智通财经APP获悉，9月19日，云汉芯城(301563.SZ)开启申购，发行价格为27元/股，申购上限为0.40万 股，市盈率20.91倍，属于深交所，国金证券为其保荐人。 据招股书，公司是一家电子元器件分销与产业互联网融合发展的创新型高新技术企业，重点聚焦电子制 造产业中小批量电子元器件研发、生产、采购需求。公司通过有效运用数字技术和互联网技术，基于自 建自营的云汉芯城B2B线上商城，主要为电子制造产业提供高效、专业的电子元器件供应链一站式服 务，并延伸至产品技术方案设计、PCBA生产制造服务、电子工程师技术支持等在内的多个领域，子公 司深圳汉云拥有CNAS认证的电子元器件检测实验室。 通过API/EDI、FTP等多种数据传输方式，公司将全球超2,500家优质供应商的海量电子元器件库存数据 信息接入云汉芯城线上商城，日可售SKU达到2,799.24万，能较好地满足客户一站式采购需求，并通过 下游中小批量订单需求的汇集，向供应商进行专业化和集约化采购，有效降低整体采购成本;另一方 面，云汉芯城线上商城已成为电子元器件流通领域重要销售渠道，随着客户数量、经营规模的不断增 长，公司能够获得供应商在产品类别、价格、 ...

Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [2] Core Insights - Tencent is restarting its offshore financing channels by issuing approximately 8 billion RMB in "dim sum bonds," marking its first bond issuance since 2021. This financing aims to optimize its debt structure and support long-term investments in AI and cloud computing [3] - The Tencent Global Digital Ecosystem Conference highlighted significant advancements in AI technology, showcasing improvements in modeling precision and user growth in AI applications. Tencent is transforming AI from a conceptual technology into a quantifiable productivity tool [4] - Tencent Cloud has doubled its overseas customer base in the past year, expanding its global infrastructure and local services to support Chinese enterprises going abroad. This includes the establishment of new data centers in the Middle East and Japan [5] - Tencent Cloud has fully adapted to mainstream domestic chips and is actively participating in open-source community development, enhancing AI technology accessibility and affordability for clients [6] Summary by Sections Financing and Debt Management - Tencent plans to issue 80 billion RMB in "dim sum bonds" to optimize its debt structure and fund long-term investments in AI and cloud computing. The bonds will have maturities of 5, 10, and 30 years with initial interest rates of 2.6%, 3.0%, and 3.6% respectively [3] AI Technology and Applications - The Tencent Global Digital Ecosystem Conference showcased AI breakthroughs, including a threefold increase in modeling precision and a 150% growth in AI meeting minutes users. Tencent's AI capabilities are being integrated into various sectors, enhancing productivity [4] Global Expansion and Services - Tencent Cloud's overseas customer base has doubled, with services now covering over 80 countries. The company is expanding its global infrastructure, including new data centers, to support Chinese enterprises in international markets [5] Chip Adaptation and AI Infrastructure - Tencent Cloud has adapted to mainstream domestic chips and is focused on creating a unified computing power pool through its self-developed heterogeneous computing platform. This strategy aims to lower costs and enhance compatibility during the domestic chip replacement process [6]

Group 1 - Tencent aims to enhance industrial efficiency through "intelligentization" and expand revenue through "globalization" as core growth drivers [1][3] - The company has launched the "Tencent Cloud Intelligent Agent Strategy" to leverage AI capabilities for both consumer and enterprise applications, emphasizing innovation potential [1][3] - AI has become a core growth engine for Tencent and Tencent Cloud, with significant user engagement and application growth reported [1][3][10] Group 2 - Tencent Cloud's international business has seen high double-digit growth over the past three years, with over 90% of internet companies and 95% of leading gaming companies choosing Tencent Cloud for overseas expansion [3][30] - The international revenue of Tencent Cloud has significantly increased year-on-year, with the number of overseas customers doubling in the past year [3][30] - The company is adapting to mainstream domestic chips and is committed to optimizing software and hardware collaboration for AI computing power [3][19] Group 3 - Tencent's AI strategy focuses on user-centric development, ensuring that technology meets real user needs [4][7] - The company is exploring new AI application scenarios across various industries, including manufacturing, retail, and healthcare, aligning with national "AI+" initiatives [6][12] - Tencent is enhancing its AI capabilities in existing products, leading to significant operational efficiency improvements [10][11] Group 4 - Tencent is expanding its AI capabilities to new fields, such as the AI assistant "Yuanbao," which has gained substantial user engagement [12][28] - The company emphasizes a "scene-based" approach to AI, integrating AI functionalities into existing applications to enhance user experience [9][10] - Tencent's AI investments are aimed at addressing specific user pain points while considering cost efficiency and scalability [20][21] Group 5 - The company is actively building its AI infrastructure, including the release of the Agent Runtime, which integrates various components for AI application development [17][24] - Tencent is collaborating with domestic chip manufacturers to adapt AI models for different scenarios, focusing on software and model development [19][20] - The company is committed to a dual strategy of self-developed and open-source models to meet diverse user needs [26][28] Group 6 - Tencent's international strategy includes establishing new availability zones in regions like Saudi Arabia and Indonesia to meet growing demand [28][32] - The company recognizes that overseas clients are increasingly interested in advanced AI capabilities, although the adoption rate is slower compared to domestic markets [32][34] - Tencent's AI-related revenue growth is significant, particularly in infrastructure demand, with expectations for new business models to emerge from AI innovations [34]

