"北京正在构建支持独角兽企业成长的长效生态。" 16日，在2025年"活力中国调研行"主题采访活动期间，中关村高科技产业促进中心副主任方瑢表示。 据其介绍，北京独角兽企业数量和估值已连续多年保持全国第一。2024年，北京新晋独角兽企业23家， 其中13家来自未来产业的细分领域，包括通用人工智能、智慧出行、新型储能、商业航天等，有9家未 来产业细分领域的企业，成立3年就成为独角兽企业。 方瑢还提到，目前，北京市设立总规模千亿元的8支产业投资基金，这8支产业投资基金正在积极投向独 角兽企业。 中关村高科技产业促进中心副主任方瑢在活力中国调研行期间发言 张煜昊/摄 去年6月，北京市人民政府官网刊文称，已设立8只政府产业投资基金，未来将形成千亿级投资规模。此 举将同时带动社会资本，共同支持新质生产力发展。 另据《北京2025年政府工作报告重点任务清单》，今年，北京将发展科技金融，加快中关村科创金融改 革试验区建设，发挥人工智能基金、信息产业基金、医药健康基金、机器人基金、新材料基金等8支政 府投资基金作用，鼓励投早、投小、投硬科技，壮大耐心资本。 所谓独角兽企业，即创办10年以内，估值10亿美元以上，获得过私募投资但 ...

Core Insights - The automotive industry is undergoing a transformation driven by the "new four modernizations," with increasing semiconductor content in vehicles, projected to rise from under $500 for traditional fuel vehicles to over $1,500 for smart electric vehicles [1] - The introduction of the "Dubhe" UWB SoC chip by Gateron aligns with the growing demand for high-precision, bidirectional positioning in smart vehicles, marking a significant opportunity in the automotive semiconductor market [1] Industry Trends - UWB technology, initially introduced in 1989, gained mainstream attention in 2019 with Apple's UWB chip, and has since penetrated the automotive sector, starting with BMW's digital key feature in 2021 [1] - The adoption of UWB technology is expanding among mid to high-end vehicles, with brands like BYD, Mercedes-Benz, and others incorporating UWB as standard or optional features [2] - The penetration rate of UWB digital keys was only 2.1% in 2022, with a market size of $0.96 million, but is expected to exceed 50% penetration and reach a market size of $22.56 million by 2027 due to technological advancements and cost reductions [2] Company Developments - Gateron has established a dedicated UWB development team of over 100 experts, including 50 specialists in wireless communication, to capitalize on the growing UWB market [2] - The company has filed over 60 patents in the UWB field, including two essential patents, indicating a strong commitment to innovation and market leadership [2] - The domestic UWB chip market is still in its early stages, with companies like NXP and Qorvo previously dominating, but local firms are now entering the space, aiming for domestic substitution opportunities [3] - Gateron's UWB chip, "Dubhe," is expected to begin mass production by the end of this year, following sample delivery in July [3]

助贷新规实施倒计时，在助贷机构启动年化利率从36%降至24%的合规转型的同时，一种名为"24%+权 益"的新模式正在悄然兴起。 第一财经调查发现，多家助贷平台通过捆绑"小权益会员"或"大权益增值包"，试图在合规框架内变相突 破利率限制。其中大权益费用甚至与借款额度直接挂钩，单次扣费高达上千元。平台多宣称此类设 计"自愿购买、质价相符"，但实测显示，部分用户遭遇默认勾选扣费、退费难等问题，相关投诉量已超 5000条。 当监管红线遭遇客诉压力，这场游走于合规边缘的"利率游戏"还能玩多久？ "24%+"模式兴起 国家金融监管总局4月3日发布的《关于加强商业银行互联网助贷业务管理提升金融服务质效的通知》 （下称"助贷新规"）规定，商业银行应当在合作协议中明确平台服务、增信服务的费用标准或区间，将 增信服务费计入借款人综合融资成本，明确综合融资成本区间。这也意味着，助贷行业提供服务的年化 利率被压降至24%以下已是大势所趋。 新规将于10月1日起施行，留给产业链"玩家们"的时间已不到4个月。据业内人士透露，自5月起，多家 助贷机构已紧锣密鼓地启动年化利率从36%降至24%的合规转型工作。 在压降利率的同时，助贷机构也纷 ...

