Core Insights - Huawei officially launched the HarmonyOS 5-powered Harmony PC on May 19, marking a significant milestone in the development of domestic operating systems for PCs, filling a 30-year gap in fully self-developed domestic operating systems [1][4] - The introduction of Harmony PC is not just a new product but a symbol of the advancement of domestic operating systems, potentially improving the "strong outside, weak inside" structure of China's database market [1][4] - The trend towards self-control and independence in technology is evident, with domestic database solutions like Kylin Software's SUNDB emerging to meet the demand for data security and self-reliance [1][4] Domestic Database Market Dynamics - According to IDC 2023 data, the top three players in China's relational database software market are Alibaba, Tencent, and Huawei, with market shares of 26.2%, 14.9%, and 11.1% respectively, indicating a strong presence of domestic companies [1][4] - The domestic database replacement rate in key sectors is increasing, with the party and government sectors achieving an 80% replacement rate, while the banking and insurance sectors are at 40% [5][6] Security and Performance Advantages - The TEE microkernel security architecture of Harmony PC has achieved CC EAL5+ certification, providing robust data security [6] - In the financial sector, the collaboration between the domestic database and Harmony OS has significantly reduced data encryption loss rates from 12% on Windows to below 3% [7] - A provincial government cloud platform reported an 82% reduction in vulnerability discovery after adapting Harmony PC with a domestic database [7] Industry Trends and Future Outlook - The push for domestic database solutions is expected to accelerate, with a target for 100% domestic replacement in key sectors by 2027 as outlined by the State-owned Assets Supervision and Administration Commission [8] - The data ETF (516000) is positioned to benefit from the domestic data industry growth, tracking the China Securities Big Data Industry Index and including key players across the data value chain [9][12] - The development of domestic databases is anticipated to enhance the overall competitiveness of the big data industry, leading to a policy and industry resonance that could favor data ETFs [12]

Core Insights - The article highlights the significant advancements and market position of Jiangsu Suzhou-based company, Peijia Medical, particularly its subsidiary, Gaki Bio, in the neuro-interventional medical device sector [1][2][3] Group 1: Company Overview - Gaki Bio, established in 2006, has developed China's first commercialized spring coil and offers a comprehensive range of products addressing hemorrhagic, ischemic, and access solutions [1] - The company is expected to break even in 2024, marking an 18-year journey from obscurity to industry leadership [1] Group 2: Product Development and Market Strategy - The Syphonet thrombectomy stent, launched in February 2022, quickly became the market leader among domestic products, showcasing Gaki Bio's effective research and development strategy [2] - Gaki Bio's approach involves launching a complete suite of products simultaneously to address all surgical needs, enhancing the usability and effectiveness of their devices [2] - The Fastunnel delivery balloon catheter, approved in May 2022, features an integrated design that simplifies complex procedures, reducing the number of steps required in surgeries [3][4] Group 3: Innovation and Clinical Needs - Gaki Bio has developed 16 products that have received approval for sale, with plans to submit 5 to 6 additional registration applications this year, focusing on unmet clinical needs [4] - The company has adopted a "medical-engineering collaboration" innovation methodology, which has proven effective in the neuro-interventional device market [3][4] Group 4: Operational Efficiency and Supply Chain - Gaki Bio has achieved over 90% localization in its supply chain, sourcing more than 90% of its raw materials from domestic suppliers, which enhances cost efficiency and responsiveness [5][6] - The company has implemented lean production standards, resulting in increased operational efficiency and a reported gain of over 20 million yuan in product development [5][6]

