每日市场观察 2025 年 6 月 3 日 【今日关注】 周五指数下挫成交额 1.16 万亿比上一交易日减少约 500 亿，行业多数 下跌，农业、银行、医药、军工等少数行业小幅上涨，汽车、电子、机 械、计算机等行业跌幅居前。 在周四市场出现反弹情况下，周五全天弱势运行，强度低于预期。美国 联邦巡回上诉法院批准特朗普政府请求，暂时搁置美国国际贸易法院此 前作出的禁止执行行政令的裁决，对市场造成新的打击。下跌的个股和 行业占比超过八成，并且不少行业创出本轮调整以来的新低。虽然有养 殖业等个别新的热点出现，但是从可控核聚变、机器人等板块的下跌幅 度较大看，新的热点仍然是轮动性质，可持续性难有保障。其中，机器 人板块下跌加速，其作为今年以来上涨幅度和资金参与程度较深的板块， 这种加速下行的现象，可能从侧面反映出整体市场的弱势性质仍未结束。 周四上涨引发的反弹预期可能夭折，操作上需要重新回到防守姿态。对 于近期反弹相对明显的行业，比如创新药、芯片设计等仅限短线有限参 与。军工板块调整后有所企稳，6 月份将举办国际防务展，同时国内新 航母列装服役进度加快，可以作为逢低关注的重点行业。 【市场回顾】 市场概况：5 月 30 ...

｜2025年6月3日星期二｜ NO.1天风证券：市场交易情绪依然处于阶段性低位 天风证券（601162）研报表示，5月交易类指标环比持续下滑，表明市场交易情绪依然处于阶段性低 位，同时资产联动指标、市场配置指标指向市场向上的潜在空间依然较大，另外在投资者行为方面，回 购规模环比持续大幅上升，产业资本净减持幅度则大幅走阔，资金主体指标整体出现小幅回落迹象。 NO.2中金：综合内外部因素，市场或维持震荡格局 中金公司（601995）研报称，综合内外部因素，市场或维持震荡格局。风格层面，得益于流动性充裕与 科技叙事催化，中小盘成长股表现相对占优；利率下行背景下高股息资产吸引力相对提升但配置仍偏结 构性。配置层面：1.持续关注并购重组、破净修复等政策支持领域。2.景气回升并且受关税影响不大的 领域，例如AI产业链中的云计算、算力等基础设施环节，再到机器人、智能驾驶等应用环节，我们认 为仍是重要主线。此外，部分对美敞口不高的出口链，如工程机械、电网设备、商用车等也值得关注。 3.现金流优质、与外需关联度不高的红利板块，例如水电、电信运营商、食品饮料、银行等行业的龙头 公司。 NO.3中信建投：啤酒销量反弹，关注旺季改善 ...

金十数据6月3日讯，华西证券指出，全球AI算力需求持续攀升，带动算力租赁行业成为市场焦点。互 联网大厂算力需求旺盛，看好算力租赁。阿里巴巴集团官方表示未来三年，阿里将投入超过3800亿元人 民币，用于建设云和AI硬件基础设施。腾讯"计划在2025年进一步增加资本支出，并预计资本支出将占 收入的低两位数百分比。"腾讯今年的Capex将达到千亿级别。H20被禁，下游客户将转向算力租赁和国 产算力来满足旺盛的算力需求。我们判断阿里一季度资本开支不及预期的主要原因是H20芯片出口管 制，因此看好算力租赁行业爆发。 华西证券：互联网大厂算力需求旺盛，看好算力租赁 ...

