Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][8]. Core Views - The company is undergoing a significant transformation driven by "intelligent computing power + data elements," focusing on AI capabilities to enhance its market competitiveness and operational efficiency [3][5][6]. - The financial outlook shows a narrowing of losses, with projected net profits increasing significantly from 2025 to 2027, indicating a potential turning point in profitability [5][6][7]. Summary by Sections 1. AI and Big Data-Driven Core Business Layout - The company is building a high-performance computing service ecosystem, aligning with national strategies and forming joint ventures to enhance its computing power capabilities [13]. - The "HuiKe Cloud" platform is central to the company's data assetization process, integrating extensive offline commercial data to provide intelligent decision-making solutions [14][16]. - A change in actual control is anticipated, with a strategic shift towards integrating 3D printing, AI, and computing power [17][20]. 2. Large Models Driving Industrial Transformation - The emergence of open-source ecosystems is facilitating rapid innovation in vertical applications, with the company leveraging these advancements to enhance its AI capabilities [4][35]. - The introduction of the "Doubao Video World" model represents a breakthrough in visual cognition, enabling new applications in various fields without reliance on textual data [38][42]. 3. Financial Overview: Narrowing Losses and Strengthening Long-Term Value - The company has experienced revenue fluctuations and short-term profitability pressures, primarily due to high R&D expenditures and fixed costs [59]. - The transition to data services has led to a significant improvement in gross margins, indicating the effectiveness of the strategic shift towards becoming a data service provider [61]. 4. Profit Forecast and Investment Recommendations - The company is expected to see substantial growth in net profits from 2025 to 2027, with earnings per share projected to rise significantly [6][7]. - The report emphasizes the potential for the company's AI and data services to drive future growth, supported by favorable market conditions and policy incentives [6][54].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][8]. Core Views - The company is undergoing a significant transformation driven by "intelligent computing power + data elements," focusing on AI capabilities to enhance its market competitiveness and operational efficiency [3][5][6]. - The financial outlook shows a narrowing of losses, with projected net profits increasing significantly from 2025 to 2027, indicating a potential turning point in profitability [5][6][7]. Summary by Sections 1. AI and Big Data-Driven Core Business Layout - The company is building a digital transformation foundation through a dual-engine strategy of intelligent computing power and data elements, integrating high-performance computing services [13]. - The company plans to change its actual controller, which may accelerate its strategic transformation into a new layout combining 3D printing, AI, and computing power [17][20]. - The company has developed a customer flow analysis system and a remote store inspection system, leveraging AI to enhance decision-making in commercial operations [21][24]. 2. Large Models Driving Industrial Transformation - The emergence of open-source ecosystems is facilitating the rapid development of vertical applications, with the company positioned to leverage these advancements [4][35]. - The introduction of the "Doubao Video World" model represents a breakthrough in visual cognition, allowing for video generation without text prompts, thus reshaping application paradigms [38][42]. 3. Financial Overview: Narrowing Losses and Strengthening Long-Term Value - The company has experienced revenue fluctuations and short-term profit pressures, primarily due to high R&D expenditures and fixed costs [5][59]. - The transition to data services has led to a significant increase in gross margins, indicating the effectiveness of the strategic shift towards becoming a data service provider [61]. 4. Profit Forecast and Investment Recommendations - The company is expected to see substantial growth in net profits from 2025 to 2027, with projected earnings per share (EPS) increasing from 0.10 yuan to 0.46 yuan [6][7]. - The report emphasizes the potential for the company's AI and data services to drive future growth, supported by favorable policy trends and market demand [54][64].

Core Insights - The article highlights the population growth trends in various Chinese cities, with a focus on the top cities that experienced significant increases in their resident populations in 2024, despite a national decline in population. Population Growth Analysis - A total of 12 cities saw a resident population increase of over 80,000 last year, with the top ten cities being Guiyang, Shenzhen, Guangzhou, Hefei, Changsha, Nanchang, Hangzhou, Wenzhou, Xi'an, and Dongguan. The first seven cities each had an increase of over 100,000 residents [1][2] - Guiyang led the population growth with an increase of 199,600 residents, marking a growth rate of 3.12%. This city has consistently added over 100,000 residents annually for four consecutive years [3][4] - Shenzhen and Guangzhou followed, with increases of 199,400 and 151,000 residents, respectively, indicating strong population attraction in these metropolitan areas [4] Economic and Industrial Factors - Guiyang's rapid population growth is attributed to its economic development and industrial support, particularly in sectors like electronic information manufacturing and digital economy, which have been bolstered by local government strategies [3][4] - Hefei has also seen significant growth, with a population of 10 million by the end of 2024, driven by its burgeoning electric vehicle industry, which produced over 1.35 million units last year [8] - The article notes that the population growth in eastern coastal cities like Shenzhen and Guangzhou is complemented by the industrial upgrades and economic transformations in these regions, which attract talent and labor [5][7] Regional Trends - Among the top ten cities for population growth, five are located in the central and western regions of China, including provincial capitals like Guiyang, Hefei, Changsha, Nanchang, and Xi'an. This reflects a broader trend of urbanization and industrialization in these areas [7][8] - The article emphasizes that the provincial capitals serve as economic, cultural, and political centers, which enhances their ability to attract resources and talent [7] - In addition to the top cities, other cities like Jinan and Qingdao also experienced notable population increases, indicating a wider trend of urban growth across various regions [6]

