中国长城 20250603 摘要 中国长城 2024 年受增值税影响及信创业务亏损导致亏损加剧，但电源 业务表现良好，IT 电源与消费品电源合计收入约 50 亿元，利润超 4 亿 元。 2025 年第一季度，中国长城信创业务在党政市场恢复明显，订单增长， IT 电源延续增长趋势，军工系统装备订单增加，预计未来几年军工市场 将逐步恢复。 党政端区县级支付问题因中央自上而下拨款得到解决，今年至 2027 年 任务已规划完毕，资金基本无忧，行业信创预计第二季度起色，服务器 招投标量或增加。 服务器电源行业中，AI 服务器景气度高，中国长城占据 50%以上份额， 通用算力服务器受益于国产替代和新应用，总体趋势向好。 华为鸿蒙 PC 在党政市场占据主导地位，预计占据 50%的份额，飞腾约 占 30%。中国长城开始生产基于华为鲲鹏的服务器产品，并研发基于飞 腾 CPU、AMD 及国产 GPU 的 AI 服务器产品。 中国长城在电源领域拥有 30 多年经验，技术领先，国内品牌和市场占 有率均为第一，具备品牌、市场份额和技术领先优势。 中国长城通过调整业务结构、选择高利润率业务以及内部挖潜降低成本 来提升毛利率，并聚焦重点行 ...

尽管支持AI的个性化Siri功能推迟至2026年发布给股价带来压力，但花旗认为苹果凭借全栈式布局，在个人AI服务设备时代优势明显。苹果具备 自主芯片设计能力，能无缝整合硬件、软件和服务生态系统，还有23.5亿用户的数据基础，可不断优化用户体验。 苹果计划将操作系统命名格式改为基于年份，此次WWDC 2025发布的系统将命名为iOS 26、macOS 26、iPadOS 26等。多设备用户界面预计将大 幅革新，设计更统一简洁，且与Vision Pro操作系统更相似。花旗认为，这些更新彰显苹果对打造高一致性、强集成度生态系统及重视空间计算的 投入。 WWDC25将于6月9日开幕，主题为"突破性更新即将登陆苹果各平台"。预计会上将公布iPhone、iPad、Mac等产品最新软件更新及Apple Intelligence新功能。 【环球网财经综合报道】花旗近日给予苹果（AAPL.US）"买入"评级，目标价定为240美元。该行指出，投资者对苹果2025年全球开发者大会 （WWDC）预期较低。 除操作系统更新外，花旗认为焦点仍是Apple Intelligence升级。因iOS 18周期内Siri重大更新延迟，苹果或将在 ...

Group 1 - The core viewpoint of the report is that 德昌电机控股 is expected to maintain stable performance in the fiscal year 2025 while increasing its focus on robotics and liquid cooling for data centers [1][2] - The company is projected to achieve revenues of $39.8 billion, $43.5 billion, and $47.5 billion for the fiscal years 2026, 2027, and 2028 respectively, with net profits of $3.08 billion, $3.45 billion, and $3.77 billion, reflecting year-on-year growth of 17%, 12%, and 9% [1] - The company reported a revenue of $36.5 billion for the fiscal year 2025, a decrease of 4.4% year-on-year, while net profit increased by 14.6% to $2.6 billion, with a gross margin of 23.1%, up by 0.8 percentage points [1] Group 2 - The company is actively developing smart electric motor applications and expanding its business in China's independent passenger vehicle market, which is expected to help return revenue growth [2] - 德昌电机控股 is entering the robotics and data center liquid cooling sectors, focusing on differentiated and innovative drive system solutions, including AI server thermal management systems [2] - The launch of the DCP series liquid cooling pumps in May 2025 is aimed at modern data centers and AI server architectures, featuring high efficiency, low noise, and modular design [2]

