Economic Events and Data Summary - The National Office will hold a press conference regarding technology finance policies at 15:00 [1] - France's preliminary manufacturing PMI for May will be released at 15:15 [1] - Germany's preliminary manufacturing PMI for May will be available at 15:30 [1] - The Eurozone's preliminary manufacturing PMI for May will be published at 16:00 [1] - The UK's preliminary manufacturing PMI and services PMI for May will be announced at 16:30 [1] - Germany's IFO Business Climate Index for May will be released at 16:00 [1] - The European Central Bank will publish the minutes of the April monetary policy meeting at 19:30 [1] - Initial jobless claims in the U.S. for the week ending May 17 will be reported at 20:30 [1] - The preliminary manufacturing PMI for May from S&P Global in the U.S. will be available at 21:45 [1] - The annualized total of existing home sales in the U.S. for April will be released at 22:00 [1] - The EIA natural gas inventory for the week ending May 16 will be published at 22:30 [1]

Core Viewpoint - The Ministry of Industry and Information Technology and nine other departments have issued the "Implementation Opinions on Accelerating the High-Quality Development of the Technology Service Industry," aiming to enhance service capabilities, optimize the development ecosystem, and accelerate the transformation and industrialization of technological achievements to support the integration of technological and industrial innovation [1] Group 1: Industry Growth and Scale - The technology service industry is characterized by high talent density, technological content, and significant added value, playing a crucial role in supporting the deep integration of technological and industrial innovation [2] - From 2019 to 2023, the revenue of large-scale technology service enterprises grew at an average annual rate of 12.3%, with the national technology contract transaction volume reaching 6.8 trillion yuan in 2024, a year-on-year increase of 11.2% [2] - By 2023, there were 2.118 million technology service legal entities in China, forming a diverse and extensive service network supported by major technology trading platforms and technology transfer institutions [2] Group 2: Support and Collaboration - The technology service industry provides various professional services, including technical consulting and testing, which better support the innovation and transformation of the manufacturing sector [3] - In 2024, the national technology export volume is expected to grow by 8.8%, primarily in emerging fields such as biomedicine and new materials, with significant international technology transfer projects being facilitated [3] - The number of incubated technology enterprises has exceeded 300,000, with notable incubators emerging in cities like Beijing and Shanghai, contributing to a robust innovation ecosystem [3] Group 3: Incubator Development - Technology incubators play a vital role in accelerating the commercialization of technological achievements, with over 5,000 companies having been incubated to go public [4] - The incubators have hosted 200,000 entrepreneurial events annually, fostering a culture of innovation and risk tolerance [4] - In Beijing, the technology service industry generated 937.75 billion yuan in revenue in 2024, accounting for 7.5% of the city's GDP [5] Group 4: Quality Improvement and Upgrading - The technology service industry is entering a phase of rapid quantitative growth alongside qualitative improvements, driven by the need for high-quality services and advancements in fields like artificial intelligence [6] - The "Implementation Opinions" outline comprehensive deployment in key areas such as research and development, technology transfer, and technology consulting to promote the high-end, intelligent, green, and integrated development of the industry [6] Group 5: Financial Support and Investment - The national financial cooperation platform has supported financing of 540 billion yuan for early-stage hard technology projects and advanced manufacturing clusters [7] - The Ministry of Industry and Information Technology aims to deepen financial cooperation and enhance the integration of technology, industry, and finance to provide sustainable funding for key sectors [7]

通过改革创新，众多生产服务业首创项目落地重庆：德勤中国数智中心、"单一窗口"中新国际合作项 目、丹纳赫西部创新中心、松下真空全球最大节能新材料研发制造基地、新加坡航空（重庆）保税航材 分拨中心、陆海新通道金融服务联合体、成渝金融法院等。 经过4年实践探索，重庆服务业扩大开放综合试点交出了一份亮眼答卷：累计落地近2000个生产服务业 项目，形成218项改革探索成果，其中27项创新举措入选国家服务业扩大开放最佳实践案例。对比试点 前，全市服务业开放发展指数提升了38.2个点，服务业占GDP比重提高了10个百分点。 《 人民日报 》（ 2025年05月22日 13 版） 生产性服务业是赋能先进制造业转型升级的重要引擎。重庆依托中西部首个国家服务业扩大开放综合试 点，围绕金融、物流、科技、数据等生产性服务业重点领域，改革探索、先行先试，推动先进制造业与 现代服务业融合发展。 在金融服务领域，重庆推出了知识价值信用贷款。重庆博伊顿动力机械有限公司通过这一创新举措，共 获得200万元资金支持。这项颇受企业欢迎的知识价值信用贷款是重庆市北碚区与重庆市科技局合作开 展的改革试点工作，在政府引导下，企业可根据自身需求申报知识价 ...

