近日，北京昆仑联通科技发展股份有限公司（以下简称"昆仑联通"）对北交所第二轮审核问询函作出回复，并披露了财务数据更新版的第一轮问询回复。其 中该公司与蔚来汽车（09866.HK）及字节跳动2个核心客户之间合作的变化，引发市场关注。 | 代码 | 874435 | | --- | --- | | 公司全称 | 北京昆仑联通科技发展股份有限公司 | | 审核状态 | 已问询 | | 保存机构 | 东方证券股份有限公司 | | 会计师事务所 | 中汇会计师事务所(特殊普通合伙) | | 律师事务所 | 北京市竞天公诚律师事务所 | | 评估机构 | | 来源：北交所 昆仑联通成立于1998年，是一家专业的IT基础架构解决方案提供商，主要为客户提供H3C服务器、MS-O365、HP服务器等产品。问询函显示，该公司与蔚 来汽车首次合作的时间为2015年，主要向后者提供数据中心以及数字化办公相关业务。二者的"牵手"也被该公司看作是其拓展新能源汽车领域客户的成功案 例。 招股书显示，2021年至2023年，随着新能源汽车行业爆发，蔚来汽车营收规模持续增长。受益于此，昆仑联通对蔚来汽车的销售收入从5212.97万元增长至 1 ...

Core Viewpoint - The acquisition of 67.91% of Baode Computer by Huibo Yuntong marks a strategic shift from IT services to hardware computing, enhancing the company's market position in the AI and computing sectors [1][2][7]. Group 1: Transaction Details - Huibo Yuntong plans to acquire Baode Computer through a combination of share issuance and cash payment to 59 trading parties, reflecting strong interest from minority shareholders [3][4]. - The transaction is one of the first disclosed under the revised Major Asset Restructuring Management Measures, highlighting the role of capital markets in mergers and acquisitions [3]. - The deal includes a lock-up mechanism for raising matching funds, demonstrating the confidence of the actual controller and major shareholders in the transaction [4]. Group 2: Company Profiles - Huibo Yuntong is a leading provider of comprehensive digital technology services, serving clients across various industries, including TMT, finance, and automotive, with a reported revenue of 1.743 billion in 2024, a 28.3% year-on-year increase [5]. - Baode Computer has over 20 years of experience in the industry, specializing in high-performance computing and security products, and is recognized as a national high-tech enterprise [5][6]. Group 3: Market Context - The acquisition aligns with the growing focus on AI and domestic alternatives amid increasing geopolitical tensions and export controls affecting China's AI industry [8]. - The deal aims to create a synergistic relationship between Huibo Yuntong and Baode Computer, enhancing product ecosystems and technical capabilities to support the development of a self-sufficient AI infrastructure in China [8].

Core Viewpoint - The company plans to acquire control of Baode Computer System Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds for this transaction [1] Summary by Relevant Sections Stock Price Movement - The company's stock was suspended from trading starting May 6, 2025, due to the planned acquisition [1] - The closing price on April 1, 2025, was 24.86 CNY per share, and the closing price on April 30, 2025, was 29.00 CNY per share, reflecting a cumulative increase of 16.65% [1] - The cumulative price changes of the company's stock, the ChiNext Index (399006.SZ), and the Shenwan IT Service II Index (801103.SI) over the 20 trading days prior to the suspension are detailed [1] - The stock price increased by 23.97% after excluding the impact of the overall market, and by 19.83% after excluding the impact of the industry sector [1] Confidentiality Measures - The company implemented strict confidentiality measures to control the dissemination of insider information during the negotiation phase of the transaction [1] - A memorandum documenting the progress of the significant matter was prepared and signed to ensure confidentiality [1] - The company registered individuals with insider information and reported the list to the Shenzhen Stock Exchange after applying for the trading suspension [1]

