公安部交管局局长王强7月23日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上表示，目 前，市场上销售的汽车所搭载的"智驾"系统，都还没有实现"自动驾驶"的目标，驾驶人才是最终责任主 体。 ⭐星标华尔街见闻，好内容不错过 ⭐ 本文不构成个人投资建议，不代表 平台 观点，市场有风险，投资需谨慎，请独立判断和决策。 觉得好看，请点"在看" 如果驾驶人在车辆行驶过程中"脱手脱眼"，不仅存在严重道路交通安全风险，还可能面临民事赔偿、行政 处罚及刑事追责三重法律风险。对此，公安机关将会同有关部门进一步加强规范管理。 来源：新华社 ...

Core Viewpoint - Taobao Flash Sale has officially denied recent rumors regarding a so-called "expert interview," stating that the operational strategies, business goals, and related data mentioned are entirely fabricated [1]. Group 1 - Taobao Flash Sale emphasizes that it has never set any "order rush targets," and all business operations follow normal commercial practices, focusing on user needs and merchant development [1]. - The company has issued formal requests to social media platforms to remove false information and is taking legal action to hold those responsible for creating and disseminating the false information accountable [1].

Core Viewpoint - The article discusses the recent financing success of Faraday Future (FF) led by Jia Yueting, highlighting his ability to attract significant investment despite past controversies and challenges in the electric vehicle market [3][10]. Financing and Investment - FF has secured a financing agreement of approximately $105 million (around 750 million RMB), bringing its total funding to over $5 billion since its inception [3][4]. - The article emphasizes that FF's shift from a consumer-focused (To C) model to a business-focused (To B) strategy has attracted new capital and interest from investors [6][10]. Market Dynamics - The global electric vehicle market is characterized by intense competition, with leading companies like BYD and Tesla holding over 35% market share combined [5][10]. - The article notes that the To C market is becoming increasingly difficult for new entrants, prompting FF to pivot towards business clients to mitigate competition [5][6]. Product Development - FF has introduced a new vehicle, the FX Super One, which features advanced AI and L4-level autonomous driving capabilities, and has already secured over 4,100 pre-orders [4][9]. - The FX is positioned to cater to various business sectors, including rental companies and e-commerce, aiming to create a new revenue stream [9][10]. Strategic Partnerships - Jia Yueting is actively engaging with U.S. lawmakers and officials to discuss the development of the electric vehicle industry, indicating a strategic shift towards collaboration with government entities [5][11]. - The article suggests that FF's approach to forming partnerships with businesses and government could enhance its market position and facilitate future financing [11][12]. Challenges and Risks - Despite the recent successes, the article highlights the inherent challenges in the To B market, including complex decision-making processes and longer sales cycles compared to the To C market [10][12]. - The article also mentions ongoing legal scrutiny, including a "Wells Notice" from the SEC, which could pose risks to FF's operations and reputation [17].

Core Viewpoint - The public fund industry in China has experienced significant growth in the first half of 2025, with a notable increase in the scale of public funds and a competitive environment among fund companies [2][30]. Group 1: Top Fund Companies - As of June 30, 2025, the top ten public fund companies by non-monetary scale are: E Fund, Huaxia Fund, GF Fund, Fortune Fund, Harvest Fund, Southern Fund, Bosera Fund, Hua Tai-PB Fund, Huitianfu Fund, and China Merchants Fund [2][7]. - The top two companies, E Fund and Huaxia Fund, have surpassed 1.4 trillion yuan and 1.2 trillion yuan in non-monetary fund scale, respectively, indicating strong market leadership [8][10]. - The third to sixth ranked companies, including GF Fund and Fortune Fund, have all seen growth rates exceeding 8.4%, highlighting a competitive atmosphere within the industry [8][10]. Group 2: Second Tier Companies - The second tier of fund companies, ranked 11th to 20th, includes Penghua Fund, Invesco Great Wall, ICBC Credit Suisse, Guotai Fund, and others, with notable growth in their scales [12][15]. - Guotai Fund has risen to 14th place, driven by the growth of index funds, while Penghua Fund is approaching the 500 billion yuan mark and is expected to challenge for a top ten position soon [13][15]. - Xingsheng Global Fund has also shown double-digit growth, primarily due to increases in bond and index funds [14][15]. Group 3: Middle Tier Competition - The competition among the middle tier fund companies (ranked 21st to 30th) is intensifying, with significant movements in rankings [17][20]. - Xinyi Fund has moved up from 23rd to 21st place with a remarkable growth rate of 20%, while Haifutong Fund has jumped from 33rd to 28th with a 34% increase [18][19]. - Dachen Fund has also seen a 10.14% increase, moving from 24th to 23rd place, indicating a dynamic competitive landscape [20]. Group 4: Emerging Fund Companies - The rankings from 31st to 40th include Huabao Fund, Dongzheng Asset Management, and others, with some companies like Dongzheng Asset Management and Minsheng Jia Yin achieving notable upward movements [22][24]. - The latest rankings show that several companies have successfully risen by two positions, attributed to effective team adjustments and focused product strategies [24][25]. - The number of public fund companies with non-monetary scales exceeding 100 billion yuan has increased to 49, up from 45 in the previous quarter, indicating a growing trend in the industry [29].

