Core Viewpoint - The company, BoSi Software, is actively responding to the new electronic voucher accounting data standards issued by the Ministry of Finance and other departments, aiming to provide comprehensive solutions for enterprises and institutions to implement these standards effectively [1] Group 1: Company Overview - BoSi Software's president, Wang Yanbao, introduced the electronic voucher policy during a recent investor meeting, highlighting the company's commitment to adapting its services to meet the new standards [1] - The company has successfully implemented electronic voucher-related products in over 6,000 budget units and enterprises, covering various administrative levels across more than 10 provinces and 50 cities [1] Group 2: Services Offered - The company provides personalized system adaptation solutions for different units, enhancing the efficiency and accuracy of financial processing through automation and standardization [1] - BoSi Software has developed platforms for issuing and distributing electronic vouchers, ensuring data security and integrity throughout the process [1] - A professional service team is in place to offer technical consulting, implementation guidance, and training to ensure smooth adoption of the new standards [1] Group 3: Future Outlook - The company plans to increase resource investment and market expansion in the electronic voucher sector, focusing on providing comprehensive, paperless solutions for enterprises and institutions [1] - The company aims to strengthen its SaaS operational model and expand the application of electronic vouchers at various administrative levels, establishing a solid foundation for future revenue growth [1]

Market News - The three major US stock indices experienced slight gains, with the Dow Jones up 0.32%, Nasdaq up 0.02%, and S&P 500 up 0.09%. Major tech stocks mostly rose, with Microsoft up over 1%, while Apple and Tesla fell over 1% and 2% respectively [1] - International oil prices strengthened, with WTI crude oil closing at $62.15 per barrel, and Brent crude at $65.52 per barrel. Gold prices rebounded, with spot gold up 0.86% to $3229.21 per ounce [1] Industry Insights - Baode Computer System Co., a leading provider of computing products in China, is set to be acquired by Huibo Yuntong through a share issuance and cash payment for 67.91% of Baode's shares. Baode is a top player in the information technology infrastructure sector, focusing on advanced computing infrastructure products and integrated solutions [3] - Huawei launched its first personal computers using the Harmony operating system, marking a significant breakthrough for domestic operating systems in the PC sector. The new products include the Huawei MateBook Fold and Huawei MateBook Pro, aimed at enriching the Harmony ecosystem [4] - Nvidia's CEO announced the development of the advanced physics engine Newton in collaboration with DeepMind and Disney Research, which will be open-sourced in July. This engine supports GPU acceleration and is being integrated into Nvidia's ISAAC simulator, highlighting the growing market opportunities in AI-driven infrastructure [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued new regulations emphasizing that raised funds must be used specifically for main business operations, and excess funds cannot be used for permanent working capital or repaying bank loans [1][2] Group 1: Regulatory Changes - The new regulations require that raised funds focus on core business and strictly control the use of excess funds [2] - The regulations outline specific scenarios for changing the use of raised funds, including the cancellation of original projects or permanent working capital supplementation, with penalties for unauthorized changes [2] - Stricter oversight of fund accounts is mandated, requiring temporary working capital supplements to be conducted through specialized accounts [2] Group 2: Trends in Fundraising - Since 2025, many technology companies have announced fundraising plans that primarily target their main business, focusing on "vertical deepening" and "full-stack development" [3][4] - "Vertical deepening" refers to projects closely related to a company's main business, while "full-stack development" encompasses projects that cover multiple business areas [3][6] - For example, Cambrian's fundraising of 4.98 billion yuan is aimed at developing software platforms for large models, showcasing a clear focus on its core business [3] Group 3: Industry Support and Demand - The growth in demand for high-tech products is driven by policy support and technological advancements, with the government promoting the integration of digital technology and manufacturing [7] - The Chinese technology sector is positioned to lead global innovation due to its robust digital economy, infrastructure, and supportive policies [7] Group 4: Excess Fund Usage - Despite many companies adhering to the new regulations, some still plan to use excess funds for permanent working capital [8][9] - Companies like Ruide Intelligent and Beifang Changlong have announced intentions to use excess funds for working capital, raising concerns about compliance with the new regulations [9][10]

