中国香港、美国通过了稳定币相关法案，欧盟、新加坡、英国则将稳定币纳入监管。一些科技公司和传 统金融机构也纷纷表态，备战稳定币。 稳定币中相较于国外某些没有底层资产作为价值支撑的空气币，RWA（真实世界资产）形式的稳定币 更符合未来发展方向。RWA需要通过区块链技术将现实中的实体资产，如房产、设备、新能源设施、 数据、知识产权、应收账款、艺术品等，转化映射为链上可交易的加密货币。目前，这个以实体资产与 数字经济融合的号角正以重塑全球资产配置格局的形式在全球吹响。 随着稳定币相关的利好一浪高过一浪，A股中相关企业的股价也"连根拔起"率先高走，企业也陆续表态 稳定币业务进展。其中，浙文互联（600986.SH）上个月加码了稳定币产业，增资浙江文化产权交易 所，持股比例提升至12.37%。目前A股市场中，"蹭"稳定币概念的企业占据多数，真正涉及稳定币产业 链的企业屈指可数。浙文互联的此次举动是否真的迈入了稳定币核心区？ 战略卡位RWA生态 浙文互联本身是致力于通过数据和技术驱动流量运营，为客户提供智能营销解决方案的企业。所以此次 对于浙江文化产权交易所的增资行为，对于浙文互联而言是抢占RWA生态合作战略要地的关键一步 ...

Core Viewpoint - The company, Lianhua Holdings, is responding to an inquiry from the Shanghai Stock Exchange regarding the sustainability and profitability of its computing power service business, which has shown high gross margins but incurred losses in 2024 [1][2]. Financial Performance - In 2024, the computing power service business generated revenue of 80.64 million yuan, with a gross margin of 42.45%, but reported a net loss of 14.56 million yuan [1][2]. - The breakdown of costs includes operating costs of 46.41 million yuan (57.55% of revenue), financial expenses of 26.13 million yuan (32.40%), and asset impairment losses of 11.26 million yuan (13.96%) [1][2]. Investment Recovery - The company has invested a total of 637.92 million yuan in fixed assets for its computing power services, with an expected cash inflow of 610.33 million yuan over the next five years, resulting in an estimated investment recovery period of approximately 4.86 years [2][5]. Financing and Costs - The computing power business primarily relies on external financing, with total borrowings of 509.38 million yuan as of the end of 2024, leading to significant interest expenses that impacted profitability [1][2]. - The average capital cost for the company is calculated at 5.13%, with interest expenses for the computing power business amounting to 26.28 million yuan, which is 180.53% of the net profit [5][6]. Client and Supplier Relationships - The company disclosed its top ten clients for the computing power service, detailing contract amounts, revenue recognition, and payment statuses, indicating a diverse client base [6][7]. - There are no significant related party transactions or conflicts of interest identified between the company and its clients or suppliers, ensuring the integrity of business operations [6][7]. Asset Impairment - The company recognized an asset impairment loss of 11.26 million yuan due to market price fluctuations affecting the value of its computing power equipment, which is a significant factor contributing to the overall losses [2][5].

Core Viewpoint - The company, Jiangsu Litong Electronics Co., Ltd., has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, highlighting significant fluctuations in revenue and profit margins across its business segments, particularly in the precision metal stamping and computing power sectors [1][2]. Financial Performance - In 2023, the company achieved revenue of 1.893 billion yuan, which decreased by 6.53% year-on-year, while in 2024, revenue rose to 2.248 billion yuan, marking an 18.72% increase. However, the net profit attributable to shareholders dropped significantly from 20.38 million yuan in 2023 to 5.89 million yuan in 2024, reflecting declines of 41.94% and 71.10% respectively [1][2]. - The computing power business generated revenue of 455.197 million yuan in 2024, a staggering increase of 3817% compared to 11.621 million yuan in 2023, with a gross margin of 53.42%, up by 9.39 percentage points [12][16]. Business Segments Analysis - The precision metal stamping segment saw a decline in both revenue and gross margin, with the gross margin dropping from 14.84% in 2023 to 8.58% in 2024, attributed to increased costs and competitive pricing pressures in the television market [6][9]. - The computing power segment benefited from early market entry and strategic partnerships with major players like NVIDIA, leading to a robust growth trajectory in revenue and maintaining a high gross margin [3][4]. Market Conditions - The Chinese intelligent computing power market is projected to maintain a compound annual growth rate of over 60% from 2020 to 2024, with AI computing power reaching 725.3 billion EFLOPS in 2024, a 74.10% increase year-on-year [2][3]. - The television market in China experienced a retail volume decline of 1.80% in 2024, despite a 15.70% increase in retail sales value, indicating a shift towards larger screen sizes and advanced technologies [6][7]. Competitive Landscape - The company’s computing power revenue and gross margin are competitive within the industry, with peers also experiencing significant growth due to the AI boom. For instance, comparable companies reported substantial increases in their computing power revenues [4][5]. - The company’s gross margin in the computing power sector is positioned at a mid-level compared to peers, influenced by the structure of its computing power business and the types of servers utilized [5][6]. Operational Adjustments - The company is actively managing costs and reducing low-margin orders in response to declining profitability in its manufacturing segment, particularly in the precision metal stamping business [10][11]. - The company has implemented measures to enhance operational efficiency, including cost control and waste reduction strategies, particularly in its overseas production facilities [11][12].

