今日看点 经济观察网讯 7月9日重点关注的财经要闻与资本市场大事： 1、中国6月CPI、PPI数据将公布 7月9日，国家统计局将公布2025年6月份CPI（居民消费价格指数）和PPI（工业生产者出厂价格指数）数据。 2、国新办将举行"高质量完成'十四五'规划"系列主题新闻发布会（国家发展改革委） 7月9日上午10时，国新办将举行"高质量完成'十四五'规划"系列主题首场新闻发布会，国家发展改革委主任郑栅洁介绍"十四五"时期经济社会发展成就，并 答记者问。 3、第十三届中国(西部)电子信息博览会将举行 7月9日至11日，第十三届中国(西部)电子信息博览会将在四川成都举行。本届西部电博会推出电子元器件、集成电路、特种电子、数字产业、机器人等主题 展区，预计将吸引超2万名专业观众参与。 7月9日，16家公司共发布18个股票回购相关进展。其中，3家公司首次披露股票回购预案，4家公司披露股票回购实施进展，9家公司回购方案已实施完毕。 从首次披露回购预案来看，湖南海利、硕贝德、顾家家居分别拟回购不超1.58亿元、3000.0万元、334.72万元。从回购实施进展来看，德展健康、嘉化能 源、天奈科技回购金额最高，分别回购1. ...

Group 1 - The core strategy of the company is the "AI + Going Global" dual-driven strategy, which aims to enhance its overseas market presence while leveraging AI technology for operational efficiency [1][2] - The company has established itself as a key player in the mobile game distribution sector, collaborating deeply with top smartphone manufacturers such as Huawei, Xiaomi, OPPO, vivo, Honor, and Apple [1] - The actual sales revenue of China's self-developed games in overseas markets is projected to reach $18.557 billion in 2024, reflecting a year-on-year growth of 13.39% [1] Group 2 - The company plans to significantly increase its overseas efforts in 2025, utilizing AI to assist game enterprises in achieving precise targeting and localized operations [2] - The company has achieved a market share of over 50% in game advertising based on app stores in China over the past decade [2] - The company aims for a compound annual growth rate (CAGR) of around 30% over the next five years, targeting to exceed $15.5 billion in revenue by 2029 [2] Group 3 - The Chinese government's recent policy emphasizes the development of game export businesses, indicating a supportive environment for the industry [3] - Research reports suggest that the globalization of Chinese games is accelerating, with in-game advertising monetization (IAA) presenting new opportunities [3] - The year 2025 is seen as a critical point for the Chinese mobile game industry to overcome existing challenges in international markets [3]

今年，为了和农民们一起度过艰难时刻，有些人选择和台风比速度。赶在台风、暴雨来临前，一群平安人，站在田野里寻找保护多一缕稻穗不倒伏的机会， 守护大家餐桌上的米粮稳定供应。 预警：赶在风来前，让平安扎根 素有"广东第一田"美誉的湛江，每年产出的水稻会输送到全国各地，被制作成全国百姓日日离不开的舌尖美味。水土养好物的另一面却并不是人人皆知，湛 江每年遭遇台风登陆的频次，同样处在大湾区城市的前排。据中国天气网统计，1949-2023年期间，台风登陆湛江共计61次。 每年夏天，进入台风暴雨季，担心台风卷走所有心血，是湛江许多农民无法纾解的痛点。 与此同时，平安产险湛江中心支公司农险部经理谢忠斌选择先"蝴蝶"一步，争分夺秒地冲进了徐闻的稻田里。他和同事们领着从别处紧急借来的收割机，帮 助农户先把种得早已经成熟的水稻抢回粮仓。 谢忠斌在农险一线干了很多年，深知台风天气抢收并非易事，调集收割机需要时间。有限又紧急的资源，不是说调就能调得到的。因为在湛江呆得足够久， 对当地气候的足够了解，他所在的团队已经训练出了肌肉记忆，一有"风吹草动"马上联系能够打配合的收割机。 6月初，并不是大部分稻田成熟的时候。全部能抢收的面积，也只占 ...