Group 1 - The article highlights key financial data and events to be monitored on May 22, 2025, including various PMI indices and economic indicators from multiple countries [1] - Notable events include the invitation from President Trump to "Trump coin" holders for a dinner, indicating potential political and economic implications [1] - The article lists specific times for the release of important economic data, such as China's SWIFT RMB payment share and the U.S. initial jobless claims [1] Group 2 - The article outlines the scheduled release of manufacturing PMI initial values for France, Germany, the Eurozone, and the UK, which are critical indicators of economic health [1] - The European Central Bank's publication of the April monetary policy meeting minutes is also noted, which may provide insights into future monetary policy directions [1] - The article concludes with the mention of a speech by Federal Reserve's Williams, which could influence market expectations regarding U.S. monetary policy [1]

摘要 一问：被忽视的服务消费修复症结？除收入影响外，闲暇时间减少或是更主要的消费掣肘。 相比商品消费，服务消费恢复偏慢；剔除收入与疫情影响后，服务消费倾向也明显低于历史趋势。 2024 年，疫情对消费场景的约束消退，但服务消费复苏节奏较慢，人均服务性消费较历史趋势缺口为 13.9pct，而商品、可选商品消费的缺口仅2.9pct、6.2pct；从消费倾向看，商品消费、特别是可选商品恢 复情况均好于服务消费，意味着收入或并非约束服务消费修复的主因。 商品、服务消费修复差异较大，可能的原因是"内卷"令工作时间拉长，挤占闲暇时间，居民每日有酬劳 动时间增加2小时。 商品与服务消费对场景的依赖程度显著不同，其中商品消费不受时空限制、可通过 网购实现，而服务消费具有及时性特点、高度依赖闲暇时间。但近年工作时间拉长对闲暇时间形成挤 占，2023年全体居民日均有酬劳动时间为6小时23分、较2018年增加119分钟。 工作时间拉长导致居民消费更多向假期集中，但法定休假天数偏少。 相比海外，2023年我国城镇居民周 均工作时间增加至48.7小时，显著高于日本(32.6小时)、韩国(36.6小时)；导致居民消费更多向假期集中， 测 ...

期货研究报告|外汇专题报告 2025-05-21 结售汇双边放量，汇率区间波动 研究院 研究员 蔡劭立 FICC 组 caishaoli@htfc.com 从业资格号：F3063489 投资咨询号：Z0014617 高聪 外汇市场供需结构延续，结售汇逆差小幅扩大。2025 年 4 月银行结售汇逆差为 42.57 亿美元，较前值-19.67 亿美元小幅扩大，整体仍处于温和区间。结汇与售汇规模均有 所上升，反映企业外汇交易活跃度提升。结构上看，银行代客结售汇顺差由 0.96 亿美 元扩大至 58.93 亿美元，反映企业部门结汇意愿增强、购汇需求有所回落；而银行自 身结售汇逆差由-20.63 亿美元扩大至-101.50 亿美元，或与远期履约及头寸管理需求有 关。同期美元兑人民币即期汇率环比上涨 0.34%，市场成交活跃度略有下降，即期询价 成交均值回落至 422.34 亿美元，显示部分观望情绪仍存。 021-60828524 gaocong@htfc.com 从业资格号：F3063338 投资咨询号：Z0016648 联系人 朱思谋 0755-23887993 zhusimou@htfc.com 从业资格号：F03 ...

Core Insights - The hotel service industry is undergoing a transformation with the integration of robots, particularly in food delivery, reflecting a shift in consumer habits driven by the younger generation [1][4][5] Market Overview - The global hotel service robot market has grown from RMB 700 million in 2019 to RMB 1.5 billion in 2023, with a compound annual growth rate (CAGR) of 20.0%. It is projected to reach RMB 4.8 billion by 2028, with a CAGR of 25.6% from 2023 to 2028 [2] Company Focus - CloudMinds Technology, a leading provider of delivery robots in China, has submitted an application for an IPO, indicating the significant market potential for delivery robots [4] Consumer Trends - 83% of users opting for smart service hotels are aged 25-34, and they are willing to pay an additional 18% for a tech-enhanced experience, highlighting the demand for technology in hospitality [5] Privacy and Space - Young consumers are increasingly valuing personal space and privacy, preferring robot delivery to minimize social interaction and maintain comfort during their stay [8][6] Industry Challenges - Despite the enthusiasm for hotel robots, the industry faces challenges, including significant losses reported by leading companies like CloudMinds Technology, which has incurred losses of RMB 800 million over three years [9] - The lack of differentiated technology in the underlying algorithms poses a challenge for competitive advantage in the hotel robot sector [9] Experience Optimization - There are practical issues with robot delivery, such as navigating complex environments, which can lead to delays and decreased service efficiency [10] - Improving the functionality and adaptability of robots is essential to enhance consumer satisfaction and avoid being perceived as mere gimmicks [12] Future Trends - The future of hotel robots is expected to evolve beyond simple delivery tasks to more integrated roles within hotel operations, focusing on personalized service and data-driven interactions [13][15] - The latest generation of robots aims to be multifunctional and cost-effective, supporting various hotel needs while collaborating with digital systems for efficient service delivery [17]