Core Viewpoint - Chaoyang District is positioning itself as a leading hub for international business and innovation, aiming to enhance its global influence and attract foreign investment through improved services and infrastructure [1][2]. Economic Performance - In the first half of the year, Chaoyang District achieved a GDP of 462.01 billion yuan, representing a year-on-year growth of 5.1%, accounting for 18.5% of the city's total GDP [1]. - The district has maintained a leading position in actual foreign investment and total import-export volume within the city [1]. International Business Environment - Chaoyang District hosts nearly 100% of foreign embassies in China, 90% of foreign media in Beijing, 80% of international organizations and chambers of commerce, 70% of regional headquarters of multinational companies, and 65% of foreign financial institutions [1]. - The district is establishing itself as a benchmark for an international business environment, with initiatives like the International Business Service Center and comprehensive services for foreign talent [1][2]. Innovation and Industry Development - Over the past five years, Chaoyang has developed 87 reform and innovation practices, with 15 being replicated nationwide and 9 within the city [2]. - The district is focusing on "business + technology" dual-driven development, particularly in artificial intelligence, digital security, and industrial internet sectors [2]. - Chaoyang plans to create the first data business district in the country, aiming to enhance Beijing's global digital economy influence [2]. Talent Development - Chaoyang has hosted the International Talent Entrepreneurship Conference for 13 consecutive years, fostering a high-quality international talent community with a total talent pool of 1.56 million, representing 20% of the city's total [2][3]. Consumption and Retail - The district is optimizing its consumption structure and enhancing international consumer experiences, contributing significantly to Beijing's goal of becoming an international consumption center [3]. - In the previous year, the total retail sales of consumer goods reached 265.38 billion yuan, with 129.5 billion yuan completed in the first half of this year, accounting for approximately 20% of the city's total [3]. Spatial and Brand Development - Chaoyang is developing a world-class consumer landmark with a comprehensive commercial layout, including new commercial facilities and cultural economic zones [4]. - The district is focusing on building an international consumption brand, with significant shares of high-end dining and retail establishments in the city [4]. Future Outlook - Chaoyang District aims to further consolidate its international resource advantages, optimize the business environment, and deepen investment promotion services [5].

Core Viewpoint - Chaoyang District is positioning itself as a leading hub for international business and innovation, aiming to enhance its global influence and attract foreign investment through improved services and infrastructure [1][2][5]. Economic Performance - In the first half of the year, Chaoyang District achieved a GDP of 462.01 billion yuan, representing a year-on-year growth of 5.1%, accounting for 18.5% of the city's total GDP [1]. - The district's actual foreign investment remains among the highest in the city, and its total import and export volume ranks first [1]. Innovation and Development - Over the past five years, Chaoyang has developed 87 reform and innovation practices, with 15 being replicated nationwide and 9 within the city [2]. - The district plans to add over 1.7 million square meters of high-quality industrial space in the next five years [2]. - Chaoyang is focusing on "business + technology" dual-driven development, particularly in artificial intelligence, digital security, and industrial internet sectors [2]. Talent and Workforce - Chaoyang has hosted the International Talent Entrepreneurship Conference for 13 consecutive years, fostering a high-quality international talent community with a total talent pool of 1.56 million, representing 20% of the city's total [2]. Sector Contributions - The information service and technology service sectors are projected to account for 23.7% of the district's GDP by 2024, with the information service sector becoming the second-largest industry [3]. - In the first half of the year, the combined GDP contribution from information and technology services was 25.8%, an increase of 7.2 percentage points compared to the end of the 13th Five-Year Plan [3]. Consumer Market - Chaoyang District is enhancing its consumption structure and experience, contributing significantly to Beijing's goal of becoming an international consumption center, with a retail sales total of 265.38 billion yuan last year and 129.5 billion yuan in the first half of this year, accounting for about 20% of the city's total [3]. Urban Development - The district is developing a world-class consumer landmark with a comprehensive commercial layout, including the construction of new commercial facilities and cultural economic zones [4]. - Chaoyang is also focusing on brand development and quality upgrades, with significant proportions of high-end dining and retail establishments located within the district [4]. Future Outlook - The district aims to further consolidate its international resource advantages, optimize the business environment, and deepen investment promotion services [5].

