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].

Important Market News - The Ministry of Industry and Information Technology emphasizes the acceleration of 5G-A and 6G technology development to support the construction of a modern industrial system [1] - Focus on meeting enterprise development needs and enhancing market access, fair competition, and credit management systems [1] - Promotion of industrial internet infrastructure across regions and industries to support the high-end, intelligent, and green development of manufacturing [1] Industry Insights - The Ministry of Industry and Information Technology held a meeting to discuss the high-quality development of the industrial mother machine industry, which is crucial for modern industrial systems [2] - China's industrial mother machine market size is projected to grow from 631.36 billion in 2019 to 712.89 billion in 2024, driven by equipment upgrades and new industry demands [2] - The industrial mother machine industry is expected to see continued improvement in 2025 due to rising demand for high-end CNC machine tools [2][3] Automotive Industry Developments - The Ministry of Industry and Information Technology is seeking public opinion on mandatory standards for automatic emergency braking systems (AEBS), marking a shift from recommended to mandatory standards [4] - The new AEBS standard is expected to significantly increase the penetration rate of AEBS in vehicles, projected to exceed 60% by 2025 [5] - The current overall installation rate of AEBS in passenger vehicles is 56.5%, with higher rates in new energy vehicles [5] Brain-Computer Interface Advancements - The establishment of China's first clinical ward for brain-computer interface technology aims to transition from research-driven to clinically-driven applications [6] - The National Healthcare Security Administration has initiated a pricing project for new brain-computer interface technologies, paving the way for clinical applications [6][7] - Domestic companies in the brain-computer interface sector are expected to gradually achieve commercialization [7] Solid-State Battery Innovations - Guoxuan High-Tech has completed its first pilot line for solid-state batteries, with a design capacity of 0.2 GWh and plans for mass production [8] - The solid-state battery industry is anticipated to accelerate its industrialization process in the next 2-3 years, with key material and production technology advancements [8] - Companies involved in solid-state battery production are expected to benefit from expanding application spaces [8]

Core Viewpoint - The article discusses the recent performance of the A-share market, highlights key companies undergoing institutional research, and provides insights into their business developments and market outlooks. Group 1: A-share Market Performance - From May 12 to May 16, the A-share market showed stable performance, with the Shanghai Composite Index rising by 0.76% to close at 3367.46 points, the Shenzhen Component Index increasing by 0.52%, and the ChiNext Index gaining 1.38% [2]. Group 2: Institutional Research and Key Companies - A total of 163 listed companies disclosed institutional research records, with Anji Technology being the most popular among institutions, attracting 241 institutions for research on May 12 [3]. - Anji Technology, established in 2006, has a market capitalization exceeding 20 billion yuan and focuses on high-end semiconductor materials. Its main products include chemical mechanical polishing liquids and electronic chemical products, which are widely used in integrated circuit manufacturing [3]. - Anji Technology's executives noted that they have completed the platform construction for their electroplating liquids and additives, with significant growth in functional wet electronic chemicals, particularly in post-etching and post-polishing cleaning liquids [3]. - The company expressed a cautious outlook for market demand in the second half of the year, citing a mismatch between its revenue and the performance of some downstream wafer factory clients [4]. Group 3: New Times and Haier Group - New Times received secondary research from 82 institutions, with the focus on the progress of Haier Group's acquisition. In February, Haier Group signed agreements to gain control of New Times for 1.3 billion yuan [4][5]. - New Times specializes in elevator control, robotics, and control systems, ranking second globally in elevator controllers and fourth globally in SCARA robots [4]. - New Times indicated that the transaction with Haier Group has not yet been officially completed, but post-completion, both companies will enhance collaboration to leverage each other's strengths in industrial automation [5]. Group 4: Focus on Obsidian Technology - Obsidian Technology, a key player in the humanoid robot supply chain, has achieved a high market share in the service robot sector and has established partnerships with several leading companies [6]. - The company highlighted the high barriers to entry in the 3D vision perception industry, which ensures a stable competitive landscape. It plans to increase investments in the downstream market over the next three to five years to maintain its technological and market leadership [6].

