美容护理板块整体回调前市涨停的个股超跌了都4%以上，资金获利了结比较明显。咱们再来看一下今 天的一些要闻，最高法证监会打击小作文，编造虚假信息啊将追责刑事责任市场投机的气氛降温。另一 个就是城市更新政策出炉，万亿级的市场空间有待释放。最后一个公募基金调仓的传闻的澄清，业内人 士称不存在大量的大规模的调仓，银行股配置的逻辑不变。我们再来看一下市场的风险和机会，半导体 软件开发两个板块净流出都超过了30亿，高位的科技股需要警惕。另一个就是中长线咱们需要关注的三 大方向机会，第一个汽车智能化，第二个城市更新，第三个消费复苏。 （原标题：和讯投顾严笙：科技股分化严重，市场到底发生了什么？） 5月16日，A股震荡整理，沪指失守，3370汽车零部件掀起了涨停潮，科技股分化严重，市场到底发生 了什么？和讯投顾严笙分析，首先指数方面沪指跌了0.4，失守了3370，深证成指创业板指微跌，两市 成交量缩量了629个亿，北向资金逆势流入了48个亿，内资主力撤离了半导体软件板块，午后科技股集 体跳水，资金转向银行消费等防御性板块。我们来看一下核心板块的解析，汽车零部件爆发的逻辑， abs强制安装新规落地，覆盖了乘用车、轻型汽车，部分 ...

中信建投证券股份有限公司 关于北京科蓝软件系统股份有限公司 向不特定对象发行可转换公司债券 之保荐总结报告书 中信建投证券股份有限公司（以下简称"中信建投证券""保荐机构"或"本 （一）尽职推荐阶段 机构"）作为北京科蓝软件系统股份有限公司（以下简称"科蓝软件""上市公 司"或"公司"）向不特定对象发行可转换公司债券的保荐机构，截至 2024 年 要求，现出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 何质询和调查。 法》的有关规定采取的监管措施。 二、保荐机构基本情况 保荐机构名称 中信建投证券股份有限公司 注册地址 北京市朝阳区安立路 66 号 4 号楼 主要办公地址 北京市朝阳区景辉街 16 号院 1 号楼泰康集团大厦 11 层 法定代表人 刘成 本项目保荐代表人 侯顺、张林 项目联系人 侯顺 联系电话 010-65608236 保荐机构名称 中信建投证券股份有限公司 是否更换保荐人或其他情况 否 三、上市公司的基本情况 发行人名称 北京科蓝软件系统股份有限公司 成立时间 1999 年 12 月 1 日 证券代码 3 ...

Core Viewpoint - Chengdu Shuchuang Huanyu Technology Co., Ltd. has been established with a registered capital of 10 million RMB, fully owned by Beijing Fifth City Technology Co., Ltd. [1] Company Summary - The legal representative of Chengdu Shuchuang Huanyu Technology Co., Ltd. is Zou Siguai [1] - The company is registered in the China (Sichuan) Pilot Free Trade Zone, specifically in Chengdu High-tech Zone [1] - The business scope includes various services such as cultural relic sales, telecommunications, broadcasting, internet services, software development, and artificial intelligence services [1] Shareholder Information - Beijing Fifth City Technology Co., Ltd. holds 100% of the shares in Chengdu Shuchuang Huanyu Technology Co., Ltd. [1] Business Operations - The company is involved in multiple sectors including information transmission, software, and information technology services, with a focus on software development [1] - The operational period is set until May 15, 2025, with no fixed term thereafter [1]

今日早参 2025 年 5 月 16 日 何康 策略首席研究员兼金融工程联席首席 研究员 座机：021-28972202 邮箱：hekang@htsc.com 夏路路 互联网行业首席研究员 座机：85221214164 邮箱：xialulu@htsc.com 今日热点 策略：财报和中观景气改善的交集 我们的中观景气模型显示，4 月全行业景气指数继续下行、与 PMI 回落相印 证，但斜率有所放缓。结合景气趋势、前瞻指标和一季报，财报和中观景气 改善能够交叉验证的品种包括：1）TMT 中的元件-存储链、通信设备（数通 链）、计算机设备、软件开发；2）部分制造行业率先迈过产能周期拐点，或 产能加速出清、且需求有企稳迹象，包括军工电子、航空装备、通用设备、 农业机械、电池、风电设备、光伏设备等；3）内需消费中必选和大众消费 品景气率先回升，包括乳制品、餐饮-调味品、个护用品等； 4）部分周期品 涨价或价格企稳，包括贵金属、稀土、钢铁、水泥等。 风险提示：国内经济复苏不及预期；外需不及预期；模型失效风险。 研报发布日期：2025-05-15 研究员 重点公司 腾讯控股（700 HK,买入）：1Q 游戏广告超预期,微信小 ...

