近日， 证监会披露了关于沐曦集成电路（上海）股份有限公司（简称：沐曦集成）首次公开发行 股票并上市辅导工作完成报告 ，其上市辅导机构为华泰联合证券。 经辅导，华泰联合证券认为，沐曦集成具备成为上市公司应有的公司治理结构、会计基础工作、 内部控制制度，充分了解多层次资本市场各板块的特点和属性；沐曦集成及其董事、监事、高级 管理人员、持有百分之五以上股份的股东和实际控制人（或其法定代表人）已全面掌握发行上 市、规范运作等方面的法律法规和规则、知悉信息披露和履行承诺等方面的责任和义务，树立了 进入证券市场的诚信意识、自律意识和法治意识。 官网显示，沐曦集成于2020年9月成立于上海，并在北京、南京、成都、杭州、深圳、武汉和长 沙等地建立了全资子公司暨研发中心。沐曦拥有技术完备、设计和产业化经验丰富的团队，核心 成员平均拥有近20年高性能GPU产品端到端研发经验，曾主导过十多款世界主流高性能GPU产 品研发及量产，包括GPU架构定义、GPU IP设计、GPU SoC设计及GPU系统解决方案的量产交 付全流程。 截至目前，沐曦集成的实际控制人为陈维良。陈维良直接持有沐曦集成约9.6%的股权，此外， 陈外良通过控制上海骄 ...

Group 1 - The 2025 Zhejiang International E-commerce Expo was held in Yiwu, featuring over 2,200 international standard booths and covering more than 50,000 square meters, with eight major exhibition areas showcasing the latest e-commerce applications and services [1] - The expo attracted 1,182 domestic and foreign enterprises from various countries and regions, aiming to create a comprehensive international service platform for the global e-commerce industry [1] - Yiwu has seen rapid growth in cross-border e-commerce, achieving a transaction volume of 73.645 billion yuan in the first five months of this year, representing a year-on-year increase of 16.29% [4][5] Group 2 - The expo emphasized cross-border e-commerce, gathering major global platforms like Amazon, TikTok, and Walmart, and introducing nearly 20 international cross-border e-commerce platforms to help sellers reach the "Belt and Road" market [5] - Nearly 200 cross-border e-commerce service providers participated, covering logistics, overseas warehouses, and financial services, enhancing the cross-border e-commerce ecosystem [5] - The event featured a special area for global overseas warehouse and logistics solutions, showcasing diverse and compliant overseas warehouse networks to support small and medium-sized enterprises [5] Group 3 - Yiwu's e-commerce market is supported by a robust supply chain, attracting numerous influencers and sellers to source products, with about 80% of goods coming from industrial clusters and source factories [7] - The expo served as a "supermarket" for e-commerce sellers and influencers, facilitating direct sales and promoting the integration of local industries with cross-border e-commerce [7] - The event included a dedicated agricultural product exhibition area to enhance rural e-commerce development through digital sales channels [8] Group 4 - The expo aimed to connect potential buyers from emerging markets in Africa and Asia, inviting procurement teams from countries like Ethiopia and Nigeria to explore sourcing opportunities [9] - Innovative features like a "global good showcase" were introduced to connect quality products with global buyers, enhancing visibility for small and medium-sized sellers [9] - The event highlighted the use of AI and digital tools in e-commerce, with nearly 30,000 merchants in Yiwu utilizing various AI technologies for business operations [11] Group 5 - High-level forums were held to discuss the role of artificial intelligence and digital economy in empowering cross-border trade, focusing on sustainable development in the e-commerce sector [13] - The expo included multiple sessions for brand e-commerce platforms to facilitate deeper connections and collaborations among participating enterprises [13]

Core Insights - The 12th "Belt and Road" Cultural Tourism Technology High-Quality Development Conference and International Silk Road Boutique Expo was held in Shanghai, focusing on new opportunities for the development of China's cultural tourism industry [1] - iBox Chain Box was invited to participate in the event and was recognized for its innovative practices in the digital cultural tourism sector [2] Group 1: Event Overview - The conference was guided by the China Commercial Culture Research Association and co-hosted by various organizations, highlighting its significance in the cultural tourism resource integration field [1] - The event has been successfully held in multiple cities, establishing itself as a top-tier gathering with substantial influence and effectiveness in the industry [1] Group 2: iBox Chain Box's Achievements - iBox Chain Box's project, "iBox Chain Box Assists Shennong Tribe's Digital Cultural Tourism Integration Practice," was selected as a new cultural tourism brand demonstration case for 2025 due to its outstanding innovation [1][2] - The collaboration with Hubei Shennong Tribe Scenic Area introduced the "Crypto Kid" PFP digital avatar, merging digital collectibles with cultural tourism experiences [2] Group 3: Industry Trends - The cultural and tourism sectors are undergoing an unprecedented digital transformation, with iBox Chain Box actively exploring and practicing the integration of cultural tourism and technology [2] - The use of blockchain technology in the project aims to revitalize cultural IP and enhance user engagement through exclusive benefits linked to the digital avatar [2]

