Group 1 - The Guangdong Provincial Government will host the "2025 China (Guangdong) - ASEAN Trade Promotion and Supply Chain Cooperation Mechanism Construction Exchange Conference" on June 10, 2025, in Guangzhou, with an expected attendance of approximately 600 participants, marking it as one of the highest-level international conferences between Guangdong and ASEAN in recent years [1] - The Guangdong Provincial Council for the Promotion of International Trade has launched the "Yue Lian ASEAN" WeChat mini-program to provide a "one-stop" service for enterprises looking to enter ASEAN markets, facilitating trade and supply chain cooperation information exchange [2] - The conference will announce the establishment of five supply chain cooperation alliances focusing on advanced manufacturing, green agriculture, and international trade chains, aiming for precise industry segmentation and collaboration [2] Group 2 - The conference will officially release the "RCEP Country Investment Legal Guide" series, including editions for Indonesia, Thailand, and Vietnam, aimed at helping enterprises navigate legal barriers when expanding into ASEAN markets [3] - Each country's investment legal guide will cover the entire process and key regulations related to overseas investment, including compliance guidelines, foreign investment admission rules, and dispute resolution mechanisms [3] Group 3 - A parallel meeting, the "China (Guangdong) - ASEAN Cross-Border E-Commerce Cooperation Exchange Conference," will focus on enhancing cooperation in digital economy, cross-border e-commerce platforms, logistics, and supply chains [4] - The conference will initiate the "China (Guangdong) - ASEAN Cross-Border E-Commerce Strategic Cooperation Launch Action," collaborating with various ASEAN e-commerce associations to build a cooperative ecosystem to address global e-commerce market challenges [4]

Group 1 - The core viewpoint emphasizes the importance of a collaborative approach in intellectual property (IP) management to effectively address challenges and enhance innovation [1][2][3] - The recent signing of cross-regional IP protection cooperation agreements among major ceramic production areas illustrates a proactive strategy to empower industry upgrades through collaborative IP protection [1][2] - The "2025 Intellectual Property Strong Country Construction Promotion Plan" outlines 118 key tasks aimed at enhancing the systematic, holistic, and coordinated nature of IP protection in response to new technologies and industries [2][4] Group 2 - The plan highlights the need to explore and establish IP protection rules for emerging fields such as big data, artificial intelligence, and blockchain, ensuring that IP protection aligns with contemporary demands [3][4] - The establishment of national-level IP protection centers and rapid rights protection centers aims to improve regulatory efficiency and provide comprehensive services for innovation entities [4] - The long-term goal of building a strong IP nation is to ensure that the IP system plays a crucial role in safeguarding innovation and supporting high-quality development [4]

Group 1 - Guangzhou City is launching the "City Partners" initiative, aiming to find partners that align with its urban brand, leveraging the opportunity presented by the 15th National Games and the Special Olympics [2] - A strategic cooperation framework agreement has been signed between Guangzhou Municipal Government and JD Group, focusing on industrial upgrading and digital economy development [2] - The collaboration will include the planning and construction of JD's innovative supply chain operation base in Guangzhou, as well as support for public REITs issuance for JD's logistics and industrial infrastructure projects [2] Group 2 - JD Group will assist in the digital transformation of supply chains for industrial enterprises in Guangzhou and promote smart procurement solutions [2] - The partnership will enhance cooperation in the data industry, establishing an "actual data integration" innovation demonstration platform [2] - Joint projects will include the demonstration application of unmanned delivery vehicles, the development of diverse commercial scenarios, and support for health management systems and smart healthcare initiatives [2][3]

稳定币跨境支付，巩固香港国际金融中心地位 跨境支付作为稳定币的主要应用场景之一，更是艾德金融与合作伙伴重点布局的方向。传统跨境支付流程繁琐且 成本高昂，稳定币凭借区块链技术的去中心化和实时结算特性，有效缩短交易时间，降低汇率波动风险，提升跨 境资金流动的便利性。艾德金融积极探索以不同方式服务跨境支付生态，助力香港巩固亚洲国际金融中心地位。 随着香港立法会于2025年5月正式通过《稳定币条例草案》，香港虚拟资产监管体系迈入新阶段。作为业界重要参 与者，艾德金融积极与多家业界领先伙伴展开合作，聚焦探索稳定币在不同场景的核心应用，致力推动数字货币 生态系统的创新与全球化发展。 稳定币连接传统金融与数字经济 稳定币作为锚定法定货币的数字资产，凭借价格稳定和高流动性特点，成为连接传统金融与数字经济的重要桥 梁。香港近日通过的《稳定币条例》明确列出稳定币发行人的发牌要求，规范资产储备、赎回安排、风险管理及 反洗钱措施，为市场提供了稳健的监管框架，保障投资者权益。 探索结算场景，提升交易效率与透明度 在此背景下，艾德金融与业界合作伙伴积极合作，探索稳定币的不同应用，包括结算场景：利用区块链技术实现 实时资金流转和提高透明度 ...

