Core Viewpoint - Jinglin Asset has made significant adjustments to its portfolio in the second quarter, focusing on increasing positions in Nvidia and Manbang Group while liquidating holdings in Apple, Pfizer, Legend Biotech, and ZTO Express. The firm believes that the valuation recovery of Chinese assets may be at a midpoint, necessitating a focus on identifying new companies with strong business models and cash flows [1][11]. Group 1: Portfolio Adjustments - As of the end of Q2, Jinglin Asset held stocks in 28 companies in the US market, with a total market value of $2.874 billion [1][12]. - The top ten holdings include Meta, NetEase, Manbang Group, Pinduoduo, Futu Holdings, Qifu Technology, Nvidia, Beike, New Oriental, and Nebius Group [3][12]. - New additions to the top ten holdings are Nvidia and Nebius Group, while significant reductions were made in technology and pharmaceutical stocks [4][5]. Group 2: Specific Stock Movements - Jinglin Asset increased its stake in Nvidia, acquiring 630,440 shares after previously selling 37,800 shares in Q1, indicating a renewed confidence in the company's valuation and fundamentals [5]. - The firm completely exited positions in Apple and reduced holdings in several tech stocks, including a more than 90% reduction in Taiwan Semiconductor Manufacturing Company and significant cuts in Hesai Technology [9][12]. - In the healthcare sector, Jinglin Asset liquidated positions in Regeneron, Pfizer, and Legend Biotech, reflecting a cautious stance towards certain pharmaceutical stocks [9]. Group 3: Market Outlook - Jinglin Asset remains optimistic about Chinese assets, focusing on structural opportunities despite macroeconomic pressures. The firm emphasizes the importance of monitoring policy changes and believes that new investment opportunities will arise in emerging sectors [11]. - The firm identifies potential growth areas in new consumer trends, innovative pharmaceuticals, and hard technology innovations in China, suggesting that the recovery of Chinese asset valuations is ongoing [11].

一方面，顺势而为，促进中小企业数字化智能化转型。例如可考虑出台中小企业上云补贴，至于补 贴的方式是发放到平台还是发放到中小企业，可以进一步研究。还要理顺激励机制，形成平台与中小企 业相互激发的创新生态系统。 另一方面，鼓励基于平台的数据开发和数据交易。要健全平台经济常态化监管制度，精准审慎使用 反垄断和监管政策工具，克服平台可能滥用市场支配地位的问题，反对平台经济领域的不正当竞争行 为，为平台内的中小经营者提供公平竞争环境。 (本文来源：经济日报 作者：中国社会科学院经济研究所研究员、博士生导师 杜创) 中小企业联系千家万户，是推动创新、促进就业、改善民生的重要力量。数据显示，目前我国已累 计培育科技和创新型中小企业超60万家，专精特新中小企业超14万家，专精特新"小巨人"企业1.46万 家。同时，中小企业的数字化转型进一步深化，呈现出平台化、智能化的发展趋势。如何看待这一现 象？应分别从中小企业和平台这两个视角加以分析。 对中小企业来讲，全方位基于第三方数字平台开展业务，包括销售、研发、管理控制等，特别是接 入大模型平台和云计算平台，有利于优化内部流程，提高质量控制能力和生产效率。在销售层面，近3 年也呈现 ...

当然，不能忽视平台化智能化趋势给中小企业可能带来的问题。平台可能滥用市场支配地位，不利于平 台内中小经营者，例如通过自我优待、有偏推荐等限制公平竞争，或要求平台内经营者作出排他选择。 未来，中小企业将在促增长、稳就业、保民生等方面发挥出更大作用。因此，要进一步抓住中小企业数 字平台化智能化机遇，积极解决问题、应对挑战。 一方面，顺势而为，促进中小企业数字化智能化转型。例如可考虑出台中小企业上云补贴，至于补贴的 方式是发放到平台还是发放到中小企业，可以进一步研究。还要理顺激励机制，形成平台与中小企业相 互激发的创新生态系统。 另一方面，鼓励基于平台的数据开发和数据交易。要健全平台经济常态化监管制度，精准审慎使用反垄 断和监管政策工具，克服平台可能滥用市场支配地位的问题，反对平台经济领域的不正当竞争行为，为 平台内的中小经营者提供公平竞争环境。 （文章来源：经济日报） 中小企业联系千家万户，是推动创新、促进就业、改善民生的重要力量。数据显示，目前我国已累计培 育科技和创新型中小企业超60万家，专精特新中小企业超14万家，专精特新"小巨人"企业1.46万家。同 时，中小企业的数字化转型进一步深化，呈现出平台化、智能 ...

