在美国关税问题上，他表示税率有机会降低，但难以恢复至贸易战前2-3%的水平。预计年底前，美国 有效关税将维持在10%至20%的区间。 受特朗普政府所影响，持续削弱投资者对美元的信心。谢佑轩认为，美元贬值将降低购买力，导致消费 减弱，从而在通胀增速加快、经济增速减慢的"轻度滞胀"下，料下半年美联储减息空间有限，次数或少 于市场预期。 FSMOne(香港)环球债券部助理研究经理施家颂表示，美国通胀率或会重返约4%的偏高水平，关税导致 的物价上涨在今年第三或第四季才会陆续反映。 谢佑轩表示，因中资科技股及AI概念股的行情爆发，预计未来各行业对云计算及数据中心的需求及开 支上升，使相关企业的盈利有望持续向上。中国有机会跑赢环球股市，韩国及中国台湾的经济增长亦在 很大程度上受惠于AI需求带动的半导体行业。 展望今年下半年，施家颂指目前长债息仍有上升压力。他认为投资者可考虑超短年期的美国国债或是信 贷素质良好的短至中年期企业债券。 他指，更偏好投资级别债券或关税战下防守性较强的企业。但他提醒，要小心周期性行业及更受贸易或 地缘政治影响的行业，并需慎选高收益发行人。 智通财经APP获悉，FSMOne(香港)投资组合管理及研 ...

Core Insights - The article emphasizes that going global is no longer an option but a necessity for companies, presenting significant strategic opportunities for growth [1][2] - Chinese companies are facing unprecedented complexities and uncertainties in their international expansion due to geopolitical tensions, trade protectionism, and regulatory challenges [1][3] - AI and cloud computing are becoming essential tools for companies to navigate these challenges and enhance their international competitiveness [2][4] Group 1: AI Empowerment - AI is significantly lowering the barriers for companies to expand internationally, enhancing their competitiveness and facilitating a transition from merely "going out" to "moving up" in the global market [2][3] - Cultural differences, compliance issues, and talent shortages are major challenges for Chinese companies entering foreign markets, which AI can help address [3][4] - AI applications in cross-border e-commerce, such as AI customer service and marketing, have shown to improve conversion rates and customer satisfaction by 1% to 30% [5][6] Group 2: Digital Infrastructure - Companies need a robust digital infrastructure to support their international operations, as traditional IT systems are insufficient for rapid market changes [8][9] - Cloud computing services are highlighted as the best solution for companies looking to expand globally, providing flexibility and scalability [8][9] - Major cloud providers like Alibaba Cloud and Huawei Cloud are enhancing their support for Chinese companies going global, emphasizing the importance of localized services [10]

| 思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 首届全球心血管大会 | | --- | --- | | 即将召开： | | | 2025年6月12日，首届全球医美科技大会 | | | 2025年7月17日，第二届全球医疗科技大会 | | | 2025年9月4-5日，第三届全球手术机器人大会 | | 2025年6月3日消息，前强生医疗科技（Johnson & Johnson MedTech）首席信息官拉里·琼斯（Larry Jones）已加入微软，担任全球医疗与生命科学 （HLS）行业领导者，向微软全球行业解决方案公司副总裁 Shelley Bransten 汇报。 Shelley Bransten 在LinkedIn上表示，琼斯拥有35年医疗科技和生命科学领域全球经验，曾推动了VELYS骨科手术机器人平台的数字化功能，支持强生 Ottava软组织手术机器人项目，擅长推动数字化转型、领导大规模组织项目、建立战略合作伙伴关系以及打造高绩效领导团队。 # 关于拉里·琼斯 拉里·琼斯在医疗科技和生命科学领域拥有超过35年的丰富经验。在强生医疗科技担任CIO期间，他主导了多个数字化转型项目，为强生医疗器 ...

