【大头条】 一、数字货币i香港《稳定币条例》正式成为法例，机构称将推动数字货币在跨境场景的规模化应用，这家公司能够提供多种场 景下的数字人民币受理解决方案，公司已经取得香港MSO牌照、美国MSB牌照等，具备了同时开展海外本地收单业务和跨境支 付业务的合规资质条件 据媒体报道，香港特别行政区政府于5月30日在宪报刊登《稳定币条例》，这意味着《稳定币条例》正式成为法例。此前，香港 立法会已经在5月21日正式通过该条例草案，用以在香港设立"法币稳定币"(挂钩法定货币的稳定币)发行人的发牌制度。该法例 旨在推动金融创新的同时保持金融稳定，并标志着香港在数字资产领域迈出了重要的一步。 点评: 《稳定币条例》监管框架的完善为全球跨境支付提供了更合规、高效的结算工具，将推动数字货币在跨境场景的规模化应 用。华西证券认为,随着全球监管框架逐步完善,稳定币与RWA将深度融合,成为金融市场关键基础设施。稳定币的合规性和 可编程性将推动RWA在绿色金融、供应链金融等领域实现自动化和全球化，助力传统资产实现"链上流动、全球配置"的数字金融 新格局。 公司方面,新国都目前有数币受理、数币应用软件方面的软件著作权。针对数字人民币的受理场 ...

Core Insights - The company, HaiNengDa, has evolved from a traditional hardware manufacturer to a provider of integrated communication solutions, reflecting a shift in focus from hardware to a combination of hardware and software solutions [2] - The company is involved in various sectors including quantum technology, satellite internet, and 6G concepts, indicating a strategy to enhance its valuation through association with trending technologies [3] - Despite holding a dominant position in the domestic market with approximately 60% market share, the company faces challenges in the international market, highlighted by a recent court ruling in the U.S. that exposed its vulnerabilities in the global supply chain [3] Business Structure - As of the first three quarters of 2024, the company's business structure is divided into terminal business (46.34%), system business (30.35%), and OEM and others (23.31%), showcasing a balanced approach to its operations [2] - The company’s reliance on narrowband business is diminishing, prompting a need for growth in emerging sectors to sustain overall performance [4] Financial Performance - The company's net profit saw a dramatic increase of 70.49% year-on-year in the first three quarters of 2024, but a significant drop of 75.83% in the first quarter of 2025, indicating volatility in its financial performance [4] - The absence of dividends over the past three years reflects a cautious approach to cash flow management, which may not be well-received in the capital markets [4] Strategic Challenges - The company must navigate external policy risks while addressing internal growth challenges, which is a common scenario for many traditional manufacturers undergoing transformation [4] - Balancing technological investment with short-term profitability will be crucial for the company's future success, especially in light of emerging concepts like AI private networks and domestic chip production [4]

Core Viewpoint - Sichuan Bank is focusing on technological innovation and optimizing credit policies to support various sectors, including artificial intelligence and high-end equipment, thereby injecting financial momentum into the development of new productivity in Sichuan [1][4]. Group 1: Financial Support for Innovation - Sichuan Bank is directing credit resources towards the livelihood sector, significantly supporting small and micro enterprises that benefit the public through technological innovation [2]. - The bank provided a tailored financial service plan for Chengdu Bornsi Medical Robotics Company, offering a 10 million yuan two-year unsecured loan to assist in the development of a minimally invasive surgical robot, which is priced at one-third of similar imported devices [2]. - Sichuan Bank also supported Sichuan Digital World Cultural Technology Company with a 10 million yuan loan within a week to meet its financing needs, promoting the development of the domestic gaming industry [2]. Group 2: Consumer Demand Stimulus - In early 2023, Sichuan Bank launched twelve measures to "expand domestic demand and promote consumption," planning to issue over 100 billion yuan in loans to key consumption areas such as housing, automobiles, and tourism [3]. Group 3: Support for Sci-Tech Enterprises - Sichuan Bank has been addressing the financing difficulties faced by sci-tech enterprises by increasing the supply of small and micro loans and innovating financial products [4]. - The bank provided a comprehensive financial service plan for Chengdu Guoxing Aerospace Technology Company, utilizing supply chain finance to optimize cash flow management and reduce financing costs [4]. - Sichuan Bank partnered with China Minmetals Financial Leasing Company to offer one-stop financial services to leading companies in the low-altitude travel sector, facilitating their international business expansion [4]. Group 4: Enhancing Financial Service Capabilities - Sichuan Bank is strengthening its top-level design and mechanism construction to create a comprehensive financial service system, including the establishment of a technology finance center and specialized branches [5]. - The bank has developed specific credit management measures for technology finance to improve the efficiency of business operations [5]. - In March 2023, Sichuan Bank was the first state-owned bank in the region to implement a flexible financial service model for technology enterprise mergers and acquisitions [6].