Core Viewpoint - The strategic partnership between PCCW Solutions Holdings Limited and Lenovo Group aims to enhance the IT solutions business in the Asia-Pacific region through a significant transaction valued at $613.6 million, which includes both cash and equity components [1][2]. Group 1: Transaction Details - The agreement involves the sale of 80% of PCCW Lenovo Technology Solutions and 20% of PCCW Network Services to Lenovo Group for a total consideration of $613.6 million, with $513.6 million paid in cash and $100 million through equity issuance [1]. - Upon completion, the company will indirectly hold 80% of PCCW Network Services and maintain 100% ownership of its enterprise solutions, while Lenovo will directly own 80% of PCCW Lenovo Technology Solutions and 20% of PCCW Network Services [1]. Group 2: Strategic Benefits - The transaction is expected to leverage the combined strengths of both companies to accelerate the expansion of the IT solutions business in the Asia-Pacific region [2]. - It aims to optimize resource allocation and capture growth opportunities in the IT solutions industry, creating value through synergies from the partnership [2]. - Lenovo Group will gain control over PCCW Lenovo Technology Solutions, enhancing its capabilities in system integration and application development, which are crucial for expanding its IT service offerings [2][3]. Group 3: Market Positioning - The IT solutions business is recognized as a leading IT service provider in the Asia-Pacific region with over 20 years of strong performance [2]. - The partnership allows Lenovo to enhance its service portfolio, expand its customer base, and improve regional and vertical coverage in the IT services market [2]. - The collaboration is strategically significant for Lenovo's long-term development and diversification into the IT services sector, aligning with the trend of digital transformation [2][3].

Group 1: Company Goals and Strategies - The company aims for "service expansion, strengthening solutions and products, and maintaining quality growth" in 2025, focusing on quality construction and cash flow management to build competitive advantages [2][11][23]. - The strategy includes broadening market fields, particularly in the "IOE centralized architecture" operations market, leveraging experience from the financial sector to innovate services across industries [2][20]. - Continuous quality construction involves enhancing technical resources, expanding the sales team, and utilizing big data and AI to improve operational efficiency [3][20]. Group 2: Financial Performance - In 2024, the company reported a revenue of 111,794.33 million RMB, a decrease of 20.22% year-on-year, and a net profit of 8,681.35 million RMB, down 40.64% [16]. - The decline in revenue was attributed to factors such as IT infrastructure equipment replacement cycles, reduced budgets, and intensified market competition, with consulting and integration services down 32.23% and IT maintenance services down 7.90% [4][28]. - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares, totaling 24,000,012.00 RMB, which represents 91.03% of the average net profit over the last three years [5]. Group 3: Cash Flow Management - As of December 31, 2024, the company's operating cash flow net amount reached 10,688.51 million RMB, reflecting a growth of 22.23% compared to the previous year [8][16]. - The company emphasizes stable operating cash flow as a core management task, aiming to identify and mitigate potential risks to ensure sustained cash flow growth [3][8]. Group 4: AI and Technology Development - The company has developed capabilities in machine learning, knowledge graphs, and deep learning, integrating these into its intelligent operations products [7][21]. - The intelligent operations products are designed to enhance automation and efficiency, creating a closed-loop system from data perception to automated response [7]. Group 5: Market Position and Future Outlook - The company collaborates with leading firms like Huawei and Tencent to enhance its service capabilities in the emerging "信创" (Xinchuang) market, focusing on technology talent development [9][10]. - The company anticipates growth opportunities in the IT infrastructure sector driven by digital transformation trends, aiming to capture market share and enhance brand value [25][26].

