2025年4月29日，观典防务（688287.SH）发布2024年年报。报告期内，公司营业总收入为8998.38万 元，归母净利润为-1.36亿元；截至2024年末，公司总资产为8.99亿元。 报告显示，观典防务业绩较上年同期大幅下降的主要原因包括：一是受外部环境影响，客户群体支出减 少；二是公司所处行业竞争加剧，业务收缩，订单减少；三是公司内部持续进行合规整改，业务开拓节 奏有所放缓。 观典防务是北京证券交易所首批上市公司，2022年5月25日，观典防务作为北交所转板第一股正式登陆 上交所科创板。2024年，观典防务解决了违规担保、大股东占款等问题，并且重构了公司管理层。在低 空经济利好政策驱动下，公司主营业务在行业应用端持续发力，充分利用低空经济打开的新格局，同时 公司重点布局装备制造端，以专业化、智能化、标准化为原则，在智能防务装备领域提速发展，研发和 新产品渠道开发亦成果显著。有分析认为，"纠偏"后的"科技硬汉"有望在2025年实现华丽转身。 围绕低空经济，重点布局装备制造端 观典防务是国内领先的无人机禁毒服务供应商，公司主营业务为无人机飞行服务与数据处理、无人飞行 系统及智能防务装备的研发、生产与销 ...

Core Insights - The food and beverage industry is undergoing significant digital transformation, driven by the rise of e-commerce platforms and diverse consumer demands [1][3] - Effective management of distributor rebates is a major challenge for food and beverage companies, impacting their operational efficiency and profitability [3][4] Group 1: Current Market Status and Challenges - The food and beverage B2B market has experienced explosive growth due to the rise of e-commerce and changing consumer preferences [3] - Key challenges include the difficulty in managing distributor rebates and controlling costs, which are critical for maintaining competitiveness [3][4] Group 2: Advantages of Shushangyun's Distributor Rebate Management Solution - The solution offers a fair and transparent rebate mechanism, allowing companies to set various rebate policies based on sales or profit metrics [4] - It enables efficient cost control by optimizing rebate management processes and automating rebate calculations, reducing manual labor costs [5] - The system supports flexible rebate strategies, such as tiered and cumulative rebates, to enhance distributor engagement and loyalty [6][9] Group 3: Technical Architecture of Shushangyun's Solution - The solution employs advanced intelligent rebate calculation technology for quick and accurate rebate computations based on sales and cost data [7] - Automation features include automatic rebate notifications, status updates, and application processing, enhancing management efficiency [8] Group 4: Application Scenarios - The solution is applicable in managing distributor rebates, ensuring fairness and transparency while improving management efficiency [10] - It plays a crucial role in cost control for food and beverage companies by streamlining rebate management processes [11] - Flexible rebate strategies can boost distributor loyalty and foster long-term partnerships [12] Group 5: Future Development Trends - Future enhancements will focus on increasing the intelligence and automation of the rebate management system, incorporating cutting-edge technologies like AI and big data [13] - Continuous innovation and optimization of rebate strategies will be pursued to meet the evolving needs of food and beverage companies [14] - Shushangyun aims to build an open and collaborative B2B ecosystem in the food and beverage sector, facilitating seamless integration with third-party systems [15] Conclusion - Shushangyun's distributor rebate management solution presents transformative opportunities for food and beverage companies, emphasizing fairness, efficiency, and flexibility [16]

