登录新浪财经APP 搜索【信披】查看更多考评等级 上交所修订并发布《上海证券交易所科创板上市公司自律监管指引第1号——规范运作（2025年5月修 订）》，自发布之日起施行。该修订进一步规范科创板上市公司的运作行为，强化信息披露要求，优化 公司治理结构，提升市场透明度和合规性。 证监会发布《上市公司募集资金监管规则》，明确要求科创板上市公司募集资金应坚持专款专用，优先 用于主营业务，禁止用于永久补充流动资金或偿还银行借款。规则强调对擅自改变募集资金用途及使用 进度缓慢等行为从严监管，并要求上市公司及时披露募投项目延期情况，确保资金使用透明合规。 科创板政策及行业动态一览： l 科创板政策与行业动向： 证监会发布的《上市公司募集资金监管规则》对科创板市场影响深远，其明确要求科创板公司募集资金 必须专款专用、优先投入主营业务，严格禁止用于永久补流或偿贷，并强化对资金挪用、进度滞后等行 为的监管力度，同时要求及时披露募投项目延期信息。 这一政策直接针对科创板企业普遍存在的研发周期长、资金需求大等特点，通过限制资金用途并提升透 明度，既防止了企业通过"伪科创"概念套现或转移资金，又倒逼企业聚焦核心技术攻关和实体项目落 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Global AI computing power demand is surging, and China's intelligent computing power is rising rapidly. The global computing power layout is tilting towards high - performance computing, and China has formed a "smart computing - dominated, storage and transportation coordinated" computing power market [1][15]. - The AI market scale is expected to continue expanding. The global AI industry has entered a dual - acceleration period of technological explosion and scenario implementation. China is forming a competitive industrial pattern, and the market scale will expand at a compound annual growth rate of over 30% in the next five years [2][21]. - China's AI industry is at a strategic turning point. The open - source breakthrough of DeepSeek series models promotes the construction of an ecological closed - loop of "domestic models + domestic computing power", and China is moving from technology follow - up to ecological leadership [2][40]. - The Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence Index reflects the performance of the AI industry on the Science and Technology Innovation Board. It has good historical performance, high growth potential, and covers key AI - related industries [3][46][47]. - The Yin Hua Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF provides investors with a low - cost and convenient investment tool to share the growth of the AI industry. It has a good performance and liquidity [4][61]. 3. Summary by Relevant Catalogs 3.1 Global AI Computing Power Demand Surges, China's Intelligent Computing Power Rises Rapidly - **Overall Scale**: The global AI computing power market is growing explosively. In 2024, the global AI server market size was $125.1 billion, expected to reach $158.7 billion in 2025 and $222.7 billion in 2028. The industry shows "centralized expansion and distributed application" characteristics [10]. - **Global Competitor**: NVIDIA dominates the global AI computing power chip market through a dual - drive model of "hardware architecture innovation + cloud - service ecosystem integration" [14]. - **Domestic Computing Power**: In 2024, China's intelligent computing power scale reached 725.3EFLOPS, a year - on - year increase of 74.1%, and the market size was $19 billion, a year - on - year increase of 86.9%. China has formed a "smart - computing - led, storage - and - transportation coordinated" development model, and future development will be policy - driven [15][19]. 3.2 AI Technology and Application Drive the Market Scale to Expand Continuously - **Industrial Development**: The global AI industry is in a dual - acceleration period. China's AI enterprises exceed 4,500, covering a complete chain. The "2025 Forbes China AI Technology Enterprises TOP 50" shows that the industry is in the stage of in - depth integration and large - scale implementation [21]. - **Policy Support**: The government promotes the development of AI application standards in various industries. For example, the "Artificial Intelligence Meteorological Application Service Measures" was issued to promote the application of AI in meteorology [29]. 3.3 Focus on Domestic and Overseas Conference Catalytic Nodes - **Overseas Conferences**: Google I/O Conference and Microsoft Build 2025 Conference are expected to showcase the latest AI breakthroughs, including model upgrades and application innovations [34]. - **Domestic Conferences**: The 5th International Conference on Computer Communication and Artificial Intelligence (CCAI2025) will be held to discuss emerging research directions in the field [38]. 3.4 Future Outlook: China's AI Industry is at a Strategic Turning Point - **Domestic Computing Power**: It will develop in a "layered and coordinated" way, with a "global - training + domestic - inference" model in the future two years. Edge computing and industry - specific models are the key breakthrough points [41]. - **Large Models**: AI large models are expanding to multiple modalities and being applied in various fields. Humanoid robots are expected to achieve large - scale mass production in 1 - 2 years [43]. - **Domestic Models**: The open - source of DeepSeek models will accelerate the formation of a "domestic models + domestic computing power" ecological closed - loop, driving the intelligent upgrade of the entire industry chain [44]. 3.5 Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence Index Shares the Results of AI Industry Development - **Index Composition**: It selects 30 stocks related to AI from the Science and Technology Innovation Board to reflect the overall performance of representative AI companies [46]. - **Historical Performance**: From 2023 to May 16, 2025, the cumulative increase was 66.54%, significantly outperforming the benchmark [47]. - **Stock Characteristics**: The constituent stocks are mainly small - and medium - cap, with high growth potential. The top 5 heavy - weighted stocks are Langqi Technology, Cambricon - U, Kingsoft Office, Xinyuan Co., Ltd., and Hengxuan Technology, and the index covers key AI - related industries [50][52][54]. - **Financial Indicators**: The constituent stocks' operating income has maintained high - speed growth for 5 consecutive years, and the net profit has also increased overall, with a significant acceleration in 2024 [57]. 3.6 Yin Hua Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF and Linked Fund Product Information - **Product Information**: The ETF was established on January 6, 2025, and listed on January 14. It closely tracks the index, with an asset scale of $817 million and good liquidity. There are also three linked funds established on March 11, 2025 [61]. - **Fund Manager**: The fund manager is Tan Yuefeng, who has rich experience in fund management, currently managing 13 funds with a total scale of $9.5 billion [64][65].

