587 lines
29 KiB
HTML
587 lines
29 KiB
HTML
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<!DOCTYPE html>
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<html lang="zh-CN">
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<head>
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<meta charset="utf-8" />
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<meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
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<title>宝德计算机 - 行业洞察报告</title>
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<link href="https://fonts.googleapis.com/css?family=Inter:300,400,500,600,700,800" rel="stylesheet" />
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<link href="https://cdn.jsdelivr.net/npm/tailwindcss@2.2.19/dist/tailwind.min.css" rel="stylesheet">
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<link href="https://cdn.jsdelivr.net/npm/daisyui@5" rel="stylesheet" type="text/css" />
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<script src="https://kit.fontawesome.com/1d2b6c4f81.js" crossorigin="anonymous"></script>
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<script src="https://cdn.jsdelivr.net/npm/mermaid/dist/mermaid.min.js"></script>
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<style>
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@import url('https://fonts.googleapis.com/css2?family=Noto+Sans+SC:wght@300;400;500;700;900&display=swap');
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body {
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font-family: 'Noto Sans SC', 'Inter', sans-serif;
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}
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.gradient-bg {
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background: linear-gradient(135deg, #1a2a6c, #2d4a9e, #3b5998);
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}
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.card-shadow {
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box-shadow: 0 10px 30px rgba(0, 0, 0, 0.1);
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}
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.timeline-dot {
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width: 16px;
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height: 16px;
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border-radius: 50%;
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background-color: #3b82f6;
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position: absolute;
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left: -8px;
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top: 6px;
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}
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.timeline-line {
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position: absolute;
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left: 0;
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top: 22px;
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bottom: 0;
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width: 2px;
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background-color: #e5e7eb;
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}
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.timeline-item:last-child .timeline-line {
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display: none;
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}
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.highlight-text {
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background: linear-gradient(120deg, #3b82f6 0%, #8b5cf6 100%);
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-webkit-background-clip: text;
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-webkit-text-fill-color: transparent;
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background-clip: text;
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}
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.table-hover tbody tr:hover {
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background-color: rgba(59, 130, 246, 0.05);
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}
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.animate-fade-in {
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animation: fadeIn 0.5s ease-in-out;
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}
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@keyframes fadeIn {
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from { opacity: 0; transform: translateY(10px); }
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to { opacity: 1; transform: translateY(0); }
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}
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.particles-bg {
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position: fixed;
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top: 0;
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left: 0;
