其 他 报 告 2025年07月07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 | 3472 | 0.32 | 1.91 | | 深证成份指数 | 10509 | -0.25 | 3.73 | | 沪深300指数 | 3982 | 0.36 | 1.95 | | 创业板指数 | 2156 | -0.36 | 5.69 | | 上证国债指数 | 226 | 0.04 | 0.02 | | 上证基金指数 | 6942 | 0.03 | 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 | 23916 | -0.64 | 3.20 | | 中国香港国企指数 | 8609 | -0.45 | 2.76 | | 中国台湾加权指数 | 22548 | -0.73 | 2.42 | | 道琼斯指数 | 44829 | 0.77 | 3.82 | ...

Group 1: Trade and Economic Policies - Trump has signed 12 trade letters and plans to send them out on Monday, with significant announcements expected in the next two days regarding trade negotiations with the EU [2] - The White House is set to establish new unilateral tariff rates, which are likely to take effect from August 1, with rates potentially ranging from 10% to 70% [2] - The focus of broker strategies this week is on the progress of trade agreements and the sustainability of the "anti-involution" sector [5] Group 2: Market Trends and Predictions - The global market pricing is primarily influenced by the trade agreement progress expected on July 9, with a noted weakening of export growth compared to the first half of the year [5] - A-share market is expected to maintain an upward trend, with attention on sectors like wind power, thermal power, and robotics, which are anticipated to show positive mid-year performance [5] - The market may experience fluctuations in the coming weeks due to increased volatility in overseas markets, but a supportive liquidity environment is expected to sustain the current market conditions [5] Group 3: Industry Developments - The People's Bank of China has released a draft for the rules governing the cross-border payment system, which aims to lower entry barriers and simplify transaction processes, promoting the internationalization of the RMB [7] - The high temperatures affecting China are expected to boost air conditioning sales, with a correlation noted between temperature changes and air conditioning demand [10] - The State-owned Assets Supervision and Administration Commission is pushing for a comprehensive development strategy in the non-ferrous metals sector, focusing on resource exploration and investment [11] Group 4: Company Announcements - China Shipbuilding has received approval from the Shanghai Stock Exchange for the absorption and merger with China Heavy Industry [14] - Xinhua Insurance is investing 11.25 billion yuan in a private equity fund [14] - Huadian New Energy is set to launch an IPO with a subscription price of 3.18 yuan per share [13]

一、停复牌 1、国投中鲁：拟购买中国电子工程设计院股份有限公司100%股权，股票复牌。国投中鲁的主营业务将 增加产业化咨询、工艺设计等相关服务。 2、*ST紫天：叠加实施退市风险警示，股票复牌。 二、并购重组 1、昊帆生物：拟1.6亿元收购杭州福斯特100%股权。杭州福斯特是一家专注于研发、生产和销售高级 中间体、特色原料药并承接部分CDMO业务的企业。 2、南京商旅：控股股东拟进行改革重组。 三、投资合作、经营状况 1、宇信科技：持续和在香港的国资银行探讨新的业务系统升级和相关合作机会。 2、木林森：子公司拟2.56亿元购买普瑞光电18.77%股权。 5、宏盛华源：预中标南方电网公司2025年主网线路材料第一批框架招标项目、南方电网公司2025年配 网材料第一批框架招标项目，预中标金额约11.27亿元，约占2024年经审计的营业收入的11.12%。 四、业绩变动 1、芯动联科：预计上半年净利润1.38亿元-1.69亿元，较上年同期增长约144.46%至199.37%；公司在手 订单充足，按计划在上半年顺利实现交付，使得上半年营业收入同比大幅增长，同时实现净利润的大幅 增长， 2、株冶集团：预计上半年净利润5 ...

