专题：2025基金高质量发展大会 5月24日，由新浪财经主办的2025基金高质量发展大会在深圳隆重启幕。大会汇聚学术界顶尖专家、公 私募基金领军人物、券商领袖及首席经济学家等业界翘楚，共话基金行业高质量发展新路径。 三是坚持价值引领。本次大会将发布《2025基金行业领军人物领导力榜单》，并增设"基民获得感最强 基金公司"奖项，旨在建立行业评价标杆体系，增强用户的获得感和被服务感。 附发言全文： 尊敬的各位领导、各位来宾，大家好！ 欢迎大家出席一年一度新浪财经基金高质量发展大会，我谨代表主办方新浪财经，向参会的各位领导和 嘉宾，致以最诚挚的欢迎和感谢。 在公募基金突破32万亿规模的里程碑时刻，新一轮资本市场改革已拉开序幕。从"规模扩张"到"质量跃 升"，从"流量竞争"到"投资者获得感竞争"，这场重大变革澎湃而来，推动公募基金行业迈向高质量发 展的新征程。 在此进程中，我们深知：唯有以投资者获得感为"累土"，以专业能力为"基石"，方能筑起公募行业长青 的"九层之台"。 会上，新浪财经CEO邓庆旭出席并致辞。他表示，在公募基金规模突破32万亿元的历史性时刻，资本市 场新一轮改革已拉开帷幕。行业正从"规模扩张"深化至 ...

6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 技术创新始终是企业抢占产业制高点的核心驱动力。 在刚刚落幕的国轩高科2025全球科技大会上， 国轩集中发布六款电池新品，其中备受业界期待的 全固态电池已正式进入预量产阶段。 同期亮相的还有续航达1000公里的G垣准固态电池、可连续使用12年的G行重卡标准箱、全球首 款单舱20MWh的储能系统等重磅产品 ，全方位展现了国轩在下一代电池技术上的突破与多场景 应用的深度布局。 固态电池产业化突破 从材料创新到中试线贯通 作为下一代电池技术的核心，固态电池的产业化进程始终牵动着行业神经。 发布会现场，金石全固态电池研发负责人潘瑞军博士透露，自去年发布以来，研发团队在材料体系 上实现多重突破：硫化物电解质的离子电导率大幅提升60%， ...

Core Viewpoint - The company reported a strong Q1 2025 performance with significant revenue growth and improving operational metrics, indicating a positive outlook for future sales and profitability [1][2][3][4] Revenue Performance - In Q1 2025, the company achieved a revenue of 15.81 billion yuan, representing a year-on-year increase of 141.5% and a quarter-on-quarter decrease of 1.8% [1] - The automotive business generated 14.37 billion yuan in revenue, with a year-on-year growth of 159.2% and a quarter-on-quarter decline of 2.1%, primarily driven by increased delivery volumes [1][2] - The average selling price (ASP) per vehicle decreased from 160,300 yuan in Q4 2024 to 152,900 yuan in Q1 2025 [1] Profitability Metrics - The automotive business reported a gross profit of 1.51 billion yuan, with a gross margin of 10.5%, reflecting a year-on-year increase of 5.0 percentage points [2] - Total gross profit for Q1 2025 was 2.46 billion yuan, with an overall gross margin of 15.6%, up 2.7 percentage points year-on-year [2] Expense Management - R&D expenses for Q1 2025 were 1.98 billion yuan, a year-on-year increase of 46.7% [2] - Selling and administrative expenses were 1.95 billion yuan, up 40.2% year-on-year, primarily due to increased commissions from franchise stores [2] Cash Position - As of Q1 2025, the company had a total of 45.28 billion yuan in cash and cash equivalents, indicating a strong liquidity position [3] Future Outlook - The company anticipates Q1 2025 automotive sales to range between 102,000 and 108,000 units, with a year-on-year growth of 237.7% to 257.5% [3] - Projected revenue for this sales volume is estimated to be between 17.5 billion and 18.7 billion yuan, reflecting a year-on-year increase of 115.7% to 130.5% [3] Product Development - The company plans to launch several new models, including the XPeng MONAM03 Max and the next-generation P7, which are expected to enhance product competitiveness and stimulate sales growth [3][4] - The deployment of the Turing chip is set to begin in Q2 2025, with applications extending beyond the automotive sector into robotics, aiming for mass production of humanoid robots by 2026 [4] Investment Perspective - The company is expected to see revenue growth from 94.58 billion yuan in 2025 to 170.08 billion yuan in 2027, with projected net profits improving from a loss of 6.6 billion yuan in 2025 to a profit of 75.4 billion yuan in 2027 [4]

