生科技领域的长期竞争力建 设。 值得一提的是，德生科技经营基本面在2024年四季度实现明显改善。单季度营业收入达到2.44亿元，环 比大幅增长，归母净利润由亏转盈。现金流方面，四季度经营活动产生的现金流量净额达到2.17亿元， 实现有效好转，创全年新高。收入、利润和现金流同步回暖，充分反映出公司转型投入初见成效，运营 质量逐步提升，为2025年进一步释放经营动能奠定了坚实基础。 年报中，公司明确表示将坚持"服务民生促消费"核心战略，围绕"就业+AI""就医+AI""政务+AI"深化布 局，进一步夯实在社保民生服务领域的领先优势。随着新质生产力加快形成、数据要素 ...

转债主体 2025Q1 业绩前瞻 2025 年 04 月 27 日 ➢ 转债周度专题 可转债周报 20250427 截至 2024-04-25，474 只可转债中已有 217 只可转债发行主体披露了 2025 年一季报（占比 45.8%），9 只披露业绩预告。与去年同期来看，2025Q1 多数转债主体营收较上年同期有所增长。上述 217 只已披露业绩的可转债主体 中，分别有 138、114 只主体营业收入、归母净利润较去年同期有所增长，占比 分别为 63.59%、52.53%。 从行业层面看，农林牧渔、有色金属行业转债主体一季度营业收入、归母净 利润同比增速较高。农林牧渔转债主体一季度营业收入、归母净利润同比增速中 位数分别为 22.23%、238.50%，其中晓鸣转债利润增速最高，仅佩蒂转债同比 下滑。轻工制造、国防军工、食品饮料、汽车行业主体利润同比下滑较多，中位 数均低于-20%。此外，一季度亏损的转债主体主要集中在计算机、电力设备、 医药生物等行业，其中计算机行业主体亏损数占已披露数比达 66.7%。 个券来看，上述 217 只可转债主体中，2025Q1 实现营收与归母净利润均 同比增长的转债发行主体 ...

Core Insights - HanJia Design's first quarterly report after strategic transformation shows significant growth, with Q1 2025 revenue reaching 292 million yuan, a year-on-year increase of 49.94%, and net profit soaring by 294.18% to 10.23 million yuan [1] - The acquisition of 51% stake in Futai Technology marks a pivotal move for HanJia Design, enabling entry into the urban governance sector and positioning the company as a leading big data service operator in public utilities [1][2] - Futai Technology has established itself as a leader in urban governance data services, with over 1,500 industry-specific project cases and a market share exceeding 30% in the smart waste management sector [2][3] Group 1: Financial Performance - In Q1 2025, HanJia Design achieved a revenue of 292 million yuan, reflecting a 49.94% increase year-on-year [1] - The company's net profit reached 10.23 million yuan, marking a 294.18% increase, while the non-recurring net profit was 11.46 million yuan, up 448.69% [1] Group 2: Strategic Moves - The acquisition of Futai Technology's 51% stake is a strategic decision aimed at enhancing HanJia Design's capabilities in urban governance and data services [1] - The company aims to become a top-tier big data service operator and a provider of comprehensive solutions for urban governance robots [1] Group 3: Industry Positioning - Futai Technology is recognized as a leading player in urban governance data services, with a comprehensive business structure that includes digital software applications, data services, and robotic solutions [2][3] - The company has maintained a leading position in the smart waste management sector for over a decade, with a market share of over 30% [2] - Futai Technology's projects in smart water management and urban lifeline engineering have also established it as a market leader in various regions [2][3] Group 4: Future Outlook - HanJia Design plans to align with national strategic goals, focusing on green and low-carbon development while leveraging technological advancements in the public utility sector [5] - The company is committed to driving high-quality and sustainable growth through the integration of digital technologies into its operations [5]

2 0 2 5年4月2 4日，工业和信息化部等七部门联合印发《医药工业数智化转型实施方案（2 0 2 5—2 0 3 0年）》，政策指引医药全产 业链数智创新，2 0 3 0年将构建全产业链数据体系与创新生态。此次《方案》设计站位高，覆盖范围广，支持力度大，医药工业 数智化落地效果可期。其中，政策引导整合释放医药数据要素价值，有望赋能医疗健康产业发展。同时我们认为，医药工业数 智化全链条传导，利好医药产业链中①医药工业研发和生产、②人工智能工具提供者、③医药行业信息化基础设施建设等环 节。建议持续关注医疗健康产业的投资机会。 文 ｜ 任杰 张斌斌 宋硕 陈竹 2 0 2 5年4月2 4日，工业和信息化部等七部门联合印发《医药工业数智化转型实施方案（2 0 2 5—2 0 3 0年）》（以下简称《方 案》），对未来五年医药工业领域数智化提出了总体要求，明确了重点任务，对于指导医药工业领域实现数智化转型具有深刻 的指导意义。 ▍ 政策指引全产业链数智创新，2 0 3 0年将构建全产业链数据体系与创新生态。 ▍ 事件： 3）利好医药行业信息化基础设施建设： 无论是医药数智产品的研发和应用，还是医药数据资产的开发和利 ...

Core Insights - Public data is evolving from an auxiliary tool to a core resource in the digital age, playing a crucial role in reshaping economic structures and social forms [2] - Compliance with existing laws such as the Data Security Law and Personal Information Protection Law is just the starting point; the challenge lies in transforming compliance costs into value dividends [2] - The report outlines the compliance logic for data collection, circulation, and application scenarios, while also exploring the value characteristics, assessment methods, pricing mechanisms, and operational paths of public data [2] Policy and Regulatory Framework - The report emphasizes the importance of a robust legal framework to support the lifecycle of public data, highlighting the roles of various organizations in contributing to this framework [2] - It integrates practical experiences from the China Economic Information Service, policy reform perspectives from the China Enterprise Reform and Development Research Association, scientific value assessment support from Jinzheng Asset Evaluation, and legal compliance assurance from Taihe Tai Law Firm [2] Future Outlook - Public data is expected to become a "strategic asset" and serve as the "social operating system" of the digital economy [2] - The report calls for a dynamic balance between efficiency and fairness, innovation and order, as well as openness and security, with a focus on a "people-centered" value anchor [2] - It aims to provide theoretical guidance for the compliant application and value release of public data, promoting the healthy development of the data factor market and contributing Chinese wisdom to global digital governance [2]