Core Viewpoint - The company reported a significant increase in revenue and profit for Q1 2025, driven by high-margin AI-related orders, indicating strong growth potential in the AI computing sector [2][3]. Financial Performance - Q1 2025 revenue reached 4.31 billion, a year-on-year increase of 80.3% and a quarter-on-quarter increase of 42.2 - Net profit attributable to shareholders was 921 million, up 339.2% year-on-year and 136.2% quarter-on-quarter - Non-recurring net profit was 924 million, reflecting a year-on-year increase of 347.2% and a quarter-on-quarter increase of 153.9% - Operating cash flow was 424 million, a year-on-year increase of 134.6% - Gross margin improved to 33.37%, up 13.89 percentage points year-on-year and 7.68 percentage points quarter-on-quarter [2]. Market Outlook - For Q2 2025, the company expects net profit to exceed 1.2 billion, with H1 net profit projected to surpass 2.1 billion - The growth is attributed to the company's positioning with major clients like NVIDIA, Amazon, and AMD, and the acceleration of capacity expansion to meet domestic and overseas demand for PCB boards [3]. - The company aims to leverage AI computing technology advancements and data center upgrades to capture new market opportunities, focusing on high-end products and new materials [3]. Strategic Initiatives - The company plans to raise up to 1.9 billion for expanding high-end PCB production capacity for AI computing - It is actively collaborating with international clients such as NVIDIA, Tesla, and Amazon to meet high-end multilayer board demands [3]. - The company is also expanding its presence in the automotive electronics sector, becoming a key supplier for major Tier 1 clients [3]. Investment Potential - The company is well-positioned in the PCB sector, with a strong client base including NVIDIA, AMD, Intel, and others, which is expected to drive order growth - The forecast for revenue and net profit from 2025 to 2027 indicates significant growth potential, supported by the increasing demand for AI computing [4].

Core Viewpoint - The article highlights the significant changes in fund allocations across various sectors, with a notable increase in the allocation to Hong Kong stocks and a balanced market style driven by multiple types of funds. Group 1: Fund Holdings and Market Dynamics - As of Q1 2025, the market capitalization of various fund types is approximately 2.5-3 trillion, indicating a balanced market style not dominated by a single fund preference [3][26]. - The active equity funds have a market capitalization of 2.9 trillion, while foreign capital also holds 2.9 trillion, and insurance funds hold 2.4 trillion [3][26]. - The allocation to Hong Kong stocks has reached a historical high of 18.9%, with significant increases in the technology sector [4][41]. Group 2: Sector Allocation Changes - The technology sector saw a notable increase in allocation, with the electronics industry being the most significantly increased sector in Q1 2025, breaking previous trends of underperformance [8][53]. - The automotive, non-ferrous metals, and electronics sectors were the most increased in allocation, while power equipment, communication, and transportation sectors saw the largest reductions [54][56]. - The semiconductor and chemical pharmaceutical sectors also experienced significant increases in allocation, while communication equipment and photovoltaic sectors faced substantial reductions [57][60]. Group 3: Specific Company Increases - Major companies in Hong Kong that saw increased allocations include Alibaba, Tencent, and Xiaomi, particularly in the internet, innovative pharmaceuticals, and new consumption sectors [4][47][52]. - The top companies with increased allocations in Q1 2025 include Alibaba (2.04%), Tencent (4.15%), and Xiaomi (1.13%) [52]. Group 4: Investment Trends and Future Outlook - The article suggests a shift towards domestic computing and application chains in the technology sector, with a focus on AI and robotics, indicating long-term investment opportunities [14]. - The article also notes that sectors such as consumer goods, building materials, and retail are expected to see increased trading activity due to policy expectations [15][17]. - The export chain has maintained high positions despite a reduction in overall allocations, with specific sectors like motorcycles and pneumatic tools still attracting investment [18].

