Core Viewpoint - Baoxin Software, a subsidiary of China Baowu Group, focuses on independent research and development to support national strategies, with significant investments in R&D and advancements in industrial automation technology [1][2][3]. Group 1: R&D Investment and Achievements - In 2024, Baoxin Software's R&D investment reached 1.461 billion yuan, accounting for approximately 10.7% of its annual revenue [3][4]. - From 2021 to 2023, the company's annual R&D investments exceeded 1 billion yuan, totaling 5.637 billion yuan over the four years [3][4]. - The company launched its self-developed PLC (Programmable Logic Controller) T3 and T4 series in September 2024, marking a significant breakthrough in domestic industrial control technology [4][5]. Group 2: Company Growth and Financial Performance - Baoxin Software has evolved from a department of Baosteel established in 1978 to a leading software enterprise in China, with a focus on smart manufacturing solutions [2][9]. - The company's revenue and net profit have shown substantial growth since its listing, with 2023 revenue at 12.916 billion yuan and a net profit of 2.554 billion yuan, reflecting a year-on-year increase of 16.82% [9][10]. - Despite a slight revenue decline in 2023, the company maintained strong profitability, with net profits of 2.265 billion yuan in 2024 and 445 million yuan in Q1 2024 [10]. Group 3: Strategic Initiatives and Market Position - Baoxin Software is committed to building an internationally leading industrial internet platform, focusing on digital transformation and smart manufacturing across various industries [2][3]. - The company has actively pursued mergers and acquisitions to enhance its R&D capabilities, including acquiring a majority stake in Feima Zhike and investing in Turing Robotics to enter the high-end robotics market [8][10]. - Baoxin Software has distributed over 10.057 billion yuan in cash dividends since its listing, with an average dividend payout ratio exceeding 60% [11].

行业研究 证 券 研 究 报 告 化工行业新材料周报（20250512-20250518） 4 月动力及其他电池同比+49%/环比-0.03%； 推荐（维持） 本周电子级氮气、氧气涨价 基础化工 2025 年 05 月 18 日 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：郑轶 邮箱：zhengyi@hcyjs.com 执业编号：S0360522100004 证券分析师：王鲜俐 邮箱：wangxianli@hcyjs.com 执业编号：S0360522080004 证券分析师：吴宇 邮箱：wuyu1@hcyjs.com 执业编号：S0360524010002 证券分析师：申起昊 邮箱：shenqihao@hcyjs.com 执业编号：S0360525030001 联系人：陈俊新 邮箱：chenjunxin@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 486 | 0.06 | | 总市值(亿元) | 42,655.61 | 4.31 | | 流通市值( ...

机构指出，A股仍将处于震荡中稳步向上的趋势中，稳定和活跃资本市场的政策助力指数中枢不断上移。 【财经日历】 09:30 国家统计局公布70个大中城市住宅销售价格月度报告 10:00 中国4月社会消费品零售总额、中国4月规模以上工业增加值、中国1至4月全国房地产开发投资 10:00 国新办就国民经济运行情况举行新闻发布会 14:30 华为nova 14系列及鸿蒙电脑新品发布会 待定 国内成品油将开启新一轮调价窗口、中国4月全社会用电量 | 全部美股 涨 1936 | | 跌 3309 道琼斯期货小型 | | --- | --- | --- | | 序号 代码 | | 现价 涨跌 涨跌幅 | | 1 | DJI | 道琼斯工业指数 42654.74c 331.99 0.78% | | 2 | IXIC | 纳斯达克指数 19211.10c 98.78 0.52% | | 3 | SPX | 5958.38c 41.45 0.70% 标普500 | 当地时间上周五，美股三大指数集体收涨，道指涨0.78%，标普500指数涨0.70%，纳指涨0.52%。 大型科技股多数上涨，特斯拉涨超2%，奈飞、谷歌涨超1%，微软、英 ...

证券研究报告·港股公司深度 汽车零部件 软硬一体，向高而行，开启智 驾新征程 核心观点 公司是国内第三方智驾芯片及解决方案龙头，具备软硬一体技 术、战略及商业模式领先性。25 年是征程 6 系列芯片及高阶全栈 智驾解决方案 HSD 量产元年，实现量价齐升，其中：J6M/ E 芯片 配套比亚迪、理想等客户出货量有望超百万套，基于 J6P 的 HSD 解决方案定点配套奇瑞等客户有望刷新市场认知。在国内中高阶 智驾平权加速渗透及产业链自主可控趋势下，公司智驾解决方案 有望成为主机厂选择的最大公约数，开启新一轮加速成长周期。 摘要 公司定位：披着芯片外衣的算法软件公司，聚焦智驾解决方案 公司以算法起家，创业目标成为机器人时代的 Wintel；2019 年战 略聚焦智驾并发力软硬一体及先发量产，目前已成长为国内第三 方智驾解决方案龙头。全栈软硬件产品包括芯片、底软（BP U 及 工具链）及算法等，征程系列智驾芯片市占率国内第一，2024 年 交付约 290 万套，其中 ADAS 芯片 J2/J3 国内市占率超过四成， AD 芯片 J5 市占率仅次于英伟达及华为。业务覆盖解决方案及技 术授权服务两块，2024 年总营收 ...

