Report Summary Investment Rating - No investment rating information is provided in the report. Core Viewpoints - On May 19, there were 29投融资 events in domestic and foreign venture capital markets, with 23 domestic and 6 foreign enterprises, and the total financing amount was about 1.473 billion yuan [3]. - The listing of CATL on the Hong Kong Stock Exchange is a key step in its global strategy, which helps expand the international market and may promote more enterprises to choose the "A + H" dual - track model [9]. Content Summary by Directory Fund - raising Events - On May 18, Lhasa set up a 1.5 - billion - yuan industrial strong - city investment mother fund and a cultural and tourism industry investment sub - fund, managed by Yida Capital [3]. - On May 19, Zhangjiang Hi - Tech's subsidiary participated as a limited partner in the Yuanhe Puhua Integrated Circuit Industry Fund with a target scale of about 2 billion yuan, and it subscribed 100 million yuan [4]. Large - scale Financing - On May 19, Owner completed a $120 - million Series C financing from Y Combinator to accelerate technology innovation and market expansion [5]. - On May 19, Chuangxin International completed nearly 100 million yuan in Series B financing to accelerate R & D transformation and global business layout [6]. - On May 19, Xiling Vision completed several million yuan in Pre - A financing to accelerate mass production, technology iteration, and global market expansion [7][8]. Global IPO - On May 20, CATL listed on the main board of the Hong Kong Stock Exchange, with an expected fundraising scale of $4 - 5 billion, potentially the largest IPO in the Hong Kong stock market this year [9]. Policy Focus - On May 19, nine departments including the Ministry of Industry and Information Technology jointly issued an implementation opinion to promote the high - quality development of the technology service industry, covering multiple key areas and promoting high - end, intelligent, green, and integrated development [10]

Group 1 - Xiaomi announced the upcoming launch of its self-developed 3nm processor chip, Xuanjie O1, becoming the fourth company globally to release a 3nm mobile processor after Apple, Qualcomm, and MediaTek [1] - This development marks a significant breakthrough in 3nm chip design in mainland China, enhancing Xiaomi's negotiating power with chip suppliers [1] Group 2 - NVIDIA introduced the NVIDIA RTX PRO server at the COMPUTEX 2025, designed to accelerate the transformation of enterprise IT data centers into AI factories [2] - The server supports up to eight RTX PRO 6000 Blackwell GPUs and integrates NVIDIA BlueField-3 data processing units (DPU) and PCIe Gen 6 switches, positioning itself as a core component for AI factories [2] - NVIDIA aims to solidify its core position amid uncertainties regarding the sustainability of data center spending [2] Group 3 - The Ministry of Industry and Information Technology and eight other departments issued a joint opinion to accelerate the high-quality development of the technology service industry [3] - The focus will be on comprehensive development in areas such as research and development, technology transfer, and enterprise incubation, promoting the integration of advanced green technologies [3] - Key implementation aspects include building regional collaborative mechanisms, cultivating interdisciplinary talents, and protecting intellectual property rights to avoid the hollowing out of high-end services [3]

Group 1 - Xi Jinping emphasized the importance of scientific, democratic, and legal decision-making in the preparation of the "15th Five-Year Plan," highlighting its significance for China's modernization and strategic deployment [5][6] - The tourism industry is recognized as a comprehensive sector and a vital driver of economic growth, having become a strategic pillar and a happiness industry since the 18th National Congress of the Communist Party [7] Group 2 - In April, China's economy continued to show a positive trend, indicating stability and growth despite pressures [10] - Various regions are actively implementing "two new" policies to stimulate consumer vitality and enhance market activity [12] Group 3 - The Ministry of Transport plans to construct and renovate 100,000 kilometers of rural roads this year, aiming to improve the modern rural transportation system [13] - The satellite navigation industry in China, centered around the BeiDou system, achieved a total output value of 575.8 billion yuan in 2024, marking a year-on-year growth of 7.39% [14] Group 4 - The Shenzhen border inspection station reported that over 100 million people have crossed in and out of Shenzhen's ports this year, indicating a significant increase in cross-border movement [20] - The Fujian Free Trade Zone has seen an average annual growth rate of over 10% in foreign trade since its establishment, with cumulative import and export value reaching 2.7 trillion yuan [21]

