Core Viewpoint - The document outlines the management system for the deferral and exemption of information disclosure by Renzi Hang Network Technology Co., Ltd, aiming to ensure compliance with legal obligations and protect investors' rights [1][2]. Group 1: General Principles - The purpose of the system is to regulate the deferral and exemption of information disclosure, ensuring that the company and related parties fulfill their disclosure obligations in accordance with relevant laws and regulations [1]. - The system applies to situations where information disclosure can be deferred or exempted as per the requirements of the China Securities Regulatory Commission and the Shenzhen Stock Exchange [2]. Group 2: Scope of Deferral and Exemption - Information can be exempted from disclosure if it involves state secrets or other matters that may violate confidentiality regulations [5]. - The company has an obligation to protect state secrets and must not disclose sensitive information through any means, including investor interactions or media releases [6]. - Commercial secrets can also be deferred or exempted from disclosure if they meet specific criteria, such as potential harm to competitive advantage or violation of others' commercial secrets [7]. Group 3: Internal Management Procedures - The company must carefully determine the need for deferral or exemption and follow internal review procedures before implementation [12]. - The board of directors leads the management of deferral and exemption matters, with the board secretary responsible for organizing and coordinating these activities [13]. - A formal application and approval process is established, requiring relevant departments to submit a request for deferral or exemption, which must be reviewed and approved by the board [14][15]. Group 4: Disclosure Obligations - If the reasons for deferral or exemption are no longer valid, the company must promptly disclose the information [8]. - The company must report any deferred or exempted information in its annual, semi-annual, or quarterly reports within ten days after the report is published [18]. Group 5: Accountability and Enforcement - The company has established a mechanism for accountability regarding deferral and exemption practices, holding responsible parties accountable for any improper handling of disclosure matters [19]. - The system must comply with the rules of the Shenzhen Stock Exchange and other relevant regulations [20].

General Overview - The compensation management system for directors and senior management at Renzi Hang Network Technology Co., Ltd. aims to establish an incentive and restraint mechanism that aligns with modern corporate governance, ensuring reasonable compensation levels and payment methods [1][2] Applicable Personnel - The management system applies to all company directors, including independent and non-independent directors, as well as senior management personnel such as the general manager, deputy general managers, financial director, and board secretary [1][2] Compensation Structure - Directors' compensation includes independent director allowances, which are subject to approval by the board and shareholders. Non-independent directors do not receive additional compensation if they hold other positions within the company [2][3] - Senior management compensation is based on an annual salary system, which is linked to responsibilities, risks, personal capabilities, and operational performance. The salary consists of a base salary and a performance bonus [3][4] Compensation Payment - Directors' allowances are paid monthly, while senior management's base salary is also paid monthly, with performance bonuses distributed at the end of the fiscal year [4][5] - All compensation amounts are pre-tax, with deductions for personal income tax and social insurance contributions made by the company [4][5] Compensation Adjustment and Incentives - The board's compensation and assessment committee conducts annual evaluations of directors and senior management, proposing compensation plans for the following year [5][6] - The compensation system is designed to support the company's strategic goals and may be adjusted in response to significant changes in the external economic environment [5][6] Other Provisions - Any matters not covered by this system will be governed by relevant national laws, regulations, and the company's articles of association [6]

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Viewpoints - The stablecoin and AI industries are continuously catalyzing growth, with major players actively positioning themselves and policies enhancing the landscape, marking a "singularity" moment for stablecoins [5][12] - AI computing power remains robust, with the upcoming release of GPT-5 expected to further enhance reasoning capabilities and stimulate AI application growth [6][13] Summary by Sections Weekly Perspective - The Shanghai Composite Index rose by 1.54% while the computer index fell by 1.28% during the week of June 30 to July 4, 2025 [4][11] Industry Trends - The People's Bank of China is expanding the application scenarios of the digital RMB in foreign trade, while Ant Group and JD.com are advancing into the stablecoin space, aiming to reduce cross-border payment costs by 90% and improve efficiency to within 10 seconds [5][12] - Oracle signed a significant cloud service agreement expected to generate over $30 billion annually starting from the 2028 fiscal year, indicating strong demand for AI computing power [6][13] Investment Recommendations - For stablecoins and RWA, recommended companies include Langxin Group and Zhuoyi Information, with beneficiaries such as Zhongke Software and New Morning Technology [14] - For AI applications, recommended companies include Kingsoft Office and iFlytek, with beneficiaries like Meitu and Hanbang High-Tech [7][14] - In the computing power sector, recommended companies include Zhongke Shuguang and Chunzhi Technology, with beneficiaries such as Cambrian and Unisplendour [7][14]

