Group 1: Market Overview - The joint statement from China and the US on May 12 indicated a larger-than-expected reduction in tariffs, leading to a significant rise in Hong Kong stocks, with the Hang Seng Index increasing over 3% and the Hang Seng Tech Index rising over 5% [1] - Hong Kong's strategic position as a battleground for both Chinese and foreign capital is becoming increasingly complex amid escalating international tensions [1] - The quality Chinese listed companies in Hong Kong are closely tied to the fundamentals of Chinese assets, while the valuation is influenced by US dollar liquidity, making the market dynamics more unpredictable [1] Group 2: Consumer Sector - The "Hong Kong Three Sisters" represent the consumer sector, where Generation Z prioritizes emotional value over practical functionality in their purchasing decisions [2] - This demographic seeks products that resonate emotionally, leading to a shift in the market towards brands that foster emotional connections rather than mere transactions [2] - A notable example includes a trendy toy brand that leverages surprise elements in its blind box products to enhance consumer engagement and emotional resonance [2] Group 3: Technology Sector - The technology sector in Hong Kong is seen as a testing ground for Chinese tech giants, poised to benefit from domestic innovation and a new round of interest rate cuts by the Federal Reserve [3] - An internet e-commerce giant is initiating a technological revolution aimed at becoming a key "infrastructure provider" in the AI era, emphasizing the growing importance of cloud computing [3] - Another tech company is building a smart hardware ecosystem, integrating AI into various aspects of life, thus completing a "full ecosystem" strategy that enhances user experience [3] Group 4: Long-term Trends - The Hong Kong tech sector is home to core Chinese technology assets, often referred to as the "Eastern Silicon Valley," with a long-term positive outlook despite recent short-term adjustments [4] - The trend of domestic substitution and self-control is gaining traction, with AI being a key focus in national strategic planning [4] - The combination of policy support and rapid technological advancements in AI and robotics suggests significant growth potential for the sector in the future [4]

加速构建一个面向未来的鸿蒙世界。 数据化时 代下的鸿 蒙电脑，自主可控的隐私安全成为其重要议题 当操作系统"后门漏洞"不断，谁来守护我们在数字世界的安全？ 随着数字生态不断扩张，部分广泛应用的操作系统因架构局限性、漏洞隐患等问题，逐渐成为网络安全体系中的薄弱环节。面对日益复杂的网络威胁，一 个能够重新构建安全秩序的操作系统成为了时代的刚需。尤其是注重个人隐私、商业机密以及敏感数据的商业生产、政府办公等领域，自主可控的安全体 系不仅是企业稳健运营的基石，更是维护国家信息安全的核心要素。唯有掌握核心安全技术，才能在数字浪潮中筑牢安全防线，守护数据主权。 这也是鸿蒙电脑的时代意义之一——提供Windows和macOS之外的另一种自主可控的选择。当国产操作系统鸿蒙正式进入电脑操作系统领域，一个值得回 答的问题是，当国产操作系统攻入桌面级产品，自主可控的安全时代如何加速来临？ 升级后的鸿蒙办公，如何补上 这块重要的"全场景拼图"？ 鸿蒙电脑的问世，代表着华为终端全面进入"鸿蒙时代"。 早在今年1月底的第九届亚冬会期间，一场围绕着赛事而进行的大规模境外网络攻击浮出了水面。技术安全团队调查发现，美国国家安全局向黑龙江省内 ...

