投向对科技创新、消费基础设施等战略新兴领域倾斜 自4月末中央政治局会议首次提出设立新型政策性金融工具以来，安徽、河南、湖南等多个省份迅速响 应，通过密集召开政策解读会、项目调度会，围绕多个重点领域加速谋划储备项目，全力将政策红利转 化为发展动能。 我国政策性金融工具运用由来已久。比如，在经济下行压力下，2022年7400亿元政策性开发性金融工具 应运而生，通过补充项目资本金、撬动配套融资，对重大项目形成精准支持。 综合各地政府召开的会议以及市场分析来看，此次工具与此前相比，在投向上有所创新。市场预计规模 约5000亿元左右，有望撬动6万亿至6.5万亿元有效投资，成为破解当前投资困局、推动经济高质量发展 的关键力量。 项目储备全面提速 自新型政策性金融工具政策推出以来，安徽、河南、湖南等多省份迅速行动，力求"吃透政策""靠前对 接"，抢抓这一重大政策机遇，把政策"含金量"转化为发展"实物量"。 在湖南省常德市6月3日召开的申报新型政策性金融工具政策解读暨工作部署会上，中国农业发展银行常 德市分行负责人详细介绍了支持全域土地综合整治工作的金融产品，并深入解读新型政策性金融工具相 关政策。会议提出，要充分发挥政策性 ...

Core Insights - The contrasting valuations of Hupu and Xiaohongshu highlight the harsh realities of capital markets, with Hupu's valuation plummeting to 5 billion yuan from a peak of 77.22 billion yuan, while Xiaohongshu's valuation soared to 26 billion USD (approximately 180 billion yuan) [1][4][5] Group 1: Hupu's Decline - Hupu, founded in 2004, was once the dominant sports community in China but has faced significant challenges, including a heavy reliance on advertising, which constituted 60.78% of its revenue by 2015 [4][5] - Despite receiving a 1.26 billion yuan investment from ByteDance in 2019, Hupu's user base has drastically declined, with monthly active users dropping from 55 million in 2017 to just 5.79 million [4][5][6] - The rise of short video platforms has further eroded Hupu's traditional text and image-based community model, leading to a loss of advertising revenue and user engagement [5][6][11] Group 2: Xiaohongshu's Growth - Xiaohongshu has successfully diversified its content and focused on female users, achieving over 300 million monthly active users and a search penetration rate of 70% by Q1 2025 [5][8] - The platform's user base is predominantly female, with over 70% of its users being women, contrasting sharply with Hupu's male-dominated demographic [5][8] Group 3: Thunder's Acquisition Strategy - Thunder's acquisition of Hupu for 500 million yuan represents a strategic move to leverage Hupu's remaining user base and content to transition into a "tool + content" ecosystem [8][9] - Despite Thunder's consistent profitability over 11 quarters, its overall revenue declined by 11.1% in 2024, indicating pressure on its core business [8][9] - The acquisition aims to enhance user engagement and diversify Thunder's revenue streams by integrating Hupu's sports content into its existing services [9][10] Group 4: Challenges Ahead - Both Hupu and Thunder face significant challenges, including user attention fragmentation and the irreversible migration of advertising budgets towards short video and performance-based ads [11][12] - Hupu's lack of premium sports content rights, dominated by competitors like Tencent and Migu, poses a critical barrier to attracting and retaining users [12][13] - The evolving interests of young male consumers and the rising costs of high-quality content production further complicate the future viability of Hupu's traditional business model [12][13]

宏 观 研 究 "反脆弱"系列 2025 年 06 月 10 日 政策性金融工具，"新"在何处？ ——"反脆弱"系列专题之十二 在当前宏观政策积极发力稳增长的背景下，政策性金融工具备受关注。前两轮其成效显著， 本轮新型工具何时可能落地？资金投向又会有哪些新动向？本文分析，可供参考。 从上述两轮经验来看，政策性金融工具具有较强的"杠杆"效应，能够撬动更多信贷或社 会资本，从而发挥更强的稳增长效果。政策性金融工具具备两大显著特点：其一，由于有 财政贴息，较低的利率减轻了地方政府的付息压力，有利于在稳增长的同时兼顾地方财政 可持续性；其二，"杠杆"效应突出，它可以充当投资项目的资本金，有效撬动信贷。 ⚫ 新型政策性开发性金融工具，"新"在何处？投向可能更丰富，或扩展至科技与消费。 政治局会议明确指出，新型政策性金融工具的投向要支持科技创新，这可能主要指向对数 字经济，特别是 AI、算力等方面的支撑，这很可能是本轮与前两轮工具的主要不同点之 一。湖州市商务局新型政策性金融工具向上争取工作部署会也把"数字经济、人工智能" 放在重点项目摸排工作的前两位，与 2025 年两会重视数字经济和人工智能的方向一致。 此外，扩大消 ...

