[Table_IndNameRptType] 电子 行业周报 电子行业周报：国产存储双雄崛起，存储芯片国产化持续进行 [Table_IndRank] 行业评级：增持 报告日期：2025-06-22 [Table_Chart] 行业指数与沪深 300 走势比较 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com [Table_Author] 分析师：李美贤 执业证书号：S0010524020002 邮箱：limeixian@hazq.com [Table_Author] 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com 相关报告 主要观点： ⚫[Table_Summary] 本周行情回顾 从指数表现来看，本周（2025-06-16 至 2025-06-20），上证指数周涨 跌-0.57%，深证成指涨跌幅为-0.46%，创业板指数涨跌幅-0.88%，科 创 50 涨跌幅为-1.47%，申万电子指数涨跌幅-2.17%。板块行业指数 来看，表现最好的是 LED，跌幅为 0.46%，集成电 ...

今天分享的是：中国金融科技竞争力百强企业报告(2025) 报告共计：40页 《2025中国金融科技竞争力百强企业报告》由中关村互联网金融研究院于2025年6月发布，聚焦中国金融科技行业发展状况、前沿趋势、 企业竞争力评价等内容，以下是核心内容总结。 金融科技发展概况 金融科技前沿和趋势 - 人工智能：2024年全球人工智能市场规模170亿元，中国生成式AI市场规模45.9亿元，大模型逐步取代传统算法，AI Agent向核心业务 渗透，金融机构需完善AI治理体系。 - 区块链：2024年全球区块链市场规模逼近4000亿元，中国达39.94亿元，央行数字货币在跨境支付等场景应用，香港《稳定币条例》出 台推动区块链发展。 - 云计算：2024年中国云计算市场规模超8378亿元，金融云市场规模逾187亿元，金融机构加速上云，构建"云智一体"技术底座。 - 量子计算：2024年中国量子通信市场规模约892亿元，量子技术在金融分析、加密等领域应用，预计2030年量子加密技术融入央行数字 货币系统。 - 数据治理：2024年中国大数据产业规模7320亿元，数据资产入表市场前景广阔，金融机构向"数据驱动"转型。 - 银行业数 ...

Group 1: Electricity Consumption Trends - In May, total electricity consumption reached 809.6 billion kWh, with a year-on-year growth of 4.4%, indicating a moderate overall increase but significant structural differentiation [3] - The primary industry saw an 8.4% increase in electricity consumption, reflecting accelerated agricultural modernization and rural infrastructure development, particularly in livestock and smart agriculture [3] - The secondary industry experienced a slower growth of 2.1%, likely due to structural adjustments in the industrial sector, with high-energy-consuming industries being regulated while high-tech manufacturing, such as automotive and general equipment manufacturing, showed strong performance with growth rates of 8.4% and 6.1% respectively [3] Group 2: Sector-Specific Insights - The tertiary industry and residential electricity consumption grew by 9.4% and 9.6% respectively, indicating a recovery in the service sector, particularly in charging and swapping services for electric vehicles, which is directly related to the proliferation of new energy vehicles and the expansion of the digital economy [3][4] - The rapid growth of the charging and swapping service industry suggests significant market potential for supporting infrastructure for new energy vehicles [4] - Internet and related services saw a remarkable 29.8% increase in electricity consumption, highlighting the emergence of AI and cloud computing as major electricity consumers, which may present investment opportunities in computing infrastructure and data center construction [4] Group 3: Investment Opportunities - The growth in high-tech and equipment manufacturing, particularly in the new energy vehicle supply chain, is noteworthy, with BYD's battery installation volume reaching nearly 28.5 GWh in May, a year-on-year increase of over 50%, indicating a boom in the new energy vehicle sector [3] - The implementation of green electricity direct connection policies is significant, as it encourages companies to enhance energy efficiency and opens new opportunities in distributed photovoltaics and energy storage [5] - Long-term investment focus should be on leading companies in high-tech manufacturing, especially in the new energy vehicle and high-end equipment sectors, as well as in the new energy generation and storage industries, which are expected to see stable growth due to advancing green electricity policies [5]

近年来，券商高管年轻化成为趋势。武超则正式加入中信建投高管行列，作为一名"85后"，她将成为公 司最年轻的高管，同时也成为证券业"研而优则仕"又一典例。 6月20日，中信建投证券发布公告称：董事会同意聘任武超则担任公司执行委员会委员，任期自本次董 事会审议通过之日起至公司第三届董事会任期结束之日止；选举王广龙担任非执行董事，相关议案获得 股东大会通过后，增补其为公司董事会发展战略委员会委员。 公开信息显示，武超则出生于1986年，在券商的卖方研究领域取得优异成绩，为新财富白金分析师， 2013年至2020年连续八届名列新财富最佳分析师通信行业第一名。武超则专注于人工智能、云计算、半 导体等科技领域研究，为中国证券业协会证券分析师委员会委员。 近日，武超则在中信建投证券2025年中期资本市场投资峰会上表示："当前，全球经济格局加速重构， 中国政策工具箱持续发力，一揽子政策的持续推进与深化实施，为资本市场注入强劲动能。" 武超则提到，一方面，中国凭借内需潜力与结构性改革，持续发挥全球经济"稳定锚"作用。今年以来， 港股资本市场领跑全球。另一方面，中国高水平科技自立自强战略纵深推进，人工智能、人形机器人、 低空经济 ...