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width: 100%;
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height: 100%;
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z-index: -1;
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}
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</style>
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</head>
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<body class="bg-gray-50">
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<!-- Background particles -->
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<div id="particles-js" class="particles-bg"></div>
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<!-- Main Content -->
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<div class="container mx-auto px-4 py-8 max-w-6xl">
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<!-- Header -->
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<div class="text-center mb-12 animate-fade-in">
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<h1 class="text-4xl md:text-5xl font-bold mb-4 highlight-text">宝德计算机行业洞察报告</h1>
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<p class="text-lg text-gray-600 max-w-3xl mx-auto">从信创硬件龙头到国产算力底座核心资产的升级之路</p>
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</div>
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<!-- Concept Events Timeline -->
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<div class="bg-white rounded-xl card-shadow p-6 mb-8 animate-fade-in">
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<h2 class="text-2xl font-bold mb-6 text-gray-800">概念事件时间线</h2>
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<div class="relative pl-8">
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<div class="timeline-item relative pb-8">
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<div class="timeline-dot"></div>
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<div class="timeline-line"></div>
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<div class="bg-blue-50 rounded-lg p-4">
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<div class="flex justify-between items-start mb-2">
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<h3 class="font-semibold text-lg">慧博云通收购宝德计算机</h3>
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<span class="text-sm text-gray-500 bg-blue-100 px-2 py-1 rounded">2025年5月5日</span>
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</div>
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<p class="text-gray-700">慧博云通（301316.SZ）公告拟通过发行股份及支付现金方式收购宝德计算机67.91%股权，构成重大资产重组，股票自5月6日起停牌。</p>
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</div>
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</div>
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<div class="timeline-item relative pb-8">
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<div class="timeline-dot"></div>
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<div class="timeline-line"></div>
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<div class="bg-blue-50 rounded-lg p-4">
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<div class="flex justify-between items-start mb-2">
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<h3 class="font-semibold text-lg">证监会修订《上市公司重大资产重组管理办法》</h3>
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<span class="text-sm text-gray-500 bg-blue-100 px-2 py-1 rounded">2025年5月16日</span>
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</div>
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<p class="text-gray-700">简化并购流程，明确支持信创、AI算力等硬科技领域并购。</p>
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</div>
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</div>
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<div class="timeline-item relative pb-8">
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<div class="timeline-dot"></div>
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<div class="timeline-line"></div>
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<div class="bg-blue-50 rounded-lg p-4">
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<div class="flex justify-between items-start mb-2">
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<h3 class="font-semibold text-lg">慧博云通复牌大涨</h3>
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<span class="text-sm text-gray-500 bg-blue-100 px-2 py-1 rounded">2025年5月20日</span>
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</div>
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<p class="text-gray-700">慧博云通复牌，复牌首日涨幅达<strong class="text-blue-600">20%</strong>，市场类比"高新发展收购华鲲振宇"行情（后者复牌后涨幅超400%）。</p>
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</div>
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</div>
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<div class="timeline-item relative">
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<div class="timeline-dot"></div>
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<div class="bg-blue-50 rounded-lg p-4">
