Group 1 - The core viewpoint is that the Hong Kong stock market is transforming into a global technology capital hub, driven by a surge in technology company listings and significant capital inflows [1] - The Hong Kong Technology ETF (513020) has seen a nearly 1.8% increase, with net capital inflows for four consecutive trading days [1] - CITIC Securities indicates that the Hong Kong market has developed a complete financial system, with a significant increase in the weight of the technology sector [1] Group 2 - The total market capitalization of the Hong Kong technology sector has reached 6.29 trillion HKD, with over 600 billion HKD of net inflows from southbound funds this year [1] - The Hong Kong Technology ETF tracks the Hong Kong Stock Connect Technology Index (931573), which covers high-tech sectors such as information technology and healthcare [1] - The market is expected to enter a technology bull market over the next three years, benefiting from global re-evaluation of Chinese assets and policy support [1]

答：2025 年，在风险管理方面，公司将持续优化全面风险管 理体系，运用数字化工具强化市场、供应链及合规风险的实时 监测与预警；在内部控制方面，公司将推进关键业务流程自动 化，确保符合监管要求；在公司治理方面，公司也将积极开展 治理层培训，进一步提升治理能力，同时将加强中小股东沟通， 保障中小股东权益。 3、公司在研发上的投入如何？ 证券代码：002912 证券简称：中新赛克 深圳市中新赛克科技股份有限公司投资者关系活动记录表 编号：2025-005 投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 活动参与人员 调研单位及人员： 华创证券 吴鸣远、祝小茜 公司接待人员： 董事会秘书兼财务总监李斌 时间 2025 年 5 月 27 日下午 15:00-15:30 地点 南京中新赛克科技有限责任公司会议室 形式 现场调研 交流内容及具体 问答记录 互动问答： 1、公司围绕 ToG+ToB 双轮驱动战略目标，具体如何布局？ 答：公司坚持"ToG+ToB"双轮驱动，国内国际均衡发展的整 体战略。公司将加大渠道生态建设力度，确保公司整体战略得 ...

每经编辑｜肖芮冬 近期关税政策走向缓和、降准降息落地、叠加科技领域热点频发、自主可控加速，A股前期累计风险因素持续释放，展望后 市，市场有望走出震荡向上行情。 虽然利好累计，但市场仍然存在一定的不确定性，特朗普政策反复、基本面弱复苏等都在扰动市场走势。 中信证券表示，不确定性或贯穿2025年经济运行，回顾历史上不确定性陡升时期，全球经济呈现阶段性收缩与结构性分化并 存的特征。展望下半年经济表现，关税扰动仍是影响经济运行的主线，经济或呈现"生产偏强、投资回升、消费稳健、出口仍 具韧性"的特点。 在这样的情况下，布局宽基ETF或是更好的方式。 中证A500：行业均衡，龙头荟萃 中证A500指数以国际通用的"行业均衡"方式编制，被誉为A股市场的"尖子班"，本土"标普500"。它挑选了各行业市值较大、 流动性较好的500只证券作为指数样本，涵盖了A股市场的核心资产。 同时，几乎所有三级行业龙头都入选样本，真正实现了"龙头荟萃"。这些成分股不仅代表了A股市场的中坚力量，或更是未来 经济增长的潜力所在。 成分股行业来看，中证A500指数包括约50%传统价值型行业（金融、原材料、消费、能源、公共事业）和约50%新兴成长型 ...

金融界5月27日消息，上证指数低开震荡，中证高端制造50指数 (高端造50，932025)报1354.87点。 数据统计显示，中证高端制造50指数近一个月上涨2.03%，近三个月下跌9.35%，年至今下跌3.60%。 据了解，中证高端制造50指数，选取信息技术、通信设备、电力设备、航空航天与国防、机械制造、医 药卫生、环保、汽车及零配件、油气开采等行业的50只有代表性的上市公司证券作为指数样本，以反映 高端制造领域上市公司证券的整体表现。该指数以2016年12月30日为基日，以1000.0点为基点。 从指数持仓来看，中证高端制造50指数十大权重分别为：宁德时代（13.67%）、比亚迪（6.87%）、恒 瑞医药（4.86%）、中芯国际（3.36%）、药明康德（3.17%）、立讯精密（3.15%）、汇川技术 （2.89%）、京东方A（2.88%）、迈瑞医疗（2.81%）、北方华创（2.79%）。 从中证高端制造50指数持仓的市场板块来看，深圳证券交易所占比54.16%、上海证券交易所占比 45.84%。 从中证高端制造50指数持仓样本的行业来看，工业占比38.50%、信息技术占比29.34%、可选消费占比 15. ...

