研究早观点 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,448.45 | -0.22 | | 深证成指 | | 10,343.48 | -0.48 | | 沪深 | 300 | 3,946.02 | -0.35 | | 中小板指 | | 6,457.70 | -0.72 | | 创业板指 | | 2,114.43 | -0.66 | | 科创 | 50 | 989.97 | -0.57 | 资料来源：最闻 2025 年 6 月 27 日 星期五 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】通信：山西证券通信行业周跟踪：MWC 上海展示低轨卫 星地面基建新机遇，AMD Helios 机柜或使用更多光模块与铜缆-—— MWC 上海展示低轨卫星地面基建新机遇，AMD Helios 机柜或使用更 多光模块与铜缆 【行业评论】非银行金融：行业周报（20250616-20250622）： ...

Core Insights - The founder of Changba, Chen Hua, expresses anxiety about the upcoming opportunities in AI applications, likening the current situation to the pre-explosion phase of mobile internet around 2011 [2][3] - Chen believes that the AI wave represents a rewriting of the script compared to the mobile internet era, with distinct differences in commercialization paths and driving factors [3][4] Group 1: Historical Context and Development - Changba was founded in 2011 and launched its app in May 2012, quickly becoming a leader in mobile karaoke [2] - The company has evolved through various stages, including significant product launches and brand upgrades, with a new AI ToC app expected in 2025 [2] Group 2: Comparison of AI and Mobile Internet - Both AI and mobile internet share similar industry development cycles, with significant breakthroughs occurring years after initial technology releases [3][4] - The commercialization paths differ: mobile internet saw a To C explosion first, while AI applications are primarily To B at this stage [4][5] Group 3: Driving Factors and Commercialization - The mobile internet was driven by hardware revolutions, while AI is propelled by breakthroughs in underlying technologies [5][6] - AI applications focus on efficiency and cost-saving for businesses, contrasting with the user-scale monetization seen in mobile internet [7][8] Group 4: Competitive Landscape - The competitive landscape for mobile internet allowed early startups to create platforms, whereas AI applications face a more closed ecosystem dominated by large companies [9][10] - Despite challenges, Chen sees promising opportunities in To B efficiency tools and high-frequency To C tools in vertical fields [11][12] Group 5: Future Opportunities and Challenges - Chen emphasizes the importance of user feedback within two weeks of product launch as a critical measure of success [13][75] - The AI application landscape is still maturing, with many startups struggling to find viable paths due to competition and market saturation [14][36] Group 6: Investment and Market Dynamics - The investment landscape for AI applications is shifting, with a preference for dollar funds over RMB funds due to the latter's complexity [79] - The government is more focused on strategic investments in foundational technologies rather than direct AI application ventures [80]

Core Viewpoint - The company plans to enhance its competitive edge in the internet marketing sector by acquiring a 60% stake in Guangzhou Fengteng Network Technology Co., Ltd. for a maximum consideration of RMB 28.8 million, aiming to integrate the target company's capabilities in intelligent advertising systems and data algorithms to expand its marketing operations [1][3][19]. Transaction Overview - The acquisition involves the company's wholly-owned subsidiary, Shanghai Zhongyan Information Technology Co., Ltd., purchasing the stake from Song Ruiyin and Song Ruijin [1][3]. - The total market value of the target company's equity is assessed at RMB 65.3 million, reflecting an increase of RMB 37.8 million, or 137.07%, compared to the audited owner's equity [2][10]. - The purchase price is based on a valuation of RMB 48 million multiplied by the 60% equity stake, resulting in a transaction price of RMB 28.8 million [2][10]. Purpose of the Transaction - The transaction aims to strengthen the company's position in the internet marketing field by leveraging the target company's core competencies in intelligent advertising and data analytics, thereby enhancing marketing capabilities across multiple platforms [3][19]. - It is expected to deepen collaboration with upstream e-commerce platforms, enhancing the company's service capabilities in the e-commerce ecosystem [3][19]. Financial and Performance Metrics - The transaction includes performance assessment clauses, with specific profit and revenue targets set for the years 2025 to 2027 [5][15]. - The performance targets are as follows: - 2025: Net profit of no less than RMB 5 million and revenue of no less than RMB 50 million - 2026: Net profit of no less than RMB 6 million and revenue of no less than RMB 60 million - 2027: Net profit of no less than RMB 7 million and revenue of no less than RMB 70 million [5][15]. Approval and Compliance - The transaction does not constitute a major asset restructuring or related party transaction and has been approved by the company's board of directors without the need for shareholder approval [2][3]. - The completion of the transaction is subject to approval from relevant authorities, and the agreement will automatically terminate if such approval is not obtained [2][3][6]. Target Company Overview - Guangzhou Fengteng Network Technology Co., Ltd. was established in April 2017, with a registered capital of RMB 20 million and operates in digital marketing and user growth across various sectors [8][9]. - The company has established partnerships with leading internet firms such as Alibaba, JD.com, and Meituan, focusing on performance marketing and advertising services [8][9]. Valuation and Pricing - The valuation of the target company was conducted using both the income approach and asset-based approach, with the income approach yielding a higher valuation of RMB 65.3 million [10][12]. - The difference in valuation methods highlights the importance of considering future earnings potential and intangible assets in determining the fair market value [12][13]. Impact on Company Operations - The acquisition is expected to positively influence the company's consolidated net profit if the target company performs well, while underperformance could negatively impact financial results [19]. - The transaction may also lead to the creation of goodwill, which could be subject to impairment risks in the future [19].