科创板融资余额环比前一日增加4038.09万元，其中，31股融资余额环比增加超1000万元，融资净买入 居前的有金山办公、有方科技、中无人机等股。 证券时报·数据宝统计显示，截至5月19日，科创板两融余额合计1520.90亿元，较上一交易日增加 4372.73万元，其中，融资余额合计1515.53亿元，较上一交易日增加4038.09万元。 上述融资客大手笔净买入的科创板股中，从最新融资余额占流通市值比例看，算术平均值为4.29%，融 资余额占比最高的是有方科技，该股最新融资余额为6.19亿元，占流通市值的比例为10.48%，融资余额 占比较高的还有江苏北人、广大特材、华丰科技，占比分别为8.72%、7.97%、7.00%。（数据宝） 科创板股中，最新融资余额超亿元的有382只，其中，融资余额在10亿元以上的有16只，融资余额在 5000万元至1亿元的有137只，融资余额低于5000万元的有64只。 | 代码 | 简称 | 最新融资余额（万 | 环比增减金额（万 | 环比增减 | 当日涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | 元） | 元） | （%） ...

Core Insights - Kingsoft Office plans to relax its revenue growth targets for WPS Office over the next five years, prioritizing user experience instead [1] - The company aims to establish an overseas base by 2025, focusing on internationalization to meet the needs of Chinese enterprises going global [1] - Kingsoft Office intends to build a high-level research and development team with a target of 10,000 members [1] Group 1 - Kingsoft Office's CEO announced a strategic plan to rebuild its overseas base and enhance internationalization efforts [1] - The company acknowledges that WPS Office's user scale and revenue are currently high, but anticipates a natural slowdown in growth [1] - The strategic goal includes becoming an industry leader with a large-scale R&D team [1]

Core Insights - Kingsoft Office's CEO Zhang Qingyuan announced a strategic plan for the next five years, focusing on rebuilding its overseas base [1] - The company aims to establish a high-level research and development team, targeting the creation of a "10,000-person R&D team" [1] - Kingsoft Office aspires to become the "Huangpu Military Academy" of the industry, indicating a commitment to training and developing talent [1]

Summary of Key Points Core Viewpoint - The financing balance of the Sci-Tech Innovation Board (STAR Market) decreased by 4.07 billion yuan compared to the previous day, with 28 stocks seeing an increase in financing balance of over 10 million yuan, led by companies such as Huaxi Biological, Zhongwei Company, and Kingsoft Office [1][2]. Financing Balance Overview - As of May 15, the total margin financing balance on the STAR Market was 152.46 billion yuan, a decrease of 4.08 billion yuan from the previous trading day [1]. - Among the stocks, 382 had a financing balance exceeding 100 million yuan, with 16 stocks having balances over 1 billion yuan, and 134 stocks between 50 million to 100 million yuan [1]. Net Financing Inflows - A total of 298 stocks saw an increase in financing balance compared to the previous day, with 28 stocks having net inflows exceeding 10 million yuan [1]. - The stocks with the highest net financing inflows included Huaxi Biological (36.56 million yuan), Zhongwei Company (34.59 million yuan), and Kingsoft Office (34.56 million yuan) [2]. Stock Performance - The average decline for stocks with net inflows exceeding 10 million yuan was 1.71%, while notable gainers included Wanrun New Energy (6.92%), Huaxi Biological (6.26%), and Sanfu New Technology (5.28%) [2]. - The sectors attracting financing interest were primarily electronics, computers, and defense, with 8, 5, and 3 stocks respectively [2]. Financing Balance to Market Value Ratio - The average ratio of financing balance to market value for stocks with significant net inflows was 4.63%, with the highest ratio seen in Youfang Technology at 10.78% [2].