投稿或寻求报道 | zhanghy@csdn.net 曾几何时，进入微软这样的顶尖科技公司，代表着职业的稳定和光明的前景，是无数程序员梦寐以求的理想归宿。如今，随着行业环境的剧烈变化和企 业战略的调整，微软又一次大规模裁员，让不少人开始意识到——在科技巨头工作的"安全感"正在被一点点侵蚀。 对那些在微软效力多年的老员工来说， 离开 这样的转变格外难以接受，情感的牵绊、"被时代淘汰"的无力感，很多人都难以释怀。正如一位前员工所 说： "离开微软，就像一场艰难的离婚。我们经历了许多情绪波动和心理挣扎...... 然而，新一代三十多岁的"掌权者"正悄悄等待老一代让位。每一次组织重组的周期都越来越近，每一次合同续签的压力都更直接。不断转型带来了新的 技能要求，而你想再得到更大的"水晶球"——恐怕不太可能了。" 整理 | 屠敏 出品 | CSDN（ID：CSDNnews） 微软开启第二轮大规模裁员，波及 9000 人，Xbox 成"重灾区" 据彭博社报道，微软于 7 月 2 日启动了今年第二轮大规模裁员，涉及员工大约 9000 人。 官方给出的裁员理由与之前几次有些类似，还是那句老话： 控制成本、聚焦重点，特别是要把更 ...

Core Viewpoint - Microsoft is planning to lay off approximately 9,000 employees, marking its largest round of layoffs since cutting 10,000 jobs earlier in 2023, and this is the third round of layoffs in recent months [1][5]. Group 1: Layoff Details - The layoffs will affect less than 4% of Microsoft's total workforce, which stands at 228,000 employees as of July 2024 [3]. - The previous layoff in May involved around 7,000 employees [5]. Group 2: Organizational Changes - Microsoft is reducing management layers and leveraging artificial intelligence to enhance employee productivity [5]. - The decision to lay off employees was announced on the second day of Microsoft's fiscal year 2026, a time when the company typically reveals organizational adjustments [5]. Group 3: AI Impact - AI is increasingly replacing certain jobs, with Microsoft CEO Satya Nadella stating that 20% to 30% of the company's code is currently written by AI, and this figure is steadily increasing [6]. - Other tech companies, such as Amazon and Google, have also indicated that AI will reduce the need for certain job roles while creating demand for different types of work [6]. Group 4: Financial Performance - For the third quarter of fiscal year 2025, Microsoft reported total revenue of $70.066 billion, a 13% increase from $61.858 billion in the same period last year, and a net profit of $25.824 billion, up 18% from $21.939 billion year-over-year [6]. - As of the market close on July 3, Microsoft's stock price increased by 1.58%, with a market capitalization of $3.71 trillion [7].