Group 1: Core Industry Development - Jinan City has identified five key industries for future development: artificial intelligence, new energy equipment, aerospace information, high-end software, and automotive (new energy vehicles) [1] - The focus is on driving advanced manufacturing and digital economy growth through these industries [1] Group 2: Artificial Intelligence Industry - The goal is to build a "high computing power, large model, strong application" innovation system for the artificial intelligence industry [2] - Efforts include enhancing network infrastructure, supporting algorithm innovation, and creating an industrial ecosystem with leading companies like Alibaba and Tencent [2] Group 3: New Energy Equipment Industry - The strategy is to promote the new energy equipment industry towards intelligence and high-end development, focusing on wind, solar, nuclear, hydrogen, and energy storage [3] - Key initiatives include supporting major enterprises, advancing significant project construction, and establishing high-level innovation platforms [3] Group 4: Aerospace Information Industry - The development of the aerospace information industry is driven by low-altitude economy and commercial space, focusing on application scenarios and technological innovation [4] - Actions include expanding application scenarios, building an industrial system, and enhancing infrastructure [4] Group 5: High-End Software Industry - The software industry is being promoted towards high-end, intelligent, and large-scale development, with a focus on emerging software and industrial software [5][6] - The strategy includes leveraging application scenarios in various sectors and fostering a software industry cluster [6] Group 6: Automotive Industry - The automotive industry is being developed with an emphasis on smart manufacturing and expanding the new energy vehicle supply chain [7] - Key actions involve establishing a new energy vehicle industrial park and enhancing supporting services through AI and high-end software [7]

Core Insights - The article emphasizes that computing power encompasses not only computational capabilities but also supporting network transport and data storage capabilities [1] - For computing power to be effective, hardware such as servers, chips, and storage devices, along with software including operating systems, cloud computing platforms, and AI frameworks, as well as network connectivity, must all be "online" simultaneously [1] - As of the end of 2024, China's total computing power is projected to reach 280 EFLOPS (exaflops) [1] - The computing power market is experiencing a structural imbalance characterized by both "surplus" and "shortage" [1]

Core Viewpoint - Century Internet is positioning itself as a platform company that aims to facilitate the transition into the world of Artificial General Intelligence (AGI) through innovative infrastructure and collaborative intelligence [1][4] Group 1: Strategic Vision - The founder of Century Internet, Chen Sheng, emphasizes the importance of creating a platform that serves as a gateway to the AI world, likening it to the magical 9th platform in Harry Potter [1] - The company aims to evolve from merely being a service provider to becoming an integral part of the collaborative intelligence ecosystem, participating actively in the development of new AI paradigms [2][4] Group 2: Technological Innovations - The company is focusing on upgrading its cloud computing platform to incorporate a comprehensive software virtualization that aligns with the emerging cloud-native technologies [3] - Chen Sheng highlights the need for advanced packaging of AI infrastructure, which is essential for delivering integrated hardware and software solutions to clients [3] Group 3: Infrastructure Development - Century Internet is committed to engineering innovation, with each infrastructure project being treated as a product that undergoes continuous iteration to achieve high quality and performance [4] - The company aims to create a seamless connection between clients and data centers, utilizing advanced protocols like RDMA to enhance performance [4] Group 4: Collaborative Intelligence Roadmap - The company has outlined a roadmap for developing a new generation of collective intelligence, starting with the private deployment of open-source large models and progressing towards decentralized networks [5] - The goal is to achieve significant milestones in collective intelligence through collaboration and shared success among stakeholders [5]

Core Viewpoint - The report highlights the strategic significance of the merger between Haiguang Information and Zhongke Shuguang, emphasizing its potential to reshape the domestic computing power industry amid increasing localization trends in chip production [2][3]. Company Overview - Zhongke Shuguang announced the planned merger with Haiguang Information, which is seen as a pivotal move for the computing power industry, especially in the context of U.S. export controls affecting several companies [2]. - The merger aims to facilitate a complete domestic replacement across the industry chain, enhancing integration and development opportunities [2][3]. Financial Insights - As of May 23, prior to the suspension of trading, Zhongke Shuguang held significant stakes in several listed companies, with a total market value of approximately 948 billion yuan from its holdings in Haiguang Information, Shuguang Shuchuang, and Zhongke Xingtong [3]. - The company has diverse business operations, including server hardware, cloud computing platforms, and big data services, which contribute to its overall market presence [3]. Market Dynamics - The computing power industry is shifting from a globalized model to a polarized one, with domestic companies facing challenges due to international restrictions on chip supplies [2]. - The upcoming launch of new products from Haiguang, including the Haiguang 5 CPU and Shenxuan 3 DCU, is expected to be a critical milestone for the company [4]. Performance Metrics - Despite a projected revenue decline of 8.40% in server-related business for 2024, the gross profit margin is expected to improve by 5.46 percentage points, indicating a focus on enhancing revenue quality [4]. - Comparatively, domestic competitors are experiencing significant margin compression, highlighting Zhongke Shuguang's relative strength in maintaining profitability [4]. Investment Outlook - The investment rating for Zhongke Shuguang remains "buy," with projected earnings per share (EPS) for 2025, 2026, and 2027 estimated at 1.68 yuan, 2.28 yuan, and 3.02 yuan respectively [5]. - The average target price set by institutions over the past 90 days is 78.47 yuan, with 14 out of 16 institutions recommending a buy [5].

