Group 1 - The article discusses the pressures of modern work life, highlighting the prevalence of long hours and the 996 work culture as a norm for many individuals [1][2] - It questions the rationale behind the established rules of modern work and whether individuals have the capacity to change their circumstances [2][3] - The works of Marx and Weber are referenced as essential for understanding the dynamics of capitalism and modern society, providing insights into the relationship between individuals and their work [2][4] Group 2 - The article emphasizes the importance of understanding the bureaucratic system, noting that modern bureaucracies allow for voluntary participation and exit, contrasting with traditional systems [6][7] - It outlines the qualifications required to enter bureaucratic roles, emphasizing the need for clear roles and responsibilities within the hierarchy [8][9] - The hierarchical nature of bureaucracies is discussed, highlighting the lack of autonomy for individuals in lower positions and the necessity of adhering to established roles [9][10] Group 3 - The article explains the concept of time as a critical factor in economic behavior, asserting that individuals cannot freely determine their working hours due to the nature of labor markets [20][21] - It describes the transformation of individuals into laborers and the implications of this shift, particularly the loss of control over their working time and conditions [22][23] - The article further elaborates on the division of time for laborers, emphasizing the constraints imposed by the need to sell labor while maintaining personal survival [24][25] Group 4 - The article critiques the notion of market transactions as inherently fair, arguing that the capitalist structure creates a false consciousness among laborers regarding their interests [26][27] - It highlights the role of the superstructure in shaping laborers' perceptions and the potential for a misalignment of interests between laborers and capitalists [27][28] - The article concludes by suggesting that understanding Marx's theories can provide a different perspective on fairness in human behavior and labor relations [29][30]

Core Insights - The article highlights the emergence of a new generation of cross-border entrepreneurs in China, characterized by their innovative approaches and digital proficiency, as they redefine manufacturing and business practices [4][5][28] Group 1: Characteristics of the New Generation - This new generation is not merely inheriting family businesses but is focused on "recreating" them, leveraging their digital skills to solve problems and innovate traditional manufacturing processes [4][5] - They possess a strong manufacturing background and supply chain knowledge, yet they seek to carve out their own paths rather than replicate their predecessors' routes [4][5] - Key trends observed include a return to product-centric thinking, an awakening of brand consciousness, and a global perspective that allows them to understand diverse consumer needs [5] Group 2: Case Studies of Successful Entrepreneurs - Kevin Huang revitalized his family business through cross-border e-commerce, implementing constructive disruption rather than radical reform, which allowed for modernization and globalization [8][11] - Kevin's entrepreneurial journey began with identifying a market gap for authentic hot pot cookware while studying in the UK, leading to a user-driven approach to business [9] - He established a financially independent cross-border e-commerce team to test new ideas without directly challenging traditional authority, which mitigated risks and gained support from older generations [10] - Kevin's success in digital transformation of his factory demonstrated the value of new business paths, ultimately allowing him to gain more influence in the company's direction [11] Group 3: Transition from Traditional to Innovative Thinking - Liu Zhi Kuo's story exemplifies the shift from a "selling mindset" to a "product mindset," focusing on product value rather than just traffic [15][16] - After facing significant losses in the global market, Liu pivoted to prioritize user pain points, leading to the development of a successful product that topped Amazon's category rankings [18][19] - His team achieved remarkable sales growth, demonstrating that higher-priced products can succeed if they deliver real value to consumers [19] Group 4: The Role of Cultural Background and Market Insight - Kerry Yoo, a young entrepreneur from Yiwu, achieved over a million in sales within six months by leveraging his dual cultural background to understand both Chinese and American markets [22][24] - He quickly identified a strong demand for quality children's toys in the U.S. market and efficiently matched resources from Yiwu, showcasing rapid decision-making capabilities [24][25] - Kerry's emotional connection to his products, driven by personal experiences, helped establish a strong brand presence and customer loyalty [26] - His success illustrates that in the era of globalization, the barriers to entry in cross-border e-commerce have lowered, but the need for market sensitivity and execution remains critical [26] Group 5: Collective Leap of the New Generation - The rise of the "cross-border new generation" reflects a broader collective shift among young entrepreneurs who are breaking traditional molds and engaging directly with global consumers [28]

