Core Viewpoint - Guiyang is making significant strides in building an eco-civilization, achieving remarkable results in environmental protection and green industry development, while promoting public participation in these efforts [1][5]. Environmental Improvement - In 2024, Guiyang achieved an ambient air quality excellent rate of 99.5%, ranking 4th among 168 key cities in China, with a 100% compliance rate for surface water quality [2]. - All 107 rivers in Guiyang have eliminated inferior V-Class water bodies for the first time, showcasing the city's success in atmospheric and water environment treatment [2]. Technological Advancements - Guanshanhu District has implemented a grid-based monitoring platform utilizing IoT, sensors, drones, and AI for eco-environment quality analysis [3]. - The Pilot Project of A7 Group Catering Oil and Fume has received no complaints since 2025, indicating effective environmental management [3]. Green Industry Development - Guiyang has transformed from a coal-producing township to a tea cultivation hub, promoting ecological and economic development through the cultivation of ancient tea trees [5]. - The tea products from Guiyang are now exported globally, demonstrating the success of this transformation [5]. Community Initiatives - A newly renovated drainage system in Chayuan Village effectively separates rainwater and sewage, improving the living environment for residents [6]. - The Guanshanhu District Eco-Civilization Exhibition Hall serves as a demonstration site for eco-civilization achievements and biodiversity [7]. Public Engagement - Guizhou Qianling Mountain Park, which is free to the public, attracts over 10 million visitors annually, promoting the concept of harmonious coexistence between humans and nature [8]. - Guiyang plans to continue implementing the "Eco-city" strategy, contributing to the construction of eco-civilization in China [8].

晨会纪要（2025/06/26） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 晨会纪要（2025/06/26） 宏观及策略研究 按图索骥：技术生命周期模型的科技投资借鉴——A 股市场专题策略报告 公司研究 力传感器龙头企业，传感器森林布局日趋完善——柯力传感（603662）公司 深度报告 行业研究 把握创新主线，关注业绩反转板块——医药生物行业 2025 年半年度投资策略 报告 渤海证券研究所晨会纪要（2025.06.26） 宏观及策略研究 按图索骥：技术生命周期模型的科技投资借鉴——A 股市场专题策略报告 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、引言： 2025 年初以来，以 Deepseek 为代表的人工智能技术突破和人形机器人概念的兴起，带来了科技板 ...

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601857 | 中国石油 | -0.23 | 0.09 | -6916.72 | | 002828 | 贝肯能源 | -9.69 | 41.32 | -5266.28 | | 603800 | 洪田股份 | 2.19 | 8.44 | -4473.55 | | 600938 | 中国海油 | 0.31 | 1.14 | -4219.14 | | 300157 | 新锦动力 | -6.32 | 21.63 | -4008.72 | | 600256 | 广汇能源 | 0.17 | 0.86 | -3740.25 | | 002097 | 山河智能 | 0.24 | 5.12 | -2519.68 | | 301158 | 德石股份 | -0.35 | 9.02 | -1771.74 | | 000552 | 甘肃能化 | 0.41 | 0.85 | -1284.88 | | 300084 | 海默科技 | -3.15 | 16.73 | -1237. ...

目前海外立法确认其合法地位和监管方式等，有利于长期规范发展，往后各国监管政策落地，科技及金 融巨头加速布局值得期待，从主题视角看具备持续性。国内政策对数字货币呈现央行主导、严格监管的 态势，相关上市公司暂不能直接从事稳定币相关业务，但稳定币的发展趋势下，跨境支付公司、金融IT 公司及区块链技术公司或间接受益。 6月25日，稳定币概念午后狂飙，截至13:38，金融科技ETF华夏（516100）涨5.29%，持仓股集体上 涨，指南针逼近20CM涨停，新国都涨15.51%，银之杰、财富趋势、爱融软件均涨超10%，京北方、翠 微股份10CM涨停，赢时胜、同花顺、兆日科技、拉卡拉等股大幅上涨。 稳定币相关利好频现，A股概念股受交易资金驱动表现活跃。整体看稳定币的价值在于币值稳定挂钩法 定货币、交易便捷、成本低，可满足跨境支付、避险等需求，契合数字经济发展趋势，因此经历了快速 发展，全球稳定币规模达3000亿美元。 金融科技ETF华夏（516100）跟踪中证金融科技主题指数，涵盖软件开发、互联网金融及数字货币产业 链，兼具金融属性与科技创新能力，指数重仓股，同花顺、东方财富、润和软件、恒生电子等，稳定币 含量达20.66 ...

稳定币概念股Circle Internet Group Inc.（CRCL）涨超24.4%，报298.99美元，使得美国IPO以来累计涨幅 超过860%，盘中市值大约667亿美元。 ...