Core Viewpoint - The article discusses the ongoing competition among food delivery platforms, highlighting that large subsidies and promotional offers have not diminished despite regulatory scrutiny. The competition has shifted from a short-term battle to a more cyclical and normalized state, particularly affecting the tea beverage industry [1][2][3]. Group 1: Market Dynamics - The market has seen a transition from intense competition to a more regularized form, with tea beverages becoming a key tool for platforms to increase order volume [4][5]. - The expectation of a "win-win-win" scenario for platforms, merchants, and consumers has not been realized, leading to questions about the role of tea brands in this competitive landscape [6][7]. - The current phase of the competition is characterized by direct confrontations among platforms, with a focus on increasing order volumes and reducing the effectiveness of competitors' promotions [13][14]. Group 2: Merchant Perspective - Merchants face a lack of transparency regarding the costs associated with promotional orders, as platform subsidies are often tied to merchant discounts [9][10]. - The burden of promotional costs is shared between merchants and platforms, with merchants typically bearing a significant portion of the costs [11][12]. - The influx of low-priced orders has led to a decline in normal sales, with many merchants reporting that a large percentage of their orders are now promotional [22][23]. Group 3: Financial Implications - The tea beverage industry has seen significant order growth due to platform subsidies, with leading brands benefiting the most due to their strong supply chain capabilities [27][28][29]. - However, the financial burden on brands is increasing, as they often have to share a larger portion of the promotional costs over time [38][39]. - The average price of tea beverages has decreased from 15-20 yuan to 10-15 yuan, leading to a decline in industry profit margins from 21.4% in 2023 to 14.7% in 2024 [46]. Group 4: Competitive Landscape - The competitive environment is becoming increasingly challenging, with a high rate of store openings and closures indicating a struggle for profitability among tea brands [49]. - The reliance on platforms for order volume is raising operational costs and may lead to a decline in efficiency for offline operations [50][51]. - The article suggests that the ongoing price competition may lead to a market correction in the future, but brands that prioritize sales may continue to offer additional subsidies [57][58].

Luna在信中写道： 2025年6月25日，美联储主席鲍威尔在美国参议院银行、住房和城市事务委员会作证时，关于美联储 的Eccles大楼的翻修问题， 在证词中做了几项实质性虚假陈述。（ 注：Luna这里具体指控鲍威尔在 Eccles大楼的奢华设施和维护状况方面做出虚假陈述。） 当地时间周一，据福克斯新闻数字报道， 美国佛罗里达州的共和党众议员Anna Paulina Luna发函美 国司法部，称美联储主席鲍威尔两次作伪证，对其提出刑事指控。 美国伪证罪最高可判处五年监禁， 并可能处以罚款。 上述事件正值美国保守派特朗普盟友持续要求在鲍威尔任期于2026年5月结束之前将其解职。 美国房贷行业媒体《Mortgage Professional》报道称，鲍威尔否认所有伪证指控，并已启动正式的监管 调查，以审查Eccles大楼翻修项目的成本问题。 美联储官网目前也新增了翻修项目的视频导览及计划说明。 白宫新闻秘书：特朗普没有解雇鲍威尔的计划 此外，在写给美国管理和预算办公室（OMB）主任Russell Vought的一封信中，鲍威尔表示，将该项 目成本从19亿美元提升到25亿美元的变化是微不足道的。然而，美国国会调查人 ...

