Group 1 - The core focus is on high-quality development and the integration of development and safety, emphasizing the cultivation of characteristic advantageous industries to promote stable and healthy economic growth [1][2] - The importance of protecting and restoring historical cultural heritage in ancient cities is highlighted, with a call for strict management of ancient city construction and the promotion of tourism consumption [1] - Encouragement for enterprises to increase R&D investment and enhance product quality and brand influence, alongside the need for an optimized business environment and the implementation of policies to support enterprise growth [1][2] Group 2 - The initiative to enhance the quality and added value of flower products, particularly in the context of the "Belt and Road" market, is emphasized to strengthen the Qingzhou flower brand [2] - The development of the ginseng industry is discussed, focusing on utilizing local ecological and resource advantages to promote the entire industry chain and improve income for rural communities [2] - A call for a thorough review of the first half of the year and a commitment to project execution, investment expansion, and consumer promotion in the second half, aiming for high-quality development amidst uncertainties [2]

Group 1 - The core viewpoint emphasizes the importance of reform and innovation in driving high-quality development in Dongying City, focusing on the implementation of major national strategies related to the Yellow River [3] - Dongying City is advancing the construction of the National Saline-Alkali Land Comprehensive Utilization Innovation Center and aims to improve 146,000 acres of saline-alkali farmland while adding 35,000 acres of arable land [3] - The city has signed 108 formal contract projects with a total investment of 54.192 billion yuan in the first four months of the year, showcasing a strong commitment to high-quality investment attraction [2] Group 2 - Dongying City is actively promoting the development of renewable energy, with plans for renewable energy installations to reach 10 million kilowatts and new energy storage capacity to reach 1.6 million kilowatts this year [4] - The city is focusing on the transformation and upgrading of the petrochemical industry while nurturing emerging industries such as high-end petroleum equipment and lithium batteries [4] - In the first quarter, the city's GDP grew by 6.1%, surpassing the provincial growth rate by 0.1 percentage points, indicating robust economic performance [4]

Core Viewpoint - The earnings outlook for major banks such as JPMorgan, Wells Fargo, and Citigroup is subdued despite passing stress tests, with growth hindered by weak demand in conventional and investment banking [2][3]. Group 1: Earnings Expectations - JPMorgan's Q2 earnings are expected to decline by -5.6% with revenues down -13.4% [3] - Citigroup and Wells Fargo are projected to see Q2 earnings decrease by -3.2% and -6.8% respectively [3] - The Zacks Investment Brokers & Managers industry, including these banks, anticipates a total Q2 earnings drop of -2.8% on -0.6% lower revenues [3] Group 2: Sector Performance - The overall Finance sector is expected to see Q2 earnings increase by +8.2% on +3.9% higher revenues [3] - Total S&P 500 earnings for the June quarter are projected to rise by +5.0% with +4.0% higher revenues [5] - Three sectors are expected to achieve double-digit earnings growth in Q2: Aerospace (+15.2%), Tech (+12.1%), and Consumer Discretionary (+106.1%) [5] Group 3: Market Performance - Despite weak earnings growth expectations, stocks of JPMorgan, Citigroup, and Wells Fargo have performed well in the market, likely due to anticipated capital returns and hopes for improved earnings growth [6] - The market's recovery from April lows suggests that participants may not view tariff uncertainties as a significant threat, although there is skepticism regarding this outlook [23]

研究早观点 2025 年 7 月 3 日 星期四 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,454.79 | -0.09 | | 深证成指 | | 10,412.63 | -0.61 | | 沪深 | 300 | 3,943.68 | 0.02 | | 中小板指 | | 6,512.36 | -0.62 | | 创业板指 | | 2,123.72 | -1.13 | | 科创 | 50 | 982.64 | -1.22 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【山证新股】新股月报（2025 年 6 月）-新股市场较为活跃，月内共上 市 6 只新股 【行业评论】煤炭：煤炭进口数据拆解：25 年 5 月进口加速收缩 【行业评论】生物医药Ⅱ：创新药动态更新：IBI363：实现免疫耐药 N ...