Core Viewpoint - The anticipation for DeepSeek's R2 model continues, but the company has instead released a minor upgrade for the R1 model, which can now be tested on various platforms. The specifics of the upgrade have not been disclosed, and the R2 model's rumored specifications remain unconfirmed [1][2][3]. Summary by Sections DeepSeek R1 Upgrade - DeepSeek has completed a "small-scale trial upgrade" for the R1 model, inviting users to test it on their official platforms. The API interface and usage methods remain unchanged [2]. - The R1 model, launched in January, has outperformed Western competitors on several standardized metrics while reportedly costing only a few million dollars, leading to a significant drop in global tech stocks as investors reassess the need for large investments in AI services [2]. Anticipation for R2 Model - There are ongoing rumors regarding the R2 model, suggesting it may have a staggering parameter scale of 1.2 trillion, nearly double that of R1's 671 billion parameters. This would place it on par with leading models like GPT-4Turbo and Google's Gemini 2.0 Pro [3]. - The dynamic activation parameters for R2 are reported to be 78 billion, with actual computational consumption being only 6.5% of the total parameters, which could significantly reduce operational costs while maintaining high performance [3]. Industry Expansion and Applications - Despite a decline in DeepSeek's popularity, its technology continues to expand across various industries. For instance, Tibet University has launched the "Tibet Smart Language" platform using DeepSeek, and the local government has deployed the model for smart governance applications [4]. - Companies like Luckin Coffee and Zhongke Jiangnan are integrating DeepSeek's technology into their operations, enhancing customer interaction and financial services through AI [4]. Broader Implications and Market Trends - A recent article highlights DeepSeek's milestone in achieving efficient computation and low-cost training, which could reshape global AI competition by promoting open-source strategies and breaking the Western monopoly [5]. - The article emphasizes the need for China to overcome geopolitical and technological challenges to leverage opportunities in the AI sector, suggesting that the future of AI in China depends on technological resilience and strategic upgrades [5]. Investment Recommendations - In light of global uncertainties, sectors such as commercial aerospace, AI, new energy, and quantum technology are recommended for investment due to their innovation capabilities and supply chain security. The "DeepSeek moment" could catalyze growth in these areas [6].

Core Viewpoint - Zhengzhou Municipal Science and Technology Bureau has drafted measures to further support technological innovation, inviting public feedback on the proposed policies [1] Group 1: Funding Support - The draft proposes to guide universities, research institutions, and hospitals to increase investment in basic and applied research, offering up to 5 million yuan in tiered funding support based on annual R&D expenditure [1] - For innovative projects focusing on industrial applications, public welfare, and social governance, the draft suggests a maximum funding support of 5 million yuan for eligible projects, utilizing a combination of pre-payment and post-subsidy methods [1] Group 2: Financial Integration - The measures aim to promote the integration of "Zhengke Loan" and "Zhenghao Rong," with a loan limit of 20 million yuan for individual enterprises under the "Zhengke Loan" program [1] - The policies encourage cooperating banks to adopt non-repayment rollover loans after the maturity of "Zhengke Loan" business, alleviating the financial burden on technology-based enterprises [1]

