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Core Viewpoint - The article highlights the successful bids of Zhiyuan Robotics and Yushu Technology for a humanoid bipedal robot manufacturing service project by China Mobile's subsidiary, indicating a growing interest and investment in robotics technology within the telecommunications sector [1]. Group 1 - China Mobile's subsidiary, China Mobile (Hangzhou) Information Technology Co., Ltd., has a total project budget of 124.05 million yuan (including tax) for the humanoid bipedal robot procurement [1]. - The project consists of two procurement packages: Package 1 for a full-size humanoid bipedal robot with a budget of 78 million yuan (including tax), won by Zhiyuan Robotics; Package 2 for a small-size humanoid bipedal robot, computing backpack, and dexterous hand with a budget of 46.05 million yuan (including tax), won by Yushu Technology [1].

Global Economy Overview - The report provides a chart-based overview of the global economy's performance [1] Data Source - The data is visualized in charts [1]

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 ...

Core Viewpoint - Constellation Brands and Altria are both considered stable blue chip stocks, but Altria has outperformed Constellation significantly over the past three years, raising questions about future investment potential [1][2]. Constellation Brands - Constellation Brands generates most of its revenue from its beer business, with popular brands like Modelo and Corona, and a smaller portion from wine and spirits [4]. - The company faces three major challenges: declining beer consumption among younger consumers, decreasing sales of lower-end wines, and increased costs due to tariffs on imported Mexican beers [5][6]. - Analysts expect Constellation's revenue to decline from $10.2 billion in 2024 to $9.9 billion in 2027, while its earnings per share (EPS) is projected to grow at a compound annual growth rate (CAGR) of 7% [8]. - Despite a low valuation at 14 times forward earnings and a forward yield of 2.5%, the lack of near-term catalysts makes it an unappealing investment [9]. Altria - Altria primarily generates revenue from its Marlboro cigarettes and has a strong domestic focus, which protects it from tariffs and foreign-exchange issues [10][11]. - The company has been countering declining smoking rates by raising cigarette prices, cutting costs, and expanding its smokeless product portfolio through investments and acquisitions [12]. - Following a setback with its investment in Juul, Altria acquired Njoy for $2.8 billion in 2023, which is expected to boost EPS starting in 2026 [13]. - Analysts predict Altria's revenue will dip slightly from $20.4 billion in 2024 to $20.2 billion in 2027, but its EPS is expected to grow at a steady CAGR of 5% from 2025 to 2027 [14][15]. - Altria's stock is considered cheap at 12 times forward earnings, with a substantial forward yield of nearly 7%, making it a more stable investment compared to Constellation [15]. Investment Recommendation - Altria is viewed as the better investment option due to its more stable business model, larger dividend, and lower valuation multiple compared to Constellation Brands [16].

Core Insights - Intesa Sanpaolo is committed to supporting Ukraine's reconstruction through blended finance, ESG principles, and long-term investment [2][3] - The bank operates in Ukraine through its subsidiary Pravex Bank, making it the only Italian banking group with a presence in the country [3] Group Commitment and Strategy - Intesa Sanpaolo adopts a prudent approach in the current geopolitical landscape, avoiding excessive risk while preparing to support reconstruction projects when conditions permit [3] - The Group collaborates with supranational institutions like the EBRD and EIB to contribute to development projects aimed at rebuilding Ukraine [3] Economic Revitalization - Rebuilding Ukraine's economy necessitates both private capital and support from supranational financial institutions, with Intesa Sanpaolo playing a crucial role in blended finance mechanisms [3] - The Group emphasizes stability and local development, focusing on long-term investments in regions where sustainable growth is possible [3] Inclusive Growth and ESG Alignment - Intesa Sanpaolo promotes inclusive growth, financial education, and ESG-aligned financing in all its operational regions, including Ukraine [3] - The bank aims to support not only economic reconstruction but also the long-term sustainable development of local communities in Ukraine [3] Green Financing Initiatives - As a leader in the transition to a low-carbon economy, Intesa Sanpaolo offers dedicated green credit lines and a growing portfolio of sustainable products, which can aid in Ukraine's future rebuilding efforts [3]