Group 1: Stablecoins - The Hong Kong government officially enacted the "Stablecoin Regulation" on May 30, enhancing the digital asset regulatory framework [1] - Compliant stablecoins in Hong Kong are expected to be launched by the end of this year, with the global stablecoin market exceeding $250 billion as of May 31, 2023, an increase of over $40 billion since the end of 2024 [1] - Stablecoins are increasingly used in traditional financial activities such as cross-border payments and foreign exchange savings, becoming ideal choices for international payments and asset reserves [1] Group 2: Hydropower Projects - A hydropower station project in Tibet has been approved, with a total investment expected to exceed 1 trillion yuan, generating a demand for 18 million cubic meters of concrete and 54 million tons of cement [2] - The project is set to start construction in June 2025 and aims to be operational by 2030, with a capacity of 6 million kilowatts, more than double that of the Three Gorges Dam [2] Group 3: Quantum Communication - A Chinese research team has proposed a scalable quantum direct communication network, achieving a 300-kilometer communication distance among four nodes [3] - The advancements include overcoming traditional network architecture limitations, optimizing entangled light source preparation, and establishing an error correction mechanism for stable multi-node communication [3] Group 4: Computing Power - The Ministry of Industry and Information Technology has issued an "Action Plan for Computing Power Interconnectivity," aiming to create a computing power internet system by 2028 [4] - The plan focuses on enhancing the interconnectivity of computing resources and services, promoting a unified computing power standard [4]

其实早在2024年，我国在用算力中心机架总规模超过830万标准机架，算力总规模达246EFLOPS，位居世 界前列。 明确告诉各位大家！ 面对这一历史性机遇，全球资本正疯狂涌入算力赛道，小编也梳理出5家龙头企业凭借技术壁垒和业绩暴 增，成为机构抢筹的核心标的！ 无论市场如何波动，算力都始终是最核心的主线之一！ 作为AI时代最坚固的的基石和源动力，算力需求已呈爆发式增长。 据权威机构预测，2025年中国智能算力规模将突破1037.3EFLOPS，同比增长43%，2026年更将飙升至 1460.3EFLOPS，较2024年翻倍！ 第三家：海兰信 公司不仅在成本控制、安全性能上优势显著，还得益于率先布局和政策支持，再加上传统业务的协同效 应，构建起独特的市场竞争力。 第四家：浙文互联 国内领先的数字营销企业，与阿里、华为、百度、腾讯等巨头深度合作。公司成立浙文智算、浙文蓝耘 智算等专业算力公司，并参与浙江国资项目投资，构建算力产业链布局。 最后一家：国资委控股，算力赛道最强黑马！ 作为AI服务器核心网络设备商，其以太网交换机国内市占率第三，Wi-Fi 6设备全球销量五连冠。更值得 关注的是，想知晓莱肱纵浩牛板，一季 ...

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has issued the "Computing Power Interconnection Action Plan" to promote the application of computing power interconnection in various new business scenarios [1] Group 1: Application Scenarios - The plan emphasizes the application of computing power interconnection in service scenarios such as computing resource services, task scheduling, market transactions, and open-source community operations [1] - It aims to enhance enterprise-level applications in artificial intelligence, scientific computing, intelligent manufacturing, remote medical services, and visual internet [1] - The initiative also targets consumer-level applications including intelligent driving, cloud rendering, cloud computing, and cloud gaming [1] Group 2: Integration with Other Technologies - The plan encourages the integration and innovative application of computing power interconnection with energy internet, industrial internet, and mobile internet [1]

Core Insights - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan" aiming to establish a comprehensive system of standards, identifiers, and rules for computing power interconnection by 2026 [1] Group 1: Infrastructure Interconnection - The plan promotes new high-performance transmission protocols to enhance the interconnection level among computing power nodes [1] - It aims to build national, regional, and industry computing power interconnection platforms to unify and aggregate public computing power identifiers, facilitating interconnection of resources among leading computing power enterprises nationwide [1] Group 2: Resource Utilization - The initiative focuses on achieving interconnection of computing power resources, enabling cross-entity, cross-architecture, and cross-regional scheduling of computing power supply and demand [1] Group 3: Application Scenarios - The plan includes the establishment of pilot projects for computing power internet experimental networks to empower industries with accessible computing power [1] - By 2028, the goal is to achieve standardized interconnection of public computing power across the country, gradually forming a computing power internet capable of intelligent perception, real-time discovery, and on-demand access [1]