Core Insights - The conference focused on the theme of "full-chain breakthroughs and innovative leadership in domestic computing power replacement" to provide strategic guidance for building a self-controlled computing power system [1] Group 1: Current State of Domestic Computing Power - China's total computing power has reached 246 EFLOPS, with over 8.3 million standard racks, maintaining a leading position globally, but the contribution of domestic computing facilities needs to be improved [3] - Zhang Yunqiang emphasized that domestic computing power has international competitiveness and highlighted the need to establish confidence in reuse [3] Group 2: Innovation Strategies - Chen Runsheng pointed out that domestic computing power is not just a competition of single devices but a comprehensive contest of system capabilities, stressing the importance of basic theoretical research [4] - Cheng Yaodong proposed a "three-step" strategy for implementation: 1) Compatibility with international mainstream ecosystems, 2) Development of domestic unique capabilities, 3) Upgrading the entire chain through leading applications [4] Group 3: Ecosystem Development - Zhai Jidong suggested that domestic manufacturers should collaborate with research institutions to build open-source communities for iterative innovation while adhering to international standards [5] - Lai Neng revealed the critical role of policy enforcement in achieving self-controlled computing facilities in the oil industry under a three-year domestic policy push [5] Group 4: Consensus Among Experts - Experts agreed that to achieve the rise of domestic computing power, mechanisms like "ranking and leadership" should be used to overcome bottlenecks in chip manufacturing, while leveraging large scientific devices and research institutions to create a positive feedback loop in technology application [6]

来源：china.com.cn 演讲指出，当前AI行业呈现"智算哑铃态"发展趋势，应用场景与算力需求双向爆发，而基础模型架构逐 步收敛。在这一背景下，浙江移动依托华为昇腾AI基础软硬件平台，构建起覆盖算法开发、训练加 速、推理部署的全栈国产化智算能力。 5月17日，2025世界电信和社会信息纪念日活动于江西南昌举办，浙移数科副总经理汤人杰出席AI与行 业大模型研讨会，发表题为《浙江移动大模型全栈工程交付能力最佳实践》的主题演讲，深入剖析AI 技术发展趋势与产业实践路径，并重点分享了浙江移动在智算国产化与AI工程化领域的创新成果。 1.智算产业升级加速，国产化布局抢占先机 在实践层面，成功落地xx海关、xx人民医院、xx电力等覆盖政务、医疗、能源多个领域的标杆案例，充 分彰显技术赋能的价值。 ①xx海关项目基于昇腾AI算力底座原生开发AI政务助手应用，提供智能问答、公文助手、智能检索等 能力，项目实践过程中针对RAG Rerank多阶段协同困难、多阶段协同困难、效果评估复杂度高三大技 术挑战，通过入库文档精细化知识处理、问题段落重排算法(QPR)和Group-Weighted Rerank算法进行优 化实践； ...

Core Insights - The "2025 China Satellite Navigation and Location Service Industry Development White Paper" indicates that by 2024, the overall output value of China's satellite navigation and location service industry will reach 575.8 billion yuan, representing a year-on-year growth of 7.39% [1] - China continues to lead globally in satellite navigation patent applications, with a cumulative total surpassing 129,000, reflecting a year-on-year increase of 4.8% [4] Industry Growth - The satellite navigation and location service industry in China is experiencing stable growth, driven by the accelerated promotion of Beidou's priority application and domestic product substitution [4] - In 2024, the total sales of satellite navigation positioning terminal products in China exceeded 410 million units, with smart phones accounting for 294 million units [7] Application and Innovation - The Beidou system has achieved significant breakthroughs in various fields, including transportation, electricity, and consumer goods, enhancing high-precision location service capabilities [10] - By the end of 2024, approximately 13.5 million Beidou terminal devices have been promoted in transportation sectors such as road operation vehicles and rail transit [10] International Expansion - The Beidou system has been integrated into the standard systems of 11 international organizations, recognized as a core supplier of global satellite navigation systems by the United Nations [12] - Over 30 African countries, including Nigeria and Tunisia, have established Beidou CORS stations, indicating the system's expanding international presence [12]

