Core Viewpoint - The newly approved floating rate fund, Dachen Zhi Zhen Return Mixed Fund, will start issuing on June 3, with a focus on active equity investment and managed by Du Cong, who has demonstrated strong performance in technology growth investments [1][2]. Group 1: Fund Overview - The Dachen Zhi Zhen Return Mixed Fund is set to be issued on June 3, with Du Cong as the proposed fund manager and ICBC as the custodian [1]. - Dachen Fund is known for its active equity investment capabilities, with notable fund managers like Xu Yan, Liu Xu, and Han Chuang [1]. - Du Cong has shown a significant excess return of 18.7% relative to the performance benchmark since managing Dachen Growth Progress Fund [1]. Group 2: Investment Strategy - Du Cong's investment framework focuses on identifying "key variables" to determine investment weight through expected return rates and curvature [2]. - The investment process consists of two main steps: assessing long-term performance potential and understanding company quality and future valuation [2]. - "Curvature" is a key concept in Du Cong's strategy, representing the acceleration of growth, which influences company pricing during market turning points [2]. Group 3: Performance Metrics - Since Du Cong took over Dachen Growth Progress Fund, it has achieved a cumulative return of 20.74%, ranking in the top 15% of its category [3]. - The fund's net asset value curve has shown steep growth, indicating strong performance during various bull markets in the technology sector [3]. - The fund's turnover rate reached 1,076.12%, reflecting Du Cong's active management and responsiveness to market changes [3]. Group 4: Market Opportunities - Du Cong highlighted several investment opportunities in the 2024 annual report, including AI computing power, domestic substitution industries, and the Apple supply chain [6][7]. - The fund achieved a quarterly return of 11.2% in Q1 2025, with an excess return of 8.27% relative to its benchmark [6]. - The ongoing U.S.-China trade tensions are seen as a catalyst for investment opportunities in semiconductor and software sectors [6].

Group 1: Film Industry - Over 40 films have been scheduled for the summer release, covering various genres such as history, suspense, action, comedy, and animation, indicating a vibrant film market [1] - The summer box office performance is expected to directly impact the financial results of film companies, with the release of quality films likely to boost revenue for the entire film industry chain [1] Group 2: Tourism and Hospitality - Shanghai Lego Resort has officially started selling day tickets and hotel packages, marking the final phase before its opening on July 5, with standard tickets priced at 549 yuan and discounted tickets for children and seniors at 439 yuan [3] - The anticipated opening of the resort is expected to stimulate local economic growth by activating the consumption chain related to tourism, including hotels and dining [3] - During the Dragon Boat Festival, an estimated 2.15 million people are expected to cross national borders daily, reflecting a 12.2% increase from last year, which will benefit airlines and related businesses [4] Group 3: Digital Content and Membership - Tencent's AI assistant "Tencent Yuanbao" has integrated with WeChat Reading and Qidian Reading, enhancing content search capabilities and potentially increasing user engagement and revenue from paid reading services [5] - Marriott Bonvoy and Meituan have launched a joint membership program, leveraging their large member bases to enhance user retention and drive growth in hotel bookings and dining services [6][7]

General Provisions - The company aims to protect the legal rights of shareholders, employees, and creditors while regulating its organization and behavior according to relevant laws [1][2] - The company was established as a joint-stock company in accordance with the Company Law and is registered in Shanghai [1][2] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 24,467,889 shares on November 10, 2017 [1][3] Company Information - The registered name of the company is Shanghai Cambridge Technology Co., Ltd., with a registered capital of RMB 268,041,841 [2] - The company is located at Room 501, Building 8, No. 2388 Chenxing Highway, Minhang District, Shanghai, with a postal code of 201114 [2] Business Objectives and Scope - The company's business objective focuses on technological innovation, particularly in AI applications and high-speed optical communication modules [4] - The company is engaged in the development, design, and production of computer and communication software, as well as maintenance of communication network equipment [4] Shares and Capital - The company has issued a total of 268,019,841 shares, all of which are ordinary shares denominated in RMB [6] - The company can increase its capital through various methods, including issuing shares to unspecified objects or existing shareholders [7] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends and participate in decision-making processes, including the election of directors and approval of financial reports [11][12] - Shareholders are obligated to comply with laws and regulations, and they cannot withdraw their capital except as legally permitted [15][16] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting occurring within six months after the end of the fiscal year [22] - Shareholders holding more than 10% of the shares can request a temporary meeting within two months of certain events [22][24] Decision-Making and Voting - Decisions regarding significant transactions, such as asset purchases exceeding 50% of the company's total assets, require shareholder approval [20][21] - The company must provide legal opinions on the validity of shareholder meetings and decisions [22][23]

