1. 美国国会通过特朗普"大而美"税收法案 。美国国会众议院以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"税收与支出法案。该法案因造成联邦援助削减、长期债务增加和为富人及大企业减税等而备受争议。白宫说， 特朗普定于7月4日即美国"独立日"当天签署该法案，使其生效。该法案将美国联邦政府的法定债务上限提高5万亿美元，国 会预算办公室（CBO）估计，这可能会让政府预算赤字未来十年内增加3.4万亿美元。 2. 美国6月非农就业人口增加14.7万人，远超预期的11万人 。失业率意外降至4.1%，预期为升至4.3%。美国上周初请失业 金人数23.3万人，创六周新低。数据公布后，市场放弃对7月美联储降息的押注，9月降息的概率也下滑至80%左右。 1. 稳定币热度居高不下，基金子公司积极尝鲜 。随着海外积极推进稳定币相关监管规则、中国香港特区立法会 通过《稳定币条例草案》，监管机制的逐渐完善让稳定币成为市场备受关注的焦点。在稳定币的生态中，部分 公募基金香港子公司正紧锣密鼓筹备，华夏基金（香港）参与了稳定币沙盒测试，涵盖稳定币的发行、支付、 资产对接与基金申赎等关键环节。 2. 翻倍股轮番表现，部分 ...

Group 1 - The U.S. government is set to implement new unilateral tariff rates starting August 1, with rates potentially ranging from 10% to 70% [2] - The EU's final ruling on anti-dumping measures for imported brandy allows 34 companies to avoid anti-dumping duties if they meet price commitments [2] Group 2 - The Chinese government emphasizes accelerating technological innovation in agriculture and healthcare to enhance industry quality and economic development [3] - France expresses willingness to deepen mutually beneficial cooperation with China, particularly in investment and addressing trade differences [3] Group 3 - The expansion of China's visa-free travel policy to 47 countries has boosted inbound tourism and shopping, with new tax refund policies implemented in Dalian and Hubei [4] - The CEO of a major asset management firm anticipates further development of the QDLP policy, highlighting the attractiveness of Chinese companies for long-term investment [4] Group 4 - The Shanghai Stock Exchange is enhancing communication with private equity firms to support technology innovation and market opportunities [5] - A biopharmaceutical company has submitted an application to list on the STAR Market under a new standard that accommodates unprofitable companies [5] - The withdrawal of IPO applications by small banks indicates a slowdown in their listing processes, with only five banks remaining in the queue [5] Group 5 - Hong Kong's stock market has outperformed major indices, with funds shifting towards less crowded sectors as valuations remain low [6] - New insurance investment reforms have seen over 200 billion yuan allocated to long-term investments [6] - A total of 44 brokerage firms have recommended 279 A-shares as "golden stocks" for July, with a significant focus on the electronics and machinery sectors [6] Group 6 - The second half of the year sees a notable increase in the trading volume of used cars in China, with a slight year-on-year growth [8] - The civil aviation market is experiencing a surge in ticket bookings as the summer travel season begins [9] Group 7 - The establishment of the Yangtze River M&A Alliance aims to support the transformation of traditional industries and the development of emerging sectors in Hubei [11] - A new investment fund focused on humanoid robots and AI has been set up in Hubei, with a total scale of 10 billion yuan [11] Group 8 - The Bank of England's governor emphasizes the need for public trust in currencies as stablecoins emerge as a new payment method [12] - Concerns arise over the potential impact of U.S. stablecoin legislation on global payment systems [12] Group 9 - Huawei's latest model, the Pangu Pro MoE, is developed on its Ascend hardware platform, adhering to open-source licensing [13] - Foxconn reports record revenue for June, indicating strong performance in the second quarter [13] Group 10 - The establishment of a new political party by Elon Musk reflects ongoing debates over U.S. tax and energy policies [14] - Japan is actively negotiating with the U.S. regarding tariff issues as new tariffs approach [14] Group 11 - The London Stock Exchange sees a significant drop in IPO fundraising, raising concerns about its attractiveness as a global capital center [15] - Japan experiences a surge in individual shareholders, driven by tax incentives and investment trends [15] Group 12 - The OPEC+ agreement to increase oil production in August indicates a response to market expectations [18] - The recent rise in metal prices, particularly copper, is attributed to supply chain adjustments ahead of tariff deadlines [18]

