Market Overview - The main board saw significant gains with Aerospace Changfeng (+10.02%), Vision China (+10.02%), and Tianjian Technology (+10.01) leading the charge [1] - The ChiNext board experienced a surge with Jinlong Machinery (+20.08%) and AVIC Chengfei (+20.01%) showing strong performance [1] - The Sci-Tech Innovation board also led with Aerospace Nanhu (+20.02%) and Youfang Technology (+13.14%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+5.77%) and SW Military Electronics III (+3.62%) [1] Domestic News - Semiconductor industry research indicates that Silicon Core Technology has developed a self-research 3Sheng Integration Platform, achieving system-level planning for 3D stacked chips [1] - Semiconductor Investment Alliance reports that Maijie Technology plans to invest 10 million yuan to acquire a 10% stake in Zhongke Hongjing, enhancing its layout in the magnetic materials sector [1] - CINNO confirms that Jiangsu Gaoguang's first 8.6-generation AMOLED metal mask production line has officially entered Jiangsu Zhenjiang, marking a significant step for China's AMOLED industry [1] - CATL has launched the world's first 9MWh energy storage system, improving volume utilization by 45% and energy density by 50%, capable of charging 150 electric vehicles [1] Company Announcements - Weicet Technology announced financial support for its subsidiaries, providing up to 1.3 billion yuan for business expansion focused on high-performance chips and advanced packaging [2] - Dash Smart announced a contract for a smart hospital project with a total value of 58.13 million yuan [2] - Huahong Semiconductor reported a total revenue of 3.913 billion yuan for Q1 2025, a year-on-year increase of 18.66%, but a net profit decline of 89.73% [2] - Shengtian Network has repurchased 2,786,660 shares, accounting for 0.57% of total equity, with a total transaction amount of 29.76 million yuan [2] Semiconductor Industry Insights - AMD anticipates a revenue loss of $1.5 billion due to new U.S. restrictions on chip exports to China [3] - Broadcom has been sending termination letters to VMware license holders, potentially leading to significant legal repercussions [3] - Samsung and SK Hynix are collaborating on hybrid bonding technology for next-generation HBM products, with Samsung expected to apply it to HBM4 next year [3] - Hanwha Semiconductor has established an advanced packaging equipment development center to expand its capabilities into next-generation technologies [3]

25Q1 业绩扭亏，卫星业务占比持续提升 ——上海瀚讯 2024 年年报&2025 年一季报点评报告 投资要点 ❑ 25Q1 业绩扭亏，毛利率受产品结构影响 2024 年，公司实现营收 3.53 亿元，同比+13%，归母净利润-1.24 亿元。毛利率为 43.28%，同比-0.06pct。费用端稳中有降，销售/管理/研发/财务费用合计为 2.67 亿元，同比-19%。 25Q1，公司实现营收 1.26 亿元，同比+84%，归母净利润 0.13 亿元，同比扭亏为 盈。毛利率为 37.56%，同比-27.55pct，我们预计主要由于公司产品结构变化，卫 星业务占比增加影响整体毛利率表现。 ❑ 深度参与千帆星座建设，卫星业务已成为公司重要收入来源 ❑ 盈利预测与估值 公司是特种宽带通信龙头，前瞻布局卫星通信领域，考虑到短期客户订单节奏， 我们预计公司 2025-2027 年归母净利润为 1.05 亿元/2.46 亿元/4.46 亿元，对应 25 年 PE 为 129，公司积极打造卫星新成长点，维持"买入"评级。 ❑ 风险提示 军用宽带市场发展不及预期；市场竞争加剧的风险；卫星互联网发展不及预期 上海瀚讯(30076 ...

Core Viewpoint - The A-share military industry sector continues to rise, with nearly 20 stocks hitting the daily limit or increasing by over 10%, indicating a potential for further market performance driven by active themes and improving fundamentals [1] Summary by Relevant Categories Market Trends - Since the beginning of the year, themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence have been highly active [1] - The military industry is expected to experience a sustained recovery in fundamentals, leading to a dual boost from active themes and performance improvements [1] Investment Recommendations - Focus on sectors that have previously experienced significant declines and where pessimistic expectations are fully reflected, such as military electronics and military materials [1] - Pay attention to index-weighted stocks in major indices like CSI 300 and A500 that are related to the military sector [1] - Monitor the "double hit" in the industry as the "14th Five-Year Plan" orders and performance gradually materialize, along with the clarity of the "15th Five-Year Plan," which will enhance both performance and valuation [1] - Consider sectors with special industry premiums, such as mergers and acquisitions, market value management expectations, geopolitical stimuli, and new productivity and combat capabilities [1]

