1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The high-speed mixed-signal chip industry has broad growth prospects. The demand for high-definition video chips in emerging application scenarios such as 4K/8K ultra-high-definition video, AR/VR, and the metaverse is growing explosively. Global AI and HPC demand is also driving the growth of high-speed signal chips. The company will focus on high-definition video processing and high-speed signal transmission technologies, increase R & D investment in automotive, HPC, and micro-display chips, and expand market share [26]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Longxun Co., Ltd. The reception time is May 20, 2025. The listed company's reception personnel include the chairman, general manager FENG CHEN, independent directors Xie Guangjun and Chen Lai, board secretary Zhao Yu, and financial director Wei Yongxiang [16]. 3.2 Detailed Research Institutions - The reception object is all investors participating in the online performance briefing of Longxun Co., Ltd. for the first quarter of 2025 [19]. 3.3 Research Institution Proportion - No relevant information provided. 3.4 Main Content Data - **Reasons for slow revenue growth in Q1 2025**: Affected by holidays, traditional industry off - seasons, and insufficient production capacity of some models, some business orders were not released. The company is optimizing the supply chain system [23]. - **Automotive chip business**: The company has 8 chips certified by AEC - Q100. In 2024, the business of bridge chips in automotive HUD and infotainment systems increased. The in - vehicle SerDes chipset is in full - scale market promotion, with some fields in mass production and others in prototype verification [24]. - **Profitability in Q1 2025**: The total operating revenue was 109 million yuan, a year - on - year increase of 4.52%. The gross profit margin was 54.43%. The net profit attributable to the parent company was 2.85092 million yuan, a year - on - year decrease of 8.06%. The non - recurring profit and loss net profit was 2.11283 million yuan, a year - on - year decrease of 8.93%. The net cash flow from operating activities was 1.80137 million yuan, compared with - 3.55247 million yuan in the same period last year. R & D investment was 2.75914 million yuan, accounting for 25.31% of operating revenue, a year - on - year increase of 23.24% [24]. - **Profit growth points**: In 2025, the company will focus on core technologies, optimize R & D platforms, increase R & D investment in automotive, HPC, and micro - display chips, and expand market share in new products. It will also promote new products in automotive electronics and ultra - high - definition display [25]. - **Industry performance in Q1 2025**: The semiconductor industry has seasonality, and Q1 is usually a relative off - season. The national subsidy policy has promoted the growth of the consumer electronics business [25]. - **Industry development prospects**: The high - speed mixed - signal chip industry has broad growth prospects, driven by emerging application scenarios and AI/HPC demand [26].

Core Viewpoint - The name change of the company from "长春一汽富维汽车零部件股份有限公司" to "长春富维集团汽车零部件股份有限公司" signifies a strategic transformation and market-oriented development for the company [1][3] Group 1: Company Name Change - The company will change its name and stock abbreviation, while the stock code remains the same, marking an important step in its strategic transformation [1] - The name change reflects the company's commitment to reducing reliance on a single group client and enhancing market-oriented operational capabilities [1] Group 2: Business Development and Financial Performance - The company has received notifications from well-known new energy brands to supply components, with expected total sales of 10.6 billion and 13.9 billion yuan over the projects' lifecycles [2] - In Q1 2025, the company reported total revenue of 47.58 billion yuan, a year-on-year increase of 5.65%, and a net profit of 98.99 million yuan, up 5.27% year-on-year [2] - The company's gross margin increased to 9.85%, marking a 0.31 percentage point rise compared to the same period last year, achieving three consecutive years of growth [2] Group 3: Strategic Initiatives - The company plans to invest 100 million yuan in establishing a venture capital fund, aligning with its development strategy and investment direction [2] - The establishment of the fund aims to accelerate the implementation of the company's strategic goals while ensuring stable growth in its main business [2][3] - The company is positioning itself to capitalize on opportunities in the new energy and intelligent driving sectors, aiming for higher quality development [3]

Core Viewpoint - Recently, Tianjin's public transportation has initiated a pilot operation of smart driving vehicles, achieving L4 level autonomous driving standards [1] Group 1: Vehicle Specifications - The vehicle has a length of 5.5 meters and a maximum autonomous driving speed of 36 kilometers per hour [1] - It is equipped with 4 LiDARs, 2 millimeter-wave radars, and 16 cameras, providing 360-degree monitoring of the surroundings [1] - The interior features 10 soft seats and 1 small table, with no traditional driving components such as a steering wheel, brake, or accelerator pedals [1]

