Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View On June 3, the liquidity situation was balanced with a slight easing trend. The bond market showed a weak and volatile performance overall, while the convertible bond market continued to rise following the equity market. US Treasury yields generally increased across various tenors, and the 10-year government bond yields of major European economies mostly declined [1][2]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: The "Regulations on the Sharing of Government Affairs Data" will be implemented on August 1, 2025. The Caixin China Manufacturing PMI in May was 48.3, dropping 2.1 percentage points from the previous month. The central bank conducted a standing lending facility operation of 14.01 billion yuan in May. The total social logistics volume in the first four months increased by 5.6% year-on-year. Five departments jointly launched the new energy vehicle campaign in rural areas [4][5][6]. - **International News**: The number of job openings in the US in April unexpectedly increased. The OECD downgraded the global economic growth forecast for 2025 to 2.9%. Lee Jae-myung won the South Korean presidential election [7][8][10]. - **Commodity News**: International crude oil and natural gas futures prices rose on June 3 [11]. 3.2 Liquidity - **Open Market Operations**: On June 3, the central bank conducted a 7-day reverse repurchase operation of 454.5 billion yuan at an interest rate of 1.40%. With 830 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds was 375.5 billion yuan [13]. - **Funding Rates**: On June 3, the funding situation was balanced with a slight easing trend, and major repurchase rates declined. DR001 decreased by 6.86bp to 1.414%, and DR007 decreased by 11.49bp to 1.550% [14]. 3.3 Bond Market Dynamics - **Interest Rate Bonds**: - **Cash Bond Yield Trends**: On June 3, the increase in the issuance price of negotiable certificates of deposit dampened market sentiment, and the bond market showed a weak and volatile performance. The yield of the 10-year treasury bond active bond 250011 rose by 0.10bp to 1.6760%, and the yield of the 10-year CDB bond active bond 250210 rose by 0.45bp to 1.7170% [17]. - **Bond Tendering**: Information on the tendering of three agricultural development bonds was provided, including terms, issuance scales, winning yields, and other details [18]. - **Credit Bonds**: - **Secondary Market Transaction Anomalies**: On June 3, the trading price of one industrial bond, "H0 Baolong 04", deviated by more than 10%, with a gain of over 1200% [18]. - **Credit Bond Events**: Multiple credit bond events were reported, including bond resumptions, holder meetings, credit rating adjustments, and debt settlements [19]. - **Equity and Convertible Bond Indices**: - **Equity Market**: On June 3, the three major A-share indices closed higher. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose by 0.43%, 0.16%, and 0.48% respectively, with a total trading volume of 1.16 trillion yuan [20]. - **Convertible Bond Market**: The convertible bond market continued to rise following the equity market. The CSI Convertible Bond Index, Shanghai Stock Exchange Convertible Bond Index, and Shenzhen Stock Exchange Convertible Bond Index rose by 0.29%, 0.28%, and 0.32% respectively. Most convertible bond issues closed higher [20]. - **Convertible Bond Tracking**: On June 3, Nenghui Convertible Bond announced that it would not adjust the conversion price downward, and Kesun Convertible Bond announced that it would not choose to adjust the conversion price downward if the downward adjustment conditions were triggered again within the next six months [22]. - **Overseas Bond Markets**: - **US Bond Market**: On June 3, the 10-year US Treasury yield remained unchanged at 4.46%, while yields of other tenors generally increased. The yield spread between the 2-year and 10-year US Treasuries narrowed by 2bp to 50bp [23][24]. - **European Bond Market**: On June 3, the 10-year government bond yield of France remained unchanged, while those of other major European economies mostly declined [26]. - **Price Changes of Chinese Dollar Bonds**: Information on the daily price changes of Chinese dollar bonds as of the close on June 3 was provided, including the daily and monthly changes, credit entities, bond codes, and other details [28].

Group 1 - The State Council of China has announced the implementation of the "Regulations on Government Data Sharing" starting from August 1, 2025, aimed at enhancing digital governance and service efficiency [1][1][1] - The Ministry of Industry and Information Technology, along with other departments, is organizing the 2025 New Energy Vehicle Rural Promotion Campaign, which includes collaboration with service enterprises to enhance vehicle service and charging infrastructure in rural areas [1][1][1] - China Pacific Insurance has launched a total scale of 50 billion yuan for its new merger and acquisition fund and private equity fund, focusing on key areas of state-owned enterprise reform and modern industrial system construction in Shanghai [1][1][1] Group 2 - NIO reported a revenue exceeding 12 billion yuan in Q1, with a year-on-year growth of over 21%, and a vehicle delivery of 42,094 units, marking a growth of over 40% [1][1][1] - Xiaomi's founder Lei Jun stated that the company's automotive business losses are gradually narrowing, with expectations to achieve profitability in the third to fourth quarter of this year [1][1][1] - Citic Bank has received approval to establish a financial asset investment company with a registered capital of 10 billion yuan, fully funded by the bank [1][1][1] Group 3 - The OECD has projected global economic growth rates of 2.9% for both 2025 and 2026, a downward revision from previous forecasts [2][2][2] - The eurozone's inflation rate for May was reported at 1.9%, lower than April's 2.2%, leading to market expectations of a 25 basis point interest rate cut by the European Central Bank [2][2][2] - The manufacturing PMI in China for May recorded 48.3, a decrease of 2.1 percentage points from April, marking the first drop below the critical point since October 2024 [1][1][1]

