Core Viewpoint - The article highlights the strong performance of Hong Kong internet stocks, driven by advancements in AI technology and significant revenue growth from major companies like Tencent and Alibaba [2][3]. Group 1: Market Performance - On April 30, 2025, the Hang Seng Index opened slightly higher by 0.21%, with the internet sector showing stronger performance, particularly the Hong Kong internet ETF (513770), which rose over 1% [1]. - The CSI Hong Kong Internet Index has seen a cumulative increase of over 33% since the start of the current market rally, significantly outperforming the Hang Seng Index [3]. Group 2: AI Developments - Alibaba recently launched its new open-source model Qwen3, which is now recognized as the strongest open-source model globally, while Tencent has restructured its AI development framework to enhance its capabilities [2]. - AI has become a key driver of revenue growth for internet companies, with Tencent reporting double-digit revenue growth in Q4 2024, attributed to AI-enhanced advertising and user engagement [2]. Group 3: Investment Insights - The Hong Kong internet ETF (513770) is positioned as an effective investment tool, tracking the CSI Hong Kong Internet Index and benefiting from strong liquidity and daily trading volume averaging 714 million yuan [3]. - The ongoing advancements in AI technology present significant growth opportunities for leading internet companies, which are expected to further enhance productivity and profitability in the long term [2].

A股年报披露收官 近七成公司拟现金分红 并购重组业务成大型券商收入主要增量 自去年"并购六条"发布以来，并购重组业务成为券商寻求收入新增量的主要路径之一。截至4月29日， 已有42家上市券商披露了2024年年报。从42份年报对比来看，这一业务行业分化较大。并购重组业务收 入通常体现在财务顾问业务中。数据显示，以财务顾问业务净收入为口径，上述42家券商财务顾问业务 净收入总额为44.42亿元。具体到各家券商，有17家实现正增长，增幅最高的券商同比增长75%；有25 家则出现了下滑，最大降幅达79%。广发证券、中金公司、国信证券、华泰证券等券商该项业务增速较 高。（上证报） 电子通信行业全面拥抱AI 开启新一轮增长周期 随着披露收官，A股电子及通信行业2024年全年及2025年一季度业绩"冷暖"浮出水面：行业全面拥抱人 工智能（AI）浪潮，业绩稳健向好，迎来新一轮增长周期。据IDC统计，2024年全球智能手机出货量达 12.4亿部，同比增长约6.4%，智能手机市场回暖。IDC预计2025年生成式AI手机出货量将近4.2亿部，同 比增长82.7%，将占据智能手机市场份额三分之一，市场潜力巨大。行业龙头立讯精密202 ...

宝马认为，创新绝非技术的堆砌，而是以适合且只适合宝马的方式创造用户价值。 汽车产业的周期性波动，结合电动化和软件定义汽车（SDV）趋势的加速，为所有参与者带来了新的 挑战和机遇。 对于那些拥有深厚历史积淀的传统豪华品牌来说，这是一个转型升级的黄金时期。他们可以将长期积 累的优势转化为面向未来的创新动力，同时积极应对一个加速变化的市场，特别是来自本土新兴力量 的竞争。其中一大课题是如何在这样的竞争中保持自身稳健的发展步调与独特的品牌价值。 宝马集团给出的答案是 "新世代"（Neue Klasse）。2025 年的上海国际车展，成为宝马展示 "新世代" 阶段性成果的重要舞台，不仅带来了 Vision Neue Klasse X 概念车的中国首秀 ，还重点发布了全新一 代 BMW iDrive 系统以及专为中国市场深度定制的全新操作系统 BMW Operating System X 。此外， 宝马还通过展示其核心技术 "驾控超级大脑"（Heart of Joy）的性能，强调了智能化对驾驶乐趣的提 升。 宝马新世代概念车家族。图源：宝马中国（左右滑动查看） 不堆砌参数，宝马如何用智能再次激活 "驾驶乐趣"？ 宝马的核 ...

访问台湾的九州经济 联合会代表团与台湾经济部长郭智辉（前排右起第三位）等人（2月，台北） 自2024年5月赖清德上台以来，台湾经济部多次提出在九州设立据点的构想。选址于九州最大城 市福冈而非熊本等地的背后原因可能在于希望与整个九州地区展开合作，而不仅限于特定县市。 在九州，台积电熊本第1工厂已于2024年末开始量产，此外，2024年7月，全球最大的半导体后 工序企业台湾日月光投资控股（ASE）与北九州市签订了获得土地的临时合同。台湾方面对被称 为"硅岛"的整个九州的潜力充满期待。 要解读贸易投资中心的意图，台湾经济部长郭智辉多次提到的两个词值得参考。第一个是"境外关 内"。意思是为了扩大台湾制造业的市场，将以日美欧等友好国家为目标，对海外投资提供支援。 第二个是"以大带小"。意思是以台积电为代表的大企业带领中小企业，将台湾的供应链整体向海 外拓展。将推动支撑台湾经济的中坚企业和中小企业迅速走向海外。 在被称为"台湾硅谷"的台湾北部新竹等地，当局主导运营的"科学园区"里集合了供应链和研究机 构，通过开放创新，不断提升竞争力。台湾的新竹、中部、南部三大园区的总销售额2024年达到 历史最高的4.76万亿台币。 然 ...

