This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: Credit: Unsplash/CC0 Public Domain Indian IT giant Infosys on Wednesday increased the lower end of its annual growth forecast for the current fiscal year after reporting better-than-expected results for the June quarter. The figures indicate a slow revival in client spending at India's second-largest software services exporter ...

证券研究报告·海外公司点评·软件服务(HS) 美图公司（01357.HK） 2025H1 业绩预告点评：业绩超预期，盈利能 力稳步提升 买入（维持） 证券分析师 陈欣 执业证书：S0600524070002 chenxin@dwzq.com.cn 股价走势 -9% 32% 73% 114% 155% 196% 237% 278% 319% 360% 2024/7/23 2024/11/21 2025/3/22 2025/7/21 美图公司 恒生指数 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,696 | 3,341 | 4,147 | 4,896 | 5,604 | | 同比(%) | 29.27 | 23.93 | 24.13 | 18.08 | 14.44 | | 经调整归母净利润（百万元） 368.30 | | 586.17 | 854.22 | 1,176.94 | 1,473.84 | | 同比(%) | 2 ...

破局而生，扬帆出海。 中国企业，正积极投身"全球企业"这一长期命题。 出海的市场规模持续扩张。海关总署发布的数据显示，2025上半年中国出口总值达13万亿元人民币，创下历史同期最高值，同比增幅7.2%。商务部数据 显示，2025第一季度中国全行业对外直接投资409亿美元，同比增长6.2%。 出海的营收贡献在持续提升。据证券时报统计，2024年A股公司海外业务营收突破10万亿元，相比十年前增长2.8倍；2024年A股公司海外业务占总营收的 比例达到14.28%，创历史新高，与十年前相比，占比提升4.65个百分点。 中国企业出海，正站在破局的关键节点。 一方面，市场上普遍认为出海赛道拥挤不堪，传统模式逐渐式微；另一方面，与成熟全球化企业相比，中国企 业又蕴含着无限潜力。 此外，世界也在发生着变化。地缘政治、技术迭代、经济周期……多方因素影响下，谁也没办法确定，过去的方法论，在当下是否能够延续成功。 在此背景下，36氪启动了East Forward 2025出海全球化创新系列名册评选，旨在探寻前行者的宝贵经验，挖掘创新者的商业智慧，为更多出海企业提供新 的思路与方向。 入选的人物与企业的全球布局策略，正勾勒出中国企 ...

Group 1 - Top Win International Limited has partnered with Simon Gerovich and KCGI for a planned investment in SGA Co., Ltd, which has received board approval for a third-party share issuance to this consortium [1][2] - Upon completion of the investment, the consortium will become the largest shareholder of SGA Co., Ltd, with proceeds aimed at strategic asset acquisitions and general corporate purposes [2] - SGA Co., Ltd plans to leverage the consortium's global network and expertise to pursue new initiatives in the digital asset space while maintaining its core business operations [2] Group 2 - Top Win International Limited specializes in the trading, distribution, and retail of luxury watches and has recently ventured into the Web3 ecosystem and digital assets as part of its future business direction [3]

Group 1 - Top Win International Limited has partnered with Simon Gerovich and KCGI for a planned investment in SGA Co., Ltd, which has received board approval for a third-party share issuance to this consortium [1][2] - Upon completion of the investment, the consortium will become the largest shareholder of SGA Co., Ltd, with proceeds aimed at strategic asset acquisitions and general corporate purposes [2] - SGA Co., Ltd plans to leverage the consortium's global network and expertise to pursue new initiatives in the digital asset space while maintaining its core business operations [2] Group 2 - Top Win International Limited specializes in the trading, distribution, and retail of luxury watches and has recently ventured into the Web3 ecosystem and digital assets as part of its future business direction [3]