Key Highlights - Huadian New Energy's IPO registration has been approved, positioning it as a leading platform for wind and solar energy in China [2] - The company reported a revenue of 33.968 billion yuan for 2024, a 14.83% increase year-on-year, while net profit decreased by 8.20% to 8.831 billion yuan [2] - Guizhou Moutai announced a profit distribution of 276.24 yuan per share and initiated a share buyback plan worth 3 to 6 billion yuan, with a total dividend payout rate exceeding 80% [3] - China Software's non-public stock issuance has been approved, aiming to raise up to 2 billion yuan for various software development projects [5] - Xinbang Intelligent plans to acquire controlling stakes in Wuxi Yindi Chip Microelectronics through a combination of stock issuance and cash payments [7] - Jinlong Co. has terminated its plan to sell its stake in Zhongshan Securities to avoid potential asset quality issues [8] - Hubei Yihua's major asset restructuring plan has received preliminary approval from the Yichang State-owned Assets Supervision and Administration Commission [9] - Fenda Technology received a regulatory letter from the Shenzhen Stock Exchange due to non-operational fund occupation by its controlling shareholder [11] - High Energy Environment received a warning from the China Securities Regulatory Commission for inadequate disclosures and other compliance issues [12] - United Optoelectronics intends to acquire 100% of Changyi Optoelectronics and will suspend trading for up to 10 days [14] - Xinhua Group plans to change its name to "Beijing Tongguan Yingxin Cultural Tourism Development Co., Ltd." [15] - Huibo Yuntong is introducing Changjiang Industrial Investment Group as a strategic investor through a share issuance [16] - Light Media's financial assistance of 8 million yuan to Magic Animation is at risk of not being recovered due to insufficient funds [17] - Cixing Co. plans to acquire controlling stakes in Shenyang Shunyi Technology through a combination of stock issuance and cash [18] - Weir Shares intends to change its name to "Haowei Group" as part of its strategic planning [19] - Guangzhou Pharmaceutical, a subsidiary of Baiyunshan, will officially list on the New Third Board [20] ETF Overview - The Food and Beverage ETF has seen a slight decrease of 0.83% in the last five days, with a current market capitalization of 5.5 billion shares [22] - The Gaming ETF has decreased by 2.80% in the last five days, with a market capitalization of 5.86 billion shares [22] - The Semiconductor ETF has decreased by 1.21% in the last five days, with a market capitalization of 250 million shares [22] - The Cloud Computing ETF has decreased by 3.81% in the last five days, with a market capitalization of 560 million shares [23]

目前，"经纬智链"正处于市场推广阶段，未来将持续加大研发投入、完善产品模块，并与国内主要跨境 电商及相关服务机构展开深入战略合作，构建开放共赢的行业生态。业内普遍看好该平台在提升企业数 字化管理水平及风险防控能力方面的前景，认为它将成为中国跨境电商"出海"护航的重要技术支撑和管 理工具，为行业注入全新的发展动力。 F 0 Jingwei Smartchain o rpristly the 0 0 @ "经纬智链"平台集成了人工智能、大数据和云计算等前沿技术，打破了出口卖家对大型平台单一依赖的 旧模式。平台采用模块化设计，基于ERP信息化管理的基础上，融合了实时反欺诈、跨境合规（涵盖税 务、产品、品牌）及智能财务调度三个核心维度，实现订单处理、资金调度与合规申报的全链条智能管 理。试用阶段，数据显示平台订单处理效率提升约20%，欺诈风险事件下降近90%，同时跨境合规流程 周期缩短超过30%。此外，平台在智能财务调度模块上的突破尤为突出。该模块利用人工智能技术优化 跨境结算、汇率管理和资金周转，大幅降低了财务成本约10%，显著提升了企业资金管理效率，为应对 全球经济波动提供了有力保障。 【本报讯】随着全球电商竞争 ...

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 本 栏目由虎嗅出品。 周末要闻 【网警打谣：传播涉刘国梁不实信息，2人被处罚】 据界面新闻，公安部网安局5月17日消息，近日，一则关于国际乒联第一副主席、WTT世界乒联主席、中国乒 协原主席刘国梁的不实信息在互联网传播，误导大量网民关注和讨论。 据潇湘晨报，5月18日，多名网友反映，17日在贵阳市花果园小区附近发生一起交通事故，一辆小米SU7电动 车在行驶中撞到人，疑似造成人员伤亡。视频显示，现场有人躺在地上，来了多辆警车和救护车。5月18日， 潇湘晨报记者致电贵阳市南明区交警，一名工作人员表示，确有该起事故，人员伤亡情况他得去问一下。随 后，另一名工作人员接线表示，并不了解该事故，不便回应，"具体会有相关部门处理的。" 公安网安部门查明，网民杜某川、汤某在网上恶意传播相关谣言，造成谣言大量传播扩散，影响恶劣。目前， 属地公安机关已依法对杜某川、汤某等2人处以行政处罚。 网络不是法外之地，在网上发布信息必须遵守法律法规，切勿编造、传播不实信息。对于任何造谣、传谣行 为，警方将坚决依法予以打击，绝不姑息迁就 。希望广大网民能 ...