一系列监管新规，树立规矩、划定底线，推动非银金融机构坚持"有所为、有所不为"。若机构对新的监 管政策理解不到位、执行不及时，就可能导致违规。 单靠外部法律和监管的"刚性约束"难以实现长期发展，还需要非银金融机构从内部消除违法违规的土 壤，激发合规管理内生动力，主动识别和纠正潜在问题。 合规管理对于非银金融机构而言，是保障安全稳健运营的基石。当前，非银金融机构在合规管理方面仍 面临诸多挑战。随着科技与金融的深度融合，非银金融机构不断推出具有"数字基因"的新产品和新服 务，这些创新产品在提升服务效率、拓展服务边界的同时，也增加了合规管理的难度，特别是创新业务 往往涉及多个领域，使机构在合规判断上容易出现模糊地带。 加强技术赋能，充分运用数字化、智能化手段，提升合规管理的精准性与时效性。非银金融机构可依托 大数据、人工智能等前沿技术，对海量业务进行实时监测与深度挖掘，通过构建多维度风险预警模型， 识别资金异常流向、客户身份信息冒用、关联方利益输送、异常集中授信等违规异常。例如，消费金融 公司在贷后环节可以通过大数据分析借款人的消费行为、资金流水等数据，利用机器学习算法构建用户 消费行为图谱。一旦出现异常消费、多平台 ...

这个由浙江文投、中国联通、飞猪旅行等机构共同发起的联盟，目前拥有60余家成员单位，其最直 接的目的是让旅游服务更"聪明"，即通过分析历史游客数据，景区可以提前预测客流高峰，帮助酒店调 整价格；通过挖掘游客评论和社交媒体数据，商家能更精准地了解游客喜好。"我们不仅要让数据流动 起来，更要让数据产生价值。"该联盟相关负责人表示。 文旅可信数据空间联盟相关负责人表示，随着优质数商持续入驻数据空间，高质量数据底座支撑能 力进一步增强。同时，在推动数据共享的同时，隐私保护会被放在首位，即采用数据脱敏、分级授权等 技术手段，确保游客个人信息安全。 会上，淳安还介绍了基于文旅可信数据空间平台的"未来游客量预测"数据产品，该产品通过公共数 据授权运营，探索客房定价新模式，破解客房供需不平衡和定价不精准难题。 据了解，联盟下一步将重点开发景区客流预警、游客行为分析等实用工具，让数据真正实现"用好 文旅数据，打通信息孤岛，突破国际垄断，精准服务游客"的目标，提升游客体验和商家收益，为文旅 产业转型升级贡献"淳安方案"。 怎样让文旅企业具有"听风辨位"的内功，"见招拆招"提升接待能力？日前，全国首个专注于文旅行 业数据流通的联盟组 ...

王淘冉还牵头对原有的"港船管理系统"进行了优化升级，将"慧治滨海"小程序与"港船管理系统"进行深度联通。"通过大数据分析，我们能 发现许多深层次的异常情况。"王淘冉说，系统可以自动识别船舶异常行为，及时预警并指导执法行动，不仅实现了对船舶、人员的精细化管 理，更像是一个智慧的"大脑"，具备了强大的数据分析、风险预警等功能，提升了工作效率和管理精度。 今年以来，在智慧"大脑"的数据支撑和策略赋能下，大连市公安局沿海安全保卫局破获买卖船舶证件案5起、查扣"三无"渔船26艘、查处非 法造船黑窝点2处，有力震慑了涉海违法犯罪。 大连市公安局沿海安全保卫局深入推进智慧公安海防建设，实现了公安、渔政、海事等多部门之间的信息共享和协同治理，"信息孤岛"被打 通，多部门形成联动。"智慧管理的升级形成了一张守护渔民安全的网，这张网挂满'铃铛'，任何一个点触网，'铃铛'就响了。"王淘冉说。 新华社大连5月5日电（记者郭翔）"以前报备得跑一趟派出所，现在喝杯茶的工夫就搞定了！"这是许多辽宁大连渔民在使用"慧治滨海"平台 后的共同感受。过去，渔民每次出海、进港，报备船舶、人员信息，都要亲自跑一趟，手续繁琐，耗时费力。 "能不能让数据 ...