继此次获奖，绿源已五次荣获中国轻工业联合会颁发的科学技术奖，充分印证了绿源研发驱动的成长逻 辑。当行业其他企业纷纷聚焦产品外观迭代时，绿源始终将资源聚焦于核心技术研发。例如，液冷电 机、数字化电池养护技术等创新均源于对底层技术难题的攻克，而非表面设计优化。这种战略选择使其 在行业同质化竞争中形成了显著的差异化优势。 创立近三十年来，公司不仅见证了中国电动两轮车行业的崛起，还为这种常见出行工具赋予了深厚的科 技内涵。在耐用性方面，公司全球首创液冷电机，显著减少电机动力衰减，质保十年。除了液冷电机 外，公司还创新性推出数字化电池养护技术，打破低温续航梏，提高安全性。在智能化方面，公司通过 安全驾驶系统和智能互联系统，为电动两轮车增加防侧滑、陡坡缓降控制、全场景智能骑行、智能车锁 与定位等功能，大幅提升人机交互体验。 本次获奖的"基于中置动力系统的运动健身电动自行车" ，正是一种应用于电助力自行车的核心零部 件。中置电机技术存在诸多问题，如电机高温性能衰减、寿命短、损耗大、噪音高，以及国外专利垄断 的 "卡脖子" 状况，导致产品价格高企，可靠性和用户体验有待提升。针对传统中置电机采用风冷散 热，散热效率低且高温下易 ...

Group 1 - The 15th China Western International Procurement Conference will be held from May 25 to 29 at the China Western International Expo City, focusing on "deepening reform to increase momentum and expanding openness to promote development" [1] - The conference aims to build an international procurement and supply chain cooperation platform, facilitating the integration of international and domestic enterprises into the global industrial and supply chains [1] - The event is organized by the United Nations Procurement Division and the United Nations Project Services, with support from various local government and business entities [1] Group 2 - The conference will feature a "1+5+N" format of specialized activities, including signing ceremonies, procurement project promotions, and cross-border e-commerce AI supply chain trading events [1] - A total of over 60 countries and regions, including representatives from the United States, Australia, and Spain, will participate, enhancing connections between enterprises and domestic buyers [1] - The event will utilize the "Smart Exhibition Platform" and "Blockchain Cloud" to create a digital procurement solution that combines offline exhibitions with an online ecosystem [2] Group 3 - The organizing committee has received multiple procurement demand lists from various institutions and companies, including SHEIN and eBay [2] - An AI intelligent matching system will be employed to achieve precise matching of supply and demand information, enhancing the efficiency and effectiveness of the exhibition services [2]

每经记者｜杨建 每经编辑｜彭水萍 （一）重要市场新闻 1、美股三大指数收盘涨跌不一，道指收平，纳指涨0.28%，标普500指数跌0.04%，大型科技股多数上 涨，特斯拉涨近2%，谷歌涨超1%，微软、英伟达、亚马逊、Meta涨幅不足1%。加密货币、计算机硬 件板块涨幅居前，昆腾涨超11%，Coinbase涨5%，希捷科技涨超4%，嘉楠科技涨超2%。中概股多数收 跌，纳斯达克中国金龙指数跌1.18%；小鹏汽车跌超7%，世纪互联跌超6%，阿里巴巴、百度、理想汽 车、蔚来跌超1%，拼多多涨超3%，知乎涨超2%。 2、国际金价调整，现货黄金跌0.6%，报3294.49美元/盎司；COMEX黄金期货跌0.56%，报3295.10美元/ 盎司；COMEX白银期货跌1.39%，报33.18美元/盎司。国际油价走弱，美油主力合约收跌1.23%，报 60.81美元/桶；布伦特原油主力合约跌1.29%，报64.07美元/桶。欧洲三大股指收盘全线下跌，德国DAX 指数跌0.51%报23999.17点，法国CAC40指数跌0.58%报7864.44点，英国富时100指数跌0.54%报8739.26 点。 （二）行业掘金 1、近日，据相 ...