Core Viewpoint - Zhuhai is accelerating its digital transformation in the context of the deep integration of the digital economy and the real economy, with Shushangyun emerging as a leading brand in the B2B software service sector in the region, aiming to serve over 200 enterprises by 2025 with a customer renewal rate exceeding 90% [1] Group 1: Technology Foundation - Shushangyun's core technological competitiveness is derived from its self-developed distributed microservice architecture, which supports high concurrency and elastic expansion, enabling the system to handle tens of thousands of transactions per second [1] - The microservice architecture improved a client's B2B platform's concurrent processing capacity from 500 TPS to 2000 TPS, increasing order processing efficiency by 30% and achieving system availability of 99.9% [2] - The AI algorithm platform integrates 12 industry models, enabling data-driven operations and significant revenue growth for clients, such as a 40% increase in annual revenue for a chemical company [3] Group 2: Industry Deepening - In the industrial sector, Shushangyun addresses challenges like non-standard customization and supply chain collaboration through tailored solutions [4] - In the fast-moving consumer goods sector, Shushangyun's intelligent selection model reduced out-of-stock rates from 8% to 2%, while dynamic pricing systems increased gross margins from 18% to 25% [4] - In agriculture, Shushangyun's digital solutions improved crop yields by 15% and facilitated a 30% expansion in planting scale through supply chain financing [6] Group 3: Service Innovation - Shushangyun offers a full-cycle service model that includes demand analysis, system design, development, testing, and continuous optimization, significantly reducing operational costs for clients [7] - The company integrates supply chain resources through a "platform + ecosystem" model, creating additional value for clients [5] Group 4: Differentiated Competitive Strategy in Zhuhai - Shushangyun has established a local service center in Zhuhai, ensuring rapid response times and effective support for clients [6] - The company collaborates with the government to build a digital service platform, aiming to reduce supply chain costs by 15% through enhanced coordination [8] Group 5: Future Outlook - Shushangyun is focusing on innovations driven by AI, blockchain, and green supply chains, aligning with Zhuhai's strategic goals for digital economic development [9]

Core Insights - Nebius Group N.V. (NBIS) shares have increased by 81.4% year to date, significantly outperforming the Zacks Computer & Technology sector and the Zacks Internet Software Services industry's growth of 7.9% and 26.8%, respectively [1] - The S&P 500 Composite has risen by 6.2% during the same period [1] Price Performance - The stock's performance has surpassed major players like Microsoft (MSFT) and Amazon (AMZN), which have gained 18.3% and 1.8%, respectively [4] - CoreWeave (CRWV) has experienced a remarkable increase of 313% since its trading debut on March 28 [4] Challenges for Nebius - Nebius, based in Amsterdam, is a neo cloud company that has recovered from a significant sell-off in April, but still faces challenges due to a volatile global macroeconomic environment [5] - The company competes with major players in the AI cloud infrastructure space, including Amazon, Microsoft, and Alphabet, as well as smaller competitors like CoreWeave [5] Market Dynamics - Amazon Web Services and Microsoft's Azure dominate over half of the cloud infrastructure services market [6] - Microsoft's partnership with OpenAI provides Azure with priority access to leading AI models, while Amazon's AI segment is experiencing triple-digit percentage growth year over year [6] Financial Performance - Despite strong top-line growth, NBIS remains unprofitable, with management indicating that adjusted EBITDA will be negative for the full year 2025, although it expects to turn positive in the second half of 2025 [7][9] - The company has raised its 2025 capital expenditure forecast to approximately $2 billion, up from $1.5 billion, which raises concerns about sustaining high capital intensity amid fluctuating revenues [8] Strategic Focus - Nebius is concentrating on technical enhancements to improve reliability and reduce downtime, aiming to boost customer retention and increase its share of the AI cloud compute market [9] - The company has reaffirmed its annual recurring revenue (ARR) guidance of $750 million to $1 billion and overall revenue guidance of $500 million to $700 million for 2025 [9] Valuation Concerns - Nebius appears overvalued, indicated by a Value Score of F, with shares trading at a Price/Book ratio of 3.75X, lower than the Internet Software Services industry's ratio of 4.2X [12][13] Investment Outlook - Given the intense competition from hyperscalers and ongoing unprofitability, the near-term outlook for NBIS is tempered, leading to suggestions that investors may consider locking in gains and offloading the stock [14]