智通财经APP获悉，美国科技巨头谷歌(GOOGL.US)当地时间周一宣布，将设立并启动一项专注于人工 智能领域初创公司的新基金。谷歌表示，符合条件的初创公司将获得谷歌投资，并且将能够尽早获取谷 歌独家的AI大模型以及全面配置谷歌云计算生态，并得到谷歌员工团队的实际技术支持。 与此同时，亚马逊，以及微软(OpenAI的主要投资方)与英伟达，正在积极以巨额投资支持更多的生成式 AI初创公司，并开发自身的创新人工智能软硬件技术。 有着"AI芯片霸主"称号的英伟达(NVDA.US)对于人工智能初创公司的投资步伐也在不断加快，自2005 年开始投资以来，该科技巨头超过一半的初创公司投资规模发生在过去两年间。 当英伟达投资于聚焦不同应用领域的AI初创公司时，这些公司基本上将大部分投资资金用于购买英伟 达AI GPU，以建立或扩展其AI训练和推理基础设施。AI初创公司需要大量的算力资源来训练其深度学 习模型，而英伟达的GPU(如H100、H200以及Blackwell GPU)在性能上是业界标准，这使得他们选择英 伟达的产品成为自然而然的决定。 未来，当初创公司们使用这些AI初创公司开发的AI大模型或应用时，由于它们在英伟 ...

Core Insights - The company reported strong financial performance for Q1 2025, with revenue of 794 million yuan, a year-on-year increase of 37.77%, and a net profit of 101 million yuan, up 105.19% [1] - The company has established a dual-driven development model focusing on traditional seasoning products and emerging technology sectors, enhancing its market position and future growth potential [3] Financial Performance - For the fiscal year 2024, the company achieved a revenue of 2.646 billion yuan, representing a year-on-year growth of 25.98%, and a net profit of 203 million yuan, up 55.92%, marking a historical high since its listing [4] - The net profit after excluding non-recurring gains and losses was also 203 million yuan, reflecting a growth of 72.36% year-on-year [4] Business Expansion - The company’s core products, including monosodium glutamate, chicken essence, and flour, maintained leading market shares, with 198,100 tons of MSG and 30,800 tons of chicken essence sold in 2024 [2] - Online sales revenue surged by 165.68%, with new retail channels covering major platforms like Tmall, JD.com, and Douyin, significantly enhancing brand influence [2] Technological Advancements - The newly established intelligent computing center business became a highlight, generating revenue of 80.64 million yuan, a staggering increase of 10,447.11% year-on-year, with 34 signed projects worth over 1.5 billion yuan [2] - The company has completed the layout of intelligent computing centers in nine locations, covering key economic regions, and its self-developed cloud computing platform received the "2024 Annual China IDC Innovative Technology Product Award" [2] Strategic Outlook - The company aims for a revenue and profit growth of over 30% in 2025, further solidifying its dual-driven development model [3] - The significant increase in operating cash flow, reaching 652 million yuan, up 781.19% year-on-year, provides a solid foundation for strategic investments [3]

作者丨刘燕秋 来源丨投中网 移动互联网时代，创业公司的人才需求旺盛，与之相比，这一波 AI 创业的一大典型特征是，几十甚至十几人的小团队便能搞 定一切。这些务实的创始人们也并不恋战，当资本方递来橄榄枝，往往该卖就卖，见好就收。 这不眼看着，又有一批身价过亿的富豪诞生。 3 月 27 日，外媒消息称，英伟达计划以数亿美元收购阿里前副总裁贾扬清创 立的 Lepton AI 。对此，贾扬清很有分寸地回应媒体称"无法评论"。 将投中网设为"星标⭐"，第一时间收获最新推送 又一个AI造富的案例。 Lepton AI 的主要业务，是出租搭载英伟达 GPU 的服务器。可以这么理解，它扮演的是英伟达生态的补充者，帮助开发者租 赁使用英伟达 GPU 。其价值在于，可以在无需签订长期云合同的情况下，为中小客户提供 GPU 资源，同时为英伟达拓展车 企、科研机构等非云厂商客户。考虑到如今英伟达也试图进入服务器租赁市场来分一杯羹，甚至与 AWS 和谷歌等云服务商竞 争，直接下场买公司也并不稀奇。 Lepton AI 只是这波 AI 收购潮中的一朵浪花。生成式 AI 的概念火了两年多，一笔笔 AI 收购交易已然浮出水面。这个月就 有两 ...