正文 战略属性定价不容忽视，电子及军工材料迎发展新机遇。 国家主动针对关键战略金属实施出口管制政策，国内外价格分化显著，战略属性定价不容忽视。AI 技术演进带动电子新材料升级迭代机遇，军工需求逐步回暖军工 新材料深度受益。 稀土磁材 产业链以中国为中心，管控加强，国内供给增速放缓，中长期需求持续增长，稀土价格底部企稳反弹。 国内供给端指标增长速度放缓，海外供应不稳定性上升，中 长期受益于新能源汽车及节能电机等快速发展，机器人有望带动新一轮需求，需求端整体稳步增长，镨钕氧化物供给缺口或扩大。 钨 点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 战略金属之王，供给刚性支撑钨价长期向好。 我国钨资源丰富，钨储量及矿山钨产量世界第一，2024 年占比分别为52.5%和82.3%。国家对钨矿开采实行总量控 制，钨矿供应偏刚性。硬质合金需求有望稳步复苏，光伏钨丝有望持续放量，地缘冲突或拉动钨军工需求，整体钨需求预计实现稳步增长，钨价有望长期向好。 锑 供需紧缺格局难改，战略属性不容忽视。 我国作为全球锑品主产区，2024 年国内锑矿产量占全球锑矿产量约60%，锑矿战略地 ...

一、全球消费电子市场概况 中国品牌正积极拓展海外市场，寻求更快增长。2020-2024年，中国出口机电产品金额持续上升，2023年较2021年增长超8%。全球消费电子行业市场规模也 呈增长态势，预计2024年海外市场规模增速约21%。 需求特点：消费者注重户外、疗愈、娱乐场景中五感愉悦氛围的极致体验，偏好场景化叙事方式。 增长品类： 充电宝：户外热潮推动"户外电源+"需求，新兴设备兼容需求增加。 便携音响：从"个听"到"氛围刚需"，满足露营、广场舞等多种场景。 AR/VR眼镜：从"小众极客"到"大众刚需"，虚拟巨幕观影和互动剧等推动其发展。 （二）欧美市场 需求特点：关注娱乐氛围感、情感陪伴及疗愈、个性化美容，情感体验成刚需，同样偏爱场景化叙事。 二、三大市场需求差异与增长品类 （一）中国市场 增长品类： 投影仪：后疫情时代家庭成为娱乐主场景，露营文化兴起，满足沉浸式体验需求。 智能陪伴机器人：应对孤独经济与心理健康关注，满足老年护理等需求。 家用美容仪：性价比高，结合AI肤质检测，满足个性化护肤需求。 （三）东南亚市场 需求特点：安全焦虑、能源焦虑、健康需求催生居家产品智能化升级，场景化叙事方式受青睐。 增 ...

Group 1 - The Shanghai International Film Festival Sci-Fi Film Week has introduced a new "Technology Creation Unit" in 2025 to enhance the integration of technology in film production [1][3] - The event gathered film industry professionals, scholars, and tech leaders to discuss the application of AI video generation and digital production technologies in filmmaking [3][8] - The festival also launched the AIGC unit, inviting global young creators to submit AI-generated short films, promoting innovation in the use of AI in film creation [7][8] Group 2 - The development of technology allows for film production at significantly lower costs, marking a major transformation in the industry, with a need for talent to be trained in both technology and artistic expression [5][10] - The Shanghai Sci-Fi Film Week emphasized the importance of "Film + Technology" to drive high-quality development in the film industry, showcasing key projects and service platforms [10][18] - The Shanghai Technology Film City AI Creation Ecological Center announced multiple projects leveraging technology to create an innovative industry community that integrates high-tech film production and new technology applications [14][19] Group 3 - The Shanghai Technology Film City is positioned as a global center for film creation, housing over 20 professional filming bases and 8,000 film-related enterprises, covering all aspects of film creation, shooting, training, and promotion [19][20] - The initiative aims to establish a leading technology film industry cluster, attracting key enterprises and innovative talent to better serve the film industry's development [20]

Group 1: Legislation and Market Impact - The U.S. Senate passed the "Genius Act" on June 17, marking a significant step towards the compliant operation of stablecoins, with a vote of 68 in favor and 30 against [4] - Citigroup predicts that the stablecoin market could reach a size of up to $3.7 trillion by 2030, driven by regulatory support and widespread institutional adoption [4][13] - Circle's stock surged over 675% shortly after its debut on the NYSE, rising from an initial price of $31 to $240 within ten days [4] Group 2: Retail Giants' Involvement - Retail giants Amazon and Walmart are exploring the issuance of their own stablecoins to address high payment processing fees, which can amount to billions annually [6][7] - Amazon's e-commerce revenue is projected to reach $447.5 billion in 2024, while Walmart's is expected to be $120.9 billion, highlighting their significant financial stakes in payment processing [7] - The potential cost savings from using stablecoins could be substantial, with estimates suggesting Amazon could save between $6.7 billion to $13.4 billion annually on transaction fees [8] Group 3: Traditional Financial Institutions' Response - Traditional banks, including JPMorgan and Bank of America, are actively exploring the issuance of stablecoins to mitigate the potential outflow of deposits estimated at $6.6 trillion due to stablecoin adoption [10][11] - Banks are recognizing the need to establish a presence in the stablecoin space, with discussions ongoing among major banks about joint stablecoin initiatives [11][12] - European banks, such as Societe Generale, are also entering the stablecoin market, indicating a broader trend among financial institutions to adapt to the changing landscape [12] Group 4: Challenges and Limitations of Stablecoins - Analysts express skepticism about the immediate impact of stablecoins on traditional payment systems, citing consumer acceptance as a key barrier [15] - Current stablecoins are predominantly dollar-denominated, limiting their effectiveness for transactions in local currencies and creating challenges in currency exchange [15] - The lack of robust fraud prevention mechanisms in stablecoin transactions raises concerns about consumer confidence, as completed transactions are irreversible [15][16]