证券研究报告 | 策略点评 2025 年 06 月 05 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250605 今日关注 指数涨跌情况：今日 A 股主要宽基指数多数上涨。截止收盘，沪指涨 0.23%， 收报 3384.10 点；深证成指涨 0.58%，收报 10203.50 点；创业板指涨 1.17%， 收报 2048.61 点；科创 50 涨 1.04%，收报 996.41 点。总体上全天个股涨跌各 半，Wind 数据显示，全市场 2675 只个股上涨，2540 只个股下跌，197 只个股 收平。沪深两市今日成交额合计 12904 亿元，较上个交易日放量 1374 亿元。 行业涨跌情况：今日申万一级行业涨少跌多，通信、电子、计算机、传媒和 机械设备行业领涨，涨幅分别为 2.62%、2.31%、2.12%、1.27%和 0.98%，美 容护理、纺织服饰、农林牧渔、综合和医药生物行业领跌，跌幅分别为 3.07%、 1.81%、1.79%、1.30%和 1.01%。 板块涨跌情况：今日涨幅居前概念板块 ...

Group 1 - The core viewpoint is that the cloud computing industry is experiencing significant growth, driven by advancements in AI technology and supportive government policies, with the market expected to exceed 1.17 trillion yuan by 2025, representing a year-on-year growth of 40.6% [2] - The recent surge in the cloud computing sector is reflected in the strong performance of the Zhongzheng Cloud Computing and Big Data Theme Index, which rose by 2.24%, with notable stocks like Kehua Data and Tuowei Information seeing substantial gains [1] - The Cloud Computing 50 ETF has shown impressive liquidity and scale growth, with a recent increase of 288.57 million yuan in size and 2 million shares added, ranking it among the top two in comparable funds [1][2] Group 2 - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan" to enhance the efficiency and service level of public computing resources [2] - The National Energy Administration has mandated the collaborative planning of computing and power projects in energy-rich areas, promoting a "green electricity aggregation supply" model to reduce electricity costs for computing centers [2] - The cloud computing sector is expected to transition from Infrastructure as a Service (IaaS) to Software as a Service (SaaS), with increasing demand for cloud services in critical infrastructure sectors such as government, finance, and transportation [2]

Group 1 - The core viewpoint of the news highlights the positive performance of the big data ETF (159739.SZ), which rose by 2.07%, driven by significant gains in key component stocks such as New Yisheng (up 5.16%), Zhongji Xuchuang (up 5.33%), and Kehua Data (up 10.00) [1] - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan," aimed at improving the efficiency and service level of public computing resources, which has led to a collective rise in computing power leasing concepts and hardware stocks [1] - The computing hardware stocks showed strong performance, with Shenghong Technology reaching a historical high, and the cloud computing index component stocks like Kehua Data hitting the daily limit, contributing to the overall increase of the big data ETF [1] Group 2 - According to research from Zheshang Securities, the Chinese public cloud market is expected to return to double-digit growth driven by generative AI, with a projected year-on-year growth of 15.8% in the second half of 2024 [2] - Alibaba Cloud leads the IaaS and PaaS markets with market shares of 26.1% and 24.4% respectively, showcasing a significant competitive advantage over peers [2] - The integration of cloud computing and AI is identified as a key trend in the industry, with cloud vendors leveraging infrastructure and large models to cover long-tail customers and enhance revenue [2]

Group 1: Market Performance - The three major indices opened higher on June 5, with the ChiNext Index rising and the Hang Seng Technology Index showing significant gains [1] - The CSI Cloud Computing Industry Index (931470.CSI) increased by 1.29%, with Meituan Group rising over 7%, and both Shenxinfu and Alibaba-W increasing over 3% [1] - The Cloud Computing ETF (517390) continued to strengthen, rising by 1.3% with a trading volume of 5.01 million yuan [1] Group 2: Industry Insights - Global AI computing power demand is on the rise, making the computing power leasing industry a market focus, with Alibaba planning to invest over 380 billion yuan in cloud and AI hardware infrastructure over the next three years [2] - The cloud computing industry is expected to enter a new development phase by 2025, with a market size projected to exceed 1.17 trillion yuan, reflecting a year-on-year growth of 40.6% driven by advancements in AI technology and policy support [2] - The shift from IaaS to SaaS in enterprise cloud service demand is anticipated, particularly in critical infrastructure sectors such as government, finance, and transportation, aided by the integration of 5G, AI, and big data technologies [2]