Core Viewpoint - The A-share computing hardware sector is experiencing strong performance, driven by the rapid development of artificial intelligence technology and positive market expectations from overseas markets like Nvidia [1][2]. Group 1: Market Performance - The A-share computing hardware sector has shown robust performance, with companies like Huadian and Jingwang Electronics reaching historical highs [1]. - Yihua New Materials' stock surged over 10%, while Jin'an Guoji successfully hit the daily limit [1]. - Several other stocks, including Aoshikang and Dongcai Technology, also recorded gains exceeding 5% [1]. Group 2: Industry Drivers - The computing hardware industry is benefiting from the rapid growth of AI technology, with PCB playing a crucial role in AI servers and high-performance computing systems [1]. - The demand for high-end PCBs is surging, leading to increased demand for upstream high-end materials, creating a supply-demand imbalance [1]. Group 3: Supply Chain Dynamics - There is a growing scarcity of high-layer and high-density interconnect (HDI) capacity, as well as a shortage of high-end material supply in the industry chain [1]. - This supply-demand imbalance presents opportunities for related companies to achieve explosive growth in performance [1]. Group 4: Infrastructure Demand - The demand for computing infrastructure is continuously increasing, with leading domestic and international manufacturers ramping up efforts to meet the surging demand for computing power [2]. - The ASIC market's growth expectations are being continuously revised upward, supporting the high prosperity of the PCB industry chain [2].

Group 1 - The concept of computing power leasing has experienced a rebound, with Data Port hitting the daily limit up [1] - Other companies in the sector, such as Nanling Technology, Runze Technology, Aofei Data, Guanghuan Xinwang, and Hanggang Co., have all seen their stock prices increase by over 5% [1]

沐曦股份 20250701 摘要 沐曦公司产品线覆盖低端到高端，包括元版本 C7,000、智算系列和希 云 G100 系列，主要以模组、板卡形式出货，少量服务器。C 系列 GPU 以训推一体为主，适用于 AI 推理和中小型模型训练，采用自主研发 Link 协议和国产供应链。 沐曦 C6,000 已基于国产供应链完成流片，性能包括 FP8 指令兼容性、 多精度混合计算、HBM3E 显存及卡间高速互联，构建自主软件站平台 MC MAC，兼容约 6,000 个 CUDA 算子，易用性强。 截至 2025 年 6 月末，沐曦累计销售 25,000 颗 GPU 芯片，2024 年收 入 7 亿元，主要来自训推一体卡，另有 2 亿元来自服务器。2025 年第 一季度收入保持高增速，97.5%来自训推一体 GPU 板卡，分销模式占 比持续提升。 沐曦 2024 年毛利率为 53.4%，2025 年一季度为 55.3%，接近寒武纪 但低于海光信息。IP 授权业务毛利率高达 100%，但公司总体毛利率受 训推一体 GPU 板卡影响。 Q&A 沐曦公司目前的主要业务和产品布局是怎样的？ 沐曦公司主要围绕 GPU 产业进行布局，其 ...

| 国泰海通证券股份有限公司关于江苏迈信林航空科技股份有限 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司 2024 年年度报告的信息披露监管问询函的核查意见 | | | | | | | | | | | | | | 上海证券交易所： | | | | | | | | | | | | | | 根据贵所《关于对江苏迈信林航空科技股份有限公司 2024 年年度报告的信 | | | | | | | | | | | | | | 息披露监管问询函》（上证科创公函【2025】0173 号，以下简称"问询函"）的要 | | | | | | | | | | | | | | 求，国泰海通证券股份有限公司（以下简称"国泰海通"或"持续督导机构"）作为 | | | | | | | | | | | | | | 江苏迈信林航空科技股份有限公司（以下简称"迈信林"或"公司"）的持续督导机 | | | | | | | | | | | | | | 构，对迈信林就问询函相关问 ...

每周日至每周四推送股市重大公告！内容包含"停复牌、增减持、投资中标、收购、业绩、解禁、高送 转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前寻找到投资热点，防范 各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①稳定币+区块链+移动支付+国企改革！这家公司部分技术可应用于稳定币领域；②军工信息化+算力租 赁+国产芯片+区块链+无人机+华为！这家公司多年来为国防军工提供定制和配套信息化和智能化相关嵌 入式产品与服务；③脑机接口+人形机器人+无人驾驶+多模态AI！公司获得脑机接口数百万元的订单，签 订人形机器人产品销售框架合同。 前言 ...

重要的消息有哪些 3．6月30日，深交所发布《深圳证券交易所股票发行上市审核业务指引第8号——轻资产、高研发投入 认定标准》（以下简称《指引》），自发布之日起施行。指引根据创业板上市公司成长性、创新性特点 明确了创业板"轻资产、高研发投入"的认定标准，有助于创业板更好服务科技创新和新质生产力发展。 4．财政部、税务总局、商务部发布关于境外投资者以分配利润直接投资税收抵免政策的公告，境外投 资者以中国境内居民企业分配的利润，在2025年1月1日至2028年12月31日期间用于境内直接投资符合条 件的，可按照投资额的10%抵免境外投资者当年的应纳税额，当年不足抵免的准予向以后结转。中华人 民共和国政府同外国政府订立的税收协定中关于股息、红利等权益性投资收益适用税率低于10%的，按 照协定税率执行。 5．6月30日，国家统计局服务业调查中心和中国物流与采购联合会发布数据显示，6月份制造业采购经 理指数（制造业PMI）、非制造业商务活动指数和综合PMI产出指数均有所回升，分别为49.7%、50.5% 和50.7%，经济景气水平总体保持扩张。 7月1日（周二）申购提示 新股方面，同宇新材申购代码301630，发行价84 ...

奥瑞德（600666）发布股票交易异常波动公告，公司向客户提供算力租赁服务，收取算力租赁服务费。 该业务需进行重资产投入，投资金额较大，后续经营过程中算力租赁服务价格可能受宏观经济及行业政 策变化、技术迭代、市场竞争等多重不确定因素影响而发生波动，业绩存在重大不确定性。 ...