从板块上看，贵金属、跨境支付、零售等方向涨幅居前，互联网、教育、文化传媒等AI应用方向走高，而白酒、电信、银行等板块震荡调整。 【导读】大消费板块表现活跃，软件板块多股涨停 中国基金报记者 李智 一起来看上午的市场情况及资讯。 4月21日上午，A股市场低开后盘中拉升，创业板指领涨。截至午间收盘，沪指涨0.3%，深成指涨0.72%，创业板指涨1.05%。 | 上证指数 深证成指 | 北证50 | | | --- | --- | --- | | 3286.44 9852.09 | 1345.79 | | | +9.71 +0.30% +70.44 +0.72% +16.90 +1.27% | | | | 科创50 创业板指 | 万得全A | | | 1018.02 1934.05 | 4935.02 | | | +9.42 +0.93% +20.08 +1.05% +35.39 +0.72% | | | | 创业板指(399006) < W | | Q | | 04-21 11:30:03 | | | | 1934.05 | 昨收 | | | 今开 1910.90 20.08 1.05% | 成交量 | | | ...

国内 AI 算力进展与落地 20250420 摘要 Q&A 国产芯片在云端部署的现状及未来发展趋势如何？ 目前，国内的主要互联网公司如字节跳动、百度、腾讯和阿里巴巴等，已经开 始更多地选择国产芯片进行云端部署。预计在今年（2025 年）五六月份之后， 越来越多的渠道将提供国产芯片租赁服务，而不是直接线下交付。这是一个较 大的变化，表明国产芯片在云端应用中的重要性逐渐提升。然而，目前国产芯 片主要用于推理任务，尚未能完全替代英伟达和 AMD 芯片进行复杂计算和训练。 • 字节跳动对英伟达供应链不确定性早有预期，采取"有就买，没有就算" 策略，不再严格依赖 NVIDIA 算力。2025 年海外服务器采购预算接近 500 亿，并按计划推动落地执行，以应对潜在的供应风险。 • H20 芯片虽有尾单交付，但若持续无法获得售卖许可，字节跳动将暂停官 方通道入库，且不会将所有预算转向国产替代品，因内部尚未达成一致。 美国政策及英伟达游说能力的不确定性，使未来供应情况难以预测。 • H20 芯片性能和参数相对较差，市场需求有限，租赁单价虽有所上涨，但 未来进一步上涨可能性不大。多模态模型推理仍需 FP16 精度，H20 对整 ...

以下文章来源于申万宏源策略 ，作者申万宏源策略 申万宏源策略 . 我们强调体系性、实战性 一、市场超跌反弹后还要磨底的判断正在验证，市场对基本面压力的反映幅度到位，时间不足。磨底阶段需要消化的因素：关税的基本面影响逐 步显现；中美在金融和科技领域可能还有后续扰动；能够凝聚市场共识的主线仍需等待。 上周我们提示了，市场超跌反弹后，后续还需磨底，本周市场已开启磨底波段。市场对基本面压力的反映幅度基本到位，但时间不足。清明假期 市场对关税影响的预期过度悲观，4月7日市场大幅调整，市场迅速回到了长期高性价比区域，对基本面悲观预期的反映基本到位。但从时间上， 利好债市、不利于股市的资产配置环境还将持续一段时间。磨底阶段A股需要消化的因素：1. 关税影响是美国滞胀交易，国内衰退交易。后续外 需回落压力逐步显现，二季度即便有"抢转口"，外需回落的方向不变，三季度回落压力可能放大。2. 中美对弈，关税层面的扰动已接近极限，关 税进一步加征已难产生边际影响，反倒会激励微观主体的腾挪行为。但后续中美在金融和科技领域可能还有扰动，这仍是触发A股脉冲式调整的 因素。这也是政策储备严阵以待，平准基金继续发挥稳定资本市场预期功能的契机。 ...

以下文章来源于申万宏源策略 ，作者申万宏源策略 申万宏源策略 . 我们强调体系性、实战性 目录 一周回顾 素：关税的基本面影响逐步显现；中美在金融和科技领域可能还有后续扰动；能够凝聚市场共识的主线仍需等待。 市场对政策对冲的要求会逐步提高。讨论二季度市场预期总体平稳所需的政策条件：1. 保留后续政策适时加码的空间。2. 一季度累积的财政资源，在二季度要落实实物工作物量，消 本轮是对冲资产(新消费)明显占优，后续科技主题的权重会增加。 中期A股重拾上行趋势，大概率要以科技产业趋势重新凝聚共识为条件。中期继续推荐：国内AI算力和应用、具身智 光学光电子；PE\PB均在历史15%分位以下的行业：保险、小金属、交通运输（航运港口）、电池、中药、医疗服务 专题研究 进行梳理和探讨。 公告 -- 优质自身的保障 " 宋照 句广大外贸企业 责合作伙伴 F 加大外贸优品消费文 F端环的号召，盯焚资 F开放快捷通道，9章 F。 日前日第今产企 # 国外贸企业 驻通道 K关于提拔消费、扩大 C 集团 应商伙伴 id= l 胖】 l 船求发力点? !链观察系列1 @www—科技 ia" 9) 星光, 汇星座 列 三角系統合第二次 ...

