Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has issued the "Computing Power Interconnection Action Plan" to promote the application of computing power interconnection in various new business scenarios [1] Group 1: Application Scenarios - The plan emphasizes the application of computing power interconnection in service scenarios such as computing resource services, task scheduling, market transactions, and open-source community operations [1] - It aims to enhance enterprise-level applications in artificial intelligence, scientific computing, intelligent manufacturing, remote medical services, and visual internet [1] - The initiative also targets consumer-level applications including intelligent driving, cloud rendering, cloud computing, and cloud gaming [1] Group 2: Integration with Other Technologies - The plan encourages the integration and innovative application of computing power interconnection with energy internet, industrial internet, and mobile internet [1]

Group 1: Company Overview and Market Position - The company operates in the smart card industry, which has a market capacity that is stabilizing but facing saturation in traditional applications. However, new applications in IIoT, AIoT, and eSIM are driving growth [1] - The gross margin for the smart card business is approximately 20%, positioning the company at a medium level within the industry [1] - The company is transitioning towards the super SIM card sector to enhance value and market space [2] Group 2: Competitive Advantages - The company is the first in the industry to offer a one-stop service, integrating the entire supply chain from chip application development to end-user delivery, which enhances product consistency and customer loyalty [2] - Over 60% of the company's product sales are international, with established partnerships with global leaders like THALES and IDEMIA, showcasing strong global operational capabilities [2] - The company has a robust project delivery and local service capability, having secured contracts with major Chinese telecom operators [2] Group 3: Semiconductor Business Development - The company entered the power semiconductor packaging materials sector in 2019, leveraging its existing technology to tap into a high-potential market [3] - Future plans include accelerating production of thermal management products and expanding customer bases in the power module sector [3] Group 4: Research and Development Investment - The company maintains a consistent investment in R&D, focusing on core technologies and optimizing resource allocation based on market feedback and financial status [4] - R&D personnel compensation is a significant portion of the R&D budget, with ongoing employee stock ownership plans to incentivize innovation [4] Group 5: Overseas Market and Production Capacity - Overseas operations account for over 60% of revenue, with production facilities in India and Indonesia achieving utilization rates of 70%-80% and 80%-90%, respectively [5] - The company emphasizes local production to enhance responsiveness to customer needs [5] Group 6: Customer Stability and Risk Management - The smart card business remains the primary revenue source, with a high customer concentration. Long-term agreements with major clients mitigate dependency risks [6] - The revenue share from the top five customers decreased from 87.92% in 2023 to 77.75% in 2024, indicating diversification efforts [7] Group 7: Liquid Cooling Business - The company has developed liquid cooling products with integrated designs that enhance efficiency and reliability, targeting high-performance computing needs [7] - The products are in the final stages of preparation for mass production, with a focus on meeting the rising demand in AI and data center markets [7] Group 8: Smart Security Business - The company is leveraging its expertise in digital information security to develop smart security solutions, particularly in transportation safety [8] - Current efforts are focused on market promotion, with ongoing exploration of business models [8] Group 9: Challenges and Opportunities - Key challenges include rapid technological changes and market entry risks for new businesses, which could impact production efficiency and competitiveness [9] - Opportunities exist in the growing demand for efficient cooling and packaging materials in AI and high-performance computing sectors, with potential for rapid growth [9] Group 10: Chip Production and Partnerships - The company primarily sources smart card chips externally, with some proprietary chips for internal use and external sales [10] - The company has not yet established a partnership with Huawei in the liquid cooling sector but remains open to future collaborations [10] Group 11: Acquisition Strategy - The company is cautious about pursuing acquisitions, focusing on long-term stability and evaluating potential targets within the industry [10] Group 12: Risk Disclosure - The company acknowledges risks associated with new product development, including technological, market, and validation risks, and commits to timely information disclosure [12]

