Industry Outlook - The industry is poised for significant opportunities driven by national strategies such as "Digital China" and "Green Low-Carbon Development" [2] - The release of policies like the national standard for mobile communication and initiatives such as "Signal Upgrade" and "Broadband Frontier" provide comprehensive support for industry growth [2] Company Performance - In 2024, the net profit attributable to shareholders was 11.192 million, a decrease of 68.56% year-on-year [5] - The net profit after deducting non-recurring gains and losses was -5.242 million, an increase of 70.68% year-on-year [5] Strategic Focus Areas - The company aims to solidify its core business while expanding into new areas such as 6G, satellite internet, and low-altitude economy [3] - The public communication sector will focus on key industries and clients, enhancing information planning and communication engineering contracting [3] Product Development - The company is innovating in emergency communication solutions, including the TianTong BeiDou integrated communication system, which has been deployed in over 20 provincial emergency projects [6] - A series of wireless coverage products have been developed to meet various deployment needs, supporting the "Signal Upgrade" initiative [8] Market Trends - The demand for high-end PCB products is recovering, with the company’s special PCB business showing strong growth and high capacity utilization [10] - The public network business is experiencing growth in 5G applications, with a focus on data governance and the development of core products [9]

Group 1 - The company Beijing Lier plans to invest 200 million yuan in the domestic AI chip company Shanghai Zhenliang [1] - The investment includes a subscription of 69.19 million yuan in new registered capital, with the chairman Zhao Wei subscribing 50 million yuan for 17.3 million yuan of new registered capital [1] - After the capital increase, the company and Zhao Wei will hold 11.43% and 2.86% of Shanghai Zhenliang's shares, respectively [1] Group 2 - Shanghai Zhenliang Intelligent Technology Co., Ltd. was established in 2020 and is strategically invested by SenseTime, SANY Group, and Guangdong Min Investment [1] - The company focuses on the research, development, and manufacturing of GPGPU for AI training scenarios and the localization of intelligent computing infrastructure [1] - Shanghai Zhenliang has already mass-produced two generations of AI chips, with the latest generation of GPGPU chips expected to achieve large-scale delivery in batches starting in 2025 [1]

Core Viewpoint - Jilin Sino-Microelectronics Co., Ltd. (the company) is focused on advancing its semiconductor power device industry, emphasizing innovation, product development, and market expansion to enhance its competitive position in the industry. Group 1: Company Overview - The company achieved operating revenue of CNY 2,057.61 million, representing an increase of 18.13% year-on-year, and a net profit attributable to shareholders of CNY 127.73 million, up 246.45% from the previous year [6][13]. - The company is committed to building a complete, advanced, and secure modern power semiconductor chip industry system, focusing on intelligent, green, and integrated industrial development [5]. Group 2: Business Operations - The company is actively promoting full industry chain project construction, product research and development iteration, and management innovation, while expanding into emerging markets [5]. - Key products include IPM modules, IGBT, super junction MOS, and SGT MOS, with significant sales growth in clean energy, automotive electronics, smart home, 5G, and industrial control sectors [5][7]. Group 3: Financial Performance - The company reported a significant increase in net profit due to higher sales orders for products like IPM, leading to increased revenue and gross profit [14]. - Operating costs rose to CNY 1,517.34 million, an increase of 14.06% year-on-year, while research and development expenses increased by 17.68% to CNY 124.92 million [13][19]. Group 4: Research and Development - The company has intensified its R&D efforts, with a total R&D expenditure of CNY 124.92 million, accounting for 6.07% of its operating revenue [19]. - The R&D team consists of 791 personnel, representing 30% of the total workforce, with a focus on enhancing technological innovation and product development [19][20]. Group 5: Market Strategy - The company is leveraging domestic and provincial resources for joint development and actively participating in key provincial and municipal research projects [7]. - The company aims to enhance customer satisfaction by improving service quality, optimizing product delivery, and reducing order fulfillment cycles [9].

行业研究丨点评报告丨软件与服务 [Table_Title] 鸿蒙 PC 正式亮相，或成国产 PC 新选项 报告要点 [Table_Summary] 5 月 8 日，华为举行鸿蒙电脑技术与生态沟通会，首款鸿蒙电脑正式亮相。在沟通会中，华为 展现了关于鸿蒙电脑的 UI 设计、办公特点、系统生态、设备互联、安全架构、AI 能力等一系 列情况。此次鸿蒙 PC 的正式亮相，或将代表着鸿蒙正式进入电脑市场，在国产化替代加速的 背景下，实现完全自研的鸿蒙操作系统，有望凭借其加速建设的鸿蒙生态，逐步提升其市场份 额，从而惠及相关产业链。建议关注 1）华为鸿蒙 PC 产业链，2）开源鸿蒙操作系统开发厂商。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 丨证券研究报告丨 1 软件与服务 cjzqdt11111 [Table_Title2] 鸿蒙 PC 正式亮相，或成国产 PC 新选项 [Table_Summary2] 事件描述 5 月 8 日，华为举行鸿蒙电脑技术与生态沟 ...