Market Performance - The major U.S. stock indices showed mixed results, with the Dow Jones Industrial Average slightly down by 0.02% to 44,484.42 points, while the S&P 500 and Nasdaq both reached record closing highs, up 0.47% to 6,227.42 points and 0.94% to 20,393.13 points respectively [3][2] - Large tech stocks mostly rose, with Tesla surging nearly 5%, Nvidia up over 2%, Apple rising more than 2%, and Google increasing over 1%. However, Microsoft, Amazon, and Facebook saw slight declines [5][3] Tesla Performance - Tesla reported second-quarter delivery numbers of 384,122 vehicles, slightly below the forecast of 389,407 vehicles, while production reached 410,244 vehicles, exceeding the estimate of 400,083 vehicles [5][7] - Cathie Wood, head of Ark Investment, purchased 56,368 shares of Tesla, valued at approximately $17.91 million, during a period when Tesla's stock price had declined [5][7] Employment Data - U.S. private sector employment unexpectedly decreased by 33,000 jobs in June, marking the first decline in over two years and significantly below the expected increase of 95,000 jobs [7][8] - The ADP data indicates a hesitance in hiring among companies, despite low levels of layoffs, which may signal a weakening labor market amid economic slowdown concerns [7][8] Federal Reserve Developments - Anna Paulson has been appointed as the new president and CEO of the Philadelphia Federal Reserve, representing the third Federal Reserve district in the FOMC [10][12] - Paulson's extensive experience in financial stability and monetary policy will influence U.S. monetary policy decisions, particularly in the upcoming FOMC meetings [12] Microsoft Layoffs - Microsoft announced a global layoff of approximately 9,000 employees, representing less than 4% of its total workforce, as part of an organizational restructuring [14] - This marks the fourth round of layoffs for Microsoft in 2023, focusing on streamlining management layers and enhancing operational efficiency, particularly in areas with slowing growth [14]

其 他 报 告 2025年07月03日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3455 | -0.09 | 1.91 | | 深证成份指数 | 10413 | -0.61 | 3.73 | | 沪深300指数 | 3944 | 0.02 | 1.95 | | 创业板指数 | 2124 | -1.13 | 5.69 | | 上证国债指数 | 226 | 0.06 | 0.02 | | 上证基金指数 | 6936 | -0.04 | 0.37 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 24221 | 0.62 | 3.20 | | 中国香港国企指数 | 8725 | 0.54 | 2.76 | | 中国台湾加权指数 | 22578 | 0.11 | 2.42 | | 道琼斯指数 | 44495 | 0.91 ...

【观网财经丨智能早报 7月3日】 百度搜索迎来10年最大改版 京东推出两款AI社交产品 7月2日，有消息称，京东推出两款AI（人工智能）社交产品，分别名为"宠TA"和"聊愈小宇宙"。《每 日经济新闻》记者证实，在京东App中搜索上述名字即可跳转至产品服务界面。据了解，"宠TA"是一个 以数字人、数字宠物为中心的AI社区产品，而 "聊愈小宇宙"是一个识别用户情绪、记录情绪的解压游 戏，为用户提供全天候的心理陪伴服务。（每经网） 腾讯回应微信AI搜索被指开盒 7月2日，在百度"AI DAY"科技沙龙活动中，百度搜索官宣升级和上新了多款AI新产品、新功能，迎来 了近十年最大的改版。最直观的变化是在输入端，搜索框"变大"了，变成了"智能框"，可以满足超千字 的长文本搜索、文件搜索、AI工具调用、语音搜等多模态、更丰富的搜索需求，想怎么搜，就怎么 搜。 从此次百度搜索改版中，通过底层模型能力、中间层工具能力、上层应用的"三层联动"，推动了百度搜 索向AI生态平台方向发展。从"通用化"到"个性化"，从"工具化"到"内容化"，从"信息获取"到"任务完 成"三个方向的演进，百度搜索变化的背后，展现了AI时代，百度为用户自我变 ...

