在金融市场的浪潮中，交易平台如同航海者的罗盘，其精准度与功能性直接决定了投资者的航向与收益。Velos Markets威马证券作为国际化的在线交易平 台，凭借其多维度的产品矩阵与科技赋能，逐渐成为专业投资者手中的利器。本文将从平台功能、操作流程、效率优化及客户服务四个维度，解析其核心价 值。 立体化交易生态：三足鼎立的战略布局 Velos Markets的竞争力首先体现在其"外汇、差价合约（CFD）与加密货币"三大核心产品构成的交易生态。这种布局如同搭建了一座金融立交桥，让投资者 能够无缝切换于不同市场：外汇交易满足汇率波动套利需求，差价合约覆盖股票、指数等衍生品，而加密货币则瞄准高波动性机会。特别值得注意的是黄金 现货交易，平台提供T+0机制（即当日可无限次买卖），配合低至0.3美元/盎司的点差和最高1:500的杠杆，如同为短线交易者装上了"涡轮增压器"，既能快 速捕捉美联储政策或地缘事件带来的波动，也需警惕杠杆双刃剑的风险。 客户反馈映射的平台进化 个性化服务：从标准化到量身定制的跃迁 Velos Markets的客户服务团队由全球金融专业人士组成，其服务模式如同"私人医生"问诊：根据用户风险偏好（如保守 ...

Core Insights - The discovery of a new shale oil field in Heilongjiang Province, China, with reserves exceeding 1 billion tons, has been hailed as a significant development for the country's energy security and is referred to as "Little Dubai" [1][7] - The global energy landscape is shifting, with countries, including the U.S., actively seeking alternative energy sources due to the finite nature of oil resources [3][6] - The U.S. shale oil revolution has transformed its energy supply dynamics, reducing reliance on Middle Eastern oil and enabling commercial exports, which has had a profound impact on global oil markets [6] Industry Implications - The discovery of the Gulong shale oil field is expected to alleviate China's energy supply pressures and reduce its dependence on oil imports, which have been complicated by international geopolitical tensions [8][12] - The development of shale oil in China faces significant technical challenges, particularly due to deeper deposits compared to the U.S., necessitating independent innovation in extraction technologies [10][12] - Learning from the U.S. experience, China may benefit from adopting similar strategies, such as prioritizing the extraction of the most productive areas and providing policy support for the shale oil industry [15][14] Technological Challenges - The successful extraction of shale oil relies on advanced technologies, including horizontal drilling and hydraulic fracturing, which have taken decades to develop in the U.S. [10][15] - China's shale oil deposits are typically located over 2000 meters underground, presenting greater technical hurdles that require tailored solutions [12][14] - Ongoing research and development in shale oil extraction technologies are crucial for achieving efficient and stable production in China [12][17]

Core Viewpoint - The global central banks are in a continuous wave of interest rate cuts, with various countries like Egypt, Australia, and Canada already taking action, driven by a complex interplay of factors including slowing economic growth and geopolitical tensions [1][3]. Group 1: Economic Environment - The global economic growth forecast has been revised down from 3% in 2024 to 2.8% in 2025, influenced by rising trade protectionism and geopolitical conflicts affecting energy supply chains [1]. - The recent decline in inflation has created space for policy shifts, allowing central banks to lower interest rates [1]. Group 2: Trading Opportunities - The interest rate cut cycle presents three major trading opportunities: - Revaluation of interest-sensitive assets, particularly benefiting the real estate and manufacturing sectors, with a noted lag of 3-6 months for mortgage rates to impact home sales [3]. - Structural market trends in equities, where technology stocks typically outperform in early rate cut phases, while energy stocks may underperform due to weakened demand expectations [3]. - Arbitrage opportunities in commodities, with gold's hedging function becoming more pronounced during periods of declining real interest rates [3]. Group 3: Risks in the Current Environment - Four core risks accompany the interest rate cut environment: - The lag in policy transmission may lead to a delayed response from the real economy to rate cuts [4]. - Debt risks may escalate as emerging markets increase leverage, potentially leading to credit rating downgrades and widening credit spreads [4]. - An escalation in currency wars could arise if the dollar index breaches critical levels, prompting currency interventions and market volatility [4]. - The risk of inflation resurgence if demand rebounds too quickly due to rapid rate cuts [4]. Group 4: Risk Management Strategies - DLSM Forex platform offers a comprehensive risk management framework, including: - Application of macro hedging tools like interest rate options and currency corridor strategies to lock in profits and mitigate risks [4]. - Credit screening of micro-level entities, focusing on cash flow coverage ratios to avoid high-leverage operations [4]. - Dynamic rebalancing of asset portfolios based on macroeconomic data adjustments to respond to market changes [4][5]. Group 5: Impact of AI Revolution - The AI revolution is reshaping trading logic, with significant capital expenditure increases in leading AI companies like Nvidia and TSMC, showing a notable negative correlation with U.S. Treasury yields [5]. - However, there are concerns regarding technological iteration risks and regulatory uncertainties that need to be monitored [5].