2025 年 05 月 15 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：73 分（较热） 最近一年大盘走势 10 15 20 (%) 沪深300 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 相关研究 | 1、《双融日报》2025-05-14 | | --- | | 2、《双融日报》2025-05-13 | | 3、《双融日报》2025-05-12 | ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 73 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：机器人、大数据、苹果链 1、机器人主题：五一假期期间，山岳型景区迎来大批游 客。在八达岭长城、黄山、泰山这些热门景点，游客们体验 到了一种别样的登山方式一穿戴外骨骼机器人登山。这种设 备被形容为"登山外挂"，通过机械结构或电机驱动，能够 降低 20%-40%的体能消耗，瞬间在户外圈爆火。相关标的： 伟思医疗(688580)、精工科技(002006) 2、大数据主题：近日，国务院常务会 ...

2014年，这家从事污水治理、废气污染治理、土壤污染治理的环保企业，通过创始人房产抵押的方式， 获得中国银行济南分行200万元贷款，解决了资金运转不畅的难题。2021年，该公司签约烟台嘉信化学 科技有限公司污水处理项目，通过投贷联动模式，分别获得山东山科创新股权投资有限公司和中国银行 济南分行各1000万元融资，顺利解决项目建设的流动资金需求，迎来业务爆发期。今年，山东省财金资 本管理有限公司通过股权融资方式为其注资2000万元，助力北成环境一举拿下成立以来首个千万元级市 场订单，打开京津冀市场。 "我们最早是在一所民宅办公，当时来调研的银行工作人员觉得我们规模太小，放贷的可能性比较低。 今年我们完成股权变更后，公司管理层陆续收到多家银行的合作来电。"肖岛笑称。从首次获贷的一波 三折到两获资本市场青睐，肖岛将成功的秘诀总结为"会说银行话"和用好政策。"有人可能会说银行'嫌 贫爱富'，我不认同。作为企业，我们要做的是给银行一份相对清楚的报表、一个明确的需求和一个客 观的产业前景，银行自然就会形成正确的判断。" 一人行速，众人行远。 当东方智慧融入黄河畔的科创浪潮，一场金融合力托举下的产业跃迁在"泉城"济南聚势显 ...

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 64, suggesting a positive outlook for market performance [6][10]. - Recent trends show that when the sentiment score is below or near 30, the market tends to find support, while scores above 90 may indicate resistance [10]. Industry and Company Highlights - **Robotics Theme**: The use of exoskeleton robots for hiking has gained popularity, reducing physical exertion by 20%-40%. Related companies include Weisi Medical (688580) and Jinggong Technology (002006) [7]. - **Big Data Theme**: The State Council has approved a draft for a data-sharing regulation aimed at breaking down data barriers and enhancing public services. Companies involved include Aofei Data (300738) and Inspur Information (000977) [7]. - **Apple Supply Chain Theme**: Apple is expected to launch its first foldable iPhone in Fall 2026, impacting the product release schedule of other models. Related companies are Lingyi Technology (002600) and Changying Precision (300115) [7]. Market Activity - The report lists the top ten stocks with significant net inflows, including Qingdao Kingking (44,781.89 million) and Tongwei Co. (34,070.72 million), indicating strong investor interest [11]. - The report also highlights the top ten stocks with net outflows, such as Zhonghang Chengfei (188,507.92 million) and Luxshare Precision (89,100.55 million), reflecting investor caution in certain sectors [13][23]. Financing and Margin Trading - The report details the top ten stocks with net buying in financing, led by Xinyi Technology (29,979.81 million) and Zhongji Xuchuang (24,836.71 million), suggesting bullish sentiment among investors [13]. - Conversely, the top ten stocks with net selling in margin trading include Luxshare Precision (869.33 million) and CATL (807.16 million), indicating bearish sentiment [14]. Industry Trends - The report identifies the electronics sector as a leading area for net buying in financing, with a total of 118,857 million, while the automotive sector shows significant net outflows of -342,284 million, indicating a shift in investor focus [20][23].