小金属：钨资源战略地位凸显，矿端偏强运行 钨作为国家战略性资源，其开采利用受国家指标控制、供应受限，随着全球地缘政治博弈加深，钨资源 的战略性地位将逐步凸显，矿端或维持强势运行。虽然短期需求端释放增量有限，但随着国内制造业的 复苏，以及出口端的修复，钨的供需错配或将延续，钨价或稳定增长。同时产业持续调结构升级，向高 端化迈进，钨下游刀具等领域具有较大国产化替代空间，有望推动行业内相关生产企业利润增长。 风险提示：下游需求弱于预期、供给端大量释放、美联储降息进程不及预期等。 5月8日，美联储宣布维持联邦基金利率目标区间在4.25%至4.50%之间，符合市场预期，美联储已连续 三次维持利率不变。FOMC政策声明中增加了"通胀和失业率上升的风险增加"的描述，据芝商所数据， 市场对美联储重启降息的时点延后至7月。同时，随着中美经贸会谈开启，英美贸易协定落地，市场情 绪有所好转，美元指数和美股有所反弹，黄金价格承压。展望后市，特朗普政策的不确定性、全球贸易 格局和货币体系可能面临重塑、去美元化进程不断推进、央行对黄金的需求保持在高位等长期利多金价 因素依旧存在，且美联储仍有充足的降息空间，对金价形成有力支撑。受益标的： ...

鸿蒙 PC 产业趋势与鸿蒙生态 20250511 摘要 • 华为鸿蒙操作系统定位于面向万物互联的第四代操作系统，采用微内核架 构和分布式软总线技术，旨在实现跨设备协同和无缝连接，与苹果 iOS 和 Windows 等操作系统形成差异化竞争。 • 华为通过鲲鹏和鸿蒙两条生态线，分别布局企业级和消费级市场，以应对 美国在芯片和软件领域的挑战，提升在全球 IT 产业中的竞争力。鸿蒙生态 已吸引超过 1,000 家 IoT 合作伙伴接入。 • 鸿蒙操作系统自 2019 年发布以来，经历了多个版本迭代，纯血版 5.0 已 应用于 Mate 70 系列和 Pura X 等设备，展示了其在智能终端领域的重要 应用，并预示着未来更多创新应用场景。 • 华为的"1+8+N"战略以智能手机为核心，连接八大终端设备及更多 IoT/AIoT 设备，构建万物互联生态系统，目前已基本形成闭环，鸿蒙 PC 的发布将补齐 PC 端短板。 • 鸿蒙 PC 预计于 2025 年发布，搭载自主研发的 X90 系列处理器，性能目 标超越苹果 M2 芯片，接近英特尔 I7 13 代处理器水平，并侧重多屏协同 等创新用户体验。 Q&A 鸿蒙系统诞生的背 ...

Group 1: Financial Performance - The company's net profit in Q1 2025 increased by 11.28% year-on-year, attributed to product structure optimization and cost control [3] - Fixed assets at the end of Q1 2025 amounted to 72,348,000 RMB, a decrease of 1,388,000 RMB from the beginning of the year [3] - The company plans to achieve a revenue target of 2 billion RMB by 2025 and 3 billion RMB by 2028, which is three times the revenue of 2023 [32] Group 2: Product Development and Market Expansion - The company is actively developing silicon nitride ceramic balls, with key processes and equipment established in 2023, and plans to introduce key talents from Europe and the US in 2025 [10] - The company has successfully completed tests for high-speed train bearing rollers, which are part of a national key project [6] - The company is increasing supply capacity for micro screw steel balls (0.4-0.8mm) for humanoid robots and is developing customized solutions with downstream customers [5] Group 3: Strategic Initiatives - The company is focusing on digital transformation, moving from traditional mechanical processing to a fully automated digital factory [11] - The company is planning to establish a new base in Mexico to mitigate the impact of US tariffs and expand its market reach in South America [9] - The company is pursuing mergers and acquisitions, such as the planned acquisition of Qingdao Feiyan, to enhance its market position [23] Group 4: Investor Relations and Communication - The company has conducted limited investor relations activities in 2024, with only two events held, and plans to increase engagement in the future [21] - The company is committed to optimizing product structure and improving product quality to enhance market recognition and maximize shareholder value [8] - The company acknowledges the importance of investor feedback and aims to improve communication regarding its operational status and investment value [21]

Group 1 - Dapu Asset recently conducted research on two listed companies, Guoxin Technology and Nasda [1][2] - Guoxin Technology has launched the anti-quantum password chip HC001 in collaboration with Xinda Yimi, which is suitable for high-security requirements in sectors such as finance, communication, electricity, and IoT [1] - The HC001 chip supports both traditional and anti-quantum password algorithms, addressing the security challenges posed by the development of quantum computing [1] Group 2 - Nasda achieved a total operating revenue of 26.415 billion yuan in 2024, a year-on-year increase of 9.78%, with a net profit attributable to shareholders of 749 million yuan, up 112.11% [2] - In the first quarter of 2025, Nasda's revenue was 5.927 billion yuan, a year-on-year decrease of 5.79%, and the net profit attributable to shareholders was 84 million yuan, down 69.64% [2] - The company is actively promoting its industry-specific innovation market, particularly in the financial and energy sectors, as well as normalizing government market trends [2]

