晨会纪要（2025/07/03） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.07.03） 固定收益研究 金融工程研究 主要指数全部上涨，两融余额小幅上升——融资融券周报 行业研究 央行释放积极信号，中东局势出现缓和——金属行业周报 杭州机器人展成功举办，关注人形机器人量产节奏——机械设备行业 7 月投 证 券 研 究 报 告 晨 会 纪 收益率整体下行，高等级拉久期仍有空间——信用债 7 月投资策略展望 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 要 资策略展望 晨会纪要（2025/07/03） 固定收益研究 收益率整体下行，高等级拉久期仍有空间——信用债 7 月投资策略展望 李济安（证券分析师，SAC NO：S1150522060001） 王哲语（证券分析师，SAC NO：S1150524070001） 1、核心观点 6 月各期限发行指导利率多数下行，整体变化幅度为-16 BP 至 4 BP。6 月信用债发行规模环比增长，各品种 发行金额均环比增加；信用债净 ...

Morning session notice Morning session notice 早盘提示 早盘提示 更多精彩内容请关注格林大华期货官方微信 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 7 月 3 日星期四 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 周三国债期货主力合约开盘集体高开，全天震荡上行，30 年期品种表现较强，截至 收盘 30 年期国债期货主力合约 TL2509 上涨 0.40%，10 年期 T2509 上涨 0.14%，5 | | | | | 年期 TF2509 上涨 0.07%，2 年期 TS2509 上涨 0.03%。 | | | | | 【重要资讯】 | | | | | 1、公开市场：周三央行开展了 985 亿元 7 天期逆回购操作，当日有 3653 亿元逆回 | | | | | 购到期，当日实现净回笼 2668 亿元。 | | | | | 2、资金市场：周三银行间资金 ...

美国6月27日当周EIA精炼厂设备利用率变化 0.2%，预期 0.35%，前值 1.5%。 ...

美国至6月27日当周EIA精炼厂设备利用率 94.9%，预期95.1%，前值94.7%。 ...

Core Viewpoint - The Huizhou Market Supervision Administration is intensifying its enforcement actions in the consumer goods sector to ensure public health and safety, highlighting its commitment to maintaining market order through a series of typical case announcements [1] Group 1: Food Safety Violations - A case involving the sale of toxic food by a vendor who used borax to clean pig intestines was reported, leading to criminal charges [2] - Another case involved a vendor operating without a food production license and selling improperly labeled food, resulting in a fine of 55,000 yuan and confiscation of illegal profits [3] Group 2: Equipment Safety Violations - An elevator maintenance company was found not adhering to safety technical specifications during maintenance, resulting in a fine of 20,000 yuan [4] - A gas company was penalized for employing unqualified personnel for gas cylinder filling operations, leading to a fine of 20,000 yuan and a directive to cease using the relevant equipment [5] Group 3: Product Quality Violations - An electric bicycle retailer was found selling bicycles that did not meet national safety standards, resulting in a fine of 1,600 yuan and confiscation of one non-compliant bicycle [6]

证券研究报告：金融工程报告 研究所 快手于 2025 年 6 月 26 日开源的 Kwai Keye-VL 多模态大模型， 标志着国产多模态技术在视频理解与复杂推理领域的重大突破。该模 型基于 Qwen3-8B 语言模型架构，融合了 SigLIP 初始化的视觉编码 器，通过创新的 3D RoPE（旋转位置编码）技术实现对文本、图像和 视频信息的统一处理，尤其擅长捕捉视频时序变化与动态分辨率输 入，成为全球首个在高考数学卷中取得 140 分成绩的多模态模型。 ⚫ 谷歌开源 AI Agent 框架 Gemini CLI 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:冯昱文 SAC 登记编号:S1340124100011 Email:fengyuwen@cnpsec.com 近期研究报告 《基于宏观经济状态划分的 BL 模型与 ETF 实践》 - 2025.07.01 《反转风格显著，小市值回撤——中 邮因子周报 20250622》 - 2025.06.23 《关注基本面支撑，高波风格占优— —中邮因子周报 20250615》 ...