Core Viewpoint - The Fourth Next Generation DNS Development Forum emphasizes the need for upgrading the domain name system (DNS) and IP address infrastructure in the context of rapid digital transformation driven by artificial intelligence (AI) [1][2] Group 1: Forum Highlights - The forum is hosted by the National and Local Joint Engineering Research Center for Internet Domain Name System (ZDNS) and features prominent speakers from various organizations [1] - Key discussions focus on how AI can enhance DNS security, optimize interpretation, and improve service performance, while DNS can support AI through computational awareness and intelligent routing [1] Group 2: Internet Infrastructure Development - With the large-scale deployment of IPv6, China's internet infrastructure technology is becoming globally competitive [2] - There is a call for the internet's foundational resources, such as IPv6 addresses and top-level domains, to evolve towards being more secure, efficient, and intelligent [2] - The upgrade of internet infrastructure technology in the AI era requires innovative leadership from the younger generation [2]

信科移动 20250625 摘要 中国 5G 网络建设放缓，运营商无线资本开支持续收缩，预计 2024 年 和 2025 年分别下降约 25%和 15%，对信科移动国内运营商业务收入 带来压力。 信科移动聚焦"一带一路"沿线国家拓展国际市场，无线接入网 （RAN）相关资本开支增长较快，但国际 5G 建设进度滞后，释放节奏 尚不明朗。 5G 行业应用落地未达预期，信科移动在矿山能源、交通等领域取得进 展，5G-R 测试表现优秀，2024 年行业应用收入增长超过 80%。 信科移动在 5G 标准和专利贡献度位居全球前十，拥有超过 16,000 件 发明专利，通过专利许可为公司贡献显著且相对固定的利润。 信科移动持续推进经营管理改革，包括 IPD 和营销服务体系建设、干部 选聘和精细化运营，以提升价值创造能力和运营效率。 公司预计 2025 年收入规模将下降 5%至 10%，主要受国内运营商收入 下降影响，但将持续推进提质增效措施，力争早日扭亏为盈。 国铁集团 5G-R 专网建设预计 2026 年下半年或 2027 年启动，第一期 建设目标是到 2029 年完成 10 万公里线路覆盖，市场规模约为 300 亿 人民 ...

Core Viewpoint - *ST返利 plans to acquire 60% equity of Guangzhou Fengteng for a consideration of no more than 28.8 million yuan, aiming to enhance its competitive edge in the internet effect marketing sector [1][3]. Group 1: Acquisition Details - The acquisition will be funded by the company's own funds without any fundraising or financing arrangements [1]. - Guangzhou Fengteng, established in 2017, has received various government qualifications and has a strong presence in digital marketing and user growth across multiple industries [1]. Group 2: Business Operations of Guangzhou Fengteng - Guangzhou Fengteng's operations include performance marketing, information flow advertising agency, and game publishing and operation [2]. - The company acts as a primary agent for major platforms like ByteDance and UC, providing media account opening, recharge, and advertising design services [2]. Group 3: Strategic Intent of the Acquisition - The transaction aims to integrate Guangzhou Fengteng's capabilities in intelligent advertising systems, data algorithms, and refined operations to enhance *ST返利's marketing capabilities across multiple traffic platforms [3]. - This acquisition is expected to deepen *ST返利's collaboration with upstream e-commerce platforms, thereby enhancing its e-commerce ecosystem service capabilities [3].

