Group 1 - The financial market dynamics, particularly the U.S. Treasury futures, indicate a shift in pricing logic that now heavily considers political factors, especially the leadership changes within the Federal Reserve [1][2] - Traders are pricing in a significant interest rate cut by the end of 2026, driven not by economic downturn risks but by increasing political pressure on the current Fed Chair, Powell [2][3] - The sensitivity of the market to political signals is high, with Fed members' dovish comments interpreted as signals rather than economic model-based judgments, reflecting skepticism about the Fed's independence [3][4] Group 2 - The trend of central bank independence being eroded is not unique to the U.S. but is a global phenomenon, with various central banks facing similar challenges [4][5] - There is a gradual shift of monetary policy towards fiscal dominance, where central banks are increasingly adapting to government fiscal agendas and political goals, potentially conflicting with their traditional roles [5][6] - This transition brings new opportunities and risks for financial markets, as expectations of future easing drive specific asset classes while increasing the unpredictability of policy decisions [6][7] Group 3 - The need for markets to interpret political signals is emphasized, as these signals may become more significant than economic data, raising questions about the effectiveness of monetary policy in responding to economic shocks [7][8] - The independence of central banks has been a cornerstone for controlling inflation and maintaining financial stability, and any erosion of this independence could have profound consequences for economic direction and stability [8]

Meeting Overview - The third meeting of the Supervisory Board of Jiangsu Aidi Pharmaceutical Co., Ltd. was held on June 27, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1]. Resolutions Passed - The Supervisory Board approved the proposal to cancel part of the unvested restricted stock, stating that it complies with relevant laws and regulations, and does not harm shareholders' interests [1][2]. - The Supervisory Board approved the draft of the 2025 Stock Option Incentive Plan, which aligns with legal requirements and is expected to benefit the company's sustainable development [2][3]. - The Supervisory Board approved the implementation assessment management measures for the 2025 Stock Option Incentive Plan, ensuring smooth execution and alignment with the company's governance structure [3][4]. - The Supervisory Board verified the list of initial incentive objects for the 2025 Stock Option Incentive Plan, confirming their qualifications under relevant laws and regulations [4][5]. - The Supervisory Board approved changes to certain fundraising investment projects and amount adjustments, aimed at enhancing operational stability and profitability [5][6]. - The Supervisory Board agreed to nominate Tang Jieqing as a candidate for a non-employee representative supervisor, pending shareholder approval [6][7]. - The Supervisory Board elected current employee representative supervisor Pang Qiuchen as the chairman of the Supervisory Board, effective immediately [7].

转债代码：113633 转债简称：科沃转债 科沃斯机器人股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 届董事会第二次会议在公司会议室召开。本次会议的会议通知已于 2025 年 6 月 董事 9 名，实到董事 9 名（其中：以通讯表决方式出席会议 4 名），符合召开董 事会会议的法定人数。会议由公司董事长钱东奇先生主持，公司高级管理人员列 席了会议。会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定，表决形成的决议合法、有效。会议审议并通过了如下议 案: 证券代码：603486 证券简称：科沃斯 公告编号：2025-048 君合律师事务所上海分所出具了《关于科沃斯机器人股份有限公司 2024 年 股票期权与限制性股票激励计划调整及预留授予事项的法律意见书》。 上海荣正企业咨询服务（集团）股份有限公司出具了《关于科沃斯机器人股 份有限公司 2024 年股票期权与限制性股票激励计划调整及预留授予相关事项之 独立财务顾问报告》。 表决结果：同意 8 票、反对 0 ...

中国上海石门一路 288 号兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于科沃斯机器人股份有限公司 法律意见书 科沃斯机器人股份有限公司： 《证券法》 君合律师事务所上海分所（以下简称"本所"）为具有从事法律业务资格的 律师事务所分所。本所接受科沃斯机器人股份有限公司（以下简称"公司"或 "科沃斯"）的委托，委派本所律师以特聘法律顾问的身份，就公司 2024 年股 票期权与限制性股票激励计划预留部分授予（以下简称"本次激励计划预留授 予"）相关事宜出具本法律意见书。 本法律意见书系根据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和国证券法》 （以下简称"《证券法》"）、中国证券监督管理委员 会（以下简称"中国证监会"）颁布的《上市公司股权激励管理办法》（以下简 称"《管理办法》"）等在本法律意见书出具日以前中国（仅为出具本法律意见 书之目的，不包括香港特别行政区、澳门特别行政区和台湾地区）正式公布并实 施的法律、法规及规范性文件和《 ...

