点评：潮玩龙头IP势能爆发，全球化扩张驱动市值新高。 2.微软将在瑞士投资4亿美元建设AI基础设施和云计算 微软日前在瑞士伯尔尼表示，将在瑞士投资4亿美元，用于人工智能基础设施和云计算。这笔资金将用于扩 大和升级微软在日内瓦和苏黎世附近的四个数据中心，以响应瑞士对人工智能和云计算服务日益增长的需 求。此次扩建将服务于现有和新客户，并确保数据存储在瑞士境内，这对医疗、金融和政府等行业来说是 一项重要要求。微软还将扩大与中小企业的合作，并加大培训力度，帮助人们使用人工智能和数字工具。 目前微软在瑞士拥有1000名员工，但没有详细说明这笔投资未来将创造多少就业岗位。 3.监管摸排资本市场小作文情况，整治网络"黑嘴"乱象 记者了解到，有地方证监局向涉资本市场主体（含上市公司、机构）下发通知，摸排涉股市"小作文"线索、 案例及建议，旨在更好推动整治资本市场网络"黑嘴"伤企乱象，共同营造风清气正的资本市场舆论环境。此 次摸排是对政策端的执行，日前中央网信办公开印发《关于开展"清朗•优化营商网络环境⼀整治涉企网 络'黑嘴'"专项行动的通知》。 点评：重拳整治虚假信息，净化市场生态，护航投资者权益。 4.估值达90亿美元，马 ...

杭州地处钱塘江、京杭运河、杭甬运河交汇枢纽，拥有航道里程2026公里，通航水域589.1平方公 里。5月29日，在市十四届人大常委会第二十七次会议上，《杭州市水上交通条例（草案）》（下称 《条例（草案）》）提交审议，旨在以地方立法为水运复兴、文旅融合等提供法治保障。 杭州在1998年出台了《杭州水上交通管理条例》《杭州市水上交通事故处理条例》两部地方性法 规，并先后制定了三部政府规章。近年来，相关上位法多次修改，对水上交通管理提出新要求，现行水 上地方性法规已不能适应构建现代化内河航运体系的发展需要。 《条例（草案）》坚持问题导向，结合杭州实际、发挥杭州优势，就上位法规定进行细化，同时针 对水上停靠点和水上活动区域管理要求进行明确。 《条例（草案）》不少细则颇具"杭州味"。例如，明确提出运用物联网、大数据、云计算、人工智 能等技术，提升水上交通管理智能化水平；健全相关信用管理制度，提升水上交通监管能力水平等。同 时为满足"后亚运"时期市民高涨的"亲水热情"，对水上停靠点和水上活动区域管理进行明确。例如，明 确主管部门应当将水上停靠点布局纳入港区规划；通航市域内使用竹筏、橡皮艇、摩托艇等开展漂流、 游乐等水上活 ...

Core Viewpoint - The recent merger between Haiguang Information and Zhongke Shuguang is a significant event in the semiconductor industry, marking a shift from fragmented competition to a more systematic approach in domestic computing power, potentially creating a giant with a market value of nearly 400 billion yuan covering the entire industry chain from chip design to server manufacturing and computing power services [2][3]. Group 1: Merger Details - Haiguang Information plans to merge with Zhongke Shuguang through a share swap, which will enhance the domestic server CPU market share, where Haiguang holds 53.6% and ranks first, while also having over 30% of the domestic GPU market, ranking second [3]. - The merger is expected to accelerate the domestic replacement process, leveraging Zhongke Shuguang's strengths in high-end computing, storage, security, and data centers [3]. Group 2: Market Impact - The combination of Haiguang's DCU chips with Zhongke Shuguang's liquid-cooled servers is anticipated to improve cost-effectiveness and challenge the market shares of international giants like NVIDIA and AMD in AI training [3][4]. - The merger may gradually erode the market share of Intel and AMD in China, where their combined market share exceeds 70%, due to the technological synergy and ecosystem created by the new entity [4]. Group 3: Industry Chain Effects - The merger will likely compress the market bargaining power of mid-tier foundries, as the new entity will create a complete ecosystem that reduces reliance on external partners [5]. - Foundries like Hon Hai (Foxconn) and Quanta Computer may face declining bargaining power and profit margins due to the integrated ecosystem formed by the merger [5][9]. Group 4: Cloud Computing Sector - The merger could lead to price wars in the cloud computing sector, as the new entity may offer competitive mixed cloud solutions, potentially increasing pressure on third-party cloud service providers like UCloud and QingCloud [10][12]. - Despite the growth in revenue driven by the demand for computing power, net profits in the cloud computing market have not kept pace, indicating a challenging environment for existing players [11][12].