每经编辑｜陈鹏程 王晓波 1 隔夜市场 美股三大指数收盘涨跌不一，纳指跌0.51%，标普500指数跌0.22%，道指涨0.08%；大型科技股多数下跌，谷歌跌近4%，Meta、英特尔、亚马逊、英伟达 跌超1%，微软小幅下跌；苹果涨超2%，奈飞、特斯拉小幅上涨；Circle涨超20%，创收盘历史新高。中概股涨跌不一，纳斯达克中国金龙指数跌0.92%；富 途控股跌超6%，金山云跌超4%，京东跌超3%，哔哩哔哩跌超2%；房多多涨超3%，斗鱼涨超2%。 6月20日，美联储货币政策报告显示，金融稳定在不确定性加剧中情况下"具有韧性"；市场流动性已有所改善，但市场状况仍对贸易政策相关消息保持敏 感；股票、企业债券和市政债券市场的流动性也出现了实质性恶化。 6月20日，据商务部网站消息，2025年1-5月，全国新设立外商投资企业24018家，同比增长10.4%；实际使用外资金额3581.9亿元人民币，同比下降13.2%。 从行业看，制造业实际使用外资915.2亿元人民币，服务业实际使用外资2596.4亿元人民币。高技术产业实际使用外资1090.4亿元人民币，其中，电子商务服 务业、航空航天器及设备制造业、化学药品制造业、医疗 ...

Group 1 - The wealth management industry is transitioning from "scale expansion" to "quality upgrade" due to improved regulatory policies and significant technological advancements [2] - Regulatory measures such as breaking the "guaranteed returns," reducing nested structures, and banning fund pools are guiding the Chinese wealth management market towards healthier development [2] - The rapid iteration of AI technology has enabled automated asset allocation services 24/7, while large model technology is reshaping investment research and analysis [2] Group 2 - The demand for skilled financial advisors is at an all-time high, as investors seek professionals who understand the market, policies, and client needs [3] - The 2025 Forbes-Fuguo China Preferred Financial Advisor Selection has been launched, continuing its mission to certify the professional capabilities and ethics of outstanding financial advisors [3][4] - The selection process includes multiple stages, culminating in a national final where top advisors compete for awards [4] Group 3 - The selection will produce a national TOP 60 list, with 14 finalists advancing to the national finals for the top awards [4] - The awards include Gold, Silver, and Bronze distinctions for the best financial advisors [9] - Winners will be recognized in Forbes magazine and will have opportunities to participate in various financial forums and strategy meetings [10] Group 4 - The wealth management market in China is projected to reach an asset management scale of 155.1 trillion yuan by 2024, indicating strong growth potential [2] - The changing demographic structure is driving a shift in retirement planning from value-added services to essential needs, alongside a rise in ESG investment concepts and cross-border asset allocation demands [2]

Core Viewpoint - The article emphasizes the importance of inclusive finance and its evolution through digital technology, highlighting the ongoing challenges faced by small and micro enterprises in accessing affordable financing [1][3]. Group 1: Current State of Inclusive Finance - Despite the growth in the scale of inclusive microloans in China, issues of financing difficulties and high costs remain significant challenges for small and micro enterprises [1]. - The rapid development of digital technology is seen as a turning point for improving the accessibility and balance of inclusive finance services [1][3]. Group 2: Role of Digital Technology - Digital technology provides financial institutions with efficient tools to reduce operational costs and enhance service efficiency, potentially alleviating the conflict between inclusive finance and commercial interests [1]. - The digital transformation of credit services is crucial for accurately identifying and meeting the financing needs of key demographics, thereby improving service quality for small and micro enterprises [3]. Group 3: Measuring Inclusivity and Accessibility - Inclusivity in finance is characterized by the broad coverage of services to meet diverse needs, while accessibility focuses on ensuring that more individuals can effectively obtain financial services [3]. - Two key standards for measuring accessibility are the rationality of risk coverage and the alignment with real-world financing needs [3]. Group 4: Challenges and Opportunities - China is recognized as a leader in digitalization, with smartphone penetration at 85% and digital payment users at 80%, surpassing many developed countries [6]. - However, challenges such as urban-rural digital disparities and intense market competition are present, necessitating a combined approach of traditional and digital services to ensure no one is left behind [6]. - The advanced digital infrastructure in China presents unique advantages for development, particularly in the insurance sector, where effective solutions rather than mere product sales are emphasized [7].

