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， ...

高端装备：2024&2025Q1 业绩回顾及展望 20250518 摘要 • 部分高端装备制造领域公司业绩超预期，如春风动力、捷昌驱动、隆鑫通 用和宗申动力等，主要受益于去年 11 月开始的抢出口潮流和中美关税谈 判的缓和效应，预计二季度仍可能延续超预期表现。 • 新国标的实施将推动复合集流体产业链发展，因其经济性和易于大规模商 业化落地，头部电池厂已具备稳定供货能力。材料商将在二季度末启动新 一轮资本开支，设备龙头东威科技有望受益。 • 机床链自 2025 年一季度以来营收同比增幅超预期，汽车零部件领域资本 开支踊跃，但国际贸易壁垒加剧扰动。头部企业坚持全球化布局，与 AI 相 关的 AIDC 服务器加工及人工机器人产业拉动了订单需求。 • 国产数控系统及相关滚动元件硬件企业，如华中数控、豪尔达和浩志机电 等，受益于内需市场的开拓，预计 2024 年和 2025 年将实现双高位数增 长。 • 2025 年工业机器人市场前景乐观，汽车和 3C 电子仍是主要拉动领域。尽 管 2024 年价格战导致部分企业财务状况恶化，但今年一季度销售回暖信 号明显，与华为等 AI 大厂的深度合作将备受关注。 Q&A 始反弹，公 ...

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 1 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 ...

申请入围"中国IC独角兽" 当然，All in半导体并非毫无风险。一方面，国际巨头如英飞凌、意法半导体在高端车规芯片领域仍占 据60%以上份额，闻泰科技需在80V-1200V功率MOSFET等细分市场突破技术壁垒；另一方面，消费电 子芯片周期波动、产能扩张后的客户认证周期，都可能影响短期业绩。但对比继续维系"流血"的ODM 业务，这种聚焦核心优势的战略调整，显然更符合资本市场对"专精特新"科技公司的估值逻辑。 站在行业变革的十字路口，闻泰科技的转型既是对自身业务失衡的纠偏，也是对全球半导体产业链重构 的响应。当中国车企年销量突破3000万辆、全球AI芯片需求年增30%的时代背景下，这家曾经的"代工 巨头"能否凭借半导体业务重塑身份，或许取决于其能否在未来3-5年内在12英寸晶圆制造、第三代半导 体材料等关键环节建立壁垒。而43.89亿元的资产出售价格，不过是这场战略豪赌的入场券而已。 半导体高质量发展创新成果征集 近日，闻泰科技于2025年5月16日晚间发布的《重大资产出售报告书(草案)》证实，其重大资产出售最 终价格确定为43.89亿，未来将转型成为纯半导体公司。此次交易标的涉及多家子公司股权及业务资产 包 ...

Core Insights - The Chinese semiconductor materials industry is facing both strategic opportunities and transformation challenges amid a global semiconductor industry restructuring [1] - The report by Deloitte outlines the upgrade path for the semiconductor materials industry driven by policy incentives, technological breakthroughs, and emerging market demands [1] Group 1: Policy and Market Opportunities - The domestic semiconductor materials sector is experiencing significant growth opportunities due to downstream capacity expansion and localization policies [2] - The establishment of the National Integrated Circuit Industry Investment Fund Phase III, with a scale exceeding 300 billion yuan, is injecting vital support into the industry [2] - Tax incentives, such as income tax reductions and R&D expense deductions, are helping companies lower operational costs [2] - The construction of 12-inch wafer fabs by companies like SMIC and Hua Hong Semiconductor is accelerating the upgrade of the semiconductor materials industry [2] Group 2: Emerging Market Demands - There is a surging demand for high-performance semiconductor materials in sectors like electric vehicles, 5G communication, and AI [2] - The application of silicon carbide (SiC) in electric vehicle inverters is witnessing continuous growth [2] Group 3: Competitive Landscape and Challenges - The pressure from U.S. tariffs is pushing companies to shift towards local supply chains, creating space for domestic materials [3] - Domestic mature process materials, such as silicon carbide wafers, are priced at only one-third of international counterparts, attracting global orders to China [3] - The semiconductor materials industry faces long R&D and industrialization cycles, with initial high depreciation costs impacting short-term profitability [3] Group 4: Future Market Projections - The semiconductor materials market is expected to exceed its 2022 size by 2025, driven by emerging applications in electric vehicles, smart driving, AI, and green energy [4] - The global silicon carbide materials market is projected to surpass 6 billion USD by 2025, with automotive applications accounting for over 30% [5] Group 5: Technological Advancements - Key breakthroughs in areas like photoresists and wet electronic chemicals are anticipated within the next three to five years [5] - The National Integrated Circuit Industry Investment Fund Phase III has earmarked over 50 billion yuan for critical material R&D and industrialization [5] - Domestic companies are achieving technological breakthroughs in high-end wet electronic chemicals, such as electronic-grade phosphoric acid and sulfuric acid [5] Group 6: Market Entry and Global Expansion - The rapid development of the domestic semiconductor industry is creating more market space for new entrants, particularly in low localization sectors like photoresists and electronic specialty gases [6] - To penetrate international markets, companies need to overcome high-end material challenges and establish certification barriers while expanding global resource layouts [6]

