Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [8]. Core Insights - The Hong Kong Legislative Council has officially passed the "Stablecoin Ordinance," establishing a comprehensive regulatory framework for stablecoins, expected to take effect within 2025 [7][43][61]. - The computer sector experienced a slight rebound, increasing by 1.79%, ranking 6th among primary industries in the Yangtze River region, with a trading volume share of 8.85% [2][5][12]. - The report highlights investment opportunities in companies with issuance qualifications, those with technological accumulation in blockchain, and firms holding relevant licenses [7][61]. Summary by Sections Market Performance - The computer sector saw a minor rebound last week, with the Shanghai Composite Index closing at 3347.49 points, a slight decrease of 0.03% [5][12]. - The sector's trading volume accounted for 8.85% of the total market, indicating active participation in stablecoin-related concepts [2][5]. Key Developments - China Construction Bank announced a procurement project for domestic servers, with a total value exceeding 4.4 billion yuan, indicating a strong push for domestic innovation in the financial sector [19][21]. - The DeepSeek R1 model underwent a minor upgrade, significantly enhancing its reasoning capabilities, with accuracy in tests rising from 70% to 87.5% [26][29]. - The National Data Bureau held a press conference on the "Data Element X" initiative, showcasing the growing enthusiasm for data utilization and its potential economic impact [35][38]. Investment Recommendations - The report emphasizes the importance of stablecoins and suggests focusing on companies that are eligible to issue stablecoins, those with blockchain technology expertise, and firms with relevant licenses [7][61]. - It also recommends monitoring the developments in the domestic server procurement by financial institutions, which may accelerate the adoption of domestic technology solutions [25][34].

Group 1 - The article discusses the potential for a new round of "East Rising, West Falling" trading as the US dollar weakens, benefiting non-US assets and the Chinese market [1] - The US dollar index has fallen below 100 points since mid-May, driven by multiple factors including Trump's policies, US government debt pressure, and fundamental risks [1] - The A-share market is expected to benefit from the weak dollar environment, particularly in the technology sector, which is anticipated to see significant event catalysts in June [1] Group 2 - The AI sector in the STAR Market has shown significant rebounds, with stocks like Lanke Technology and Lexin Technology rising over 5% [1] - The STAR Market AI ETF (588930) has seen a trading volume exceeding 30 million yuan, indicating high market interest [1] - The ETF tracks 30 leading AI companies in the STAR Market, covering various segments of the AI industry, with the top five stocks accounting for 47% of the index weight [1] Group 3 - Open Source Securities reports that DeepSeek's latest R1 model has achieved domestic leadership in multiple benchmark assessments, nearing international top models [2] - The R1 model has significantly reduced "hallucination" issues by approximately 45-50%, enhancing its reliability in text rewriting and comprehension tasks [2] - The model's optimization across various literary forms expands AI's potential in content creation [2]

Group 1 - The core viewpoint of the articles highlights the robust growth of China's AI industry, with leading companies reporting triple-digit revenue growth for AI-related products over seven consecutive quarters, indicating a high level of industry prosperity [1] - The recent release of 15 policy measures by multiple government departments aims to support technological innovation through comprehensive financial services, prompting brokerages to advise investors to focus on opportunities within the technology sector [1] - The technology sector is expected to regain momentum as market conditions improve, with a shift towards mid- to long-term investment logic driven by favorable industry trends and capital expenditure plans from leading internet firms [1][3] Group 2 - The AI field presents high technical and professional investment barriers, leading to a recommendation for investors to consider systematic investment plans in related public funds to mitigate risks and manage costs effectively [2] - The Hui'an Growth Preferred Mixed Fund is identified as a product with significant AI exposure, actively investing in assets related to AI computing power, algorithms, and applications [2] - The fund manager emphasizes a positive outlook on the technology sector, particularly in AI and robotics, with expectations of product innovation cycles and improved industry demand in the coming months [3]