【导读】知名研究女将武超则获任中信建投证券执行委员会委员 见习记者 舍梨 6 月 20 日， 中信建投证券 发布 公告称：董事会同意 聘任武超则担任公司执行委员会委员 ，任期自本次董事会审议通过之日起至公司第三届董事会任期结束之日止； 选举王广龙担任 非执行董事 ，相关议案获得股东大会通过后，增补其为公司董事会发展战略委员会委员。 近年来，券商高管年轻化成为趋势。武超则正式加入中信建投高管行列，作为一名 "85 后 " ，她将成为公司最年轻的高管，同时也成为证券业 " 研而优则仕 " 又一典例。 "80后"武超则获任中信建投执委会委员 武超则为中信建投研究发展部、国际业务部行政负责人。今年 5 月，武超则被任命为中信建 投证券党委委员，彼时业内就有消息称，武超则有望加入公司高管序列。如今，尘埃落定， 武超则被聘任为该公司执行委员会委员。 公开信息显示，武超则出生于 1986 年，在券商的卖方研究领域取得优异成绩，为新财富白 金分析师， 2013 年至 2020 年连续八届名列新财富最佳分析师通信行业第一名。武超则专 注于人工智能、云计算、半导体等科技领域研究，为中国证券业协会证券分析师委员会委 员。 近日，武 ...

生成式AI时代的到来，催生了巨大的算力需求。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，PPLabs Technology Limited（以下简称"PPIO"）于2025年6月20日正式向 港交所递交招股说明书，拟主板挂牌上市，工银国际和申万宏源香港担任联席保荐人。 成立于2018年的PPIO由前PPTV创始人姚欣创办 ，最早聚焦在边缘云计算服务领域，通过搭建算力 调度平台，汇聚和管理异构资源的闲置算力，以最优方式向客户部署，从而加速内容传输并提升低延 迟计算体验。 2023年，随着AI大模型技术的快速发展，带来GPU算力和AI推理需求激增，PPIO战略性地开展AI云 计算服务。依托覆盖全球的算力网络和底层技术能力，PPIO汇聚全球计算资源，提供从基础云计算 服务到AI推理计算服务的全方位解决方案，满足客户多样化的需求和偏好。2024年，PPIO还将业务 进一步扩展至全球AI云市场。 截至2024年12月31日，PPIO的算力网络覆盖全球1,200多个县市，包含4,000多个计算节点。截 至同日，PPIO的AI云计算服务在全球拥有超过120 ...

Core Viewpoint - The report highlights the financial disclosures and responses from the company regarding its prepayments, accounts receivable, and fundraising projects, indicating significant growth in prepayments and accounts receivable, along with the ongoing development of fundraising projects. Group 1: Prepayments - The company's prepayment balance for the year is 7.693 billion yuan, representing a year-on-year increase of approximately 70% [1] - The company has recognized a bad debt loss of 44 million yuan for prepayments, which is a year-on-year increase of about 182% [1] - The top ten prepayment recipients include various suppliers, with some being new suppliers and others having a controlling relationship with the company [3] - All prepayments have been delivered without delays, and the corresponding goods have been sold [3] - The prepayment turnover rate for the year is 14 times, with a turnover period of 26.07 days, which is in line with industry averages [4] Group 2: Accounts Receivable - The company's accounts receivable balance is 1.410 billion yuan, showing a year-on-year increase of 51.03% [9] - The company has recognized a bad debt loss of 32 million yuan for accounts receivable, with a significant increase in the bad debt provision ratio [9] - The top ten accounts receivable recipients have been disclosed, with no significant undisclosed relationships found between customers and suppliers [10] - The company maintains a unified credit policy for accounts receivable, which has not changed significantly from previous years [12] - The increase in accounts receivable is attributed to more customers requesting extended payment terms due to cautious cash management in the current economic environment [12] Group 3: Fundraising Projects - Three fundraising projects from the company's 2020 non-public stock issuance are still under construction, with progress rates of 34.29%, 50.22%, and 68.88% [14] - The company has used raised funds for purposes not closely related to the fundraising projects, such as sodium-ion battery production line construction [14] - The company has provided details on the main uses and outcomes of the funds invested this year, including improvements in B2B operations and office efficiency [14]