一周回顾 素：关税的基本面影响逐步显现；中美在金融和科技领域可能还有后续扰动；能够凝聚市场共识的主线仍需等待。 市场对政策对冲的要求会逐步提高。讨论二季度市场预期总体平稳所需的政策条件：1. 保留后续政策适时加码的空间。2. 一季度累积的财政资源，在二季度要落实实物工作物量，消 本轮是对冲资产(新消费)明显占优，后续科技主题的权重会增加。 中期A股重拾上行趋势，大概率要以科技产业趋势重新凝聚共识为条件。中期继续推荐：国内AI算力和应用、具身智 以下文章来源于申万宏源策略 ，作者申万宏源策略 申万宏源策略 . 我们强调体系性、实战性 目录 光学光电子；PE\PB均在历史15%分位以下的行业：保险、小金属、交通运输（航运港口）、电池、中药、医疗服务 专题研究 进行梳理和探讨。 公告 -- 优质自身的保障 " 宋照 句广大外贸企业 责合作伙伴 F 加大外贸优品消费文 F端环的号召，盯焚资 F开放快捷通道，9章 F。 日前日第今产企 # 国外贸企业 驻通道 K关于提拔消费、扩大 C 集团 应商伙伴 id= U.M.S t力协同 I商服务消费者 门网站群官网站,在澳门百家 北京国际官网,澳门葡京官 亚人娱乐,威尼斯人娱 ...

