14日早盘，受益于隔夜英伟达大涨刺激，A股以光模块为代表的英伟达产业链普遍走强，创业板人工智 能指数涨2%，博创科技大涨超10%，首都在线、新易盛涨逾7%，联特科技、铜牛信息、中际旭创、奥 飞数据、协创数据、天孚通信等多股跟涨逾3%。 热门ETF方面，与英伟达产业链相关性较高的创业板人工智能ETF华宝（159363）场内涨逾2%，引领AI 赛道王者归来，实时成交额超3300万元。 | | | 分时 多日 1分 5分 15分 30分 · | | | | | F9 盘前盘后 盛加 九转 面线 工具 (2 2 | | > | | 创业板人工智能ETF华宝 | 159363 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.97F | | | | | 159363[创业板人工智能ETF华富] 09:42 价 0.975 游跌 0.021(2.20%) 均价 0.970 -- | | | | | 0.975 | | +0.021 +2.20% | | | N | | | | | | | | | SZ ...

请各位听众升级为见闻最新版APP，以便成功收听以下音频。 华见早安之声 市场概述 要闻 中美经贸中方牵头人、国务院副总理何立峰出席新闻发布会表示，中美达成重要共识，会谈取得实质性进展。 中国4月CPI同比降0.1%、与上月持平，PPI同比降幅扩大至2.7%。 日本首相石破茂重申"零关税"，要求美国全面取消汽车关税。 印巴双方宣布停火后不久，印控克什米尔地区再次传出爆炸声。印度指巴基斯坦违反停火协议，巴方否认。 乌克兰准备无条件停火至少30天，普京提议5月15日恢复俄乌谈判。泽连斯基：乌克兰已做好与俄罗斯举行会谈的准备。 野村：日本寿险美元资产占比过高，一旦减持或对冲，将对美元产生重大压力。 投资者关注贸易会谈进展、消化美联储政策及第一季度财报数据。 美股周五开盘上涨，三大指数大多小幅收跌，全周均下跌。特斯拉一度涨超7.8%，台积电盘初涨约3%后收窄至不足1%，Lyft因扭亏为盈且预订量增长，股 价飙升28%。中概指数全周累计跌1.4%。 10年期美债收益率周五波动不大，全周上涨约7个基点。美元指数一度跌超0.5%后企稳于100上方。黄金终结两连跌，美油盘中涨近2.6%。 中美经贸高层会谈取得了实质性进展，达成 ...

Core Viewpoint - The A-share market has shown a strong rebound, particularly in technology stocks, with over 4,800 stocks rising, driven by multiple favorable factors and the release of earnings reports, especially in the AI sector [1][2][3]. Market Performance - As of the market close, the Shanghai Composite Index rose by 1.13%, the ChiNext Index increased by 1.97%, and the STAR 50 Index gained 1.39% [2]. - The AI technology stocks have rebounded significantly, with the ChiNext AI Index rising over 17.2% since its low on April 9, outperforming the ChiNext Index (+7.9%) and the CSI AI Theme Index (+14.1%) [3]. Sector Performance - Various sectors performed strongly, including office supplies (+4.66%), internet (+4.17%), education (+3.72%), and communication equipment (+3.58%), while sectors like soft drinks and oil & gas saw declines [5][6]. - Active concepts in the technology sector included controllable nuclear fusion, Huawei's HarmonyOS, and optical modules [5]. AI Sector Dynamics - The primary driving force behind the market rally is AI computing power, with recent news and earnings acting as catalysts for the sector [7]. - The launch of new AI models and upgrades in chip architecture, such as Huawei's Ascend 910C, have sparked interest in the tech community [9][10]. Earnings Reports - Major cloud service providers reported significant capital expenditures, with a total of $76.54 billion in Q1, a 64% year-on-year increase, indicating continued investment in AI despite economic uncertainties [13]. - Domestic companies in the computing power supply chain also reported strong earnings, alleviating concerns about a slowdown in AI spending [15][16]. Investment Strategy - The article emphasizes the importance of a long-term investment strategy in the AI sector, suggesting that investors should focus on industry development and market trading rhythms, employing a high sell-low buy approach [24][25]. - The AI sector is recognized as a key area for investment, with specific ETFs like the ChiNext AI ETF (159363) gaining significant traction, attracting 869 million yuan in investments this year [27][30]. Future Outlook - Despite recent challenges, the AI sector has shown resilience and is expected to continue its growth trajectory, similar to the historical development of the internet [33][34]. - Investors are encouraged to identify high-quality companies and investment tools, particularly during market corrections, to capitalize on the long-term potential of the AI industry [36].

Core Viewpoint - The company reported strong Q1 2025 results, with revenue of 1.579 billion, a year-on-year increase of 78.55% and a quarter-on-quarter increase of 4.79, driven by the growth in AI computing power business and improved profitability [1] Group 1: Q1 Performance - Q1 2025 revenue reached 1.579 billion, with a year-on-year growth of 78.55% and a quarter-on-quarter growth of 4.79% [1] - Net profit attributable to the parent company was 200 million, showing a year-on-year increase of 656.87% and a quarter-on-quarter increase of 37.63% [1] - The gross profit margin improved to 29.84%, up 10.96 percentage points year-on-year and 4.89 percentage points quarter-on-quarter [1] Group 2: Business Outlook - The company has a strong order intake and high capacity utilization in Q2 2025, with ongoing demand for AI servers and 800G switches [2] - The company is expanding high-end capacity in AI servers and 800G switches, with expected revenue growth in these areas [3] - The company is also developing products for 5.5G, 6G, satellite communications, and automotive electronics, which are anticipated to contribute to long-term growth [3] Group 3: Investment Recommendations - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of ***/***/*** billion and net profits of ***/***/*** million [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown impressive performance with a significant increase in revenue and net profit, driven by the growth in data centers and demand for high-speed optical modules [5][6] - The company is expected to continue its growth trajectory, with revised profit forecasts for 2025 and 2026, and a new forecast for 2027 [5] - The company is focusing on vertical integration around its core business, leading to continuous improvement in gross margins [6] Financial Performance Summary - In 2024, the company achieved revenue of 86.47 billion yuan, a year-on-year increase of 179.15%, and a net profit of 28.38 billion yuan, up 312.26% [5] - For Q1 2025, revenue reached 40.52 billion yuan, a year-on-year increase of 264.13%, with a net profit of 15.73 billion yuan, up 384.54% [5] - The gross margin for 2024 was 44.72%, an increase of 13.73 percentage points year-on-year, while the net margin was 32.82%, up 10.60 percentage points [6] Research and Development Focus - The company has significantly increased its R&D investment, reaching 1.18 billion yuan in Q1 2025, a year-on-year growth of 121.63% [7] - The R&D expense ratio for Q1 2025 was 2.91%, indicating a strong commitment to innovation in high-speed optical modules and related technologies [7] Market Position and Outlook - The company is positioned as a leader in the optical module industry, with ongoing advancements in high-speed products and collaborations with major global internet and telecommunications companies [6][7] - The company is expected to benefit from the continued demand for high-speed optical modules, with profit forecasts for 2025, 2026, and 2027 set at 60.49 billion yuan, 70.61 billion yuan, and 80.82 billion yuan respectively [5]