"原以为中国的EV相关投资已经结束，但由于升级换代需求，又开始火热起来"，SMC社长高田芳树在 财报发布会上介绍了中国EV相关的设备投资前景。SMC的空气增压设备需求正在复苏…… 5月14日，日本气动和自动化元件研发制造商SMC宣布，预计2025财年（截至2026年3月）的合并净利 润将同比增长7%，达到1670亿日元。时隔2年实现利润增长。以中国为中心，面向纯电动汽车（EV） 和半导体制造设备的空气增压设备等复苏。美国特朗普政府的关税作为导致利润减少100亿日元的因素 已纳入考虑，还宣布了最多300亿日元的股票回购。 "原以为中国的EV相关投资已经结束，但由于升级换代需求，又开始火热起来"，SMC社长高田芳树在 当天的财报发布会上介绍了中国EV相关的设备投资前景。 SMC认为，由于中国政府的内需刺激政策等，汽车、家电和智能手机的需求保持坚挺，推进半导体国 产化也成为设备投资的东风。SMC的空气增压设备安装在半导体制造设备和工业机器人的机械臂等之 中，用于控制按压和抓取物体等动作。SMC董事太田昌宏表示，"很多客户都追求地产地销，我们工厂 的开工率明显提高"。 预计2025财年的销售额将增长7%，增至8500 ...

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].

Group 1 - The core viewpoint is that the A-share market is experiencing a valuation recovery supported by multiple favorable factors, leading to improved market sentiment and risk appetite [1][2] - Public fund performance has improved significantly, with average returns for ordinary stock funds and mixed equity funds at 3.87% and 4.14% year-to-date as of May 13, respectively, and over 7% for the past year [1] - Key sectors leading the market include aviation, military, and telecommunications, with several funds achieving returns exceeding 10% [1] Group 2 - Fund managers attribute the market's upward momentum to steady economic recovery, improved liquidity expectations, and supportive policies [2][3] - The recent monetary policy adjustments, including reserve requirement ratio and interest rate cuts, have stimulated financing demand, positively impacting the market [3] - Investment opportunities are seen in sectors with relatively low valuations, such as banking, non-bank financials, construction, and home appliances, as well as themes like domestic production, supply clearing, technological advancement, and consumption stimulation [3][4] Group 3 - Recent financial policies are expected to stabilize the market and improve expectations, with a focus on sectors like AI, Hong Kong internet, new consumption, and domestic demand-driven industries [4]

证券研究报告 行业研究|行业周报|电子 IC 测试产业国产化空间广阔 请务必阅读报告末页的重要声明 glzqdatemark1 2025年05月18日 证券研究报告 |报告要点 电子 5 月周报（5.12—5.16） IC 测试产业国产化空间广阔 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -20% 7% 33% 60% 2024/5 2024/9 2025/1 2025/5 电子 沪深300 相关报告 半导体测试属于封装测试阶段的细分环节，用于验证芯片产品实际性能是否达到设计目标， 随着芯片设计制造环节不断升级迭代，整个产业对测试环节也提出越来越高的要求。根据中 国台湾省工研院产科国际所的统计，中国台湾省 IC 测试产值 2024 年约为 2002 亿元新台币。 而中国大陆集成电路测试市场规模在 2023 年约为 383 亿元。和中国台湾省友商相比，中国大 陆 IC 测试厂商仍有较大成长空间。 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 10 郇正林 王晔 SAC：S0590524110001 SAC：S0590521070004 行业研究|行业周报 glzqdatemar ...

行情回顾 本周板块表现：上周（2025/05/12-2025/05/16）5 个交易日，SW 机械设备指数上涨 0.35%，在申万 31 个一级行 业分类中排名第 18；同期沪深 300 指数上涨 1.12%。2025 年至今表现：SW 机械设备指数上涨 9.47%，在申万 31 个一级行业分类中排名第 3；同期沪深 300 指数下跌 1.16%。 核心观点 投资建议 见"股票组合"。 风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 两机景气上行+国产化提速，看好应流股份订单高增。全球 AI 数据中心扩张带动燃机需求上行，2024-2026 年 全球燃机年均销量均值预计为 60GW，较 23 年的 44.1GW 提升 36%，增长加速。此外，近期"两机"国产化加速 推进，燃机方面，近期应流股份承担的某型重型燃气轮机透平第二级动叶铸件通过首件鉴定，标志着国家燃气 轮机重大专项取得又一阶段性成果。航空发动机方面，4 月，我国完全自研的 AG600 飞机获颁中国民航局型号 合格证，标志着全球起飞重量最大的民用水陆两栖飞机通过了严格测试和验证。公司是国内"两机"叶片龙 头， ...