Group 1 - The company is holding its second extraordinary general meeting of shareholders in 2025 to ensure the rights of all shareholders and maintain order during the meeting [1][2] - Only shareholders, their proxies, company directors, supervisors, senior management, and invited personnel are allowed to attend the meeting, while other unrelated individuals may be refused entry [1][2] - Shareholders and their proxies must arrive 20 minutes before the meeting to sign in and present necessary identification documents [1][2] Group 2 - The meeting will announce the number of shareholders present and the total voting rights held before allowing any latecomers to participate in voting [2] - Shareholders have the right to speak, inquire, and vote during the meeting, but must adhere to the agenda and time limits for speaking [2][3] - The meeting will utilize both on-site and online voting methods, with specific time slots designated for each [4][5] Group 3 - The agenda includes the establishment of a private equity fund and related party transactions, with a proposed fundraising scale of RMB 1.5 billion [5][6] - The fund will focus on investments in the semiconductor and strategic emerging sectors, with the company planning to contribute up to RMB 735 million [5][6] - The proposal has been approved by the company's board and is now subject to shareholder voting [6]

Investment Rating - The report initiates coverage with an "Add-B" rating for the company [6] Core Insights - The company is positioned in the "new energy + new infrastructure" dual-track strategy, aiming to create an integrated ecosystem for digital computing and energy [1][4] - The synergy between computing power and green energy is seen as a critical trend for the development of the digital economy [3][56] - The company has successfully transitioned from financial investments to industrial investments, significantly increasing its asset scale in emerging industries [4][23] Summary by Sections Company Overview - The company has transformed its business model since 2021, focusing on industrial investments and holding significant stakes in key subsidiaries [16][18] - As of December 31, 2024, the total asset scale is approximately 661.7 billion, with emerging industry investments accounting for 78.6% [23] Financial Performance - In 2024, the company achieved a revenue of 55.8 billion, a year-on-year increase of 11.38%, and a net profit of 539 million [24][25] - The gross profit reached approximately 26.36 billion, with a gross margin of about 47% [25][29] Market Trends - The renewable energy sector is experiencing rapid growth, with a 23% year-on-year increase in new installed capacity in 2024 [31] - The integration of green electricity and computing power is reshaping the energy landscape of the digital economy [31][41] Strategic Initiatives - The company is actively expanding its presence in the renewable energy market, having significantly increased its project indicators in 2024 [69] - It aims to leverage its dual-track strategy to optimize asset allocation and enhance investment returns [5][6]

Revenue Summary - National general public budget revenue for January to May 2025 reached 96,623 billion yuan, a year-on-year decrease of 0.3%, with the decline slightly narrowing compared to the previous months [1] - Central government revenue decreased by 3%, while local government revenue increased by 1.9% [1] - National tax revenue for the same period was 79,156 billion yuan, down 1.6%, with the decline narrowing by 0.5 percentage points compared to the previous months [1] Tax Performance by Sector - The manufacturing sector showed strong tax revenue performance, particularly in equipment manufacturing, with railway, shipbuilding, and aerospace equipment manufacturing tax revenue growing by 28.8%, and computer and communication equipment manufacturing by 11.9% [2] - In the service sector, tax revenue from cultural, sports, and entertainment industries increased by 7.8%, driven by consumer demand and policies promoting consumption [2] - The digital economy also showed positive growth, with tax revenue from information transmission, software, and IT services increasing by 10%, and from scientific research and technical services by 12.7% [2] - Non-tax revenue for January to May was 17,467 billion yuan, up 6.2%, mainly due to asset activation measures [2] Expenditure Summary - National general public budget expenditure for January to May was 112,953 billion yuan, an increase of 4.2%, with a focus on key areas [3] - Social security and employment expenditures reached 20,054 billion yuan, growing by 9.2%, while education expenditures were 17,455 billion yuan, up 6.7% [3] - Health expenditures amounted to 8,896 billion yuan, increasing by 3.9%, and science and technology expenditures were 3,609 billion yuan, up 6.5% [3] - Local government special bonds and long-term special treasury bonds are being accelerated to support project implementation [3] - Government fund budget expenditure for January to May was 32,125 billion yuan, a year-on-year increase of 16% [3]

