Core Viewpoint - The launch of the new generation of Pinyuan AI integrated machine (PYD20 series) by Pingao Co., Ltd. marks a significant advancement in China's AI computing power industry, emphasizing "independent control" and "high-performance implementation" [2][4]. Group 1: Product Features - The PYD20 series features the Jiangyuan new generation D20 chip, achieving a single card computing power of 320 TOPS and integrating 256GB of large-capacity video memory, with significantly reduced power consumption compared to the previous generation [3]. - The PYD20-MAX integrated machine, designed with a high-density PCIe-SW architecture, can accommodate 16 D20 chips, achieving a total computing power of 5 PetaOPS and a memory capacity of 4 Terabytes, doubling the computing power and quadrupling the memory capacity compared to the PYD10 [3]. - The PYD20 series supports the DeepSeek V3.1 large model (685 billion parameters) and is fully compatible with various mainstream CPUs and domestic operating systems, allowing for complete local deployment and data security [4]. Group 2: Market Impact - The introduction of the PYD20 series is expected to lower the total cost of ownership (TCO) for enterprises significantly and facilitate the adoption of large models from leading companies to small and medium-sized enterprises [4]. - The first batch of orders for the PYD20 series will prioritize delivery to key sectors such as government, special operations, telecommunications, and intelligent manufacturing, indicating strong market demand [4].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [5]. Core Insights - The company, Shanghai KOTAI Power, specializes in high-end generator sets and smart energy systems, focusing on data centers, communication infrastructure, and industrial backup power [3]. - The company has a strong competitive position in the data center and communication sectors, with significant experience in diesel generator sets accumulated over more than 20 years [3]. - The global demand for computing power is expected to grow significantly, with the data center IT load projected to increase from approximately 49GW in 2023 to 96GW by 2026, driven largely by AI computing needs [4]. - The company is well-positioned to benefit from the growth in the AI computing industry as a core supplier of diesel generator sets for data centers [4]. Financial Projections - Revenue projections for the company are as follows: 2025 revenue is expected to be 2.354 billion yuan, 2026 at 2.914 billion yuan, and 2027 at 3.646 billion yuan, reflecting growth rates of 84.8%, 23.8%, and 25.1% respectively [7]. - The earnings per share (EPS) are forecasted to be 0.85 yuan in 2025, 1.32 yuan in 2026, and 1.84 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 40.2, 26.0, and 18.6 [5][7]. - The company is expected to achieve a return on equity (ROE) of 24.6% in 2025, increasing to 29.8% by 2027 [7].

Core Viewpoint - The AI hardware sector in A-shares has seen a significant rise, with the Xinchuang-themed ETFs performing exceptionally well, highlighted by some ETFs reaching a turnover rate of 100% [1][4]. Group 1: ETF Performance - The turnover rates for various Xinchuang-themed ETFs are as follows: Huabao Xinchuang ETF at 100.11%, Xinchuang ETF Fuguo at 92.99%, Guotai Xinchuang ETF at 81.75%, and Guangfa Xinchuang 50 ETF at 63.29% [1][2]. - The net inflow into Xinchuang-themed ETFs from May 26 to June 4 totaled 30.88 billion yuan, with a single-day net inflow of 16.82 billion yuan on June 4, accounting for over 54% of the total [4][6]. Group 2: Market Dynamics - The surge in funds into Xinchuang-themed ETFs is attributed to the suspension of Haiguang Information and Zhongke Shuguang since May 26, with expectations of their resumption by June 9. Investors are using ETFs to maintain exposure to these stocks during the suspension [8][9]. - Investors anticipate significant price increases upon the resumption of trading for Haiguang Information and Zhongke Shuguang, leading to a strategy of buying ETFs to indirectly hold these stocks [9]. Group 3: Industry Outlook - The Xinchuang industry is viewed as a core area for achieving self-sufficiency in information technology in China, with the market expected to exceed 2 trillion yuan by 2025 [9]. - The merger of Haiguang and Shuguang is seen as a typical case under the national policy encouraging mergers and acquisitions in the semiconductor and AI sectors, which is expected to enhance the competitiveness of the domestic computing power industry [9][10]. - The current state of the Xinchuang industry is characterized by a well-established industrial system, with significant progress in self-controllable AI computing power chips and a robust AI server market [10].

