降息降准一揽子强有力政策陆续出来，市场信心倍增，但是假期迎来开门红的算力却短暂陷入了回调。 但股市有政策托底，所有的行业都会受益，而AI链作为市场资金最为集中的方向之一，一旦有预期就很有可能爆发，而AI投资的核心又在算力 底层，所以等待算力消化前期过高的涨幅后，后续表现就值得期待。 华为鸿蒙登场，算力链弹性凸显 比如，5月8日盘中，华为鸿蒙电脑亮相的消息一出，数据ETF（516000）标的指数中证数据产业指数就出现快速拉涨。资料显示，鸿蒙PC的分 布式软总线技术和端云协同能力，将推动AIoT、边缘计算等领域的创新，中证数据产业指数覆盖的AI算法企业（如科大讯飞、拓维信息）可通 过端侧大模型优化与鸿蒙生态深度融合。（以上个股仅作为举例，不作为推荐。） 而中证数据产业指数成分股中不仅有和华为链相关的个股，也是DeepSeek和算力含量较高的指数。Wind数据显示，中证数据产业指数DeepSeek 概念股权重占比 42.34%；AI算力概念股权重占比 41.93%。因此，指数在今年以来表现较为亮眼，自低点反弹幅度超过50%，远超主流大小盘 宽基。 数据来源：Wind，数据区间：2025.1.1-2025.5.7。中 ...

Financial Data and Key Metrics Changes - The first quarter was described as a transformational quarter for the company, successfully exiting the soda ash business and simplifying the balance sheet, which is expected to significantly reduce future cash costs [6][10] - The anticipated annual cash costs of running and sustaining the business have been reduced to approximately $425 million to $450 million [19][20] Business Segment Data and Key Metrics Changes - The offshore pipeline transportation segment is expected to see a significant increase in financial contribution due to new production facilities, Shenandoah and Salamanca, which will add nearly 200,000 barrels of oil per day of incremental production capacity [9][10] - The Marine Transportation segment is on pace to post record earnings in 2025, supported by steady demand and limited new construction in the market [16][18] - The Onshore Transportation and Services segment has seen steady volumes and is expected to increase as new offshore projects commence production [19] Market Data and Key Metrics Changes - Gulf Coast refinery utilization has recovered from approximately 80% in January to roughly 94% in late April, supporting the need for transportation of heavy and intermediate products [17][18] - The demand for moving petroleum products from the Gulf Coast to East and Mid-Atlantic markets remains steady due to inadequate regional refining capacity [18] Company Strategy and Development Direction - The company plans to implement a capital allocation strategy focusing on redeeming high-cost preferred units, paying down debt, and returning capital to unitholders [20] - The management is optimistic about the long-term value creation potential from the offshore expansion projects and the overall midstream energy space [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resolution of mechanical issues affecting production, expecting volume levels to return to normalized levels by the end of the second quarter or third quarter [11][40] - The company believes that deepwater projects are more resilient during low price environments compared to onshore shale plays, with significant capital already invested [14][40] Other Important Information - The Department of Interior's new permitting procedures are expected to expedite the development of domestic energy resources, potentially bringing forward opportunities that were previously slated for later [15] - Ten of the 22 active deepwater drilling rigs in the Gulf of America are working on leases dedicated to the company's pipeline infrastructure [16] Q&A Session Summary Question: Thoughts on capital allocation and distribution - Management indicated a likely flat distribution for the second quarter, with potential adjustments in the third quarter based on project timelines and mechanical issue resolutions [23] Question: Quantifying additional infield and subsea opportunities - Management noted that there are seven active rigs drilling for potential production increases, with typical wells expected to produce 7,000 to 10,000 barrels per day [26][31] Question: Segment margin guidance for offshore segment - Management anticipates that the offshore segment will contribute significantly to annual EBITDA guidance, with OTS and marine segments expected to remain consistent with the first quarter [30] Question: Confidence in resolution of producer issues - Management expressed confidence based on real-time data from producers and noted that producers are incentivized to resolve issues quickly [40] Question: Target leverage ratio and distribution coverage ratio - The long-term target leverage ratio is around four times, with expectations to reach this ratio rapidly as segment margins increase [42]