上周国际市场风云变幻，中美在伦敦举行经贸磋商机制首次会议，中东局势升温震动市场。 市场方面，美股全线下挫，道指周跌1.32%，纳指周跌0.63%，标普500指数周跌0.39%。欧洲三大股指 涨跌互现，英国富时100指数周涨0.14%，德国DAX 30指数周跌3.24%，法国CAC 40指数周跌1.54%。 本周看点颇多，美联储、日本央行、瑞士央行、英国央行将召开议息会议，除了瑞士央行外，其他三家 央行料按兵不动。对于美联储而言，投资者将关注未来降息时机的任何信号，不过通货紧缩加剧了对瑞 士央行负利率的猜测，日本央行可能会将加息预期推迟到2026年，英国下调利率的时间窗口或指向三季 度末。 同时，地缘政治因素再掀波澜，外界关注以色列与伊朗之间的冲突将如何影响中东局势。 美联储是否释放降息信号 美联储本周将召开议息会议，预计联邦基金利率将继续维持在目前的4.25%~4.50%区间。 市场焦点将集中在何时可以降息的任何信号上。5月消费者物价指数（CPI）和生产者价格指数（PPI） 低于预期，提振了宽松预期，货币市场预计美联储有望从9月恢复降息。花旗银行表示，市场一度低估 了降息的风险。随着核心通胀放缓，失业救济申请 ...

提振消费是今年经济工作的重要主题。广州近日发布了《广州提振消费专项行动实施方案（征求意见 稿）》（以下简称"《征求意见》"），涉及"居民就业增收""大宗消费升级""消费品质提升""限制措施清 理""政策支持保障"等八大领域，共提出33项具体行动举措，以全方位激活消费市场。 作为居民大宗消费的重要组成部分，住房消费被重点提及，包括城中村和老旧小区改造、收购存量房作 安置房、优化公积金政策等，多措并举，满足居民需求；同时，取消限购、限价、限售等多种消费限 制。 广东省城规院住房政策研究中心首席研究员李宇嘉表示，对于广州来说，新市民、外来人口比较多，有 700万人租住在城中村，老旧住房也比较多，住房潜力非常大。此次政策，除了刚需和改善外，对老旧 小区、城中村、公积金等方面的政策部署，更多地是支持住房购置能力较低的群体，他们能在住房方面 获得更好的居住体验，并降低居住消费成本，这也是住房回归大宗消费品、一般消费品的体现。同时， 这也是构建梯次消费的，健康递进的住房消费新模式。 中指研究院华南分院研究主管陈雪强预计，目前广州的房贷首付比例及利率均算是较低水平，未来可能 在公积金贷款首付比例方面有下调空间。 旧改助推楼市 ...

①美国5月PPI增幅保持温和 关税效应或"后发制人" 美国5月PPI同比增长2.6%，符合预期，前值增长2.4%。受商品和服务成本温和影响，美国5月核心PPI 同比增长3%，低于预期，前值为3.1%。尽管目前较高关税对美国民众影响尚不显著，但经济学家指 出，随着企业试图避免利润率进一步走软，下半年价格压力可能加剧。PPI数据显示，继4月下滑后，5 月批发商和零售商利润率有所上升，尤其是汽车和机械批发。今年以来，利润率逐月波动，凸显贸易政 策对价格和需求影响的不确定性。分析师对PPI报告尤为关注，因其部分组成部分用于计算美联储青睐 的通胀指标（PCE数据），该数据将于本月晚些时候发布。 国鸣投资秦毅：5月美国核心CPI和整体CPI分别同比增长2.8%和2.4%，结合PPI数据，核心PCE年化率 约为2.6%。5月数据中未见关税明显推动CPI上涨，核心服务价格甚至指向通缩，核心商品价格环比下 降0.04%。美联储认为关税对CPI的影响是暂时的，通胀压力温和为提前降息提供了可能。预计关税的 负面影响将从6月开始逐步显现。 海顺投顾黄俊：虽然近期美国CPI和PPI数据有一定的指向性，但美联储是否降息仍存在不确定性，需 ...

Group 1 - The article discusses the resumption of Boeing aircraft deliveries to Chinese airlines after a two-month hiatus due to tariffs imposed during U.S.-China trade tensions [2][5] - A new Boeing 737 MAX aircraft has been delivered from Seattle to China, marking the restart of aircraft deliveries [3][7] - The previous suspension of deliveries was due to a 125% tariff on imported aircraft, which has now been lifted for certain aircraft and parts, allowing airlines to import at lower rates of 5% for narrow-body and 1% for wide-body aircraft [7][8] Group 2 - Several Chinese airlines, including Xiamen Airlines and China Eastern Airlines, are preparing to resume accepting Boeing aircraft, with additional deliveries expected in June [7][8] - Boeing's market in China is significant, with 25% of its new aircraft deliveries going to China at its peak in 2018; the company has delivered 20 aircraft to China this year and plans to deliver 29 more by year-end [8] - The article also highlights the impact of U.S. export restrictions on aircraft engines, particularly affecting the C919 aircraft, which relies on the LEAP-1C engine produced by a joint venture between GE and Safran [10][11] Group 3 - The C919 aircraft program is progressing, with recent deliveries made to Chinese airlines, and the domestic engine, Changjiang-1000A, is undergoing testing [11][13] - The article notes that while the U.S. has imposed restrictions on engine exports, this may accelerate China's efforts to develop its own aviation engines [10][13]