资金从何而起 - 港股资金跟踪 20250518 摘要 • 截至 2025 年 5 月 13 日，港股市场外资持股市值占比仍超过 60%，但长 线稳定型外资占比从 2020 年 9 月的 52%下降到 43%，短线灵活性外资 占比从 23%下降到 19%，表明外资结构发生变化。 • 长线稳定型外资持股市值约 11.6 万亿港元，香港上海汇丰银行占比达 86%，主要集中在保险业、零售、软件服务等行业；短线灵活性外资持股 市值约 5.2 万亿港元，花旗银行占比达 42%，偏好消费者服务、技术硬件 及耐用消费品等行业。 • 内资在港股市场地位稳步提升，截至 2025 年 5 月 13 日，中国大陆及香 港资金持有市值占比从 2020 年的 16%提升至 18%，南下资金持有市值 占比从 8%提升至 20%，内资在部分领域取得边际定价权。 • 截至 2025 年 2 月，"沪深港通"双边每日成交额达到 2.6 万亿港币，占 整个港交所成交额超过 20%，显著高于 2020 年的不到 10%，表明内资 参与度显著提高。 • 内资本在电信服务、能源、医疗设备等领域持仓比例更高，本地或大陆本 地资金则在半导体、运输及资本货 ...

2025年5月18日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 证券研究报告 如何看修订版"重组办法"？ ——每周主题、产业趋势交易复盘和展望 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 目录 1、本周市场回顾 2、产业趋势交易回顾与展望 3、《重组办法》修订 4、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 本周市场回顾 注：本周交易日为5月12日-16日 （如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：大盘表现 ✓ 上证指数走势 4 注：本报告所涉及个股 ...

以下文章来源于盛景新经济 ，作者彭志强、王湘云 盛景新经济 . 盛景聚集新经济，13年行业深耕，为创新创业者挖掘新经济圈内智识洞见，投资孵化，赋能陪伴创新企业成长发展。 AI 应用的付费模式，看起来只是付费模式，但本质上，是 AI 产品的价值到底是什么的问题。 尤其是在国内，各大厂商的 chatbot 应用都已经变成了免费应用，甚至有大佬断言「AI 应用的付费订阅在国内跑不通」。 AI 应用到底如何呈现自己独特的价值，在 C 端、B 端获得用户的认可，并且取得商业化收入？会对现在的互联网免费模式、以及 SaaS 的模式有新的冲击 吗？ 投资基金盛景嘉成的两位合伙人就此发表了自己的观点：RaaS（Result as a Service，结果即服务），即「AI 包工头模式」，是 AI 应用的核心逻辑。 某种意义上也是呼应了 Founder Park 此前的一篇文章： Agent 产品如何定价？一文说清 AI 产品的四种付费模式 作者介绍： 盛景网联董事长、盛景嘉成创投创始 合伙人 彭志强， 盛景嘉成管理 合伙人 王湘云 TLDR： 1、过去依靠标准化功能、流程模块和私有数据积累、统计、分析立足的传统 SaaS 产 ...

5月15日，港华与用友网络科技股份有限公司（简称"用友"）在深圳举行集团数智化建设及TMS升迁项目签约仪式暨启动会。香港中华煤气执行董事暨首 席财务总裁杨磊明，香港中华煤气内地公用业务营运总裁纪伟毅，香港中华煤气人力资源总裁林铭荣，港华执行副总裁黄坚，港华高级副总裁黄洁；用友 董事长兼CEO王文京、高级副总裁何强、副总裁刘剑锋、助理总裁兼深圳用友总经理袁毅刚等领导，以及项目相关成员出席会议。 何强表示，用友与港华在过往的良好合作中已积累了丰富的合作经验，希望双方继续发挥互补优势，用友将在此次项目推进中密切把握关键节点，保障项 目按时达成目标，同时积极与港华进行联合创新，为港华长远发展夯实数智化基础。 黄洁在总结时回顾了双方合作历程并对此表示感谢。她以"抚今追昔，开创未来"强调此次项目团队要把BIP建设目标（简单化、标准化、流程化、AI化） 充分融入工作中，以"尚有余生，何需来生"鼓励项目成员珍惜这次磨砺与成长的机会，并以"不负光阴，不负卿"期望合作双方共创、共建、共赢，携手并 进、彼此成就。 仪式上，在与会人员的共同见证下，杨磊明与袁毅刚代表双方签署了合作协议。双方就集团数智化建设及TMS升迁项目的合作目标、 ...