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 ...

Economic Overview - In April, the economic operation of Zhengzhou continued to show a stable and positive development trend, supported by the implementation of various reform tasks and policy measures [1][3] Industrial Production - The industrial added value of above-scale enterprises in Zhengzhou increased by 8.1% year-on-year in April, with nearly 70% of the 37 major industrial categories maintaining production growth [1] - The new materials industry, automotive manufacturing, and electronic information industries saw significant growth, with added values increasing by 16.1%, 13.9%, and 12.3% respectively, contributing a total of 66.5% to the above-scale industrial growth [1] Investment Growth - From January to April, fixed asset investment in Zhengzhou grew by 5.4% year-on-year, accelerating by 1.7 percentage points compared to the first quarter [1] - Investment in major projects (excluding real estate development) increased by 19.5% year-on-year, with a 4 percentage point acceleration from the first quarter [1] - Private investment showed significant support, growing by 12.5% year-on-year and contributing 7.2 percentage points to overall investment growth, maintaining double-digit growth for four consecutive months [1] Consumer Market - The total retail sales of social consumer goods reached 50.7 billion yuan in April, marking a year-on-year increase of 6.7% [2] - Retail sales through public networks increased by 34.1% year-on-year, continuing a trend of double-digit growth for eight consecutive months [2] - The retail sales of certain categories, such as computers and home appliances, saw substantial increases, with growth rates of 2.3 times, 1.4 times, and 45.4% respectively [2] New Industries and Technologies - The added value of high-tech manufacturing in Zhengzhou increased by 11.3% year-on-year in April, indicating rapid growth in new industries [2] - The production of new products such as integrated circuits, lithium-ion batteries, sensors, and new energy vehicles saw year-on-year increases of 51.5%, 68.4%, 42.2%, and 19.3% respectively [2] - Investment in high-tech manufacturing grew by 30.3% year-on-year from January to April, reflecting a positive investment trend in new industries [2] Future Outlook - The overall economic indicators in April showed a stable and positive trend, but there is a need to enhance the momentum for sustained economic recovery amid a complex external environment [3] - Future strategies will focus on stabilizing production, expanding domestic demand, and fostering new productive forces to promote continuous economic improvement [3]

工业和信息化部最新数据显示，今年一季度，数字产业实现业务收入8.5万亿元，同比增长9.4%，增速 较上年同期提升4.4个百分点；利润总额达5721亿元，同比增长7.0%。 （文章来源：经济日报） 再看行业发展，一季度，规模以上电子信息制造业增加值同比增长11.5%，其技术革新、产品创新以及 产业升级为新质生产力发展提供强劲动能；软件业务收入31479亿元，同比增长10.6%，工业互联网、 工业软件的广泛应用，促进制造流程迈向智能化、制造范式从规模生产转向规模定制，驱动生产力跃上 新台阶。 成绩固然可喜，但也要清醒地认识到，数字产业发展依然面临诸多挑战。例如，部分核心技术仍受制于 人，在原材料、生产设备、操作系统等产业链关键环节仍需提高自主可控能力，产业生态需进一步优 化。 一方面，要打好创新这场攻坚战。创新是企业的生命线，更是提升产业竞争力最有效的手段。要以国际 顶尖水平为目标，以国家大型科技项目和协同创新平台建设为牵引，集聚各方力量进行原创性、引领性 科技攻关，打造更多支撑数字产业发展的"硬科技"；大力推动科技创新和产业创新深度融合，针对集成 电路、电子元器件、基础软件、通信设备等领域的瓶颈制约，加大研发投 ...

Core Insights - The public fund issuance market in May showcased a stark contrast, with bond funds dominating the market at 55.07% of total issuance, while ETF issuance faced a decline for the fourth consecutive month, raising only 11.068 billion units [1][2][4] - The market reflects a struggle between stability and change, as bond funds provide a safety net while equity products seek growth in niche segments [1][2] Bond Fund Market - In May, 95 funds collectively issued 657.59 billion units, with bond funds leading the way, accounting for 362.11 billion units from 20 newly launched bond funds, representing 55.07% of total issuance [2] - The average issuance size for bond funds was 18.11 billion units, with low-risk products like interest rate bonds and high-grade credit bonds making up over 80% of the offerings [2] - The top-performing bond fund, Huian Yuhong Interest Rate Bond A, raised 60 billion units, indicating strong investor demand for stable returns in a volatile market [2] Equity Fund Market - Equity products showed a mixed performance, with 63 stock funds raising 265.87 billion units, accounting for 40.43% of total issuance, but with an average size below the overall average [3] - The leading stock fund, Jianxin Shanghai Stock Exchange Sci-Tech Innovation Board Comprehensive Link A, raised 19.55 billion units, while over 70% of funds in the dividend strategy and AI themes had scales below 5 billion units, reflecting cautious investor sentiment [3] - Mixed funds struggled with only 11 products raising 29.52 billion units, as institutional investors favored pure bond products while individual investors leaned towards thematic funds [3] ETF Market - The ETF market saw a significant drop in issuance, with only 11.068 billion units raised in May, down from 340.14 billion units in January [4][5] - Despite the decline, fund managers focused on themes like digital economy and Sci-Tech Innovation Board, with notable launches from companies like ICBC Credit Suisse and Harvest Fund [4][5] - The leading digital economy ETF from ICBC Credit Suisse raised 9.82 billion units, while other thematic ETFs faced varying degrees of success, indicating a fragmented market [5]