Core Insights - Xiaomi is set to launch its self-developed mobile SoC chip named "Xuanjie O1" by the end of May, marking a significant milestone in its 10-year journey of chip development [3][6] - The "Xuanjie O1" chip is expected to utilize TSMC's N4P process technology and will be featured in multiple products beyond smartphones, potentially including the upcoming Xiaomi 15S Pro [2] - With the introduction of its self-developed chip, Xiaomi will join the ranks of Apple, Samsung, and Huawei as one of the few global brands with core self-developed chips, enhancing its competitive edge in the market [2] Company Developments - Xiaomi's chip development journey began in 2014 with the establishment of Pinecone Electronics, which faced challenges with the initial Surge S1 chip but has since progressed to develop other chips like Surge C1 and P1 [2] - Analysts view the launch of "Xuanjie O1" as a breakthrough in Xiaomi's chip technology autonomy, aiming to disrupt the current oligopoly in the global mobile SoC market, where MediaTek, Apple, and Qualcomm hold significant shares [2] - The self-developed chip is anticipated to become a central computing hub for Xiaomi's "smart home" ecosystem, further strengthening its competitive barriers [2]

Core Viewpoint - The article discusses the challenges faced by Moore Threads in gaining consumer recognition and market presence compared to Huawei, despite both being leaders in domestic chip technology. It highlights the need for better marketing and product visibility to enhance consumer awareness and acceptance [1][10]. Group 1: Company Overview - Moore Threads is a high-tech company focused on GPU chip design and development, offering a range of products including AI solutions, cloud services, and high-performance rendering [6][12]. - The company has a diverse product line that includes hardware, software, and application platforms, but lacks sufficient market visibility and consumer recognition [8][10]. Group 2: Market Position and Competition - Compared to established brands like NVIDIA and AMD, Moore Threads has low brand awareness and market penetration, which hinders its ability to attract consumers [3][10]. - The company’s GPU architecture relies on IP licensing from Imagination Technologies, which accelerates commercialization but raises concerns about long-term technological independence [10][12]. Group 3: Business Strategy and Challenges - Moore Threads primarily targets the B-end market with products like enterprise servers and AI computing clusters, while its consumer-grade GPUs face performance and software compatibility issues [12][15]. - The company has been affected by being placed on the U.S. Entity List, leading to supply chain disruptions and delays in product launches, which further weaken its competitive position [12][15]. Group 4: Recommendations for Improvement - To improve its market position, Moore Threads should enhance consumer product experiences, optimize its MUSA toolchain to attract developers, and leverage domestic substitution policies to build brand recognition [17][19]. - The company needs to balance its resources between B-end and C-end markets by offering high-cost performance consumer products to gradually build a positive user reputation [17][19].