Core Viewpoint - The signing of the GENIUS Act by President Trump is paving the way for the issuance and regulation of stablecoins in the U.S., which may disrupt traditional banking systems in the next 2 to 3 years [1][2]. Legislative Developments - The GENIUS Act establishes a preliminary framework for stablecoin issuance and regulation, while the CLARITY Act aims to clarify the jurisdiction of the SEC and CFTC over the crypto market [1]. - These legislative advancements signify a shift in focus from policy debates to the actual construction of infrastructure in the digital asset market [2]. Market Growth Projections - The stablecoin market is expected to see moderate growth of approximately $25 billion to $75 billion in the short term, which will likely increase demand for U.S. Treasury securities, particularly short-term bills [2]. Banking Sector Response - U.S. banks are preparing for the stablecoin era, with management expressing readiness to offer stablecoin solutions, although there are concerns regarding specific use cases, especially in domestic payment scenarios [3]. - Major banks like JPMorgan and Citigroup are exploring stablecoin capabilities, with JPMorgan launching its deposit token (JPMD) and Citigroup investing in digital asset services [6][7]. Cross-Border Payment Opportunities - Despite skepticism about domestic applications, bank executives see viable use cases for stablecoins in cross-border payments, with some banks viewing this as a "greenfield" market [4]. Short-Term Impact on Domestic Payments - Most banks anticipate minimal short-term impact on their core domestic payment businesses from stablecoins, although competition in cash management services may intensify [5]. Bank Comments on Stablecoins - JPMorgan is actively entering the stablecoin and digital asset space, while Bank of America acknowledges small cross-border payments as a realistic application [6]. - Citigroup is focusing on tokenized services, despite high transaction costs for converting between fiat and stablecoins [6][7]. Digital Asset Applications - Banks are exploring four main application scenarios for digital assets: reserve management and custody services for stablecoins, transaction services, issuing their own stablecoins, and tokenized deposits [7][8]. Future Outlook - Various banks, including PNC and M&T, are developing digital asset services and assessing the feasibility of stablecoins as payment mechanisms, indicating a growing interest in the sector [9].

张坤有句名言：一个基金经理在从业历史上，至少应该敢于对抗市场两三次。 2025年2季度，或许是他再次"对抗"市场的时候。 当季度，市场上演"V"型反转，各板块差距迅速拉大。从风格指数看，全季度唯有金融股和港股"二枝独秀"，其余宽基和行业指数多数表现平平。 以下文章来源于资本深潜号 ，作者资本深潜号 资本深潜号 . 专注资本背后的硬核故事 同期，张坤管理的四个基金中有三个基金（易方达优质企业、易方达蓝筹、易方达优质精选）出现阶段性落后基准7.5个百分点以上的情况，唯有主投境外的易 方达亚洲精选取得明显收益，并与基准基本"打平"。 这样的关键时刻，张坤会做何应对？ 答案是—— 再次"旗帜鲜明"的坚持己见，并与市场共识"拉开距离"。 当季度，张坤至少从三个层面坚持了自己的看法（根据季报显示）。 在宏观经济层面 ，张坤认为，市场（投资者）将近两年中国经济的情况线性外推，导致长期国债利率维持在与经济潜力不匹配的水平。对此张坤明确表 示："我们并不认同"。 在上市公司业绩层面， 张坤认为，我国人均 GDP 仍然是发展中国家水平，未来只要充分发挥市场经济的力量和个体的主观能动性，叠加科技进步，有望带动 经济增长并反映到优质 ...