责任编辑：韦子蓉 价格方面，雷鸟X3 Pro首发定价为8999元起，国家补贴后价格7649元。 发布会上，雷鸟创新还发布了新一代口袋电视雷鸟Air 3s系列，以及新一代多功能内容终端雷鸟魔盒2 代。雷鸟Air 3s系列全系采用孔雀光学引擎2.0+第5.5代全新Micro-OLED屏幕，带来了全新的3D环绕音 效系统，搭载全新 FlyTouch 触控系统，配备3.5英寸高精度触控板。雷鸟Air 3s售价1499元，国家补贴 后价格1274元起；Air 3s Pro售价1599元起，国家补贴后价格1359元起。 新浪科技讯 5月28日中午消息，雷鸟创新近日推出AR眼镜雷鸟X3 Pro、新一代口袋电视雷鸟Air 3s系 列，以及AI拍摄眼镜雷鸟V3 Slim等多款新品。 雷鸟X3 Pro AR眼镜是雷鸟创新发布的第三代彩色AR眼镜，搭载全球最小可量产全彩Micro-LED光引 擎，并与应用材料公司联合研发纳米光刻刻蚀RayNeo光波导，实现43英寸全彩3D空中透明屏显示效 果；在空间感知方面，雷鸟X3 Pro搭载猎鹰影像Plus系统。在交互方面，雷鸟X3 Pro实现了Apple Watch 手表控制，并支持镜腿五维 ...

Group 1: Entrepreneurship Overview - The company was founded after the founder left their previous job due to management style conflicts and a desire to create a team aligned with their values [3][4] - The initial motivation for entrepreneurship stemmed from a belief that value could not be created within a VC firm, leading to the decision to develop products or services that directly benefit users [4][5] - The founder recognized that their initial perspective lacked a market demand viewpoint, which is crucial for successful entrepreneurship [6] Group 2: Market Demand and Product Development - The first product idea was an AI calendar, but user feedback revealed a lack of excitement and a misunderstanding of user needs [7][8] - The analysis indicated that users do not prioritize calendar management in their daily lives, leading to a pivot towards developing a dating app [10][11] - The dating app "Xiao Beiguo AI Matchmaker" was launched but underperformed due to a misalignment between product features and actual user needs [12][13] Group 3: Product Design and User Experience - Effective product design must focus on user experience, ensuring that core functionalities are prioritized and easily accessible [20][22] - The initial user onboarding process was flawed, leading to high drop-off rates due to excessive information requests [22][23] - The importance of visual design was overemphasized, while functionality and user experience should take precedence [27] Group 4: Product Development and Market Entry - The pace of product development is critical, with a need to balance time spent on core functionalities and user feedback collection [29][30] - Cold start strategies must be precise, targeting specific user demographics to avoid wasted marketing efforts [35][36] - A structured approach to identifying user pain points and building a user base is essential for successful product launch [36] Group 5: Team Building and Leadership - Assembling the right team is crucial, with a focus on understanding each member's role and expectations [39][40] - Certain roles, such as marketing and design, may not be necessary in the early stages of a startup [41][42] - The importance of having a clear vision for team contributions and timely decision-making regarding team members is emphasized [44][46] Group 6: Funding and Investor Relations - Founders should invest their own money initially to support the team and demonstrate commitment [47] - Clear communication with potential investors is vital, with a focus on finding those who align with the company's vision [51] - Avoiding time-wasting activities, such as unnecessary competitions or government events, is crucial for maintaining focus on fundraising efforts [52]

