【要闻报道】 美债要崩？20年期美债拍卖遇冷 需防范抛售潮对全球市场的冲击风险 自穆迪下调美国主权信用评级以来，美债市场走势牵动人心。北京时间5月22日凌晨，20年期美债标售 以相对惨淡的结果落下帷幕。本次拍卖的最终得标利率为5.047%，这是20年期美债拍卖的收益率第二 次突破5%大关。得标利率较预发行利率5.035%高出约1.2个基点，创下去年12月以来的最大尾部利差。 疲软的投标倍数也引发关注，本次拍卖的投标倍数为2.46，是自2月以来的最低水平。 点评：分析认为，本次拍卖虽称不上"灾难性"，但其糟糕程度足以推高美债收益率。叠加减税法案扰 动，20年期美债收益率日内最高升至5.127%，30年期美债收益率也重新突破5%大关。 实施"六大行动"！上海发布提振消费专项行动方案 为贯彻落实党中央、国务院关于大力提振消费的决策部署，深化国际消费中心城市建设，切实发挥消费 对经济发展的基础性作用，近日，市政府办公厅印发《上海市提振消费专项行动方案》。《行动方案》 提出"城乡居民增收、消费能力保障支持、服务消费提质升级、大宗消费更新、新型消费培育、消费环 境提升"等六大行动和第七部分的"完善支持政策"。 点评：在新 ...

Core Viewpoint - Hongjing Technology (301396.SZ) has secured a significant contract for computing power services, totaling 597 million yuan (including tax), marking a continued expansion in its computing power business since 2023 [1][2]. Group 1: Contract Details - The recent contract with Company Y is for a duration of five years and includes the provision of servers, network support services, and computing power services [2][4]. - Since the beginning of 2025, Hongjing Technology has announced a total of seven major contracts, with a cumulative value of 2.75 billion yuan [5]. Group 2: Financial Performance - In 2024, the revenue from the computing power service business reached 466 million yuan, a year-on-year increase of 302.38%, accounting for 70.80% of total revenue [6]. - For Q1 2025, the company reported a revenue of 489 million yuan, a staggering year-on-year increase of 958.26%, with a net profit of 21.65 million yuan, marking a return to profitability [7]. Group 3: Market Performance - Since the beginning of 2025, Hongjing Technology's stock price has shown an upward trend, with a year-to-date increase of approximately 216% [8].

Market Overview - The U.S. stock market experienced a significant decline, with all three major indices posting their largest drop in a month. The Dow Jones fell by 1.91%, the Nasdaq decreased by 1.41%, and the S&P 500 dropped by 1.61% [3] - Major technology stocks also saw declines, with Tesla and Apple each dropping over 2%, while Microsoft, Amazon, and Nvidia fell more than 1%. In contrast, Google saw an increase of nearly 3% [3] Economic Indicators - The yield on the 30-year Treasury bond rose to 5.09%, while the yield on the benchmark 10-year Treasury increased by 11.5 basis points to 4.59%. The 2-year Treasury yield also rose by 4.7 basis points to 4.01%, indicating a close relationship with interest rate expectations [3] Policy Measures - A joint announcement from several Chinese financial regulatory bodies outlined 23 measures to support financing for small and micro enterprises, focusing on increasing financing supply, reducing costs, and improving efficiency [4] - The Shanghai government released a special action plan to boost consumption, emphasizing the integration of advanced technologies like AI and big data into consumer sectors [5] Corporate Actions - Guokai Micro announced plans to acquire assets through a combination of stock issuance and cash payment, focusing on semiconductor wafer foundry and customized chip manufacturing, which is expected to constitute a major asset restructuring [7] - Vanke A signed a borrowing agreement with Shenzhen Metro Group for up to 4.2 billion yuan, using up to 6 billion yuan worth of stock as collateral [8] - Myp Medical is planning to acquire at least 51% of Easy Medical, which is expected to constitute a major asset restructuring [10] - Hongming Co. is planning to purchase 83% of Shenzhen Chisu Automation Equipment for an estimated 151 million yuan, which will also constitute a major asset restructuring [12]