2025 年 05 月 13 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 2、大数据主题：近日，国务院常务会议审议通过《政务 数据共享条例(草案)》。会议指出，要在确保数据安全基础 上打通数据壁垒，推动公共服务更加普惠便捷。要构建全国 一体化政务大数据体系，推动数据资源融合应用，更好赋能 社会治理和繁荣产业生态，增强经济发展新动能。相关标 的：奥飞数据(300738)、浪潮信息(000977) 3、苹果链主题：据科技媒体报道，苹果首款折叠屏 iPhone 预计将于 2026 年秋季与 iPhone 18 Pro 系列和 "Air"系列机型一同发布。与此同时，标准版的 iPhone18 将为苹果折叠手机"让路"，推迟至 2027 年春季，与 iPhone 16E 的后续机型一同发布。随着折叠屏机型的加入，公司需 要重新规划产品发布时间表，以确保产品线的管理和市场推 广更加高效。相关标的：领益智造(002600)、长盈精密 (300115) 资料来源：Wind，华鑫证券研究 相关研究 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨 ...

作 者丨陈洁 实习生黎雨佳 编 辑丨王峰 省会城市成为各省份人口的"定海神针"。 截止到2 0 2 5年5月1 2日，2 7个省会（首府）城市中，有2 4个发布了2 0 2 4年人口数据，其中2 3 个有增量数据，2 2个城市人口实现上涨。 在人口上涨的省会（首府）城市中，6个省会城市的人口增量在2 0 2 4年超过1 0万人， 其中贵 阳以1 9 . 9 6万的人口增量排名省会城市第一，广州、合肥紧随其后。 此外，也有4个省会城市 的人口增量不足1 . 5万人。 2 1世纪经济研究院认为，省会（首府）城市人口上涨与以下多个因素有关：首先，省会城市 在一省之中往往是产业、科技、资金的聚集地，能够提供更多高附加值岗位，吸引就业人口流 入；其次，省会的公共服务资源集中，优质的教育、医疗和文化资源会吸引人口流入，很多省 会城市自身也是高校大市；再次，在过去多年省会吸引人口流入，人口结构相对年轻；最后， 很多省会城市的生活成本相对适中，很多高校毕业生也愿意去省会"闯一闯"。 不过， 在未来数年 之 后，省 会 城 市人口" 普 涨" 的局 面可 能会 结束， 随 着 人 口 格 局 的 不 断 演 变，未来将更为考验 ...

份额方面，数据ETF近1年份额增长2.43亿份，实现显著增长，新增份额位居可比基金1/3。 资金流入方面，数据ETF最新资金净流出187.33万元。拉长时间看，近4个交易日内，合计"吸金"1164.29万元。 截至5月9日，数据ETF近3年净值上涨35.62%，居可比基金第一，指数股票型基金排名152/1747，居于前8.70%。从收益能力看，截至2025年5月9日，数据 ETF自成立以来，最高单月回报为31.45%，最长连涨月数为4个月，最长连涨涨幅为42.38%，上涨月份平均收益率为8.34%，年盈利百分比为66.67%。截至 2025年5月9日，数据ETF近1年超越基准年化收益为2.67%，排名可比基金1/3。 截至2025年5月12日 11:06，中证大数据产业指数(930902)强势上涨1.14%，成分股航天宏图(688066)上涨5.17%，石基信息(002153)上涨4.41%，盛视科技 (002990)上涨3.22%，奇安信(688561)，启明星辰(002439)等个股跟涨。数据ETF(516000)上涨1.07%，最新价报0.94元。拉长时间看，截至2025年5月9日，数 据ETF近1周累 ...

中科星图 20250511 摘要 • 中科星图产品架构与 Palantir 高度相似，包括全域态势感知、大数据分析、 一站式支撑和 AI 平台，分别对标 Palantir 的 Gotham、Foundry、Apollo 及 AIP，具备 AI 加数据分析领域的竞争优势。 • IDC 预测中国大数据 IT 支出规模 2025 年将达 300 亿美元，2028 年增至 500 亿美元，复合增长率约 20%，预示着国内大数据市场在金融、医疗等 领域具有广阔的发展前景。 • 中科星图拥有 20 年国防数据业务积累，特种业务收入从 2020 年至 2024 年翻倍至 10 亿元，复合年增长率达 20%，技术优势在于解决国防领域的 数据安全问题。 • 中科星图民用业务收入从 2020 年至 2024 年增长十倍至 22 亿元，复合年 增长率接近 80%，验证了其在民用领域的应用能力，未来有望将特种领域 的数据分析规模化应用于民用领域。 • 中科星图定位为 AI SaaS 加数据分析应用公司，拥有海量真实场景，未来 将走向 AI 应用方向，通过 SaaS 化减少对单个政府项目依赖，如星图云和 低空云。 Q&A 中科星图在 ...