海通国际证券集团有限公司Liang Song,Lin Yang近期对神州数码（000034）进行研究并发布了研究报告 《自有品牌、外销高增，数云融合战略取得显著成效》，下调神州数码目标价至42.15元，给予增持评 级。 神州数码 本报告导读： 自有品牌、外销高增，数云融合战略取得显著成效，国际业务实现0-1突破。持续提升数智化能力，赋能 各行各业。 投资要点： 证券之星数据中心根据近三年发布的研报数据计算，德邦证券陈涵泊研究员团队对该股研究较为深入，近 三年预测准确度均值为11.41%，其预测2025年度归属净利润为盈利16.85亿，根据现价换算的预测PE为 14.83。 最新盈利预测明细如下： 维持"优于大市"评级。公司数云融合战略取得显著成效，预计自有品牌业务，以及外销业务将持续取得高 增长，我们预测2025-2027年EPS为1.69/1.95/2.28元(原2025-26预测为2.66/2.96元)。采用PE和PB估值方法， 基于谨慎性取低值，给予目标价42.15元(-19%，原目标价基于2024年25x PER)。 数智化转型服务提供商，IT分销及增值业务占大头。①神州数码提出"数云融合"战略和技术 ...

宏观经济>>> 财政部：引导保险资金长期稳健投资，进一步加强国有商业保险公司长周期考核 财政部发布引导保险资金长期稳健投资，进一步加强国有商业保险公司长周期考核的通知。《办法》中 经营效益类指标的"净资产收益率"由"3年周期指标+当年度指标"相结合的考核方式调整为"当年度指标 +3年周期指标+5年周期指标"相结合的考核方式。其中，当年度指标为"当年净资产收益率"，权重为 30%；3年周期指标为"3年周期净资产收益率"，权重为50%；5年周期指标为"5年周期净资产收益率"， 权重为20%。 工信部：持续开展制造业新型技术改造城市试点、中小企业数字化转型城市试点 引导规上工业企业、 专精特新中小企业加快数字化改造 工业和信息化部发布信息化和工业化融合2025年工作要点，含五方面17项内容。其中提到，推进数字化 转型。持续开展制造业新型技术改造城市试点、中小企业数字化转型城市试点，引导规上工业企业、专 精特新中小企业加快数字化改造。落实重点行业数字化转型实施方案，编制发布场景化、图谱化推进重 点行业数字化转型的参考指引，推动重点行业依据数字化转型场景图谱开展转型诊断改造，征集和遴选 一批典型经验做法。面向数据价值挖 ...

Core Insights - As of June 30, 2025, a total of 439 generative artificial intelligence services have completed registration with the National Internet Information Office [1] - From April to June, 93 new generative AI services were registered, with 74 additional applications or functions registered through local internet offices [1] - A total of 233 generative AI applications or functions have completed registration [1]

Group 1 - Investment Rating: Maintain 'Outperform' rating with a target price of RMB 42.15 [1][43] - Core Viewpoint: The company's data-cloud integration strategy is effective, with high growth expected in proprietary brand and export businesses [1][44] - Revenue and Profit Forecast: For 2024, revenue is projected at RMB 128.17 billion, up 7.14% YoY, with net profit attributable to shareholders at RMB 753 million, down 35.77% YoY [3][44] Group 2 - Financial Summary: Revenue is expected to grow from RMB 136.36 billion in 2025 to RMB 147.25 billion in 2027, with net profit increasing from RMB 1.20 billion to RMB 1.62 billion during the same period [3][5] - Business Segmentation: IT distribution and value-added services dominate, with revenue from IT distribution expected to reach RMB 130.67 billion in 2025, while proprietary brand revenue is forecasted at RMB 5.96 billion [17][19] - Cloud Services Growth: Revenue from cloud services is expected to grow significantly, with a projected increase of 20% in 2025 [19][20] Group 3 - Core Business Strategy: The company focuses on a "data-cloud integration" strategy, enhancing digital capabilities across various industries [23][30] - Competitive Advantage: The company has a comprehensive cloud and digital technology capability, providing a full range of AI services and cloud professional services [26][29] - International Expansion: The company is pursuing an overseas strategy, leveraging its proprietary products and services to enhance its global presence [30][39]

