近日有消息传出，长鑫存储拟停产DDR4转而全力投入DDR5及HBM。 据最新报道， 国产存储器大厂长鑫存储计划针对服务器及PC应用的DDR4发布产品结束（EOL）通 知，预计最晚在2026年上半年正式停止供货，转而全力投入DDR5及高带宽内存（HBM）领域。 EOL通知预计在第3季发布， 但下游企业反映，目前市场上长鑫DDR4产品已近乎断供。 报道指出，未来长鑫存储将不再开发标准DDR4产品，仅保留部分产线为兆易创新代工生产，以保障消 费市场的DDR4产品供应。 除了DDR5之外，长鑫存储据传还在开发一种高端的HBM解决方案，这很可能指的是HBM3。 对于长鑫存储这一转变， DIGITIMES引述业内人士说法称，这一突然转变是政策驱动的，因为政府方 面敦促主要芯片制造商加快与国家目标接轨，特别是在人工智能和云端基础设施方面。 事实上，国际厂商三星、美光科技、SK海力士去年开始进一步缩减DDR4产品的比重。 而三星已经推动DDR4的减产，并将部分产能转移到DDR5和LPDDR5等先进产品上。 在去年底，长鑫存储就开始低调量产并出货DDR5颗粒，同时正在开发下一代15nm制程工艺，目标是 在今年内完成开发，并在明 ...

Group 1: Report Summary - Report industry: Real estate services [2] - Report research company: Electronic City [16] - Research date: May 30, 2025 [1][16] - Company representatives: Vice Chairman and President Zhang Yuwei, Vice President and Board Secretary Zhang Yi, Financial Controller Zhu Weirong, Independent Director Song Jianbo [16] Group 2: Core Views - The company is transforming from heavy - asset development to light - asset operation, focusing on technology service strategic transformation [24][25][26] - In 2024, the company's new technology service revenue was 916 million yuan, accounting for 43.4% of the operating income, and the company will continue to promote the transformation [24] - The company's infrastructure public offering REITs application materials were officially accepted on May 20, 2025, which is expected to raise 1 - 1.5 billion yuan, helping to revitalize assets and innovate financing methods [25] Group 3: Summary by Directory 01. Research Basic Situation - Research object: Electronic City, belonging to the real estate service industry, with a reception time of May 30, 2025 [16] 02. Detailed Research Institutions - The reception object is investors participating in the company's online 2024 annual and Q1 2025 performance briefing [19] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - In 2024, the company's operating income was 2.112 billion yuan, and the net profit attributable to shareholders of the listed company was - 1.58 billion yuan [23] - The company broadened financing channels by carrying out infrastructure public offering REITs issuance and application work and issuing 2.05 billion yuan of ultra - short - term financing bills in five installments in 2024 [23] - New technology service revenue in 2024 mainly includes rent, property fees from park operation services, income from entrepreneurship incubation and enterprise growth acceleration services, and information service income [23] - Regarding the large - scale reduction of shares by major shareholders who participated in the private placement in 2016, it is a normal capital market transaction behavior based on their own asset allocation and capital needs [24] - The company did not participate in Yandong Micro's 4 - billion - yuan private placement project [24] - The company's infrastructure public offering REITs application materials were officially accepted on May 20, 2025, with an estimated fundraising scale of 1 - 1.5 billion yuan, which is beneficial for revitalizing assets and innovating financing methods [25] - The company plans to transform to a light - asset model. For projects outside Beijing, it focuses on full - scale sales to accelerate capital recovery, while for projects in Beijing, it tends to hold and operate in the long - term [26] - In 2025, the company will promote multiple tasks, including deepening technology service transformation, building three major business platforms, optimizing the market - oriented management system, and strengthening refined fund management [26]