Core Insights - The global quantum technology industry is experiencing rapid growth, with major tech companies like Nvidia investing in quantum computing startups such as PsiQuantum, indicating a fusion revolution between traditional computing giants and quantum newcomers [1] - The event "Financial Empowerment • Quantum Future" hosted by Guofu Quantum Innovation Co., Ltd. in Hong Kong gathered industry experts to discuss the current state and commercial applications of quantum technology in China, highlighting the competitive landscape between China and the U.S. in quantum technology [1][2] Group 1: Event Overview - The forum attracted nearly a hundred experts, investment representatives, and industry leaders in quantum technology, featuring presentations from key figures such as Dr. Xiang Jingen, Mr. Li Chunguang, and Dr. Zhang Wenzhuo, who provided insights into quantum technology and its integration with finance [2][3] - Guofu Quantum showcased unreleased technology products, marking a significant breakthrough in the integration of quantum technology and financial innovation, with plans for an official product launch soon [2] Group 2: Key Presentations - Dr. Xiang Jingen elaborated on the principles, development background, and applications of quantum computing, presenting the innovative practices of Liangxuan Technology, which is a leader in the global quantum computing space [3] - Mr. Li Chunguang outlined Guofu Quantum's future technology strategy centered around "Quantum+", aiming to drive technological breakthroughs and industry transformation through cross-disciplinary empowerment [4] - Dr. Zhang Wenzhuo discussed the full-chain innovation from basic theory to commercial application, introducing products like quantum random number cloud services and quantum random private key generation wallets, expected to undergo public testing next month [4] Group 3: Industry Outlook - The forum emphasized the paradigm shift expected in the next five years, where quantum advantages will transition from laboratories to industrial applications, particularly in sectors like pharmaceuticals, finance, and artificial intelligence [5] - Guofu Quantum's strategy aligns with China's 14th Five-Year Plan for quantum technology development, aiming to create a collaborative ecosystem that integrates quantum computing, communication, blockchain, and AI [5][6] - The company invites global partners, including those from Hong Kong, to explore opportunities in the commercialization of quantum technology and to build a new ecosystem of quantum productivity [6]

Core Viewpoint - The integration of tourism associations in the Yangtze River Delta region aims to enhance regional coordination and development through cultural and tourism collaboration, breaking down administrative barriers and reconstructing transportation networks [1][2][3]. Group 1: Institutional Breakthroughs - The implementation of the "same city treatment" mechanism allows for cross-provincial tourism with mutual recognition of standards, data sharing, and regulatory interaction, facilitating innovative initiatives like the "high-speed rail tourism annual pass" [2]. - The "Shanghai-Disneyland-Suzhou Gardens-Hangzhou West Lake" tourism route is projected to see a 28% increase in visitor numbers in 2024, driving over 35% growth in surrounding consumption [2]. - The "High-Quality Integrated Development Cooperation Agreement for Inbound Tourism" set to launch in 2025 aims to optimize the 240-hour transit visa exemption policy, enhancing the appeal of the "Shanghai-Hangzhou-Suzhou" tourism products [2]. Group 2: Regional Planning - The Shanghai metropolitan area is actively developing land-based tourism circle plans, with Jiangsu focusing on upgrading scenic spots and vacation areas, while Zhejiang emphasizes "transportation and tourism integration" [3]. - Anhui is promoting cultural tourism integration, embedding "Hui culture" into the broader Yangtze River Delta market [3]. Group 3: Practical Innovations - Brand collaboration is driving regional tourism consumption, with events like the Shanghai Tourism Festival and Jiangsu Rural Tourism Festival creating a celebratory matrix across the four regions [4]. - The "Four Seasons Anhui" promotional campaign is creating a tourism loop by integrating high-quality resources from Anhui with Shanghai [4]. - The high-speed rail network, exceeding 6,500 kilometers, facilitates a "1-hour metropolitan area, 3-hour city group, and 5-hour regional travel" model [4]. Group 4: Resource Integration - The Yangtze River Delta has established a competitive tourism product system based on seven core resources, creating 30 unique tourism routes and 8 world-class corridors [5]. - The launch of the "Shanghai Holiday Train: Enjoy the Yangtze River Delta" tourism train connects top attractions, transitioning regional tourism from "point supply" to "chain operation" [5]. Group 5: Value Co-Creation - The region is moving from "platter-style integration" to "systematic coupling" of cultural resources, enhancing cultural identity and value recognition [6][7]. - Collaborative projects, such as exhibitions and product development between cultural institutions, exemplify the trend of cultural integration [7]. - Future initiatives may include joint applications for intangible cultural heritage projects and shared performance resources to deepen cultural collaboration [7].

