Core Points - The company will hold its 2024 Annual General Meeting on May 23, 2025, at 14:00, at the Suzhou Shangri-La Hotel [4][5] - The meeting will include discussions on the board's work report, independent directors' reports, and financial statements [20][21][22] - The company reported a total asset of 3.2 billion yuan and a net loss of 180.59 million yuan for 2024, with a revenue increase of 27.78% compared to the previous year [8][22] Meeting Procedures - Only shareholders, directors, senior management, and authorized representatives will be allowed to attend the meeting [1][2] - Attendees must arrive 30 minutes early for registration and present necessary identification [2][3] - Voting will be conducted through both on-site and online methods, with results announced immediately after [3][4] Financial Performance - The company achieved a revenue of 574.20 million yuan in 2024, a 27.78% increase from 2023 [22] - The net profit for 2024 was -180.59 million yuan, widening the loss by 7.02% compared to the previous year [8][22] - Research and development expenses increased by 13.99% to 323.03 million yuan, reflecting the company's commitment to innovation [22][23] Strategic Focus - The company aims to develop its proprietary chip business, particularly in automotive electronics and information security [14][16] - Emphasis will be placed on advancing AI technology and quantum security technology to enhance product offerings [18][19] - The company plans to leverage its RISC-V architecture to create competitive embedded CPU products [18][19] Governance and Compliance - The board of directors held eight meetings in 2024, ensuring compliance with legal and regulatory requirements [9][12] - Independent directors provided valuable insights and maintained objectivity in decision-making [12][21] - The company will not distribute profits for 2024 due to a net loss, prioritizing financial stability and future growth [28]

Group 1 - The core viewpoint of the article highlights the intensifying competition between China and the United States in the field of quantum computing, exacerbated by the decoupling of technology between the two nations [3]. - 2025 marks the 100th anniversary of quantum mechanics, which has been recognized by the United Nations as the "International Year of Quantum Science and Technology (IYQ)," aimed at promoting the practical application of quantum technologies through global events [4]. - Quantum computing is identified as a representative of the next-generation technology that is expected to become practical, following the foundational work established by physicists in 1925 [4].

卡塔尔（达成1.2万亿美元经济承诺，与卡塔尔的交易总额超2430亿美元）： 1. 卡塔尔将购买多达210架波音787梦想客机和777X飞机，飞机装配通用电气航空的发动机，总额达960 亿美元。这是波音有史以来最大的宽体飞机订单和最大的787飞机订单，协议预计将每年为美国提供 15.4万个就业岗位。 2. 麦克德莫特（McDermott）获85亿美元合同，与卡塔尔能源公司合作，推进7个液化天然气项目。作 为卡塔尔主要液化天然气扩张海上组件的唯一供应商，协议直接支持数千个美国能源部门的工作岗位。 3. 帕森斯（Parsons）赢得30个高端工程项目，总值高达970亿美元，这将支持数千个美国工程类岗位， 强化美国在创新工程领域的领导力。 金十数据整理：特朗普中东之行狂"吸金"，行程过半之际主要成果有哪些？ 沙特阿拉伯（获6000亿美元投资，未来有望扩大到1万亿美元）： 1. 签署近1420亿美元的国防协议，涵盖5个领域：空军升级与太空能力建设、防空及导弹防御系统、海 上与海岸安全体系、边境安全及陆军现代化改造、信息与通信系统升级。此外，计划还包括广泛的培训 和支持，以增强沙特武装部队的能力。 2. 沙特阿美CEO： ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 2.526 billion yuan, a year-on-year increase of 12.88% [9] - The net profit for 2024 was 85.55 million yuan, with a year-on-year growth of 262.69% [9] - The cash flow from operating activities improved significantly, reaching 30.61 million yuan, an increase of 106.44% year-on-year [16] Group 2: Revenue Breakdown - In 2024, domestic revenue was 2.006 billion yuan, accounting for 79.42% of total revenue, with a year-on-year growth of 7.21% [4] - Overseas revenue reached 520 million yuan, representing a year-on-year increase of 41.85% [4] - The aluminum template and protective platform business generated 1.638 billion yuan, accounting for 64.83% of total revenue, with a growth of 3.95% [2] Group 3: R&D and Innovation - The company plans to increase R&D investment in new materials and technologies, focusing on aluminum alloy template systems and AI applications [2] - The company has developed a digital transformation strategy, including a comprehensive digital operation decision-making system and smart manufacturing systems [17] - The R&D team is recognized as a "National High-tech Enterprise," emphasizing its capability in providing integrated solutions for construction formwork systems [8] Group 4: Market Expansion Strategy - The company aims to achieve 1 billion yuan in overseas revenue by 2025, with a focus on Southeast Asia and the Middle East [13] - The marketing strategy will target first and second-tier cities in China, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area and Yangtze River Delta [14] - The company is actively exploring new markets in line with the "Belt and Road" initiative, enhancing its international presence [10] Group 5: Shareholder Returns - The profit distribution plan includes a cash dividend of 1 yuan per 10 shares and a stock bonus of 4 shares per 10 shares [3] - The company has completed its share repurchase plan, acquiring 5,027,700 shares, which is 2.0399% of the total share capital [6]

