目前，麦格理维持对CoreWeave的"中性"评级及65美元目标价，同时给予Core Scientific"跑赢大盘"评 级，目标价15美元。此次收购若顺利落地，或为双方在数据中心资源整合与财务优化层面开辟新空间。 财务影响方面，CoreWeave表示该交易将立即消除未来12年内现有合同场地累计超100亿美元的租赁支 出。通过运营聚焦优化，预计到2027年底可实现年度运营成本节约5亿美元。麦格理基于当前对 CoreWeave的2028年调整后净收入预测及稀释后股本结构测算，仅5亿美元税后净节约(税率21%)即可支 撑约5%的EPS增厚效应，尚未计入潜在产能复用或资产剥离带来的额外收益。 值得注意的是，Core Scientific原有加密货币挖矿产能存在转型可能，既可转向高性能计算(HPC)领域， 亦可进行资产剥离。麦格理指出，此次收购有望通过多元化融资渠道降低资本成本，缓解市场对 CoreWeave债务状况的关注。 智通财经APP获悉，麦格理最新研报披露，CoreWeave(CRWV.US)拟以90亿美元收购Core Scientific(CORZ.US)的交易细节。该收购将显著扩大CoreWeave的数据 ...

Core Viewpoint - The article emphasizes the importance of effective supervision and governance in economic development zones to create a fair and just business environment, focusing on the integration of political supervision into the development process of these zones [6][7][8]. Group 1: Supervision Mechanisms - The Dalian Economic and Technological Development Zone has implemented political supervision to ensure the effective execution of major decisions from the central government, focusing on issues raised by enterprises and the public [7]. - The Qingdao Economic and Technological Development Zone emphasizes a collaborative approach to supervision, ensuring that political supervision is integrated into economic development and reform tasks [8]. - The Fuzhou Economic and Technological Development Zone has established a project-based supervision mechanism to address urgent issues faced by enterprises, enhancing the business environment [9]. Group 2: Systematic Governance - The article discusses the need for a systematic approach to governance, integrating punishment, treatment, and prevention to ensure high-quality development in economic zones [10]. - It highlights the importance of establishing a collaborative mechanism among various departments to enhance the effectiveness of supervision and case handling [11]. - The focus is on addressing corruption and inefficiencies in the management of resources and projects within the development zones [11][12]. Group 3: Risk Prevention and Control - The article outlines the necessity of developing a robust risk prevention mechanism to identify and mitigate potential corruption risks in key positions and processes [15][16]. - It stresses the importance of daily supervision to monitor the operations of power within the development zones, utilizing data technology for effective oversight [16][17]. - The need for a clear delineation of responsibilities and processes to prevent corruption and ensure accountability is emphasized [15][16]. Group 4: Enhancing Business Environment - The article highlights initiatives aimed at optimizing the business environment, including the establishment of monitoring points for enterprise-related law enforcement and a responsive mechanism for addressing enterprise needs [20][23]. - It discusses the implementation of a "clean wind" initiative to enhance service quality and address issues such as inefficiency and corruption in enterprise services [20][23]. - The focus is on creating a transparent and efficient administrative process to facilitate business operations and attract investment [20][24].

大模型在自动驾驶功能上的落地逐渐清晰化，理想、华为等公司开始推行自己的VLA、VLM 方案。那么下一代大模型需要关注的点有哪些呢？ 按照早期自动驾驶技术发展的规律，当数据和方案基本验证有效后，开始重点关注轻量化与硬 件适配、知识蒸馏与量化加速、高效微调大模型等方向！ 除此之外目前大火的CoT方案也是后期完成空间感知的重点，VLA+强化学习等高级推理范式 也被行业重点关注。 这些问题是学术界和工业界亟需要解决的，相关的论文研究受到审稿人的青睐，国内外越来越 多的团队正在从事相关方向研究。前面收到很多同学的求助，希望能够辅助开展大模型相关的 论文指导研究，解决无人带发论文，缺乏指导的痛点。 自动驾驶之心联合业内知名大模型方向学者，开展了1v6的大模型论文指导小班课，解决无人 带、易踩坑、不知如何写稿、投稿的难题。 ⼀、课程介绍⭐ 解决只了解大模型相关零散知识，没有清晰的体系的问题，帮助系统掌握指定方向的重点理论知 识，同时做适当拓展，让学员对指定方向内容形成更清晰的体系； 解决没有方向，动手能力差，无法复现论文，帮助同学将模型理论与代码实践相结合，协助同学 开发设计新模型铺垫基础；能让学员将baseline深化拓 ...