半导体行业深度跟踪电话会议 20250515 摘要 • 消费电子行业呈现弱复苏态势，但端侧创新活跃，AI 和智能汽车领域尤为 突出。预计 2024 年手机出货量同比增长，2025 年延续增长，双星政策 扩围带动需求。PC 市场 2024 年 Q4 同比持平，预计 2025 年增长，大模 型部署或拉动 PC 硬件需求。 • 服务器领域数据显示今年 1 月同比增长超 140%，环比增长约 10%，但受 春节影响波动大，建议综合一二月数据评估。全球云计算厂商对 2025 年 资本开支预期乐观，表明算力需求端市场预期依然强劲。 • 存储器市场供过于求，Q1 原厂报价松动，现货和合约价格下跌，DDR4 等老旧型号库存积压。但高端存储产品价格稳定。HBM 景气度延续，边缘 计算推动端侧存储扩容，存算一体方案加速创新。上半年或优于下半年， 但尚未脱离低谷。 • 2024 年全球半导体销售额同比增长，预计 2025 年维持增长。AMD 的 AI 芯片出货量较高，预测 2025 年全球 PC 市场中个位数增长。国内华为、 海光率先适配 DeepSeek，寒武纪、龙芯中科等公司也支持适配小参数芯 片，拉动国内算力芯片需求。 Q& ...

2025 年第 19 周（实际交易日为 2025.5.12-2025.5.16）上证指 数上涨 0.76%，沪深 300 指数上涨 1.12%，创业板指数上涨 1.38%。恒生指数上涨 2.09%，恒生互联网指数上涨 2.1%，行业 领先恒生指数 0.01pct。SW 传媒指数下跌 0.77%，落后创业板指 数 2.14pct，在申万一级 31 个行业涨跌幅排名中位列第 29 位。 子行业中互联网服务、广电和体育位列前三位，分别为上涨 1.86%、上涨 0.37%和上涨 0.1%。 ► 核心观点&投资建议 证券研究报告|行业研究周报 [Table_Date] 2025 年 5 月 18 日 [Table_Title] [Table_Title] 中美关税谈判取得重大进展，三大外卖平台被约 谈 传媒行业周报系列 [Table_Title2]2025 年第 19 周 ► 市场行情回顾 [Table_Summary] 中美关税谈判取得重大进展，后续保持谨慎乐观。本周，据新华 社，中美经贸高层会谈于瑞士日内瓦达成实质性共识，双方宣布 将分阶段调整加征关税：美国暂停24%中国商品关税90天，保留 剩余 10%，并取消此 ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [4]. Core Insights - The core viewpoint emphasizes that domestic trade and military trade continue to drive demand in the industry [10][48]. Summary by Sections Industry Overview - The "New Era of China's National Security" white paper was released on May 12, outlining China's strategic focus on national security and its interaction with global stability [48]. - Recent defense sales agreements were made with Saudi Arabia, Qatar, and the UAE, totaling approximately $4.3 billion, indicating strong international demand for military equipment [49][50][51]. Market Performance - The military industry index (801740) decreased by 1.18% from May 12 to May 16, underperforming compared to the Shanghai and Shenzhen 300 index, which increased by 1.12% [19]. - The military index has increased by 0.68% since 2025, while the Shanghai and Shenzhen 300 index has decreased by 1.16%, showing relative strength in the long term [21]. Investment Opportunities - The report identifies three main investment lines: domestic trade, foreign trade, and self-sufficiency [54]. - Domestic Trade: Companies such as Tianqin Equipment, Gaode Infrared, and others are highlighted [54]. - Foreign Trade: Companies like Guangdong Hongda and Aerospace Rainbow are recommended [55]. - Self-Sufficiency: Companies involved in commercial engines and nuclear fusion are noted [56]. Financial Insights - As of May 16, the military industry index has a TTM price-to-earnings ratio of 65.05, indicating a high valuation but potential for recovery in demand by 2025 [53][38]. - Passive fund inflows into military ETFs have increased, suggesting a positive outlook for the sector [32].

