1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the central bank achieved a net injection of 774 billion yuan, leading to a marginal easing of the capital market. The yield of the 10Y Treasury bond active bond continued to fluctuate around the 1.65% central level, pricing in an expected interest rate cut of about 30BP. The yield of the 10Y Treasury bond may still return above 1.7% this year [2][42]. - Overall, the credit spreads of various industries fluctuated slightly this week. For urban investment bonds, it is recommended to focus on short - duration moderate credit - risk exposure for coupon income and also pay attention to the convex points in the 3 - 5Y term structure to increase returns. For industrial bonds, the short - end credit spreads compressed slightly while the long - end widened slightly. It is advisable to continue to focus on high - rating short - duration industrial bonds for coupon income and increase positions on dips. For bank capital bonds, the credit spreads fluctuated slightly, with fluctuations within 3BP for different terms and ratings. It is recommended to focus on short - duration and highly liquid varieties for defense and capture the riding income at the convex points of the term structure of AA and AA+ bank secondary capital bonds [2][42]. 3. Summary by Relevant Catalogs 3.1 Primary Market 3.1.1 Net Financing Scale - The net financing of credit bonds (excluding asset - backed securities) was 435.5 billion yuan this week, a week - on - week increase of 255.1 billion yuan. The total issuance was 751.5 billion yuan, up 299.4 billion yuan week - on - week, and the total repayment was 316 billion yuan, up 44.3 billion yuan week - on - week. The net financing of asset - backed securities was 36.4 billion yuan, a week - on - week increase of 11.3 billion yuan [6]. - By product type, the net financing of urban investment bonds was 30.1 billion yuan, a week - on - week decrease of 37.3 billion yuan; that of industrial bonds was 188.9 billion yuan, a week - on - week increase of 60.5 billion yuan; and that of financial bonds was 216.5 billion yuan, a week - on - week increase of 231.8 billion yuan [6]. 3.1.2 Issuance Cost - Except for the issuance rates of AAA financial bonds and AA+ urban investment bonds, which increased, the issuance rates of other rated credit bonds decreased to varying degrees. Specifically, the issuance rates of AA - rated urban investment bonds and industrial bonds decreased by 3BP and 12BP respectively compared with last week; the issuance rate of AA+ - rated industrial bonds decreased by 11BP; and the issuance rates of AA+ - rated urban investment bonds and AAA - rated financial bonds increased by 4BP and 7BP respectively compared with last week [14]. 3.2 Secondary Market 3.2.1 Trading Volume and Turnover - The trading volume of credit bonds (excluding asset - backed securities) decreased by 11.7 billion yuan week - on - week. By product type, the trading volume of urban investment bonds was 254.5 billion yuan, a week - on - week decrease of 12.3 billion yuan; that of industrial bonds was 363.9 billion yuan, a week - on - week increase of 6.4 billion yuan; and that of financial bonds was 369.5 billion yuan, a week - on - week decrease of 5.8 billion yuan. The trading volume of asset - backed securities was 2.11 billion yuan, a week - on - week decrease of 0.2 billion yuan [15]. - The turnover rate of credit bonds fluctuated slightly compared with last week. Specifically, the turnover rate of urban investment bonds was 1.62%, a week - on - week decrease of 0.08 percentage points; that of industrial bonds was 2.16%, a week - on - week increase of 0.01 percentage points; that of financial bonds was 2.64%, a week - on - week decrease of 0.07 percentage points; and that of asset - backed securities was 0.61%, a week - on - week decrease of 0.09 percentage points [16]. 3.2.2 Yield - The yields of credit bonds with different terms and ratings increased to varying degrees this week. In AA+ - rated credit bonds, the yields of 7 - 10Y and over 10Y increased by more than 5BP; in AAA - rated credit bonds, the yield of 7 - 10Y increased by more than 5BP. Except for the yield of AA+ credit bonds below 1Y, which decreased by less than 1BP compared with last week, the yields of other term and rating credit bonds increased by no more than 5BP [20][21]. 3.2.3 Credit Spreads - The credit spreads of various industries fluctuated slightly this week. In AA - rated credit bonds, the industry credit spreads of non - bank finance and public utilities widened by 7BP and 5BP respectively compared with last week; in AA+ - rated credit bonds, the industry credit spreads of electronics and pharmaceutical biology widened by 7BP and 5BP respectively; in AAA - rated credit bonds, the industry credit spreads of leisure services, national defense and military industry, household appliances, and automobiles widened by 5BP, 5BP, 6BP, and 5BP respectively. In addition, the credit spread of the AA+ chemical industry narrowed by 5BP, and that of the AAA real estate industry narrowed by 7BP. The credit spreads of different ratings in other industries fluctuated by less than 5BP compared with last week [24]. - **Urban Investment Bonds**: The credit spreads of urban investment bonds widened this week, with the long - end widening more than the short - end. By region, the credit spreads of urban investment bonds in most regions widened, while those in a few regions narrowed slightly. The top five regions with the highest credit spreads of AA - rated, AA+ - rated, and AAA - rated urban investment bonds were listed respectively [28][29]. - **Industrial Bonds**: The credit spreads of industrial bonds showed a pattern of slight compression at the short - end and slight widening at the long - end this week. It is recommended to continue to focus on high - rating short - duration industrial bonds for coupon income and increase positions on dips [32]. - **Bank Capital Bonds**: The credit spreads of bank capital bonds fluctuated slightly this week, with fluctuations within 3BP for different terms and ratings. The overall pattern was slight compression at the short - end and slight widening at the long - end. It is recommended to focus on short - duration and highly liquid varieties for defense and capture the riding income at the convex points of the term structure [36]. 3.3 This Week's Bond Market Public Opinions - On March 28, 2025, AVIC Industry Finance Holdings Co., Ltd. announced its plan to delist from the Shanghai Stock Exchange and transfer to the National Equities Exchange and Quotations. This led to a downgrade of the implied ratings of a total of 65 bonds issued by AVIC Industry Finance and its subsidiaries [40]. - Other negative public opinions included the downgrade of the implied ratings of "17 Chaoyang Bank Secondary" and "16 Chaoyang Bank Secondary" issued by Chaoyang Bank Co., Ltd., the extension of "20 Tianqian 02" issued by Hubei Tianqian Asset Management Co., Ltd., and the extension of "H20 Xinyuan 1" and "H21 Xinyuan 1" issued by Xinyuan (China) Real Estate Co., Ltd. [2][44].

