Group 1 - The core viewpoint of the news is that Zhengzhou has introduced a special policy to drive innovation in artificial intelligence (AI) through a scene-driven approach, aiming to establish itself as a national hub for AI development by 2027 [1][2][3] - The "Action Plan" sets specific goals, including the establishment of 10 innovation platforms and the creation of 20 deep integration application scenarios by the end of 2025, with the AI core industry and related industries expected to exceed 35 billion and 200 billion respectively [1] - By the end of 2027, Zhengzhou aims to develop a robust AI industry ecosystem characterized by active enterprise vitality, vibrant innovation clusters, and widespread application scenarios [1] Group 2 - Zhengzhou's focus on a scene-driven approach is based on its current strengths and development needs, as it ranks 24th in the national AI technology industry city competitiveness index, lagging behind cities like Wuhan and Hefei [3] - The city possesses rich talent and data resources, supported by a comprehensive manufacturing sector that includes 37 out of 41 industrial categories, providing ample development scenarios for AI [3][4] - The "Action Plan" emphasizes the importance of finding suitable application scenarios for AI technology, which is crucial for its maturity and market adoption [4] Group 3 - Zhengzhou is exploring the establishment of a cross-regional computing power network in collaboration with Gansu and Xinjiang, aiming to enhance its computing infrastructure [7] - The city is advancing its 5G network, currently ranking sixth in the nation with 41.34 5G base stations per 10,000 people, and is focused on building major projects like the national supercomputing center [7] - The "Action Plan" also includes initiatives for data governance and sharing, aiming to enhance public data utilization and support AI development [7] Group 4 - Zhengzhou can learn from successful models in other cities, such as Hefei's establishment of a market scene innovation promotion center, which has effectively served over 1,000 enterprises and identified more than 600 scene demands [8] - The city is encouraged to create specialized teams for scene innovation, similar to initiatives in Chengdu, to enhance collaboration across various sectors and drive industrial upgrades [8]

Group 1 - The core point of the article is the launch of the new AI smart family SUV, Xiaopeng G7, by Xiaopeng Motors, which is expected to significantly boost sales and profitability in the fourth quarter of this year [1][2] - Xiaopeng G7 is available in three versions: Long Range Max, Ultra Long Range Max, and Ultra Long Range, with a starting price of 195,800 yuan [1] - The vehicle achieved over 10,000 orders within 9 minutes of its launch, indicating strong market demand [1] Group 2 - Xiaopeng G7 is the first L3 level AI car with effective computing power of 2250 TOPS and features a jointly developed "Chasing Light Panorama" head-up display [2] - The vehicle includes 14 active safety features, with AEB (Automatic Emergency Braking) capable of stopping from a speed of 130 km/h in real-world scenarios [2] - Xiaopeng Motors has made adjustments in organization, strategic planning, operations, and supply chain, aiming for rapid growth starting in the fourth quarter [2] Group 3 - In the first half of this year, Xiaopeng Motors delivered 197,189 vehicles, surpassing the total deliveries for the entire year of 2024 [3] - The overseas market showed strong performance, with cumulative sales exceeding 18,701 units, representing a 217% year-on-year growth [3] - Xiaopeng Motors has expanded its presence in over 31 countries and regions with a robust charging network [3]

2025 年 7 月 7 日 银河观点集萃 责任编辑 每日晨报 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 OPEC+同意将 8 月份的石油产量提高约 55 万 桶/日 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 宏观:官方劳动数据与 ADP 就业为何背离?——美国 6 月劳动数据。偏强数 据下,美股、美元和美债收益率回升,7月降息预期消散:CME 数据显示联邦 基金利率期货交易者预期 2025年在 9 月、10月出现 2 次降息, 累计 50BP, 7 月有 94.8%的概率不降息。资产方面,标普 500、纳斯达克和道琼斯指数均 明显上涨；10年期美债收益率大幅上行 6.3BP 至 4.342%，2 年期升 9.92BP 至 3.880%;美元指数上行至 97.1185;伦敦黄金下跌至 3326.085美元/盎司。 资产方面,我们认为美股短期依靠估值修复反弹后虽然创下新高,但三季度如 果硬数据进一步恶化,持续上行的趋势形成可能要等 ...