Core Insights - The article highlights the recent trends in financing events within various industries, indicating a total of 108 financing events this week, with a total amount of approximately 11.37 billion RMB, marking an increase from the previous week [4][12]. Financing Overview - This week, there were 108 financing events (excluding mergers and acquisitions), an increase of 4 from last week, with a total financing amount of approximately 11.37 billion RMB, up by 4.64 billion RMB [4]. - Among these, 28 events had financing amounts of 100 million RMB or more, an increase of 6 from last week [4]. - There were 32 public exit cases this week, a decrease of 4 from last week [4]. Financing Amount Distribution - The distribution of disclosed financing events shows 70 events, with amounts ranging as follows: - 5 events below 5 million RMB - 22 events between 5 million and 10 million RMB - 13 events between 10 million and 50 million RMB - 18 events between 50 million and 100 million RMB - 9 events between 100 million and 500 million RMB - 2 events between 500 million and 1 billion RMB - 1 event over 1 billion RMB [5]. Notable Investment Events 1. **Photovoltaic Materials**: Tongwei Co., Ltd. announced that its wholly-owned subsidiary, Yongxiang Co., completed a strategic financing round of approximately 4.916 billion RMB, with funds primarily used for repaying financial institution debts and supplementing working capital [7]. 2. **AI Large Models**: Zhizhu completed a strategic financing round of 1 billion RMB, aimed at building an open platform for model-as-a-service (MaaS) and enhancing AI infrastructure in Shanghai [8]. 3. **AI Chips**: Zhenliang Intelligent announced nearly 1 billion RMB in strategic financing, focusing on high-performance GPU development [9]. 4. **Autonomous Driving Software**: Tiantong Vision completed a D round financing of 500 million RMB, aimed at promoting Robotaxi deployment nationwide [9]. Industry Distribution - The financing events this week spanned 13 industries, with the top five being: - Information Technology: 26 events - Electronics: 25 events - Equipment Manufacturing: 14 events - Healthcare: 10 events - Materials: 9 events [12]. - In terms of financing amount, the top five industries were: - Materials: 49.16 billion RMB (due to Yongxiang's large financing) - Electronics - Information Technology - Equipment Manufacturing - Automotive [14]. Regional Distribution - The top five regions for financing events were: - Guangdong: 17 events - Jiangsu: 17 events - Zhejiang: 16 events - Shanghai: 13 events - Beijing: 13 events - These regions accounted for 70.37% of all financing events [19][20]. Financing Round Distribution - The distribution of financing rounds showed that seed and angel rounds accounted for 59 events, while strategic financing ranked third with 21 events. Early-stage financing (A round and earlier) accounted for 58.33% of the total events [23]. Investment Institutions - A total of 97 investment institutions participated this week, with notable activity from Beijing Guoguan and Jinpu Investment [26].

特朗普表示，从4日开始，美国将向多个国家发出信件，预计当天会有"10或12封"发出，更多信件将在 未来几天寄出。特朗普称，他预计这些信件将会在9日前全部送达。此前，特朗普将7月9日设为关税谈 判的最后期限。 对于将设定的新关税，特朗普说，"关税税率可能从60%、70%到10%、20%不等"。特朗普称，"我们已 经完成了（信函的）最终文本，它将基本说明这些国家将要支付的关税是多少"。 据央视新闻，当地时间7月4日，美国总统特朗普表示，美国政府将从当天起开始致函贸易伙伴，设定新 的单边关税税率。特朗普称，新关税"十有八九"从8月1日开始生效。 Wind用户在金融终端输入 IBR（投行业务排行榜） 纵观股票、债券一级承销风云 过去十年投行承销排名一应俱全 分行业、分地域多维度呈现市场融资规模 ...

Core Viewpoint - The "Big and Beautiful" tax and spending bill signed by President Trump is expected to have significant implications for the U.S. economy, including potential increases in national debt and impacts on healthcare coverage for millions of Americans [1][4]. Group 1: Economic Implications - The tax and spending bill aims to provide policy certainty, reduce tax burdens for the middle class, incentivize industries, and adjust federal fiscal structures [3]. - The Congressional Budget Office (CBO) estimates that the bill will increase national debt by $4.1 trillion by 2034 and result in 11.8 million Americans losing health insurance [4]. - The International Monetary Fund (IMF) warns that the bill contradicts its recommendations for mid-term fiscal deficit reduction, raising concerns about fiscal sustainability [4]. Group 2: Market Reactions - There is significant divergence in market outlooks regarding the U.S. dollar and stock market performance following the bill's implementation [5][6]. - Morgan Stanley predicts a 40% chance of U.S. economic recession in the second half of the year due to trade policy impacts [4]. - Morgan Chase remains optimistic about U.S. stock resilience, citing consumer and economic fundamentals, while also predicting a potential rise in the S&P 500 index to 6000-6200 points [8]. Group 3: Fiscal Policy Changes - The bill raises the national debt ceiling by $5 trillion, which may lead to increased fiscal pressure [15]. - The legislation includes significant cuts to clean energy subsidies and expands oil and gas exploration on federal lands, indicating a shift in energy policy [16][18]. - Various financial institutions have differing views on the bill's impact, with some seeing it as beneficial for economic growth while others express concerns about rising fiscal deficits and potential downward pressure on the dollar [20].