新华财经纽约5月6日电（记者刘亚南）由于美国与贸易伙伴的紧张关系继续引发市场担忧，纽约股市三 大股指6日明显低开，早盘跌幅明显收窄，尾盘快速下挫，收盘时纽约股市三大股指均明显下跌。 截至当天收盘，道琼斯工业平均指数比前一交易日下跌389.83点，收于40829.00点，跌幅为0.95%；标 准普尔500种股票指数下跌43.47点，收于5606.91点，跌幅为0.77%；纳斯达克综合指数下跌154.58点， 收于17689.66点，跌幅为0.87%。 美国对冲基金都铎投资公司（Tudor Investment Corporation）创始人保罗·都铎·琼斯（Paul Tudor Jones） 在当日接受媒体采访时表示，相当清楚的是，美国总统特朗普锁定于关税，美联储锁定于不降息，这对 股市不是好事。 琼斯认为，除非美联储变得真的"鸽派"并真的降息，股市很可能再创新低。 跨境支付企业Moneycorp北美地区结构化产品负责人尤金·爱波斯坦（Eugene Epstein）说，随着特朗普 政府实施的90天对等关税暂缓执行期逐渐过去，美国尚未公布任何有意义的成果，市场正在变得紧 张。"由于明显缺少正式的实质内容，市场开始 ...

Group 1: Market Risks and Responses - The Trump administration's policies since 2025 have led to increased volatility in domestic and international financial markets, particularly following the announcement of the "reciprocal tariff" policy in April, which raised recession fears for the US economy [1] - Although the implementation of the "reciprocal tariff" policy was postponed for 90 days, the underlying risks remain, prompting the need for domestic enterprises to adopt strategies to manage these risks effectively [1] Group 2: Derivative Tools and Strategic Management - China has established a comprehensive commodity industry chain, and the application of futures tools has evolved from basic risk hedging to more integrated risk management strategies [2] - By the end of 2024, 1,408 listed companies in China had announced hedging strategies, indicating a growing trend in utilizing futures for risk management [2] Group 3: Price Discovery and Market Analysis - China's futures market includes 71 listed commodity futures and 146 total futures and options, with over 2.5 million investors and a margin scale of 1.6 trillion yuan, providing valuable price signals for enterprises [3] - The characteristics of the price signals in the futures market—broad, long, precise, and deep—enable companies to enhance their market analysis and strategic planning [3] Group 4: Risk Management Tools - The futures market offers various risk hedging tools, including on-exchange futures, options, and over-the-counter swaps, allowing for personalized and refined risk management services for enterprises [4] - Companies in oversupplied sectors can utilize options strategies to improve sales prices while managing the risks associated with price increases [4] Group 5: Transitioning to Certainty in Operations - Enterprises can shift from a reliance on spot markets to a diversified approach that includes futures, options, and basis management, enhancing stability in their operations [6] - This transition allows for a multi-faceted management approach, incorporating exposure management, basis management, volatility management, and scale management [6] Group 6: Enhanced Risk Management Practices - The recent volatility in commodity prices has heightened the need for improved risk management capabilities within companies, necessitating a structured approach to managing both predictable and unpredictable risks [7] - Companies should develop or refine their risk management processes to better handle market uncertainties [7] Group 7: Collaborative Ecosystem Development - China's futures market has developed a mature service ecosystem, and enterprises are encouraged to collaborate with various institutions to create a synergistic business model that integrates price, tools, funds, information, and goods [8] - Futures companies are focusing on enhancing their service capabilities, emphasizing professional and detail-oriented intermediary services to improve client engagement [8] Group 8: Customized Risk Management Solutions - Futures companies are tasked with providing tailored risk management solutions that align with the unique needs of enterprises, utilizing a combination of futures, options, and swaps to optimize risk management strategies [9] - The integration of financial technology, such as AI and big data, is being leveraged to offer real-time risk monitoring and dynamic strategy adjustments for enterprises [9] Group 9: Trading Service Innovations - The competitive landscape of futures brokerage has led companies to seek new growth avenues, utilizing their research and risk management strengths to enhance client wealth and participate in risk-managed procurement and sales [10] - This approach allows futures companies to better serve the operational needs of enterprises while also creating new revenue streams [10]