Group 1 - The A-share market is seeing strong performance in sectors such as computers, electronics, and communications, with significant activity in concepts like virtual power plants, snow tourism, rare earths, Kimi, and digital currencies [1] - The Xinchuang ETF (562570) has attracted a net inflow of 1.191 billion yuan over the past five trading days, with a net inflow rate of nearly 270%, indicating heightened investor interest in the Xinchuang sector [1] - Key reasons for the interest in the Xinchuang ETF include its coverage of popular concepts like EDA self-control, holdings in stocks benefiting from the Hongmeng ecosystem, and a DeepSeek content ratio of 48.1%, ranking first among tracked indices [1] Group 2 - China Construction Bank announced a major procurement project involving Kunpeng and Haiguang chip servers, with a total value exceeding 4.4 billion yuan, which may set a benchmark for the financial industry [2] - The period from 2025 to 2027 is viewed as a critical window for Xinchuang upgrades, with expectations of increased domestic replacement in financial institutions as policies advance [2] Group 3 - The Xinchuang ETF (562570) is the largest ETF tracking the CSI Xinchuang Index, which has significant weight from Haiguang Information and Zhongke Shuguang, accounting for over 10% of the index [3] - The Cloud Computing 50 ETF (516630) tracks an index with high AI computing power content, covering sectors like optical modules, computing leasing, data storage, and servers, with Zhongke Shuguang being the sixth-largest weight [3]

Group 1 - The A-share TMT sector experienced a morning surge on June 5, with computer, electronics, and communication industries leading the market [1] - The AI ETF Huaxia (159381) rose over 1%, with holdings such as Zhongwen Online, Hangyu Micro, and Shenxinfeng leading the gains [1] - According to the strategy team at Industrial Securities, short-term tariff disturbances may impact the overall market and technology style, but the technology growth sector has reached a favorable valuation after adjustments [1] Group 2 - The Huaxia AI ETF (159381) is recommended for exposure to the TMT technology sector's recovery, featuring low fees and high elasticity, with a management fee of 0.15% and a custody fee of 0.05% [2] - The ETF tracks the entrepreneurial board AI index and includes leading companies in AI hardware, software, and applications, with significant exposure in optical modules and IT services [2] - The top ten constituent stocks include leading optical module companies such as Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication, as well as major players in IDC, cloud computing, and data center industries [2]

构建多元供给格局。在强化政府部门兜底保障作用的同时，也要支持社会力量以多元供给满足群众 需求。比如，随着人口老龄化程度加深，不少经营主体参与到提升老年人公共服务中来，养老驿站、老 年大学、父母食堂等设施的建立，有效补齐了服务供给短板。人们对公共服务的期许已经从"有没有"转 向"好不好"，多元化社会力量的加入，将有力推动公共服务实现高品质、多样化升级，从而更好满足人 们对美好生活的期待。(本文来源：经济日报 作者：张晓) 要树立底线思维。提高公共服务水平的过程，是不断解决群众急难愁盼问题的过程，这是一项循序 渐进的长期任务。在这一过程中，要优先加强普惠性、基础性、兜底性民生建设，解决好群众最关心最 直接最现实的利益问题，尤其要在针对儿童、老年人、残疾人、农民工、失业人群等弱势群体的帮扶上 做实做细，在增强基本公共服务均衡性可及性上再上水平。 积极回应群众期盼。公共服务的对象是群众，要实现公共服务供给与需求的适配，就要坚持以群众 的诉求为出发点和落脚点。要充分尊重群众的主体地位，将群众的参与权、知情权、管理权和监督权落 到实处，从而实现公共服务内容与群众实际需求的同频共振。一方面，要聚焦基层，通过听证会、座谈 会 ...