Group 1 - Global stock markets experienced volatility in April and May but showed signs of recovery due to trade negotiations and other factors [1][2] - The European political stability and large-scale stimulus plans, along with signs of moderate recovery in the Chinese economy and resilience in the US economy, indicate that global equities may still be an attractive asset class [1][4] - High inflation above historical averages may favor stocks over bonds in the medium term [1] Group 2 - The energy sector was negatively impacted by falling oil prices, making it the worst-performing sector in the MSCI All Country World Index [2] - Defensive stocks, such as consumer staples and utilities, recorded positive returns as investors shifted their focus [2] - Optimism around corporate earnings and sustained growth led to a rebound in information technology and communication services stocks towards the end of May [2] Group 3 - Geopolitical risks, such as the conflicts between Russia and Ukraine, and India and Pakistan, may drive market development in Europe, which has suffered losses due to these conflicts [3] - Post-German elections, European political stability and large-scale spending on infrastructure and defense are expected to boost the European economy, presenting interesting investment opportunities [3] - The Chinese economy is projected to show moderate growth by 2025, despite facing structural challenges, with a shift towards innovation and green energy policies [3] Group 4 - The US economy demonstrates resilience with stable growth, strong job creation, and slowing inflation, supported by high levels of technology and infrastructure investment [4] - Consumer spending remains robust, and the market is expected to react less severely to current uncertainties, creating favorable conditions for equities [4] - Global economic slowdown provides diverse growth sources, potentially leading to broader market development [4] Group 5 - Companies in the "infrastructure" theme are expected to benefit from increasing demand for digital and physical solutions, driven by cloud computing, 5G implementation, and smart city projects [5] - The adjustment of global supply chains and investments in renewable energy are stimulating demand for reliable power and logistics infrastructure [5] - The "smart manufacturing" theme holds significant potential as industries adopt automation to reduce costs and enhance productivity [5]

Domestic News - The FTSE China A50 Index will include Jiangsu Bank and exclude Great Wall Motor [4] - The Energy Administration is organizing the first batch of pilot projects for the construction of a new power system [4] - The Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors [4] - The Ministry of Industry and Information Technology is focusing on promoting the development of the artificial intelligence industry and empowering new industrialization [4] - Shanghai encourages local enterprises to actively apply for infrastructure REITs reserve projects [4] - The China Passenger Car Association estimates that wholesale sales of new energy passenger vehicles in May reached 1.24 million units, a year-on-year increase of 38% [4] - Tiger International denies "violating regulations to develop new clients in mainland China," stating that all operations are conducted within the regulatory framework [4] International News - Saudi Arabia plans to push OPEC+ to continue increasing oil production by at least 411,000 barrels per day in August and September to consolidate its market share [3] - Reports indicate that the Bank of Japan will consider slowing down its bond reduction pace next year [3] - The ISM survey shows that the US services PMI unexpectedly contracted in May, indicating rising inflation [3] - Trump calls for the complete elimination of the debt ceiling and urges bipartisan cooperation to achieve this [3] - Iran's Supreme Leader Khamenei states that completely abandoning uranium enrichment is against Iran's interests [3] - The Bank of Canada maintains its key interest rate but may consider lowering it in the future, with the Canadian dollar reaching a new high [3] - The US ADP employment figures for May significantly fell short of expectations, prompting Trump to call for immediate interest rate cuts from Powell [3] - Musk continues to criticize Trump's tax law, publicly urging fans to call legislators to reject the law [3] - The US Congressional Budget Office states that Trump's tax law will increase the US deficit by $2.4 trillion over the next decade [3] - Saudi Arabia lowers the oil price for July shipments to Asia to the lowest level in nearly four years, priced at $1.20 above the Oman/Dubai average [3] - The Federal Reserve's Beige Book reports slight declines in economic activity across six regions, with businesses generally expecting future costs to rise [3]

Group 1: Industry Development - The core viewpoint emphasizes the rapid growth and technological advancement in China's new energy vehicle (NEV) sector, with annual production and sales increasing from tens of thousands to millions over the past decade [1] - The government is actively promoting the development of smart and connected NEVs, as highlighted in the recent government work report [1] - By the end of 2024, the total number of charging and swapping infrastructure is projected to reach 12.818 million units, representing a year-on-year increase of 49.1% [4] Group 2: Infrastructure and User Experience - The introduction of smart charging stations in Suzhou has alleviated "charging anxiety" for NEV owners, making charging more convenient [2][3] - A national representative's investigation revealed regional disparities in charging infrastructure, leading to recommendations for improved coordination and expansion of charging facilities [3] - The coverage rate of charging stations in national highway service areas has reached 98%, with a total of 35,000 charging stations established [4] Group 3: Maintenance and Repair Challenges - NEV owners face significant challenges regarding maintenance, with a shortage of skilled technicians and high repair costs due to the complexity of NEV components [5][6] - Recommendations have been made to enhance NEV after-sales support, including the establishment of a public parts supply platform and the inclusion of NEV repair workers in vocational classifications [6] Group 4: Regulatory and Legal Framework - The rapid development of assisted driving technology necessitates the revision of legal frameworks to ensure safety and regulation, as suggested by a national representative [7][8] - The Ministry of Public Security is actively coordinating with various departments to improve management mechanisms and facilitate the integration of smart connected vehicles into traffic systems [8][9]

