Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 16, 2025, via the "Investor Relations Interactive Platform" [3] - Key attendees included the Chairman, General Manager, CFO, and Board Secretary of the company [3][4] Group 2: Industry Performance and Company Growth - In 2025, China's intelligent computing power is expected to reach 1,037.3 EFLOPS, a 43% year-on-year increase [4][31] - The compound annual growth rate (CAGR) for China's intelligent computing power from 2023 to 2028 is projected at 46.2% [4][31] - The company achieved a revenue of 654.62 million yuan in 2024, with a 48.27% increase in computing power service revenue [5][10] Group 3: Financial Performance - The net profit attributable to shareholders in 2024 was 12.06 million yuan, marking a turnaround from losses [5][10] - In Q1 2025, the company reported a revenue of 198.27 million yuan, a 51.68% increase year-on-year [8][10] - The gross margin for computing power services was 32% in 2024, decreasing to 27% in Q1 2025 due to changes in service mix [11] Group 4: Accounts Receivable and Debt - As of the end of 2024, accounts receivable over three years amounted to 7.42 million yuan, representing about 7% of total accounts receivable [7] - The company's debt ratio stood at 76.53%, primarily due to contract liabilities and bank loans [12] Group 5: Customer Base and Market Position - The top five customers contributed 26.48% of total revenue in 2024, indicating a reasonable level of customer concentration [16] - The company has a sufficient order backlog and is actively pursuing large clients in the computing power service sector [13][14] Group 6: Research and Development - As of the end of 2024, the company employed 83 R&D personnel, accounting for 19.58% of total employees [24] - The company has no PhD holders among its R&D staff, with 12.05% holding master's degrees [24] Group 7: Future Outlook - The company anticipates continued growth driven by expanding business scale and improving operational efficiency [28] - The intelligent computing service market is expected to mature, with increasing demand for high-performance computing infrastructure [27][28]

当前，我国生成式人工智能产业发展迅速，相关企业数量已经超过4500家。然而，生成式人工智能与实 体经济融合的深度和广度仍有待提升，其巨大潜力尚未充分释放。究其原因，一方面在于生成式人工智 能技术本身仍处于快速发展期，成熟度有待提高；另一方面，不同产业因其自身特性和发展阶段的差 异，对生成式人工智能技术的需求呈现显著差异。为此，提升生成式人工智能技术的通用性和适用性、 推动科技创新与产业创新深度融合成为当务之急。 二是商业转化临界点尚未到来，行业落地较为缓慢。当前，生成式人工智能技术大规模商业化应用的路 径不畅，在算力资源紧张与训练成本高企的背景下，企业在实际部署中对生成式人工智能创新的投入回 报比不够理想，不同产业类型的生成式人工智能商业落地路径呈现出明显梯度。传统产业整体数字化水 平有限，模型与业务系统之间数据集成基础薄弱，短期内难以形成规模效应；新兴产业在部分场景中已 实现探索性应用，但普遍仍处于"点状突破、多点未及"的阶段；而未来产业由于具备更高的成本容忍度 与对颠覆式创新的开放态度，被认为是生成式人工智能最具战略潜力的应用场景，但产业落地的不确定 因素更多。根据行业特点发挥科技金融等政策工具的分类施策 ...

