Core Viewpoint - The proposed spin-off of the infrastructure REIT is expected to benefit both the group and the REIT itself, aligning with national policies to enhance consumption and financial reforms [3]. Group and Company Summary - On June 26, China Overseas Land & Investment Limited announced the proposal for a public offering of an infrastructure securities investment fund, with application materials submitted to the China Securities Regulatory Commission and Shenzhen Stock Exchange [1]. - The infrastructure REIT will be based on assets from a shopping center located in Nanhai District, Foshan, owned by a wholly-owned subsidiary of China Overseas Land [1]. - The public fund aims to raise approximately RMB 1.355 billion, with China Overseas Land expected to subscribe to about 20% of the total issued fund shares [1]. - Following the completion of the spin-off, the project company will be 100% owned by the infrastructure REIT and will no longer be a subsidiary of the company [2]. Benefits of the Spin-off - The spin-off is strategically located in the Guangdong-Hong Kong-Macao Greater Bay Area, a key area supported by national policies, which aligns with the goal of enhancing consumption and financial system reforms [3]. - Successful issuance of the infrastructure REIT is anticipated to create a positive investment cycle, significantly improving the efficiency of infrastructure fund utilization [3]. - The issuance provides a new equity financing method, reducing reliance on traditional debt financing and enhancing the company's investment capabilities and sustainable operations [3]. - The independent listing of the public fund is expected to unlock value for shareholders and better identify the fair value of the underlying assets [4]. - The spin-off will create independent fundraising platforms for both the group and the infrastructure REIT, enhancing their ability to explore new financing channels [4].

Core Viewpoint - The stablecoin sector experienced a strong rebound following significant policy news, with key stocks like Hengsheng Electronics hitting their daily limit up, indicating positive market sentiment towards the virtual asset industry [1][2]. Group 1: Market Reaction - The stablecoin concept stocks collectively surged, reflecting optimistic expectations for the development of the virtual asset sector [1]. - Hengsheng Electronics emerged as a leader in the sector, benefiting from its strong technical capabilities and market position in financial technology [1]. Group 2: Regulatory Developments - Guotai Junan International received formal approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities license to a comprehensive virtual asset trading service license, becoming the first Chinese broker in Hong Kong to obtain such qualifications [1]. - The license upgrade allows the firm to offer a wide range of services, including direct trading of cryptocurrencies like Bitcoin and Ethereum, as well as stablecoin products [1]. Group 3: Industry Outlook - The positive regulatory environment in Hong Kong is expected to create favorable conditions for the development of virtual asset-related enterprises, promoting the standardization of the industry [2]. - Other companies in the sector, such as Jida Zhengyuan and Geer Software, are also positioned to benefit from favorable policies and market expectations due to their technological developments in digital currency [2].

Group 1 - CASBOT, a humanoid robot brand, has completed nearly 100 million yuan in angel financing, led by Lens Technology, with funds aimed at accelerating product mass production, technology development, and market expansion [2][5] - The company has three product lines: bipedal robots, wheeled robots, and dexterous hands, with plans to deliver over 300 units this year [2][5] - The second-generation bipedal humanoid robot, CASBOT 02, was launched at a price of 328,800 yuan, featuring advanced capabilities and reduced production costs compared to its predecessor [7][10] Group 2 - The humanoid robot market in China is projected to reach 2,400 units in sales by 2024 and 7,300 units by 2025, with a market size approaching 2.4 billion yuan [10][11] - By 2035, the humanoid robot market is expected to grow significantly, potentially reaching 200 million units and a market size of nearly 140 billion yuan [10][11] - The global humanoid robot market is forecasted to grow to 7 trillion USD by 2050, indicating a strong demand for robots in various sectors [13][14] Group 3 - The company emphasizes a strategic focus on industrial applications, leveraging its competitive advantages in technology, product, and customer resources [8][9] - The current humanoid robot industry is experiencing rapid iteration, with a focus on practical applications rather than engaging in competitive "involution" [3][9] - The company aims to enhance its robots' capabilities through data-driven iterations and cross-scenario adaptability, ultimately expanding into household service scenarios [9][14]