Company Movements - Microsoft plans to lay off approximately 9,000 employees, marking its largest round of layoffs since cutting 10,000 jobs in 2023, and this is the third round of layoffs in recent months [6] - Xiaomi Group's chairman Lei Jun announced the first delivery of Xiaomi YU7, which will begin on July 6 across 58 cities nationwide [6] - Huawei's Noah's Ark Lab released a statement clarifying that the Pangu Pro MoE open-source model is developed and trained on the Ascend hardware platform, not based on models from other vendors [6] - San Sheng Wisdom Education Technology Co., Ltd., which previously listed on A-shares, received a fine of 15 million yuan after its stock price plummeted by 46% during the delisting period [6] - A biopharmaceutical company, Hengrun Dabi, has submitted its application materials for listing on the Sci-Tech Innovation Board, adopting the fifth set of standards [6] Investment News - The CEO of Aberdeen Asset Management in Asia expressed anticipation for the further advancement of the Qualified Domestic Limited Partner (QDLP) policy, aiming to expand the scale of QDLP business, highlighting the attractiveness of valuations of many quality Chinese enterprises for long-term investment [4] - Shunde Rural Commercial Bank has withdrawn its IPO application, becoming the second small bank to do so this year, reflecting a slowdown in the IPO process for small banks in the A-share market [4] - As of July 4, a total of 44 brokerage firms recommended 279 A-shares as "golden stocks" for July, with a concentration in the electronics, machinery, and power equipment sectors [4] - Shenwan Hongyuan's fixed income report for July suggests that the revaluation of banks is not yet complete, and there is continued expectation for small-cap growth under liquidity and industry trends, indicating a potential for further prosperity in convertible bonds [4] Macro Economy - The China Logistics and Purchasing Federation reported that the price index for bulk commodities in June was 110.8 points, reflecting a month-on-month increase of 0.5%, indicating a stable and improving trend in the bulk commodity market [2]

Group 1 - The Ministry of Commerce announced the final ruling on anti-dumping investigations related to imported brandy from the EU, accepting price commitment applications from 34 companies, which will not be subject to anti-dumping duties if conditions are met [3] Group 2 - Multiple airlines have announced an increase in domestic fuel surcharges effective from July 5, with charges set at 10 yuan for flights under 800 kilometers and 20 yuan for flights over 800 kilometers [4] Group 3 - Guizhou Renhuai has launched a special governance action for the liquor market, emphasizing quality and integrity in the liquor industry amid a period of deep adjustment [4] Group 4 - Microsoft plans to lay off approximately 9,000 employees, marking its largest round of layoffs since cutting 10,000 jobs earlier in 2023 [11] Group 5 - Xiaomi's Yu7 vehicle will begin deliveries on July 6 across 58 cities, indicating a significant step in its automotive business development [12] Group 6 - Meituan's instant retail orders exceeded 120 million on July 5, triggering server protection due to the peak order volume [16][17] Group 7 - Shunde Rural Commercial Bank has withdrawn its IPO application after six years of preparation, impacting the A-share banking IPO landscape [18] Group 8 - Hengrun Dashing has submitted its application for the Sci-Tech Innovation Board using the fifth set of listing standards, which may influence the layout of the biopharmaceutical sector on the board [19] Group 9 - Shanghai Lego Land officially opened on July 5, significantly increasing search volume and ticket bookings, indicating a positive impact on the tourism industry [20]

Core Viewpoint - The implementation of the "Facial Recognition Technology Application Security Management Measures" marks China's first comprehensive regulation specifically addressing the application of facial recognition technology, aiming to clarify its boundaries and enhance data protection [7][19]. Group 1: Regulation Implementation - The regulation was officially implemented on June 1, 2023, and is designed to work alongside existing laws such as the Cybersecurity Law, Data Security Law, and Personal Information Protection Law [7]. - It establishes clear boundaries for the application of facial recognition technology, requiring that its use in public places is necessary for maintaining public safety and that the collection of facial data is limited to designated areas [9][12]. Group 2: Public Concerns and Changes - Public concerns regarding privacy, security, and potential misuse of personal information have been highlighted, with citizens expressing fears about the implications of mandatory facial recognition [5][10]. - Following the regulation's implementation, many hotels have ceased the practice of collecting facial data for check-ins, reverting to traditional identification methods [9][10]. Group 3: Data Protection Measures - The regulation mandates that facial recognition data must be stored locally on devices and prohibits transmission over the internet, thereby reducing the risk of data breaches [17]. - It requires the implementation of security measures such as data encryption, access control, and regular password updates to protect facial recognition data [19][21]. Group 4: Special Management Requirements - The regulation imposes strict management requirements for special scenarios, prohibiting the installation of facial recognition devices in private spaces such as hotel rooms and public restrooms [12][13]. - Organizations must ensure that facial recognition is not the sole method of verification and must minimize the impact on individual rights [13][15]. Group 5: Data Classification and Management - The regulation continues the approach of data classification and grading, requiring organizations handling large volumes of personal information to register with cybersecurity authorities [25]. - It emphasizes the importance of responsible data management, particularly as the volume of collected data increases, to mitigate risks associated with potential data leaks [25].

