Market Performance - As of May 17, 2025, the North Exchange A-share index closed at 1422.43 points, up 3.13% from the previous week[3] - The average market capitalization of North Exchange A-share component stocks is 3.071 billion yuan[15] - The average daily trading volume for North Exchange A-shares reached 34.684 billion yuan, an increase of 39.32% week-on-week[15] Sector Analysis - The North Exchange A-share PE ratio is 74.35x, compared to 59.95x for the ChiNext and 184.44x for the Sci-Tech Innovation Board as of May 16, 2025[28] - Recommended sectors include cross-border finance, technology innovation, and high-dividend consumer leaders, driven by policy incentives and industry trends[3] Investment Recommendations - Focus on undervalued growth stocks while being cautious of overvalued companies in specific sectors[28] - The report suggests a multi-dimensional investment strategy based on policy empowerment, technological breakthroughs, and consumer resilience[3] Risks - Potential risks include policy risk, liquidity risk, and the risk of corporate earnings not meeting expectations[29]

Core Viewpoint - The successful landing of the Asia Link Cable (ALC) international submarine cable in Lingshui marks a significant step in enhancing Hainan's international communication capabilities and contributes to the construction of an efficient, secure, and intelligent global information interconnection channel in the Asia-Pacific region [1][2] Group 1: Project Overview - The ALC international submarine cable spans over 6,100 kilometers, connecting Hong Kong and Singapore, with branches extending to the Philippines, Vietnam, Brunei, Malaysia, and Lingshui, Hainan [1] - The specific branch that landed in Lingshui is 590 kilometers long and represents the first direct international submarine cable built by China Telecom in Hainan [1] Group 2: Technical Capabilities - The ALC cable utilizes advanced high-capacity optical fiber transmission technology, providing a transmission bandwidth of up to 20 Tb/s, equivalent to the data required to transmit over a thousand HD movies per second [2] - This high bandwidth supports various applications, including cross-border financial transactions, real-time cloud rendering, ultra-high-definition video transmission, and cross-border computing power scheduling [2] Group 3: Future Developments - Following the landing of the ALC cable, China Telecom plans to accelerate the development of international communication infrastructure in Haikou and Sanya, integrating deeply into the overall construction of the free trade port [2] - The company aims to leverage new-generation information technologies such as 5G, cloud computing, big data, and artificial intelligence to provide international communication services for Chinese enterprises going global and multinational companies entering the region [2] - The initiative is expected to promote the development of cross-border data, artificial intelligence, gaming, international tourism, cross-border e-commerce, cross-border finance, and international logistics, contributing to the integration of Hainan's digital economy and real economy [2]

Core Viewpoint - The article highlights the proactive measures taken by the Zhengzhou branch of CITIC Bank to support the high-quality development of the economy in Henan Province through innovative financial services and products tailored for various sectors, including foreign trade, small and micro enterprises, and private enterprises [1][4][5]. Group 1: Support for Foreign Trade - CITIC Bank Zhengzhou branch has established a "Cross-border Financial Comprehensive Service System" to support over 10,000 foreign trade enterprises in the province, providing international settlement services amounting to nearly 10 billion RMB and financing support exceeding 20 billion RMB as of Q1 2025 [1][2]. - The bank has introduced a unique "Export-oriented Enterprise Credit Card" credit model to facilitate financing for light-asset foreign trade enterprises, significantly reducing the approval time for credit [2]. Group 2: Support for Small and Micro Enterprises - The bank has implemented a "thousand enterprises and ten thousand households" outreach initiative, providing credit support of 11.9 billion RMB and loans of 10.8 billion RMB to 8,175 small and micro enterprises by the end of March 2025 [3]. - CITIC Bank Zhengzhou branch aims to enhance its financial services for small and micro enterprises by leveraging financial technology and creating specialized products to ensure sustainable growth [3]. Group 3: Support for Private Enterprises - The bank has launched the "Star Plan" to enhance financial support for private enterprises, focusing on five key areas to innovate service models and upgrade support for private sector growth [4]. - A comprehensive action plan has been developed to address the challenges faced by private enterprises, aiming for an increase in loan volume, expansion of service coverage, and reduction in loan costs [5].

Core Insights - The launch of the multi-functional EF account in Hainan Free Trade Port has led to significant growth in business volume, surpassing RMB 120 billion within a year [1][2] Group 1: EF Account Overview - The EF account was officially launched on May 6, 2024, and integrates both domestic and foreign currency account systems, allowing for multiple functions within a single account [1] - The EF account system includes domestic EFE accounts and overseas EFN accounts, enabling various cross-border financial operations under legal compliance [1] Group 2: Business Applications - The EF account is widely used for cross-border trade settlements, spot and forward foreign exchange settlements, working capital loans, overseas lending, overseas investment, and foreign investment [1] - The EF account has gained popularity among domestic and foreign enterprises, with a diverse range of account holders across various industries and regions [1] Group 3: Industry Distribution - EFE account holders span 40 industries, primarily concentrated in wholesale (especially trade enterprises), business services, and pharmaceutical manufacturing [2] - EFN accounts are involved in wholesale and retail, business services, energy development, biomedicine, and information technology sectors [2] - The registered locations of account-holding enterprises include China, Singapore, the British Virgin Islands, and 16 other countries and regions [2] Group 4: Impact on Financial Flow - The widespread application of the EF account has effectively enhanced the liberalization and convenience of cross-border capital flows in Hainan Free Trade Port [2]