Group 1 - The Ministry of Industry and Information Technology and other departments issued an implementation opinion to promote the high-quality development of the technology service industry, focusing on research and development, technology transfer, and enterprise incubation [1] - The State Administration of Foreign Exchange reported a continued positive trend in foreign investment in RMB assets, with a net increase of $10.9 billion in domestic bonds in April, and a shift to net buying in domestic stocks by foreign investors in late April [1] - TSMC plans to increase prices for its advanced process nodes, with a 10% price hike for 2nm wafers and a potential increase of up to 30% for its 4nm manufacturing node [1] - The National Financial Supervision and Administration Bureau approved Xinhua Insurance's participation in the third batch of long-term investment reform pilot projects, aiming to expedite the entry of long-term funds into the market [1] Group 2 - Kweichow Moutai's shareholders' meeting approved a profit distribution plan for 2024, proposing a dividend of 276.24 yuan per share [2] - Liren Lizhuang reported a cumulative transaction amount (GMV) of only 4.006 million yuan for its product in Q1 2025 [2] - Zhongyida stated that its production capacity remains stable with no new construction plans [2] - Weir Shares plans to change its stock name from "Weir Shares" to "Haowei Group" [2] - Wan'an Technology confirmed there are no significant undisclosed matters [2] - Ningbo Shipping's stock price has been highly volatile recently, indicating a high risk of speculation [2] - Lianyungang reported that its production and operational activities are normal, with no significant changes in industry policies [2]

Key Points - In April, China's national economy showed resilience with stable growth, as industrial value added increased by 6.1% year-on-year, and the service production index rose by 6.0% [1] - The National Bureau of Statistics reported that from January to April, fixed asset investment (excluding rural households) grew by 4.0% year-on-year, while retail sales of consumer goods totaled 1618.45 billion yuan, up 4.7% [1] - Real estate development investment from January to April was 2773 billion yuan, down 10.3% year-on-year, with residential investment decreasing by 9.6% [1] - The State Council emphasized the importance of accelerating the high-quality development of the technology service industry, focusing on areas such as research and development, technology transfer, and technology finance [3] - The introduction of the Harmony operating system for personal computers marks a significant breakthrough for domestic operating systems in the PC sector [5] Economic Environment - The National Bureau of Statistics indicated that the international environment remains complex and uncertain, but the long-term positive fundamentals of China's economy have not changed [2] - The potential reduction of tariffs between China and the U.S. is expected to benefit trade growth for both countries and support global economic recovery [2] - In April, there was a net inflow of cross-border funds amounting to 17.3 billion USD, with significant contributions from foreign trade and foreign investment in domestic bonds [4] Market Overview - The latest market data shows slight declines in major indices, with the Shanghai Composite Index at 3367.58, down 0% [7] - The onshore and offshore RMB exchange rates have decreased by 24 and 46 points respectively, indicating a slight depreciation [7] - Commodity prices such as WTI crude oil and Brent crude oil have also seen minor declines, while gold and silver prices have increased [7]

大公司： 百度百科正式启动"数字文物守护计划"，首批上线475个3D数字文物 36氪获悉，5月18日国际博物馆日，百度百科正式启动"数字文物守护计划"。圆明园十二生肖兽首铜 像、辽代三彩罗汉像、北宋"家国永安"瓷枕等流失海外的国宝级文物，不用出国，只需在百度搜索"海 外文物回家"，即可"实地"体验，首批上线475个3D数字文物。据介绍，百度百科借助ACG图生3D、图 生视频技术，为海外流失的中国文物打造高精度AI数字分身，并结合相关词条构建起线上文物观赏体 验。 阿里妈妈：618开门红首日全站推广助10万商品成交翻倍 36氪获悉，5月16日晚8点，天猫618第一波抢先购正式开启，阿里妈妈开门红首日助超140万商家生意增 长，10万商品成交翻倍。阿里妈妈万相台无界版"超级直播"助力超1.8万个直播间成交爆发增长近6倍。 此外，阿里妈妈此次618的30亿红包补贴陆续发放，部分商家已获得60万高额补贴。 雪铁龙任命新首席执行官 5月19日，Stellantis宣布Xavier Chardon被任命为雪铁龙品牌首席执行官，该任命自2025年6月2日起生 效。他将向Stellantis扩大欧洲首席运营官Jean-Phi ...