Market Overview - The three major indices opened lower on Monday, with the ChiNext index leading the decline. As of the midday close, the Shanghai Composite Index was at 3465.05 points, down 0.21%, with a turnover of 301 billion; the Shenzhen Component Index was at 10434.83 points, down 0.70%, with a turnover of 470.8 billion; the ChiNext index was at 2129.34 points, down 1.25%, with a turnover of 224.6 billion [1]. Sector Performance - In terms of sector performance, the shipbuilding sector, stablecoins, electric power, and real estate saw significant gains, while sectors such as CRO, CPO, consumer electronics, and brain-computer interfaces experienced notable declines [1][2]. Individual Stock Movement - The market saw more stocks rising than falling, with over 2900 stocks increasing in value [3]. Institutional Insights - CITIC Securities noted that the demand for computing power driven by AI is expected to remain strong. The market may adopt a cautious stance due to the rapid rise in the computing power sector and tariff issues in the U.S., leading to a potentially volatile market. They continue to recommend stocks with sustained high growth and low historical valuations, companies likely to benefit from external demand, and critical upstream segments [4]. - Rongzhi Investment highlighted that the decline in the U.S. dollar index and the appreciation of the RMB against the dollar enhance the attractiveness of RMB assets. The upcoming mid-year report season and improved China-U.S. trade relations may boost related industry data, with overall recovery in corporate profitability expected [4]. News Highlights - The Hong Kong Financial Secretary announced that the government aims to issue stablecoin licenses within this year, following the implementation of the Stablecoin Regulation in August. The number of licenses issued is expected to be in single digits, with discussions ongoing regarding the issuance of stablecoins pegged to the RMB [5]. - A domestically developed robotic dog has set a new world record by achieving a speed of 10.3 meters per second, surpassing the previous record of 8.89 meters per second held by Boston Dynamics' WildCat [6]. Financing Trends - The financing balance in the two markets decreased by 6.286 billion, with the Shanghai Stock Exchange's financing balance at 925.703 billion, down 3.185 billion, and the Shenzhen Stock Exchange's balance at 908.479 billion, down 3.101 billion [7].

