Group 1 - In 2025, China's defense expenditure is projected to be 1,784.7 billion yuan, reflecting a year-on-year increase of 7.2% [4][8][10] - The Indian military conducted strikes against multiple targets in Pakistan, escalating regional tensions [4][8] - The domestic aircraft industry, particularly the C919, has a backlog of orders exceeding 1 trillion yuan, with a significant portion of its structure designed and manufactured by Chinese companies [4][28][27] Group 2 - The median price-to-earnings (P/E) ratio for the North Exchange's technology growth stocks increased by 5.69% from May 6 to May 9, 2025, with 91% of companies experiencing price increases [4][35][37] - The median P/E ratio for the new energy sector rose by 7.72% to 37.6X, indicating a positive trend in valuations [41][62][64] - The median P/E ratio for the electronic equipment sector increased from 55.1X to 56.0X, with a total market capitalization rising from 1,314.2 billion yuan to 1,398.0 billion yuan [41][43][44] Group 3 - The mechanical equipment sector's median P/E ratio rose from 55.8X to 58.7X, with total market capitalization increasing from 958.0 billion yuan to 1,022.8 billion yuan [48][49][50] - The information technology sector's median P/E ratio increased from 81.7X to 86.4X, with total market capitalization rising from 861.8 billion yuan to 890.0 billion yuan [53][54][56] - The automotive sector's median P/E ratio increased from 31.0X to 32.9X, with total market capitalization rising from 539.5 billion yuan to 557.2 billion yuan [58][61] Group 4 - The North Exchange's aerospace and military industry chain includes 15 companies, highlighting the growth potential in this sector amid geopolitical tensions [4][32][33] - The C919 aircraft is positioned to compete with Boeing's 737 series and Airbus's A320 series, indicating a strategic move towards enhancing domestic capabilities in the aviation market [4][27][28]

计算机 | 软件开发 美股|公司点评报告 证券研究报告 hyzqdatemark 2025 年 05 月 12 日 证券分析师 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 郑冰倩 SAC：S1350525040002 zhengbingqian@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 5 月 9 | | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（美元） | | | | | 9.30 | | 一年内最高/最低（美元） | | | | 17.4/4.92 | | | 总市值（亿美元） | | | | | 40 | | 总股本（亿股） | | | | 4.34 | | | 资产负债率（%） | | | | 132.32% | | | 资料来源：Wind | | | | | | Rumble(RUM.O) 投资评级： 买入（维持） ——选举后用户留存逆势提升，加密生态布局打开商业空间 投资要点： | 盈利预测与估值（美元） | | | | | | | --- ...

Group 1: Stock Suspension and Resumption - Sunshine Nuohuo plans to acquire 100% equity of Langyan Life Science, leading to stock resumption. Langyan Life focuses on high-end chemical drugs and APIs, having established a mature pharmaceutical production system over the years [1] - Yunnan Copper is planning to purchase 40% equity of Liangshan Mining, resulting in stock suspension [2] Group 2: Mergers and Acquisitions - China Pharmaceutical intends to acquire 100% equity of Jinsui Technology for 302 million yuan. Jinsui Technology specializes in e-commerce operations, covering personal health consumer products and has established partnerships with well-known brands like Philips and Omron [3] Group 3: Share Buybacks and Increases - Tianqiao Hoisting's controlling shareholder plans to increase holdings of the company's shares by 75 million to 150 million yuan [4] Group 4: Investment Cooperation and Business Status - Kute Intelligent is collaborating with Huawei to upgrade AI Agent 2.0, expected to be completed by 2025 [5] - Heng'erda has completed the signing of an acquisition agreement for the German grinding machine company SMS [6] - Hongchang Technology plans to invest 15 million yuan in Guangdong Liangzhi Joint Technology, focusing on the humanoid robot industry chain [6] - Hongjing Technology intends to establish a wholly-owned subsidiary, Shenzhen Digital Zongheng Technology Co., Ltd., with an investment of 10 million yuan, focusing on AI hardware sales and innovation services [6] - Hanyu Pharmaceutical has signed a joint development agreement for a GLP-1R/GIPR/GCGR triple agonist peptide innovative drug with Carbon Cloud Smart Peptide [7] - Longsheng Technology's project with Silis for new energy vehicle motor semi-assemblies is expected to start supplying in the second half of 2025 [8] - Yihe Jiaye has signed a strategic cooperation framework agreement with Hanyu Pharmaceutical and Hanyu Health to develop a sleep health ecosystem [8] - Nanjing Steel's wholly-owned subsidiary successfully bid for the exploration rights of Fanqiao Iron Mine for 920 million yuan [9] - Wanda Film plans to invest in Lezi Tiancheng and engage in strategic cooperation [10] - CRRC has signed major contracts totaling 54.74 billion yuan, accounting for 22.2% of the company's projected revenue for 2024 under Chinese accounting standards [11] - Sileck has signed a strategic cooperation agreement with Lihua Power for the 46 series large cylindrical batteries [12]