5月15日，工业和信息化部举行"推进科技服务业高质量发展"新闻发布会，工业和信息化部科技司司长 魏巍介绍了我国科技服务业的最新进展：规模持续保持较快增长，2019年至2023年，规上科技服务业企 业营收年均增长12.3%。2024年，全国技术合同成交额达到6.8万亿元，同比增长11.2%，连续8年保持两 位数增长。 "我国科技服务业经过多年快速发展，已经到了量的快速增长和质的有效提升并举的发展阶段。"魏巍在 会上表示，下一步将培育一批科技服务龙头企业，提升全链条科技服务能力，建设一批科技服务业集聚 区，构建科技服务业发展生态体系，更加有力地支撑科技创新和产业创新深度融合。 企业孵化服务作为科技服务业的重要内容，是科技创新链条中的重要一环。 吕先志介绍，我国孵化器自1987年发展至今，走出一条独具特色的发展道路。从企业培育看，累计孵化 上市（挂牌）企业超过5000家，科创板上市企业中三分之一为孵化器培育企业，走出科大讯飞、大疆、 寒武纪等一批科技领军企业，"杭州六小龙"中有一半经过孵化器培育。 吕先志表示，工业和信息化部将围绕支撑科技创新和产业创新融合发展，从政策支持、梯度培育、标准 引领、金融协同四个方面加力 ...

Core Viewpoint - The article discusses the implementation of the "Implementation Opinions on Accelerating the High-Quality Development of the Technology Service Industry," which aims to enhance the technology service sector through innovation, market orientation, and integration, ultimately supporting the transformation and industrialization of technological achievements [1][2]. Group 1: Development Goals - The "Implementation Opinions" emphasize the comprehensive development of the technology service industry, focusing on key areas such as research and development, technology transfer, enterprise incubation, technology promotion, inspection and certification, information technology, engineering technology, technology finance, intellectual property, and technology consulting [1][2]. - The document outlines the need for transformation and upgrading, promoting the integration of new-generation information technology, advanced green technology applications, and deep integration with primary, secondary, and tertiary industries [1][2]. Group 2: Ecosystem Optimization - The "Implementation Opinions" propose optimizing the development ecosystem of the technology service industry by nurturing service entities, guiding the professionalization, marketization, and platformization of technology service institutions [2]. - It calls for the development of an integrated technology market, improving the policy environment for technology markets, and establishing a national unified technology transaction service platform to accelerate the market-oriented allocation of technology elements [2]. - Continuous quality improvement is emphasized, urging technology service institutions to adopt advanced quality management practices and strengthen service quality management [2]. - The document highlights the importance of strengthening standard support and guidance, accelerating the development of key standards in various fields, and enhancing the standardization level of the technology service industry [2]. - Building a professional talent team is also a priority, with a focus on establishing talent training bases and improving mechanisms for the introduction, cultivation, utilization, and incentive of technical managers [2]. - The "Implementation Opinions" advocate for the construction of innovation development clusters in the technology service industry, attracting high-level research institutions, top talents, and social capital [2]. Group 3: Coordination and Support - The document stresses the need for enhanced coordination, establishing mechanisms for inter-departmental collaboration, central-local cooperation, and regional partnerships [2]. - It calls for innovative institutional mechanisms, increased policy support, improved statistical monitoring, and deepened open cooperation to enhance the development environment of the technology service industry [2].

Core Viewpoint - The Ministry of Industry and Information Technology and nine other departments have jointly issued an implementation opinion to accelerate the high-quality development of the technology service industry [1] Group 1: Development Goals - The opinion aims to promote the comprehensive development of the technology service industry, focusing on key areas such as research and development, technology transfer and transformation, and enterprise incubation [1] - It emphasizes the need to optimize the development ecosystem of the technology service industry and cultivate and expand service entities [1] Group 2: Strategic Directions - The opinion guides technology service institutions towards professionalization, marketization, platformization, and internationalization [1]

Core Viewpoint - The joint implementation opinion issued by nine departments, including the Ministry of Industry and Information Technology and the National Development and Reform Commission, aims to accelerate the high-quality development of the technology service industry, supporting the integration of technological innovation and industrial innovation [1] Group 1: Development Focus - The opinion emphasizes the comprehensive development of the technology service industry, focusing on key areas such as research and development, technology transfer and transformation, and enterprise incubation [1] - It calls for accelerating transformation and upgrading, strengthening innovation in technology services, and deepening the integration and application of new-generation information technology [1] Group 2: Strategic Goals - The document promotes the application of advanced green technologies and encourages deep integration with the primary, secondary, and tertiary industries [1] - It aims to drive the high-end, intelligent, green, and integrated development of the technology service industry [1]