Core Viewpoint - The article discusses the impact of technology on daily life, emphasizing how reliance on automation and convenience can lead to a disconnection from the processes and skills that enrich human experience and understanding of the world [3][5][8]. Group 1: Technology and Human Experience - The increasing dependence on technology has resulted in a loss of essential skills and experiences, such as cooking and writing, which are crucial for cognitive and sensory development [4][10][11]. - The concept of "device paradigm" suggests that while technology provides convenience, it also creates a separation between individuals and their understanding of the world [5][6][9]. - The article highlights the importance of engaging with physical objects and processes to foster a deeper understanding and connection with the environment, which is often lost in a technology-dominated society [23][25][27]. Group 2: Consumer Culture and Skills Development - The rise of consumer culture, driven by technology, has led to a passive acceptance of convenience, diminishing individuals' understanding of the origins and processes behind the products they consume [6][7][32]. - The article advocates for the cultivation of practical skills and experiences, suggesting that engaging in hands-on activities can enhance one's ability to navigate life and resist consumerism [26][35][36]. - It emphasizes the need for creating environments that allow young people to develop these skills, suggesting that educational systems should incorporate opportunities for independent living and practical learning [33][34].

清洗和电镀设备国内龙头，平台化+差异化 打开天花板 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 2025-2027 年每股收益分别为 3.24、4.04、4.63 元，根据可比公司 25 年 42 倍 PE，对应目标价为 136.08 元，首次覆盖给予买入评级。 风险提示 ⚫ 下游需求不及预期风险，国内竞争加剧，技术迭代风险，政策变化风险，假设条件 变化影响测算结果。 公司主要财务信息 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 2.17 | 11.85 | 9.28 | 33.89 | | 相对表现% | 1.18 | 9.18 | 7.86 | 20.53 | | 沪深 300% | 0.99 | 2.67 | 1.42 | 13.36 | | 薛宏伟 | xuehongwei@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860524110001 | | 韩潇锐 | hanxiaorui@orientsec.com.cn | | | 执业证书编号：S0860 ...

ff9 本次发行股票拟在科创板上市。科创板公司具有研发投入大、经营风险高、 业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充 分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 北京屹唐半导体科技股份有限公司 Beijing E-Town Semiconductor Technology Co., Ltd. （北京市北京经济技术开发区瑞合西二路 9 号） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 联席主承销商 北京屹唐半导体科技股份有限公司 招股说明书 声 明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明 其对发行人注册申请文件及所披露信息的真实性、准确性、完整性做出保证，也 不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主 ...

Core Insights - The 17th International Transportation Technology and Equipment Exhibition showcased new technologies in the transportation sector, including next-generation autonomous vehicles and advanced charging equipment [1][12] Group 1: Autonomous Vehicles - Multiple brands presented next-generation autonomous vehicles at the exhibition, with a notable model from Didi in collaboration with GAC, featuring L4-level capabilities and 33 sensors for enhanced safety and recognition in various conditions [1][3] - Xiaoma Zhixing displayed its seventh-generation Robotaxi, equipped with 34 sensors, achieving 500,000 hours of fully autonomous operation, demonstrating a safety level ten times higher than human drivers [3] Group 2: Charging Equipment - The exhibition highlighted advancements in charging equipment, including a 2000A liquid-cooled supercharger that improves charging efficiency by 30%, and a flexible shared supercharging station with a maximum output of 1600kW [5][7] - Didi showcased a customized liquid-cooled flexible shared supercharging pile, capable of charging in one minute for a range of 100 kilometers, optimizing power distribution during peak charging times [7] Group 3: Intelligent Road Maintenance Equipment - The exhibition featured intelligent road maintenance equipment, including a vehicle equipped with a multi-functional road condition detection system that enhances efficiency and accuracy in inspections [9][11] - Dongfeng's AI intelligent maintenance vehicle utilizes advanced perception and decision-making technology for efficient highway maintenance tasks [11]