Rime 创投日报 | 宁德时代登陆港股，或成年内最大港股 IPO 2025-05-20 Rime 创投日报 | 宁德时代登陆港股，或成年内最 大港股 IPO 原创 来觅研究院 RimeData 来觅数据 2025-05-20 导读：据来觅数据统计，05 月 19 日国内外创投市场合计披露 29 起投融资事件，其中 23 家国内企业， 6 家国外企业，融资总额约 14.73 亿元。揭秘投资数据，尽在 Rime PEVC。立即登录，掌握独家融资案 例、精选项目情报，以及前沿数据分析。洞察市场，领先一步！ 募资事件 拉萨市设立 15 亿元强市母基金 5 月 18 日，拉萨市旅行商大会暨文旅招商引资推介会在拉萨举行。会议表示，拉萨市设立了产业强市投 资母基金和文旅产业投资子基金，用于支持文旅项目的开发、建设和运营，助力企业做大做强。其中，拉 萨市产业强市母基金总规模达 15 亿元，由毅达资本负责管理。该基金是西藏自治区首支政府性产业基金， 也是拉萨市推动产业升级、引育新质生产力、促进区域协调发展的重要战略基金。 请务必阅读正文之后的免责声明 1 / 4 Rime 创投日报 | 宁德时代登陆港股，或成年内最大港股 I ...

■中国经济时报记者 张娜 周子勋 面对外部冲击影响加大、内部困难挑战叠加的复杂局面，4月份我国经济顶住压力稳定增长，延续向新向好发展态势。 国家统计局5月19日公布的数据显示，与国内市场联系紧密的市场销售和服务业继续稳中有升。受国际市场影响较大的货物出口和工业生产保持总体稳 定。表明我国经济在复杂环境中展现出显著韧性。 4月经济延续回升向好态势 4月份，我国经济延续回升向好态势，社会消费品零售总额、服务业生产指数分别增长4.7%和5.9%，较一季度均提升0.1个百分点。出口增长7.5%，规模以 上工业增加值保持6.4%的稳定增速。 商务部国际贸易经济合作研究院研究员彭波表示，虽然当前国内外经济形势依然严峻，但4月份多项数据充分表明中国经济展现出良好的韧性与潜力，尤 其是在创新驱动发展战略推动下，新兴产业快速发展，传统产业转型升级加快，为实现高质量发展目标奠定了坚实基础。下一阶段，需持续扩大内需、深 化产业升级、稳定外贸外资，推动经济向新向好态势进一步巩固，为全年高质量发展奠定基础。 受国内外环境复杂变化影响，4月份规上工业增加值、全国服务业生产指数、社会消费品零售总额等主要经济指标增速较3月份有所回落。国务院 ...

· 2025 年 5 月 20 日 国都港股操作导航 海外市场重要指数 收市 幅度 道琼斯工业指数 42,792.07 0.32% 标普 500 指数 5,963.60 0.09% 纳斯达克综合指数 19,215.46 0.02% 英国富时 100 指数 8,699.31 0.17% 德国 DAX 指数 23,934.98 0.70% 日经 225 指数 37,869.81 0.99% 台湾加权指数 21,523.83 -1.46% 内地股市 上证指数 3,367.58 0.00% 深证成指 10,171.09 -0.08% 香港股市 恒生指数 23,332.72 -0.05% 国企指数 8,460.55 -0.09% 红筹指数 3,857.89 0.60% 恒生科技指数 5,255.06 -0.50% AH 股溢价指数 133.82 -0.22% 恒生期货 (5 月) 23378 0.47% 恒生期货 (6 月) 23243 0.42% 国都香港研究部 电话：852-34180288 网址：www.guodu.com.hk 每日投资策略 恒指收跌 12 点 连挫三日共 307 点 恒指昨日低开 188 点或 ...