Market Overview - On May 8, 2025, major indices collectively rose, with the Shanghai Composite Index up 0.28% to 3352.00 points, the Shenzhen Component Index up 0.93% to 10197.66 points, and the ChiNext Index up 1.65% to 2029.45 points. The total trading volume in the two markets was 1.2932 trillion yuan, a decrease of approximately 174.8 billion yuan compared to the previous trading day [2]. Sector Performance - The market showed a low open and high close throughout the day, with core broad-based indices rising. The ChiNext 50, micro-cap stocks, and the ChiNext Index led the gains, while the Sci-Tech 50 and dividend indices declined. Over 3800 stocks in the market rose, indicating strong performance [2]. - In terms of sectors, communication, national defense and military industry, and electric power equipment saw increases, while beauty care, non-ferrous metals, and steel sectors experienced declines [2]. Sector Data Summary - **Communication**: Today's increase of 2.6%, 5-day increase of 6.4%, 30-day decrease of 0.8%, and year-to-date decrease of 1.9% [3]. - **National Defense and Military Industry**: Today's increase of 2.6%, 5-day increase of 8.3%, 30-day increase of 2.6%, and year-to-date increase of 3.8% [3]. - **Electric Power Equipment**: Today's increase of 1.6%, 5-day increase of 4.7%, 30-day decrease of 6.7%, and year-to-date decrease of 4.6% [3]. - **Banking**: Today's increase of 1.1%, 5-day increase of 2.5%, 30-day increase of 2.0%, and year-to-date increase of 4.1% [3]. - **Machinery Equipment**: Today's increase of 1.0%, 5-day increase of 4.7%, 30-day decrease of 2.7%, and year-to-date increase of 10.4% [3]. Concept Themes - **Chengfei Concept**: Today's increase of 7.0%, 5-day increase of 15.2%, 30-day increase of 5.8%, and year-to-date increase of 11.0% [4]. - **Large Aircraft**: Today's increase of 3.1%, 5-day increase of 9.2%, 30-day increase of 3.0%, and year-to-date increase of 11.4% [4]. - **Copper Cable High-Speed Connection**: Today's increase of 3.0%, 5-day increase of 7.6%, 30-day increase of 0.4%, and year-to-date increase of 1.9% [4]. Industry Insights - The communication sector rose by 2.6%. Analysts suggest that the recent financial report disclosures have reduced market sentiment disturbances. The strong performance of overseas AI companies and the gradual implementation of domestic internet companies' capital expenditure plans are expected to drive demand for AI computing power [5]. - The focus is on the expansion of the Ascend industry chain and the continuous evolution of domestic AI models and computing chips. Key areas to watch include high-speed connectors, liquid cooling, servers, and AIoT smart modules [5].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index (000680) rose by 1.67% as of May 6, 2025, with notable increases in constituent stocks such as Jingjin Electric (688280) up 20.06%, Jiulian Technology (688609) up 20.02%, and *ST Tianwei (688511) up 19.97% [3] - The Huaxia Sci-Tech Innovation Index ETF (589000) increased by 1.49%, marking its third consecutive rise, with a latest price of 0.95 yuan and a turnover rate of 3.51%, resulting in a transaction volume of 138 million yuan [3] - Over the past week, as of April 30, the Huaxia Sci-Tech Innovation Index ETF achieved an average daily transaction volume of 207 million yuan, ranking first among comparable funds, and has seen continuous net inflows totaling 3.027 billion yuan, reaching a new high in total assets of 3.870 billion yuan [3] Group 2 - On April 28, 2025, Alibaba launched the next generation of its Qwen-3 series large language models (LLMs), featuring models ranging from hundreds of billions to tens of billions of parameters [4] - Xiaomi released its first open-source large language model, XiaomiMiMo, designed specifically for inference tasks on April 30, 2025, while DeepSeek introduced new models on HuggingFace [4] - Haitong International noted that the increasing number of domestic open-source models may lead to homogenization in performance, suggesting that future developments will focus on customization based on user data and feedback to establish long-term barriers and user loyalty in vertical industries [4] - The Huaxia Sci-Tech Innovation Index ETF closely tracks the Shanghai Sci-Tech Innovation Board Composite Index, focusing on hard technology sectors, particularly in strategic emerging industries such as new generation information technology, high-end equipment, biomedicine, new energy, new materials, and energy conservation and environmental protection [4]

