中美科技博弈，自主可控仍旧是产业主旋律 模型成熟加速端侧AI渗透，终端创新精彩纷呈 模型能力日趋成熟，AI赋能下，端侧硬件创新浪潮开启。为了满足手机、PC等端侧算力需求，处理 器、内存、散热、软硬板和电池等环节都要大幅升级，同时未来苹果新产品折叠机的推出，将推动3D 打印和UTG玻璃的机会，特别是3D打印，具备减重、减薄、散热优势，随着成本优化，在3C领域空间 市场规模有望超千亿。新应用场景方面，AR眼镜、辅助驾驶平权、人形机器人等渗透，将拉动新型显 示、摄像头、控制芯片等多个产业链。 国产算力建设方兴未艾，AI驱动产业链欣欣向荣 兴业证券发布研报称，2024年以来，电子板块收益率呈现显著上行趋势，与之匹配的是，板块业绩持续 改善，主要得益于算力、自主可控、以及手机、消费、工业需求的恢复，同时AI的叙事提供了估值扩 张的基础。站在当前时间点，该行认为随着模型成熟，端侧AI创新有望加速，由于国内外算力投资的 错位，国产算力需求将持续爆发;另外，中美科技的博弈，自主可控、模拟芯片等板块国产化进程有望 加速。 兴业证券主要观点如下： 海外算力高投入已经超过两年时间，2025年初Deepseek爆火出圈，随后国内云厂 ...

导语："投资大家谈"是点拾投资的公益内容栏目，希望通过每周日不定期的推送，让更多人看到 基金经理对投资和市场的思考。"投资大家谈"栏目内容以公益类的分享为主，不带有基金产品的 代码和信息，也必须来自基金经理的内容创作。 下面，我们分享来自景顺长城基金科技军团的5月思考。一直以来，景顺长城科技军团通过持续 深耕产业链，不断取得前沿、深度的投资洞见。他们也是买方基金公司中，少数提供持续观点分 享的投研团队，相信这一期的5月观点，也能帮助大家理解景顺长城科技军团的投研思考。 最后，也欢迎大家持续给我们投稿！可以发送邮件到：azhu830@yeah.net 杨锐文：看好内需、自主可控和反内卷方向 资机会。同时医药板块长期受益于人口老龄化，而且估值消化的比较充分，具备中长期配置价 值。 周寒颖：关注自主可控和信创、内需标的、被错杀的出海品种、贵金属板块 中美之间的关税对抗对市场情绪的影响已经接近修复，中美博弈的走向和对内政策决定了未来的 操作思路。基于我们对中美关税战结果的乐观预期，关注自主可控和信创板块、长期受益的内需 标的、被错杀的出海品种及贵金属板块方面的投资机会。未来中国的政策将围绕降低储蓄率和扩 大内需做文章 ...

Group 1 - The semiconductor materials ETF (562590) has seen a recent increase of 0.09%, with a year-to-date cumulative rise of 1.23% as of May 15 [1][3] - The ETF's latest share count reached 298 million, marking a one-month high, and it has experienced continuous net inflows over the past five days, totaling 15.19 million yuan [1] - Key component stocks such as Zhongke Feimeasure, Jiangfeng Electronics, and Naike Equipment have shown positive performance, with increases of 1.75%, 1.43%, and 1.27% respectively [1] Group 2 - Under the backdrop of domestic production, equipment companies have shown growth in contract liabilities, with notable increases for companies like Zhongwei, Tuojing Technology, and Xinyuan Micro, indicating a rise in orders [2] - Longchuan Technology and Huafeng Measurement have reported significant increases in contract liabilities, with growth rates of 76% and 44% respectively for Q1 2025 [2] - Conversely, Jinhaitong experienced a substantial decline of 87% in contract liabilities due to a short order-to-revenue conversion cycle [2] Group 3 - The semiconductor materials ETF and its linked funds focus on semiconductor equipment and materials, with over 75% weight in the index attributed to companies benefiting from domestic production [3] - The index's price-to-book ratio stands at 4.17 times, indicating it is cheaper than 73% of the time since its listing, suggesting potential for upward correction [3]

Core Viewpoint - Xiaomi's self-developed SoC chip "Xuanjie O1" is set to be officially released in late May, marking a significant milestone in the company's decade-long journey in chip development and a pivotal moment in the global semiconductor industry [1][9]. Group 1: Development Timeline - Xiaomi's chip development began in October 2014 with the establishment of Pinecone Electronics, leading to the release of the first self-developed SoC, Surge S1, in February 2017 [3][5]. - Over the years, Xiaomi has built a research team of over 1,000 people and released various chips, including Surge C1, P1, and G1, accumulating experience in chip design [3][5]. Group 2: Technical Features of Xuanjie O1 - Xuanjie O1 utilizes TSMC's 4nm process and features a "1+3+4" tri-cluster architecture, with performance comparable to Qualcomm's Snapdragon 8 Gen2 [7]. - The chip integrates UWB technology for smart interactions with Xiaomi's automotive products, indicating a strategic move towards a comprehensive ecosystem [7][8]. - Key technological innovations include a dual-brain architecture for enhanced AI performance, a RISC-V open instruction set to bypass ARM patents, and silicon photonic interconnect technology for improved memory bandwidth [8]. Group 3: Strategic Implications - The launch of Xuanjie O1 is seen as a critical step in Xiaomi's ecosystem strategy, positioning the company as a unique player with capabilities in self-developed mobile chips, automotive brands, and a full ecosystem [8][9]. - Xiaomi's dual supply chain strategy aims to mitigate geopolitical risks while planning to transition to domestic manufacturing by 2026, despite potential performance trade-offs [9]. Group 4: Industry Context and Challenges - The release of Xuanjie O1 occurs amid a global chip war, with increasing restrictions on semiconductor technology, highlighting the importance of self-sufficiency in China's chip industry [9][10]. - Despite the progress, challenges remain, including the need for significant investment in chip development and the cultivation of market trust in domestic chips [9][10].

