❑ 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].

随着以高性能计算为代表的高端算力基础设施全球供应链风险不断升高，算力国产化已成为我国信息产业乃至各行业发展的重要命题。由中国智能计 算产业联盟、全国信标委算力标准工作组近日在京举办的 "2025 中国算力发展专家研讨会"上，包括中国科学院院士在内的十余位专家、学者就各自领 域算力国产化挑战与应对进行探讨。 专家们认为，以自信打破"不敢用"的思维定式，以体系创新破解"不好用"的现实困境，以生态协同构建"可持续"的发展根基 ，将成为构建自主可控国 产算力体系的方向。 《中国算力发展报告（2024年）》显示，2024年，我国在用算力中心机架总规模超过830万标准机架，算力总规模达246EFLOPS（EFLOPS指每秒进行 百亿亿次浮点运算），位居世界前列。虽然算力总量很大，但国产算力设施贡献占比并不高。 "对国产算力设施要有自信，这是最关键的。要敢于把国产算力产业链上相关设备用起来。"中国科学院计算技术研究所研究员张云泉以"印巴空战验证 国产战机实力"为喻提出，国产算力已具备国际竞争力，关键要自信、要敢用。张云泉提醒，在此过程中不能浮躁，要兼顾国际标准，不能闭门造 车。 针对国产算力落地瓶颈问题，张云泉提出在国产算 ...

中期展望：掘金阿尔法，聚焦 AI 与国产化 。 1 ）从业绩来看 ： 计算机行业有望结束 2020 年以来的持续下行， 进入到反转通道，下半年将伴随着需求端和费用端剪刀差的进一步显现，业绩增长具有加速潜力。 2 ）从持仓水 平来看： 目前仍处于低配状态且显著低于历史中枢，但已连续两个季度提升，未来进一步提升的空间较大。 3 ） 从月历效应来看： 计算机 5 、 6 月份较 4 月份更友好，而 2 月份超额收益最为显著。 4 ）从投资方向来看： 本 轮板块已上行的最大幅度为 98% 、时间跨度为 8 个月，参考历史上的四轮上行趋势，预计本轮上行仍有进一步 延展空间，但挖掘板块中的阿尔法投资机会将逐渐变得更为重要，建议重点关注人工智能与国产化的投资新机 会。 人工智能：星辰大海，扬帆算法平权新时代 。 1 ）在模型端： 国内外大模型厂商竞赛加剧， DeepSeek 指明了性 能提升的第二路径，带动了国产厂商加速崛起，未来多模态能力持续提升可期，建议关注 科大讯飞。 2 ）在算力 端： 持续高景气，英伟达引领芯片性能不断迭代升级，全球科技巨头加大资本开支，推理算力需求激增，建议关 注 海光信息、紫光股份、中科曙光、 ...

Group 1 - The core viewpoint of the article highlights that Aiguang Technology has been focusing on independent and controllable development in the military electronics sector since 2020, with ongoing efforts in domestic substitution and verification of older products based on client requirements [2] - The company attributes its consecutive years of losses to three main factors: asset impairment in the shipbuilding sector, high financial costs and depreciation due to a heavy asset operation model, and delays in client procurement and delivery in the military electronics sector leading to lower-than-expected revenue and profit [2] - Aiguang Technology emphasizes its commitment to improving performance through focusing on military electronics, optimizing technical layout, enhancing order delivery efficiency, and revitalizing shipbuilding assets [2] Group 2 - In terms of accounts receivable management, the company notes that the military industry generally has a long payment cycle, but the client base is stable and poses manageable risks [2] - To enhance liquidity, Aiguang Technology has adjusted its bad debt provision policy and established a special team to strengthen collection efforts [2] - The company has achieved preliminary results in areas such as integrated circuit design and system-level packaging, with future focus on high-density integrated packaging, high-power MMIC, and GaN composite function technology to accelerate domestic substitution [3] Group 3 - Aiguang Technology currently has military electronics orders amounting to approximately 400 million yuan and plans to alleviate financial pressure through asset disposal and debt structure optimization, aiming for market breakthroughs by 2025 [3]