Core Insights - Nokia leads a coalition of over 42 organizations, including Nvidia, to develop advanced drone technology funded partially by the EU, aimed at enhancing the resilience of critical European infrastructure [1][2] - The project focuses on utilizing drones for monitoring energy networks, data centers, and communication lines, with potential military applications [1][2] - The ongoing conflict between Russia and Ukraine highlights the EU's need to protect its defense systems, increasing the importance of drone warfare capabilities [1][2] Group 1 - The coalition includes major tech companies and startups, with significant funding from participating countries and the EU's "Chips Joint Undertaking" program [2][3] - The project is expected to generate approximately €90 million (around $102.7 million) in revenue over three years, with potential for defense procurement projects to reach tens of billions of euros [3] - Nokia's new CEO has prioritized the European defense sector, seeking to expand its presence in both European and international defense markets [2][3] Group 2 - Nvidia's involvement accelerates its penetration into the European public safety and defense markets, establishing a competitive edge in the "critical infrastructure + drone AI systems" sector [3][4] - Nvidia's integrated solutions, including high-performance AI GPUs and software platforms, are designed for various applications such as drone core systems and coastal defense [4] - The collaboration aims to create a comprehensive monitoring system across air, ground, and underwater platforms, leveraging Nokia's 5G network and European defense OEMs [4]

证券研究报告 | 2025年06月04日 电子行业周报 优于大市 中美关税博弈再反复，自主可控紧迫性持续升级 中美关税博弈再反复，自主可控紧迫性持续升级。过去一周上证下跌 0.03%， 电子下跌 0.59%，子行业中元件上涨 2.21%，光学光电子下跌 1.27%。同期恒 生科技、台湾资讯科技下跌 1.46%、1.15%，费城半导体上涨 1.18%。受中美 关税博弈反复、基金行业新规所引致的超配行业减持压力影响，叠加 SMIC 一季度业绩表现低于预期，尽管公司反馈主因是"厂务问题"，但仍引致市 场对于半导体高景气持续性以及成熟制程竞争格局恶化的担忧，同时由于中 美关税博弈再度反复，美国加大对国内半导体技术限制，电子行情 5 月表现 低迷。考虑到近期科技板块催化集中：小米发布国内首款 3nm 旗舰处理器芯 片；央视《新闻周刊》报导"华为鸿蒙 PC 搭载 5 纳米芯片"；宇树亮相全 球首场人形机器人格斗大赛，科技板块热度有明显回升。我们坚定看好 2025 年电子板块在"宏观政策周期、产业库存周期、AI 创新周期"共振下的"估 值扩张"行情，重点关注半导体自主可控、存储周期回暖及端侧 SoC 创新。 EDA供应将受 ...

中国宏观经济论坛 CMF . 以下文章来源于中国宏观经济论坛 CMF ，作者余永定 关于"消费驱动"这一说法，谈论最多的是美国经济学家，例如克鲁格曼和萨默斯。克鲁格曼声 称，中国长期以来"投资驱动"的增长方式使中国经济濒临金融危机的边缘；萨默斯则认为，中 国"投资驱动"的增长模式已经走到了尽头。 在讨论"投资驱动"还是"消费驱动"的选择时，首先要明确我们所讨论的是长期经济增长问题还 是短期宏观调控问题。西方学界谈论中国的"投资驱动"时，实际上是指中国的经济增长战略和 增长模式，即 所谓的Growth Strategy或Paradigm。 如何 实现中国经济的长期稳定增长（发展）同在某个特定年度如何使中国经济增速实现某个特 定经济增速目标如2025年如何实现5%的GDP增速目标，是两个性质完全不同的问题。前者关 注中、长期经济增长，研究的是供给方问题；后者侧重短期调节，研究的是需求方问题。 作为 长期经济增长问题，根本不存在 "消费驱动"这样一种经济增长方式。 对决策者来说，在不同时期，由于条件不同，经济增长对投资、劳动投入和技术进步的依赖程 度会有所不同，在不同时期的增长模式可以贴上"投资驱动"、"劳动力驱动 ...