以下为晚报正文： 1、中办、国办：目标到2027年，碳排放权、用水权交易制度基本完善 重要程度：★★★★★ 当地时间5月28日，美国国际贸易法院阻止了美国总统特朗普依据《国际紧急经济权力法案》而宣布的关 税政策生效，并裁定特朗普越权。在裁决公布后不久，特朗普政府的律师已通知该法院他们将提起上诉。 中办、国办印发《关于健全资源环境要素市场化配置体系的意见》，主要目标为到2027年，碳排放权、用 水权交易制度基本完善，排污权交易制度建立健全，节能市场化机制更加健全，资源环境要素交易市场更 加活跃。 意见提出完善资源环境要素配额分配制度、优化交易范围、健全交易制度、加强基础能力建设和组织实施 等措施。 2、商务部回应中美经贸磋商新动向：敦促美方停止对华歧视性限制措施 重要程度：★★★★ 市场人士普遍对短线市场风险偏好情绪的回暖感到欣喜。不过，由于特朗普政府已对此裁决提出上诉，且 已经在关税方面骑虎难下的白宫，也可能寻求通过其他法律启动替代性关税，因此不少业内人士也认为， 从长远来看，相关关税政策和全球贸易格局依然将面临着较为巨大的不确定性。 4、浙江发布智算云发展意见 2027年智算规模达 5月29日，商务部新闻发 ...

Core Viewpoint - The dramatic reversal of performance by Hongbo Co., Ltd. has caused significant turmoil in the A-share market, transitioning from a promising AI concept stock to reporting substantial losses within a short period [1][2]. Group 1: Performance Announcement - On January 11, 2024, Hongbo Co., Ltd. announced a positive earnings forecast for 2023, projecting a net profit attributable to shareholders between 37.4 million and 56.1 million yuan, with a year-on-year growth exceeding 130% [2]. - This optimistic forecast sparked enthusiasm among investors, leading to a surge in stock interest [2]. Group 2: Earnings Revision - On April 12, 2024, Hongbo Co., Ltd. issued a revised earnings forecast, predicting a net loss of 50 million to 58 million yuan, with a net loss after deducting non-recurring items expected to be between 65 million and 75 million yuan [2]. - The company attributed this drastic change to accounting practices regarding revenue recognition related to a project with its subsidiary, which was not well-received by investors [2]. Group 3: Investor Response - Following the earnings revision, there has been a call for compensation from affected investors, with a focus on those who purchased shares between January 11 and April 12, 2024 [1][2]. - The company is currently facing scrutiny over its disclosure practices and the timing of its earnings announcements [2].

Core Viewpoint - The company is aggressively expanding its computing power leasing business, making significant investments that raise financial risks and pressures, while also facing procurement and performance challenges [1][2][7]. Financial Pressure - The company plans to purchase servers worth up to 40 billion yuan, following a previous procurement of 30 billion yuan, totaling nearly 70 billion yuan in three months, which is over 50% of its latest audited net assets [1][8][9]. - The asset-liability ratio increased from 55.66% at the end of 2024 to 65.80% by the end of Q1 2025, indicating a significant rise in financial leverage [1][9]. - The company reported a sharp increase in short-term and long-term borrowings, with short-term loans rising over 50% to 19.74 billion yuan and long-term loans skyrocketing from 0.20 billion yuan to 17.80 billion yuan [9][12]. Business Expansion and Market Demand - The company is experiencing high demand for its computing power services, with a full order book prompting the second batch of server procurement [2][19]. - The company aims to build a large-scale intelligent computing center, indicating a long-term vision for growth in the computing power sector [6][17]. - The computing power leasing business is expected to contribute to revenue in the second half of the year, with existing contracts already generating income [2][19]. Procurement Challenges - The company faces potential procurement risks due to international trade disputes, which could affect the supply of high-performance servers [1][15]. - The company has established partnerships with multiple suppliers, including NVIDIA, to mitigate procurement risks and ensure a steady supply of servers [16][18]. Management and Market Sentiment - The company's stock price has risen by 12.29% recently, reflecting positive market sentiment towards its computing power expansion [2]. - However, there are concerns regarding insider selling, as several executives have announced plans to reduce their holdings, which may signal a lack of confidence in the company's future performance [23].