天眼查App显示，近日，上海美诚服电器设备有限公司成立，法定代表人为徐俊强，注册资本10万人民 币，经营范围为一般项目：家用电器销售；家用电器零配件销售；制冷、空调设备销售；五金产品零 售；可穿戴智能设备销售；智能家庭消费设备销售；电线、电缆经营；配电开关控制设备销售；日用百 货销售；专业保洁、清洗、消毒服务；普通机械设备安装服务；家用电器安装服务；装卸搬运；普通货 物仓储服务（不含危险化学品等需许可审批的项目）；国内货物运输代理；通用设备修理；专用设备修 理；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；非电力家用器具销售。（除依 法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

在乐清，类似的产业 "智" 变案例不断涌现。温州职业技术学院教授徐兴雷在金谷汽车部件有限公司任职期间，借助 AI 技术打造动态定价模型，将原本需 72 小时的报价时间大幅缩短；温州理工学院科技副总张鑫助力温州金宏电器有限公司，以 AI 技术缩短隔离开关研发周期 30% 以上。 据悉，2025 年乐清计划新选派 70 名以上科技副总入企。随着 "科技副总" 深入一线，"高校 + 平台 + 企业 + 产业链" 的合作机制将进一步完善，为区域人才 资源循环与产业迭代升级提供助力。（陈青、徐远志、林钒） 编辑：穆皓 转自：新华财经 在浙江乐清，"科技副总" 入企服务正为当地产业升级注入新活力。10个月的时间里，东南电子股份有限公司在科技副总袁雷明的参与下，研发出基于人工 智能与高精度传感器融合的微动开关手感自动化检测技术，实现对微动开关手感不合格品的有效检出。 "传统人工检测耗时且误差相对较高，我们一直期待智能化解决方案。袁雷明加入后，成功推动了这项技术的落地。" 东南电子管理中心总监于红波说。随 着数智化升级，东南电子核心产品应用领域不断拓展，对精密生产的需求日益提升。2023年8月，乐清在全省较早启动科技副总选聘 ...

用"进"的动能开拓"新"的格局 作为区域经济的主阵地，该区精准锚定新能源及装备制造、新能源汽车零部件、高端装备制造、新一代 电子信息四大主导赛道，重点推进龙马电器设备、长城精工汽车轴承、一核工业阀门等7个标志性项目 建设，以龙头项目为支点，在"延链补链强链"中串联起上下游新业态，逐步形成"龙头引领、梯队跟 进、集群发展"的产业格局。 另一方面，加快安置房建设进度，上半年累计为1345户安置房家庭办理1770套3448本；精准发力改善困 难残疾家庭生活质量，为24户家庭提供社会救助，送去贴心帮扶；持续深化居家养老服务，为850名老 人提供专业周到的居家养老服务，让民生保障既有力度更有温度。 用"实"的底盘积蓄"进"的动能 项目是经济发展的"火车头"。今年以来，该区紧扣四大战略性新兴产业方向，成功签约蜀能时代碳纤维 复合材料、易瑞电储能装备、君航5G新材料等重特大项目，总投资达40亿元。并依托"三位一体"服务 体系与专班推进机制，双瑞风电叶片、丹普特智能制造等项目顺利开工，博敏IC封装载板、阿特斯电池 一期等项目竣工投产。 与此同时，深化与日韩知名商会、商协会的常态化互动交流，扩大外资利用规模，总投资1100万美 ...

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **A-share market** and the **Hang Seng Technology Index**. Core Points and Arguments 1. **Market Resistance Levels**: The Shanghai Composite Index faces strong resistance around 3,432 points, with expectations of a pullback to the 3,186-3,200 gap area to digest trapped and profit-taking positions for future upward momentum [1][5][20]. 2. **Hang Seng Technology Index Performance**: The index has seen a significant decline since March, dropping approximately 30% from 6,195 to 4,296 points. A rebound is expected, but it will likely face resistance between 5,250 and 5,470 points, indicating a need for further adjustment [3][4][23]. 3. **Market Volatility**: Increased bidirectional volatility suggests that investors should be cautious, focusing on short-term profit-taking and trapped positions while managing risks effectively [6][7]. 4. **Financial Sector Dynamics**: The recent rise in the financial sector is viewed as a short-term correction rather than the start of a new upward trend. Investors are advised to avoid blind chasing of stocks and to adjust their portfolio structures accordingly [1][12][13]. 5. **Fundamental Analysis**: Current market levels exceed those of early April, but the underlying fundamentals are weaker, indicating potential overvaluation. High tariff levels are also putting pressure on the market [1][17][20]. 6. **Market Structure and Future Trends**: The market is expected to undergo an ABC structural adjustment, with both the Shanghai Composite Index and the Hang Seng Technology Index likely to experience downward corrections before any significant upward movement [5][21][22]. 7. **Investment Strategy Recommendations**: Investors are advised not to chase high prices and to maintain a balanced style with a relatively conservative position. It is suggested to reduce exposure to short-term positions acquired in April and to wait for better market conditions to re-enter [25][33]. Other Important but Possibly Overlooked Content 1. **Impact of New Regulations on Public Funds**: The new regulations may lead public funds to favor large-cap and value styles, although the short-term impact will depend on the flexibility of benchmark selection [28][29]. 2. **Calendar Effects on Market Styles**: The calendar effect typically favors large-cap financial stocks in April, but this year has shown a divergence with small-cap growth stocks underperforming [27][32]. 3. **Long-term Market Outlook**: The market is expected to remain in a consolidation phase for an extended period, which could be beneficial for future upward movements. The anticipated recovery may begin around July 2025 [22][26]. This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the current market dynamics and future expectations.