Core Viewpoint - *ST Fanli (600228) announced that its wholly-owned subsidiary, Shanghai Zhongyan Information Technology Co., Ltd., plans to acquire 60% equity of Guangzhou Fengteng Network Technology Co., Ltd. from Song Ruijin and Song Ruijin for a consideration not exceeding 28.8 million yuan. The transaction aims to enhance the company's advantages in internet effect marketing and expand its marketing capabilities across multiple traffic platforms [1]. Summary by Relevant Sections - **Transaction Details** - The acquisition price is set at a maximum of 28.8 million yuan [1] - After the transaction, Shanghai Zhongyan will hold 60% equity in Guangzhou Fengteng [1] - **Valuation and Performance** - The total equity of Guangzhou Fengteng was valued at 65.3 million yuan as of the assessment benchmark date, reflecting an appreciation rate of 137.07% [1] - **Strategic Intent** - The transaction is intended to strengthen the company's position in the internet effect marketing sector and to increase the scale of its effect marketing business [1] - The payment for the transaction will be made in installments and will include performance assessment clauses [1]

资料图。 BOSS直聘 发新股募资 掘金增量市场 王琳 尽管业绩依然亮眼，但自2023年第四季度达到峰值后，BOSS直聘的营收增速正在步入下降通道， BOSS直聘在财报中对下一季度的 审慎预期 更凸显了未来的增长压力 。 6月24日 晚间 ，BOSS直聘 公告 拟发行3000万股A类普通股， 预计净筹约22.61亿港元 。BOSS直 聘 表示 ，股份发售旨在增强财务灵活性、拓宽股东基础、增加股份流动性，并支持 公司 稳健可 持续发展。所得款项 用途方面 ，约45%将用于投资技术和相关基础设施，约35%将用于发展新业 务，约10%将用于与现有业务产生协同效应的战略收购或投资机会，另有约10%将用于营运资金及 一般企业用途。 当下，就业问题已然成为全社会高度关注的议题 ，摆在招聘平台面前的 难题，或许已 不再只是如 何赚钱， 如何 在商业价值与社会责任间找到更优的平衡点，更 是一个值得思考的新方向。 01 驱动 增长 的 新引擎 2025年第一季度，BOSS直聘 实现收入 19 . 23亿 元， 同比增加12.9% 。 其中， 对企业客户的在线招聘服务收入占比超 98% ， 为19 . 0 1 亿元，同比增加12 ...

Core Viewpoint - The education system on Naozhou Island has significantly improved over the past few years, with increased student enrollment and enhanced educational resources, driven by local government investment and community support [10][12][14]. Group 1: Investment and Development - From 2020 to 2023, Zhanjiang Economic Development Zone invested over 27 million yuan to enhance the hardware and software of schools on Naozhou Island, leading to a steady improvement in teaching quality [12][14]. - The number of students at Naozhou Middle School has doubled compared to 2019, with nearly 200 students returning to Naozhou Primary School from other regions [14][15]. Group 2: Community Support and Contributions - Social forces have played a crucial role in upgrading campus facilities, with significant contributions from individuals and organizations, including a donation of 2.2 million yuan for campus cultural landscapes [19][29]. - Over the past three years, donations to Naozhou schools have exceeded 5.5 million yuan, supporting various educational initiatives and infrastructure improvements [29][30]. Group 3: Teacher Development and Educational Quality - There is a pressing need for qualified teachers on Naozhou Island, particularly in subjects like information technology and arts, as well as for addressing the psychological needs of students from challenging backgrounds [48][50]. - The implementation of integrated management and teacher training programs has been initiated to enhance the quality of education, with over 30 teachers participating in training annually [52][56]. Group 4: Future Educational Needs - There is a strong call for the reinstatement of high school education on Naozhou Island to meet the demand for skilled professionals in local industries, particularly in tourism and marine agriculture [86][92]. - The local education authorities are considering proposals to establish a comprehensive high school that aligns with the island's economic development needs, providing students with more educational pathways [100][104].

Core Viewpoint - The stock market in Shanghai and Shenzhen experienced a decline on June 26, with a notable performance in the tourism, hotel, and military equipment sectors, while the biopharmaceutical and semiconductor sectors faced significant losses [1] Group 1: Market Overview - Both Shanghai and Shenzhen stock markets saw a drop, with trading volume remaining relatively stable [1] - The tourism and hotel sectors, along with military equipment, showed the highest gains, while biopharmaceuticals and semiconductors recorded the largest declines [1] Group 2: Top Stocks - The top-performing stocks included Nord Shares, Hengbao Shares, Shandong Molong, and Zhun Oil Shares, with Zhun Oil Shares reaching a limit-up [2] - Notable declines were observed in Hai Lian Jin Hui and Xingye Shares, with the latter experiencing a significant drop [2] Group 3: Individual Stock Analysis - **Nord Shares**: Experienced a high opening and briefly reached the limit-up before closing with a gain of 4.96%. The stock's recent activity is linked to its involvement in solid-state battery concepts and successful development of ultra-thin lithium copper foil products [3] - **Zhun Oil Shares**: After opening lower, the stock reversed its trend and closed at the limit-up. The company specializes in oil technology services and is the only firm in Xinjiang providing comprehensive monitoring and technical services for shale gas [4] - **Hai Lian Jin Hui**: Opened high but saw a significant decline, closing down 3.32%. The company is involved in internet finance, focusing on internet payment services and partnerships with financial institutions [5][7]