【要闻报道】 英伟达拟再推"中国特供"芯片 据参考消息援引新加坡《联合早报》网站5月25日引述路透社消息报道，美国芯片巨头英伟达据报将为 中国市场推出一款基于Blackwell架构的人工智能（AI）芯片，售价将大幅低于先前的H20芯片，预计最 快于6月开始量产。 报道称，这款采用最新一代Blackwell架构的AI处理器，预计售价介于6500美元至8000美元之间，明显 低于H20的定价。较低的售价通常意味着芯片规格相对较弱，制造工艺也更为简化。 点评：这将是英伟达第三次为中国市场推出符合美国监管要求的降级版芯片。美国政府日前禁止英伟达 向中国销售基于Hopper架构的H20芯片。 特朗普威胁50%关税两天后改口：恢复与欧盟贸易谈判窗口期 美国总统特朗普在与欧盟委员会主席冯德莱恩通电话后表示，他将把欧盟面临50%关税的最后期限延长 至7月9日。 特朗普当地时间周日在返回华盛顿的途中对记者说："我们进行了一次非常愉快的通话，我同意将它撤 回。" 冯德莱恩稍早前在X上发文称，"欧洲已准备好迅速、果断地推进谈判"，但"达成一项好的协议需要时 间，直到7月9日"。那是特朗普暂停所谓对等关税90天的截止日。 点评：这次 ...

Core Viewpoint - The recent increase in terminated share transfer agreements among listed companies highlights a dual nature in the market, where some companies continue to pursue strategic investments while others face regulatory scrutiny and market conditions that hinder transactions [2][5][6]. Group 1: Market Dynamics - In May, 13 listed companies announced the termination of share transfer agreements, a significant increase compared to previous months, which typically saw only three to five cases [5]. - The reasons for termination often include incomplete procedures and market conditions where previously set transfer prices are now below current market values [5][6]. - Despite the rise in terminations, there are still ongoing agreements aimed at introducing strategic investors or changing actual controllers, indicating that the market remains active [7][8]. Group 2: Regulatory Environment - The tightening of regulations following the introduction of new reduction rules has led to increased scrutiny of share transfer agreements, with calls for clearer prohibitions on certain behaviors to prevent gray operations [3][9]. - The market is seeing a trend where parties involved in agreements are extending lock-up periods to enhance compliance and reduce the risk of speculative trading [10][11]. Group 3: Strategic Implications - Protocol transfers serve as an effective tool for major shareholders to meet liquidity needs while avoiding direct impacts on stock prices from secondary market sales [6][8]. - The presence of financial investors as transferees is becoming more challenging, but agreements aimed at strategic partnerships continue to progress normally [8]. - The market's dual characteristics suggest a need for balance between resource allocation functions and risk prevention in the context of share transfers [3][10].

Group 1 - Ningde Times participated in the completion of the Zeyuan Fund, with a total scale of 10.128 billion yuan, increasing by 50.42% from the previous announcement [3] - Zhongjin Gold's controlling shareholder plans to inject four companies into the company to resolve competition issues, including acquiring stakes in Inner Mongolia Jintao and others [4][5] - Keli Yuan plans to invest an additional 500 million yuan in a storage industry fund, increasing its total investment to 700 million yuan [6] Group 2 - China Shenhua intends to acquire 7.43% of the National Energy Group Financial Company for 2.929 billion yuan, which is expected to increase its net profit by 97 million yuan [7] - Weir Shares plans to issue H-shares and list on the Hong Kong Stock Exchange [8] - Hualan Shares is establishing a joint venture for Tibetan medicinal baths and plaster products, with a registered capital of 7 million yuan [15] Group 3 - Yunnan Copper plans to acquire 40% of Liangshan Mining through a share issuance, with the stock resuming trading on May 26 [10] - Ruishun Technology's subsidiary plans to establish a joint venture in Malaysia to provide automation solutions [11] - ST Quanwei's stock will be subject to additional risk warnings due to ongoing litigation involving a subsidiary [12] Group 4 - Hengfeng Information's controlling shareholder has terminated the agreement to transfer part of the company's shares, with no impact on control [13] - Huadian Technology's subsidiary has not yet commenced substantial construction on a polyurethane new materials project [14] - ST Yinjian will remove the delisting risk warning and some other risk warnings, changing its stock name [38] Group 5 - China Tonghao won approximately 3.789 billion yuan in contracts in the rail transit market from March to April [39] - Intercontinental Oil and Gas plans to invest about 848 million USD in the Iraq South Basra project [40][41] - Jiaying Pharmaceutical's subsidiary signed a contract for the development of a traditional Chinese medicine innovation project [42] Group 6 - Ruidong Intelligent signed a strategic cooperation agreement with Shunde Vocational and Technical College to enhance collaboration in technology [43] - Jiaojian Co. won a bid for a drainage project worth 225 million yuan [44] - Hengshun Vinegar's controlling shareholder plans to increase its stake in the company by 50 to 100 million yuan [45]

