对于7月流动性，长江固收分析认为有望延续偏宽松表现。一方面，7月作为季初月份非传统信贷大月，且同业存单到期规模较6月 明显下行；另一方面，在贸易摩擦带来外部不确定性背景下，央行资金投放预计将保持呵护状态。不过，随着资金利率下行，银 行间债市杠杆率走高至108%以上水平，资金面进一步宽松空间有限。 央行货币政策委员会召开2025年第二季度例会，明确下阶段将加大货币政策调控强度，提高调控前瞻性、针对性、有效性。保持 流动性充裕，引导金融机构加大货币信贷投放力度，强化央行政策利率引导，推动社会综合融资成本下降，防范资金空转，稳定 人民币汇率。 在政策工具方面，新型政策性金融工具呼之欲出。多地密集召开政策宣讲会或对接会，相关实施方案已征求意见，资金额度或为 5000亿元，投向领域涵盖数字经济、人工智能、水利工程等多领域。 6月24日，央行开展3000亿元MLF操作，本月有1820亿元MLF到期，MLF净投放达到1180亿元，为连续第4个月加量续作。叠加买 断式逆回购操作，6月中期流动性净投放总额达3180亿元。专家表示，下半年央行或持续超额续做到期MLF，并结合买断式逆回购 操作，合理补充中期流动性。 【环球网财经综 ...

论坛现场举行两项发布活动，东城区副区长邓慧敏推介了东城区数字经济高质量发展布局及政策，聚焦 算力、大模型与产业融合，释放政策引力。北京市东城区新智算力与大模型研究院正式揭牌。 在主旨演讲环节，7位行业领军人物呈现了各自领域的硬核实践。中国信息协会算力网专委会主任梅建 平呼吁避免"百模大战"式低效投入，聚焦"东数西算"工程与超算协同，推动算力如电力普惠可及。圆桌 对话环节，7位来自高校、企业、服务机构和投资机构的嘉宾聚焦"构建产业生态，合作共赢新范式"展 开深入讨论。 本次专题论坛特设"数字经济体验区"。来自东城区内外的7家创新企业集中展示了各自创新技术与解决 方案，参会者可沉浸式感受未来体验。 编辑 白爽 校对 陈荻雁 新京报讯（记者陈琳）7月3日，2025全球数字经济大会专题论坛"国央企数智化转型 链通产业新质生产 力"在东城区王府中心召开。论坛上，北京市东城区新智算力与大模型研究院正式揭牌。该研究院由东 城区政府联合金隅集团等20余家单位共建，定位"政产学研用金服"七位一体创新联合体。 7月3日，2025全球数字经济大会专题论坛"国央企数智化转型 链通产业新质生产力"召开。新京报记者 王贵彬 摄 本次论坛 ...

Group 1 - The China Central Enterprise Innovation Driven Index (000861) decreased by 0.13% as of July 3, 2025, with mixed performance among constituent stocks [3] - The top-performing stocks included Shenzhen South Circuit (002916) up 7.32%, and Guangxun Technology (002281) up 2.21%, while China Haifang (600764) led the decline at 6.09% [3] - The Central Enterprise Innovation Driven ETF (515900) fell by 0.14%, with a latest price of 1.46 yuan, and has seen a cumulative increase of 0.83% over the past week [3] Group 2 - The National Bureau of Statistics emphasized the importance of cities in advancing digital China, focusing on the integration of urban governance modernization and industrial system modernization [4] - Huayuan Securities noted a clear valuation recovery for central state-owned enterprises, particularly in the construction sector, benefiting from stable dividends and governance optimization [4] - The latest scale of the Central Enterprise Innovation Driven ETF reached 3.357 billion yuan, marking a one-month high and ranking in the top quarter among comparable funds [4] Group 3 - The Central Enterprise Innovation Driven ETF has seen a net value increase of 5.46% over the past two years, with a maximum monthly return of 15.05% since inception [5] - The ETF's average return in rising months is 3.97%, with a historical three-year profit probability of 97.49% [5] - The management fee of the ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [5] Group 4 - The Central Enterprise Innovation Driven Index is composed of 100 representative listed companies evaluated for innovation and profitability, with the top ten stocks accounting for 34.87% of the index [6] - The top ten weighted stocks include Hikvision (002415) and China Southern Power Grid (600406), among others [6]