Core Viewpoint - The company, Shun'an Environment, is experiencing growth in its revenue and net profit, while also focusing on research and development to enhance its market position in the cooling and energy sectors [1][2][4]. Group 1: Financial Performance - In Q1 2024, the company achieved a revenue of 3.021 billion yuan, a year-on-year increase of 15.05%, and a net profit attributable to shareholders of 218 million yuan, up 4.34% [2]. - The company's net profit excluding non-recurring gains and losses (deducted net profit) for 2024 is projected to be 929 million yuan, reflecting a growth of 13.16% [1][3]. - Over the past five years, the company's revenue has consistently increased, with figures of 9.837 billion yuan, 10.144 billion yuan, 11.382 billion yuan, and 12.678 billion yuan from 2021 to 2024, showing growth rates of 33.28%, 3.12%, 11.50%, and 11.39% respectively [2][3]. Group 2: Research and Development - The company emphasizes innovation, with R&D investments rising from 296 million yuan in 2020 to 503 million yuan in 2024 [6][7]. - As of the end of 2024, the company has obtained 3,446 domestic authorized patents, including 534 invention patents, and has applied for 4,143 domestic patents [6][7]. - The company collaborates with several universities for research and development, enhancing its innovation capabilities [7]. Group 3: Market Position and Strategy - Shun'an Environment is a leading player in the global cooling components industry, with a strong market presence and partnerships with major air conditioning manufacturers [6]. - The company is adjusting its market strategy and enhancing R&D to address challenges in its cooling equipment business due to a sluggish commercial air conditioning market [2][4]. - The company's asset-liability ratio has significantly decreased from over 80% in 2018 to 52.01% in Q1 2024, indicating improved financial stability [4].

Group 1 - The core viewpoint of the article is the introduction of a comprehensive set of 15 specific policies aimed at addressing the shortcomings in China's technology financing system, focusing on "full-chain coverage, multi-level collaboration, and localized innovation" [1][2][3] - The establishment of a "National Venture Capital Guidance Fund" is intended to leverage government funds to attract more social capital into the technology innovation sector, while optimizing the evaluation mechanism for state-owned venture capital [1][2] - The "Innovation Points System" proposed in the policies aims to quantify the innovation capabilities of small and medium-sized technology enterprises using big data and AI, thereby reducing financing costs and alleviating the financial burden on these companies [2][3] Group 2 - The policies emphasize the need for a combination strategy of "patient capital injection, precise tool adaptation, and open ecological collaboration" to strengthen financial support for strategic emerging industries and future industries [3] - To address regional and industrial resource allocation imbalances, the policies propose the establishment of regional pilot zones and the use of special bonds and technology insurance trials to enhance regional development [3][4] - The article highlights the importance of creating a supportive environment for technology enterprises to overcome the "valley of death" in their growth, promoting a transition of financial capital towards "patient capital" [3][4] Group 3 - The article points out potential systemic imbalances in the implementation of technology finance policies due to their cross-departmental and multi-functional nature, which may lead to issues such as policy fragmentation and lack of coordination [4][5] - It emphasizes the need for a national technology finance data platform to support the evaluation of intellectual property and credit systems, which are crucial for the success of financial products like intellectual property pledge loans [5][6] - The article warns against the over-reliance on traditional financial incentives such as subsidies and tax breaks, advocating for institutional innovations to foster a market-driven approach to technology financing [6]