Core Viewpoint - Anji Technology is focusing on enhancing the self-sufficiency of core raw materials through research and development, aiming to improve product performance and ensure long-term supply reliability [1][2] Group 1: Company Strategy - The company is accelerating the establishment of self-controllable supply capabilities for core raw materials, optimizing product performance to enhance competitiveness [1] - Anji Technology is committed to high-tech barrier, high growth rate, and high-function materials research and industrialization, adhering to a strategy of "rooted in China, serving globally" [2] Group 2: Product Development - The company has successfully developed multiple silicon sol applications that are now in mass production and contributing to sales growth [1] - Through self-research and construction, Anji Technology has strengthened its capability in the preparation of cerium oxide particles, with several products passing client verification and achieving mass supply [1]

本报告导读： 关税缓和之下，计算机投资价值凸显 [Table_Industry] 计算机 股票研究 /[Table_Date] 2025.05.14 2025-05-15 021-38676666 021-38676666 021-38676666 登记编号 S0880525040027 S0880123070157 S0880124070047 业 跟 踪 报 告 证 券 研 究 报 告 此次关税缓和可以从多维度增强计算机板块投资信心，建议关注此前受到关税情绪 明显影响标的及具备长期趋势的 AI 产业链、科技自主可控以及绩优标的。 投资要点： 风险提示：国际政策环境变化；市场竞争加剧；需求不及预期。 请务必阅读正文之后的免责条款部分 股 票 | | | | 股票名称 | 股价 | | EPS（元/股） | | | PE（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | 锐明技术 | 49.97 | 1.66 | 2.18 | 3.00 ...

5月15日早盘，A股整体小幅低开震荡，三大指数低开。上证指数开盘报3398.43点，跌0.16%。深证成 指开盘报10324.84点，跌0.28%。创业板指开盘报2076.04点，跌0.34%。近期自主可控主题升温，科创 半导体ETF(588170)、信创ETF(562570)早盘双双回调。 5月14日周三，科技部等7部门印发《加快构建科技金融体制有力支撑高水平科技自立自强的若干政策举 措》。七部门指出，要设立"国家创业投资引导基金"，引导长期资本投早、投小、投长期、投硬科技； 建立债券市场"科技板"，推动科技创新公司债券高质量发展，将优质企业科创债纳入基准做市品种，引 导推动投资者加大科创债投资。 东吴证券认为，展望未来，随着我国科创债市场的不断完善，一方面在市场体量上或实现快速增长，另 一方面在市场结构上或向美国等成熟海外市场靠拢，例如科创债发行期限预计将进一步拉长，发债主体 信用资质预计将进一步多元化，发行主体中从事高科技行业、高新技术产业的企业数量预计将进一步增 多，不仅助力资金期限与科创型企业较长的研发周期、投资回收期更为匹配，还可助力畅通科创型中小 企业在资本市场的直接融资渠道，加快隶属科技创新领 ...

Group 1: Haida Group - Haida Group has set short-term and medium-term goals for its feed business, targeting an increase of 3 million tons by 2025 and 51.5 million tons by 2030 [1] - The company emphasizes the importance of core technological capabilities, particularly in breeding technology, farming models, and feed technology [1] - The overseas strategy focuses on Southeast Asia, Africa, and South America, with capital expenditures aimed at overseas capacity construction and domestic equipment upgrades [1] - The company is exploring a light-asset, low-risk pig farming model and aims to maintain procurement advantages through technological research and development [1] - In aquaculture, factory-based shrimp farming will be a key focus, with plans for future expansion [1] - The company anticipates distributing 1.8 billion yuan in cash dividends for the fiscal year 2024 [1] Group 2: Jingsheng Technology - Jingsheng Technology experienced profit declines in Q4 2024 and Q1 2023 due to changes in product sales structure and reduced gross margins in the photovoltaic business [2] - The company is responding to these challenges by enhancing automation levels in control systems and advancing equipment upgrades [2] - Despite the profit decline, R&D expenses for 2024 are expected to increase by 16.39% compared to 2023, as the company views R&D investment as essential for enhancing core competitiveness [2] - The company aims to balance long-term investments with short-term benefits through cost optimization and efficiency improvements [2] - Jingsheng Technology plans to focus on top-tier enterprise clients in the silicon carbide industry to help them enhance market competitiveness while exploring other product demands [2] Group 3: Anji Technology - Anji Technology continues to invest in R&D in the fields of electroplating solutions and additives, with local production progressing smoothly in 2024 [3] - The company reports significant growth in functional wet electronic chemicals, particularly in post-etching and post-polishing cleaning solutions, with an increased proportion of advanced process products [3] - Anji Technology adheres to a globalization strategy, with ongoing collaboration projects with overseas clients [3] - The company expects an improvement in gross margins in 2024 due to product diversification and enhanced production efficiency [3] - In Q1 2025, revenue may not align with some clients' performance due to a broad business scope and low customer concentration, leading to cautious demand outlook in the second half of the year [3] - The company is strengthening its ability to supply core raw materials independently to enhance product stability and competitiveness [3]

