财信证券认为，周二大盘放量上涨，三大指数全线收涨，全市场成交额较前一个交易日也有显著提升。 随着有增量资金入场迹象，资金风险偏好有所增加，市场风格也随之切换，科技线成为主导方向，高股 息红利资产走弱，但周二的风格切换是否有持续性还有待观察，后续仍可留意各题材板块之间的轮动机 会。整体来看，"五一"假期之后，在国内政策加力、AI产业趋势加持下，市场有望走出震荡向上的结构 性行情。5月份随着海外关税战对市场扰动效应逐步消退，市场大概率重新回归AI产业趋势以及扩内需 驱动逻辑。 东莞证券认为，周二，市场在5月首个交易日迎来"开门红"，三大指数集体走强。从技术分析角度看， 沪指处于5日均线上方，技术形态上延续企稳回升的态势，叠加量能放大的积极信号，短期或延续震荡 上行趋势。当日，"五一"假期相关消息被市场集中反应，盘面延续了4月底以来的科技成长及中小盘风 格主导格局。在科技成长板块的带动下，市场整体风险偏好出现回升，叠加流动性环境延续宽松，投资 者情绪有所回暖。"五一"假期期间国内消费动能持续释放，内需修复趋势延续。A股上市公司一季报披 露完毕，盈利端整体呈现改善态势，行业营收增速表现出结构性分化。展望5月，市场短期 ...

5月6日，A股市场全天高开高走、迎节后开门红，创业板指领涨，沪指收盘重回3300点上方。截至收 盘，沪指涨1.13%，深成指涨1.84%，创业板指涨1.97%。沪深两市全天成交额1.34万亿，较上个交易日 放量1668亿。盘面上，市场热点良性轮动，个股涨多跌少，全市场近5000只个股上涨。板块方面，可控 核聚变、稀土永磁、鸿蒙、CPO等板块涨幅居前，银行等少数板块下跌。 | 名称 | 最新点位 | - 涨跌幅 | | --- | --- | --- | | 上证指数 | 3316.11 | +37.08(1.13%) | | 深证指数 | 10082.34 | +182.52(1.84%) | | 创业板指 | 1986.41 | +38.38(1.97%) | | | 日期:5月6日 制图:21投资通 | | 纽约股市三大股指5月6日下跌。截至当天收盘，道琼斯工业平均指数比前一交易日下跌389.83点，收于 40829.00点，跌幅为0.95%；标准普尔500种股票指数下跌43.47点，收于5606.91点，跌幅为0.77%；纳斯 达克综合指数下跌154.58点，收于17689.66点，跌幅为0.87%。 ...

机构简介： 敦和资产管理有限公司成立于 2011 年3月2日，是一家中国本土成长起来的、致力于国内外资本市场投 资的全球宏观私募基金公司。多年以来，敦和资管逐步探索并形成了基本面驱动的股票、债券和大宗商 品等多资产配置，现货、期货、期权和场外衍生品等多工具使用，以及不同风险收益特征的多策略构建 能力。在此基础上，公司形成了宏观对冲，多资产组合及系统化多策略的三大系列大类资产配置私募基 金产品。围绕建立"一切以客户为中心"的一流资产管理机构发展目标，敦和资管已经建立并形成了包括 投研、系统建设、市场销售、合规风控、人力资源和财务支持的前中后台全面保障运营体系。目前，公 司资产管理规模超过 400 亿元人民币，名列私募证券投资基金行业前列。xa0 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及5月6日披露的机构调研信息，知名私募敦和资管近期对1家上市公司进行了调研， 相关名单如下： 1）赛意信息 （敦和资管参与公司线上电话会议） 调研纪要：公司领导介绍了公司基本情况、业务模式、经营模式及未来发展方向，并与机构人员交流。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1][8]. Core Insights - The company reported a revenue of 356.33 million yuan for 2024, a decrease of 9.99% year-on-year, and a net profit attributable to shareholders of 8.48 million yuan, down 72.73% year-on-year, which aligns with market expectations [2][8]. - In Q1 2025, the company achieved a revenue of 30 million yuan, reflecting a year-on-year increase of 2.17%, while the net profit attributable to shareholders was a loss of 24 million yuan, which is a 20.08% increase in loss year-on-year, also meeting market expectations [2][8]. - The company aims to expand its "Digital Wind Tunnel" product market and focus on emerging safety scenarios, integrating its products with new industries such as robotics and intelligent driving [8]. Financial Summary - The total revenue forecast for 2025 is 484.23 million yuan, with a projected year-on-year growth of 35.90% [1][9]. - The net profit attributable to shareholders is expected to rise significantly to 65.14 million yuan in 2025, reflecting a year-on-year increase of 667.95% [1][9]. - The earnings per share (EPS) is projected to be 0.64 yuan for 2025, increasing to 1.18 yuan by 2027 [1][9].

序号股票简称PE(TTM)PE(静)市净率总市值(元)169德生科技207.94204.313.6941.63亿行业平均 116.83132.958.41117.57亿行业中值82.6783.724.0056.66亿1盛邦安全-1599.731551.032.6125.26亿2拓维信 息-1072.49-439.6917.43441.89亿3国新健康-683.19-1025.257.82106.37亿4任子行-568.73-100.816.4839.95亿 5观想科技-440.42-428.864.7637.36亿6达实智能-366.59275.302.1271.25亿7*ST汇科-218.57- 194.456.7441.21亿8延华智能-201.96-202.6610.1843.16亿9数字人-200.89-369.156.4315.35亿10银之 杰-185.96-177.6644.18229.38亿11概伦电子-178.38-107.795.28103.45亿 广东德生科技股份有限公司的主营业务是面向民生领域，建设以城市为单位的居民服务一卡通服务体系 与数据产品体系。涵盖社保卡制发和应用、社保服务场景 ...