Core Points - The article highlights the deepening cooperation between China and Central Asian countries, emphasizing the significant growth in trade and investment since the first China-Central Asia Summit in 2023 [1][2][4] - The second China-Central Asia Summit resulted in over a hundred cooperation outcomes, including the signing of a permanent friendly cooperation treaty, marking a milestone in bilateral relations [1][4][8] Trade and Economic Cooperation - Trade between China and Central Asia has seen a 35% increase over the past two years, with total trade reaching 6,741.5 billion yuan in 2024, up 116% from 2013 [1][7] - In the first five months of this year, imports from Central Asia amounted to 143.65 billion yuan, a growth of 10.9%, with specific agricultural imports from Kazakhstan and Uzbekistan seeing significant increases [5][6][7] - The China-Central Asia railway and road projects are progressing, enhancing logistics and trade connectivity, with a total of 87 railway routes established [4][5] Infrastructure and Connectivity - A comprehensive transportation network has been formed, including pipelines, railways, highways, and air routes, facilitating trade and personnel exchanges [4][5] - The operationalization of the Kazakhstan Xi'an Port has established it as a logistics hub for trade between Kazakhstan and China [4][5] Future Development Plans - The years 2025-2026 have been designated as the "High-Quality Development Years" for China-Central Asia cooperation, focusing on trade, investment, connectivity, green minerals, and agricultural modernization [8][10] - China plans to provide 1.5 billion yuan in aid to Central Asian countries for development projects and training programs, aiming to enhance regional integration and economic growth [9][10]

Fiscal Revenue and Expenditure Overview - The Ministry of Finance reported that from January to May 2025, the national general public budget revenue was 96,623 billion yuan, a year-on-year decrease of 0.3%, which is a slight improvement from the previous four months' decline of 0.4% [1] - Government fund budget revenue was 15,483 billion yuan, down 6.9% year-on-year, slightly worsening from the previous four months' decline of 6.7% [1] Tax Revenue Analysis - Tax revenue, which is a key economic indicator, accounted for 79,156 billion yuan of the general public budget revenue, reflecting a year-on-year decrease of 1.6%, an improvement from the previous four months' decline of 2.1% [1] - Corporate income tax revenue was 21,826 billion yuan, down 2.5% year-on-year, but the decline is narrowing as profits of large industrial enterprises have turned positive [1][2] Impact of Real Estate and Trade - The real estate market remains sluggish, leading to significant declines in related tax revenues, such as deed tax and land value-added tax, which experienced double-digit decreases [2] - Complex foreign trade conditions, including trade wars, have negatively impacted fiscal revenue, with notable declines in import VAT, consumption tax, and tariffs [2] Price Levels and Tax Base - Low price levels have compressed nominal fiscal revenue, with the Producer Price Index (PPI) showing a year-on-year decrease of 3.3% in May 2025, affecting tax revenue growth based on nominal value [3] - Domestic VAT revenue was 30,850 billion yuan, reflecting a year-on-year growth of 2.4% [3] Sector-Specific Tax Revenue Growth - Despite overall tax revenue challenges, certain sectors showed strong performance, with equipment manufacturing tax revenue growing by 28.8% and computer communication equipment manufacturing by 11.9% [4] - The cultural, sports, and entertainment sectors saw a tax revenue increase of 7.8%, while the information transmission and software services sector grew by 10% [4] Non-Tax Revenue and Budget Adjustments - Non-tax revenue reached 17,467 billion yuan, a year-on-year increase of 6.2%, primarily driven by asset activation [5] - Local government fund budget revenue was 13,635 billion yuan, down 8.3% year-on-year, with land use rights transfer revenue declining by 11.9% [6] Fiscal Policy and Expenditure - To counteract declining tax revenue, the government has implemented a more proactive fiscal policy, accelerating bond issuance to support expenditure [6] - General public budget expenditure was 112,953 billion yuan, a year-on-year increase of 4.2%, which is significantly higher than the revenue growth rate [7] - Social security and employment expenditures grew by 9.2%, and education expenditures increased by 6.7%, both exceeding the average expenditure growth rate [7]