Group 1 - The core index of the artificial intelligence industry, the CSI Artificial Intelligence Industry Index (931071), experienced a decline of 1.24% as of July 7, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks included Guangdian Yuntong (002152) with a rise of 1.66%, and Huohuan Xinwang (300383) with an increase of 0.84%, while Zhongji Xuchuang (300308) led the decline [1] - The Artificial Intelligence ETF (515980) was priced at 1.01 yuan, showing a cumulative increase of 4.71% over the past two weeks as of July 4, 2025 [1] Group 2 - The liquidity of the Artificial Intelligence ETF showed a turnover rate of 1.67% with a half-day trading volume of 57.61 million yuan, and an average daily trading volume of 139 million yuan over the past month [3] - The latest scale of the Artificial Intelligence ETF reached 3.482 billion yuan, with a financing buy-in amount of 5.7326 million yuan and a financing balance of 114 million yuan [3] - The net value of the Artificial Intelligence ETF increased by 37.46% over the past year, with the highest monthly return since inception being 30.38% [3] Group 3 - The CSI Artificial Intelligence Industry Index is constructed from 50 representative listed companies based on their AI business proportion, growth level, and market capitalization [4] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 52.07% of the total index weight, with Zhongji Xuchuang (300308) and Xinyi Sheng (300502) among the top [4][6] Group 4 - Recent reports indicate a rapid recovery in AI computing power, with Nvidia's GB200 production peaking and the upcoming launch of the next-generation AI server chip GB300 expected to drive both volume and price increases in supporting computing facilities [6] - Citic Securities suggests that the demand for computing power driven by AI will remain strong, despite potential market fluctuations due to short-term rapid increases in the computing power sector and U.S. tariff issues [7]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (June 29 - July 5, 2025) saw the Shanghai Composite Index rise by 1.40%, the Shenzhen Component Index by 1.25%, and the ChiNext Index by 1.50%. However, the telecommunications sector experienced a slight decline of 0.10% [2][10]. - Within the telecommunications sub-sectors, the highest increase was seen in the communication cables and accessories, which rose by 1.02%, while other communication equipment faced the largest decline of 2.49% [2][13]. - Notable individual stock performances included Nanling Technology with a rise of 17.08%, *ST Gaohong at 15.06%, and Yongding Co., Ltd. at 10.65% [2][15]. Summary by Sections Market Overview - The telecommunications sector's index experienced a minor decline of 0.10% during the reporting week, contrasting with the overall market's positive performance [10]. - The communication cables and accessories sub-sector led the gains with a 1.02% increase, while other communication equipment saw a decline of 2.49% [13][14]. Key Developments - Oracle's CEO announced a strong start to the 2026 fiscal year, with multi-cloud database revenue maintaining over 100% growth and a significant cloud service agreement expected to generate over $30 billion annually starting in the 2028 fiscal year [3]. - The AI technology's maturation is accelerating the growth of cloud services, which is expected to expand the demand for computing hardware and cloud infrastructure [3]. - The U.S. has lifted restrictions on chip design software exports to China, which may impact the EDA market and the competitive landscape for domestic EDA companies [21]. Company Announcements - No significant announcements were reported for the telecommunications sector during the week of June 29 - July 5, 2025 [22]. - Upcoming announcements for the week of July 6 - July 12, 2025, include no major events or unlocks for the telecommunications companies [23].

Group 1 - The overall market is experiencing a correction, with the Huaxia Sci-Tech AI ETF (589010) down by 0.60% as of 10:52 AM, while component stocks show mixed performance [1] - CoreWeave has become the first cloud service provider to deploy NVIDIA's GB300 NVL72 system, indicating advancements in cloud computing capabilities [1] - Oracle has signed multiple large cloud agreements, with one expected to contribute over $30 billion annually starting from the 2028 fiscal year, highlighting significant revenue potential in cloud services [1] Group 2 - Citic Securities notes that AI development is rapidly evolving, with strong demand for computing power expected to continue, despite short-term market fluctuations due to recent price surges and tariff issues in the U.S. [2] - The recommendation includes focusing on companies with sustained high growth and low historical valuations, those likely to benefit from external demand, and critical upstream segments [2] - The Huaxia Sci-Tech AI ETF (589010) closely tracks the Shanghai Stock Exchange Sci-Tech AI Index, covering high-quality enterprises across the entire industry chain, supported by high R&D investment and policy benefits [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - On July 5th, the current-month contracts of the four major stock index futures showed mixed performance. IF rose 0.44%, IH rose 0.61%, IC fell 0.01%, and IM fell 0.29%. The total trading volume of stock index futures rebounded, indicating increased trading enthusiasm among investors. The trend intensities of IF and IH are 1, and those of IC and IM are also 1. There are important news including the resumption of product exports from the US to China and local measures for population development. The three major stock indices showed a pattern of rising and then falling [1][2][6] Group 3: Summary According to Related Catalogs 3.1 Stock Index Futures Data Tracking - **IF Contracts**: The closing prices of IF2507, IF2508, IF2509, and IF2512 all rose, with increases of 0.44%, 0.40%, 0.46%, and 0.47% respectively. The trading volumes and open interests of these contracts also increased. For example, the trading volume of IF2509 increased by 28,804, and the open interest increased by 14,488 [1] - **IH Contracts**: The closing prices of IH2507, IH2508, IH2509, and IH2512 all rose, with increases of 0.61%, 0.58%, 0.62%, and 0.59% respectively. The trading volumes and open interests also increased. For instance, the trading volume of IH2509 increased by 19,867, and the open interest increased by 9,229 [1] - **IC Contracts**: The closing prices of IC2507, IC2508, IC2509, and IC2512 all fell slightly, with decreases of 0.01%, 0.01%, 0.08%, and 0.04% respectively. The trading volumes and open interests increased. For example, the trading volume of IC2509 increased by 13,772, and the open interest increased by 6,230 [1] - **IM Contracts**: The closing prices of IM2507, IM2508, IM2509, and IM2512 all fell, with decreases of 0.29%, 0.36%, 0.43%, and 0.47% respectively. The trading volumes and open interests increased. For instance, the trading volume of IM2509 increased by 55,982, and the open interest increased by 16,019 [1] 3.2 Changes in the Top 20 Member Positions of Stock Index Futures - For most contracts, the long and short positions of the top 20 members showed increases. For example, in the IF2509 contract, the long positions increased by 11,728, and the short positions increased by 11,807 [5] 3.3 Important Driving Factors - There are reports that the US has resumed exports of products such as EDA software, ethane, and aircraft engines to China. Relevant departments in multiple regions are about to introduce measures for population development. The three major stock indices had a performance of rising and then falling, with some sectors showing strong performance and others weakening [6]

