市领导林涛、蒋敏参加。 8月22日，民营企业座谈会（新一代信息通信专场）暨全国高校信息通信区域技术转移转化中心 （江苏）建设工作座谈会在紫金山实验室召开。市委书记周红波与民营企业家、高校和金融机构代表座 谈交流，学习贯彻习近平总书记关于民营经济发展的重要论述，研究推动新一代信息通信产业高质量发 展的思路举措。 周红波说，促进技术转移转化，关键在于建立良好的创新生态。市委市政府将充分吸纳大家的意见 建议，进一步优化体制机制，促进科学家、企业家、金融家各展所长、融通互补，强化企业创新主体地 位；引入金融活水，更好发挥政府投资基金的引导作用，带动更多社会资本投早、投小、投长期、投硬 科技；强化平台支撑，整合高校院所、龙头企业各类资源，促进公共服务平台开放共享；扩大场景供 给，持续深化"宁工品推"活动，加快完善"概念验证—场景测试—产品推广"链条；促进人才引育，加大 高层次人才招引和精细化服务力度，着力营造人才发展良好环境。 座谈会上，信息通信区域技术转移转化中心（江苏）汇报了运行情况，与会的企业家、高校和金融 机构代表先后发言，围绕加快分中心建设、推动科技创新和产业创新深度融合，进行了充分深入的讨 论。北京大学、南 ...

Group 1 - The article discusses the potential for significant global upheaval, suggesting that a major restructuring of international power dynamics is imminent, particularly between the US and China [1][3] - It highlights the decline of the US dollar's dominance in international finance, with its usage dropping from 59.3% in 2021 to 56.2% in 2022, while the Chinese yuan and other currencies are gaining traction [3] - The article points out that the US is facing multiple domestic challenges, including a GDP growth rate of only 1.8% last year and declining consumer confidence [3][5] Group 2 - The military capabilities of the US are reportedly diminishing, with a reduction in global troop deployment and a military budget growth rate lagging behind the depreciation of its combat power [5] - The ongoing conflict in Ukraine has destabilized Europe, leading to a decline in Germany's industrial output and a GDP growth rate that fell to 0.4% in 2019, indicating economic stagnation [5][7] - China's advancements in technology, particularly in the semiconductor industry, are notable, with a reported industry output of over 800 billion yuan in 2022, reflecting a 12% year-on-year growth [7][8] Group 3 - The article raises concerns about the potential for conflict as nations prepare for possible upheaval, suggesting that the current global situation is precarious and could lead to significant changes [8][10] - It emphasizes the uncertainty surrounding the future leadership of global powers and the potential for ordinary citizens to face increasing difficulties as geopolitical tensions rise [8][10]

Group 1: Quantum Information Technology and Applications - The "Quantum Information Technology and Applications" forum focuses on promoting academic exchange and the transformation of achievements in quantum information technology, aiming to foster deep integration of industry, academia, and research [2] - Experts discussed key areas such as quantum computing, quantum communication, and quantum precision measurement, sharing insights on the architecture and technical routes of superconducting quantum computing, ion trap quantum computing, and neutral atom quantum computing [2] - The forum highlighted the importance of addressing cosmic ray-related errors in superconducting qubit arrays as quantum computing devices scale up, and presented advancements in continuous variable quantum key distribution technology [2] Group 2: Meteorology Empowering Transportation - The "Meteorology Empowering Transportation" forum aimed to explore the integration of meteorology and transportation, discussing topics like low-carbon transportation, high-impact weather, and low-altitude economy meteorological support [5] - Experts emphasized the significance of meteorology in supporting the construction of a strong transportation system, advocating for breaking down industry barriers and enhancing collaboration for technological innovation [5] - The forum aimed to provide strong support for the construction of a transportation powerhouse through innovative applications of meteorological technology in the transportation sector [5] Group 3: Complex Systems Self-Learning 'Inverse Optimal' Theory and Methods - The "Complex Systems Self-Learning 'Inverse Optimal' Theory and Methods" forum focused on optimal operation modeling of complex systems, discussing non-consensus topics in complex nonlinear systems [7] - Key reports included discussions on intelligent-enhanced predictive control, collaborative control and optimization of cyber-physical energy systems, and the application of generative AI in complex power systems [7] - Roundtable discussions addressed hot topics in interdisciplinary fields, such as the application of large model reasoning technology in intelligent control and the challenges of embodied intelligent inverse optimal theory in robotic systems [7]

Group 1 - The core message emphasizes the importance of collaboration between Guangzhou and major telecommunications companies like China Telecom and China Unicom to drive economic and digital development in the region [2][3]. - Guangzhou is implementing the "Guangzhou Digital Innovation Plan" to promote digital industrialization and accelerate the construction of a modern industrial system, referred to as "12218" [2]. - The city aims to deepen cooperation in areas such as artificial intelligence, low-altitude economy, and quantum technology, fostering the integration of digital economy with the real economy [2][3]. Group 2 - Company leaders express gratitude for Guangzhou's support, highlighting the city's role as a core engine of the Guangdong-Hong Kong-Macao Greater Bay Area and a key telecommunications hub [3]. - The companies plan to leverage their capabilities to advance digital technology integration and innovation, focusing on new infrastructure, smart cities, and data security [3].

