央视网消息（焦点访谈）：今年以来，外部环境复杂变化，单边主义、保护主义抬头，严重冲击国际经贸秩序。大家都很关心，我们的外贸扛不扛得住？中 国经济稳步增长、向新向好的势头会不会受影响？近日，国家统计局等部门发布了5月份和今年前5个月的一些宏观经济数据，我们从这些数据中去寻找答 案。 今年以来，外部环境发生急剧变化，让外贸成为人们关注的焦点。数据显示，5月份，我国货物进出口总额同比增长2.7%，其中出口增长6.3%。 对外经济贸易大学中国WTO研究院院长屠新泉："最近这几个月的外贸政策环境变动非常大，所以大家非常关心5月份外贸数据出台。从这个结果来看，应 该说好于大家的普遍预期，尤其是出口能增长6.3%，这是个相当不错的成绩。一方面还是会有惯性，5月份表现出来的出口数据可能很多是以前下的订单。 另外，确实出口增长反映了制造业的竞争力确实非常强，韧性非常强。" 面对巨大的不确定性，中国一直在拓展更广阔的全球市场。虽然对美国进出口下滑，但对我们的主要贸易伙伴东盟和欧盟，包括共建"一带一路"国家进出口 都持续增长。5月份，我国对东盟、欧盟出口分别增长16.9%、13.7%，对非洲出口增长达到了35.3%。 屠新泉："在 ...

Core Insights - The first two data center REITs in China have been officially approved, marking a significant shift in the REITs market from traditional infrastructure to "new technology infrastructure" [1][3] - The approval process for these REITs took less than three months, demonstrating the regulatory body's commitment to promoting new infrastructure development [1] Group 1: REITs Details - The Southern Runze Technology Data Center REIT is based on the Runze International Information Cloud Gathering Port (ICFZ) A-18 data center project, which has over 5,800 cabinets and a utilization rate exceeding 99% [3] - The Southern Wanguo Data Center REIT is linked to the Guojin Data Cloud Computing Data Center project in Kunshan, equipped with 4,192 cabinets [3] Group 2: Industry Implications - The introduction of data center REITs provides operators with a new way to optimize capital structure and activate existing assets, allowing for continuous market-based funding to meet the growing demand for computing infrastructure [3] - This development is expected to attract more social capital into computing infrastructure construction, supporting technological innovation and the "Digital China" initiative [3] - Since the pilot of infrastructure REITs began in 2021, the market size has surpassed 200 billion yuan, with asset types continuously expanding, and the launch of data center REITs is anticipated to inject new vitality into the REITs market [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The partnership with SanDisk aims to enhance UFS storage solutions, leveraging SanDisk's advanced 3D NAND technology and the company's expertise in controller chips and manufacturing services [2] - The company's unique TCM model has received positive feedback from major clients, and the collaboration with SanDisk is expected to strengthen its competitive position in the high-end storage market [2] - The storage market is anticipated to grow due to the global AIGC trend and the "Digital China" initiative, providing significant growth opportunities for the company [4] Financial Summary - The company is projected to achieve revenues of 10,125 million yuan in 2023, increasing to 30,125 million yuan by 2027, with a compound annual growth rate (CAGR) of 15% [15] - The net profit is expected to turn positive in 2024, reaching 499 million yuan, and further increasing to 2,012 million yuan by 2027 [15] - The company's return on equity (ROE) is forecasted to improve from -13.0% in 2023 to 17.6% in 2027 [15] Business Segments - The embedded storage segment is expected to generate 8.425 billion yuan in revenue in 2024, reflecting a year-on-year growth of 91% [3] - The solid-state drive (SSD) segment is projected to achieve 4.147 billion yuan in revenue in 2024, with a year-on-year growth of 48% [3] - The enterprise storage products have shown significant growth, with a revenue increase of over 200% in Q1 2025 [3] Market Position - The company is positioned as a leading independent storage manufacturer in China, actively expanding its domestic and international market presence [4] - The strategic partnership with SanDisk is expected to enhance the company's product development and delivery processes, further solidifying its market position [2]

