Group 1 - The Trump administration plans to lift AI chip export restrictions established during the Biden era, which has faced strong opposition from major tech companies and foreign governments [2] - The new policy will categorize countries into three groups to regulate chip exports from companies like Nvidia [2] - The U.S. Department of Commerce criticized Biden's AI rules as overly complex and bureaucratic, stating that a simpler rule will be introduced to enhance U.S. innovation in AI [2] Group 2 - The Federal Reserve has maintained the benchmark interest rate for the third consecutive time, highlighting rising risks of inflation and unemployment [3] - Fed Chairman Powell noted that the impact of tariffs has been greater than expected, but he denied any plans for preemptive rate cuts [3] - The Fed aims for a long-term inflation target of 2% while acknowledging increased uncertainty in the economic outlook [3] Group 3 - The China Securities Regulatory Commission has announced a comprehensive reform plan for the public fund industry, which is valued at over 30 trillion yuan [4] - The plan focuses on optimizing fee structures for actively managed equity funds and improving industry assessment mechanisms [4] - The reform aims to shift the focus of public funds from "scale" to "returns," marking a pivotal moment for high-quality development in the industry [4] Group 4 - Zeekr plans to delist from the U.S. stock market, becoming the first Chinese concept stock to do so amid ongoing U.S.-China tariff tensions [5] - The potential delisting has reignited discussions about the return of Chinese companies to domestic markets, with estimates suggesting that 27 Chinese concept stocks could meet the criteria for listing in Hong Kong [5] Group 5 - China's foreign exchange reserves increased for the fourth consecutive month, reaching $32,817 billion, with a month-on-month rise of $41 billion [6] - The increase is attributed to factors such as macroeconomic policies and expectations of economic growth in major economies [6] - The resilience and vitality of China's economy are seen as beneficial for maintaining stable foreign exchange reserves [6] Group 6 - Insurance companies have increased their stake in listed companies to 13 instances this year, reflecting a growing commitment from long-term capital [7] - Recent financial policies aim to enhance the investment capacity of insurance funds, potentially stabilizing and invigorating the capital market [7] - The implementation of new accounting standards is expected to influence the investment strategies of insurance companies [7] Group 7 - The ongoing military conflict between India and Pakistan has escalated, with significant casualties reported on both sides [8] - Experts warn that the current tensions could lead to severe consequences, urging both nations to pursue diplomatic solutions [8] Group 8 - The A-share market showed a rebound with all three major indices closing in the green, driven by strong performances in defense and agriculture sectors [9] - The Hong Kong stock market experienced mixed results, with the Hang Seng Index slightly up while the technology index fell [10] - U.S. stock markets closed higher, with notable gains in semiconductor stocks, while major tech companies like Google and Apple faced declines [9][10]

Macro News - The People's Bank of China announced a reduction in the reserve requirement ratio by 0.5 percentage points and a decrease in policy interest rates by 0.1 percentage points, along with adjustments to structural monetary policy tools [3] - The National Financial Regulatory Administration plans to enhance the role of insurance funds as patient and long-term capital, introducing measures to support capital market stability and activity [3] - The China Securities Regulatory Commission (CSRC) is set to implement reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market, and will revise the management measures for major asset restructuring of listed companies [3] Industry News - China's gold reserves reached 73.77 million ounces at the end of April, marking an increase of 70,000 ounces and continuing a six-month trend of gold accumulation [6] - The CSRC has issued an action plan to promote the high-quality development of public funds, which includes adjusting management fees and establishing a performance-based assessment system for fund managers [6] - Shanghai announced a reduction in personal housing provident fund loan rates, effective from May 8, 2025, with rates for first-time homebuyers set at 2.1% for loans under five years and 2.6% for loans over five years [6] Company News - Geely Automobile announced a proposal to privatize Zeekr at a price of $2.57 per share [9] - Kweichow Moutai reported a share buyback of 934,800 shares in April, with a total expenditure of 1.44 billion yuan [10] - BeiGene reported a net loss of 94.5 million yuan in the first quarter [10] - Qingdao Beer plans to acquire 100% equity of Jimo Huangjiu [10] - Hive Storage confirmed that its LPDDR4X and eMMC storage products are being used in the Go2 intelligent robotic dog developed by Yushu Technology [10]