Investment Rating - The report indicates a positive outlook for equities, suggesting a potential for continued market upside due to light investor positioning and macroeconomic factors [30][32][46]. Core Insights - The macro team has upgraded growth forecasts, delayed rate cuts, raised global index targets, and reduced recession risk from 45% to 35% [1]. - The geopolitical landscape appears relatively stable, and resilient hard data combined with the potential recovery in soft data may support risk appetite in the near term [1][2]. - The report highlights the significant deflationary impact of generative AI, which is expected to outweigh inflationary pressures from tariffs [3]. - The S&P 500 index may witness one of the fastest recoveries from a 20% drawdown to new all-time highs [4]. - The VIX and MOVE indices have experienced one of the sharpest resets since 1990, indicating a decline in market volatility [6]. - Cyclical stocks have outperformed defensive stocks by 18% since April 4, reflecting an optimistic economic growth outlook [8]. - Despite resilient hard data, soft data has deteriorated year-to-date, marking one of the largest gaps since the 1970s [10]. - Financial conditions have not tightened significantly despite tariffs being eight times larger than in the previous trade war [12]. - US equity valuations are near historical highs, and global equity markets are not inexpensive relative to history [13]. Summary by Sections Market Dynamics - The report emphasizes the need for prudence and selectivity in adding risk, focusing on market dislocations and fundamentals [2]. - The performance of the Magnificent 7 has been notable, with a rally of 28% from its April low, although it remains down 5% year-to-date [49][50]. Economic Indicators - The report notes that the US equity sentiment indicator registered -1 standard deviations, typically indicating above-average returns for the S&P 500 in the following weeks [30]. - Hedge fund net leverage is at a particularly low level, suggesting potential for increased market activity [32]. Future Outlook - The report suggests that the current environment may favor strong pricing power, robust balance sheets, and sectors with secular growth [46]. - The anticipated earnings growth for the Magnificent 7 may exceed consensus estimates, indicating potential upside [53].

【环球网科技综合报道】5月19日消息，彭博社马克·古尔曼在一篇关于苹果人工智能战略的全新长篇报道中，详细列举了苹果智能推出过程中的诸多战略失 误，并表示正如我们许多人早已深信的那样，新兴的生成式人工智能趋势令苹果措手不及。 不过，这不仅仅是克雷格·费德里吉一个人的事。其他领导人也和费德里吉一样持保留态度。"在人工智能的世界里，你真的不知道产品是什么，直到你投资 完成，"另一位资深高管说道。"这不是苹果的思维方式。苹果坐下来开发产品时，就已经知道最终目标是什么了。" 报告还称，尽管其他高管"确信"人工智能将带来"革命性"影响，但他们却无法说服费德里吉。很多建议"被置若罔闻"。 除此之外，苹果AI主管约翰·詹南德雷亚从未真正能够立即投入工作。他刚加入苹果时就认为，苹果需要投入比目前多得多的资金。然而，他的努力"常常受 阻"。 至于苹果计划如何从这次战略失败中恢复过来，古尔曼表示，这不会是下个月WWDC大会的焦点，因为苹果将在会上发布iOS 19及更多新功能。（思瀚） 简而言之，苹果软件主管克雷格·费德里吉（Craig Federighi）对人工智能不太信任。他"不愿"在这项技术上投入大量资金，也不认为它是"核心能 ...