金垣洙认为，当前全球社会正经历三重危机，即外部威胁、全球治理体系渐趋支离破碎以及全球领导力衰退。 "当今世界正处于和平与危机的交叉路口。"联合国前副秘书长兼裁军事务高级代表金垣洙（King Won-soo）在25日由复旦大学和崔钟贤学术院 主办的"上海论坛2025"年会上如是表示。 本届论坛以"创新的时代：科技、发展、治理"为主题，围绕人类共同挑战展开对话交流，为亚洲乃至全球发展探索更具包容性、公平性的未来 路径。 在此前担任联合国副秘书长兼裁军事务高级代表的十余年间，金垣洙在多个高级职位上统筹协调联合国应对全球挑战，积累了丰富经验。他在 论坛期间接受了第一财经的专访，回应了人工智能发展、美国特朗普政府的关税政策影响、地缘冲突等当前热点话题。 多边主义失效让人担忧 第一财经：你在主旨演讲中提到当前全球社会正经历三重危机，即以杀伤性武器、气候变化、颠覆性技术运用不当为代表的外部威胁，全球治 理体系渐趋支离破碎以及全球领导力衰退。您如何看待人工智能（AI）的兴起，对当前全球治理的影响？ 金垣洙：我对国际安全局势的前景并不乐观。原有的地区冲突尚未了结，又有新冲突出现。国际安全局势处于高度动荡中，没有国家可以独善 其 ...

Core Viewpoint - The company achieved record high performance in Q1 2025, driven by structural demand from emerging computing scenarios such as AI and high-performance servers, despite a slight decline in revenue due to reduced production days during the Spring Festival [2] Financial Performance - In Q1 2025, the company reported revenue of 4.038 billion yuan, representing a year-over-year increase of 56.25% and a quarter-over-quarter decrease of 6.77% [1] - The net profit attributable to shareholders was 762 million yuan, showing a year-over-year increase of 48.11% and a quarter-over-quarter increase of 3.2% [1] - The non-recurring net profit was 745 million yuan, with a year-over-year increase of 50.07% and a quarter-over-quarter increase of 0.71% [1] - The gross margin was 32.75%, reflecting a year-over-year decrease of 1.11 percentage points and a quarter-over-quarter increase of 0.95 percentage points [1] Market and Product Insights - The company benefits from low direct exposure to the U.S. market, with less than 5% of revenue coming from direct exports to the U.S., primarily exporting to Southeast Asia [3] - The company is well-positioned to withstand potential tariff risks due to its technological and production capacity advantages in the PCB industry [3] - The company has ramped up investments in key processes and bottleneck processes, with fixed assets showing rapid growth since Q4 2024, and expects significant capacity improvements in H2 2025 [3] - The Thai production base has entered trial production, aiming for scalable mass production capabilities, which will strengthen the company's position with North American clients [3] Future Outlook - The company plans to invest 4.3 billion yuan to expand capacity to meet the long-term demand for high-end PCBs in the AI industry, reflecting confidence in AI sector growth [3] - The ongoing product iterations are expected to enhance average selling prices (ASP) and profitability, with monthly profits anticipated to continue breaking new highs [4] - The company maintains a profit forecast of 3.645 billion yuan, 4.201 billion yuan, and 4.559 billion yuan for 2025-2027, respectively, with a target valuation of 38 yuan for 2025 based on a 20X target multiple [4]

越南总理范明政（右）与日本首相石破茂在会谈前握手（4月28日，河内，Kyodo） 两位首相在会谈后交换了文件，内容涉及在安全、经济和人材交流方面加强合作。双方确认2025 年内在日本召开首次外务和防卫副部长级2+2会议。 安保领域将以防卫装备和技术合作为主。考虑充分利用向志同道合的国家无偿支援防卫装备等 的"政府安全保障能力强化支援（OSA）"。还将加强合作，以应对海外有组织的诈骗和网络犯 罪。 在经济领域，双方将探索在半导体、人工智能（AI）、量子技术等前沿领域、以及防灾和强化供 应链方面的合作。建立有利于日本企业在越南投资的环境。 越南在东南亚国家联盟（ASEAN）内保持着很高的增长率。2024年国内生产总值（GDP）增长 率超过7%，并提出了2025年达到8%的目标。 两国首相还讨论了应对美国特朗普政府关税措施的问题，明确了自由贸易的重要性。中国国家主 席习近平在4月中旬比日本首相石破茂稍早访问了包括越南在内的东南亚三国。在美国加征关税 之机，加强接近东南亚。 日本经济新闻（中文版：日经中文网）手塚悟史 河内报道 两位首相会后交换了文件。双方确认2025年内在日本召开首次外务和防卫副部长级2+2会议…… ...