Core Viewpoint - Chaoyang District is positioned as a key area for international business and innovation in Beijing, showcasing significant economic growth and a commitment to enhancing its global business environment [1][3][4]. Economic Performance - In the first half of the year, Chaoyang District achieved a GDP of 462.01 billion yuan, representing a year-on-year growth of 5.1%, accounting for 18.5% of the city's total GDP [1]. - The district maintains a leading position in actual foreign investment and total import-export volume within the city [1]. International Business Environment - Chaoyang District hosts nearly 100% of foreign embassies in China, 90% of foreign media in Beijing, and 70% of regional headquarters of multinational companies [3]. - The district is establishing itself as a benchmark for an international business environment, with initiatives like the International Business Service Center and a one-stop service center for foreign talent [3]. Innovation and Technology - Technology innovation is a crucial driver for high-quality development in Chaoyang, focusing on sectors like artificial intelligence and digital security [4]. - The district aims to create the first data business district in the country, enhancing Beijing's influence in the global digital economy [4]. Talent Development - Chaoyang has hosted the International Talent Entrepreneurship Conference for 13 consecutive years, contributing to a talent pool of 1.56 million, which is 20% of the city's total [4]. - The information service and technology service sectors are projected to account for 23.7% of the district's GDP by 2024, with a significant increase in their contribution to GDP growth [4]. Consumer Market - As a major consumption area, Chaoyang District's retail sales reached 265.38 billion yuan last year, with 129.5 billion yuan in the first half of this year, making up about 20% of the city's total [5]. - The district is developing a world-class consumer landscape, including new commercial landmarks and enhancing international consumption experiences [5][6]. Cultural and Tourism Integration - Chaoyang is implementing policies to integrate culture, tourism, and commerce, contributing to the development of a vibrant cultural economy [6]. - The district is focusing on creating signature events and enhancing the quality of life for residents and visitors, thereby boosting consumption and tourism [6].

Core Viewpoint - The event "99 Global Chain Business Festival" hosted by Guolian Co., Ltd. focuses on digital supply chain collaboration and innovation, aiming to explore new opportunities in industrial internet development and promote cross-border collaboration and digital transformation [1] Group 1: Company Overview - Guolian Co., Ltd. is a leading player in the domestic B2B e-commerce and industrial internet sectors, focusing on transaction-driven and order-driven models to enhance supply chain innovation and digital upgrades [2] - The company has developed multiple platforms covering various industries, forming ten industrial clusters, including coatings, medical devices, and new energy [2] Group 2: Growth Strategies - The company is implementing three growth strategies: expanding from single product breakthroughs to full industrial chain operations, promoting digitalization through modular deployment, and leveraging integrated services for cross-border expansion [2] - Guolian has signed contracts with 200 cloud factories, with 96 completing digital transformation upgrades, establishing a service system that includes digital warehousing and multimodal transport [2] Group 3: Digital Transformation Practices - Various platforms under Guolian are driving digital transformation in their respective fields, such as "Jiuhua Industry Brain" for traceability in traditional Chinese medicine and "Cold Chain Multi-Store" for enhancing supply chain efficiency [3] - The company is focusing on optimizing resource allocation in the battery and photovoltaic sectors through cloud factory models and promoting green energy systems [3] Group 4: Cross-Border Initiatives - Guolian's FDD Global platform aims to build a global digital agriculture framework, already established in 52 countries, providing cross-border trading and agricultural technology services [4] - The CNHUB Silk Road Cloud Chain platform is designed to create low-risk, high-turnover cross-border trade channels, supported by various local policies [4] Group 5: Future Directions - Guolian emphasizes a core strategy of "platform, technology, and data" to enhance its service capabilities and ecosystem in the industrial internet space, with plans to deepen supply chain collaboration and digital upgrades [5]

