6月会议预告 会议由 【利元亨】 总冠名，共设三大专场 ，分别为： 专场一：全场景应用关键 "拼图"、专场 二：装备与材料创新、专场三：明辨市场趋势 。 会议议程： 2025高工固态电池技术与应用峰会议程更新 现更新参会名单： 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 6月10日 ， 2025高工固态电池技术与应用峰会 将于 苏州香格里拉大酒店 举行。本次 峰会重点围 绕固态电池技术研发进展、材料与装备创新、市场趋势分析、全场景应用探索展开，同时涵盖固态 电池产业链协同、成本控制及商业化落地等关键议题。 2025高工固态电池 技术与应用峰会 ...

Core Viewpoint - The withdrawal of Jared Isaacman’s nomination as NASA Administrator by Trump indicates a shift towards a more politically aligned leadership, potentially impacting NASA's strategic direction and commercial partnerships, particularly with SpaceX [2][10][31]. Group 1: Political Dynamics - Trump announced the withdrawal of Isaacman's nomination due to his past donations to prominent Democrats, reflecting a preference for candidates with a "pure" political stance [2][10]. - The decision to withdraw the nomination may lead to a leadership vacuum at NASA, creating uncertainty in its long-term strategic planning [3][10]. - Trump's intention to nominate someone aligned with the "America First" agenda suggests a potential shift away from the commercialization and privatization trends that Isaacman represented [9][10]. Group 2: Impact on NASA and SpaceX - Isaacman, a billionaire and private astronaut, was seen as a candidate who could enhance NASA's efficiency through commercialization, which is now uncertain following the withdrawal [3][9]. - The potential new nominee, Steven Kwast, a retired Air Force general, indicates a possible return to a more traditional, government-focused approach to NASA's leadership [9][10]. - The cancellation of Isaacman's nomination raises questions about the future of NASA's lunar and Mars exploration strategies, which had been leaning towards commercial partnerships [9][10]. Group 3: Financial Implications - SpaceX has significantly benefited from NASA's commercial contracts, with over $84 billion invested in commercial crew programs, of which SpaceX accounts for about 30% [21]. - The political dynamics surrounding NASA's leadership could affect SpaceX's future contracts and operational strategies, particularly in light of the recent budget proposals that may cut NASA's funding [10][21]. - SpaceX's revenue is projected to grow significantly, with estimates suggesting a rise from $8.7 billion in 2023 to $13.1 billion in 2024, driven largely by its Starlink business [19].

端午假期期间，超过18万名球迷涌入江苏各个主场城市现场观 赛 ， 主 场 6 个 城 市 的 银 联 异 地 渠 道 文 旅 消 费 总 额 增 长 14.63%。 作者：叶心冉 封图：图虫创意 在江苏踢一场非官方的足球比赛，所秉持的可能不是"友谊第一，比赛第二"，而是"比赛第一，友 谊第十四"，这句调侃来自江苏网友的造梗。正在火热进行的江苏省民间足球联赛（简称"苏超"） 汇集了江苏省13个设区市组成的代表队，队名为城市名。城市与城市之间的比拼一下点燃了13个 城市的江苏市民的胜负欲，"友谊第十四"由此诞生。 相比2023年火爆时期，"村超"获得的关注度已不及当时。相较高峰时期直播间里上千万次的观看 数，目前，抖音平台"贵州村超"直播间的观看人次约在十万、二十万左右的量级，热度趋稳。 对于"村超"而言，面对的是纯粹的体育竞技与商业驱动之间的平衡。伴随"村超"的火热，曾有一种 希望村超拒绝商业化的声音出现，原因在于，他们认为商业化会让"村超"失去初心和村味。榕江县 县长徐勃在2024年年底接受媒体采访时曾表示："村超不是做赛事，而是做品牌，我们警惕赛事商 业化，但积极推动品牌市场化。" 在其看来，"村超"本身可 ...

