最近随着蚂蚁金服进军稳定币，蚂蚁金服相关公司也表现活跃。 今天就来看看，最近比较有代表性的，蚂蚁金服三剑客，其优势亮点，以及最新财报含金量情况如何。 编辑 安妮股份， 优势：公司承担的国家区块链创新应用"区块链+版权"特色领域试点项目，致力在数字经济时代下， 为企业品牌保驾护航，为企业提供品牌保护全业务链服 务。 亮点：公司防伪溯源系统可以从商品的生产、仓储、物流和市场流通环节进行全流程追溯管理，蚂蚁区块链也是公司的大客户。 编辑 金桥信息， 优势：公司专注政法、金融等行业数字化转型，提供智慧法院等解决方案，法律金融科技板块高速发展，调解业务24年收入超过4,500万元，同比增长超过 220%，在行业中具备竞争优势。 吉大正元， 优势：公司构建了覆盖密码安全、星空互联安全、物联工控安全、数据安全、网络安全、 信创等多个领域的产品体系。以"密码+AI"为核心、依托"昆仑大 模型"，推出多项新产品。 亮点：上海云鑫创业投资有限公司持有公司11.25%股权。上海云鑫是蚂蚁科技集团股份有限公司的全资子公司。 编辑 亮点：公司持续与蚂蚁集团保持着长期且良好的合作关系，双方共同合作打造国内一流的智能化、专业化、规范化的多 ...

Core Viewpoint - The UNCTAD report indicates a slight increase in global foreign direct investment (FDI) by 4% in 2024, reaching $1.5 trillion, but a significant actual decline of 11% when excluding large financial transactions from certain European economies, marking two consecutive years of double-digit declines [1] Group 1: Global Investment Trends - The report highlights that the global economy is facing complex challenges, including rising debt, sluggish GDP growth, geopolitical tensions, and structural changes in trade and investment flows [1] - Early data for Q1 2025 shows that transaction and project activities have hit historical lows, indicating a pessimistic outlook for international investment [1] Group 2: Regional FDI Insights - Developed economies saw a 22% drop in FDI inflows in 2024, with European FDI plummeting by 58% when excluding financial transaction fluctuations, while North America experienced a 23% increase [5] - Developing economies in Asia remain the primary destination for global FDI, accounting for 40% of total FDI, although the region's FDI inflows decreased by 3% to $605 billion in 2024 [5] - ASEAN countries saw a significant FDI increase of 10%, reaching a record high of $225 billion, while Africa's FDI surged by 75% to $97 billion, driven by a major project in Egypt [5] Group 3: Sectoral Investment Dynamics - Greenfield investment projects in the industrial sector rose by 3% but saw a 5% decline in total value, maintaining a high level of $1.3 trillion [3] - International project financing (IPF) continued to decline, dropping by 26%, influenced by uncertainties in exchange rates and interest rates [3] - Cross-border M&A transactions increased by 14% to $443 billion, yet remained below the average levels of the past decade, indicating a shift towards domestic and nearshore investments due to rising policy risks and regulatory scrutiny [3] Group 4: Digital Economy and Investment - The digital economy is identified as a growth and transformation engine, with investments in this sector growing at an annual rate of 10% to 12%, outpacing global GDP growth [10] - Developing countries attracted $531 billion in greenfield projects in the digital economy from 2020 to 2024, with a concentration of investments in ten economies that accounted for nearly 80% of total investments [8] - Data centers emerged as the primary investment target in developing countries, followed by digital services and ICT infrastructure [8] Group 5: Policy and Regulatory Environment - The global investment policy landscape remains heavily influenced by geopolitical tensions and industrial policy objectives, with 174 new investment policy measures introduced in 2024, 78% of which favor investors [10] - As of the end of 2024, the total number of investor-state dispute settlement (ISDS) cases exceeded 1,400, with a significant portion occurring in the extractive and energy sectors [10]

根据公告，南方润泽科技REIT此次获准募集份额总额为8亿份，基金合同期限为38年；而南方万国数据中心 REIT获准募集份额总额为10亿份，基金合同期限为50年。两只产品均由南方基金为基金管理人，招商银行为 基金托管人，华泰联合证券担任独家财务顾问。 "你公司应自本批复下发之日起6个月内进行基金的募集活动，募集期限自基金份额发售之日起不得超过3个 月。"证监会在批复中表示。这意味着，最迟到今年12月，首批两只数据中心公募REITs将正式启动募集，与公 众见面。 据介绍，南方润泽科技REIT以润泽智算科技集团股份有限公司旗下位于河北省廊坊经济开发区的国际信息云 聚核港（ICFZ）A-18数据中心项目为底层资产。该项目地处全国一体化算力网络京津冀国家枢纽节点核心地 带，自项目达产以来运营效益良好，机柜上架率始终稳居行业高位，资产质量优异，获评"国家绿色数据中 心"，是支撑区域数字经济高质量发展的关键基础设施。 6月18日晚间，中国证监会和交易所网站显示，全国首批数据中心公募REITs正式获得注册批复。 "南方润泽科技数据中心封闭式基础设施证券投资基金"与"南方万国数据中心封闭式基础设施证券投资基 金"（简称"南方润 ...