研究早观点 2025 年 6 月 23 日 星期一 市场走势 【今日要点】 【山证专精特新】山高控股深度研究-"新能源+新基建"双赛道耐心 资本，打造电算一体化生态典范 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,359.90 | -0.07 | | 深证成指 | | 10,005.03 | -0.47 | | 沪深 | 300 | 3,846.64 | 0.09 | | 中小板指 | | 6,311.12 | -0.42 | | 创业板指 | | 2,009.89 | -0.84 | | 科创 | 50 | 957.87 | -0.53 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 请务必阅读最后股票评级说明和免责声明 2 算力电力协同是绿色算力发展的必然选择和进阶路径。据国家能源局数据，2024 ...

Macro and Strategy - The fiscal data for the first five months of 2025 shows a decline in both revenue and expenditure, with total public budget revenue at 96,623 billion yuan, down 0.3% year-on-year, and total expenditure at 112,953 billion yuan, up 4.2% year-on-year [9][10] - The high-tech manufacturing macro report indicates that the diffusion index remains unchanged, with specific sectors like dynamic random access memory (DRAM) prices rising, while others like acrylonitrile are declining [10][11] - The macroeconomic report highlights a seasonal decline in high-frequency indicators, suggesting stable economic performance despite fluctuations in investment and consumption sectors [11][12] Industry and Company - The food and beverage industry report emphasizes the emergence of new consumption patterns driven by lifestyle changes, indicating a shift towards more personalized and experience-oriented consumption [23][24] - The report identifies three main consumer groups: Generation Z, the silver-haired population, and the middle class, each with distinct consumption preferences and behaviors [25][26] - Investment recommendations include companies like Wei Long, Salted Fish, Dongpeng Beverage, and Guizhou Moutai, reflecting confidence in the food and beverage sector's growth potential [27] Overseas Market Overview - The US stock market has seen a pullback from high levels, with the S&P 500 down 0.2% and a notable shift of funds towards the financial sector [28][29] - In the Hong Kong market, the Hang Seng Index fell by 1.5%, with significant outflows from the pharmaceutical and consumer sectors, while the machinery sector attracted investment [30][31] Financial Engineering - The REITs market has shown positive performance, with the index rising by 0.87% and a year-to-date increase of 13.2%, indicating strong interest in property and infrastructure-related investments [14][15] - The approval of the first data center REITs marks a significant expansion in the REITs market, reflecting growing interest in digital infrastructure [16]

Group 1 - Singapore's Prime Minister, Lawrence Wong, is on a five-day official visit to China, marking the 35th anniversary of diplomatic relations between the two countries [1][3] - This visit is significant as it is Wong's first as Prime Minister, emphasizing the importance of strengthening bilateral relations [1][3] - Wong's previous roles included leadership positions related to China, indicating a long-standing engagement with the country [3] Group 2 - The visit aims to reaffirm the commitment to bilateral cooperation, with a focus on existing government projects such as the Suzhou Industrial Park and Tianjin Eco-City [4][5] - Wong will also attend the World Economic Forum's Summer Davos in Tianjin, where he will discuss the importance of a rules-based multilateral system amid rising geopolitical tensions [5][6] - Singapore's strategic position is highlighted as it seeks to maintain a neutral stance in the US-China competition, aiming for mutual cooperation with China [5][6] Group 3 - The discussions are expected to cover economic cooperation, supply chain stability, and emerging fields such as digital economy and green energy [6][7] - Singapore is recognized as a key economic partner for China in ASEAN, with both countries having strong trade ties [6][7] - There is potential for collaboration in areas like cross-border payment systems and regional security issues, including the South China Sea [7]

