5月12日，农业银行和交通银行相继发布公告，宣布拟发行科技创新债券，两家银行的债券基本发行规 模合计达200亿元。 分别来看，农业银行拟发行的科创债规模为100亿元，附不超过100亿元超额增发权，债券期限为3年。 募资将用于发放科技贷款，专项支持科技创新领域业务。 紧接着，中国银行间市场交易商协会也发布了《关于推出科技创新债券，构建债市"科技板"的通知》， 正式面向金融市场推出科技创新债券。 而此前科创债发行主体均为非金融企业，政策发出后，不仅银行纷纷宣布发行科创债，券商和股权投资 机构也在积极筹备科创债发行工作，如招商证券、中信证券、亦庄投资等，并预计年内科创债发行节奏 还将提速。 有券商分析师表示，在政策引领下，债券科技板将成为未来金融支持科技创新的重要平台之一。此外， 通过科技概念来支持金融机构、科技型企业、股权投资机构等三类主体发行债券，有望改善当前科创债 市场央国企为主导的发行人结构，科创债市场将迎来新的发展机遇，或成为2022年以来"资产荒"持续蔓 延背景下的破解之道。 除上述两家银行外，国家开发银行、工商银行、兴业银行等多家银行也公布了发行、承销或投资科技创 新债券的情况，粗略统计，银行业当前科 ...

Group 1 - The US and China held trade talks in Geneva on May 12, achieving significant progress, with a joint statement committing to adjust tariff rates by May 14 [1] - The US will cancel tariffs on Chinese goods totaling 91% and modify a 34% reciprocal tariff, with 24% of the tariffs suspended for 90 days, retaining 10% [1] - China will also cancel 91% of its retaliatory tariffs on US goods, with similar terms for the 34% reciprocal tariffs, resulting in a reduction of US tariffs on Chinese goods from 145% to 30% and Chinese tariffs on US goods from 125% to 10% [1] Group 2 - Following the announcement, US-listed Chinese stocks surged, with the Nasdaq rising by 5.4%, and notable increases in companies like WeRide and Xiaopeng Motors [1] - The A-share market opened higher, with the Shanghai Composite Index up by 0.5%, indicating a positive market reaction to the trade developments [2] - The reduction in tariffs alleviates previous market concerns regarding consumer price increases and trade disruptions, enhancing investor sentiment [2]

Group 1 - China CRRC signed several major contracts totaling approximately 54.74 billion RMB, accounting for 22.2% of the company's projected revenue for 2024 [1] - The contracts span various sectors including urban rail transit, high-speed trains, locomotives, and freight cars, with urban rail contracts amounting to about 18.22 billion RMB [1] - In the high-speed train sector, contracts worth approximately 15.12 billion RMB were signed with China National Railway Group and Guangdong Guangzhan Railway [1] Group 2 - China CRRC has been expanding into the renewable energy sector, establishing a complete wind power equipment industry chain and integrated solutions for "wind-solar-storage-hydrogen" [2] - The company's revenue for 2024 is projected at 246.46 billion RMB, with a year-on-year growth of 5.21%, and new industry revenue contributing 35% of total revenue [2] - The implementation of policies for the transformation of old diesel locomotives and the recent issuance of the "Railway Equipment Update and Renovation Action Plan" will strongly support China CRRC's renewable energy locomotive business [2]

5月9日，享道出行宣布，公司完成超过13亿元人民币的C轮融资，投资方包括上汽集团、产业基金和地 方政府等机构，并且公司已启动港股IPO计划。 从行业层面看，近年来，由于特斯拉、百度等国内外巨头的大力推动，Robotaxi在全球出行领域得到快 速推进。据高盛发布的研报称，预计到2030年，将有50万辆Robotaxi在中国10多个城市运营，预计到 2035年中国Robotaxi市场总规模可达470亿美元，且有望实现盈利，2026年开始在一线城市实现正毛利 率。 但这也导致企业的竞争和盈利压力变大，于是，自动驾驶行业公司开始掀起上市浪潮，以获得进一步发 展。除享道出行外，曹操出行等国内自动驾驶相关公司都在谋求港股上市。 据悉，这是国内出行行业近三年来单笔融资金额最大的一次融资。享道出行方面称，本次资本注入，标 志着享道出行"一站式智慧出行综合体"战略获得资本市场与地方政府的双重认可，享道出行也将在港股 IPO的赛道上开启加速度。 同时，享道出行还是国内首个车企背景L4级自动驾驶运营平台，从2021年底启动享道Robotaxi运营后， 已完成33万余次订单，未来出行的商业化运营已初步实现。去年6月，享道出行入选国内 ...

