浦软创投与中电智方舟联合打造的"芯智AI加速营"近日在上海正式开营。作为上海浦东软件园孵化器产 业链接品牌活动"浦软加速营"的重要组成部分，本次加速营汇聚了20家来自集成电路、人工智能、数据 应用等领域的科创企业，与中国电子旗下企业展开精准对接洽谈，实现"大手牵小手"和产业链上下游协 同合作。 "芯智AI加速营"采用上海、深圳两地联动形式，20家科创企业深度参访中国电子在沪、在深成员企业。 在上海活动期间，中国电子旗下华大半导体、华大九天、达梦数据、成都华微、中国电子云、上海浦软 汇智软件等产业链企业，与参与活动的科创企业围绕技术研发、市场拓展、项目合作及投资机会等议题 进行合作探讨。 正是为助力科创企业加速产业化进程，"芯智AI加速营"为创新企业搭建与行业龙头、资本机构深度对接 的平台，帮助企业在技术、市场、资金等维度实现突破与加速成长。同时，加速营还推动产业链上下游 企业的交流合作，助力产业生态协同发展。 上海浦东软件园创业投资管理有限公司总经理郭斌在接受记者采访时表示，"芯智AI加速营"核心目标是 推动入营企业与中国电子成员企业间的业务协同与技术创新。他期待通过此平台精准发掘并赋能一批拥 有核心技术优势 ...

🇨🇳JUST IN: Nvidia announces it will resume H20 sales to China after US government assures licenses will be granted. https://t.co/YYhThQJhNa ...

Investment Rating - The report upgrades the S&P 500 valuation and return forecasts, expecting a rise of 10% to 6900 over the next 12 months, with a forward P/E multiple of 22x [3][4]. Core Insights - The S&P 500 forward P/E of 22x ranks in the 97th percentile since 1980, but is deemed appropriate given the current macroeconomic conditions, including declining interest rates and elevated corporate profitability [3][11][12]. - Earnings growth is projected at 7% for both 2025 and 2026, with EPS estimates of $262 and $280 respectively, although there are two-way risks around these forecasts [6][24]. - The report highlights narrow market breadth, with the median S&P 500 constituent 11% below its high, indicating potential for a momentum reversal in the equity market [30][34]. - Sector allocation recommendations include a mix of secular growth (Software & Services, Media & Entertainment), cyclical (Materials), and defensive (Utilities, Real Estate) industries, with a focus on AI-related technology stocks [41][44]. Summary by Sections Valuation and Earnings Forecasts - The S&P 500 is expected to reach 6900 in 12 months, with return forecasts of +2%, +5%, and +10% over 3, 6, and 12 months respectively [4][47]. - The forward P/E multiple has been increased to 22x, with EPS growth of 7% anticipated for 2025 and 2026 [6][49]. Market Conditions - Current macroeconomic conditions support the elevated P/E multiple, with expectations of earlier Fed easing and lower bond yields [12][16]. - The report notes that investor positioning is neutral, suggesting that current market multiples do not reflect investor exuberance [17][20]. Sector Preferences - There is no clear consensus on sector preferences among clients, but AI-related technology stocks are generally favored despite valuation concerns [41][44]. - The recommendation to invest in Alternative Asset Managers within the Financials sector has been positively received [41]. Market Breadth and Momentum - The S&P 500's recent record high contrasts with the median constituent being significantly below its peak, indicating narrow market breadth [30][34]. - A potential momentum rotation is anticipated, although it is expected to be short-lived rather than indicative of a new long-term trend [40].

Investment Rating - The report indicates a shift in investment ratings for the EV and solar industries, with a more favorable outlook for energy storage systems (ESS) and critical minerals compared to solar and wind [16]. Core Insights - The "One Big Beautiful Bill" accelerates the phaseout of EV subsidies, expiring on September 30, 2025, compared to December 31, 2032, under the original IRA [16]. - The report highlights stricter restrictions on foreign entities, particularly from China, affecting the eligibility for investment tax credits (ITC) and advanced manufacturing production credits (AMPC) [16][17]. - There is a notable increase in domestic content requirements to qualify for additional credits, which may impact the cost structure for manufacturers [16][17]. Summary by Sections Part 1: EV Consumer Tax Credits - The final assembly of EVs must occur in North America to qualify for tax credits, with a maximum credit of $7,500 [6]. - Key requirements include MSRP limits of $80,000 for SUVs and $50,000 for other vehicles, with critical minerals and battery component restrictions starting in 2024 and 2025 respectively [6][7]. Part 2: Residential Clean Energy Credit - The residential clean energy credit remains at 30% for expenditures through December 2032, decreasing to 26% in 2033 and 22% in 2034 [10]. - No credits will be available for expenditures made after December 31, 2034 [10]. Part 3: ITC - The business tax credit for investment in zero-emission power and energy storage property is set at 30% of capital expenditures, with additional bonuses for domestic content [12]. - The credit rate will phase out based on the date of construction start, with specific thresholds for solar and energy storage systems [12]. Part 4: Advanced Manufacturing Production Credit - The AMPC will phase out for eligible components produced and sold, with a stricter non-PFE threshold compared to the Senate draft [13]. - The report emphasizes that projects with "effective control" by prohibited foreign entities will not receive credits, impacting U.S. battery production using Chinese components [16][17]. Key Changes vs. IRA - The report outlines significant changes from the original IRA, including the introduction of PFE restrictions and a more stringent domestic content requirement for tax credits [16]. - The overall stance on China has become tougher, with implications for U.S. manufacturers relying on foreign supply chains [16].

