Core Viewpoint - The global financial system is undergoing a profound restructuring driven by digital technology, with blockchain as a cornerstone, reshaping payment clearing and asset circulation models, and triggering historic changes in monetary sovereignty and cross-border financial infrastructure [2]. Group 1: Blockchain and Financial Infrastructure - The wave of innovation based on blockchain is transitioning from technical experimentation to compliant market practices, with a breakthrough window for the internationalization of the Renminbi in the digital currency era [2]. - The construction of a cross-border trust network using distributed technology is becoming a key variable in the financial competition among major powers [2]. Group 2: Industry Evolution and Challenges - The blockchain industry is moving from the iteration of underlying protocols to a period of commercial ecosystem explosion, with the large-scale implementation of scenarios in securities, trade, and supply chains requiring forward-looking assessments [2]. - The trend of Tokenization is shifting from experimental scenarios on-chain to mainstream financial infrastructure [2]. - There are significant challenges in mapping on-chain rights to traditional legal frameworks, highlighting the urgent need to explore more innovative regulatory paths [2].

Group 1 - The overall consumption is improving, with notable increases in automobile retail and wholesale volumes, as well as high-end liquor prices due to seasonal demand and base effects [1] - Service consumption indicators such as urban population mobility and movie box office revenues are also showing improvement, although the inter-city migration index has turned negative year-on-year [1] - Investment in infrastructure is seeing a rapid issuance of special bonds, while the decline in project contract amounts is narrowing; real estate sales are recovering during the peak season, but the land market is cooling down and construction starts remain low [1] Group 2 - In terms of trade, domestic port freight rates have decreased due to tariff policy disruptions [1] - Most industries are experiencing a decline in production, with sectors like power generation and steel adjusting due to demand or profit influences [1] - Inventory levels are primarily focused on replenishment, with industrial prices rising and CPI showing a differentiated trend [1] Group 3 - The US dollar index has slightly increased, while the Chinese yuan has appreciated moderately [1]

蔡雯娟 家电首席分析师 行业核心洞察 出海创牌扬帆, 智能进化起航 价值主张 前瞻布局产业发展, 与顶尖公司共成长 点击下方图片 查看电话会回放详细议程 国泰海通证券 | 研究所 717 报告来源 观点来自国泰海通证券已发布的研究报告。 报告名称：重回内需视角，兼顾出海发展；报告日期： 20241209；报告作者：蔡雯娟S0880521050002；风险提示：原材料价格波动风险、行业竞争加剧。 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 推 荐 阅 读 上线了！国泰海通2025研究框架培训视频版｜洞察价值，共创未来 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听内容 ...

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Core Viewpoint - The macro policy framework of "fiscal dominance, monetary coordination" is being established, indicating a shift in economic dynamics [3][8] - The marginal strength of micro entities in "pricing the economy" is limited, suggesting challenges in market pricing mechanisms [3][8] - The logic of long-term interest rates continuing to decline may have been shaken, indicating potential changes in the fixed income landscape [3][8] Summary by Relevant Sections - **Macro Policy Insights** - The current macroeconomic environment is characterized by a fiscal-led approach with supportive monetary policy, which may influence future economic conditions [3] - **Market Dynamics** - There is a noted limitation in the ability of market participants to effectively price economic fundamentals, which could lead to mispricing in the fixed income market [3][8] - **Interest Rate Trends** - The prevailing trend of declining interest rates may face challenges, suggesting a potential shift in the long-term outlook for interest rates [3][8]

Group 1 - The core viewpoint emphasizes the investment opportunities in the paper industry from a micro and macro perspective, highlighting the importance of understanding both industry dynamics and broader economic factors [3][7]. - The report titled "Investment Opportunities in Paper Industry Leaders from the Perspective of Anti-Overwork" was authored by Liu Jiakun and published on July 9, 2025, indicating a focus on strategic insights for investors [7]. Group 2 - The research highlights the value proposition derived from the industry, suggesting that investment insights are rooted in and transcend the industry itself, which is crucial for both investment and real economy considerations [3][7]. - The annual representative work of the analyst includes a report titled "Under the Consumption Fluctuation, Viewing Home Companies from the Shell Perspective," showcasing the analyst's expertise in consumer-related sectors [3].

国泰海通证券 点击下方图片 查看电话会回放详细议程 推 荐 阅 读 上线了！国泰海通2025研究框架培训视频版｜洞察价值，共创未来 报告来源 | 研究所 711 郑雅斌 金融工程首席分析师 行业核心洞察 宏观+微观双驱，把握 beta+alpha的双重机遇 价值主张 通过数据洞见价值 《解码个业生命唐期· 略要投资的新范式探索》 . Nel . 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听内容 观点来自国泰海通证券已发布的研究报告。 报告名称：解码企业生命周期：股票投资的新范式探索； 报告日期： 20250609；报告作者：郑雅斌S0880525040105；风险提示：企业生命周期阶段依据公 司现金流、上市时间等数据进行量化划分，仅供参考。量化模型基于历史数据构建，可能存在历史统计 规律失效风险、因子失效风险、模型误设风险。 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅 ...

Group 1 - The core viewpoint is that the Chinese stock market is expected to continue its upward trend and reach new highs [3][6]. - The report emphasizes the importance of understanding the key drivers behind the rise of the Chinese stock market, particularly focusing on the risk-free interest rate [3][6]. - The analysis is presented by Fang Yi, the Chief Strategy Analyst at Guotai Junan Securities, indicating a strong confidence in the market's future performance [3][6]. Group 2 - The report is titled "Looking Forward to the Chinese Stock Market" and was published on May 18, 2025 [6]. - It highlights potential risks such as an unexpected overseas economic recession and uncertainties in global geopolitical situations [6].