当地时间4月25日，美联储正式宣布撤销2022年针对银行加密资产及美元代币业务的监管指引，废止 2023年"监管无异议"程序，并退出与联邦存款保险公司（FDIC）、货币监理署（OCC）联合发布的加 密资产风险政策声明。XBIT指出这一决定标志着拜登政府时期对加密货币行业的高压监管政策"窒息点 行动2.0"（Choke Point 2.0）全面终结，美国加密市场迎来银行服务松绑的转折点。 性政策。OCC代理审计长胡德表态："数字资产必须融入美国经济。"特朗普本人更在加密货币峰会上批 评"窒息点行动2.0"是"政府武器化对抗行业"，承诺终结银行对加密企业的歧视性服务。 4月17日，美联储主席鲍威尔在芝加哥经济俱乐部演讲中明确监管松绑方向，承认加密货币主流化趋 势，称将建立稳定币监管框架以释放创新潜力。此次美联储正式撤销银行加密业务报备要求，标志着三 年高压期终结，合规门槛与法律风险显著降低。 政策转向的直接效应是银行重启加密服务。XBIT市场分析认为，更多金融机构将为交易所、稳定币发 行商提供账户与支付通道，改善法币流动性。稳定币USDC发行方Circle首席执行官Jeremy Allaire表 示："银行渠道恢 ...

Market Overview - The market is experiencing a narrow fluctuation around the 3300-point level, with mysterious funds seemingly supporting the index, but unable to push it higher [1] - Recent trading volume has shown a decline to below 1 trillion, indicating low market sentiment, followed by a three-day increase back to above 1 trillion, but still struggling to gain momentum [1][2] - The upper resistance levels are identified at 3219 points and 3342 points, which need to be addressed for a smoother upward movement [1] Earnings Reports - Upcoming earnings reports are expected to be underwhelming, with no significant surprises, and some companies delaying their reports, creating a negative sentiment [2] - The market is currently waiting for a strong sector to drive overall market sentiment, as individual stocks are not moving in unison [1][2] Central Bank Actions - The central bank's recent MLF operation of 600 billion yuan is seen as an attempt to inject liquidity into the market, but has only resulted in minor market movements [2] - The lack of a unified market response indicates that opportunities are primarily in rapid sector rotations, making it challenging for retail investors [2]

