Group 1 - South Korean financial giant Shinhan Financial Group's subsidiary Shinhan Investment Corp has applied for seven trademarks related to Korean won stablecoins, marking a significant move in the stablecoin market following NH Investment & Securities [1] - The competition for digital currency positioning in South Korea is intensifying, with Shinhan Card and Jeju Bank already making strategic moves in this area [1] - The digital currency landscape in East Asia is evolving, with Japan and China also advancing their central bank digital currency (CBDC) initiatives, indicating a regional push towards digital currency ecosystems [2] Group 2 - The U.S. is experiencing a breakthrough in digital asset tax reform, with a new proposal aimed at eliminating double taxation on digital assets, aligning their tax treatment with traditional assets like gold and livestock [3] - The proposed legislation includes a $5,000 annual tax exemption for small transactions, which could facilitate the use of cryptocurrencies for small payments [3] - The EU's decision to remove the digital tax option from its 2028 fiscal plan is seen as a significant victory for U.S. tech giants, reflecting a shift in global tax policy [2][6] Group 3 - The competition for digital asset infrastructure is intensifying globally, with the EU's concession on digital tax seen as a move to avoid trade tensions with the U.S., thereby creating more policy space for digital asset innovation [6] - XBIT, a decentralized exchange platform, is emerging as a key player in connecting traditional finance with the digital currency ecosystem, offering efficient cross-border settlement channels [6][10] - The surge in cross-border payment transactions using the digital yuan, particularly with oil-exporting countries and ASEAN members, highlights the growing demand for agile digital asset exchange hubs like XBIT [7]

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7月11日，中国移动采购与招标网显示智元机器人和宇树科技中标中移（杭州）信息技术有限公司人 形双足机器人代工服务采购项目。 中移（杭州）信息技术有限公司由中国移动通信有限公司100%持股。根据此前该项目的比选公告，中移 （杭州）信息技术有限公司本次采购的项目总预算为1.2405亿元（含税）。采购包1为全尺寸人形双足机 器人，预算为7800万元（含税），最终中选人为智元机器人；采购包2为小尺寸人形双足机器人、算力背 包、五指灵巧手，预算为4605万元（含税），中标人为宇树科技。 来源：央视财经 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 中核集团，重大突破！ 丨 阿里通义千问，重大更新！三大亮点 丨 刚刚创造历史！黄仁勋再度出 手减持！ 丨 深夜，全线大涨！ 丨 业绩爆表！A股，利好！ 丨 沪深交易所最新发布！ 丨 创业板综， 重要调整！ 丨 稀土，大爆发！最强主线，午后突变！ 丨 事关长期资金入市！财政部，最新发布！ 丨 王毅会见美国国务卿鲁比奥 丨 全线爆发！"牛市旗手"，多股涨停！ 丨 35%关税！特朗普宣布！ 丨 纳指、标普续创新高！ 丨 深 ...

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Core Viewpoint - Amazon's growth is increasingly driven by its high-margin divisions, AWS and advertising, rather than its traditional commerce business, which is experiencing slower growth and lower margins [2][5][14]. Group 1: Revenue Breakdown - In Q1, Amazon's total sales reached $143.3 billion, with online stores generating $57.4 billion and third-party seller services contributing $36.5 billion, making these two segments the majority of Amazon's revenue [4]. - The growth rates for online stores and third-party seller services were 5% and 6% year-over-year, respectively, which are slower compared to Amazon's overall growth rate of 9% for the quarter [5]. Group 2: Profit Margins - Amazon's commerce segments have slim operating margins, similar to those of traditional retailers like Walmart and Target, which typically hover around 5% [6]. - AWS generated $29.3 billion in revenue with a 39% operating margin, accounting for 63% of Amazon's total operating profits in Q1 despite representing only 19% of total revenue [8]. - Advertising has been Amazon's fastest-growing segment, with Q1 revenue rising 18% year-over-year, although specific operating margins are not disclosed [10][11]. Group 3: Future Outlook - The rapid growth of AWS and advertising is expected to continue driving Amazon's profit growth, offsetting the slower growth in its commerce business [12][14]. - As long as AWS and advertising maintain their performance, Amazon's operating margin is likely to improve, leading to long-term outperformance for shareholders [14].