2025年6月18日，陆家嘴论坛开幕之际，沪港两地签署《沪港国际金融中心协同发展行动方案》，进一 步明确了沪港合作的具体方向，包括金融市场的互联互通、跨境金融服务创新、绿色金融发展、科技金 融合作等，为两地多层次多领域的金融合作注入新的更丰富的内容。根据行动方案，两地将合作推动人 工智能、区块链技术更广泛地应用在资产管理保险以及结算的场景。同时也致力通过金融政策来支持创 科企业的发展。 相关ETF方面，广发恒生港股通科技主题交易型开放式指数证券投资基金（场内简称：港股通科技 ETF；基金代码：159262）正在发售中，募集截止日为6月20日，募集规模上限为30亿元人民币，投资 者可通过广发证券、华泰证券、中信证券等渠道认购。 港股通科技ETF(159262)紧密跟踪恒生港股通科技主题指数，该指数由30家通过港股通交易的香港上市 科技企业组成，聚焦软件服务、半导体等核心科技领域，截至2025年6月17日，该指数成份股总市值已 超10.7万亿港元，约占港股总市值的13%。前十大成份股包括小米集团、阿里巴巴、腾讯控股、快手、 中芯国际等，权重集中度超76%，具有高弹性、高波动的特征，适合投资者布局港股纯科技板块。 ...

Castellum Announces Pricing of $5.0 Million Public Offering of Common Stock and Warrants Castellum, Inc. (the “Company” and “Castellum”) (NYSE-American: CTM) today announced the pricing of its public offering of 4,166,667 Units at a public offering price of $1.20 per Unit -www.castellumus.com VIENNA, Va., June 12, 2025 (GLOBE NEWSWIRE) -- Castellum, Inc. (the “Company” and “Castellum”) (NYSE-American: CTM), a cybersecurity, electronic warfare, and software services company focused on the federal governm ...

Core Insights - Ciena Corp. reported a quarterly revenue growth of 23.6% to $1.13 billion, surpassing analyst expectations of $1.09 billion, but the adjusted EPS of 42 cents fell short of the consensus estimate of 52 cents [1] - The adjusted gross margin decreased by 250 basis points to 41%, while the adjusted operating margin increased by 140 basis points to 8.2% [1] Analyst Ratings and Price Targets - Rosenblatt analyst Mike Genovese maintained a Neutral rating on Ciena and reduced the price target from $85 to $78, citing concerns over margins due to customer and product mix [2] - Needham analyst Ryan Koontz reiterated a Buy rating with a price target of $90, expressing optimism about Ciena's technology and market position despite mixed fiscal second-quarter results [2][8] Revenue and Margin Insights - Genovese noted that the gross margin was impacted by a heavy sales mix of new line systems, which typically have lower margins initially [3] - Ciena's Cloud and Service Provider DCI markets are expected to drive multi-year growth above 8% to 11%, with potential revenue growth exceeding this range before the end of fiscal 2025 [4] Future Projections - Genovese projected fiscal 2025 revenue of $4.58 billion and adjusted EPS of $2.24, while Koontz projected revenue of $4.57 billion and adjusted EPS of $2.25 [6][9] - Both analysts highlighted that the fiscal second-half guidance indicates higher revenue growth but lower gross margin and EPS than previously expected [6] Market Dynamics - The strong performance in the Cloud segment, which grew 88% year-over-year, contributed to Ciena's outperformance, although new products with lower gross margins are increasing in mix faster than anticipated [7] - Increased tariff costs are expected to impact gross profit by approximately $10 million per quarter, raising concerns about potential worsening conditions [7] Competitive Landscape - The outlook for Datacom companies and Telecom- and DCI-exposed names remains positive, as Ciena's gross margin issues are considered company-specific [5] - Koontz views the stock pullback as a buying opportunity, anticipating continued share gains and emerging intra-data center opportunities in fiscal 2027 [8]