■孟珂 7月24日，中国证监会召开证监会系统党的建设暨2025年年中工作会议。会议直面未来一段时间，资本 市场内外部环境仍然错综复杂的困难挑战，指出了为保持市场平稳健康运行提供了基础和条件的三 个"确定性"，即经济高质量发展的确定性、宏观政策预期的确定性、中国资产估值修复的确定性。 其一，经济高质量发展的确定性，数据为证。 今年上半年，面对复杂多变的外部环境，中国经济实现了5.3%的超预期增长。从DeepSeek大模型到人 形机器人、从航空航天到无人驾驶，一系列创新成果不断涌现。 数据是最有力的证明。上半年，规模以上高技术制造业增加值同比增长9.5%，快于整体工业增加值3.1 个百分点。 6月份，装备制造业营业收入同比增长7.0%，较5月份加快0.3个百分点；利润由5月份下降2.9%转为增长 9.6%，拉动全部规模以上工业利润增长3.8个百分点，对规模以上工业利润支撑作用突出。 这些数据清晰地表明，我国经济结构正在不断优化，新动能正在加速积蓄，为资本市场的稳定运行提供 了坚实基础。 其二，宏观政策预期的确定性，信心为证。 近日，全球资管巨头施罗德资本旗下房地产投资部门与浙江企业西子国际联合发起总规模约30亿元 ...

Core Viewpoint - The restaurant industry is experiencing a significant transformation, with high-end hotels and mid-range restaurants adapting to market pressures by offering affordable food options, reflecting a shift from "identity economy" to "value economy" [5][11][46]. Group 1: Market Trends - The overall restaurant revenue in China grew by 4.3% in the first half of 2025, but many street-side restaurants faced a 20% decline in monthly revenue [1][21][46]. - High-end hotels are increasingly selling affordable meals, with examples from various cities showcasing a range of low-priced offerings [2][4]. - The mid-range restaurant sector is also adopting similar strategies, with some establishments selling budget-friendly dishes to attract customers [8][12]. Group 2: Consumer Behavior - Consumers are becoming more cautious with their spending, leading to a decline in high-end dining and a preference for cost-effective options [30][55]. - The demand for affordable dining experiences is rising, with a notable increase in the popularity of low-priced tea drinks and local snacks [52][56]. Group 3: Competitive Landscape - The restaurant industry is facing intense competition, with many businesses struggling to maintain profitability amid rising costs and changing consumer preferences [33][72]. - The market is witnessing a structural divide, where high-end dining is under pressure while community-focused and affordable brands are thriving [50][72]. Group 4: Future Outlook - The future of the restaurant industry is expected to see a trend towards smaller, community-oriented businesses that focus on building trust and loyalty among local customers [70]. - There is a growing emphasis on operational efficiency, with successful brands likely to scale up while smaller players may struggle to survive [68][72].

值得关注的是，深圳市南山区新质生产力产业协会的同步入驻形成了战略互补。该协会依托大湾区创新资源，携人工智能、虚拟现实等前沿技术进驻中东市 场。两者将共享艾杜克国际控股有限公司在沙特的10个海外仓、2.5万平方米仓储网络及完整供应链体系，共同构建"技术研发-产业孵化-市场拓展"全链条服 务体系。 重点项目：50亿美元新能源合作领衔 揭牌仪式现场，四方签署的《中沙产业创新合作备忘录》引发业界瞩目。启动首批重点合作项目包括： 数字经济示范区：联合建设中沙数字贸易中心，推动跨境数据流动试点 深圳商报·读创客户端记者 刘娥 7月25日，沙特利雅得——在全球经济深度调整的关键时期，中沙两国投资合作迎来里程碑式突破。欧美中投资促进会（EACIPA）沙特阿拉伯（中东）办 事处与深圳市南山区新质生产力产业协会沙特办事处同日揭牌，标志着中沙两国与欧美国家在科技创新与合作领域迈出崭新的步伐。 战略协同：构建全球投资新格局 作为全球领先的跨区域投资促进平台，EACIPA此次在沙特的战略布局具有深远意义。该平台已完成覆盖40余个国家和地区的全球服务网络建设，累计促成 跨境投资项目超2000个，管理资产规模突破3500亿美元。新设立的沙 ...

