Core Viewpoint - AEON (Hong Kong) Department Store Limited has signed a new 8-year lease agreement for its Tianhe City store, which will undergo renovations starting July and is expected to reopen in October [2][3][8]. Group 1: Lease Agreement Details - The new lease period is from July 1, 2025, to June 30, 2033, with a total rent of approximately 102 million RMB, averaging 12.7 million RMB per year [3][6]. - The leased area has been reduced, now covering B113 and B114 on the first basement level, along with storage on the second and third basement levels, rather than the entire first basement [2][9]. - The previous lease saw annual rent increase from 37.2 million RMB in 2010 to 52 million RMB in 2023, with an average annual increase of about 5% [6][7]. Group 2: Renovation Plans - The Tianhe City store will undergo a three-month upgrade focusing on "scene reconstruction, product renewal, and service enhancement," targeting the needs of young middle-class families [8][9]. - The renovation aims to create a "five-sense experience marketplace" and is part of a broader upgrade plan for the Tianhe City shopping center [8][9]. Group 3: Market Context and Future Plans - AEON plans to open 8 new stores in Guangdong this year, increasing its total to 41 stores by year-end, compared to 33 stores in 2019 [10]. - Despite expansion plans, AEON's overall performance in Guangdong has been under pressure, with declining revenue and ongoing operational losses since 2017 [11].

华宝证券出品的2025中国金融产品年度报告《生态跃迁》，已经正式发布了。这是我们 连续第 十四年 发布这个报告。 图：2025中国金融产品年度报告封面 每当这份沉甸甸的报告最终成稿，我们的心中总会涌起一种满满的收获感。这不仅是对过去一 年辛勤耕耘的总结，更是对未来探索的期待。十四年的坚守与沉淀，见证了市场的风云变幻， 也见证了我们在专业道路上的稳步前行。 去年的金融产品年度报告中，我们首次提出 财富与资管行业迈向服务化 的转型方向。令人欣慰 的是，这一理念在业内引发了广泛共鸣。回首2024年，我们也清晰地看到，整个行业在这条转 型之路上已然迈出了坚实的步伐，不断探索前行。 然而，迈向服务化的进程并非单个机构的孤立行动，而是需要整个行业的协同共进，需要财富 生态的重构与升级。这是一场全方位、深层次的蜕变，我们将其称之为生态跃迁—— 这就是今 年我们报告的主题。 作为金融市场深刻变革的见证者和参与者，我们深知， 研究服务的价值不仅在于洞察趋势，更 在于搭建认知跃迁的阶梯。 优秀的研究应该如同一盏明灯，照亮前行的道路，帮助从业者们从 纷繁复杂的市场变化中捕捉到那些关键的信号，为行业转型提供坚实的方向指引。 未来， ...

Core Viewpoint - The "Smart Electric Photosynthesis" project integrates clean energy management, precision agriculture, and advanced planting technologies to create a new production model for agriculture, addressing high energy consumption issues in traditional farming [2][3][4]. Group 1: Innovation in Agriculture - The "Smart Electric Photosynthesis" solution leverages three main innovations: intelligent clean energy scheduling, lean production process management, and innovative planting techniques, representing a systemic reconstruction of agricultural production methods [3]. - The project aims to create a thinking energy system that goes beyond simple energy replacement, utilizing a self-developed smart energy regulation platform for dynamic monitoring and optimization [3][4]. Group 2: Energy Efficiency and Sustainability - The system achieves a 98% clean energy replacement rate, significantly reducing carbon emissions and energy costs for plant factories [4]. - The integration of AI algorithms and quantum encryption technology allows for real-time optimization of energy allocation based on environmental variables, enhancing energy efficiency [4]. Group 3: Technological Advancements - The smart production platform functions as a digital agronomist, utilizing a billion-parameter AI model to create a digital twin of crop growth, achieving a precision control error of just 0.5% [9]. - The innovative vertical planting system and full-spectrum lighting technology improve light utilization efficiency to 1.2 times the industry standard, while nutrient recycling achieves a 90% utilization rate [11]. Group 4: Economic Impact - The transformation of plant factories has led to a 25% reduction in electricity costs and a 50% decrease in labor costs, significantly enhancing economic benefits for local farmers [14]. - The model demonstrates strong replicability across various agricultural sectors, with potential annual savings of 50 million kilowatt-hours and a reduction of 47,000 tons in carbon emissions [17].