6月19日，中央财经大学、清华大学、北京大学等20余家高校、科研院所和党政部门研究机构，共同发 起成立"中国数字经济学自主知识体系创新联盟"。创新联盟将通过知识的梳理、归纳和创新，构建立足 实践的中国数字经济学自主知识体系，为做强做优做大我国数字经济提供理论支撑。这是数字经济领域 的第一个自主知识体系创新联盟。 数字经济作为继农业经济、工业经济之后的新经济形态，正在深刻改变全球经济格局和发展模式。目 前，数字经济学理论体系的建构滞后于实践发展。作为中国特色哲学社会科学理论体系的重要组成部 分，中国数字经济学创新迫在眉睫。为此，中央财经大学中国互联网经济研究院牵头发起成立"中国数 字经济学自主知识体系创新联盟"。 创新联盟将共同探索构建中国数字经济的学科体系、学术体系、话语体系，支撑我国数字经济做强做优 做大；共同研究数字经济一些重大的理论和实践问题，在数字经济、数据科学等领域的人才培养方面加 强合作，探索打造产学研用协同创新体系，激活数据要素潜能。 据创新联盟主要发起人、中央财经大学中国互联网经济研究院副院长欧阳日辉介绍，初期，创新联盟将 探索科研新机制，在研究数字经济发展重大理论、数字技术和数字经济发展重大 ...

Group 1: Industry Development and Company Positioning - In 2024, China's urbanization rate reached approximately 67%, marking a shift from large-scale expansion to quality improvement in urban development [2] - The company aims to transform from construction to operation, positioning itself as a "smart city planning and operation expert" [2] - The traditional planning and engineering design market is expected to shrink, while the urban renewal planning design market is thriving, opening up significant opportunities in urban operation [2] Group 2: Overseas Business Expansion - The company is actively responding to the "Belt and Road" initiative, expanding its services to countries like Thailand, Malaysia, Pakistan, and Nigeria [3] - A subsidiary, Lei'ao International Development Co., Ltd., has been established in Hong Kong to support overseas operations [3] - Strategic partnerships with companies having overseas operations are being pursued to enhance brand recognition and project opportunities in Central Asia, Africa, and Southeast Asia [3] Group 3: Future Profit Growth Points - The company plans to expand its traditional business segments to regain market share and improve competitiveness [4] - The gradual implementation of operation projects is expected to contribute positively to future performance [4] - The launch of AI products is anticipated to positively impact revenue and performance [4] - Expansion into overseas markets and emerging sectors like low-altitude economy and digital economy is expected to generate additional revenue [4] - Ongoing investment and acquisition efforts are aimed at increasing market share and performance [4] - The company is focused on cost reduction and efficiency improvement to enhance capital utilization and reduce operational risks [4] Group 4: Strategic Partnerships and Funding - The company has recently introduced the Jiaoxin Huicheng Industrial Fund, which recognizes its intrinsic value and future potential [5] - This partnership aims to leverage resources in transportation, communication, and big data to empower the company's urban planning and smart city operations [5] - The share transfer agreement is subject to compliance review by the Shenzhen Stock Exchange and related procedures [5]

Core Viewpoint - Shanghai Newtouch Software Co., Ltd. is planning to issue A-shares to specific investors, with the underwriting and sponsorship provided by Changjiang Securities. The issuance aims to raise up to 300 million yuan for working capital and loan repayment [1][8]. Group 1: Issuance Details - The underwriting institution is Changjiang Securities [2]. - The specific representatives responsible for the issuance are Wang Jun and Zhao Yu [2]. - The shares will be issued at a price of 9.63 yuan per share, which is 80% of the average trading price over the last 20 trading days prior to the pricing benchmark date [6][19]. - The total number of shares to be issued will not exceed 31,249,999 shares, accounting for no more than 30% of the company's total shares before the issuance [6][7]. Group 2: Company Information - Shanghai Newtouch Software Co., Ltd. was established on June 4, 1994, and became a joint-stock company on May 28, 2014, with a registered capital of 260.699 million yuan [4]. - The company operates in software development, technical services, and information system integration, among other areas [4]. - As of March 31, 2025, the total share capital of the company is 262,887,614 shares, all of which are tradable shares [10]. Group 3: Financial Performance - The company's revenue for the first quarter of 2025 was 434.17 million yuan, with a net profit of 12.38 million yuan [12]. - The total assets as of March 31, 2025, amounted to 321.11 million yuan, with total liabilities of 157.75 million yuan, resulting in a debt-to-asset ratio of 49.13% [11]. - The company has maintained a consistent cash dividend policy, distributing 0.35 yuan per share to shareholders in December 2024 [6][11].