Group 1 - The core idea of the news is the launch of the "Spring Bud Plan" by Kingsoft Office, which aims to establish an industry-education integration community to enhance digital education and AI talent cultivation in China [2][3][4] - Kingsoft Office will invest 1 billion yuan over the next three years to support educational institutions in their digital transformation through the Kingsoft Smart Education platform [2][3] - The plan aims to integrate the education chain, talent chain, industry chain, and innovation chain in the field of information technology, providing a new platform for talent training and technology development [2][4] Group 2 - The "Spring Bud Plan" will benefit 10 million vocational school students by creating a cloud platform that integrates industry and education, facilitating the alignment of technical skills with industry needs [5][6] - Kingsoft Office's WPS 365 education version has a coverage rate of 75% in top-tier universities, serving over 20 million teachers and students [6][7] - The company aims to enhance employment opportunities for students skilled in AI office tools through a collaboration with Zhaopin to create more internship and job opportunities [7]

Core Insights - The global AI technology revolution is accelerating in China, with a focus on the "AI+" initiative as a core driver for digital transformation across various industries [1][2] - The Chinese government has integrated "AI+" into its 2024 work report, emphasizing the need for AI to empower future industries and enhance productivity [2] - Companies are facing challenges such as data silos and knowledge barriers, necessitating a one-stop AI office platform to enhance decision-making and operational efficiency [3] Industry Developments - The implementation of AI is transitioning from technological breakthroughs to comprehensive industrial empowerment, with significant applications in sectors like manufacturing, energy, and government [2] - The WPS 365 platform has seen a substantial revenue increase of 149%, reaching 437 million yuan, as it integrates document processing, collaboration, and AI capabilities [4] - The partnership between Kingsoft Office and Alibaba Cloud aims to create a comprehensive intelligent office ecosystem, enhancing digital transformation efforts [5] Technological Innovations - Kingsoft Office is addressing challenges in knowledge management and AI implementation by integrating leading AI models and developing specialized models for specific applications [3][4] - The collaboration has led to improvements in content creation and real-time knowledge insights, utilizing advanced AI models and high-performance vector retrieval engines [5] - Future developments will focus on optimizing enterprise knowledge base searches and integrating multimodal data retrieval capabilities for a more immersive office experience [6]

Investment Rating - The report maintains a "Recommended" rating for the computer industry [4] Core Insights - The AI industry shows initial signs of high prosperity, with a notable quarterly turning point emerging [4] - The computer industry experienced stable revenue growth in 2024 and a significant profit rebound in Q1 2025, indicating a recovery trend [4][5] - The AI computing segment outperformed the overall industry in both revenue and profit growth, suggesting strong demand and market potential [4][39] Revenue and Profit Analysis - In 2024, the total revenue of listed companies in the computer industry reached 1,249.943 billion yuan, a year-on-year increase of 4.81%, while Q1 2025 revenue was 280.665 billion yuan, up 16.49% year-on-year [4][18] - The net profit attributable to shareholders for 2024 was 15.521 billion yuan, down 51.90% year-on-year, but Q1 2025 saw a dramatic increase to 2.559 billion yuan, up 390.04% year-on-year [4][18] - The revenue growth rate for the AI computing segment in 2024 was 14.57%, with a Q1 2025 growth of 41.87%, while net profit growth was 13.26% for 2024 and 43.05% for Q1 2025 [4][39] AI Segment Insights - The AI application segment's revenue in 2024 was 76.829 billion yuan, growing 6.44% year-on-year, with Q1 2025 revenue reaching 16.147 billion yuan, up 12.41% [45] - The net profit for the AI application segment in 2024 was 3.493 billion yuan, a 2.66% increase, while Q1 2025 net profit was 24 million yuan, showing significant growth from a low base [47] Innovation and Domestic Substitution - The domestic substitution process is accelerating due to geopolitical uncertainties and policy support, with the information technology sector showing signs of recovery [5][55] - The revenue for the domestic innovation segment in 2024 was 337.841 billion yuan, a 20.53% increase, with Q1 2025 revenue at 90.585 billion yuan, up 43.54% [55] Investment Recommendations - The report suggests focusing on companies within the AI and domestic substitution themes, highlighting specific stocks such as Cambricon (688256.SH), Haiguang Information (688041.SH), and others across various segments [5][6]

证券时报•数据宝统计显示，今日科创板个股上涨的有88只，下跌的有487只。 资金流向方面，今日主力资金净流入的科创板股共有185只，其中，3只个股主力资金净流入超3000万 元，华熙生物主力资金净流入4047.09万元，净流入资金居首；光云科技、九号公司紧随其后，全天净 流入资金分别为3643.48万元、3420.34万元。主力资金净流出的有399只，净流出资金最多的是中芯国 际，该股今日下跌1.91%，全天主力资金净流出4.21亿元，其次是寒武纪、金山办公，主力资金净流出 分别为1.61亿元、1.21亿元。 从主力资金连续性进行观察，共有43只个股主力资金连续3个交易日以上持续净流入，连续净流入天数 最多的是瑞联新材、利扬芯片等2只股，主力资金均连续净流入9天。主力资金连续流出的个股有162 只，连续流出天数最多的是先锋精科，该股已连续21个交易日净流出；连续净流出天数较多的还有莱特 光电、三达膜等，主力资金分别连续流出14天、11天。（数据宝） 主力资金净流入排名 | 代码 | 简称 | 主力资金净流入（万元） | 主力资金流入率（%） | 涨跌幅（%） | 换手率（%） | | --- | --- | ...