Robinhood 联合创始人兼 CEO Vlad Tenev 和 Helm.ai 的联合创始人 Tudor Achim 联合创立的一个新 AI 公司 Harmonic.fun 火了，它以独特的"数学超智 能"（Mathematical Superintelligence, MSI）概念。 今天，Harmonic.fun 宣布完成了 1 亿美金 B 轮融资，由 KP 领投，Paradigm、Ribbit Capita、Sequoia Capital 以及 Index Ventures 跟投，估值近 9 亿 美金。去年 9 月份完成由 Sequoia 领投的 7500 万美金的 A 轮融资，当时估值为3.25 亿美金。 Harmonic 的理念我觉得很有意思： 真正的智能，必须根植于可验证的逻辑与严谨的数学推理 。Vlad Tenev 和 Tudor Achim 认为，当前主流的 AI 模 型，尤其是大语言模型，虽然在生成文本和理解自然语言方面表现出色，但其内在的概率性机制导致了"幻觉"现象的普遍存在。 这意味着这些模型可能会生成看似合理但实际上是虚假或不准确的信息。对于许多高风险、高精度要求的应用场景，如软件 ...

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Core Viewpoint - The company experienced a significant decline in performance due to a one-time provision for expected credit losses of HKD 498 million, leading to a year-on-year drop in net profit by 29.9% in FY2025 [1] Group 1: Financial Performance - In FY2025, the company reported revenue of HKD 11.656 billion, a decrease of 9.4% year-on-year, and a net profit of HKD 1.075 billion, down 29.9% year-on-year [1] - The one-time provision for other receivables resulted in an expected credit loss of HKD 498 million, significantly impacting the company's year-on-year performance [1] Group 2: Business Segments - In the water supply segment, urban water supply revenue was HKD 7.498 billion, a decrease of 9.4%, while the segment profit was HKD 2.493 billion, an increase of 0.1% [2] - The operating income in the water supply segment grew by 6.5% to HKD 3.526 billion, while construction services declined by 27.9% to HKD 2.833 billion [2] - In the direct drinking water business, operating services increased by 7.2% to HKD 315 million, but construction services fell by 82.8% to HKD 220 million [2] Group 3: Cash Flow and Dividends - A turning point in free cash flow is expected in FY2025, with capital expenditures dropping to approximately HKD 3.4 billion from a historical high of HKD 5.3 billion in FY2024 [3] - The total dividend for FY2025 is maintained at HKD 457 million, consistent with FY2024, with a dividend payout ratio of 42.53% [3] - With the continuous improvement in free cash flow, there is significant potential for an increase in dividends [3]

July 10, 2025 05:33 PM GMT Meituan | Asia Pacific M Idea 2Q25 preview: lower long-term margins with near-term earnings pressure | What's Changed | | | | --- | --- | --- | | Meituan (3690.HK) | From | To | | Price Target | HK$160.00 | HK$150.00 | We estimate 2Q CLC OP at Rmb8bn, -48% YoY, with food delivery + Instashopping OP to decline Rmb8bn. We expect 3Q to mark the most intense competition, driving full-year CLC OP down to Rmb30bn. Stay OW; we prefer BABA > Meituan > JD. 2Q25: We estimate CLC revenue at ...

Core Viewpoint - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation amounting to 847 billion yuan at an interest rate of 1.40%, maintaining the previous rate [1] Group 1: Reverse Repo Operations - Today's reverse repo operation totaled 847 billion yuan, with an interest rate of 1.40% [1] - A total of 340 billion yuan in reverse repos matured today [1] - This week, the PBOC executed reverse repo operations amounting to 4257 billion yuan, while 6522 billion yuan in reverse repos matured, resulting in a net withdrawal of 2265 billion yuan [1]

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report The report offers short - term trend forecasts for various commodities in the futures market, including precious metals, base metals, energy, and agricultural products. These forecasts are influenced by factors such as tariffs, supply - demand dynamics, and macro - economic policies [2][4]. 3. Summary by Commodity Precious Metals - **Gold**: Facing disturbances from tariff issues, with a trend strength of - 1, indicating a bearish outlook [2][5][9]. - **Silver**: In a high - level oscillation, with a trend strength of 1, suggesting a bullish outlook [2][5][9]. Base Metals - **Copper**: Inventory is continuously increasing, putting pressure on prices. The trend strength is 0, showing a neutral outlook [2][11][13]. - **Zinc**: Operating within a range, with a trend strength of 0, indicating a neutral outlook [2][14]. - **Lead**: Showing a mid - term upward trend, with a trend strength of 0, suggesting a neutral outlook [2][16][17]. - **Tin**: Prices are weakening, with a trend strength of 0, indicating a neutral outlook [2][19][23]. - **Aluminum**: The price center is moving up. Aluminum has a trend strength of 0, alumina has a trend strength of 1, and casting aluminum alloy follows the trend of electrolytic aluminum [2][24][26]. - **Nickel**: There is a game between macro and fundamental factors, resulting in an oscillating trend. The trend strength is 0, indicating a neutral outlook [2][27][33]. - **Stainless Steel**: There is a game between reality and macro - expectations, leading to an oscillating trend. The trend strength is 0, indicating a neutral outlook [2][28][33]. Energy and Chemicals - **Carbonate Lithium**: Inventory accumulation is accelerating, but the number of warehouse receipts is relatively small. The oscillating pattern may continue, with a trend strength of 0, indicating a neutral outlook [2][34][36]. - **Industrial Silicon**: Attention should be paid to the registration of warehouse receipts, with a trend strength of 0, indicating a neutral outlook [2][37][40]. - **Polysilicon**: Policy disturbances are amplifying market fluctuations, with a trend strength of 0, indicating a neutral outlook [2][38][40]. - **Iron Ore**: Expectations are fluctuating, resulting in wide - range oscillations, with a trend strength of 0, indicating a neutral outlook [2][41]. - **Rebar and Hot - Rolled Coil**: Due to sector sentiment resonance, they are in a relatively strong oscillating trend, with a trend strength of 1, suggesting a bullish outlook [2][44][48]. - **Silicon Ferrosilicon and Manganese Silicide**: Cost expectations may rise, leading to a relatively strong oscillating trend, with a trend strength of 1, suggesting a bullish outlook [2][50][53]. - **Coke**: Oscillating with an upward bias, with a trend strength of 0, indicating a neutral outlook [2][55][58]. - **Coking Coal**: Affected by news, oscillating with an upward bias, with a trend strength of 1, suggesting a bullish outlook [2][56][58]. - **Steam Coal**: Daily consumption is recovering, and the market is stabilizing with oscillations, with a trend strength of 0, indicating a neutral outlook [2][60][63]. Agricultural Products - **Palm Oil**: Driven by macro - sentiment, but the fundamental upside is limited [2][62]. - **Soybean Oil**: There is insufficient speculation on US soybean weather, lacking upward drivers [2][62]. - **Soybean Meal**: Waiting for the USDA report, with a rebound and oscillation trend [2][64]. - **Soybean**: Spot prices are stable, and the market is oscillating [2][64]. - **Corn**: Undergoing oscillating adjustments [2][66]. - **Cotton**: The expectation of tight old - crop inventory continues to support futures prices [2][68]. - **Egg**: As the peak season approaches, attention should be paid to the expected difference [2][70]. - **Live Pig**: Spot sentiment is weakening, and there is a divergence between futures and spot prices [2][71]. - **Peanut**: There is support at the lower level [4].

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