5月9日，上海市高级人民法院召开2024年上海法院金融商事审判情况暨司法服务保障科技金融高质量发 展情况发布会。证券时报记者从会上获悉，2020年至2024年，上海法院一审审结涉科技金融纠纷案件共 计10540件，按案件数量排序，证券虚假陈述责任纠纷位列首位，为3488件，占比33.09%。 证券虚假陈述责任纠纷案件数量较多，一方面源于其涉众性特征，上市公司的信息披露往往会影响资本 市场上众多投资者的投资决策，因此一旦科技企业因信息披露不实而涉讼，案件往往会集中爆发；另一 方面，涉科创板案件根据相关规定由上海金融法院集中管辖，也是导致近年来此类案件数量占比较高的 重要因素。 简单、小额金融案件下降 2024年上海法院金融商事审判情况显示，去年，上海法院共受理一审金融商事案件150035件，审结 149536件，收结案数同比分别下降31.66%和31.78%。 案件类型方面，2024年上海法院一审金融纠纷收案数量排名前五位的案件类型是：金融借款合同纠纷 69191件，占比46.12%；信用卡纠纷34521件，占比23.01%；融资租赁合同纠纷15005件，占比10.00%； 小额借款合同纠纷5307件，占比3. ...

Core Viewpoint - Suzhou Bank aims to enhance its service to the real economy and improve customer-centric integrated operations through its new three-year strategic plan starting in 2024, emphasizing high-quality financial practices and innovation [1] Group 1: Financial Support for Real Economy - Suzhou Bank is committed to supporting the real economy by implementing a "6+1+O" model for science and technology financial services, focusing on innovation and green finance [2] - The bank has introduced a series of financial products tailored for science and technology enterprises, including "伴飞贷" and "伴飞e贷," to meet various operational needs [3] - As of the end of 2024, the bank has partnered with over 12,000 science and technology enterprises, with a total credit amount exceeding 1,200 billion [3] Group 2: Green Finance Initiatives - Suzhou Bank is actively exploring new pathways for financial support towards green and low-carbon development, contributing to the "dual carbon" goals [4] - The bank has developed a comprehensive product system for green credit, focusing on key areas such as clean energy and ecological protection, with a green loan balance of 41.231 billion, reflecting a 36.62% increase from the beginning of the year [4] Group 3: Financial Services for Livelihood - The bank emphasizes its commitment to "financial services for the people," particularly in the areas of pension finance and talent finance, under the brand concept of "苏心让您舒心" [5] - By the end of 2024, the bank has issued over 4.7 million social security cards and nearly 350,000 senior citizen cards, serving millions in pension-related services [6] - The talent service model has been expanded, with over 20,000 talent cards issued, covering multiple regions and supporting over 2,500 enterprises [7] Group 4: Cross-Border Financial Services - Suzhou Bank is enhancing its cross-border financial services to support high-level openness and foreign trade, implementing a "five-dimensional ten-strategy" approach [8] - The bank has introduced various measures to support foreign trade enterprises, including specialized credit support and innovative supply chain financial services [9] - The bank aims to improve its international market competitiveness by offering a comprehensive suite of services, including cross-border financing and risk management [9] Group 5: Commitment to National Policies - Suzhou Bank is dedicated to aligning its operations with national and local policy directives, enhancing its role in serving the real economy and regional development [10]

Core Insights - The current international trade environment presents multiple challenges for foreign trade enterprises, prompting the National Financial Regulatory Administration to announce a series of policy measures to support foreign trade development through enhanced financial backing [1] - Shanghai Pudong Development Bank (SPDB) is leveraging its cross-border financial services to create a "Cross-Border+" service ecosystem, facilitating the international expansion of Chinese enterprises and the introduction of foreign businesses [1] Financial Support Initiatives - SPDB is focusing on optimizing cross-border financial service offerings, utilizing its offshore banking, free trade financial services, overseas branches, and investment banking to support foreign trade [1] - The bank has launched the "Cross-Border Merchant e-Exchange" product, which integrates onshore and offshore accounts for cross-border e-commerce, achieving a 40-fold increase in business volume in Q1 [2] - SPDB's "Cross-Border Instant Transfer" service allows for near-instant cross-border remittances, reducing processing time from hours to seconds, with 42,000 transactions completed in Q1 [2] Digital Transformation in Trade Services - The bank has upgraded its international document service to "e-Document" services, enabling clients to streamline trade documentation processes through API integration, significantly reducing processing time [3] - SPDB's Global Treasury Service (GTS) platform supports multinational clients in managing their cross-border cash flow efficiently, with a 1.5 times increase in signed outbound enterprises in Q1 compared to the previous year [3] Comprehensive Cross-Border Service Platform - SPDB has enhanced its electronic cross-border business channels, providing a unified platform for various services including deposits, remittances, foreign exchange transactions, and trade financing [4] - The bank has developed a "6+X" cross-border financial service system to address diverse enterprise needs, focusing on eight key areas such as cross-border e-commerce and asset management [5] Strategic Collaborations and Initiatives - In 2024, SPDB plans to collaborate with Malaysian and Indonesian banks to support Chinese enterprises in Southeast Asia, enhancing understanding of local economic conditions and investment opportunities [6] - The "SPDB-CBC Cross-Border Link" service, developed in partnership with Bank of China, offers comprehensive financial solutions for cross-border investment and trade, covering five core service areas [6] Commitment to High-Quality Financial Services - SPDB aims to set a new standard for high-quality financial services in the cross-border sector, contributing to China's commitment to high-level openness and international trade expansion [7]

