Group 1 - Beijing Lier has invested 200 million RMB in Shanghai Zhenliang Intelligent Technology Co., acquiring 11.43% equity, while Chairman Zhao Wei invested 50 million RMB for 2.86% equity [1][2][3] - Shanghai Zhenliang, founded in 2020, focuses on GPGPU development and manufacturing for AI applications, with a pre-investment valuation of 1.5 billion RMB [2][3] - The company aims to achieve large-scale delivery of its latest GPGPU chips by 2025, having already produced two generations of AI chips [1][2] Group 2 - In 2024, Beijing Lier reported revenue of 6.327 billion RMB, an increase of 11.66%, but net profit decreased by 18.65% to 319 million RMB due to rising raw material costs and declining sales prices [4] - The gross margin for Beijing Lier in 2024 was 14.42%, down from 18.37% the previous year [4] - The company has set ambitious targets, aiming for 7 billion RMB in revenue in 2025, a 10.63% increase, and a net profit of 382 million RMB, a 20% increase [5]

5月以来，A股并购重组呈现多点开花的局面。一方面，已发布重组预案的公司有序推进并购进程，受 理、问询进度备受关注；另一方面，新增并购案例层出不穷，交易模式偏向以现金为主的"短平快"，并 购方向则看向以产业协同为首的新兴产业、未来产业。 上证报记者关注到，仅5月13日一天，就有十多家上市公司密集发布并购重组相关公告，其中近半数是 首次宣布并购计划。从交易方式来看，现金收购成为更多上市公司的首选，不少公司以小额参股、增资 等形式获得相关标的公司股权，个别涉及控股权的收购仍以现金及发行股份相结合的方式进行。从并购 目的来看，产业协同仍是主流趋势，既有横向整合扩展市场，也有垂直整合完善产业链条。 "并购重组蕴含着方案设计、标的对接与多方博弈的独特魅力，当前众多潜在项目正处于关键推进阶 段。"民生证券投行业务部经理项捷克对记者表示，在"并购六条"引导下，上市公司通过产业整合提升 竞争力、央国企加速资源优化配置，企业发展的内生动力正成为推动并购市场持续升温的核心引擎，预 示着未来并购市场将持续保持火热态势。 现金并购频现交易便捷性受青睐 据不完全统计，5月13日，至少有15家A股公司披露了并购重组相关公告，其中有7家公司 ...

Core Viewpoint - Beijing Lier (002392.SZ) announced a cash investment of 250 million yuan in Shanghai Zhenliang Intelligent Technology Co., Ltd. to seek new growth opportunities amid peak performance in its main business [1][2]. Group 1: Investment Details - The company and its chairman, Zhao Wei, will invest a total of 250 million yuan, with 200 million yuan from the company and 50 million yuan from Zhao Wei [2][3]. - After the investment, Beijing Lier will hold 11.43% and Zhao Wei will hold 2.86% of Shanghai Zhenliang's equity [2]. - The investment is based on a pre-investment valuation of 1.5 billion yuan for Shanghai Zhenliang, which is currently in the early stages of commercialization [2][3]. Group 2: Financial Performance - Beijing Lier's revenue for 2024 is projected at 6.327 billion yuan, a year-on-year increase of 11.66%, but net profit is expected to decline by 18.65% to 319 million yuan due to industry challenges [2][3]. - Shanghai Zhenliang reported a revenue of 24,070.49 yuan for 2024, with a net loss of 190 million yuan, and zero revenue in the first quarter of 2025 [3][4]. Group 3: Market Context - The refractory materials industry, which Beijing Lier operates in, is facing declining demand and rising raw material costs, leading to a need for new growth avenues [2][3]. - The investment in AI chips is seen as a strategic move to enter a capital and technology-intensive sector, although short-term performance improvements are unlikely [1][2]. Group 4: Corporate Governance and Management Changes - The influence of the SenseTime group on Shanghai Zhenliang appears to be waning, with key executives from SenseTime gradually leaving the management team [9][11]. - The current management team of Shanghai Zhenliang lacks direct ties to SenseTime, indicating a shift in corporate governance [9][13]. Group 5: Financial Health - As of the end of 2024, Beijing Lier reported cash reserves of 1.183 billion yuan and a debt-to-asset ratio of 39.39%, indicating a stable financial position [8]. - The company is also planning a small-scale private placement of up to 300 million yuan, although the specific use of funds has not been disclosed [5][6].

