近日,全球知名数字资产交易平台BitradeX正式宣布,法国传奇球星、世界杯冠军Olivier Giroud(奥利维耶· 吉鲁)将出任BitradeX全球品牌大使。这一跨界合作不仅引发了加密圈的广泛关注,也为体育与金融科技 的深度融合带来了全新范本。 作为法国国家队历史射手王、前意甲豪门AC米兰主力前锋,吉鲁始终以"稳定进球机器"著称。他并非球 场上的天赋型明星,而是凭借冷静、耐心和对时机的精准把控,在关键时刻屡屡成为改变比赛走势的关键 先生。从被低估到逆袭封神,吉鲁的职业生涯正是稳健与长期主义的最佳注脚。 BitradeX方面表示,未来将围绕吉鲁的职业故事与平台核心产品展开多维度合作,包括主题活动、独家福 利、策略教育等,持续赋能用户成长。对于数字资产行业而言,吉鲁的加盟无疑为Web3世界注入了更多信 任与激情,也让"掌控节奏,致胜每一场"的理念深入人心。 欲了解更多BitradeX动态、体验AI Bot等核心产品,欢迎访问BitradeX官网。加入BitradeX,携手吉鲁,共同 开启稳健致胜的全新征程! 据悉,BitradeX近年来持续深耕产品创新,在同质化的交易所赛道走出了属于自己的差异化之路。拳头产 ...

分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 证券研究报告 | 策略点评 2025 年 06 月 16 日 投资要点 粤开市场日报-20250616 今日关注 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 3 | 今日主要指数涨跌幅：沪指涨跌幅为 0.35%，深证成指涨跌幅为 0.41%， 创业板指涨跌幅为 0.66%。 申万一级行业表现：传媒、通信、计算机在行业涨跌幅榜居前；纺织服 饰、医药生物、汽车在行业涨跌幅榜居后。 概念板块表现：总体来看，数字货币、金融科技、首板概念表现相对较 好；黄金珠宝、仿制药、化学纤维概念表现相对较差。 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 5 | 图表 1： | | --- | | 今日主要指数涨跌幅（%）及概念板块表现 3 | 策略点评 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 二、风险提示 股市有风险，投资需谨慎 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 / ...

在百年变局的关键转折点，中美关税博弈已成为重塑全球经济秩序的决定性力量。2025 日内瓦 协议签署背后，是大国对产业链主导权、技术标准话语权与发展模式的终极争夺 —— 美国以特 朗普新政下的动态关税体系切割高端制造链，中国用稀土等战略资源反制技术封锁，直接牵动全 球 42% 中间品供应链走向，加剧了全球供应链的不确定性。 上海交通大学上海高级金融学院胡捷教授将穿透关税数字表象，系统解构核心命题，这场解析不 仅是政策解码，更是在大国博弈困局中，为企业寻找重塑全球价值链的确定性破局之道 —— 中 国企业正通过出海战略实现供应链重构与本地化运营，在动态关税与技术封锁中开辟新路径。 时间：6月21日（周六）下午 13:30 地址：北京市朝阳区环球金融中心WFC西塔五层 预 约 席 位 ↓↓↓ 活动议程 13:00-13:30 签到与交流 13:30-15:00 公开课：中美关税松绑背后的深层博弈 15:00-16:00 互动问答与交流 胡捷教授的教学和研究领域包括金融市场与机构、美国宏观经济和金融政策、金融科技（含金融科技 原理、供应链金融、区块链与金融创新、元宇宙、AI与金融）、科创金融、中企国际化等。其主持若 干 ...

地址：北京市朝阳区环球金融中心WFC西塔五层 预 约 席 位 ↓↓↓ 在百年变局的关键转折点，中美关税博弈已成为重塑全球经济秩序的决定性力量。2025 日内瓦 协议签署背后，是大国对产业链主导权、技术标准话语权与发展模式的终极争夺 —— 美国以特 朗普新政下的动态关税体系切割高端制造链，中国用稀土等战略资源反制技术封锁，直接牵动全 球 42% 中间品供应链走向，加剧了全球供应链的不确定性。 上海交通大学上海高级金融学院胡捷教授将穿透关税数字表象，系统解构核心命题，这场解析不 仅是政策解码，更是在大国博弈困局中，为企业寻找重塑全球价值链的确定性破局之道 —— 中 国企业正通过出海战略实现供应链重构与本地化运营，在动态关税与技术封锁中开辟新路径。 时间：6月21日（周六）下午 13:30 活动议程 胡捷教授的教学和研究领域包括金融市场与机构、美国宏观经济和金融政策、金融科技（含金融科技 原理、供应链金融、区块链与金融创新、元宇宙、AI与金融）、科创金融、中企国际化等。其主持若 干研究项目，主编上海交通大学中国金融研究院《中国财富管理实务通讯》。 胡捷教授是中国计算机学会（CCF）区块链专委会执行委员，ACCA中国 ...