Group 1 - The A-share market showed stable performance during the week of May 12 to May 16, with the Shanghai Composite Index rising by 0.76% to close at 3367.46 points, the Shenzhen Component Index increasing by 0.52%, and the ChiNext Index up by 1.38% [1] - A total of 163 listed companies disclosed institutional research records, with Anji Technology being the most popular among institutions, attracting 241 institutions for research on May 12 [1] - Anji Technology, established in 2006, has a market capitalization exceeding 20 billion yuan and focuses on high-end semiconductor materials, including chemical mechanical polishing liquids and functional wet electronic chemicals [1] Group 2 - Anji Technology's executives indicated that the company has completed the platform construction for its electroplating liquids and additives, continuously investing in R&D and promoting localized production [1] - The functional wet electronic chemicals business is experiencing significant growth, particularly in post-etching and post-polishing cleaning liquids [1] - Anji Technology expressed a cautious outlook for market demand in the second half of the year, noting that its revenue may not align with the performance of some downstream wafer fabrication clients due to a broad business scope and reduced customer concentration [2] Group 3 - New Timesda received attention from 82 institutions for a second round of research, with the focus on the progress of Haier's acquisition [2] - Haier Group, through its subsidiary, signed a share transfer agreement to gain control of New Timesda for 1.3 billion yuan, which specializes in elevator control and robotics [2] - New Timesda's elevator controller business ranks second globally, while its SCARA robots rank fourth globally and second domestically [2] Group 4 - New Timesda confirmed that the transaction with Haier Group has not yet been officially completed, and post-completion, both parties will enhance collaboration to promote mutual development [3] - New Timesda aims to leverage Haier's industrial internet platform to strengthen collaboration across the industrial automation supply chain [3] - Other popular research targets included Haida Group, Obsidian Technology-UW, Sunshine Nuohe, and Shijia Photon, with Obsidian Technology-UW being a key player in the humanoid robot supply chain [3][4] Group 5 - Obsidian Technology-UW has achieved a high market share in the Chinese service robot sector and has established partnerships with several leading service robot clients [4] - The company highlighted the high barriers to entry in the 3D vision perception industry, which requires significant technology, funding, and talent [4] - Obsidian Technology-UW plans to increase investments in the downstream market over the next three to five years to maintain its technological and market leadership [4]

本周76股获机构扎堆关注。 据证券时报·数据宝统计，本周（5月12日~16日），55家机构合计进行684次评级，共计541股被券商研报给予"买入型"评级（包括买入、增持、强烈推 荐、推荐）。 合计来看，共23股获3家及以上机构重点关注。机构关注度最高的是鼎捷数智，有5家机构评级；中芯国际、中国化学等5股有4家机构评级。 评级机构家数3家及以上的个股中，汽车股上榜数量最多，共6只。本周汽车板块表现强势，近日国家强制标准《轻型汽车自动紧急制动系统技术要求及试 验方法》完成起草，AEBS将强制安装（详见《强制安装！汽车新规来了，曾引爆大佬口水战，产业链公司曝光》），周五汽车行业指数大涨1.91%，逾 10股涨停。通信、机械设备行业紧随其后，分别有3只个股上榜。 23股获机构上调评级 14股最高上涨空间超60% | | | | 本周(5月12日~16日) 评级机构家数居前的个股 | | | | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 评级家数 | 息市值 (亿元) | 5月以来 涨跌幅 | 行业 | | | | | | (%) | | | 300378 | 鼎捷 ...