Group 1: Cloud Computing Industry Performance - The CSI Hong Kong-Shanghai Cloud Computing Industry Index (931470) rose by 2.74% as of May 6, 2025, with notable increases in constituent stocks such as Tianyuan Dike (300047) up 20.00%, Huasheng Tiancai (600410) up 10.01%, and Runhe Software (300339) up 9.01% [3] - The Hong Kong-Shanghai Cloud Computing ETF (517390) increased by 4.16%, ranking among the top three ETFs in terms of growth, with a latest price of 1.13 yuan [3] - Over the past three years, the Hong Kong-Shanghai Cloud Computing ETF has seen a net value increase of 56.99%, ranking 12th out of 1742 index stock funds, placing it in the top 0.69% [4] Group 2: ETF Performance Metrics - The Hong Kong-Shanghai Cloud Computing ETF has a maximum monthly return of 33.39% since inception, with the longest consecutive monthly gain of 6 months and a total increase of 66.14% [4] - The ETF's average monthly return during rising months is 9.82%, with an annual profit percentage of 66.67% and an 80.85% probability of profit over a three-year holding period [4] - As of April 30, 2025, the ETF's Sharpe ratio for the past year is 1.16, ranking it first among comparable funds, indicating the highest return for the same level of risk [4] Group 3: Valuation and Tracking Accuracy - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Hong Kong-Shanghai Cloud Computing ETF is 22.95, which is below 86.62% of the time over the past year, indicating a historical low valuation [5] - The ETF has a tracking error of only 0.051% over the past two years, the highest tracking accuracy among comparable funds [4] Group 4: Computer Industry Performance - The CSI Computer Theme Index (930651) rose by 3.02% as of May 6, 2025, with significant gains in stocks like Runhe Software (300339) up 8.91% and 360 (601360) up 5.96% [8] - The Computer ETF (159998) increased by 2.85%, achieving a one-year cumulative increase of 20.83% [8] - The Computer ETF's latest scale reached 2.955 billion yuan, marking a recent high and ranking it first among comparable funds [8] Group 5: AI Model Developments - Recent developments in domestic AI models include the launch of Alibaba's Qwen3 series and Xiaomi's 7B parameter inference model, showcasing rapid advancements in capabilities [9] - Analysts suggest that the proliferation of domestic models may lead to increased competition and a shift towards customized solutions tailored to specific user needs, potentially reshaping the industry landscape [9]

【导读】周二股票ETF资金净流出30亿元 4月29日（本周二），A股市场维持节前窄幅震荡态势，三大指数涨跌互现，沪指微跌0.05%。全市场成交额小幅缩量至1.02万亿元。 股票ETF当日资金净流出30亿元。中证1000、科创板相关等宽基ETF资金净流入靠前，沪深300、中证A500等宽基ETF净流出较多。 4月以来，在国家队等大资金助力下，股票ETF呈现明显资金净流入，合计"吸金"接近2400亿元。 股票ETF资金净流出30亿元 数据统计，截至2025年4月29日，全市场股票ETF达到1073只（含跨境ETF，下同），总规模为3.47万亿元。 资金流向显示，4月29日，市场震荡之际，股票ETF净流出资金30亿元，为连续第二个交易日资金净流出，合计接近百亿元。 当日资金净流入超过1亿元的股票ETF有11只，宽基ETF吸金居前。易方达科创板50ETF、易方达创业板ETF、国泰钢铁ETF位居前三，资金净流入均超1.8 亿元。 来自易方达基金的数据显示，4月29日，以下方向资金净流入居前，分别为中证1000（净流入3.8亿元）、科创板综（净流入3.6亿元）、科创板50（净流入 1.9亿元）、钢铁（净流入1.8亿元）、 ...