Investment Rating - The industry investment rating is "Strong Outperform" with an expected industry index increase of over 5% in the next six months [29] Core Insights - The report highlights that internet companies have shown strong performance in Q1 2025, driven by AI technology enhancing business operations and expected to boost earnings growth [1] - Key companies such as Tencent and Alibaba are leveraging AI capabilities to improve their advertising platforms and product offerings, with Alibaba's AI products experiencing triple-digit growth for seven consecutive quarters [1][6] - The report suggests a focus on companies with strong fundamentals and growth potential, including Tencent, Alibaba, JD.com, and Xiaomi, with specific PE ratios indicating relative valuation attractiveness [1][19] Summary by Sections Internet Sector - The Hong Kong stock market indices rose, with significant net buying from southbound funds, particularly in major banks and internet companies [1] - Internet companies are currently valued at relatively low PE ratios, with Alibaba at 12, Tencent at 17, and JD.com at 7 for 2025 [1][19] AI and Technology - AI is becoming a critical driver for revenue growth in major companies, with Tencent's Q1 2025 revenue up 13% year-on-year, and Alibaba's cloud business growing 18% [5][6] - The report emphasizes the importance of AI product advancements and their impact on market expectations and valuations [2] New Listings and Market Trends - The upcoming IPO of CATL is noted, with 90% of the proceeds aimed at advancing projects in Hungary [2] - The report anticipates significant earnings reports from key companies like Bilibili and Baidu, which could further influence market sentiment [2] Company Performance - Tencent's Q1 2025 results exceeded expectations, with a notable increase in revenue and profit margins driven by gaming and advertising [5] - Alibaba's Q4 FY25 results showed a 7% revenue growth, with significant contributions from its cloud and CMR businesses [6] - JD.com reported a strong Q1 2025 performance with revenues surpassing 300 billion yuan, driven by its expanding delivery ecosystem and promotional strategies [8][9]

港股科技股继续走强，医药股集体爆发，科技、互联网跟涨。$港股科技50ETF(SZ159750)$ ，成份股三生制药涨超36%，晶泰控股、信达生物、药 明生物、百济神州等跟涨；零跑汽车、小米集团涨超3%。 财报季：景气度向上+估值低位 Deepseek技术突破引发的中国科技核心资产价值重估仍在进行中，港股科技龙头业绩回暖持续验证。截至目前，腾讯控股、阿里巴巴、京东集团等7 家头部科技公司公布一季报，营收和净流入均实现正增长，其中，阿里巴巴、吉利汽车净利润同比增速超260%，比亚迪股份、中芯国际等净利润同 比增幅超100%。 | 公司简称 | 营收(亿元) | 营收同比(%) | 净利润(亿元) | 净利润同比(%) | | --- | --- | --- | --- | --- | | 腾讯控股 | 1800. 22 | 12. 87 | 478. 21 | 14. 16 | | 阿里巴巴 | 2364. 50 | 7.00 | 298.5 | 273. 22 | | 京东集团 | 3010. 82 | 15. 78 | 108.9 | 52. 73 | | 网易 | 288. 29 | 7. 36 | 103 ...

Group 1: Financial Performance - In 2024, the company achieved revenue of 3.519 billion yuan, a year-on-year increase of 14.38% [9] - The net profit attributable to shareholders was 294 million yuan, a year-on-year decrease of 7.14%, while the net profit excluding non-recurring items was 301 million yuan, an increase of 3.53% [9] - In Q1 2025, the company reported revenue of 908 million yuan, a year-on-year increase of 25.81%, and a net profit of 94 million yuan, a year-on-year increase of 28.15% [9] Group 2: Growth Drivers - The company is focusing on emerging fields such as industrial intelligence and smart driving, with significant growth in automotive components and industrial control sectors, achieving revenue growth of 30.42% and 24% respectively in 2024 [2] - New products like laser radar motors, precision aluminum die-casting, and energy-efficient industrial motors are expected to contribute to future profit growth [2] - The company has adopted an "Electric Motor+" strategy, expanding its product offerings to include precision gearboxes, sensors, and drive control systems [4] Group 3: Market Strategy - The company is enhancing its overseas production capacity to mitigate the impact of trade uncertainties, with approximately 18% of its revenue coming from the U.S. market in 2024 [9] - New manufacturing bases in Vietnam and Mexico are operational to ensure stable supply for North American clients [9] - The company is also developing strategic partnerships, such as with Blue Technology in the quadruped robot sector, to enhance its competitive edge [10] Group 4: Industry Outlook - The company expresses confidence in the electric motor and drive system industry, driven by trends in automation and energy efficiency [3] - The demand for high-efficiency motors is expected to grow due to national policies promoting energy conservation [3] - The company is leveraging technological advancements and ecological collaboration to seize opportunities in green transformation and smart manufacturing [3]