数字政通：公司以具有其特色的"网格化+"智慧城市建设模式为核心，业务涉及智慧综合行政执法管 理、智慧社会综合治理、新一代多网融合电子政务系统等智慧城市建设领域。 浪潮软件：公司已成为国内智慧政府解决方案与服务的领先厂商，基于多年的政府信息化建设经验及市 场地位，形成了"互联网+政务服务"整体解决方案。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 据新华社6月3日报道，国务院总理李强日前签署国务院令，公布《政务数据共享条例》，自2025年8月1 日起施行。《条例》对政务数据共享工作的总体要求、管理体制、目录管理、共享使用要求、平台支 撑、保障措施等方面提出具体要求。《条例》规定，整合构建全国一体化政务大数据体系，要求已建设 的政务数据平台纳入全国一体化政务大数据体系。明确各级政府部门应当通过全国一体化政务大数据体 系开展政务数据共享工作。 中证报表示，数字政府建设作为国家治理现代化的重要方向，近年来持续保持高速增长态势，技术驱动 与政策支持成为核心推动力。国家层面出台《数字中国建设整体布局规划》《"十四五"推进国家政务信 息化规划》等文件，明确数字政府建设目标，强调数据共享 ...

新华社北京6月3日电 国务院总理李强日前签署国务院令，公布《政务数据共享条例》（以下简称《条 例》），自2025年8月1日起施行。 《条例》旨在推进政务数据安全有序高效共享利用，提升政府数字化治理能力和政务服务效能，全面建设 数字政府。《条例》共8章44条，主要包括以下内容。 一是明确总体要求。规定政务数据共享工作坚持中国共产党的领导，遵循统筹协调、标准统一、依法共 享、合理使用、安全可控的原则。细化各级人民政府、政务数据共享主管部门、政府部门及其政务数据共 享工作机构的职责。 二是优化目录管理。规定政务数据实行统一目录管理，明确政务数据目录编制、发布以及动态更新等要 求。确定政务数据共享属性的分类，禁止擅自增设条件阻碍、影响政务数据共享。 三是细化共享使用要求。规定通过共享获取政务数据能够满足履职需要的，政府部门不得重复收集，明确 牵头收集政务数据的政府部门的职责。细化政务数据共享申请、答复的流程及时限要求。明确政务数据质 量管理、校核纠错及共享争议解决处理机制。规定上级政府部门应当根据下级政府部门的履职需要，在确 保政务数据安全的前提下，及时、完整回流相关政务数据。 四是加强平台支撑。规定整合构建全国一体 ...

国务院总理李强日前签署国务院令，公布《政务数据共享条例》（以下简称《条例》），自2025年8月1 日起施行。 《条例》旨在推进政务数据安全有序高效共享利用，提升政府数字化治理能力和政务服务效能，全面建 设数字政府。《条例》共8章44条，主要包括以下内容。 一是明确总体要求。规定政务数据共享工作坚持中国共产党的领导，遵循统筹协调、标准统一、依法共 享、合理使用、安全可控的原则。细化各级人民政府、政务数据共享主管部门、政府部门及其政务数据 共享工作机构的职责。 二是优化目录管理。规定政务数据实行统一目录管理，明确政务数据目录编制、发布以及动态更新等要 求。确定政务数据共享属性的分类，禁止擅自增设条件阻碍、影响政务数据共享。 三是细化共享使用要求。规定通过共享获取政务数据能够满足履职需要的，政府部门不得重复收集，明 确牵头收集政务数据的政府部门的职责。细化政务数据共享申请、答复的流程及时限要求。明确政务数 据质量管理、校核纠错及共享争议解决处理机制。规定上级政府部门应当根据下级政府部门的履职需 要，在确保政务数据安全的前提下，及时、完整回流相关政务数据。 四是加强平台支撑。规定整合构建全国一体化政务大数据体系，要求 ...

湖北省委副书记、省长李殿勋5月28日下午在武汉会见国家数据局党组书记、局长刘烈宏一行。李殿勋 表示，希望国家数据局在创新资源统筹、战略规划布局、创新项目安排、人才队伍培训等方面继续对湖 北给予大力指导、支持和帮助，为推动湖北经济社会高质量发展、加快建成中部地区崛起的重要战略支 点提供更加有力的支撑。刘烈宏表示，国家数据局将围绕更好统筹发展和安全，聚焦 人工智能等重点 领域，进一步健全数据基础制度，加强数据基础设施建设，推动优化算力资源布局和公共数据开放共 享，更大力度支持湖北数字技术创新、 数字经济发展、数字政府建设，更好助推湖北加快数字化转型 和经济社会高质量发展。 ...