图片来源：CBS via Getty Images AI究竟会增强还是取代人类劳动？各行业对此争论不休。两年前，斯坦福大学与波士顿学院的研究人 员决定探究飞速发展的AI技术对职业股票操盘手的意义。他们创造了一位"AI分析师"，并允许其每季度 调整逾3,300只主动管理型多元化共同基金的投资组合。 在基金存续期内，经AI机器人调整后的投资组合中，有93%的表现超越了人类经理。1990至2020年间， 由AI机器人管理的基金季度超额收益（即跑赢市场的回报）比人类经理多出1,710万美元。该AI机器人 仅利用财务报告、分析师预测和报价等公开数据就取得如此成果，其碾压性优势甚至令研究者本人都感 到震惊。 斯坦福大学商学院会计学教授埃德·德哈恩对《财富》杂志表示："我们在一年前得出这些结果，AI的巨 大优势令我们直呼'这不可能'。" 但德哈恩表示，经过对每个步骤和假设的反复验证，结果确凿无误。他提醒切勿过度解读，并强调其团 队并非预言投资组合经理将集体被AI取代，但初级分析师可能很快面临失业危机。 身兼《会计与经济学杂志》（Journal of Accounting and Economics）总编的德哈恩表示："我认 ...

Core Viewpoint - The company plans to issue H shares and list them on the Hong Kong Stock Exchange to enhance its capital strength, competitiveness, and international brand image, aligning with its global strategy [2][3][4]. Group 1: H Share Issuance - The Supervisory Board approved the proposal for the issuance of H shares, which will be listed on the Hong Kong Stock Exchange [1][2]. - The issuance aims to meet the needs of the company's international business development and does not harm the interests of shareholders, especially minority investors [2][3]. - The proposed H shares will have a nominal value of RMB 1 and will be offered in foreign currency [2][4]. Group 2: Issuance Plan and Approval - The issuance plan includes both public offerings in Hong Kong and international placements to qualified institutional investors [3][4]. - The final issuance scale will be determined based on market conditions and regulatory approvals, with a maximum of 15% over-allotment option [4][5]. - The pricing of the shares will be market-driven, considering existing shareholders' interests and investor acceptance [5][6]. Group 3: Fund Utilization - The funds raised from the issuance will be used for overseas factory construction, global capacity expansion, and working capital supplementation [9][10]. - The company will have the authority to adjust the specific use of the raised funds based on regulatory feedback and operational needs [10]. Group 4: Corporate Structure Changes - Following the issuance, the company will transition to a foreign-funded joint-stock company, which complies with relevant laws and regulations [7][8]. - The validity period for the resolutions related to the issuance is set for 24 months from the date of approval by the shareholders' meeting [8][12]. Group 5: Previous Fund Usage and Auditing - The Supervisory Board reviewed and approved the report on the usage of previously raised funds, confirming compliance with regulations and no misappropriation of funds [9][10]. - The company has appointed an auditing firm for the H share issuance process [11].

2025 年 6 月 9 日 总量研究 如何看待分化的物价？ ——2025 年 5 月价格数据点评 作者 分析师：高瑞东 执业证书编号：S0930520120002 010-56513108 gaoruidong@ebscn.com 分析师：刘星辰 执业证书编号：S0930522030001 021-52523880 liuxc@ebscn.com 相关研报 国内物价运行好于预期——2025 年 4 月价 格数据点评（2025-05-10） 关税冲突下，国内通胀如何演绎？——2025 年 3 月价格数据点评（2025-04-10） 国内物价为何超预期回落？——2025 年 2 月价格数据点评（2025-03-09） 春节效应助力 CPI 回升——2025 年 1 月价 格数据点评兼光大宏观周报（2025-02- 09） 核心 CPI 缘何回升？——2024 年 12 月价格 数据点评（2025-01-09） 稳物价政策效果初现——2024 年 11 月价格 数据点评（2024-12-09） 如何走出低物价循环？——2024 年 10 月价 格数据点评兼光大宏观周报（2024-11- 09） 国内物价为何超预期 ...

