1 、 国家发改委举行新闻发布会介绍，将在 7 月下达今年第三批消费品以旧换新资金。 随着存量政策加快落地见效，新的储备政策陆续出台实施，有信 心、有能力把外部冲击的不确定性和不利影响降到最低，推动经济持续健康发展。 2 、 香港特区政府发表《香港数字资产发展政策宣言 2.0 》明确，未来的数字资产交易、托管等服务，将进行牌照化管理。 《政策宣言 2.0 》提出，将代 币化政府债券发行常规化，并推动贵金属、有色金属及可再生能源等领域的多元应用。同时，稳定币发行人发牌机制将于 8 月 1 日实施。 3 、小米人车家全生态发布会召开。小米集团创始人、董事长兼 CEO 雷军正式发布新车小米 YU7 ， 一共有标准版、 Pro 和 Max 三个版本，售价分别为 25.35 万元、 27.99 万元和 32.99 万元。小米汽车官微称，小米 YU7 1 小时大定突破 28.9 万台。 雷军还发布小米首款 AI 眼镜，售价 1999 元起，支持无手 机扫码支付。 4 、 国务院办公厅印发《关于进一步完善信用修复制度的实施方案》，提出十个方面举措， 进一步完善统一规范、协同共享、科学高效的信用修复制 度，更好帮助信用主体高 ...

// 债市综述 // 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.65% 附近，较上日变化不大。 1. 公开市场操作 央行公告称， 6 月 26 日以固定利率、数量招标方式开展了 5093 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 5093 亿元，中标量 5093 亿元。 Wind 数据显示，当日 2035 亿元逆回购到期，据此计算，单日净投放 3058 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 央行加力，资金面整体变化不大，存款类机构隔夜质押式回购利率微幅下行，仍位于 1.37% 附近。 海外方面，最新美国隔夜融资担保利率为 4.3% 。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各期限利差走势及数据 6. 国债期货收盘 （*数据来源：Wind-利差分析） 30 年期主力合约涨 0.1% 10 年期主力合约跌 0.02% 5 年期主力合约持平 // 全 ...

Group 1 - Xiaomi's first SUV model, YU7, is priced starting at 253,500 yuan, which is 10,000 yuan cheaper than the Model Y, with the Pro version priced at 279,900 yuan and the MAX version at 329,900 yuan. The standard version boasts an impressive range of 835 km [6] - Following the announcement, Xiaomi's stock saw a significant increase, with its ADR rising by 9.85% after the pre-order numbers exceeded 289,000 units within an hour of the launch [2][6] - Xiaomi plans to invest 200 billion yuan in research and development over the next five years, from 2026 to 2030 [6] Group 2 - The S&P 500 index is nearing its historical high, closing at 6,141.02 points, reflecting a strong rebound since April, with a weekly increase of 2.9% [8] - The market's positive sentiment is supported by strong corporate earnings, a stable job market, and renewed interest in artificial intelligence, with tech stocks being the main drivers of this rally [8] - The Nasdaq Composite index also saw a rise, closing at 20,167.91 points, approaching its historical record [8] Group 3 - The US dollar fell below the 97 mark due to multiple factors, including concerns over the potential appointment of a new Federal Reserve chair before Jerome Powell's term ends [11][12] - Analysts predict that the dollar may weaken further in the next 12 months due to uncertainties surrounding US tariffs and economic outlook [12] - Despite concerns about the US economy, there is optimism regarding the US stock market, with potential inflows of over 100 billion USD expected in the coming month [12]