4月份经济数据日前出炉，中国经济顶住压力稳定增长，延续向新向好发展态势。4月份，社会消费品零 售总额同比增长5.1%；1—4月份，服务零售额同比增长5.1%。1—4月份，消费品制造业投资增长 13.4%。亮眼的数据说明当前消费"焕新"持续释放潜力，发挥着经济"火车头"的作用，同时也折射出中 国消费市场的深层嬗变——供需两端同步发力，消费"焕新"正以结构性升级驱动经济航船破浪前行。 站在经济转型升级的十字路口，消费"焕新"释放的澎湃动能，既需要政策层面的精准滴灌——如以旧换 新补贴、充电基础设施下乡等举措，更依赖市场主体的创新突破。当14亿人口的消费潜力与数字技术、 绿色革命深度融合，中国消费市场必将续写更多"结构之变"的精彩篇章，为全球经济复苏注入确定性力 量。 供需动态平衡，构筑经济韧性基石。消费市场的"焕新"不是单边突进，而是供需两端的同频共振。消费 品制造业的技术迭代为需求升级提供了物质基础，而服务消费的爆发式增长则倒逼制造业向"制造+服 务"转型。 消费品制造投资大幅提升，彰显供给体系质变。制造业投资增速绝非简单数量扩张，而是产业升级的鲜 明注脚。在珠海金湾的格力智能工厂内，全流程数字化管理系统正以每 ...

编译丨王聪 编辑丨王多鱼 排版丨水成文 神经精神疾病 具有复杂的病理机制、显著的临床异质性以及漫长的临床前期，这给早期诊断和精准干预策略的制定带来了挑战。 随着大规模多模态神经影像数据集的发展以及人工智能 （AI） 算法的进步，将多模态成像与 AI 技术相结合已成为早期发现神经精神疾病以及为其量身定制个性 化治疗方案的关键途径。 2025 年 5 月 20 日，北京师范大学 舒妮 教授、南京航空航天大学 黄伟杰 副研究员在 Cell 子刊 Cell Reports Medicine 上发表了题为 ： AI-powered integration of multimodal imaging in precision medicine for neuropsychiatric disorders 的综述论文。 在这篇综述中， 作者概述了多模态神经影像技术、人工智能方法以及多模态数据融合策略，强调了基于神经影像数据的多模态人工智能在神经精神疾病精准医疗 中的应用，并探讨了其在临床应用中的挑战、新兴解决方案以及未来的发展方向。 神经精神疾病，例如阿尔茨海默病、自闭症、抑郁症等，如同一幅复杂的拼图：症状多样、病因隐蔽， ...

Group 1 - The meeting of the Provincial People's Congress Standing Committee was held in Xi'an, presided over by the Provincial Party Secretary Zhao Yide [1] - 60 members of the Standing Committee attended the meeting, meeting the legal attendance requirement [2] - Reports were presented on various topics including the implementation of science and technology progress laws, government debt management for 2024, and anti-corruption efforts [3] Group 2 - The meeting reviewed multiple legislative drafts including the waste classification management regulations and forest management regulations [4] - Additional reports included the examination of individual representatives' qualifications and various government budget adjustments [4] - A special lecture on hydrogen energy and zero-carbon smart energy systems was delivered by an academic expert prior to the meeting [6]

Financial Performance - The company's revenue increased by 12.1% from RMB 1,688.0 million in 1H 2022 to RMB 1,892.4 million in 1H 2023 [9] - Profit attributable to owners of the company increased by 7.9% from RMB 90.7 million in 1H 2022 to RMB 97.9 million in 1H 2023 [9] - Free cash flow increased by 14.0% from RMB 150.2 million in 1H 2022 to RMB 171.2 million in 1H 2023 [9] Business Growth and Strategy - Overseas business led the growth, with revenue in Iraq increasing by 37.5% from RMB 720.0 million in 1H 2022 to RMB 990.0 million in 1H 2023 [13] - Revenue in other overseas markets increased by 11.2% from RMB 214.8 million in 1H 2022 to RMB 238.8 million in 1H 2023 [14] - Revenue from innovative businesses grew more than 30% [19] - Innovative businesses contributed more than 50% of total revenue, with RMB 1,025.0 million in 1H 2023 compared to RMB 788.1 million in 1H 2022 [19] - Revenue in the domestic market decreased by 12.1% from RMB 753.2 million in 1H 2022 to RMB 662.0 million in 1H 2023 [16] Future Outlook and Opportunities - The industry anticipates rapid growth in unconventional oil and gas development [43] - The company aims to seize opportunities in domestic and overseas markets, focusing on stimulation services and natural gas utilization [46, 47] - The company will continue to develop the Anton platform by matching online and offline businesses [54] - The company will implement full-process cash flow management [58]