Core Viewpoint - Cross-border e-commerce is driven by technological innovation and has become a vital force in China's foreign trade development, as well as an important trend in international trade [1][2]. Group 1: Development and Expansion - The number of cross-border e-commerce comprehensive pilot zones in China has grown significantly, reaching 177 by April 2023, covering over 90% of provincial administrative regions [2]. - The establishment of new pilot zones in Hainan and 15 other cities is a significant step towards optimizing the cross-border e-commerce framework [1][2]. Group 2: Policy and Regulatory Framework - There is a need for improvement in the policy and regulatory systems governing cross-border e-commerce, including addressing policy fragmentation and enhancing government collaboration [3]. - Future efforts should focus on unifying the policy framework across pilot zones to reduce cost discrepancies caused by regional policy execution differences [3]. Group 3: Infrastructure and Logistics - Enhancing digital infrastructure and logistics systems is crucial for reducing industry logistics costs and improving service quality [3][4]. - The development of an integrated online service platform for customs, logistics, and payment is essential for streamlining operations [4]. Group 4: Talent and Compliance - Companies should implement brand strategies that shift focus from low-cost competition to a multi-faceted approach involving culture, technology, and service [4]. - There is a need for talent cultivation through customized training and collaboration between universities and enterprises to develop skilled professionals in cross-border e-commerce [4].

Core Viewpoint - The successful practice of cross-regional mechanized harvesting in China is supported by a modern agricultural social service system, which includes information platforms, maintenance stations, fuel guarantees, and financial services, enabling efficient nationwide movement of dispersed agricultural machinery resources [1][3][4] Group 1: Importance of Cross-Regional Mechanized Harvesting - The summer grain harvest, particularly wheat, is crucial as it accounts for about one-fifth of the total annual grain production, with wheat making up 90% of that [1] - Cross-regional mechanized harvesting is key to ensuring timely collection of wheat, preventing losses due to adverse weather conditions [1][4] - China, as the world's largest wheat producer, utilizes over 300,000 harvesting machines during the summer harvest, showcasing the scale of agricultural mechanization [1] Group 2: Technological Advancements - The application of advanced technologies such as artificial intelligence, IoT, and big data is reshaping agricultural operations, providing new momentum for cross-regional mechanized harvesting [2] - Smart harvesting machines equipped with Beidou navigation can accurately assess crop maturity and optimize harvesting parameters, significantly reducing missed cuts [2] - Autonomous harvesting machines can process terrain data in real-time and plan optimal paths, enhancing operational efficiency [2] Group 3: Supportive Infrastructure - The establishment of digital platforms like "Farm Machinery Direct" and "Smart Agricultural Machinery" facilitates effective supply-demand matching, improving operational efficiency and reducing labor costs [3] - Logistics support along harvesting routes includes "Farm Machinery Stations" providing fuel, maintenance, and accommodation services, ensuring uninterrupted operations [3] - The innovative "order-based service + contiguous operation" model implemented by agricultural cooperatives stabilizes farmer expectations and enhances machinery utilization [3][4] Group 4: Historical Context and Modernization - Cross-regional mechanized harvesting, which began in the 1990s, exemplifies China's agricultural modernization, addressing the challenges faced by small-scale farmers [4] - The model of resource allocation for agricultural machinery has resolved the dual issues of "having machinery without land" and "having land without machinery," preventing resource wastage [4] - Currently, over 98% of wheat harvesting in China is mechanized, with cross-regional harvesting playing a significant role in this achievement [4]

Group 1 - Education is a crucial driving force for China's modernization, emphasizing the need for international collaboration and resource sharing to enhance educational quality and competitiveness [1] - Special education is an essential part of China's education system, aimed at supporting individuals with specific needs to adapt to societal development [1] - The principles guiding China's special education include government leadership, targeted policies, and promoting inclusivity and diversity [1] Group 2 - The integration of general and special education is a key strategy in China's special education development, ensuring that students with special needs receive equitable educational opportunities [2] - The United Nations Convention on the Rights of Persons with Disabilities advocates for inclusive education, which China is actively implementing [2] Group 3 - The concept of inclusive education is evolving, focusing on empathy and understanding among students from diverse backgrounds [3] - Creating an inclusive educational environment involves collaboration with international educational resources and establishing support networks for students with disabilities [3] Group 4 - The development of a high-quality international special education workforce is essential, requiring a focus on digital literacy and interdisciplinary knowledge [4] - There is a need for a structured educational system that incorporates moral education and personalized curriculum development for special education [4] Group 5 - Collaboration between special education schools and fields like psychology and rehabilitation is necessary to provide comprehensive support for students [5] - The training of special education teachers should integrate educational and rehabilitative approaches, fostering a diverse teaching team [5] Group 6 - The internationalization of special education emphasizes personalized and equitable education, with local governments encouraged to adopt advanced international educational practices [6] - Establishing a specialized oversight mechanism for evaluating special education is crucial for ensuring quality and effectiveness [7] Group 7 - The use of modern technologies such as AI and big data is vital for supporting the internationalization of special education [7] - Digital tools can help create personalized learning plans for students with special needs, addressing their unique educational requirements [7]