Group 1 - The market is experiencing a contraction in trading volume, dropping below 1 trillion, leading banks to compete for liquidity, reinforcing the trend of sector consolidation [1] - The nuclear fusion sector is showing expected divergence, with funds rotating into other sectors like chemicals after outflows [1][2] - Chemical stocks are experiencing a recovery due to internal fund movements and new concepts emerging, such as the introduction of a new pesticide [3] Group 2 - Institutional funds are focused on position management as the month-end approaches, with limited trading willingness [2] - There is potential for new opportunities in the latter half of the week after addressing existing positions [2] - The market is currently in a phase of retreat, suggesting that waiting for the market to fill the gap at 3316 points before making new investments may be prudent [3]

Group 1 - Fudan University and Shanghai Institute of Science and Intelligent Research jointly released the "Science Intelligence White Paper 2025" in collaboration with Springer Nature's Nature Research Intelligence [1]

简评 宏观影响下24 年经营承压，24Q4 同比已有改善。2024 年，公司实现营业收入75.20 亿元，同比下降 1.86%；归母净利润1. 97 亿元，同比下降0.49%；扣非归母净利润0.77 亿元， 同比下降30.45%，网安行 业承压影响公司经营表现；市场竞争叠加业务结构变化，毛利率同比下降3.66pct，达61.47%；研发、 销售、管理费用整体同比减少 6.25%。单Q4，公司实现营业收入28.86 亿元，同比提高1.13%；归母净 利润7.77 亿元，同比增长4.46%；扣非归母净利润7.28 亿元，同比增长2.19%，同比已有改善。 25Q1 营收增长显著，亏损大幅收窄。2025 年第一季度，公司实现营业收入12.62 亿元，同比增长 21.91%；实现归母净利润- 2. 50亿元，同比大幅减亏48.93%；实现扣非归母净利润-2.61 亿元，同比大 幅减亏48.75%。其中，公司营业成本同比增长15. 49%，增速低于营收增速，带动毛利率同比提高 2.20pct。 核心观点 2024 年，公司实现营业收入75.20 亿元，同比下降1.86%；实现归母净利润1.97 亿元，同比下降0.49% ...

丨证券研究报告丨 联合研究丨公司点评丨科华数据（002335.SZ） [Table_Title] 数据中心弹性初步体现，新能源亏损有望收 窄 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 年一季报，2024 年收入 77.57 亿元，同比-4.71%，实现归母净利 润 3.15 亿元，同比-37.90%，实现扣非净利润 2.85 亿元，同比-38.55%。拆分至单季度，2024 年四季度收入 23.64 亿元，实现归母净利润 0.77 亿元，实现扣非净利润 0.65 亿元；2025 年一 季度收入 12.16 亿元，同比+2.73%，实现归母净利润 0.69 亿元，同比-6.26%，实现扣非净利 润 0.61 亿元，同比+2.06%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SAC：S0490514040001 SAC：S0490517110002 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524100002 SFC：BQK ...

Market Overview - A-shares showed mixed performance today, with the ChiNext Index declining while the North Securities 50 Index rose significantly [2] - The Shanghai Composite Index slightly fell by 0.05% to 3346.84 points, while the Shenzhen Component Index dropped by 0.41% to 10091.16 points [2] - The total trading volume in the Shanghai, Shenzhen, and North markets was 1034 billion, a decrease of nearly 150 billion from the previous day [2] Nuclear Power Sector - The nuclear power concept saw a significant surge, with stocks like Ruichi Intelligent Manufacturing, Jinlihua Electric, and Hahan Huaton hitting the daily limit [3] - Changfu Co. rose over 16%, reaching a new high during the session [3] - China Nuclear Technology and China General Nuclear Power Technology also hit the daily limit [3] IP Economy - The IP economy concept was active, with stocks such as Yuanwanggu, Laisentongling, Jinghua Laser, Laiyifen, and Shifeng Culture all hitting the daily limit [8] - The launch of the first official store of the independent jewelry brand POPOP under Pop Mart is set for May 30 [9] - 52TOYS, a leading IP toy company, has submitted its IPO prospectus to the Hong Kong Stock Exchange [9][10] BYD Performance - BYD's stock experienced a significant drop of approximately 6%, closing at 381 yuan per share, falling below the 400 yuan mark [11] - The company recently launched a major promotional campaign with discounts of up to 53,000 yuan on various models [12] - Analysts suggest that the new round of purchase incentives from leading automakers like BYD may stimulate industry demand [12]