Group 1 - The company plans to raise no more than 3.378 billion yuan through a private placement to fund various projects, including the Beijing-Tianjin-Hebei Soft Communication Innovation Manufacturing Base and the AIPC Intelligent Manufacturing Base [1][2] - The company aims to transform from a software and digital technology service provider to a full-stack intelligent product and innovation service provider, focusing on intelligent, autonomous, green, and international development goals [1][2] - The projects funded by the capital raise align with national industrial policies and industry development trends, indicating a strong market outlook and economic benefits [2] Group 2 - In the 2024 annual report, the company reported a revenue of 31.316 billion yuan, a year-on-year increase of 78.13%, driven by strategic mergers and the establishment of new business segments [3] - The software and digital technology service segment generated 18.121 billion yuan in revenue, while the computing products and intelligent electronics segment contributed 12.919 billion yuan, with significant growth in PC shipments [3] - The company's net profit attributable to shareholders decreased by 66.21% to 180 million yuan, primarily due to increased costs related to strategic mergers and organizational adjustments [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance meets expectations, with a total revenue of 31.316 billion yuan in 2024, reflecting a year-on-year growth of 78.1%. However, the net profit attributable to the parent company decreased by 66.2% to 180 million yuan due to various pressures from strategic acquisitions and integration costs [6][5] - The company is redefining itself as a full-stack intelligent product and service provider, with a robust growth in software and digital technology services, and significant contributions from hardware computing products and intelligent electronics [6][5] - The company is positioned as a core partner of Huawei, which is expected to drive future growth and profitability [6] Financial Data and Profit Forecast - Total revenue projections for 2025, 2026, and 2027 are 34.615 billion yuan, 38.788 billion yuan, and 43.865 billion yuan respectively, with expected growth rates of 10.5%, 12.1%, and 13.1% [5][12] - The net profit attributable to the parent company is forecasted to be 369 million yuan in 2025, 483 million yuan in 2026, and 646 million yuan in 2027, indicating a recovery from the previous year's losses [5][12] - The gross margin is expected to improve slightly from 12.9% in 2025 to 13.1% in 2027 [5] Business Segments - The software and digital technology services segment achieved a revenue of 181.2 billion yuan in 2024, with a year-on-year growth of 3.1%, supported by significant contributions from Huawei [6] - The hardware computing products and intelligent electronics segment contributed 129 billion yuan in revenue, with a gross margin of 5.5%, and notable growth in PC shipments [6] - Emerging business segments, including digital energy and intelligent computing services, generated 2.59 billion yuan in revenue, indicating potential for future growth [6] Adjustments in Profit Forecast - Adjustments were made to the revenue growth rates and gross margins for software technology services and digital infrastructure services, reflecting a more conservative outlook for the latter [7]

Group 1 - Company Softcom Power (SZ 301236) announced on May 7 that its board approved a private placement of shares to no more than 35 specific investors, in compliance with the China Securities Regulatory Commission's regulations [1] - The total number of shares to be issued will not exceed approximately 286 million shares, accounting for no more than 30% of the total share capital prior to the issuance [1] - The company aims to raise up to approximately RMB 3.378 billion, with funds allocated for several projects including the Beijing-Tianjin-Hebei Soft Communication Intelligent Manufacturing Base, AIPC Intelligent Manufacturing Base, and the Softcom Power Huailai Intelligent Computing Center [1] Group 2 - For the year 2024, Softcom Power's revenue composition is as follows: High-tech and manufacturing 32.33%, communication equipment 27.54%, internet services 20.73%, finance 11.33%, and others 8.03% [2] - As of the latest report, Softcom Power's market capitalization stands at RMB 57.4 billion [3]

软通动力（301236）公告，拟定增募资不超过33.78亿元，用于京津冀软通信创智造基地项目、AIPC智 能制造基地项目、软通动力怀来智算中心(一期)建设项目、计算机生产车间智能升级技术改造项目。 ...

