Core Viewpoint - The seventh Yangtze River Delta Integrated Circuit Skills Competition has been officially launched, focusing on talent cultivation and industry advancement in the integrated circuit sector, with the theme "Chip Wisdom, New Future" [1][12]. Group 1: Event Overview - The competition is co-hosted by various local government bodies and organizations, aiming to establish a benchmark project for labor and skills competitions in the Pudong New Area [1][6]. - This year marks the third time the event is held at the Shanghai Integrated Circuit Design Industrial Park, which has developed into a core area for the integrated circuit industry in China since its establishment in 2018 [4]. Group 2: Competition Structure - The competition features two main tracks: "Design Competition for Security Encryption Chips Based on National Secret Standards" and "Integrated Circuit CAD Programming Competition Based on AI Tools," focusing on cutting-edge fields of security encryption and artificial intelligence [8]. - The competition aims to address critical technology challenges and enhance the efficiency and precision of integrated circuit design through digital and automated processes [8]. Group 3: Talent Development and Industry Collaboration - The event will include a series of preliminary rounds, interviews, and final competitions, along with training sessions and talent matchmaking events to foster high-level talent in the Pudong New Area [11]. - Participants will have opportunities to deepen their understanding of professional knowledge and improve their problem-solving skills through practical experience [11]. Group 4: Awards and Incentives - Awards will be given to individuals and teams, including certificates and monetary prizes, with additional incentives such as guaranteed rental housing and office space for winners [11].

1.美团三年将建成1200家"浣熊食堂" 美团即日起正式推出"浣熊食堂"。"浣熊食堂"是美团为餐饮行业探索建设的外卖基础设施，以线下投资建设 的集中式外卖厨房为基础，以"全程可视可追溯"为运营原则，延伸至餐饮全链条。未来三年，美团将在全国 各地投资建设1200家"浣熊食堂"。 点评：美团边界再拓展。 2.喊话许家印的恒大财富公司为老赖 据报道，6月30日晚，恒大财富的官方微博发文称，"许家印还钱！品牌部还有人上班不？"该微博账号的认 证为恒大金融财富管理（深圳）有限公司。天眼查App显示，恒大金融财富管理（深圳）有限公司成立于 2015年11月，法定代表人为杜亮，注册资本10亿人民币，经营范围包括受托资产管理、股权投资等，由恒 大金融控股集团（深圳）有限公司全资持股。风险信息显示，该公司涉及多个合同纠纷、劳动争议等案 件，并多次因劳动争议案件被列为失信被执行人（老赖）。 3.酒企人士：目前市场"情绪大于实质"，白酒市场预期受到较大影响 今年5月份，新修订后的《党政机关厉行节约反对浪费条例》正式印发，其中明确"工作餐不得提供高档菜 肴，不得提供香烟，不上酒"。一时间，"公务接待不上酒"的禁令在舆论场上持续发酵。 ...

Group 1 - Google has been ordered by a San Jose court to pay over $314 million to California Android users for allegedly misusing customer mobile data, and the company plans to appeal the decision [5] - Intel's CEO Pat Gelsinger is considering significant reforms to its foundry business, potentially abandoning the promotion of its advanced 18A process technology to external customers in favor of the 14A process, which may lead to billions of dollars in asset write-downs [6] - Amazon has announced that it currently owns 1 million robots, indicating progress towards the full integration of robotic technology [6] Group 2 - Apple's foldable iPhone has entered the P1 prototype development stage as of June, with a potential market launch in the second half of 2026, while the development of the foldable iPad has been shelved [2] - Tesla's stock rose 0.03% in pre-market trading after experiencing six consecutive days of decline, attributed to an increase in electric vehicle sales in China [3] - Cryptocurrency-related stocks in the U.S. saw a collective rise in pre-market trading, with Cipher Mining up nearly 7% and Hut 8 up over 3% [3]

金十图示：2025年07月02日（周三）全网加密货币实时爆仓数据 ...

