以下文章来源于i黑马 ，作者i黑马 i黑马 . 让创业者不再孤独@i黑马 牛文文 创业黑马集团董事长&创始人 风口，无疑已经来了。 国运，无疑已经来了。 2025，中国中小企业的发展拐点，已然到来。 DeepSeek 带来 两个国运级的大机会： 第二， 中国产业智能化。 这两个国运级的大机会，马上就会普惠到全中国的产业和企业。 第一， 中国资产重估。 外行看热闹，内行看门道。 普通人跟 DeepSeek 玩一下就叫接入了。 但是如果你做企业级 的接入和应用，你必须是 核心产品、核心服务流程都 "DeepSeek化"了， 还要做到商业化提效。 现在是赢者通吃的一个时代，只有先行者，才能真正抓住这一轮大机会。 在这个情况下，创业黑马正式推出 中小企业级的 AI 实战营。 我们不但能给大家提供企业级的认知、方法论、资源 ，还会提供做企业级开发的供应商、人才 资源和投资资源。 3天2夜，带你用AI突破企业增长困局， 聚焦企业AI应用落地困惑， 运用"黑马AI增长画布， 助力企业用AI破局增长。 第一，在过去两年时间，我们黑马自己做了"天启政策大模型"。 目前， "天启政策大模型" 已成为工信部全国一张网七大板块中，找 ...

截至2025年5月29日 09点30分，中证大数据产业指数上涨0.06%，成分股千方科技上涨1.74%，新点软件上涨0.76%，紫光股份上涨0.55%，拓维信息上涨 0.51%，中国软件上涨0.45%。数据ETF（516000）上涨0.34%，最新价报0.88元。拉长时间看，截至2025年5月28日，数据ETF近1年累计上涨31.98%，领 涨同类。 数据ETF（516000）及其联接基金（A类：020335；C类：020336；D类：023779）紧密跟踪中证大数据产业指数，成分股主要聚焦DeepSeek、AI算力、 鸿蒙产业链等热门概念板块，覆盖科大讯飞、中科曙光、浪潮信息、恒生电子等热门个股，为投资者把握算力领域投资机会。 流动性方面，数据ETF盘中换手3.04%，成交1264.11万元。拉长时间看，截至5月28日，数据ETF近1年日均成交1707.12万元。 份额方面，数据ETF最新份额达4.72亿份，创近1月新高。 资金流入方面，数据ETF最新资金净流入352.48万元。拉长时间看，近10个交易日内有6日资金净流入，合计"吸金"1986.37万元，日均净流入达198.64万 元。 消息面上，工信部、 ...

Financial Data and Key Metrics Changes - Cognex reported revenue exceeding $900 million with an adjusted EBITDA margin of 28% over the last ten years [5] - The company has invested around 15% of its revenue in research and development [5] Business Line Data and Key Metrics Changes - The logistics market, Cognex's largest, grew by 20% last year, indicating strong momentum [65] - The semiconductor market is the fastest-growing segment, despite some caution due to trade issues [65] - Consumer electronics are expected to see modest growth this year, while the automotive sector shrank by 14% last year [67] Market Data and Key Metrics Changes - The automotive industry remains challenging, with expectations of continued difficulties, although some recovery is anticipated [67] - The logistics market has recovered from post-COVID tightness in spending and overcapacity [65] Company Strategy and Development Direction - Cognex is focused on applying AI technology to factory automation and machine vision, aiming to lead in these areas [34] - The company is expanding its sales force to reach a broader customer base, targeting an estimated 300,000 potential customers [24] - Cognex is exploring potential acquisitions in adjacent markets, particularly in the sensor space [30] Management's Comments on Operating Environment and Future Outlook - Management noted that the shift from rules-based systems to AI has opened new opportunities for machine vision applications [13][14] - The company anticipates that automation will eventually return to the automotive sector, particularly in relation to electric vehicles [67][68] Other Important Information - Cognex has a strong company culture characterized by a "work hard, play hard" ethos, which is seen as a competitive advantage in attracting talent [9][56] - The company has over 1,000 patents in the machine vision area, which supports its innovation and market position [47] Q&A Session Summary Question: What are the key areas for future growth? - Management highlighted the importance of leading in AI technology, enhancing customer experience, and expanding the customer base as critical areas for future growth [34][35][36] Question: How does Cognex differentiate itself in the market? - Cognex leverages its extensive industry knowledge and experience to achieve high precision in machine vision applications, which is difficult for new entrants to replicate [44][45] Question: What is the outlook for the EV battery manufacturing market? - Management expressed optimism about the potential for growth in the EV battery manufacturing market, noting that Cognex's technology can significantly enhance production processes [78]