1、有消息称美方恢复EDA软件、乙烷、飞机发动机等产品对华出口。商务部回应表示，中美伦敦经贸会谈后，双方于近期确认了落实两国元首6月5日通 话重要共识和巩固日内瓦经贸会谈成果的具体细节。目前， 双方团队正在加紧落实伦敦框架有关成果。中方正依法依规审批符合条件的管制物项出口许 可申请。美方也采取相应行动，取消对华采取的一系列限制性措施 ，有关情况已向中方作了通报。 2、据玉渊谭天，目前， 中欧电动汽车谈判的技术部分已经基本完成，只欠临门一脚 ，关键在于欧方能否展现出相应的政治意愿推动问题的解决。另外， 商务部公告，自7月5日起，对原产于欧盟的进口相关白兰地征收反倾销税，实施期限为5年。 3、 住建部调研组近日赴广东、浙江两省调研 。调研组表示，各地要切实扛起责任，充分用好房地产调控政策自主权，因城施策、精准施策，提升政策实 施的系统性有效性，持续巩固房地产市场稳定态势。要多管齐下稳定预期、激活需求、优化供给、化解风险，更大力度推动房地产市场止跌回稳。 1、周五A股冲高回落，上证指数一度涨逾1%逼近3500点， 大金融领涨，银行、稳定币方向涨幅居前，固态电池概念股集体下挫 。截至收盘，上证指数 涨0.32%报34 ...

Core Viewpoint - The venture capital market in 2025 is stabilizing after a period of fluctuations, with increasing confidence driven by favorable policies, expanding patient capital, and a recovering capital market ecosystem [2][3]. Group 1: Market Overview - In the first half of 2025, there were 2,137 private equity and venture capital funds registered, a year-on-year increase of 5.0% compared to a significant decline of 46.7% in the same period last year [2]. - The total amount of registered funds in the first five months was 112.06 billion, showing a slight decrease of 1.5% year-on-year, while last year's decline was 30.6% [2]. - The domestic venture capital market recorded 4,525 investment events in the first half of 2025, a year-on-year growth of 0.2%, with total investment amounting to 160.08 billion, down 8.4% year-on-year [2]. Group 2: Participant Activity - A total of 2,579 investment institutions participated in projects in the first half of 2025, reflecting a 7% year-on-year increase in institutional activity [3]. - The venture capital market is adapting to new changes and exploring new development models, focusing on stability while seeking opportunities [3]. Group 3: Rankings and Lists - RimeData has published several rankings based on the activity of investment institutions, including the top 30 recognized general partners (GPs), top 50 venture capital institutions, and top 50 private equity investment institutions [4][5]. - The rankings consider various metrics such as the number of new funds established, fund sizes, number of cooperative limited partners (LPs), LP reinvestment rates, investment project counts, and total investment amounts [5]. Group 4: Sector-Specific Investment - RimeData has also released sector-specific rankings for the top 20 investment institutions in artificial intelligence, robotics, semiconductors, new energy, and healthcare [5][26][29][32][36]. - These rankings are based on the number of investment projects, investment frequency, and investment amounts in each sector during the first half of 2025 [5][26][29][32][36].

Group 1 - The Ministry of Commerce of China responded to reports about the U.S. President's planned visit to China, emphasizing the need for mutual respect and cooperation to enhance U.S.-China economic relations [2] - The U.S. Department of Commerce has lifted the requirement for government licenses for three major chip design software suppliers, allowing them to fully restore access to their services in China [2] - The U.S. House of Representatives passed the "Big and Beautiful" tax and spending bill, which is controversial due to its impact on federal aid and long-term debt, with an estimated increase in the budget deficit by $3.4 trillion over the next decade [2] Group 2 - The State Council has issued a document to replicate and promote 77 pilot measures from the Shanghai Free Trade Zone, covering various sectors including digital trade and risk prevention [3] - China and the EU held a high-level strategic dialogue, with a focus on enhancing cooperation and maintaining international order amidst rising uncertainties [3] - In May, China's service trade imports and exports totaled 32,543.6 billion yuan, a year-on-year increase of 7.7%, with exports growing by 15.1% [4] Group 3 - The A-share market saw a rebound, led by consumer electronics and innovative pharmaceuticals, with the Shanghai Composite Index closing at 3,461.15 points, up 0.18% [5] - Hong Kong's Hang Seng Index fell by 0.63%, marking five consecutive declines, with significant net selling in major tech stocks [5] - Insurance capital has been increasingly active in the capital market, with 18 instances of stake acquisitions in 2025, indicating a shift in investment strategies [5] Group 4 - The China Federation of Logistics and Purchasing reported that the warehousing index for June was 51%, indicating expansion for eight consecutive months [10] - The retail market for passenger vehicles in June reached 2.032 million units, a year-on-year increase of 15% [10] - New policies to stabilize the real estate market were announced in Jingmen, Hubei, including principles for selling newly developed properties [10] Group 5 - The Ministry of Industry and Information Technology held a meeting to address issues in the photovoltaic industry, focusing on promoting product quality and orderly competition [9] - The National Medical Products Administration proposed ten key measures to support the innovation of high-end medical devices [9] - The Ministry of Industry and Information Technology is piloting number protection services to combat telecom fraud [9]

