Core Viewpoint - Lanzhou University (LZU) is enhancing its undergraduate admissions policy for 2025, focusing on innovative talent cultivation and aligning with national strategic needs [1][10]. Group 1: University Background and Philosophy - Established in 1909, Lanzhou University is the first modern higher education institution in Northwest China and has been recognized in national projects such as "211" and "985" [3]. - The university adheres to the spirit of "self-improvement and uniqueness," fostering a culture of diligence, pragmatism, and progress [3]. Group 2: Research Achievements - LZU has made significant contributions in various fields, including a patented system for depression diagnosis in the information science sector, and the development of China's first large-scale asynchronous circuit chip in chip research [4]. - The university's nuclear science department has played a crucial role in China's lunar exploration missions, while advancements in medical fields have led to innovative treatments for serious diseases [4][5]. Group 3: Innovative Talent Cultivation - For the 2025 admissions, LZU will introduce 17 innovative classes across 25 colleges, focusing on interdisciplinary education and aligning with cutting-edge fields such as big data and artificial intelligence [6][10]. - The innovative classes aim to enhance students' comprehensive qualities and innovation capabilities, integrating various disciplines and practical experiences [6][7]. Group 4: Admissions Strategy - The overall undergraduate enrollment will increase by 350 students in 2025, with a focus on STEM and medical disciplines [10]. - Specific majors will be directly admitted, eliminating concerns about secondary selection processes, and the university will optimize its professional layout by discontinuing certain programs [10][11]. Group 5: Talent Development Reforms - New programs will be introduced to meet national medical talent needs and carbon neutrality goals, including the establishment of "elite classes" in clinical medicine and earth sciences [11]. - The university will allow more flexible major transfers for students, enhancing their educational pathways and aligning with career aspirations [12][13]. Group 6: Invitation to New Students - Lanzhou University invites the 2025 cohort to join its vibrant academic community, emphasizing the importance of personal growth and academic exploration [14].

Core Viewpoint - Derin Holdings (01709.HK) has entered into a non-binding term sheet with Via BTC Holdings Limited to establish a strategic partnership focused on cryptocurrency and digital asset services [1][2] Group 1: Strategic Partnership - The partnership will involve the formation of a joint venture to engage in OTC cryptocurrency trading, asset management, and family office services for OTC and/or cryptocurrency mining clients [1] - The collaboration aims to leverage Via BTC's existing infrastructure and expertise in financial advisory, securities trading, and brokerage to create synergies [2] Group 2: Business Diversification - This strategic move allows Derin Holdings to accelerate its entry into the high-growth digital asset and blockchain services sector, diversifying its business portfolio beyond traditional finance [2] - The partnership will extend the company's existing asset management and family office services to include OTC and cryptocurrency mining clients, generating diversified revenue streams and expanding market coverage [2]

Group 1 - The stock of JiaoKong Technology (688015) has a comprehensive score of 50.21, indicating a strong performance [1] - The main cost analysis shows that the current main cost is 20.37 CNY, with a 5-day main cost of 19.87 CNY and a 20-day main cost of 19.99 CNY [1] - The stock has not experienced any limit-up or limit-down events in the past year [1] Group 2 - The short-term resistance level is at 20.12 CNY, while the short-term support level is at 19.45 CNY [2] - The stock price has the potential to strengthen in the short term if it breaks through the short-term resistance level [2] - The K-line pattern indicates a "red three soldiers" formation, suggesting a possible bottoming out and recovery [2] Group 3 - On June 24, 2025, the net inflow of main funds was 2.7089 million CNY, accounting for 13% of the total transaction volume [2] - Large orders contributed a net inflow of 1.042 million CNY, while retail investors experienced a net outflow of 0.8089 million CNY [2] - Related industry sectors include transportation equipment (2.87%), blockchain (2.19%), vehicle networking (3.04%), and railway infrastructure (2.28%) [2]