Core Insights - The integration of artificial intelligence (AI) is significantly empowering fusion research, aiming to reshape the ecosystem of nuclear fusion studies through deep collaboration among academia, industry, and policy [1][4] - Nuclear fusion, often referred to as the "artificial sun," simulates the energy release mechanism of the sun, requiring extreme conditions to fuse light atomic nuclei into heavier ones, thus providing a virtually limitless energy source [1][2] Group 1: Current Developments in Fusion Research - The International Thermonuclear Experimental Reactor (ITER) project involves resources from 35 countries globally, while China's Experimental Advanced Superconducting Tokamak (EAST) collaborates with ITER, creating an innovative network covering approximately 70 countries and over 150 research institutions [2] - China's "Circulation Three" project is set to open for international collaboration by the end of 2023, with the first round of joint experiments in 2024 attracting participation from 17 global institutions, research institutes, and universities [2] Group 2: AI's Role in Fusion Research - AI has demonstrated significant advantages in handling complex data related to nuclear fusion, enabling precise predictions and intelligent control, transforming plasma data analysis from "hours of modeling" to "milliseconds for solutions" [3] - The introduction of AI allows for 300 milliseconds of advance prediction, effectively preventing interruptions in fusion reactions due to plasma instability, a feat traditional commercial software cannot achieve [3] - AI models can integrate specialized knowledge, expert experience, and experimental records, potentially leading to the establishment of a cross-device database, fundamentally revolutionizing fusion research paradigms [3] Group 3: Future Implications - The deepening integration of AI and fusion research is expected to pave the way for an open-source ecosystem, breaking down data barriers and enhancing resource integration to lower research and development risks [3] - This collaboration will also reduce the marginal costs of knowledge integration, promoting cross-disciplinary cooperation and accelerating the fusion research process [3][4] - The combination of AI and nuclear fusion represents a pinnacle challenge in science and engineering, serving as a test of human collaborative intelligence [3][4]

Group 1 - The technology industry has shifted from a desirable work environment with attractive benefits to one facing layoffs, increased workloads, and stagnant salaries [1][2] - Major companies like Meta, Amazon, and Google have implemented cost-cutting measures, including layoffs and stricter travel policies, reflecting a significant cultural shift [1][5][6] - Employees are now expected to take on additional responsibilities due to layoffs, and the once-reliable method of salary increases through job changes has diminished [2][10] Group 2 - Despite high salaries, many experienced employees feel disconnected from their companies' current values, as management focuses more on Wall Street demands [5][6] - The trend of "doing more with less" has become prevalent, with companies prioritizing efficiency and AI-related projects over employee support [9][10] - Monitoring of employees has increased, with companies like Amazon implementing software to track employee activity, contrasting with their previous culture of trust [11][13] Group 3 - The once lavish benefits in Silicon Valley are disappearing, with companies cutting back on entertainment budgets and reducing perks like free meals and travel allowances [15][18] - Employees report a decline in morale due to the loss of seemingly minor benefits, which have a significant impact on workplace satisfaction [18][20] - Companies are now more inclined to offer short-term or non-guaranteed compensation, such as bonuses, to manage salary expenses more flexibly [14]

Core Viewpoint - "Fuxi Huayan" is a groundbreaking AI model in ophthalmology that can diagnose eye diseases and predict overall health conditions from a single retinal image, marking a significant advancement in medical technology [3][4][6]. Group 1: Technology and Innovation - "Fuxi Huayan" utilizes advanced AI technology to provide early diagnosis and precise treatment in the medical imaging field, becoming a highlight in ophthalmology [4]. - The model has absorbed a vast amount of data, including 4.4 million images from 26 countries, enhancing its diagnostic capabilities [7][9]. - The system can now explain its diagnostic reasoning, increasing its credibility and trustworthiness [8][9]. Group 2: Health Monitoring and Predictive Capabilities - "Fuxi Huayan" has transitioned from single-disease diagnosis to a comprehensive health warning system, capable of predicting 38 blood biochemical indicators from an eye image [9][10]. - The model aims to expand its predictive capabilities to include chronic diseases such as hypertension and stroke, enhancing its role in health management [10][11]. Group 3: Accessibility and Implementation - The development team is focused on making "Fuxi Huayan" accessible to the general public, with plans to implement it in hospitals and community health centers [12][13]. - Initial clinical applications will take place in major hospitals, where it will assist doctors and improve diagnostic efficiency [13][14]. - The model is designed to complement rather than replace human doctors, aiming to balance the distribution of quality medical resources [15]. Group 4: Future Prospects - The ongoing development of "Fuxi Huayan" includes creating a patient-friendly application for direct use, enhancing patient access to health monitoring [15][16]. - The ultimate goal is to establish a dynamic health record based on retinal images, allowing continuous tracking of health conditions [10][16].