出品｜虎嗅商业消费组 作者 ｜周月明 题图｜飞书 河南胖东来，一名深夜到家的员工又在下班30分钟后收到一条飞书推送，每次夜班后，这条报平安 的提醒都会准时出现。 日本东京永旺超市，一位饼干试吃员正在多维表格填报自己的品尝数据，这家负责安排9000家店 铺、1200名试吃员的大型零售集团服务商，曾想砸1亿日元开发定制系统，但如今已被Lark Base （飞书多维表格海外版）完全替代。 江苏张家港永卓控股，这家员工上万人的500强公司曾长期被高企的轮胎费用困扰，直到飞书顾问的 一次深入调研后才找到浪费源头，这笔年耗资千万元的开支全年预计可节省300万元。 公开资料显示，飞书在各个赛道的参与度越来越高。 外卖大战升级的茶饮浪潮中，蜜雪冰城、霸王茶姬、茶百道等6家上市茶饮公司中，有5家不同程度 使用飞书；在国货美妆行业，珀莱雅、贝泰妮、巨子生物、毛戈平等TOP10玩家中，飞书客户占比7 成；在汽车制造领域，销量TOP 30车企中，超六成的核心协同发生在飞书上，并向上下游的德赛西 威、汇川技术、亿纬锂能等核心厂商蔓延。此外，还有大量的 AI 公司，如Deepseek、地平线、智元 机器人都创业早期阶段就开始用飞书。 " ...

Core Insights - The financial industry is undergoing unprecedented transformation driven by digitalization, with strong support from national policies [1][3] - The "Future Finance New Intelligent Transformation" summit highlighted the importance of AI and digital accounting frameworks for the future of finance [1][12] Group 1: Summit Overview - The summit attracted over 400 CFOs and financial managers from medium to large enterprises to discuss the future direction of the financial industry [1][3] - Keynote speeches included insights from industry leaders on the integration of AI in financial management and the evolution of digital accounting [1][3][12] Group 2: Digital Accounting Framework - The evolution of accounting from traditional methods to modern digital practices was discussed, emphasizing the potential for China to become the first country to eliminate paper in accounting [8][11] - Future accounting development will focus on real-time accounting and the integration of AI technologies to enhance decision-making capabilities [11][12] Group 3: AI in Finance - AI is expected to revolutionize financial processes through various application modes, including Embedding, Copilot, and Agent models [14][15] - The implementation of AI will enhance data processing capabilities and promote a shift towards intelligent and automated financial workflows [15][17] Group 4: Industry Collaborations - Partnerships among companies like Ctrip, Alipay, and Didi are showcasing the integration of AI in travel and expense management, enhancing efficiency and cost control [20][21] - The summit featured discussions on the role of AI and RPA in automating repetitive tasks and improving accuracy across various financial scenarios [21][22] Group 5: Future Outlook - The financial industry is set to accelerate towards a more intelligent, real-time, and collaborative environment, driven by ongoing technological advancements [23] - Companies will continue to focus on customer needs and technological innovation to drive the digital transformation of finance [23]

Group 1 - McGraw Hill Inc. plans to go public in the U.S. stock market, aiming to raise up to $537 million, marking its entry into the summer IPO surge [1] - The company will issue 24.4 million shares at a price range of $19 to $22 per share, potentially valuing the company at $4.2 billion [1][2] - Platinum Equity acquired McGraw Hill for $4.7 billion in 2021 and is expected to control nearly 87% of the company post-IPO [1][2] Group 2 - For the fiscal year ending March 31, McGraw Hill reported revenues of approximately $2.1 billion and a net loss of $85.8 million, compared to $1.96 billion in revenue and a net loss of $193 million in the previous fiscal year [2] - The company has embraced digital education tools, including an AI-based math teaching program and an AI Reader, serving approximately 26 million paid digital users across K-12, higher education, and vocational training markets [2] - McGraw Hill's digital learning platforms include ALEKS, Connect, and e-Book, which offer adaptive learning and interactive course materials [2] Group 3 - Generative AI poses a potential risk to McGraw Hill's business, as it may enable competitors to produce educational materials more easily and reduce the company's pricing power and market share [3] - McGraw Hill previously submitted a confidential IPO application in 2022 and withdrew an earlier listing plan in 2018 [4] - The company aims to leverage AI technology to enhance its adaptive course platform and reduce private debt burdens through the IPO, although its high leverage and competition from generative AI create uncertainties for future growth [4]