Core Viewpoint - The report highlights the ongoing construction status of three projects by Beijing Guolian Vision Information Technology Co., Ltd. (Guolian Co.), with completion rates of 34.29%, 50.22%, and 68.88%, and the expected completion date extended to December 2025 due to various challenges faced during the implementation phase [1][6][7]. Group 1: Project Status and Financials - Three projects are still under construction, with progress rates of 34.29%, 50.22%, and 68.88%, and their expected completion dates have been postponed to December 2025 [1]. - The company reported a revenue of 53.585 billion yuan and a net profit of 1.455 billion yuan for 2024, reflecting year-on-year growth of 5.72% and 1.86% respectively [6]. - The total investment in various projects for the year amounts to 14.70331 million yuan, with significant allocations for research and development, renovation, and software and hardware procurement [4]. Group 2: Reasons for Delays - The delays in project timelines are attributed to the rapid evolution of generative AI technology, which necessitated a restructuring of algorithm frameworks, thereby extending the research and development cycle [6][7]. - Compliance requirements related to data desensitization and cybersecurity have also contributed to the need for system modifications, further complicating project timelines [6]. - Challenges in site selection for warehouse construction, including balancing logistics efficiency with environmental considerations, have led to extended approval processes and delays [7]. Group 3: Internal Controls and Remedial Actions - The company has implemented internal controls and corrective measures regarding the use of raised funds, including self-inspections and timely reporting of any irregularities to regulatory bodies [9][10]. - The company has returned any improperly used funds to the designated accounts and has refined its processes for managing the use of raised funds to ensure compliance with regulations [10]. - Training sessions have been conducted to enhance understanding of relevant laws and internal management systems among staff, reinforcing compliance awareness [10].

Core Viewpoint - The company, Beijing Guolian Vision Information Technology Co., Ltd., is responding to regulatory inquiries regarding its 2024 annual report, specifically addressing issues related to revenue recognition, internal controls, and prepaid accounts [1]. Revenue Recognition - The company's reported revenues for 2024 were 136.23 billion, 121.05 billion, and a decline of 16.21%, 10.23%, and 15.91% respectively for each quarter, attributed to a shift from gross to net revenue recognition for certain transactions [2]. - The company is currently verifying its revenue recognition methods in accordance with accounting standards and will provide further disclosures [2][3]. Internal Control - The company has previously corrected errors in revenue reporting for 2020 to 2022, and the auditor has issued standard opinions for the current year, indicating improvements in internal controls [3]. - The company is required to disclose its internal control requirements for revenue recognition and any changes compared to previous years [3][4]. Prepaid Accounts - The company's prepaid accounts balance reached 76.93 billion, a year-on-year increase of approximately 70%, with a significant rise in bad debt provisions for prepaid accounts [4][5]. - The company is expected to disclose details about its top ten prepaid account recipients, including transaction amounts and supplier relationships [5][6]. - The increase in prepaid accounts is attributed to the company's self-operated business model, which necessitates securing supply and stabilizing prices through advance payments [7][12]. Accounts Receivable - The company's accounts receivable balance was 14.10 billion, reflecting a 51.03% increase year-on-year, with a bad debt provision of 0.32 billion and a provision ratio of 3.25% [13]. - The company is required to disclose details about its top ten debtors, including transaction amounts and any potential relationships with suppliers [13][14].

长江证券承销保荐有限公司 关于上海新致软件股份有限公司 之 发行保荐书 （以下简称"《公司 法》 "）《中华人民共和国证券法》 （以下简称"《证券法》"） 保荐机构（主承销商） 中国（上海）自由贸易试验区世纪大道 1198 号 28 层 二零二五年六月 上海新致软件股份有限公司 2024 年度向特定对象发行 A 股股票 发行保荐书 声 明 长江证券承销保荐有限公司（以下简称"本保荐机构"或"长江保荐"）接 受上海新致软件股份有限公司（以下简称"发行人"、"新致软件"或"公司"） 聘请，作为新致软件 2024 年度向特定对象发行 A 股股票项目（以下简称"本次 发行"）的保荐机构，就发行人本次发行出具本发行保荐书。 本保荐机构及保荐代表人根据《中华人民共和国公司法》 《证券发行上市保荐业 务管理办法》 （以下简称"《保荐管理办法》 "）《上市公司证券发行注册管理办法》 （以下简称"《注册管理办法》"）《上海证券交易所科创板股票上市规则》（以下 简称"《上市规则》"）《发行证券的公司信息披露内容与格式准则第 27 号——发 行保荐书和发行保荐工作报告》等有关法律、行政法规和中国证券监督管理委员 会（以下简称"中国 ...