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<div class="flex justify-between items-start mb-2">
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<h3 class="font-semibold text-lg">机构密集发布研报</h3>
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<span class="text-sm text-gray-500 bg-blue-100 px-2 py-1 rounded">2025年5月18日</span>
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</div>
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<p class="text-gray-700">民生证券、华泰证券等机构密集发布研报，将此次收购定义为"计算机并购新时代标杆"，强调宝德在信创服务器、AI算力的龙头地位。</p>
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</div>
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</div>
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</div>
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</div>
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<!-- Core Summary -->
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<div class="bg-white rounded-xl card-shadow p-6 mb-8 animate-fade-in">
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<h2 class="text-2xl font-bold mb-6 text-gray-800">核心观点摘要</h2>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-6">
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<div class="bg-gradient-to-br from-blue-50 to-indigo-50 rounded-lg p-5 border-l-4 border-blue-500">
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<h3 class="font-bold text-lg mb-3 text-blue-800">阶段判断</h3>
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<p class="text-gray-700">宝德计算机正处于"政策催化+并购落地"的双重拐点，从<strong class="text-blue-600">信创硬件龙头</strong>升级为<strong class="text-blue-600">国产算力底座核心资产</strong>。</p>
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</div>
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<div class="bg-gradient-to-br from-purple-50 to-pink-50 rounded-lg p-5 border-l-4 border-purple-500">
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<h3 class="font-bold text-lg mb-3 text-purple-800">核心驱动力</h3>
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<p class="text-gray-700">信创采购加速（党政+八大行业8000万台PC替换）叠加AI算力需求爆发（字节/阿里/腾讯资本开支三年复合增速超<strong class="text-purple-600">50%</strong>）。</p>
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</div>
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<div class="bg-gradient-to-br from-green-50 to-teal-50 rounded-lg p-5 border-l-4 border-green-500">
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<h3 class="font-bold text-lg mb-3 text-green-800">未来潜力</h3>
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<p class="text-gray-700">若收购完成，慧博云通将形成"软件服务+硬件算力"闭环，宝德作为<strong class="text-green-600">昇腾/鲲鹏服务器出货量第一</strong>的稀缺标的，估值有望从当前<strong class="text-green-600">PS 2.5倍</strong>修复至<strong class="text-green-600">5-6倍</strong>（对标浪潮信息）。</p>
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</div>
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</div>
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</div>
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<!-- Core Logic and Market Analysis -->
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<div class="bg-white rounded-xl card-shadow p-6 mb-8 animate-fade-in">
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<h2 class="text-2xl font-bold mb-6 text-gray-800">核心逻辑与市场认知分析</h2>
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<h3 class="text-xl font-semibold mb-4 text-gray-700">核心驱动力</h3>
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<div class="overflow-x-auto mb-8">
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<table class="min-w-full bg-white border border-gray-200 rounded-lg">
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<thead class="bg-gray-50">
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<tr>
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<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">维度</th>
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<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">具体逻辑</th>
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<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">数据支撑</th>
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</tr>
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</thead>
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<tbody class="divide-y divide-gray-200">
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 font-medium text-gray-900">政策端</td>
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<td class="py-3 px-4 text-gray-700">信创进入2.0阶段，2025年党政+八大行业PC替换量达<strong class="text-blue-600">8000万台</strong>（德邦计算机9月路演）</td>
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<td class="py-3 px-4 text-gray-700">财政部2024年发行万亿特别国债明确支持信创采购</td>
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</tr>
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 font-medium text-gray-900">需求端</td>
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<td class="py-3 px-4 text-gray-700">AI算力需求爆发：字节2025年资本开支<strong class="text-blue-600">1600亿元</strong>（同比+300%）</td>