Core Viewpoint - The company announced the termination of a previously signed share transfer agreement between its controlling shareholders and a third party, which will not affect the company's control or governance structure [1] Group 1 - The controlling shareholders, Wei Xiaoxi and Ou Linjie, have returned the first installment of the share transfer payment to Cheng Wenhong [1] - The termination of the agreement means that all parties involved will not bear any liability for breach of contract [1] - The termination will not lead to any changes in the company's control or impact its operational governance [1]

恒锋信息科技股份有限公司全资子公司福建恒锋安信科技有限公司（以下简称 "恒锋安信"）因经营业务发展需要，结合现行经营范围规范表述相关要求，对经营 范围进行了变更。近日，恒锋安信完成了工商变更登记手续，并取得福州市市场监督 管理局换发的《营业执照》，具体情况如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 经营范围 | 信息安全服务；物联网技 智能通用应用系统；人工智能 | 许可项目：建设工程施工。（依 | | | 术服务；网络与信息安全软件 | 法须经批准的项目，经相关部门批准 | | | 开发；基础软件开发；应用软件 | | | | 开发；软件运行维护服务；人工 | 后方可开展经营活动，具体经营项目 | | | | 以相关部门批准文件或许可证件为 | | | 行业应用系统；其他信息系统 | 准）一般项目：网络与信息安全软件 | | | 集成服务；人工智能公共服务 | 开发；物联网技术服务；人工智能基 | | | 平台；大数据服务；云平台服 | 础软件开发；人工智能应用软件开 | | | 务；互联网数据中心业务；电子 | | | | | 发；信息系统运行维护服务；人 ...

| 证券代码：300605 | 证券简称：恒锋信息 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：123173 | 债券简称：恒锋转债 | | 恒锋信息科技股份有限公司 关于控股股东、实际控制人终止协议转让公司部分股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 恒锋信息科技股份有限公司（以下简称"公司"）于近日收到控股股东、实 际控制人魏晓曦女士、欧霖杰先生的通知，获悉其与程文宏先生就终止协议转让 公司部分股份事项进行协商并达成一致意见。现将相关情况说明如下： 一、本次协议转让的基本情况 2024年9月10日，公司控股股东、实际控制人魏晓曦女士、欧霖杰先生与程文 宏先生签订了《关于恒锋信息科技股份有限公司之股份转让协议》（以下简称《股 份转让协议》）。魏晓曦女士、欧霖杰先生拟通过协议转让方式，分别将其所持有 的公司股份3,678,875股、4,546,125股（合计8,225,000股）转让给程文宏先生。 2024年9月30日，魏晓曦女士、欧霖杰先生与程文宏先生签署了《股份转让协议之 补充协议》，就《股份 ...