安哥拉凯 凯水电站主体工程尾水隧洞1号洞实现全线贯通。中国能建葛洲坝集团供图 作为连接尾水调压室与宽扎河的核心枢纽，总长度超10公里的隧洞，将为水电站后续机组安装和蓄水发 电扫清关键障碍，以"中国速度"与"中国质量"为非洲基础设施建设注入动能。 凯水电站主体工程尾水隧洞。中国能建葛洲坝集团供图 尾水隧洞工程开工伊始，即面临工期紧张、标准严苛、交通压力大等多重挑战。开挖阶段，施工现场克 服高温、高湿及通风条件差等不利因素，单洞长度超5公里，且轴线间距仅50米，对平行施工精度要求 极高。 项目建成后，将满足安哥拉全国50%以上的供电需求，每年将减少温室气体排放量约720万吨，减少不 可再生的石油和煤炭资源消耗273.3万吨，并大幅改善水资源利用条件，兼具调峰、防洪功能，助力当 地经济社会发展。(完) 中新网昆明5月30日电 (张春特 黄笛 罗光明)中国能建葛洲坝集团30日发布消息，由该集团承建的安哥拉 凯凯水电站项目取得重大进展，主体工程尾水隧洞1号洞历时827天实现全线贯通，较原计划提前349 天。与此同时，尾水隧洞2号洞施工进入最后冲刺，预计于6月中旬实现贯通。 安哥拉凯 该项目位于安哥拉北宽扎省栋多市，距离 ...

Group 1 - Infrastructure investment is a crucial means of achieving current fixed asset investment and lays the foundation for future economic growth [1][6] - As of May 30, 28 out of 31 provinces reported positive year-on-year growth in fixed asset investment for the first four months of the year, with 7 provinces achieving double-digit growth [1][3] - Notably, Beijing led with a year-on-year growth rate of 21.2%, while provinces like Qinghai, Hebei, and Inner Mongolia also showed significant growth rates in infrastructure investment [1][2] Group 2 - National statistics indicate that fixed asset investment grew by 4.0% year-on-year from January to April, with infrastructure investment contributing significantly at a growth rate of 5.8% [3][5] - In Shenzhen, major projects completed investments of 109.9 billion yuan, with a planned total investment of 3.15 trillion yuan for 798 major projects by 2025 [3][4] - The issuance of local government bonds reached approximately 35.354 billion yuan in the first four months, marking an 84% year-on-year increase, providing substantial funding for major projects [5][6] Group 3 - The growth in infrastructure investment has effectively countered the decline in real estate investment, contributing to overall economic stability [5][6] - The sales of excavators, a key indicator of infrastructure construction activity, increased by 17.6% year-on-year in April, reflecting heightened construction activity across various regions [5][6] - The project bidding amounts in April showed a year-on-year increase of 10.0%, with significant growth in sectors such as energy, transportation, and municipal facilities [6]

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on May 29, with a fixed rate of 1.40% and a total amount of 266 billion yuan, resulting in a net injection of 111.5 billion yuan for the day after accounting for maturing reverse repos [2]. Group 2: Funding Conditions - The funding environment remains loose, with a slight decrease in overnight pledged repo rates and a rise of over 2 basis points in 7-day pledged repo rates [4]. - The latest overnight financing rate in the U.S. is reported at 4.31% [6]. Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.72%, showing little change from the previous day [7]. Group 4: Major Interbank Bond Yield Rates - The yield rates for various government bonds are as follows: - 1Y: 1.4750% - 2Y: 1.4850% - 3Y: 1.5100% - 5Y: 1.5525% - 7Y: 1.6400% - 10Y: 1.6875% [9]. Group 5: Recent City Investment Bonds - The trends and data regarding the yield spreads of AAA-rated city investment bonds across different maturities were discussed [10]. Group 6: Government Bond Futures - The closing prices for government bond futures indicate a decline: - 30-year main contract down 0.65% - 10-year main contract down 0.26% - 5-year main contract down 0.15% - 2-year main contract down 0.06% [13]. Group 7: Key News Insights - The Ministry of Commerce spokesperson indicated ongoing communications between China and the U.S. regarding trade concerns, particularly around semiconductor export controls [14]. - The National Bureau of Statistics is working on guidelines for data element applications to enhance digital infrastructure [14]. Group 8: Global Macro Developments - The International Trade Court in Manhattan has blocked Trump's "liberation day" tariffs, ruling that he overstepped his authority [16]. Group 9: Bond Market Events - The Ministry of Finance plans to issue 71 billion yuan in long-term special government bonds [19]. - The issuance of Sci-Tech bonds has exceeded 300 billion yuan in 20 days, with significant contributions from banking institutions [19].

