【中国银河】2025年5月月中科技金股投资组合报告：政策护航，“初夏行情”可期-250514（16页）.pdf

1、 ?2025?5?策略分析师：蔡芳媛?5?2025?5?14?l 2025?5?5?13?续?2.92%?3.92%?5.86%?l?劲?点?91%?24%?90?类?90?续?缺?A?缺?续?受?l?5?6?5?劲?凭?缺?全?缺?分?受?AI?意?分?劲?缺?l 2025?5?EPS 2024A EPS 2025E PE 2024A PE 2025E 601728.SH?0.36 0.39 21.51 19.90 300502.SZ?4.00 8.60 28.94 13.47 688088.SH?0.44 0.58 103.54 78.95 688041.SH?0.83 1.30 172.

2、97 110.60 0700.HK?24.14 27.48 19.20 17.45 002624.SZ?预?预?-0.64 0.31?42.42 603986.SH?1.66 2.45 67.84 46.01 603893.SH?1.42 2.01 77.51 79.07?缺?Wind?l?1?2?3?4?(?15210656365*?S?2?2025?5?1 1?5 5?2022025 5?5 5?1 12 2?EPS?PE(X)?A?E?E?E?A?E?E?E 601728.SH?AIAI?稳健型 0.36 0.39 0.42 0.46 21.51 19.90 18.35 16.90 30

3、0502.SZ?AIAI?全?全?进攻型 4.00 8.60 11.28 14.52 28.94 13.47 10.27 7.98 688088.SH?AIAI?稳健型 0.44 0.58 0.81 1.01 103.54 78.95 56.26 45.09 688041.SH?+AI+AI?进攻型 0.83 1.30 1.94 2.78 172.97 110.60 74.06 51.62 0700.HK?点?点?AIAI?稳健型 24.14 27.48 30.63 34.26 19.20 17.45 15.66 14.00 002624.SZ?预?预?-0.64 0.31 0.63 0.70

4、 42.42 20.54 18.43 603986.SH?稳健型 1.66 2.45 3.12 3.90 67.84 46.01 36.07 28.92 603893.SH?AIAI?分?分?进攻型 1.42 2.01 2.7 3.64 77.51 79.07 58.8 43.6?缺?Wind?3?.SH?AI?(?010-80927619*?zhaoliangbi_?S?1.?分?点?分?点?类?潜?楼?缺?续?续?To B?缺?2025?续?836?分?38%?22%?受?AI?纳?分?50 楼?62EFLOPS?分?分?AI?点?缺?AI+?89?/+195%?点?2024?72%?75

5、%?2.?续?缺?5?10%+?受?2024?分?1466?/+5.5%?30%+?1139?/+17.1%?IDC?330?/+7.3%?分?缺?分?缺?AI+AI+?+?分?分?类?16?意?分?缺?全?分?AI?分?分?点?2025?5?13?7.76?21.3?1.54?4 3.?1?2?3?AI+?分?4?挖?4.?全?2024A 2025E 2026E 2027E?5235.69 5414.75 5612.39 5822.86?%?3.10 3.42 3.65 3.75?330.12 356.76 386.89 420.06?%?8.43 8.07 8.45 8.57?%?28.6

6、6 28.70 28.80 28.80 EPS?0.36 0.39 0.42 0.46 PE 21.51 19.90 18.35 16.90?缺?Wind?.SZ?AI?全?(?010-80927619*?zhaoliangbi_?S?1.?分?点?绪缺?分?1Q25?2024?2025?400/800G 全?分?200G?1.6T?分?分?100G?200G?2-3?200G?400G?2?400G?800G?1-1.5?2022?200G?2023?400G?2024?400G?800G?1.6T?缺?2.?AI?2024?86.47?179.15%?28.38?312.26%?1Q25?