Core Viewpoint - The report outlines the ongoing supervision and compliance of Suzhou Shengke Communication Co., Ltd. by China International Capital Corporation, emphasizing the company's commitment to governance, compliance, and strategic R&D investments despite facing financial losses. Ongoing Supervision - The sponsor has established a robust supervision system and executed a work plan for ongoing oversight of Shengke Communication [1][2] - A continuous supervision agreement has been signed, detailing the rights and obligations of both parties during the supervision period [1] - No violations or illegal activities have been reported during the supervision period [2][3] Financial Performance - The company reported a net loss of 68.26 million yuan, an increase in loss of 48.73 million yuan compared to the previous year, primarily due to increased R&D investments [4][5] - R&D expenses reached 428.46 million yuan, a 36.40% increase year-on-year, reflecting the company's long-term strategy focused on innovation [4][5] - The basic earnings per share decreased to -0.17 yuan, and the diluted earnings per share also fell to -0.17 yuan [18] R&D and Innovation - R&D investment accounted for 39.61% of operating revenue, an increase of 9.33 percentage points from the previous year, indicating a strong commitment to innovation [19] - The company has developed a series of high-capacity Ethernet switch chips, with initial deliveries made in 2024, enhancing its market position [19][20] - The company holds 1,418 intellectual property rights, including 1,225 invention patents, showcasing its focus on technological advancement [25][26] Market Position and Competitive Advantage - Shengke Communication maintains a strong competitive edge in the Ethernet switch chip market, leveraging its deep understanding of network demands and trends [19][20] - The company has established long-term partnerships with major domestic network equipment manufacturers, enhancing customer loyalty and market penetration [22][23] - The company actively participates in industry standard-setting organizations, reinforcing its position in the evolving network technology landscape [21] Risks and Challenges - The company faces risks related to ongoing financial losses, high R&D expenditures, and potential market fluctuations that could impact profitability [5][6] - There is a risk of core talent loss due to competitive pressures in the semiconductor industry, which could affect the company's innovation capabilities [7][8] - The company is also exposed to macroeconomic risks, including potential impacts from international trade policies and currency fluctuations [12][14]

Core Viewpoint - The recent developments in China's semiconductor industry, including new regulations and export restrictions from the U.S., highlight the urgent need for domestic computing power localization as a critical choice for various sectors in China [1]. Group 1: Domestic Computing Power Development - The "2024 China Computing Power Development Report" indicates that by 2024, the total scale of computing power centers in China will exceed 8.3 million standard racks, with a total computing power of 246 EFLOPS, ranking among the top globally [2]. - Experts emphasize the importance of confidence in domestic computing facilities, asserting that they possess international competitiveness and should be actively utilized [2]. - A "research first" strategy is proposed to overcome the bottlenecks in the application of domestic computing power, particularly in commercial sectors where cost pressures exist [2]. Group 2: High-Performance Computing (HPC) Significance - High-performance computing centers, with vast storage and advanced processing capabilities, are crucial for scientific research and innovation in fields such as engineering simulation and genetic analysis [3]. - The advancement of domestic high-performance computing has significantly improved capabilities in areas like cosmic simulations, enhancing the precision of research [3]. Group 3: Systematic Innovation for Competitiveness - Experts argue that surpassing foreign counterparts in domestic computing power requires systematic innovation rather than relying on individual devices or metrics [4]. - The urgency for domestic computing power localization is underscored by recent restrictions on access to key biomedical databases for Chinese users, highlighting the need for a robust domestic supply chain [4]. Group 4: Policy and Ecosystem Development - The establishment of a domestic computing ecosystem is deemed essential, with suggestions for collaboration between manufacturers and research institutions to create open-source communities [7]. - Strong policy measures are advocated to ensure the successful implementation of domestic computing power solutions, as voluntary efforts may not suffice [7].

XREAL创始人称，希望在浦东打开一个万亿级的AR眼镜产业生态 Project Aura是Android XR平台的首款官方AR眼镜。Android XR则是Google为XR设备量身打造的新一代 系统平台，意味着XR行业迎来统一、稳定、可扩展的系统级"生态底座"。 XREAL是谷歌目前在AR眼镜方向的首家，也是唯一一家全球合作伙伴。Project Aura的推出，也代表着 扎根上海浦东的中国企业，首次以底层生态合作伙伴的身份，深度参与全球XR操作系统与终端生态的 联合定义与技术演进。 作为Android XR在全球的首批合作伙伴，XREAL不仅贡献了包括光学显示、空间计算算法、自研芯片 能力等关键技术，还深度参与了Android XR的生态建设，成为全球XR产业链中少有的、掌握关键产品 能力和底层生态定义权的中国企业。 5月21日，XREAL相关负责人对第一财经表示，推动AR眼镜的国产化一直是XREAL坚定不移的方向， 目前XREAL已经在显示模组、光学组件、整机组装、交互传感等关键环节与多家国内领先厂商建立了 战略合作关系，"我们在今年年初就公开表示，预计在未来一到两年内，将在除芯片以外的绝大多数核 心部 ...

