美股再度创造历史，纳指、标普500指数创下历史新高。 美股全线走强，创下233年的历史新高。 美股至今约有233年的历史。1792年5月17日，24名纽约证券经纪人签署了《梧桐树协议》，约定了股票交易的最低佣金标准和交易规则，标志着美国证券市 场的雏形诞生。 英伟达股价持续上涨，自4月7日以来涨超67%，市值重回全球第一。 黄仁勋以及多位高管持续减持公司股票。最新文件显示，6月20日以来，黄仁勋已累计减持30万股英伟达股票，规模合计近4490万美元。 除黄仁勋外，英伟达多位高管也在减持公司股票。近三个月内共14名重要股东合计减持1020.08万股公司股份。 英伟达是但斌旗下东方港湾美股持仓的第一大重仓股，一季度末持股市值1.49亿美元。 | 证券代码 | 公司名称 | 持仓占比 | 持仓市值(亿美元) | 持有股数(股) | | | --- | --- | --- | --- | --- | --- | | NVDA | 英伟达 | 17.21% | 1.49 | 1378420 | -27847 | | AAPL | 東道 | 13.23% | 1.15 | 516801 | 141045 | | MSFT ...

这就是企业当下的难题：既想用AI，但又用不了；即使勉强用，也往往用不好。就像老式手机难以流畅运行微信 一样，不同代际的事物往往因技术的差异而难以兼容。 不久前，用友联合北大推出了"CIO/CDO数智化进阶课程"，聚焦AI如何深度赋能企业。令人意外的是，竟有60% 的学员是企业董事长亲自参与。这是为什么？ 事实上，AI不仅是技术的升级，更是对企业整体业务逻辑的重构。过去我们所依赖的信息化系统，大多以部门为 单位搭建，导致数据割裂、流程僵化、主数据缺失，早已难以支撑当下日益复杂的业务需求和智能决策。可以 说，正是这些老系统的局限性，倒逼着企业家主动做出改变。 于是，"数智焕新"出现了。它意味着，企业要借助新一代软件产品和技术架构，打通数据、融合系统，让AI下沉 到每一个业务环节中去。那么问题来了： 想象一下这样的场景：你正兴奋地给企业装上AI"外挂"，想用大模型分析报表、让Agent自动跑流程，结果一运 行，系统屡屡报错，数据也不支持。这时候，你突然发现：不是新技术不行，而是用的系统平台太老了。 谁能帮助企业完成这一平台的升级与转换呢？ 大型企业为什么需要"原生一体"？ 这个问题很简单，那就是AI需要。 《首席信 ...

整理 | 梓毓 小米回应"前总监大瓜"；产半导体大厂芯启源暴雷！欠薪数月；阿里合伙人瘦身：不在业务一线的基本都退出了； 字节 Seed 机器人招募多位业务负责人 ；英特尔前 CEO 基辛格：辞职是"第三方"做出决定；微软云中国的公共事业部被拆分…… 行业热点 小米回应"前总监大瓜"：该人曾入职小米食堂 2 个月，因旷工被开除 6 月 27 日，小米集团公关部总经理王化在个人社交账号发文，就近日网传"小米前总监冯某某与 200 人签订包养协议"一事作出回应—— 这几天有两件高关注度的事情，但我们忙于小米 YU7 发布会，没有来得及回复。今天同步一下我了解的情况： 首先是网传的"小米前总监冯 XX"的大瓜。经核实，该人曾于 2016 年 9 月入职小米食堂，岗位为切配（切菜），由于旷工原因同年 11 月被开除，其短暂 的工作时间内从未担任小米公司任何总监职位。 国产半导体大厂芯启源暴雷！欠薪数月、0 赔偿裁员：HR 直言就是不发 6 月 25 日消息，据报道，近日有认证为南京芯启源半导体员工的网友爆料，国内 DPU（数据处理器）头部公司芯启源自三月份以来就已经停发工资、暴 力裁员零赔偿、不发年终奖以及区别对待员工 ...