登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：中金基金管理有限公司 基金管理人财务顾问：中国国际金融股份有限公司 特别提示 中金亦庄产业园封闭式基础设施证券投资基金（"本基金"）由中金基金管理有限公司（"基金管理人"） 依照有关法律法规及约定发起，根据中国证券监督管理委员会（"中国证监会"）颁布的《公开募集基础 设施证券投资基金指引（试行）》《公开募集证券投资基金销售机构监督管理办法》《公开募集证券投 资基金运作管理办法》《公开募集证券投资基金信息披露管理办法》，上海证券交易所（"上交所"）颁 布的《上海证券交易所公开募集基础设施证券投资基金（REITs）业务办法（试行）》《上海证券交易 所公开募集基础设施证券投资基金（REITs）规则适用指引第2号一一发售业务（试行）》（"《发售指 引》"），中国证券业协会（"证券业协会"）颁布的《公开募集基础设施证券投资基金网下投资者管理 细则》（"《网下投资者管理细则》"）等适用法律法规、监管规定及自律规则等相关规定，以及上交所 有关基金发售上市规则和最新操作指引等组织实施发售工作。 中国国际金融股份有限公司（"中金公司"）担任本基金管理人财务顾问。 本 ...

Key Points Summary of NVIDIA's Earnings Call Company Overview - **Company**: NVIDIA - **Date of Call**: May 29, 2025 Core Industry Insights - **Industry**: Semiconductor and AI Technology - **Market Impact**: U.S. export controls are expected to significantly affect NVIDIA's revenue, particularly in the Chinese market, with an anticipated loss of $2.5 billion in revenue due to restrictions on the H20 data center GPU [2][4][26]. Financial Performance - **Q1 2026 Revenue**: NVIDIA reported a strong performance with total revenue of $44 billion, a 69% year-over-year increase. Data center revenue reached $39 billion, up 73% year-over-year [4]. - **H20 Revenue**: Confirmed $460 million in H20 revenue, but faced a $4.5 billion expense due to inventory and procurement obligations write-downs [4][26]. - **Gaming Revenue**: Achieved a record $3.8 billion in gaming revenue, a 42% increase year-over-year [2][18]. - **Network Business**: Revenue grew 64% year-over-year to $5 billion, with the Spectrum X product line exceeding $8 billion in annual revenue [2][13][16]. Product and Technology Developments - **Blackwell Product Line**: Contributed nearly 70% of data center computing revenue, with rapid growth and deployment of NVL 70 dual racks [5][6]. - **AI Factory Deployment**: Nearly 100 AI factories are operational, doubling GPU usage across various industries [7]. - **Nemo Microservices**: Widely adopted across industries, enhancing model accuracy and response times significantly [9]. - **Spectrum X and Quantum X**: New products launched to enhance AI factory scalability and efficiency [16]. Market Challenges and Opportunities - **Export Controls**: Anticipated to create an $8 billion negative impact in Q2, with a total estimated impact of $15 billion [3][26]. - **China Market**: Data center revenue from China is expected to decline significantly due to export restrictions, although over 99% of data center computing revenue comes from U.S. customers [2][17]. - **AI Spending Growth**: Projected near $1 trillion in AI spending over the next few years, driven by infrastructure investments [27]. Strategic Partnerships and Collaborations - **Partnerships**: Collaborated with Yum Brands to implement AI in 500 restaurants, with plans to expand to 61,000 [10]. - **Cybersecurity Solutions**: Leading companies like Checkpoint and CrowdStrike are utilizing NVIDIA's AI-driven security solutions [11][12]. Future Outlook - **Growth Confidence**: Despite challenges, NVIDIA maintains confidence in sustained growth for the year, driven by the removal of AI diffusion rules and strong performance in non-China business segments [30][31]. - **Investment in AI Infrastructure**: Significant investments in domestic manufacturing and AI infrastructure are underway, including new facilities in Arizona and Texas [24]. Additional Insights - **Gaming and AI PC Growth**: The gaming sector continues to thrive with a user base of 100 million, and new AI PC products are being introduced [18]. - **Automotive Sector**: Revenue from automotive reached $567 million, a 72% increase, driven by demand for autonomous driving solutions [20]. - **Professional Visualization**: Revenue in this segment was $509 million, with strong demand for AI workstations [19]. This summary encapsulates the key points from NVIDIA's earnings call, highlighting the company's financial performance, product developments, market challenges, and future outlook.