Market Performance - On May 8, A-shares saw all three major indices close higher, with the Shanghai Composite Index rising by 0.28% to 3352.00 points, the Shenzhen Component Index increasing by 0.93% to 10197.66 points, and the ChiNext Index up by 1.65% to 2029.45 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 12,934 billion, a decrease of 1,749 billion compared to May 7 [1] - A total of 3,839 stocks rose, with 104 hitting the daily limit, while 1,367 stocks fell, with 9 hitting the lower limit [1] Industry Performance - The aerospace, communication equipment, transportation equipment, general equipment, photovoltaic equipment, electric motors, and rubber products sectors saw significant gains, while precious metals and fertilizer industries experienced declines [1] - The military industry sector continued to rise, with over 20 stocks, including Chengfei Integration and Jintongling, hitting the daily limit, driven by news of Pakistan's military readiness affecting Indian aircraft [2] - Technology stocks also performed strongly, particularly following the launch of the first Harmony OS computer, with over 150 applications already in development and expectations to support over 2,000 applications by year-end [2] Company Specifics - Aygong Technology led the rise among Hunan stocks, with a 7.46% increase, despite reporting a 40.08% year-on-year decline in revenue to 9.52 billion and a net loss of 9.19 billion for the fiscal year 2024 [3] - The company reported a net profit of -27.14 million for Q1 2025, with a year-on-year decline of 116.73% [3] - Aygong Technology, listed on the Growth Enterprise Market in 2010, has developed dual main businesses in military electronics and smart boats following its acquisition of Chengdu Aygong Electronics in 2016 [3][4]

盘面上，国防军工、通信设备、铜缆高速连接、消费电子等板块涨幅居前，种业、黄金、PEEK材料、休闲食品等板块跌幅居前。 数据显示，国防军工获得逾76亿元主力资金净流入，通信、机械设备均获得超60亿元净流入，电力设备、电子、汽车也均获得超40亿元净流入，纺织服饰 则连续8日获得净流入。基础化工主力资金净流出逾10亿元，房地产、交通运输、钢铁、美容护理也都净流出超亿元。 展望后市，国泰海通指出，相较于过去，政策预期和展望更为连续和稳定。中国股市风险溢价有望系统性下移，而无风险利率下降与资本市场制度改革将 成为增量入市的关键力量。继续看好中国AH股市，把握做多窗口期。 东兴证券认为，基本面和政策面基本明朗，短期外部因素有所缓解，市场不确定性因素下降，风险偏好有望重回升势。随着行情趋于活跃，投资者可提升 一定仓位，参与结构性行情。大科技板块仍是首选，重点关注机器人、人工智能、智能驾驶等方向；其次是消费方向，重点关注以家电、消费电子、汽车 为代表的政策红利方向。 今日，A股继续稳步上升，创业板指收复2000点大关，上证指数、上证50等则再创阶段性新高。上涨个股远多于下跌个股，市场成交萎缩至1.32万亿元。 | 代码 | ...

5 月 8 日，市场全天低开高走，创业板指领涨。截至收盘，沪指涨 0.28% ，深成指涨 0.93% ，创业板指涨 1.65% 。 板块方面，军工、铜缆高速连接、脑机接口、 CPO 等板块涨幅居前， PEEK 材料、农业、化肥、黄金等 板块跌幅居前。 每经记者｜肖芮冬 每经编辑｜赵云 而今天的低开高走，又给大家上了一课： （近期）遇到下跌时，更适合考虑积极买入。 道理其实不复杂—— 4月7日大盘跳空低开至今，主要股指基本已补上（或即将补上）缺口。想一想，这段时间，市场最大的 特征是什么？ 首先，是"国家队"的托底态度坚定、力度可观。这意味着，即便市场未出现趋势性行情，也很难发生系 统性风险。 其次，是利好逐步释放的预期稳定。如昨天国新办发布会的主题所说，"一揽子金融政策支持稳市场稳 预期"。更实际地看，中长期增量资金有望持续为市场提供流动性。 正因如此，相较于追高买入，"逢低买入"成了当下更具胜率的策略。只是，"正确的事反复做"并不容 易。聊过了哲学，我们再来看今天的盘面。 军工股持续爆发，"易中天"久违大涨 同花顺数据显示，"成飞概念"延续昨日强势，今日涨超6%，已录得5连涨；行业指数中，军工电子、军 工装 ...