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Core Viewpoint - Wolfspeed is undergoing a prepackaged bankruptcy process, which will significantly dilute the value for existing shareholders, leaving them with only 3% to 5% of the restructured company [4][13]. Company Overview - Wolfspeed specializes in silicon carbide technologies and is a developer and manufacturer of wide-bandgap semiconductors, focusing on silicon carbide and gallium nitride materials [6]. - The company aimed to become fully vertically integrated, leading to substantial capital expenditures, including a $5 billion facility in North Carolina and another in New York [8]. Financial Situation - Wolfspeed is expected to eliminate $4.6 billion in debt through the bankruptcy process, reducing annual interest expenses by approximately 60% [4]. - The company burned through $1.5 billion in cash during the first nine months of its current fiscal year, resulting in a gross margin of negative 17% [9]. - For fiscal year 2026, Wolfspeed anticipates generating $200 million in unlevered operating cash flow, but this figure excludes significant interest payments [11]. Market Dynamics - The recent stock rally is likely attributed to a short squeeze, as the stock has a high short interest and short sellers are covering their positions [2]. - The company has faced challenges in operational execution, particularly in meeting the demand from electric vehicle manufacturers, and has encountered aggressive pricing from Chinese competitors [7][9]. Management and Future Outlook - The appointment of Gregor van Issum as CFO is seen as a positive step for restructuring, but it does not change the unfavorable outlook for current shareholders [12][13]. - Wolfspeed's transition to 200mm wafers is expected to improve operating results, but the technological challenges associated with this transition pose risks [10].

[Table_Title] 证券研究报告 / 行业动态报告 AI 25H2（3）：数据为先，RDA 推动实数融合 事件： [Table_Summary] 国家金融与发展实验室副主任杨涛表示，基于 Web3.0 世界打造的稳定 币已经超越了传统的离岸与在岸范畴，为了更好地实现战略统筹、主动 监管、协同推进，应该考虑采取境内离岸与境外离岸人民币稳定币的联 动发展模式。 点评： ➢ 人民币稳定币呈现"内外结合"趋势 相关标的： 数据资产：上海钢联、道通科技、普联软件、找钢集团、慧辰股份、数 字政通、久远银海； 链上交易：宇信科技、新国都、四方精创、连连数字、众安在线。 （注：以上公司除数字政通外，其余尚未有研报覆盖，且仅为有限列示 相关的公司，不作为投资推荐。） 风险提示：政策进展不及预期；下游需求不及预期。 执业证书编号：S0550525050001 zhaoyy1@nesc.cn [Table_Info1] 计算机 [Table_Date] 发布时间：2025-07-12 [Table_Invest] 优于大势 上次评级:优于大势 1）境外离岸人民币业务是指在境外市场开展以人民币计价结算的金融业 务，在政策驱动 ...

撰文丨王聪 编辑丨王多鱼 排版丨水成文 本周 （7 月 7 日-7 月 14 日） ，国际顶尖学术期刊 Cell 共上线了 11 篇研究论文，其中 8 篇来自华人学者，这些研究分别在 结构生物学、AI 蛋 白质进化和设计、AI 基因组模型、脑科学、光遗传学 和 合成生物学 领域取得了新突破。 麻疹病毒聚合酶复合物与非核苷抑制剂的结构及抑制机制 2025 年 7 月 7 日，上海科技大学 张贺桥 / Roger Kornberg 团队在 Cell 期刊发表了题为： Structures of the measles virus polymerase complex with non-nucleoside inhibitors and mechanism of inhibition 的研究论文 【1】 。 该研究解析了 麻疹病毒 （MeV） 聚合酶 复合物及其与非核苷抑制剂结合后的结构，并揭示了抑制机制，为抗病毒药物的理性设计奠定了基础。 AI 蛋白质工程计算模拟方法，实现蛋白质高效进化模拟和功能设计 2025 年 7 月 7 日，中国科学院遗传与发育生物学研究所 高彩霞 团队在国际顶尖学术期刊 Cell 期刊 ...