又一家A股公司或易主！ 5月6日晚，汇纳科技（300609）公告，因公司控股股东暨实际控制人张宏俊正在筹划重大事项，该事项可能导致公司控制权发生变更。公司股票自2025年5月 7日（星期三）上午开市起停牌，预计停牌时间不超过2个交易日。 根据公告，张宏俊目前正在筹划进行股份转让事宜。预计本次交易完成后，交易对手方将获得汇纳科技总股本15%的股份以及对应的表决权。公告透露，此 次交易对手方属于科技服务业。本次股份转让事项完成后，汇纳科技控制权可能发生变更。目前，各方主体正在就具体交易方案、协议等相关事项进行论证 和磋商。 汇纳科技是一家人工智能和大数据应用方案提供商。其业务定位为综合运用人工智能、大数据等技术，赋能线下实体商业、公共服务行业等各行业领域，提 供行业数字化解决方案。汇纳科技最新市值约32亿元。 来源：e公司 责编：李丹 校对： 高源 版权声明 张宏俊系汇纳科技创始人，也是公司控股股东、实际控制人。2024年年报显示，张宏俊持有汇纳科技22.05%股份，为公司第一大股东。 汇纳科技披露的2025年一季报显示，该季度公司实现营业收入5236万元，同比增长4.19%；扣非净利润亏损367万元，同比大幅减 ...

Group 1 - The core message emphasizes the importance of youth in driving innovation and creativity, highlighting their role as the future of the nation and technology [1][18] - President Xi Jinping has repeatedly stressed the significance of youth in the context of China's transition from a manufacturing power to a manufacturing stronghold, particularly in fields like artificial intelligence and big data [1][18] - The development of the low-altitude economy is seen as a significant opportunity, with nearly 30 provinces incorporating it into their local development plans since the introduction of the national plan in 2021 [9] Group 2 - Jin Hailiang, head of the Engine Research Department at China Aviation Engine Corporation, is leading efforts to develop hydrogen fuel engines for unmanned transport aircraft, aiming to contribute to the green transformation of the aviation industry [3][5] - The average age of Jin's team is under 35, showcasing the involvement of young talent in a highly specialized field that requires extensive knowledge and collaboration [5][7] - The successful development of domestic aviation engines is crucial for China's aviation industry, which has historically faced challenges in this area [3][5] Group 3 - The "City Brain" initiative in Hangzhou, led by Alibaba's team, aims to leverage big data and artificial intelligence to improve urban management and traffic efficiency, resulting in a significant reduction in congestion [15][13] - The implementation of advanced technologies has led to a marked improvement in traffic conditions, with Hangzhou's congestion ranking dropping from 2nd to 35th in the nation [15] - The focus on applying artificial intelligence in various sectors reflects a broader trend of integrating new technologies to enhance economic and social benefits [16][18]

本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 市场概览:2025Q1除了纯债型基金外，主要基金指数均录得正收益，主动 权益基金跑出超额。从总规模上来看，今年一季度公募基金总规模保持 稳定，主动权益基金规模微涨，结构上变化不大。类固定收益基金仍然 占比较重，达68.8%，而主动权益基金规模占比仅11%，有较大的发展空 间。 SAC 执业证书编号： 主动权益基金持仓分析：共重仓持有2638家上市公司，持股总市值约为 2.96万亿元，增长2.18%，股票仓位略有提高，重仓持有港股市场的市值 大幅增加。重仓行业方面，通信行业在本季度退出了前十大重仓行业， 而有色金属则新晋跻身前十大重仓行业之列，与内需消费息息相关的商 贸零售和轻工制造板块在行业下跌时市值在逆市增长，或指向基金逆市 增持。重仓持有的个股方面，腾讯控股跃升为第一大重仓个股，美的集 团和立讯精密出现逆市减仓。 基 金 专 题 集中度分析：行业和个股集中度更高，具体来看前十大重仓个股占比从 18.41%提升至20.14%，前十大重仓行业占比从70.19%提 ...