" 混合云第一股，也要观望DeepSeek带来的下一波市场情绪。 " 作者丨赵之齐 编辑丨胡敏 "青云内部，司龄五年以上的老员工比比皆是"，青云科技的一位销售说道。还有员工笑说，自己准备在青 云"养老"。 公司内部的某种稳定，与其近年在财报上的跌宕表现相比，略有反差。根据青云科技最近发布的2024年年 报，公司在去年营业收入大约2.7亿，相较2023年，减少了18.95%。青云依然面临着营收的压力。 而相比2023年， 青云去年的减亏比例达43.72% ，毛利率31.66%，同比提升7个百分点。青云在AI领域 布局主要包含AI算力云、AI智算平台和AI智算一体机，其中， AI算力云去年的服务营收达4937.03万元。 此外，青云财务费用变动较去年增长126.41%，公司解释是本期金融机构授信增多所致。 青云在今年年报上的表现，没有太大惊喜。年报背后，是在大模型时代，依然被卡住的中小云厂面临的共 同困境。在市场分析师眼中，青云这样的中小云厂业务依然充满不确定性，其下一波股票的机会，或许只 能等待DeepSeek R2发布带来的市场情绪。 01 打造智算第二增长曲线 "今年销售在向客户介绍青云的业务时，需要从AI ...

Group 1 - Michael Wiggins De Oliveira is an inflection investor, focusing on buying undervalued companies at pivotal moments when their profitability is expected to increase significantly over the next year [1] - The investment strategy emphasizes technology and the Great Energy Transition, including uranium, with a concentrated portfolio of approximately 15 to 20 stocks and an average holding period of 18 months [1] - Michael has over 10 years of experience in analyzing companies, particularly in the tech and energy sectors, and has built a following of over 40,000 on Seeking Alpha [2] Group 2 - The Investing Group Deep Value Returns, led by Michael, offers insights through its concentrated portfolio of value stocks, timely updates on stock picks, and a weekly webinar for live advice [3] - The group provides "hand-holding" support for both new and experienced investors, fostering an active and vibrant community accessible via chat [3] - Seeking FCF is associated with Michael Wiggins De Oliveira, indicating a collaborative approach in investment strategies [3]

Core Viewpoint - The 2025 Disaster Prevention and Mitigation Conference held in Hangzhou focuses on integrating innovation into disaster prevention and mitigation efforts, aiming to enhance the quality of disaster management and promote new productive forces in development [1][3]. Group 1: Conference Overview - The conference is organized by the China Disaster Prevention Association and features discussions on disaster prevention, emergency safety, urban resilience, disaster warning, and prevention technologies [3]. - Keynote speeches were delivered by prominent figures including Ma Peihua, Zheng Guoguang, and Sun Xudong, emphasizing the importance of technological advancement in disaster prevention [3][4]. - The event attracted over 1,700 attendees, including experts from various fields related to disaster management and prevention [4]. Group 2: Technological Innovation and Collaboration - Ma Peihua highlighted the need for a technology innovation system led by enterprises to shift focus from post-disaster relief to pre-disaster prevention [3]. - Zheng Guoguang pointed out the severe current disaster prevention situation and the opportunities presented by emerging technologies such as AI, humanoid robots, and drones [3]. - The conference included 19 specialized sub-forums addressing various aspects of disaster prevention and mitigation, fostering technical exchanges and collaboration [5]. Group 3: Public Engagement and Community Involvement - The conference featured a 10,000 square meter emergency equipment exhibition area, open to the public, showcasing the latest advancements in emergency communication and intelligent rescue [4]. - A concurrent 2024 Disaster Prevention and Mitigation Charity Conference aimed to build a collaborative network involving charitable organizations, rescue teams, and volunteers [4]. - The event served as a platform for sharing experiences in urban disaster prevention system construction and enhancing grassroots emergency capabilities [4].

