Core Insights - The article discusses the phenomenon of "futures-stock linkage," highlighting how futures prices can serve as indicators for stock valuations in related sectors, particularly in industries with clear supply chains and smooth emotional transmission [1][2][3]. Group 1: Industry Performance - The photovoltaic sector has recently rebounded, with polysilicon futures rising over 40% from June 25 to July 18, leading to significant stock price increases for major companies like Longi Green Energy and Tongwei Co., which saw gains of over 7% and 30% respectively [1]. - In the precious metals market, gold futures increased by over 25% this year, with stocks like Shandong Gold and Zhongjin Gold rising approximately 36% and 29% respectively [2]. - The black metal market also exhibited similar trends, with the black industrial chain index rebounding over 7% in early July, positively impacting stocks in the steel and coal sectors [2]. Group 2: Mechanisms of Linkage - The linkage between futures and stocks is more pronounced at the industry level rather than individual stock performance, with futures reflecting supply-demand expectations while stock markets focus on corporate profitability and valuation [3][4]. - The transmission mechanism involves both cost-profit transmission and market expectation dynamics, where futures prices can influence stock prices based on changes in raw material costs and market sentiment [5][6]. Group 3: Investment Strategies - Investors are increasingly adopting cross-market strategies, integrating commodity trading advisors (CTA) and quantitative factors to create a linked strategy system across markets [6][7]. - The article suggests potential investment opportunities in the black metal sector, particularly with anticipated production limits and macroeconomic factors that could influence stock performance [7][8].

在腾盾科创的展台上，多名参展商正在询问模块化多用途无人机的产品信息，这些产品已广泛应用于应 急救援、气象服务、广域巡护、航空运输等领域。"这两天来展台了解产品、对接需求的企业挺多的， 包括国际国内关于物流运输、农林植保等领域的企业，也有想直接购买大型无人机的其他企业。"腾盾 科创分公司北京腾盾总经理许华伟表示。 链博会不仅赋能产业合作，还推动"智造"升级。兰剑智能的展台上，蜘蛛侠料箱机器人和T40拣选机器 人在4.5米高的立体货架之中快速穿行，协作完成货物的智能拣选，吸引与会者频频驻足。 腾盾科创在此次链博会创新融合展区参展，这一展区汇聚着十余家专精特新"小巨人"企业，集中展示无 人机全产业链。 "这次我们带来了公司自主研发的电源模块产品，可应用于无人机等多个行业。"皓文电子市场部相关负 责人介绍，公司希望通过链博会巩固品牌形象，寻求新的客户合作。 不远处，中恒景新展区展出的用高端碳纤维复合材料制造装备生产的无人机配套复合材料雷达支架也是 产业链上重要一环。公司总经理助理张猛猛表示，一些配套的上下游企业已经向公司表达合作意向。 ● 本报记者 熊彦莎 连润 王舒嫄 兰剑智能的智能货架系统吸引多位潜在客户；腾盾科 ...

7月18日，A股市场震荡走强，三大指数均上涨，上证指数收盘站上3530点，创今年以来收盘新高。周 期股走强，有色金属、基础化工、钢铁等行业板块领涨市场，整个A股市场超2600只股票上涨，逾50只 股票涨停。市场成交放量，成交额达1.59万亿元。 本周，A股市场反弹，上证指数、深证成指、创业板指分别累计上涨0.69%、2.04%、3.17%，三大指数 周线均出现四连阳。行业板块中，通信、医药生物、汽车行业领涨。题材板块持续轮动，结构性行情持 续演绎。 分析人士认为，市场行情由基本面与流动性驱动，有望继续震荡上行。短期外部扰动因素和美联储宽松 预期反复影响下，波动率或有所回升。 ● 本报记者 吴玉华 周期股全线走强 7月18日，A股市场震荡上涨，上证指数创今年以来收盘新高。截至收盘，上证指数、深证成指、创业 板指、科创50指数分别上涨0.50%、0.37%、0.34%、0.19%，北证50指数下跌0.67%，上证指数报收 3534.48点，创业板指报收2277.15点。 大盘股走势强于小微盘股票，大盘股集中的上证50指数、沪深300指数分别上涨0.74%、0.60%，而小微 盘股集中的中证1000指数、中证200 ...

● 本报记者 彭扬 中国人民银行7月18日消息，中国人民银行修订《非银行支付机构分类评级管理办法》，形成修订征求 意见稿，以加强非银行支付机构监管，完善差异化监管举措。 修订征求意见稿共五章、二十三条。在总则方面，修订征求意见稿明确，支付机构分类评级是指中国人 民银行及中国人民银行各省、自治区、直辖市、计划单列市分行根据日常监管掌握的情况以及其他相关 信息，按照办法对支付机构的经营管理和风险状况作出评价判断的监管过程。分类评级结果是实施差异 化监管的基础。 在评级指标及方法方面，修订征求意见稿明确评级指标、评级方法和加减分项等内容；规定支付机构分 类评级每年进行一次，中国人民银行于每次分类评级工作开展前明确评级计分标准。 在评级结果及运用方面，修订征求意见稿提出，明确5类11项评级结果的对应评分区间以及E类特殊情 形认定标准；明确各类评级结果对应的经营状况和风险程度衡量标准，以及中国人民银行及其分支机构 采取的对应监管措施；明确评级结果仅限中国人民银行及其分支机构监管使用，原则上不对外披露。 此外，关于组织实施，修订征求意见稿明确，分类评级对象为截至上一自然年度末，设立已满一年的支 付机构。中国人民银行分支机 ...