Core Insights - A research team led by Princeton University has observed an unusual chiral quantum state in a topological material known as KV3Sb5, using a newly developed scanning photocurrent microscope [1] - This discovery addresses a long-standing debate regarding the spontaneous formation of chiral quantum states in topological materials and provides crucial insights for the development of future quantum technologies [1] Summary by Categories Research Findings - The study published in the journal Nature Communications highlights the direct observation of a chiral symmetry breaking phenomenon hidden behind charge density waves in KV3Sb5 [1] Implications for Quantum Technology - The findings are significant as they offer key clues for the advancement of new quantum technologies, potentially influencing future research and applications in the field [1]

此文为融中特别策划·《投资人:快答2025》系列报道第十六篇。 2025年，全球科技与产业格局正在经历一场深刻的变革。从人工智能的垂直突破到量子技术的悄然崛起，从制造 业的智能化升级到生物制造的未来图景，每一个领域都在孕育着新的机会与挑战。作为投资人，如何在不确定性 中捕捉确定性？如何在激烈的竞争中找到下一个爆发点？联想之星王明耀的思考为我们提供了一份清晰的路线 图。 政府资金的深度介入正在重塑创投生态。过去两年，政府引导基金成为科技项目的重要资金来源，地方产业链的 争夺战愈演愈烈。各地政府不再满足于简单的招商引资，而是试图通过打造产业闭环，形成区域竞争优势。这种 变化不仅为创业者提供了更多资源，也让投资机构在募资和退出策略上有了新的思路。从S基金到并购市场，退 出路径的多元化正在打破IPO的单一依赖。 与此同时，新一代创业者正在崛起。他们不仅拥有过硬的技术背景，还具备强大的学习能力和资源整合能力。在 制造业升级、新能源、新材料、创新药等赛道上，这些创业者正在用硬核技术和商业化能力撕开市场裂缝。而文 化自信的回归，也让哪吒、黑悟空等中国元素成为新的投资热点。 前言： 2025年，以一副猝不及防的形态出现，国防 ...

Group 1 - The core viewpoint of the article highlights the successful issuance of the first batch of 36 technology innovation bonds in the national bond market, with Muyuan Foods Co., Ltd. being one of the first issuers [1] - Muyuan Foods issued technology innovation bonds with a scale of 300 million yuan, a term of 270 days, and a coupon rate of 1.95%, marking the first issuance of "technology board" bonds in the province [1] - The "technology board" in the bond market aims to provide more financing channels for financial institutions, technology enterprises, and equity investment institutions, focusing on supporting key technology industries such as artificial intelligence, big data, quantum technology, and biotechnology [1] Group 2 - The People's Bank of China, Henan Branch, plans to implement actions to enhance the quality and quantity of bond financing in the province, prioritizing technology enterprises and equity investment institutions that meet policy conditions for inclusion in a "white list" for the "technology board" [2] - Financial institutions will be organized to provide regular bond issuance guidance, and relevant departments will be encouraged to offer risk-sharing and credit enhancement support [2]