Core Viewpoint - The company reported a 32.55% year-on-year decrease in R&D expenses for the first quarter of 2025, primarily due to a strategic focus on medical artificial intelligence development, leading to optimization of existing business and personnel [1] Summary by Categories R&D Expenses - The R&D expenses for the first quarter of 2025 amounted to a significant reduction compared to the same period in 2024, with a decrease of 32.55% [1] - The components of R&D expenses include leasing costs, depreciation, custody fees, and labor costs [1] Strategic Focus - The company has concentrated its resources on the development of medical artificial intelligence, which has influenced the reduction in R&D expenses [1] - Optimization of existing business and personnel was a key factor in the decrease of R&D expenses [1]

Group 1 - The core products of Zhaoli Pharmaceutical show stable growth, with a high dividend payout ratio maintained, achieving a revenue of 2.578 billion yuan in 2024, a year-on-year increase of 32.71% [8][9] - The company has significantly reduced costs and improved efficiency, with a notable decrease in expense ratios, including a sales expense ratio of 32.53%, down 7.5 percentage points year-on-year [9] - The company plans to implement an employee stock ownership plan by the end of 2024, with profit growth targets set at no less than 30% for 2025 [10] Group 2 - Weining Health's revenue for Q1 2025 was 345 million yuan, a year-on-year decrease of 30.24%, with a net profit of 5.29 million yuan, down 68.18% [11][12] - The company is focusing on cost reduction and efficiency improvement, with a significant increase in cash flow from operating activities, up 120.53% year-on-year [12] - The WiNEX product is entering a phase of mass delivery, supporting internet operations and international adaptation, with a strong digital architecture capable of handling millions of transactions [14][15] Group 3 - Lais Information's revenue for 2024 was 1.61 billion yuan, a year-on-year decrease of 3.94%, while Q1 2025 revenue dropped by 55.53% to 109 million yuan [17][18] - The company is optimizing its business structure, with significant growth in air traffic control and urban traffic management sectors, achieving revenue increases of 13.68% and 33.47% respectively [18][19] - The company is enhancing its research and development efforts, with a focus on refining its product offerings and improving operational efficiency [20] Group 4 - FenJung Media reported a revenue of 12.262 billion yuan in 2024, a year-on-year increase of 3.01%, with a net profit of 5.155 billion yuan, up 6.80% [23][25] - The company maintains a high dividend payout ratio, with cash dividends amounting to 4.766 billion yuan, representing 92.45% of net profit [24][25] - The planned acquisition of New潮传媒 is expected to enhance the company's competitive position in the outdoor advertising market [28] Group 5 - Jingwang Electronics achieved a revenue of 12.659 billion yuan in 2024, a year-on-year increase of 17.68%, with a net profit of 1.169 billion yuan, up 24.86% [30][31] - The company is expanding its production capacity, with a focus on high-end markets and AI applications, particularly in the automotive sector [32][33] - The company is increasing its R&D investments to support technological advancements and market expansion [33]

一、停牌 1、电投能源：筹划资产重组事项，股票停牌。 2、慧博云通：拟购买宝德计算机系统股份有限公司控制权，股票停牌。 四、日常经营、对外投资 1、华达科技：获得客户项目定点，预计生命周期总销售金额63.5亿元。 2、紫金矿业：拟将下属境外黄金矿山资产重组至中国香港的全资子公司紫金黄金国际有限公司旗下， 并申请将紫金黄金国际分拆至香港联交所主板上市。 3、奥来德：子公司与成都京东方签订6.55亿元销售合同。 二、并购、定增 1、兴业银锡：拟以场外要约收购方式以4.54亿元收购大西洋锡业有限公司。 2、寒武纪：拟定增募资不超过49.8亿元，用于面向大模型的芯片平台项目、面向大模型的软件平台项 目、补充流动资金。 三、回购、增持、股权转让 1、富创精密：沈阳先进拟1.2亿元—2.4亿元增持公司股份。 2、万兴科技：获4500万元股票回购贷款承诺函。 1、比亚迪：前4月新能源汽车销量同比增长46.98%。 2、北汽蓝谷：子公司今年累计销量38041辆，同比增长192.53%。 3、上汽集团：4月新能源汽车销量同比增长71.74%。 晚间公告 *免责声明：文章内容仅供参考，不构成投资建议 4、双杰电气：拟以2118. ...

hyzqdatemark 2025 年 05 月 05 日 证券研究报告 计算机 | 软件开发 非金融|公司点评报告 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 市场表现： 请务必仔细阅读正文之后的评级说明和重要声明 | 基本数据 | | 年 | 月 30 | 04 | | 日 | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 62.06 | | | 年 内 最 / 最 | 高 | | 66.06/29.86 | | 一 | | | | 低 | | （元） | | | | | | | | | | | 总市值（百万元） | | | 6,217.46 | | | | | | | | 流通市值（百万元） | ...

2025 年 05 月 04 日 公司研究 评级：增持(维持) | 相对沪深 300 | 表现 | | 2025/04/30 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 万兴科技 | -2.9% | -10.8% | -7.0% | | 沪深 300 | -3.7% | -1.2% | 4.6% | | 市场数据 | | | 2025/04/30 | | 当前价格（元） | | | 61.07 | | 当前价格（元） | 61.07 | | --- | --- | | 周价格区间（元） 52 | 37.92-94.80 | | 总市值（百万） | 11,807.05 | | 流通市值（百万） | 10,457.21 | | 总股本（万股） | 19,333.63 | | 流通股本（万股） | 17,123.32 | | 日均成交额（百万） | 869.09 | | 近一月换手（%） | 4.33 | 相关报告 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 收入同比增速连 ...