证券研究报告 2025年07月06日 计算机 稳定币产业加速，数字金融进入新阶段 ——计算机稳定币研究专题 评级：推荐(维持) 刘熹(证券分析师) 郭义俊(联系人) S0350523040001 S0350124070015 liux10@ghzq.com.cn guoyj@ghzq.com.cn 最近一年走势 相关报告 -16% 4% 25% 45% 66% 86% 2024/07/04 2024/10/02 2024/12/31 2025/03/31 2025/06/29 计算机 沪深300 《模型性能不断提升，AI应用进入兑现期——计算机AI应用月度跟踪（2025- 05）（推荐）*计算机*刘熹》——2025-05-26 《计算机行业深度：大模型研究框架（2025）——"大模型"系列（5）（推 《域控制器研究框架——计算机"智能驾驶"系列专题二（推荐）*计算机*刘 熹》——2025-06-24 《计算机行业点评报告：特斯拉Robotaxi商业化时刻将至（推荐）*计算机*刘 熹》——2025-06-15 《计算机行业动态研究：稳定币头部企业Circle IPO，数字货币发展加速（推 荐）*计算机*刘熹》— ...

Core Viewpoint - Yuxin Technology is actively exploring new business system upgrades and collaboration opportunities with state-owned banks in Hong Kong while supporting foreign banks in their digital transformation efforts [1] Group 1: Business Development - Since its international expansion in 2019, the company has successfully implemented various front, middle, and back office business systems for foreign banks [1] - The company is focusing on supporting foreign banks' digital upgrades and completing the construction of next-generation systems [1] Group 2: Collaboration Opportunities - Yuxin Technology is in ongoing discussions with state-owned banks in Hong Kong regarding new business system upgrades and related collaboration opportunities [1] - The company aims to leverage its accumulated technological capabilities, product reserves, and customer ecosystem resources to engage with various licensed institutions abroad for comprehensive technological empowerment [1]

Group 1: Company Strategy and International Expansion - The stablecoin business is a significant opportunity for financial technology companies, aligning with the company's overseas strategy initiated in 2019, which has seen successful project implementations in Europe by mid-2025 [2][3] - The company's overseas strategy is comprehensive, involving not only product solutions but also capital strategies, including preparations for issuing H-shares [2] - Future development strategies will focus on new technology and product R&D, expanding overseas markets, and raising funds for cross-border settlement and payment ecosystem solutions [2] Group 2: Innovations in Banking and Stablecoin Integration - Stablecoins require deep integration with traditional financial institutions, which can play multiple roles in the stablecoin ecosystem, from fund custodians to digital asset service providers [3] - The company aims to leverage its existing technology and operational capabilities to connect various financial institutions with the digital asset ecosystem, enhancing the use cases for digital currencies [3] Group 3: Collaborations and Technological Advancements - Since its international expansion in 2019, the company has established successful cases with foreign banks and is actively exploring more product and business implementations [4] - The company is supporting foreign banks in digital upgrades and system construction while discussing new collaboration opportunities with state-owned banks in Hong Kong [4] Group 4: Asset Tokenization Experience - The company has experience in asset tokenization, particularly in bond tokenization, with stablecoins being used for tokenized asset payments [5] - The company has established a long-term partnership with a financial infrastructure institution in the domestic market, accumulating rich experience in bond-related services [5] Group 5: Risk Awareness - The content discussed in the investor relations activity, including future development plans and performance expectations, does not constitute a substantive commitment from the company, and investors should remain aware of related risks [6]

Listing Activities - Beijing Yuxin Technology Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Huatai Financial Holdings (Hong Kong) and BNP Paribas Securities (Asia) as joint sponsors [1] - Meige Intelligent Technology Co., Ltd. has also submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the sponsor and overall coordinator [2] - Shenzhen Chengtai Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan Securities (Hong Kong) as the exclusive sponsor [3] Company News - Roma Shi has denied rumors of bankruptcy, stating that they are working to resolve payment issues with suppliers, although funds are currently under pressure [4] - Alibaba plans to issue approximately HKD 12 billion in zero-coupon convertible bonds, which will be unsecured and non-subordinated debt, with proceeds aimed at supporting cloud infrastructure and international business development [8] - Xiaomi has recently applied for multiple "REDMI" trademarks across various international classifications, indicating potential expansion into new product categories [9] Market Developments - The U.S. government has lifted restrictions on the export of chip design software to China, allowing major EDA software companies to supply their products without special approval, which could significantly impact the Chinese EDA market [6] - The Hong Kong Stock Exchange has launched an order transmission service for its Integrated Fund Platform to enhance market efficiency [10] Financial Updates - The U.S. stock market saw all three major indices rise, with the Nasdaq and S&P 500 reaching new closing highs, driven by gains in technology stocks, including Nvidia, which hit a historical high [13] - Japan's companies have agreed to an average salary increase of 5.25%, marking the largest wage hike in 34 years, reflecting a positive trend in labor negotiations [15] Investment Activities - Shanghai Naiben Cloud Chain Technology Co., Ltd. has completed a 5 million RMB angel round of financing to enhance technology development and expand business capabilities [22] - "Huatai Jiguang" has completed an A-round equity financing led by Wuxi Innovation Investment Group, focusing on the industrialization of terahertz fusion detection and intelligent perception [23] - "Tiantong Weishi," a supplier in the intelligent driving sector, has completed a 500 million RMB D-round financing, indicating strong investor interest in the sector [24]