在第十六届夏季达沃斯论坛上，TCL创始人兼董事长李东生指出，全球化已进入深度调整期。他表示， 全球化利益分配不均导致失衡：一方面，发达国家面临制造业空心化，就业岗位流失；另一方面，发展 中国家被锁定在产业链低端，难以实现产业升级。 ...

新华财经北京6月24日电（崔凯）今年以来，面对内外经济环境的不确定性，美联储暂停加息，进入"观 望模式"。其主要目的是评估特朗普政府的关税政策对美国经济和通胀的具体传导效应。而根据最新的 点阵图显示，美联储内部分歧渐显，其中十位官员预计2025年至少降息两次，而七位认为年内应维持利 率不变。 近期，美联储官员密集发声，围绕监管政策调整与货币政策路径释放多重信号。芝加哥联储主席古尔斯 比与负责监管事务的副主席鲍曼分别就降息前景及金融监管改革提出看法，透露出美联储在应对经济复 杂局面时的双重策略考量。 监管重构：松绑杠杆率，保护中小银行 美联储副主席鲍曼在布拉格研究会议上直言，现行补充杠杆率（SLR）规则已对美债市场流动性造 成"意想不到的限制"，呼吁重新评估这一监管工具。她指出，银行附属券商因SLR约束缩减国债交易， 可能加剧市场波动，尤其在危机时期削弱金融体系韧性。 鲍曼提议，监管改革应聚焦调整总体杠杆率框架，而非简单豁免国债资产，同时强调需将社区银行与大 型金融机构的监管标准分离，避免"一刀切"政策挤压中小银行生存空间。 此前，鲍曼曾批评"巴塞尔协 议III最终方案"过于严苛，该计划要求大型银行增加19%资 ...

Core Viewpoint - The emergence of the TX81 chip represents a significant breakthrough in China's technology landscape, potentially rewriting the narrative of domestic chip development and AI capabilities [3][6][9]. Group 1: Technological Innovation - The TX81 chip is a dynamic reconfigurable chip (RPU) that allows efficient computation without complex instruction set exchanges, adapting to various tasks such as voice, image, and large models [7][8]. - This chip embodies four core advantages: high energy efficiency, high concurrency, high scalability, and high cost-effectiveness [8]. - The architecture innovation of the TX81 chip is seen as a necessary path for China to overcome the limitations of traditional chip development and compete in the global AI landscape [5][9]. Group 2: Market Context - The traditional growth curve of chips is becoming inadequate in the face of explosive AI computing demands, necessitating a shift towards innovative architectures [5]. - The success of the TX81 chip is likened to the transformation seen in the Chinese automotive industry, where companies like BYD and Xiaomi have achieved breakthroughs through electrification and smart technology [10][13]. Group 3: Company Background - The founding of Qingwei Intelligent was driven by a vision to commercialize reconfigurable chips after the founder faced challenges in selecting suitable chips for machine vision applications [16][22]. - The company started with a small team in a modest office, emphasizing a culture of innovation and resilience despite initial hardships [29][32]. Group 4: Development Challenges - The development of the TX81 chip involved significant challenges, including achieving a large chip area of 800 square millimeters and enhancing computing efficiency through reconfigurable technology [35]. - The team faced numerous technical hurdles, including the need for custom clock devices and programming for multi-chip interconnections, which required original solutions [36][40]. Group 5: Future Prospects - Qingwei Intelligent aims to continue its momentum with the upcoming TX82 chip, targeting mass production by 2026, as part of its commitment to advancing China's AI capabilities [51][53]. - The collaboration with other domestic firms, such as Zhiyu, highlights a growing ecosystem focused on original technology development in China [53].

Group 1 - The core viewpoint of the forum emphasizes the effective synergy between capital and technology, which is seen as a necessary outcome of deepening capital market reforms [1][6] - Chinese listed companies are recognized as the core engine of China's technological innovation, necessitating the formation of an innovative ecosystem involving enterprises, capital, government, research, supply chains, and media to support this [1][2] - The global technology competition landscape is undergoing reconstruction, with listed companies being the main force in technological innovation, contributing significantly to national R&D efforts [2][3] Group 2 - The importance of governance in achieving environmental and social responsibility goals is highlighted, with a focus on integrating ESG principles into corporate governance [4] - The shift from traditional globalization to a more integrated and clustered industrial model is noted, with China positioned to accelerate manufacturing upgrades and create global industrial clusters [5] - The need for systemic innovation in listed companies is emphasized, requiring a shift from single technological breakthroughs to diversified, multi-factor collaborative innovation [6]