Group 1: 5G and 6G Development - The Ministry of Industry and Information Technology emphasizes accelerating the research and development of 5G-A and 6G technologies, as well as fostering industrial growth and application development to empower the modern industrial system [2] Group 2: U.S. Treasury Securities - In March, China reduced its holdings of U.S. Treasury securities by $18.9 billion, bringing its total to $765.4 billion, marking the first reduction of the year and causing China to drop from the second to the third largest holder of U.S. debt [3] Group 3: Housing Market in Guangzhou - Starting May 17, banks in Guangzhou raised the first mortgage rate by 10 basis points, adjusting from LPR-60bp to LPR-50bp, resulting in a new rate of 3.1% for first-time homebuyers [4] Group 4: Regulatory Actions - The China Securities Regulatory Commission imposed a fine of 294 million yuan on He Mou Ru for market manipulation, with total penalties for similar cases this year exceeding 750 million yuan [4] Group 5: Corporate Governance - Li Chuyuan, the former chairman of Guangzhou Pharmaceutical Group, was expelled from the party and public office due to serious violations of discipline and law, with his case being transferred to the prosecution [5] Group 6: Corporate Developments - Xiaomi announced that its self-developed "Xuanjie O1" chip will be used in products beyond smartphones, indicating a broader product strategy and technological ambition [9] - CATL's new battery production base in Shandong officially commenced operations, marking the company's first major facility in Northern China and the largest capacity planning in the region [10] Group 7: Fund Management Changes - Fund manager Bao Wuke from Invesco Great Wall Fund resigned for personal reasons, raising concerns about the management and performance of the funds he oversaw [12] Group 8: Technology Innovations - OpenAI released Codex, a cloud-based software engineering intelligent agent designed to assist developers in coding tasks, which is expected to enhance software development efficiency [14]

Group 1 - Jiangsu Province achieved "four national firsts" in 2023 regarding the integration of "5G + Industrial Internet," including the number of pilot cities, 5G factory listings, 5G virtual private networks, and industrial internet identification resolution secondary nodes [1] - The province has built and opened a total of 294,000 5G base stations, ranking second in the country, with 26,000 5G-A base stations, achieving full coverage of 5G lightweight (RedCap) in all districts and county towns [1] - Fixed internet broadband access ports reached 107 million, ranking third nationally, with fiber access ports accounting for 87.3% [1] Group 2 - The comprehensive supply level of computing power facilities continues to improve, with major telecom companies enhancing the construction of AI computing power centers, forming a cloud computing industrial belt in Jiangsu [2] - China Telecom has established a "2+13+X" computing power layout, while China Mobile has built a "5+13+X" computing center layout, with 54 data centers and 8,000 edge computing nodes capable of supporting over 900,000 servers [2] - By the end of March 2023, Jiangsu's three major telecom companies had 10,000 AI application projects, with over 1,800 projects deployed in manufacturing and energy sectors, collaborating with over 40 enterprises to build an AI hardware and software ecosystem [2]

Group 1: Industry Outlook - The future development of the industry is closely related to macroeconomic factors, industrial upgrades, and digital transformation [2] - The acceleration of digital transformation is driving demand for B2B e-commerce platforms as essential tools for improving supply chain efficiency [2] - Policy support from the Chinese government, such as the "14th Five-Year Plan" for digital economy, is expected to provide long-term benefits for B2B platforms [2] Group 2: Company Performance - In 2024, the company achieved total operating revenue of ¥565,224,215.27, an increase of 28.25% compared to 2023, primarily due to the rise in supply chain business revenue [3][4] - The net profit attributable to shareholders was -¥22,793,175.63, a decrease of 219.33% year-on-year, mainly due to increased provisions for bad debts [3][4] - The company's operating profit was -¥52,426,297.94, a decline of 262.32% compared to the previous year [4] Group 3: Future Growth Strategies - The company focuses on a "long-termism" development philosophy, emphasizing strategies in bulk commodity e-commerce, industrial e-commerce, consumer e-commerce, and supply chain finance [3] - The bulk commodity e-commerce strategy aims to provide data, transaction, and financial services to producers, distributors, and related institutions [3] - Future profitability is heavily reliant on the successful development of the bulk commodity e-commerce strategy [3] Group 4: Financial Metrics - Total assets amounted to ¥1,512,749,562.36, a decrease of 8.15% from the previous year [4] - Shareholders' equity attributable to the company was ¥900,620,903.31, with a net asset value per share of ¥3.56 [4] - The weighted average return on equity was -2.48%, and basic earnings per share were -¥0.09 [4]

