Group 1: Semiconductor Business Progress - In 2024, the company's revenue from semiconductor and related fields reached 51 million, an increase of 82% compared to the previous year [1] - Revenue from semiconductor business, including lithography and testing, was approximately 17.7 million, with products used in mature processes and advanced lithography equipment [1] - The company has deepened cooperation with existing semiconductor clients and increased both product categories and client numbers in 2024 [2] Group 2: Growth Points for 2025 - The company continues to implement the "Optics+" strategy, with projected revenue of approximately 33 million from PCB and display fields in 2024 [2] - The PCB laser micro-processing lens has significantly increased orders, indicating a shift towards domestic alternatives [2] - Revenue from consumer-grade optical products, particularly AR/VR, was about 5.5 million in 2024, with expectations for substantial growth in 2025 due to improved market demand [2] - The infrared imaging optical business underperformed in 2024 but is expected to recover in 2025 as market conditions stabilize [2] Group 3: Equipment and Manufacturing Capabilities - The company possesses over 20 years of precision optical processing experience and advanced manufacturing capabilities, including high-precision polishing and coating equipment [4] - Current equipment, primarily domestic with some imports, meets the demands of the semiconductor business, with processing precision reaching ultra-precision levels [4] - The company has established advanced manufacturing process centers and cleanroom environments to ensure high-quality production standards [4] Group 4: Risk and Disclosure - The company emphasizes that information disclosed during investor relations activities should be verified against official announcements on designated platforms [5] - No significant undisclosed information was involved in this investor relations activity [6]

Market Overview - The main board saw significant gains with notable stocks such as Xilong Science (+10.00%), Youzu Network (+5.81%), and Shenzhou Digital (+5.46%) leading the charge [1] - The ChiNext board also performed well, highlighted by Huibo Yuntong (+20.00%) and Zhilai Technology (+8.87%) [1] - The Sci-Tech Innovation board was led by Jingwei Hengrun-W (+11.51%) and Ruilian New Materials (+9.26%) [1] - Active sub-industries included SW Semiconductor Materials (+0.82%) and SW Security Equipment (+0.46%) [1] Domestic News - Magic Atom, a company in the embodied intelligent robot sector, completed a new round of strategic financing worth several hundred million yuan, aimed at core technology iteration and VLA model development [1] - Chip Valley's GaAs wafer manufacturing line project made significant progress with the installation of a high-temperature ion implanter, marking the start of equipment installation and debugging [1] - Foxconn's chairman Liu Yangwei stated that generative AI can handle 80% of manufacturing tasks in next-gen factories, while the remaining 20% requires skilled human workers [1] - BYD's global strategy is accelerating, with a target of 800,000 units by 2025, and record-breaking export figures in the first four months of 2025, showing significant year-on-year growth [1] Company Announcements - Baolande announced a change in core technical personnel, with Zhan Nianke resigning but remaining with the company, ensuring no major impact on R&D and operations [3] - Yihua Co. disclosed its 2024 annual equity distribution plan, proposing a cash dividend of 1.00 yuan per 10 shares [3] - Ruiming Technology reported a reduction in shareholding by Zhao Zhijian, with a decrease from 23.89% to 22.98% due to dilution and active reduction [3] - Shengshi Technology received a bid notification for a project at Guangzhou Baiyun International Airport, with a contract value of 187 million yuan [3] International News - Google launched Project Aura, a new Android XR device featuring optical and virtual see-through display technologies [2] - AMD announced the sale of its recently acquired ZT Systems server manufacturing business to Sanmina for $3 billion, as Sanmina aims to build a domestic supply chain [2] - The NAND Flash market experienced a decline, with Q1 2025 market size dropping to $13.01 billion, marking a 25.3% decrease quarter-on-quarter and a 14.2% decrease year-on-year [2] - Elon Musk indicated that Tesla and xAI will continue purchasing chips from Nvidia and AMD, with xAI planning to establish a facility with 1 million GPUs in Memphis [2]

来源：工人日报 《使用指南》提出，学生应避免在作业中简单复制生成式人工智能工具生成的内容；避免使用生成式人 工智能参加考试与测验，不得利用生成式人工智能作弊；避免在展现创造性或个性化表达的学习任务中 轻易滥用生成式人工智能，丧失个人思考与观点；避免在未查阅高质量教材或权威资料前贸然使用生成 式人工智能获取信息；避免将个人信息输入生成式人工智能工具，泄露数据和隐私；避免在未经授权的 情况下利用生成式人工智能复制或传播作品，侵犯著作权。 守住安全底线，携手筑牢防护屏障 两项中小学AI指南划定使用"红线" AI时代，如何守护孩子独立思考的能力？ 输入关键词，豆包、DeepSeek等短短数秒内就能生成一篇文采斐然的优秀作文、数字翔实的论文…… 这类生成式AI的运用，会不会让中小学生产生依赖，以至于逐渐弱化独立思考的能力？如今，人工智 能正与基础教育融合发展，融入中小学日常教学实践。不过，在提升中小学生人工智能素养的同时，怎 么避免学生的过度技术依赖也是重要课题之一。 近日，教育部基础教育教学指导委员会发布《中小学人工智能通识教育指南(2025年版)》和《中小学生 成式人工智能使用指南(2025年版)》(以下简称《使用 ...