Core Viewpoint - Despite the ruling coalition of Japan's Liberal Democratic Party (LDP) losing its majority in the House of Councillors election, both the yen and Japanese stock futures unexpectedly rose, indicating market resilience and investor sentiment towards political stability [1][5]. Group 1: Election Results and Market Reaction - The LDP and Komeito coalition lost its majority in the recent election, marking the first time since its establishment in 1955 that the LDP has not secured a majority in both houses of the National Diet [1]. - Following the election results, the yen initially rose by 0.7% against the dollar, reaching a high of 147.79 before settling around 148.48, and then rebounding to approximately 147.80 [2]. - Market analysts noted that investors had anticipated the coalition's loss, and the actual results were relatively mild, which helped avoid severe political turmoil [5][8]. Group 2: Investor Sentiment and Positioning - Some investors had prepared for a more significant defeat for the coalition and the potential resignation of Prime Minister Shigeru Ishiba, leading to a short-term rebound in the yen as political risk eased [5]. - Despite the yen's rise, several investment banks remain bearish on the yen, with Bank of America maintaining a short position, suggesting that any short-term rebounds should be viewed as selling opportunities [5][16]. - HSBC issued a warning that the USD/JPY could exceed 152 due to political and Bank of Japan risks, indicating a potential "lira-ization" of the yen [6]. Group 3: Key Variables Influencing Future Trends - The future price movements of the yen will depend on three main factors: whether the LDP retains or loses its coalition majority, whether Ishiba continues as Prime Minister, and the outcome of any leadership elections within the LDP if Ishiba resigns [13]. - If Ishiba resigns, the market may react negatively, leading to further yen depreciation and increased volatility, especially as concerns about fiscal expansion grow [14][16]. - Conversely, if Ishiba remains in power and seeks to expand the coalition with compatible parties, this could alleviate concerns about pro-cyclical fiscal policies, potentially causing the USD/JPY to initially retreat to around 148 [16]. Group 4: Economic Policy Implications - Analysts from Nomura suggested that the loss of majority seats could lead to dual policies of consumption tax cuts and cash subsidies, which might boost the economy in the short term but could result in significant economic pullbacks once these policies expire [17].

Core Viewpoint - The article discusses the rapid rise of Ant Group's AI health application AQ, which topped the Apple App Store's medical category within 24 hours of its launch, highlighting the significant interest and investment in the AI healthcare sector by major companies like Tencent, Baidu, JD, and ByteDance [2][22]. Group 1: AQ Application Features - AQ is designed to replicate real diagnostic processes, addressing the common issue of users struggling to describe complex symptoms accurately through its "AI clinic" feature that allows for follow-up questions [4]. - The application can interpret medical reports and compare multiple reports, achieving over 90% accuracy and covering 99% of common report types, which is crucial given that over 90% of users cannot understand medical reports [5]. - AQ includes a "famous doctor AI avatar" feature, trained on the expertise of nearly 200 top specialists, significantly enhancing its service capacity compared to traditional consultations [5]. Group 2: Integration with Hardware and Data - AQ integrates with Apple's HealthKit, allowing it to access continuous health data from devices like iPhones and Apple Watches, thus creating a comprehensive personal health profile [6][9]. - This integration shifts health management from a reactive to a proactive approach, enabling continuous health monitoring and intervention [8]. - Ant Group aims to become the central hub for personal health data by connecting with various wearable devices and health management tools [9]. Group 3: Long-term Strategy and Market Position - Ant Group's healthcare strategy is built on a decade of groundwork, starting with the launch of mobile appointment and payment services in 2014, leading to deep connections with over 5,000 public hospitals [10][11]. - The company has established a large user base accustomed to handling sensitive medical transactions through its platform, which is a significant asset [11][12]. - Ant Group's approach focuses on creating a three-dimensional service system connecting users, doctors, and healthcare institutions, leveraging its established payment and insurance infrastructure [12]. Group 4: Market Potential and Competitive Landscape - The AI healthcare market in China is projected to grow from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, with the broader health management market expected to reach 2.59 trillion yuan by 2027 [14]. - The competitive landscape features major players like Tencent, Baidu, JD, and ByteDance, each leveraging their strengths, while Ant Group occupies a unique position in the highly regulated financial and insurance transaction layer [15][17]. Group 5: Challenges and Future Outlook - Despite the promising outlook, the AI healthcare sector faces challenges such as data silos, varying data quality, and the need for clear, scalable business models [18][19]. - Ant Group's strategy of building a robust foundational infrastructure before pursuing commercialization is seen as a prudent approach in this slow-moving industry [19]. - The ultimate vision for AI healthcare extends beyond convenience in treatment to personalized and predictive health management, indicating a long-term commitment to innovation in this field [20][21].