中微公司688012 趋势方向 时间: 2025年6月24日星期二 主力成本分析 50.22分综合得分 179.16 较强 元 当日主力成本 174.83 元 5日主力成本 174.51 元 20日主力成本 181.56 北向资金数据 | 持股量3160.24万股 | 占流通比5.08% | | --- | --- | | 昨日净买入2.19万股 | 昨日增仓比0.004% | | 5日增仓比0.126% | 20日增仓比-0.093% | 元 60日主力成本 周期内涨跌停 过去一年内该股 涨停 1次 跌停 0 次 技术面分析 178.63 短期压力位 170.97 短期支撑位 180.01 中期压力位 165.98 中期支撑位 股价突破短期压力位，短线有望走强； 目前中期趋势不慎明朗，静待主力资金选择方向 K线形态 关联行业/概念板块 半导体 1.88%、区块链 2.19%、半导体概念 2.06%、LED 1.92%等 （以上内容为自选股写手差分机完成，仅作为用户看盘参考，不能作为操作依据。） 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任何立场，不构成与和讯相关的任何投 资建议。在作出任何投资 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) emphasizes the need for cautious regulation and a clear understanding of stablecoins, highlighting their role as payment tools rather than investment or speculative instruments [1][3][4]. Regulatory Approach - The HKMA has set high thresholds for issuing licenses for stablecoin issuers, requiring real application scenarios and indicating that only a few licenses will be granted in the initial phase [1][5][7]. - The HKMA's sandbox program, which includes three initial participants, is designed to understand the business models of potential stablecoin issuers, but entry does not guarantee a license [6][7]. Definition and Characteristics of Stablecoins - Stablecoins are defined as virtual assets aimed at maintaining a stable value relative to certain assets, typically currencies, and are seen as a bridge between traditional finance and virtual assets [3][4]. - They possess unique features such as anonymity and ease of cross-border use, which present regulatory challenges, particularly in anti-money laundering [4]. Market Dynamics and Future Outlook - The future development of stablecoins will largely depend on market forces, with various new payment tools emerging alongside stablecoins, including CBDCs and tokenized deposits [3][4]. - The HKMA is actively involved in reviewing the implementation of the global regulatory framework for crypto asset activities established by the Financial Stability Board (FSB) [3][4]. Compliance and Market Sustainability - Stablecoin issuers must demonstrate capabilities in asset management, price stability mechanisms, and risk control, along with a comprehensive compliance plan if their operations involve other regions [7]. - The sustainability of a stablecoin issuer's business is influenced by factors such as user scale, application scenarios, and market conditions, necessitating a viable business plan and sufficient resources [7].

证券研究报告 多元金融 再问稳定币 华泰研究 2025 年 6 月 24 日│中国内地 动态点评 稳定币的实质是商业私营机构发行的足额储备的加密影子法币。全球稳定币 起源于加密资产交易，正逐渐切入实体经济支付场景，对货币流通及国债市 场的影响需引起重视。境外主流商业银行能否通过存款代币反戈一击？信用 卡组织又会受到何种影响？离岸人民币稳定币是否可能成立？我们在"十问 稳定币"（2025 年 6 月 3 日）之后继续回答十一个相关问题。 1.稳定币的实质是什么？稳定币是商业私营机构发行的具有足额储备的数 字影子法币。稳定币是对发币机构的债权，基于分布式账本的区块链技术， 具有点对点直接支付特征，同时结合境外稳定币运行实践，我们认为是货币 的增量发行。 2.稳定币作为货币发行有何特点？稳定币规模受需求拉动，在铸币环节具有 越来越明显的批发（to B）特征。同时货币政策对稳定币规模可能产生影响。 截至 2025/6/18，美元稳定币体量 2200 亿美元，约占美元 M2 的 1%。 3.稳定币的初始使用场景是什么？十多年前 USDT 作为比特币的交易媒介 诞生，后逐渐渗透进入实体经济中的支付结算场景。2024 年约 ...

Group 1 - The China Securities Regulatory Commission (CSRC) is implementing the "Data Element ×" action plan to integrate data elements into the capital market, guided by the "Three-Year Action Plan (2024-2026)" [1] - A pilot program for "Data Element × Capital Market" has been initiated, with 11 pilot projects selected from 8 provinces and cities, focusing on beneficial explorations in securities, futures, and regional equity markets [1] - The CSRC has highlighted three successful case studies in the securities and futures industry that showcase innovative data applications, including risk control in futures markets and blockchain-based risk data sharing [2] Group 2 - The CSRC is actively promoting the development and utilization of public data, with several exemplary cases recommended for public data application, including initiatives to connect enterprises with capital markets [3] - A clear plan for high-quality data set construction in the securities and futures industry has been established, setting development goals for the next three years [3]