内容概要：近年来，随着国民收入水平不断提高，消费者对珠宝首饰的需求逐渐增加，不仅注重产品的 实用性，更追求品牌、设计和个性化，电子商务平台为消费者提供了丰富多样的珠宝选择，满足了不同 层次消费者的需求，此外，随着互联网的普及和电子商务的发展，消费者越来越习惯在线上购物，尤其 是年轻一代消费者，他们更倾向于通过网络购买珠宝首饰，享受便捷的购物体验，在此背景下，我国珠 宝电子商务市场迅速崛起，据中国珠宝玉石首饰行业协会数据显示，2023年我国珠宝电子商务零售额达 3397.5亿元，同比增长26.21%，2024年，在我国商品零售市场增速放缓的不利背景下，金银珠宝作为非 必需品，与整体市场走势同频共振，其降幅居所统计的全部商品类别的首位，据中国珠宝玉石首饰行业 协会数据显示，2024年中国珠宝电子商务零售额降至2982.6亿元。 上市企业：曼卡龙（300945）、迪阿股份（301177）、老凤祥（600612）、中国黄金（600916）、航民 股份（600987）、菜百股份（605599）、豫园股份（600655）、萃华珠宝（002731）、周生生 （00116.HK）、潮宏基（002345）、明牌珠宝（00257 ...

本报告导读： 发布AICP 平台，布局XaaS、安全GPT 等。①网安业务，2024 年公司通过云端和本地交付安全服务。 云计算业务，2024 年公司发布了超融合/云平台6.10.0 版本，面向大模型开发场景，发布AI 算力平台 （简称AICP）。物联网业务，公司旗下信锐网科持续投入网络联接，将研发创新应用于用户网络 的"云、网、端"环节的产品、服务及解决方案。②重点布局的产品集中在网络安全和云计算及基础设施 业务。深信服在这两块业务上都面向未来布局了XaaS 业务、安全GPT、AI 算力平台、EDS 等新业务。 聚焦XaaS 和AI 业务，市场管理内外结合。①2025 年公司聚焦持续提升产品品质和推进产品创新上，包 括XaaS 业务和AI 相关业务。市场方面会积极开拓头部行业客户和海外市场，并深化渠道体系建设。内 部会加强组织能力建设，提高公司精细化管理水平和盈利能力。②未来3-5 年，公司业务将集中在如下 方面：1.聚焦关键产线和XaaS 业务；推动AI 与网安、云计算融合的创新业务产品。 2.加大拓展KA 行业头部市场和海外市场。3.持续提升产品质量，深化渠道体系建设。4.继续加强组织能 力建设和人才培 ...

Group 1 - Hantse Aitai Biopharmaceutical Technology (Wuhan) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with ICBC International as the sole sponsor [1] - The company aims to raise capital for its operations and expansion in the biopharmaceutical sector [1] Group 2 - Xiaomi's founder Lei Jun stated that the new Xiaomi YU7 car will not be priced at 235,900 yuan as rumored, and the automotive business is expected to achieve profitability in the second half of this year [5] - The total budget for the intelligent driving research and development of YU7 is set at 3.5 billion yuan, indicating a significant investment in the automotive sector [5] Group 3 - Neuralink, a brain-computer interface company founded by Elon Musk, has completed a $650 million Series E funding round with participation from major investors [18] - The funding will support the company's ongoing development and innovation in brain-machine interface technology [18] Group 4 - Toyota Group announced plans to privatize Toyota Automatic Loom Works through a series of transactions involving its subsidiaries, aiming to accelerate its transformation into a mobility company [19] - The investment for this privatization effort includes approximately 180 billion yen from Toyota Real Estate and 70 billion yen from Toyota Motor for purchasing non-voting preferred shares [19] Group 5 - Spotify has been fined 58 million Swedish Krona for data protection violations, as determined by the Stockholm Court of Appeal [20] - The fine is a result of Spotify's failure to comply with the EU's General Data Protection Regulation regarding the handling of data subject rights [20]

贵金属板块涨幅显著，世纪铝业股价暴涨超过21%，黄金资源上涨超过16%。美国黄金公司涨幅超过 10%，泛美白银攀升超过7%。科尔黛伦矿业和金罗斯黄金股价均上涨超过6%，麦克莫兰铜业涨幅超过 4%。 金属原材料板块同样表现强劲，多家相关企业股价出现显著上涨。这一轮涨势主要受益于市场对大宗商 品需求预期的改善以及通胀预期的升温。 本文源自：金融界 美东时间周二收盘，美股市场呈现普涨格局。道琼斯工业平均指数上涨0.51%，纳斯达克综合指数攀升 0.81%，标准普尔500指数录得0.58%的涨幅。 科技板块成为当日市场焦点，多数热门股票实现上涨。博通股价攀升超过3%，英伟达紧随其后上涨超 过2%。计算机硬件领域表现尤为突出，安森美半导体股价飙升超过11%，纳微半导体涨幅超过7%。 加密货币相关股票同样获得资金青睐。超微电脑与Coinbase均录得接近5%的涨幅。存储芯片制造商美 光科技上涨超过4%，戴尔科技和希捷科技涨幅均超过3%。 半导体巨头英特尔与AMD股价双双上涨超过2%。这一轮科技股上涨反映出投资者对该行业发展前景的 乐观预期。据悉，市场对人工智能和云计算需求的持续增长预期推动了相关股票的表现。 纳斯达克中国 ...