在国家"高效办成一件事"的决策部署，以及广东提升"数字政府"效能的新要求下，南都大数据研究院推 出"数字政府提效微记录"专栏，面对企业群众政务服务需求中的盲点、困点，搭建与办事部门沟通的桥 梁，针对性展开普及与疏解。同时，聚焦政务服务具体事项和服务方式，发起主题化、动态式测评与调 研，挖亮点、补短板，助力标准化、规范化、便利化。 广东政务服务网上搜索"企业迁移登记一件事"显示广州只有市本级开通，而点击11区均显示"该站点暂 未开通"，与实际情况不符。 近日，有企业反映在广东政务服务网搜索"企业迁移登记一件事"时，广州市11个行政区均显示"该站点 暂未开通"，但实际白云区等区域已实现全流程网办，线上指引与实际服务"断档"明显。南方都市报、 南都大数据研究院进一步调查发现，针对该项政务服务，多地办事指南存在"双重标准"，如广东政务服 务网显示珠海"企业迁移登记一件事"办理涉及7个事项需提交11份材料，而"珠海政企通"公众号却称8个 事项、10份材料。 作为2024年国务院办公厅重点推行的"高效办成一件事"清单事项之一，"企业迁移登记一件事"旨在简化 企业跨区域迁移流程，但当前存在的信息滞后、渠道口径混乱等问题，引 ...

Group 1: Company Performance and Financials - In 2024, the company achieved operating revenue of 310.10 million yuan, a year-on-year increase of 32.53% [4] - The net profit attributable to shareholders was -63.82 million yuan, a reduction in losses by 60.51% compared to 2023 [4] - R&D investment for 2024 was 39.88 million yuan, accounting for 12.86% of operating revenue [5] Group 2: Market Strategy and Future Plans - The company focuses on a "productization" strategy, targeting high-reputation clients and enhancing product reusability [4] - The "go out" strategy aims to optimize the marketing system and expand both domestic and international markets [4] - The company plans to enhance its core competitiveness through continuous investment in AI technology and innovation [4] Group 3: Industry Context and Competitive Landscape - The software and information technology service industry reported a revenue of 1,372.76 billion yuan in 2024, with a year-on-year growth of 10% [6] - The overall profit for the industry was 169.53 billion yuan, reflecting an 8.7% increase year-on-year [6] - The digital government sector is influenced by national policies and technological advancements, with significant growth potential [7][8] Group 4: Value Creation and Stakeholder Engagement - The company emphasizes value creation for investors through improved operational efficiency and cost reduction measures [4] - It actively engages with investors to address concerns regarding market performance and value management [3][8] - The company is committed to aligning its strategies with national policies to enhance its market competitiveness [7]

Core Viewpoint - The National Data Bureau has officially released 70 key public data demonstration scenarios aimed at enhancing the supply, circulation, and utilization of public data, marking a significant step in the market-oriented reform of data elements in China [1][2]. Group 1: Public Data Utilization - The initiative focuses on transforming public data from a "static archive" to a "dynamic flow," thereby enhancing its social benefits and economic development potential [2][3]. - The demonstration scenarios cover essential sectors such as healthcare, transportation, finance, and environmental protection, addressing public needs and improving service delivery [2][3]. Group 2: Governance and Service Optimization - The upgrade in governance philosophy emphasizes the need for technology to enhance public service efficiency, moving towards a model where data sharing reduces the burden on citizens [3]. - Examples include the "one-stop" service model for newborn documentation in Fujian and the establishment of a trusted data space in Guangzhou, which collectively improve service quality and decision-making accuracy [3]. Group 3: Future Prospects - The construction of demonstration scenarios is viewed as a starting point for further exploration and innovation in data utilization, with expectations for more scenarios to emerge that enhance public services [3].

Group 1 - The core viewpoint of the news is that Nanwei Software has experienced significant declines in revenue and profitability in 2024, indicating potential challenges in its business operations [1][3]. - In 2024, the revenue from various business segments, including AI/data elements combined with digital government and public safety, has decreased, with the public safety segment seeing a 66.27% year-on-year decline [1]. - For Q4 2024, Nanwei Software reported a revenue of 374 million yuan, a year-on-year decrease of 61.80%, but a quarter-on-quarter increase of 175.00% [1]. - The net loss attributable to shareholders for 2024 was 310 million yuan, a decline of 650.45% compared to the previous year, indicating a shift from profit to loss [3]. - The gross margin for 2024 was 24.92%, down 13.59 percentage points year-on-year, while the net margin was -42.19%, a decrease of 46.08 percentage points [1]. - Operating cash flow for 2024 was 399 million yuan, reflecting a year-on-year increase of 333.04% [1]. Group 2 - Nanwei Software was established on October 18, 2002, and went public on December 30, 2014, primarily focusing on e-government software development, system integration, and technical services [2].