| | □特定对象调研 □分析师会议 □媒体采访 业绩说明会 | | --- | --- | | 投资者关系 | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | | | 及人员姓名 | 通过"全景路演"网站参与本次业绩说明会的投资者 | | 时间 | 2025 年 5 月 12 日 15:40-17:30 | | 地点 | "全景路演"（http://rs.p5w.net） | | | 董事长兼总经理王伟先生，董事、副总经理、董秘兼财务总监王 | | 上市公司 接待人员姓名 | 春女士，独立董事杨小舟先生，董事兼证券事务代表肖越越女士， | | | 财务部经理马勇先生 | | | 公司于 2025 年 5 月 12 日（星期一）15:40-17:30 参加了在 | | | 贵州证监局指导下、贵州证券业协会联合全景网举办的 2025 年贵 | | | 州辖区上市公司投资者集体接待日活动暨 2024 年度业绩说明会， | | | 本次业绩说明会采用网络远程方式，公司对投资者提出的问题进 | | | 行了回答。主要问题及回复如下 ...

Group 1 - The core viewpoint of the article highlights that Nantian Information's stock price has increased by 2.08% to 19.17 yuan, with a rolling PE ratio of 79.69, marking a new low in 11 days, and a total market capitalization of 7.546 billion yuan [1] - The average PE ratio for the software development industry is 115.03, with a median of 82.81, placing Nantian Information at the 135th position in the industry ranking [1] - As of March 31, 2025, Nantian Information has 65,282 shareholders, a decrease of 7,478 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] Group 2 - Nantian Information is recognized as a leading provider of digital comprehensive solutions and services for the financial industry in China, with key business areas including software development and services, intelligent channel solutions, integrated solutions, IT product sales, and industrial internet innovation [1] - The latest quarterly report for Q1 2025 shows that the company achieved a revenue of 1.993 billion yuan, a year-on-year increase of 1.70%, while net profit was -30,077,909.44 yuan, reflecting a year-on-year decrease of 228.98%, with a gross profit margin of 9.67% [1]

计算机/软件开发 经纬恒润（688326.SH） 业绩短期承压，新客户新项目多点开花 2025 年 05 月 12 日 投资评级：买入（维持） | 日期 | 2025/5/9 | | --- | --- | | 当前股价(元) | 77.63 | | 一年最高最低(元) | 114.88/54.95 | | 总市值(亿元) | 93.13 | | 流通市值(亿元) | 69.90 | | 总股本(亿股) | 1.20 | | 流通股本(亿股) | 0.90 | | 近 3 个月换手率(%) | 95.59 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-05 2024-09 2025-01 经纬恒润 沪深300 相关研究报告 《Q3 环比亏幅收窄，新客户持续拓展 长期发展可期—中小盘信息更新》 -2024.10.31 《盈利能力小幅承压，全栈式布局下 业绩修复可期—中小盘信息更新》 -2024.8.29 赵旭杨（分析师） 王镇涛（联系人） zhaoxuyang@kysec.cn wangzhentao@kysec.cn 证书编号：S0790124070021 公司发 ...

| 日期 | 2025/5/9 | | --- | --- | | 当前股价(元) | 77.63 | | 一年最高最低(元) | 114.88/54.95 | | 总市值(亿元) | 93.13 | | 流通市值(亿元) | 69.90 | | 总股本(亿股) | 1.20 | | 流通股本(亿股) | 0.90 | | 近 3 个月换手率(%) | 95.59 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-05 2024-09 2025-01 经纬恒润 沪深300 计算机/软件开发 经纬恒润（688326.SH） 业绩短期承压，新客户新项目多点开花 2025 年 05 月 12 日 投资评级：买入（维持） 相关研究报告 《Q3 环比亏幅收窄，新客户持续拓展 长期发展可期—中小盘信息更新》 -2024.10.31 《盈利能力小幅承压，全栈式布局下 业绩修复可期—中小盘信息更新》 -2024.8.29 赵旭杨（分析师） 王镇涛（联系人） zhaoxuyang@kysec.cn wangzhentao@kysec.cn 证书编号：S0790124070021 公司发 ...

