今日导读 1. 5月26日，商务部、国家发展改革委等8部门发布《加快数智供应链发展专项行动计划》， 明确在农业、制造业、批发业、零售业等重点领域加快数智供应链发展，推动降低全社会物 流成本，培育一批数智供应链领军企业和供应链中心城市。 2. 美团港交所发布财报，第一季度营收865.6亿元人民币，同比增18.1%；调整后净利润 109.5亿元人民币，同比增长46.2%。 3. 5月26日，针对"网传玄戒O1是向Arm定制的芯片"相关提问，小米公司表示："不是。这 完全是谣言，玄戒O1不是向Arm定制的，研发过程中，也没有采用Arm CSS服务。" 宏观消息 1、 据新华社5月26日消息，中共中央办公厅、国务院办公厅印发《关于完善中国特色现代企业制度的 意见》。意见从坚持和加强党的领导、完善公司治理结构、提升企业科学管理水平、健全企业激励创 新制度、建立健全企业社会责任与企业文化体系、优化企业综合监管和服务体系等方面作出全面系统 部署，重在以制度创新赋能企业发展，进一步释放微观主体活力，培育更富活力、更具韧性、更有竞 争力的现代企业，为以中国式现代化全面推进强国建设、民族复兴伟业提供有力支撑。 2、5月26日，商 ...

Core Viewpoint - The article highlights the strategic differences between Chinese tech giants Alibaba and Tencent in the AI race, emphasizing their respective approaches to AI investment and application, which are driving growth in their core businesses [2][5]. Group 1: Financial Performance - Alibaba's Q4 FY2025 revenue reached 236.45 billion yuan, a 7% year-on-year increase, with adjusted EBITA growing 36% to 32.62 billion yuan and net profit rising 22% to 29.84 billion yuan [2]. - Tencent's capital expenditure increased by 91% year-on-year, while Alibaba's capital expenditure surged by 168% [3]. - Alibaba announced a three-year investment plan of 380 billion yuan for AI and cloud infrastructure, while Tencent's capital expenditure is expected to approach 100 billion yuan this year [3][11]. Group 2: AI Strategy and Implementation - Alibaba's AI strategy focuses on "infrastructure + open-source ecosystem," leveraging its leading position in the public cloud market, with Alibaba Cloud's revenue growth accelerating from 3% to 18% [5]. - AI-related product revenue for Alibaba has seen triple-digit growth for seven consecutive quarters, significantly boosting cloud computing demand [5]. - Tencent's AI strategy is more consumer-oriented, with applications like "Yuanbao" rapidly increasing user engagement, achieving over 20 times daily active user growth in a short period [6]. Group 3: Market Trends and Future Outlook - Both companies are experiencing a surge in AI-related applications across various industries, with Alibaba collaborating with major clients like BMW and China Unicom for AI initiatives [6]. - Tencent's AI-driven marketing services have improved advertising precision, leading to a 20% year-on-year increase in marketing service revenue [6]. - The article suggests that the ongoing investments in AI by both companies are not just short-term strategies but are expected to yield significant long-term returns, positioning them for leadership in the next decade [12].

截至二零二五年三月三十一日止三個月 業績公佈 董事會欣然宣佈本集團藏至二零二五年三月三十一日止三個月的未經審核綜合業績。 本集團中期財務資料已經由核數師根據國際審計和核證準則理事會發佈的國際審閱業 務準則第2410號「由質體的獨立核數師審閱中期財務資料」審聞,並經審核委員會審 間。 財務表現摘要 财报显示，一季度，得益于《PUBG MOBILE》和Supercell游戏的表现出色，国际市场游戏收入同比增 长23%至166亿元，连续三个季度刷新历史高点。近期国家层面积极鼓励国内游戏厂商开发精品游戏"走 出去"，根据国务院批复的《加快推进服务业扩大开放综合试点工作方案》，提到要发展游戏出海业 务，布局从IP打造到游戏制作、发行、海外运营的产业链条。腾讯本土市场游戏收入429亿元，较去年 同期的低基数同比增长24%，得益于《王者荣耀》与《和平精英》的收入增长，以及近期发布的《地下 城与勇士：起源》与《三角洲行动》的收入贡献。 lencent 腾讯 TENCENT HOLDINGS LIMITED 騰 訊 控 股 有 限 公 司 (於開曼群島註冊成立的有限公司) (股份代號：700(港幣櫃台)及 80700(人民幣櫃 ...