Core Viewpoint - The article discusses the challenges and strategic decisions faced by Chinese smartphone manufacturers, particularly Xiaomi and OPPO, in their attempts to develop self-researched smartphone chips, highlighting the importance of timing, financial strength, and organizational structure in such endeavors [2][3][8]. Group 1: Historical Context - Huawei began self-researching smartphone chips in 2012, launching the Kirin series in 2014, but faced significant challenges due to U.S. export controls that disrupted its supply chain [2]. - Xiaomi launched its first self-researched chip, the Surge S1, in 2017, but faced difficulties with the subsequent Surge S2, leading to a halt in its chip project [2][3]. - OPPO initiated its chip development plan in 2019 but abruptly shut down its chip business in 2022 due to financial pressures and market uncertainties, marking a significant setback for the domestic chip development initiative [3][7]. Group 2: Financial Considerations - The financial health of a company is crucial for chip development, as the costs involved are substantial, with initial R&D investments potentially exceeding billions [6][7]. - OPPO reportedly spent hundreds of billions on its chip project, which became unsustainable amid declining sales and cash flow issues [7][8]. - In contrast, Xiaomi has maintained a stronger financial position, allowing it to restart its chip development with a more robust cash reserve and diversified business lines [8]. Group 3: Organizational Structure - The integration of chip development within the smartphone business is essential for success, as seen in Apple's model, where chip design is closely aligned with product needs [9][10]. - OPPO's independent chip division faced challenges due to a lack of synergy with the smartphone division, leading to inefficiencies and misalignment [9][10]. - Xiaomi's new chip initiative, "玄戒," is structured to ensure close collaboration with its smartphone division, enhancing decision-making efficiency and product alignment [10]. Group 4: Lessons Learned - Xiaomi's previous experiences with its chip projects have provided valuable lessons, leading to a more cautious and strategic approach in its current endeavors [11][12]. - The failure of OPPO's chip project serves as a reminder of the importance of understanding market dynamics and the need for a sustainable business model in chip development [11][12]. - Xiaomi's strategy includes leveraging partnerships, such as collaborating with MediaTek for 5G technology, to mitigate risks associated with self-researching complex technologies [12][16]. Group 5: Market Environment - The geopolitical landscape, particularly U.S.-China relations, has influenced the chip development strategies of Chinese companies, with recent shifts in focus away from high-end SoC chips [14][15]. - The rise of AI technology in smartphones has created a pressing need for customized chips, prompting manufacturers to invest in self-researched solutions to enhance AI capabilities [16][17]. - Xiaomi's expansion into electric vehicles and AIoT ecosystems provides additional opportunities for its chip development efforts, potentially allowing for cross-application of technology [17][18]. Group 6: Future Outlook - If Xiaomi successfully launches its "玄戒" chip, it could position itself as a major player in the high-end smartphone chip market, joining the ranks of Apple, Samsung, and Huawei [18][19]. - The article concludes that the success of Xiaomi's chip initiative will depend on its ability to navigate the complexities of the market and leverage its past experiences effectively [18][19].

Group 1: Technology Usage - In 2024, UK adults primarily focus on consolidating existing media technology rather than purchasing new devices due to economic pressures, with some opting to downgrade or cancel subscriptions in favor of streaming services [1] - The use of AI tools has significantly increased, with office workers commonly utilizing ChatGPT and Microsoft Copilot for repetitive tasks, and some applying these tools in personal life for tasks like writing applications and planning trips [1] - Smart home devices, particularly smart doorbells, are gaining traction due to security features, although users show resistance to subscription services [1] Group 2: Content Consumption - The trend of online on-demand viewing continues, with the proliferation of smart TVs boosting the usage of public service platforms like BBC iPlayer and ITVX, despite a decline in public trust towards BBC [2] - YouTube has become a major viewing platform, especially among males, surpassing traditional TV and streaming services, while social media usage is becoming more cautious [2] - Public service broadcasts like "Mr. Bates vs. The Post Office" have received acclaim for addressing social issues, highlighting the role of public service media [2] Group 3: Privacy and Security - Most participants view the provision of personal data as a "necessary evil" for using online services, showing a passive acceptance of this reality [2] - Users express confidence in identifying threats like scam calls and emails, primarily through methods such as checking sender addresses and consulting family [2] - Concerns are rising regarding AI-generated content, particularly deepfake videos on social media, leading users to rely on comments for content authenticity [2] Group 4: News Consumption - News consumption is increasingly polarized, with mainstream media facing trust issues, particularly among low-income and minority groups who feel underrepresented [2] - BBC remains the most widely used news service, but its credibility is challenged, leading some to turn to social media and YouTube for alternative news sources [2] - The coverage of the 2024 elections has drawn criticism for its confrontational debate style, with many participants believing media coverage does not significantly influence their voting decisions [2] Group 5: Reflection on Two Decades of Media Life - Over the past 20 years, smartphones have been recognized as the most influential technology, reshaping communication, content consumption, and social interaction [3] - Participants acknowledge the conveniences brought by technology but express concerns over privacy breaches and fragmented family life [3] - AI is viewed as a key variable for the future, with discussions around its potential impact on education and employment, alongside a desire for a return to simpler living [3] Group 6: Industry Guidelines for AI in Translation - The China Translation Association has developed the "Guidelines for the Application of Generative AI in the Translation Industry (2025)" to help the industry navigate technological advancements [5] - The guidelines focus on four dimensions: scenario application, capability enhancement, technology ethics, and quality control, addressing core contradictions in human-machine collaboration [5] - The guidelines will be regularly updated based on industry feedback to ensure ongoing relevance [5]