点 击 蓝 字 关 注 我 们 本文全文共 4407 字，阅读全文约需 15 分钟 目录 国内新闻 1.国家统计局:4月新能源汽车增长38.9% 2.别克昂科威家族将迎第180万辆下线 3.方程豹汽车官方微博宣布10万台交付达成 2.加拿大安大略省财政预算重金扶持汽车及电池产业 3.塔塔汽车在印度开设首批10座超级充电站 4.加州批准Waymo扩大在旧金山湾区的自动驾驶服务 4.广汽昊铂尊享移动服务车试运营启动 5.再添新翼 奇瑞12.8亿成立智能科技公司 6.中国长安汽车集团成立轻量化科技新公司 7.国轩高科:公司G垣准固态电池已获主流车企认可 8.国芯科技合作安波福 推汽车核心芯片国产化 国外新闻 1.北美Q2汽车产量预计将减少约12.6万辆 商用车 国内新闻 1 1. 全球首款商用车专用钠离子动力电池通过强检测试 2. Truck Mate微卡交付尼日利亚 北汽福田非洲市场再拓版图 3. 飞碟汽车新能源全系产品发布会启幕 4. 苏州金龙自动驾驶巴士即将上线阳澄数谷 国家统计局:4月新能源汽车增长38.9% 时间:2025.5.20 来源:财联社汽车早报 5月19日，国家统计局新闻发言人、国民经济综合统计 ...

Core Viewpoint - The Shenzhen Stock Exchange 2025 Global Investor Conference highlighted the investment value of Chinese assets and the A-share market, focusing on the theme of "New Productive Forces: New Opportunities for Investment in China" [1] Group 1: Company Insights - Leju Robotics' Chairman, Leng Xiaokun, announced the completion of the 100th large humanoid robot by the end of 2024, demonstrating the industrial value of humanoid robots [1] - In the first quarter of this year, Leju Robotics delivered approximately 300 humanoid robots, comparable to the delivery volumes of new energy vehicles around 2018 [1] - The company has achieved a 90% localization rate for its humanoid robots, significantly reducing the cost from 3 million yuan for the first robot in 2018 to only several hundred thousand yuan for the current model [2] Group 2: Industry Trends - The reduction in hardware costs is primarily driven by increased production volumes and advancements in large model skills, indicating a trend towards more affordable humanoid robots in the future [2]

Group 1 - The semiconductor materials and equipment theme index rose by 0.11% as of May 20, 2025, with notable increases in stocks such as Zhongke Feimeasure (up 2.95%) and Naike Equipment (up 2.55%) [1] - The semiconductor materials ETF (562590) has seen a 27.38% increase over the past year, with a recent price of 1.07 yuan [1] - In terms of capital flow, the semiconductor materials ETF has had a net inflow of 12.88 million yuan over the last 10 trading days, averaging a daily net inflow of 1.2882 million yuan [1] Group 2 - Citic Securities suggests that U.S. regulatory measures will accelerate the domestic replacement in China's AI industry, focusing on four key areas: wafer foundry, computing chip design, domestic equipment and components, and advanced packaging [2] - The semiconductor materials ETF and its linked funds closely track the semiconductor materials and equipment index, with significant weights in semiconductor equipment (55.8%) and semiconductor materials (21.3%), targeting key areas such as photolithography, large silicon wafers, and etching machines [2]

Group 1: Liquidity and Performance of Sci-Tech Chip ETF - The Sci-Tech Chip ETF had an intraday turnover of 1.56%, with a transaction volume of 388 million yuan [2] - Over the past year, the average daily transaction volume of the Sci-Tech Chip ETF reached 2.224 billion yuan, ranking first among comparable funds [2] - In the last three months, the Sci-Tech Chip ETF's scale increased by 6.096 billion yuan, achieving significant growth and ranking first in new scale among comparable funds [2] - The ETF's share increased by 36 million shares in the past week, also ranking first in new shares among comparable funds [2] - In the last five trading days, there were net inflows on three days, totaling 64.9 million yuan, indicating continued interest from leveraged funds [2] - The net purchase amount of financing for the ETF this month reached 5.5378 million yuan, with the latest financing balance at 1.407 billion yuan [2] Group 2: Market Trends and Predictions - On May 20, Xiaomi's chairman Lei Jun announced that the Xiaomi self-developed 3nm flagship chip, Xiaomi Xuanjie O1, has begun mass production [3] - TrendForce predicts that by 2025, the proportion of purchased Nvidia/AMD chips for AI servers in China will decrease from 63% in 2024 to 42%, while domestic chip supply is expected to rise to 40% due to policy support [3] - Domestic manufacturers are accelerating their rise, seizing market share with the support of policies, which is expected to drive explosive growth in China's intelligent computing centers [3] - CITIC Securities suggests focusing on four key areas for medium to long-term investment: wafer foundry, computing chip design, domestic equipment and components, and advanced packaging [3] - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [3]