Group 1 - The Hang Seng Index closed up by 0.62%, while the Hang Seng Tech Index fell by 0.69% [1] - The Hong Kong Tech ETF (159751) closed down by 0.68%, and the Hang Seng Hong Kong Stock Connect ETF (159318) rose by 0.15% [1] - Steel stocks led the gains, with Chongqing Steel (601005) surging by 90%, and Ansteel (000898) increasing by over 10% [1] Group 2 - Kingsoft Software experienced a decline of over 9% [1]

美东时间7月1日周二，美联储主席鲍威尔在葡萄牙辛特拉出席欧洲央行举行的本年度中央银行 论坛并发表讲话。 对于市场关注的7月降息可能性问题，他表示，不会排除任何可能性，也不 会"直接将其摆上台面"，将取决于数据如何演变。 当地时间7月1日， 美国国会参议院通过全面减税和支出法案，并提交众议院。美国众议院将于 2日就法案进行辩论和投票。 美股三大指数涨跌不一。截至收盘，道琼斯指数涨0.91%，报44494.94点；标普500指数跌 0.11%，报6198.01点；纳斯达克指数跌0.82%，报20202.89点。受特斯拉CEO马斯克与美国总 统特朗普"隔空骂战"的影响，特斯拉股价收跌5.34%。 美国劳工统计局周二公布报告显示，尽管美国经济存在不确定性，该国的劳动力市场依然稳 定，5月JOLTS职位空缺意外上升，创下去年11月以来的最高水平，好于预期和前值。具体来 看，美国5月JOLTS职位空缺776.9万人，高于预期的730万人，前值为739.1万人。 鲍威尔再释放降息新信号 本次欧洲央行年度论坛上，鲍威尔释放了降息新信号，他称绝大多数美联储委员预计今年晚些 时候会降息，不会排除任何一次会议采取行动的可能性。 鲍 ...

Core Insights - The 2025 World Economic Forum Summer Davos held from June 24 to 26 in Tianjin focused on "New Era Entrepreneurial Spirit," addressing global economic challenges and new growth models with participation from over 1,700 guests from around 90 countries [2][4] Group 1: Themes and Discussions - The event featured a masterclass on "Risk, Resilience, and Industrial Transformation Strategies," co-hosted by Peking University's Guanghua School of Management and the World Economic Forum, aimed at exploring governance strategies for businesses amid uncertainty [2][4] - Key discussions included enhancing corporate resilience through advanced analytical tools and frameworks to navigate complex challenges [6][9] Group 2: Insights from Experts - Liu Qiao emphasized the importance of Total Factor Productivity (TFP) in the context of China-U.S. economic competition, noting that China's TFP growth slowed to 1.2%-1.5% post-2010, but strategic initiatives in new energy and digital technology could drive future GDP growth [9][10] - René Rohrbeck introduced the "Future Adaptability" framework, highlighting the need for companies to develop three core capabilities: system observation, foresight, and experimentation, which can significantly enhance profitability and market value [11][12] - Jörgen Sandström discussed the potential of industrial clusters in improving regional cooperation and resource sharing, advocating for data-driven collaborative governance to address supply chain risks [13][14] Group 3: Industry Responses - Wang Nan from Neusoft Group shared challenges faced by companies in international markets, stressing the need for flexible business strategies and local partnerships to navigate rising tariffs and market access issues [17][18] - Caroline Berson from PepsiCo highlighted the importance of a robust strategic framework for managing policy risks, advocating for strong trend scanning capabilities to adapt to ongoing trade changes [19][20] - Dai Xin from Swiss Re pointed out the relatively weak risk protection mechanisms in China, suggesting that improved risk management is essential for sustainable growth [21][22]

锐明技术 20250701 锐明技术过去几年的收入和利润情况如何？ 摘要 锐明技术是全球商用车信息化细分赛道的龙头企业，市场份额约 20%， 专注于为货运、公交、校车等提供信息化解决方案，包括司机行为监控、 车辆辅助驾驶等。 2020 年至 2022 年，受中美贸易摩擦、芯片断供和卫生安全事件影响， 锐明技术面临挑战并出现亏损。但自 2023 年起，不利因素缓解，公司 扭亏为盈，并在 2024 年实现高增长。 通过软硬件解耦，锐明技术成功应对了华为海思芯片禁用的挑战，实现 了产品对芯片品牌依赖的降低，从而能够灵活使用国内外各种芯片，降 低供应链风险。 AI 技术显著提升了锐明技术产品的价值量，从车内监控到自动驾驶功能， 公司正从第三代小模型向第四代大模型迭代，并以 SaaS 服务形式收费， 提升产品价值。 锐明技术的产品广泛应用于货运、公交等商用车场景，其中货运是最大 的市场。公司提供司机行为监控、车辆辅助驾驶以及货箱温湿度监控等 多种解决方案。 Q&A 锐明技术的主要业务是什么？其在行业中的地位如何？ 锐明技术主要从事商用车信息化业务，尤其是通过监控摄像头采集数据，并结 合 AI 算法进行精准识别和分析。其 ...