Group 1 - The article discusses the misconceptions surrounding childbirth and population decline, emphasizing that historical population drops were primarily due to wars and plagues rather than birth rates [2][4][7] - It argues that childbirth is a self-regulating behavior influenced by basic human value judgments, where the decision to have children is based on perceived benefits and hardships [3][6] - The text highlights that in modern societies with high living standards, the birth rate tends to stabilize as individuals have more freedom to choose whether or not to have children [5][6] Group 2 - The article critiques the notion that a lack of childbirth will lead to human extinction, labeling it as a simplistic and flawed argument that ignores individual differences and choices [7][8] - It points out that societal pressures and expectations can lead to misguided beliefs about reproduction, suggesting that people should have the freedom to make personal choices regarding family planning [6][8] - The discussion includes the impact of economic conditions on the decision to have children, noting that many young people refrain from childbirth due to financial constraints and a sense of responsibility [7]

Group 1 - The traditional negative correlation between gold prices and real interest rates has weakened, leading to a new pricing framework for gold [1][3] - Prior to 2022, the relationship between gold prices and real interest rates was stable, with rising real rates leading to decreased demand for gold and vice versa [3] - Since 2022, gold prices have remained strong even in the context of significant increases in real interest rates, challenging the traditional pricing logic [3] Group 2 - Central bank gold purchases have become a significant driver of gold prices, with over 1000 tons bought in the past three years, double the average from 2010 to 2021 [4] - Concerns over the dominance of the US dollar and the need for diversified asset allocation have led to increased central bank demand for gold [4] - The uncertainty in the monetary system is reshaping gold's role as a store of value, with investors viewing it as a core asset to mitigate monetary risks rather than just an inflation hedge [4] Group 3 - The importance of gold as a diversification tool in investment portfolios has increased amid global economic uncertainty [4] - Institutional investors are beginning to see gold as a necessary long-term allocation rather than a short-term trading asset, providing ongoing support for gold prices [4]

行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 袁航 A0230521100002 yuanhang@swsresearch.com 李天奇 A0230522080001 litq@swsresearch.com 杨紫璇 A0230524070005 yangzx@swsresearch.com 研究支持 陈俊兆 A0230124100001 chenjz@swsresearch.com 联系人 李天奇 (8621)23297818× litq@swsresearch.com 2025 年 06 月 30 日 2Q25 业绩持续增长，重点关注涨 价逻辑及国产替代 看好 —— 电子行业 2025 年中报业绩前瞻 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共5页 简单金融 成就梦想 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 电子 - ⚫ 先进制程制造：重塑全球半导体版图，自主可控背景下有望实现追赶。先进制程方面中 ...

【大河财立方 记者 王宁宁】创业板第三套上市标准迎来首个未盈利"考生"。 近日，深圳大普微电子股份有限公司（简称大普微）首发上市申请获深交所受理，成为创业板首家获受理的未盈利企业。 6月30日，中国企业资本联盟副理事长柏文喜接受大河财立方记者采访时表示："此前大普微这样的未盈利创新企业很难通过传统盈利导向的上市标准，第三 套标准启用，向其打开了资本市场大门。" 创业板迎首个未盈利"考生" 创业板实施注册制5年后，深交所受理了首单未盈利IPO项目。6月27日，大普微首发上市申请获受理，成为创业板首家获受理的未盈利企业，保荐机构为国 泰海通证券。 | | 项目详情 | | C | | --- | --- | --- | --- | | 深圳大普微电子股份有限公司 | | | 已受理 | | 预计融资金额:18.7785亿 | | 更新时间:2025-06-27 | | | GO | | | | | 已受理 | 已问询 | 上市委会议 | | | 2025-06-27 | | | | | 项目详情 | | | | | 公司全称 | 深圳大普微电子股份有限公司 | | | | 公司简称 | 大普微 | | | | 受 ...

Core Viewpoint - In the third week of June, international gold prices experienced the largest weekly decline of the year, dropping 2.8% to around $2,280 per ounce, indicating a significant restructuring of the pricing logic for gold as a traditional safe-haven asset due to the Federal Reserve's hawkish stance and easing geopolitical risks [1]. Group 1: Market Dynamics - The dollar index regained support amid adjustments in interest rate expectations, becoming a key factor suppressing gold prices. Futures indicate that traders have pushed back the expected timing of the Fed's first rate cut from September to November, with the steepening U.S. Treasury yield curve pushing the dollar index above 106 [3]. - The substantial decrease in geopolitical risks accelerated profit-taking among gold bulls, particularly after a temporary ceasefire agreement between Israel and Hamas, leading to a noticeable contraction in market demand for safe-haven assets [5]. Group 2: Supply and Demand Changes - The World Gold Council reported a 12% year-on-year decline in global gold jewelry demand in Q2, with weaker-than-expected seasonal purchases in the Indian market. Although central bank gold purchases remained high, China's gold reserve increase slowed to 21 tons in April-May, down from an average of 35 tons per month in Q1 [7]. - The marginal changes in supply and demand dynamics have reinforced the momentum for price adjustments, with institutions beginning to revise gold valuation models. Credit Suisse lowered its year-end gold price forecast from $2,500 to $2,350, citing rising real interest rates that will compress gold premium space [7].