海外持续高景气，雅典娜助力 AI 持续加速落地 软件开发 鼎捷数智（300378.SZ） 证券研究报告/公司点评报告 2025 年 05 月 12 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：刘一哲 | | 营业收入（百万元） | | 2,228 | 2,331 | 2,540 | 2,781 | 3,089 | | | | 增长率 yoy% | | 12% | 5% | 9% | 9% | 11% | | 执业证书编号：S0740525030001 | | 归母净利润（百万元） | | 150 | 156 | 190 | 234 | 287 | | Email：liuyz03@zts.com.cn | | 增长率 yoy% | | 12% | 4% | 22% | 24% | 22% | | | | 每股收益（元） | | 0.55 | 0 ...

Summary of Key Points from Conference Call Records Industry Overview: Military Trade 1. The global military trade market is experiencing significant transactions, with a promising outlook for China's military trade opportunities [5] 2. The U.S. State Department recently approved the sale of 1,000 air-to-air missiles to Saudi Arabia, totaling $3.5 billion, indicating a robust military sales environment [5] 3. The Stockholm International Peace Research Institute (SIPRI) reported a 9.4% year-on-year increase in global military spending for 2024, reaching $2.718 trillion, marking the highest growth since the Cold War and the tenth consecutive year of increase [5] 4. Military trade prices are generally over 50% higher than U.S. military procurement prices, indicating substantial profit margins in military trade [5] 5. China's military trade assets include the JF-17, J-10C, and various drone series, with fifth-generation fighter jets expected to enter the military trade market [5] 6. The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the need for central military enterprises to strengthen and support national defense construction [5] Company Focus: Zhuoyi Information 1. Zhuoyi Information has launched a Restricted Stock Incentive Plan for 2025, reflecting strong confidence in its development [8] 2. The company is focusing on the "AI + IDE" sector, aiming to become a leader in foundational software for the AI programming era [8] 3. The acquisition of Aipuyang is expected to enhance Zhuoyi's position in the IDE market, with strategic partnerships with leading platforms like DCloud to accelerate product promotion [8] 4. The stock incentive plan targets 40 core employees in the IDE business, indicating a commitment to performance and growth [8] 5. The company’s proprietary IDE, SnapDevelop, supports HarmonyOS native development and aims to create an AI-driven software development platform [8] 6. Investment forecasts for Zhuoyi Information project net profits of 0.95 billion, 1.63 billion, and 2.76 billion yuan for 2025-2027, with corresponding P/E ratios of 59, 34, and 20 [8] Risk Factors 1. Market volatility risk and the potential for delays in military orders are highlighted as significant risks [7] 2. The risk of new technology advancements not meeting expectations and increased industry competition are also noted for Zhuoyi Information [8]

计算机 | 证券研究报告 — 调整盈利预测 2025 年 5 月 12 日 2024 年广立微软件业务收入同比实现大幅 增长，公司有望受益于集成电路自主化背 景下市场对本土产品的需求提升。 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 1.2 2.0 (5.4) (7.9) 相对深圳成指 0.8 (4.1) (1.2) (11.4) (36%) (21%) (6%) 9% 24% 39% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 May-25 广立微 深圳成指 | 发行股数 (百万) | 200.28 | | --- | --- | | 流通股 (百万) | 107.62 | | 总市值 (人民币 百万) | 10,074.14 | | 3 个月日均交易额 (人民币 百万) | 257.46 | | 主要股东 | | | 杭州广立微股权投资有限公司 | 16.6% | | 资料来源：公司公告， Wind 中银证券 ， | | Wind 以 2025 年 5 月 9 日收市价为标 ...