Company Overview - Founded in 1994, Hengfeng Information Technology Co., Ltd. is a leading smart service provider listed on the Shenzhen Stock Exchange (stock code: 300605) [1] - The company focuses on "innovation-driven, wisdom-led" development strategy, with four core technology platforms: big data platform, AI smart vision platform, AIoT middle platform, and HFRDP digital R&D middle platform [2] - Hengfeng has established a global strategic layout with headquarters in Fuzhou and multiple R&D and operation centers across China and Southeast Asia [2] 2024 Financial Performance - The company reported a revenue of CNY 227.31 million in 2024, a decrease of 53.07% year-on-year [3] - Net profit attributable to shareholders was CNY -86.80 million, a decline of 614.25% year-on-year [3] - Total assets at the end of 2024 amounted to CNY 1.45 billion, an increase of 4.87% from the previous year [3] - Shareholder equity decreased by 15.99% to CNY 489.48 million [3] Reasons for Performance Decline - Increased market competition led to a decline in project gross margins, with a 4.79% year-on-year decrease in the information technology service sector [3] - Delays in project acceptance due to macroeconomic conditions and tight fiscal budgets resulted in a significant revenue drop [3] - The company recognized credit impairment losses totaling CNY 51.24 million due to delayed payments from government and enterprise clients [3] Core Competitiveness - The company holds various mandatory certifications, enhancing its competitive edge in project acquisition [4] - It possesses numerous patents and software copyrights, with 2 new invention patents and 22 software copyright registrations in 2024 [4] - Hengfeng has developed four core capability platforms: - Big Data Platform: General data governance capabilities including data collection and management [4] - AI Smart Vision Platform: Utilizes advanced machine learning for automatic recognition and analysis of various elements [4] - AIoT Middle Platform: Facilitates intelligent interaction and data sharing among devices [4] - HFRDP Digital R&D Middle Platform: Supports efficient integration of existing information resources and unified management [4]

| 证券代码：300605 | 证券简称：恒锋信息 | 公告编号：2025-032 | | --- | --- | --- | | 债券代码：123173 | 债券简称：恒锋转债 | | 恒锋信息科技股份有限公司 关于注销部分募集资金专户的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意恒锋信息科技股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2022]2367 号）核准，恒锋信 息科技股份有限公司（以下简称"公司"、"本公司"）于 2022 年 12 月 30 日向 不特定对象发行了 2,424,357 张可转换公司债券，债券面值 100 元，按面值发行， 募集资金总额为 242,435,700.00 元，扣除承销及保荐费 3,880,983.59 元（不含 增值税），实际到账的募集资金为人民币 238,554,716.41 元，扣除不含税其他发 行费用 1,900,841.31 元（验资费、律师费等），募集资金净额为 236,653,875.10 元。上述募集资金已于 20 ...

Group 1 - Major shareholders of *ST WanFang plan to reduce their holdings by up to 9,341,596 shares, accounting for 3% of the company's total share capital from May 27 to August 25, 2025 [1] - Shareholders of Airo Energy intend to reduce their holdings by up to 800,000 shares, 800,000 shares, and 1,600,000 shares, representing 0.50%, 0.50%, and 1% of the company's total share capital respectively during the same period [1] - Anner plans to reduce its holdings by up to 3,186,159 shares, which is 1.5% of the company's total share capital, from May 27 to August 26, 2025 [1] Group 2 - Shareholders of Chuhuan Technology plan to reduce their holdings by up to 2,395,605 shares, accounting for 3% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [1] - Major shareholder of Dalian Technology intends to reduce their holdings by up to 4,189,336 shares, which is 0.99% of the company's total share capital from May 27 to August 26, 2025 [2] - Dongwei Technology's board members plan to reduce their holdings by a total of 2,574,857 shares, representing 0.8629% of the company's total share capital during the same period [2] Group 3 - Gann Li Pharmaceutical's shareholder has completed a reduction of 6,010,622 shares, which is 1% of the company's total share capital from April 22 to April 30, 2025 [2] - Guanshi Technology's board members plan to reduce their holdings by up to 359,375 shares, accounting for 0.4891% of the company's total share capital from May 27 to August 26, 2025 [2] - Guoguang Electric's shareholder has completed a reduction of 1,625,751 shares, which is 1.5% of the company's total share capital from April 25 to April 30, 2025 [2] Group 4 - Haili Biological's major shareholder has completed a reduction of 13,113,244 shares, representing 2% of the company's total share capital from April 15 to April 22, 2025 [3] - Hengfeng Information's board member has completed a reduction of 198,717 shares, which is 0.1207% of the company's total share capital on April 28, 2025 [3] - Hongwei Technology's shareholder plans to reduce their holdings by up to 820,000 shares, accounting for 0.39% of the company's total share capital from May 12 to August 11, 2025 [3] Group 5 - Huatai Medical's vice president has completed a reduction of 29,943 shares, which is 0.0308% of the company's total share capital from April 28 to April 29, 2025 [4] - Jilin Carbon Valley's major shareholder has completed a reduction of 4,989,160 shares, representing 0.8490% of the company's total share capital from April 25 to April 29, 2025 [4] - Jiahua Technology's shareholder plans to reduce their holdings by up to 1,160,000 shares, accounting for 1.50% of the company's total share capital from May 28 to August 25, 2025 [4] Group 6 - Jiangbo Long's shareholder plans to reduce their holdings by up to 4,159,815 shares, which is 1% of the company's total share capital from May 27 to August 26, 2025 [5] - Jiangshan Co. plans to reduce its holdings in Jiangtian Chemical by 4,330,800 shares, accounting for 3% of its total share capital from May 27 to August 26, 2025 [5] - Kairun Co.'s major shareholder plans to reduce their holdings by up to 9,000,000 shares, representing 2.43% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [5] Group 7 - Lianqi Technology's shareholders plan to reduce their holdings by a total of 18,717,374 shares, which is 2.96% of the total share capital excluding repurchased shares from May 27 to August 26, 2025 [9] - Zhongke Information's board members have completed a reduction of 698,914 shares, representing 0.2358% of the company's total share capital [9] - Zhongshi Co.'s major shareholder plans to reduce their holdings by up to 1,800,000 shares, accounting for 1.1527% of the company's total share capital from May 27 to August 26, 2025 [10]