目前，政府债务相关收支、债务余额等分列在一般公共预算和政府性基金预算两本账中，并没有单独的 政府债务预算账本。而此次山东计划编制政府债务预算，借此全面系统反映债务收支等状况，以强化地 方债务管理。 山东在防范地方债务风险方面，《意见》明确严格落实一揽子化债方案，确保2028年年底前存量隐性债 务"清零"。持续保持高压监管态势，将不新增隐性债务作为铁的纪律，坚决防止边清边增。"一企一 策"制定融资平台改革转型方案，坚决剥离融资平台政府融资功能，推动融资平台加快构建现代企业制 度，逐步转型为独立市场主体。 山东省较强的经济和财政实力能够为债务偿付提供较高保障，目前债务余额低于限额，债务风险总体安 全可控。根据山东省财政厅数据，2024年末全省地方政府债务余额约为3.28万亿元，低于限额（约3.57 万亿元）。 为了支持地方化债，财政部去年下达6万亿元再融资专项债用于置换隐性债务，其中，山东获得超3700 亿元，这有利于支持山东化解存量隐性债务，以实现2028年底前"清零"。 在健全完善政府预算体系方面，《意见》提出，深入推进全口径、一体化预算管理，将一般公共预算、 政府性基金预算、国有资本经营预算、社会保险基金预 ...

Core Viewpoint - Huawei is expanding its HarmonyOS ecosystem with the launch of HarmonyOS 5.1, which is now integrated into high-end smartphones and wearable devices, marking a significant step towards establishing HarmonyOS as a global third mobile operating system alongside iOS and Android [1][3]. Group 1: Product Launch and Development - The Huawei Pura 80 series and the HUAWEI WATCH5, the first AI smartwatch powered by HarmonyOS, were unveiled, showcasing Huawei's commitment to integrating HarmonyOS across various product lines [1]. - Huawei has invested a total of 1.249 trillion yuan in R&D over the past decade, with nearly 180 billion yuan spent in the last year alone, representing over 20.8% of its revenue [1]. - The HarmonyOS ecosystem has seen over 30 updates and the addition of more than 200 new features, with an average of 720 million app downloads or updates daily [1]. Group 2: Developer Engagement and Ecosystem Growth - Developers are increasingly migrating applications from the Android ecosystem to HarmonyOS, which is essential for establishing HarmonyOS as a viable alternative to existing mobile operating systems [3]. - Major applications such as WeChat and QQ are rapidly iterating on their HarmonyOS versions, enhancing user acceptance of the new system [3]. - The cross-device capabilities of HarmonyOS are attracting developers to explore new opportunities beyond mobile applications, particularly in the wearable device market [5]. Group 3: Market Position and Future Outlook - According to IDC, the global wearable device market saw shipments of 45.57 million units in Q1 2023, with a 10.5% year-on-year growth, and Huawei is projected to become the leading brand in the global wrist-worn device market by Q1 2025 [5]. - The new WATCH series is expected to facilitate Huawei's entry into the mid-to-high-end market segment, leveraging the synergistic effects of the HarmonyOS ecosystem [5]. - The long-term success of HarmonyOS will depend on the active participation of developers and the ability to convert hardware advantages into ecosystem momentum [6].

Core Viewpoint - The recent policy allowing companies listed on the Hong Kong Stock Exchange from the Guangdong-Hong Kong-Macao Greater Bay Area to also list on the Shenzhen Stock Exchange is expected to significantly benefit technology firms and enhance the financial ecosystem in the region [1][2][3]. Group 1: Policy Implications - The policy aims to support the integration of technology and finance in Shenzhen, enhancing the financing flexibility and valuation potential for Greater Bay Area enterprises [2][3]. - It is anticipated that the dual listing mechanism will improve liquidity and broaden financing channels for companies, particularly benefiting those in the technology sector [6][7]. Group 2: Market Statistics - As of June 11, 2023, there are 1,954 companies listed on the Hong Kong Stock Exchange from the Greater Bay Area, with a total market capitalization of approximately 377,599 billion HKD [5]. - Tencent Holdings is the largest company by market capitalization, valued at around 47,606 billion HKD, accounting for about 13% of the total market cap of these companies [5]. Group 3: Economic Context - The Greater Bay Area, covering 5.6 million square kilometers, has a population exceeding 86 million and has seen its economic output grow from 10.8 trillion CNY in 2018 to over 14 trillion CNY in 2023 [4]. - This region contributes to about one-ninth of China's total economic output, highlighting its strategic importance in the national development framework [4]. Group 4: Future Outlook - The policy is expected to attract more hard technology companies, such as those in AI, new energy, and semiconductors, to return to Shenzhen, thereby enhancing the local industrial chain [3][8]. - The dual listing will likely lead to increased IPOs and cross-border mergers and acquisitions, boosting the activity of financial institutions in Shenzhen [3][6].