Core Insights - The article discusses the evolution of modern warfare, highlighting the shift from traditional combat to algorithm-driven warfare, emphasizing the role of data link attacks and AI in military operations [1][5][8] - Palantir is positioned as a key player in this transformation, leveraging advanced algorithms for military and commercial applications, and has seen significant stock price appreciation due to its perceived value in the AI sector [5][8][10] Group 1: Military Applications - Recent conflicts, such as the Ukraine-Russia war, showcase the effectiveness of AI and data-driven strategies in military operations, with Ukraine successfully using drones to target Russian assets [3][5] - Palantir's technology has been instrumental in military intelligence, assisting the U.S. military in locating high-profile targets like Osama bin Laden through data analysis and modeling [5][43] Group 2: Company Overview - Founded in 2003, Palantir initially focused on securing contracts with the U.S. military, employing a strategy of providing free software to gain trust and build relationships within military ranks [10][12] - The company has diversified its offerings, providing customized AI solutions across various sectors, including defense, finance, and healthcare, with a significant portion of its revenue derived from government contracts [22][26] Group 3: Financial Performance - Palantir's stock has surged approximately 1500% since early 2023, driven by its strong performance in the AI market and a high price-to-earnings ratio of 520, placing it among the top tech companies in the U.S. [8][10] - The company reported a quarterly revenue of $884 million in Q1 2025, with an average revenue of over $4 million per customer, indicating a strong financial position [28][29] Group 4: Product Offerings - Palantir's core products include Gotham for military and intelligence analysis, Foundry for commercial data integration, AIP for AI-driven applications, and Apollo for software deployment and data security [30][66] - The company emphasizes customization in its services, deploying teams to understand client needs and create tailored AI systems, which distinguishes it from typical SaaS providers [24][30] Group 5: Market Position and Strategy - Palantir's unique approach to data integration and analysis, based on its ontology framework, allows it to create comprehensive solutions that address complex data challenges faced by enterprises [73][78] - The company has cultivated a strong following among retail investors, with a significant portion of its stock held by individual shareholders, reflecting its appeal as a "national fortune stock" in the U.S. [85][87]

债 券 周 评 相关研究 - 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 王明路 A0230525060003 wangml@swsresearch.com 徐亚 A0230524060002 xuya@swsresearch.com 张杰 A0230524050002 zhangjie@swsresearch.com 联系人 徐亚 (8621)23297818× xuya@swsresearch.com 2025 年 06 月 28 日 转债 YTM 创今年以来新低 ——转债周度跟踪 20250627 ⚫ 1. 周观点及展望 ⚫ 权益市场小盘成长风格领涨，叠加转债评级下调定价窗口期即将结束，近一周转债表现 抢眼，其中万得信息技术、低评级、高价、小盘转债风格领涨。估值方面，百元溢价率 继续攀升，市场整体情绪高涨。值得关注的是，在银行股票指数调整的影响下，万得金 融转债指数单日大幅调整，但是相对权益而言调整幅度有限。策略方面，建议继续维持 哑铃配置，一方面，大盘蓝筹转债供需关系更加失衡，随着浦发转债等类似的底仓转债 到期退出，转债市场对于底仓品种的配置需求将 ...

Group 1 - Ouma Software announced on June 28, 2025, that its controlling shareholder, Shandong Shanda Capital Operation Co., Ltd., plans to transfer 25.82% of its shares to Shandong State-owned Assets Investment Holding Co., Ltd. without compensation, which may lead to a change in the controlling shareholder and actual controller of the company [3] - Shanda Diwei also announced on the same day that its controlling shareholder intends to transfer 24.59% of its shares to Shandong High-speed Group Co., Ltd. without compensation, which may similarly affect the controlling shareholder and actual controller of the company [5] - The share transfer is part of the reform of the corporate structure of enterprises affiliated with Shandong University, as mandated by national policies [8] Group 2 - Ouma Software's main business involves the research, development, sales, and services of information technology products in the examination and assessment field, providing comprehensive solutions for government departments, industry associations, educational institutions, and enterprises [9] - In the fiscal year 2024, Ouma Software reported a revenue of 212 million yuan, a decrease of 3.88% year-on-year, and a net profit attributable to shareholders of 70.10 million yuan, down 8.35% year-on-year [9] - Shanda Diwei is a leading "AI + blockchain" technology service provider in China, focusing on smart social security, smart healthcare, and intelligent electricity sectors, with a revenue of 555 million yuan in 2024, an increase of 3.14% year-on-year, but a net profit decline of 21.04% to 64.08 million yuan [9] - As of June 27, 2025, Ouma Software's stock price was 20.17 yuan per share, with a market capitalization of approximately 3.09 billion yuan, while Shanda Diwei's stock price was 11.68 yuan per share, with a market capitalization of about 4.67 billion yuan [9] Group 3 - Both Ouma Software and Shanda Diwei stated that the share transfer agreement ensures the stability of the management teams and will not affect normal operations, nor harm the interests of the companies and minority shareholders [10] - Shandong State-owned Assets Investment Holding Co., Ltd. and Shandong High-speed Group Co., Ltd. are large comprehensive enterprises that can effectively collaborate with the companies for future development, aligning with the interests of the companies and all shareholders [10]