Group 1: Anji Technology - Anji Technology continues to research and develop in the fields of electroplating solutions and additives, with smooth progress in local production for 2024 [1] - Significant growth in functional wet electronic chemicals, particularly in post-etch cleaning and post-polishing cleaning solutions, with an increase in the proportion of advanced process products [1] - The company adheres to a globalization strategy, with normal development of overseas customer cooperation projects [1] - The gross margin is expected to improve in 2024 due to product diversification and enhanced production efficiency [1] - Revenue in Q1 2025 may not align with some customers' performance due to broad business scope and low customer concentration, leading to cautious demand outlook in the second half of the year [1] - The company is strengthening its core raw material supply capabilities to ensure stability and competitiveness [1] Group 2: Haineng Industrial - Haineng Industrial has established a factory in Vietnam since 2018 to mitigate the impact of US tariffs, primarily handling export orders to the US [2] - The company focuses on technological innovation in mid-to-high-end fully functional sweeping and mopping robots, addressing issues like hair entanglement and smart cleaning [2] - To improve profitability, the company plans to enhance the scale of its incubated product lines and pursue vertical integration [2] - Projected revenue for 2024 is 2.213 billion yuan, representing a year-on-year growth of 16.26%, while Q1 2025 revenue is expected to reach 679 million yuan, a 66.60% increase [2] - New product categories such as cleaning robots, smart security products, and energy storage systems have achieved initial breakthroughs [2] - Future profit growth will depend on product line expansion and achieving scale, particularly in gaming power supplies, smart security, cleaning robots, and energy storage systems [2] - The chairman believes that faster speeds, higher power, and smarter technological breakthroughs will drive the development of the electronics industry [2] Group 3: Company Overview - Shenzhen Kaifeng Investment Management Co., Ltd. is a macro-hedge fund management company investing in global commodities, bonds, equity assets, and derivatives [3] - The company is a member of the China Fund Industry Association and the China Futures Association, with private fund management qualifications approved by the China Securities Investment Fund Association [3] - Kaifeng Investment has received multiple awards for its performance and scale in the domestic market, including "2014 Golden Bull Private Fund Management Company (Macro Futures Strategy)" [3] - The company emphasizes the investment philosophy of "details hide industrial codes, research discovers value core," focusing on macro and industrial fundamental research [3] - The research covers major trading varieties in domestic and international futures markets, utilizing in-depth industry chain research and quantitative methods to assist trading decisions [3] - In 2016, the company aimed to strengthen communication and cooperation with real enterprises, providing comprehensive solutions including industry consulting and cooperative hedging [3]