我国装备制造业近年来不断加大研发投入，技术含量持续提高，与国外同行之间的技术差距快速缩小， 不仅实现了较多进口设备的国产替代，更在部分领域达到世界先进水平。在机床领域，济南二机床已成 为世界三大数控冲压装备制造商之一，其生产的大型数控冲压机床进入国内外主流汽车厂商的生产车 间。在工程机械领域，国产盾构机快速崛起，打破了盾构机市场长期被德国、日本等国企业垄断的局 面。以中铁装备为代表的国内厂商生产的盾构机不仅全产业链自主可控，能够适应极端环境和复杂环 境，控制精度达到毫米级，更是具备显著的价格优势，推动我国盾构机位列国际盾构技术的第一梯队。 随着行业规模扩大和技术不断积累，我国装备制造业企业的国际影响力和市场地位也快速提升。以新能 源装备为例，我国光伏面板、风机、车载锂电池等已成为国产装备"出海"的主力军。在光伏组件方面， 2024年全球前五大厂商均为中国企业。在风机行业，2024年全球风电整机制造商新增容量排名前五的厂 商中有四家为中国企业，金风科技更是蝉联第一。在车载锂电池行业，中国企业宁德时代和比亚迪位居 全球前两名，对行业供应链的掌控优势不断巩固。 也应看到，目前我国装备制造业仍存在一些问题。部分关键领 ...

Fund Market - In June, the public fund issuance market experienced a "small peak" with 89 new funds launched, 70% of which were equity products [1] - Major fund companies like E Fund, Bosera, and Huatai-PineBridge actively participated in the issuance, with 41 funds starting on the first day after the Dragon Boat Festival [1] Banking Sector - In the first five months of this year, 184 small and medium-sized banks were approved for mergers or dissolutions, indicating a rising trend in bank consolidations [1] - The number of banks is expected to decrease from a peak of 4,600 to around 3,000 by 2025, shifting the focus from quantity to quality in banking development [1] Semiconductor Industry - The global semiconductor market is projected to reach $700.9 billion in 2025, with a year-on-year growth of 11.2%, driven by demand in AI, cloud infrastructure, and advanced consumer electronics [2] - The DRAM industry revenue for Q1 2025 is estimated at $27.01 billion, a 5.5% decrease from the previous quarter, but prices are expected to stabilize and rise in Q2 2025 [1][2] Lithium Carbonate Market - The battery-grade lithium carbonate index price is currently at 60,456 yuan per ton, with a recent decline, and the market is expected to remain weak in the short term due to oversupply [2] Electronic Information Manufacturing - From January to April, the added value of China's electronic information manufacturing industry grew by 11.3% year-on-year, outperforming the overall industrial and high-tech manufacturing sectors [2] Travel and Tourism - During the Dragon Boat Festival in 2025, domestic travel reached 119 million person-times, a 5.7% increase year-on-year, with total spending of 42.73 billion yuan, up 5.9% [3] Microsoft Investment - Microsoft announced a $400 million investment in Switzerland to expand AI infrastructure and cloud computing services, enhancing its data centers in the region [4] Corporate Developments - Wanrun Co., Ltd. announced the resignation of its chairman, Huang Yiwu, due to work adjustments [5] - Honglu Steel Structure signed a procurement contract worth 458 million yuan for a steel structure project [6] - Fengfan Co., Ltd. won a bid for a 228 million yuan project with the State Grid [7] - Yatai Co., Ltd. received a notification for a new energy vehicle project with a total sales amount of approximately 200 million yuan over its lifecycle [8] Market Performance - The market saw a slight rebound with major indices rising, driven by strong performance in innovative drug and consumer sectors, while automotive stocks faced adjustments [9][10]

日前，为深入实施国家大数据战略，充分发挥大数据应用技术引领作用，推进能源业务 和数字技术融合创新，国网山东电科院创新研发了国家电网公司首套自动化建模工具 ——"基于AutoML的电力大数据自动化建模工具"，实现技术驱动大数据业务应用，助力数 据要素价值作用充分发挥，赋能电网和公司高质量发展。 长期以来，传统电力数据分析依赖人工建模，存在诸多痛点，如周期冗长、专业门槛高 以及模型泛化能力不足等。面对这些挑战，该院凭借自主研发的AutoML（自动化机器学 习）技术，精心构建了覆盖数据清洗、特征工程、算法选择、超参数优化的全方位一站式建 模工具。自2024年6月建成以来，该工具在实际应用中表现出色。在2024年迎峰度夏期间， 其搭建的模型精准预测了峰值负荷发生日期，相较于传统人工建模方式效率提升3倍以上， 预测精度提升5个百分点。 下一步，国网山东电科院将持续优化模型，拓展外部特征指标维度，并探索更多的特征 变换、特征组合和特征选择方法。同时，将积极拓展自动化建模工具在电网规划、节能减排 等业务方面的应用，为构建清洁低碳、安全高效的现代智慧电网贡献力量。 【责任编辑：刘澄谚 】 该工具深度融合人工智能、大数据、云计 ...