Core Insights - AI agents are redefining the search landscape, shifting from "machines adapting to humans" to "humans adapting to machines" [2] - The emergence of AI large models has disrupted the traditional search market, previously dominated by giants like Google and Baidu [2][3] - The competition in the search industry is evolving towards "mind share" rather than just "traffic share" [3][4] Industry Dynamics - The competition is characterized by intensified technological stratification, with leading firms leveraging computational power and data advantages to create barriers [3] - Ecosystem competition is heating up, as traditional search engines integrate their content ecosystems to maintain dominance [3] - The value of entry points is being redefined, with AI search evolving from a tool to a traffic entry point [3] User Behavior Changes - Google search volume in Safari has declined for the first time in 20 years, while user numbers for startups like Perplexity are surging [4] - Apple's plans to integrate third-party AI search in Safari indicate a potential erosion of traditional search engine dominance [4] Business Model Evolution - The traditional advertising model in the search industry is being challenged, with subscription and enterprise services emerging as new directions [5] - Search results are evolving from "webpage lists" to "knowledge products," enhancing the added value of AI search [5] Challenges Ahead - There are significant challenges, including technical bottlenecks, ethical risks, and the need for ecosystem collaboration [6] - AI hallucination issues persist, particularly in handling ambiguous semantics [6] - Data privacy and algorithmic bias are critical ethical concerns as AI agents become more proactive in user environments [6]

金桥信息： 是一家以智慧空间信息化解决方案为核心，深度布局AI智能体技术的科技企业，以"Al+行 业"为战略方向，聚焦司法、政务、金融等垂直领域的智能体应用，致力于通过技术创新推动传统行业 的数字化转型。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 公司方面，据上证报表示， 协创数据： 是一家以AI需求为导向的高科技企业，专注于智能物联终端、数据存储设备、云服务及服 务器再制造四大核心业务; 据上证报报道，5月22日，昆仑万维面向全球市场，同步发布天工超级智能体(Skywork Super Agents)。 这款产品采用了Al agent架构和deep research技术，能够一站式生成文档、PPT、表格(excel)、网页、播 客和音视频多模态内容。它具有强大的deep research能力，在 GAIA榜单上排名全球第一，超过了 OpenAl Deep Research和Manus。天工超级智能体的问世，代表中国向全世界隆重宣告:传统的Office类软 件已被颠覆，"Al Office智能体"时代已然到来! 西南证券表示，AI发展水平正从推理者向智能体Agent演进 ...

0 1 事 件 概 述 利润端： 毛利方面， 2025Q1 汽车业务毛利为 15.1 亿元；汽车业务毛利率为 +10.5% ，同比 / 环比分别为 +5.0pts/+0.5pts 。 2025Q1 总毛利为 24.6 亿元， 2025Q1 毛利率为 +15.6% ，同比 / 环比分别为 +2.7pts /+1.1pts 。 2025Q1 整体毛利率变化的主要原因为 1 ）销量增长带动整车成本的持续下降与规模经济效益所致 2 ）部分增 长被产品升级导致的存货减值准备和采购承诺亏损所抵消。 ► 费用稳健改善 业绩展望向好 费用端： 2025Q1 研发费用为 19.8 亿元，同比 / 环比为 +46.7%/-1.3% 。 205Q1 研发费用率为 12.5% ，同 比 -8.1pts ，环比持平。 2025Q1 销管费用为 19.5 亿元，同比 / 环比分别为 +40.2%/-14.5% ，同比增加的主 要由于销量增加导致加盟店佣金增加，环比下降主要由于营销和广告费用开支减少， 2025Q1 销管费率为 12.3% ，同比 / 环比为 -8.9pts/-1.8pts 。。 渠道端： 截至 2025Q1 ，公司拥有 ...

A股复盘 | 银行科技 / 2025.05.22 恰逢今天周四，A股跌了， 银行又逆势上涨 ！ 恰逢今天又有发布会，主题是科技金融政策！ 于是乎，银行科技诞生，哈哈哈 今天微盘股、北证50崩了！昨天晚上，群里流传着卖方的研究成果——微盘股交 易太拥挤！这好像给了市场一种信号，卖！ 北证50直接大跌6%。 不过今天A股下跌还有外围因素，近期日债、美债风险大爆发，隔夜20年期美债 标售爆冷，直接带崩了股债汇！收盘美股三大指数均创一个月来的最大跌幅。30 年期国债收益率升至5.09%；十年期也升至4.60%。 而现在，避险 资产已经不单单是黄金了，比特币表现更优。 周四早盘，比特币涨破11万美元，再创历史新高，自特朗普当选总统以来已上涨 超过 60%。自"解放日"以来，虽然黄金也出现了稳健反弹，但比特币似乎成为 了全球应对不确定性的首选资产。 德意志银行比较悲观，首席外汇策略师George Saravelos指出，美元兑日元与 10年期美债收益率之间不断扩大的背离，是财政风险上升的信号。而美债拍卖结 果更是明确无误地显示出： "外国买家正在集体罢工，拒绝购买美国资产，这正 是我们一直以来所警告的美国财政风险。" 外 ...