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<td class="py-3 px-4 text-gray-700">中国移动2024年AI服务器招标中，宝德中标份额<strong class="text-blue-600">15.79%</strong>（第三候选人）</td>
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</tr>
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 font-medium text-gray-900">供给端</td>
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<td class="py-3 px-4 text-gray-700">宝德ARM服务器市占率<strong class="text-blue-600">第一</strong>，昇腾/鲲鹏生态核心伙伴</td>
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<td class="py-3 px-4 text-gray-700">中国电信2023-2024年集采中，宝德训练型服务器份额<strong class="text-blue-600">第四/第五</strong></td>
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</tr>
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</tbody>
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</table>
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</div>
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<h3 class="text-xl font-semibold mb-4 text-gray-700">市场热度与情绪</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4 mb-8">
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<div class="bg-blue-50 rounded-lg p-4">
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<div class="flex items-center mb-2">
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<i class="fas fa-newspaper text-blue-500 mr-2"></i>
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<h4 class="font-semibold">新闻热度</h4>
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</div>
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<p class="text-gray-700">5月5日-20日，慧博云通相关新闻量激增<strong class="text-blue-600">300%</strong>（财联社/36氪头条报道）。</p>
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</div>
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<div class="bg-purple-50 rounded-lg p-4">
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<div class="flex items-center mb-2">
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<i class="fas fa-chart-line text-purple-500 mr-2"></i>
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<h4 class="font-semibold">研报密集度</h4>
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</div>
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<p class="text-gray-700">5月18日单日发布<strong class="text-purple-600">4篇</strong>深度报告（民生/华泰/德邦），标题均含"并购标杆""国产算力底座"。</p>
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</div>
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<div class="bg-green-50 rounded-lg p-4">
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<div class="flex items-center mb-2">
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<i class="fas fa-balance-scale text-green-500 mr-2"></i>
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<h4 class="font-semibold">情绪分歧</h4>
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</div>
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<p class="text-gray-700">乐观派（民生证券）对标高新发展400%空间；谨慎派（部分私募）担忧收购对价过高（宝德2024年净利2.35亿，对应PE 43倍）。</p>
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</div>
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</div>
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<h3 class="text-xl font-semibold mb-4 text-gray-700">预期差分析</h3>
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<div class="overflow-x-auto">
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<table class="min-w-full bg-white border border-gray-200 rounded-lg">
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<thead class="bg-gray-50">
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<tr>
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<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">市场预期</th>
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<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">实际验证</th>
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<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">预期差来源</th>
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</tr>
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</thead>
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<tbody class="divide-y divide-gray-200">
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 text-gray-700">宝德仅为信创PC供应商</td>
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<td class="py-3 px-4 text-gray-700">实际为<strong class="text-blue-600">AI服务器TOP3</strong>（昇腾/鲲腾出货量第一），2024年AI收入占比超60%</td>
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<td class="py-3 px-4 text-gray-700">市场低估其AI算力属性</td>
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</tr>
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 text-gray-700">收购后协同仅停留在客户共享</td>
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<td class="py-3 px-4 text-gray-700">路演显示慧博云通将整合宝德<strong class="text-blue-600">九大生产基地</strong>（深圳/乐山/西安等），形成软硬一体交付</td>
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<td class="py-3 px-4 text-gray-700">未充分定价产能整合带来的成本优势</td>
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</tr>
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</tbody>
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</table>