Core Insights - The digital transformation of the manufacturing industry is essential for adapting to the digital economy and achieving high-quality development, with Anhui Province leading the way in this transformation, creating a unique "Anhui model" that supports industrial growth [1][2] Summary by Sections Digital Transformation Achievements - In 2024, Anhui Province added 8,943 enterprises to its digital transformation initiatives, exceeding the annual target by 178.9%, with a cumulative digital transformation enterprise ratio of 69.47% [1] - Industrial investment, technological transformation investment, and manufacturing investment grew by 13.6%, 20.5%, and 13.3% year-on-year, respectively, maintaining double-digit growth for 48 consecutive months [1] - The manufacturing high-quality development index improved from 7th to 5th nationally, with 76.25% of the 24,600 enterprises having initiated digital transformation by the end of Q1 2025 [1] Leading Enterprises and Case Studies - Chery's intelligent manufacturing factory exemplifies Anhui's digital transformation, featuring over 660 intelligent robots and achieving a 97% automation rate, capable of producing 1,200 vehicles daily [3][5] - Chery aims to leverage intelligence in its operations, creating a modern industrial cluster and smart mobility ecosystem [5] Policy and Financial Support - Anhui has implemented top-level design and innovative mechanisms to support digital transformation, with a total of 2.523 billion yuan allocated to support various projects, attracting 35.7 billion yuan in financial institution funding [6] - The province has established 24 provincial-level digital transformation demonstration parks and created over 400 digital transformation model enterprises [9] Support for Small and Medium Enterprises (SMEs) - Anhui's "classification demonstration" approach aids SMEs by reducing software application costs and providing tailored digital transformation solutions, with 14,000 new software service package applications in 2024 [7][8] - The province has also launched 103 provincial-level SME demonstration projects to promote best practices [8] Infrastructure and Talent Development - In 2024, Anhui added 22 key industrial internet platforms and connected over 1,023 million devices, serving more than 200,000 enterprises [10] - The province plans to train over 300,000 digital economy professionals by 2027, with a focus on digital skills [14][15] Future Directions - Anhui's industrial and information technology department emphasizes the importance of digital transformation as a means to foster new productive forces, with all large-scale industrial enterprises having initiated digital upgrades [15]

Core Insights - The article emphasizes the growing importance of 3D visualization technology in enhancing production efficiency, optimizing management processes, and improving user experience within the industrial internet landscape [1] Group 1: 3D Visualization Platforms - 3D visualization platforms serve as essential tools for intuitive data presentation, integrating advanced 3D modeling, rendering, and interaction technologies to transform complex industrial data into vivid 3D images [1] - These platforms support multiple data sources and provide real-time data updates, ensuring users have access to the latest information [1] - In industrial manufacturing, these platforms can display real-time production line layouts, equipment status, and material flow, enabling managers to quickly identify potential issues and adjust production plans accordingly [1] Group 2: 3D Visualization Software - 3D visualization software is fundamental for creating complex 3D models, allowing users to perform detailed rendering and animation [1] - The software supports various modeling methods and seamlessly integrates with mainstream industrial software, ensuring data accuracy and consistency [1][2] Group 3: Virtual Reality Integration - The combination of virtual reality (VR) technology with 3D visualization offers users immersive experiences, allowing them to explore virtual environments and interact deeply with 3D models [4] - VR technology can simulate complex operational environments for training purposes, enhancing employee skills and reducing safety risks associated with real-world operations [5] Group 4: Applications in Industrial Internet - 3D visualization technology has extensive applications across various sectors, including manufacturing, equipment maintenance, architectural design, and educational training [6] - In energy management, 3D visualization platforms can display real-time energy distribution, transmission, and consumption, aiding managers in optimizing energy allocation and reducing operational costs [6] - For equipment maintenance, 3D visualization software can create detailed equipment models, enabling maintenance personnel to conduct troubleshooting and repair operations in a virtual environment [6] Group 5: Future Development Trends - The future of 3D visualization technology appears promising, with advancements in 5G, IoT, and AI expected to provide more efficient and intelligent solutions [6] - The integration of 3D visualization with cultural creativity, education, and research is anticipated to diversify and deepen application scenarios [6] Group 6: Company Spotlight - Vuli Code Cloud is highlighted as a professional digital twin platform that offers comprehensive solutions for 3D visualization [7] - The company provides tailored services and advanced digital technologies to meet diverse client needs, supporting the implementation of 3D visualization platforms and software integration [7]