值得一提的是，除节日本身消费热度外，项目营销活动对客流和消费的增长也起到积极作用。如上海静安大悦城推出首届"超好逛IP&COFFEE市集"，融 合咖啡体验与IP元素，假期首日吸引客流13.1万人次，带动销售额同比提升17.5%。 恰逢节假日，新项目入市热度也有明显提升，大部分新项目选择在五一前后入市，更好地抓住节日的消费热度。 | | | 样本企业五一前后项目入市情况 | | | | --- | --- | --- | --- | --- | | 城市 | 项目名称 | 面积(万m') | 开发商 / 运营商 | 开业时间 | | 深圳 | K11 ECOAST | 22.85 | K11 集团 | 4 月 28 日分阶段试营业 | | 深圳2 | 罗湖益田假日广场 | 12 | 益田旅游商业集团 | 4月30日 | | 广州 | 广州花厅坊 | 4.12 | 合生商业 | 5月1日 | | 佛山 | 佛山顺德万象汇 | 20 | 华润万象生活 | 4月25日 | | 上海 | 浦发唐城印象天地 | 6 | 印力集团 | 4月28日 | | 上海 | JLC 金陵中环 | 7.3 | 香港置地 | 4 月 2 ...

经济观察报记者老盈盈 EVIDENT集团创始人兼首席执行官Florian M Spiegl从阿拉伯联合酋长国(下称"阿联酋")回来后，正在和 合作伙伴Zand Bank着手产品数据接入的工作。5月中旬，这家专注另类资产投资的香港金融科技公司与 阿联酋首家数字化持牌银行Zand Bank在迪拜金融科技峰会上签署了合作备忘录。 这是Florian M Spiegl跟随香港数码港代表团出访阿联酋的行程之一。此外，他还拜访了迪拜金融服务管 理局、迪拜虚拟资产管理局、阿联酋中央银行等主要监管机构，还与阿联酋的一些私人银行、财富管理 公司和家族办公室建立了联系。 中东正在经历一场深刻的变革，当地的政府部门除了推动再生能源工厂等实体基础设施的建设外，还在 快速建立基于数字货币和区块链系统的数字化基础设施。当地的虚拟资产机构也正在寻求与国外公司的 合作，以加速推进相关建设。近年来，为配合国家及香港特区政府积极开拓中东市场的政策方针，越来 越多的香港金融科技公司选择到中东布局业务。在这个过程中，这些公司的负责人慢慢懂得深耕关系的 重要性，也更为熟悉当地的宗教文化信仰，知道有些金融产品并不适合在当地推广。 这些实践经验为更多有意 ...

但到底是战略选择，还是叙事陷阱？我们需要用"望闻问切"的方式去诊断这些看似光鲜的资本运作项目。 第一，望其背景，识别是否"讲新瓶装旧酒"。 当一家主营已经跑不动的公司，突然高调宣布进军光伏、氢能、AI大模型、卫星互联网……你真的相信这是公司战略转型的契机吗？还是说，他们只是借 助市场热点讲一个"能拿得出手"的资本故事？美国更好并购集团（Goheal）在实际项目中观察到，一些企业所谓的"战略转型"，往往不过是把过去十年没人 要的旧项目，披上个新风口的马甲，摇身一变变成了"硬核科技"。 子曰：名不正则言不顺，言不顺则事不成。古人讲究逻辑起点，今人也不例外。特别是在资本市场，包装一个好"故事"，往往比摆出好"数据"更容易赢得眼 球。但故事讲得太顺，反而可能让投资者失去判断力——因为你永远不知道，你听到的是"战略规划"，还是"叙事陷阱"。 最近，一则上市公司宣布跨界进军AI大模型的公告引发热议，股价两个涨停板之后，公司悄悄发补充公告：该项目仅为合作设想，暂无实质业务。故事讲 得很圆，泡沫吹得很满，投资者却懵了。这种"讲了个好故事却没打算落地"的资本操作，你是不是似曾相识？ 美国更好并购集团 美国更好并购集团（Gohe ...