Core Viewpoint - *ST Taihe, known as the "first stock in water ecological restoration," is focused on maintaining its listing status in 2025 after facing financial difficulties and being placed under special treatment due to regulatory standards [1][2]. Business Transformation Efforts - The company has attempted business transformation by acquiring Heilongjiang Haihe Beverage Co. in 2022 and entering the AI sector with a significant computing power leasing contract in 2024 [1][2]. - Despite these efforts, the short-term results have not been satisfactory, leading to a decline in financial performance [1]. Main Business Segments - As of 2024, *ST Taihe's main business segments include water environment ecological construction (46.30 million), water environment ecological maintenance (14.64 million), drinking water sales (23.98 million), and IT product sales (17.63 million) [2][3]. - The company plans to focus solely on its main business in 2025, postponing further transformation efforts [2]. Financial Performance - In the first quarter of 2025, *ST Taihe reported total revenue of 30.26 million, a year-on-year decrease of 22.29%, and a net loss of 5.81 million [9]. - The company's revenue has been declining over the past few years, with figures of 205 million, 183 million, and 103 million from 2022 to 2024 [9]. Accounts Receivable and Financing - The company has over 100 million in accounts receivable related to its computing power leasing contract, which has raised regulatory concerns [6]. - *ST Taihe plans to apply for a financing limit of up to 500 million RMB in 2025 to support its operations and business development [7][8]. Legal and Management Issues - The founder, He Wenhui, is involved in a legal dispute regarding unpaid performance compensation, which has led to a court ruling requiring him to pay 65.86 million in cash compensation and penalties [11][12]. - The company is actively working to resolve these legal issues and has applied for a retrial [12].

Core Viewpoint - A-shares experienced a collective rise on May 29, with the Shanghai Composite Index closing at 3363.45 points, up 0.7%, and the Shenzhen Component Index and ChiNext Index also showing significant gains [1]. Market Performance - The sectors showing strong performance included cross-border payments, software development, medical services, digital currency, and Hongmeng concept stocks, while precious metals, glyphosate, and beauty care sectors declined [3]. - Specific sector performance included: - Electronic ID: +5.62% with a main capital inflow of 11.12 million - Cross-border payments (CIPS): +5.33% with a main capital inflow of 39.88 million - Software development: +4.48% with a main capital inflow of 31.08 million - Precious metals: -1.78% with a main capital outflow of 3.36 million [4]. Fund Flow - Main capital saw a net inflow into sectors such as computers, electronics, and automobiles, while there was a net outflow from banking and oil sectors [6]. - Notable individual stocks with net inflows included: - Shanzi Gaoke: 706 million - Sifang Jingchuang: 658 million - Zhongchao Holdings: 581 million - Stocks experiencing net outflows included: - Rongfa Nuclear Power: 732 million - Xuren Shares: 511 million - BYD: 396 million [6]. Institutional Insights - Everbright Securities noted that both internal and external factors contributed to improved sentiment in A-shares [8]. - Caitong Securities highlighted that the external environment has improved, allowing A-shares to realize potential benefits, with a focus on changes in trading volume being crucial for future market performance [8]. - CITIC Securities observed that the index rebounded at the 60-day moving average after a correction, with potential to challenge the 3400-point mark, particularly in growth sectors like autonomous driving and controllable nuclear fusion [8].