Group 1 - The Lujiazui Forum will be held on June 18, 2025, where significant financial policies are expected to be announced by central financial management departments [1] - The forum has become a platform for the national financial management departments to release important signals and policies since its inception in 2008, influencing the financial and capital markets [1] - Donghai Securities predicts that with the introduction of more active capital market policies, the quality of listed companies, market activity, and investor returns will improve, further advancing the construction of Shanghai as an international financial center [1] Group 2 - Securities firms are expected to benefit directly from the new "National Nine Articles" guiding the top-level design for cultivating first-class investment institutions [1] - The new "National Ten Articles" focuses on high-quality development under a strong regulatory and risk prevention framework for the insurance sector, optimizing product design and enhancing channel value [1] - Financial technology is set to accelerate with the introduction of revolutionary stablecoins, presenting layout opportunities for the financial IT sector as major financial policies are anticipated [1] Group 3 - The recent issuance of opinions by the Central Office and State Office allows enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [2] - Shenzhen is reportedly developing listing rules to facilitate a trial for red-chip companies to have secondary listings, providing a more efficient channel for tech companies [2] - The dual listing path will likely lead to more technology companies listed in Hong Kong returning to the Shenzhen Stock Exchange, which is expected to boost the investment banking business of leading securities firms [2]

Group 1 - Banks play an indispensable role in boosting consumption through specialized actions [1] - Optimizing consumer credit supply is a key strategy for banks to stimulate consumption [1] - Banks should design diverse and personalized credit products tailored to different sectors and customer groups [1] Group 2 - Financial support for consumer-related industries is essential for a prosperous consumption market [2] - Banks need to increase financial support for manufacturing and service industries related to consumption [2] - Collaboration with e-commerce platforms and offline business districts is crucial for banks to create a consumer finance ecosystem [1][2]

Core Insights - The financial industry is undergoing unprecedented digital and intelligent transformation driven by global technological trends, with fintech reshaping financial services and enhancing efficiency [1] - China's policy support for fintech has increased from the "Fintech Development Plan (2019-2021)" to the "Fintech Development Plan (2022-2025)", focusing on application services in risk management, product services, and channel operations [1] Group 1: Enhancing Service Experience - The combination of scenario finance and data assets allows banks to analyze customer consumption habits and preferences, providing precise marketing and risk management support [2] - The "Fintech Development Plan (2022-2025)" emphasizes strengthening data capabilities while ensuring security and privacy, promoting orderly data sharing and comprehensive application [2] - Financial institutions are shifting their focus to customer-centric data analysis, creating a positive cycle of "data-scenario-service" to enhance service precision and customer satisfaction [3] Group 2: Improving Service Efficiency - Financial technology enables small and medium-sized banks to not only upgrade technology but also restructure production relationships and productivity [4] - The application system construction for banks is not just about upgrading single systems but also about updating service methods to meet customer needs [4] - There is a need for small and regional banks to enhance their operational capabilities through team deployment and collaborative construction, creating an "ecological mobile banking" model [4] Group 3: Releasing New Cooperation Dynamics - The development of fintech in China presents new opportunities and challenges for global financial cooperation, with technology going abroad and cross-border finance being key pathways [6] - Financial technology capabilities are being exported to support overseas banks and new digital banks established by domestic capital [6] - As cross-border e-commerce and digital trade grow, cross-border financial institutions are restructuring their product capabilities, moving from simple settlement to comprehensive financial service platforms [6]

Group 1 - The State Council of China, led by Premier Li Qiang, is promoting the replication of pilot measures from the China (Shanghai) Free Trade Zone and is reviewing new models for real estate development [2] - The U.S. stock market experienced a decline, with major indices falling over 1%, including the Dow Jones down 1.79% and the Nasdaq down 1.3% [2] - International gold prices rose, with spot gold increasing by 1.4% to $3433.35 per ounce, while oil prices also surged, with WTI crude oil up 7.55% to $73.18 per barrel [3] Group 2 - The European stock indices all fell, with Germany's DAX down 1.07% and France's CAC40 down 1.04% [4] - As of the end of May, China's M2 money supply reached 325.78 trillion yuan, growing by 7.9% year-on-year, while M1 increased by 2.3% [5] - The China Securities Regulatory Commission has issued new regulations for the management of algorithmic trading in the futures market, effective from October 2025 [6] Group 3 - The Ministry of Industry and Information Technology is seeking public opinions on the "Automobile Data Export Security Guidelines (2025 Edition)" [7] - The Chinese defense ministry has expressed strong dissatisfaction with Japan's recent military provocations and has called for an end to such actions [8] - The official report on the "Luo Mouyu Fall Incident" indicates that the case was ruled a suicide, with investigations ongoing [8] Group 4 - Guizhou Moutai announced an adjustment to its profit distribution plan for 2024, increasing the cash dividend per share from 27.624 yuan to 27.673 yuan [14] - Tencent has clarified that it is not considering acquiring Nexon, dispelling market speculation [15] - Ant Group has changed its legal representative to CEO Han Xinyi, while the core management team remains unchanged [16] Group 5 - Huaxia Happiness's debt restructuring has faced challenges, with a significant portion of shareholders opposing a key proposal [19] - Zijin Mining reported that its largest copper mine, Kamoa-Kakula, is expected to see a production decrease of over 22% year-on-year due to operational suspensions [25] - The company Chasing has denied rumors regarding a failed bet and is actively addressing false information spread about it [27]