Group 1 - The 2025 Global Digital Economy Conference opened in Beijing on July 2, lasting for four days, focusing on artificial intelligence applications, digital security, data elements, and digital healthcare, with over 50 forums and special events planned [1] - The "Beijing Digital Economy Experience Week" was launched alongside the conference, featuring a 6,000 square meter digital complex with more than ten themed exhibition areas, allowing visitors to experience the latest technological achievements from over 50 tech companies in an immersive manner [4] - The event includes a realistic 1:1 simulation of the C919 aircraft cockpit, with interactive instrument panels and a visual system that provides a real-time view of flight conditions, allowing participants to experience various weather impacts on flying [5][8] Group 2 - The exhibition features various scientific experimental devices in the aerospace technology field, such as wind tunnel testing and ultrasonic levitation demonstrations, creating a mixed-reality learning environment through LBE large space positioning technology [8] - Interactive projects that combine digital technology with cultural creativity, such as AI voice picture book creation and AR cultural relic tours, attracted many visitors at the event [11] - The goal of the 2025 Digital Economy Experience Week is to make digital technology experiential and consumable, focusing on the inclusive nature of digital technology, integrating it into consumer scenarios to allow citizens to intuitively feel the transformative impact of digital technology on life and culture [13]

Core Viewpoint - The Director of the National Data Bureau, Liu Liehong, emphasizes the importance of deepening the circulation and utilization of data resources and the market-oriented allocation of data elements to drive high-quality urban development and governance [1] Group 1: Urban Digital Transformation - Regions like Beijing are actively promoting comprehensive digital transformation, integrating data circulation and utilization throughout urban planning, construction, and operation processes to enhance economic vitality and governance levels [1] - The goal is to achieve high-quality development, efficient governance, and improved quality of life through coordinated urban digital transformation [1] Group 2: Data Resource Utilization - There is a focus on solidifying the development foundation by using cities as comprehensive carriers for advancing digital China, leveraging the multiplier effect of data elements [1] - The initiative aims to strengthen the synergy between technology and mechanisms, creating a unified digital infrastructure and data platform [1] Group 3: Application Orientation - The application-oriented approach highlights the critical role of data elements and digital technologies in urban emergency management, aiming to build more resilient urban lifelines [1] - The strategy includes promoting deep integration of industry and urban governance modernization through digital transformation [1] Group 4: Data Resource Reform - The continuous enrichment and aggregation of urban data resources are essential for deepening the circulation and utilization of data resources and reforming the market-oriented allocation of data elements [1] - This approach is expected to support innovative development in the digital economy, creating a virtuous cycle that better facilitates high-quality urban development [1]

数字经济正在突破时空局限和产业界限，加速向经济社会各领域广泛渗透和覆盖，成为经济发展新引 擎。"十四五"时期，党中央、国务院作出一系列战略部署，出台一批重大政策，推动我国数字经济发展 取得显著成就，为经济社会高质量发展注入强劲动能。在国家战略布局和系列政策支持下，中国领先的 精准撮合解决方案提供商——量化派以自身独特的发展理念与强大的技术服务能力脱颖而出。 量化派创立于2014年，秉承"数字驱动世界，智能点亮生活"的使命，依托领先的闭环场景化服务能力、 模块化运营能力、规模化商品及服务输出能力，为多行业提供场景化数字赋能服务，帮助其实现场景、 科技、流量、运营、商品及服务的数字化深度融合。 量化派自主研发的技术平台量星球，通过整合深度学习、自然语言处理等前沿技术，构建了覆盖智能决 策、精准营销、智能客服等五大模块的一站式解决方案，为零售、金融等领域提供数字化支持。 在创始人兼CEO周灏博士的卓越领导下，其研发团队实力与知识产权积累颇为亮眼。公司的研发团队由 量化派创始人兼CEO周灏博士领导，主要管理人员是拥有逾15年研发经验的首席技术官周强先生。截至 2024年6月30日，公司研发团队包括58名技术人员，占雇 ...

Core Viewpoints - The A-share market is expected to continue a volatile upward trend in July, supported by policy initiatives and the upcoming mid-year performance disclosures [2][9] - The market is characterized by a strong performance in black metals and banking stocks, while sectors like semiconductors and military stocks are experiencing pullbacks, indicating sensitivity to short-term gains and fund flows [2][9] Market Overview - On Wednesday, the A-share market showed a mixed performance with the three major indices fluctuating, while the black metal and banking sectors provided support [4][9] - The overall market sentiment was moderate, with a total trading volume of 13,770 billion, and the Shanghai Composite Index closing at 3,454.79 points, down 0.09% [5] Sector Analysis - The steel industry saw significant gains, driven by positive macro signals from the June PMI data and upcoming industry meetings aimed at addressing challenges and setting goals for the second half of the year [6][9] - The photovoltaic equipment and other renewable energy sectors are active, with expectations for technical rebounds and sustained demand driven by global carbon neutrality goals [7][9] - The marine engineering equipment sector experienced a surge, supported by government policies aimed at promoting high-quality development in the marine economy [8][9] Investment Opportunities - Three main investment themes are identified: 1. Stocks with expected strong mid-year performance, focusing on those with improving fundamentals [3][10] 2. Technology sectors including military, robotics, AI, semiconductors, and digital economy, with a caution against speculative investments [3][10] 3. Stocks in the renewable energy and brokerage sectors that are poised for rebounds after recent declines [3][10]