Core Viewpoint - Huibo Yuntong (301316.SZ) is making a strategic move to acquire a controlling stake in Baode Computing through a combination of equity and cash, aiming to enhance its capabilities in the AI sector and create a synergistic "soft and hard integration" ecosystem [1][2]. Company Overview - Established in 2009, Huibo Yuntong initially focused on software technology services, particularly mobile intelligent terminal testing, and has since expanded into various fields including digital transformation services and AI solutions [3]. - The company went public on the Shenzhen Stock Exchange's Growth Enterprise Market in October 2022 and has since engaged in multiple acquisitions to strengthen its position in the financial technology sector [4]. Recent Financial Performance - In 2024, Huibo Yuntong's revenue reached 1.743 billion yuan, marking a 28% year-on-year increase, while its net profit after non-recurring items was 70.24 million yuan, indicating a need for improved profitability [10]. - The financial technology segment has become a significant growth driver, with revenue from this sector reaching 465 million yuan in 2024, up 35.62% year-on-year, accounting for 26.66% of total revenue [5]. Acquisition Details - The acquisition of Baode Computing involves purchasing 67.91% of its shares from 59 transaction parties, with the remaining shares held by Baode's current major shareholders [2]. - The deal is seen as a critical step for Huibo Yuntong to establish a "soft and hard integration" solution, enhancing its technological capabilities in AI hardware and software [8][9]. Market Position and Strategy - Baode Computing, founded in 1997, has established itself in the server market, particularly in the AI sector, ranking third in the Ascend series and fourth in the Kunpeng series of servers in 2024 [7]. - The acquisition is expected to create a comprehensive solution combining computing power, algorithms, and application scenarios, positioning Huibo Yuntong competitively in the market [8]. Challenges and Risks - Baode Computing faces unresolved issues related to a betting agreement and administrative penalties against its former chairman and board members, which could complicate the acquisition process and integration efforts [15][16]. - The ongoing challenges in Baode's IPO process, including overlapping business scopes and the need for further verification of related party transactions, may impact the overall success of the acquisition [14][15].

Military Industry - Companies like 恒天海龙 and 华伍股份 have shown significant stock increases, with 恒天海龙 rising by 10.07% and 华伍股份 by 19.94%, driven by military and aerospace sectors [2][3] - The stock of 成飞集成 increased by 9.98%, indicating strong interest in military technology [2] - Companies such as 通易航天 and 中航成飞 also reported substantial gains, with increases of 25.11% and 17.05% respectively, reflecting a robust military industry outlook [3] Chemical Industry - 红墙股份 has maintained a strong performance with a 9.97% increase over 12 trading days, attributed to the rising prices of epoxy propylene [4] - 中欣氟材 also performed well, with a 9.99% increase over 9 days, linked to fluorochemical products [4] - The chemical sector is experiencing volatility, leading to increased market attention on companies like 丹化科技 and 长华化学, which reported gains of 9.93% and 20.02% respectively [4] AI Computing Power - The AI computing power sector is showing strong performance, with companies like 全筑股份 and 电光科技 increasing by 10.00% and 10.01% respectively, driven by advancements in server technology [8] - The report indicates that the AI computing industry remains in a high-growth phase, supported by positive earnings reports from related companies [7] Robotics - The introduction of exoskeleton robots in tourist attractions has led to increased interest in robotics companies, with 中超控股 and 龙溪股份 both achieving gains of 10.09% and 10.01% respectively [10][11] - The sector is benefiting from growing consumer interest and technological advancements in robotic applications [10] Brain-Computer Interface - Neuralink's breakthrough with its brain-computer interface device has garnered attention, with stocks like 童畫頁 and 麒盛科技 rising by 9.98% and 10.00% respectively, reflecting optimism in brain technology [13][14] Performance Surprises - Companies like 润贝航科 and 渝三峡 A have shown strong stock performance, with 润贝航科 increasing by 10.01% over 12 days, indicating positive market sentiment following earnings reports [15][16] Semiconductor Industry - The semiconductor equipment sector is expected to benefit from increased domestic investment in photolithography technology, with stocks like 京运通 and 奥普光电 rising by 9.92% and 10.00% respectively [18][19] Agricultural Planting - The new regulations on plant variety protection are expected to positively impact agricultural companies, with stocks like 秋乐种业 and 康农种业 showing increases of 17.90% and 10.24% respectively [20][21] Food and Beverage - The announcement of a 500 billion yuan loan facility to support consumption is likely to benefit food and beverage companies, with stocks like 保龄宝 and 一致魔芋 rising by 9.96% and 21.20% respectively [22][24] Real Estate - The reduction in housing loan interest rates is expected to stimulate the real estate market, with stocks like 三湘印象 and 天保基建 increasing by 10.14% and 10.10% respectively [25][26]