Group 1 - The mobile payment sector saw an increase of 3.89%, ranking 6th among concept sectors, with 81 stocks rising, including Youbuxun which hit the daily limit up by 20% [1] - Notable gainers in the mobile payment sector included Jida Zhengyuan, Zhongke Jincai, and Hengbao Co., all reaching the daily limit up, while Huawai Intelligent, China Mobile, and Tuo Wei Information experienced declines [1] - The mobile payment concept attracted a net inflow of 2.379 billion yuan, with 50 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflow, led by Tianyuan Dike with 613 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Jida Zhengyuan, Hailian Jinhui, and Tianyuan Dike, with net inflow ratios of 51.06%, 43.29%, and 23.67% respectively [3] - The trading performance of key stocks in the mobile payment sector showed significant increases, with Tianyuan Dike rising by 14.56%, Hengbao Co. by 10%, and Hailian Jinhui by 9.99% [3] - The overall market sentiment in the mobile payment sector appears positive, as indicated by the substantial net inflows and the performance of leading stocks [2][3]

截至6月23日收盘，Web3.0概念上涨3.49%，位居概念板块涨幅第10，板块内，57股上涨，观想科技20% 涨停，中科金财、安妮股份等涨停，四方精创、先进数通、新晨科技等涨幅居前，分别上涨19.97%、 12.87%、6.83%。跌幅居前的有因赛集团、ST易联众、中科曙光等，分别下跌0.78%、0.48%、0.39%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 兵装重组概念 | 5.82 | 同花顺出海50 | -0.26 | | 电子身份证 | 5.58 | 超级品牌 | -0.04 | | 数字货币 | 5.20 | 猪肉 | 0.09 | | 跨境支付(CIPS) | 4.47 | 白酒概念 | 0.10 | | 可燃冰 | 4.25 | 芬太尼 | 0.10 | | 移动支付 | 3.89 | 养鸡 | 0.24 | | 数据确权 | 3.89 | 特钢概念 | 0.46 | | 财税数字化 | 3.64 | 青蒿素 | 0.46 | | 华为鲲鹏 | 3.52 | 高股息精选 | 0.53 ...

中国式现代化的理论体系作为习近平新时代中国特色社会主义思想的重要内容，蕴含着马克思共 同体思想在当代中国现代化建设事业中的回响与升华。作为实现中华民族伟大复兴的必由之路， 中国式现代化是人口规模巨大的现代化、是全体人民共同富裕的现代化、是物质文明和精神文明 相协调的现代化、是人与自然和谐共生的现代化、是走和平发展道路的现代化。这打破了西方现 代化模式的唯一性，为发展中国家提供了新的选择和借鉴，也为构建人类命运共同体贡献了独特 的中国智慧和中国方案。中国式现代化既遵循社会形态演进的基本规律又创造出具有中国特色的 发展路径，既解决本国现代化难题又为人类文明进步提供新选择，通过制度创新、方法创新、价 值创新、动力创新和交往创新，构建起多维度、立体化、先进性的现代化共同体形态。 以中国式现代化构建多维共同体形态 □四川省中国特色社会主义理论体系研究中心 中国式现代化既遵循社会形态演进的基本规律又创造出具有中国特色的发展路径，既解决本国现 代化难题又为人类文明进步提供新选择，通过制度创新、方法创新、价值创新、动力创新和交往 创新，构建起多维度、立体化、先进性的现代化共同体形态 中国式现代化作为人类文明新形态，除了在本质 ...

Core Viewpoint - The emphasis is on fully and accurately implementing the new development concept to promote high-quality development in Zhejiang, focusing on innovation, openness, and safety [1] Group 1: Economic Development - The need to accelerate the cultivation and expansion of new productive forces is highlighted, aiming for sustained high-quality development [1] - There is a call for the implementation of an innovation-driven development strategy, particularly in key core technologies and cutting-edge technology breakthroughs [1] Group 2: Technological Innovation - The promotion of the "Artificial Intelligence +" initiative is essential for deep integration of technological and industrial innovation [1] - Increased protection for innovation entities and outcomes is necessary, along with a cautious regulatory approach to new technologies and business models [1] Group 3: Foreign Investment and Trade - The importance of facilitating efficient, convenient, and secure cross-border data flow is stressed to attract foreign investment [1] - Enhancing customs clearance efficiency and protecting overseas interests are crucial for stabilizing foreign trade growth and promoting openness [1] Group 4: Risk Management - A focus on coordinating development and security is necessary, with higher standards and stricter requirements for risk prevention and stability [1] - Strengthening risk monitoring and early warning in key areas is emphasized to ensure a new security framework supports the new development pattern [1]

蚂蚁集团表示将在中国香港地区和新加坡申请稳定币牌照，涉及旗下两家公司，一家是总部位于新加坡 的蚂蚁国际（Ant International），另一家是海外总部位于中国香港的蚂蚁数科（Ant Digital Technologies）。 京东称，将在中国香港发行基于公共区块链并与港元1∶1挂钩的稳定币。2024年7月京东旗下京东币链科 技就已成为香港金管局公布的首批稳定币发行人"沙盒"参与者。 今年5月以来，在美国及中国香港立法取得进展的驱动下，稳定币赛道在全球范围内迎来热潮。花旗银 行在最新报告中预测，在监管支持与机构广泛采用的双重驱动下，到2030年，稳定币市场规模在乐观情 境下有望触及3.7万亿美元。 稳定币第一股Circle累计涨超675% 随着立法进展、Circle纽交所上市等消息接踵而至，一次次刺激着市场情绪。 美股方面，6月5日，稳定币第一股Circle上市股价即一路狂飙。截至6月21日，短短十余天内其累计涨幅 超过惊人的675%，从每股31美元的发行价一路飙升至240美元，比特币等加密资产更是直接受益。目前 美股的疯狂还在持续。 反观A股和H股的稳定币板块走势正在趋同。港股方面，稳定币指数一路上 ...