Group 1 - The meeting between the Secretary of the Provincial Party Committee and the president of Sugon Information Industry Co., Ltd. highlights the importance of developing the intelligent computing industry and digital economy in Henan Province [1] - The provincial government aims to integrate various computing capabilities, including traditional, intelligent, and supercomputing, to enhance the regional computing infrastructure and data supply system [1] - Sugon is recognized as a leading enterprise in information technology and advanced computing, with ongoing projects in Henan, indicating a strong collaborative relationship [1] Group 2 - Sugon highly values the economic and social achievements of Henan and sees it as a strategic base for its national layout, leveraging the province's vast data resources and market potential [2] - The company plans to deepen cooperation in advanced computing through R&D, manufacturing, and talent cultivation, aiming to establish a robust application ecosystem and drive industry innovation [2] - Key executives from Sugon and provincial leaders participated in the meeting, emphasizing the collaborative efforts to enhance the computing industry in Henan [2]

作为首批"吃螃蟹"的人，信息中心智能网络室主任魏兴国记忆犹新，为让MES（生产信息化管理系统） 调度报表在不同国产电脑上稳定运行，团队连续两周加班测试，兼容性报告改了5版。 首个全栈信创实现工业应用 "响应速度流畅，调取复杂数据效率不输国外系统。"塑料厂高压聚乙烯车间技术员王浩坤通过国产系统 操作实时数据库监测装置实时参数，温度、压力、物料流速正以0.01秒精度更新，精准反映装置运行情 况。 如今，生产应用系统在"C86国产终端+中科方德生态系统"加持下流畅运行，生产调度精准指挥产线， 财务核算分毫不差，供应链与客户系统无缝衔接，国产技术生态的潜力与可靠性得到验证。 "齐鲁石化（600002）既有敢为人先、勇于开拓、敢于担当的魄力，又有对事物的准确判断和科学决 策，成功实现了塑料厂核心业务系统与国产操作系统的融合适配，作出了榜样，走在了前列！"近期， 人民日报社国家治理创新经验课题调研组给予齐鲁石化信创工作高度评价。 在全球科技竞争白热化、产业链重构加速的关键时期，信创不仅是数字经济时代的战略选择，更是保障 国家产业链供应链安全、维护国家安全的关键举措。齐鲁石化坚决贯彻落实国家信创政策，按照中国石 化总体部署 ...

Group 1 - In 2024, global Foreign Direct Investment (FDI) is projected to reach $1.5 trillion, reflecting an 11% decline when adjusted for significant financial transaction fluctuations in major European economies [1] - The report indicates that the international investment outlook for 2025 is pessimistic, with trade tensions leading to downward adjustments in most FDI outlook indicators [1][2] - Developed economies saw a 22% drop in FDI inflows in 2024, while North America experienced a 23% increase [4] Group 2 - Asia remains the primary destination for global foreign investment, accounting for 40% of total FDI, although it saw a 3% decline to $605 billion in 2024 [4] - ASEAN countries experienced a significant FDI increase of 10%, reaching a record high of $225 billion [4] - Africa's FDI grew by 75% to $97 billion, driven by a large project in Egypt [4] Group 3 - Greenfield investment projects in the industrial sector increased by 3%, but their total value decreased by 5%, maintaining a high level of $1.3 trillion [2] - International project financing (IPF) declined by 26%, influenced by uncertainties in exchange rates and interest rates [2] - The number of infrastructure projects decreased by 9%, while digital infrastructure projects increased by 4% [4] Group 4 - Renewable energy and critical minerals sectors saw a decline in greenfield project announcements by 12% and nearly 50%, respectively [5] - The semiconductor sector experienced a resurgence with four of the ten largest announced projects, totaling $70 billion in capital expenditure [5] - Investment in health and education sectors grew by approximately 25%, although total investment remained low at under $15 billion [5] Group 5 - Digital economy investments are identified as a key growth and transformation engine, growing at an annual rate of 10% to 12%, outpacing global GDP growth [8] - Over the past decade, major tech companies have increased their share of sales and assets among the largest multinational corporations [6] - From 2020 to 2024, developing countries attracted $531 billion in greenfield projects, with a concentration in ten economies that accounted for nearly 80% of total investments [6]

2025年6月19日|中国内地 | 何康, PhD | 李雨婕 | 王伟光 | 孙瀚文 | 方正档 | | --- | --- | --- | --- | --- | | 研究员 | 研究员 | 研究员 | 研究员 | 研究员 | | SAC No. S0570520080004 | SAC No. S0570525050001 | SAC No. S0570523040001 | SAC No. S0570524040002 | SAC No. S0570524060001 | | SFC No. BRB318 | liyujie@htsc.com | wangweiguang@htsc.com | SFC No. BVB302 | fangzhengtao@htsc.com | | hekang@htsc.com | +(852) 3658 6000 | +(86) 21 2897 2228 | sunhanwen@htsc.com | +(86) 21 2897 2228 | | +(86) 21 2897 2202 | | | +(86) 21 2897 2228 | | 核心观点 证券研究报告 策略 ...

