NO.1 赛力斯向港交所递交上市申请 4月28日，港交所文件显示，赛力斯集团股份有限公司向港交所提交上市申请书。今年3月底，赛力斯就宣布拟赴港上市，其彼时表示，发行H 股股票并上市是为了深入推进全球化战略布局，打造国际化资本运作平台，提高综合竞争力。H股募资将用于新能源汽车技术研发、海外市场 拓展及供应链优化。 点评：此次赴港上市旨在打造国际化资本运作平台，提高综合竞争力。H股募资将用于新能源汽车技术研发、海外市场拓展及供应链优化，这 将有助于赛力斯在全球新能源汽车市场中占据更有利的位置。 NO.2 昭衍新药一季度业绩同比扭亏为盈 4月28日，昭衍新药（HK06127，股价15.26港元）公布2025年第一季度业绩，公司实现营业收入约2.87亿元，同比减少11.54%；归属于上市公司 股东的净利润约4111.95万元，同比扭亏为盈；基本每股收益0.05元。公告称，净利增长主要系上年同期生物资产公允价值变动损失较多所致。 点评：尽管昭衍新药一季度营业收入有所下降，但净利润实现扭亏为盈，主要得益于上年同期生物资产公允价值变动损失的减少。这表明公司 在成本控制和运营效率方面取得了一定成效。 NO.3 耀才证券金融复 ...

Core Insights - The advertising and marketing industry is undergoing transformation due to the rapid development of generative artificial intelligence (AI), with Beijing BlueFocus Data Technology Group Co., Ltd. (BlueFocus) leading the way in this shift towards an AI-driven business model [2][3]. Business Model Transformation - The current breakthroughs in AI large models are primarily in text models, while multimodal and video models are still in early stages, lacking large-scale intelligent emergence [3]. - China has made significant progress in the large model field, particularly in computational infrastructure and video models, establishing a global competitive advantage [3]. - Traditional marketing models are expected to face increasing competition and budget constraints, while companies embracing AI and accumulating data assets will differentiate themselves significantly in the next two to three years [3][4]. AI-Driven Revenue Growth - BlueFocus's "AllinAI" strategy initiated in 2023 has led to AI-enabled revenue of 108 million yuan, primarily from text content creation and data insights, which is projected to grow to 1.2 billion yuan in 2024, expanding into content generation, video production, and AI marketing automation [5][6]. - The company has deployed over 100 AI agents for various functions, with a focus on high AI concentration, high gross margins, and data accumulation for continuous AI learning [5]. Globalization Strategy - Starting in 2024, BlueFocus will implement a "Globalization 2.0 Strategy," emphasizing technology and AI-driven capabilities, with local offices established in nine countries, some of which are already profitable [6][7]. - The company aims to maintain its leading position in cross-border marketing, optimize market structure and gross margin, and expand its overseas presence by adding 3 to 5 local offices, particularly in Southeast Asia and emerging markets in Europe and South America [7].

Financial Data and Key Metrics Changes - Total revenue for Q1 increased by 12% to $1.9 billion, with organic revenue growth of 5% and cash flow growth of 12% over the last twelve months [7][19][41] - EBITDA rose to $740 million, up over 9% in total, with a reported EBITDA margin of 39.3%, down 90 basis points year-over-year [20][21] - Diluted EPS was $4.78, exceeding guidance of $4.70, driven by strong margin performance [22] Business Line Data and Key Metrics Changes - Application Software segment revenue grew by 19% in total and 6% organically, with EBITDA margins at 41.4% [25] - Network Software segment organic revenue grew by 1%, with EBITDA margins remaining strong at 55.3% [30] - TEP segment revenue grew by 6% on both total and organic bases, with EBITDA margins at 36.2% [33] Market Data and Key Metrics Changes - Over 85% of revenues are generated in the U.S., with over 85% of software revenues recurring [10] - Central Reach is expected to deliver approximately $175 million in revenue and $75 million in EBITDA for the TTM period ending June 2026, with anticipated growth rates of around 20% [12][16] Company Strategy and Development Direction - The company is raising its full-year total revenue guidance from 10% to approximately 12% due to a solid start to the year and the completion of the Central Reach acquisition [41][43] - The focus remains on capital deployment, with over $5 billion available for acquisitions over the next twelve months [9][43] - The company emphasizes its durable business model, which is well-suited to withstand macroeconomic uncertainties [10][43] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macro environment, noting that while there is uncertainty, the pipeline for acquisitions remains robust [52] - The company anticipates organic growth in the mid-single digits for the remainder of the year, despite some expected weakness in specific segments like Deltek [72][75] Other Important Information - The acquisition of Central Reach was completed for $1.65 billion, net of a $200 million tax benefit, and is expected to enhance the company's growth profile significantly [12][41] - The company noted that the current macroeconomic environment presents unique opportunities for capital deployment, historically advantageous during uncertain times [45] Q&A Session Summary Question: Perspective on private equity behavior - Management noted a slowdown in deal activity due to uncertainty but highlighted a robust pipeline and ongoing conversations with sponsors [51] Question: Deltek's exposure to government contracting - Deltek's business is 60% focused on federal government contractors, facing uncertainty due to budget issues, but customer sentiment remains positive [54][56] Question: Free cash flow expectations - Free cash flow is expected to be back-end weighted, with a stronger performance anticipated in Q3 due to seasonal factors [62][64] Question: Central Reach's gross retention rate - Central Reach's gross retention rate is in the low 90s when accounting for therapist turnover, but net retention is strong at 115-120% [65] Question: Durability of Deltek's business - Deltek's recurring revenue model provides predictability, but some growth has been trimmed due to current uncertainties [75] Question: AI-driven revenue for Central Reach - Central Reach's AI products are new and not yet a material revenue source, but they are expected to be significant growth drivers moving forward [92] Question: Core EBITDA margin outlook - Core EBITDA margins are expected to improve slightly throughout the year, with acquisition margins anticipated to enhance as well [97]

