Core Viewpoint - The strategic cooperation between Feilong Co. and Huada Automotive Technology Co. aims to leverage their respective strengths in the rapidly growing fields of new energy vehicles and AI computing power, responding to increasing market demands [2][3] Group 1: Strategic Cooperation - Feilong Co. has signed a strategic cooperation framework agreement with Huada Technology to enhance their new energy business and product advantages in both the new energy vehicle and civilian sectors [2] - The cooperation focuses on the development, production, and sales of core components and integrated solutions in the fields of new energy vehicles, energy storage, and data center thermal management [2] Group 2: Joint Development and Intellectual Property - Feilong Co. will support Huada Technology in the development of intelligent AI casting temperature control systems, stamping, piping, and vacuum die-casting, while committing to joint development of core structural components like flow plates and liquid cooling plates [3] - The intellectual property rights for thermal management products will belong to Feilong Co., while those for stamping, piping, and vacuum die-casting will belong to Huada Technology [3] - Both companies have agreed to promote further equity cooperation by December 31, 2027 [3]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 36.00 CNY and a fair value of 39.35 CNY [2]. Core Insights - The company is positioned as a leader in the inland ship engine market and a pioneer in domestic diesel generator replacement, benefiting from policies promoting upgrades and a recovering domestic demand [6][8]. - The generator business is expected to experience rapid growth due to increasing demand from data centers driven by AI computing power, with the company capturing significant market share in upcoming tenders [8][60]. - The company forecasts a substantial increase in net profit from 326 million CNY in 2025 to 653 million CNY in 2027, supported by a projected 40x PE ratio for 2025 [8]. Summary by Sections 1. Company Overview - Weichai Heavy Machinery Co., Ltd. is a high-tech enterprise with a comprehensive service network covering inland, coastal, and major islands in China, supported by over 300 maintenance stations [17][20]. - The company produces a wide range of engines and generators, establishing a full industry chain advantage in power solutions [23]. 2. Diesel Generator Business - The global diesel generator market is expected to grow steadily, with China becoming a key driver of this growth, increasing its market share from approximately 26.37% in 2018 to nearly 30% by 2030 [42][46]. - The company has seen significant growth in its generator business, with a revenue increase of 38.44% year-on-year in 2024, marking a new high [50]. 3. Inland Ship Engine Market - The company benefits from domestic policies promoting the replacement of aging vessels, which is expected to stabilize demand in the inland ship engine market [8][60]. - The introduction of new products aimed at reducing fuel consumption is expected to enhance the company's market share in the inland and near-coastal fishing vessel markets [8]. 4. Financial Projections - The company anticipates a steady increase in revenue from 40.02 billion CNY in 2024 to 89.87 billion CNY by 2027, with a compound annual growth rate of 27.5% in 2025 [7]. - The projected EBITDA for 2025 is 401 million CNY, with a net profit of 326 million CNY, reflecting a growth rate of 76.2% [7]. 5. Market Dynamics - The demand for diesel generators is expected to rise significantly due to the expansion of data centers, with the market size projected to reach 190 billion USD in 2024, a year-on-year increase of 86.9% [60][67]. - The company has successfully increased its market share in tenders, achieving a 40% share in the 2025-2026 bidding for high-pressure water-cooled diesel generators [71][81].

- ■■- 核心摘要 2022年12月ChatGPT发布，引发全球市场对于AI发展的关注。伴随美国头部云厂商不断提升资本开 支，AI基建领域产生众多投资机会。涉及产品包括变压器、UPS（不间断电源）、服务器电源、液 冷；甚至由于AIDC（AI数据中心）建设的火爆，导致电网接入点稀缺，核电成为AIDC的优质电 源，包括核电公司以及可控核聚变公司均受到关注。 我们复盘ChatGPT发布后，海外AIDC基建类产业链股价走势，可以发现各区间段收益率靠前的细分 赛道，基本对应当时AI产业演进中的核心矛盾或进展。从规律来看，大致可以分为四个阶段：1） ChatGPT出现带来算力需求高增，期间服务器电源关注度攀升；2）算力高增推动芯片技术迭代，相 应导致功耗提升，服务器电源、液冷需求提升；3）AIDC进入实际建设阶段，AI基建（备用电源、 变压器需求增加）；4）AIDC建设导致电网接入点难寻，燃气轮机、核电相应概念热度提升。 综合以上分析，对于中国AIDC各细分产业链，我们观点如下： 传统备用电源有望享受量价齐升红利。 海外头部企业整体指引2025年营业利润率有望提升。我们认 为主要原因有（1）需求量端，AI数据中心建设浪 ...