Financial Data and Key Metrics Changes - The first quarter was described as a transformational quarter for the company, successfully exiting the soda ash business and simplifying the balance sheet, which is expected to significantly reduce future cash costs [5][6] - The anticipated annual cash costs of running and sustaining the business have been reduced to approximately $425 million to $450 million [18][20] Business Segment Data and Key Metrics Changes - The offshore pipeline transportation segment is expected to see a significant increase in financial contribution due to new production facilities, Shenandoah and Salamanca, which will add nearly 200,000 barrels of oil per day of incremental production capacity [8][9] - The Marine Transportation segment is on pace to post record earnings in 2025, supported by steady demand and limited new construction in the market [15][17] - The Onshore Transportation and Services segment has seen steady volumes and is expected to increase as new offshore projects commence production [18] Market Data and Key Metrics Changes - Gulf Coast refinery utilization has recovered from approximately 80% in January to roughly 94% in late April, supporting the need for transportation of heavy and intermediate products [16][17] - The demand for moving petroleum products from the Gulf Coast to East and Mid-Atlantic markets remains steady due to inadequate regional refining capacity [17] Company Strategy and Development Direction - The company is focused on generating excess cash flow and plans to implement a capital allocation strategy that includes redeeming high-cost preferred units, paying down debt, and returning capital to unitholders [19][20] - The management is optimistic about the long-term value creation potential from the offshore expansion projects and the overall midstream energy space [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resolution of mechanical issues affecting production, with expectations for volume levels to return to normal by the end of the second quarter or third quarter [10][39] - The company believes that deepwater projects are more resilient during periods of low commodity prices compared to onshore shale plays, with significant capital already invested [12][13] Other Important Information - The Department of Interior's new permitting procedures are expected to expedite the development of domestic energy resources, potentially bringing forward opportunities that were previously slated for later [14] - Ten of the 22 active deepwater drilling rigs in the Gulf of America are working on leases dedicated to the company's pipeline infrastructure, indicating a strong strategic position [15] Q&A Session Summary Question: Thoughts on capital allocation and distribution - Management indicated that they are likely to maintain a flat distribution for the second quarter but will consider movements in the quarterly distribution for the third quarter and beyond [23] Question: Quantifying additional infield and subsea opportunities - Management noted that there are several active rigs drilling in fields dedicated to the company, with expectations for additional production in the range of 7,000 to 10,000 barrels per day from new wells [25][26] Question: Segment margin guidance for offshore segment - Management stated that while they do not provide segment guidance, they anticipate that the offshore segment will contribute significantly to overall EBITDA, especially as new projects come online [30] Question: Crude oil price impact on producer activity - Management expressed confidence that producers are incentivized to maintain production despite price fluctuations, citing low marginal lifting costs in the Gulf [40] Question: Target leverage ratio and distribution coverage ratio - The long-term target leverage ratio is around four times, with management confident in reaching this target rapidly as segment margins increase [41][42] Question: Marine segment day rates and new construction - Management indicated that day rates need to increase by 30% to 40% and be sustained for several years to incentivize new construction in the Marine segment [43]

5月8日，A股整体震荡上行，主要指数涨多跌少。通信、电力设备、银行、传媒等行业午后领涨，光模 块（CPO）、光通信等概念指数再度强势走高。近期备受关注的云计算50ETF（516630）震荡走高，一 度涨超1.5%，持仓股中，新易盛、中际旭创、东华软件、博思软件、恒为科技等涨幅居前，其中新易 盛午后一度涨超14%。 消息面上，海外云厂商Capex预期修复。具体来看，海外主要云厂商公布25年1-3月季报，总计Capex约 765.4亿美元，同比增加64.0%。华西证券指出，算力需求在过去两年受益于算力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。当前时点，算力板块持续具备底层需求与估值支撑，其中光模块短期市场超跌估值已进入较低 区间有望回升，此外，包括算力设备、数据中心及配套等相关受益标的也有望恢复。 （文章来源：每日经济新闻） 公开信息显示，云计算50ETF（516630）的AI算力含量较高，标的指数成分股覆盖了光模块&光器件、 算力租赁（ ...

I've been in the investing world for almost 10 years now, in which time I've garnered a lot of experience around what works and what doesn't. Over this period, one lesson that has impressed itself upon me is that you should really be looking for investment opportunities that "hit you like a 2x4-to-the-head with how obvious they are," to paraphrase Mohnish Pabrai. As a result of this, in my writing on Seeking Alpha, my goal is to be able to communicate ideas simply, as the investing game is already difficult ...

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates, specifically concentrating on investment opportunities in the Hong Kong market [1]

截至11:05，中证大数据产业指数下跌0.52%。成分股方面涨跌互现，中科星图领涨5.34%，*ST东通上 涨2.49%，航天宏图上涨2.22%；润泽科技领跌3.72%，税友股份下跌3.56%，深信服下跌2.72%。数据 ETF(516000)下跌0.52%，最新报价0.95元。拉长时间看，截至2025年5月6日，数据ETF近2周累计上涨 5.16%。 流动性方面，数据ETF盘中换手8.28%，成交3472.39万元。拉长时间看，截至5月6日，数据ETF近1周日 均成交2018.74万元。 份额方面，数据ETF近1年份额增长2.35亿份，实现显著增长，新增份额位居可比基金1/3。 中信证券研报表示，2024年计算机行业整体收入实现稳健增长，归母净利润和扣非净利润承压。各板块 业绩有所分化，服务器、AI等方向表现优异。2025Q1，行业整体营收保持稳步增长，盈利能力大幅改 善，拐点有望逐步显现。建议把握"AI主线"机遇，重点看好AI Agent及算力主线方向，如管理/办公软 件、教育IT、服务器、云厂商等板块；同时建议兼顾信创、低空经济、机器人等结构性机遇，如工业软 件、基础软件等板块。 数据ETF（51600 ...