Core Insights - The rigid copper-clad laminate (CCL) industry in China experienced rapid growth from 2019 to 2021 due to accelerated 5G base station construction, surging demand for electronic components in electric vehicles, and increased consumer electronics demand driven by the pandemic. However, starting in 2022, the industry entered an adjustment phase due to global economic recession, weak consumer electronics demand, and semiconductor supply chain disruptions. In 2023, the industry continued to contract, with sales volume slightly decreasing to 524.9 million square meters and sales revenue shrinking to 9.334 billion yuan, representing a year-on-year decline of 16.3% [2]. Industry Overview - Rigid copper-clad laminates, also known as copper foil laminated boards, play a crucial role in electronic circuit manufacturing, providing conductivity, insulation, and support. They significantly impact signal transmission speed, energy loss, and characteristic impedance. Rigid copper-clad laminates are characterized by their hardness and toughness, making them suitable for applications in communication devices, household appliances, electronic toys, and computer peripherals [3]. Policy Background - China's policy support for the rigid copper-clad laminate industry is characterized by multi-level and multi-dimensional collaborative promotion, focusing on technological upgrades, intelligent equipment transformation, and green transition. Key policy areas include supporting the R&D breakthroughs of high-frequency and high-speed copper-clad laminates and high-performance substrates, optimizing production processes, and establishing standardized testing systems to enhance product reliability. Additionally, policies encourage enterprises to strengthen pilot testing capabilities through advanced equipment updates and promote sustainable development through the adoption of environmentally friendly materials and clean production processes [5][6]. Industry Chain - The rigid copper-clad laminate industry chain in China consists of upstream suppliers of key raw materials such as electronic-grade glass fiber cloth, copper foil, resin, and wood pulp paper, which provide the foundational materials for laminate manufacturing. The midstream focuses on the production and manufacturing of rigid copper-clad laminates through processes like lamination and coating. The downstream applications cover communication devices, household appliances, electronic toys, and computer peripherals, directly serving the demands of consumer electronics, communication technology, and home appliance industries [7]. Current Industry Status - In 2023, the global rigid copper-clad laminate market faced a decline due to macroeconomic fluctuations, with total sales revenue dropping by 16.3% to 12.734 billion USD and sales volume slightly decreasing by 1.1% to 656.8 million square meters. Among the product categories, conventional FR-4 maintained the largest sales revenue share at 33.38%, while special resin-based and dedicated CCL (including high-speed, high-frequency, and IC carrier boards) increased their share to 32.88%, driven by resilient high-end demand from AI servers, 5G communication, and advanced packaging technologies. The demand for halogen-free FR-4 and high Tg FR-4 has contracted due to weakened consumer electronics and automotive electronics demand, while composite and paper-based CCL accounted for less than 10% of the market, leading to a rapid exit of traditional low-end products. Notably, high-speed CCL (including halogen-free types) showed outstanding performance among the three special laminates, with sales revenue increasing by 5.5% despite market challenges, driven by rising technical barriers [9].

| | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | 投资者关系活动类别 | ☐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） 长江证券许宏远、童松 | | | 宝盈基金侯嘉敏、徐也、侯星宇、游凡、张天闻、赵国进、温济鹏 | | | 长城基金任柯宇 天风证券杨晋芸 | | | 山西证券傅盛盛 | | 参与单位名称及人员姓名 | 中信建投王介超、汪明宇 | | | 国泰基金戴计辉 | | | 冲积资产褚壹钦 | | | 沣宜投资刘军 | | | 华泰柏瑞钱建江 | | 时间 | 2025年5月20日-5月23日 | | 地点 | 公司会议室 | | 上市公司接待人员姓名 | 董事会秘书、副总经理冯加广 | | | 证券事务代表王慧 1、永磁产能规划的更新情况 | | | 答：打造6万吨永磁铁氧体磁瓦产能一直是中长期目标。在产能 | | 投资者关系活动主要内容 | 布局整合、现有产能挖潜、效率提升方面做更多优化，尽量采用低 | | 介绍 | 成本扩张的方式增加产能，并根据下游需求控制产能投放节奏。庐 | | | ...

Group 1: Investment Interest in Chinese Companies - Global investors are increasingly focusing on Chinese markets and assets due to the complex global economic landscape, with companies like BYD and Shenghong Technology attracting attention through on-site visits and product experiences [1][2] - Investors expressed surprise at BYD's advanced automotive technology, competitive pricing, and high product quality, leading to a growing interest in purchasing Chinese-made electric vehicles [2][3] - The visit to BYD's facilities allowed investors to gain a deeper understanding of the company's core competencies, including its global expansion, safety features, and brand strength [3] Group 2: Shenghong Technology's Market Position - Shenghong Technology has successfully transformed from a traditional PCB manufacturer to a high-end product supplier, focusing on emerging fields such as AI computing and electric vehicles [3][4] - Investors showed strong interest in Shenghong's product technology updates and quality control, discussing investment opportunities in the PCB sector amid a clear competitive landscape [4] - The PCB industry is characterized by significant barriers to entry, with established Chinese companies gaining recognition and competitive advantages in the global market [4][5]