Market Overview - On May 7, the three major indices closed with gains: Shanghai Composite Index up 0.8%, Shenzhen Component Index up 0.22%, and ChiNext Index up 0.51%[4] - The trading volume in the Shanghai and Shenzhen markets reached 1.468 trillion yuan, an increase of over 130 billion yuan compared to the previous trading day[1] Monetary Policy - The central bank announced ten measures including a reduction in the reserve requirement ratio and interest rates for personal housing provident fund loans, which positively impacted the market[1] - Starting May 7, the central bank lowered the re-lending rate by 0.25 percentage points, with new rates set at 1.2%, 1.4%, and 1.5% for 3-month, 6-month, and 1-year loans respectively[8] Sector Performance - The military, banking, real estate, coal, and chemical sectors showed strong performance, while media and computer sectors experienced slight adjustments[1] - Notable sectors included agriculture, large aircraft, military information technology, and fertilizers, which were highlighted as hot sectors on May 7[1] Fund Flows - On May 7, there was a net outflow of 1.02 billion yuan from the Shanghai market and 10.688 billion yuan from the Shenzhen market[5] - The top three sectors for capital inflow were aviation equipment, military electronics, and specialized equipment, while the top outflow sectors included securities, software development, and semiconductors[5] Industry Developments - The financial regulatory authority announced support for small and micro enterprises and expanded financing coordination mechanisms to all foreign trade enterprises[10] - The approval amount for real estate "white list" loans increased to 6.7 trillion yuan, with new personal housing loans in Q1 showing the largest quarterly increase since 2022, totaling over 750 billion yuan[12]

Group 1 - The report highlights a comprehensive set of financial policies aimed at stabilizing the market and expectations, introduced by the National Financial Administration [3][24][26] - The central bank is implementing targeted "leverage" measures to stabilize domestic demand, focusing on technology and consumption as key areas [5][23] - The report emphasizes the importance of supporting technological innovation and the revaluation of technology assets, indicating ongoing policy support for the tech sector [5][24] Group 2 - The report discusses the impact of Trump's first 100 days in office, noting that while tariffs have been a major focus, other areas such as immigration reform have seen more success [4][28] - It predicts a significant decline in GDP due to the effects of tariff policies, with consensus estimates showing a downward adjustment for the first quarter of 2025 [4][29] - The report suggests that upcoming midterm elections will shift focus towards manufacturing repatriation and large-scale tax cuts as key policy priorities [4][33] Group 3 - The report on AI investment opportunities indicates that major tech companies like Microsoft are experiencing significant growth in AI revenue, with a fivefold increase in token processing [9] - It highlights the increasing ROI from AI applications, particularly in advertising, with Meta's AI usage growing significantly [9] - The report suggests that Chinese AI companies are expected to see important investment opportunities with the release of new models, emphasizing the potential for growth in this sector [9][17] Group 4 - The report on TCL Technology outlines its dual leadership in semiconductor displays and photovoltaic silicon, with strong revenue growth projected for the coming years [38][39] - It notes that TCL's proactive cash-based share buyback strategy is expected to enhance earnings and solidify its market position [38][39] - The report anticipates that government subsidy policies will stimulate demand for large-screen TVs, benefiting TCL's sales and market share [39][43] Group 5 - The report on Huayi Brothers indicates a stable revenue growth trajectory, with a focus on expanding its film and television production capabilities [21] - It emphasizes the company's strategic initiatives to enhance its content library and distribution channels, aiming for increased market penetration [21] - The report projects a positive outlook for Huayi Brothers, driven by anticipated growth in the entertainment sector [21]

我们再来看看板块的情况：军工板块涨幅居前。有机构在研报中表示，2025年一季度主动型基金前十大 军工股持有流入总市值绝对值的前十中，军工电子板块标的占80%。过去三年军工电子板块较其他军工 子板块超跌较多，在长尾效应下周期反弹锐度或将凸显，板块景气度修复时或成为先选。 房地产板块开盘冲高，一度大涨。消息面上，"央妈"在发布会上公布，降低个人住房公积金贷款利率 0.25个百分点，5年期以上首套房利率由2.85%降至2.6%，其他期限的利率同步调整。再加上五一假期多 地楼市活跃度提升，在一定程度上反映了市场信心的修复情况，也表明在政策利好叠加效应下，住房需 求得到进一步的释放。 化工股震荡走强。有研报表示，2024年以来行业固定资产投资增速明显放缓，综合整治"内卷式"恶性竞 争写入2025年工作报告，供给端逐步迎来边际改善。 A股高开低走，今晚美联储利率决议来袭，明天会怎么走？今天市场的走势，还是没有脱离"魔咒"，但 凡高开幅度大的，低走就是大概率事件，又一次演绎了高开低走。盘面上看，军工股震荡走强，化工板 块再度活跃，地产板块开盘冲高后震荡回落。昨天领涨的科技股方向陷入分化，机器人方向局部活跃， AI概念股集体 ...

Group 1 - The A-share military electronics sector is experiencing a volatile upward trend, with significant gains in various stocks [1] - Aopu Optoelectronics has reached a daily limit increase, indicating strong market interest [1] - Aerospace Changfeng and Aerospace Nanhai have both risen over 7%, reflecting positive sentiment in the industry [1] Group 2 - Other companies such as Leidian Weili, *ST Tianhui, and Guobang Electronics are also seeing upward movement, suggesting a broader rally in the sector [1]