Core Viewpoint - The article highlights the resurgence of new fund issuance in the A-share market, driven by a recovering market and supportive policies, with a total issuance exceeding 400 billion yuan this year. The involvement of state-owned enterprises, particularly China Chengtong Holdings Group, signals confidence in the long-term value of state-owned listed companies [1][3]. Fund Issuance and Market Recovery - The A-share market has shown a "V"-shaped recovery, with the Shanghai Composite Index rebounding by 8.1% since April 8. In the first five months, 517 new funds were established, with a total issuance of 408.22 billion yuan, over 40% of which were equity funds [3][4]. - The launch of three ETFs by Jiashi Fund, Fuguo Fund, and ICBC Credit Suisse Fund, which collectively raised 2.091 billion yuan, reflects strong institutional interest, with over 90% of their assets allocated to index constituents [3][4]. Role of State-Owned Enterprises - China Chengtong's subsidiary, Chengtong Financial Holdings, is the largest holder of the newly launched ETFs, owning approximately 600 million shares, which constitutes nearly 30% of the total [4]. - As a key player in capital operations, China Chengtong's actions are seen as a commitment to supporting the market and promoting the development of the digital economy and artificial intelligence [4]. Confidence Boost from Fund Companies - Fund companies are increasingly engaging in self-purchase of their products to bolster market confidence. In the first five months, net subscriptions for equity products exceeded 2.024 billion yuan [5][7]. - The self-purchase trend is viewed as a response to market conditions, with several fund managers committing significant amounts to their funds, including a minimum of 10 million yuan for new floating fee rate funds [6][7]. Policy Support - The regulatory environment is encouraging the growth of equity funds, with the China Securities Regulatory Commission advocating for a minimum annual increase of 10% in the market value of A-shares held by public funds over the next three years [8]. - Recent policies have enhanced the incentives for fund companies to self-purchase their equity funds, indicating a supportive framework for market stability and growth [8].

Core Viewpoint - The "5th China Integrated Circuit Design Innovation Conference and IC Application Ecological Exhibition" (ICDIA) aims to promote breakthroughs in chip technology, showcase China's IC innovation achievements, and foster a self-controlled industrial ecosystem for large-scale applications in AI, new energy vehicles, IoT, and digital economy [1] Group 1: Event Overview - The conference will be held from July 11-12, 2025, at the Suzhou Jinji Lake International Conference Center [1] - The theme is "Independent Innovation • Application Landing • Ecological Co-construction," focusing on AI computing power, photonic integrated circuits, heterogeneous computing, RISC-V ecosystem, 5G/6G semiconductors, AIoT, and smart vehicles [1] - The event will feature a "1+1+4+1" model, including one summit forum, one AI developer conference, four sub-forums, and one IC application ecological exhibition [1] Group 2: Agenda Highlights - The agenda includes a welcome dinner and the 2025 China Strong Chip IC Awards on July 11, followed by various thematic sessions on advanced design, automotive chips, AIoT, and industry-academia cooperation on July 12 [2] - The summit forum will focus on cutting-edge technology breakthroughs, advanced design tools, application scenarios, and industrialization [3] Group 3: AI Developer Conference - The AI Developer Conference will invite influential experts to discuss AI high-performance chips, AI models, and applications, covering deep learning, big data processing, and innovative trends in AI [6][8] - Topics will include AI-driven chip design, emerging computing paradigms, high-end EDA tools, and low-power, high-reliability designs [6] Group 4: Exhibition Areas - The exhibition will showcase China's IC innovation achievements, AI technologies, and intelligent ecological application scenarios across four main areas: advanced design, design innovation alliance, applications and intelligent ecology, and AI and robotics [9][11][12][13][14] - The advanced design area will feature EDA tools, RISC-V ecosystem, and various types of chips including 5G/6G communication chips and AI acceleration chips [11] - The AI and robotics area will include humanoid robots, industrial robots, and AI interaction experiences [14] Group 5: Strong Chip Evaluation - The "Strong Chip Evaluation" aims to identify and promote leading Chinese chip products, providing references for system integrators and end-users, thereby fostering a self-sustaining industrial ecosystem [17]