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The darkest moment at the bottom may have passed, and the inflection point of the convertible bond market's repair is approaching. With the easing of the tariff storm, the convertible bond market has seen capital inflows, and the approval of convertible bond plans has accelerated, optimizing the supply - demand pattern [1][15]. - In April, it is recommended to focus on high - rating and stable convertible bonds, reduce the export risk exposure in the convertible bond portfolio, and pay attention to infrastructure, domestic economic ballast - type cyclical industries, and hedging and strategic resource industries. Starting from May, technology - independent growth industries are expected to regain market attention [2][19]. 3. Summary According to Relevant Catalogs 3.1 Convertible Bond Weekly Special Topic and Outlook 3.1.1 How to View the Return of Convertible Bond Funds - With the easing of the tariff storm, the market has gradually recovered, and convertible bond ETFs have been repurchased. Since April 17, the A - share market has stopped falling and rebounded, with the CSI Convertible Bond Index rising 0.19% on that day. The Bosera Convertible Bond ETF had a net increase of 0.59 billion shares this week, with a circulation scale increase of 495 million yuan [1][10]. - The convertible bond market's bottom may have passed, and the allocation cost - effectiveness is prominent, which is the main reason for the return of funds. The approval of convertible bond plans has accelerated, and the supply - demand pattern is expected to continue to optimize [15]. 3.1.2 Weekly Review and Market Outlook - This week, the three major A - share indexes showed differentiation, with precious metals and cyclical sectors oscillating strongly. The Shanghai Composite Index rose 1.19%, while the Shenzhen Component Index and the ChiNext Index fell 0.54% and 0.64% respectively [20][21]. - The current A - share market valuation has rebounded but is still at a relatively low level in the long - term. The risk - return ratio shows good allocation cost - effectiveness. The convertible bond issuance pressure is expected to be low, but attention should be paid to the valuation callback risk. Also, continue to pay attention to the downward - revision game space and be vigilant against the forced - redemption risk [21]. - Industries to focus on include popular themes, domestic - demand directions, central state - owned enterprises under the Chinese - characteristic valuation system, and the military industry [22]. 3.2 Convertible Bond Market Weekly Tracking 3.2.1 Equity Market Differentiation, Defensive Industries such as Banks Strengthen - This week, the equity market had mixed performance. The Wind All - A Index rose 0.39%, the Shanghai Composite Index rose 1.19%, and the market style was more inclined to large - cap growth. Among the Shenwan industry indexes, 23 industries rose and 8 industries fell, with banks, real estate, and the comprehensive industry leading the gains [25][27]. 3.2.2 Convertible Bond Market Declined, Hundred - Yuan Premium Rate Slightly Decreased - The convertible bond market declined this week. The CSI Convertible Bond Index fell 0.58%, and the average daily trading volume decreased significantly. The average daily trading volume was 52.703 billion yuan, a decrease of 40.389 billion yuan from last week [30]. - In the convertible bond industry, 5 industries rose and 24 industries fell. The corresponding underlying stocks also showed mixed performance, with 13 industries rising and 16 industries falling [33]. - Most individual convertible bonds fell. The top five weekly gainers and losers are listed, as well as the top five in terms of weekly trading volume [36]. - The number of low - price convertible bonds increased, and the median price of convertible bonds decreased. The weighted conversion value of the whole market increased, and the premium rate decreased [39][44]. 3.2.3 High - Frequency Tracking of Different Types of Convertible Bonds - **Market Index Performance**: All convertible bonds with different parities declined this week. High - parity convertible bonds are more elastic. Among the stock - bond classification, the stock - oriented convertible bonds rose, while the balanced and bond - oriented convertible bonds fell. Historically, stock - oriented convertible bonds are more elastic, and balanced convertible bonds are more resistant to decline. Among different ratings, AAA and A - and below rated convertible bonds rose, and other ratings fell. All convertible bonds in different size segments declined this week [47][49]. - **Classification Valuation Changes**: The valuations of stock - oriented and balanced convertible bonds declined this week. The valuations of convertible bonds with parities below 80 yuan and between 100 - 110 yuan increased, while most others decreased. The valuations of convertible bonds with different ratings and sizes all declined [53]. 3.3 Convertible Bond Supply and Clause Tracking 3.3.1 This Week's Primary Plan Issuance - One new convertible bond was listed this week, and four are pending listing. The primary approval number was 14. Since the beginning of 2023 to April 18, 2025, there have been 89 planned convertible bonds, with a total scale of 149.534 billion yuan [64][65]. 3.3.2 Downward - Revision and Redemption Clauses - **Downward - Revision Clauses**: 42 convertible bonds announced the expected trigger of downward - revision, 13 announced no downward - revision, 1 proposed downward - revision, and 2 actually carried out downward - revision [5][69]. - **Redemption Clauses**: 4 convertible bonds announced the expected trigger of redemption, 3 announced no early redemption, and 2 announced early redemption. As of the end of this week, 2 convertible bonds were still in the put - option declaration period, and 21 were in the company's capital - reduction settlement declaration period [5][78].

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].

Core Viewpoint - The strategic cooperation between Feilong Co., Ltd. and Huada Technology aims to enhance their competitive edge in the rapidly growing markets of new energy vehicles and AI computing power, focusing on thermal management technology [1][3]. Group 1: Strategic Cooperation - Feilong Co., Ltd. and Huada Technology will collaborate 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 [1][2]. - The partnership will leverage Feilong's strong R&D capabilities and customer base in new energy thermal management components, alongside Huada's expertise in stamping, profiles, and die-casting [1][2]. - Both companies will establish a joint team to accelerate project development and consider joint office arrangements [2]. Group 2: Development Focus - Feilong will support Huada in the development of intelligent AI casting temperature control systems and related thermal management components, while Huada will assist Feilong in the new energy vehicle and energy storage sectors [2]. - The intellectual property rights for jointly developed thermal management products will belong to Feilong, while those for stamping, piping, and die-casting will belong to Huada [2]. Group 3: Financial Performance - In the fiscal year 2024, Feilong achieved a revenue of 4.723 billion yuan, representing a year-on-year growth of 15.34%, and a net profit of 330 million yuan, with a growth of 25.92% [4]. - The growth in revenue was driven by the increasing penetration of hybrid vehicle models and rising export demand for turbocharger housings, alongside breakthroughs in the new energy thermal management components [4].