Core Insights - The summit "Intelligent Manufacturing Cloud, Intelligent Computing Future" was held in Qingdao, focusing on the integration of industrial manufacturing with IDC computing power and AI models, highlighting the importance of digital transformation in the manufacturing sector [1][8] - The collaboration between Shandong Unicom and Beijing Parallel Technology aims to enhance industrial model training efficiency and reduce overall computing costs through deep integration of technology services and resource allocation [6] Group 1: Event Overview - The summit attracted over 200 attendees, including key figures from Shandong Unicom and Beijing Parallel Technology, emphasizing the significance of the event in promoting digital upgrades in manufacturing [1] - Discussions at the summit included topics such as domestic technology paths, general artificial intelligence development, and the future of intelligent manufacturing [8] Group 2: Shandong Unicom's Initiatives - Shandong Unicom is focusing on building computing network capabilities through its "YaoSuan" computing transaction scheduling platform and the China Unicom (Qingdao) Intelligent Computing Center, aiming to create an integrated AIDC service system [4] - The company plans to accelerate the construction of computing networks and develop a new information service system that combines computing power with capabilities to meet the digital economy's infrastructure needs in Shandong Province [4] Group 3: Beijing Parallel Technology's Role - Beijing Parallel Technology has 18 years of experience in the computing service field, and its partnership with Shandong Unicom is expected to enhance industrial model training efficiency [6] - The collaboration aims to lower comprehensive computing costs for enterprises, showcasing the potential benefits of combining technology services with resource allocation [6] Group 4: Key Discussions and Future Outlook - Experts at the summit discussed advanced topics such as industrial model capabilities, intelligent computing services, and the integration of supercomputing, showcasing real-world applications for intelligent manufacturing upgrades [8] - The successful hosting of the summit is seen as a catalyst for collaboration in AI and industrial manufacturing, contributing to the strategic goals of becoming a manufacturing and digital powerhouse in China [8]

股票代码：600745 股票简称：闻泰科技 上市地：上海证券交易所 闻泰科技股份有限公司 重大资产出售报告书（草案） 摘要 交易对方 注册地址 广东省深圳市宝安区沙井街道蚝一西部三洋新 立讯精密 工业区 A 栋 2 层 一、上市公司声明 本公司及本公司全体董事、监事及高级管理人员保证上市公司及时、公平地 披露信息，保证重组报告书及其摘要内容的真实、准确、完整，不存在虚假记载、 误导性陈述或者重大遗漏，保证重组报告书所引用的相关数据的真实性和合理性， 并对所提供信息的真实性、准确性、完整性负相应的法律责任。 如本次交易所披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏， 被司法机关立案侦查或者被中国证监会立案调查的，在形成调查结论以前，不转 让在该上市公司拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂停 转让的书面申请和股票账户提交上市公司董事会，由董事会代其向证券交易所和 证券登记结算机构申请锁定；未在两个交易日内提交锁定申请的，授权董事会核 实后直接向证券交易所和证券登记结算机构报送本人或本单位的身份信息和账 户信息并申请锁定；董事会未向证券交易所和证券登记结算机构报送本人或本单 位的身份信息和 ...

Group 1: Company Products and Technologies - The company has mastered core technologies in high-performance polymer composite materials, focusing on engineering plastics and special engineering plastics [2] - The company is capable of producing and technically supporting PEEK materials, emphasizing high performance, wear resistance, and fatigue resistance [2] - Carbon fiber products are tailored for the lightweight and high-end applications in the new energy vehicle industry, providing a one-stop service from design to mass production [3] Group 2: Competitive Advantages - The company leverages its expertise in composite material forming to collaborate with clients, developing unique advantages in carbon fiber color paint technology and high-quality appearance processes [3] - Continuous R&D investment and process improvements address industry pain points such as high costs and low production efficiency in the carbon fiber sector [3] Group 3: Future Strategic Planning - The company aims to capitalize on the domestic industry's transformation and the high-end, lightweight development of new energy vehicles, with a focus on three core product lines: high-performance modified plastics, precision molded products, and high-performance carbon fiber products [4] - By 2024, the company plans to achieve mass production of high-performance lightweight automotive carbon fiber products and expand into international markets [4] Group 4: Applications in Emerging Fields - Carbon fiber products are characterized by lightweight, high strength, corrosion resistance, and fatigue resistance, making them suitable for applications in new energy vehicles, aerospace, and robotics [5] - The company has developed comprehensive technologies and processes for carbon fiber products applicable in low-altitude flight fields [6]