■本报评论员 随着中国经济高质量发展和金融高水平开放，人民币国际化迎来重大突破。 6月22日，中国人民银行与香港金管局联合推出的快速支付系统互联互通合作（以下简称"跨境支付通"）正式上线，首批参与机构包括工行、中行、汇 丰、恒生等，标志着内地与香港快速支付系统已实现互联互通，今后两地居民可实时办理跨境汇款。 无独有偶，在日前举行的2025陆家嘴论坛上，中国人民银行行长潘功胜宣布了八项金融开放举措，其中包括将设立数字人民币国际运营中心，推进数字人 民币的国际化运营与金融市场业务发展。 人民币国际化趋势加速，具有标志性意义的一件事是：6月18日，人民币跨境支付系统（CIPS）首次成功接入非洲、中东、中亚地区及新加坡离岸人民币 中心的核心外资银行，全球服务网络覆盖实现历史性跨越。 图片来源/新华社 近年来，人民币国际化进程持续深化，在全球范围内的吸引力和影响力逐步增强。人民币已成为全球第二大贸易融资货币；按全口径计算，人民币已成为 全球第三大支付货币；在国际货币基金组织（IMF）特别提款权（SDR）货币篮子中的权重位列全球第三。80多个境外央行或货币当局将人民币纳入外汇 储备。2024年，人民币跨境收付金额约64万 ...

Core Viewpoint - 嘉楠科技 is terminating its non-core AI semiconductor business to focus on its core operations, which include Bitcoin mining machine sales, self-mining, and consumer mining products. This strategic shift is expected to significantly reduce operational costs in the coming months [1][2]. Group 1: Business Strategy - The decision to end the AI semiconductor business is primarily due to its low revenue of approximately $900,000 for FY 2024, which accounts for 15% of the company's total operational expenses, thus dragging down overall efficiency [2]. - Post-strategic adjustment, resources will be concentrated on mining equipment sales, self-mining, and consumer-grade mining machines, where the company has established a clear competitive advantage [2]. Group 2: Mining Operations - 嘉楠科技's mining business is set to launch the Avalon Q mining machine in 2025, which will be compatible with global voltage standards, and the next-generation A16 series is expected to achieve an energy efficiency ratio of 15J/TH, nearing industry-leading levels [2]. - The company has a global hash rate of 8.15 EH/s in North America, with a low average electricity cost of $0.044 per kWh, and overseas projects in Ethiopia are operating with over 95% uptime [2]. Group 3: Financial Performance - In Q4 FY 2024, 嘉楠科技 reported a 33.2% reduction in net losses and achieved positive EBITDA, indicating improved financial health [2]. - The Avalon miner series, particularly the A14 product line, saw significant revenue growth following the Bitcoin halving event in April 2024, with demand for the A15 and upcoming A16 series continuing to rise [3]. Group 4: Company Milestones - 嘉楠科技 was founded in 2013 and released the world's first blockchain computing device based on ASIC chips, marking the beginning of the ASIC era in the industry [4]. - The company underwent a name change in 2015 and achieved significant milestones in chip production, including the mass production of 28nm and 16nm chips [5][6].

在现代企业的竞争中，决策的迅速与精准性往往决定了企业能否脱颖而出。传统的决策方式往往依赖于 人的经验和直觉，受制于信息获取的不全面、决策者的个人偏好和时间限制。随着信息化时代的到来， 如何在瞬息万变的市场环境中做出科学、精确的决策，成为企业面临的一大挑战。幸运的是，人工智能 （AI）决策系统的出现，为企业提供了全新的解决方案，帮助企业在决策过程中做到数据驱动、智能 化、精准化。 AI决策系统，简单来说，就是通过大数据分析、机器学习和深度学习等技术，自动化地生成决策方案 或建议。通过AI的强大计算能力与算法，企业可以快速分析海量数据，从中提炼出有价值的信息，减 少人为的偏差和错误，提高决策效率与准确性。 AI决策系统的优势 海量数据处理能力 在信息化时代，企业需要处理的数据量日益庞大。AI决策系统能够通过强大的计算能力，对海量数据 进行实时处理和分析，迅速识别出潜在的商机、市场趋势以及潜在风险。传统的决策方式往往受到时 间、空间以及人力资源的限制，而AI可以24小时不停运转，持续提供高效的分析支持。 精准决策支持 AI决策系统不仅适用于大型企业，许多中小型企业也开始逐步应用这一技术，提升自身的竞争力。在 各行各 ...