圣邦股份（ [Table_StockNameRptType] 300661） 公司点评 Q1 受淡季影响，不断推出新品强化竞争力 | | | | | | | [Table_BaseData] 收盘价（元） | 96.49 | | --- | --- | | 近 12 个月最高/最低（元） | 126.60/64.76 | | 总股本（百万股） | 474 | | 流通股本（百万股） | 454 | | 流通股比例（%） | 95.89 | | 总市值（亿元） | 457 | | 流通市值（亿元） | 438 | [ 公司价格与沪深 Table_Chart] 300 走势比较 -24% 1% 26% 50% 75% 5/24 8/24 11/24 2/25 5/25 圣邦股份 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱： chenyaobo@hazq.com 分析师：李美贤 执业证书号：S0010524020002 邮箱： limeixian@hazq.com !"#$% l[Table_Summary] 事件 公司 2025 年第一季度实现营业收入 ...

星标 ★ IPO日报 精彩文章第一时间推送 近日，常州光洋轴承股份有限公司（下称"光洋股份"，002708.SZ）发布公告称，公司正在筹划发 行股份及支付现金方式购买宁波银球科技股份有限公司(下称"银球科技")100%股权并募集配套资 金事项。本次交易预计构成重大资产重组，不构成重组上市。 公司股票自2025年5月19日开市起停牌。公司预计在不超过10个交易日的时间内披露本次交易方 案。 那么，银球科技的经营表现如何？牵手光洋股份，能否擦出火花？ 制图：佘诗婕 曾独立IPO IPO日报发现，银球科技在2022年启动A股上市辅导工作。 2023年12月，银球科技相关负责人还参加了宁波股权交易中心发起的拟上市企业座谈研讨会，其 指出，"这场研讨会我们受益匪浅，对把握上市节奏、申报节点等内容更了解，也更具备信心。" 一年多时间过去，银球科技选择放弃独立IPO，而以并购重组方式间接上市。 目前，银球科技在家电领域的客户包含美的、格力、戴森、卧龙电驱等，在汽车领域的客户包含日 本电产、松下集团等。 宁波市经信局在一篇文章中曾介绍过银球科技的行业地位与营收体量。2024年，银球科技营收超 6.5亿元，同比增幅30%。 据 ...

热点板块：5月可重新关注科技成长及创新药。低估值、高股息方向在4月跑出超额收益属于历史规 律，进入5月后市场风格有可能重新切换回科技成长。除了业绩落地之外，5月科技方向可以期待的催化 剂包括AI大模型版本的更新，以及机器人格斗大赛等，预计科技成长将迎来反弹。关注：1）英伟达 GTC大会确认AI发展从模型训练进入推理阶段，关注衍生的AI新方向，如云计算、AI+办公、AI+医药 等。5月关注AI大模型的版本更新。2）机器人国产化和走进老百姓生活依然是2025年比较确定的趋 势，机器人产品将从人形机器人向四足机器人、功能型机器人扩展。以此带来的传感器、控制器、灵巧 手等板块的阶段性机会将会反复出现。5-6月关注机器人格斗大赛的进展。3）半导体国产化仍是大势所 趋，关注其中的半导体设备、晶圆制造、半导体材料、IC设计等。4）低空经济自24年11月宣布六大试 点城市后，建设加速的预期逐步发酵，加之春季行情启动后表现相对落后，存在较强的补涨预期。关注 地面起降场建设、低空飞行器整机等。5）创新药经历了近4年的调整后逐步迎来收获期，自2024年三季 度以来已经连续三个季度净利润增速为正，预计2025年创新药将迎来基本面拐点 ...

Core Viewpoint - The Chinese air traffic management system is undergoing significant advancements through domestic innovation and digital transformation, aiming to reduce reliance on foreign technology and enhance international competitiveness. The market size is projected to reach 6 billion yuan in 2024, reflecting a year-on-year increase of 15.38% [1][14]. Industry Overview - The air traffic management system (ATMS) is essential for overseeing and managing civil aviation operations, ensuring safety and efficiency in aircraft operations. It consists of three main components: air traffic services, air traffic flow management, and airspace management [3][10]. - The industry has evolved from relying on international products to achieving significant domestic technological breakthroughs, including the development of new-generation flight data processing systems and airport surveillance radars [1][14]. Industry Development History - The ATMS in China has developed from its inception in the early 1950s to a more sophisticated system today, marked by key reforms and technological advancements since the 2000s. The establishment of the Civil Aviation Administration of China in 1994 was a significant milestone [5][12]. Policy Support - Recent policies, such as the "14th Five-Year Plan for Civil Aviation Development" and the "Smart Civil Aviation Construction Roadmap," emphasize the modernization of the air traffic management system and the integration of advanced technologies [7][9]. Market Dynamics - The demand for air traffic management systems is increasing due to the rising passenger and cargo throughput in China's civil aviation sector, which is expected to continue growing post-pandemic [12][14]. - The market is characterized by both domestic and international players, with key domestic companies including Sichuan Chuan Da Zhisheng, Sichuan Electronic Technology, and Nanjing Lais Information Technology leading the way in technological capabilities [16][20]. Future Trends - The industry is moving towards greater intelligence and networking, leveraging technologies such as AI and big data to enhance operational efficiency and safety. This shift aims to create a more integrated and responsive air traffic management system [22][23]. - The integration of military and civilian air traffic management systems is becoming increasingly important, with a focus on collaboration and standardization to improve overall system coordination [24].