Core Viewpoint - Recently, Softcom Power Information Technology (Group) Co., Ltd. announced plans to raise no more than 3.378 billion yuan through a private placement of shares, aimed at funding projects such as the Beijing-Tianjin-Hebei Soft Communication Intelligent Manufacturing Base and the AIPC Intelligent Manufacturing Base, to advance its "integrated software and hardware, full-stack intelligence" strategy [1][12]. Company Overview - Softcom Power is a leading domestic software and information technology service provider, primarily offering end-to-end software and digital technology services, as well as digital operation services [3]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on March 15, 2022, raising a total of 4.630 billion yuan, with a net amount of 4.342 billion yuan after deducting issuance costs, mainly for delivery center construction, industry digital transformation, and R&D center projects [3]. Business Segments - The company's business is categorized into four main sectors: high technology and manufacturing, communication equipment, internet and operators, and financial technology [3]. - In the internet sector, Softcom Power serves as a core IT service supplier for major internet companies such as Alibaba, Tencent, Baidu, and ByteDance [3]. Strategic Partnerships - Softcom Power is considered a "Huawei concept stock," having deep collaborations with Huawei in areas such as HarmonyOS, Kunpeng, and Ascend [4]. - The company has been a core strategic partner of Huawei Cloud and one of the first collaborators on Huawei Cloud's Pangu large model, launching industry solutions for model inference [4]. Client Dependency and Revenue - Post-IPO, the company no longer discloses major client names, but the largest client contributed 41.79% and 36.61% of revenue in 2022 and 2023, respectively [5]. - The company has been diversifying its client base by expanding into finance, automotive, and energy sectors, reducing reliance on a single client, with the largest client's revenue contribution expected to drop to 25.38% in 2024 [5][6]. Financial Performance - For the fiscal year ending December 31, 2024, the company reported operating revenue of 31.316 billion yuan, a year-on-year increase of 78.13%, but net profit attributable to shareholders fell by 66.29% to 180 million yuan, indicating a situation of revenue growth without profit growth [7]. - The company's main revenue sources are software and digital technology services, contributing 18.12 billion yuan (57.86%) and computing products and intelligent electronics, contributing 12.92 billion yuan (41.26%) [9]. Profitability Concerns - The company's gross profit margin has been declining for four consecutive years, dropping from 27.22% in 2020 to 12.46% in 2024 [9]. Fundraising and Shareholder Actions - The planned private placement will involve issuing shares to no more than 35 specific investors, with 1.378 billion yuan allocated for the Beijing-Tianjin-Hebei Soft Communication Intelligent Manufacturing Base, 1.175 billion yuan for the AIPC Intelligent Manufacturing Base, 663 million yuan for the Huailai Intelligent Computing Center, and 160 million yuan for intelligent upgrades of computer workshops [12]. - Concurrently, a major shareholder, CEL Bravo Limited, announced plans to reduce its stake by 1%, potentially raising around 300 million yuan, which has led to speculation about shareholder disagreements [12].

这一趋势表明，尽管部分国际投资者仍持谨慎态度，但中国股市的结构性机会正吸引资金回流，尤其是受政策利好和估值修 复驱动的行业。 一、亚洲 / 全球 / 新兴市场授权基金观点分歧 国际投资者在 2025 年第一季度将其对中国股票的低配头寸从 - 1.9% 降至 - 1.5%，这可能是受到 DeepSeek 发布的提振。 有趣的是，亚洲授权基金转为超配(此前为低配)，全球基金降低了其低配程度，而新兴市场基金在 2024 年第四季度维持了与 此前类似的低配水平。 对于全球前 40 大投资者而言，他们在本季度的中国股票持仓也增加了 15 个基点，达到 1.05%，为 2023 年第三季度以来的 最高水平。 智通财经APP获悉，2025年第一季度，国际投资者对中国股票的低配程度有所缓解，整体低配头寸从-1.9%收窄至-1.5%，显 示部分资金回流。其中，亚洲基金转为超配，而全球和新兴市场基金仍保持低配，但减持幅度减小。与此同时，南向资金创 纪录流入（560亿美元），主要投向互联网、金融和科技板块，推动H股表现优于A股。行业层面，外资增持汽车、医疗保健 和房地产，而减持可再生能源及防御性板块，反映市场对经济复苏和政策支持的 ...