Core Insights - The company is poised to capitalize on three major development opportunities in 2025: the continuous release of digital economy policy dividends, significant momentum for domestic substitution, and the vast market potential of digital platforms for new energy systems [2] Group 1: Development Opportunities - The company aims to leverage the ongoing digital economy policy benefits, enhancing core functions and competitiveness through digital transformation [2] - The domestic substitution trend is gaining traction, with government emphasis on self-innovation and the establishment of a self-controlled industrial supply chain [2] - The digital platform business for new energy systems is expected to grow significantly, driven by the construction of a unified national electricity market and the transition to a carbon emission control mechanism [2] Group 2: Market Expansion - The company has established benchmark projects in various industries outside the electricity sector, including construction, equipment manufacturing, and healthcare, laying a solid foundation for future expansion [3] Group 3: Low-Carbon Business Strategy - The company is developing a comprehensive carbon market service system, offering services such as carbon verification, carbon asset management, and carbon trading [4] Group 4: Artificial Intelligence Initiatives - The company has been researching artificial intelligence since 2015, developing a range of intelligent applications and platforms, including RP robots and smart devices [5] - There is a notable increase in client demand for AI and large model technologies, prompting the company to enhance its AI product development and integration with enterprise management systems [7] Group 5: Impact of Electricity Market Reforms - The deepening of the electricity market is creating complex trading scenarios, necessitating enhanced digital and informational support for market participants [6] Group 6: Financial Performance - The company's Q1 2025 report shows a revenue of 417 million, a year-on-year decrease of 9.47%, while net profit increased by 2.66% to 9.39 million [8] - The company has a debt ratio of 12.03% and a gross margin of 54.39% [8] Group 7: Earnings Forecast - Various institutions have provided earnings forecasts for the company, with projected net profits for 2025 ranging from 340 million to 530 million [9]

Core Viewpoint - The article emphasizes the robust growth of the Asian economy, particularly highlighting China's role as a key driver, with the Chinese bond market emerging as a significant opportunity for global investors [1][3]. Group 1: Economic Growth and Contributions - Asia's economy is contributing nearly 40% to global GDP, reshaping the macroeconomic landscape [1]. - In Q1 2025, China's economy achieved a year-on-year growth of 5.4%, maintaining its leading position among major economies [1][2]. - The Chinese economy is characterized by strong resilience, innovation, and structural optimization, driven by a large-scale market and emerging new industries [1][6]. Group 2: Chinese Bond Market - China's bond market is the second largest globally and plays a crucial role in supporting the real economy, optimizing resource allocation, and enhancing financial stability [1]. - Recent reforms, including the Bond Connect, Swap Connect, and Repo Connect, have improved market access for international investors [3][7]. - The bond market is increasingly attracting foreign investment, with ongoing efforts to enhance transparency, liquidity, and credit ratings [7][8]. Group 3: Financial Infrastructure and Solutions - China has made significant progress in strengthening financial market connectivity, improving infrastructure, and facilitating asset allocation for investors [7]. - Bloomberg has actively developed trading solutions to support global investors' participation in the Chinese interest rate swap market and offshore RMB bond repo transactions [7][8]. - The company offers comprehensive solutions across various asset classes, including bonds, stocks, derivatives, and commodities, to empower clients' workflows [8].

齐鲁晚报.齐鲁壹点记者张晓鹏通讯员王汝忠 6月19日，记者从李沧区获悉，李沧区首个现代化线上线下（300959）融合的国际贸易中心及平台——金水.伍合跨境电商产业园正式投 入运营，为区域经济高质量发展注入新动能。 金水.伍合跨境电商产业园坐落于信联天地T2号楼，依托伍合集团在全国企服领域的资源优势，对其服务的跨境业务企业进行招引、整 合、赋能与提升。该园区打造了集商务办公、供应链服务、产品展示、跨境金融服务、仓储物流服务、技术交流与服务等功能于一体的 综合性跨境服务平台，全方位满足企业跨境发展需求。 "未来五年，我们将推动信联天地企业与伍合集团的私域资源共享，着力打造一条高产值、可持续的经济产业带，培育一处千亿级楼宇经 济。"青岛伍合企业管理集团有限公司董事长张召福表示。集团旗下的伍合万众聚合供应链平台已吸引400家企业"入链"，创造贸易产值 超20亿元，实现税收600余万元。 发展数字经济是抢抓新一轮科技革命和产业变革机遇的关键之举，也是推动经济高质量发展的核心动力。当前，李沧区正加速构 建"3+2+4"现代产业体系，重点发力数字经济、总部经济、枢纽经济三大经济形态，推动产业向中高端迈进。 在推动数字经济高 ...