财政部公布第三季度国债发行有关安排显示，三季度将发行11期超长期特别国债 ，7月、8月、9月分别发行3期、4期、4期。 程序化交易新规7月7日（本周一）实施 ，近期市场传言称"新规中高频交易频率将从每秒299次降至30次"，对此，多家量化私募均称该传言不属实，现行 监管标准未作调整。 7月7日，中国6月外汇储备、中国6月黄金储备量(万盎司)公布 。 7月9日，中国国家统计局将公布6月CPI、PPI数据。 同一天，美国关税暂停期到期。特 朗普4月2日宣布对全球几十个国家输美产品征收所谓"对等关税"，之后迫于压力暂缓90天执行。与此同时，新西兰联储公布利率决议和货币政策评估报 告。7月10日，美联储公布货币政策会议纪要。 富国中证AAA科技创新公司债ETF、华夏中证AAA科技创新公司债ETF、招商中证AAA科技创新公司债ETF、博时上证AAA科创债ETF等首批10只科创债 ETF将于7月7日起发售 日本政府计划派遣经济再生担当相赤泽亮正再度访美，在本周举行第八轮关税谈判。 日美谈判达成妥协的最大障碍是汽车，日本要求大幅下调加征的 25%关税遭美方拒绝。美国总统特朗普此前表示，不考虑延长7月9日关税谈判截止日期；若 ...

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 ...

图 一周摘要 图 市场概况： 上周（6月30日至7月4日） A 股呈现 "深强沪弱" 特征，上证 50 上涨 1.21%，沪深 300 上涨 1.54%，市净率处于近 5 年中位数附近，受新能源和电子板块提振，创业板指大涨 1.50%，但科创 50 却 逆势下跌 0.35%，银行股指数创新高，显示资金从高估值赛道向政策受益领域迁移。全周上证指数上涨 1.40%，深证指数上涨1.25%，创业板指上涨1.50%。 行业板块： 上周 Wind一级平均涨幅1.30%，Wind百大概念指数上涨比例78%。板块方面， 81%板块获 得正收益，钢铁、建筑材料、银行相对表现良好，分别上涨5.06%、3.96%、3.77%，综合、传媒、农林 牧渔等均出现2%以上的涨幅，而仅有美容护理、非银金融、计算机走弱，分别下跌0.55%、0.72%、 1.28%。 基金表现 ： 上周 万得全基指数上涨 0.71% 。其中，万得普通股票型基金指数上涨 1.60% ，万得偏股混合型基金指数上涨 1.25% ，万得债券型基金指数上涨 0.20% 。 图 一周市场 图 01 全球大类资产回顾 大类资产方面，上周 国际权益市场略有分化，美股延续涨势 ...

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 ...

1、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 。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" 。 2、 商务部就欧盟进口白兰地反倾销案最终裁定答记者问表示，反倾销实践中，如果调查机关接受涉案出口企业作出的价格承诺，即未来出口价格 不低于某个水平，那么这些出口将不会被征收反倾销税 。本案欧盟有关行业协会和企业按时提交了价格承诺申请。调查机关依法审查后认为，其中34 家企业的申请符合法律要求，决定予以接受。这些企业的产品向中国出口时，只要满足承诺条件，就不会被征收反倾销税。 1、 国务院副总理刘国中在广东调研时强调，要加快推进农业和医疗领域科技创新 ，因地制宜发展农业新质生产力，提升药品医疗器械自主创新能 力 ，有力促进产业提质升级和经济高质量发展 。要加快构建药品医疗器械领域全国统一大市场，支持企业参与国际竞争，拓展医药产业发展空间。 2、 法国总统马克龙会见外交部长王毅 。王毅表示，愿同法国深化互利合作，希望法方为中国企业赴法投资兴业提供更加良好和公平 ...

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].