Industry Overview - The evolution of communication technology is driving innovation and transformation in industries, significantly impacting the digital economy and society as a whole [1] - The electronic information manufacturing industry in China is experiencing rapid production growth, with a notable increase in fixed asset investment by 12% year-on-year [2] - In 2024, the total revenue of 334 electronic and communication companies in the Shenzhen market reached 22,717.10 billion yuan, a year-on-year increase of 12.15%, while net profit attributable to shareholders grew by 53.52% to 930.97 billion yuan [2] Company Performance - Kema Technology reported a revenue of 857 million yuan in 2024, marking a 78.45% increase, with a net profit of 311 million yuan, up 279.88% [2][3] - Feirongda achieved total revenue of 5.031 billion yuan, a 15.76% increase, and a net profit of 189 million yuan, up 83.01% [3] - Guanghe Technology's main business revenue reached 3.479 billion yuan, with a 45.59% increase in server PCB business revenue [3] - Guangtong reported revenue of 8.189 billion yuan, a 6.13% increase, with a net profit of 668 million yuan, reflecting an 18.53% increase [3] Innovation and R&D - Kema Technology emphasizes technological innovation, with R&D investment of 66.3161 million yuan in 2024, a 42.52% increase [4] - Feirongda focuses on multiple key industries, optimizing product structure and actively entering emerging business areas, enhancing its competitive edge [5] - Guanghe Technology has established a national enterprise technology center and has applied for 418 patents, with 210 granted, showcasing its strong technical capabilities [6] - Guangtong has invested 719 million yuan in R&D in 2024, accumulating 337 invention patents, indicating a solid foundation for expanding into IoT applications [6] Strategic Initiatives - Guangtong established an AI research institute in 2024 to explore the integration of communication and AI technologies, launching new products in the AI and robotics sectors [7]

新京报贝壳财经讯（记者黄鑫宇）近日，新三板挂牌公司2024年年报披露工作基本结束。 全国股转公司（即新三板运营主体）官网显示，截至5月8日，新三板共有挂牌企业6065家，其中创新层 企业2183家、基础层企业3882家。 据全国股转公司介绍，2024年，新三板挂牌公司研发投入合计610.16亿元，连续三年保持增长，平均研 发强度3.57%，三成以上公司研发投入超1000万元，近两成公司研发强度超10%。 值得关注的是，新三板当前专精特新特点鲜明。 全国股转公司的数据显示，专精特新企业持续向新三板聚集，共有国家级专精特新"小巨人"企业1119 家，同比增加202家，占全国"小巨人"总数的7.65%。"小巨人"挂牌公司持续深耕产业链关键环节，制造 业占比近七成，广泛分布于电气设备、化工材料、电子通信等领域，聚焦核心零部件、基础元器件、基 础材料等细分产业，助力加快建设制造强国。 近五年来，新三板挂牌企业中的先进制造和现代服务等战略性新兴产业挂牌公司数量持续增加，高端装 备制造产业由88家增至141家，新材料产业由67家增至184家，新一代信息技术产业由132家增至210家， 新能源汽车产业由20家增至70家，生物 ...

据知情人士透露，特朗普将缓解其汽车关税带来的冲击，避免对外国制造的汽车征收的关税在其已实施 的其他关税基础上"叠加"，同时放宽对用于美国汽车制造的外国零部件征收的部分关税。知情人士表 示，这项决定意味着，支付汽车关税的汽车制造商将不会再被征收其他关税，例如对钢铁和铝的关税。 此举将具有追溯效力，也就是说，汽车制造商可获得已缴纳相关关税的退还。对外国制造完成整车征收 的25%关税已于本月初生效。 点评：据一位了解该计划的人士透露，此举旨在为汽车制造商争取时间，将零部件供应链逐步转回美 国，同时也可能在短期内为汽车制造商带来显著提振。制造商需要向政府申请退税，但目前尚不清楚相 关资金将来自何处。 特朗普在汽车行业关税上"回撤"，华尔街投资者期待调整其他关税政策 第二批保险资金长期投资改革试点又传新进展。4月29日晚，新华保险公告称，拟出资不超过100亿元认 购由国丰兴华（北京）私募基金管理有限公司发起设立的私募基金的份额，基金名称为国丰兴华鸿鹄志 远二期私募证券投资基金。鸿鹄二期基金成立规模200亿元，新华保险与中国人寿拟各出资100亿元认购 基金份额。 点评：今年，第二批长期投资试点启动。险资获批试点规模从50 ...

