Core Viewpoint - Insurance capital is focusing on high dividend and technology growth sectors, with a total of 7,677 research activities conducted on A-share listed companies as of May 21 this year, indicating a strategic shift towards stable cash flow and growth potential [1][2]. Group 1: Research Activities - A total of 180 insurance institutions conducted 7,677 research activities on 1,292 A-share listed companies, showing a decrease in frequency compared to the same period last year [2]. - Among insurance asset management institutions, Taikang Asset Management and Huatai Asset Management led with 428 and 317 research activities, respectively [2]. - Pension insurance companies were the most active in research, with the top five being Ping An Pension Insurance, Changjiang Pension Insurance, China Life Pension Insurance, Taiping Pension Insurance, and China People's Pension Insurance [2]. Group 2: Reasons for Decrease in Research Frequency - The decline in research frequency is attributed to three main factors: focus on high dividend stocks in a low-interest environment, more precise investment strategies due to regulatory clarity, and established market consensus on certain technology growth sectors [3]. - Despite the decrease in research frequency, the allocation of stocks by insurance companies has increased, with the proportion of funds allocated to stocks rising to 7.56% for property insurance companies and 8.43% for life insurance companies, up by 1.2 and 1.65 percentage points year-on-year, respectively [3]. Group 3: Investment Focus - The primary focus of insurance capital research includes high dividend sectors and technology growth sectors, such as electronic components, industrial machinery, electrical components and equipment, integrated circuits, medical equipment, and regional banks [4]. - Over 500 of the researched companies are listed on the Sci-Tech Innovation Board or the Growth Enterprise Market, accounting for nearly 40% of the total [4]. - The core characteristics of the sectors being focused on are the stable cash flow from high dividend assets and the growth potential of high-tech assets, which are supported by government policies [4]. Group 4: Future Outlook - Insurance capital is expected to continue optimizing a "barbell" asset allocation strategy, balancing high dividend assets for stable returns with investments in technology innovation, green low-carbon initiatives, and health care sectors [5]. - The use of innovative tools such as long-term equity investments and REITs will be emphasized to enhance portfolio structure while strengthening ESG risk management [5]. - The industry is encouraged to maintain a long-term investment philosophy and actively seek sustainable investment opportunities [5].

新华财经上海5月21日电（记者杨溢仁）科技创新与金融资本的深度融合，已成为驱动高质量发展的核 心引擎。债券市场的"科技板"应运而生。近段时间以来，科技创新债券发行节奏快速提升，以股权投资 机构为代表的发行主体正持续跑步入场。 科创债发行升温 债券市场"科技板"主要支持金融机构、科技型企业、股权投资机构这三类主体发行科技创新债券（简称 科创债）。 公开数据显示，从2025年5月6日到5月15日，共计有85支、合计规模约1358亿元的科创债（含科创票 据）密集发行，这些科创债及科创票据的发行主体涉及新材料、信息技术、金融（银行和证券）、生物 医药等行业的央国企和民企，发行期限以中长期居多，超60支达到3年和5年期及以上；已发行完毕的科 创债呈现出三大特点，即票面利率较低、认购倍数较高，普遍年利率在2%区间。 "作为股权投资机构，我们利用科创债获取的低成本、长周期资金，已投资超过20个直投项目及国家中 小企业发展基金和海望引领母基金，主要投向集成电路、人工智能、生物医药、智能制造等国家核心前 沿科创领域，为科技企业提供稳定的资本保障。"上海浦东科创集团有限公司相关负责人告诉记者，"科 创债的发行将提高科技创新公司在 ...