自 2018 年以来，中美之间的贸易摩擦持续存在，且难以在短时间内解决。尽 管如此，中国对美国的出口表现并不完全悲观。数据显示，到 2024 年，中国 对美国的出口占总出口比例下降至 14.7%，相比 2018 年下降了 4.6 个百分点。 然而，从绝对额来看，对美国的出口在 2024 年仍比 2018 年略微增长了 4.9%。此外，在全球疫情期间，欧美补贴导致需求爆发，使得 2021 年和 2022 年的出口创下历史新高。 • A 股市场应关注核心安全资产（交运、金融等）、科技创新自主可控领域 （计算机、电子通信等）及大消费主题。中美关税风波导致人工智能产业 链硬件跨境成本提升，但 AI 摩尔定律持续发挥作用，降低了 AI 应用成本。 • DPCR Two 持续攀升推动效率提升，企业将一次性硬件开发投入转化为订 阅化投入。国产算力渗透率将持续提升，硬件供需剪刀差正在缩窄。信创 国产化趋势不可逆转，2027 年设定具体指标，基础软件公司将受益。 • 最新关税情况对通信行业出口链边际改善明显，自主可控、高质量国产化 仍是中长期投资主线。光模块、光通信以及与 AI 强相关的运营商是很好的 配置方向，如新易盛。6G ...

【策略】 重要转折之后：中国股市有望进一步走高 导读： 投资者对经济形势的认识已然充分，目前投资中国股市的机会成本快速降低，中国政策的连续性 将稳定风险前景，继续看多中国 A/H 股。看好金融、科技与部分周期。 大势研判：中国 A/H 股市有望进一步走高。 国泰海通策略在 4 月 7 日市场低点，旗帜鲜明判断"中国股 市进入击球区"、"继续看多中国股市"、"中国股市的升势远未结束"。 节前上证指数接近 3300 点，五 一期间恒生科技单日大涨 3.1% ，收复"对等关税"失地。 我们认为， 3-4 月股市的调整与有力的修 复，是继 924 后再一次的重要转折。其表明， 投资者关于中美竞争的严峻性与对决策层扭转形势决心的 疑虑消减，既是风险释放也是试金石。 展望下一阶段，我们维持对中国股市的乐观看法： 1 ） 遍历冲击 后，投资人对经济形势的认识已然充分，包括交易结构的出清，是股市好转的重要前提。 2 ）美国"对等 关税"落地后，总体上进入拉锯与谈判的窗口期，尽管仍有不确定性，但第一阶段的激烈摩擦告一段落， 形成有利的做多窗口。 3 ）既然中美的竞争是长期性的，由此，股市预期的关键"在内不在外"。政治局 会议与 ...

Core Viewpoint - The company, Yuhuan CNC, is actively expanding its product offerings and market presence in high-end manufacturing sectors, particularly in the CNC grinding and machining equipment industry, with a focus on import substitution and technological advancement [2][5]. Business Development - The company's main products include CNC grinding machines, CNC polishing machines, CNC lathes, and intelligent equipment, which are widely used in various industries such as consumer electronics, automotive, aerospace, and semiconductors [2]. - In 2024, all business segments of the company are expected to develop evenly, with an increase in orders from high-end manufacturing sectors like automotive parts and aerospace [2]. Application in Consumer Electronics - The consumer electronics sector is a primary application area for the company's products, serving major clients like Apple, Huawei, and Samsung, particularly in the processing of components for mobile phones and other electronic devices [2]. Import Substitution - In 2024, China's grinding machine imports amounted to $830 million, a 7.7% increase year-on-year, indicating a growing demand for high-precision machining tools [4]. - The company is pushing high-end grinding machines to the market, contributing to the import substitution process in the CNC lathe sector following its acquisition of Hunan Southern Machine Tool Co., Ltd. [4]. Future Development Prospects - The company sees strong growth potential in high-end CNC grinding machines, driven by the domestic economic transformation and the increasing demand for precision in manufacturing [5]. - The company aims to enhance its core competitiveness in high-end equipment import substitution and expand into new materials processing and overseas markets [5]. Financial Performance - In Q1 2025, the company reported a main revenue of 125 million yuan, a year-on-year increase of 20.11%, while net profit attributable to shareholders decreased by 72.04% to 3.349 million yuan [5]. - The company's debt ratio stands at 28.77%, with a gross profit margin of 30.33% [5]. Market Activity - Recent financing data indicates a net inflow of 89.58 million yuan in the stock over the past three months, suggesting increased investor interest [6].