Group 1: Industry Overview - The A-share electronic and communication industry is experiencing a new growth cycle driven by the adoption of artificial intelligence (AI), with overall performance showing positive trends for 2024 and Q1 2025 [1][2] - Global smartphone shipments are projected to reach 1.24 billion units in 2024, marking a year-on-year increase of approximately 6.4%, indicating a recovery in the smartphone market [1] - The shipment of generative AI smartphones is expected to approach 420 million units in 2025, representing a significant year-on-year growth of 82.7% and capturing one-third of the smartphone market share [1] Group 2: Company Performance - Leading company Luxshare Precision (立讯精密) is forecasted to achieve a revenue of 268.795 billion yuan in 2024, a year-on-year increase of 15.91%, with a net profit of 13.366 billion yuan, up 22.03% [1] - In Q1 2025, Luxshare's revenue continued to grow, reaching 61.788 billion yuan, a 17.9% increase year-on-year, and a net profit of 3.044 billion yuan, up 23.17% [1] - Lens Technology (蓝思科技) also reported revenue and net profit growth for 2024 and Q1 2025, emphasizing that the rapid development of AI is significantly transforming smart terminals and enhancing the value of the industry chain [2] Group 3: AI Impact on Companies - The application of AI in consumer electronics is reshaping user experiences and initiating a new wave of innovation, which is expected to lead to explosive growth in the industry as AI technology matures [2] - Companies such as Industrial Fulian (工业富联), Fei Rongda (飞荣达), and Crystal Optoelectronics (水晶光电) have also reported revenue and net profit growth driven by AI and other factors [2] - ZTE Corporation (中兴通讯) achieved a revenue of 32.97 billion yuan in Q1 2024, a year-on-year increase of 7.8%, with over 35% of revenue coming from its second curve business focused on computing and terminals [3] Group 4: Future Outlook - The communication industry is actively embracing the AI wave, seeking new development opportunities as traditional operator business faces pressure from declining capital expenditures [2][3] - ZTE's enterprise business revenue grew by 36.7% year-on-year in 2024, while Huawei's revenue exceeded 860 billion yuan, growing over 22%, with its enterprise business in China growing by over 25% [3] - The demand for optical module products, which offer high-speed, high-capacity, and low-latency data transmission, is increasing, leading to significant performance growth for companies like Shijia Photon (仕佳光子), which reported a revenue increase of 42.4% for 2024 [3]

Group 1: Industry Insights - The coal industry is experiencing a continued decline in prosperity, while the cement and steel industries are expected to see positive profit growth year-on-year. Conversely, the coal and glass industries are projected to have negative profit growth [1] - The automotive electronics sector is poised for a turning point, with the rise of intelligent driving and the expansion of affordable smart technology, particularly with companies like BYD leading the charge [2] - The petrochemical industry is highlighted for its strategic importance in energy and food security, with state-owned enterprises expected to play a crucial role in ensuring supply amidst geopolitical tensions [4] Group 2: Company-Specific Analysis - Yuexiu Property is projected to achieve a revenue of 86.4 billion yuan in 2024, reflecting a year-on-year growth of 7.7%, despite a significant decline in net profit due to reduced gross margins [8] - Zhongxin Fluorine Materials is facing pressure on its performance due to declining prices of its pharmaceutical and agricultural intermediate products, alongside high depreciation costs from new capacity [9] - China Petroleum's major shareholder plans to increase its stake in the company, with expected net profits of 173 billion yuan, 178.4 billion yuan, and 182.9 billion yuan for the years 2025 to 2027 [10]

Investment Rating - Electronic Industry: Buy (Maintain) [6] - Communication Industry: Overweight (Maintain) [6] - Computer Industry: Buy (Maintain) [6] Core Insights - NVIDIA introduced the concept of Agentic AI, which represents a new reasoning paradigm that will continue to drive global data center construction. This evolution is categorized into three stages: Generative AI, Agentic AI, and Physical AI [12][13] - The global investment in data center construction is expected to reach $1 trillion by 2028, driven by the need for larger computational resources and data for training better models [2][17] - The Blackwell Ultra chip, designed for AI inference needs, will be supplied in the second half of 2025, with significant performance improvements over its predecessor [20][22] - NVIDIA's new AI inference service software, Dynamo, aims to maximize token yield in AI models and supports the development of AI agents [33][35] Summary by Sections 1. Agentic AI and Data Center Development - The introduction of Agentic AI is seen as a pivotal shift in AI technology, emphasizing autonomy and complex problem-solving capabilities [12][13] - The Scaling Law remains relevant, as it will expand to include inference and long-term reasoning, requiring substantial computational resources [14][17] 2. Blackwell Ultra Chip and Future Releases - The Blackwell Ultra chip will enhance AI performance significantly, with a 1.5 times improvement in AI capabilities compared to the previous generation [22] - The Vera Rubin series is expected to launch in 2026, featuring advanced architecture and enhanced memory capacity [22][23] 3. Quantum-x CPO Switch Launch - NVIDIA plans to release the 115.2T 800G Quantum-x CPO switch in the second half of 2025, which will offer substantial improvements in energy efficiency and network resilience [26][29] 4. Introduction of Dynamo and AI Frameworks - Dynamo will facilitate efficient AI inference by optimizing GPU resource utilization across different processing phases [33][35] - NVIDIA also introduced the AI-Q framework to enhance AI agents' reasoning capabilities and reduce development costs [37] 5. Investment Recommendations - The report suggests focusing on companies within the electronic communication and computer industries that are positioned to benefit from the advancements in AI and data center infrastructure [45][46] - Specific companies to watch include those involved in AI computing, robotics, and data platforms, highlighting a diverse range of investment opportunities [46][47]