Market Overview - The A-share market saw all three major indices rise in early trading, with the Shanghai Composite Index up 0.2%, the Shenzhen Component Index up 0.54%, and the ChiNext Index up 0.93% [1] - The total market turnover reached 932.6 billion yuan, a decrease of 81.1 billion yuan from the previous day, with over 3,500 stocks rising [1] ETF Performance - The gaming ETFs led the market with significant gains, including the gaming ETF (159869) rising by 6.52%, the gaming ETF (516010) increasing by 6.32%, and the Huatai-PB gaming ETF (516770) up by 5.99% [1][2] - Other notable ETFs included the Aerospace ETF Tianhong (159241) rising by 4.61% and the Aerospace ETF (159208) increasing by 4.55% [2] Defense Industry Outlook - The domestic defense industry is expected to experience a growth cycle, driven by the completion of previously delayed defense construction tasks and long-term goals such as the centenary of the military in 2027 and defense modernization by 2035 [3] - The military industry is anticipated to benefit from stable order support, leading to improved corporate performance [3] - The defense and military industry is transitioning from emotional catalysts to fundamental realization, with domestic demand entering a new prosperity cycle [4] Future Projections - The modernization of national defense equipment is expected to accelerate, with growth opportunities in shipbuilding, aerospace, commercial space, and low-altitude economy sectors [4] - The military industry is likely to develop a multi-faceted driving pattern combining internal and external growth, military and civilian products, and domestic and foreign trade [4]

国泰海通证券认为，2025年中国股市估值逻辑在内不在外，根本动力来自中国产业创新的不断涌现与股 市贴现率的系统性降低，推动增量资金入市。外部局势的缓和，更强化了内部确定性逻辑的延展。因 此，判断7月底之前股市仍有上升空间：1)中国股市的无风险利率实质性降低，中长期资金和民间资本 入市已进入历史转折点。2)人民币由过去的贬值预期转向稳定甚至略升值的预期，也是中国资产重估的 重要推力。3)及时、得当与合理的宏观政策，更重视投资者回报的资本市场基础制度改革，对于改变投 资人面对风险的保守态度具有关键意义。 中信证券认为，相比2014年底和2019年初，当前A股市场从估值上来看可能还不支持纯粹流动性驱动的 行情，但如果美联储在7月意外降息，并且中国央行同步宽松，可能成为引燃市场情绪的一个催化。从 板块轮动来看，活跃资金或正从医药和消费切向科技和金融，红利也开始滞涨。结构性机会仍将是贯穿 中报季的话题，指数型机会可能还需要等三季度末到四季度。 财信证券认为，随着风险事件消退，目前由风险偏好回升驱动的反弹行情演绎较为充分，在经济基本 面、增量政策、流动性尚未出现明显拐点时，市场趋势性行情或需等待。但在中央汇金类"平准基金 ...

廖市无双：本轮上涨的空间、时间几何？20260629 摘要 地缘政治事件初期虽引发市场担忧，但随后市场认识到实际影响有限， 风险偏好反而提升，券商板块领涨，带动市场情绪，与传统利好驱动上 涨的逻辑不同。 本轮上涨中，券商板块带动作用显著，成长指数表现强劲，呈现"金融 搭台，科技唱戏"格局，资金从红利风格转向高贝塔行业，市场风险偏 好提升。 自 2023 年 10 月以来，市场经历 ABC 调整浪，目前处于 X 浪反弹阶段， 潜在目标区间为 3,509 点至 3,550 点，预计本轮上涨行情至少可持续至 2025 年 7 月 11 日。 券商板块反弹空间仍存，预计最高可看至 876 点左右，但并非牛市启动， 而是大幅下跌后的三浪结构反弹，高度将决定大盘高度。 银行板块短期面临调整压力，但中长期上涨趋势未变，受益于市场缺乏 高景气赛道、保险资金配置需求、公募基金新规调整及良好的资本运作 循环。 2025 年 7 月市场风格预计略偏中小盘，成长与价值风格均有机会，金 融、成长、消费板块预计表现靠前，稳定与周期板块可能略显靠后。 2025 年 7 月重点推荐非银、传媒、电子、银行、通信、化工、计算机、 有色、军工、电 ...