Group 1 - Huawei hosted a roundtable discussion on trusted data space during the 2025 Digital Expo, attended by key officials and industry leaders [1] - The Vice Director of Guizhou's Big Data Development Management Bureau highlighted the province's goal to strengthen its digital economy and become a national hub for computing power and data [3] - Guizhou is focusing on developing industries centered around intelligent computing, high-quality data sets, AI models, and smart electronic information [3] Group 2 - The value of the data labeling industry was emphasized as a crucial factor for employment and digital transformation by Guizhou's Party Secretary [3] - Liu Yuntao, CEO of Jinglianwen Technology, noted the shift in the data labeling industry from "how to label" to "what to label" as it transitions to a new era of large models and embodied intelligence [3] - Liu Yuntao also stressed the importance of high-quality and trusted data spaces in unlocking data value [3] Group 3 - Jinglianwen Technology and Huawei have jointly launched an AI data lake solution that covers the entire data lifecycle from collection to governance [4] - Liu Yuntao committed to contributing significantly to the development of Guizhou's digital industry [4]

Financial Performance - Palantir's Q1 revenue surged by 39% to $884 million, exceeding analyst expectations of $863 million, with adjusted EBITDA of $397.3 million, surpassing the forecast of $371 million [2] - Amazon's Q1 net sales reached $155.67 billion, a 9% increase year-over-year, with AWS revenue at $29.27 billion, growing 17% but below expectations, leading to a stock drop of over 3% [3] - Microsoft's Q3 revenue hit $51.87 billion, driven by cloud and AI, with Microsoft Cloud revenue at $42.4 billion, a 20% increase, and Azure growth at 33% [4] Industry Developments - Xiaomi announced the open-sourcing of its first inference model, Xiaomi MiMo, which outperformed OpenAI's o1-mini in mathematical reasoning and coding assessments [8] - DeepSeek released the Prover-V2 model with 671 billion parameters, utilizing a more efficient file format and supporting various computational precisions [5] - Huawei launched an AI data lake solution to enhance model training and inference efficiency [6] Corporate Strategies - Tencent restructured its TEG division, creating new departments for large language models and multimodal models, aiming to improve efficiency and reduce resource waste [12] - Ant Group plans to separately list its overseas segment, Ant International, in Hong Kong, with revenues accounting for about 20% of the group's total [10] - OpenAI is reportedly acquiring AI coding tool Windsurf for approximately $3 billion, marking its largest acquisition to date [14] Market Trends - The MaaS and AI large model solutions market in China is projected to grow significantly, reaching 710 million yuan in 2024, a 215.7% increase from 2023 [22] - China's AI industry is expected to surpass 700 billion yuan in 2024, maintaining a growth rate of over 20% [23] - The new version of the National Intelligent Manufacturing Standard System Construction Guide emphasizes the integration of AI with manufacturing [24]

Market Overview - A-shares experienced a strong opening in May, with major indices rising significantly. The Shanghai Composite Index closed at 3316.11 points, up 1.13%, while the Shenzhen Component Index rose 1.84% to 10082.34 points, and the ChiNext Index increased by 1.97% to 1986.41 points. Total trading volume reached 13.362 billion yuan, an increase of 1.668 billion yuan compared to April 30 [2] Huawei Ecosystem - The technology sector showed notable recovery, particularly in the Huawei ecosystem, which saw a surge in related stocks. The Hongmeng concept index rose by 3.21%, with stocks like Jiulian Technology and Tianyuan Dike hitting the 20% limit up [2] - Huawei's upcoming developer conference scheduled for June 20-22, 2025, is expected to showcase significant advancements, including the Pangu model and Ascend AI cloud services [2][3] - The launch of personal computers running the Hongmeng operating system is anticipated in May, marking a significant step for domestic operating systems in the PC sector [3] Precious Metals Sector - The precious metals sector continued its strong performance, with the Shenwan Precious Metals Index rising by 3.10%. Notable gains were seen in stocks like Sichuan Gold and Xiaocheng Technology, which increased by over 7% [4] - International gold prices surged, with COMEX gold futures rising over 2% to a peak of $3395 per ounce, and London spot gold reaching $3387 per ounce, the highest since May [5] Global Gold Demand - The World Gold Council reported a 1% year-on-year increase in global gold demand in Q1, reaching 1206 tons, the highest for the same period since 2016. Central bank purchases and investment demand were key drivers of this increase [5] - Central banks net purchased 244 tons of gold in Q1, while global gold ETF inflows surged by 170% year-on-year, totaling 552 tons, the highest since Q1 2022 [5] Market Outlook - Analysts suggest that May may present trading opportunities, particularly in new technologies and event-driven sectors. There is an expectation of a market rebound with a focus on low institutional holdings and themes that are less sensitive to short-term performance [6] - Key trends to watch include the enhancement of China's independent technology capabilities, the rebuilding of European defense, and the acceleration of domestic demand in China [6]