Core Viewpoint - The article discusses the R&D expense deduction policy for corporate income tax, emphasizing the support for enterprises in R&D investment, technological innovation, and industrial upgrading [1]. Policy Overview - R&D activities are defined as systematic activities aimed at acquiring new scientific and technological knowledge or significantly improving technology, products, or processes [4]. - Starting from January 1, 2023, companies can deduct 100% of actual R&D expenses that do not form intangible assets from taxable income, in addition to the actual expenses incurred [4]. - For companies in the integrated circuit and industrial mother machine sectors, the deduction is 120% for expenses that do not form intangible assets and 220% for those that do [5]. Applicable Scope - The policy applies to resident enterprises with sound accounting practices that can accurately account for R&D expenses [6]. - Industries not eligible for the tax deduction include tobacco manufacturing, accommodation and catering, wholesale and retail, real estate, leasing and business services, entertainment, and others specified by the Ministry of Finance and the State Administration of Taxation [6]. Ineligible Activities for Deduction - Routine upgrades of products or services [7]. - Direct application of existing research results [8]. - Technical support activities provided to customers after commercialization [9]. - Simple modifications to existing products, services, or processes [10]. - Market research, efficiency studies, or management research [11]. - Routine quality control or maintenance activities [12]. - Research in social sciences, arts, or humanities [13]. Key Points for Judging R&D Activities - R&D activities should have clear innovation goals, such as acquiring new knowledge or technologies [13]. - They should be organized systematically, with defined resources and processes [13]. - The outcomes of R&D activities are uncertain and require extensive testing and experimentation [14]. Deductible R&D Expense Categories - Deductible expenses include personnel costs, direct input costs, depreciation, intangible asset amortization, design and testing expenses, and other related costs [15]. Common Considerations - Companies must accurately account for R&D expenses according to national accounting standards and maintain separate records for deductible R&D expenses [17]. - For commissioned R&D, 80% of the expenses incurred with domestic institutions can be included in the deductible amount, while for foreign institutions, the same percentage applies but is capped at two-thirds of the eligible domestic R&D expenses [19]. - Special income from R&D activities must be deducted from the total R&D expenses when calculating the deductible amount [20]. - Government subsidies should be accounted for by directly reducing R&D expenses, and the deductible amount should be calculated based on the remaining balance [21].

智通财经5月20日电，德邦科技(688035.SH)公告称，公司于2025年5月20日收到国家集成电路产业投资 基金股份有限公司出具的《关于股东减持权益变动跨越1%的整数倍的告知函》。截至2025年5月19日， 国家集成电路基金通过大宗交易方式减持公司股份95万股，导致其持有的公司股份比例由18.65%减少 至17.98%，触及1%的整数倍。 德邦科技：国家大基金减持95万股 ...

德邦科技公告，公司于2025年5月20日收到国家集成电路产业投资基金股份有限公司(以下简称"国家集 成电路基金")出具的《关于股东减持权益变动跨越1%的整数倍的告知函》。截至2025年5月19日，国家 集成电路基金通过大宗交易方式减持公司股份95万股。国家集成电路基金持有公司股份数量由2652.83 万股减少至2557.83万股，占公司总股本比例由18.65%减少至17.98%，触及1%的整数倍。 ...

资料显示，银河基金管理有限公司成立于2002年6月，董事长为胡泊，总经理为史平武。目前，银河基 金共有5名股东，中国银河金融控股有限责任公司持股50%、湖南电广传媒股份有限公司持股12.50%、 上海城投（集团）有限公司持股12.50%、中国石油天然气集团有限公司持股12.50%、首都机场集团有 限公司持股12.50%。 银河创新成长混合A基金经理为郑巍山。 简历显示，郑巍山先生:国籍中国,硕士研究生、硕士学历、学位。曾先后就职于国元证券研究中心、景 顺长城基金管理有限公司、兴业基金管理有限公司,从事投资、研究等工作。2018年10月加入银河基金 管理有限公司股票投资部。2020-02-17开始任职银河和美生活主题混合型证券投资基金的基金经理。 2020年5月9日起任银河臻选多策略混合型证券投资基金基金经理。2022年03月17日起担任银河智联主题 灵活配置混合型证券投资基金基金经理。2022年3月17日担任银河产业动力混合型证券投资基金基金经 理。 来源：金融界 5月20日，复旦微电连续6个交易日下跌，区间累计跌幅-4.53%。上海复旦微电子集团股份有限公司("复 旦微电",上交所科创板证券代码:68838 ...

Group 1 - The core viewpoint of the articles highlights the rapid growth and expansion of companies in the Zhuzhou Intelligent Manufacturing New City, particularly Zhejiang Te Ying Low Temperature Liquefaction Equipment Co., Ltd. and Zhejiang Bolainarun Electronic Materials Co., Ltd. [1][2] - Zhejiang Te Ying achieved a production value of 200 million yuan last year, with over 100 million yuan already this year, indicating a strong upward trend in development [1] - Zhejiang Bolainarun plans to double the production value of its self-developed CMP materials this year, supported by a complete upstream and downstream industrial chain in Chuzhou [1] Group 2 - The Zhuzhou Intelligent Manufacturing New City has established a tiered mechanism for nurturing "small-scale enterprises," promoting their growth through policy support and resource guarantees [2] - In 2024, 38 industrial enterprises in Zhuzhou Intelligent Manufacturing New City are expected to complete their transformation into "small-scale enterprises," achieving a record total output value of 2.345 billion yuan [2] - The upgraded enterprises span various industries, including equipment manufacturing, new materials, life health, and integrated circuits, with a total of 378 regulated industrial enterprises currently in the Intelligent Manufacturing New City [2]