Core Viewpoint - The article discusses the implementation of a VAT immediate refund policy for software products developed and produced by general VAT taxpayers, aimed at encouraging technological innovation and industrial upgrading [1]. Group 1: VAT Immediate Refund Policy - The VAT immediate refund policy allows general VAT taxpayers to receive a refund on the portion of VAT that exceeds 3% after a 13% VAT is levied on their self-developed software products [1]. - Compliance with tax regulations is essential for companies to benefit from this policy, requiring independent accounting of income, complete material declarations, precise input tax allocation, and dynamic risk management [1]. Group 2: Eligibility for the Policy - Not all software products qualify for the VAT immediate refund policy; only those that meet specific criteria can benefit [3][4]. - Software products must be registered with the relevant authorities, such as obtaining a Software Product Registration Certificate or a Computer Software Copyright Registration Certificate [4]. - Only general VAT taxpayers can enjoy the VAT immediate refund policy; small-scale taxpayers are not eligible [6][7]. Group 3: Application Process - Companies must apply for the VAT immediate refund after completing their monthly VAT declaration and paying the tax [14]. - The application can be submitted through the electronic tax bureau, following specific steps to report and apply for the refund [16][18][20].

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 香港发表宣言 2.0，关注稳定币投资机遇 2025 年第 26 周计算机行业周报 1 报告要点 [Table_Summary] 上周计算机板块随大盘放量上涨，大幅上涨 8.18%。在长江一级行业中排名第 1 位，两市成交 额占比为 12.44%，稳定币/金融 IT 概念活跃。上周特斯拉 Robotaxi 服务正式在美国奥斯汀南 部启动；Neuralink 展示了他们最新的研究成果及产品发展方向。本周建议关注：1）具有发币 资格的相关企业；2）在区块链等关键技术上有技术积累的企业；3）具有相关牌照的企业。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 软件与服务 cjzqdt11111 [Table_Title 香港发表宣言2] 2.0，关注稳定币投资机遇 2025 年第 26 周计算机行业周报 [Table_Summary2] 上周复盘：计算机板块震荡下探 上周大盘大幅上涨， ...

Core Viewpoint - Shenzhen Municipal Market Supervision Administration has launched a "Commercial Secret Protection" service column to provide a one-stop service for enterprises, focusing on policy dissemination, learning resources, risk prevention, and foreign-related services [1] Group 1: Service Structure - The service column consists of four core sections: "Notifications and Announcements," "Activity Highlights," "Learning Area," and "Thematic Services," creating a multi-dimensional and interactive service system for commercial secret protection [1] - The "Notifications and Announcements" section publishes relevant policy documents, activity previews, and public information to keep enterprises updated on regulatory dynamics [1] - The "Activity Highlights" section showcases various information related to training, results release, and enterprise services through a visually engaging format, promoting experience exchange and sharing [1] - The "Learning Area" includes three sub-sections: "Standards and Guidelines," "Typical Cases," and "Practical Research," providing various learning resources to enhance enterprises' practical capabilities in commercial secret protection [1] - The "Thematic Services" section integrates three special services, including a regularly updated list of commercial secret protection service points across the city, facilitating enterprises' access to professional support [1] Group 2: Online Services and Features - As of June 2025, there will be 74 commercial secret protection service points in Shenzhen, covering all 11 districts of the city [2] - The online "Health Check" service and a 30-day free "Diagnosis" are highlighted features of the third "Enterprise Commercial Secret Protection Capability Enhancement Service Month" [2] - The online "Health Check" service, developed in collaboration with Deepin Technology Co., utilizes expandable data leakage prevention technology (XDLP) to intelligently detect, warn, and trace the flow of commercial secret data [2] - Enterprises can apply for the "Health Check" to refine their commercial secret management strategies and conduct comprehensive audits of file transmission routes across various platforms [2] - The service aims to provide real-time, embedded, and continuous assessments of data flow, helping enterprises identify and address management vulnerabilities from the source [2] Group 3: Application Process - Enterprises interested in participating in the online "Health Check" can submit applications via a QR code, choosing between "Self-Registration" or "IT Assistant Support" for the assessment [3] - Upon completing the 30-day free assessment, enterprises will receive a detailed "Commercial Secret Management Risk Online Health Check Report," highlighting risks across various dimensions [3] - Market supervision departments can also provide one-on-one on-site guidance services by linking experts to assist enterprises [3]