行车不规范，亲人两行泪。 道路千万条，安全第一条。 行车安全这件事，一直是生活中老生常谈的一个问题。可随着时代的进步，"车"也在不断的迭代更新，国民的"日用车"也从上世纪的凤凰牌单车到两轮、 电动车，和小轿车的发展。 时至今日，小轿车逐步从传统油车发展为混动、纯电车等新能源车型，日前相关部门发文规定公务用车应选用国产汽车，优先选用新能源汽车，足见新能 源车在中国的地位。与新能源车伴随的是越来越智能的辅助驾驶系统，不得不感慨时代发展之快，就连开车也玩出花来了。 今年2月9日，长安汽车在重庆正式发布智能化战略"北斗天枢2.0"计划。并携手奇瑞、吉利、长城、比亚迪、广汽、东风、蔚来、北汽、小鹏、上汽、腾 讯、英飞凌等"中国智驾合伙人"，共启全民智驾元年。 智能驾驶新技术不全是好事，也有令人心痛的"车祸、人祸"。 影响最深刻的就是3月底的那场惨烈的交通事故，驾驶人和两名乘客死亡，三人均为在校大学生。 安全是一切的基础，有了安全，技术才可以得到发展和保障。这场事故离不开的焦点是智能驾驶，事故发生前车辆处于NOA智能辅助驾驶状态，该驾驶 员或许对智能驾驶存在过分迷信问题，高度依赖于技术，放松了对于车的把控，连锁反应下发生 ...

今日，港股科技盘中反弹，医药股领涨，港股科技ETF（513020）涨超1.3%。 港股科技分子端受益于国内经济复苏和科技创新动力，分母端受益于海外流动性改善。 国内角度，受益于资金面宽松和政策宽松预期，国内经济有望持续复苏。另外，5月7日央行、证监 会、金融监督管理总局宣布降准降息，有助于成长风格获得超额收益。政策端，对培育新质生产力的重 视程度显著提升，港股科技的"内生增长动力"有望被持续激活。 海外角度，年内来看，交易员预计美联储仍然有2-3次的降息空间，若降息落地，海外流动性改 善，利好港股资金回流。另外，当前中美关税政策已经出现实质性缓和，资本市场的风险偏好有所改 善，这也利好港股科技股的走强。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 港股科技ETF（513020）跟踪中证港股通科技指数，包括互联网、新能源车、生物医药和创新药等 核心科技板块，代表了中 ...

注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 财信证券指出，纳斯达克100总收益指数的行业分布符合当前科技主线，尤其在人工智能、机器人、智 能驾驶等新兴产业领域权重较高。从业绩预期来看，科技成长板块的增速潜力居前，预计国产AI产业 链的业绩将在2025年中报开始释放。此外，纳斯达克资本市场的流动性改善驱动估值提升，其市盈率和 市净率均处于相对低位，具备较强吸引力。未来若美联储降息，美元流动性将进一步支撑估值修复。同 时，中美关税谈判的积极进展有望提升市场风险偏好，推动科技成长风格延续。 今日开盘，纳指ETF（513100）涨幅1.23%，成交额达2.07亿元。 纳指ETF（513100）跟踪的是纳斯达克100总收益指数（W00206），该指数由纳斯达克编制，选取在纳 斯达克上市的100家规模最大且非金融领域的上市公司证券作为成分股，重点覆盖高科技、高成长性企 业。其行业分布主要集中于 ...

请务必阅读正文之后的信息披露和免责申明 1 全球AI周报 摘要 证券研究报告 2025年05月19日 海外行业报告：行业动态研究 AI推动腾讯阿里业绩增长，Google I/O 2025预计推出AI眼镜 作者： 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 李泽宇 SAC执业证书编号：S1110520110002 分析师 樊程安吉 SAC执业证书编号：S1110524080001 分析师 杨雨辰 SAC执业证书编号：S1110521110001 分析师 刘诗雨 SAC执业证书编号：S1110524120001 ➢ 近期市场表现，受到关税缓和预期的影响，A I相关标的反弹显著。市场普遍担忧因宏观因素及地缘政治变化导致的经济衰退风险有所缓解。从AI发展的角度来看，谷歌 2025 年度 Google I/O 开发者大会将于 5 月 20 日至 21 日举办；近期 OpenAI推出Codex，且预计GPT-5发布在即；与此同时，智能驾驶商业化进程提速，Uber加速布局Robotaxi项目，这些进展对A I应用及智能驾驶行业均产生了积极推动作用。建议关注：（1）智能驾驶落地提速，Uber宣布与 ...