申万宏源策略 . 我们强调体系性、实战性 一、反内卷需要区分"去资本开支""去产能""去产量"：本轮反内卷政策加码会强化"去资本开 支"趋势，使得2026年中开始的供需格局拐点更确定，更持续。"去产能"主要体现为，资本开 支回落滞后影响 + 已有项目放弃投产 + 引导存量企业优胜劣汰。"去产能"的影响是慢变量， 将反映为长期盈利能力中枢的抬升。类似2016年"去产量"的影响是快变量，构成短期价格上涨 的必要条件，本轮不易也不宜推动严厉的"去产量"。 反内卷政策加码，唤醒了市场对2016-17年的供给侧的记忆。我们认为，2016-17年供给侧改革 经验，可以拆解成三个核心要素：一是"去产能"，包括淘汰落后产能，也包括抑制新增资本开 支，使得远期产能形成下降。"去产能"的影响是长期的，2022年之前以煤炭为代表的周期品盈 利能力总体维持高位，主要源自于"去产能"的影响。二是"去产量"，通过一般产能关停、限 产，使得国内周期品供需格局快速改善。在彼时周期行业产能利用率处于相对低位的情况下， 若不实施"去产量"，产能增速回落，但产量增速仍能与需求增速匹配(这会体现为产能利用率 的缓慢回升)，需求和产量仍是宽平衡状态， ...

我们强调体系性、实战性 以下文章来源于申万宏源策略 ，作者申万宏源策略 申万宏源策略 . 目录 ，预期的10.6万人，ISM非制造业PMI指数为50.8高于预期的50.6。受此影响，本周美国股市涨幅居前。 专题研究 面深入的认识，逐渐形成了"反内卷"的清晰路线图。 清效率不足的企业，恢复供需平衡。 政策见效需要时间，但对症下药后，无需怀疑最终效果。企业利润回升，推动牛市进程，港股周期重估空间更大。 一周回顾 更持续。 "去产能"主要体现为，资本开支回落滞后影响 + 已有项目放弃投产 + 引导存量企业优胜劣汰。"去产能"的影响是慢变量，将反映为长期盈利能力中枢的抬升。类似 2016 年"去 近期A股强势提示市场更多关注长期积极因素，但也要承认，当下的基本面预期和赚钱效应累积还不是牛市级别。我们的大势研判观点不变：2026-27年是牛市的核心区间，25Q4指数 开始显现，互联网平台资本开支可能迎来改善，构成国内AI算力产业链的股价驱动力。反内卷的结构，短期市场关注度高的方向是电力设备、钢铁和建材；而 2026 年中游制造供需格 PB均在历史15%分位以下的行业：农林牧渔、医疗服务。 电话会议 长, == ll _ ...