Group 1: Digital Economy and Legal Framework - Shenzhen Qianhai Court has concluded 1,433 cases related to the digital economy from January 2022 to March 2025, with a total amount involved of 140 million yuan, highlighting the importance of legal protection for virtual assets in the digital economy era [1] Group 2: Housing Fund in Guangdong - In 2024, Guangdong's housing provident fund contributions reached 408.855 billion yuan, ranking first in the country, with a total balance exceeding 1 trillion yuan, making it the only province to surpass this threshold [2][3] Group 3: Tax Refunds in Shenzhen - During the Dragon Boat Festival holiday, Shenzhen Customs reported a record high in tax refunds for outbound travelers, with 394 transactions totaling 9.438 million yuan, a year-on-year increase of 5.2 times, indicating strong growth in domestic product exports [4] Group 4: Environmental Initiatives - The Guangdong-Hong Kong-Macao Greater Bay Area will jointly host the national main event for World Environment Day in 2026, aiming to enhance ecological cooperation and showcase the region's development [5] Group 5: Stock Market Performance - The Shenzhen Composite Index closed at 10,203.50 points, up 0.58%, with notable stock performances including N Youyou rising by 68.64% and Hengshi Technology increasing by 20.05% [6][7]

所谓"内卷式"竞争，是指在某一领域或行业内，由于竞争过于激烈，参与者为争夺有限资源和机会，不 惜过度投入，最终导致资源浪费和效率下降的现象。这种竞争模式违背了经济运行基本规律，也是促进 市场公平竞争、激发创新活力、提高发展效率的大敌。这种恶性竞争的一大表现是不拼质量拼价格，试 图"以价换量"扩大市场份额。 "在长期'让我做、要求我做、我凑合做'的被动导向下，安全建设陷入了'缺啥补啥、低价中标'的拼盘惯 性，安全防护大多缝隙丛生、'中看不中用'。"齐向东从更为根源和本质层面做了剖析。他认为，数据 孤岛、资源投入不足、新旧系统兼容难是影响网络安全体系化建设的三重障碍。体系力量是网络安全产 业突围的钥匙，内生安全是体系建设的核心。 价格的背面是成本，6月5日，齐向东就以新能源车为例对比，"新能源车有硬成本的底价，低于底价的 1%，大家可以卷，如果低于底价的10%，大家都卷不动，所以硬件行业内卷是有底线的，软件行业内 卷没有底线"。 他拿奇安信做软件的投入举例，"我们（奇安信）做一款软件可能需要开发三年、投入几亿元，但是形 成产品后，每个人都看不到它的成本"。在他看来，"人工智能（的本质）是软件、数字经济是软件、网 ...

Core Insights - The digital yuan pilot has surpassed ten million application scenarios, marking a significant step in China's legal digital currency development and showcasing the country's financial technology innovation strength [1][3]. Group 1: Application Scenarios - Since the launch of the digital yuan pilot, its application has expanded from basic areas like retail payments and public service fees to various dimensions including transportation, healthcare, education payments, and enterprise trade settlements [3]. - The breakthrough of over ten million pilot scenarios indicates that the digital yuan has deeply integrated into various sectors of the economy, becoming a crucial force in promoting the integration of the digital economy with the real economy [3]. Group 2: Ecosystem Development - The application ecosystem of the digital yuan is continuously enriching, with diverse participants such as financial institutions, technology companies, merchants, and consumers collaboratively building an open, cooperative, and win-win ecosystem [3]. - Banks are enhancing digital yuan wallet services to improve user experience, while technology companies leverage advanced technologies like big data, cloud computing, and blockchain to provide secure and efficient support for the circulation and application of the digital yuan [3]. Group 3: Cross-Border Applications - The exploration of cross-border applications of the digital yuan is steadily advancing, with its importance as a new tool for cross-border payments becoming increasingly prominent amid the acceleration of global digitalization [5]. - China is actively participating in international digital currency cooperation and standard-setting, promoting the application of the digital yuan in cross-border trade, investment, and financial transactions [5]. Group 4: Financial Inclusion and Security - The promotion of the digital yuan enhances financial inclusion and deepens efforts in anti-money laundering and counter-terrorism financing, reducing payment costs and improving efficiency, particularly benefiting remote areas and vulnerable groups [5]. - The traceability of the digital yuan serves as a powerful tool against financial crimes, contributing to the stability and security of financial markets [5]. Group 5: Future Outlook - With ongoing technological advancements and continuous expansion of application scenarios, the digital yuan's ecosystem is expected to become more comprehensive, further highlighting its role in economic development, financial service enhancement, and financial security maintenance [5].