Group 1: AI Industry Insights - The acceleration of Agent product deployment is expected to enhance the upward trajectory of the AI industry, with a faster pace of commercialization anticipated [1][13] - Major companies are updating their Agent products, with Microsoft focusing on local and cloud collaboration, Google developing a 2C Agent 3P strategy, and domestic firms like Kingdee and Kunlun Wanwei advancing their AI management platforms [13] Group 2: Financial Sector Developments - Recent financial policies have led to a non-symmetric interest rate cut, stabilizing bank interest margins, with positive factors accumulating for the banking sector's fundamentals [13] - The brokerage sector is expected to see continued strong growth in mid-year reports, supported by favorable liquidity and policy environments, with valuations stabilizing [13] Group 3: Corporate Announcements - Meituan reported a first-quarter revenue of 865.6 billion RMB, reflecting an 18.1% year-on-year increase, and an adjusted net profit of 109.5 billion RMB, up 46.2% [7] - Zijin Mining plans to spin off its subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange, while maintaining control over it [8] - Gree Harmonic announced that its controlling shareholders plan to reduce their holdings by up to 3% of the company's shares [9] - Digital China intends to increase its stake in Digital China Holdings by up to 428 million RMB over the next 12 months [12]

Group 1 - Recent regulatory efforts are aimed at optimizing the environment for Chinese companies to list overseas, with the China Securities Regulatory Commission (CSRC) and other financial authorities working together to enhance the efficiency of overseas listing processes [1] - The Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange have introduced initiatives to facilitate listings for technology and biotech companies, while the Singapore Exchange is also committed to supporting Chinese companies in utilizing international capital markets [1][2] - Chinese companies are presented with a unique opportunity to expand internationally, leveraging cross-border capital platforms to transition from domestic operations to global competitiveness [1][3] Group 2 - Financing is a primary motivation for Chinese companies to list overseas, as international capital markets offer larger funding capacities, higher marketization, and diverse investor types, which can enhance business and governance standards [2] - Mature overseas capital markets provide a variety of refinancing tools, high approval efficiency, and fewer restrictions on fundraising purposes, allowing companies to manage funds flexibly [2] - Listing abroad can attract international strategic investors with extensive networks and resources, aiding Chinese companies in entering local markets and enhancing their global brand influence [2] Group 3 - The overseas listing of Chinese companies not only serves individual corporate strategies but also promotes the extension of China's advantageous industries into global markets, particularly in sectors like renewable energy, information technology, and high-end manufacturing [3] - Companies must assess their strategic goals, financial conditions, and development stages when considering overseas listings, ensuring they have sufficient funds to cover high listing costs and ongoing operations [3] - The ongoing trend of Chinese companies listing abroad is expected to produce globally competitive enterprises, optimizing resource allocation and stimulating industrial development in China [3]

生成式AI 一、 海光信息与中科曙光 突发重大并购：两大算力巨头"合体" 1. 海光信息将通过换股方式吸收合并中科曙光，两家企业总市值合计超4000亿元； 2. 海光为国产CPU及GPU龙头，中科曙光为服务器及算力基础设施龙头，两家有频繁关联交 易； 3. 此次重组旨在抢抓信息技术产业发展机遇，将实现产业链互补，形成多元算力业务整合。 https://mp.weixin.qq.com/s/6ruj7Mc1EMFtbDZRW0z7Zw 二、 Lilian Weng自曝公司首个产品？一篇论文未发估值90亿 1. OpenAI前安全副总裁Lilian Weng分享其新公司Thinking Machines的产品——一种用于AI 训练的手动调参仪表盘； 2. Thinking Machines由多位OpenAI核心员工组建，虽未发表论文但估值已达90亿美元； 四、 AI老师上线！VideoTutor：2分钟搞定K12课程，还能定制 1. VideoTutor是一款面向K12教育的AI工具，用户输入问题或主题后可自动生成类似可汗学 院风格的短视频课程； 2. 该工具提供结构化脚本、动态视觉效果和专业旁白，支持100多种 ...