Group 1 - Trade Desk Inc (NASDAQ:TTD) stock increased by 3.2% to $70.21 after Evercore ISI Group upgraded the company to "outperform" from "in line" due to attractive valuation and improved risk-reward ratio [1] - The stock has a quarter-to-date lead of 27.3%, but has decreased by 40.8% so far in 2025, facing overhead pressure at $80 since February while maintaining support above $60 since early May [2] - The stock's Schaeffer's Volatility Index (SVI) of 41% indicates low volatility expectations, sitting in the 11th percentile of its annual range, while the Schaeffer's Volatility Scorecard (SVS) score of 86 suggests historically larger-than-expected price swings [3] Group 2 - A majority of analysts are bullish on TTD, with 10 out of 36 firms still holding a "hold" rating, indicating potential for further upgrades [1] - The stock has remained above the $60 region, supported by its 60-day moving average [2]

Core Insights - Nike Inc (NYSE:NKE) reported a significant increase in stock price, up 14.8% to $71.85, following better-than-expected fiscal fourth-quarter earnings of 14 cents per share on $11.10 billion in revenue, marking its first positive post-earnings session in seven quarters [1] - The company indicated that the most challenging aspects of its turnaround efforts are behind it, although it anticipates a $1 billion impact from tariffs in the current fiscal year [1] Analyst Reactions - Analysts have responded positively, with 10 price-target hikes, the highest being from Evercore, raising its target to $90 from $75, and HSBC upgrading its rating to "buy" from "hold" [2] - The strong performance of Nike has positively influenced other retail sector peers, including Lululemon, Deckers Outdoor, and VF Corp, with the SPDR S&P Retail ETF also seeing a 1% increase [2] Stock Performance - Nike's stock is experiencing its best single-session gain since December 2022, breaking out of a months-long consolidation and trading at its highest level since a March 21 post-earnings bear gap of 5.5% [3] - Year-to-date, Nike's equity is down only 5%, indicating a recovery trend [3] Options Market Activity - Options traders are actively engaging, with over 271,000 calls traded, which is 22 times the average intraday volume and more than double the number of puts [5] - The most popular options include the weekly 6/27 70-strike call and August 60 calls [5] Volatility Insights - Nike has consistently exceeded options traders' volatility estimates, reflected in its Schaeffer's Volatility Scorecard (SVS) score of 82 out of 100, indicating a history of larger-than-expected price swings [6]

股指期权日报 | 2025-06-27 股指期权日报 股指期权市场概况 期权成交量 期权PCR 上证50ETF期权成交额PCR报0.61，环比变动为+0.14；持仓量PCR报1.06，环比变动为-0.22； 沪深300ETF期权（沪市）成交额PCR报0.54，环比变动为+0.06；持仓量PCR报0.90，环比变动为-0.13； 中证500ETF期权（沪市）成交额PCR报0.68，环比变动为+0.12；持仓量PCR报0.97，环比变动为-0.29 ； 深圳100ETF期权成交额PCR报0.55 ，环比变动为-0.01；持仓量PCR报1.11；环比变动为+0.05； 创业板ETF期权成交额PCR报0.47，环比变动为+0.04 ；持仓量PCR报0.86，环比变动为-0.22； 上证50股指期权成交额PCR报0.31，环比变动为-0.05；持仓量PCR报0.67，环比变动为+0.00； 沪深300股指期权成交额PCR报0.38 ，环比变动为+0.00；持仓量PCR报0.65，环比变动为-0.01； 中证1000股指期权成交额PCR报0.51，环比变动为+0.00；持仓量PCR报0.95，环比变动为+0.01。 期权 ...

农产品期权 2025-06-27 农产品期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 农产品期权策略早报概要：油料油脂类农产品偏多上行，油脂类，农副产品维持震荡行情，软商品白糖延续偏弱， 棉花反弹后高位盘整形态，谷物类玉米和淀粉逐渐回暖上升后窄幅盘整。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

金属期权 2025-06-27 金属期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 金属期权策略早报概要：（1）有色金属偏多上行，构建看涨期权牛市价差组合策略和做空波动率策略策略；（2） 黑色系区间弱势盘整震荡逐渐回暖上升，适合构建卖方期权中性组合策略；（3）贵金属黄金高位盘整，有所下降 回落现货避险策略。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | ...

Core Insights - The positive shift in sentiment in the options market is contributing to the rise of the euro [1] - A preference for call options over put options is indicated by the one-month and three-month euro risk reversals [1] - The narrowing interest rate differential between the US and the Eurozone is expected to provide solid support for the euro [1]