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</div>
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</div>
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<!-- Industrial Chain -->
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<div class="bg-white rounded-xl card-shadow p-6 mb-8 animate-fade-in">
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<h2 class="text-2xl font-bold mb-6 text-gray-800">产业链与核心公司深度剖析</h2>
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<h3 class="text-xl font-semibold mb-4 text-gray-700">产业链图谱</h3>
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<div class="mb-8 flex justify-center">
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<div class="mermaid" id="mermaid-chart">
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graph TD
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A[上游芯片] -->|昇腾/鲲鹏| B(宝德计算机)
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A -->|英特尔/英伟达| C(浪潮信息)
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B --> D[下游客户]
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C --> D
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D --> E[互联网: 字节/阿里/腾讯]
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D --> F[运营商: 移动/电信/联通]
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D --> G[政府: 信创采购]
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</div>
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</div>
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<h3 class="text-xl font-semibold mb-4 text-gray-700">核心玩家对比</h3>
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<div class="overflow-x-auto mb-6">
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<table class="min-w-full bg-white border border-gray-200 rounded-lg">
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<thead class="bg-gray-50">
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<tr>
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<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">公司</th>
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<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">业务重心</th>
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<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">2024年AI服务器份额</th>
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<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">估值（PS）</th>
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<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">风险点</th>
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</tr>
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</thead>
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<tbody class="divide-y divide-gray-200">
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 font-medium text-gray-900">宝德计算机</td>
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<td class="py-3 px-4 text-gray-700">昇腾/鲲鹏服务器</td>
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<td class="py-3 px-4 text-gray-700"><strong class="text-blue-600">15%</strong>（移动集采）</td>
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<td class="py-3 px-4 text-gray-700"><strong class="text-blue-600">2.5倍</strong></td>
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<td class="py-3 px-4 text-gray-700">收购对价过高</td>
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</tr>
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 font-medium text-gray-900">浪潮信息</td>
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<td class="py-3 px-4 text-gray-700">x86+英伟达服务器</td>
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<td class="py-3 px-4 text-gray-700">25%</td>
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<td class="py-3 px-4 text-gray-700">3.8倍</td>
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<td class="py-3 px-4 text-gray-700">美国制裁风险</td>
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</tr>
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<tr class="hover:bg-gray-50">
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<td class="py-3 px-4 font-medium text-gray-900">中科曙光</td>
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<td class="py-3 px-4 text-gray-700">海光芯片服务器</td>
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<td class="py-3 px-4 text-gray-700">10%</td>
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<td class="py-3 px-4 text-gray-700">4.2倍</td>
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<td class="py-3 px-4 text-gray-700">芯片产能瓶颈</td>
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</tr>
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</tbody>
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</table>
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</div>
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<h3 class="text-xl font-semibold mb-4 text-gray-700">验证与证伪</h3>
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||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="bg-green-50 rounded-lg p-4 border-l-4 border-green-500">
|