今年4月，北京天竺综合保税区引进Vorasidenib，随后该药物相继在北京天坛医院脑胶质瘤前沿创新治疗联合门诊以及北京协和医院神经外科门诊被用于治 疗IDH突变型弥漫性脑胶质瘤患者。就在五个月之前，位于海南博鳌的四川大学华西乐城医院率先落地Vorasidenib，并实现"亚洲首用"。 Vorasidenib是一款小分子靶向治疗药物，目前尚未在中国正式获批。施维雅中国总经理Manuel RUIZ表示，这些是Vorasidenib在早期准入阶段取得的初步进 展。 "对于施维雅来说，早期准入只是第一步。"Manuel RUIZ表示，我们的目标是成功完成药品审评审批流程，实现Vorasidenib在中国的注册上市，以及获准纳 入国家医保目录，切实让患者获益。 关于早期准入的尝试 Vorasidenib在海南乐城及北京两家医院的早期准入，依据的分别是海南博鳌乐城国际医疗旅游先行区"先行先试"政策以及北京市"临床急需药械审批绿色通 道"。目前，多个地区都公布了围绕国际创新、国内未上市的药品器械的"先试先行"试点政策，临床急需患者可以在指定医疗机构用上创新药械。 根据2024年度药品评审报告统计，全年通过89个境外已上市 ...

当地时间7月4日，美国总统特朗普签署"大而美"税收和支出法案。美国国会众议院7月3日下午以218票 赞成、214票反对的表决结果通过了总统特朗普推动的"大而美"法案。 "大而美"法案是特朗普2025年初重返白宫后推出的标志性立法议程。该法案主要内容包括延长特朗普在 其第一个任期内于2017年通过的企业和个人减税措施，让小费和加班工资收入免于纳税等，其核心条款 是降低企业税。 美国国内担忧该法案将进一步加剧美国财政赤字与债务风险。对于法案的批评主要在于美国没有控制财 政扩张的冲动，在结构上也不利于缩小贫富差距等，对于美元资产的长期信心有负面影响。这对于稳慎 推进人民币国际化，提供了一定的历史机遇，但是根本上还是取决于中美经济实力的比拼。 "大而美"法案签署通过后，会给中国经济带来哪些影响？ 中国银河（601881）证券首席宏观分析师张迪认为，从经济层面来看，减税对于美国经济形成一定利 好，有助于延缓美国经济衰退预期，美国经济景气度恢复将从一定程度上为特朗普政府赢得一些谈判筹 码；从贸易层面来看，"大而美"法案涉及取消全球范围内小额包裹免税权，进一步增加小额交易的摩擦 成本，800美元以下的小额包裹通过出海、转口 ...