以下文章来源于粤开志恒宏观 ，作者罗志恒 粤开志恒宏观 . 在这里，一起解读中国与世界。立足中国，全球视野；宏大叙事，微观关怀。 作者：罗志恒 晁云霞 自2008年以来，本轮积极财政政策实行了长达17年之久，积极财政政策的内涵和特点也逐渐发生了 变化，及时总结积极财政政策的效果、分析当前财政政策存在的不足，并指出未来财政政策可能的转 型方向具有重要意义。我国积极的财政政策有力地促进了稳增长、惠民生和防风险，发挥了财政作为 国家治理的基础和重要支柱的作用。但积极财政政策仍存在一些不足，亟待转型优化以释放更大的政 策效力。 01 积极财政政策的实施效果 （一）有力地应对了外生冲击、促进了经济稳定 本轮积极财政政策实施以来，成功应对了2008年全球金融危机、2020年新冠疫情等外生冲击，确保 我国经济总体平稳运行。 2008—2010年，以扩大政府投资、实施结构性减税为主的积极财政政策 在供需两端发力，使我国经济保持在9.9%的平均增速，而同期的世界经济平均增速仅为1.7%。 2020年以来，我国在全球经济变局、国内经济新旧动能转换、疫情冲击等多重考验下，以大规模减 税降费和支出结构优化为主的积极财政政策持续发力， ...

Group 1 - The core viewpoint of the article emphasizes the need for a transformation and optimization of China's active fiscal policy after 17 years of implementation, highlighting its effectiveness in promoting economic stability, quality growth, and social welfare, while also addressing existing shortcomings and future directions for fiscal policy [2][3][4][5][6]. Group 2 - Active fiscal policy has effectively responded to external shocks, maintaining economic stability with an average growth rate of 9.9% from 2008 to 2010, compared to the global average of 1.7%, and a growth rate of 4.7% from 2020 to 2023, significantly higher than the global average of 2.3% [3][4]. - The policy has shifted focus towards technology innovation and green development, enhancing the potential for long-term high-quality economic growth [4]. - Social welfare has improved, with rural minimum living standards increasing by 73.3% and urban low-income standards by 45.4% from 2017 to 2023, while the share of public budget for social welfare rose from 35.1% in 2013 to 40.7% in 2023 [5]. Group 3 - Current fiscal policy faces challenges, including an overemphasis on short-term fiscal balance, which may hinder long-term economic stability and increase hidden government debt risks [8][9]. - The effectiveness of large-scale tax reductions is diminishing, with the macro tax burden decreasing to 16.3% of GDP in 2024, down 5.1 percentage points from 2013, which may threaten fiscal sustainability [12]. - The structure of fiscal spending needs optimization, as there is a tendency to focus more on supply-side and enterprise support rather than on demand and household needs [13][24]. Group 4 - Future fiscal policy should transition from a balanced approach to a functional one, allowing for a potential breach of the 3% deficit limit to better support economic stability and growth [16][17]. - Systematic responses to long-term challenges such as aging population and digital economy risks are necessary, including enhancing social security systems and adapting tax policies to new economic realities [18][20]. - The focus should shift from income policies to expenditure policies, emphasizing direct government spending to stimulate demand and support households [22][25]. Group 5 - The article suggests that the term "active fiscal policy" should be reconsidered to "expansionary fiscal policy" to better convey the intended signals to the market and stabilize expectations [26][27].

近年来，新能源、智能设备、数字经济等新业态不断涌现，为最大程度释放政策红利，守护辖区新兴产 业全面健康发展，国家税务总局威海经济技术开发区税务局以"服务+监管"双轮驱动，畅通"数据精准画 像—政策红利推送—涉税风险防控—合规经营引导"链条，精准推送税费政策的同时，对企业享受政策 的薄弱环节"一对一"辅导，辅导企业准确归集成本数据、规范账务处理，引导合规经营，为企业发 展"蓄力赋能"。 以政策红利护航企业发展。一直以来，经开区税务局坚持聚焦企业关切和诉求，持续创新税收服务管理 措施，为民营企业强信心、减负担、增活力。未来，将持续增强税务服务与管理的针对性和精准性，助 力民营经济主体做强做优做大。 当前，气体安全监测行业受益于工业智能化、城市安全升级及"双碳"政策驱动，市场需求持续扩容。作 为国家高新技术企业、山东省瞪羚企业，埃尔法仪器已在气体安全检测领域深耕十年，与山大(威海)在 激光燃气泄漏检测领域保持产学合作，在业内首创"远距离手持遥测检测高层住宅泄漏""云台扫描式产 品进行露天工艺区监控""激光甲烷与乙烷同时检测辨识天然气"等多项新应用，为国内80%以上头部燃 气企业提供服务，产品广泛应用于国家管网集团西 ...