Core Viewpoint - The article highlights the launch of a public building PPP project in Jieshou City, Anhui Province, which aims to enhance local cultural and recreational facilities, thereby improving the quality of life for residents [1][3]. Group 1: Project Overview - The total investment for the Jieshou public building PPP project is 2.616 billion yuan, encompassing three main components: a multifunctional exhibition hall, a sports center, and a vocational education park [3]. - The multifunctional exhibition hall covers over 153 acres with a total construction area of approximately 60,000 square meters, featuring six functional areas including a library, museum, cultural center, science museum, urban living room, and archives [3][5]. Group 2: Facilities and Features - The library offers a four-story intelligent space with areas for children, digital reading, and self-service borrowing, making knowledge easily accessible [5]. - The museum showcases Jieshou's history through three exhibition halls, highlighting its commercial prosperity and revolutionary history, while also providing a café for visitors [5]. - The science museum includes six themed exhibition halls and a 4D cinema, with a 90% interaction rate, allowing visitors to engage in hands-on experiences related to space exploration and artificial intelligence [5]. - The sports center fills a gap in Jieshou's large-scale sports facilities, providing venues for both competitive and community sports, including swimming pools and fitness centers [5]. Group 3: Technological Integration and Sustainability - The project incorporates digital technology throughout its construction process, utilizing nine smart management modules for comprehensive oversight of safety, quality, and environmental protection [9]. - Prefabricated components are used with a factory production rate of 60%, and BIM technology is fully integrated into the construction process, improving efficiency by 40% and ensuring quality control [9][10]. - The project emphasizes sustainability, featuring solar panels, a smart water recycling system, and real-time environmental monitoring, aligning with carbon reduction goals [10]. Group 4: Company Achievements and Future Goals - Anhui Electric Power Construction No. 2 Company has successfully managed complex project requirements, receiving multiple honors for its construction practices, including "Smart Site" and "Green Site" awards [12]. - The company aims to enhance public service quality and regional resilience through various projects in healthcare, education, and ecology, demonstrating its commitment to social responsibility [16]. - The company has achieved significant growth in contract value, revenue, and profit, with average annual growth rates of 34.09%, 18.76%, 20.93%, and 21.63% respectively, indicating strong performance in the industry [16].

Core Viewpoint - The global digital asset wave is expanding from the financial sector to the broader real economy, with RWA Group launching the world's first RWA trading platform focused on non-financial assets, utilizing blockchain technology to address compliance, efficiency, and global circulation challenges [1][3]. Group 1: Market Challenges and Solutions - Despite the growing RWA market, the digitization of non-financial assets faces challenges such as insufficient liquidity, lack of compliance standards, and fragmented technical protocols [3]. - Traditional trading models rely on offline channels, leading to severe information asymmetry that hampers asset circulation efficiency [3]. - RWA.ltd proposes a comprehensive solution combining technology, compliance, and scenarios to build a new infrastructure for non-financial asset digitization [3]. Group 2: Technological and Commercial Innovations - The platform adopts the ERC-3643 protocol as its core standard, providing reliable technical support for the lifecycle management of on-chain assets due to its security and built-in identity verification mechanisms [3]. - RWA.ltd innovates in its settlement system by integrating various mainstream offshore RMB stablecoins, allowing users to price and settle transactions in RMB stablecoins, addressing currency exchange issues in cross-border transactions [3][4]. Group 3: Business Model and Ecosystem - The platform combines "RWA Exchange + E-commerce" to create a closed-loop ecosystem for asset issuance, trading, and physical delivery, enabling tokenized financing of physical assets [4]. - This model has been implemented in the Greater Bay Area, facilitating financing through RWA issuance and purchasing machinery for leasing to factories, effectively alleviating traditional financing pain points [4]. Group 4: Compliance and Global Strategy - RWA.ltd emphasizes a robust compliance strategy, with operations overseen by the Hong Kong International New Economy Research Institute and RWA Group to meet regulatory requirements across multiple jurisdictions [4][5]. - The platform has obtained the US MSB license and SEC filing for RWA projects, with plans to apply for operational licenses in financial hubs like Hong Kong, Dubai, and Kazakhstan [4][5]. Group 5: Future Vision - RWA.ltd aims to be more than just a trading platform, aspiring to become an efficient bridge for the globalization of Chinese assets, focusing on supporting the RWA process for high-quality non-financial assets [5]. - The platform plans to introduce a "coin-stock linkage" mechanism to explore deep integration between the crypto asset market and traditional finance, creating diversified value discovery paths for enterprises and investors [5].

证券代码：603296 证券简称：华勤技术 公告编号：2025-058 华勤技术股份有限公司 2025年半年度主要经营数据的公告 一、董事会会议召开情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经华勤技术股份有限公司（以下简称"公司"）初步核算，2025年上半年度， 公司预计实现营业收入830亿元到840亿，同比增长110.7%到113.2%；预计实现 归属于上市公司股东的净利润18.7亿元到19.0亿元，同比增长44.8%到47.2%。 公司所处的电子信息行业，受益于全球数字化转型、人工智能爆发，行业景 气度持续提升，助推智能终端、高性能计算、汽车及工业、AIOT等领域的发展， 对公司经营产生积极影响。公司依托"3+N+3"智能产品大平台战略以及全球化 产业布局，以积累多年的研发设计能力、高效的供应链平台、全球多元化的智能 制造能力，服务于包括消费电子、数据中心、汽车电子等各类细分领域的科技公 司，持续为客户创造价值，实现公司长期稳健发展。 二、说明事项 公司上述主要经营数据仅为初步核算数据，未经会计师事务所审计，最 ...