Core Viewpoint - The 2025 Global Digital Economy Conference highlighted the importance of high-quality data set construction and the establishment of a trusted data space as key focus areas for future data circulation [1][3]. Group 1: Data Circulation Infrastructure - Beijing Capital Information Development Co., Ltd. is leading the construction of a "Data Circulation Utilization Value-Added Collaboration Network" to address the supply-demand mismatch of high-quality data sets [3]. - The data circulation platform has officially launched, offering nearly 4,000 data products across 12 application scenarios and aggregating over 300 market entities [3]. - The company aims to enhance the market by increasing the availability of high-quality data sets on the platform, facilitating the flow and transaction of data between supply and demand sides [3]. Group 2: Trusted Data Space - The establishment of a trusted data space is a critical focus area, serving as a virtual computing environment where data providers and users can access and perform computations on encrypted data [4]. - This environment ensures that data is "available but not visible," providing reliable support for the market-oriented circulation of data elements [4]. - The company has already launched several solutions related to the trusted data space, with corresponding practical applications underway [4].

Core Points - The company is named China National Software & Service Company Limited, established as a joint-stock company in accordance with Chinese laws [2][3] - The registered capital of the company is RMB 940,093,188 [2] - The company aims to develop the national software industry and promote the informatization of the national economy, aspiring to become "China's first software brand and a world-class well-known enterprise" [4] Chapter Summaries Chapter 1: General Provisions - The company is established to standardize its organization and behavior, strengthen the leadership of the Communist Party, and improve its corporate governance structure [1][2] - The company is a permanent joint-stock company, with all assets divided into equal shares, and shareholders are liable only to the extent of their subscribed shares [3] Chapter 2: Business Objectives and Scope - The company's business objectives include the development of the national software industry and the promotion of national economic informatization [4] - The business scope includes software development, sales, and various technology services, as well as training and education services [4][5] Chapter 3: Shares - The company's shares are issued in the form of stocks, with equal rights for each share of the same type [6][7] - The total number of shares is 940,093,188, all of which are ordinary shares [7] Chapter 4: Shareholders and Shareholders' Meeting - The shareholders have rights to dividends, voting, and other benefits proportional to their shareholdings [12][13] - The company must hold annual and temporary shareholders' meetings, with specific procedures for calling and conducting these meetings [17][18] Chapter 5: Board of Directors - The board of directors is responsible for the company's management and decision-making, with specific roles for independent directors and committees [5][6] Chapter 6: General Manager and Other Senior Management - The general manager and senior management are responsible for the day-to-day operations of the company [5] Chapter 7: Supervisory Board - The supervisory board oversees the company's operations and ensures compliance with laws and regulations [5] Chapter 8: Party Committee - The company establishes a party organization to ensure the leadership of the Communist Party within its structure [3] Chapter 9: Financial Accounting System - The company has established a financial accounting system, including internal audits and the appointment of accounting firms [5] Chapter 10: Employee Democratic Management - The company promotes democratic management among employees and establishes labor and personnel systems [5] Chapter 12: Mergers, Divisions, and Liquidation - The company outlines procedures for mergers, divisions, capital increases, reductions, and liquidation [5] Chapter 13: Amendment of Articles - The company can amend its articles of association following legal procedures [5] Chapter 14: Supplementary Provisions - The articles of association serve as a binding document for the company and its stakeholders [3][5]