Core Insights - The Industrial Internet Theme Index (931495) has seen a strong increase of 1.94% as of May 29, 2025, with significant gains in constituent stocks such as Huada Jiutian (301269) up 15.75% and Desay SV (002920) up 10.00% [1] - The Industrial Internet ETF (159778) has risen by 2.36%, with a latest price of 0.83 yuan, and has accumulated a 16.81% increase over the past year as of May 28, 2025 [1] - The Ministry of Industry and Information Technology is seeking public opinion on the national standard for Automatic Emergency Braking (AEB) systems, which is expected to become a standard feature and enhance the penetration of various electronic control devices in braking systems [1] Industry Analysis - According to Guotai Haitong Securities, the hardware required for AEB is divided into intelligent driving and chassis execution components, with significant opportunities for domestic replacement in the ESC function, which is currently dominated by foreign companies [2] - The new regulations are anticipated to promote the penetration of line control braking, which is more efficient than ESC [2] - The Industrial Internet Theme Index comprises 50 listed companies involved in hardware manufacturing, software development, and application services, reflecting the overall performance of the industrial internet theme [2] - As of April 30, 2025, the top ten weighted stocks in the Industrial Internet Theme Index account for 47.41% of the index, including companies like BYD (002594) and Hikvision (002415) [2]

Core Viewpoint - The State Council has approved the "Manufacturing Green and Low-Carbon Development Action Plan (2025-2027)", emphasizing the necessity of promoting green and low-carbon development in the manufacturing sector, accelerating green technology innovation, and upgrading traditional industries [1] Policy Level - A series of policies have been introduced to support the development of the green and low-carbon industry, including the "14th Five-Year" energy conservation and emission reduction plan, which aims for a 13.5% reduction in energy consumption per unit of GDP by 2025 compared to 2020 [2] - The central government has set goals for 2030, including significant progress in green transformation in key areas and the establishment of a comprehensive policy and standard system to support green development [2] Standards and Investment Mechanisms - Establishment of a carbon peak and carbon neutrality standard system, including standards for corporate carbon emissions and product carbon footprints, as well as updates to energy-saving standards [3] - Optimization of investment mechanisms to guide social capital into green and low-carbon projects, including the establishment of green investment funds [3] Industry Level - Accelerating the green and low-carbon transformation of traditional industries such as steel, non-ferrous metals, petrochemicals, and construction materials, while promoting clean production technologies [4] - Encouragement of new industries and business models focused on green and low-carbon development, including hydrogen energy, new materials, and renewable energy equipment manufacturing [4] Consumer Level - Promotion of a green and low-carbon lifestyle among consumers, including initiatives to create eco-friendly cities and communities, and enhancing public awareness of environmental conservation [5] - Encouragement of sustainable practices such as water and electricity conservation, reduction of waste, and preference for public transportation and non-motorized travel [5]

Group 1: Business Segments - The company primarily engages in three business segments: aerospace applications, automotive electronics, and the Internet of Things (IoT) [2][3] - Aerospace application products focus on inertial navigation accelerometers, precision manufacturing, testing and control equipment, and specialized power supplies [2][3] - The automotive electronics segment is divided into domestic and international markets, with domestic operations mainly targeting commercial vehicles [3][4] Group 2: Technological Advancements - The company’s inertial devices, such as accelerometers, are at the forefront of domestic technology and have been widely adopted in the aerospace sector [2][3] - The self-developed quartz flexible accelerometer is recognized for its high precision, reliability, compact size, and lightweight design, making it a preferred choice in various applications [2][3] - The AIRIOT IoT platform is a low-code solution that provides comprehensive IoT software services, currently applied in sectors like oil and gas, smart cities, and energy management [3][4] Group 3: Strategic Decisions - The sale of AC Company is part of the company's strategic plan to focus on core business areas and enhance resource utilization [3][4] - Post-sale, AC Company’s revenue and profits will no longer be included in the consolidated financial statements, allowing other business segments to continue stable operations [3][4] - The company anticipates a decline in overall revenue due to the sale of AC Company, but expects stable performance in other business areas [4] Group 4: Clientele and Market Position - Major clients in the aerospace application sector include the Third Academy of Aerospace Technology and other industries such as shipping and military [4] - In the automotive electronics sector, clients include global manufacturers like Hyundai, Volkswagen, Daimler, and domestic companies such as SAIC and Geely [4] - The company does not directly engage in commercial aerospace but has related business through client partnerships, which currently contribute a small percentage to overall revenue [4]

