Group 1 - The State Council emphasizes the need to accelerate green technology innovation and the promotion of advanced green technologies in manufacturing, aiming for a deep green transformation of traditional industries [1] - The focus is on enhancing the development of emerging industries with a high starting point for green development, increasing the promotion of clean energy and green products, and improving resource recycling [1] - The government aims to strengthen common technology research, improve standards in key areas, and optimize policies to support enterprises in their transformation and upgrading [1] Group 2 - The People's Bank of China and the State Administration of Foreign Exchange have proposed a unified foreign currency management policy for domestic enterprises listed overseas, allowing for the return of funds in foreign currency or RMB [2] - This policy aims to enhance the convenience of cross-border financing for domestic enterprises and promote high-level opening up [2] Group 3 - The Chinese government is encouraging foreign financial institutions to invest in China and participate in the construction of the Chinese capital market, highlighting the importance of a unified national market and an improved business environment [3] - The government aims to provide a broad space for multinational companies to develop in China [3] Group 4 - The Ministry of Commerce has issued a notice to support the construction of computing infrastructure and 5G networks in national economic and technological development zones, particularly in western regions [4] - The initiative aims to leverage central budget investments to support eligible information infrastructure projects [4] Group 5 - The National Financial Regulatory Administration is seeking public opinion on new regulations for asset management product information disclosure, aiming to standardize disclosure practices and protect investors' rights [7] - The new regulations will apply to various asset management products, including trust and insurance products [7] Group 6 - The first batch of 26 floating rate funds has been approved and is expected to be issued by the end of May, with investors able to subscribe through banks and online platforms [8][9] - There is growing interest among fund companies in developing new model products, indicating potential future approvals for similar products [9] Group 7 - The Ministry of Industry and Information Technology is promoting the construction of an intelligent computing network and encouraging the development of large models in the industrial sector [17] - The demand for computing power is expected to grow, driven by advancements in inference applications, suggesting continued investment opportunities in the computing sector [17] Group 8 - The Chinese government plans to add two "Hualong One" nuclear power units in the western region, contributing an additional 20 billion kilowatt-hours of energy [18]

Group 1: Market Outlook and Growth Projections - The company anticipates a 43% year-on-year growth in China's intelligent computing power, reaching 1037.3 EFLOPS by 2025 [4] - The compound annual growth rate (CAGR) for China's intelligent computing power from 2023 to 2028 is projected at 46.2% [4] - The company aims to maintain a business growth rate of 30-40% through effective market expansion and customer service [4] Group 2: Financial Strategies and Capital Expenditure - In 2024, the company plans to invest approximately 600 million yuan in capital expenditures to expand its computing power resources [5] - Increased bank loans are attributed to the need for financing the purchase of computing equipment and fixed assets [5] - The company’s accounts receivable increased by 107% in 2024 due to growing market demand and an increase in enterprise clients [8] Group 3: Operational Insights - The return period for the company's computing power clusters is estimated to be around 3-4 years [6] - As of 2025, the company has spent nearly 300 million yuan on computing server procurement [7] - The company is adopting a cautious approach in asset procurement while exploring partnerships for joint operations of computing centers [7]

星标 ★ IPO日报 精彩文章第一时间推送 5月20日晚间，华懋科技（下称"华懋科技"，603306.SH）发布公告称，其拟收购深圳市富创优越科技有限公司（下称"富创优 越"）部分股权。 本次交易完成后，华懋科技将直接及间接持有富创优越100%股权。本次交易预计构成重大资产重组，但不会导致控股股东、实 际控制人变更。 AI制图 持股100% 具体来看，华懋科技计划通过发行股份及支付现金的方式，购买富创优越约19.46%股权及富创优越股东深圳市洇锐科技有限公 司（下称"洇锐科技"）100%股权、深圳市富创优越壹号企业管理合伙企业（下称"富创壹号"）100%出资份额，同时拟发行股 份募集配套资金。 目前，洇锐科技和富创壹号分别持有富创优越约26.26%和约12.13%的股权。 本次交易前，华懋科技通过全资子公司持有富创优越42.16%股权。本次交易完成后，华懋科技将直接及间接持有富创优越 100%股权。 回顾华懋科技此前入股以来富创优越的过程，2024年9月、10月，华懋东阳合计以约2.38亿元的价格，取得了富创优越25%股 权。 今年1月，华懋科技公告称，华懋东阳先以6086.1万元，取得了富创优越7.16%股 ...