Core Viewpoint - The recent announcements from the Chinese government regarding the comprehensive alignment of the Shanghai Free Trade Zone with international high-standard trade rules signify a pivotal shift towards institutional openness in China's financial reform [2][16]. Group 1: Policy Announcements - The State Council issued a notification to replicate and promote 77 pilot measures from the Shanghai Free Trade Zone to other free trade zones and nationwide, covering seven key areas including service trade, goods trade, digital rules, and intellectual property [2][3]. - Among the 77 measures, 34 will be promoted to other free trade zones, while 43 will be implemented nationwide [2]. Group 2: Key Measures in Service Trade - Eight critical measures in the service trade sector were highlighted, with four specifically aimed at optimizing cross-border capital management for multinational companies [3][4]. - Six of these measures involve the People's Bank of China and the Financial Regulatory Authority, focusing on financial technology, cross-border payments, data compliance, and financial infrastructure optimization [4][5]. Group 3: Digital Currency Initiatives - The measures encourage the exploration of digital RMB in foreign trade, particularly in supply chain finance, payment settlements, and accounting processes, with pilot locations identified in free trade zones [5][6]. - The People's Bank of China plans to support the innovative application of digital RMB in offshore trade scenarios, enhancing business efficiency through technologies like smart contracts [5][6]. Group 4: Financial Infrastructure Enhancements - The policy aims to optimize the cross-border capital management framework for multinational corporations, allowing them to establish global or regional funding centers in eligible free trade zones [7][8]. - Enhancements to the free trade account system are intended to facilitate the orderly flow of funds between free trade zones and overseas [9][10]. Group 5: Data Management and Compliance - Financial institutions will be allowed to transmit necessary operational data abroad under a national framework for cross-border data transmission security management [13]. - A data cross-border service center will be established in the Shanghai Free Trade Zone to provide efficient and compliant data handling services [13]. Group 6: Coordination of Rules and Standards - The draft rules for the RMB cross-border payment system (CIPS) are set to upgrade the operational framework, aligning closely with the service trade measures outlined in the notification [14][15]. - The integration of these rules aims to create a robust foundation for electronic payment systems and facilitate the modernization of financial infrastructure [15]. Group 7: Broader Implications for Financial Reform - The Shanghai Free Trade Zone is positioned as both a global rule adapter and a domestic policy provider, with the goal of expanding institutional openness and aligning with international standards [16]. - The ongoing reforms may lead to a comprehensive upgrade in institutional frameworks, potentially transforming the landscape of cross-border payments and financial interactions [16].

在建筑行业产业链上游的水泥行业，恶性价格战引发行业大面积亏损，"反内卷"行动来得更早。据中国 水泥网《2024年水泥行业上市公司中报综评》分析，2024年上半年，水泥价格低位运行，行业整体呈现 出"需求萎缩、竞争激烈、价格低迷、经营亏损"的运行特征，20家水泥行业上市公司有11家盈利，9家 亏损，盈利公司利润均出现下降。2024年8月，浙江、陕西、贵州等地的水泥行业协会发出倡议，呼吁 抵制行业内出现的"内卷式"恶性竞争。 "反内卷"行动延伸至建筑行业，包括央企、地方国企在内的33家建筑类企业联合发出建筑行业"反内 卷"倡议书。 据央视新闻7月7日报道，建筑行业"反内卷"倡议书旨在凝聚行业共识，维护公平竞争，推动形成良好行 业生态，坚决抵制"内卷式"竞争。同时提出以科技创新加快转型升级，追求内在价值、长期价值，不拼 凑规模、盲目扩张、过度负债，不设"空壳架构"虚耗资源，共同维护市场秩序。 据央视新闻消息，国务院国资委副主任谭作钧表示，转型升级是破解"内卷"的关键手段，要推动科技成 果转化和行业赋能，促进建筑行业加快向高端化、智能化、绿色化迈进。努力摒弃单纯的"价格竞争"， 追求更有技术含量的"价值竞争"。上海证 ...