Primary Market - A total of 19 offshore bonds were issued this week, including 6 offshore RMB bonds, 6 USD bonds, 4 HKD bonds, and 3 EUR bonds, with issuance sizes of 54.2 billion RMB, 615 million USD, 798.8 billion HKD, and 1.9 million EUR respectively [1] - The largest single issuance in the offshore RMB bond market was 1 billion RMB by the Asian Development Bank, while the highest coupon rate was 6.5% issued by Huangshi Chantuo Holdings Group [1] - In the USD bond market, the largest single issuance was 200 million USD by Chengdu Economic Development Investment Group, with the highest coupon rate of 7.0% from two issuers: Fuzhou Digital Economy Investment Group and Emei Mountain Modern Agriculture Development Group [1] Secondary Market - The yield on Chinese offshore USD bonds rose across the board this week, with the Markit iBoxx Chinese USD bond composite index increasing by 0.33% to 240.93 [2] - The real estate USD bond index saw a significant increase of 1.94%, closing at 180.28, while the city investment bond index rose by 0.14% to 148.05 [2] Price Movements - The largest weekly price increase in Chinese offshore bonds was for the MOLAND 8% 12/30/24 bond from Contemporary Land, which rose by 56% to 2.75 [3] - The largest weekly price drop was for the HONGSL 5% 8/19/29 bond from Hongyang Group, which fell by 125.84% to 6.72 [5] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US narrowed to 265.35 basis points, a decrease of 3.21 basis points from the previous week [6] Rating Changes - Moody's maintained the "A3" issuer ratings for China Railway Group and China Railway Construction, changing the outlook from "stable" to "negative" on April 24 [9] - Moody's also maintained the "Baal" issuer rating for China Communications Construction Group, adjusting the outlook to "negative" on April 25 [9] Defaults and Extensions - Xinyuan (China) Real Estate's bond "H20 Xinyuan 1" received approval for a 2-year extension, with the new maturity date set for November 13, 2027 [10] - Sunshine City Group failed to make timely payments on its 2020 first phase medium-term notes, with the company unable to raise sufficient funds by the accelerated maturity date [11] Market News - The issuance of the 2025 ultra-long special treasury bonds began on April 24, with a total planned issuance of 1.3 trillion RMB [12] - The first data center holding-type real estate ABS in the country was listed on the Shanghai Stock Exchange, raising a total of 1.6092 billion RMB [13] - The People's Bank of China conducted a 600 billion RMB MLF operation to maintain liquidity in the banking system [14] Overseas News - Some Federal Reserve officials hinted at the possibility of earlier interest rate cuts if economic conditions worsen [15] - Demand for US Treasury bonds from overseas reached a new low, with indirect bidders accounting for only 56.2% of the latest auction [16] Offshore Bond Alerts - Zhengrong Real Estate's proposal to extend the "H20 Zhengrong 2" bond was not approved, leading to a failure to repay interest [17] - Futong Group plans to pay interest on "H21 Futong 1" by April 28, 2025 [18] - The proposal for delisting 18 company bonds from AVIC Industrial was not approved, and the bonds will resume trading [19] - Aoyuan Group announced that three bonds, including "H20 Aoyuan 1," will be suspended from trading starting April 28 [20]

Celestica Inc. (NYSE:CLS) Q1 2025 Earnings Conference Call April 25, 2025 8:00 AM ET Company Participants Matthew Pallotta - Head, Investor Relations and Senior Director, Finance Rob Mionis - President and Chief Executive Officer Mandeep Chawla - Chief Financial Officer Conference Call Participants David Vogt - UBS Samik Chatterjee - JPMorgan George Wang - Barclays Ruben Roy - Stifel Thanos Moschopoulos - BMO Capital Markets Steven Fox - Fox Advisors Paul Treiber - RBC Capital Markets Robert Young - Canacco ...

监制：柯成韵 中国人民银行发布公告称，为保持银行体系流动性充裕，中国人民银行今天（25日） 以固定数量、利率招标、多重价位 中标方式开展6000亿元中期借贷便利MLF操作，期限为1年期。 据了解，由于本月有1000亿元MLF到期，此次操作实现 净投放5000亿元。 你会关注 特朗普：已设定最后期限！ 全线大涨！金价，又狂飙！ 央视财经评论丨滥用出口管制，美方做法损人不利己 你以为没用，实则超厉害的3个养生小妙招→ 想要膝盖"长寿"，少做这两个动作→ 来源： 央视财经（ID：cctvyscj） 主编：于小曼 编辑：张娅芳 转发，关注！ ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 cadence ，谢谢。 JEDEC 近期发布的 HBM4 规范对 AI 训练硬件开发者来说是个好消息。HBM4 是快速发展的高带 宽内存 (HBM) DRAM 标准的最新规范，据 JEDEC 称，HBM4 可提供 2TB/s 的内存性能和高达 64GB（32Gb 16 位高）的更高密度。JEDEC 的新闻稿指出："HBM4 带来的进步对于需要高效处 理大型数据集和复杂计算的应用至关重要，包括生成式人工智能 (AI)、高性能计算、高端显卡和 服务器。" 大型语言模型 (LLM) 数据集呈指数级增长，而当前的 CPU 和 GPU 性能通常受到可用内存带宽的 限制。由于存在这种"内存壁垒"，HBM 凭借其卓越的带宽、容量和内存效率，已成为生成式 AI 训练的首选内存。 HBM4 基于 HBM3（和 HBM2E）标准构建，后者广泛应用于数据中心的 AI 训练硬件。HBM4 的内存带宽比 HBM3 提升了 2 倍。带宽的提升是通过将频率提升至 8Gb/s（HBM3 为 6.4Gb/s） 并将数据位数翻倍至 2048 位（HBM3 为 1024 位）来实现的 ...