Group 1 - The core message of the article emphasizes the importance of data in the digital transformation process and the launch of Huawei's AI data lake solution to accelerate AI industry implementation [2][3] - Huawei's AI data lake solution integrates data storage, management, resource management, and AI toolchains to provide high-quality AI training data, enhancing model training and inference efficiency [2] - The company continues to innovate in data storage, focusing on performance, capacity, and resilience with products like OceanStor A series for high-performance AI storage and OceanStor Pacific for massive AI data storage [2][3] Group 2 - In data management, Huawei's DME storage data management platform integrates Omni-Dataverse to eliminate data silos and enable efficient data processing and value release [3] - The resource management aspect includes diversified xPU resource pooling and intelligent scheduling, enhancing resource utilization through virtualization and container technology [3] - Huawei aims to provide AI-Ready data infrastructure through continuous technological and storage innovation, supporting global customers in entering the intelligent era [3]

Group 1: Global Gold Demand - In Q1 2025, global gold demand reached 1206 tons, a year-on-year increase of 1% despite gold prices exceeding $3000 per ounce [1] - Gold ETF demand surged, leading to a more than doubling of gold investment demand to 552 tons, a 170% year-on-year increase, marking the highest quarterly level since Q1 2022 [1] - Retail investment in gold bars and coins in China increased by 3% to 325 tons, the second-highest quarterly demand on record [1] Group 2: Securities Firms Performance - In Q1 2025, 49 securities firms reported a total revenue of 132.4 billion yuan, a year-on-year increase of 27.1% [1] - The net profit attributable to shareholders reached 55.39 billion yuan, up 75.55% year-on-year; excluding special impacts, the growth rate was 49.26% [1] - Proprietary trading accounted for 39% of total net income, making it the largest revenue source, followed by brokerage business at 26% [1] Group 3: Television Market Forecast - TrendForce predicts a 0.7% year-on-year decline in global TV shipments in 2025 due to the impact of U.S. tariffs and reduced consumer demand [2] Group 4: Public Cloud Market Growth - IDC reports that the public cloud IaaS market in China is expected to grow to 94.82 billion yuan in H2 2024, a 13.8% year-on-year increase, driven by AI [2] - Alibaba Cloud ranks first in market share, with a continuous recovery over three consecutive quarters [2] Group 5: Instant Retail Development - Taobao's "Hour Delivery" service has been upgraded to "Taobao Flash Purchase," launching in 50 cities with plans for nationwide expansion [2] Group 6: Seafood Market Trends - The price of crayfish has dropped significantly, with medium-sized crayfish prices falling from 40 yuan per jin to 17 yuan per jin, a decline of over 50% [3] - Companies like Guolian Aquatic and Anjijin Food reported declines in revenue and net profit, attributed to market conditions and reduced demand for crayfish [3] Group 7: AstraZeneca's Tax Issues - AstraZeneca faces potential fines exceeding $800,000 due to allegations of tax evasion related to the import of a specific drug in China [3] Group 8: Chengdu Rural Commercial Bank Performance - Chengdu Rural Commercial Bank reported a total asset size of 914.26 billion yuan, marking a significant growth trend [5] Group 9: Investment Strategy Insights - Notable investor Mark Mobius stated that 95% of his fund's position is in cash, reflecting a cautious approach amid upcoming trade negotiations [5] Group 10: Corporate Governance Changes - Several executives at Xiaogoods City have resigned due to organizational changes [8] Group 11: Financial Regulatory Updates - The China Securities Regulatory Commission approved the IPO registration of Shandong Xintong Electronics [6] Group 12: Legal and Compliance Issues - Tianjin Pharmaceutical was fined 69.19 million yuan for engaging in monopolistic practices [6] - Jiangwei New Energy received a warning from the Shenzhen Securities Regulatory Bureau for failing to fulfill a shareholding commitment [7]

Group 1 - The fourth Innovation Data Infrastructure Forum was successfully held in Munich, Germany [1] - Huawei officially launched its AI data lake solution, which integrates data storage, data management, resource management, and AI toolchains [1] - The solution aims to provide high-quality AI corpus, accelerating model training and inference efficiency [1]

文 ｜ 秦培景 刘易 王冠然 侯苏洋 白弘伟 任恒毅 卿施典 田鹏 王涛 王子昂 贸易战僵持阶段，资金风险偏好不高，政策预期明确叠加财报披露收官，当前市场更关注确定性高和可兑现的方向，建议紧扣 政策主线，在主题上参与广义内循环和新科技主题，包括地产基建、旅游、消费电子、机器人等。从外部环境上看，特朗普关 税政策依然有较大不确定性，贸易战处于僵持阶段，市场焦点仍集中于美联储政策路径与地缘政治风险。从内部看，政治局会 议强调以我为主和底线思维，国内持续推动内循环的稳楼市、促消费政策。从主题环境来看，综合流动性指标和市场风格特 征，市场或在低位内需板块及新科技主题持续轮动。从催化因素分析上看，重点关注国内对内循环的稳楼市/促消费刺激政策、 中美关税谈判进展、科技领域催化事件。结合市场环境、催化因素以及综合量化指标研判，建议关注地产基建、旅游、消费电 子、机器人主题。我们在报告中还梳理了1 0个标的构成的主题推荐组合供投资者参考。 ▍ A股大势：内循环为主，新概念科技主题轮动。 2 0 2 5年4月政治局会议指出，虽然一季度经济开局良好，但外部冲击影响加大，下行风险显著上升；需要"强化底线思维"，对 外部压力从最坏处 ...