Investment Rating - The report maintains a positive investment rating for the computer industry, particularly highlighting the potential in AI-related companies [7]. Core Insights - The computer industry is experiencing revenue pressure, but a profit turning point has been observed. The overall revenue growth rate for the computer sector is expected to decline in 2024, with a notable recovery in profits in the first quarter of 2025 [5][11]. - In 2024, the computer sector is projected to achieve total operating revenue of CNY 12,614.80 billion, a year-on-year decrease of 1.65%. The net profit attributable to shareholders is expected to be CNY 294.24 billion, down 9.39% year-on-year [11][14]. - The first quarter of 2025 shows signs of recovery, with operating revenue reaching CNY 2,862.17 billion, an increase of 2.56% year-on-year, and net profit attributable to shareholders rising by 6.05% to CNY 58.79 billion [11][12]. Summary by Sections Market Review - During the week of April 28 to May 2, the CSI 300 index fell by 0.43%, while the computer sector (CITIC) rose by 2.66%. The top five gainers included companies like Chuangyi Information and Lingzhi Software, while the biggest losers included Dongfangtong and Quanzhi Technology [3][59]. Industry News - The report highlights significant developments in the AI sector, with companies like Yaxin Security and Cloud Sky Flying-U showing impressive revenue growth rates exceeding 40% in 2024, driven by AI-related business [14][16]. - The software industry reported a total profit of CNY 3,726 billion in the first quarter, reflecting a year-on-year growth of 11.6% [55]. Company Dynamics - Notable company announcements include Keda Guokong's termination of share reduction plans and adjustments in stock repurchase prices by Zhongcheng Technology, indicating stable governance and compliance with regulations [4][56][57]. Financial Performance Overview - The computer sector's financial performance shows a median revenue growth rate of -1.65% for 2024, compared to a median growth rate of 1.51% for all A-shares. The median net profit growth rate for the computer sector is -9.39%, while the overall A-share market shows a median of -2.44% [17][18]. - The report indicates that the computer sector's gross profit margin is projected to be 37.12% in 2024, a decrease of 1.72 percentage points year-on-year, while the net profit margin is expected to be -16.58% [36]. Investment Recommendations - The report suggests continued focus on AI-related sectors, as they are expected to outperform in the challenging macroeconomic environment of 2024, with signs of recovery in profits in early 2025 [5][51].