每日市场观察 2025 年 7 月 3 日 周三沪指窄幅波动，深成指和创业板指数有所调整。截至收盘，沪指 跌 0.09%，深成指跌 0.61%，创业板指数跌 1.13%。板块方面，钢铁、 光伏设备、水泥建材、煤炭、采掘等涨幅居前；航天航空、通信、半 导体、电子元件、消费电子等板块调整明显。两市跌多涨少，其中上 涨股票 1885 只，下跌股票数量 3145 只；沪深两市总成交金额超 1.37 万亿，环比有所萎缩。 周三钢铁、光伏设备、水泥、煤炭、采掘、工程机械等制造业板块护 盘，但中小市值板块调整明显。技术上看，股指 60 分钟指标处于低位 而 120 分钟指标处于高位，周四冲高回落概率较大。投资者应留意板 块轮动变化，适当调整仓位，回避上半年业绩预期不佳品种，逢低吸 纳有色金属、煤炭、工程机械等板块中的优质个股。 美国国会参议院通过全面减税和支出法案，美元预期未来走弱，有色 金属等资源价格或上行，投资者可关注未来铜、铝、锂等细分板块表 现。受上游原燃料价格走低以及行业重组限产推动，钢铁行业前 5 个 月利润大幅增长，投资者可适当吸纳股息回报整体稳定的龙头标的； 经过长期调整，工程机械板块有望迎来周期性拐点，建 ...

Group 1 - The market is focusing on the performance expectations of the technology sector, particularly in sub-sectors like optical modules and PCBs that benefit from the digital economy and 5G development [1] - The central bank's monetary policy committee suggested increasing the intensity of monetary policy adjustments, guiding credit structure towards technology innovation, consumption, and support for small and micro enterprises [1] - The continuous deepening of reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market aims to effectively support technological innovation, with increased financial policy support for the tech sector [1] Group 2 - Chinese securities firms are innovating in virtual asset businesses, with firms like Guotai Junan International obtaining upgraded virtual asset trading licenses, which may lead to new performance increments and enhance competitive advantages through digital finance [1] - The central bank, along with multiple departments, issued guidelines to support consumption, emphasizing structural monetary policy tools and increasing credit support for key service consumption areas [1] - The Sci-Tech Innovation and Entrepreneurship ETF tracks the Sci-Tech Innovation 50 Index, which includes 50 emerging industry stocks with significant market capitalization and liquidity, reflecting the overall performance of listed companies in China's tech innovation sector [1]

近日，由深交所组织邀请广合科技、飞荣达、广和通、珂玛科技等公司召开2024年电子通信行业集体业 绩说明会活动，该次活动主题为"信通智联·引领新浪潮"。 在当今数字化的时代，通信技术的演进犹如一场永不停歇的创新革命，不仅改变了个人生活，还促进了 产业的升级和转型，推动了数字经济的蓬勃发展，进而对整个经济社会产生了深远影响。 成立以来，珂玛科技始终将科技创新作为发展源动力，并不断加大投入力度。2024年，公司研发投入 6631.61万元，同比增长42.52%；今年一季度研发费用超过2000万元，同比增长15.53%，这种对技术创 新的持续投入，正是珂玛科技能够始终领先半导体设备关键零部件领域的"密钥"所在。 记者了解到，经过多年发展，深市电子通信相关上市公司积极落实创新驱动发展战略，成长起来了一批 聚焦主业、坚守创新、业绩优良的优质科技企业，它们通过自身的持续创新，在推动产业变迁、经济转 型发展中起到重要的推动作用。 会上，国内半导体设备用先进陶瓷材料零部件头部企业珂玛科技介绍，公司2024年营业收入为8.57亿 元，同比增长78.45%；归母净利润为3.11亿元，同比增长279.88%，整体业绩表现尤为亮眼。亮 ...