老铁们早上好，这里是帮主郑重的盘前策略时间。咱们聊聊5月23日A股的剧本——表面看着波澜不惊，实则暗流涌动。别急着划走，听我掰扯清楚这盘棋 怎么下。 第一，仓位管理不能怂。指数在3400点附近晃悠，轻仓的可以逢低捞点便宜货，重仓的趁反弹减减负，留足子弹等7-8月的冲关行情。第二，主线抓牢新能 源和医药。固态电池、创新药这些方向有政策撑腰，跌了也别慌，跌多了就是机会。第三，防御板块做对冲。黄金、煤炭这些避险品种，跌了敢买，涨了别 贪，毕竟市场情绪说变就变。 最后说句掏心话：这市场就像谈恋爱，不能光看对方说了啥，得看做了啥。政策利好是甜言蜜语，量能放大才是实际行动。老铁们稳住心态，跟着帮主的节 奏走，咱们不吃肉，也绝不喝汤！下期见，祝各位账户长虹！ 关键点二：板块轮动玩的就是心跳 今天的戏码够刺激：航运港口早盘"地天板"，南京港上演绝地求生；黄金股突然暴走，避险情绪拉满；医药股更是一枝独秀，三生国健3连板直接封神。这 说明啥？资金在高低切换，前期涨多的AI、算力被摁在地上摩擦，低位的医药、消费电子偷偷补涨。记住帮主的口诀：别追高，找补涨，轮动行情里"苟 住"才是王道。 关键点三：操作策略就三点 先说大势。今天市场 ...

（原标题：和讯投顾程佳：市场情绪不好，高标股出现分化） 5月22日，和讯投顾程佳分析，指数出现了这个一定的调整，但调整以后迅速拉上去了，沪指数还是比较明显的。那在这种状态下我们已经说过 了，昨天没有上冲成功以后，呢说在受阻的过程当中整个重心就会往下移了。第一个问题，就是呃第一外围市场啊我们看到这个美债的影响，所 以导致了美股开始调整，A股能不能独善其身，我们打一个问号。第二个我们在整个过程当中说了，高标的股票出现一定的一个分化，甚至有一 些调整了，那说明管理层关注到这一点了，我们说了管理层一旦关注到这一点，那么这些炒情绪的股票那就会受到压制，对于市场的情绪也会有 一定的一个影响。 所以在这种程度上我们看到了对吧？那么我们在昨天晚上的直播当中也说到了指数调没有问题，稍微想往下跌，但是要有一个承接承接在哪里？ 承接在大多数板块长时间不涨，它是人气比较旺的，像算力机器人，人工智能这些板块，包括芯片，这些东西涨起来是带动人气的，但是我们看 今天早上冲了冲以后又下来了，说明承接资金包括整个在上冲过程中，它的量能是不够的，现在的卖单比买单要多，也就是逢板块上涨就要卖。 好，所以我们看今天调整的板块过程当中也有很明显的啊像 ...

Core Viewpoint - The company maintains stable operations despite a decline in revenue, with high growth rates in net profit attributable to shareholders and net profit excluding non-recurring items. The domestic computing power business continues to grow rapidly, and overseas capacity is being continuously improved, leading to an optimistic outlook for the company's future development, resulting in an upward adjustment of the target price and a maintained buy rating [1]. Financial Performance - The company reported a revenue of 28.549 billion yuan for 2024, a year-on-year decrease of 8.29%. The net profit attributable to shareholders was 703 million yuan, reflecting a year-on-year increase of 39.05%, while the net profit excluding non-recurring items was 653 million yuan, up 43.70% year-on-year. For Q1 2025, revenue was 4.049 billion yuan, down 19.97% year-on-year, with a net profit of 55.2 million yuan, an increase of 33.08% year-on-year, and a net profit excluding non-recurring items of 53.95 million yuan, up 28.96% year-on-year [2]. Profit Forecast - The company updated its profit forecast, expecting net profits attributable to shareholders to be 1.006 billion yuan, 1.167 billion yuan, and 1.344 billion yuan for 2025-2027, respectively. Corresponding EPS for 2025-2027 is projected to be 0.85 yuan, 0.99 yuan, and 1.13 yuan. Based on industry average valuation and prudent considerations, a PE of 35x for 2025 is given, raising the target price to 29.72 yuan from the previous 24.72 yuan, while maintaining a buy rating [2]. Business Segments - In the optical communication sector, the company achieved revenue of 22.313 billion yuan from communication system equipment, down 6.19% year-on-year, with a gross margin of 19.46%, up 0.26 percentage points. Revenue from fiber and cable was 4.699 billion yuan, down 12.77% year-on-year, with a gross margin of 25.35%, up 4.16 percentage points. Data network product revenue was 1.144 billion yuan, down 27.44% year-on-year, with a gross margin of 43.92%, up 2.56 percentage points. The company secured a position as a core supplier for the 400G network by winning bids from three major operators [3]. Computing Power Business - The domestic computing power revenue reached nearly 6 billion yuan, with a compound annual growth rate exceeding 100% over the past two years. The company’s Longjiang Computing has been certified as a leading partner for Huawei's Kunpeng and Ascend products, ranking in the top three in the ecosystem, indicating potential benefits from the growth in domestic computing power demand [3]. Global Expansion - The company has initiated trial production at its R&D and manufacturing bases in Thailand and Hungary, which is expected to help mitigate trade risks [3]. Cost Management - In 2024, the company's sales, management, and R&D expense ratios were 6.59%, 1.54%, and 10.09%, respectively, showing year-on-year changes of +0.85 percentage points, +0.44 percentage points, and -1.40 percentage points. The combined expense ratio decreased by 0.11 percentage points year-on-year, indicating effective cost control amid declining overall revenue [3]. Catalysts - The demand for domestic computing power is expected to exceed expectations, serving as a potential catalyst for growth [4].

