Group 1 - The overall market is characterized by "index stability while individual stocks suffer," with the Shanghai Composite Index hovering around 3400 points and over 3600 stocks declining, indicating a lack of broad market strength [3] - Northbound capital experienced a net outflow of nearly 8 billion, marking a seven-month high, suggesting foreign investors are cautious amid rising prices [3] - The recent favorable policies in technology and finance are being overshadowed by hawkish signals from the Federal Reserve, creating a challenging environment for market stability [4] Group 2 - There is significant sector rotation, with shipping and port stocks showing strong performance, while gold stocks surged due to heightened risk aversion, and pharmaceutical stocks, particularly innovative drugs, stood out [5] - The market is witnessing a shift from previously high-performing sectors like AI to lower-performing sectors such as pharmaceuticals and consumer electronics, indicating a strategy of buying on dips [5] Group 3 - Recommended strategies include maintaining proper position management, focusing on new energy and pharmaceutical sectors supported by policies, and utilizing defensive sectors like gold and coal for hedging [6] - Emphasis is placed on the importance of volume in confirming market trends, with a target volume of 1.3 trillion needed to break through the 3400-point barrier [4][6]

Core Viewpoint - The company maintains stable operations despite a decline in revenue, with high growth rates in net profit attributable to shareholders and net profit excluding non-recurring items. The domestic computing power business continues to grow rapidly, and overseas capacity is being continuously improved, leading to an optimistic outlook for the company's future development, resulting in an upward adjustment of the target price and a maintained buy rating [1]. Financial Performance - The company reported a revenue of 28.549 billion yuan for 2024, a year-on-year decrease of 8.29%. The net profit attributable to shareholders was 703 million yuan, reflecting a year-on-year increase of 39.05%, while the net profit excluding non-recurring items was 653 million yuan, up 43.70% year-on-year. For Q1 2025, revenue was 4.049 billion yuan, down 19.97% year-on-year, with a net profit of 55.2 million yuan, an increase of 33.08% year-on-year, and a net profit excluding non-recurring items of 53.95 million yuan, up 28.96% year-on-year [2]. Profit Forecast - The company updated its profit forecast, expecting net profits attributable to shareholders to be 1.006 billion yuan, 1.167 billion yuan, and 1.344 billion yuan for 2025-2027, respectively. Corresponding EPS for 2025-2027 is projected to be 0.85 yuan, 0.99 yuan, and 1.13 yuan. Based on industry average valuation and prudent considerations, a PE of 35x for 2025 is given, raising the target price to 29.72 yuan from the previous 24.72 yuan, while maintaining a buy rating [2]. Business Segments - In the optical communication sector, the company achieved revenue of 22.313 billion yuan from communication system equipment, down 6.19% year-on-year, with a gross margin of 19.46%, up 0.26 percentage points. Revenue from fiber and cable was 4.699 billion yuan, down 12.77% year-on-year, with a gross margin of 25.35%, up 4.16 percentage points. Data network product revenue was 1.144 billion yuan, down 27.44% year-on-year, with a gross margin of 43.92%, up 2.56 percentage points. The company secured a position as a core supplier for the 400G network by winning bids from three major operators [3]. Computing Power Business - The domestic computing power revenue reached nearly 6 billion yuan, with a compound annual growth rate exceeding 100% over the past two years. The company’s Longjiang Computing has been certified as a leading partner for Huawei's Kunpeng and Ascend products, ranking in the top three in the ecosystem, indicating potential benefits from the growth in domestic computing power demand [3]. Global Expansion - The company has initiated trial production at its R&D and manufacturing bases in Thailand and Hungary, which is expected to help mitigate trade risks [3]. Cost Management - In 2024, the company's sales, management, and R&D expense ratios were 6.59%, 1.54%, and 10.09%, respectively, showing year-on-year changes of +0.85 percentage points, +0.44 percentage points, and -1.40 percentage points. The combined expense ratio decreased by 0.11 percentage points year-on-year, indicating effective cost control amid declining overall revenue [3]. Catalysts - The demand for domestic computing power is expected to exceed expectations, serving as a potential catalyst for growth [4].