新华社香港6月3日电（奚天麒）"第十一届沪港大都市发展研讨会"3日在香港举行。会议聚焦人工智能 与数字经济、生物医药与医疗健康等前沿领域，探讨沪港两地深化合作的新机遇与新路径。 活动当日，"沪港数字经济合作计划"正式启动，旨在构建两地数据要素流通枢纽、优化跨境营商环境、 强化科技人才联动，推动人工智能、大数据等技术在智慧城市、金融科技等场景的创新应用。会上还举 行多项涉及人工智能、医疗健康等领域的合作协议签署仪式。在专题研讨环节，与会嘉宾围绕"人工智 能与数字经济"和"生物医药与医疗健康"两大主题展开交流。 本次研讨会由沪港社团总会及上海海外联谊会共同举办，吸引超过300名沪港两地政商人士、专家学 者、企业代表等出席。 （文章来源：新华社） 香港特区政府财政司司长陈茂波出席活动并致辞表示，香港和上海作为两个国际金融中心，在金融市场 的"互联互通"不断深化和扩容，两地资金高效连接。两地可加强合作，引导资金支持不同发展阶段的科 技企业加快成长，为实体经济发展提供更有力支撑。 上海市委常委、统战部部长陈通致辞表示，沪港两座城市愿景契合，方向一致，合作前景广阔。近年 来，香港多所顶尖高校以及知名机构相继在上海设立创新 ...

5月21日,在浙江嘉兴举办的第十九届工程建设行业信息化发展大会上,建管家携手数字化建工企业研究 院、建筑产业数字化联合研究中心、钉钉联合出品的中国建筑业市场机遇全景洞察报告《十五五规划前 瞻:政策赋能、新兴赛道与区域增长极重构》正式发布。 数据报告发布现场 新变局:地缘冲突影响下的安全战略与规划路径。 十五五时期(2026-2030年),是我国经济迈向高质量发展的蓄势攻坚期,也是我国突破围堵全面提升国际竞 争力的战略转折期。受劳动力供给增长和全球经济增速放缓因素影响,公共债务率持续攀升,我国将成为 全球经济增长的最大贡献者。俄乌冲突、巴以冲突等地缘事件加剧了全球阵营对抗,此外,中美战略竞争 长期化,美国对中国的贸易投资打压不断升级,导致供应链"脱钩断链"风险增加,给中国经济增长带来外部 不确定性。 "十五五时期"地缘冲突下的国家安全规划战略 新布局:经济政策调整与十五五规划展望。 十五五时期,中国经济政策重点聚焦于高质量发展、产业升级、内需扩大、风险防范以及高水平开放等 方面。在宏观政策调控方面,财政政策更加积极有为,货币政策适度宽松;在产业结构与转型升级方面,推 动新型工业化与新质生产力发展,优化基建投资结 ...

Group 1: Industry Overview - The digital economy is characterized by data resources as key elements, modern information networks as primary carriers, and the integration of information and communication technology as a significant driving force for transformation [1] - China's digital economy has ranked second globally for several consecutive years, with rapid growth in core industries, becoming an important engine for high-quality development [1] Group 2: Company Profile - Quantipai, a leading provider of scenario-based digital solutions in precision matching, has submitted its listing application to the Hong Kong Stock Exchange, with CICC and CITIC Securities as joint sponsors [1] - Since its establishment, Quantipai has utilized its technology and proprietary applications to provide precision matching solutions based on a pay-for-performance pricing model [1] - As of 2023, Quantipai ranked seventh in China among providers of consumer market precision matching solutions based on proprietary applications or websites, holding a market share of 0.7% [1] - In terms of pay-for-performance revenue, Quantipai ranked second among the top five providers in China for consumer market precision matching solutions based on proprietary applications or websites in 2023 [1] Group 3: Business Growth and Innovation - As of June 30, 2024, the company has maintained over 51.8 million registered end customers through its proprietary applications, indicating a substantial customer base [2] - The company has achieved business scale growth, with over 133,100 inventory units and more than 2,600 business partners on its application [2] - The transaction values empowered by Quantipai's proprietary applications were RMB 5.3 billion, RMB 3.6 billion, RMB 4.9 billion, and RMB 2.9 billion during the reporting period [2] - The company's strong profitability and rapid growth are attributed to its commitment to innovation, with over 45% of its workforce in research and development [2] - Quantipai holds 9 patents and 50 software copyrights, showcasing significant results in technology innovation [2] - The upcoming listing on the Hong Kong Stock Exchange is expected to inject stronger momentum into the company's development [2]