Core Insights - The China Computing Power Platform (Shanghai) and Shanghai Computing Power Trading Platform have been launched and are now open to the public and various industries [1] - The platform aims to integrate high-quality computing power resources in Shanghai, providing efficient allocation and flexible scheduling of computing power services through advanced technology and innovative operational models [1] Group 1: Platform Features - The platform includes capabilities for computing power situation awareness monitoring, supply-demand matching, dynamic scheduling, industrial ecosystem community, and computing power challenge actions [1] - It aims to achieve five key objectives: a national "computing power resource ledger" for monitoring, a "one-stop service" for matching, a "unified network" for scheduling, a collaborative "ecosystem strategy," and a "core technology breakthrough list" for innovation [1] Group 2: Educational Initiatives - A dedicated education section of the platform, the Shanghai Education Intelligent Computing Service Platform, has been launched to support teacher training institutions in educational practice, AI course development, technology research, and academic studies [1][2] - The China Academy of Information and Communications Technology will continue to enhance the platform's capabilities under the guidance of the Ministry of Industry and Information Technology, promoting unified, normalized, and convenient construction of computing power resources across the country [2]

Market Insights - The 20-year U.S. Treasury auction results were disappointing, with a final yield of 5.047%, leading to a surge in bond yields and a significant drop in U.S. stock markets, marking the largest decline in a month [1] - Bitcoin surpassed the $110,000 mark for the first time, with a total market capitalization exceeding $2.1 trillion, as the cryptocurrency market continues to rise [4] Macro Developments - Shanghai has launched a special action plan to boost consumption, which includes six major initiatives such as promoting vehicle consumption and accelerating the renovation of old residential areas [2] - Eight government departments have jointly issued a document supporting small and micro enterprises in equity financing, allowing eligible companies to list on the New Third Board and subsequently on the Beijing Stock Exchange [3] Policy Focus - In May, 130 domestic online game licenses were approved, with a projected total of 1,306 licenses for the year, representing a growth of over 34% compared to the same period in 2023 [9] - The Shanghai Computing Power Trading Platform has been initiated, with institutions optimistic about the timing for computing power allocation driven by AI demand [10] Company Announcements - Shanghai Laishi's controlling shareholder plans to increase its stake in the company by 250 million to 500 million yuan [12] - Guokewai is planning a major asset restructuring, leading to a suspension of its stock [14]

长江商报消息 ●长江商报记者 徐阳 宏景科技（301396.SZ）再次斩获大额算力服务订单。 5月20日晚，宏景科技公告，公司与Y公司签署《智算项目服务合同》，合同总金额为5.97亿元（含 税），合同期限为五年。公司需按要求提供服务器、组网配套服务以及算力服务。 自2023年深化算力业务布局，宏景科技频频签下算力服务大单，今年以来相继宣布7笔订单（包括本 次），累计总金额达27.5亿元。 据悉，宏景科技起家于智慧城市业务，后转型算力服务新赛道。2024年财报显示，公司算力服务业务营 业收入达4.66亿元，同比增长302.38%，占总收入的70.80%。 2025年一季度，宏景科技营业收入4.89亿元，同比增958.26%；净利润2165.12万元，同比扭亏为盈。营 收规模增长因算力验收业务增加。 二级市场上，2025年以来，宏景科技盘中股价总体呈现出上扬态势。5月21日，公司股价报收88.80元/ 股，当日跌幅8.44%；不过将时间线拉长，年内股价累计涨幅约为216%。 3月19日，宏景科技又与X公司签署了《项目集成服务合同》，由公司按照要求向X公司提供算力服务器 集成服务。本次签订的合同含税总金额为1.61 ...

NO.1 Figure首席执行官：人形机器人取得重大突破 5月21日，人形机器人公司Figure首席执行官布雷特·阿德科克(Brett Adcock)在社交平台表示，2025年， Figure致力于将自主人形机器人部署到现实世界，这将大力推动机器人在AI、自主性、集成技术和日常 执行等领域的进展。阿德科克透露："我们将分享更多最近取得的重大突破。" NO.2 宇树人形机器人格斗大赛将于5月25日举行 5月21日，"CMG世界机器人大赛系列赛"机甲格斗擂台赛将于5月25日在杭州举行。宇树科技将以合作 方身份参加比赛。据了解，本次比赛主要由表演赛和竞技赛两部分组成。表演赛中，人形机器人将展示 格斗，包括单机格斗展示和群体格斗展示等多个环节。竞技赛则共设置四支参赛队伍，由来自不同领域 的操控者实时操作机器人，通过多轮格斗比拼，决出最终优胜者。 NO.3 全国首个，深圳市龙岗区人工智能（机器人）署揭牌 5月21日，深圳市龙岗区召开人工智能与机器人发展大会，揭牌全国首个人工智能领域政府直属机构 ——龙岗区人工智能（机器人）署，并集中发布《龙岗区加快创建"AI龙岗"三年行动计划（2025— 2027）》《龙岗区具身智能机 ...