Group 1 - Cheetah Mobile's stock increased by 2.15% to $4.76 per share, with a total market capitalization of $146 million as of July 8 [1] - As of March 31, 2025, Cheetah Mobile reported total revenue of 259 million RMB, representing a year-on-year growth of 36.11%, and a net profit attributable to shareholders of -33.36 million RMB, showing a year-on-year increase of 58.32% [1] Group 2 - Cheetah Mobile is a leading global mobile internet company focused on enhancing life through technology, and it was officially listed on the New York Stock Exchange on May 8, 2014 [2] - The company is transitioning from mobile internet to AI-driven industrial internet, developing integrated AI capabilities including self-developed chip computing power, algorithm capabilities, system capabilities, and application capabilities [2] - Cheetah Mobile has created three open systems: Orion Star Voice OS, Orion Star Robot OS, and Orion Star Arm OS, and offers intelligent service robot solutions based on AI and 5G technology [2] - The company aims for non-linear growth by empowering industries with AI, aspiring to become a leading global AI industrial internet company [2]

美股基准指数——标普500指数在堪称"剧烈动荡曲线"的历史罕见曲折轨迹中结束2025年上半年的"另类 牛市交易"，并创下收盘创纪录历史高位，投资者们对于美股的牛市信仰自4月触底大反攻以来似乎愈发 坚定。展望2025年下半场交易趋势，经历跌宕六个月，市场可谓"牛气不减"，投资者们在2025下半年有 望继续坚持"美股长期牛市信仰"，延续这股席卷全球的"Buy America"(买入一切美国资产)超级风潮。 整体而言，从复盘角度来看，在4月份自前次历史高点大幅回落逾19%后，在"逢低买入"势力大举推动 之下这一基准指数只用了两个月便大幅反弹并再创新高，因市场对特朗普主导的关税政策冲击的最坏担 忧情绪迅速消退，与此同时AI热潮持续推动美股大举反攻——微软(MSFT.US)、谷歌(GOOGL.US)以及 英伟达(NVDA.US)等科技巨头强劲业绩表现以及它们的业绩展望显示出全球对于人工智能领域的资本 支出狂潮未见任何程度消退，全球AI算力需求持续激增的逻辑不断催化这些占据标普500指数高权重的 科技巨头们股价大幅上涨，进而带动标普500指数迈向新高。 截至上周四美股市场收盘——因独立日假期上周五未开盘，标普500与纳斯 ...

Group 1 - Microsoft has confirmed a new round of layoffs affecting approximately 9,000 jobs, which represents 4% of its global workforce, marking the second large-scale layoff this year and the fourth in 18 months [2][4] - The layoffs will impact various departments, regions, and experience levels, with the Xbox division being significantly affected [2] - In addition to layoffs, Microsoft is changing performance evaluation criteria for remaining employees, incorporating the use of AI tools into performance assessments [5][8] Group 2 - Microsoft has previously announced layoffs of about 6,000 employees in May, representing 3% of its workforce, and additional layoffs in June and September affecting hundreds of employees across different teams [4][5] - The push for AI integration in performance evaluations is driven by the need to increase the adoption rate of Microsoft's AI services, such as GitHub Copilot, amid competitive pressures [8][9] - Amazon's CEO has also indicated that the integration of generative AI will reshape company structures, leading to a reduction in workforce numbers as efficiency improves [12][13] Group 3 - The trend of layoffs due to AI integration is not isolated to Microsoft and Amazon; other companies like Walmart and CrowdStrike are also reducing their workforce citing similar reasons [16][18] - Predictions suggest that AI could eliminate a significant number of entry-level white-collar jobs in the coming years, with unemployment rates potentially rising to 10% to 20% [16] - Employees across various sectors are experiencing job losses as companies increasingly automate roles previously held by humans, leading to a significant transformation in the job market [19][24]