● 本报记者 杨洁 谢少锋表示，要针对重点产业链，推动产品服务创新，完善全产业链多层次金融体系。要聚焦科技创新 和产业创新深度融合，深入实施"科技产业金融一体化"专项，健全国家产融合作平台功能。要围绕66个 国家产融合作试点城市，推动试点政策、标准等先行先试，将试点城市建设成为做好金融"五篇大文 章"、支持制造业高质量发展的"试验田"。 重点行业对工业经济的支撑作用明显。谢少锋表示，上半年，电气机械、汽车、电子、通用设备、化 工、有色金属等行业增长较快，对规上工业增长的贡献率进一步提升。装备制造业、高技术制造业"量 质齐升"，增加值占规上工业分别达到35.5%和16.4%，电子、电气机械、通用设备等行业利润增长超过 10%。 为进一步筑牢工业经济基本盘，谢少锋透露，将实施新一轮钢铁、有色金属、石化、建材等十大重点行 业稳增长工作方案，推动重点行业着力调结构、优供给、淘汰落后产能，具体工作方案将在近期陆续发 布。支持重点工业大省发挥"挑大梁"作用，包括落实支持政策、培育新增长点、促进产业转型、提高运 行质效、应对外部风险等方面，加大工作力度，夯实工业经济稳定运行基础。 加快推进6G技术研发 累计助企融资规模突破 ...

王文涛表示，"十四五"期间，我国经贸大国地位进一步巩固，高质量发展成效显著。外贸顶住了压力、 展现了韧性，货物贸易稳居全球第一，出口、进口国际市场份额稳定在14%和10%以上。服务贸易规模 稳居全球第二，去年首次超过1万亿美元。 在外资方面，商务部副部长兼国际贸易谈判副代表凌激介绍，截至今年6月底，"十四五"期间我国实际 使用外资累计达7087.3亿美元，提前6个月完成了商务发展规划提出的7000亿美元引资目标；同时，累 计新设外资企业22.9万家，比"十三五"期间增加了2.5万家。 "'十四五'这五年极不寻常、极不平凡。总的看，消费、外贸、外资、对外投资合作等各领域主要目标 指标进展符合预期，重大任务顺利推进。"王文涛介绍，"十四五"期间，我国消费市场规模稳居全球第 二，过去四年社零总额年均增长5.5%，今年有望突破50万亿元人民币。服务消费保持较快增长，居民 服务性消费支出占比提升3.5个百分点，达到46.1%。新型消费蓬勃发展，新业态新场景丰富多样，人民 美好生活更加具象、鲜活。消费对经济增长的年均贡献率达到60%左右，主引擎作用持续凸显。 王文涛介绍，"十四五"期间，我国服务消费进入快速增长阶段，20 ...

Core Viewpoint - Yinosh successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the first central enterprise CRO in China, highlighting its leadership in the non-clinical research service sector and its significant market share in non-clinical safety evaluation [1][2]. Company Performance - In 2024, Yinosh achieved a revenue of 1.142 billion yuan, a year-on-year growth of 9.94%, with non-clinical CRO business revenue exceeding 1 billion yuan [2]. - The company reported a net profit of 148 million yuan, with a non-recurring net profit of 125 million yuan [2]. - The non-clinical CRO business generated 1.089 billion yuan in revenue, growing by 8.99%, while the clinical CRO business saw a revenue increase of 27.17%, reaching 46.9385 million yuan [2]. Strategic Focus - Yinosh emphasizes a customer-centric approach and focuses on core business areas, enhancing its competitive edge through innovation and reform [1][3]. - The company is expanding its laboratory scale and introducing advanced equipment, supported by the broadened financing channels post-listing [2]. R&D Investment - Yinosh has consistently increased its R&D investment, reaching 60.5325 million yuan in 2024, reflecting its commitment to scientific leadership [3][4]. Market Positioning - The company is positioned as a leader in non-clinical safety evaluation, providing solutions for emerging drug development directions, including multi-specific antibodies and gene therapies [4][5]. - Yinosh has established a differentiated competitive advantage through unique service platforms and customized solutions tailored to specific drug characteristics [5]. Global Strategy - Yinosh is actively pursuing a global strategy, with a focus on international collaboration and market expansion, aiming to enhance its service capabilities and contribute to global health [6]. - The company anticipates a significant increase in the number of innovative drug candidates sourced from China, projecting that this could exceed 50% in the near future [6].