Group 1: Shenzhen's International Transfer Zone - Shenzhen has officially launched the country's first international transfer zone at the Shekou Cruise Home Port, significantly improving the transfer efficiency for foreign travelers, especially those without visas, with expected reductions in customs clearance distance by half and time by 80% [1] Group 2: Foreign Investment in Shenzhen - Since the beginning of the 14th Five-Year Plan, Shenzhen has established 33,000 new foreign-invested enterprises, accounting for approximately 14.6% of the national total, with actual foreign investment reaching about $40.07 billion, which is 1.2 times that of the previous five-year period [2] - Notable global companies such as Siemens Healthineers, Dassault, and Panasonic have set up investment projects in Shenzhen, reflecting the city's industrial advantages in high-end manufacturing and medical technology, as well as its attractiveness to foreign capital [2] Group 3: Hong Kong's Economic Transformation - The Hong Kong government emphasizes the necessity of economic transformation and upgrading, focusing on adapting to geopolitical changes, promoting innovation and technology development, attracting global capital, and nurturing talent as key factors for enhancing competitiveness [3] - The government aims to leverage technological innovation to create more high-quality and high-tech jobs, supporting the demand for other job positions [3] Group 4: Guangzhou's Mosquito Control Initiative - Guangzhou has initiated a week-long citywide mosquito control campaign in response to reported cases of the Chikungunya virus, aiming to reduce mosquito density and prevent the spread of mosquito-borne diseases [4] Group 5: Shenzhen Stock Market Performance - On July 25, the Shenzhen Component Index closed at 11,168.14 points, down by 0.22% [5] Group 6: Stock Performance Highlights - Leading gainers in the Shenzhen market include Kangtai Medical with a price of 18.82 yuan, up by 20.03%, and Xianying Technology at 35.62 yuan, up by 20.01% [6] - Notable decliners include Shen Shui Gui Yuan at 26.70 yuan, down by 20.01%, and Zhu Bo Design at 18.80 yuan, down by 16.44% [6]

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [47]. Core Insights - The report highlights the successful delivery of the world's first eVTOL with complete certification, the V2000CG Kai Rui Ou, which is expected to accelerate the application of low-altitude logistics [4][5]. - Significant strategic cooperation agreements have been signed during the Low Altitude Economy Expo, indicating strong market demand and competitive positioning of domestic companies [16][20]. - The Huachuang Transportation Low Altitude 60 Index has shown a year-to-date increase of 12.1%, outperforming major indices like the CSI 300 and Wind All A Index [21][22]. Summary by Sections Industry Overview - The low-altitude economy is gaining traction with the successful certification and delivery of the V2000CG Kai Rui Ou, which can carry a maximum payload of 500 kg and is designed for complex logistics scenarios [5][6]. - The report emphasizes the importance of logistics as a primary application for low-altitude economy, suggesting that "cargo first, then passengers" will be the strategy for scaling [9][10]. Market Performance - The Huachuang Transportation Low Altitude 60 Index rose by 1.2% in the week ending July 25, 2025, with a year-to-date increase of 12.1%, compared to the CSI 300's 4.9% increase [21][22][23]. - Notable stock performances include Shanhe Intelligent (37% increase) and Xirui (135% increase year-to-date) [24][25]. Investment Recommendations - The report suggests focusing on key segments of the low-altitude economy, including manufacturers of eVTOLs and drones, supply chain participants, and companies involved in low-altitude infrastructure [31][32]. - Specific companies highlighted for investment include Wan Feng Ao Wei, Xirui, and Zhongshen Power, which are positioned to benefit from the growth in low-altitude logistics and infrastructure [32][36].

你有没有发现，今年7月，美国若宣布降息，似乎会开启一种不同寻常的博弈模式？这不是单纯的经济策略，更像是一场中美两国货 币战的新阶段。美国降息会带来什么？中国又将如何应对？你或许想不到，这场背后深藏的，不仅仅是利率调整那么简单，它们背后 隐藏的是全球经济结构的一次深刻重塑。 那么问题来了，这种货币战争的背后，是否还会导致其他国家的政策调整呢？比如欧元区、日本等其他主要经济体会如何应对美国降 息带来的溢出效应？我查了下，日本的情况似乎已经提前反应出来，毕竟在长期低利率的环境下，日本的经济已经进入过度依赖低利 率状态。其他发展中国家，尤其是新兴市场国家，可能会面临汇率贬值和资本外流的压力。每一个政策调整，都有可能在全球范围内 引发连锁反应。 而对于我们普通人来说，这些看似高大上的经济博弈，最终还是会以某种方式影响到我们的生活。假如美国降息导致美元走弱，人民 币相对升值，这可能会影响到我们日常的进出口价格、国内商品的价格调整等；或者，如果全球资本因美国的货币政策转向中国市 场，股市、房地产等领域也可能会迎来一轮资金流动。 特朗普推行的大而美法案，也就是他当时提出的巨大财政刺激方案，实际上已经消耗了美国一部分财政盈余。 ...