南都讯 记者杨文君 刘嫚 发自天津 6月26日，"解读中国AI发展路径"分论坛在天津夏季达沃斯论坛期间 举行，海尔集团首席执行官（CEO）周云杰出席此次分论坛，并发表了对AI和人形机器人的看法。 海尔集团首席执行官（CEO）周云杰 周云杰还说道："AI就在你我身边，未来每一个行业都离不开AI，要么通过AI进化，要么就被AI边缘 化。会用AI的人一定会淘汰不会用AI的人，未来所有行业将都是'最聪明的人+机器'的模式，你只能选 择跟AI合作，不能和AI对抗，换言之，未来你和AI合作的表现一定会决定你的薪酬。" 据周云杰介绍，AI已经应用到海尔集团的一些业务流程和家电产品中。他认为，AI的应用对企业来 讲，最主要还是要用到业务的主流程中，比如制造、研发、销售、采购、服务这套体系都应该应用 AI。 除了AI，周云杰还谈到了时下火热的人形机器人的应用。他认为，机器人可以分为工业机器人、系统 机器人和家庭机器人等，未来机器人走进家庭将成为必然，但可能需要逐步进行。 周云杰在分论坛现场表示，AI在应用过程中有三个很重要的要素，即数据、场景、人。不管怎么做， 是要做到让数据更有质量，让场景更有价值，让人更有创造力。所以在决策 ...

机构：中金公司 研究员：白洋/吴维佳/焦莞 公司近况 美团收缩社区团购业务美团优选，后续将更聚焦于即时零售业务发展。 评论 新业务亏损有望在2025 年达到峰值，对估值影响正面。盘点公司新业务构成，我们预计海外仍保持积 极态度，在基数效应下优选对今明两年的亏损收窄均有贡献，除小象外的国内其他新业务盈利能力仍有 望进一步增强，意味着新业务亏损有望在2025 年达到峰值。我们认为这对于公司估值影响正面： 风险 宏观经济不确定性；行业竞争加剧；新业务投入回报不及预期。 当亏损基数较大、且仍可能上升时，市场很难完全忽略；但若新业务亏损见顶，后续不断优化时，市场 有望以更长久期的视角，尽量按照零估值对待。 缓解多线作战压力，聚焦核心。从业务层面，我们认可公司实事求是的态度，无论历史上的沉没成本是 多少，都可以务实的去评估业务未来的空间并决定投入的资源。此举亦可缓解多线作战的压力，减少顾 此失彼的风险，把企业有限的精力聚焦到核心业务上，更好的应对国内即时零售的竞争以及海外市场的 机遇。 我们暂维持盈利预测。理论上看，我们认为优选有望为今明两年各释放出20-30 亿元的额外减亏空间， 新业务亏损也有望于2025 年见顶，但 ...

推动方法模型创新，筑牢研究基础。一方面，加快算法模型开发，推动研究过程智能化转型。通过整合 跨学科、跨团队的资源，开发数据挖掘算法和智能分析模型，尤其是针对特定软科学问题的算法与模型 研发，将机器学习、深度学习、知识图谱等人工智能技术深度嵌入研究流程，实现从依赖专家经验的定 性研判向定量分析与质性研究融合的范式跃迁。另一方面，推动跨学科方法融合，加快多样化、多学科 方法和工具的开发与运用，突破学科边界限制，让数据从信息科学、行为科学、管理科学及社会科学等 不同角度"说话"，形成与大数据时代相适应的研究方法体系。 （作者王宏、刘沁莹，单位为南方电网科学研究院有限责任公司；作者胥经纬、陈钢，单位为中国南方 电网有限责任公司） 深化范式转型认知，明确转型方向。研究范式的转型路径并非替代关系，单一依赖定性分析易缺乏科学 严谨性，而过度偏向定量研究则可能丧失问题导向性，需建立以数据与专家智慧为主的双轮驱动模式。 一方面，充分发挥人机协同效应，依托专家的专业知识与经验明确拟解决问题、研究思路以及确定问题 最终的解决方案，在此基础上利用大数据分析方法增强研究的科学性和前瞻性。另一方面，引入专家经 验与智慧内嵌到算法程序中， ...

此次发布的龙芯2K3000/3B6000M芯片面向终端和工控应用，同样采用自主指令系统龙架构，于2024年底流片成功。至此，龙芯形成了桌面、服务器和终端 三条线路产品的完整系列，能够为不同领域提供高性能及高性价比的CPU芯片产品。 龙芯中科董事长胡伟武表示，龙芯中科以建立自主信息技术体系为目标，在芯片研发方面坚持稳扎稳打的技术路线。经过20多年的积累，已经系统掌握了通 用处理器、图形处理器、AI处理器及其基础软件设计的关键核心技术。 6月26日，龙芯中科正式发布基于国产自主指令集龙架构研发的服务器处理器龙芯3C6000系列芯片、工控领域及移动终端处理器龙芯2K3000/3B6000M芯 片，以及相关整机和解决方案。 龙芯3C6000系列芯片采用自主指令系统龙架构，无需国外授权，于2024年上半年流片成功。3C6000芯片单硅片16核32线程，可通过自研的龙链接口进行多 硅片封装。结合英特尔公司第三代至强可扩展架构服务器芯片出货情况，3C6000芯片综合性能达到2023年市场主流产品水平。据介绍，龙芯中科还基于 3C6000芯片形成高性能自主服务器解决方案，可满足通算、智算、存储、工控、工作站等多场景的计算需求 ...