Group 1 - The core viewpoint highlights the rapid development of the digital economy in China, driven by innovations in artificial intelligence, big data, and 5G technologies, which serve as a new engine for high-quality economic growth [1] - Data shows that China accounts for 61.5% of the 45,000 newly published generative AI patents globally, indicating a strong position in AI innovation [1] - The integration of the digital economy with the real economy is leading to significant industrial upgrades, with the manufacturing value added of digital products growing by 9.1% in May, surpassing the overall industrial growth rate [1] Group 2 - The expansion of the data factor market is creating new opportunities to extract data value, with various regions and departments actively exploring public data authorization and enterprise data asset registration [2] - China's total computing power has reached 280 EFLOPS, providing robust support for data storage, computation, and analysis, which is essential for the integration of data factors with other production elements [2] - Despite advancements, challenges remain in high-end chips and core technologies, necessitating increased R&D investment and the strengthening of legal frameworks to ensure data security while promoting orderly development [2]

Group 1 - The core viewpoint of the report is that global foreign direct investment (FDI) continues to decline, with a projected decrease of 11% to approximately $1.5 trillion in 2024, marking the second consecutive year of decline [1][2] - The decline in international project financing (IPF) is particularly severe for developing countries, with a projected drop of 26% in 2024, which is the third consecutive year of significant decline [2][3] - Investment related to sustainable development goals (SDGs) has also seen substantial decreases across various sectors, including a 23% drop in renewable energy investments, a 35% decline in infrastructure investments, and a 30% decrease in water, sanitation, and hygiene projects [2][3] Group 2 - The digital economy is highlighted as the only growth area, with international investment in this sector expected to double in 2024, focusing on data centers, artificial intelligence (AI), cloud computing, and cybersecurity [2][3] - However, there is a notable imbalance in the distribution of digital economy investments, with most funds concentrated in a few countries like China and the United States, leaving structural weak economies marginalized [3] - The report emphasizes the need for a shift in investment direction and global cooperation to achieve equitable and sustainable development, advocating for the integration of digital strategies with industrial policies and sustainable development goals [4]

Group 1 - The sixth Multinational Corporation Leaders Qingdao Summit was held from June 18 to 20, signaling China's commitment to expanding openness and welcoming foreign investment amidst rising unilateralism and protectionism [1] - The summit featured 570 guests from 135 Fortune 500 companies and 330 industry-leading enterprises, highlighting the importance of the Chinese market and the confidence in China's economic prospects [1][2] - The report released at the summit indicated that profits of foreign-invested industrial enterprises in China are projected to increase from 1.6 trillion RMB to 1.8 trillion RMB from 2019 to 2024, with profit margins consistently outperforming the national industrial average [2] Group 2 - The theme of the summit was "Multinational Corporations and China - Linking the World for Win-Win Cooperation," reflecting a new trend of multinational companies exploring opportunities in China [3] - Factors contributing to this trend include a stable policy environment, a multi-dimensional opening-up strategy, a large-scale consumer market, a complete supply chain system, and the maturation of new sectors such as digital economy and green technology [3] - China is positioned as an ideal, safe, and proactive investment destination for foreign businesses, with an increasingly favorable business environment and expanding opportunities regardless of international changes [3]

Core Viewpoint - Satellite communication technology is becoming a focal point in the mobile communication industry, reshaping network access in remote areas and providing connectivity to populations without internet access, thus opening a new chapter in the digital economy [1] Industry Developments - The 2025 Shanghai World Mobile Communication Conference showcased innovations in satellite communication, indicating a shift towards integrating satellite technology into mainstream communication [1] - Geely's commercial space enterprise, Time Space Path, is planning a global low-orbit satellite communication constellation, with an initial deployment of 72 satellites aimed at achieving real-time IoT communication globally [2] - China Mobile launched a series of "satellite IoT" products, including domestically produced satellite communication chips and modules, to enhance connectivity in areas lacking cellular coverage [2] Infrastructure and Collaboration - China Tower is exploring the integration of satellite networks with ground networks, utilizing its extensive ground station resources to enhance satellite signal reception [3] - The company is collaborating with satellite internet firms to optimize network operations and security, demonstrating the strategic value of shared infrastructure [3] Global Expansion - Chinese satellite communication technology providers are accelerating international expansion, with notable agreements such as China Telecom's partnership with Laos for satellite services [4] - Time Space Path has established a joint telecom venture in Malaysia, marking a significant step in the international application of low-orbit satellite communication [4] Market Potential - The global satellite communication market is projected to exceed $40 billion by 2030, highlighting the sector's potential as a key driver of economic growth [5] - The Chinese satellite navigation and positioning service industry is expected to reach a total output value of 575.8 billion yuan in 2024, reflecting a year-on-year growth of 7.39% [6] Challenges and Opportunities - The satellite industry is at a critical juncture, facing both opportunities and challenges, particularly in resource management and technological development [7] - There is a need for enhanced management of satellite frequency and orbital resources, as well as the promotion of international cooperation to build a more open and shared satellite industry ecosystem [7]