4月3日沪深两市双双下挫，成交量有所放大。板块上养殖业、物流涨幅居前，厨卫电器、元件板块跌幅 居前。人气股方面红宝丽（002165）收于涨停，中毅达（600610）、杭钢股份（600126）涨幅居前，大 位科技（600589）下跌0.83%成为十大人气股中唯一下跌个股。下面是今日十大人气股排名的详细情 况。 | 4.3沪深两市 十大人气股排名 | | | | | | | --- | --- | --- | --- | --- | --- | | 个股人气排名 股票代码 | | 证券简称 | 收盘价 | 涨跌幅 (%) | 人气值 | | 1 | 600126 | 杭钢股份 | 12.2 | 6.36 | 1,245.47万 | | 2 | 002549 | 凯美特气 | 10.11 | 0 | 898.82万 | | 3 | 002165 | 红宝丽 | 7.03 | 10.02 | 539.86万 | | 4 | 600610 | 中毅达 | 9.32 | 7.37 | 462.96万 | | ਦੇ | 000880 | 潍柴重机 | 36.7 | 1.94 | 422.30万 | | 6 | 603300 ...

Core Insights - Beijing has successfully issued and listed 11 infrastructure public REITs projects, raising approximately 23.5 billion yuan, accounting for 17.2% of the national project count and 13.8% of the total fundraising scale, maintaining a leading position in the country [1] - Infrastructure public REITs serve as an innovative financial tool that transforms stable income-generating real estate projects into standardized, tradable financial products, providing investors with high cash dividends and strong liquidity [1] - The initiative plays a crucial role in supporting high-quality economic development by enhancing direct financing, stabilizing macro leverage ratios, and preventing financial risks [1] Project Development and Support - The Beijing Development and Reform Commission has issued a notice to encourage market participants to actively submit applications for infrastructure public REITs projects, reflecting a positive response [2] - A dedicated working mechanism has been established, involving multiple departments to efficiently support the issuance and operation of infrastructure public REITs projects [2] - Beijing has successfully launched projects in various sectors, including warehousing logistics, ecological protection, clean energy, and affordable housing, marking the first listings in these areas nationwide [2] Future Directions - The city plans to leverage its ecological advantages and enhance service support to promote more infrastructure public REITs projects [3] - The project solicitation channel for infrastructure public REITs will be normalized, focusing on new infrastructure areas such as artificial intelligence, data centers, and smart cities [3]

Core Viewpoint - A European investor plans to invest €200 million to €250 million in the former BelGaN factory in Oudenaarde, which will restart chip production using photonic chips instead of gallium nitride technology [1][2] Group 1: Investment and Production Plans - The bankruptcy trustee has reached an agreement to acquire the site for €20.35 million, with plans to reopen the factory in September and create up to 500 jobs [1][2] - The new owner has paid a €2 million deposit to demonstrate commitment, and negotiations regarding investment conditions are ongoing [1][2] - BelGaN has a clear business plan for producing photonic chips, which differs from its previous focus on gallium nitride chips that struggled to be profitable [1][2] Group 2: Market Context and Strategic Importance - The news comes at a critical time for the European chip industry, which is trying to compete with the US and Asia through the European Chips Act, a €43 billion investment plan [2] - The restart of the factory is significant for Europe's chip strategy, as BelGaN was the only industrial chip manufacturer in Belgium before its bankruptcy [2] - The factory's cleanroom is suitable for the production processes of the next generation of chips, aligning with the growing demand for specialized chips in AI, data centers, and the automotive industry [1][2]

【 机构观点综评 】 华泰柏瑞基金称，短期A股市场催化可能有所减轻，临近4月财报季盈利定价权重 可能提升。博时基金认为， 预计后续外需可能面临回落的压力，基本面格局对长债仍构成支撑。 一、权益市场 1.中泰证券：聚焦小市值科技股 中泰证券认为，看好小市值风格的持续性，市场可能的调整过程中，更建议聚焦小市值科技。区别 于科技龙头面临的海外对标与国内经济约束，小市值科技股有望受益于龙头资本开支和地方新质生 产力投资，产业链逻辑下，年内有望释放业绩弹性。如果科技行情短期内有所松动，股息资产预计 较为受益。 2.国海证券：金融与科技或是指数冲关受益方向 国海证券二季度投资策略认为，参考1999年"519"、2014年底、2020年中指数冲关的演绎，需要 具备政策、货币或者基本面强复苏三者至少其一，站稳3400点并向上突破并非易事，年中中美货币 共振宽松的概率较大，金融和科技可能是指数冲关最受益的方向，在此之前是成长优于金融、消费 好于周期的格局。 3.华泰柏瑞基金：盈利定价权重或提升 华泰柏瑞基金称，展望后市，短期A股市场催化可能有所减轻，临近4月财报季盈利定价权重可能提 升。随着国内货币及资本市场政策落地，市场风险 ...