导语：企业的管理方式也随之发生改变。 人工智能（AI）已经无处不在，各大企业的首席执行官（CEO）对此乐在其中。 从黄仁勋（Jensen Huang）到蒂姆·库克（Tim Cook），以下是五位CEO如何将AI融入他们日常生活的故事。 微软CEO萨提亚·纳德拉 微软在AI领域投入巨资：2023年推出了Copilot助手，2024年与OpenAI达成了价值130亿美元的合作协议，并组建了专门研发AI的团队。 自2014年接掌微软以来，纳德拉一直强调AI将如何改变工作流程和人类的认知劳动。彭博社（Bloomberg）报道称，对纳德拉来说，AI已经成为他 生活中不可或缺的一部分，无论在办公室还是在日常生活中。 在5月的一次采访中，纳德拉透露自己喜欢播客，但并不直接听。他会将播客的文字稿上传到手机上的Copilot应用，然后在通勤途中用语音助手讨论 播客内容。 到达微软位于华盛顿州的总部后，他会使用Copilot总结Outlook和Teams中的信息。他还利用Copilot Studio中至少10个定制化代理，辅助准备会议和 研究资料。 "我是个写邮件的老手。"纳德拉笑称。 这项技术正在持续影响全球市场中的多个领域， ...

Group 1 - Starbucks has partnered with Microsoft's Azure OpenAI platform to develop a generative AI assistant called "Green Dot Assist," which aims to reduce the workload of baristas and improve service speed, potentially shortening order service time to 4 minutes [1] - The collaboration highlights the growing capabilities of general artificial intelligence, which now possesses autonomous perception, recognition, decision-making, execution, and social collaboration skills, along with exponential learning capabilities that align more closely with human emotions, ethics, and moral values [1] Group 2 - AI is increasingly exhibiting "human-like" qualities, particularly in the arts, where it is transforming the landscape of artistic creation [2] - In the field of painting, AI tools can generate artworks in various styles based on input keywords, evolving from being mere assistants to becoming collaborators with human artists [2] - In music creation, AI analyzes vast amounts of data to generate melodies that express specific emotions and styles, allowing enthusiasts to create personalized songs with minimal adjustments [2] Group 3 - AI has made significant advancements in literary creation, providing not only basic writing assistance but also inspiration for creative ideas, as noted by several renowned science fiction authors who have incorporated AI-generated concepts into their works [3] - The emergence of "human-like" AI is enhancing productivity across various industries while expanding the creative potential for human creators, indicating a collaborative future between AI and human creativity [3]

Core Viewpoint - The document discusses the supplementary legal opinion regarding the issuance of A-shares by Zhongke Xingtou Co., Ltd. to specific investors in 2025, focusing on compliance with relevant laws and the necessity of the fundraising projects [3][4]. Group 1: Fundraising Projects - The total amount of funds to be raised from the issuance will not exceed RMB 1 billion, allocated for the construction of three main projects: the Flight Service Digital Infrastructure Platform, the Xingtou Luoshu Defense and Public Safety Big Data Intelligent Analysis Platform, and supplementary working capital [6][7]. - The company’s business includes data services, primarily selling data products processed from raw data using self-developed software [6][7]. - As of December 31, 2024, the funds raised from the company's initial public offering in 2020 and the specific issuance in 2021 have not been fully utilized [6][7]. Group 2: Compliance and Legal Assurance - The supplementary legal opinion confirms that the company has conducted thorough investigations and discussions to ensure compliance with relevant laws, including the Personal Information Protection Law, Data Security Law, and Cybersecurity Law [9][12]. - The company has obtained necessary business qualifications for the implementation of the fundraising projects, ensuring no violations in data procurement or services [9][12]. - The company has committed to taking measures to ensure that its data procurement and service operations comply with applicable laws and regulations [11][12]. Group 3: Project Implementation and Data Procurement - The projects have not yet provided data services to third parties, with only the Xingtou Cloud Project having conducted two preliminary data procurements [8][13]. - The data procurement for the Xingtou Cloud Project is legally compliant, with contracts ensuring that the supplier has the necessary qualifications and that the data provided does not violate any laws [8][13]. - The company has outlined specific data procurement and service content for each project, focusing on high-quality data sets and comprehensive services across various industries [8][9].

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