Core Viewpoint - The recent approval of the regulations and action plan marks a new phase in the financial reform of Shanghai's Free Trade Zone, enhancing the development of free trade accounts and supporting the construction of an internationally influential financial center in Shanghai [1][9]. Group 1: Regulatory Developments - The Shanghai Municipal People's Congress approved the "Regulations on Promoting the Development of Free Trade Account Business in the China (Shanghai) Free Trade Pilot Zone," effective from May 1, 2025 [1]. - The "Action Plan for Further Enhancing the Convenience of Cross-Border Financial Services in Shanghai International Financial Center" was released simultaneously, complementing the new regulations [1]. Group 2: Historical Context and Innovations - The Free Trade (FT) account was introduced in 2014 to facilitate China's integration into global trade and economic rule-making [4]. - The FT account features a unique accounting system, integrated currency management, offshore pricing, and unified rules for domestic and foreign clients, revolutionizing the financial sector [4]. - China Construction Bank (CCB) Shanghai Branch was among the first to obtain FT business qualifications and has developed comprehensive financial services tailored to client needs [4]. Group 3: Expansion and Upgrades - Since 2019, the successful FT account model has been promoted in various regions, benefiting more enterprises [5]. - The recent regulations are a systematic summary of over ten years of FT account pilot experience, enhancing legislative support for financial innovation [5]. Group 4: Support for the Real Economy - The establishment of the Shanghai Global Financial Service Center in 2024 aims to provide a broader service platform for enterprises [6]. - CCB Shanghai Branch has participated in significant financing projects, including the refinancing of China's first domestically produced large cruise ship, enhancing its role in international markets [6]. Group 5: Addressing New Challenges - CCB Shanghai Branch is actively managing exchange rate risks for enterprises, providing diverse financial market tools to mitigate market volatility [8]. - The bank is optimizing international trade settlement services to address funding needs arising from tariff adjustments and supply chain changes [8]. Group 6: Future Directions - The release of the regulations and action plan provides new opportunities for the banking industry, with CCB Shanghai Branch focusing on customer-centric services and innovative financial solutions [9].

4月28日晚，苏州银行发布2024年年报和2025年一季报，近15个月经营发展成果全面亮相。苏州银 行紧跟时代发展步伐，始终坚持党的领导，立足区域经济发展大局，坚定"以客户为中心"的一体化 经营战略，"科创+跨境""民生+财富"双引擎强劲发力，保持稳中有进、进而有为的良好发展态势。 稳健长行擦亮发展底色 资产规模再上新台阶 2 0 2 4年，面对市场快速变化、竞争日趋激烈的种种挑战，苏州银行迎难而上、稳步前行。 该行总资产、存款、贷款增速均保持较快发展态势，存款增量创历年新高，在江苏、苏州 市场份额中，存款占比分别提升0 . 1 8、0 . 7 4个百分点。截至2 0 2 4年末，苏州银行资产总额 6 9 3 7 . 1 4亿元，较上年末增加9 1 8 . 7 3亿元，增幅1 5 . 2 7%；各项存款4 1 6 9 . 6 5亿元，较上年 末增加5 3 1 . 4 4亿元，增幅1 4 . 6 1%；各项贷款3 3 3 3 . 5 9亿元，较上年末增加3 9 9 . 5 8亿元，增 幅1 3 . 6 2%。同时，该行保持良好经营效益，2 0 2 4年度，实现营业收入1 2 2 . 2 4亿元，比上 年同期增长 ...

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 大厂财报陆续发布，关注云基础资源投资机遇 2025 年第 17 周计算机行业周报 报告要点 [Table_Summary] 上周计算机板块持续震荡调整，小幅反弹 0.80%。在长江一级行业中排名第 18 位，两市成交 额占比为 9.95%，跨境支付及业绩高增标的持续活跃。上周中国人民银行等四部委联合印发了 《上海国际金融中心进一步提升跨境金融服务便利化行动方案》；《车载事故紧急呼叫系统》正 式发布。本周建议关注：1）中国推理算力产业链，重点推荐国内 AI 芯片领军寒武纪；2）云服 务厂商，重点关注与 DeepSeek 合作的相关云厂商，3）IDC，重点关注于腾讯、阿里、字节等 大厂合作的 IDC。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 大厂财报陆续发布，关注云基础资源投资机遇 2] 2025 年第 17 ...