Group 1 - Roma's announcement clarifies that the company is not going bankrupt and is working to resolve issues with partners and users [1][5] - Beijing Yuxin Technology Group has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being Huatai Financial Holdings and BNP Paribas Securities [2] - Meige Intelligent Technology has also submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the sponsor [3] - Shenzhen Chengtai Technology has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan Securities as the exclusive sponsor [4] Group 2 - Alibaba plans to issue approximately HKD 12 billion in zero-coupon convertible bonds, with proceeds aimed at supporting cloud infrastructure and international business development [9] - Xiaomi has applied for multiple "REDMI" trademarks across various international classifications, indicating potential expansion into new product categories [8] - The average salary increase for Japanese companies this year is reported at 5.25%, marking the largest increase in 34 years [16] - Samyang Foods from South Korea is investing approximately USD 1.48 billion to build its first overseas factory in Zhejiang, China, to meet growing demand for its products [16] Group 3 - The U.S. government has lifted restrictions on chip design software exports to China, allowing major EDA software companies to supply products without special approval [6] - The U.S. House of Representatives passed the "Big and Beautiful" bill, which includes significant tax cuts and spending measures, raising concerns about long-term debt and federal aid cuts [14][15] - The World Health Organization is advocating for increased taxes on tobacco, alcohol, and sugary drinks to improve public health and generate revenue [15] Group 4 - The summer beer consumption surge has led to a significant increase in related businesses, with 23.69% of beer-related companies located in East China [27] - JD Logistics has launched its self-developed VAN unmanned light truck, which boasts a large cargo space, aiming to enhance logistics efficiency [20] - Xiaopeng Motors has officially launched its new G7 model, available in three versions with prices ranging from CNY 19.58 million to CNY 22.58 million [21]

智通财经7月2日电，利弗莫尔证券显示，北京宇信科技集团股份有限公司在港交所递交上市申请，联席 保荐人为华泰金融控股（香港）有限公司及法国巴黎证券（亚洲）有限公司。 ...

Market Performance - The A-share market experienced a strong upward trend, with the Shanghai Composite Index rising by 0.59% to 3444.43 points, the Shenzhen Component Index increasing by 0.83% to 10465.12 points, and the ChiNext Index climbing by 1.35% to 2153.01 points [1] - In the first half of the year, major stock indices showed overall gains, with the Shanghai Composite Index up by 2.76% and the North Star 50 Index soaring by 39.45%, reaching a historical high [1] - Over 3700 stocks in the market rose in the first half, with more than 100 stocks increasing by over 100%, highlighting strong performance in small and mid-cap stocks [1] Sector Highlights - Various sectors attracted significant capital, including AI large models, humanoid robots, new consumption, innovative pharmaceuticals, and solid-state batteries [1] - The chemical sector saw a remarkable increase, with Union Chemical rising by 440%, making it the top performer of the first half [1] - The military industry stocks surged again, with nearly 20 stocks, including Great Wall Military Industry, hitting the daily limit [2] Specific Stock Movements - The semiconductor industry chain showed repeated strength, with lithography machines and storage sectors leading the gains [2] - Solar energy concept stocks also saw a rise, with Oujing Technology hitting the daily limit [2] - Stablecoin concept stocks became active again, with companies like Xiexin Energy and Hopu Co. hitting the daily limit, while Yuxin Technology also saw gains [2]