在竞争激烈且行业集中度较高的背景下，诺瓦星云(301589)坚持以"还原真实视界，让世界更美好"为使 命，致力于成为全球领先的视频综合性解决方案提供商，逐步实现由产品研发型企业向创新服务型企业 的转变，以先进的技术与优异的服务为客户发展赋能。 4月17日晚间，诺瓦星云一口气公布了2024年年报、2025年一季报以及关于"质量回报双提升"行动方案 的进展公告。整体来看，尽管面临着市场竞争加剧以及成本上升的不利因素，公司2024年公司财务表现 相对稳健，且多项指标取得优异成绩。 公司拟向全体股东每10股派发现金红利6.5元（含税），预计总派发金额为5942万元，分红率10%。公 司表示，未来将继续践行"质量回报双提升"行动方案，实现高质量、可持续发展，在保持可持续健康发 展的同时，积极回报投资者，为稳市场、稳信心和切实维护广大投资者合法权益贡献力量。 不惧竞争加剧，2024年营收创历史新高 财务数据显示，公司2024年营业收入达到32.8亿元，同比增长7.38%；归母净利润为5.93亿元，同比下 降2.31%；扣非归母净利润为5.76亿元，同比下降2.09%。 由于公司已提前布局MLED领域相关技术，推出了核心检 ...

Core Insights - Nova Star Cloud (诺瓦星云) reported a total revenue of 3.28 billion yuan for 2024, representing a year-on-year growth of 7.38% [1] - The company achieved a net profit attributable to shareholders of 593 million yuan, with a basic earnings per share of 6.57 yuan [1] - The company plans to distribute a cash dividend of 6.50 yuan per 10 shares, totaling 59.42 million yuan [1] Financial Performance - The domestic market contributed 2.65 billion yuan in revenue, a growth of 2.85% year-on-year, while the overseas market generated 626 million yuan, growing by 32.03% [2] - Research and development (R&D) investment reached 540 million yuan, an increase of 22.24%, with an R&D intensity of 16.47% [2] Business Overview - Nova Star Cloud focuses on algorithm-driven solutions for LED display and ultra-high-definition video applications, providing a full range of services from display control to video processing [1] - The company serves over 4,000 clients globally, including industry leaders like Leyard, Absen, and BOE [1][2] - The company has made significant advancements in the MLED sector, launching core detection equipment and integrated circuits, leading to rapid revenue growth in this area [2] Intellectual Property - As of the end of the reporting period, the company holds 1,177 domestic patents (including 656 invention patents), 27 foreign patents (including 22 invention patents), and 238 software copyrights [3] - The company aims to continue high-intensity R&D investments to support advancements in MLED and ultra-high-definition video technologies [3]

STI-Bench团队 投稿 量子位 | 公众号 QbitAI 多模态大语言模型（MLLM）在具身智能和自动驾驶"端到端"方案中的应用日益增多，但它们真的准备好理解复杂的物理世界了吗？ 上海交通大学联合中国地质大学、南洋理工大学、智源研究院以及斯坦福大学的研究团队推出首个多模态大模型（MLLM）时空智能评测基准 STI-Bench（Spatial-Temporal Intelligence Benchmark），向当前最先进的多模态大语言模型发起了关于精确空间时间理解的严峻挑战。 结果显示，即便是Gemini-2.5-Pro、GPT-4o、Claude-3.7-Sonnet、Qwen 2.5 VL等当前最强的多模态大模型，在需要定量分析真实世界空 间关系和动态变化的任务上，表现并不尽人意。 从语义理解到时空智能 MLLM在视觉语言理解上成就斐然，并被寄望于成为具身智能和自动驾驶的"端到端"解决方案。但这要求模型超越传统的语义理解，具备精准 的时空智能。 试想AI应用场景中的需求： 自动驾驶： 需知晓与前车的精确距离（米）、行人过马路的速度（米/秒）、安全过弯的车速限制等。 机器人操作： 需判断目标物体的尺寸位 ...