Market Insights - The 20-year U.S. Treasury auction results were disappointing, with a final yield of 5.047%, leading to a surge in bond yields and a significant drop in U.S. stock markets, marking the largest decline in a month [1] - Bitcoin surpassed the $110,000 mark for the first time, with a total market capitalization exceeding $2.1 trillion, as the cryptocurrency market continues to rise [4] Macro Developments - Shanghai has launched a special action plan to boost consumption, which includes six major initiatives such as promoting vehicle consumption and accelerating the renovation of old residential areas [2] - Eight government departments have jointly issued a document supporting small and micro enterprises in equity financing, allowing eligible companies to list on the New Third Board and subsequently on the Beijing Stock Exchange [3] Policy Focus - In May, 130 domestic online game licenses were approved, with a projected total of 1,306 licenses for the year, representing a growth of over 34% compared to the same period in 2023 [9] - The Shanghai Computing Power Trading Platform has been initiated, with institutions optimistic about the timing for computing power allocation driven by AI demand [10] Company Announcements - Shanghai Laishi's controlling shareholder plans to increase its stake in the company by 250 million to 500 million yuan [12] - Guokewai is planning a major asset restructuring, leading to a suspension of its stock [14]

NO.1 Figure首席执行官：人形机器人取得重大突破 5月21日，人形机器人公司Figure首席执行官布雷特·阿德科克(Brett Adcock)在社交平台表示，2025年， Figure致力于将自主人形机器人部署到现实世界，这将大力推动机器人在AI、自主性、集成技术和日常 执行等领域的进展。阿德科克透露："我们将分享更多最近取得的重大突破。" NO.2 宇树人形机器人格斗大赛将于5月25日举行 5月21日，"CMG世界机器人大赛系列赛"机甲格斗擂台赛将于5月25日在杭州举行。宇树科技将以合作 方身份参加比赛。据了解，本次比赛主要由表演赛和竞技赛两部分组成。表演赛中，人形机器人将展示 格斗，包括单机格斗展示和群体格斗展示等多个环节。竞技赛则共设置四支参赛队伍，由来自不同领域 的操控者实时操作机器人，通过多轮格斗比拼，决出最终优胜者。 NO.3 全国首个，深圳市龙岗区人工智能（机器人）署揭牌 5月21日，深圳市龙岗区召开人工智能与机器人发展大会，揭牌全国首个人工智能领域政府直属机构 ——龙岗区人工智能（机器人）署，并集中发布《龙岗区加快创建"AI龙岗"三年行动计划（2025— 2027）》《龙岗区具身智能机 ...

Group 1 - In the first quarter, Inner Mongolia implemented 1,977 investment attraction projects, bringing in domestic funds of 83.04 billion yuan, a year-on-year increase of 37.7% [1] - Key industrial chain investment attraction was precise and effective, with 21 key industrial chains attracting funds of 27.03 billion yuan, accounting for 32.6% of total funds [1] - The rare earth industrial chain saw a remarkable year-on-year growth of 5.6 times in attracted funds [1] Group 2 - A total of 245 new signed investment projects with an investment amount of over 100 million yuan were recorded, including 18 projects over 5 billion yuan [1] - Among ongoing projects, 433 major projects with total investments of over 1 billion yuan were monitored, attracting funds of 55.27 billion yuan, a year-on-year increase of 19.6% [1] - Significant projects such as the Baotou Robotics and Drone Integration Base and the Xilin Gol League 3 million tons iron ore deep processing project completed over 500 million yuan in attracted funds [1] Group 3 - Inner Mongolia actively conducted targeted investment attraction towards key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area [2] - A total of 376 new signed investment projects were recorded, with 153 projects from the Beijing-Tianjin-Hebei region, and 108 projects from Beijing alone, accounting for 28.9% [2] - The key regions collectively attracted funds of 59.37 billion yuan, representing 71.5% of total funds, with a year-on-year growth of 46.6% [2]