阿里、腾讯2大互联网巨头即将在香港证券领域展开PK。 阿里系公司拟收购香港本土上市券商 耀才证券。一旦收购完成，腾讯控股的 富途控股将面临正面竞争。 业内认为， 阿里系、腾讯系 公司 正面交锋，有望 加速香港证券业的发展， 将为本地乃至全球投资者创造更多价值，更多国际资本有望流入香港市场。 // 耀才证券大涨 81%， 富途控股跌超 6% // 4 月 28 日，港股耀才证券金融（简称 " 耀才证券 " ）一度涨超 96% ，收盘涨超 81% 。 （图片来自W ind金融终端APP ） 同一天，腾讯控股旗下富途控股下跌 6.43% ，报收 87.85 美元。 | 富途控股 < W | | | | --- | --- | --- | | FUTU.O | | | | 87 850 量 503.6万 股本 11.13亿 市盈 17.4 万得 | | | | 盘口 -6.040 -6.43% 换 5.32% 市值1 122亿 市净 3.39 | | | | 盘前 84.830 -3.020 -3.44% 美东 08:30 √ | | | | 电影 盘中▼ 五目 日K 周K | | | | 营加 均价:85.246 ...

Group 1: Smartphone Market - Xiaomi has regained the top position in the Chinese smartphone market after ten years, with a shipment of 13.3 million units and a market share of 18.6%, representing a year-on-year growth of 39.9% [2] - Huawei shipped 11.2 million units with a market share of 15.7%, showing a year-on-year increase of 10% [2] - Apple experienced a decline, shipping 9.8 million units and a market share of 13.7%, down 10% year-on-year [2] Group 2: Corporate Developments - Apple is restructuring its teams, moving its robotics team to the hardware department, indicating dissatisfaction with its AI and machine learning leadership [3] - Cyberspace Group has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors being CICC and China Galaxy International [4] - Warner Pharmaceuticals has received approval for its bismuth potassium citrate granules, which will enhance its market competitiveness [12] Group 3: Financial Performance - CICC reported a net profit of 2.042 billion yuan for Q1, a year-on-year increase of 64.85%, with revenues of 5.721 billion yuan, up 47.69% [9] - WuXi AppTec achieved a net profit of 3.672 billion yuan in Q1, marking a year-on-year growth of over 89% [10] - Shanghai Pharmaceuticals reported a net profit of 1.333 billion yuan in Q1, down 13.56% year-on-year [11] Group 4: Consumer Goods - Lao Feng Xiang reported a net profit of 613 million yuan in Q1, a decrease of 23.55% year-on-year, with revenues of 17.521 billion yuan, down 31.64% [13] - Three squirrels reported a net profit of 239 million yuan in Q1, a decline of 22.46% year-on-year, with revenues of 3.723 billion yuan, up 2.13% [16] Group 5: New Initiatives - China Petroleum & Chemical Corporation has commenced construction on a 30,000-ton carbon fiber project, expected to be completed by 2027, supporting the new materials industry [22][23] - ZTE is entering the companion robot market, planning to launch products focused on security monitoring and emotional companionship [6] Group 6: Market Trends - TikTok is implementing new regulations to combat malicious marketing accounts, introducing a health score mechanism for accounts [8] - The dining reservation volume for the upcoming holiday has surged, with Haidilao receiving over 25,000 reservations for the first day of the holiday [15]

