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].

随着上市公司陆续发布最新持仓公告，多位明星基金经理近期的调仓动作提前曝光，调仓涉及医疗、新 能源、AI算力等产业。 券商中国记者注意到，今年以来，葛兰执掌的中欧医疗健康减持了九安医疗，何帅、沈楠管理的多只基金 增持了威力传动，韩创管理的大成新锐产业则大举加仓沃格光电。 葛兰减持九安医疗 3月28日，九安医疗发布的公告显示，截至3月26日，由葛兰管理的中欧医疗健康持有九安医疗的股份数 量约423万股，占公司总股本的0.89%。而2024年的年报显示，中欧医疗健康持有577万股，今年减持 154万股。另一位知名基金经理赵蓓的持仓则较去年底没有变化。 公开资料显示，九安医疗是一家在国内外具有影响力的个人健康管理产品供应商，所处行业为全球体外诊 断（IVD）及家用医疗健康产品领域、互联网医疗领域，主要从事家用医疗器械的研发、生产及销售。公 司具备同时开发多品类智能硬件、向智能硬件项目提供产品定义、研发、设计、生产制造、营销等全过程 服务的能力，拥有涵盖血压、血糖、血氧、心电、心率、体重、体脂、睡眠、运动等领域的较为完备的个 人健康类可穿戴设备产品线。 数据显示，截至2024年末，有多家公募机构持股九安医疗，包括华宝基 ...

Group 1: DeepSeek Model and Factor Optimization - The DeepSeek model optimizes and generates stock selection factors based on the Alpha158 factor integrated with Qlib, covering five categories: intraday, volatility, price, volume, and price-volume correlation [3] - By optimizing these factors, DeepSeek significantly improves the predictive ability of most factors, particularly excelling in RankIC and ICIR metrics [3] - Generating new factors from scratch is challenging, but using existing optimized factor expressions as references allows for the generation of new high ICIR factors with fewer iterations [3] - In portfolio optimization, combining the optimized Alpha158 factors with newly generated factors using the Lasso model effectively enhances stock selection capabilities, especially in the full A-share data and the CSI 800 index combination [3] Group 2: New Incremental Policies and Economic Stimulus - On March 23, the Premier reaffirmed confidence in China's economic operation and macro policy implementation, emphasizing increased counter-cyclical adjustments and the potential introduction of new incremental policies, mainly referring to the possibility of central government leverage [4] - Following the National People's Congress, high-level leaders conducted intensive research in key regions such as Guizhou, Guangdong, and Fujian, focusing on technology, openness, foreign trade, employment, and security [4] - The State Council approved the "2025 Key Work Division Plan" on March 12, stressing the need to strengthen support for local governments, particularly in resource assurance, technological innovation, and reform and opening up, likely favoring major economic provinces like Zhejiang, Guangdong, and Fujian [4] - The central bank and other departments plan to stimulate the economy through policies such as reserve requirement ratio cuts, interest rate reductions, promoting foreign trade growth, and facilitating cross-border trade [4] - The "Special Action Plan to Boost Consumption" was issued on March 16, proposing measures to stimulate consumption through demand reform, supply upgrades, and livelihood guarantees, while also mentioning stabilizing the stock and real estate markets [4] Group 3: Hainan Huatie's Computing Power Leasing Business - Hainan Huatie (Huatie Dahuangfeng) has begun laying out its computing power leasing business and announced an investment plan for intelligent computing centers in 2024 [5] - As of December 2024, the company has signed computing power service orders totaling 2.475 billion yuan, and with a new contract of 3.69 billion yuan, the cumulative order amount has reached 6.165 billion yuan, 1.39 times its 2023 revenue [5] - The company’s former controlling shareholder has transferred its shares to Hainan State-owned Capital Holding Company, becoming the new controlling shareholder [5] - Expected net profits for the company from 2024 to 2026 are projected to be 619 million yuan, 846 million yuan, and 1.065 billion yuan, with EPS of 0.31 yuan, 0.43 yuan, and 0.54 yuan respectively [5] Group 4: Haiguang Information's Development in CPU and AI Computing - Haiguang Information, established in 2014, obtained AMD technology authorization in 2016 and initiated CPU product development, leveraging AMD's technology and its own R&D capabilities [7] - The company employs a "sell one generation, verify one generation, and develop one generation" strategy to promote continuous iteration of its Haiguang series CPUs and deep computing units (DCUs) [7] - Haiguang has significantly increased R&D investment, with product performance gradually catching up to global leaders while maintaining a leading position in the domestic market [7] - The Haiguang CPU is based on the x86 architecture, featuring a mature ecosystem and strong compatibility, particularly achieving seamless switching at the software and application levels [8] - Haiguang's DCU products, primarily used in supercomputing centers, have become leaders in domestic supercomputing chips, with ongoing development of the next-generation DCU, expected to significantly enhance AI performance [12] - The domestic information technology innovation industry is accelerating, with increasing domestic production rates supported by fiscal policies [10] - Haiguang is positioned to benefit from the rise of the domestic AI computing industry amid increasing U.S. chip export controls [12] Group 5: Investment Strategies During Earnings Season - Stocks disclosing last year's annual reports are suitable for shorter holding periods, while those disclosing quarterly reports are better for longer holding periods [13] - The excess return rate is typically better for shorter holding periods after annual report disclosures, while it improves with longer holding periods after quarterly report disclosures [13] - In the context of technology stocks experiencing box fluctuations, opportunities for low-cost entry in humanoid robots and DeepSeek + AI computing can be considered [13] - Investors should focus on stocks that perform well post-annual report release, keeping holding periods within T+5 for short-term gains [13] - After quarterly report disclosures, excess returns improve with extended holding periods, making it suitable to select stocks with sustained growth potential and consider holding until T+10 [13] - Maintaining dividend stocks as defensive assets is advisable, especially in a market lacking hotspots, with sectors like steel also considered for supplementary allocation [13]