Core Insights - The "Artificial Intelligence+" initiative aims to deeply integrate AI with various sectors of the economy and society, focusing on six key actions: scientific technology, industrial development, quality improvement in consumption, welfare, governance capabilities, and global cooperation [2] - The policy document reflects a significant shift from the "Internet+" initiative, with a notable reduction in the emphasis on platforms, indicating a recognition of the differences between AI as a cognitive technology and the internet as a connective technology [2][3] - The long-term goals for 2030 and 2035 emphasize the need for a comprehensive and systemic approach to develop an intelligent economy and society, which requires a network strategy to support the penetration of AI into various sectors [12][16] Comparison of Policy Approaches - The "Internet+" initiative focused on the internet as an infrastructure for connecting and integrating resources, emphasizing the role of platform enterprises in driving action [5][6] - In contrast, the "Artificial Intelligence+" initiative appears to lack a coherent internal logic and core focus, presenting a collection of scattered efforts rather than a unified strategy [6][7] - The fundamental differences in technology economics explain the divergent policy approaches, with the internet's value stemming from connectivity and network effects, while AI's value lies in enhancing the intelligence of individual nodes [7][8] Industry Practices and Challenges - Platform enterprises initially aimed to extend their influence from consumer to enterprise markets, but faced challenges in achieving rapid technology diffusion, leading to a shift in focus back to more straightforward B2B paths [9][10] - The "Artificial Intelligence+" initiative encourages a transition from digital empowerment to intelligent-driven services, indicating a shift in how enterprises will adopt AI technologies [10][11] - The absence of a strong internet component in the "Artificial Intelligence+" policy may hinder the potential for network effects that could enhance the initiative's long-term goals [12][13] Future Directions - The concept of the "Internet of Agents" is highlighted as a potential area for synergy between AI and the internet, suggesting that AI could facilitate a transition from platform-based models to more decentralized, agent-based networks [14][15] - The emergence of open-source protocols for intelligent agents could disrupt the current platform-dominated landscape, fostering a more equitable distribution of intelligence and data [14][15] - The successful integration of AI into various sectors will depend on establishing a foundation for the "Internet of Agents," which could ultimately support the broader goals of the "Artificial Intelligence+" initiative [16][17]

9月10日，找钢集团与上海交易团共计17家企业"组团"亮相 2025年中国国际服务贸易交易会（以下简 称"服贸会"），这是找钢集团首次参与服贸会。开幕式当日下午，商务部党组成员、副部长盛秋平，上 海市人民政府副秘书长刘平，上海市商务委员会党组成员、副主任周岚前往找钢集团展台参观指导调 研。 全球服务，互惠共享，海外再造"找钢网" 针对不同海外区域，找钢集团采取了不同的策略。在东南亚，找钢国际参与了包括中泰高铁、马来西亚 物流中心等重大基建项目的建设。在中东，找钢集团采用数字交易加数字制造双轮驱动，在迪拜工业城 投资建设加工厂达产后年产量可达40万吨。 眼下，找钢集团正在通过为国内制造业企业提供供应链组织能力出海。未来，将进一步把服务从建筑行 业扩展到制造行业，并进一步深挖当地的工业材料需求，做好本地化服务，践行服贸会倡导的"全球服 务，互惠共享"的理念。 找钢集团聚焦钢铁及工业品供应链数字化服务，依托国内的产业互联网数字化平台，为全球客户提供一 站式的钢铁及MRO交付服务，形成"数字贸易+数字制造"的双轮驱动格局，推动当地产业链智能化升 级，助力中国制造出海。 目前，找钢集团经过13年的发展，在国内探索出了一 ...

Core Viewpoint - Yunhan Chip City officially launched its IPO on September 11, aiming to raise funds for its innovative electronic component distribution and industrial internet integration business [1] Company Overview - Yunhan Chip City is an innovative high-tech enterprise focusing on the research, production, and procurement of small-batch electronic components within the electronic manufacturing industry [1][2] - The company operates a self-built B2B online marketplace, providing a one-stop supply chain service for electronic components, including product design, PCBA manufacturing, and technical support [1][2] Industry Context - The electronic component distribution industry is a key focus area supported by the government, characterized by a significant mismatch between supply and demand due to the bulk production model of upstream manufacturers [1][2] - Approximately 56% of electronic component procurement relies on distribution channels, with over 99% of electronic product manufacturers using this method [2] Business Model and Innovation - Yunhan Chip City has innovatively integrated traditional distribution methods with emerging industrial internet models, aligning with the entrepreneurial board's focus on innovation [3] - The company holds 17 invention patents and 255 software copyrights, showcasing its strong emphasis on technological innovation [3] Team and Talent - The management team consists of seasoned experts in the electronic component service industry, while the R&D team includes 75 technical personnel, representing 8.67% of the total workforce [3] Future Investments - The IPO proceeds will be invested in upgrading the big data center, enhancing the component trading platform, and building collaborative manufacturing service platforms [4] - Yunhan Chip City has received multiple honors, including being recognized as a leading B2B enterprise in the electronic component sector [4]