Core Insights - The demand for business English professionals is rapidly increasing due to globalization and the growth of the digital economy, highlighting a significant gap between supply and demand in China [1][5] - The traditional foreign trade sector is increasingly seeking "language + business" talent, while emerging fields like cross-border e-commerce and international finance prioritize digital skills and cross-cultural communication [1][2] - There is a pressing need to establish a demand-oriented training system for business English professionals that aligns with national strategies and market needs [1][5] Talent Demand Analysis - Business English professionals are required to possess a combination of language skills and practical business knowledge, particularly in international trade and customer relationship management [2][3] - There is a notable discrepancy between students' self-assessment of their digital business skills and the actual industry requirements, especially in cross-cultural communication and negotiation [3] - The demand for high-end business English talent remains strong in traditional sectors like manufacturing and import-export trade, while new industries such as cross-border e-commerce and fintech are rapidly increasing their talent needs [3][4] Training Transformation Necessity - The training model for business English professionals must evolve to meet the urgent demands of the job market, particularly in light of the "Belt and Road" initiative and the rapid development of the digital economy [5][6] - There is a significant imbalance between the training objectives of higher education institutions and the actual needs of the industry, particularly in international trade [5][6] Solutions for Improvement - A restructured curriculum that integrates language skills, business knowledge, cross-cultural communication, and information technology is essential to meet social demands [7][8] - Upgrading the teaching staff to include professionals with practical experience in international business is crucial for enhancing the relevance and applicability of the training [8][9] - Collaborative efforts between educational institutions and industries are necessary to align talent training with market needs, ensuring that graduates possess the skills required by employers [9][10]

Core Viewpoint - The 2025 Lujiazui Forum held in Shanghai focused on building a diversified financial service system to support the development of new productive forces, emphasizing the need for collaboration among various stakeholders [1][2]. Financial Support for Technology Enterprises - Experts at the forum highlighted the necessity of a financial support system that aligns with the new productive forces, with data showing a 24% year-on-year increase in the loan balance for technology-based SMEs by the end of Q1 this year [2]. - The president of the Export-Import Bank of China stated that the bank's technology loan balance reached 1.4 trillion yuan, accounting for 25% of the bank's total loans, focusing on connecting foreign trade with global markets [3]. Innovation in Financial Products - International financial institutions emphasized the need to improve risk-sharing mechanisms and innovate financial products to ensure precise alignment between financial resources and technological innovation [5]. - Various financial institutions announced plans to utilize equity, debt, and insurance tools to provide comprehensive financial services throughout the lifecycle of technology enterprises [6]. Investment Strategies - Standard Chartered Bank's executive director noted that a more efficient and systematic financial system is required to support new productive forces, suggesting that financial institutions can provide fund support through equity investments, venture capital, and green bonds [8]. Shanghai's Role in Financial Innovation - During the forum, a joint action plan was released to support Shanghai's development as an international financial center, focusing on exploring financial service models suitable for technology enterprises [9]. - The establishment of equity investment clusters in Shanghai's Pudong New Area aims to enhance support for technology innovation by integrating technology companies, industry funds, and service institutions [15]. Efficiency in Capital Access - A Chinese company's wearable AR glasses gained attention overseas after receiving crucial funding through the Zhangjiang equity investment cluster, demonstrating the efficiency of capital access, which was reduced from a year to approximately four months [11][13]. - The Lujiazui Group's general manager mentioned that the establishment of investment clusters allows for more efficient matching of technology projects with financial capital, increasing the success rate of transactions [17]. Diverse Capital Matrix - The Shanghai Pudong Innovation Investment Development Group's general manager highlighted the presence of various funds, including national and market-oriented investment institutions, facilitating capital access for technology enterprises through various matching activities [19].