Core Insights - The integration of 5G technology with industrial internet is becoming a core engine for industrial transformation, particularly in China, which is the largest manufacturing country globally [1][6] - 5G's high speed, low latency, and massive connectivity are enabling a shift from traditional manufacturing to digital intelligent manufacturing [1] Group 1: Production Process - 5G technology creates a comprehensive sensing network for industrial internet, exemplified by a leading steel company that connects core equipment to the cloud, achieving real-time data collection and transmission at a rate of one million data points per second [3] - The 5G network's one millisecond latency allows for precise remote control of high-temperature furnaces, resulting in an 8% reduction in energy consumption per ton of steel and a product defect rate of 0.3‰ [3] - This "digital twin + real-time control" model shifts production from experience-driven to data-driven, injecting intelligence into traditional heavy industries [3] Group 2: Supply Chain Collaboration - The 5G + industrial internet is reshaping supply chain ecosystems, as demonstrated by a port group's 5G smart logistics system that automates the entire loading and unloading process [3] - The system reduces single-vessel operation time from 72 hours to 36 hours, increasing annual throughput by 40% [3] - The platform connects over 200 upstream and downstream enterprises, enhancing supply chain collaboration efficiency by 60% and improving inventory turnover rate by 25% [3] Group 3: Innovative Applications - The fusion of 5G with AI and digital twin technologies is creating new business models, such as a fully connected automotive factory that deploys over 3,000 5G terminal nodes for intelligent coordination across various manufacturing processes [5] - In the welding process, a 5G + machine vision system detects weld seam defects with an accuracy rate of 99.99% at a precision of 0.1 millimeters [5] - The AGV system in the assembly workshop adjusts assembly paths dynamically based on orders, reducing the production cycle for customized vehicles by 30% and improving market response speed by 150% [5] Group 4: Challenges and Future Outlook - Despite significant achievements, the large-scale application of 5G + industrial internet faces challenges, including high network construction costs, with industrial-grade 5G module prices dropping by 90% but still requiring tens of thousands of yuan for equipment upgrades [5] - There is a need for a differentiated technical standard system due to varying latency and reliability requirements across industries [5] - The Chinese government is accelerating the "5G + industrial internet" 512 project, aiming to build 10,000 5G factories and create 20 pilot cities by 2027, driving the evolution of industrial internet towards deeper intelligence, sustainability, and service orientation [6]

Core Insights - The integration of the real economy and digital economy is crucial for seizing opportunities from the new technological revolution and industrial transformation, fostering new productive forces, and building a modern industrial system [1][4] - The "real-number integration development index" in China has increased approximately threefold from 2012 to 2024, with an average annual growth rate of 12% [1] - The industrial sector is identified as the main battlefield for real-number integration, with data elements penetrating all aspects of the industrial field [1][2] Industry Developments - Real-number integration is driving a shift from isolated breakthroughs to systemic changes in innovation, particularly in pharmaceuticals and materials, with AI technology significantly reducing R&D cycles [1][2] - Manufacturing is leveraging real-number integration to create agile supply chain networks, enhancing management efficiency through digital technologies and machine learning [2] - The industrial internet is playing a key role in enabling digital transformation, with the core industry scale expected to exceed 1.5 trillion yuan in 2024, contributing nearly 3.5 trillion yuan to economic growth [3] Policy and Strategic Recommendations - The Ministry of Industry and Information Technology (MIIT) aims to accelerate the deep integration of industrial internet and artificial intelligence to support the digital transformation of industries [3] - Recommendations include enhancing digital infrastructure, promoting the digital transformation of manufacturing, and creating a favorable environment for real-number integration development [4]