Group 1 - The US and China have agreed to cancel 91% of their respective tariffs, with a mechanism established for ongoing trade negotiations [1] - The Chinese government is intensifying support for the marine industry, commercial aerospace, and unmanned industries in Nansha, Guangzhou, including the establishment of data centers for blockchain and AI [2] - The Ministry of Commerce is committed to providing support for foreign trade enterprises to help them expand markets and stabilize foreign trade [3] Group 2 - China is launching a special action to combat the smuggling and export of strategic minerals, including heavy rare earths [4][6] - In the first four months of this year, China's automobile production and sales reached 10.175 million and 10.06 million units, respectively, with significant growth in new energy vehicles [7][8] - Sichuan province is accelerating the implementation of invasive brain-computer interface surgeries, aiming for key breakthroughs in the industry by 2027 [9] Group 3 - China CNR Corporation has signed several major contracts totaling approximately 54.74 billion yuan [10] - Longsheng Technology plans to begin supplying components for electric vehicle motors in the second half of 2025 [11] - Beijing Lier intends to invest 200 million yuan in domestic AI chip company Shanghai Zhenliang [12]

周一，美国股市迎来强劲反弹，三大指数大幅上扬，投资者情绪明显改善。主要指数收盘涨幅均创下近一个月以来的最佳单日表现，市场普遍将这 轮上涨归因于周末国际贸易谈判所取得的积极进展，外界对全球经济陷入衰退的担忧也有所缓解。 道琼斯工业平均指数暴涨1,160.72点，涨幅达2.81%，收于42,410.10点，日内几乎一路上扬，尾盘买盘持续活跃，显示出强烈的上涨动能。标准普尔500指 数则上涨3.26%，收于5,844.19点，自4月中旬跌至低点以来，累计反弹幅度已超过20%。该指数今年以来的跌幅也已大幅收窄至0.6%。纳斯达克综合指数 表现最为强劲，收涨4.35%，报18,708.34点。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 42410.10 | 18708.34 | 5844.19 | | +1160.72 +2.81% | +779.42 +4.35% | +184.28 +3.26% | | 期货主力 | | | | 10年美债期货 | 纳指100小型 | 标普500小型 | | 110.08 | 20957.00 | 5868. ...

Group 1 - The company held its 11th meeting of the 6th board of directors on May 9, 2025, where it approved a proposal for joint investment with related parties [1][3] - The board approved a proposal to authorize the board to handle small-scale rapid financing matters, with a total financing amount not exceeding RMB 300 million, which is less than 20% of the net assets at the end of the previous year [3][26] - The proposal for joint investment involves the company investing RMB 200 million in Shanghai Zhenliang Intelligent Technology Co., Ltd., acquiring 11.43% of its equity [6][8] Group 2 - The chairman of the company, Zhao Wei, will invest RMB 50 million, acquiring 2.86% of the equity in Shanghai Zhenliang [6][8] - The investment in Shanghai Zhenliang is considered a related party transaction, and it does not require approval from the shareholders' meeting [8][10] - The company aims to capitalize on the growing demand for AI chips, aligning with national policy trends and the potential market space for domestic AI chip companies [20][21] Group 3 - The company has a history of engaging in related transactions, with a total amount of RMB 12.41 million in related transactions occurring since the beginning of the year [20] - The independent directors have reviewed and approved the related party investment proposal, affirming that it aligns with the company's strategic planning and does not harm the interests of shareholders [21][22] - The company plans to use its own funds for the investment, which is expected to have no significant impact on its normal operations [20][21]

周五指数震荡回落,市场情绪同步走弱,中毅达延长重点监控时间一字跌停导致市场追涨氛围低迷,连板高标润贝航科和中超控 股均炸板大跌。从周三竞价大高开的高点算起，情绪端已经连续3个交易日有所回踩，明天理应出现回暖，是参与高标和反核的 节点。板块方面,周五资金防守为主,银行为首的高股息再度走强,代表进攻的科技股全线回落,机器人、泛A等跌幅居前,因 为攻守的反复反复拉扯，需要注意节奏。新方向军贸概念同样迎来分化，明天早盘大概率会有承压，目前预期比较模糊，那么大 概率就还能炒,关注人气股是否有反核的机会。此外周末官媒刊文表示如快解放和发展新质战斗力,留意军工信息化、军工A等 方向是否会走出趋势。其余方向整体看点不是太大，盘面轮动为主。 万向钱潮 国泰海通上海海阳西路 买入18633.98万 奥普光电 国泰海通上海海阳西路 买入5329.09万 章闊主 航天长峰 国泰海通上海海阳西路 买入2922.00万 国泰海通上海海阳西路 卖出10726.63万 华胜天成 南方精工 国泰海通直昌沿江大道 买入5326.68万 消闲派 05 中毅达 银河证券沈阳大北关街 买入2216.80万 陈小群 09 日 活 武汉凡谷 中泰证券湖北 ...