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责 任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许 可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院，且不得对本报告 进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | SM主力合约收盘价（日，元/吨） | 5,782.00 | +36.00↑ SF主力合约收盘价（日，元/吨） | 5,484.00 | +24.00↑ | | | SM期货合约持仓量（日，手） | 564,686.00 | -20651.00↓ SF期货合约持仓量（日，手） | 407,541.00 | -25104.00↓ | | | 锰硅前20名净持仓（日，手） | -53,987.00 | -8192.00 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given report 2. Core Viewpoints - On July 14, the JM2509 contract of coking coal closed at 920.0, up 1.15%. The market should be treated with a bias towards a bullish oscillation. For coke, the J2509 contract closed at 1525.0, up 1.09%, and it should also be treated with a bias towards a bullish oscillation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM主力合约收盘价 was 920.00 yuan/ton, up 7.00 yuan; J主力合约收盘价 was 1525.00 yuan/ton, up 5.50 yuan [2]. - JM期货合约持仓量 was 807,762.00 hands, up 15,898.00 hands; J期货合约持仓量 was 55,759.00 hands, up 285.00 hands [2]. - The net position of the top 20 JM contracts was -61,570.00 hands, down 13,485.00 hands; that of J was -4,034.00 hands, down 351.00 hands [2]. - The JM1 - 9 monthly contract spread was 43.50 yuan/ton, up 10.50 yuan; the J1 - 9 monthly contract spread was 44.00 yuan/ton, up 15.50 yuan [2]. - The coking coal warehouse receipts were 1,400.00 sheets, up 1,200.00 sheets; the coke warehouse receipts were 90.00 sheets, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Meng 5 raw coal was 757.00 yuan/ton, unchanged; the price of Tangshan quasi - first - grade metallurgical coke was 1390.00 yuan/ton, unchanged [2]. - The price of Russian main coking coal forward spot (CFR) was 118.00 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - first - grade metallurgical coke was 1220.00 yuan/ton, unchanged [2]. - The price of Australian imported main coking coal at Jingtang Port was 1330.00 yuan/ton, up 60.00 yuan; the price of first - grade metallurgical coke at Tianjin Port was 1320.00 yuan/ton, unchanged [2]. - The price of Shanxi - produced main coking coal at Jingtang Port was 1350.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Tianjin Port was 1220.00 yuan/ton, unchanged [2]. - The price of medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi was 930.00 yuan/ton, unchanged; the J主力合约基差 was - 135.00 yuan/ton, down 5.50 yuan [2]. - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 960.00 yuan/ton, unchanged; the JM主力合约基差 was 10.00 yuan/ton, down 7.00 yuan [2]. 3.3 Upstream Situation - The raw coal inventory of 110 coal washing plants was 300.77 million tons, down 11.40 million tons; the clean coal inventory was 197.07 million tons, down 17.91 million tons [2]. - The operating rate of 110 coal washing plants was 62.33%, up 2.61 percentage points; the raw coal output was 40,328.40 million tons, up 1,397.80 million tons [2]. - The import volume of coal and lignite was 3,303.70 million tons, down 300.30 million tons; the daily average output of raw coal from 523 coking coal mines was 191.80 thousand tons, up 3.80 thousand tons [2]. - The inventory of imported coking coal at 16 ports was 553.79 million tons, up 29.08 million tons; the total inventory of coking coal of independent coking enterprises was 892.35 million tons, up 44.17 million tons [2]. - The inventory of coking coal of 247 steel mills nationwide was 782.93 million tons, down 6.67 million tons; the inventory of coke of 247 sample steel mills was 637.80 million tons, up 0.31 million tons [2]. - The available days of coking coal of independent coking enterprises were 12.48 days, down 0.03 days; the available days of coke of 247 sample steel mills were 11.64 days, up 0.12 days [2]. 3.4 Industry Situation - The import volume of coking coal was 738.69 million tons, down 150.65 million tons; the export volume of coke and semi - coke was 68.00 million tons, up 13.00 million tons [2]. - The output of coking coal was 4,070.27 million tons, up 144.11 million tons; the capacity utilization rate of independent coking enterprises was 72.87%, down 0.30 percentage points [2]. - The profit per ton of coke of independent coking plants was - 63.00 yuan/ton, down 11.00 yuan/ton; the output of coke was 4,237.60 million tons, up 77.60 million tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills nationwide was 83.44%, down 0.40 percentage points; the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.27%, down 0.58 percentage points [2]. - The crude steel output was 8,654.50 million tons, up 52.60 million tons [2]. 3.6 Industry News - The vice - president of the China Iron and Steel Association, Wang Yingsheng, said that the total steel output in China has reached its peak. The domestic consumption of crude steel is expected to remain at around 800 - 900 million tons, and the industry shows an obvious trend of减量 development, but the industrial concentration is increasing [2]. - Foreign Minister Wang Yi met with US Secretary of State Rubio in Kuala Lumpur. They agreed to strengthen communication and dialogue and explore expanding cooperation areas [2]. - Minister of Industry and Information Technology Li Lecheng chaired a party group meeting, stating that efforts should be made to implement large - scale equipment renewal and technological transformation projects in the manufacturing industry and promote digital transformation [2]. - In the next week, the heat will intensify in many places, and nearly 10 provinces such as Shaanxi, Hebei, and Henan will experience extremely hot weather above 40°C [2].