Industry Overview - The family internet industry is evolving towards wireless, networked, and intelligent directions, driven by advancements in IoT, cloud computing, big data, and artificial intelligence [1][13] - The market size of China's family internet industry is projected to reach 11.82 billion yuan in 2024, representing a year-on-year growth of 4.88% [1][13] Industry Development History - The development of China's family internet industry has gone through four stages: 1. The embryonic stage (1994-2000) with the introduction of home PCs and slow internet access [4] 2. The exploratory stage (2001-2010) marked by the transition to broadband and the rise of e-commerce [4] 3. The growth stage (2011-2020) characterized by the proliferation of smartphones and smart home devices [4] 4. The maturity stage (2021-present) where full-home smart concepts and AI assistants have become prevalent [5][6] Industry Value Chain - The upstream of the family internet industry includes technology and device layers, with the technology layer encompassing IoT, cloud computing, AI, and big data [8] - The midstream involves the manufacturing and system integration of family internet devices, while the downstream applications include home entertainment, security monitoring, energy management, and telemedicine [8] Key Companies and Performance - Major players in the family internet industry include telecom operators, internet service providers, device manufacturers, and content providers [15] - China Mobile, China Telecom, and China Unicom dominate the market with over 5.5 billion broadband users and nearly 1 billion mobile users combined [15][17] - China Mobile's revenue is projected to reach 1.04 trillion yuan in 2024, with a net profit of 138.37 billion yuan, reflecting a year-on-year growth of 3.12% and 5.01% respectively [17] - Tencent's total revenue is expected to be 660.3 billion yuan in 2024, with a net profit of 349.2 billion yuan, showing a year-on-year increase of 8.42% and 19.14% respectively [19] Industry Development Trends - Technological innovation is driving the intelligent upgrade of the family internet industry, with a focus on creating integrated living scenarios that enhance quality of life [21] - The application scenarios of family internet are expanding to include health care, education, and community services, promoting cross-industry collaboration [22][23] - Standardization and interoperability are being prioritized to address compatibility issues among different brands and devices, fostering a healthier market development [24]

Group 1 - The report analyzes Trump's "tariff war" as a strategic maneuver that significantly impacts the global economic landscape, particularly affecting China and the U.S. economy [1][16] - Trump's psychological bottom line includes a 10% baseline tariff on global imports, protective tariffs on key industries like automobiles, and a focus on curbing China's rise while integrating North America [3][20] - The report highlights that Trump's unpredictable behavior serves as a strategy to maintain negotiation leverage, creating uncertainty for other economies [4][22] Group 2 - Different economies respond variably to the U.S. tariff war, categorized into resistance and concession, with China and Canada showing strong resistance while others like Mexico and Vietnam are forced to concede [6][26] - China is identified as the most resolute in its countermeasures against U.S. tariffs, demonstrating both capability and determination to retaliate effectively [27][28] - The report suggests that Canada has effectively countered U.S. tariffs due to its economic ties with the U.S., while Mexico's response has been more subdued due to its dependent economic status [35][36] Group 3 - The report emphasizes the need for China to build alliances and expand its market presence to enhance its negotiating power against the U.S. [10][30] - It discusses the potential for China to fill the market void left by the U.S. as it adopts a more isolationist trade policy, positioning itself as a global consumer market leader [10][31] - The analysis concludes that the ongoing tariff situation is unsustainable for the U.S., with potential adjustments in tariff rates likely as negotiations progress [31][32]

Short Video Sector - The competitive landscape of short video platforms has evolved from a "duopoly" to a "tripod" structure, with Douyin maintaining over 600 million daily active users, and Kuaishou achieving an average of 685 million monthly active users and 387 million daily active users, both reaching new highs [1][4] - WeChat Video Account has become a significant player in the short video market, integrating various features such as messaging, Moments, public accounts, mini-programs, and "Look" [1] - Other short video platforms like CCTV Video, Xigua Video, Tencent Weishi, and Haokan Video are carving out niches with average monthly active users ranging from 100 million to 300 million [1] Long Video Sector - In the long video sector, major platforms such as iQIYI, Tencent Video, Mango TV, Youku, Bilibili, and Migu Video account for nearly 93% of the market penetration [7] - As of August 2024, the top five video apps by monthly active users are iQIYI (394 million), Tencent Video (386 million), Mango TV (268 million), Bilibili (219 million), and Youku (199 million), with Youku lagging significantly behind the top three [10] Live Streaming Sector - The live streaming market is dominated by platforms like Douyu, Huya, and YY, which collectively hold a market share of 74.2%, indicating a strong concentration of users in entertainment and gaming live streaming [11] Gaming Sector - In the gaming industry, Tencent Games leads with a revenue of 48.505 billion yuan in the first half of 2024, followed by NetEase with 20.9 billion yuan in revenue for the first three quarters of 2024 [14][15]