Company Overview - Qianxun Intelligent (Hangzhou) Technology Co., Ltd. has recently undergone a business change, with new shareholders including Shenzhen Hubble Technology Investment Partnership and Shenzhen Innovation Investment Fund Center, and its registered capital increased from 1.3976 million to 1.9516 million yuan [1] - Hubble, a Huawei subsidiary, primarily engages in venture capital and has invested in various sectors including third-generation semiconductors and laser equipment. Huawei recently increased Hubble's capital by 1.5 billion yuan, raising its registered capital to 9.48 billion yuan [1] - This investment marks Huawei's first direct entry into the humanoid robotics sector, previously supporting robotics through its self-developed technologies [1] Funding and Development - Despite being established for just over a year, Qianxun Intelligent has completed four funding rounds, raising over 700 million yuan, with the latest Pre-A round in March securing 528 million yuan led by Amei P7 and involving several notable investment firms [2] - The company has released a preview video showcasing its self-developed VLA Spirit v1 robot, capable of performing complex tasks such as folding clothes seamlessly [2] - Qianxun Intelligent's first commercial humanoid robot, Moz1, is set to launch soon, featuring 26 degrees of freedom and a power density 15% higher than Tesla's Optimus robot [2] Industry Insights - According to a report by the China Academy of Information and Communications Technology, humanoid robots are transitioning from laboratory settings to initial commercial applications, with the market size for complete machines projected to reach 2 to 5 billion yuan by 2028 and approximately 50 billion yuan by 2035, indicating significant market potential [2]

值得一提的是，除增持招商银行H股外，今年"平安系"还先后加仓了邮储银行、农业银行、工商银行等 银行H股。 实际上，险资增持银行H股已非偶然现象。据中国保险行业协会信息显示，截至5月9日，年内险资举牌 已达14次，其中7次针对银行股，包括瑞众保险举牌中信银行，新华保险举牌杭州银行等。 有分析称，险企持有长期资金，更希望投向具有长期分红能力的公司，银行股通常具备高股息和稳定的 盈利模式，符合险企长期稳健的投资需求。同时，险企持续加大优质权益类资产的投资规模，叠加新会 计准则下入账方式的应用，可降低权益工具投资的收益波动，优化资产负债管理。 此外，国新办在7日发布的"一揽子金融政策"中，还宣布了"进一步扩大保险资金长期投资试点范围""调 降保险公司股票投资风险因子"等利好政策。随着这些政策的实施，险资等耐心资本入市的积极性将进 一步提升，入市空间也将随之扩大，将持续稳定和活跃在资本市场。 5月12日，据港交所最新披露的信息显示，平安人寿于5月6日增持招商银行347.55万股H股，持股比例 从11.92%升至12%，持股数量升至5.51亿股。在此之前，平安人寿2025年已多次增持招商银行H股。 此前，在1月份，平安人 ...

具体来看，珍酒李渡将派发截至2024年12月31日止年度的末期股息每股0.21港元。末期股息将于2025年 5月30日(星期五)或前后支付予于2025年5月19日(星期一)名列公司股东名册的股东。 财务方面，尽管行业承压严重，但珍酒李渡在品质提升等方面主动求变，实现了逆势上涨。2024全年， 珍酒李渡营收为70.7亿元，同比增长0.5%；经调整净利润为16.8亿元，同比增长3.3%。至此，其主要经 营指标已连续四年保持增长，稳居中国第九大A+H股白酒上市公司。 吴向东表示，作为周期性行业，白酒行业周期波动是常态，在他近30年的从业生涯中，已经历过多次。 珍酒李渡的目标是长远发展，将坚持"做难但正确的事"，通过差异化的产品策略和团队建设，不断提升 产品品质与品牌价值，用有温度的体验赢得消费者信任，应对未来市场挑战。 5月9日，珍酒李渡在湖南长沙1912珍酒美食研究所召开了了2024年度股东周年大会暨投资者交流会。珍 酒李渡集团董事长吴向东、总裁颜涛等多位董事及高管出席了此次会议。 会上，珍酒李渡的股东们审议了多项议案，如股息分派方案、珍酒李渡2024年财务报告，续聘2024年度 审计机构、选举董事等等。 优秀的 ...