Group 1 - The core viewpoint highlights the significant rise in stock prices for companies like Pop Mart, Lao Pu Gold, and Mixue Ice City, indicating a continued increase in "new consumption" trends supported by government policies aimed at boosting domestic demand [1] - The issuance of the "Special Action Plan to Boost Consumption" by higher authorities aims to enhance consumption and expand domestic demand across various sectors, particularly benefiting the large consumption sector, including food and beverage, and beauty care industries [1] - The emotional and experiential consumption sectors are rapidly developing, with a focus on the symbolic and content value of products, driven by changing psychological demands across different social stages [3] Group 2 - The gold category is experiencing an increase in craftsmanship value and consumer attributes, leading to market expansion, with innovations like ancient method gold appealing to younger consumers' aesthetic and value retention needs [3] - The tea and coffee sectors are facing product, channel, and technological iterations, indicating structural high growth potential despite differing core capabilities [4] - The acceleration of AI commercialization is evident, with new technologies being applied to physical devices like AI glasses and toys, enhancing efficiency and commercial viability in sectors such as human resources, e-commerce, and education [5] Group 3 - Traditional retail has faced challenges but is undergoing strong transformation, shifting core capabilities from site selection to product selection, forming competitive advantages through efficient aggregation, scale effects, and fulfillment capabilities [6] - New retail channels, such as discount snacks and urban outlet stores, are achieving economies of scale, while instant retail is leveraging fulfillment efficiency to capture market share [6] - The "Su Super" league has significantly boosted local tourism and consumption, with events driving engagement and promotional activities enhancing local economic activity [6] Group 4 - The collaboration between the banking sector and tourism industry is emerging as a vital engine for market vitality, with strategic partnerships like that between Agricultural Bank of China and Tongcheng Travel aiming to integrate financial resources with tourism scenarios [8] - This partnership focuses on credit support, consumption promotion, and member services, exploring high-quality development paths in the "tourism + finance" ecosystem [8] Group 5 - The long-term strategic direction of expanding domestic demand suggests a sustained focus on large consumption, particularly in new consumption areas such as IP economy, instant retail, and cross-border e-commerce [9] - Companies benefiting from consumption upgrades and innovative business models, especially those making significant progress in AI, domestic trends, and international strategies, are recommended for priority investment [9]

Market Overview - On June 3, 2025, the Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) rose by 0.81%, with leading stocks such as Lanke Technology increasing by 5.77%, Lexin Technology by 4.81%, and Fudan Microelectronics by 4.41% [1] - The Robotics ETF (562500) remained unchanged, with leading stocks including iFlytek (002230) up by 4.02%, while Yingfeng Environment (000967) fell by 2.33% [1] - The trading volume for the day was 384 million yuan, making it the top ETF in terms of trading activity, with a turnover rate of 3% [1] Key Developments - On June 3, Xiaomi's founder Lei Jun revealed at the Xiaomi Investor Conference that the company has been investing in robotics for five years, with current trials of related capabilities in automotive factories [2] - The Beijing Humanoid Robot Innovation Center released a video showcasing the "Tiangong 2.0" humanoid robot's performance in various real-world environments, highlighting its long battery life and applications in commercial services, industrial tasks, logistics, and home use [2] - Recent intellectual property information indicates that Xiaomi Technology has transferred several "kimi" trademarks to Beijing Moonlight Technology Co., Ltd., with these trademarks originally applied for in 2013 and currently mostly registered [2] Industry Insights - Open Source Securities believes that the commercialization of humanoid robots has officially begun, with a surge in orders pushing the industry to expand production capacity, making delivery capabilities crucial for companies competing for orders [3] - The entry of robots into real-world scenarios is accelerating the evolution of intelligence, with high-frequency usage allowing robots to continuously collect real-world data, aiding in algorithm optimization and operational capability enhancement, particularly in unstructured environments [3] ETF Highlights - The Robotics ETF (562500) is the only fund in the market with a scale exceeding 10 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robotics industry chain, facilitating investors' access to the sector [4] - The Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) serves as the "brain" of robotics, with a 20% fluctuation range and the potential to capture "singularity moments" in the AI industry [4]

2025 年 6 月 4 日 晨会速递 分析师点评 市场数据 总量研究 大类资产方面，本周大类资产涨跌互现，纳斯达克指数涨幅居前，十年期美国国债收 益率跌幅居前。 A 股宽基指数方面，本周宽基指数大多下跌，中证 500 涨幅居前， 中小 100 跌幅居前。 行业方面，本周行业涨跌互现，环保涨幅居前，汽车跌幅居前。 【金工】基金抱团加强，PB-ROE-50 组合超额收益显著——金融工程量化月报 20250603 截至 2025 年 5 月 30 日，沪深 300 上涨家数占比指标最近一个月环比上月上升，上 涨家数占比指标高于 50%，市场情绪较高；从动量情绪指标走势来看，近一月快线、 慢线向下，快线处于慢线下方，预计在未来一段时间内将维持谨慎观点。PB-ROE-50 策略相对中证 500、中证 800 和全市场股票池分别获得超额收益 2.39%、1.30%和 1.33%。 【债券】为什么我们不担心资金面？——2025 年 6 月 3 日利率债观察 2025 年 5 月末 10Y 国债收益率为 1.67%，较 4 月末上行了约 5bp。收益率曲线长端 的上行在很大程度上来源于投资者对资金面的担忧：一些投资者担心央 ...