交银国际指出，中国内地集采政策优化给予医院和企业更多灵活性及自主权，药品挂网规则统一则有利 于加速行业出清，利好优质龙头处方药企业。考虑到 2025H2医保丙类目录等利好政策有望正式落地、 板块回调后估值仍处历史低位，我们建议短期情绪波动企稳后可关注盈利高增长或盈亏平衡时间点明 确、估值有较大修复弹性的创新药标的。 5月16日，A股三大指数集体走低，科创医药板块逆市回升。相关ETF方面，截至发稿，科创医药ETF （588860）翻红，现涨0.16%。成分股方面，迈威生物-U涨超5%，首药控股-U、科前生物、英诺特、 康希诺、百奥泰等多股跟涨。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 科创医药ETF（588860）紧密跟踪的上证科创板生物医药指数，是从科创板市场中选取50只市值较大的 生物医药、生物医学工程、生物农业、生物质能、其他生物业领域上市公司证券作为指数样本，以反映 科创板市场代表性生物医药产业上市公司证券的整体表现。 中信建投指出，在全球化格局重塑背景下，中国医药行业需"立足于内，开拓于外"，推动技术自主可 控、加速国际化布局，捕捉全球医药产 ...

来源：央视新闻客户端 今年以来，中国多家自主品牌车企纷纷加力布局海外市场，加大投入组建远洋运输船队，将运力掌握在 自己手中。这对于进军国际市场的自主车企来说意味着什么？他们的船队规模怎么样？ 运力自主可控 多家车企组建远洋船队 5月15日，在上海海通国际汽车码头，这艘由上汽集团自主打造的9500车位滚装船正式交付使用并首航 欧洲。这艘被命名为"安吉安盛"的滚装船是目前装载量最大的汽车运输船之一，最高航行速度可达19 节。 上汽安吉物流总经理 庄菁雄：上汽安吉物流投入了100亿元人民币，建造了12艘7600车位以上的超大型 远洋运输船，有了船队的投入，整车单车的运输成本将降低10%。 上汽安吉物流总经理 庄菁雄：后续还有7艘超大型的汽车运输船投入使用。整车远洋运输航线将遍布全 球主要的汽车市场，目的地将达到100多个。 不仅是上汽，今年4月下旬，装载量同样超过9000车位的汽车运输船比亚迪"深圳号"在江苏交付，随后 开启驶往巴西的航程。据了解，比亚迪已有4艘远洋汽车运输船下水运营。 比亚迪对公事业部海运运营科 高晓琳：今年第一季度，比亚迪滚装船向海外运载超25000台新能源汽 车。下一艘9200车位级运输船"西 ...

Summary of Conference Call Records Industry Overview - **Industry Focus**: Industrial Mother Machines and Construction Materials - **Market Size Prediction**: The industrial mother machine market is expected to exceed 300 billion yuan by 2025, with a significant increase in the import substitution rate in high-end sectors projected to rise above 25% [1][2] Key Points on Industrial Mother Machines - **Government Initiatives**: The Ministry of Industry and Information Technology is emphasizing the high-quality development of the industrial mother machine industry, focusing on enhancing responsibility, confidence, and innovation [1] - **Company Positioning**: Huari Precision has established a comprehensive product technology system in the field of hard alloy CNC tools, providing products and technical services for various high-end manufacturing sectors including automotive and aerospace [2] - **Market Dynamics**: The need for self-sufficiency in high-end machine tools is critical, as China heavily relies on imports. The potential for domestic replacement in cutting machine tools is estimated at 34.3 billion yuan [2] Key Points on Construction Materials - **Policy Impact**: Recent government policies aim to enhance urban infrastructure, which is expected to marginally improve the construction materials market [3] - **Company Highlights**: Sanhe Pile is recognized as a leading modern enterprise in the production of prestressed concrete piles, with strong brand recognition and market share [4] - **Market Outlook**: The construction materials market is anticipated to show marginal improvement, with a focus on the impacts of short-term policies on real estate and infrastructure sectors [3] Additional Insights - **Technological Advancements**: Companies like Zijing Co. are focusing on high-precision CNC equipment and core consumables, establishing a synergistic industrial layout that includes equipment, consumables, and processing services [2] - **Investment Opportunities**: Investors are advised to pay attention to leading companies in the five-axis machine tool, CNC systems, and screw guide rail sectors as they are poised for growth due to domestic demand and policy support [2] Market Trends - **Stock Performance**: The market saw a decrease in trading volume, with notable sectors including chips, artificial intelligence, and automotive showing significant activity [8] - **Historical Highs**: Several companies reached historical highs, indicating strong market interest and potential investment opportunities [10][15] This summary encapsulates the critical insights from the conference call records, highlighting the industrial mother machine and construction materials sectors, along with key companies and market trends.