||
<h4 class="font-semibold mb-2 text-green-800">数据印证</h4>
|
||
<p class="text-gray-700">中国移动2024年招标显示，宝德昇腾服务器中标份额<strong class="text-green-600">15.79%</strong>，高于中科曙光（10%），验证其AI算力龙头地位。</p>
|
||
</div>
|
||
|
||
<div class="bg-red-50 rounded-lg p-4 border-l-4 border-red-500">
|
||
<h4 class="font-semibold mb-2 text-red-800">风险信号</h4>
|
||
<p class="text-gray-700">路演中慧博云通未披露宝德<strong class="text-red-600">毛利率</strong>（2024年硬件业务毛利率约18%，低于软件业务60%），需警惕整合后利润稀释。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Related Stocks -->
|
||
<div class="bg-white rounded-xl card-shadow p-6 mb-8 animate-fade-in">
|
||
<h2 class="text-2xl font-bold mb-6 text-gray-800">关联股票数据</h2>
|
||
<div class="overflow-x-auto">
|
||
<table class="min-w-full bg-white border border-gray-200 rounded-lg table-hover">
|
||
<thead class="bg-gray-50">
|
||
<tr>
|
||
<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">关联类型</th>
|
||
<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">关联公司</th>
|
||
<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">关系/业务</th>
|
||
<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">详细信息</th>
|
||
<th class="py-3 px-4 text-left text-sm font-medium text-gray-700 border-b">资料来源</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody class="divide-y divide-gray-200">
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-gray-700">项目</td>
|
||
<td class="py-3 px-4 text-gray-700">-</td>
|
||
<td class="py-3 px-4 text-gray-700">拟收购宝德计算机</td>
|
||
<td class="py-3 px-4 text-gray-700">2025年5月6日停牌，5月20日前披露信息</td>
|
||
<td class="py-3 px-4 text-gray-700">公告</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-gray-700">关联公司</td>
|
||
<td class="py-3 px-4 text-gray-700">中青宝</td>
|
||
<td class="py-3 px-4 text-gray-700">同一实际控制人</td>
|
||
<td class="py-3 px-4 text-gray-700">-</td>
|
||
<td class="py-3 px-4 text-gray-700">互动</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-gray-700">股东</td>
|
||
<td class="py-3 px-4 text-gray-700">达实智能</td>
|
||
<td class="py-3 px-4 text-gray-700">共同持股公司</td>
|
||
<td class="py-3 px-4 text-gray-700">达实智能持股48.4%，宝德计算机持股9%，共同持股星汉智能</td>
|
||
<td class="py-3 px-4 text-gray-700">网络公开资料</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-gray-700">客户</td>
|
||
<td class="py-3 px-4 text-gray-700">崇达技术</td>
|
||
<td class="py-3 px-4 text-gray-700">PCB业务</td>
|
||
<td class="py-3 px-4 text-gray-700">崇达技术主营PCB业务，客户包括宝德计算机</td>
|
||
<td class="py-3 px-4 text-gray-700">公告</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-gray-700">合资企业</td>
|
||
<td class="py-3 px-4 text-gray-700">协创数据</td>
|
||
<td class="py-3 px-4 text-gray-700">智能计算系统公司</td>
|
||
<td class="py-3 px-4 text-gray-700">协创数据持股55%，宝德计算机持股45%</td>
|
||
<td class="py-3 px-4 text-gray-700">公告</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-gray-700">客户</td>
|
||
<td class="py-3 px-4 text-gray-700">银信科技</td>
|
||
<td class="py-3 px-4 text-gray-700">展示渠道</td>
|
||
<td class="py-3 px-4 text-gray-700">官网客户展示</td>
|
||
<td class="py-3 px-4 text-gray-700">公司官网</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-gray-700">合作伙伴</td>
|
||
<td class="py-3 px-4 text-gray-700">南天信息</td>
|
||
<td class="py-3 px-4 text-gray-700">服务器品牌代理</td>
|
||
<td class="py-3 px-4 text-gray-700">南天信息子公司代理宝德服务器品牌</td>
|
||
<td class="py-3 px-4 text-gray-700">互动</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-gray-700">供应商</td>
|
||
<td class="py-3 px-4 text-gray-700">飞荣达</td>
|
||
<td class="py-3 px-4 text-gray-700">高性能散热模组供应</td>
|
||
<td class="py-3 px-4 text-gray-700">ARM服务器核心供应链</td>
|
||
<td class="py-3 px-4 text-gray-700">互动、网传</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 text-gray-700">子公司</td>
|
||
<td class="py-3 px-4 text-gray-700">天源迪科</td>
|
||
<td class="py-3 px-4 text-gray-700">代理业务</td>
|
||
<td class="py-3 px-4 text-gray-700">天源迪科子公司金华威代理宝德自强系列服务器</td>
|
||
<td class="py-3 px-4 text-gray-700">网传（未核实）</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Risks and Challenges -->
|
||
<div class="bg-white rounded-xl card-shadow p-6 mb-8 animate-fade-in">
|
||
<h2 class="text-2xl font-bold mb-6 text-gray-800">潜在风险与挑战</h2>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="bg-red-50 rounded-lg p-4 border-l-4 border-red-500">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-microchip text-red-500 mr-2"></i>
|
||
<h3 class="font-semibold text-red-800">技术风险</h3>
|
||
</div>
|
||
<p class="text-gray-700">昇腾芯片产能不足（华为2025年产能规划仅满足50%需求）</p>
|
||
</div>
|
||
|
||
<div class="bg-orange-50 rounded-lg p-4 border-l-4 border-orange-500">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-chart-line text-orange-500 mr-2"></i>
|
||
<h3 class="font-semibold text-orange-800">商业化风险</h3>
|
||
</div>
|
||
<p class="text-gray-700">信创PC替换进度低于预期（2024年仅完成1000万台，距8000万目标差距大）</p>
|
||
</div>
|
||
|
||
<div class="bg-yellow-50 rounded-lg p-4 border-l-4 border-yellow-500">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-gavel text-yellow-500 mr-2"></i>
|
||
<h3 class="font-semibold text-yellow-800">政策风险</h3>
|
||
</div>
|
||
<p class="text-gray-700">中美贸易摩擦升级导致昇腾芯片断供（类似2023年英伟达A800禁售事件）</p>