Core Insights - The article highlights the rise of Pangqi Technology as a leader in the global unmanned factory sector, driven by technological innovation and a strong research and development capability [1][2][4] Company Overview - Founded in 2013, Pangqi Technology focuses on industrial digitalization and intelligence, aiming to create unmanned factories through a comprehensive "software + hardware + data + algorithm" solution [1][4] - The company has achieved over 100 patents and software copyrights, with more than 1,000 projects implemented globally, serving numerous Fortune 500 clients [1] Technological Innovations - Pangqi Technology has introduced pioneering technologies such as the LDS production collaborative unmanned pulling system and the ADS multi-brand robot mixed scheduling system, enhancing automation, logistics intelligence, and data-driven decision-making [2][4] - The company's fully automated OHT product has reduced production cycles by 60% and defect rates by 80%, showcasing significant advancements in the new energy sector [4] Competitive Advantages - The company boasts a unique competitive edge, with a founding team composed of industry veterans from leading listed companies, providing deep insights into industrial processes [5] - Key advantages include: - **Platform Advantage**: The LDS system integrates various processes and logistics into a unified management platform, enhancing operational efficiency [5][7] - **Application Software Advantage**: Development of intelligent software like ADS, MES, and MOM has led to a 50% increase in production efficiency and over 90% reduction in manual intervention [5] - **Hardware Advantage**: A diverse range of mobile robots designed for various applications, contributing to significant cost reduction and efficiency improvements [5] Industry Applications - Pangqi Technology operates across multiple sectors, including new energy, automotive parts, pharmaceuticals, and e-commerce, successfully addressing challenges like data silos and automation gaps [4][7] - The company has implemented solutions in 15 key industry scenarios, providing customized AI digital solutions for unmanned factories [7] Future Goals - The strategic objective is to expand globally from China, aiming to achieve a market valuation of 100 billion yuan and become a leader in global smart factory solutions [7]

Market Overview - The Shanghai Composite Index closed at 3519.65 points, up 0.27%, with a trading volume of 623.1 billion yuan [1] - The Shenzhen Component Index closed at 10684.52 points, down 0.11%, with a trading volume of 835.6 billion yuan [1] - The ChiNext Index closed at 2197.07 points, down 0.45%, with a trading volume of 387.28 billion yuan [1] - The STAR Market 50 Index closed at 992.39 points, down 0.21%, with a trading volume of 22.92 billion yuan [1] - Total trading volume for both markets was 1458.75 billion yuan, a decrease of 253.38 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included machinery, public utilities, oil and petrochemicals, textiles, chemicals, non-ferrous metals, and pharmaceuticals [2] - Active concepts included PEEK materials, humanoid robots, geothermal energy, and innovative drugs [2] - Weak sectors included real estate, media, securities, education, insurance, and retail [2] Fund Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 26.576 billion yuan [3] - The net outflow from the ChiNext was 12.112 billion yuan, and from the CSI 300 was 6.366 billion yuan [4] - Only four sectors saw net inflows: machinery (394 million yuan), home appliances (117 million yuan), coal (38 million yuan), and oil and petrochemicals (37 million yuan) [4] Individual Stock Performance - A total of 2089 stocks saw net inflows, with 37 stocks receiving over 100 million yuan in net inflows [5] - The stock with the highest net inflow was Zhongji Xuchuang, with 497 million yuan [6] - Conversely, 3048 stocks experienced net outflows, with 92 stocks seeing over 100 million yuan in net outflows [7] - BYD had the highest net outflow at 1.308 billion yuan [8] Institutional Activity - Institutions had a net buy of approximately 33.89 million yuan, with 17 stocks being net bought and 14 stocks net sold [9] - The stock with the highest institutional net buy was Xiangyang Bearing, with about 111 million yuan [10]