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息，本篇为栏目第 279 篇报道。 整理丨赵晓晓 本周（2024.03.23-2025.03.30）出海大事件包括： 特朗普声称可以用TikTok换关税；TikTok 广告销售负责 人离职，美国团队正在面临中国高层的调整；速卖通：高客单商品增长趋势越来越明显；蔡崇信说全球 数据中心建设可能已有泡沫；字节跳动在日本上线短剧 App；特朗普宣布对所有进口汽车征收25%关税， 现代汽车刚宣布在美投资210亿美元；阿里云前副总裁贾扬清的创业公司要被英伟达收购了等。 出海四小龙 特朗普声称可以用TikTok换关税 特朗普周三表示，他可以放宽对中国征收的高额关税，以换取北京支持将TikTok出售给华盛顿支持的美 国公司。他的原话是："也许我会给他们一点关税减免或其他什么来达成协议，因为关税比 TikTok 贵得 多。" 不过没人会相信他，首先特朗普未必会信守放宽对中国加征关税承诺。如果TikTok转手，特朗普还会再 找其他理由来加征对中国的关税。 特朗普或许还会再次延长 TikTok 出 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容编译自intel，谢谢。 以下为信件译文： 尊敬的股东： 本月初，当我接任英特尔首席执行官一职时，我以务实的态度关注业务，对公司抱有坚定的信念。 虽然我们需要克服一些明显的挑战，但也存在着加速扭转局面和提高业绩的重要机会。 我知道，要取得英特尔能够取得的成果，首先要重新关注我们的客户。从我上任第一天起，这一直 是首要任务。我正在认真听取他们的反馈意见，以便我们继续推动必要的变革，以取悦客户并加强 我们的竞争地位。 作为长期关注英特尔的人，我亲眼目睹，当公司提供让客户满意的出色产品时，它总是表现最佳。 这就是我作为领导者的心态。当我与我们的团队会面时，我看到了重振英特尔产品组合的机会，这 令我深受启发。 早前，英特尔任命陈立武为CEO。于是，大家对其如何拯救这家芯片巨头，充满好奇。在最新的一 封给股东的信中，我们可以看到这位巨头领导人新策略的蜘丝马迹。 简单来说，空谈的时代已经结束。我们必须把我们的话语付诸行动，兑现我们的承诺。我很高兴看 到领导团队已经开始推动实现这一目标所需的文化变革。作为首席执行官，我将继续推动这一转 变，以便我们行动更快、工作更聪明，让 ...

4.字节豆包大模型负责人乔木飞书账号遭停，或因内部纠纷引关注 5.DeepSeek梁文锋首登全球富豪榜！雷军财富增长最快，首进中国前十 6.王化回应网传雷军广告报价37万起：雷总没有计划接商单 7. Android从此闭门开发！谷歌确认：安卓不会停止开源，将继续发布新版本源代码 8."AI数据中心泡沫论"被迅速验证？微软被曝放弃在美欧新数据中心项目 1. 阿里前高管贾扬清创业公司卖身英伟达，创立两年或价值数亿美元 2. 百度副总裁谢广军演讲因开盒事件被取消，活动延期，此前被传申请离职 3.李想宣布推出自研操作系统星环OS：投入200名研发人员，10亿人民币 今日头条 HEADLINE NEWS TikTok政策大调整：新增品牌托管模式 据多个卖家爆料，TikTok在电商板块又做出一个重大调整，除了全托管、半托管，新推出了品牌托管模 式。根据消息，该模式招募范围包括亚马逊、独立站、SHEIN、Temu等出海卖家，也包括天猫、京东、 抖音等国内卖家。要求商家具有一定的年销售额规模。可以发现，优质的品牌大卖是TikTok Shop品牌托 管模式的重点吸纳对象。 另据业内人士透露，此次TikTok Shop推出的"品 ...