Group 1 - Lenovo Group reported a revenue of 498.5 billion RMB for the fiscal year ending March 31, 2025, marking a strong year-on-year growth of 21.5% and achieving the second-highest revenue in history [1] - The company's profit increased at a faster rate, with a year-on-year growth of 36% [1] - In Q4, the Infrastructure Solutions Group (ISG) generated revenue of 29.96 billion RMB, reflecting a significant year-on-year increase of 63%, and achieved profitability for the second consecutive quarter [2] Group 2 - The ISG's annual revenue reached 104.8 billion RMB, with a remarkable year-on-year growth of 63% and a substantial improvement in profitability [2] - The cloud infrastructure (CSP) business saw a revenue increase of 92% year-on-year, while enterprise infrastructure (E/SMB) revenue grew by 20%, setting a historical high [2] - The Neptune liquid cooling solutions revenue surged by 68% year-on-year, and the AI server business experienced rapid growth, expanding into strategic sectors such as high-frequency trading, new energy, and smart healthcare [2] Group 3 - IDC forecasts that the global infrastructure market will grow by 18% to reach 265 billion USD by 2025, with the AI server market projected to reach 147.2 billion USD, reflecting a compound annual growth rate of 18% from 2024 to 2027 [2] - The acceleration of generative AI and multimodal models is expected to drive continued investment in enterprise-level AI infrastructure, leading to increased demand for computing power and storage solutions [2] - Moving forward, ISG will maintain its strategy of solidifying the "cloud infrastructure + expanding enterprise infrastructure" model, optimizing product structure, and enhancing market sales capabilities [2]

DJvanbao.com 洞见研报 出品 : 博迁新材分析师会议 调研日期：2025年05月20日 调研行业：小金属 参与调研的机构：线上投资者等 / 机构调研pro小程序 关注公众号即可体验 机构调研pro小程序~ 扫码关注 调研纪要精选公众号 的問悉各行业更流企业调研情况。 LIST 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 ...

[ T able_StockInfo] 2025 年 05 月 15 日 证券研究报告•2025 年一季报点评 当前价：46.50 元 麦格米特（002851）电力设备 目标价：——元（6 个月） 研发持续高投入，网络电源即将放量 [Table_Summary 事件：公司 2024] 年实现营收 81.72 亿元，同比增长 21.0%；实现归母净利润 4.36 亿元，同比变化-30.7%；扣非归母净利润 3.66亿元，同比增长 3.1%。Q4 单季度实现营收 22.69 亿元，同比增长 20.8%，环比增长 20.0%；实现归母净 利润 0.25 亿元，同比变化-83.0%，环比变化-74.1%；扣非归母净利润 0.04 亿 元，同比变化-92.5%，环比变化-95.6%。 公司 2025 年 Q1 实现营收 23.16 亿元，同比增长 26.5%，环比增长 2.1%；实 现归母净利润 1.07 亿元，同比变化-22.6%，环比增长 329.6%；扣非归母净利 润 0.92 亿元，同比变化-24.4%，环比增长 2447.1%。 | [Table_MainProfit] 指标/年度 | 2024A | 202 ...

Group 1 - The core of the collaboration between Chunyu Doctor and Zhongke Wenge focuses on integrating AI technology with traditional Chinese medicine, specifically through the development of a large model that utilizes clinical data and diagnostic cases related to tongue diagnosis [2][4] - Chunyu Doctor, founded in 2011, has become a leader in China's mobile internet healthcare sector, accumulating 1.8 billion users and over 68,000 practicing physicians on its platform by March 2025 [3] - The daily consultation volume for Chunyu Doctor exceeds 390,000, with a customer satisfaction rate of 98%, indicating its effectiveness as a comprehensive digital healthcare platform [5] Group 2 - Zhongke Wenge, an AI enterprise incubated by the Chinese Academy of Sciences, focuses on decision intelligence technology and has developed proprietary systems for AI data operations and multi-modal models [6] - The strategic partnership aims to create an integrated AI service system for traditional Chinese medicine that encompasses prevention, diagnosis, treatment, and health management [4]