Core Viewpoint - The Chinese M&A market in the first half of 2025 shows a significant trend of "decreased volume but increased value," with a total of 3,531 disclosed M&A events, a year-on-year decrease of 3.92%, while the transaction scale reached approximately 798.3 billion RMB, an increase of about 1.86% [1]. Group 1: Market Overview - In the first half of 2025, the Chinese M&A market disclosed 3,531 events, a decrease of 3.92% year-on-year, with a total transaction scale of approximately 798.3 billion RMB, an increase of 1.86% year-on-year [3]. - The top three regions for M&A activity were Shanghai (154.8 billion RMB, down 35.36%), Tianjin (143.9 billion RMB, up 76.95%), and Guangdong (132.0 billion RMB, down 41.56%) [6]. - The leading industries for M&A transactions were technology hardware and equipment (161.8 billion RMB, up 256.04%), materials (88.8 billion RMB, up 63.97%), and public utilities (74.0 billion RMB, up 196.55%) [9]. Group 2: M&A Transaction Types - Agreement acquisitions accounted for the largest share of M&A events, totaling 318.8 billion RMB, representing 37.96% of the overall scale; external absorption mergers followed with 145.5 billion RMB (17.33%); and capital increase M&A events totaled 104.4 billion RMB (12.43%) [11]. - Strategic cooperation M&A events totaled 185.2 billion RMB, making up 23.18% of the total transaction scale, while horizontal integration and privatization accounted for 113.6 billion RMB (14.22%) and 55.3 billion RMB (6.92%), respectively [13]. Group 3: M&A Scale Distribution - Transactions between 1 billion and 10 billion RMB accounted for the highest proportion of total transaction amounts at 36.06%, while transactions exceeding 10 billion RMB accounted for 34.46% [14]. - The top three M&A transactions by scale included: 1. Haiguang Information's acquisition of 100% of Zhongke Shuguang's shares for 115.967 billion RMB [18][20] 2. New Hope's subsidiary acquiring 65.89% of New Hope Energy for 55.297 billion RMB [19][20] 3. Xiangcai's merger with Dazhihui for 17.213 billion RMB [22][27]. Group 4: Financial Advisor Rankings - The top financial advisors by transaction scale based on the first announcement date in the first half of 2025 were: 1. CITIC Securities with 198.198 billion RMB [30] 2. CICC with 118.977 billion RMB [30] 3. China Post Securities with 115.967 billion RMB [30]. Group 5: Legal and Accounting Firms - The leading law firm by transaction scale was Guofeng Law Firm with 56.577 billion RMB [37]. - The top accounting firm was Zhongxi CPA with 57.248 billion RMB [40].

Group 1: Open Market Operations - The central bank announced a reverse repurchase operation of 57.2 billion yuan for 7 days at a fixed rate of 1.40%, with a total bid and awarded amount of 57.2 billion yuan [1] - On the same day, 509.3 billion yuan of reverse repos matured, resulting in a net withdrawal of 452.1 billion yuan [1] Group 2: Funding Conditions - The funding environment has become more relaxed, with the overnight pledged repo rate for deposit-taking institutions falling by over 4 basis points to 1.31%, and the 7-day pledged repo rate decreasing by over 3 basis points [3] - The latest overnight financing guarantee rate in the U.S. is 4.44% [5] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.61%, showing a slight decline compared to the previous day [8] Group 4: Bond Market - The closing prices for government bond futures showed a slight decline for the 30-year main contract by 0.02%, while the 10-year main contract remained unchanged, and the 5-year and 2-year main contracts both increased by 0.01% [12] Group 5: Corporate Bond Events - Longfor Group has repaid nearly 9 billion yuan in public debt this year [17] - The approval of the China Merchants CSI AAA Technology Innovation Corporate Bond ETF has been granted [17] - Chipone Technology plans to issue corporate debt financing tools not exceeding 4 billion yuan [17] - Poly Developments issued a second phase of corporate bonds with rates of 2.12% and 2.39% [17]