Group 1: A-Share Market Performance - In Q1 2025, 5,379 A-share companies reported stable performance, with 4,071 companies profitable, representing nearly 80% [2] - 2,125 companies achieved year-on-year net profit growth, while 821 companies turned losses into profits or reduced losses [2] - The growth is driven by domestic demand and innovation, with consumer companies benefiting from policies aimed at expanding domestic demand [2] Group 2: Media and Entertainment Sector - Media companies like Light Media and Happiness Blue Sea reported strong Q1 results, with Light Media achieving revenue of 2.975 billion yuan, up 177.87%, and net profit of 2.016 billion yuan, up 374.79% [3] - The domestic tourism market is thriving, with companies like Jiuhua Tourism reporting revenue of 235 million yuan, up 30.13%, and net profit of 68.66 million yuan, up 31.83% [3] Group 3: Aviation and Electronics Sector - Huaxia Airlines reported a revenue of 1.774 billion yuan, up 9.78%, and net profit of 81.98 million yuan, up 232.31% [4] - BOE Technology Group achieved a revenue of 50.599 billion yuan, up 10.27%, and net profit of 1.614 billion yuan, up 64.06%, driven by the "old-for-new" policy [4] Group 4: Technology Sector - Companies like Shenghong Technology and Juchip reported significant growth, with Shenghong achieving revenue of 4.312 billion yuan, up 80.31%, and net profit of 921 million yuan, up 339.22% [6] - Juchip reported revenue of 192 million yuan, up 62.03%, and net profit of 41.45 million yuan, up 385.67% [6] Group 5: Automotive and Pharmaceutical Sector - BYD reported Q1 revenue of 170.36 billion yuan, up 36.35%, and net profit of 9.155 billion yuan, up 100.38%, driven by strong sales in the new energy vehicle sector [7] - Luo Xin Pharmaceutical's net profit grew by 115.41%, attributed to the successful commercialization of innovative drugs [7]

Group 1: E-commerce and Pricing Trends - Major U.S. e-commerce platforms, including Amazon, have raised prices on nearly 1,000 products since April 9, with an average increase of about 30% due to rising operational costs linked to Trump's tariff policies and global trade tensions [2] - Cross-border e-commerce platforms like Temu and Shein have announced price adjustments starting April 25, citing increased operational costs from recent global trade rule changes [2] Group 2: Company Developments - Yushutech's founder Wang Xingxing mentioned the possibility of a future IPO in Hong Kong, where the company already has business operations and numerous collaboration opportunities [2] - Meituan has issued a statement denying rumors that riders would be permanently banned for using dual-opening or JD software, clarifying that the circulated images were manipulated [3] - JD.com plans to recruit 100,000 full-time riders over the next three months, offering benefits such as full social insurance and a guaranteed minimum salary of at least 5,000 yuan for the first three months [4] - Elon Musk's personal wealth has decreased from over 450 billion to around 300 billion in less than 100 days, primarily due to setbacks during his political engagements [4] Group 3: Technology and Innovation - WeChat has launched a new feature allowing public accounts and service accounts to conduct gift draws directly through the platform, enhancing user engagement [3] - Shengshu Technology's Vidu video model has fully integrated with Z.ai's MaaS platform, aiming to advance domestic large model technology and industry application [3][5] - Apple is reportedly advancing its smart glasses project, codenamed "N50," which will incorporate AI technology and is expected to be launched by 2027 at a more affordable price [6]

清华系两家明星AI公司。 在联合研发方面，智谱自主研发 GLM大模型系列，在语言模型和多模态模型方面技术领先，其中开 源视频生成模型CogVideoX在github获得超过1万star。生数专注于自主研发多模态通用大模型， 提供领先的视频生成及多模态生成产品。 智谱与生数两家清华系中国 AI领军公司战略联合，基于双方在多模态领域的技术积累强强组合，不 仅能够进一步提升国产大模型的综合实力和领先水平，更能推动国产大模型行业生态良性的创新合力 与繁荣发展。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 清华系两家明星 AI公司 日前达成 战略合作 —— 智谱 (Z.ai) 与生数科技 （shengshu.com）宣布将基于各自在大语言模型和多模态生成模型的技术积累和优势，在联合研 发、产品联动、解决方案整合、行业协同等多方面强强联合，共同推进国产大模型的技术创新与产业 落地。 根据战略协议，在产品合作方面，智谱 MaaS平台将接入生数科技Vidu API ...