Core Viewpoint - The company disclosed its main operational data for the pig farming business in June 2025, highlighting significant increases in both sales volume and inventory levels compared to the previous year [1][2]. Group 1: Sales and Inventory Data - The sales volume of live pigs in June 2025 was 14.24 million heads, representing a year-on-year increase of 20.46% [2]. - The inventory level at the end of June 2025 was 54.70 million heads, with a year-on-year increase of 20.70% [2]. - The month-end inventory increased by 1.98% compared to May 2025 and was up 6.64% from December 2024 [2]. Group 2: Operational Strategy - The company is actively optimizing its pig farming capacity by adjusting its farming layout, scale, and breed structure [2]. - The company will continue to adhere to a strategy focused on stability and cost reduction, concentrating resources on developing advantageous production capacity [2].

Core Viewpoint - The real estate industry is undergoing a deep adjustment period, but Greentown China is demonstrating steady development and exploring breakthrough paths amidst this environment [1][12]. Group 1: Sales Performance - In the first half of 2025, Greentown China achieved a total contract sales amount of approximately 122.2 billion yuan, with a total sales area of about 5.35 million square meters [1]. - Greentown ranked second among the top 100 real estate companies in terms of sales, with four companies exceeding 100 billion yuan in sales [1]. - Multiple projects in cities like Hangzhou and Taizhou have received enthusiastic market responses, contributing to strong sales performance [1]. Group 2: Investment Strategy - Greentown China's investment strategy focuses on "high certainty," utilizing precise layouts and efficient conversions to achieve steady development [2]. - The company added 42 new projects in 2024, with a total construction area of 4.18 million square meters and a new value of 114.7 billion yuan, with 92% of the value coming from first- and second-tier cities [3]. - In the first half of 2025, Greentown's new value exceeded 80 billion yuan, supported by a comprehensive risk control mechanism in investment decisions [4]. Group 3: Product Innovation - Greentown China has established a "Good House" standard to guide product quality, which includes 226 clauses, with 189 being stricter than national and industry norms [7]. - The company focuses on addressing real-life pain points for customers, using feedback as a driving force for innovation [7][8]. - Recent projects like Hangzhou Zhilang Yuhua showcase Greentown's commitment to innovative design and high-quality delivery, receiving positive market feedback [8][10]. Group 4: Financial Stability and Governance - Greentown China successfully issued a fourth tranche of medium-term notes at a record low interest rate of 3.94%, reflecting improved credit quality and market confidence [11][12]. - The company has completed six credit bond financings in 2025, totaling 5.5 billion yuan, indicating a robust financing channel and positive long-term development expectations [12]. - The combination of precise investment strategies, continuous product innovation, and optimized governance has allowed Greentown to navigate the challenging real estate market effectively [12].

Group 1 - Baxter International Inc. announced the appointment of Andrew Hider as President and CEO, effective no later than September 3, 2025 [1] - Brent Shafer, who has served as Chairman and interim CEO since February 2025, will transition to the role of independent Chairman of the Board [1] Group 2 - Andrew Hider has 25 years of cross-industry experience and a global perspective, focusing on growth-oriented and people-centric leadership [2] - Hider served as CEO and Director of ATS, a leading automation solutions provider, where he significantly improved profit margins and nearly doubled adjusted revenue over five years with a compound annual growth rate (CAGR) in the low double digits [4][5] - Under Hider's leadership, ATS's stock price more than doubled since 2017, outperforming major indices [5] Group 3 - Baxter International, founded in 1931 and headquartered in Deerfield, Illinois, specializes in medical products for chronic and critical care, developing and selling products for complex conditions such as hemophilia and cancer [6] - Baxter's diverse business integrates medical devices, pharmaceuticals, and biotechnology, with a leading position in home kidney therapy and recombinant factor products for bleeding disorders [6] - The company employs approximately 38,000 members globally [6]

Core Viewpoint - The announcement details Shenzhen Huatai Medical Instrument Co., Ltd.'s decision to waive part of its preemptive rights and to increase capital in its subsidiary, Hunan Yiweidi Medical Instrument Co., Ltd., which constitutes a related party transaction [1][2][3] Summary by Sections Transaction Overview - Hunan Yiweidi is a subsidiary of Huatai Medical, with Huatai holding 42.3380% directly and controlling 68.9512% through a private equity fund [1] - The transaction involves the transfer of 10% of Yiweidi's shares and a capital increase of RMB 50 million, with RMB 1,114.8714 million allocated to registered capital and RMB 38,851,286 allocated to capital reserves [1][3] - The transaction does not constitute a major asset restructuring and has no significant legal obstacles [1][2] Related Party Transaction - The transaction was approved in meetings held on July 7, 2025, and requires shareholder approval [1][6] - The involved parties include related entities Shanghai Huishen and Shanghai Huizhen, which are linked to the company's directors and senior management [3][5] Financial Details - The overall pre-investment valuation of Yiweidi is set at RMB 130 million [5] - The financial data for related entities shows Shanghai Huishen with total assets of approximately RMB 155.5 million and net profit of RMB 240.36 million for the last fiscal year [3][4] Strategic Importance - The transaction aims to enhance Yiweidi's competitiveness and operational efficiency, aligning with Huatai's strategic focus on core business areas such as electrophysiological devices and peripheral vascular intervention products [5] - The capital increase and share transfer are designed to optimize Yiweidi's shareholder structure and governance, promoting synergy between Huatai and Yiweidi [5][6] Approval Process - The transaction has undergone a rigorous internal review process to ensure fair pricing and compliance with regulations, with related directors abstaining from voting [6][7]