证券代码：301236 证券简称：软通动力 软通动力信息技术（集团）股份有限公司 2025 年度向特定对象发行股票预案 二〇二五年五月 声 明 1、本公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不 存在虚假记载、误导性陈述或重大遗漏，并对本预案内容的真实性、准确性、 完整性承担个别和连带的法律责任。 2、本预案按照《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司证券发行注册管理办法》等要求编制。 3、本次向特定对象发行股票完成后，公司经营与收益的变化由公司自行负 责；因本次向特定对象发行股票引致的投资风险由投资者自行负责。 4、本预案是公司董事会对本次向特定对象发行股票的说明，任何与之相反 的声明均属不实陈述。 5、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 6、本预案所述事项不代表审批机关对于本次向特定对象发行股票相关事项 的实质性判断、确认或批准，本预案所述本次向特定对象发行股票相关事项的 生效和完成尚待取得上市公司股东大会的审议通过和有关审批机关的批准或注 册。 3、本次发行的定价基准日为发行期首日。本次向特定对象发行股票的发行 价格不低于发 ...

软通动力信息技术（集团）股份有限公司（以下简称"公司"）于 2025 年 5 月 7 日召开了第二届董事会第十八次会议和第二届监事会第十七次会议，审议 通过了公司 2025 年度向特定对象发行股票的相关议案。《软通动力信息技术（集 团）股份有限公司 2025 年度向特定对象发行股票预案》及相关文件已于同日在 符合条件的信息披露网站巨潮资讯网（www.cninfo.com.cn）上披露，敬请投资者 注意查阅。 公司向特定对象发行股票预案的披露事项不代表审批机关对本次发行股票 相关事项的实质性判断、确认或批准。上述预案所述本次向特定对象发行股票相 关事项的生效和完成尚需公司股东大会审议通过、深圳证券交易所审核通过，并 经中国证券监督管理委员会作出同意注册决定后方可实施，敬请广大投资者注意 投资风险。 特此公告。 证券代码：301236 证券简称：软通动力 公告编号：2025-044 软通动力信息技术（集团）股份有限公司 关于2025年度向特定对象发行股票预案披露的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 软通动力信息技术（集团）股份有限公司 董 ...

证券代码：301236 股票简称：软通动力 软通动力信息技术(集团)股份有限公司 2025 年度向特定对象发行股票 方案论证分析报告 二〇二五年五月 1 软通动力信息技术（集团）股份有限公司（以下简称"软通动力"或"公司"） 是在深圳证券交易所创业板上市的公司。为满足公司业务发展需要，增强公司盈 利能力和市场竞争力，根据《中华人民共和国公司法》《中华人民共和国证券法》 （简称"《证券法》"）《上市公司证券发行注册管理办法》（简称"《注册管理办法》"） 等有关法律、法规和规范性文件的规定，公司编制了本次向特定对象发行股票发 行方案的论证分析报告（以下简称"本报告"）。 本报告中如无特别说明，相关用语与《软通动力信息技术(集团)股份有限公 司 2025 年度向特定对象发行股票预案》中的释义具有相同的含义。 一、本次向特定对象发行的背景和目的 （一）本次向特定对象发行的背景 1、高质量发展成为当前经济社会发展的首要任务，实体经济和数字经济融 合正走深走实 2、人工智能引领新一轮科技革命和产业变革，正成为发展新质生产力的重 要引擎，加速和实体经济深度融合 人工智能作为引领新一轮科技革命和产业变革的基础性和战略性技术， ...

证券代码：301236 证券简称：软通动力 软通动力信息技术（集团）股份有限公司 （北京市海淀区西北旺东路 10 号院东区 16 号楼） 2025 年度向特定对象发行 A 股股票 募集资金运用可行性分析报告 二〇二五年五月 公司拟申请向特定对象发行股票，现将本次向特定对象发行 A 股股票募集 资金投资项目可行性分析说明如下： 一、本次募集资金使用计划 本次发行拟募集资金总额不超过 337,832.03 万元，扣除发行费用后的募集资 金净额将用于投资以下项目： | 单位：万元 | | --- | | 序号 | 项目名称 | 投资总额 | 拟使用募集资金投入 | | --- | --- | --- | --- | | 1 | 京津冀软通信创智造基地项目 | 138,058.36 | 138,058.36 | | 2 | AIPC智能制造基地项目 | 120,478.69 | 117,478.69 | | 3 | 软通动力怀来智算中心（一期）建设 | 103,426.96 | 66,334.98 | | | 项目 | | | | 4 | 计算机生产车间智能升级技术改造项 | 15,960.00 | 15,960.0 ...