| 五、宏观信息 | | --- | | 国务院召开做强国内大循环工作推进会，国务院总理李强在会上强调，要深刻认识和准确把握当前经济形势，把发展的战略立足点放在做强国内大循环上，以 | | 国内大循环的内在稳定性和长期成长性对冲国际循环的不确定性，推动我国经济行稳致远，努力实现高质量发展。 | | 司法保障资本市场改革发展迎来纲领性文件。最高人民法院、证监会联合发布《关于严格公正执法司法服务保障资本市场高质量发展的指导意见》，其中提 | | 出，依法打击资本违规隐形入股、违法违规"造富"行为；依法打击欺诈发行和持续信息披露造假，坚持"追首恶"、"打帮凶"。对于编传"小作文"损害 | | 他人权益且构成犯罪的，依法追究刑事责任。 | | 我国城市更新顶层设计出台。中办、国办近日印发《关于持续推进城市更新行动的意见》，提出八方面主要任务，其中包括：推进城镇老旧小区整治改造，开 | | 展完整社区建设，推进老旧街区、老旧厂区、城中村等更新改造，加强城市基础设施建设改造等。这意味着中国大力实施城市更新按下"加速键"。 | | 宏观信息 商务部回应"美方加严限制中国芯片"表示，中方敦促美方立即纠正错误做法，并将采取坚决 ...

Market Overview - On May 15, the A-share market experienced fluctuations, with the ChiNext index leading the decline. The Shanghai Composite Index fell by 0.68% to 3380.82 points, the Shenzhen Component Index dropped by 1.62% to 10186.45 points, and the ChiNext Index decreased by 1.91% to 2043.25 points. The total trading volume in the Shanghai and Shenzhen markets was 1.15 trillion yuan, a decrease of 164.3 billion yuan compared to the previous trading day [1][2]. Sector Performance - The market showed a mixed performance with over 3800 stocks declining. Notable gainers included synthetic biology stocks, food consumption stocks, and ST stocks, while computing power concept stocks underwent adjustments. The sectors with the highest gains were synthetic biology, food, ST stocks, and ports, while software development, cross-border payment, computing power, and Hongmeng concept stocks faced the largest declines [1]. International Market - In the U.S. stock market on May 15, the Dow Jones Industrial Average rose by 271.69 points (0.65%) to 42322.75 points, and the S&P 500 increased by 24.35 points (0.41%) to 5916.93 points. However, the Nasdaq Composite fell by 34.49 points (0.18%) to 19112.32 points [2][4]. - European stock indices also saw gains, with the FTSE 100 up by 48.74 points (0.57%) to 8633.75 points, the CAC 40 rising by 16.68 points (0.21%) to 7853.47 points, and the DAX increasing by 168.58 points (0.72%) to 23695.59 points [3]. Commodity Prices - International oil prices declined on May 15, with light crude oil futures for June delivery falling by $1.53 to $61.62 per barrel (a decrease of 2.42%), and Brent crude for July delivery dropping by $1.56 to $64.53 per barrel (a decrease of 2.36%) [3]. Policy Developments - The Central Committee of the Communist Party and the State Council issued an opinion on promoting urban renewal, emphasizing sustainable urban development and the establishment of a comprehensive urban renewal model [5]. - The People's Bank of China and other departments emphasized full support for technological innovation, advocating for early, small, long-term, and hard technology investments [6]. Legal and Regulatory Updates - The Supreme Court and the China Securities Regulatory Commission announced measures to combat market disruptions caused by false information and illegal activities, emphasizing the protection of market integrity [7][8]. - The People's Bank of China plans to enhance the "Swap Connect" product offerings, extending interest rate swap contracts to 30 years to meet diverse market needs [9]. Trade Relations - The Ministry of Commerce expressed openness to resolving trade concerns with the U.S. through dialogue and indicated plans to release updates on U.S.-China trade negotiations [10]. - The Ministry of Commerce criticized the U.S. for imposing stricter restrictions on Chinese chips, labeling it as unilateral and protectionist behavior that harms global supply chains [11]. Investment Insights - According to China International Capital Corporation, the U.S. market is experiencing a "triple kill" scenario in stocks, bonds, and currencies, indicating a significant change in the inflation environment and dollar cycle [14]. - Citic Securities noted that the growth rate of social financing in April continued to rise, driven by low base effects from the previous year, but cautioned about the need for further observation regarding financing demand [15].

Group 1: Report General Information - The research was conducted on YanHua Intelligence on May 15, 2025, in the software development industry [1][2][17] Group 2: Core Views - In 2025, the company will optimize its business layout, following national policies and market demand, focusing on three business segments: smart city and cloud platform, smart healthcare and big health, and green carbon neutrality and digital energy [24] - The company is promoting the signing of new projects and the implementation and settlement of ongoing projects [24] - Regarding the securities dispute civil lawsuit, the Shanghai Financial Court's first - instance judgment in November 2024 found that the company did not need to bear compensation liability, and this judgment provides a reference for subsequent similar cases [25] Group 3: Summaries by Directory 01. Research Basic Situation - The research object is YanHua Intelligence, belonging to the software development industry. The reception time was May 15, 2025, and the reception staff included the chairman, president, financial director, and others [17] 02. Detailed Research Institutions - The reception objects include investors' online questions and others [20] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - The company responded to investors' questions. For the new strategic plan in 2025, it will optimize business layout and focus on three major business segments; for the operation and performance, details can be found on the Juchao Information website, and the company is promoting new projects; for the progress of the investor lawsuit, the company does not need to bear compensation liability according to the first - instance judgment [24][25]