流动性方面，恒生科技ETF基金盘中换手8.94%，成交7988.12万元。拉长时间看，截至5月20日，恒生科技ETF基金近1月日均成交1.63亿元。 数据显示，杠杆资金持续布局中。恒生科技ETF基金最新融资买入额达1106.15万元，最新融资余额达2118.62万元。 从估值层面来看，恒生科技ETF基金跟踪的恒生科技指数最新市盈率（PE-TTM）仅21.31倍，处于近5年13.9%的分位，即估值低于近5年86.1%以上的时间， 处于历史低位。 截至目前，腾讯控股、阿里巴巴、京东集团等7家头部科技公司公布一季报，营收和净流入均实现正增长，其中，阿里巴巴、吉利汽车净利润同比增速超 260%，比亚迪股份、中芯国际等净利润同比增幅超100%。 截至2025年5月21日 13:01，恒生科技指数上涨0.70%，成分股哔哩哔哩-W上涨6.85%，阅文集团上涨5.20%，理想汽车-W上涨4.41%，比亚迪电子上涨 2.77%，蔚来-SW上涨1.80%。恒生科技ETF基金(159741)上涨0.42%。 中泰证券指出，2025年互联网龙头、算力等港股科技板块有望走出类似2021年新能源行情，成为局部结构性机会主线。可重点关注 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 （记者 曾健辉） 每经讯，正信光电5月20日发布公告称，算力是当前人工智能技术研究与应用的关键支撑要素，随着人 工智能的迅猛发展，尤其是大模型技术在各行业的落地应用，算力需求呈现出爆发式增长态势。为解决 算力供需矛盾，实现算力紧缺单位能够获得质优价廉的算力，同时提升智算中心的资源使用效率，并推 动绿色电力和算力的融合发展，打造光伏与算力的协同模式，扩大公司业务范围，拓展公司新的利润增 长点，充分发挥各方的资源和整合优势，公司拟与东方数港科创有限公司、陆昊婷、海南算网聚联企业 管理合伙企业共同投资设立杭州正信算联科技有限公司，进行算力的供需整合和对接。杭州正信注册资 本拟为人民币500万元，其中公司认缴出资175万元，占杭州正信注册资本的35%；东方数港科创有限公 司认缴出资125万元，占杭州正信注册资本的25%；陆昊婷认缴出资125万元，占杭州正信注册资本的 25%；海南算网聚联企业管理合伙企业认缴出资75万元，占杭州正信注册资本的15%。授权公司管理层 及其授权人员在不超500万元的出资额度范围内负责并办理本次对外投资的各 ...

长城基金廖瀚博认为，目前资本市场进入了国家层面非常重视的阶段，政策在持续出台给予呵护，这是 对资本市场的极大利好。落到投资上，在新质生产力发展的过程中，可积极关注由需求增长驱动的投资 机会，比如AI、人形机器人等细分领域。 廖瀚博在投资领域耕耘多年，具备卖方和买方研究双重背景，研究覆盖了汽车、电器、新能源、交运等 多个行业，积累了扎实的投研能力，并通过自我进化、能力拓圈，形成了"泛制造+核心消费+核心科 技"能力圈。 "我不会刻意追逐市场热点，而是在市场关注度较低的领域中挖掘有变化、有成长性且被低估被忽略的 品种，在深入研究后买入持有，耐心等待成长的兑现和估值的回归。"廖瀚博介绍。 回顾2025年一季度，A股市场震荡上行，科技板块和制造板块涨幅领先，其中代表性板块是人形机器人 和国产算力。DeepSeek的出现使大模型平权成为可能，国内云厂商加大资本开支，带动国产算力，特 别是AIDC相关产业的景气提升。海外某车企宣布2025年开始量产人形机器人，国内机器人厂商开始崭 露头角，机器人产业真正进入发展的元年。 展望后市，廖瀚博表示，将重点关注两大方向：一是潜在需求增长的细分领域，关注行业卡位较好、竞 争壁垒较高 ...

A股算力概念股拉升，润建股份涨停，大位科技、首都在线、拓维信息、宏景科技、浙大网新等纷纷走 高。 ...

Core Insights - The rapid expansion of artificial intelligence technology is driving an explosive growth in demand for computing power, which has become a critical infrastructure element [1] - The successful launch of 12 satellites for space computing indicates a new "golden" development opportunity in the computing power sector [4] - By 2025, China's computing power market is expected to approach 500 billion yuan, suggesting a wealth opportunity similar to the domestic semiconductor replacement trend [5] Company Highlights - Tuowei Information, a partner in Huawei's Ascend strategy, is expected to exceed 5 billion yuan in total orders by 2025 with its AI training server RA5900, which features the Ascend 910 chip and industry-leading FP16 computing power [6] - A leading company in the computing power sector reported a staggering 4543.67% year-on-year growth in net profit attributable to shareholders in Q1 2025, supported by state-owned assets, and has established itself as a leading provider of ICT infrastructure and industry solutions for AI servers [7]