《商道创投网》2025年4月28日从官方获悉：半导体工程智能系统企业无锡智现未来科技有限公司（以 下简称"智现未来"）近日完成了数亿元A轮融资。本轮融资由国投创业、梁溪科创母基金（博华资本） 联合领投，武汉江夏科投跟投。 《商道创投网》创业家会员·单位简介 智现未来是一家专注于半导体工程智能系统（Engineering Intelligence）的高科技企业。公司深耕半导体 制造领域20余年，凭借其多模态大模型驱动的工程智能系统解决方案，为高端制造业提供生产过程的工 程管理、产品管理以及设备智能化赋能。其核心业务涵盖设备监测、分析建模、工艺控制和良率改进等 方面，服务超过180家半导体标杆客户。公司通过"大模型+"产品应用，助力制造业转型升级，打破国际 巨头在工程智能领域的技术垄断。 《商道创投网》创业家会员·本轮融资用途是什么？ 智现未来董事长兼CEO管健博士表示，本轮融资将用于进一步强化公司在设备监测、分析建模、工艺 控制、良率改进等方面的领先优势，重点推进生成式人工智能技术在半导体制造全流程中的应用落地和 范式创新。同时，公司将助力国产半导体生态的协同优化，为客户创造更多价值。 《商道创投网》创投家会员 ...

华西证券（002926）发布研报称，在全球生成式人工智能高速发展驱动下，数据量与算力需求激增推动 光模块加速向800G/1.6T升级。国内头部光模块厂商2024年及2025Q1财报显示收入及净利润持续高增， 印证行业高景气。尽管市场担忧DeepSeek等技术降低算力成本可能抑制需求，但短期算力芯片升级、 大模型竞赛加剧供需紧张，中长期AI应用(如具身智能)仍处爆发初期，支撑光模块长期增长逻辑。叠加 地缘政治催化国产算力建设提速，行业具备业绩支撑与估值修复空间。 华西证券主要观点如下： 光模块业绩高速增长，国内云厂商算力投资加速 伴随生成式人工智能快速发展，全球数据总量与算力规模保持着高速增长态势，光模块市场向 800G/1.6T演进。 该行认为，算力需求在过去两年受益于算力芯片催生一波跳跃式需求增长，而短期供应紧缺、大厂大模 型"军备"竞赛加剧供需紧缺。中长期看AI应用仍处于极早期，包括具身智能在内的众多AI+应用场景仍 有巨大空间。作为算力集群拓展的基础组件，光模块行业仍然具备高增长能力。 短期内，考虑全球地缘政治冲突、关税贸易冲突等一系列不确定性影响下，国产算力建设加速对国内市 场需求有望提振。 光模块作 ...

Investment Rating - The report maintains a "Buy" rating for Baidu with a target price of $146.70, representing a potential upside of 61.7% from the current price of $90.74 [2][9]. Core Insights - Baidu is actively promoting its business transformation by integrating more generative AI-related search results to enhance user experience and engagement. Although the monetization of these search results has not yet begun, it is expected to start by the end of Q2, which should help boost advertising revenue growth and operating profit margins [9]. - The company has introduced several AI applications, including the Wenxin large model 4.5 Turbo and X1 Turbo, which feature multi-modal capabilities, strong reasoning, and reduced costs. The input price for the Wenxin 4.5 Turbo is only 0.8 RMB per million tokens, and the output price is 3.2 RMB, marking an 80% price reduction compared to its predecessor [9]. - Baidu's cloud business is anticipated to maintain strong revenue growth driven by increasing demand for digitalization and AI solutions, supporting overall revenue growth for the group [9]. Financial Summary - The financial forecast for Baidu shows expected sales revenue of 137,622 million RMB in FY25, with a projected growth rate of 3.4%. The adjusted net profit is expected to be 26,943.5 million RMB, reflecting a slight decrease of 0.2% [10][11]. - The company’s operating profit is projected to be 21,430 million RMB in FY25, with a slight increase in operating margin to 15.6% [11]. - Baidu's total assets are expected to grow from 427,780 million RMB in FY24 to 457,698 million RMB in FY25, indicating a healthy balance sheet [11].