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从持仓结构看，公募基金对港股的配置正呈现"新经济加速聚集、老经济持续失血"的分化格局。新经济板块持仓占比已从 2024年四季度的71%跃升至79.3%，逼近2020年底水平，其中电商互联网、半导体、生物科技及媒体娱乐行业获大幅增配， 而消费服务、能源、公用事业等传统行业持仓占比则快速下滑。个股层面，公募基金重仓集中度创近五年新高——前三大 重仓股（腾讯、阿里、中芯国际）占前100大重仓股市值比例达39.8%，较2024年四季度提升5.3个百分点；前十大重仓股占 比攀升至64.2%。具体到标的，阿里巴巴、中芯国际、腾讯及泡泡玛特获增持力度最大，而美团、中海油、比亚迪电子等 则遭减仓。 对于南向资金后续增量空间，中金测算认为，2025年全年累计流入或达8,000至10,000亿港元，其中确定性增量约2,000至 3,000亿港元：主动偏股基金持仓占比若提升至35%至40%，或贡献750至1,500亿港元；险资权益配置比例上调至15%且港股 占权益比例升至20%，或再带来1,500至2,000亿港元增量。不过，ETF对个人投资者资金的"情绪驱动"特征或加剧市场波 动，难以精准预判。中金团队表示，尽管南向资金持股占比 ...

Market Overview - The three major A-share indices showed mixed performance in the morning session, with the Shanghai Composite Index down 0.03%, the Shenzhen Component Index up 0.09%, and the ChiNext Index up 0.05% [1] - The total market turnover for the half-day was 657.5 billion yuan, a decrease of 71.1 billion yuan compared to the previous day [1] - Over 3,700 stocks in the market experienced an increase [1] Sector Performance - The PEEK materials, beauty care, chemical environmental protection, auto parts, and soybean sectors led the gains, while the electricity, insurance, liquor, precious metals, port shipping, and duty-free shop sectors saw declines [2] - PEEK materials stocks surged collectively, with companies like Juhua Long (301131), Xinhang New Materials (301076), and Zhongxin Fluorine Materials (002915) hitting the daily limit [2] - The chemical environmental protection sector also performed strongly, with United Chemical (301209) reaching a new historical high [2] - The electricity sector faced adjustments, with multiple stocks such as Shao Neng Co. (000601) and Leshan Electric Power (600644) hitting the daily limit down [2] Notable Stocks - Friend Group (601686) opened up 9.55% after reporting a 9680% year-on-year increase in net profit for the first quarter [20] - The stock of Step by Step High (002251) and others in the duty-free shop sector hit the daily limit down [2] Economic Indicators - In the first quarter of 2025, China's service trade totaled 19,741.8 billion yuan, reflecting a year-on-year growth of 8.7% [29] - The knowledge-intensive service trade maintained growth, with a total of 7,524.9 billion yuan, an increase of 2.6% [29] - Travel services showed the fastest growth, with imports and exports reaching 584.9 billion yuan, up 21.8% [29] Policy and Initiatives - The People's Bank of China conducted a 3,405 billion yuan reverse repurchase operation to maintain reasonable liquidity in the banking system [29] - The National Development and Reform Commission allocated 810 billion yuan in special long-term bonds to support the consumption of old goods [31]

Core Viewpoint - 康冠科技 reported strong financial performance for Q1 2025, with significant year-on-year growth in revenue and net profit [1] Financial Performance - The company achieved a revenue of 3.142 billion yuan, representing a 10.82% increase compared to the same period last year [1] - Net profit attributable to shareholders was 215 million yuan, up 15.81% year-on-year [1] - The net profit after deducting non-recurring items was 178 million yuan, reflecting a 31.75% increase from the previous year [1] Business Segments - Revenue from smart interactive display products grew by 10.03%, with shipment volume increasing by 16.50% [1] - Revenue from innovative display products, including three proprietary brands, surged by 50.42%, with shipment volume rising by 63.56% [1] - Smart TV revenue increased by 5.88%, and shipment volume grew by 30.98% [1] Product Matrix and AI Integration - 康冠科技 has developed a diversified product matrix empowered by AI technology, covering key scenarios such as "AI + Office," "AI + Education," "AI + Healthcare," and "AI + Entertainment" [2] - The "AI + Office" initiative enhances user experience and productivity through smart features in interactive panels [2] - The "AI + Education" initiative aids teachers in classroom management and personalized teaching assistance [2] - The "AI + Healthcare" initiative utilizes smart diagnostics to assist doctors in quickly identifying symptoms [2] - The "AI + Entertainment" initiative offers integrated beauty experiences through AI makeup simulation and voice control [2] Brand Strategy - 康冠科技's three proprietary brands—"KTC," "Horion," and "FPD"—reflect its brand strategy in the innovative display product sector [3] - The KTC brand focuses on high-quality gaming monitors and innovative display products, aiming to enhance user experience through a multi-layered user ecosystem [3] - KTC has seen stable growth in online sales and exposure in overseas markets, while also engaging in offline activities to expand market presence [3] - The brand continues to pursue technological innovation and collaboration with global partners to provide high-quality smart hardware products and services [3]