今日早参 2025 年 6 月 04 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 债券策略研究组长 座机：13910895671 邮箱：qiuwenzhu@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 今日热点 固定收益：流动性跟踪周报（2025.5.26-6.1） 上周公开市场到期 9460 亿元，均为逆回购到期，公开市场投放 16026 亿 元，均为逆回购投放，合计净投放 6566 亿元。上周资金面整体均衡， DR007 均值为 1.7%，较前一周上行 10BP，R007 均值为 1.64%，较前一周 上行 5BP，DR001 和 R001 均值分别为 1.45%和 1.51%。交易所回购利率整 体上行，GC007 均值为 1.72%，较前一周上行 9BP。截至上周最后一个交易 日，逆回购未到期余额为 6566 亿元，较前一周下行。 风险提示：房地产政策超预期，地缘风险超预期。 研报发布日期：2025-06-03 研究员 张继强 SAC ...

Core Viewpoint - The Jiangsu Province grassroots football league, known as "Su Chao," has gained significant popularity, attracting large crowds and surpassing attendance figures of professional leagues in China [2][6]. Group 1: Event Popularity - The second round of "Su Chao" attracted over 59,000 spectators, with an average attendance of 9,852 per match, indicating a trend towards surpassing professional league attendance [2]. - The third round saw even greater interest, with all 13,000 seats at Nanjing's Wutai Mountain Stadium sold out and over 22,000 attendees at the Xuzhou venue, setting a record for amateur matches in China [2][6]. - Ticket sales have been robust, with tickets for the Yangzhou match selling out at 9.9 yuan, and resale prices on platforms like Xianyu reaching up to 300 yuan [2]. Group 2: Organizational Structure - "Su Chao" is organized by the Jiangsu Provincial Sports Bureau and local governments, with support from various sports associations and companies [3]. - The league allows players from various backgrounds to participate, fostering a competitive spirit among cities [3]. Group 3: Comparison with Other Events - The "Su Chao" league is compared to the 2023 Guizhou "Village Super" league, which also gained significant attention but has seen a decline in viewership since its peak [4][5]. - Unlike "Village Super," which focuses on village-level teams, "Su Chao" spans multiple cities and benefits from more structured organizational support [6]. - The economic impact of "Su Chao" is notable, with over 180,000 fans attending matches during the Dragon Boat Festival, leading to a 14.63% increase in tourism spending in host cities [6].

政策加码，高中教育扩容。 1 ）高中教育行业还有 7-8 年人口红利期。高中段适龄人口出生日期约为 2008-2010 年（ 15-17 岁）、义务教育阶段为 2014-2019 年（ 6-14 岁）、学龄前为 2020-2025 年（ 0-5 岁），预计高中段教育行业仍有近 7-8 年的稳定人口需求。 2 ）政策支持高中阶段教育扩 容，从职普分流到职普融合。中国高中教育普及率显著提升，但仍落后于发达国家。中国普通高中毕业生 数占适龄人口比例逐步提高，近年来已接近发达国家水平。 风险提示： 1 ）居民消费能力持续低迷； 2 ）企业差旅预算受限； 3 ）消费出海面临市场、监管、海外 国家和地区政策等多重风险和不确定性。 文章来源 | 本文摘自：2025年6月3日发布的 新消费持续高景气，强政策推动大机会——社会服务及商贸零售2025年中期投资策略 | | --- | | 刘越男 ，资格证书编号： S0880516030003 | | 李宏科 ，资格证书编号： S0880525040107 | | 于清泰 ，资格证书编 号： S0880519100001 | | 许樱之 ，资格证书编号： S08805250400 ...

在中国人工智能的发展史上，"AI四小龙"——商汤科技、旷视科技、依图科技、云从科技，曾一度成为产业追光者的象征。它们以计算机视觉为核心技术 路径，率先将人脸识别、图像识别等AI能力应用于安防、金融、交通、医疗等多个领域，牢牢占据了中国视觉AI市场超过70%的份额。 曾几何时，商汤科技市值一度突破3000亿港元，旷视科技的Face++成为全球最大的开源人脸识别平台，依图科技打造出全球首个AI肺炎诊断系统，云从 科技则服务了超过400家银行机构，日均调用量超过2亿次。 四家公司合计融资总额超过百亿美元，是名副其实的"AI国家队"。 但当我们回头看这段辉煌历史，看到的却是另一幅图景：持续亏损、融资受阻、裁员潮起、IPO流产，巨大的技术光环之下，是商业化困境的深渊。 2024年，商汤科技营收37.72亿元，却亏损高达43.07亿元，累计亏损已超过545亿元；云从科技营收3.98亿元，同比下滑36.69%，净亏损6.96亿元，连续八 年未能盈利；旷视科技自2021年起3年半累计亏损146亿元，资产负债率超过300%；依图科技虽在2024年首次实现年度盈利，但安防业务仍占比高达 81%，医疗与芯片业务依然长期亏损。 更令 ...