Group 1 - Agricultural Bank of Hangzhou is driving the integration of digital economy and modern agriculture by launching various financial products such as "Loquat Loan," "Tea Aroma Loan," and "Aquatic Products Loan," benefiting over 50,000 farmers across more than 1,500 villages in Hangzhou [1] - Siwei Ecological Technology has partnered with Saudi MOWREQ to introduce its vertical agriculture system to the Middle East, utilizing AI, IoT, and big data to enhance agricultural productivity, achieving a yield increase of 50 to 100 times compared to traditional methods [2] - Hangzhou Binfu Biotechnology is transforming organic waste into valuable resources through black soldier fly larvae, which can consume 200,000 times their weight in kitchen waste, supported by over 3.8 million yuan in loans from Agricultural Bank of Hangzhou [3][4] Group 2 - The Agricultural Bank of Hangzhou is focusing on "smart agriculture" to promote mechanization and digitalization in farming, enhancing productivity and efficiency in agricultural practices [4] - The development of the "insect economy" ecosystem is being supported by financial technology, which is expected to activate new productive forces in modern agriculture [4]

Group 1 - The core viewpoint of the articles highlights the ongoing growth and investment in the digital economy, particularly driven by advancements in AI technology and significant corporate investments in related infrastructure [1][2] - The digital economy sector saw a positive market response, with the digital economy ETF (560800) rising by 0.94%, and key stocks such as Lanke Technology, Weir Shares, and Cambricon experiencing notable gains [1] - Nvidia's recent financial report for Q1 FY2026 showed impressive results, with revenue of $44.062 billion, a 69% year-over-year increase, and net profit of $18.775 billion, up 26%, indicating strong demand and growth in the global AI industry [1] Group 2 - Global internet cloud companies are significantly increasing their AI investments, with capital expenditures rising sharply, indicating a sustained AI arms race [1] - Notable investments include Oracle's plan to spend approximately $40 billion on Nvidia's GB200 GPU and Elon Musk's announcement of expanding xAI's GPU card acquisition to 1 million units, benefiting leading optical module manufacturers [1] - The China Securities Index highlights the long-term growth potential of the digital economy, with the CSI Digital Economy Theme Index (931582) capturing core digital economy stocks, reflecting the industry's alignment with high-quality development goals [2]

Group 1 - The core viewpoint of the articles highlights the significant growth and development of the digital economy in Ningxia, characterized by expanding scale, improving quality, and deepening integration of digital and real economies [1][2][3] Group 2 - Ningxia has established 9 large and super-large data centers, with 27 projects under construction, achieving a total of 142,000 standard racks and a computing power scale of 74,000 PetaFLOPS, ranking third nationally in intelligent computing scale [1] - The region's computing power index has entered the top ten nationally, with the quality and efficiency index ranking first in the western region [1] - Over 114 billion data points have been aggregated in agriculture and finance, with initiatives to promote data legislation and infrastructure development [2] - A total of 186 smart factories and 119 industrial internet platforms have been built, with 2,600 small and medium-sized enterprises adopting cloud computing and data intelligence [2] - Ningxia aims to achieve a digital economy scale of 270 billion yuan by 2027, accounting for over 40% of the total economy, positioning itself as "China's Green Computing Power City" [2]

在稳定币这个极具潜力的领域，最具想象空间的赛道并非跨境支付或单纯的数字货币，而是拥有发行稳 定币牌照的公司！ 而且，它由国家信用背书，与比特币等虚拟币有着本质区别。 本月，稳定币第一巨头还预计在美股上市，产业催化不断，行情远未结束。 那么在A股市场，有哪些核心公司拥有或参股稳定币牌照方呢？ 从政策层面来看，无论是香港的《稳定币条例》，还是美国的《GENIUS法案》，都明确规定发行主体 必须是持牌机构或注册公司。 在金融领域，掌握稀缺的金融牌照就意味着拥有定价权和垄断性，这可是整个产业中最受益的方向，绝 不是一般的技术运营或服务商能比的。 回顾过往，类似因获得稀缺牌照而股价大涨的案例不在少数。 比如中免，获得免税牌照后，股价直接从十几元飙升到400多元；中信获得金控牌照，股价也近乎上涨 了20倍。 如今，稳定币不仅代表着数字金融时代的核心资产，更是未来数字经济时代金融话语权的象征，是打破 美元独家金融霸权的有力武器。 为避免打扰主力，唻炂纵㞻："小婉说市"带走。公司全资子公司拥有香港证监会颁发的第1、4、9号牌 照，具备证券 + 虚拟币发行的资质，在整个A股市场，是唯一一家在香港拥有证券 + 虚拟币牌照的公 司 ...