Market News - The Ministry of Finance announced the issuance of 11 special long-term government bonds in the third quarter, with 3 issues in July, 4 in August, and 4 in September [2] - OPEC+ agreed to increase oil production by 548,000 barrels per day in August, exceeding the previous expectation of 411,000 barrels per day [3] - Indonesia plans to sign a $34 billion agreement with the U.S. to increase procurement from the U.S. as part of efforts to reach a trade agreement by July 9 [4] Sector Events - The 12th World High-Speed Rail Conference will be held in Beijing from July 8 to 11, 2025, focusing on innovative development in high-speed rail [6] - The 13th China (Western) Electronic Information Expo will take place in Chengdu from July 9 to 11, 2025, aimed at promoting the development of the electronic information industry in the western region [7] - The first Western Low Altitude Economy Expo will be held from July 11 to 13, 2025, with a focus on the development needs of low-altitude enterprises [8] Company News - Xiaomi Group's chairman Lei Jun announced the first delivery of Xiaomi YU7, starting on July 6 in 58 cities nationwide [10] - Zeekr will hold a technology launch event for the Zeekr 9X on July 9, 2025, introducing a new generation of hybrid technology architecture [10] - Fuwai Group is set to be listed on the Hong Kong Stock Exchange on July 7, with several other companies also listing on July 9 [11] Lock-up Expiration - A total of 50 companies will have their lock-up shares released this week, amounting to 1.364 billion shares with a total market value of 37.619 billion yuan based on the closing price on July 4 [13] - The peak of lock-up expirations will occur on July 7, with 24 companies releasing shares worth a total of 19.109 billion yuan, accounting for 50.79% of the week's total [13] New Stock Calendar - One new stock, Huadian New Energy, will be issued on July 7, 2025, with approximately 5.714 billion shares expected to raise 18.227 billion yuan [17] Institutional Outlook - Dongwu Securities is optimistic about the growth technology sector, noting that the Shanghai Composite Index has broken through 3400, with financial stocks playing a key role [20] - Galaxy Securities suggests that market sentiment is recovering, indicating conditions for a new stable state, with A-share valuations at a historically moderate level [21] - Huajin Securities warns that the short-term valuation rally may be nearing its peak, with several indicators suggesting high market sentiment [22]

2025年上半年， 美股一、二级市场持续火热。 核心指数方面， 道琼斯工业指数累计上涨3.64%，纳斯达克指数 累计上涨5.48%，标普500指数涨幅达5.50%。根据Wind数据统计，2025年上半年，美股市场股权融资（包含IPO 与再融资）规模总计950亿美元，较去年同期823亿美元增加127亿美元，增幅15.46%。 其中，非银金融行业 （SPAC上市算作非银融资）募资总额329亿美元，占比34.60%。 IPO方面，2025年上半年共198家企业成功上市，较去年同期增加84家；融资金额总计259亿美元，较去年同期增 长33.72%；其中，募资规模最大的是Venture Global，募资总额达17.50亿美元。SPAC方面，2025年上半年IPO融 资家数为52家，较去年同期增加40家；融资金额总计94亿美元，较去年同期大幅上升338.60%。中概股方面，上 半年赴美IPO的公司以中小型企业为主导，总计上市40家，较去年同期增加15家；融资金额总计仅9亿美元，较去 年同期减少61.12%。 再融资方面，2025年上半年再融资事件数为429起，较去年同期减少17起；再融资规模总计691亿美元，较去年同 ...

Market Overview - A-shares exhibited a "strong in Shenzhen, weak in Shanghai" characteristic last week, with the Shanghai Composite Index rising by 1.40% and the Shenzhen Component Index increasing by 1.25% [2] - The banking sector index reached a new high, indicating a shift of funds from overvalued sectors to policy-benefiting areas [2] - The average increase of Wind's first-level industry was 1.30%, with 81% of sectors showing positive returns, particularly steel, building materials, and banking, which rose by 5.06%, 3.96%, and 3.77% respectively [2][13] Fund Issuance - A total of 20 funds were issued last week, including 11 equity funds, 5 mixed funds, 3 bond funds, and 1 fund of funds (FOF), with a total issuance of 5.328 billion units [4][10] Fund Performance - The Wind All Fund Index increased by 0.71% last week, with the ordinary equity fund index rising by 1.60% and the mixed equity fund index increasing by 1.25% [3][9] Global Asset Review - International equity markets showed slight divergence, with U.S. stocks continuing to rise, driven by Nvidia's market capitalization nearing $4 trillion, while European markets displayed weakness due to concerns over economic recovery [5] - Commodity markets experienced significant differentiation, with oil prices influenced by U.S. economic data and international risk factors, while metals like copper, aluminum, gold, and silver recorded gains [5] Domestic Bond Market Review - The bond market remained stable, with the China Bond Composite Index rising by 0.15% and the convertible bond index performing well with a gain of 1.21% [14]

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].