● 本报记者 乔翔 黄一灵 上海市人民政府网站5月21日消息，上海市人民政府办公厅日前印发《上海市提振消费专项行动方 案》。《方案》提出，加力扩围实施消费品以旧换新。促进汽车消费，落实好国家汽车报废更新补贴和 上海市汽车置换更新补贴政策。落实国家家电以旧换新补贴政策，新增手机、平板、智能手表（手环） 等数码产品购新补贴，加力支持绿色家电家居家装消费。 同时，《方案》明确，更好满足住房消费需求。加快构建房地产发展新模式，建设安全、舒适、绿色、 智慧的"好房子"。扩大美丽家园综合修缮范围，滚动推进老旧小区更新改造。扩大保障性租赁住房供 给，重点向青年群体倾斜。支持居民刚性和改善性住房需求，落实好促进房地产市场平稳健康发展有关 税收政策。扩大住房公积金适用范围，探索优化住房公积金使用政策，落实上海市灵活就业人员缴存、 提取和使用住房公积金的实施办法。 在新型消费培育行动方面，《方案》提出，培育前沿数字消费。推动人工智能、虚拟现实、大数据等技 术在消费领域深化应用。举办人工智能领域高规格展、会、赛等活动，打造一批"人工智能+消费"场 景。加快完善低空经济监管体系，持续拓展场景应用。推动超高清视听高端芯片、超高清显示等 ...

Group 1: Policy Impact on Automotive Market - The implementation of the vehicle trade-in policy has significantly boosted the automotive consumption market, with over 3.225 million subsidy applications in 2025, including 1.035 million for scrapping and 2.19 million for trade-ins [1] - The policy offers a subsidy of 20,000 yuan for consumers trading in old fuel vehicles for new energy models, and 15,000 yuan for those opting for fuel vehicles, with total subsidies potentially reaching 30,000 yuan for certain new energy models [1][2] - The penetration rate of new energy vehicles in retail sales surpassed 50% in April 2025, driven by the trade-in policy [1] Group 2: Consumer Engagement and Preferences - Consumer willingness to participate in the trade-in program is increasing, with many valuing the cost savings and additional services offered by new energy vehicle brands [2] - The convenience of the subsidy application process has been enhanced, allowing consumers to apply through various digital platforms, ensuring a seamless experience [2] - The trend of consumers replacing old vehicles with new energy models is evident, with over 60% of trade-ins in 2024 involving new energy vehicles [3] Group 3: Second-Hand Vehicle Market Growth - The trade-in policy has revitalized the second-hand vehicle market, with a target of a 45% increase in transaction volume by 2027 compared to 2023 [4] - The transaction volume of second-hand vehicles reached 19.6142 million units in 2024, reflecting a year-on-year growth of 6.52% [5] - The digitalization and transparency of the transaction process have significantly improved efficiency, encouraging more consumers to engage in vehicle trade-ins [5] Group 4: Automotive Service Industry Transformation - The trade-in policy has stimulated the entire automotive service industry, prompting dealers to shift from one-time sales to long-term service partnerships [6] - Enhanced service offerings, including comprehensive financial solutions and maintenance services, are becoming competitive differentiators for automotive dealers [6] - The policy has also led to increased consumer awareness and participation in the automotive aftermarket, with significant growth in sales of related products like tires and maintenance services [6][7]