Market Overview - Global stock markets experienced a correction last week, with a risk preference retreating from high levels. The MSCI Global Index fell by 1.9%, with developed markets down by 2.1% and emerging markets down by 0.5% [3][10] - The Hang Seng Index showed the best performance among emerging markets, increasing by 1.1%, while the Korean Composite Index was the weakest, declining by 1.3% [3][10] Sector Performance - In the US market, defensive sectors such as utilities and consumer staples performed well, while technology sectors faced adjustments. The S&P 500 saw a decline of 2.6% [10] - In the European market, utilities and communication services led with gains of 2.6% and 2.3%, while consumer discretionary and energy sectors lagged behind [10] - The Hong Kong market saw significant gains in the materials and healthcare sectors, with increases of 6.1% and 5.6%, respectively [10] Valuation Trends - Developed markets' overall valuation decreased, with the latest PE and PB ratios at 21.9x and 3.5x, respectively, placing them at the 86% and 97% percentile levels since 2010 [21] - Emerging markets' valuations improved, with PE and PB ratios at 15x and 1.9x, respectively, at the 72% and 85% percentile levels since 2010 [22] Earnings Expectations - Earnings expectations for global markets were mostly revised downwards, with Hong Kong showing a notable upward revision. The Hang Seng Index's 2025 EPS forecast was adjusted from 2214 to 2222 [27] - The S&P 500's 2025 EPS forecast was revised down from 264 to 263, with the consumer discretionary sector seeing the largest upward revision of +0.2% [27][28] Liquidity Conditions - Global liquidity conditions tightened marginally last week, with macro liquidity indicators showing a mixed trend across regions. The US and China saw interest rates decline, while European rates slightly increased [30] - The tightening of liquidity was reflected in the increase of long-term bond yields in major countries, with the UK, Japan, and the US seeing the largest increases [30] Economic Outlook - The economic outlook showed divergence, with the US economy experiencing a marginal decline in sentiment, as indicated by a drop in the manufacturing PMI to 48.7% [35] - In contrast, the European economy maintained stability, with the Eurozone manufacturing PMI at 49% and service PMI at 50.1%, indicating continued expansion [43]

Group 1 - The A-share market showed mixed results today, with the Sci-Tech 50 Index rising by 0.31% and the Sci-Tech 50 Index ETF (588870) experiencing a slight pullback, leading the category with a turnover rate exceeding 5% [1] - The Sci-Tech 50 Index ETF has attracted significant capital inflow, accumulating 43 million yuan over the past 10 days, with 9 out of those days seeing net inflows [1][3] - The component stocks of the Sci-Tech 50 Index exhibited mixed performance, with notable gains from Western Superconducting (over 4%), Kingsoft Office (over 2%), and SMIC (over 1%) [3] Group 2 - Haiguang Information and Zhongke Shuguang are planning a merger, which will be the first absorption merger transaction following the recent regulatory changes [3][5] - The merger is expected to optimize the industrial layout from chips to software and systems, enhancing the integration of quality resources along the information industry chain [4] - The new regulations encourage head companies to strengthen their core businesses and increase integration efforts with listed companies in the industry chain [5] Group 3 - The development of derivatives for the Sci-Tech 50 Index is underway, which is anticipated to enhance investment choices and risk management tools for investors [4] - The global technology sector has seen a rebound, with the MSCI Information Technology Index rising by 15.5% from April 14 to May 13, significantly outperforming the MSCI Global Index [6] - The domestic policy support for artificial intelligence is increasing, with expectations for accelerated industry development and significant production plans from leading companies like Tesla [6][7]

Group 1 - The fifth "Hai Ju Ying Cai" Global Innovation and Entrepreneurship Competition was held in Shanghai Lingang, aiming to attract high-level overseas talent and projects [1][3] - A total of 101 high-level talent projects from around the world have registered since the competition's project solicitation began in March 2025, with 93 projects showcased across six major sectors [3] - The competition has shown four key characteristics: increasing number of projects, higher integration with Lingang's industries, broader participation from overseas individuals, and younger participants [3] Group 2 - The "Lingang Maker New Policy" was officially released at the 2025 Lingang Science and Technology Innovation Conference, providing a comprehensive support system for young innovators and high-level talents [3] - The "Blue Whale Plan" will be launched to attract leading, innovative, and entrepreneurial young talents, offering up to 1 million yuan in personal funding [4] - Innovative and entrepreneurial talents can apply for a housing subsidy of up to 5 million yuan when purchasing newly listed properties [4]