Core Viewpoint - The market is experiencing a rebound with significant movements in various sectors, particularly in chemical stocks and innovative pharmaceuticals, while some sectors like deep-sea technology are facing declines [1][2][3]. Group 1: Market Performance - The three major indices showed slight increases, with the Shanghai and Shenzhen markets recording a total trading volume of 1.19 trillion yuan, an increase of 36.4 billion yuan compared to the previous trading day [1]. - Chemical stocks are notably strong, with multiple stocks hitting the daily limit, while deep-sea technology stocks are collectively declining [1][2]. Group 2: Monetary Policy - The People's Bank of China is adopting a moderately loose monetary policy in response to changing domestic and international environments, with multiple reductions in reserve requirements and interest rates to support economic development [3]. Group 3: Price Increase Trends - The "price increase" theme is gaining traction, particularly in the chemical sector, with various chemical products such as double-cyclic butylene, epoxy propane, and sulfuric acid showing price increases [4][5]. - Data from the business community indicates that sulfur prices have risen to 2454 yuan per ton, marking a nearly 137% increase compared to the same period last year [6]. Group 4: Earnings Forecasts - The upcoming earnings season is expected to shift market dynamics from event-driven to fundamentals-driven, with profit expectations becoming a key factor influencing stock prices [17]. - As of now, 15 companies have already disclosed their earnings forecasts for Q1 2025, with positive expectations concentrated in sectors like semiconductors, pharmaceuticals, and home appliances [19][20].

Group 1: Financial Performance and Concerns - The company reported revenue of over 35 billion, with a profit of less than 2 billion, raising suspicions of potential financial misconduct [2] - The operating cash flow has frequently been negative, leading to concerns about the company's ability to sustain operations in the long term [2] - The net profit for Wuhu Tianniao in 2024 is projected to be -28.94 million, indicating challenges in profitability despite future potential [3] Group 2: Risk Management and Operational Strategies - The company emphasizes risk management strategies to mitigate the impact of copper price fluctuations, focusing on inventory management and operational stability [2][5] - The average receivable period for basic materials is around 15 days, ensuring that cash flow issues from sales are unlikely [2] - The company is actively working on product upgrades and technological advancements to maintain market competitiveness and long-term growth [2][3] Group 3: Research and Development Investments - The company invests over 1.1 billion annually in R&D, focusing on product technology upgrades and new product development [2][3] - Despite high R&D expenditures, there are concerns about the low profit margins and overall financial returns from these investments [7] - The company aims to enhance product value and profitability as new projects come online [7] Group 4: Market and Competitive Landscape - The company is positioned in the high-end carbon fiber composite materials market, with ongoing collaborations with major automotive manufacturers [3][7] - The competitive edge lies in the company's technological capabilities and market positioning in the carbon ceramic brake disc sector [7] - The company is exploring new applications in AI and data transmission, indicating a focus on emerging market demands [8] Group 5: Government Support and Subsidies - Government subsidies received in 2024 have slightly increased compared to 2023, primarily from resource utilization and fixed asset investments [4] - The company is monitoring the impact of changes in subsidy structures on its financial performance [4] Group 6: Future Outlook and Strategic Initiatives - The company is optimistic about recovering from recent performance dips, particularly in the photovoltaic sector, with signs of order recovery [4] - The listing progress of subsidiary Dingli Technology on the Beijing Stock Exchange is ongoing, with successful acceptance of the application [6][9] - The company is committed to maintaining transparency and communication with investors regarding future developments and financial disclosures [9]