以下文章来源于中国金融四十人论坛 ，作者缪延亮 中国金融四十人论坛 . 聚焦金融热点，速递论坛动态，独家发布论坛课题成果，连载书系新书、好书。 文 / 中金公司首席策略师、研究部执行负责人 缪延亮 当前美元周期呈现出前所未有的特征，其韧性远超历史经验。这一轮周期 中美元有三个不同寻常的表现，即与其储备货币占比背离、与财政贸易赤 字扩张背离、与美国高通胀背离。 美元周期的形成基于基本面、政策面和资金面三重机制，其中地缘政治因 素 的 影 响 也 很 重 要 。 实 体 与 金 融 层 面 的 正 反 馈 ， 会 让 美 元 周 期 容 易 " 超 调"。 2025年以来， 基本面、政策面和资金面的边际变化显示，美元或已进入 下行周期。未来美元能否稳住，是否已到大拐点，关键要看美国相对其他 国家的经济市场表现与美国自身纠错机制。 美元周期的历史回顾与当前特征 十几年来，我一直在思考一个问题：到底是什么因素导致美元上升和下降的周期性律动？这一次美元周期又有什么不一样的地方？ 回顾历史，我曾在十年前的研报中判断， 2015 年美元肯定会升值。到 2017 年特朗普上台时，美元指数（ DXY 指数）接近 110 ，随后 ...

Core Viewpoint - The new energy perspective aligns with the characteristics of Chinese-style modernization, emphasizing resource efficiency, self-control, cost management, market leadership, ecological priority, and open cooperation [1][3]. Group 1: Political Guarantee - The leadership of the Party is essential for the political guarantee of the new energy perspective, which has led to significant achievements in energy production and consumption since the founding of New China [2]. - China's energy self-sufficiency rate has reached over 80%, with the installed capacity of hydropower, wind power, and solar power ranking first globally [2]. Group 2: Top-Level Design - The new energy perspective must meet the energy demands of a large population, ensure common prosperity, balance material and spiritual civilization, promote harmony between humans and nature, and support peaceful development [3]. Group 3: Essential Requirements - High-quality energy development requires a comprehensive implementation of the new development philosophy [4]. Group 4: New Driving Forces - Innovation is identified as the new driving force for energy development, necessitating technological advancements and policy design to enhance energy productivity [5]. - Coordination is crucial throughout the energy planning and operation processes, optimizing the relationship between various energy sources and markets [5]. Group 5: Path Guidance - The "Four Revolutions and One Cooperation" energy security strategy serves as a methodological guide for advancing energy reform and development [6]. - The strategy emphasizes energy consumption, supply, technology, governance, and cooperation [6]. Group 6: Reform and Opening Up - Since the 18th National Congress, China has deepened energy system reforms, establishing a unified and competitive modern energy market [7]. - The integration of the energy sector with the digital economy is prioritized to enhance efficiency and sustainability [7]. Group 7: Development and Security - The principle of coordinating development and security is emphasized, recognizing the interdependence of energy security and economic development [9]. - A resilient energy industry is necessary to address various risks and enhance the overall security of the energy system [9]. Group 8: Six Musts - The "Six Musts" include prioritizing people, self-reliance, innovation, problem orientation, systemic thinking, and global perspective, which are essential for guiding energy development [10][11].

证券代码：000869\200869 证券简称：张裕Ａ\张裕 B 烟台张裕葡萄酿酒股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研□分析师会议 | | | | --- | --- | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | | | □新闻发布会□路演活动 | | | | | □现场参观 | | | | | √其他（股东大会投资者交流） | | | | 参与单位名称及 | 参加股东大会现场会议的全部投资者 | | | | 人员姓名 | | | | | 时间 | 年 月 上午 2025 5 10:00~12:00 | 23 | 日 | | 地点 | 本公司会议室 | | | | 上市公司接待人 | 董事长周洪江先生、董事兼总经理孙健先生、董事兼副总经理 | | | | 员姓名 | 李记明先生、副总经理姜华先生、董事兼副总经理及董事会秘 | | | | | 书姜建勋先生；总经理助理刘世禄先生；监事于锦凤女士。 | | | | | 孙健（烟台张裕葡萄酿酒股份有限公司总经理） 各位股东、各位基金经理、各位分析师，包括我们的律师 | | | | | 朋友，大家上午 ...