Group 1 - The 2025 "Golden Seed Cup" College Student Entrepreneurship Competition awarded 16 gold, 32 silver, 48 bronze, and 63 merit awards [1] - The competition attracted 52,000 global college students, with 40,493 project submissions from 439 universities worldwide [2] - The projects focused on modern industrial systems in Hunan, including technology frontiers, rural revitalization, and green economy [2] Group 2 - The gold award-winning project, led by Chen Shaohua from Central South University, introduced a globally innovative conductive and corrosion-resistant coating technology for magnesium alloys [2] - The competition featured four tracks: traditional industries, advantageous industries, emerging industries, and future industries, showcasing innovations from laboratory to production line [2] - The establishment of the "National College Student Innovation and Entrepreneurship Achievement Transformation Center - Hunan" marks a new milestone in Hunan's entrepreneurship service system [3]

Group 1 - Nanjing University held its first Science and Technology Innovation Conference, awarding the "Nanjing University Excellent Scientific Achievement Award" with five categories [1] - Professor Du Lingjie from the School of Physics received the "Scientific Frontier Breakthrough Award" for his team's pioneering work in quantum technology, including the first observation of graviton modes in condensed matter [1] - The research on gravitons is considered a significant foundational scientific issue, with the potential to contribute to a unified theory of physics, supported by Nanjing University's strategic vision [1] Group 2 - Academician Shen Shuzhong's team from the School of Earth Sciences and Engineering also received the "Scientific Frontier Breakthrough Award" for integrating multi-disciplinary data to establish a global high-resolution marine biodiversity curve [2] - The team's work reveals the precise processes of biodiversity evolution and mass extinction from 2.5 billion to 250 million years ago, with some results included in international stratigraphic standards [2] - Nanjing University launched the "789 Science and Technology Tackling Plan" aimed at enhancing scientific innovation efficiency and addressing major scientific and technological challenges [2]

当前，全国各地资本市场加速聚焦"科技含量"、锚定新质生产力主赛道。包括上海、四川、安徽等地均 提出要大力推进创业投资行业发展。 21世纪经济报道记者梳理发现，近年来包括广东恒健控股集团、粤科金融集团、广州产投集团、广州工 控集团、广州金控集团等省市国资企业通过持续拓展创新模式，搭建创新平台和生态圈等方式，持续壮 大创投市场"广东力量"。 打通创投市场"募投管退"堵点痛点 当前，各省级行政区的竞争日趋激烈，越来越多的地方政府意识到，抓资本市场、抓科技企业就是抓经 济高质量发展的"金钥匙"。 21世纪经济报道记者 翁榕涛 庞成 实习生 张欣 广州报道 近日，广东省人民政府发布《广东省进一步促进创业投资高质量发展行动方案》（下称《行动方 案》），提出培育高质量创业投资机构、拓宽创业投资资金来源以及健全创业投资退出机制等主要举 措。 此前，广东曾提出要做好未来产业前瞻布局，深入实施培育发展未来产业行动，抢占具身智能、量子科 技、6G等前沿领域。 数据显示，2024年共有100家企业上市，其中广东省、浙江省、江苏省位列前三位置，分别有17家、17 家和16家。 此前，广东省曾多年保持全国A股IPO新增数量第一的位置，但 ...