Core Insights - Ant Group has reduced its holdings in Obi Technology and Yong'an Travel, generating a total investment return exceeding 775 million yuan [3][7] - The company is increasing its investments in the AI sector, focusing on cutting-edge technology firms [3][8] Investment Actions - Ant Group's subsidiary, Shanghai Yunxin Investment Management Co., sold 8.822 million shares of Obi Technology, accounting for 2.21% of the total share capital, realizing approximately 556 million yuan [4] - After the sale, Ant Group retains a 10% stake in Obi Technology, remaining the second-largest shareholder [4] - In the shared mobility sector, Ant Group sold 6% of its shares in Yong'an Travel for 219 million yuan, reducing its stake from 7.86% to 1.43% [6] Financial Performance of Companies - Obi Technology's stock price has surged over 200% this year due to its "humanoid robot" concept, although the company reported a loss of 60.31 million yuan in the first three quarters of 2024 [6] - Despite the losses, Obi Technology has made positive strides in technology application and market expansion [6] Strategic Rationale - Ant Group's recent divestments are part of a strategic adjustment to enhance capital efficiency and focus on earlier-stage investment opportunities [10] - The company emphasizes a long-term investment horizon, prioritizing resource support and ecosystem collaboration to foster growth in portfolio companies [10] Current Investment Strategy - Ant Group's investment strategy is aligned with its core direction, focusing on AI, large models, and embodied intelligence [11] - The company is actively investing in various AI projects, including DeepWisdom, StarSeaMap, and others, as it aims to support technological innovation [11] - The firm believes that early investments in transformative technologies will facilitate strategic adjustments and drive future growth [11]

市场表现：今日(20250325) 规模指数中上证 50 指数表现较好，板块指数中 北证 50 指数表现较好，风格指数中中证 500 价值指数表现较好。煤炭、石 油石化、电力公用事业、基础化工、农林牧渔行业表现较好，计算机、电子、 通信、传媒、汽车行业表现较差。炭黑、MLCC、钒电池、纯碱、核电等概念 表现较好，IDC(算力租赁)、东数西算、AI 算力、边缘计算、吉利集团等概 念表现较差。 市场情绪：今日收盘时有 58 只股票涨停，有 50 只股票跌停。昨日涨停股票 今日收盘收益为 1.93%，昨日跌停股票今日收盘收益为-6.10%。今日封板率 61%，较前日下降 3%，连板率 28%，较前日提升 3%。 证券研究报告 | 2025年03月25日 金融工程日报 市场缩量微跌，红利表现优异、科技股持续低迷 核心观点 金融工程日报 市场资金流向：截至 20250324 两融余额为 19317 亿元，其中融资余额 19205 亿元，融券余额 113 亿元。两融余额占流通市值比重为 2.4%，两融交易占市 场成交额比重为 8.3%。 折溢价：20250324 当日 ETF 溢价较多的是 2000ETF 增强，ETF ...

" 面向深渊、断臂求生后的金山云，在2025年抓住了什么救命稻 草？ " 作者丨赵之齐 编辑丨胡敏 2019年前后的一个夜晚，雷军拨通了时任京东云总裁申元庆的电话："你猜我跟谁在一块？你老板！" 当晚，雷军提了个大胆的设想：让金山云和京东云进行合并。为此，雷军、刘强东、申元庆三人还拉了个 微信群，并为这个愿景起了个掷地有声的群名：中国云。 然而，2025年开年来，金山云的成长轨迹峰回路转。港股金山云多次创下高点，2月最高上涨至11.40元/ 股，短短半年内，飙涨超十倍。 金山云上周发布的2024年 Q4财报，也是其逆袭剧本中的关键一页：Q4调整后的经营利润率为1.1%，这 是金山云首次实现调整后经营利润的扭亏为盈；且营收同比增长29.6%，已经高于行业的平均增速。 是什么给了金山云重振旗鼓的机会？跟股价一样跌宕的金山云命运线，到底经历过什么拐点？这一次，站 在AI风口前的金山云，有望重新走上牌桌吗？ 01 金山云当年凭什么进入第一梯队？ 金山云曾步入黄金发展期，其间经历多个关键节点。 后来，这个"合并局"越攒越大，雷军、刘强东、李彦宏、马东敏、申元庆、周受资、廖建文等人，就这样 在云格局已半固化的2019年， ...