Overview - The semiconductor industry is experiencing a structural recovery driven by multiple factors including AI technology penetration, deepening domestic substitution, and cyclical inventory replenishment, leading to growth across various segments [23][24]. Semiconductor Equipment - The global semiconductor equipment market is expected to reach $121 billion by 2025, with China leading in capacity expansion, projected to grow to 10.1 million wafers per month [2][28]. - Domestic high-end equipment still relies on imports, but local manufacturers are accelerating their catch-up in high-end equipment sectors due to favorable policies and external sanctions [2][28]. - In Q1 2025, selected domestic equipment companies reported a total revenue of 16.97 billion yuan, a year-on-year increase of 35.7%, and a net profit of 2.49 billion yuan, up 34.8% [2][28]. Semiconductor Materials - The global sales of wafer manufacturing materials and packaging materials are projected to be $42.9 billion and $24.6 billion in 2024, respectively, benefiting from advanced process developments [3][29]. - The semiconductor materials market is expected to exceed $84 billion by 2028, driven by AI development [3][29]. - From 2019 to 2024, the compound annual growth rate (CAGR) for selected semiconductor materials companies is projected to be 18.58% [3][29]. Semiconductor Components - The revenue and profit growth in the semiconductor components industry have significantly accelerated since 2020, with a CAGR of 27% from 6.77 billion yuan in 2019 to 22.34 billion yuan in 2024 [4][30]. - The net profit for the same period increased from 670 million yuan to 2.69 billion yuan, with a CAGR of 32% [4][30]. Packaging and Testing - The packaging and testing sector has seen continuous revenue growth for six consecutive quarters, with Q1 2025 revenue reaching 21.8 billion yuan, a year-on-year increase of 24% [5][31]. - The sector's gross margin in Q1 2025 was 13.3%, with a net profit of 420 million yuan, up 8% year-on-year [5][31]. Storage - The storage sector is expected to see an upward trend in average selling prices (ASP), driven by AI demand [7][27]. - In Q1 2025, the revenue of certain module manufacturers increased by 54% year-on-year, indicating a recovery in the sector [7][27]. Consumer Electronics - The global smartphone shipment is projected to reach 1.22 billion units in 2024, a 7% year-on-year increase, marking a rebound after two years of decline [12][32]. - The consumer electronics sector is experiencing a recovery trend, with Q1 2025 revenue reaching 400.85 billion yuan, a 22% year-on-year increase [12][32]. PCB - The PCB sector is expected to see comprehensive growth in 2024, driven by high-end demand from AI applications [13][34]. - In Q1 2025, PCB companies reported significant revenue growth, with some companies like Shenghong Technology achieving an 80.3% year-on-year increase [13][34]. Passive Components - The revenue of key listed companies in the passive components sector reached 9.383 billion yuan in Q1 2025, a year-on-year increase of 16.76% [14][35]. - The average gross margin for the sector was 27.93%, indicating stable performance despite seasonal fluctuations [14][35].

Core Viewpoint - The financial institution's IT investment is slowing down, impacting the performance of IT service providers like科蓝软件, which reported a significant decline in revenue and net profit for 2024 [1][2]. Financial Performance -科蓝软件's total revenue for 2024 was 843 million yuan, a year-on-year decrease of 27.95% - The net profit attributable to shareholders was -535 million yuan, a substantial year-on-year decline of 334.66% [1][2]. - R&D expenses increased significantly, with 2024 R&D investment amounting to 214 million yuan, representing 25.41% of total revenue, compared to 13.25% in 2022 and 12.74% in 2023 [2]. Business Transition - The company is undergoing a strategic transformation, focusing on AI and other emerging fields, while reducing the scale of IT personnel outsourcing projects, leading to a decrease in traditional business revenue [2][3]. - The financial IT industry, including科蓝软件, is in a collective transition phase, with banks shifting their IT budgets from backend operations to marketing and customer service digitalization [3][4]. Shareholder Pledge and Risks - The controlling shareholder has pledged 80% of their shares, with significant portions subject to judicial freezes, raising concerns about potential control changes [5][6]. - The company asserts that the controlling shareholder's financing needs are independent of the company's operations, and the risk of share pledges leading to control changes is manageable [6]. Future Growth Strategies -科蓝软件 is actively developing new products, including a domestic database and solutions for digital banking, which are expected to become new profit drivers in the next three to five years [7]. - The company has committed to a comprehensive strategic shift towards artificial intelligence, focusing on a 3A strategy (AI database, AI applications, and AI computing power) to enhance its competitive edge in the financial sector [7].