Core Insights - Constellium SE is collaborating with NASA on the Artemis program, which aims to return humans to the Moon and facilitate crewed missions to Mars [1][2] - The company provides advanced aluminum-lithium and conventional alloy solutions for NASA's Space Launch System (SLS) rocket and Orion spacecraft, specifically its proprietary Airware material [2][3] - Constellium's Ravenswood facility is a significant contributor to the aerospace sector, employing over 1,100 people and featuring advanced manufacturing capabilities [4][5] Company Contributions - Constellium's Airware material is designed for the extreme conditions of spaceflight, offering low density combined with high-specific stiffness and strength [2] - The company supports not only NASA's deep space ambitions but also enhances American leadership in advanced manufacturing and materials science [3] - The Ravenswood facility supplies precision aluminum products to major manufacturers, including Boeing and Lockheed Martin, across various industries [4] Financial Overview - In 2024, Constellium generated $7.3 billion in revenue, indicating its strong market position and financial performance [5]

Core Viewpoint - GeoPark (NYSE: GPRK) is identified as an undervalued oil and gas producer in Latin America, operating similarly to a private equity firm by acquiring and refurbishing oil fields for monetization [1]. Company Summary - The company focuses on buying undervalued oil fields, refurbishing them, and then monetizing the assets, indicating a strategic approach to investment in the oil and gas sector [1]. - There is a belief that GeoPark is significantly mispriced in the market, suggesting potential for investment opportunities [1]. Investment Strategy - The investment philosophy emphasizes identifying high-quality and/or severely mispriced investment ideas, with a focus on purchasing great companies at attractive prices [1].

Group 1 - A-shares showed mixed performance with major indices declining, while sectors like gold jewelry, dairy, nuclear power, and optical communication were active [1] - The AI application sector is still in its early stages, with potential for growth driven by increasing application scenarios and token consumption, supported by advancements in domestic AI chip capabilities [1] - The domestic CPU market is expected to see new growth opportunities due to the implementation of domestic innovation policies in government and industry sectors [1] Group 2 - The cloud computing 50 ETF has a high AI computing content, covering sectors such as optical modules, data storage, and liquid cooling, with a significant portion of DeepSeek concept stocks [2] - The management and custody fees for the cloud computing 50 ETF are among the lowest in the market at a combined rate of 0.2% [2]

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Core Insights - The investment philosophy emphasizes seeking obvious investment opportunities that stand out clearly [1] - The approach has shifted from deep-value investing to focusing on acquiring high-quality businesses for long-term holding [1] - The strategy involves concentrated positions, often initiating investments at 5-10% of the portfolio, with a willingness to let them grow significantly [1] Investment Strategy - The investment style has evolved from a "cigar-butt" approach to a preference for wonderful businesses [1] - The philosophy advocates for holding onto investments without trimming, regardless of their portfolio size [1] - The approach aligns with the idea of nurturing valuable investments while avoiding the temptation to sell off weaker ones [1]

法国巴黎银行财富管理香港首席投资策略师谭慧敏认为，科企早前公布的季绩表现属预期之内。在 Deepseek相关的利好因素消退后，市场需要有新消息憧憬，企业收入或盈利指引胜预期，会是下一个催 化剂。现时选股应避开竞争强劲的范畴，如外卖平台，反而手游企业收入能见度高，配合中央持续发布 游戏版号，可看高一线。(智通财经) ...

Group 1 - The A-share market opened slightly lower on May 26, but the CSI Big Data Industry Index saw a strong increase of 1.35%, with constituent stocks like China Great Wall rising by 3.69% and Shiji Information by 3.13% [1] - The Data ETF (516000) rose by 1.36%, reaching a latest price of 0.89 yuan, and has accumulated a 30.71% increase over the past year, ranking first among comparable funds [1] - The Data ETF experienced a turnover of 2.39% with a transaction volume of 9.9744 million yuan, and has seen continuous net inflows over the past three days, totaling 8.0574 million yuan [1] Group 2 - On May 25, the domestic CPU leader Haiguang Information announced a stock swap merger with the server giant Zhongke Shuguang, valued at 90.5 billion yuan, with both companies' A-shares suspended from trading starting May 26 [2] - The merger aims to optimize the industrial layout from chips to software and systems, enhancing the integration capabilities of Zhongke Shuguang and promoting the large-scale application of domestic chips in key industries [2] - Industry expert Jiang Guowen stated that a successful merger would create a full-chain capability of "chip + complete machine + computing power services" [2] Group 3 - The Data ETF (516000) and its linked funds closely track the CSI Big Data Industry Index, focusing on popular sectors such as DeepSeek, AI computing power, and the Hongmeng industrial chain, covering stocks like iFlytek and Zhongke Shuguang [3]