高盛近期与中国从基础设施层到应用层的软件供应链企业进行了交流，探讨了客户软件预算、生成式人工智能的进展，以及 2025 年下半年的增长和盈利 前景。预计 2025 年，高盛覆盖的中国软件公司营收平均同比增长 26%，且四个季度营收将实现环比增长。 正文： 在生成式人工智能方面，增强型本土基础模型（如深度求索模型）的出现带来了以下影响： 第一，客户的软件预算从功能性工具转向生成式人工智能软件，推动每用户平均收入增长，并吸引新的付费客户； 第二，鉴于需求不断上升，且面向企业（B 端）/ 消费者（C 端）用户的盈利商业模式更加清晰，更多软件公司投资基于基础模型的应用软件研发； 第三，企业利用生成式人工智能降低运营成本（如招聘工具）。 预计我们覆盖的中国软件公司的生成式人工智能营收占比将从 2025 年的 0%-10%，提升至 2028 年的 10%-50%（见图 1）。 | Company | Ticker | Segment | Gen Al rev contribution (GSe) | | SaaS contribution (GSe) | | Rule of 40 (GSe) | | | --- | -- ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信，加 先进封装 群 Manz亚智科技积极推进CoWoS面板化概念，即CoPoS，以解决封装效率与芯片产能问题。目 前，Manz亚智科技的FOPLP技术已步入量产阶段，同时行业也在探索基于玻璃基板的封装方 案，以进一步提升封装效能，实现更高带宽、更大密度与更强散热性能。 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 4月29日，2025势银异质异构集成封装产业大会（浙江宁波） 点此报名 当前， 随着生成式人工智能（ Generative AI）的迅猛发展，高阶AI芯片需求呈爆发式增长， 材料和封装技术迎来新的变革契机。在此背景下，突破产能瓶颈，推动先进封装成为行业新焦 点。其中，Chip-on-Wafer-on-Substrate (CoWoS) 面板化方案──Chip-on-Panel-on- Substrate (CoPoS) 概念正引领未来技术发展方向。 由此，势银（TrendBank）访谈了亚智科技事业开发部副总经理简伟铨，深入交流了当下产业 发展现状以 ...

Core Insights - The rapid development of Generative AI (GenAI) is transforming traditional cultural education, particularly in higher education, by shifting from standardized teaching to a co-creative and immersive learning model [1][10]. Group 1: Course Design Innovation - Generative AI is reshaping the teaching design logic of the "Introduction to Chinese Culture" course by embedding intelligent technology, creating a student-centered and culturally immersive learning experience [2]. - Technologies like Virtual Reality (VR) and Augmented Reality (AR) convert abstract cultural symbols into interactive experiences, enhancing students' understanding of complex cultural concepts [2][4]. - AI-driven personalized learning materials are generated based on real-time analysis of student data, allowing for dynamic optimization of course content to meet diverse student needs [3]. Group 2: Teaching Methodology Transformation - The integration of Generative AI promotes a shift from traditional teacher-led instruction to a collaborative human-machine interaction model, redefining classroom dynamics and roles [5]. - Students become active knowledge creators through AI platforms that facilitate discussions and debates, enhancing critical thinking and engagement with the material [5][6]. - Teachers transition to roles as learning experience designers and value guides, focusing on facilitating human-AI collaboration rather than solely delivering content [6][7]. Group 3: Ethical and Cultural Challenges - The application of Generative AI raises ethical concerns, particularly regarding data privacy and academic integrity, necessitating robust regulatory frameworks [8]. - There is a risk of cultural interpretation homogenization due to AI's reliance on high-frequency vocabulary, which may oversimplify complex philosophical concepts [9]. - To address these challenges, a collaborative mechanism between human experts and AI is proposed to ensure diverse cultural interpretations and maintain the depth of traditional cultural education [9][10].

特朗普缓和关税言论，股市反弹、金价触高后回落。 当地时间 4 月 22 日，美国总统特朗普在白宫新闻发布会上表示，对中国商品累计加征的 145% 关 税 "太高了"，税率将 "大幅下降，但不会为零"。 中美贸易谈判前景改善，也推动行情回升。美股盘中拉升，终结连续 4 天的跌势，4 月 22 日三大 指数全部收涨超 2.5%。恒生指数收涨 2.37%，苹果、汽车产业链股也都集体走高。 黄金价格此前突破了每盎司 3500 美元的历史新高，但大涨后迅速跳水，下跌近 2%，国内零售市 场足金金饰一夜跌了 27 元 / 克。今年以来，由于特朗普多次抨击和威胁美联储，黄金几乎成了唯 一的避险资产，价格上涨近三成。金价转跌也跟特朗普态度大反转有关，此前他曾称美联储主席鲍 威尔是 "大输家" 和 "行动太慢先生"，多次施压他降息，并威胁会解雇他。 然而当地时间 22 日美股盘后，特朗普接受采访时称自己无意撤换鲍威尔，加上早前美国财政部长 贝森特称看到和中国的关系缓和，让市场情绪有所回暖。 苹果和 Meta 合计被欧盟罚款 7 亿欧元。 其中苹果被罚 5 亿欧元，Meta 被罚 2 亿。处罚依据是 2022 年通过的《数字市场 ...