Group 1 - Figma has shifted its Bitcoin reserves from a marginal strategy to a core asset allocation, holding $69.5 million in Bitwise Bitcoin ETF, which constitutes 4% of its $10.7 billion cash reserves [1] - The company's board has authorized $30 million in USDC stablecoin for future Bitcoin investments, with a total investment of $55 million initiated in March 2024, which has appreciated by 27% in just four months, yielding a profit of nearly $14.5 million [1] - In the first half of 2025, public companies purchased a total of 245,000 Bitcoins, a staggering 375% increase compared to the same period last year, surpassing the net inflow of Bitcoin from spot ETFs [1] Group 2 - The SEC is collaborating with exchanges to establish a universal listing framework for cryptocurrency ETFs, which will streamline the approval process for issuers [3] - The new regulations could potentially allow a majority of the top 50 cryptocurrencies to qualify for ETF listings, igniting institutional interest and opening the door for billions in new capital [3] - Grayscale's crypto basket fund has been approved to convert into an ETF, with high probabilities for Solana, Litecoin, and XRP ETFs, indicating a significant shift in the regulatory landscape [3] Group 3 - Corporate purchases accounted for 1.3% of Bitcoin's total circulation in the first half of 2025, a significant increase from 0.19% at the beginning of 2024, suggesting that public companies may soon surpass ETFs as the largest incremental buyers [4] - Despite the surge in corporate buying, Bitcoin spot ETFs have experienced net outflows, indicating a potential disconnect between corporate demand and market sentiment [4] - Standard Chartered has warned that if Bitcoin falls below $90,000, it could trigger a 10% sell-off, highlighting the risks associated with corporate leverage in Bitcoin investments [4] Group 4 - The divergence between corporate buying and ETF outflows suggests underlying capital flows that may not be immediately visible in market price movements [6] - Hong Kong is enhancing its position as a crypto hub by introducing a stablecoin licensing regime and planning to launch Bitcoin and Ethereum spot ETFs [6] - Geopolitical factors, such as tariff policies, are creating short-term volatility in the market, with significant withdrawals from Bitcoin ETFs as deadlines approach [6] Group 5 - The $90,000 mark is identified as a critical psychological threshold for the market, with potential implications for corporate leverage and ETF dynamics [7] - The launch of the first Asian spot ETF could create liquidity effects that impact market behavior [7] - The timing of the SEC's new regulations could serve as a catalyst for alternative cryptocurrency ETFs, further influencing market trends [7] Group 6 - Figma's inclusion of Bitcoin in its IPO filing signifies a broader trend of institutional capital moving from traditional ETFs to corporate balance sheets [9] - The market is currently experiencing a tug-of-war around the $100,000 Bitcoin level, influenced by both regulatory changes and corporate leverage [9] - The convergence of traditional capital and crypto-native assets is leading to a significant transformation in financial strategies [9]

国信证券(香港)·资讯日报 股票市场概览 港股市场表现 美股市场表现 | 年 日 2025 7 | 月 | 2 | | | | | --- | --- | --- | --- | --- | --- | | 资讯日报 | | | | | | | 海外市场主要股市上日表现 | | | | | | | | | | | 升跌（%） | | | 指数名称 | | | 收市价 | 单日 | 年内 | | | | 单日 | 年内 | | --- | --- | --- | --- | | 恒生指数 | 24,072 | (0.87) | 20.00 | | 恒生国企 | 8,678 | (0.96) | 19.05 | | 恒生科技 | 5,303 | (0.72) | 18.68 | | 美国道琼斯 | 44,495 | 0.91 | 4.59 | | 美国标普 500 | 6,198 | (0.11) | 5.38 | | 美国纳斯达克 | 20,203 | (0.82) | 4.62 | | 德国 DAX | 23,673 | (0.99) | 18.91 | | 法国 CAC | 7,663 | (0.04) | ...

比特币站上107000美元/枚，日内涨1.25%。 ...