5月8日，算力硬件板块异动活跃，新易盛涨超10%带动板块上行，重仓该股的云计算ETF（159890）早 盘大涨1.20%，成交额超2500万元。 成份股方面，在新易盛带动下，东华软件、万兴科技涨逾9%，中 际旭创涨超8%，博思软件、数字政通、拓尔思、天下秀、卫宁健康、神州信息等股跟涨。 今日算力强 势反弹，一方面是大盘情绪的逐步好转，早盘三大股指悉数飘红、科技相对占优；另一方面，板块本身 累积较多积极催化。 首先基本面上看，在已经公布财报的Mag7中，有四家公司给出的营收预测要么与 华尔街预期大致一致，要么超出预期。国内方面，云计算ETF（159890）标的指数成份股一季度营收、 净利润均同比实现大增，显示算力基建增长强劲。 梳理算力上市公司财报，东方证券认为AI芯片与服 务器行业受益于AI行业的迅猛发展而呈现指标加速，此外，算力租赁服务企业订单的密集落地和预付 账款的增加，也预示着相关业务的落地指日可待，而IDC行业由于业务落地周期长，目前从行业整体而 言尚未看到财务数据变化但该机构对前景也较为乐观。 其次产业发展上看，近期多款大模型迭代亮 相，先是阿里通义千问发布Qwen3系列开源大模型，随后小米开源首个 ...

金融工程 | 金工定期报告 2025 年 05 月 05 日 作者 吴先兴 分析师 SAC 执业证书编号：S1110516120001 wuxianxing@tfzq.com 相关报告 风险提示：市场环境变动风险，模型基于历史数据。 1 《金融工程：金融工程-因子跟踪周 报 ： Beta 、换手率因子表现较好 -20250504》 2025-05-04 2 《金融工程：金融工程-哪些行业进 入高估区域？——估值与基金重仓股配 置监控 2025-05-03》 2025-05-03 3 《金融工程：金融工程-净利润断层 本周超额基准 0.92%》 2025-05-03 金融工程 证券研究报告 量化择时周报：突破压力位前保持中性 突破压力位前保持中性 上周周报(20250427)认为：全 A 指数的 30 日均线构成压力位，但考虑到估 值不高，建议在压力位突破前维持中性仓位。最终 wind 全 A 维持原状。 市值维度上，上周代表小市值股票的中证 2000 上涨 0.84%，中盘股中证 500 上涨 0.08%，沪深 300 下跌 0.43%，上证 50 下跌 0.59%;上周中信一级行业中， 表现较强行业包括传媒 ...

计算机行业 行业研究 | 动态跟踪 透过财报看算力产业落地进度 核心观点 投资建议与投资标的 我们认为，从上市公司财报中，我们已经可以看出 AI 芯片与服务器行业受益于 AI 行业的 迅猛发展而呈现指标加速，此外，算力租赁服务企业订单的密集落地和预付账款的增 加，也预示着相关业务的落地指日可待，而 IDC 行业由于业务落地周期长，目前从行业 整体而言尚未看到财务数据变化但我们对前景也较为乐观。 风险提示 技术落地不及预期、政策落地不及预期、美国进一步制裁风险 国家/地区 中国 行业 计算机行业 报告发布日期 2025 年 05 月 05 日 看好（维持） | 浦俊懿 | 021-63325888*6106 | | --- | --- | | | pujunyi@orientsec.com.cn | | | 执业证书编号：S0860514050004 | | 陈超 | 021-63325888*3144 | | | chenchao3@orientsec.com.cn | | | 执业证书编号：S0860521050002 | | 宋鑫宇 | songxinyu@orientsec.com.cn | | | 执 ...