Group 1 - The event "In Xi'an, See China" is a research activity involving foreign experts from 10 countries, aimed at exploring the innovative landscape of Xi'an from May 26 to 28 [1] - The foreign experts will engage in a comprehensive investigation of Xi'an, including visits to technological enterprises and cultural sites, to understand the city's transformation and development [1] - The representative of the foreign expert group highlighted the blend of traditional and modern elements in Xi'an, emphasizing the city's rich historical culture and dynamic technological innovation [1] Group 2 - Beilin District is noted for its abundant scientific and educational resources, with a technology contract transaction volume of 49.7 billion yuan in 2024 [2] - The Ring University Hard Technology Innovation Street is recognized as one of the first national innovation pilot districts, housing 17 national incubators and 586 high-tech enterprises [2]

Core Viewpoint - The global venture capital (VC) market is undergoing a reshuffle influenced by technology and geopolitical factors, with a projected increase in total VC investment to $126.3 billion by Q1 2025, and a growing focus on artificial intelligence (AI) investments. However, compliance risks are also rising, necessitating careful navigation of investment structures and antitrust reviews [1]. Group 1: Differences Between CVC and IVC - Independent Venture Capital (IVC) focuses on financial returns, while Corporate Venture Capital (CVC) aims for business integration and early competitive advantages [2]. - IVC typically has a limited partnership structure and lacks industry resource advantages, whereas CVC can leverage industry experience and resources to provide business collaboration opportunities [2]. - CVC has a higher post-investment engagement level with portfolio companies compared to IVC, which has limited post-investment support [2]. Group 2: CVC Investment Structure - CVC investment structures can involve external fundraising, with companies having the capacity to provide funds and potentially attract external capital [4]. - CVCs often focus on specific sectors such as integrated circuits and new-generation information technology, while also engaging in consumer sectors like dining and retail [4]. Group 3: Compliance Considerations - Key compliance points include transaction document focus areas, such as potential conflicts of interest, antitrust risks, and the need for tax considerations [6][8]. - The importance of understanding the implications of antitrust and national security reviews (CFIUS) is emphasized for CVC investments [9]. - Investors must be aware of special rights and obligations post-transaction, including the need for regular updates on key operational and financial information from portfolio companies [15]. Group 4: Special Rights and IPO Considerations - Special rights of investors must be cleared before an IPO, with specific guidelines on when these rights should be terminated [17][18]. - The necessity for clarity on the ownership structure and the absence of significant disputes over share ownership is a rigid requirement for A-share IPOs [18]. - CVCs must ensure that any agreements do not conflict with the principles of equal treatment among shareholders, particularly during the IPO process [18]. Group 5: Course Overview - A course titled "Legal Compliance Points in Corporate Venture Capital (CVC) Operations" will cover the entire process from fundraising to exit, focusing on compliance techniques and transaction document design [19][20]. - The course will also address the historical development of CVC in the U.S. and China, along with notable case studies [21].

作者 | 周智宇 编辑 | 张晓玲 二季度市场会"退一步进两步"，若三季度贸易谈判取得实质性进展，港股有望突破当前区间。摩根大通 首席亚洲及中国股票策略师刘鸣镝在5月21日的"摩根大通全球中国峰会媒体见面会"上，就接下来的市 场走势给出如是判断。 短期来看，4月初贸易摩擦升温导致港股大幅回调，但随后市场逐步消化利空并反弹，当前处于区间震 荡。 此外，她也认为国资委及证监会对兼并重组的政策支持，有望推动材料、工业等板块的供给侧改革，这 一主题类似2016年的供给侧改革，但执行难度更大。对投资者而言，A股的机会在于从"估值博弈"转 向"盈利增长"，关注具备内生扩张或并购潜力的企业，而非单纯依赖流动性驱动的中小盘标的。 刘鸣镝特别强调港股的独特优势。港股对上市公司业绩敏感度高，盈利增长明确的企业易获资金认可， 流动性虽不及A股但估值体系更趋理性；随着中概股回归及内地企业赴港上市，港股成为连接内地与全 球资本的桥梁。南下资金（港股通）交易量占比已达20%-25%，边际定价权显著提升，央行外管对港股 的政策倾斜进一步强化其地位。 此外，港股红利股对应美元资产收益，相比内地国债利率更具吸引力，成为稳健型资金的优选。 从全 ...