Core Insights - The rapid growth of global enterprise data is driven by Generative AI technologies, with significant implications for the industry [1] Group 1 - According to IDC, the global volume of newly generated data is expected to reach 393.9 ZB (zettabytes) by 2028 [1] - The scale and growth rate of enterprise data are particularly notable, highlighting the impact of Generative AI on data generation [1]

5月15日，由北京市委金融办牵头搭建的服务北京全球高端专业服务机构平台正式启动。作为平台财会领域的牵头机构掌舵者，ACCA（特许公认会计师公 会）行政总裁白容（Helen Brand）特地从英国来到北京参加启动会。 在启动仪式结束后，经济观察报记者对白容进行了采访。谈及ACCA在中国高水平对外开放中所扮演的角色时，白容表示，在促进开放、推动互联互通以及 贸易繁荣发展的关键进程中，一个全球通用的商业语言至关重要。商业人士、监管者、政府以及更广泛的商业生态系统之间需要建立稳固且紧密的联系。 白容表示，在助力北京打造高端专业服务平台的过程中，ACCA的首要职责是统筹协调财会与金融领域内各方参与者的共同努力。凭借自身广泛的全球影响 力以及在中国的深厚根基，能够协调众多其他组织与企业共同参与其中，贡献国际视野。 据ACCA（特许公认会计师公会）与IMA®（管理会计师协会）近日公布的2025年第一季度《全球经济状况调查》报告显示，中国财会专业人士整体市场情 绪大幅跃升，而北美地区的市场信心已降至有史以来最低水平。 根据上述报告，一季度调研结果显示北美市场信心显著下降，主要归因于美国财会专业人士的信心跌至历史第二低水平。调 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional compliance information from Wevo Technology regarding its overseas listing and merger with Future Vision II, focusing on the company's equity structure and business operations in relation to regulatory requirements [1][2]. Group 1: Company Overview - Wevo Technology is an innovation-driven tech company specializing in artificial intelligence and "Martech" services, as well as AI and software development [2]. - The company's mission is to drive business growth and enhance client value through continuous technological innovation, aiming for the industrialization of intelligent digital technologies [2]. Group 2: Merger and Financial Details - Future Vision II, a blank check company, officially listed on the NASDAQ Capital Market on September 12, 2024, raising $50 million [3]. - The merger agreement between Future Vision II and Wevo Technology is valued at $100 million, with Wevo shareholders receiving 9,950,250 shares of Future Vision II at a price of $10.05 per share, expected to complete by the end of Q2 2025 [1][2]. - Future Vision II's initial merger period is set for 18-24 months, focusing on the TMT sector in Greater China, seeking companies that provide advanced and differentiated solutions [3].

证券代码：301085 证券简称：亚康股份 北京亚康万玮信息技术股份有限公司 投资者关系活动记录表 编号：2025-003 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他 参与单位名称 及人员姓名 亚康股份2024年度业绩说明会采用网络远程方式进行，面向全体投资者 时间 2025 年 5 月 16 日 15:00-17:00 地点 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈" 栏目 公司接待人员 姓名 董事长：徐江 总经理：古桂林 董事会秘书：曹伟 独立董事：刘航 财务总监：李武 保荐机构代表：许琰婕 投资者关系活动 主要内容介绍 1、行业以后的发展前景怎样？ 答：算力作为数字经济时代的核心生产力，不仅加速了信息技术产 业的发展，还极大地促进了制造、交通、教育、媒体等传统产业的数字 化转型与升级，在推动技术产业进步、加速数字技术与实体经济深度融 合方面发挥着重要作用。生成式人工智能和大模型是推动人工智能技术 发展的关键因素，深度学习、强化学习和迁移学习等核心技术取得突破， | 使模 ...