Features of the group include: Insights through his concentrated portfolio of value stocks, timely updates on stock picks, a weekly webinar for live advice, and "hand-holding" as-needed for new and experienced investors alike. Deep Value Returns also has an active, vibrant, and kind community easily accessible via chat. Learn more Seeking FCF is an associate of Michael Wiggins De Oliveira Through his 10+ years analyzing countless companies, Michael has accumulated outstanding professional experience in tech ...

Core Insights - PacBio has licensed advanced deep learning-based DNA methylation detection methods from The Chinese University of Hong Kong (CUHK) to enhance its HiFi sequencing capabilities, specifically for detecting 5-hydroxymethylcytosine (5hmC), hemimethylated 5-methylcytosine (5mC), and N6-methyladenine (6mA) [1][2][4] Technology and Innovation - The licensed technology includes the Holistic Kinetic Model 2 (HK2), which utilizes an AI deep learning framework to improve the accuracy of methylation detection, including the ability to call native 5hmC in single molecules, a first for HiFi sequencing [2][4] - HiFi sequencing on Revio and Vega platforms allows for comprehensive genome and epigenome readouts from native DNA without chemical conversion or additional sample preparation, enhancing the efficiency of sequencing workflows [3][6] Market Impact - The integration of HK2 is expected to set a new standard for accuracy in DNA methylation detection, particularly for 5mC and 5hmC, which are crucial for research in cancer and human development [4][7] - Institutions like Children's Mercy Kansas City and GeneDx are already utilizing HiFi sequencing for genomic and epigenomic profiling, indicating a growing adoption of this technology in clinical settings [5] Future Prospects - The new capabilities from HK2 will be delivered to existing customers through software updates, ensuring no additional costs or changes to current sequencing protocols [3][8] - The ability to profile 5hmC is anticipated to open new avenues in liquid biopsy and cancer detection, maintaining DNA integrity and supporting haplotype-resolved analysis [6][8]

Core Viewpoint - The performance of public fund products in China has shown significant variation in the first quarter, with certain products achieving notable returns while others lagged behind, reflecting the impact of market conditions and investment strategies [4][5]. Group 1: Market Performance - The Hang Seng Index and Hang Seng Tech Index saw impressive gains in the first quarter, with net value increases of 15.25% and 20.74% respectively [4]. - In contrast, the A-share market experienced declines, with the Shanghai Composite Index and CSI 300 Index falling by 0.48% and 1.21% respectively [4]. - The "fixed income + equity" public fund products exhibited a clear divergence in returns, with the top-performing product achieving a net value growth rate of 4.84%, while the lowest performer lagged by approximately 7 percentage points [4]. Group 2: Product Performance - The average net value growth rate for RMB "fixed income + equity" public fund products was around 0.5% in the first quarter [5]. - The "Happiness 99 Hongyi (Dual Bond Enhanced) 100-Day Holding Period" from Hangyin Wealth Management topped the performance list with a 4.84% growth rate [4][5]. - The "Brilliant Life Achievement Series Shared 2022 No. 142" from Qingyin Wealth Management ranked second with a growth rate of 3.73%, benefiting from strategic investments in Hong Kong stock ETFs [5][6]. Group 3: Investment Strategies - Facing a low-interest-rate environment, wealth management companies are increasingly focusing on equity investments to enhance returns [6]. - Qingyin Wealth Management has proactively positioned itself in equity assets, employing an "absolute return" strategy to identify structural opportunities [6]. - The company has introduced a "fixed income micro-inclusion" series of products, allowing for a flexible allocation of equity assets while maintaining a cap on their proportion [6].