V i e w p o i n t | 11 Jul 2025 09:28:41 ET │ 11 pages US Economics What the Fed Said – Will tariff-related inflation show up? +1-212-816-0325 andrew.hollenhorst@citi.com Veronica Clark AC +1-212-816-8830 veronica1.clark@citi.com Gisela Young AC +1-212-816-8349 gisela.young@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies c ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Chinese government has prioritized fiscal expansion and local government debt resolution to counteract growth headwinds and manage financial risks [3][4] - China's Augmented Government Debt (AGD) is projected to reach RMB179 trillion in 2024, equivalent to 133% of GDP, with a stable annualized growth rate of around 9% from 2022 to 2024 [5][6] - The average financing costs of AGD are expected to decline from 3.7% in 2024 to 3.4% in 2025, with interest payments stabilizing at RMB6.1 trillion in 2025, which is 4.4% of GDP [21][22] - The AGD-to-GDP ratio is projected to increase steadily, potentially reaching around 170% by 2035, barring any financial crises or aggressive policy-led deleveraging [28][31] Summary by Sections Augmented Government Debt (AGD) Overview - China's AGD has risen significantly, from RMB112 trillion (111% of GDP) in 2019 to RMB179 trillion (133% of GDP) in 2024, marking a 60% increase [5][6] - The growth of AGD has been stable, with official government debt expansion outpacing implicit debt since 2015 [6][10] Financing Costs and Interest Payments - The average financing costs of AGD are projected to decrease, with interest payments expected to stabilize at RMB6.1 trillion in 2025 [21][22] - The ongoing local government debt resolution has helped lower implicit debt servicing costs, particularly in less developed regions [15][21] Future Projections - The report anticipates that the AGD-to-GDP ratio will continue to rise, with nominal GDP growth expected to gradually normalize [27][28] - The report suggests that the current combination of policy efforts should remain in place, while long-term fiscal and tax reforms are necessary for sustainable debt management [39][40]

Company Update - Nord Precious Metals Mining Inc. has filed its annual financial statements for the year ended December 31, 2024, along with the management discussion and analysis and CEO and CFO certifications, following a management cease trade order issued on May 1, 2025 [1] - The company is also required to file its Q1 interim financial statements for the three-month period ended March 31, 2025, and will continue to issue bi-weekly default status reports until the situation is resolved [2][3] Company Operations - Nord operates the only permitted high-grade milling facility in the historic Cobalt Camp of Ontario, focusing on high-grade silver discovery and strategic metals recovery [5] - The flagship Castle property covers 63 square kilometers and includes the Castle Mine, with drilling delineating 7.56 million ounces of silver in inferred resources averaging 8,582 g/t Ag (250.2 oz/ton) [5] - The company's integrated processing strategy supports the recovery of high-grade silver while also extracting critical minerals such as cobalt and nickel, utilizing a proprietary hydrometallurgical process for producing technical-grade cobalt sulfate and nickel-manganese-cobalt formulations [6] Strategic Positioning - Nord maintains a strategic portfolio of battery metals properties in Northern Quebec, including a 35% ownership in Coniagas Battery Metals Inc. and the St. Denis-Sangster lithium project, which spans 260 square kilometers near Cochrane, Ontario [7]

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Meta announced on Monday that it will take additional measures to crack down on accounts sharing “unoriginal” content to Facebook, meaning those that repeatedly reuse someone else’s text, photos, or videos. This year, Meta has already taken down around 10 million profiles that were impersonating large content producers, it said. Plus, it has taken action against 500,000 accounts that were engaged in “spammy behavior or fake engagement.” Those actions have included things like demoting the accounts’ comments ...

Shares of AppLovin (APP 6.25%) were among the winners today after the fast-growing ad tech company received an endorsement from Citigroup, which called it a top pick.That news was enough to send the stock up 6.5% as of 3:05 p.m. ET. AppLovin gets a boostAppLovin has been volatile. The stock, which was a breakout winner last year, is now up against high expectations in a chaotic advertising and economic environment.However, Citi's note today clearly gave the stock a boost. The bank reaffirmed AppLovin as a t ...