Core Insights - Huawei Developer Conference (HDC 2025) has commenced, focusing on "Harmony Ecosystem and AI Technology," marking a new phase of large-scale development for the Harmony ecosystem [1] Group 1: Harmony Ecosystem Growth - The Harmony ecosystem has achieved "exponential growth," with over 40 Huawei terminal products running HarmonyOS 5 and more than 30,000 Harmony applications and services in active development [5] - Over 9,000 applications are involved in more than 70 system-level innovation experiences, and over 100 general office platforms have been adapted for Harmony, covering more than 38 million enterprises [5] - The developer community has expanded to 8 million developers, with 6.14 million learning sessions in the ecosystem academy and over 1 million tool downloads [5] Group 2: Multi-Device Connectivity and AI Innovations - The multi-device connectivity capabilities include a "tap to share" feature supporting over 50 applications and a new "one send, multiple receive" function for high-definition file transfers [7] - Over 100 apps support seamless content switching across devices, enhancing user experience [7] - Huawei introduced the Harmony Intelligent Agent Framework (HMAF) to facilitate efficient development of Harmony intelligent agents, with over 50 pioneering agents in development by companies like Shenzhen Airlines and Weibo [9] Group 3: Privacy, Security, and Performance Enhancements - The Harmony system's innovative security access mechanism has intercepted unreasonable permission requests 8.6 billion times, and the message privacy protection feature automatically hides sensitive content [11] - Performance improvements include a 126-minute increase in video playback duration and a 500-minute increase in audio playback endurance due to the integration of the Ark Engine [11] - Collaborative innovations with over 30 partners have led to the development of more than 50 projects, enhancing performance and reducing memory usage significantly [11] Group 4: Future Directions - Huawei aims to continue collaborating with developers and partners to promote the prosperity of the Harmony ecosystem, providing users with a more intelligent and convenient all-scenario experience [13]

Group 1 - Chery launched the new fuel vehicle Aiyreze 8 PRO, emphasizing its capability as a family car that can also perform on the racetrack. The Aiyreze 8 series has achieved global sales of over 400,000 units in 33 months since its launch [7] - Leap Motor announced that its cumulative delivery volume has surpassed 800,000 units, with the 2026 model of the C16 officially launched and deliveries commencing nationwide. In May, Leap Motor delivered 45,067 vehicles, a year-on-year increase of over 148%, setting a record for monthly deliveries [1][5] - Geely introduced the industry's first AI-powered intelligent power domain system, Starry AI Cloud Power 2.0, which enhances the efficiency of its hybrid engine from 46.5% to 47.26%. The hybrid vehicle market in China has seen a tenfold increase in sales from 2020 to 2023 [2][5] - Zotye Auto announced a warning regarding potential delisting risks due to a lack of operational funds, with no vehicle production this year and only 14 units shipped to Algeria. The company faces financial risks and operational crises if it cannot resume production by 2025 [3][5] Group 2 - Buick has introduced a 1:1 compensation policy for its new electric vehicle E5, promising to replace the vehicle if it catches fire due to battery quality issues within one year of delivery. The starting price for the new Buick E5 is 149,900 yuan [4][5] - Safety concerns regarding electric vehicles are significant for consumers, with a reported 32% increase in self-ignition rates for new energy vehicles in the first quarter of 2023, averaging eight incidents per day [6]

新的开始，新的人。 6月11-12日，36氪WAVES新浪潮2025大会在杭州良渚文化艺术中心顺利举办。本次大会以「新纪元」为主题，设置「投资人会场」、「创业者会场」、 以及「00后之夜」开放麦环节，汇聚创投领域顶级投资人、新锐企业创始人，以及深耕科技、创新、商业的科学家、创作者与学者，围绕AI技术革新、 全球化浪潮与价值重估等前沿议题，拆解他们眼中的商业理想和未来世界，一起讨论、寻找、走向中国创投「新纪元」。 36氪CEO冯大刚在开场演讲中表示：2025年，一个新的周期在开始，而新周期的核心是「新代际力量的崛起」。历史告诉我们，行业更迭、格局重构 时，年轻创业者将有机会、有可能突破行业巨头壁垒。他们创造的新事物真的在颠覆世界，36氪也将永远和这些新的创业者们站在一起。松禾资本创始合 伙人厉伟则在巅峰对话「中国创投三十年」中坦言：「政府要支持科技，支持创新，包括国企要进一步松绑，我借这个场合呼吁，最正确的就是让大家按 照市场规律办事情。有赚有赔，赚了钱要该给奖励给奖励，赔了钱只要没有恶意、违法行为，就应该容忍。作为真正的大胆资本，要真正容忍，只有真正 放开这一点，我们的经济才会持续发展。」还有来自真格基金、钟 ...