文 / 于钟海 , 魏鹳霏 , 肖楷 , 赵丽萍 中金研究 以MiniMax V-Triune新框架成果为例，推理感知统一框架在可拓展性、泛化性初步验证。 V-Triune以三层组件架构实现视觉推理和感知任务统一至强化学 习框架：1）多模态样本数据格式化；2）验证器奖励计算，采用异步客户端-服务器架构，奖励计算和主训练循环解耦；3）数据源级指标监控，便于溯源 和提升稳定性。结合动态IoU奖励机制、冻结ViT参数等工程优化，Orsta系列模型（32B参数）在MEGA-Bench Core基准测试中实现了最高14.1%的性能提 升。 多模态推理助力智能驾驶能力升阶。 在智能驾驶场景，多模态推理是增强道路交通标志识别判断能力、提升复杂场景泛化性的重要途径，正成为头部智 能驾驶企业算法演进的重点。2025年5月30日，蔚来世界模型NVM首个版本正式开启推送，具备全量理解、想象重构和推理能力，能够对实时环境多模信 息进行理解和推演，在选择最优ETC车道通行、停车场自主寻路等场景的性能提升显著。此外，理想自研的VLA大模型亦具备思维链推理能力，以多模态 推理模拟人类驾驶员的思维运作方式。 图表1：MiniMax多模态RL ...

Core Viewpoint - The article discusses the increasing trend of A-share companies listing in Hong Kong (A to H listings) since 2025, driven by a supportive policy environment, improved market conditions, and specific business needs of companies [1]. Group 1: Reasons for A to H Listings - The supportive policy environment includes measures from the China Securities Regulatory Commission encouraging leading enterprises to list in Hong Kong, which has led to 8 A-share companies raising a total of 981.1 billion HKD since September 2022 [1]. - The market environment has improved significantly, with Hong Kong's stock market showing better liquidity and sentiment compared to A-shares, as evidenced by the Hang Seng Index and Hang Seng Tech Index rising over 15% year-to-date [1][6]. - Companies are seeking to expand their overseas business and increase the proportion of foreign investors, with many companies finding Hong Kong's listing process more flexible and quicker for financing needs [9]. Group 2: Understanding AH Premium - The AH premium, which indicates the price difference between A-shares and H-shares, is influenced by differences in investor structure, trading, liquidity, and refinancing mechanisms between the two markets [13]. - Currently, the AH premium index is at 133%, with historical averages around 140%, indicating that H-shares generally trade at a discount compared to A-shares due to various market dynamics [14]. - The AH premium is more applicable for dividend investment perspectives, as most A-H listed companies are in traditional sectors, making them suitable for dividend-focused strategies [18]. Group 3: Why H-shares Can Be More Expensive - The recent listing of Ningde Times has led to a situation where H-shares are trading at a premium to A-shares, with a current premium of 11% [19]. - Factors contributing to this premium include the limited size of the IPO, high investor enthusiasm, and favorable liquidity conditions in the Hong Kong market [21][22]. - The inclusion of Ningde Times in the MSCI Global Standard Index is expected to attract approximately 200 million USD in passive fund inflows, further supporting the premium [26].

点击小程序查看报告原文 端午期间，市场关注哪些热点？ 端午节前，A股市场整体延续震荡格局，量能有所萎缩，资金在不同风格间快速切换，缺乏持续热点， 一方面由于内外不确定性偏高，市场仍在等待更为明确的政策或基本面改善信号；另一方面受节前效应 影响投资者风险偏好阶段性回落。我们对端午假期期间，影响市场的国内外重要事件梳理如下： ► 美国对外政策不确定性再次上升，影响全球产业链和经济增长预期。 具体而言， 1）特朗普称周三起钢铝关税翻倍。 5月30日下午，特朗普在美国钢铁公司参加集会时称，把美国的钢 铁进口关税从目前的25%上调至50%，以保护国内钢铁产业。随后，又在社交媒体平台上发文表示，将 在6月4日起把钢铁和铝的进口关税从25%提高至50%[1]。对此，欧盟5月31日声明准备采取反制措施， 包括对美国最新的关税上调作出回应。如果双方未达成共识，现有及新增反制措施将于 7 月 14 日生 效，亦不排除提前启动[2]。 2）中美贸易谈判进展有所反复。 中国商务部发言人近期称[3]，美方在日内瓦经贸会谈后，陆续新增出 台多项对华歧视性限制措施，包括发布AI芯片出口管制指南、停止对华芯片设计软件（EDA）销售、 宣布撤 ...