应用模式创新催生新业态。"数据驱动下，平台化设计、智能化生产等新模式重塑制造流程，工业互联 网与消费互联网的融合，推动先进制造业与生产性服务业深度协同，实现更高质量的产业循环。"余晓 晖表示。 余晓晖认为，中国工业互联网历经十年从谋划到实践，已超额完成阶段性目标，未来将在大规模应用与 人工智能深度融合中迎来跨越式发展，面临两大趋势。一是工业互联网进入大规模应用阶段，未来十年 将实现工业体系全面接入；二是人工智能与工业互联网深度融合，以大模型为代表的新技术将推动工业 互联网进入智能新阶段。 余晓晖介绍，在宏观层面，2017年后制造业数字化转型加速，数字技术对制造业效率提升超越服务业， 制造业生产率较此前五年平均提高8.8个百分点；中观层面，实现41个工业大类全覆盖，形成龙头企业 带动、平台支撑的行业发展生态；企业层面，大企业完成工业互联网阶段性建设目标，中小企业在龙头 与平台带动下驶入数字化快车道。 此外，基础设施建设实现弯道超车。据介绍，工业网络领域，以5G为突破口，1.8万余个5G+工业互联 网项目实现规模化应用；工业标识解析体系注册量突破6700亿，贯通物理与数字世界；多层次工业互联 网平台体系崛起，49 ...

Group 1: Investment Activities - China Chengtong's subsidiary, Chengtong Financial Holdings, invested 600 million RMB to subscribe to the initial shares of three ETFs, indicating a trend of various funds, including public funds and insurance institutions, accelerating their entry into the market through ETFs [1][9] - On May 26, stock-type ETFs saw a net inflow of funds, suggesting a significant entry of institutional capital into the market [1][9] Group 2: Company Financial Performance - Xiaomi Group reported a record high in revenue and profit for Q1 2025, with total revenue reaching 111.3 billion RMB, a year-on-year increase of 47.4% [1][17] - The adjusted net profit for Xiaomi Group in Q1 2025 was 10.7 billion RMB, marking a 64.5% year-on-year growth [17] Group 3: Industry Developments - The Ministry of Industry and Information Technology announced a digital transformation implementation plan for the electronic information manufacturing industry, focusing on enhancing new information infrastructure and promoting the integration of advanced computing and AI applications [3][7] - The industrial internet sector in China has grown to over 1.5 trillion RMB, contributing nearly 3.5 trillion RMB to economic growth, with applications expanding across 49 sectors of the national economy [9]

Group 1 - The core viewpoint emphasizes the importance of maintaining a reasonable proportion of the manufacturing industry in the national economy, as it is a crucial pillar for economic stability and competitiveness [1][2][3] - Manufacturing is identified as the mainstay of the real economy, essential for national strength and development, with a focus on ensuring its value-added share in GDP remains within a reasonable range [1][2] - The manufacturing sector has shown resilience during global challenges, such as the COVID-19 pandemic, highlighting its foundational role in economic recovery [1][2] Group 2 - The share of manufacturing value-added in China's GDP has decreased from 28.1% in 2016 to 26.2% in 2023, indicating a concerning trend compared to developed countries [2] - To maintain a stable manufacturing proportion, it is crucial to enhance the resilience of the industrial and supply chains, addressing issues such as high comprehensive costs and key technology bottlenecks [2] - The global economic environment is increasingly emphasizing the role of manufacturing in growth and employment, prompting developed nations to implement policies to revitalize their manufacturing sectors [2] Group 3 - The focus on technology empowerment is essential for maintaining a reasonable manufacturing proportion, with an emphasis on quality improvement rather than mere scale expansion [3] - The transition towards high-end, intelligent, and green manufacturing is seen as a key strategy for enhancing competitiveness [3] - There is a call for integrating advanced manufacturing with modern services and fostering the application of digital technologies in manufacturing processes [3]