截至今天A股收盘，上证指数涨0.85%,报收3403.95点，深成指涨0.64%，报收10354.22点，创业板指涨1.01%,报收2083.14点，北证50涨1.08%，报收 1420.93点，科创50涨0.41%，报收1013.77点。 据同花顺统计，今天成交量在13499亿元，比昨日放量239亿元。 | 可以看得出来，主力和机构应该是提前知道消息，然后形成合力，但是散户和大户比较谨慎。所以，后面行情能否连续很重要 | | | --- | --- | | 不过综合我这两天看到绝对大主力在银行的持仓，我觉得GJD不会停止护盘的。 | | | 再来看看港股，截至今天港股收盘，恒生指数涨2.3%，国企指数涨2.47%，恒科涨2.13%。 | | | 资金方面，恒生指数流入107亿元，恒生科技指数流入43.63亿元。南向资金流入67.07亿元，整体而言，这个月截至到今天，南向资金流入较上个月有所放 | 缓。 | | 港股方面，目前持有天齐锂业16个交易日，没卖过，交易逻辑就是最近机构在布局的固态电池板块。 | | | 目前持有美团16个交易日，交易过4次 | | | 持有思摩尔国际，交易过两次，看好口含烟的前景， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 performance was below expectations, with revenue of 1.575 billion yuan, a year-on-year decrease of 13.39%, and a net loss attributable to shareholders of 1.39289 billion yuan, an increase in loss of 272.23% year-on-year [2][9] - The company aims to enhance its core product competitiveness and expand its data element services, focusing on digital applications and cloud transformation [9] - The earnings per share (EPS) forecast for 2025 has been adjusted down to 0.48 yuan, with expectations of recovery in business as downstream customer orders resume [9] Financial Summary - Total revenue for 2024 is projected at 1.575 billion yuan, with a year-on-year decline of 13.39% [10] - The net profit attributable to shareholders for 2024 is expected to be a loss of 1.39289 billion yuan, with a significant increase in loss compared to the previous year [10] - The company anticipates a gradual recovery in revenue, with projections of 2.108 billion yuan in 2025, 2.677 billion yuan in 2026, and 3.298 billion yuan in 2027 [10] - The EPS for 2025 is forecasted at 0.48 yuan, with further increases to 0.81 yuan in 2026 and 1.26 yuan in 2027 [10]

Core Points - The National Institutes of Health (NIH) is reassessing a $50 billion IT services procurement project known as "Chief Information Officer-Solutions and Partners 4" [1] - The review process has become complicated due to several factors, including an executive order from former President Trump [1] - The U.S. government indicated that the reassessment of bids requires more time to determine the impact of Trump's executive order on "bidder selection and bid scope determination" [1]

Group 1 - The core viewpoint of the article highlights the significant progress made in the recent China-US Geneva trade talks, which resulted in a substantial reduction or suspension of tariffs imposed after April 2, providing a strong boost to the market [1] - The sectors that are expected to benefit from the tariff reductions include electronics, IT services, software development, and machinery equipment, particularly those with high export dependence [1][2] - The Hong Kong stock market reacted positively to the announcement, with the Hang Seng Technology Index showing significant gains, indicating potential upward momentum for related sectors in the A-share market [1] Group 2 - Short-term beneficiaries of the trade talks are identified as export-oriented companies in sectors such as consumer electronics, components, machinery, and automotive parts, which are likely to show relative performance [2] - The reduction in tariff impacts is expected to improve investor risk appetite, although the short-term performance of dividend stocks may be muted [2] - In the medium term, as tariff shocks diminish, attention should be focused on the recovery of economic conditions, particularly in the AI industry, which is seen as a key growth area [2]

Group 1 - Huibo Yuntong (301316.SZ) plans to acquire control of Baode Computer Systems Co., Ltd. through a combination of share issuance and cash payment, aiming to expand from IT services to intelligent computing hardware [1][2] - The acquisition is expected to create a new paradigm of software-hardware integration for the Xinchuang industry ecosystem [1][5] - Huibo Yuntong has established long-term partnerships with major global companies such as ByteDance, Xiaomi, and Alibaba, and reported a revenue of 1.743 billion yuan in 2024, a year-on-year increase of 28.3% [3] Group 2 - Baode Computer, founded in 2003 with a registered capital of 668 million yuan, is a leading provider of ARM server solutions in China and has deep ties with Huawei [4] - The company has been a key player in the Xinchuang field, recognized as a "Kirin Preferred Hardware Partner" and has collaborated with various domestic chip manufacturers [4] - The transaction is seen as a strategic move to reshape the Xinchuang industry landscape, addressing the need for integrated software and hardware solutions [5][6] Group 3 - The integration of software and hardware capabilities is becoming essential for the upgrade and restructuring of the Xinchuang industry, as evidenced by successful precedents in the market [6][7] - The partnership between Huibo Yuntong and Baode Computer is viewed as a critical step in seizing opportunities within the rapidly evolving Xinchuang sector, potentially creating a significant player with comprehensive capabilities [7][8] - Huibo Yuntong's market-oriented approach and experience with large enterprises may enhance the commercialization of Xinchuang devices, particularly in AI applications [8]