Group 1 - The People's Bank of China announced an increase in the re-lending quota for technological innovation and technological transformation from 500 billion to 800 billion yuan, supporting the implementation of the "two new" policies [1] - The cloud computing 50 ETF (159527) opened high on May 7, 2025, with the CSI Cloud Computing and Big Data Theme Index (930851) rising by 0.76% [1] - Notable increases in component stocks include Zhongke Xingtu (688568) up 5.98%, Hengsheng Electronics (600570) up 2.96%, and Tuolisi (300229) up 2.70% [1] Group 2 - The Digital China Development Report (2024) indicates a steady growth of over 10% in the Digital China Development Index over the past three years, with data production increasing by 25% year-on-year [2] - The total computing power reached 280 EFLOPS, and 5G base stations built totaled 4.251 million, with mobile IoT terminal users reaching 2.656 billion [2] - AI computing power-related companies have shown good performance in their earnings reports, indicating a high level of industry prosperity [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5][17]. Core Views - The company is experiencing pressure on profits due to increased R&D investments while its new business segments are building momentum for performance recovery [1][2]. - The consumer electronics industry is entering a cyclical recovery, and the company is expanding its domestic and overseas markets, achieving breakthroughs in new product development and customer acquisition [2][3]. - The company's connector and component businesses are showing stable growth, with connector product sales reaching 617 million yuan, a year-on-year increase of 9.11%, and component product revenue hitting a record high of 174 million yuan, up 48.77% year-on-year [2][3]. Financial Summary - The company reported a revenue of 830 million yuan for 2024, a year-on-year growth of 15.22%, but incurred a net loss of 7.57 million yuan, a decline of 124.43% compared to the previous year [1][2]. - For the forecasted years 2025 to 2027, the company is expected to achieve net profits of 43 million yuan, 145 million yuan, and 182 million yuan respectively, with significant growth rates of 670.4% and 236.4% in 2025 and 2026 [1][9]. - The company's earnings per share (EPS) for 2025 to 2027 are projected to be 0.21 yuan, 0.70 yuan, and 0.88 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 138.3, 41.1, and 32.8 [9][10]. Business Development - The company is focusing on new product and technology development, particularly in the automotive connector sector, which has achieved breakthroughs and is set for mass supply in 2024 [3]. - The company is actively developing its 3D printing technology and semiconductor heat sink business, with expectations for revenue generation from these new applications starting in 2025 [3][4]. - The semiconductor heat sink project has received a shift in funding focus from the IPO proceeds, aiming for customer validation and mass production [3]. Market Position - The company is positioned in the electronics industry, with a total market capitalization of approximately 5.97 billion yuan and a circulating market value of about 2.28 billion yuan [5]. - The stock price as of April 29, 2025, was 28.91 yuan, reflecting the company's market performance [5].

Group 1 - The Zhongzheng Cloud Computing and Big Data Theme Index (930851) has seen a strong increase of 2.34% as of April 30, 2025, with notable gains in constituent stocks such as Tax Friend Co., Ltd. (603171) up 7.31%, Wanxing Technology (300624) up 6.85%, and Zhongke Xingtou (688568) up 5.67% [1] - The Cloud Computing 50 ETF (159527) has risen by 2.16%, and over the past year, it has accumulated a total increase of 19.33% as of April 29, 2025 [1] - According to Zheshang Securities, the proportion of heavy positions in the computer industry for Q1 2025 is 3.1%, reflecting a quarter-on-quarter increase of 0.35%, indicating an upward trend in industry allocation [1] Group 2 - The report from CITIC Construction Investment Securities indicates that recent disclosures of 2024 annual reports and Q1 2025 reports from listed companies show that companies related to AI computing power have performed well, confirming the high prosperity of the industry [1] - The increase in holdings during Q1 2025 is primarily concentrated in areas such as AI Agents, cloud services, and integrated machines, with DeepSeek driving the AI sector's market performance [1] - The Cloud Computing 50 ETF closely tracks the Zhongzheng Cloud Computing and Big Data Theme Index, which selects 50 listed companies involved in providing cloud computing services, big data services, and related hardware to reflect the overall performance of these companies [2]

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/陈鑫/杨本鸿/张旭光/杨海盟/桂杨 本周观点聚焦 1、本周 观 点： 财报密集披露期临近，优选业绩强兑现龙头 2、深度跟 踪 ： 从英伟达GTC及大厂开支看算力产业机会 周观点 财报密集披露期临近，优选业绩强兑现龙头 财报密集披露期临近，优选业绩强兑现龙头。 目前已进入 3 月下旬，财报密集披露期临近。当前，市场对 Q1 基本面预期正逐渐成为股价的重要影响因素。建议积极挖 掘 Q1 业绩存在超预期可能的核心赛道及龙头公司，同时观察控费带来的利润端变化，有望成为近期的重要阿尔法来源。此外，在财报披露的影响下，市场风险偏好存 在下降的可能性，可逢低加仓核心的质优龙头。 大厂资本开支高增， AI 算力产业保持高景气。 腾讯最新财报显示，公司 2024Q4 资本开支 365.78 亿元，同比增长 386% ， 2025 年计划进一步增加资本开支；中国 移动宣布 2025 年在算力领域投入 373 亿元。本周英伟达在 GTC 大会发布新一代芯片架构 Rubin ，并表示未来 AI 模型推理需求会推动算力保持高增长。算力产业作 为财报端具有强兑现潜力的赛道， ...