CICC REITs TALK 自2021年6月首批公募REITs产品上市以来，我们见证了REITs市场规模不断提升，资产品类持续 丰富，制度建设逐步完善，吸引着更加多元的资金进入。红利风格延续下，REITs作为另类高分 红资产，也引起了越来越多投资者的关注。 在公募REITs产品上市四周年之际， 我们隆重推出 CICC REITs TALK 系列栏目，邀请到业内 第三期 对话华润有巢 以下文章来源于中金点睛 数字化投研平台 ，作者中金研究 中金点睛 数字化投研平台 . 中金研究旗下一站式数字化投研平台 嘉宾介绍 ENTERPRISE 李伯乔 华润有巢战略投资部负责人 谭钦元 中金公司不动产与空间服务行业分析师 SAC执证编号：S0080524020010 本期要点 ENTERPRISE 华润有巢作为房企系市场化租赁机构， 发行REITs的战略意义有哪些 ？ 发行REITs对于 企业经营有哪些积极影响？ 从专业的市场化机构的视角，未来中国租赁住房行业将有怎样的发展趋势？ 如何看待未来上海市租赁住房行业的供需格局？作为市场重要的参与者，运营机构如何 保持其核心竞争力？ 从发行人的视角，对未来中国保租房REITs ...

中金点睛"本周精选"栏目将带您回顾本周深受读者欢迎的研究报告。 01 策略 Strategy 并购重组新征程 >>点击图片查看全文<< 去年4月以来并购重组制度持续优化，市场关注度逐步提升。今年5月16日，并购新规修订正式落地，修改内容主要包括：建立重组股份 对价分期支付机制；明确上市公司之间吸收合并的锁定期要求；提高对财务状况变化、同业竞争和关联交易监管的包容度；新设重组简 易审核程序；对私募基金投资期限与重组取得股份的锁定期实施"反向挂钩"。综合来看，本轮新规进一步加大了对科技创新企业的支持 力度，促进并购市场"脱虚向实"、鼓励企业进行符合企业发展需求的产业并购，同时推动并购重组成为畅通A股退市渠道、完善市场生态 的重要手段。我们在本篇报告中更新了924以来并购重组市场的进展和未来投资方向。 图表："并购六条"以来并购重组行业分布 注：数据截至2025年5月23日。因部分新项目无金额数据，本表以个数计。 资料来源：Wind，中金公司研究部 >>点击图片跳转报告原文<< 2025.05.25 | 李求索 张歆瑜等 02 策略 Strategy 美国还能"扛多久"？ >>点击图片查看全文<< "对等关税"宣布 ...

Core Viewpoint - The localization of key materials in China is accelerating, driven by national policies and significant R&D investments, positioning leading chemical companies for growth opportunities [1][3][4]. Group 1: Progress in Localization - China has made significant progress in the localization of key materials, particularly in high-performance fibers, engineering plastics, and semiconductor materials [3][9]. - Achievements in high-performance fibers include advancements in carbon fibers and aramid fibers, reaching international standards [3][9]. - In engineering plastics, major types such as nylon and polycarbonate have been fully localized, with significant strides in specialized engineering plastics [3][9]. - The semiconductor materials sector has seen notable advancements, with domestic companies achieving substantial market shares in chemical mechanical polishing liquids and silicon carbide substrates [3][9]. Group 2: Factors Supporting Acceleration - Three favorable factors are driving the acceleration of localization: strategic national policies, increased R&D investment, and China's dominance in advanced application scenarios [4][10][12]. - National policies have been established to support the development of strategic emerging industries, including new materials, with specific goals for self-sufficiency by 2025 [10]. - R&D expenditures in the chemical industry have surged from 7.7 billion yuan in 2013 to 85.2 billion yuan in 2024, marking an elevenfold increase [12]. - China's leadership in sectors like new energy vehicles and photovoltaics creates favorable conditions for the localization of key materials [12]. Group 3: Urgent Localization Needs - There are five critical fields with 26 key materials urgently needing localization, including semiconductor materials, advanced packaging materials, display materials, advanced electronic materials, and other advanced materials [5][17]. - Key materials with global market sizes exceeding $2 billion include photoresists and electronic specialty gases, while others fall within the $1-2 billion range [18][19]. - The semiconductor materials sector is particularly highlighted, with a focus on photoresists and precursor materials, which are essential for advanced manufacturing processes [20][31]. Group 4: Market Dynamics - The semiconductor photoresist market in mainland China is projected to reach $770 million in 2024, making it the largest globally [21]. - The growth of the advanced semiconductor photoresist market is driven by continuous upgrades in technology nodes and increased wafer production capacity [22]. - Domestic companies are making significant progress in developing advanced photoresists, with increasing demand from wafer manufacturers for localized solutions [30].

摘要 点击小程序查看报告原文 Abstract 近期微盘风格表现强势，截至2025/5/27，万得微盘股指数领跑市场，2025年5月单月涨幅9.31%，月均成交额277亿元，YTD收益率24.37%。本文对于微盘 风格强势的原因进行拆解，从宏观政策、市场环境、事件效应等多维度分析微盘风格占优背后因素。 近期微盘风格优势背后——六大因素分析 1. 政策利好：政策端释放科创小微企业活力。 5月16日中国证监会发布的《关于优化上市公司并购重组监管的指导意见》[1]鼓励企业优化整合，为部分微 盘股提供额外资金来源、降低流动性压力，同时激励市场发掘优质小微企业的成长性，推动风格行情。相较于"并购六条"[2]，作为配套政策的《重组办 法》对微盘股提振效应边际弱化，但仍通过完善制度框架为市场提供长期支撑。 2. 市场环境：流动性宽松有利高弹性风格。 中国金融市场目前呈现流动性较为宽松的格局，主要体现为社会融资规模与M2同比增速的同步扩张，叠加央 行全面降准的政策支持。这一环境也为微盘股风格等高弹性风格的表现提供了系统性支撑。 3. 预测指标：机构持仓较分散、大盘风格热度偏低利好微盘风格。 通过系统性的中长期宏观与市场指标测 ...