作为一站式汽车信息、交易与服务平台，懂车帝从2023年开始尝试为各地提供汽车补贴申领服务。2024 年懂车帝与抖音共同上线全国汽车报废更新补贴申请小程序，并承接湖北、四川等4省汽车置换更新补 贴及10个地区新车消费券申领，带动汽车消费1400亿元。为进一步发挥平台优势，2025年懂车帝联合商 务部国际电子商务中心研发"全国汽车以旧换新智能服务平台"，为全国31个省份用户提供汽车补贴申领 及查询服务。 从申领金额和带动效果来看，2025年上半年，懂车帝承接汽车置换更新补贴申请92.6万份，补贴金额近 110亿元，累计带动新车消费超过1460亿元；新车消费券3.5万份，补贴总金额达1.4亿元，预计将带动新 车消费近30亿元。 本报讯(记者袁传玺) 7月3日，北京懂车帝科技有限公司(以下简称"懂车帝")发布数据显示，2025年上半年，懂车帝共承接各 类政府汽车补贴申请超110亿元，申请量超96万份，带动新车消费近1500亿元。作为全国汽车以旧换新 补贴指定申领平台，2025年上半年，懂车帝汽车补贴申领服务已覆盖14个省份，提供申领政策查询覆盖 省份达31个。通过上线政府补贴一级入口，提供线上线下（300959）一体 ...

Group 1 - The 14th China (Guangzhou) International Financial Trading Expo showcased new technologies, models, and achievements in financial services for the real economy, emphasizing the creation of a "technology-industry-finance" virtuous cycle [1][2] - The expo achieved a total signing amount exceeding 71 billion yuan across 51 projects, highlighting the importance of financial support for industrial modernization [2] - Financial institutions like Industrial Bank and SPDB are implementing innovative supply chain financial services using technologies such as blockchain and AI to meet diverse customer needs [2][3] Group 2 - Guangzhou is enhancing financial support for technology innovation enterprises, with a focus on a multi-layered capital market and local financial organizations [3] - Banks are introducing specialized financial products for tech companies, such as knowledge property pledge loans and integrated financial service plans, to facilitate the transformation of technological achievements [3] - The "Yiqi Win-Win Plan" by Guangfa Bank aims to provide comprehensive financial services for technology enterprises, with a total signing amount of 3.2 billion yuan for key projects [3] Group 3 - The expo featured advancements in smart financial services, including AI applications in wealth management and virtual reality technology for customer engagement [4][5] - The portable card-making device by China Everbright Bank allows for instant social security card issuance, enhancing customer convenience and efficiency [5] - The "Guangxin Yu" platform, developed by Guangzhou Digital Science Group, aims to create a new ecosystem for prepaid consumption, ensuring the safety of consumer funds through real-time settlement [6]

Core Viewpoint - The transformation and upgrading of traditional industries are crucial for building a modern industrial system, and leveraging digital intelligence technology for green and low-carbon transformation is strategically significant for high-quality development [1] Group 1: Empowering Green Low-Carbon Production Scene Innovation - Digital intelligence technology enhances cross-industry integration, resource orchestration, and innovation capabilities, facilitating breakthroughs in green low-carbon production technologies [2] - Technologies such as big data and digital twins assist traditional industries in analyzing user demand characteristics, selecting green low-carbon materials, and designing lightweight energy-saving products [2] - As of March 2023, the digital R&D design tool penetration rate among industrial enterprises in China reached 83.5%, and the CNC rate for key processes was 66.2% [2] Group 2: Empowering Green Low-Carbon Multi-Value Creation - Digital intelligence technology promotes deep integration of social, physical, and digital spaces, enhancing resource integration, opportunity identification, and crisis response capabilities [3] - Intelligent transformation and modular integration of production equipment in traditional industries enable comprehensive monitoring of manufacturing processes and effective control of resource consumption [3] - The integration of big data, IoT, blockchain, and AI in traditional supply chains allows for carbon footprint measurement, tracing, dynamic pricing, and trading, creating new value through carbon asset management and green brand premium [3] Group 3: Empowering Green Low-Carbon Governance System Creation - The green low-carbon transformation of traditional industries is a complex governance process involving multiple stakeholders and factors [4] - Establishing a green low-carbon governance system requires digital regulation and intelligent services, with systems for carbon emission monitoring and data management forming a "digital neural network" [4] - As of 2024, 246 national green data centers have been established, and 251 green low-carbon public institutions have been selected, providing robust digital technology support for the transformation of traditional industries [4]