Group 1 - The 2025 Conference on FinTech Advances in Emerging Markets successfully concluded at The Chinese University of Hong Kong (Shenzhen), focusing on the latest research and discussions in the fintech sector [1] - The conference aimed to create a platform for academia and industry to explore innovative paths and development opportunities for fintech in emerging markets [1] Group 2 - Professor Zhang Bohui welcomed attendees and highlighted the strong development trends in financial innovation in emerging markets like China, India, and Africa over the past decade [5] - Financial technology has become a key engine for local economic development and has the potential to reshape traditional financial landscapes [5] Group 3 - Professor Jerry Parwada emphasized the international attention on fintech research and its potential impact on both emerging and developed markets [8] - He expressed hope for continued collaboration among experts to enhance academic networks in the fintech field [8] Group 4 - Professor Xiong Wei presented research on the role of structured beliefs in fund investment, indicating that fund managers' market expectations significantly predict market returns [11] - The study introduced a "Countercyclical Policy Beliefs" indicator, showing that these beliefs enhance predictive power and improve fund performance [11] Group 5 - Research by Professor Xiang Li revealed differences in how large tech companies and traditional banks respond to monetary policy changes when lending to small businesses [14] - The study found that large tech lenders are more proactive in establishing new lending relationships during monetary easing periods [14] Group 6 - Han Qiu's research indicated that the inclusion of Buy-Now-Pay-Later (BNPL) lenders in credit reporting significantly reduced consumer usage frequency, particularly among borrowers with prior defaults [17] - The findings suggest that information sharing can effectively curb excessive borrowing and spending [17] Group 7 - Dan Su's research demonstrated that personal environmental behaviors can be incentivized through credit mechanisms on platforms like Alipay, generating significant green value [21] - The study estimated that this linkage creates an annual green value of $427.5 million [21] Group 8 - Lei Chen's research showed that the credit business of large tech companies complements their core operations, enhancing consumer behavior and operational stability [25] - The study found no evidence of credit leading to conspicuous consumption, indicating a low default rate compared to traditional credit cards [25] Group 9 - Jiasun Li's research established a significant positive correlation between inflation expectations and individual cryptocurrency purchasing behavior in India [29] - The study provided direct evidence of households using cryptocurrencies as a hedge against inflation [29] Group 10 - Mikael Paaso's research highlighted the spillover effects of introducing new financial products on consumer attitudes towards existing products, indicating a shift in preferences towards mobile money services [34] - This research provides experimental evidence of the unintended cognitive consequences of financial inclusion policies [34] Group 11 - Qi Sun's research indicated that e-commerce platform merchants face advertising and customer capital accumulation challenges due to financing constraints [42] - The study found that alleviating credit constraints significantly boosts advertising spending and sales [42] Group 12 - Chenbin Mao's research on Revenue-Based Financing (RBF) revealed that while RBF expands capital access for small businesses, it also presents significant revenue recovery challenges for investors [46] - The study highlighted the need for optimizing contract design to mitigate moral hazard issues [46] Group 13 - The conference provided valuable networking opportunities for experts in the fintech field and injected new momentum into the innovative development of fintech in emerging markets [48] - The Chinese University of Hong Kong (Shenzhen) aims to promote deep collaboration between academia and industry in the fintech sector for sustainable development [48]

日前，位于萧山的110千伏双圩变工程正式建成投运，标志着杭州电网今年迎峰度夏重点工程全部 竣工，为夏日用电高峰提供坚实保障。据悉，杭州电网今年迎峰度夏工程包含主网工程19项、配网工程 42项，累计投资15.35亿元。 220千伏严州—龙隐输电工程线路跨越富春江 线路总长超3700公里、80%翻越高山、最高落差达800米、单次人工排查故障动辄数小时……在淳 安，星罗棋布的岛屿、连绵起伏的群山给电力供应带来严峻考验。为破解这一困局，国网杭州供电公司 将5G通信与量子加密技术深度融入配网设备，507台"5G+量子"开关犹如"电力哨兵"覆盖淳安山区所有 主要线路，全天候精准守护。目前，淳安山区用电可靠性提升至99.9995%，位于浙江山区海岛县第 一。 在桐庐合村乡，一条26公里的对外联络线，将村落供电能力提升至6000千瓦，超出该乡夏季最大负 荷20%以上，为乡村民生用电加上"双保险"。 随着迎峰度夏相关工程的全面投运，杭州电网供电能力进一步增强。迎峰度夏期间，国网杭州供电 公司将充分发挥大电网资源调配优势，灵活运用虚拟电厂等新型负荷管理手段，全力支撑杭州今夏用电 需求，确保万家灯火清凉度夏。 在建德，随着220千 ...

如果说降息预期+比特币周期性供应减半+美元信用受损+特朗普政府的监管友好，支撑了加密货币从2022年至今的上涨。 截至6月23日，加密货币市场规模来到了3.3万亿美元，自2023年以来，上涨了快三倍。其中最为大家熟知的，规模最大、市值贡献超60%的比特币，也从 2023年中，不足3万美元一枚上涨至今天的10万+。 3.3万亿美元是什么概念？它相当于全球GDP的3%。如果把整体加密资产，视作一个国家经济体或者是一个叫Crypto的公司，那么： 当下的加密资产等同于一个中上等发达国家的经济水平，击败法国位列全球第7； 同时也是一个超越苹果（3万亿），成为全球第三大市值的公司。排在前面的微软、英伟达，3.6万亿左右，以当下的趋势 Crypto成为全球老大指日可待。 因此，站在全球资产配置的视角，加密货币资产越来越难被忽视，海豚君决定开始着手跟踪。 考虑到监管仍然是当下最大的影响因素，目前尚处于从严到有所放松的中间地带，因此我们优先选择商业模式良好、合规属性较高的龙头公司开展研究。 加密资产系列以Coinbase打头阵，本篇将主要讨论Coinbase的商业模式和未来增长的核心逻辑，下篇将重点围绕稳定币展开，同时算算C ...