Core Viewpoint - The development of 5G-A networks in Qinghai is being driven by technological innovation, industry integration, and collaborative efforts among telecommunications companies and equipment manufacturers, aiming to support the province's digital transformation and green development [1][3]. Group 1: 5G-A Network Development - The 5G-A network, an upgraded version of 5G, features capabilities such as 10 Gbps downlink, 1 Gbps uplink, ultra-low latency, and support for a billion connections, enhancing user communication experiences [3][5]. - Qinghai has deployed nearly 300 5G-A (200M) stations in Xining, covering major commercial areas and key universities [5]. - The total number of 5G base stations in Qinghai has surpassed 24,600, with a density of 41.5 stations per 10,000 people, exceeding the national average by nearly 10 stations [5]. Group 2: Strategic Initiatives and Policies - Qinghai is aligning its initiatives with national strategies such as "Digital China" and "East Data West Computing," promoting the application of new technologies like 5G-A through top-level design and policy support [7]. - The province has issued guidelines for the development and application of the "Double Ten Thousand" (5G-A/F5G-A) industry, outlining development directions and key tasks [7]. - Efforts are being made to enhance connectivity in remote areas, providing modern communication support for ecological protection, research monitoring, and emergency rescue operations [7]. Group 3: Future Plans and Collaborations - The province plans to expand the application range of 5G-A, strengthen cross-industry collaborative innovation, and promote the deployment of 5G virtual private networks across various sectors such as industry, energy, healthcare, and education [7]. - The goal is to create demonstration projects that integrate 5G-A networks with AI applications, driving the transformation and upgrading of industries towards intelligence, sustainability, and integration [7].

Core Viewpoint - The increasing demand for mid-level managers from telecom operators in various sectors, including government and large enterprises, reflects a significant trend in the digital transformation era [1][3][4]. Group 1: Talent Demand and Mobility - Telecom mid-level managers are becoming highly sought after due to their unique blend of traditional telecom knowledge and expertise in emerging technologies like 5G, cloud computing, and IoT [3][4]. - The flow of talent from telecom operators to government and large enterprises indicates a structural adjustment in the talent market, prompting telecom companies to reform their internal talent development mechanisms [4][10]. - The rise in mobility of telecom professionals is reshaping the industry ecosystem, as these individuals are now seen as "generalist talents" capable of crossing various sectors [6][10]. Group 2: Industry Challenges - The competition for talent may lead to a potential "talent shortage" in the industry, as the demand for skilled professionals with both technical and managerial capabilities is increasing [7][8]. - The long growth cycle and high training costs associated with developing such talent make it difficult for companies to quickly fill these roles through external hiring [8][10]. - If telecom operators fail to establish effective talent retention mechanisms, they may face consequences such as core team attrition and diminished project execution capabilities [10][11]. Group 3: Future Implications - The value reassessment of telecom professionals highlights the blurring lines between traditional and emerging industries, emphasizing the importance of "T-shaped talents" who can navigate complex systems and drive cross-industry integration [10][11]. - The unique knowledge and experience of telecom employees, covering the entire chain from network architecture to application scenarios, provide them with a natural advantage in the talent market [9][10]. - The future of telecom employees appears promising, as the industry serves as a strong platform for skill development and career opportunities [12].

Group 1 - The article highlights the transformative power of modern logistics in breaking spatial barriers, with China's express delivery volume exceeding 60 billion packages from January to April this year, averaging about 550 million packages daily in April [1] - The internet economy is breaking down information barriers, allowing local products to reach a national and even global audience, thus enhancing the integration of cultural value and commercial logic [1][2] - The emotional connection fostered by sincere service is breaking down emotional barriers, as evidenced by the 168.2% year-on-year increase in tourist visits to Rongchang during the May Day holiday, showcasing the importance of genuine service in attracting visitors [2] Group 2 - The article emphasizes the significance of cross-industry integration and collaboration as a characteristic of the current era, suggesting that breaking barriers is essential for achieving connectivity and creating new opportunities [2][3] - The effective transformation of local specialties and advantages into development momentum is crucial for high-quality growth, indicating a shift towards recognizing and leveraging unique regional strengths [3]

证券研究报告 工业/基础材料 5 月建筑新订单/地产销售环比改善 华泰研究 2025 年 6 月 02 日│中国内地 行业周报（第二十二周） 本周观点：5 月地产销售环比改善，新产业投资高景气 (2.0) (1.3) (0.5) 0.3 1.0 05/23 05/25 05/27 05/29 (%) 建筑与工程 建材 沪深300 (2.00) (0.50) 1.00 2.50 4.00 陶瓷 建筑装修 建筑设计及服务 专用材料 其他建材 建筑施工 水泥 玻璃 (%) 一周内各行业涨跌图 (6.0) (3.3) (0.5) 2.3 5.0 房 地 产 服 务 环 保 航 天 军 工 医 药 健 康 通 信 农 林 牧 渔 计 算 机 交 通 运 输 传 媒 石 油 天 然 气 综 合 房 地 产 开 发 建 筑 与 工 程 商 业 贸 易 保 险 轻 工 制 造 社 会 服 务 证 券 银 行 公 用 事 业 机 械 设 备 建 材 煤 炭 教 育 和 人 力 资 源 纺 织 服 装 电 子 基 础 化 工 食 品 饮 料 家 用 电 器 有 色 金 属 钢 铁 电 力 设 备 与 新 能 源 汽 车 多 元 ...