近日，中国证监会发布《推动公募基金高质量发展行动方案》（下称《行动方案》），明确要求加大含权 中低波动型产品、资产配置型产品的创设力度，直指投资者获得感提升的核心命题。 当前"基金行业蓬勃发展与基民投资体验不佳"的矛盾日益凸显，《行动方案》的出台恰逢其时，既切中行业发 展痛点，更彰显监管引导公募回归"以投资者为中心"本源的战略决心。这不仅是产品供给的结构性优化，更是 推动行业从追逐相对排名向提升真实持有体验的关键转型。 公募基金行业正积极响应监管导向，深入思考产品设计理念革新。不过，需要注意的是，现实实践仍面临多重 挑战：产品设计与需求错配、同质化竞争加剧、投资者认知偏差等。机构建议破局之道或在于多维创新：合理 利用人工智能、引入衍生工具、拓展跨境资产配置等，科学构建合理的资产配置模型，同时加强投资者教育， 引导长期投资理念，最终实现行业高质量发展与投资者获得感的双向奔赴。 直击核心痛点，聚焦提升投资者获得感 近年来，公募基金行业在快速发展过程中，出现了部分公司经营理念存在偏差、功能发挥不充分、发展结构不 均衡、投资者获得感不强等一系列问题。不少基金公司为追求业绩锐度，发行布局了大量赛道型基金。高波动 的赛道 ...

巴西财长Haddad：近期将推出一项措施，对目前免税的投资工具征税。 ...

影石创新 One X 系列迭代加速，占公司收入约 50%，表明其技术更新 优势。G 系列和 S 系列产品在 2023-2024 年间显著增长，公司积极拓 展产品线。 影石创新线上线下渠道均衡，各占约 50%，主要市场集中在美、欧、日、 韩等发达国家。公司财务状况良好，现金流充沛，截至 2025 年一季度 现金及交易性金融资产接近 9 亿元。 全景相机市场 2023 年全球规模约 50 亿元，增速 21.8%，预计 2027 年达 80 亿左右。影石已连续六年保持全球第一，占有率超 60%。运动 相机市场影石位居第二，或已超越 GoPro。 新恒汇是智能卡芯片封装材料柔性引线框架的核心供应商，市占率约为 32%。IPO 募集资金约 5.8 亿元，用于键合引线框架封装材料项目和研 发中心扩建。 新恒汇积极拓展蚀刻引线框架及物联网 eSIM 芯片封测业务，收入占比 从 2022 年不到 10%提升至 2024 年接近 30%。公司 2022-2024 年收 入稳步增长，今年上半年预计收入增速为 4%-12%。 新股探寻-（影石创新、新恒汇、华之杰）20250606 摘要 Q&A 影石创新公司的主要产品和市场表现如何 ...

Core Insights - The article discusses the competitive landscape of Agent platforms, highlighting the importance of factors such as traffic, data privacy, tool ecosystem, and addressing hallucination issues in vertical domains [1][2]. Group 1: Agent Platforms Overview - Dify has established an early presence in the open-source community, but faces competition from platforms like FastGPT and N8N [3]. - FastGPT, along with Dify and Coze, emphasizes core functionalities such as visual workflow orchestration, a no-code platform, and a toolchain that includes model selection and knowledge bases [4][11]. - FastGPT's tool ecosystem is noted to be weaker compared to Coze and Dify, lacking depth in vertical tools and general life/efficiency tools [7][8]. Group 2: Platform Comparisons - Coze is designed for rapid deployment and ease of use, making it suitable for business departments with tight timelines [26]. - Dify offers a comprehensive LLMOps capability, balancing flexibility and control, ideal for medium to large teams that require private and cloud service options [26]. - N8N is positioned as a workflow automation engine, providing over 500 nodes and script mixing for efficient cross-system integration, catering to development teams [26]. Group 3: User Preferences and Use Cases - Developer preferences for Agent platforms focus on freedom, extensibility, and privatization, while product/operations teams prioritize no-code solutions, visualization, and quick validation [19]. - For quick deployment of a Q&A bot with minimal coding, Coze is the preferred choice, while N8N is favored for complex integrations and custom logic [23][24]. - The article emphasizes that no single platform can meet all needs, suggesting common combinations of platforms for different tasks [28].