Core Viewpoint - Yitang Semiconductor Technology Co., Ltd. (Yitang Co., stock code "688729") successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 8, 2023, with a significant first-day performance, closing at 23.2 yuan per share, a 174.56% increase, and raising 2.497 billion yuan in its IPO, making it the top fundraising company in Beijing [2][5]. Group 1: Company Overview - Yitang Co. was established in December 2015 and operates globally, with R&D and manufacturing bases in China, the USA, and Germany [3]. - The company specializes in the R&D, production, and sales of wafer processing equipment necessary for integrated circuit manufacturing, providing solutions to global semiconductor manufacturers [3]. - Yitang's products are utilized by leading global semiconductor manufacturers, including TSMC, Samsung, Micron Technology, Intel, SK Hynix, SMIC, and Hua Hong Semiconductor [3]. Group 2: Market Position and Performance - As of the end of 2024, Yitang's cumulative global installed equipment exceeds 4,800 units, holding a leading position in its market segments [3]. - According to Gartner's 2023 statistics, Yitang ranks second globally in dry stripping and rapid thermal processing equipment market share, and is among the top ten in dry etching equipment market share [3]. Group 3: R&D and Innovation - Yitang emphasizes R&D and innovation, with R&D expenses of 529 million yuan, 608 million yuan, and 716 million yuan from 2022 to 2024, representing 11.13%, 15.47%, and 15.47% of revenue, respectively [4]. - The company holds 445 invention patents as of February 11, 2025, and plans to invest IPO proceeds into the construction of an integrated circuit equipment R&D and manufacturing service center [4]. Group 4: Financial Performance - Yitang achieved revenues of 4.763 billion yuan, 3.931 billion yuan, and 4.633 billion yuan from 2022 to 2024, with net profits of 383 million yuan, 310 million yuan, and 540 million yuan, respectively [6]. - The gross profit margins for the main business were 28.52%, 35.03%, and 37.39% during the same period [6]. Group 5: Strategic Developments - In May 2016, Yitang acquired Mattson Technology for $300 million, marking a significant step in filling the domestic high-end semiconductor equipment technology gap [5]. - The establishment of a new factory in Beijing in 2018 led to the production of the first domestically manufactured dry stripping equipment, increasing the domestic 12-inch wafer fab coverage from 15% to 60% [5].

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is focusing on the development of the fixed income and currency markets, with a particular emphasis on the RMB fixed income market, in response to the ongoing discussions about the dominance of USD assets and the need for investors to diversify their portfolios [2][3]. Group 1: Development of RMB Fixed Income Market - The SFC aims to increase the issuance of primary market fixed income products to enrich the supply of RMB products, with offshore RMB bond issuance in Hong Kong surpassing 1 trillion yuan in 2024, marking a 37% year-on-year increase [3]. - The Ministry of Finance has increased the frequency and scale of issuing government bonds in Hong Kong, particularly focusing on medium- to long-term bonds to meet international investors' needs [3]. - The SFC is working closely with mainland regulatory bodies to incorporate RMB stock trading counters into the Hong Kong Stock Connect, with technical preparations progressing smoothly [3][4]. Group 2: Enhancing Market Liquidity - The SFC is focused on improving the liquidity of the secondary bond market, which will provide issuers with more competitive pricing conditions and a broader investor base [3]. - The development of derivative instruments is deemed essential for bond investors to hedge risks and manage liquidity effectively [4]. Group 3: Infrastructure Development for Offshore RMB Products - The SFC supports financial institutions in developing more attractive and diversified derivative products, including interest rate, foreign exchange, and credit derivatives [4]. - There is an understanding of the market's expectation for the prompt launch of government bond futures, with ongoing collaboration with mainland regulatory authorities to advance preparations [4]. - The establishment of infrastructure for offshore RMB-related products, including front-end trading systems and back-end support systems, is being researched to enhance the stability of Hong Kong's financial system [4].

Group 1 - The influx of Generation Z investors has significantly changed the structure of the investor base, with those under 30 now accounting for 30% of the market, doubling since September 2024 [3] - Many young investors, including those from the Z generation, are experiencing a steep learning curve in the stock market, often facing significant losses and gaining insights through real trading experiences [3][16] - A survey revealed that 72% of young investors have only been involved in stock trading for about a year, indicating a relatively inexperienced investor demographic [2][3] Group 2 - Individual experiences highlight the transition from overconfidence to a more grounded understanding of market dynamics, as investors like Xiao Li and Li Yan faced substantial losses that reshaped their investment strategies [4][5][12] - The importance of adapting investment strategies based on market conditions and personal experiences is emphasized, with many young investors learning to balance technical analysis with macroeconomic factors [5][15] - The survey results indicate that 73.78% of Generation Z investors plan to increase their stock investments in the coming year, with a strong emphasis on the importance of emotional regulation in trading [16]