Group 1: Credit Record Care Day - The People's Bank of China established June 14 as "Credit Record Care Day" in 2008 to enhance public awareness of the credit system and promote the construction of a social credit system [1] - The 18-year journey has seen credit reports expand from the financial sector to areas such as job seeking and renting, becoming an "economic identity card" for individuals [1] - In 2024, the credit report query service provided by the People's Bank of China reached 6.7 billion times [1] Group 2: Consumer Finance Industry - By the end of 2024, the total assets of 31 licensed consumer finance companies reached 1.3 trillion yuan, playing a crucial role in the internal economy [1] - Consumer finance companies are essential for serving long-tail customer groups that traditional financial services often overlook due to limited information and weaker credit qualifications [1] - Leading consumer finance companies are focusing on enhancing their financial technology capabilities for better risk control and service efficiency [1] Group 3: Zhaolian Consumer Finance - Zhaolian Consumer Finance, established in 2015 by China Unicom and China Merchants Bank, pioneered a fully online business model, marking the beginning of the industry's digital transformation [2] - The "Zhaolian Zhilu" AI model has evolved to its second generation, demonstrating superior performance in financial data analysis, risk assessment, and market trend prediction [2] - Zhaolian has developed the "Fengyun" risk control system, covering the entire risk management process and effectively intercepting fraudulent activities [2] Group 4: Zhaolian's Inclusive Business Strategies - Zhaolian refers to long-tail customers as "individual fighters," reflecting the company's respect and care for this demographic [3] - In response to macroeconomic fluctuations and declining repayment capabilities, Zhaolian has implemented strategies to enhance customer self-credibility and confidence in repayment [3] - The "self-service" system includes "self-confidence" services for customers with insufficient credit records and "self-healing" services for overdue customers, benefiting millions [3] Group 5: Consumer Education Initiatives - Zhaolian plays a significant role in promoting credit knowledge among long-tail customers through various public outreach initiatives [5] - The "Zhaolian Consumer Protection Public Train" project aims to educate passengers on consumer protection and financial safety while traveling [5] - Zhaolian has established "credit book houses" in rural areas to enhance financial literacy and consumer protection awareness [6]

Core Viewpoint - The rise and fall of direct banks in China over the past decade reflects the challenges of digital transformation in the traditional banking sector, with many banks now integrating their direct banking services into mobile banking platforms due to changing consumer preferences and technological advancements [1][4][12]. Group 1: Development and Decline of Direct Banks - Direct banking in China began in 2013 with Beijing Bank, leading to a peak of 116 direct banks by 2019, but has since dwindled to around 20 by 2024 [1][3][6]. - Beijing Bank's direct banking customer base grew from 246,000 in 2015 to 476,000 in 2019, with cumulative sales reaching 11.56 billion yuan, but no further data has been disclosed since [1][2]. - Major banks have increasingly shut down or integrated their direct banking services into mobile banking apps, with Beijing Bank planning to migrate its direct banking services to its mobile app by June 2025 [2][3]. Group 2: Challenges Faced by Direct Banks - The decline of direct banks is attributed to the rise of mobile banking, which has improved user experience and functionality, rendering the independent existence of direct banks less valuable [4][10]. - Many customers remain unfamiliar with the concept of direct banks, leading to trust issues that hinder their growth [7][12]. - Direct banks often lack independent operational capabilities and face internal conflicts due to their positioning within traditional banking structures, limiting their ability to innovate and respond to market needs [9][11][12]. Group 3: Survival of Small and Regional Direct Banks - Smaller regional banks continue to operate direct banking services due to their resource constraints, which make the lightweight model of direct banks more suitable for their needs [5][8]. - These banks focus on localized customer bases and offer tailored financial products, allowing them to maintain a competitive edge despite the overall decline in direct banking [5][8]. Group 4: Future Prospects and Lessons Learned - The remaining direct banks may find success by refining their market positioning and collaborating with their parent banks to enhance service offerings [8][13]. - The experience of direct banks has highlighted the need for traditional banks to adapt to digital demands and has paved the way for the emergence of private and internet banks in the future [13].