Core Viewpoint - The launch of Xiaomi's first SUV model, YU7, marks a significant step in the company's entry into the electric vehicle market, aiming to establish a high-end presence and enhance its automotive business growth potential [1][6]. Group 1: Product Features and Market Positioning - YU7 is described as a milestone for Xiaomi, featuring an 800V high-voltage platform, seven laser radars, and an NVIDIA Thor chip with a computing power of 700 TOPS, alongside a CLTC range of 835 kilometers, showcasing its competitive edge in the high-end market [3]. - The pricing strategy is a focal point, with speculation that YU7 may be priced 20,000 to 30,000 yuan higher than the SU7 standard version, although Xiaomi's CEO clarified that the target user groups for the two models are entirely different [3]. - YU7's anticipated final price may exceed 250,000 yuan, positioning it directly against Tesla's Model Y in the market [3]. Group 2: Market Potential and Sales Forecast - Market analysts view YU7 as having "explosive potential," with monthly sales expected to reach 30,000 to 40,000 units, which would significantly contribute to Xiaomi's automotive revenue growth [6]. - The successful launch of YU7 is expected to follow the path of SU7, which surpassed Tesla's Model 3 in sales, indicating a strong competitive strategy against Tesla's Model Y [6]. Group 3: Challenges and Strategic Importance - Despite the positive outlook, challenges remain for Xiaomi in the high-end automotive market, particularly in brand positioning against established competitors like BYD and Tesla [6]. - The release of YU7 is not just a new model introduction but a critical test of Xiaomi's electric vehicle strategy, with the ability to penetrate the high-end market and enhance overall business valuation being key challenges [9].

Core Viewpoint - President Trump is narrowing down candidates for the next Federal Reserve Chair, indicating a potential early announcement before Powell's term ends, expressing dissatisfaction with Powell's performance [1][3]. Candidate Overview - **Kevin Warsh**: A former Fed governor and advisor to President Bush, seen as a leading candidate. Warsh has a hawkish stance, prioritizing inflation concerns over employment. He has previously discussed the possibility of being nominated by Trump [4][5]. - **Scott Bessent**: The current Treasury Secretary, favored by Wall Street for his capabilities during policy implementation. Although he aims to complete his term, he has expressed interest in potentially becoming Fed Chair [6]. - **Christopher Waller**: A current Fed governor, considered a dark horse candidate. He has gained attention for advocating immediate interest rate cuts, indicating that the successor issue is influencing Fed policy discussions [7][8][9]. Powell's Position - Jerome Powell has reiterated his commitment to fulfilling his term, emphasizing the importance of maintaining a strong U.S. economy and controlled inflation. He has declined to comment on successor rumors, asserting that political factors will not influence Fed decisions [10][11].

// 债市综述 // 1. 公开市场操作 央行公告称， 6 月 25 日以固定利率、数量招标方式开展了 3653 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 3653 亿元，中标量 3653 亿元。 Wind 数据显示，当日 1563 亿元逆回购到期，据此计算，单日净投放 2090 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 月内资金依旧稳中偏松，存款类机构隔夜质押式回购利率微幅上行，但仍位于 1.37% 附近。 海外方面，最新美国隔夜融资担保利率为 4.29% 。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 30 年期主力合约跌 0.22% 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.65% 附近，较上日变化不大。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 6. 国债期货收盘 10 年期主力合约跌 0.04% 5 年期主力合约持平 2 年期主 ...

Core Viewpoint - The U.S. stock market shows resilience, with the S&P 500 index approaching historical highs, driven by easing geopolitical risks and falling oil prices [1][8]. Market Performance - The S&P 500 index remained stable, while the Nasdaq Composite rose by 0.3% and the Dow Jones Industrial Average fell by 0.3% [2][3]. - Recent market movements were influenced by a significant drop in oil prices, with WTI crude futures plummeting 6% on Tuesday, alleviating inflationary pressures and encouraging capital inflow into the stock market [8]. Chinese Stocks and Foreign Investment - Chinese stocks are gaining attention from foreign investors, with UBS reporting a shift from underweight to neutral or even overweight positions in Chinese equities [4]. - Goldman Sachs maintains an overweight recommendation for A-shares and Hong Kong stocks, projecting a target of 4600 for the CSI 300 index and 84 for MSCI China, indicating about a 10% upside potential [4]. - Morgan Stanley highlights that global investors are underexposed to Chinese stocks, predicting that Hong Kong markets and Chinese ADRs will attract significant capital inflows in the next 6-12 months [5]. Valuation and Growth Potential - Chinese equities are perceived as attractive due to their higher value-for-money and better growth prospects, with a free cash flow yield of 7.8% compared to 4.2% for U.S. tech giants [5]. - HSBC notes that the profit growth level of the Chinese stock market is now comparable to that of the U.S., while valuations remain at half of U.S. stock levels [6]. Economic Data and Federal Reserve Focus - The market's short-term focus is shifting towards upcoming U.S. new home sales data and Federal Reserve Chairman Jerome Powell's congressional testimony, which are expected to provide insights into economic fundamentals and policy direction [11]. - Powell has previously indicated that monetary policy will remain stable, with a need to assess the impact of tariffs and global market changes on price structures [11].