5月7日，*ST长药发布公告称，公司和临时管理人已分别与四川嘉道博文生态科技有限公司（简称"嘉 道博文"）等6家产业投资人和财务投资人签署了重整投资协议。 协议显示，此次重整以*ST长药总股本 3.5亿股为基数，按每10股转增15股的比例进行资本公积金转增 股本，共计可转增5.25亿股，转增价格2.42元/股。转增完成后，*ST长药的总股本增至8.75亿股。 其中，嘉道博文拟出资5.93亿元获得2.45亿股转增股份，重整完成后将成为*ST长药控股股东。另一位 产业投资人昊炜生物以2542万元认购1050.42万股，剩余股份则被用于抵偿债务及引入财务投资人。 据了解，*ST长药主要从事中药饮片生产销售，以及药品、保健品和医疗器械批发等业务。2022年-2024 年，*ST长药营收分别为16.15亿元、11.97亿元1.12亿元；扣非后净利润-0.76亿元、-6.32亿元、-5.69亿 元。由于连续三年扣非净利润为负值，*ST长药已在4月20日被实行"退市风险警示"；股票简称也由长 药控股变为 "ST长药"。 实际上，龚虹嘉在破产重整的资本运作方面经验颇丰。龚虹嘉控制的嘉道功程参与了*ST开元重整， 2024年上 ...

Core Viewpoint - SMIC reported significant growth in revenue and net profit for Q1 2025, driven by increased wafer sales and a shift in high-end process product mix [1] Financial Performance - Revenue for Q1 2025 reached 16.301 billion yuan, a year-on-year increase of 29.4% [1] - Net profit attributable to shareholders was 1.356 billion yuan, up 166.5% year-on-year [1] - Wafer sales volume was 2.2922 million pieces, compared to 1.7949 million pieces in the same period last year, marking a 27.7% increase [1] - Monthly production capacity at the end of the quarter was 973,300 pieces, up from 814,500 pieces year-on-year [1] - Capacity utilization rate for the quarter was 89.6%, compared to 80.8% in the same period last year [1] Challenges and Outlook - The average selling price declined in the latter half of Q1 due to unexpected issues in production lines and the need for performance improvements in new equipment, impacting revenue expectations [1] - SMIC anticipates a revenue decline of 4% to 6% in Q2, with gross margin expected to be between 18% and 20% [1] - The company aims to enhance its adaptability and risk resistance while focusing on its core operations in the second half of the year [1] Shareholder Activity - Significant reduction in shareholding by Xin Xin (Hong Kong) Investment Co., Ltd., which decreased its holdings from 7.74% to 6.91% by selling approximately 65.9772 million H-shares [2] - This marks the first reduction in holdings by the National Integrated Circuit Industry Investment Fund (commonly known as "Big Fund") since Q2 2021 [2] - The Big Fund has been in a capital recovery phase since its establishment in 2014, and this reduction is seen as a normal operation to reinvest in more promising semiconductor sectors or emerging enterprises [2]

Group 1 - The People's Bank of China (PBOC) announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity to the market [2] - The last reserve requirement ratio cut occurred on September 27, 2024, when the PBOC also lowered the ratio by 0.5 percentage points, resulting in an average reserve requirement ratio of about 6.6% [2] - The recent cut aligns with market expectations, as discussions of "timely cuts in reserve requirement and interest rates" were mentioned in the Central Political Bureau meeting on April 25 [3] Group 2 - In addition to the reserve requirement cut, the PBOC also lowered the policy interest rate by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, which is expected to lead to a similar decline in the Loan Prime Rate (LPR) [4] - The PBOC increased the quota for re-lending for technological innovation and transformation by 300 billion yuan, raising it from 500 billion yuan to 800 billion yuan [4] - A new 500 billion yuan re-lending facility for service consumption and elderly care was established to encourage banks to increase credit support in these areas [4] Group 3 - The China Securities Regulatory Commission (CSRC) emphasized its commitment to stabilizing the market and enhancing responses to external risks, supporting the Central Huijin Investment Ltd. in its role akin to a "stabilization fund" [5] - Following the announcement of these policies, the A-share market showed significant activity, with major indices opening higher and sectors such as finance and real estate leading the gains [5]