Report Summary Investment Rating - No investment rating information is provided in the report. Core Viewpoints - On May 19, there were 29投融资 events in domestic and foreign venture capital markets, with 23 domestic and 6 foreign enterprises, and the total financing amount was about 1.473 billion yuan [3]. - The listing of CATL on the Hong Kong Stock Exchange is a key step in its global strategy, which helps expand the international market and may promote more enterprises to choose the "A + H" dual - track model [9]. Content Summary by Directory Fund - raising Events - On May 18, Lhasa set up a 1.5 - billion - yuan industrial strong - city investment mother fund and a cultural and tourism industry investment sub - fund, managed by Yida Capital [3]. - On May 19, Zhangjiang Hi - Tech's subsidiary participated as a limited partner in the Yuanhe Puhua Integrated Circuit Industry Fund with a target scale of about 2 billion yuan, and it subscribed 100 million yuan [4]. Large - scale Financing - On May 19, Owner completed a $120 - million Series C financing from Y Combinator to accelerate technology innovation and market expansion [5]. - On May 19, Chuangxin International completed nearly 100 million yuan in Series B financing to accelerate R & D transformation and global business layout [6]. - On May 19, Xiling Vision completed several million yuan in Pre - A financing to accelerate mass production, technology iteration, and global market expansion [7][8]. Global IPO - On May 20, CATL listed on the main board of the Hong Kong Stock Exchange, with an expected fundraising scale of $4 - 5 billion, potentially the largest IPO in the Hong Kong stock market this year [9]. Policy Focus - On May 19, nine departments including the Ministry of Industry and Information Technology jointly issued an implementation opinion to promote the high - quality development of the technology service industry, covering multiple key areas and promoting high - end, intelligent, green, and integrated development [10]

Core Viewpoint - The actual controllers of Zhaosheng Microelectronics (300782.SZ) are planning to reduce their holdings due to personal financial needs, despite the company's declining performance in recent years [1][2]. Group 1: Shareholding and Reduction Plans - The actual controllers, Xu Zhihan, Feng Chenhui, and Yi Gebing, hold 35.37 million shares (6.62%), 40.49 million shares (7.57%), and 32.76 million shares (6.13%) respectively [1]. - They plan to reduce their holdings by up to 5.35 million shares (1% of total share capital) within three months after the announcement [1]. - The potential cash-out from the maximum reduction could amount to approximately 400 million yuan based on the closing price of 73.40 yuan per share on May 16 [1]. Group 2: Company Performance and Financials - Zhaosheng Microelectronics has faced operational pressure, with net profits declining from 21.35 million yuan in 2021 to projected figures of 10.69 million yuan in 2022, 11.22 million yuan in 2023, and 4.02 million yuan in 2024 [2][3]. - The company reported a net loss of 46.62 million yuan in the first quarter of this year, marking its first loss since 2018 [4]. - Since the peak on June 30, 2021, the company's stock price has dropped by approximately 80% [5]. Group 3: Company Background - Zhaosheng Microelectronics specializes in the research, development, production, and sales of radio frequency integrated circuits, providing solutions for various RF components and low-power Bluetooth microcontroller chips [2].

修订后的《重组办法》创多个"首次"，包括首次建立简易审核程序，首次调整发行股份购买资产的监管 要求，首次建立分期支付机制，首次引入私募基金"反向挂钩"安排。 近日，中国证监会正式对外公布实施修订后的《上市公司重大资产重组管理办法》(以下简称《重组办 法》)，在简化审核程序、创新交易工具、提升监管包容度等方面作出优化。 业内人士认为，监管部门在鼓励上市公司并购重组方面采取了一系列措施，《重组办法》作为上市公司 并购重组的"基本法"，优化后将在更大程度上提振市场各方信心、提升并购积极性，赋能上市公司高质 量发展。 多个"首次"进一步激发市场活力 《重组办法》积极回应市场关切，多个"首次"将进一步激发并购重组市场活力。 《重组办法》建立了重组股份对价分期支付机制：将申请一次注册、分期发行股份购买资产的注册决定 有效期延长至48个月；明确分期发行股份的，锁定期自首期股份发行结束之日起算；在计算是否构成重 组上市等相关指标时，将分期发行的各期股份合并计算。同时，《重组办法》要求在强制业绩承诺情况 下，明确上市公司与交易对方可以选择业绩补偿或者分期支付加业绩补偿等方式履行承诺义务；上市公 司分期发行股份支付购买资产对价的 ...