❑ 资金：周二沪深两市总成交额为 11697 亿元，南下资金净流入 63.3 亿港元。 重要推荐 证券研究报告 | 浙商早知道 报告日期：2025 年 05 月 21 日 浙商早知道 2025 年 05 月 21 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周二上证指数上涨 0.4%，沪深 300 上涨 0.5%，科创 50 上涨 0.2%，中证 1000 上涨 0.8%，创业板指上涨 0.8%，恒生指数上涨 1.49%。 ❑ 行业：周二表现最好的行业分别是美容护理（+2.5%)、综合（+2.1%)、传媒（+2.0%)、家用电器（+1.7%)、医药 生物（+1.6%)，表现最差的行业分别是国防军工（-0.5%)、煤炭（-0.3%)、钢铁（-0.1%)、房地产（-0.1%)、建筑 材料（+0.1%)。 ❑ 【浙商食饮 杨骥/杜宛泽】劲仔食品（003000）公司更新：新渠道助力成长，潜力品类空间较大— ...

中青报·中青网记者在现场了解到，爱达·魔都号全船搭载有107个系统，55000台设备，铺设有4450公里 的电缆，长度约等于从上海到大阪的距离，而内装区域则达到了10万平，工程量相当于6个五星级酒 店。 中国青年报客户端讯（实习生何奕辰中青报·中青网记者 王烨捷）5月19日，"国产首艘大型邮轮工程群 英谱展"交大巡展开幕式在上海交通大学钱学森图书馆举行。上海外高桥造船有限公司总经理、国产大 型邮轮项目现场总指挥兼总设计师陈刚回到母校，代表外高桥船厂向交大捐赠了一艘长约3米的爱达・ 魔都号3D模型，揭开了"国产首艘大型邮轮工程群英谱展"的序幕。 现场。实习生何奕辰/摄 捐赠仪式 "国产首艘大型邮轮工程群英谱展览"以首艘大型邮轮项目全过程跟踪纪录的10T影像资料为主体，通过 图文、视频、实物等形式，从船厂能力建设、设计研发、船体建造等九大板块系统展示外高桥造船人在 邮轮研制历程中的攻坚点滴。 历经8年科研攻关、5年设计建造，爱达·魔都号于2023年11月4日正式交付，2024年元旦开启商业运营。 这标志着我国成为全球唯一能够同时建造航空母舰、大型液化天然气（LNG）运输船以及大型邮轮的 国家。 场。实习生何奕辰/ ...

Core Viewpoint - The acquisition of Wuxi Yindi Chip Microelectronics by Xinbang Intelligent is expected to enhance its position in the automotive chip market, despite the current challenges faced by the industry and the company itself [1][2][3]. Company Summary - Xinbang Intelligent plans to acquire control of Yindi Chip Microelectronics, a company specializing in automotive-grade chips, through a combination of share issuance, convertible bonds, and cash payments [1]. - The acquisition has led to a significant increase in Xinbang Intelligent's stock price, rising nearly 20% and surpassing a market capitalization of 4 billion yuan [1]. - Yindi Chip Microelectronics has established itself as one of the few domestic companies capable of mass-producing automotive-grade chips, with a strong portfolio of intellectual property and a solid customer base [2][3]. - The company has shipped over 250 million automotive chips by the end of 2024, with projected revenues of nearly 600 million yuan, of which over 90% comes from automotive-grade chips [3][4]. Industry Summary - The automotive chip industry has faced a shift from a supply shortage to an oversupply, leading to increased price competition as major players expand production capacity [2][7]. - The domestic market for automotive-grade chips has seen a rise in localization, with the proportion of domestically produced chips increasing from below 5% to 20-25% in computing chips and 10-20% in control and sensor chips [8]. - The competitive landscape includes established global players such as Melexis, Elmos, TI, Infineon, and NXP, as well as emerging domestic companies entering the automotive chip sector [9].