Core Viewpoint - AI companionship applications are rapidly emerging and gaining popularity, with significant market potential and user demand, particularly among younger demographics [2][7][8]. Group 1: Market Overview - The global AI companionship market is projected to reach approximately $30 million in 2023, with potential growth to $70 billion and $150 billion by 2030 under baseline and optimistic scenarios, respectively, reflecting a CAGR of 200% and 236% from 2024 to 2030 [7]. - Monthly active users (MAU) of AI companionship products have increased nearly 30 times from under 500,000 to about 15 million between 2018 and 2023, outpacing the growth rates of social media and online gaming [7][8]. Group 2: User Demographics and Needs - The primary user base for AI companionship applications consists of younger individuals seeking emotional support, entertainment, and efficiency improvements [2][8]. - Users exhibit a higher tolerance for AI imperfections in companionship scenarios compared to productivity applications, where accuracy is paramount [8]. Group 3: Technological Innovations - The use of mixed expert models (MoE) has significantly reduced costs and improved efficiency in AI dialogue scenarios, enabling better user experiences [16][18]. - Advances in long-text capabilities and linear attention mechanisms are expected to enhance user interactions by allowing for more coherent and contextually relevant conversations [23][24]. - Multi-modal capabilities, including image, audio, and video generation, are becoming essential for enriching user experiences and increasing engagement [27][30]. Group 4: Application Landscape - Notable AI companionship applications include Replika, Character.AI, MiniMax's Talkie, and others, each focusing on different aspects such as emotional support, interactive content, and user-generated content [3][41][44]. - Character.AI has emerged as a leader in the market, achieving a peak MAU of 22 million by August 2024, driven by its strong technical foundation and user engagement strategies [36][37]. Group 5: Future Directions - The industry is expected to explore hardware integration to enhance user experiences, particularly in educational and gaming contexts, targeting broader demographics including children and the elderly [64][65]. - The potential for AI companionship applications to evolve into comprehensive content platforms, akin to TikTok or Xiaohongshu, is being discussed, with a focus on user engagement and emotional connections [59][60].

2025年中金公司中期投资策略会 CICC Investment Strategy Conference 2H25 扫描末尾二维码 查看更多会议信息 重磅嘉宾(按发言顺序) 海尔集团董事局主席、首席执行官 Chairman of the Board Chief Executive Officer, Haier Group 彭文生 中金公司首席经济学家、研究部负责人 中金研究院院长 Chief Economist, Head of Research Department Dean of CICC Global Institute, CICC Eswar S. Prasad 美国康奈尔大学经济学教授 美国布鲁金斯学会高级研究员 Professor of Economics, Cornell University Senior Fellow, Brookings Institution 总量主题论坛 6月11日 浦江楼3层长安+洛阳+开封厅 中国云观经济展望/美国云观经济展望 14:00 - 14:40 张文朗 中金公司首席宏观分析师、董事总经理 刘政宁 中金公司执行总经理、中金美国证券首席经济学家 14:40-1 ...

Core Viewpoint - The recent low level of stock index futures basis is linked to the dynamics of Dynamic Coupon Notes (DCN) products, which are believed to potentially reduce the basis rather than deepen it [1][4][31]. Group 1: Stock Index Futures Basis - The recent basis rates for IC and IM have reached historical lows, influenced by factors such as hedging, trading, dividend cycles, and policy restrictions [2][6]. - The basis rates are expected to exhibit cyclical fluctuations, with the current deep basis potentially benefiting the yield and scale of structured products like DCN and snowball products [2][7]. - The basis rates for IC and IM, after adjusting for dividends, remain at historical lows, indicating persistent pressure on the stock index futures market [8][9]. Group 2: Dynamic Coupon Notes (DCN) - DCN is characterized as a type of snowball product without an observation for knock-in, providing fixed income features combined with derivatives [3][25]. - The structure of DCN allows for monthly interest payments if the index price meets certain thresholds, with a risk of loss if the index falls below a specified level at maturity [25][30]. - The hedging mechanism of DCN is smoother compared to traditional snowball products, as it lacks a knock-in feature, resulting in a more stable impact on the stock index futures market [4][31]. Group 3: Market Dynamics and Product Scale - The total scale of snowball-like structured products is estimated to be around 100 billion yuan, which is less than half of the scale at the beginning of 2024 [4][31][38]. - The recent deep basis in stock index futures is expected to lead to a rapid increase in the yield and scale of DCN and similar structured products [4][45]. - The issuance of DCN products is seen as attractive in a low-interest environment, potentially leading to increased demand and market activity [4][31].