在瞬息万变的金融圈，机械回答和失真的数据让无数专业分析沦为无效输出。AliceChat 升级而 来！突破性植入 动态反思机制 并重点 提升深度规划能力 ，不仅能 "听懂" ，更会主动思考，精准 破解金融场景难题，成为您值得信赖的智能伙伴。 0 1 思 考能力深化：从被动响应到主动推演 新版 AliceChat 新增 " 反思机制" 和 "用户意图图谱" 系统， 精准识别隐藏需求，当知识库不够全面时 会主动补充，确保答案详尽准确。 例如用户仅需输入 "英伟达股价波动"，Alice 会以图表形式给出最新股价波动明细，同时 无需追问 就 自主能延展分析给出驱动因素和未来发展机遇与风险。 新版 AliceChat面对问题不再急于下结论，而是先 "审题" ：拆解本质、识别变量、评估信息缺口，最 终形成一套 结构清晰、逻辑严密、拿来就能用 的方案。无论是资产配置、市场研判，在复杂的问题一 问搞定。 以全球掀起的"去美元化"和人民币跨境结算议题为例，AliceChat能 快速响应梳理问句意图，逐步 拆解，分析全面不遗漏。 本次升级或许只是 Alice Chat 从 "好用" 迈向 "卓越" 进化历程中的一个阶段性里程碑，但 ...

以下文章来源于RimeData 来觅数据 ，作者来觅研究院 导读：在全球经济数字化转型的浪潮中，数字金融已成为金融领域变革与创新的核心驱动力。自中央金融工作会议将数字金融列为需重点 做好的"五篇大文章"之一，其战略地位愈发凸显。准确把握数字金融的定义、梳理其历史沿革，并深入剖析在一级市场中的定位与发展历 程，对于理解金融体系变革、把握市场机遇、制定合理政策具有重要意义。 01 数字金融由来 数字经济作为国民经济的重要组成部分，其定义与范畴在《数字经济及其核心产业统计分类2021》和《工业重点行业领域设备更新和技术改造指南》中得 到了明确界定。根据该分类标准，数字经济可分为数字产业化和产业数字化两大板块。数字金融既是金融机构服务、赋能数字经济的过程，也是数字经济 反哺改造金融机构的方式。产业数字化与数字产业化在金融领域的应用呈现出明显的差异化特征，产业数字化主要表现为金融机构利用物联网、大数据等 技术对传统业务流程的改造，而数字产业化则体现在金融科技企业的产品创新上。二者共同推动数字金融生态的多元化发展。 数字金融的发展经历三个主要阶段：萌芽期（1990-2000年）20 世纪 90 年代，互联网技术在全球迅速 ...

1 、国务院总理李强出席 2025 年夏季达沃斯论坛开幕式并致辞。 李强表示，当前国际经贸格局正在发生深刻变化。我们应当坚定不移 拥抱普惠包容的经济全球化，维护自由贸易和多边主义，促进世界经济稳定发展。中国将继续积极融入全球市场，为世界经济所需贡献 中国经济所能。 2 、 周三 A 股再度强势上扬，上证指数午后涨超 1% 创年内新高，创业板指大涨超 3% ； 港股亦走强，恒生指数、恒生科技指数均涨 超 1% 。国泰君安国际获香港虚拟资产交易牌照，股价当日暴涨近 200% ，带动"牛市旗手"券商股整体大幅走高。中国银行、建设银 行、交通银行、工商银行均刷新历史新高，银行板块成为今年上半年表现最好的行业板块之一。 3 、 美国总统特朗普表示，美方将于下周与伊朗就一项潜在的核协议展开会谈，但他多次强调自己并不认为这类协议"有多必要"。 他 补充说，美方此次将提出与此前在中东局势升级前与伊朗谈判时相同的要求。 特朗普表示，自己"非常确信"以色列与伊朗之间的军事冲 突已经结束。 以色列和伊朗之间的冲突可能再次爆发，也许很快 。 他不认为伊朗会重新进行核计划 。 特朗普表示，不会放弃对伊朗 施压，也不会接管石油。 1 、 ...