报告强调，该研究反映的是"潜在风险"，而非实际的失业人数。技术限制、基础设施等方面的差异和 技能储备不足意味着不同国家和行业的情况将存在巨大差异。 报告认为，在劳动领域，生成式人工智能本身并无好坏之分，其社会经济影响在很大程度上取决于对 技术普及的管理方式。 报告呼吁各国政府、雇主和工人组织参与社会对话，制定积极主动、具有包容性的战略，以提高生产 力和就业质量，特别是在受生成式人工智能影响的行业。 微信编辑 | 夏木 2025.05. 20 本文字数：471，阅读时长大约1分钟 据新华社消息，国际劳工组织20日发布一份有关生成式人工智能与就业的报告表示，全球四分之一 的工作岗位可能受到生成式人工智能影响。 报告显示，高收入国家就业岗位受生成式人工智能影响的比例更高，达到34%。由于生成式人工智能 理论上能实现多种任务的自动化，文职类工作面临的风险最为显著。这些岗位曾是发展中国家增加女 性就业的途径，因此女性就业更易受到生成式人工智能影响。 报告说，随着生成式人工智能能力的持续扩展，媒体、软件开发和金融等高度数字化的工作岗位也面 临日益增长的风险。 推荐阅读 中方正告：必将付出沉重代价！ ...

国际劳工组织5月20日发布一份有关生成式人工智能与就业的报告表示，全球四分之一的工作岗位可能 受到生成式人工智能影响。（新华社） ...

Group 1 - As of the end of 2024, there are 302 generative AI services registered in China, with over 4,700 companies and more than 600 million registered users [1] - Quantipai, a leading provider of scenario-based digital solutions in China, has submitted an updated prospectus to the Hong Kong Stock Exchange to accelerate its IPO process [1] - The company has over 8 years of experience in customer profiling and has developed its AI-related solutions and algorithms internally [1] Group 2 - By June 30, 2024, the company maintained over 51.8 million registered end customers through its proprietary applications, indicating significant customer base growth [2] - The company has achieved business scale growth, with over 133,100 inventory units and more than 2,600 business partners on its application [2] - In the context of explosive growth in generative AI technology, Quantipai is positioned as a key player in the consumer market precision matching sector, leveraging its self-developed AI algorithm matrix and a user base of over 50 million [2]

Core Insights - NVIDIA is transitioning from a chip manufacturer to a leader in AI infrastructure, emphasizing the transformative impact of AI and accelerated computing on the computing industry, which is driving the "Fourth Industrial Revolution" [1][2] - The company is focusing on building data centers and developing specialized libraries to accelerate applications across various fields, including telecommunications and robotics [1][2] - NVIDIA's new products, such as the GeForce RTX 50 series and the Grace Blackwell system, are designed to enhance AI computing capabilities for developers and enterprises [2][21] AI Infrastructure Development - NVIDIA is collaborating with Foxconn and TSMC to build a giant AI supercomputer, showcasing its commitment to advancing AI infrastructure [2][30] - The introduction of NVLink Fusion technology aims to support the construction of semi-custom AI infrastructure, allowing for flexibility in system design [30][32] - The company is positioning itself as a critical infrastructure provider for AI, similar to how electricity and the internet became essential infrastructures in the past [7][8] Product Innovations - The Grace Blackwell system features significant performance improvements, including a 1.5x increase in inference performance and enhanced memory capacity [22] - NVIDIA's new DGX Spark and DGX workstation products are designed for AI developers, providing powerful computing capabilities for prototyping and development [34][36] - The company is emphasizing the importance of libraries, such as CUDA and cuDNN, as foundational elements for accelerating various applications in AI and computing [9][13] Future Outlook - NVIDIA anticipates that AI will become an integral part of infrastructure across all sectors, with a projected market value in the trillions [8][9] - The company is committed to continuous innovation, with plans to enhance its platforms and products annually, ensuring they remain at the forefront of AI technology [21][23] - The integration of quantum computing into NVIDIA's offerings is expected to further enhance computational capabilities, positioning the company for future advancements in AI [15][20]

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].