Core Viewpoint - The strategic partnership between Kingsoft Office and Shaanxi Data Group aims to enhance the digital transformation of state-owned enterprises in Shaanxi Province, aligning with China's "Digital China" strategy and promoting the development of a domestic software ecosystem [3][4]. Group 1: Partnership Details - Kingsoft Office and Shaanxi Data Group signed a strategic cooperation agreement to support the digital transformation of state-owned enterprises in Shaanxi [1]. - The collaboration focuses on three main areas: new generation smart office models, product ecosystem integration, and industry joint solutions [3]. Group 2: Technological Integration - The partnership will leverage Kingsoft Office's advanced AI capabilities and Shaanxi Data Group's deep understanding of state-owned enterprise scenarios to create intelligent and efficient office solutions [4]. - The integration aims to provide AI + document solutions for government and state-owned enterprises, enhancing document collaboration experiences [4]. Group 3: Broader Impact - The collaboration seeks to establish a replicable "Shaanxi benchmark" for the digital transformation of state-owned enterprises, potentially serving as a model for similar initiatives across the country [5]. - Both companies aim to drive high-quality regional economic development by enabling various industries to achieve secure, efficient, and intelligent transformations [6].

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang represents a significant strategic move in the domestic computing power sector, aligning with national policies to strengthen state-owned enterprises and enhance the competitiveness of China's semiconductor industry [1][5]. Financial Synergy - The transaction involves Haiguang Information acquiring Zhongke Shuguang through a share swap, with plans to raise additional funds through A-share issuance, reflecting their existing financial collaboration [2]. - By 2024, the inter-company transactions are projected to reach approximately 2.7 billion RMB, nearly equivalent to Zhongke Shuguang's total revenue for Q1 of the same year [2]. - The merger is expected to optimize liquidity and preserve cash resources, similar to AMD's acquisition of Xilinx, which utilized a stock-for-stock exchange [2]. Business Synergy - Haiguang's strengths lie in high-performance chips based on AMD's x86 architecture, while Zhongke Shuguang excels in liquid-cooled data centers and supercomputing solutions, creating a complementary partnership [3]. - The merger aims to enhance the application of domestic chips in critical sectors such as government, finance, and energy, leveraging Zhongke Shuguang's market channels for rapid penetration [3]. - The integration will facilitate a complete value chain from chip design to server manufacturing and computing services, reducing reliance on international x86 ecosystems [3]. Strategic Alignment - The merger aligns with China's "Digital China" strategy and the "Strong Chain and Supplement Chain" policy, aiming to overcome technological bottlenecks and respond to U.S. technology restrictions [5]. - The combined entity is positioned to compete with global giants like Intel and NVIDIA in AI computing and intelligent computing centers, capitalizing on the growing demand for domestic alternatives in the server market [5]. Market Dynamics - The server industry is characterized by a supply chain dominated by foreign companies, limiting the bargaining power of domestic players [9]. - Haiguang aims to penetrate the internet sector, which has historically contributed less to its revenue, by focusing on high cost-performance ratios [9]. - The challenge remains to reduce dependency on government subsidies and develop commercial value through ecosystem building [10].

"1+1"肯定大于2 公开信息显示，海光信息与中科曙光的合并涉及总市值高达4000亿元的半导体产业链重组。停牌之前， 中科曙光总市值约为905.7亿元，总股本14.63亿股，海光信息总股本3164亿元，总股本23.24亿股；股价 华夏时报（www.chinatimes.net.cn）记者 胡金华 上海报道 近期内地和香港资本市场热闹非凡，其中的主角当属半导体无疑！这边是内地半导体上市企业掀起赴港 融资潮，这边则是由科创板芯片企业海光信息（688041.SH）吸收合并主板半导体公司中科曙光 （603019.SH），正式拉开A股芯片半导体板块的重组大幕。 5月25日晚间，中科曙光和海光信息共同发布公告宣布，两家公司拟进行战略重组。若相关工作顺利推 进，将实现产业链相互补充，进一步促进信息产业龙头企业发展，对信息产业格局产生较大影响。公告 显示，二者正筹划由海光信息通过向中科曙光全体A股换股股东发行A股股票的方式换股吸收合并中科 曙光，并发行A股股票募集配套资金，两家股票将于5月26日起开始停牌，预计停牌时间不超过10个交 易日。 5月26日，有并购市场人士告诉《华夏时报》记者，海光信息合并中科曙光，简单理解是芯片 ...