2025 年 6 月 23 日 破局：需求价值重构与供应驱动线索 ---2025 年油脂半年度行情展望 李隽钰 投资咨询从业资格号：Z0021380 lijunyu@gtht.com 报告导读： 货 研 究 所 我们的观点：油脂当前仍处于一个弱现实、强预期的格局，下半年预期有扭转的趋势，产量和需求上均有潜在的利多驱动， 美国生柴政策为油脂板块整体注入上行动力。四季度棕榈油高产期的过去、加拿大菜籽新作被美国提前锁定、中美贸易问题 导致大豆进口缺口和巴西贴水的潜在上行题材都共同导致了在四季度到来前可以低位布多棕榈油、菜油，酌情布多豆油；美 豆油建议以美盘油粕比做多进行配置，密切关注美国生柴端的任何政策变化及油籽油脂复产节奏。 我们的逻辑：当美国生柴政策利好再度冲击全球油脂需求格局，RVO 终案的公布结果和后续的补贴方案已经成为了油脂行情 最重要的引领因素，等待 45Z 和 RFS 的模型对进口原料的裁决，以指导不同油脂间价差及美豆油上方空间的打开。美豆油、 美盘油粕比的强势格局维持，国际油脂市场将迎来出口供给缩量下的系统性上行，棕榈油对此表现较为敏感。新作年度可以 看到供应风险仍然存在：一是棕榈油和欧菜籽的产量可 ...

在白酒行业调整转型期，飞天茅台作为行业风向标，其价格波动与消费结构变化备受市场关注。记者通 过调研发现，尽管终端价格呈现 "变" 的特征，但核心消费场景的稳定性与品牌韧性仍支撑市场 "稳" 的 基调，行业正经历从 "量价齐升" 到 "价值重构" 的转型。 这种价格分化既体现了渠道竞争的激烈，也反映出茅台通过多渠道策略平衡市场供需的意图。 市场信心：品牌韧性与价值构建 近期，有个别电商平台在促销活动中推出低价53 度飞天茅台，引发市场关注。 北京经销商李迪平表示，电商平台的低价促销 "宣传效应大于实际销量，但对消费者心理价格预期影响 较大，可能引发市场混乱"。南阳经销商周敏则认为，部分电商与自媒体借低价茅台宣传引流，实则 "挂羊头卖狗肉"，变相拉低市场对茅台的价值认知。 面对冲击，李迪平建议 "严格管控电商促销，避免破坏价格体系"，周敏则强调需 "调整供货节奏，结合 营销稳定价格"。 行业普遍认为，电商低价仅为短期扰动，茅台的品牌价值与旺季需求（如中秋）仍为价格企稳的核心支 撑。消费者杨先生的观点颇具代表性："选择茅台还是因为其品牌具有无可替代的高端属性。" 价格波动：渠道分化下的理性回归 经调查，当前53 度 ...

上周的最大事件不是以伊冲突，而是稳定币发行商Circle上市和股价暴涨触发的稳定币生态圈爆发。 以色列和伊朗相互攻击，中东局势紧张，WTI原油价格再涨10%。美国、英国和日本央行均决定维持政 策利率水平不变，不过日本银行公告明年放缓削减购债规模的步伐。地缘政治局势不稳，上周全球多数 股市走弱。美联储降息机会增加，美债全线上涨。日本财务省调整发债结构，日债走强。黄金白银高位 整固，美元汇率略强。 美国联邦公开市场委员会（FOMC）作出了一致的政策决定，但也展现出罕见的分歧。美联储预测今年 经济增长1.4%，远远低过去年的增长数字和上次的预测。失业率从现在的4.2%走向年底的4.5%，通货 膨胀由4月的2.1%上调至3%。 美联储主席鲍威尔在记者会上表示，"在此一刻，我们等待了解经济未来走向，然后再考虑调整政策立 场"。"在此一刻"四字耐人寻味。会后发布的点阵图显示，FOMC成员预期中位数为今年会有两次降 息，其中10人预期两次降息，7人认为今年不必降息，2人估计今年降一次。决策者对通胀走势并无共 识，他们达成的共识仅是6月份暂时不降息。 FOMC会议后第二天，美联储理事沃勒在采访中表示，夏季就应该降息，"政策应 ...