证券研究报告 策略点评 指数延续震荡，板块轮动或将持续 财信证券宏观策略周报（5.19-5.23） 2025 年 05 月 18 日 上证指数-沪深 300 走势图 6% 16% 26% 上证指数 沪深300 执业证书编号:S0530523080001 yebin@hnchasing.com 相关报告 05 3 经济金融高频数据周报（04.28-05.02）2025-04- 30 投资要点 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 -14% -4% 2024-05 2024-08 2024-11 2025-02 叶彬 分析师 1 经济金融高频数据周报（05.12-05.16）2025-05- 14 2 经济金融高频数据周报（05.05-05.09）2025-05- 上周（5.12-5.16)股指表现为，上证指数上涨 0.76%，收报 3367.46 点，深证 成指上涨 0.52%，收报 10179.6 点，中小 100 上涨 0.68%，创业板指上涨 1.38%； 行业板块方面，美容护理、非银金融、汽车涨幅居前；沪深两市日均成交额 为12317.17 亿元，沪深两市成交额较前一周下降 6.86 ...

Core Viewpoint - The article emphasizes the optimism surrounding China's technology sector, particularly in AI, and highlights the importance of domestic demand, self-sufficiency, and the response to external pressures such as tariffs [2][3][4]. Group 1: Investment Opportunities - The technology sector, especially AI, is seen as a key driver for investment, with significant growth potential in domestic computing infrastructure and applications [4][10]. - The Chinese automotive industry is experiencing a significant rise, with domestic market share increasing from 38% in 2015 to an expected 61% in 2024, indicating strong growth in both domestic and export markets [14]. - The healthcare sector, particularly innovative pharmaceuticals, is expected to benefit from increasing personal medical expenditures and supportive policies, presenting clear investment opportunities [11][12]. Group 2: Economic and Policy Context - The article discusses the resilience of the Chinese economy amidst external uncertainties, with a focus on the government's proactive policies to stimulate domestic demand and manage economic transitions [6][17]. - The ongoing trade tensions with the U.S. are acknowledged, but the article suggests that the impact on China's economic structure is manageable, with a shift towards high-end manufacturing and technology [16][17]. - The government's focus on reducing savings rates and expanding domestic consumption is expected to lead to supportive policies for new consumer trends, such as the silver economy and domestic brands [6][18]. Group 3: Sector-Specific Insights - The AI sector is highlighted as a critical area for investment, with expectations of rapid advancements and applications in various industries, including automotive and healthcare [4][10][19]. - The renewable energy sector is undergoing a transformation with a shift towards "anti-involution" strategies, aiming for healthier competition and sustainable growth [15]. - The manufacturing sector, particularly in construction and materials, is showing signs of stabilization after previous downturns, presenting potential investment opportunities [18].

Market Performance - The Shanghai Composite Index rose by 0.76%, the Shenzhen Component Index increased by 0.52%, the ChiNext Index grew by 1.38%, and the CSI 300 Index climbed by 1.12% during the week of May 12 to May 16, 2025 [1] Economic Developments - A significant consensus was reached between China and the U.S. regarding tariff reductions, with the U.S. committing to cancel 91% of tariffs on Chinese goods and modifying a 34% tariff, while China reciprocated by canceling 91% of its counter-tariffs [1] - The People's Bank of China reported that new RMB loans amounted to 280 billion, down from 3.64 trillion, and the social financing scale was 1.1585 trillion, down from 5.8897 trillion [1] Company Developments - CATL announced its IPO price at HKD 263.00 per share, with a fundraising scale of USD 4.6 billion, potentially reaching USD 5.3 billion if the over-allotment option is exercised, making it one of the largest IPOs in Hong Kong in recent years [2] - Following its listing, CATL will operate on both A-share and H-share platforms, supporting overseas capacity expansion and technology research and development [2] ETF Insights - The Double Innovation 50 ETF (588320) closely tracks the ChiNext 50 Index, focusing on large-cap emerging industry companies, and aims to reflect the overall performance of these sectors [3] - The ETF has shown a 16.39% increase in net value over the past year, ranking first among comparable funds, with a maximum monthly return of 28.51% since inception [3] Investment Opportunities - The focus on new productive forces is seen as a key driver for high-quality development and economic growth in China, with investment opportunities arising from the transformation of traditional industries and the cultivation of emerging sectors [4] - The intensification of technological friction highlights the need for self-sufficiency in supply chains, presenting investment opportunities in domestic alternatives and breakthroughs in core technologies [4]