Core Viewpoint - The optical communication industry is undergoing a significant technological transition from 400G to 1.6T, with Cambridge Technology positioned as a key player in providing efficient real-time connectivity solutions across optical, broadband, and wireless technologies [1][2]. Group 1: Company Overview - Cambridge Technology ranks fifth globally in the Optical, Wireless, and Connectivity Devices (OWCD) industry, being one of the few companies that can provide solutions across optical communication, broadband, and wireless technologies [1]. - The company has shifted its business vision to support the development of artificial intelligence by providing critical infrastructure components [2]. Group 2: Product Development - Cambridge Technology has developed 800G and 1.6T optical module products, with 800G modules already in mass production, meeting current market demands for high-speed optical modules [2]. - The company is actively working on next-generation wireless technologies such as Wi-Fi 7 and Wi-Fi 8 to cater to the needs of smart homes and the Internet of Things [2]. Group 3: Financial Performance - In 2023, the company's overall revenue decreased due to delayed demand caused by inventory accumulation during the pandemic [2]. - For 2024, the company achieved an 18.3% year-on-year revenue growth, with wireless solutions revenue increasing by 46.5% to 1.052 billion RMB, driven by high-end Wi-Fi 6E products [3]. Group 4: Financial Metrics - Key financial metrics from 2022 to 2024 show fluctuations in revenue and profit, with a return on equity of 4.5% in 2023 and a projected increase to 7.0% in 2024 [4]. - The asset-liability ratio has decreased from 65.6% in 2022 to 50.4% in 2024, indicating improved financial stability [4]. Group 5: Research and Development - The company has a strong focus on R&D, with over 50% of its workforce dedicated to research, and has achieved significant milestones in optical module development [5][7]. - Cambridge Technology plans to expand its global sales network and continue enhancing its market competitiveness through increased R&D investment and product optimization [7]. Group 6: Shareholder Activity - Recent shareholder activity has raised concerns, with the controlling shareholder planning to reduce their stake by up to 804,130 shares, representing 3% of the total shares [7][8]. - The company has clarified that this reduction is based on the shareholder's business needs and is not directly related to its upcoming Hong Kong stock issuance [8].

证券研究报告 | 2025年6月3日 估值周观察(6月第1期) 市场窄幅震荡，成长估值回落 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.5.26-2025.5.30）海外市场整体上涨，估值温和扩张。韩国涨幅最大，其中韩国综合指数和KOSPI50指数分别上涨 4.07%和3.67%；美国主要指数涨幅均在2%左右。而香港主要指数均下跌，除恒生中型股，其余指数跌幅均超过1%。估值方面，整体 温和扩张。具体来看，法国CAC40指数小幅上涨0.23%，但PE小幅缩小0.75x；仅德国DAX指数PE扩张幅度最大，扩张1.36x，3项估 值指标滚动1年和3年分位数均值分别高达97%和99%，居高不下；港股指数估值有所回落，但除恒生科技指数，其余指数的估值分位 数均接近或高于 ...

券商中国记者梳理发现，债券型基金以占比55.07%的发行份额强势主导市场，利率债、高信用等级产品成机构资金"避风港"，而ETF发行规模则遭遇年内"四连 降"，单月仅发行110.68亿份，创5个月内新低。 5月，公募基金发行市场上演"冰与火之歌"。 与此同时，权益类产品科创板、数字经济等主题基金逆势吸金，但混合型基金发行面临"两头不讨好"的困境，折射出市场风险偏好持续收缩的现状。华南某公募 业内人士认为，5月的公募发行市场是"求稳"与"求变"的角力场。当债券基金用稳健收益筑起"安全垫"，ETF权益类产品则在细分赛道中寻找规模增长破局点。 机构资金扎堆债基等稳健品种 Wind数据显示，5月份95只基金合计发行657.59亿份，债券型基金成为该月当之无愧的主角，发行份额不仅在各类基金中遥遥领先，而且平均发行份额也远超整体 平均水平，充分显示出债券型基金在5月受到了投资者的热烈追捧。 20只新发债券型基金合计募集362.11亿份，占总发行份额的55.07%，单只平均规模达18.11亿份。其中，利率债、政策性金融债、中高等级信用债等低风险品种占 比超八成。 从产品募集情况来看，汇安裕宏利率债A以60亿份的发行份额拔得头 ...