黄金本周周一开盘3339区域，周内最高3439附近，收盘3337，周线102美元上影线；具体而言，周一开盘后震荡上行突破3375并冲击3400大关，周二多头惯 性上攻，周三试探前高3439一线后遇阻下跌，当日大跌近60美元，周四及周五续跌；周五一度下破年度趋势支撑，围绕勉强收盘趋势支撑之上。本周周线以 一根102美元上影线的阴线收盘，近似于倒T形态；目前可以说多头岌岌可危，周初有多强周尾就有多弱。 下周是7月最后一周，7月月线收盘；并且下周有诸多重大消息和数据需要关注，美联储利率决议及美联储主席新闻发布会，美国非农就业数据，美国pce物 价数据，个人支出数据等。并且8月1日是特朗普关税截止日，美国商务部长产品关税截止日期不再延长。黄金在本周冲高大跌后，空头占据主动优势，下周 周线就很重要，并且还有7月月线收盘。 4月份3500历史新高后黄金大跌近400美元，5月和6月多头都有不同程度的反弹，但最终都被打压，月线就下长上影；7月如果继续收低留下长上影，那么连 续四个月上影线，神仙都救不了黄金多头；后市逐步看跌3245以及3120破位至3000关口。反之，下周行情走反弹，那么后市多空还要博弈，反复拉高还会频 繁上 ...

编辑：林郑宏 此次"夜航船票"联动近百家专属优惠商家，汇集商场推荐、必逛首店、精品购物、美食盛宴、乐游体验、高端酒店等板块。如，凭"夜航船票"参观自然博物 馆的《中国恐龙大展》，参与现场"寻宝打卡"活动，还可凭船票在中国恐龙大展文创商店内一次性购买文创商品享受88折优惠；凭"夜航船票"打卡CP静安、 静安区体育馆、美琪大戏院、兴业太古汇点位集章，集满5枚夜航印章即可获得精美礼品一份。此外，还有"夜航'敢'集"品质市集活动，通过搭配露台剧 场、限定美食、VR沉浸式体验，现场表演等。 同期，兴业太古汇将于场内推出"邂逅瀚海"公共艺术展，携手中国、英国与日本的艺术家，如竹川宣彰作品《大知时代的航舟》等，将都市空间幻化为一片 浩瀚海域，邀请消费者开启与自然的对话。 静安区商务委负责人介绍说，"夜生活季"期间，吴江路东段将迎来升级，串联起兴业太古汇、张园、丰盛里，构建"一轴三核"夜间经济生态圈，展示"夜静 安"的"上海味、烟火气、时尚潮、国际范"。 据了解，此前，静安已推出了"日间船票"，对打卡"巨轮"的消费者，推出打卡+消费福利，参加联动活动的商场、酒店、餐厅等对持船票的消费者，给予满 减、赠品、积分兑换等优惠，日限 ...

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, focusing on significant stock market events such as suspensions, investments, acquisitions, and performance reports [1] - Key announcements are marked in red to assist investors in identifying potential investment hotspots and avoiding black swan events, providing ample time for analysis and selection of suitable companies [1] Group 2 - The article mentions a company that provides lens system MEMS components related services for a major lithography machine manufacturer, indicating its role in the semiconductor industry [1] - Another company is noted for its products applicable in humanoid robot component manufacturing, showcasing its involvement in advanced robotics and industrial machinery [1] - A third company is identified as a collaborative partner in Huawei's machine vision business, emphasizing its contribution to the digital economy and big data applications [1]

[Table_Author] 分析师：陶川 分析师：邵翔 研究助理：武朔 执业证号：S0100524060005 执业证号：S0100524080007 执业证号：S0100125070003 邮箱：taochuan@mszq.com 邮箱：shaoxiang@mszq.com 邮箱：wushuo@mszq.com ➢ 今年对于美国经济研究来说，最让我们"抓耳挠腮"的可能莫过于，辛辛苦 苦追踪了大半年大开大合的特朗普政策变化，数据显示的却是美国通胀淡定，经 济"艰难"放缓，美股创历史新高。而临近 8 月 1 日，关税 2.0"烽烟再起"，特 朗普似乎更加"有恃无恐"和游刃有余，因为截止当下"软着陆"数据真的给了 他"底气"，但"滞胀"的叙事真的下桌了吗？ 捉摸不透的需求（一）："外强中干"的美国消费？ 2025 年 07 月 27 日 ➢ 其实在 6 月，关税的传导已经开始在数据中若隐若现，但居民消费却展现出 异乎寻常的韧性。尤其是以汽车为代表的耐用品消费：特朗普充满不确定性的政 策似乎反而让美国居民汽车消费出现"以价换量"的表面繁荣，这并不太符合直 觉。而且值得关注的是美国产业维度上又陷入了明显的分化，制造 ...