转自：新华财经 新华财经北京6月4日电（胡晨曦）沪深两市三大股指6月4日早盘高开高走，创业板指领涨。盘面上，算 力概念股展开反弹，华脉科技、得润电子涨停，太辰光等涨超10%；食品饮料等消费股再度走强，香飘 飘、嘉美包装、乐惠国际等涨停；稀土永磁板块再度走高，科恒股份、广晟有色涨停。下跌方面，稳定 币概念迎来调整，霍普股份跌超10%。 至午间收盘时，上证指数报3376.58点，涨幅0.43%，成交额约2764亿元；深证成指报10148.98点，涨幅 0.91%，成交额约4506亿元；创业板指报2027.16点，涨幅1.22%，成交额约2049亿元。 消息面上 深圳：探索建立深圳证券交易所与香港联合交易所会员互联互通机制 近日，深圳市商务局、市发展改革委联合印发《深圳市推动服务贸易和数字贸易高质量发展实施方 案》。其中提出，大力发展跨境金融保险服务。探索建立深圳证券交易所与香港联合交易所会员互联互 通机制。支持港澳银行内地分行开办外币银行卡业务以及对除中国境内公民以外客户的人民币银行卡业 务。支持符合条件的香港保险公司在深设立子公司。探索在前海开展私募股权和创业投资份额转让试 点。支持符合条件的银行和非银行支付机 ...

上海市发改委发布关于进一步加强项目储备谋划推动我市基础设施REITs提质扩容的通知。鼓励上海市 各有关企业积极申报基础设施REITs储备项目，拟申报储备项目需基本符合以下相关条件：资产规模方 面，对于首次发行基础设施REITs的项目，估值原则上不低于10亿元(租赁住房项目和养老设施项目不低 于8亿元)；对于已发行上市REITs项目的扩募项目，规模上不作要求。由同一发起人持有控制、归属同 一资产大类的多个项目可打包后合并计算。 ...

【环球网财经综合报道】周二，英伟达支持的云计算服务提供商CoreWeave股价收于150.48美元，创历史新高，涨幅超25%，自上市以来股价已暴 涨248%，市值从IPO时的230亿美元飙升至720亿美元，发行价从40美元涨至当前水平。 股权结构上，Magnetar Capital、英伟达、OpenAI、富达等主要股东及三位联合创始人合计持有超60%流通股，集中持股或成股价稳定支撑。股价 飙升为CoreWeave带来更多资本运作空间，联合创始人已在IPO中套现5亿美元，短期内抛售压力或减弱。MoffettNathanson分析师认为，高股价使 CoreWeave有机会通过股权融资或并购创造价值。尽管IPO后常规股票出售限制将于今年夏末结束，但鉴于公司强劲财务表现和市场需求，许多分 析师仍对其前景谨慎乐观。（陈十一） 在市场交易方面，自5月15日公布强劲财报后，CoreWeave成为交易平台Public.com上交易量排名前二的股票，散户对其看涨期权押注是看跌期权 的四倍。不过，这场散户狂欢未获华尔街认可，IPO初期华尔街就对其高负债、客户集中度及管理层套现行为质疑不断，投资银行缩小发行规 模，主要将股份分配给 ...

文 | 张冰冰 编辑 | 阿至 2023年8月开始生效的欧盟《新电池法案》规定，生产者要承担废电池回收责任，包括建立回收网络并支付处理费用。2031年底前钴、镍等关键金属的回 收率需达到95%，锂回收率需达80%。而目前国内头部电池回收企业普遍已经实现镍钴金属回收率95%以上，锂综合回收率90%以上。 林晓总结，与新能源汽车、电池等行业产品出口不同，电池回收企业出海本质上是服务出口，从而保障"新三样"的产品出口。 「博萃循环」LFP多组分回收线 36氪获悉，苏州博萃循环科技有限公司（以下简称「博萃循环」）近日宣布B轮融资新增数千万元投资，新增B轮投资方为太平科创基金，此前博萃循环 已完成近亿元B轮领投方的交割，截至目前B轮已累计完成过亿元融资。资金将用于产品研发，以及海外项目合作。 「博萃循环」成立于2019年5月，从预处理、金属提取、分离纯化、材料再生等环节，提供电池关键材料循环利用的全套解决方案。创始人林晓曾经为中 国科学院过程所研究成员，研究方向为关键金属分离和电池材料绿色制造等，并获国家技术发明奖。 目前「博萃循环」已在亚太、欧洲、北美、中东等十余个国家开展业务，为十余家能源领域的世界500强、国内外 ...