Core Viewpoint - The renewal of non-bank payment institution licenses in China has undergone significant changes, with 13 institutions receiving "long-term" licenses while 6 licenses were either suspended or not renewed, marking a shift towards stricter regulatory compliance and quality optimization in the industry [2][4][8]. Group 1: License Renewal Outcomes - 13 institutions successfully obtained "long-term" payment licenses, including Douyin Payment, Yibao Payment, and Huipai Payment, among others [5][4]. - Notable companies like Douyin Payment and Huaban Payment, both affiliated with major internet giants, received qualifications for Class I stored value account operations [5][4]. - 6 institutions, including Guangzhou Heli Bao and Guangdong Yutong Bao, faced license renewal issues due to various regulatory reasons [5][7][8]. Group 2: Regulatory Changes and Implications - The transition from a 5-year renewal cycle to "long-term" licenses reflects the regulatory body's commitment to implementing the Non-Bank Payment Institution Supervision Management Regulations [8][9]. - Analysts suggest that this shift will alleviate the cyclical pressure of license renewals and provide a stable outlook for institutions, while also raising compliance standards [8][11]. - The regulatory focus is moving from "quantity control" to "quality optimization," promoting a dynamic exit mechanism to enhance industry consolidation and resource allocation [11][9]. Group 3: Compliance and Penalties - Several institutions that successfully renewed their licenses had previously faced significant fines for compliance violations, indicating ongoing scrutiny from regulators [11][10]. - The penalties included fines exceeding 1 million yuan for multiple institutions, highlighting the importance of adherence to regulatory standards [11][10]. - The overall trend indicates a rigorous selection process in the industry, with non-compliance and strategic adjustments leading to exits from the market [11][8].

丨 来源：中国证券报·中证网 2025-07-07 中证报中证网讯 据福建证监局官网，近日，福建证监局发布福建辖区资本市场优化营商 网络环境专项行动典型案例（第一期）。此次专项行动在福建省委网信办等部门支持下，聚焦 涉企侵权、虚假信息等突出问题，联合多部门整治侵犯企业及企业家网络合法权益的违法违规 行为，形成一批典型案例，彰显了净化资本市场营商网络环境的坚定决心。 月，聚焦涉企侵权、虚假信息、网络暴力等15类突出问题开展重点整治。期间，省委网信办、 福建证监局等部门聚焦福建资本市场，联合召开专题座谈会，面对面向市场主体介绍专项行动 方案；深入福耀玻璃、宁德时代、紫金矿业等10余家上市或拟上市企业进行一对一宣讲；向市 场主体发送"深化开展优化营商网络环境"举报指南，助力企业用好维权武器。 福建证监局提醒，广大投资者应提高风险防范意识，警惕"股市黑嘴"、非法荐股等非法金 融活动，认清机构资质，如遭受损失应及时向公安机关报案。 三是诋毁企业声誉，侵犯隐私名誉。"天天价值解读"擅自披露企业高管私人信息并歪曲事 实，"阿尔法工场Green"用"弑父"等煽动性词汇捏造企业对立关系，均被企业举报后删帖，相 关行为违反个人信 ...

Core Viewpoint - The People's Bank of China (PBOC) has been consistently increasing its gold reserves, reaching 73.9 million ounces by the end of June 2025, marking an increase of 70,000 ounces from the previous month, and this is the eighth consecutive month of gold accumulation [2]. Group 1: Reasons for Increasing Gold Reserves - The global political and economic landscape is complex and uncertain, especially following the policies of the Trump administration, making gold a preferred safe-haven asset [3]. - China's gold reserves as a percentage of total international reserves are relatively low compared to the global average, which is around 15%. As of December 2024, gold accounted for only 5.5% of China's official international reserves [4]. Group 2: Future Outlook - It is likely that China will continue to increase its gold reserves to promote the internationalization of the Renminbi and enhance the credibility of its sovereign currency [6]. - The ongoing global uncertainties provide motivation for the central bank to keep accumulating gold [7]. Group 3: Gold Price Trends - In the first half of this year, the London spot gold price rose by 25.7%, marking the largest half-year increase since the second half of 2007. Long-term factors such as geopolitical conflicts, a weakening dollar, and central bank purchases are expected to support further increases in gold prices [8].