Group 1 - The main external uncertainty facing China this year is the U.S. foreign policy, particularly its trade policy, with a consensus reached to pause the implementation of a 24% tariff for 90 days, but future tariff trends remain uncertain [1][2] - JPMorgan has revised its GDP growth forecast for China from 4.1% to 4.8% for the year, indicating that while economic slowdown is expected in the coming quarters, it will not be as severe as previously feared [1][2] - The two main themes for policy adjustments this year are the evolution of trade relations between China and the U.S. and domestic policy adjustments, with a more proactive fiscal policy supported by central government expansion [2] Group 2 - The current economic structure transformation shows both highlights and challenges, with a need to boost household income growth and employment confidence as a policy focus [2] - The real estate market is expected to stabilize gradually, with true stabilization likely not occurring until 2026 [2] - The stock market outlook for Q2 is characterized by a "step back, two steps forward" approach, with the market likely to remain flat during the 90-day tariff pause, although there is optimism for the performance of Hong Kong and A-shares in Q3 [2] Group 3 - In sector allocation, the rating for information technology has been adjusted from overweight to neutral due to high valuations and expectations, with a long-term valuation difficult to maintain at 25 to 30 times sales [3] - The internet and healthcare sectors remain favorable, particularly the healthcare sector, which could benefit from potential U.S. healthcare reforms leading to lower drug prices, positively impacting China's innovative drug products [3]

证券代码：001298 证券简称：好上好 公告编号：2025-030 深圳市好上好信息科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，不存在 任何虚假记载、误导性陈述或者重大遗漏。 深圳市好上好信息科技股份有限公司（以下简称"公司"或"本公司"）2024 年年度权益分派方案已获公司于 2025 年 5 月 16 日召开的 2024 年年度股东大会 审议通过。现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案情况 有总股本 204,714,480 股为基数，拟向全体股东每 10 股派发现金红利 0.6 元人民 币（含税），共计派发现金红利 12,282,868.80 元（含税），不送红股。同时以 资本溢价形成的资本公积向全体股东每 10 股转增 4.5 股，合计转增 92,121,516 股，转增金额未超过报告期末"资本公积—股本溢价"的余额，转增后公司总股 本将增加至 296,835,996 股。在利润分配预案披露日至实施权益分派股权登记日 期间，公司总股本发生变动的，则以实施分配方案时股权登记日的享有利润分配 权的股份总额为基数，公司将按照分配比例不变的原则对分配总额进 ...

证券代码：001298 证券简称：好上好 公告编号：2025-029 深圳市好上好信息科技股份有限公司 关于股东减持至 5%以下暨权益变动的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，不存在 任何虚假记载、误导性陈述或者重大遗漏。 特别提示 股份 10,235,716 股，占公司总股本的 4.999996%，不再是公司持股 5%以上的股 东；股东深圳市聚焦投资管理中心（有限合伙）持有公司股份 10,235,700 股，占 公司总股本的 4.999988%，不再是公司持股 5%以上的股东； 深圳市好上好信息科技股份有限公司（以下简称"公司"）于近日收到持股 及深圳市聚焦投资管理中心（有限合伙）（以下简称"聚焦投资"）出具的《简 式权益变动报告书》，前哨投资本次权益变动前持有公司股份 11,693,216 股，占 公司总股本的 5.7120%；本次权益变动后持有公司股份 10,235,716 股，占公司总 股本的 4.999996%。聚焦投资本次权益变动前持有公司股份 11,529,400 股，占公 司总股本的 5.6319%；本次权益变动后持有公司股份 10,235,700 股，占公司 ...