上涨缺乏强有力的驱动，预计在65~80美分/磅区间震荡 从2025年上半年美棉价格的走势来看，整体呈现区间震荡格局，上涨或下跌的驱动力量均不强，震荡区 间在62～70美分/磅。其间，受关税政策的影响，价格波动幅度有所放大。如在4月，中美关税政策涉及 棉花及棉纺织品领域，这使得市场对消费的忧虑情绪升温，美棉价格触及跌停。不过，值得注意的是， 近日美棉价格连收阳线，走势偏强。 国际供需改善幅度不大 从美国农业部（USDA）发布的全球棉花6月供需数据来看，2025/2026年度棉花库存消费比出现小幅下 调，降至65.22%。产量方面，呈现小幅减少态势，较上一年度减少64万吨，降至2547万吨。消费则有所 上调，增加26万吨，达到2564万吨；期末库存小幅下调11万吨，至1672万吨。整体而言，由于产量下降 以及消费上升，棉花期末库存有所下滑，导致整体库存消费比下降，但下降程度有限。 进出口方面，总体态势基本保持平衡。其中，中国进口量下调11万吨，土耳其进口量下调4万吨，孟加 拉国进口量下调2万吨；巴基斯坦进口量上调7万吨。与此同时，巴西和澳大利亚的出口预期分别上调7 万吨和2万吨，而印度的出口预期则下调11万吨。整 ...

小鹏计划在今年四季度推出两款增程版的大型车 G9、X9，这是小鹏首次进入纯电以外的市场。 两款车之后，小鹏会将增程技术下放，迅速在已被对手验证过的中端、低端市场中完成布局，即将推出的 G7，以及 MONA 系列都会有增程车。 01.高端、低端同时打 汽车像素独家了解到，小鹏将推出多款中低端定位的全新增程车型，新车预计将延续 MONA 系列的定位，主销区间进入 15 万元及以下。 MONA 系列只有一款轿车 M03 在售，这是小鹏最畅销的车，上半年贡献了小鹏四成以上的销量，也是小鹏最便宜的车，与比亚迪的秦 L EV 等竞争。 M03 仅有纯电版本。今年下半年到明年，该系列还会发布多款全新产品，其中大部分新车都同步规划了纯电、增程两个版本。我们了解到，小鹏至少还 有三款同系列的全新车型在研发。 小鹏在 2024 年 11 月首次官宣了增程计划，过去半年中，小鹏陆续披露了产品，首款增程车基于大型 SUV 产品 G9 来做，今年 4 月又透露会推出 MPV 车 型 X9 的增程版。 外界曾猜测，小鹏只会在中高端车型上采用增程技术，以推高中大型产品的销量。这是理想、问界等品牌验证过的路径。 MONAM03 在性价比市场 ...

英国首相斯塔默周三表示，里夫斯（Rachel Reeves）将"长期担任财政大臣"，试图平息外界对其政治 前途的猜测。当天下午，在英国政府突然取消50亿英镑残障福利削减计划后，斯塔默在下议院拒绝明确 支持含泪的里夫斯，导致英国国债和英镑大幅下跌。 在与保守党领袖凯米·巴德诺赫（Kemi Badenoch）的激烈交锋中，斯塔默最初拒绝确认财长是否会留 任。投资者紧张情绪引发英国国债抛售，10年期英债收益率飙升0.16个百分点至4.61%，创下自去年4月 全球债市动荡以来的最大单日涨幅，盘中跌幅甚至超过2022年前首相利兹·特拉斯（Liz Truss）灾难性 的"迷你预算案"时期。英镑兑美元汇率下跌0.9%，兑欧元下跌0.7%。 当晚，斯塔默迅速采取行动支持他的财长，向BBC表示里夫斯的情绪波动"与政治无关"。 质询结束后，里夫斯被其妹妹、工党主席埃莉·里夫斯（Ellie Reeves）搀扶离开议会。后者似乎紧握财 长的手引导她离场。首相新闻秘书表示，首相此前已说过里夫斯将担任整个议会任期的财长。 "他不需要每次都重复。"当被问及里夫斯是否提出辞职时，新闻秘书回答："没有。"她表示里夫斯和斯 塔默正致力于推进改革 ...