Market Review - The AI and robotics sector continued to decline on May 15, with the Huaxia AI ETF (589010) dropping by 1.34%. Among its holdings, Tianhuai Technology fell by 5.51%, leading the decline, while other stocks like CloudWalk Technology and Yuntian Lifeng also experienced significant drops. The net inflow of funds for the day was 2.06 million, marking two consecutive days of inflows [1] - The Robotics ETF (562500) decreased by 2.03%, with Tianhuai Technology again leading the decline at 5.51%. The trading volume reached 799 million, making it the most active ETF in its category [1] Key News - Elon Musk predicts that the number of humanoid robots will eventually reach hundreds of billions, suggesting that everyone will want their own robot, akin to having a personal C-3PO or R2-D2 from the Star Wars series [1] - TikTok launched its first AI-driven creative feature called "TikTok AI Alive," which allows users to transform static photos into dynamic videos directly within TikTok Stories. This feature enhances static images with dynamic effects, environmental effects, and creative elements [1] Company Insights - During Alibaba's earnings call on May 15, CEO Wu Yongming highlighted two major trends in the AI sector: the penetration of AI applications from internal systems to user-side scenarios in medium and large enterprises, and the expansion of AI product usage from large enterprises to a significant number of small and medium-sized enterprises. Alibaba aims to focus on e-commerce and AI + cloud business growth, shaping a technology-driven second growth curve by fiscal year 2026 [2] - Industrial insights from Industrial Securities emphasize that the ongoing US-China tech rivalry will keep self-sufficiency as a dominant theme in the industry. In the medium to long term, the AI wave will require substantial investment and time for domestic alternatives in computing power and high-performance storage to catch up with advanced domestic processes [2] Popular ETFs - The Robotics ETF (562500) is the largest robotics-themed ETF in the market, enabling investors to easily invest in China's robotics industry [2] - The Huaxia AI ETF (589010) is described as the "brain" of robotics, with a 20% fluctuation limit and small to mid-cap elasticity, aimed at capturing the "singularity moment" in the AI industry [2]

Core Viewpoint - Yanggu Huatai is actively pursuing the acquisition of Bomi Technology to enhance its capabilities in the semiconductor sector, aiming for significant growth and independence in key material supply chains [2][4]. Group 1: Acquisition Details - The acquisition involves a total payment of approximately 10.1 billion yuan in shares and 4.3 billion yuan in cash, with the cash portion intended for a private placement to no more than 35 specific investors [3]. - The company plans to leverage its financial strength and strategic location to support Bomi Technology in extending its upstream supply chain, thereby enhancing its overall competitiveness [2][4]. Group 2: Market Position and Strategy - Bomi Technology has made significant advancements in high-performance polyimide materials, breaking the monopoly of Japanese and American companies in the field, and aims to achieve self-sufficiency in critical industry chains [2][4]. - The company has established a solid customer base with leading domestic packaging and power semiconductor device companies, benefiting from its reliable product quality and supply stability [7][9]. Group 3: Financial Performance - Yanggu Huatai reported a revenue of 862 million yuan in Q1 2025, a year-on-year increase of 3.4%, while its net profit attributable to shareholders decreased by 22.95% to 62.58 million yuan [10]. - The company's debt ratio stands at 23.62%, with a gross profit margin of 18.48% [10]. Group 4: Future Outlook - The management expresses confidence in successfully integrating Bomi Technology and enhancing its market position in the rubber additives and polyimide sectors [5][8]. - The company is committed to maintaining its core business while actively pursuing the acquisition, aiming to deliver strong performance to its investors [5].

Group 1 - The report highlights a significant liquidity event with a reduction in reserve requirements, yet non-bank borrowing costs unexpectedly increased, indicating a divergence in market behavior [4][5][6] - The stock market is experiencing a correction phase following a narrative of "fund repositioning," with major indices showing declines, particularly in technology sectors [2][8] - The commodity market is witnessing mixed performances, with precious metals showing signs of stabilization after recent declines, while industrial metals exhibit varied trends [3][6] Group 2 - The report identifies three potential reasons for the unexpected tightening of liquidity post-reduction in reserve requirements, including significant government bond issuance and the maturity of large repurchase agreements [6][7] - The technology sector is under pressure due to concerns over liquidity and repositioning strategies, leading to notable declines in major tech indices [8][9] - The Hong Kong stock market is also experiencing a shift, with net outflows from technology stocks, suggesting a changing investment focus towards dividend-paying stocks [9]