Group 1 - The core viewpoint is that following the recent adjustments in US-China tariff policies, Chinese foreign trade enterprises are rapidly resuming exports to the US market, indicating a shift in their global strategy towards diversification and increased product value [1][5][11] - Shenzhen's foreign trade export companies are maintaining close communication with US clients to confirm shipping details and are ramping up production to seize the tariff adjustment period, with output exceeding three times the normal levels [2][5][7] - A specific electronics manufacturer in Shenzhen has adopted a 24-hour continuous operation model, producing over 30,000 circuit boards in three days, which is more than three times the usual output [7] Group 2 - Companies in Jiangsu, particularly in the toothbrush manufacturing sector, are resuming production after a halt due to trade tensions, with US orders constituting 20% of their total orders, amounting to nearly 20 million yuan annually [13] - Many foreign trade enterprises are actively expanding into broader overseas markets and developing domestic sales channels, leveraging strong products and flexible strategies to pursue new directions [16] - A company in Suzhou has shifted focus to engage with clients in Italy and Vietnam, aiming to reduce dependency on the North American market, while another company in Shanghai is exploring markets in the Middle East, Southeast Asia, and Europe [18][20]

广州市注册税务师协会相关负责人说："作为税务部门和纳税人之间的桥梁纽带，我们接下来将优化升级服务，帮助更多纳税人享受到最新的 个税优惠政策。" "研发费用加计扣除政策看似复杂，但税务部门不断优化服务举措，确保税费优惠精准落袋。"越秀区税务局法制科副科长王人皓介绍，越秀税 务打造的"策直达"服务品牌，旨在进一步发挥税收促进发展职能，力求税费红利进一步释放，税收法治环境进一步优化，在推动区域经济实现 高质量发展中展现"税务担当"。 "科创企业政策相对复杂，专家通过政策图解和案例推演的方式，让我们对合规经营更加有把握。"广东省专精特新企业广州数娱信息科技有限 公司财务钟翠翠称赞道。 此次活动是广东省注册税务师协会搭建税企沟通的桥梁，是优化税收营商环境的重要举措。下一步，广东省注册税务师协会将以更高站位、更 优服务、更强担当，筑牢企业合规经营的"安全网"，为粤港澳大湾区科创走廊建设注入更强税动力。 近日，广东省注册税务师协会、广州市注册税务师协会联合国家高新区黄花岗科技园、国家税务总局广州市越秀区税务局举办"便民春风进园 区 政策惠企促发展"活动，通过政策宣讲、案例解析等，为30余家园区企业送上"政策春风"，引导企业 ...

华安证券股份有限公司 关于北京安博通科技股份有限公司 华安证券股份有限公司（以下简称"华安证券"或"保荐机构"）作为正在履 行北京安博通科技股份有限公司（以下简称"安博通"或"公司"）持续督导工作 的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创 板股票上市规则》《上海证券交易所上市公司自律监管指引第11号—持续督导》 等有关规定，对公司2024年度（以下简称"本持续督导期"）的规范运作情况 进行了现场检查。现将本次现场检查情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 华安证券股份有限公司 （二）保荐代表人 金仁杰、王运龙 （三）现场检查时间 （四）现场检查人员 金仁杰、王运龙 （五）现场检查内容 公司治理和内部控制情况、信息披露情况、公司的独立性以及与控股股东、 实际控制人及其他关联方资金往来情况、募集资金使用情况、关联交易、对外担 保、重大对外投资、公司经营情况以及承诺履行情况等。 （六）现场检查手段 资金专户银行对账单等资料； 二、对现场检查事项逐项发表的意见 （二）信息披露情况 现场检查人员查阅了公司现行有效的《信息披露管理制度》，审阅信息披露 文件及其他相关文件，并 ...

Core Viewpoint - The company, Kaipu Cloud Information Technology Co., Ltd., is set to hold an earnings briefing for the fiscal year 2024 and the first quarter of 2025 on May 20, 2025, to provide insights into its financial performance and address investor inquiries [2][3][5]. Group 1: Earnings Briefing Details - The earnings briefing will take place on May 20, 2025, from 13:30 to 14:30 [5][6]. - The event will be conducted in an online text interaction format, allowing for real-time communication between the company and investors [3][5]. - Investors can submit questions for the briefing from May 13 to May 19, 2025, through the Shanghai Stock Exchange Roadshow Center website or via the company's email [2][7]. Group 2: Participation Information - Investors can participate in the earnings briefing by logging into the Shanghai Stock Exchange Roadshow Center website [4][5]. - The company will respond to commonly asked questions during the briefing, ensuring that investor concerns are addressed [3][7]. - Contact information for further inquiries includes the company's board office email and phone number [8].