Investment Rating - The report maintains an "Overweight" rating for the specialized equipment industry [1]. Core Insights - The introduction of QuantumScape's advanced Cobra membrane technology into battery production marks a significant step towards the industrialization of solid-state batteries, with a 25-fold increase in thermal treatment speed and more efficient production processes [5]. - The partnership between Stanford's team and Volkswagen aims to accelerate the industrialization of solid-state batteries, with Volkswagen's subsidiary Powerco set to produce up to 40GWh of batteries annually, potentially expanding to 80GWh, which corresponds to the battery needs of 1 million electric vehicles [5]. - Domestic equipment manufacturers in China are positioned to benefit significantly from the industrialization of solid-state batteries, with several companies already achieving substantial orders exceeding 100 million yuan for solid-state battery equipment in 2024 [5]. Summary by Sections Industry Trends - The report highlights a positive trend in the specialized equipment sector, with projections indicating a relative strength against the benchmark index [4]. Related Research - Previous reports emphasize the acceleration of solid-state battery industrialization and the potential performance release for lithium battery equipment companies [5]. Investment Recommendations - Key recommendations include focusing on solid-state battery equipment suppliers such as XianDao Intelligent, laser welding equipment manufacturers like LianYing Laser, and formation and capacity equipment providers like HangKe Technology. Other companies to watch include YingHe Technology, XianHui Technology, LiYuanHeng, Mannesmann, and HuaYa Intelligent [5].

"黄金ATM机是个啥？" 记者现场进行了实测体验。如果要购买黄金，只需在屏幕上选择心仪的黄金产品，确认购买数量，然后通过手 机扫码完成支付，机器便会迅速出货。回收黄金则需要先输入手机号等信息，打开舱门放入黄金制品，舱门关 闭后开始检测。检测过程全程可视化，用户可通过玻璃屏幕实时观看。若初检后改变主意，还能退出托盘取回 饰品。若选择继续出售，黄金将进入熔检环节，完成实名认证并输入收款账号后，即可收到款项。 可自助买卖黄金的"黄金ATM机"吸引了众多消费者的眼球 。 6月25日，市民小肖在长沙万家丽国际购物广场负一楼，发现了支持黄金回收的"黄金ATM机"，出于好奇，她摘 下随身携带的金饰，体验了一把免费验金的项目。 近日，一种新型的"黄金ATM机"出现在长沙多家商场内，吸引了众多消费者的眼球。这种机器不仅能自助购买 黄金，还能实现黄金回收，让黄金交易变得像银行ATM机存取款一样便捷。为了验证这类机器是否真如宣传中 所说的那般安全便捷，记者决定前往一探究竟。 像操作ATM机一样买卖黄金 25日下午，记者在商场里见到了这台"黄金ATM机"。从外表看，的确与银行普通的ATM机大小相似。不过，与 银行ATM机存取款等业务 ...

Core Viewpoint - A new wave of interest rate cuts has begun, leading to a decline in fixed deposit rates across commercial banks, making large-denomination certificates of deposit (CDs) less attractive than before [1][2]. Group 1: Deposit Rate Trends - The average interest rates for fixed deposits have dropped significantly, with medium to long-term rates entering the "1% era." The average rates for various terms in May are as follows: 3-month at 1.004%, 6-month at 1.212%, 1-year at 1.339%, 2-year at 1.428%, 3-year at 1.711%, and 5-year at 1.573% [1]. - For large-denomination CDs, the average rates in May are: 3-month at 1.239%, 6-month at 1.459%, 1-year at 1.561%, 2-year at 1.648%, 3-year at 2.069%, and 5-year at 1.700% [1]. Group 2: Changes in Large-Denomination CDs - Major banks like ICBC, ABC, and BOC have reduced the interest rates for 3-year large-denomination CDs to 1.55%, while 1-year and 2-year products are now at 1.2% [2]. - Several banks have removed 5-year large-denomination CDs from the market, and some have limited the purchase of high-rate products or even discontinued certain offerings [4]. Group 3: Market Dynamics and Future Trends - The decline in long-term large-denomination CDs reflects banks' proactive adjustments in response to pressure on net interest margins, indicating a shift in cost control and liquidity management strategies [5]. - Analysts suggest that the low interest rate environment is prompting banks to restructure their liabilities and business models, moving from a focus on scale to quality and efficiency [5]. - Future fund flows from depositors are expected to shift towards non-bank financial products, return to the real economy, and temporarily favor small and medium-sized banks due to delayed rate adjustments [6].