|
||
</div>
|
||
|
||
<div class="bg-purple-50 rounded-lg p-4 border-l-4 border-purple-500">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-exclamation-triangle text-purple-500 mr-2"></i>
|
||
<h3 class="font-semibold text-purple-800">信息矛盾</h3>
|
||
</div>
|
||
<p class="text-gray-700">新闻称宝德为"信创整机出货量第一"，但研报显示其<strong class="text-purple-600">PC业务占比不足30%</strong>（主收入来自服务器）</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Conclusion -->
|
||
<div class="bg-white rounded-xl card-shadow p-6 mb-8 animate-fade-in">
|
||
<h2 class="text-2xl font-bold mb-6 text-gray-800">综合结论与投资启示</h2>
|
||
|
||
<div class="bg-gradient-to-r from-blue-50 to-indigo-50 rounded-lg p-5 mb-6">
|
||
<h3 class="font-bold text-lg mb-3 text-blue-800">阶段判断</h3>
|
||
<p class="text-gray-700">当前处于<strong class="text-blue-600">主题炒作向基本面驱动过渡期</strong>——并购落地提供短期催化，但需Q3运营商招标验证AI服务器放量。</p>
|
||
</div>
|
||
|
||
<h3 class="text-xl font-semibold mb-4 text-gray-700">投资方向</h3>
|
||
<div class="space-y-4 mb-6">
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 mt-1">
|
||
<div class="w-6 h-6 rounded-full bg-blue-500 flex items-center justify-center text-white text-xs font-bold">1</div>
|
||
</div>
|
||
<div class="ml-3">
|
||
<h4 class="font-semibold text-gray-800">直接受益</h4>
|
||
<p class="text-gray-700">慧博云通（并购完成后业绩弹性最大，目标价<strong class="text-blue-600">50-60元</strong>，当前30元）。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="flex items-start">
|
||
<div class="flex-shrink-0 mt-1">
|
||
<div class="w-6 h-6 rounded-full bg-blue-500 flex items-center justify-center text-white text-xs font-bold">2</div>
|
||
</div>
|
||
<div class="ml-3">
|
||
<h4 class="font-semibold text-gray-800">产业链延伸</h4>
|
||
<p class="text-gray-700">关注宝德上游<strong class="text-blue-600">昇腾芯片代理商</strong>（神州数码）、下游<strong class="text-blue-600">液冷配套</strong>（英维克）。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<h3 class="text-xl font-semibold mb-4 text-gray-700">关键跟踪指标</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
|
||
<div class="bg-blue-50 rounded-lg p-4">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-bullseye text-blue-500 mr-2"></i>
|
||
<h4 class="font-semibold">中国移动招标份额</h4>
|
||
</div>
|
||
<p class="text-gray-700">宝德能否突破<strong class="text-blue-600">20%</strong></p>
|
||
</div>
|
||
|
||
<div class="bg-purple-50 rounded-lg p-4">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-handshake text-purple-500 mr-2"></i>
|
||
<h4 class="font-semibold">收购对价</h4>
|
||
</div>
|
||
<p class="text-gray-700">若低于<strong class="text-purple-600">150亿</strong>则显著低估</p>
|
||
</div>
|
||
|
||
<div class="bg-green-50 rounded-lg p-4">
|
||
<div class="flex items-center mb-2">
|
||
<i class="fas fa-calendar-alt text-green-500 mr-2"></i>
|
||
<h4 class="font-semibold">信创PC替换数据</h4>
|
||
</div>
|
||
<p class="text-gray-700">财政部官网披露月度数据</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- Initialize Mermaid -->
|
||
<script>
|
||
mermaid.initialize({
|
||
startOnLoad: true,
|
||
theme: 'default',
|
||
themeVariables: {
|
||
primaryColor: '#3b82f6',
|
||
primaryTextColor: '#1f2937',
|
||
primaryBorderColor: '#d1d5db',
|
||
lineColor: '#9ca3af',
|
||
secondaryColor: '#f3f4f6',
|
||
tertiaryColor: '#ffffff'
|
||
}
|
||
});
|
||
</script>
|
||
|
||
<!-- Simple particles background -->
|
||
<script>
|
||
document.addEventListener('DOMContentLoaded', function() {
|
||
const canvas = document.createElement('canvas');
|
||
const ctx = canvas.getContext('2d');
|
||
canvas.className = 'particles-bg';
|
||
canvas.style.position = 'fixed';
|
||
canvas.style.top = '0';
|
||
canvas.style.left = '0';
|
||
canvas.style.width = '100%';
|
||
canvas.style.height = '100%';
|
||
canvas.style.zIndex = '-1';
|
||
document.body.appendChild(canvas);
|
||
|
||
const particles = [];
|
||
const particleCount = 50;
|
||
|
||
function resizeCanvas() {
|
||
canvas.width = window.innerWidth;
|
||
canvas.height = window.innerHeight;
|
||
}
|
||
|
||
function createParticles() {
|
||
for (let i = 0; i < particleCount; i++) {
|
||
particles.push({
|
||
x: Math.random() * canvas.width,
|
||
y: Math.random() * canvas.height,
|
||
radius: Math.random() * 2 + 1,
|
||
speedX: (Math.random() - 0.5) * 0.5,
|
||
speedY: (Math.random() - 0.5) * 0.5,
|
||
opacity: Math.random() * 0.5 + 0.1
|
||
});
|
||
}
|
||
}
|
||
|
||
function updateParticles() {
|
||
ctx.clearRect(0, 0, canvas.width, canvas.height);
|
||
|
||
for (let i = 0; i < particles.length; i++) {
|
||
const p = particles[i];
|
||
|
||
p.x += p.speedX;
|
||
p.y += p.speedY;
|
||
|
||
if (p.x < 0 || p.x > canvas.width) p.speedX *= -1;
|
||
if (p.y < 0 || p.y > canvas.height) p.speedY *= -1;
|
||
|
||
ctx.beginPath();
|
||
ctx.arc(p.x, p.y, p.radius, 0, Math.PI * 2);
|
||
ctx.fillStyle = `rgba(59, 130, 246, ${p.opacity})`;
|
||
ctx.fill();
|
||
}
|
||
|
||
requestAnimationFrame(updateParticles);
|
||
}
|
||
|
||
window.addEventListener('resize', resizeCanvas);
|
||
resizeCanvas();
|
||
createParticles();
|
||
updateParticles();
|
||
});
|
||
</script>
|
||
</body>
|
||
</html>
|
||
``` |