Core Viewpoint - The article discusses the improvements in the quality of listed companies in China's A-share market during the "14th Five-Year Plan" period, highlighting advancements in ESG disclosures, investor relations management, and overall corporate governance [1][2][7]. ESG Disclosure - The ESG report disclosure rate for listed companies reached 45.7% in 2024, an increase of over 17 percentage points compared to the end of the "13th Five-Year Plan" period [2]. - State-owned enterprises (SOEs) have significantly improved their ESG report disclosure rates, reaching 95.1% in 2024, a 37 percentage point increase from 2020 [3]. - By June 30, 2025, 20.08% of A-share companies received ESG ratings of A or above, a rise of over 10 percentage points since the end of 2020 [3]. Investor Relations Management - Over 40% of listed companies have established investor relations management systems by June 30, 2025, a significant increase from 17.48% in 2020 [5]. - The average response time to investor inquiries has decreased to under 10 days during the "14th Five-Year Plan" period, a reduction of approximately 16 days compared to the previous period [4]. - The effective response rate to investor inquiries has approached 67%, an increase of over 10 percentage points from the "13th Five-Year Plan" period [4]. Company Quality Improvements - The proportion of listed companies rated A or B in information disclosure assessments reached 85.09% in 2023, a 1 percentage point increase from 2020 [7]. - The average asset-liability ratio for A-share companies has shown a downward trend, with a median of 39.95% during the "14th Five-Year Plan" period, nearly 1 percentage point lower than the previous period [7]. - The average revenue per employee for A-share companies exceeded 210,000 yuan, reflecting an increase of over 20% compared to the previous period [8]. Market Structure and Trends - Over 90% of new listings on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange are high-tech enterprises, indicating a shift towards technology-driven companies [8]. - The total market capitalization of strategic emerging industry companies has surpassed 40%, showcasing the capital market's support for technological and industrial innovation [8].

Group 1 - The company approved a total guarantee amount of up to 250 million RMB for its subsidiaries to apply for financing from banks and financial institutions [1] - The specific guarantee amount for its subsidiary, Anying Zhixuan (Shenzhen) Technology Co., Ltd., is set at a maximum of 80 million RMB, effective from the date of approval until the next annual general meeting [1] - The company signed a guarantee contract with Bank of Communications Shenzhen Branch, providing a joint liability guarantee for a 10 million RMB working capital loan for Anying Zhixuan [2] Group 2 - The guarantee period for each principal debt is calculated from the due date of the debt until three years after the last due date of all principal debts under the main contract [3] - As of the announcement date, the total amount of guarantees provided by the company and its subsidiaries is 105 million RMB, accounting for 19.47% of the company's latest audited net assets [3] - There are no overdue guarantees, litigation guarantees, or losses incurred due to overdue debts as of the announcement date [3]

证券代码：600718 证券简称：东软集团 公告编号：临 2025-047 东软集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次行权股票上市流通时间：公司本次采用自主行权模式，激励对象行 权所得股票可于行权日（T 日）后的第二个交易日（T+2）日上市交易。 一、2024 年股票期权激励计划已履行的决策程序和信息披露情况 于 2024 年 2 月 26 日召开的公司十届八次董事会审议通过了《关于 <东软集> 团股份有限公司 2024 年股票期权激励计划（草案）>及其摘要的议案》《关于< 东软集团股份有限公司 2024 年股票期权激励计划考核管理办法>的议案》以及 《关于提请公司股东大会授权董事会办理 2024 年股票期权激励计划相关事宜的 议案》。具体内容，详见本公司于 2024 年 2 月 28 日刊登在《中国证券报》 《上海 证券报》上的相关公告。 于 2024 年 2 月 26 日召开的公司十届四次监事会审议通过了《关于 <东软集> 团股份有限公司 2024 年股票期权激励计划（草 ...