环球市场动态 OPEC+增产对 油 价 的 拖 累 难 言 结 束 股 票 周二亚太股市别发展，其中 A 股五 一假期后复市涨幅居前。欧股个别 发展，德股结束 9 天升势，但在默 茨当选总理后跌幅收窄，英股则连 升 16 天。特朗普表示美墨加协定 仍有效，消息利好墨西哥股市大涨。 投资者观望美联储议息，美股连跌 2 天。 外 汇 / 商 品 议息前夕避险情绪主导，市场普遍 预期美联储按兵不动，但交易员押 注联储会今年会放慢降息步伐，周 二美元指数跟随美债利率低走，国 际金价继续回升；有迹象显示美国 产量势将下滑，周二国际油价从四 年低点反弹超 3%。 固 定 收 益 美国国债周二收盘接近日内高点， 当天进行的 10 年期国债招标获得 强劲需求。欧盟可能对约 1000 亿 欧元美国产品加征关税的消息引发 股市下跌，美债受到买盘追捧。美 联储将于今天开始今年的第三次会 议，预计保持利率不变。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 5 月 7 日 中 ▪ 五一假期期间 OPEC+超预期增产计划引发油市短时巨震，本次会议超预期的地 ...

大家好，我是小程程。 说起 Deepfakes，大家都还有点印象吧。 不是浓眉大眼的 DeepSeek。 这个网站那可是吸引了一堆"奇葩"用户，这些人愿意花 1500 美元，就为了让"创作者"用先进换脸技术，把名人塞进未经本人同意的涩涩视频里。 巅峰时期，这个网站有 4.3 万个视频，播放量高达 15 亿次，近 4000 名"创作者"靠着这种不地道、现在还违法的买卖赚得盆满钵满。 2017 年，GAN 生成模糊图像的问题被解决后，换脸视频的质量空前提升，部分已难辨真伪。 2017 年 11 月，国外贴吧（Reddit）有个名为 deepfakes 的网友，借助相应技术把色情女演员面部替换成《神奇女侠》主演盖尔・加朵，做出第一张 deepfake 色 情图片。 详见这篇旧文：《 神奇女侠演员下海拍片？都是 ML 算法搞的……这是如何做到的？ 》 从此之后，deepfake/deepfakes 成为 AI 生成图像和视频的代名词。 其实很多涩涩平台一直都在打击这种换脸的，但有一个网站就专门托管这类内容，它就是本文的主角： Mr.Deepfakes 全球最大 Deepfake 成人网站关门大吉 最近外媒报道称，De ...

Core Viewpoint - The company is actively engaging in research and development, focusing on integrating advanced technologies such as DeepSeek into its products, while also navigating challenges such as rising costs and international trade issues. Group 1: Financial Performance - In Q1 2025, the company reported a main revenue of 80.79 million yuan, an increase of 7.01% year-on-year, while the net profit attributable to shareholders decreased by 48.44% to 7.97 million yuan [7] - The company's gross profit margin stands at 60.18%, with a debt ratio of 15.37% [7] Group 2: Cost Management - The increase in expenses for 2024 is attributed to enhanced R&D, sales team development, and market expansion, leading to higher personnel costs, business entertainment, and travel expenses [2] - The company has implemented a comprehensive budget management mechanism to align resources with strategic goals and performance targets [2] Group 3: Technological Integration - The company has successfully integrated its edge gateway with the DeepSeek model, enabling real-time semantic understanding and inference of heterogeneous data [3] - This integration allows for automatic identification of equipment anomalies and enhances operational efficiency in industrial scenarios [3] Group 4: Industry Outlook - The coal mining industry is expected to see stable growth, driven by national policies aimed at achieving full automation and smart systems by 2035 [4] - The company anticipates significant opportunities in the coal mining sector as the government pushes for intelligent mining solutions [4] Group 5: International Trade Impact - The company assesses that the impact of the US-China tariff situation is manageable, as overseas revenue is not significantly high, and strategic reserves for chips have been established [5] - Potential indirect effects on clients due to tariffs are acknowledged, but overall, the impact is considered controllable [5] Group 6: Market Expansion - The company plans to strengthen its presence in emerging markets like Southeast Asia and the Middle East while also increasing efforts in mature markets such as Europe and the US [6] - Localized sales and service teams will be established to better understand and meet local market demands [6]