Group 1: Technology Bonds and Financial Trends - A total of 85 technology bonds were issued from May 6 to May 15, with a combined scale of approximately 135.8 billion yuan, indicating strong support for technology enterprises [1] - The issuance of wealth management products by listed companies has decreased significantly, with a total subscription amount of nearly 290 billion yuan, a year-on-year decline of 24.5%, marking a new low since 2022 [1] Group 2: Automotive Industry Performance - In the first four months of the year, China's automotive production and sales both exceeded 10 million units for the first time, with production at 10.175 million units and sales at 10.06 million units, representing year-on-year growth of 12.9% and 10.8% respectively [2] - New energy vehicle production and sales reached 4.429 million and 4.3 million units, with year-on-year growth of 48.3% and 46.2%, accounting for 42.7% of total new car sales [2] Group 3: Consumer Electronics Market - The tablet computer market in China saw a year-on-year shipment increase of 19.5% in Q1 2025, with shipments reaching 8.52 million units [2] - The consumer market for tablets grew by 21.5% due to government subsidy policies, while the commercial market experienced a decline of 5.3% [2] Group 4: Mobile Phone Market Insights - In March, the domestic smartphone market shipped 22.765 million units, a year-on-year increase of 6.5%, with 5G smartphones accounting for 85.3% of total shipments [3] - For the first three months of 2025, smartphone shipments totaled 69.67 million units, with 5G smartphones making up 87.6% of that total [3] Group 5: Corporate Developments - Meiwai Biotechnology announced that its chairman is under investigation for suspected short-term trading, but this does not currently affect the company's plans for a Hong Kong IPO [4] - Zhi Variable Robotics completed a financing round of several hundred million yuan, led by Meituan, to accelerate the development of its intelligent robotics solutions [4] - China CRRC signed several major contracts totaling approximately 54.74 billion yuan, which represents 22.2% of its projected revenue for 2024 [4] Group 6: Financial Instruments and Shareholder Returns - Hangzhou Bank successfully issued 5 billion yuan in technology innovation bonds with a fixed interest rate of 1.67% for a three-year term [5] - Wanchen Group announced a cash dividend of 4 yuan per 10 shares, totaling approximately 71.996 million yuan, with the record date set for May 19, 2025 [8]

Core Viewpoint - The issuance of technology innovation bonds (科创债) has surged, with 85 bonds totaling approximately 135.8 billion yuan issued between May 6 and May 15, indicating strong market demand and investor confidence in technology enterprises [1][2]. Group 1: Issuance Characteristics - The issued technology innovation bonds involve various sectors, including new materials, information technology, finance, biomedicine, and electrical equipment, with a mix of bond types such as medium-term notes, corporate bonds, and commercial bank bonds [2]. - A significant number of these bonds have medium to long-term maturities, with over 60 bonds having terms of 3 years or more, reflecting the stable funding support for high-credit-quality technology enterprises [2]. Group 2: Market Response - The bonds exhibit low coupon rates and high subscription multiples, indicating strong investor recognition of the credit quality of the issuers [3][5]. - Specific examples include: - Changjiang Industrial Investment Group's bond with a 2% coupon rate and a subscription multiple of 3.7 times [6]. - Shanghai Xinwei Technology Group's bond with a 2.37% coupon rate, down over 151 basis points from the previous year [6]. - Dongfang Securities' bond with a subscription multiple exceeding 8 times [6]. - Hangzhou Bank's bond with a 1.67% coupon rate and a subscription multiple of 4.47 times [6]. Group 3: Support from Financial Institutions - Banks are innovating their support for technology enterprises through various dimensions, including assessing technology loan balances and focusing on "unicorn" companies [7]. - Securities firms are also engaging in the technology sector, with some using raised funds for market-making and underwriting services related to technology innovation bonds [7]. Group 4: Future Trends - There is an expectation of more private enterprises participating in the issuance of technology innovation bonds, along with innovative bond terms that better match funding needs [8]. - Recent regulatory notifications support the introduction of innovative terms such as yield pledges, intellectual property collateral, and performance-linked coupon rates, enhancing the attractiveness of these bonds to investors [8].

日本九十年代市场复盘 1 日本九十年代市场复盘：多次下调利率，逐步进入零利率时期 20世纪90年代初期，日本泡沫经济破灭后经济快速下行，随之资产负债表衰退，日本货币政策转向 宽松。 日本央行于1991年7月将政策利率从6%下调至5.5%，同年11/12月各降50BP至4.5%；1992年4 月降到3.75%，7月再降50BP；并于1993年2月降到2.5%。此后2年多的时间内政策利率持续下调， 1995年5月下调为1%，同年9月再次下调至0.5%。1999年，日本央行将利率下降至0%，成为首个进入 零利率时代的央行。 同期日本国债利率呈现明显的下行趋势，以10年期国债收益率为例，1990年9月其收益率高达8%左 右，1998年9-10月则降至1%以下。 2 ▲图表1： 日本九十年代调整政策利率 资料来源：Wind，日本央行，国际清算银行， 野村东方国际证券 注：1998年前用官方贴现率，1998年后用政策利率 ▲图表2： 日本十年期国债利率 资料来源：Wind，日本财务省，野村东方国际证券 消费股基本面及估值变化情况 日本90年代经历了十次利率下调，我们根据此段时间利率下降的幅度和频次将其分为四个阶段。 东证 ...