Group 1 - The investigation results of the incident at the China-Japan Friendship Hospital revealed that Dr. Xiao was found to have violated safety protocols and engaged in extramarital affairs, resulting in the revocation of his party membership, position, and medical licenses for five years [1] - Dr. Dong was found guilty of academic misconduct, including falsifying enrollment qualifications and having a doctoral thesis with a plagiarism rate exceeding 20%, leading to the revocation of her degree and medical licenses [1] - The China-Japan Friendship Hospital has been ordered to rectify its practices and has received a warning and a fine, while the Peking Union Medical College's 4+4 program is under review for regulatory loopholes [1] Group 2 - The A-share market saw a trading volume of 1.15 trillion, with a median decline of 0.97%, indicating a lack of significant negative news to justify the drop [2] - Major indices such as the Shanghai Composite, CSI 300, and CSI 500 showed cumulative changes within 1% for 2025, suggesting a stagnant market environment [2] - The recommendation is to invest in assets with time compensation, as the A-share market is viewed as more of a gambling platform without substantial returns [2] Group 3 - The beauty and personal care sector experienced a 6.5% increase, driven by the popularity of a new anti-aging supplement called ergothioneine, which has shown some efficacy in clinical trials [3] - The global market for ergothioneine is relatively small, under 100 million, but it has been growing rapidly in China at a rate of 30-40% annually [3] - Other sectors, particularly technology-related industries, saw declines of over 2%, indicating a shift in investor sentiment away from tech stocks [3] Group 4 - Alibaba reported a 7% increase in revenue and a 36% increase in adjusted profit, with a total of 16.5 billion USD returned to the market through dividends and buybacks [4] - Concerns were raised regarding Alibaba's capital expenditures, which were perceived as lower than expected, leading to a 7% drop in its stock price following the earnings report [4] - Trump's recent trip to Qatar resulted in over 243.5 billion USD in economic and military cooperation agreements, including significant orders for Boeing [4] Group 5 - The pricing range for Heng Rui Pharmaceutical's IPO in Hong Kong is set between 41.45 and 44.05, reflecting a trend of companies seeking capital in the Hong Kong market [6] - A recent incident involving Agricultural Bank of China highlighted issues with customer service and strict withdrawal regulations, raising concerns about banking practices [6]

中国化学公告，下属孙公司中国化学赛鼎宁波工程有限公司收到江苏省苏州市中级人民法院送达的《应 诉通知书》，涉及浙江中泰创赢资产管理有限公司起诉康得新复合材料集团股份有限公司证券虚假陈述 责任纠纷诉讼。原告中泰创赢请求判令康得新支付投资差额损失51.47亿元及相应佣金和印花税。赛鼎 宁波为第七被告，被告二至被告十一对被告一在本案中对原告应承担的给付义务承担连带赔偿责任。目 前诉讼尚未开庭。 城地香江公告称，公司全资子公司香江系统工程有限公司作为联合体成员，与中国移动通信集团有限公 司宁夏分公司等签署了"中国移动(宁夏中卫)数据中心B区B01、B02号机房楼项目EPC总承包合同"，签 约合同价为16.32亿元。该合同的签订预计将对公司未来营收产生积极影响，具体影响以实际审计结果 为准。 3、京源环保：全资子公司签订3.65亿元算力集群建设项目承包合同 京源环保公告称，公司全资子公司京源云计算与客户R公司签订算力集群建设项目承包合同，京源云计 算负责项目涉及的软硬件供货、安装、制作开发以及培训、运行维护等，合同金额为3.65亿元(含税)。 本合同将采用总额法确认收入，2025年项目交付验收完成后一次性确认收入约3.2 ...

Group 1: Profit Distribution and Financial Performance - The profit distribution plan for 2024 proposes a cash dividend of 0.24 CNY per 10 shares, totaling 10,323,019.61 CNY, based on a total share capital of 430,125,817 shares [2] - Since its listing, the company has maintained annual cash dividends, with a cumulative total of 63.77 million CNY from 2020 to 2023 [2] - As of May 9, 2025, the number of shareholders is 31,409 [4] Group 2: Product Development and Sales - The company is continuously updating its main products and encourages investors to follow its official channels for news [3] - The Smart Laboratory Management Platform is designed for comprehensive management in testing and research labs, enhancing efficiency and standardization [3] - The company has established a sales network across over 20 provinces, with applications in various industries including energy, electronics, pharmaceuticals, and food [3] Group 3: Standardization and Competitive Products - The company has developed a series of standardized software products, including low-code development platforms and intelligent document processing systems [4] - The integration of AI and low-code technologies has led to the launch of competitive business products, strengthening the product matrix for long-term development [4] Group 4: Performance Challenges and Strategic Adjustments - The decline in performance is attributed to a strategic adjustment phase, where low-end businesses are being phased out and personnel optimization is underway [4] - Despite the overall revenue decline, the standardized product business has seen a year-on-year sales increase of 30.19% [4]