Core Insights - The company positions itself as a "neutral" cloud service provider in the competitive cloud computing market, aiming for global expansion and high-quality development focusing on AI and overseas markets [1][3] - The company has established a comprehensive cloud infrastructure network and offers a wide range of cloud products, including public, private, hybrid, and dedicated clouds, catering to various industries [1][2] Company Growth and Strategy - Founded in 2012, the company became the first domestic public cloud company listed on the Sci-Tech Innovation Board in January 2020, benefiting from favorable policies [2] - The CEO emphasizes the importance of innovation and the potential for growth in foundational research within China's internet landscape, despite the presence of major players [2] - The company is considering mergers and acquisitions to enhance business development, focusing on achieving significant synergies [2] AI and Cloud Integration - The rapid development of AI technology presents new opportunities and challenges for the cloud computing industry, with a clear trend of integration between AI and cloud services [3][4] - The company is investing in building a "smart computing cloud" that focuses on GPU computing to meet the increasing demand for AI applications [3][4] - As of early 2025, the company has over 10,000 PetaFLOPS of computing power and is collaborating with major domestic GPU manufacturers [5] Global Expansion and Market Trends - The company has been an early player in the global cloud computing market, adapting its client base and service offerings to include international clients and diverse industries [5][6] - The company operates 30 data centers worldwide, focusing on regions with high population and digitalization levels to meet the growing demand for cloud services [6] - The concept of "sovereign AI" is highlighted as a key area for the company, providing high-performance computing resources and solutions to support local AI development [7]

Core Viewpoint - The Ministry of Industry and Information Technology released a public notice regarding the audit of subsidy funds for new energy vehicles from 2016 to 2020, revealing that many automakers received less subsidy than applied due to non-compliance with documentation and data submission requirements [1] Group 1: Subsidy Application and Reduction - From 2016 to 2020, domestic automakers applied for a total of 75,814 new energy vehicles, with a verified number of 54,089, resulting in a reduction of 21,725 vehicles [1] - The total subsidy funds applied for amounted to approximately 2.93 billion yuan, while the approved subsidy was about 2.07 billion yuan, leading to a reduction difference of 860 million yuan [1] - Chery Automobile and BYD accounted for 44% of the total subsidy reduction, with reductions of 240 million yuan and 140 million yuan, respectively [1] Group 2: Chery Automobile's Performance - Chery Automobile's application for vehicles from 2016 to 2020 totaled 8,762, with a reduction of 7,663 vehicles, resulting in a reduction rate of 87.5%, significantly higher than the industry average of 28.7% [1][2] - The peak application year for Chery was 2019, with 7,454 vehicles applied, but only 21 were approved, leading to a reduction rate of 99.6% [3] - The primary reason for reductions was non-compliance with documentation requirements, which accounted for over 98% of the cases [2] Group 3: BYD's Performance - BYD also experienced high reduction rates, particularly in 2019, where 2,604 vehicles were reduced, and the subsidy amount was cut by 74.93 million yuan [4] - The reduction rates for BYD in 2018 and 2019 were 78% and 88%, respectively, primarily due to issues with documentation and data submission [4] - In 2020, BYD faced reductions for 32 vehicles due to data not being uploaded, continuing a trend from previous years [4] Group 4: Industry Insights - Other companies like BAIC New Energy and Dongfeng Group also faced significant reductions, with BAIC New Energy having 2,776 vehicles reduced, amounting to 53.8 million yuan [5] - The overall data management and statistical standardization in the industry still show significant gaps compared to international leading companies, despite improvements in data access capabilities post-2019 [5]

张永伟对中国证券报记者表示，汽车产业竞争力的核心正从机械硬件向智能与AI底座迁移，跨界融合 成为重构生态的核心动力。从现在到2030年是培育智能驾驶文化、普及低阶智能驾驶的关键窗口期，企 业需把握好智能汽车发展目标和节奏，在全球竞争中抢占先机。 "目前围绕智能化的全球竞争已全面展开，我国L2级辅助驾驶渗透率已超过50%，位列全球最高。同 时，泊车辅助驾驶技术等新兴技术在中高端车型的渗透率也超过20%。"在刚刚举行的2025新能源智能 汽车新质发展论坛上，中国电动汽车百人会副理事长兼秘书长张永伟表示，中国汽车产业在电动化上实 现了换道超车，智能化上实现了终端先行，但仍需巩固优势。 ● 熊永红 龚梦泽 这意味着，在中国汽车市场上，每卖出两辆新车，就有至少一辆搭载了L2级辅助驾驶技术。事实上， 随着今年比亚迪"全民智驾"口号的喊出，辅助驾驶的声量达到了一个新高潮，并逐渐成为消费者购车时 的重要考虑因素。 过去很长一段时间里，我国汽车行业的整零合作多处于较浅层次，关键技术领域的合作难度较大。而欧 洲和日本在汽车行业面临重大技术攻关时，形成了值得借鉴的产业模式——整车企业间能够联合攻关， 整车与零部件企业形成战略联盟， ...