Group 1 - Tesla's stock price dropped over 14%, resulting in a market value loss of more than $150 billion, influenced by CEO Musk's social media conflict with Trump and sales challenges [2] - Recent U.S. economic data has been disappointing, with the ISM manufacturing PMI for May recorded at 48.5, the lowest since November 2024, indicating ongoing contraction in manufacturing activity [2] - The OECD has significantly downgraded U.S. economic growth forecasts, projecting a growth rate of 1.6% for 2025, down from 2.2%, and 1.5% for 2026, primarily due to Trump's tariff policies and federal employee cuts [3] Group 2 - The ongoing U.S.-China technology competition is expected to favor China in the near future, with advancements in various sectors such as 5G, quantum communication, and renewable energy [4] - The U.S. technology sector is experiencing a slowdown, increasingly relying on existing resources, while China's innovation and domestic substitution are accelerating [4] - Trump's policies are seen as having significant negative effects on the U.S. economy, potentially leading to a decline in the dollar system and accelerating the global shift of economic power towards the East [5]

每经评论员 吴泽鹏 上市公司通过并购实现业务转型，本是正常的战略选择。但在A股市场，向来存在"买方风险显著高于 卖方"的现象。 从星光股份的案例深入分析，强化风控可从三个维度着手：其一，要"擦亮眼"，完善尽职调查机制，防 止因标的估值虚高而导致决策失误；其二，需"沉下心"，建立审慎预测模型，杜绝业绩承诺与经营实质 脱节的情况；其三，务必"绷紧弦"，严守信息披露规范，及时向市场披露标的公司履约进展及潜在风险 因素。 以元生信息为例，该标的2023年营收刚过7000万元关口，但其原股东却承诺元生信息2024年9至12月并 表后主营业务收入不少于7000万元。如此异常的承诺，是否经过穿透式尽调？并购决策是否建立在对行 业周期、企业实际能力的客观评估之上？年初的业绩预告中，为何未提示这些风险？这些问题都令人深 思。 从更深层次来看，上市公司并购应当坚守三个原则：业务协同的重要性要高于概念炒作，持续经营能力 应优于短期业绩对赌，投后整合赋能要超越财务并表控制。并购绝非"一锤子买卖"，而是一项需要以战 略定力穿越全周期的系统性工程。企业切忌将并购异化为财务报表的简单拼凑，更不应幻想通过"概念 并购"实现"市值管理"和"价 ...

Group 1 - Investment Rating: Outperform [1][12] - Target Price: 294.50 RMB [1][12] - Current Price: 240.33 RMB [1] Group 2 - Core View: The company is expected to continue its high growth in 2024, with projected revenues of 369 million RMB, 506 million RMB, and 662 million RMB for 2025-2027 [12][14] - Revenue Growth: In 2024, the company achieved a revenue of 253 million RMB, a year-on-year increase of 62.30% [13][14] - Quantum Communication Revenue: Revenue from quantum communication reached 146 million RMB, up 70.05% year-on-year [13][14] - Quantum Computing Revenue: Revenue from quantum computing was 56.59 million RMB, an increase of 26.36% year-on-year [13][14] - Quantum Precision Measurement Revenue: Revenue from quantum precision measurement was 38.80 million RMB, up 118.96% year-on-year [13][14] Group 3 - Financial Summary: The company reported a net loss attributable to shareholders of -31.84 million RMB in 2024, significantly narrowing from -124 million RMB in 2023 [13][14] - Expense Ratios: Sales, G&A, and R&D expense ratios were 12.92%, 35.53%, and 32.95%, showing a decrease from the previous year [13][14] - China Telecom's Investment: The investment from China Telecom has significantly enhanced the company's quantum communication expansion capabilities [14]

近年来，量子科技发展突飞猛进，成为新一轮科技革命和产业变革的前沿领域。 资本市场也在通过各种方式为量子科技发展赋能。4月29日，深交所相关负责人表示，深交所将按照中 国证监会统一部署，继续做好资本市场服务，发挥股权融资、科创债、知识产权证券化等工具作用，通 过"培育通""科融通""成长通"及科交中心等全生命周期培育服务平台，助力量子科技等前沿领域和未来 产业高质量发展。 目前，为了推动量子科技的发展，我国出台了一系列政策和措施，覆盖了技术研发、产业应用、人才培 养等多个方面，并且在国家和地方层面上提供相应支持。 量子科技走红，多家企业谋求资本运作 从量子计算突破经典算力极限，到量子通信构建绝对安全网络，再到量子精密测量推动工业级技术革 命，量子科技正以"颠覆性创新"重构技术、产业与经济范式，成为重塑全球科技竞争格局的关键变量。 4月29日，深交所举办专题交流活动，来自政府部门、量子科技企业、科研院所、投资机构、市场服务 机构等，共话资本市场助力量子技术领域新质生产力加速发展壮大。 贝壳财经记者在日前采访中发现，多位业内人士认为，加快发展量子科技势在必行，资本市场在支持产 业发展中的作用明显。 金杜律师事务所合 ...

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 报告摘要 继 2 月钢铁行业出台新规范条件后，近期供给侧结构性改革、行业内卷式竞争被多方提及，涉及光伏、汽 车、电商等行业。 （一） 3 月 1 日，《求是》杂志发表总书记重要文章《经济工作必须统筹好几对重要关系》，其中提 到，"必须统筹好总供给和总需求的关系……持续深化供给侧结构性改革。要加快补上内需特别是消费短 板"。 （二） 2 月 25 日，市场监管总局召开企业公平竞争座谈会，光伏、电商、汽车行业 7 家企业参会，具体 包括天合光能、晶澳科技、隆基绿能、阿里集团、京东集团、北汽集团、奔驰集团。 （三） 2 月 27 日，国家能源局有关负责人表示，"光伏制造业的内卷式竞争仍未从根本上解决，国家能源 局正在配合国家发改委、工信部等部门研究制定和完善政策措施"。 近一周，其他值得关注的政策： （一）全国两会召开前，政治局会议讨论政府工作报告 ，提出"扩大国内需求，推动科技创新和产业创新融 合发展，稳住楼市股市"。 （二）总理调研科技创新工作 ...