Group 1 - Global market shows significant divergence, with Nasdaq up 0.72% and S&P 500 slightly up 0.10%, while Dow Jones down 0.21%. Major tech stocks like Tesla and Nvidia rose over 4%, but some heavyweight stocks like Intel and Apple dragged down the indices [1] - A-share market experienced fluctuations, with Shanghai Composite down 0.68%, Shenzhen Component down 1.62%, and ChiNext down 1.91%. Over 3,800 stocks declined, with total trading volume at 1.15 trillion, a decrease of 164.3 billion from the previous day [1] Group 2 - Defensive sectors and policy beneficiaries led the gains despite overall market pressure. The A-share daily chemical index surged 3.20%, with stocks like Bawei rising 29.6% and others hitting the daily limit. High-end materials' supply-demand tightness drove chemical stocks to rally [2] - Pharmaceutical and synthetic biology sectors saw significant gains, with stocks like Jindawei hitting the daily limit. The market's expectations for domestic substitution and international expansion in the pharmaceutical sector increased [2] Group 3 - The shipping sector benefited from the US-China tariff window, leading to increased demand for shipping stocks like Nanjing Port, which hit the daily limit. Conversely, the tech growth sector faced widespread declines, indicating market caution towards high-valuation sectors [3] Group 4 - Three main drivers of market adjustment include the interplay between policy benefits and fundamental pressures, with the People's Bank of China releasing 1 trillion yuan in long-term liquidity to support economic recovery. However, doubts about policy transmission effects and slow corporate profit recovery led to a preference for defensive sectors [4] - Industry differentiation and capital rebalancing occurred, with profit-taking pressure on previously high-performing tech stocks. Institutions shifted focus to dividend-paying banks and undervalued consumer stocks, indicating a move from high-valuation to low-valuation assets [5] - External environment fluctuations and risk preference shifts were noted, with US companies accelerating stockpiling due to tariff policy adjustments, raising shipping demand. However, concerns about potential tariff increases in 90 days led to short-term sentiment volatility [6] Group 5 - A structural market trend may continue, with the core contradiction being the tug-of-war between expectations of policy easing and the reality of weak economic recovery. Short-term performance may favor sectors with earnings certainty, such as consumer goods, pharmaceuticals, and high-end manufacturing benefiting from domestic substitution [7]

序号股东名称持股比例1沈阳五十弦计算机科技有限公司100% 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；计算机软硬件及辅助设 备批发；计算机软硬件及辅助设备零售；计算器设备销售；电子产品销售；信息系统集成服务；计算机 系统服务；信息技术咨询服务；网络技术服务；软件开发；大数据服务；数据处理服务；数据处理和存 储支持服务；物联网应用服务；物联网技术服务；物联网设备销售；互联网销售（除销售需要许可的商 品）；互联网安全服务；食品互联网销售（仅销售预包装食品）；食品销售（仅销售预包装食品）；信 息系统运行维护服务；数字创意产品展览展示服务；人工智能公共服务平台技术咨询服务；租赁服务 （不含许可类租赁服务）。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 天眼查App显示，近日，煦巍（深圳）计算机科技有限公司成立，法定代表人为骆雨彤，注册资本1250 万人民币，由沈阳五十弦计算机科技有限公司全资持股。 企业名称煦巍（深圳）计算机科技有限公司法定代表人骆雨彤注册资本1250万人民币国标行业信息传 输、软件和信息技术服务业>软件和信息技术服务业>软件开发地址深圳市罗湖区清水河街道清水 ...

天眼查App显示，近日，南通华鑫智算科技有限公司成立，法定代表人为张飞云，注册资本1000万人民 币，华鑫超算（上海）技术有限公司、上海隆企建设工程有限公司持股。 企业名称南通华鑫智算科技有限公司法定代表人张飞云注册资本1000万人民币国标行业建筑业>土木工 程建筑业>其他土木工程建筑地址江苏省南通市开发区广州路42号360室企业类型其他有限责任公司营 业期限2025-5-7至无固定期限登记机关南通市经济技术开发区行政审批局 来源：金融界 序号股东名称持股比例1华鑫超算（上海）技术有限公司95%2上海隆企建设工程有限公司5% 经营范围含许可项目：建设工程施工；基础电信业务；第一类增值电信业务；第二类增值电信业务；建 设工程设计；施工专业作业；建筑劳务分包；公路管理与养护（依法须经批准的项目，经相关部门批准 后方可开展经营活动，具体经营项目以审批结果为准）技术服务、技术开发、技术咨询、技术交流、技 术转让、技术推广；软件开发；专业设计服务；信息系统集成服务；数据处理和存储支持服务；大数据 服务；普通机械设备安装服务；工程管理服务；信息系统运行维护服务；智能控制系统集成；通信设备 销售；电子产品销售；电力电子元器 ...