Core Viewpoint - Guoxin Technology aims to focus on two main directions: trusted computing and information security, as well as automotive electronics and industrial control by 2025, while integrating AI and quantum technologies into its product offerings [1] Financial Performance - In 2024, Guoxin Technology achieved revenue of 574 million yuan, a year-on-year increase of 27.78%, but reported a net loss of 181 million yuan attributable to shareholders [1] - For Q1 2025, the company reported revenue of 87.27 million yuan, with a net loss of 34.75 million yuan, primarily due to extended production cycles for custom chips [3] Business Segments - The trusted computing and information security segment generated revenue of 140 million yuan, a decrease of 3.9% year-on-year [1] - The automotive electronics segment saw significant growth, with revenue of 75.78 million yuan, an increase of 87.17% year-on-year [1] - The industrial control chip segment reported revenue of 17.58 million yuan, a decrease of 47.47% year-on-year [1] - AI and advanced computing services generated revenue of 341 million yuan, an increase of 48.41% year-on-year, driven by custom chip services [1] Product Development - In the automotive electronics sector, Guoxin Technology has achieved full series coverage of automotive MCU and DSP chip product lines, enhancing competitiveness [2] - The company launched new high-end MCU chips suitable for advanced driver-assistance systems (ADAS) and is expanding its market presence among major automotive manufacturers [2] - In the quantum security chip field, Guoxin Technology has developed leading domestic quantum security chips and modules, which are already in limited use by clients [3] Strategic Focus - Guoxin Technology plans to reduce unnecessary expenses, optimize personnel structure, and enhance production cost control to improve efficiency [3] - The company aims to drive growth through a dual strategy of self-developed chips and custom chip services, with a focus on edge AI technology and quantum security solutions [3]

Core Viewpoint - The Chinese government is introducing a comprehensive financial policy package aimed at stabilizing the market and expectations, including a new relending tool for service consumption and elderly care [1][3]. Group 1: Service Consumption and Elderly Care Relending - The People's Bank of China has established a relending tool for service consumption and elderly care with a total quota of 500 billion yuan, aimed at encouraging commercial banks to increase credit support for these sectors [1][3]. - This new policy tool expands and upgrades the previous inclusive elderly care relending policy, which had a quota of 40 billion yuan and was initially piloted before being rolled out nationwide [3]. Group 2: Impact of New Policy Tool - Experts believe this initiative will invigorate the service consumption and elderly care markets, enhancing domestic service consumption potential and supporting the development of the elderly care industry [3]. - The policy is expected to stimulate both the supply and demand sides of service consumption, ultimately releasing residents' consumption potential over a longer term [3]. Group 3: Insurance Company Investment Regulation - The Financial Regulatory Administration has announced a 10% reduction in the risk factor for insurance companies' solvency regulations regarding stock investments, encouraging them to increase their market participation [4][6]. - The previous adjustment in September 2023 saw the risk factor for investments in the CSI 300 index drop from 0.35 to 0.3, and for stocks listed on the Sci-Tech Innovation Board from 0.45 to 0.4 [6]. Group 4: Bond Market "Technology Board" - The bond market "Technology Board" will focus on financing support for key technology industries such as artificial intelligence, big data, integrated circuits, and biotechnology, aligning with national technology strategies [9]. - The design of the "Technology Board" includes targeted arrangements for the issuance process to meet the needs of issuers, aiming to enhance market investment enthusiasm [11]. - Financial institutions and asset management companies are encouraged to actively participate in investments related to technology innovation bonds, with plans to create indices linked to these bonds to broaden the investor base [11].

全球军贸交易需求保持活跃，欧洲主流防务企业新增订单及积压订单均创新高，欧盟产能优先供给自身需求的背 景下，类比俄乌冲突后俄罗斯武器装备出口出现的空缺，#原采购欧盟防务产品的国家的军贸需求有望显著外溢。 #军贸推动企业穿越价格及需求周期，重视本轮我国军工企业内外需双轮驱动的#产能价值重估。 【广发军工|新专题】欧盟自主化战略下，＃军贸价值链迁移与产能价值重估的思考 现象：部分#海外军工股近期股价表现亮眼，被动加费到主动武装，当前欧洲核心在于#建设自主化的国防体制， 提出到2030年，成员国在EDTIB的国防装备采购达到50%，欧盟内部国防贸易额至少占欧盟国防市场份额的35%。 #欧防务企业订单饱满、产能紧张，全球军贸需求外溢可期。 全球军贸交易需求保持活跃，欧洲主流防务企业新 【广发军工|新专题】欧盟自主化战略下，＃军贸价值链迁移与产能价值重估的思考 现象：部分#海外军工股近期股价表现亮眼，被动加费到主动武装，当前欧洲核心在于#建设自主化的国防体制， 提出到2030年，成员国在EDTIB的国防装备采购达到50%，欧盟内部国防贸易额至少占欧盟国防市场份额的35%。 #欧防务企业订单饱满、产能紧张，全球军贸需求外溢 ...