核心观点 本周焦点:政策与实践共振,数字货币加速落地。 0 近期,央行数字货币、稳定币等数字货币领域重要事件频发,市场关注度提升。 一是美国《GENIUS法案》顺利通过参议院审议,该法案是数字资产行业首次 获得联邦层面的法律规范,为稳定币市场发展与规范带来新的契机与挑战,或 将对国际货币秩序、美元资产体系具有潜在重构效应。二是中国提出设立数字 人民币国际运营中心,进一步推动数字人民币的国际化运营与金融市场业务 发展。三是国泰君安国际证券交易牌照升级为可提供虚拟资产交易服务,成为 首家获批加密货币交易的中资券商。 随着数字货币再次成为市场焦点,应理解央行数字货币、稳定币和比特币虽均 为数字货币的重要组成部分,但存在本质上的不同。货币属性方面,央行数字 货币是法币的数字化,稳定币是挂钩货币的代币,比特币只是资产而非货币。 市场规模方面,在国际市场中比特币的市值占据主导,稳定币的交易量占据主 导。价格稳定性方面,稳定币如 USDT、USDC 等币值基本稳定,而比特币涨 跌极易受到全球货币政策、重大行业事件冲击、通胀预期等因素影响。 2025年6月 30 日 分析师 数字经济周报(202506 第 3 期) 政策与实 ...

在全球数字化浪潮奔涌向前的当下，数字经济正以前所未有的速度重塑着世界经济格局。从国家顶层设 计到社会各领域的深度变革，数字经济已成为推动经济发展、提升国家竞争力的关键力量。作为中国领 先的场景化数字解决方案提供商，量化派凭借其强大的数字化场景赋能能力，以及先进的商业模式和卓 越的管理队，正成为这场变革中的重要推动者。 量化派创立于2014年。自创立以来，量化派依托领先的闭环场景化服务能力、模块化运营能力、规模化 商品及服务输出能力，为多行业提供场景化数字赋能服务，帮助其实现场景、科技、流量、运营、商品 及服务的数字化深度融合。 截至2024年6月30日，公司通过量化赋能专有应用程序维系逾5180万名注册终端客户，积累了庞大的客 户群。公司已于往绩记录期间实现业务规模增长，截至2024年6月30日，公司拥有逾133,100个库存单 位，在应用程序上拥有逾2,600名业务伙伴，通过量化赋能专有应用程序已赋能交易的交易值分别为人 民币53亿元、人民币36亿元、人民币49亿元及人民币29亿元。 公开资料显示，量化派研发团队核心成员包括创始人兼CEO周灏博士、首席技术官周强先生等，均拥有 多年研发经验，研发人员占比超4 ...

Core Insights - Chengdu's industrial sector is experiencing significant growth, with a reported 8.0% year-on-year increase in industrial added value from January to May 2023, driven by strong performances in automotive manufacturing and electronics [1][2] - The city is focusing on digital transformation and the integration of AI in manufacturing, aiming to enhance efficiency and quality across various industries [2][3] - Chengdu's strategic initiatives include the establishment of smart factories and digital workshops, with a target of upgrading 2,000 industrial enterprises by 2025 [4] Industrial Growth - Chengdu's industrial added value increased by 8.0% year-on-year in the first five months of 2023, with 24 out of 37 major industries reporting growth [1] - The automotive manufacturing sector saw a remarkable growth of 26.2%, while the production of new energy vehicles surged by 435.8% [1] - The city has built 283 smart factories and digital workshops, establishing a "flock-style" transformation model [3] Digital Transformation - The government is promoting the "AI + manufacturing" initiative to enhance the integration of digital technologies with manufacturing advantages [2] - Chengdu aims to achieve a digital design tool penetration rate of 93% and a key process CNC rate of 68% by 2025 [4] - The city has been recognized as a pilot city for the "5G + industrial internet" integration application [3] Global Expansion - Chengdu enterprises are increasingly looking to international markets, with significant export growth of 23.4% for local brands from January to April 2023 [5] - The city has organized multiple overseas industrial activities, resulting in over 50 billion yuan in signed contracts [5][6] - The 2025 "Invest in Chengdu" global investment conference showcased 16 major industrial projects with a total signing amount of 825.3 billion yuan [6] Regional Coordination - Chengdu is positioned as a core city in the Chengdu-Chongqing economic circle, with plans to enhance its role as a western economic and technological innovation center [7] - The city is collaborating with surrounding areas to promote regional economic development and has launched a high-quality development plan for county-level cities [8] - The focus on low-altitude economy development is part of a broader strategy to enhance industrial cooperation and resource sharing within the Chengdu metropolitan area [8]

文｜经济学家、新质未来研究院院长 张奥平 6月30日，国家统计局发布了2025年6月制造业采购经理指数、非制造业商务活动指数、综合PMI产出指 数。其中，制造业采购经理指数（PMI）为49.7%，比上月上升0.2个百分点，仍处于收缩区间。非制造 业商务活动指数为50.5%，比上月上升0.2个百分点；综合PMI产出指数为50.7%，比上月上升0.3个百分 点，均高于临界点。 6月PMI录得数据为49.7%，虽较上月有所上升，但已连续3个月处于收缩区间，显示经济回升向好基础 尚不稳固。 截至2025年5月底，民营企业数量已突破5800万户，其中中小企业占比超过95%。因民营企业创造了 80%以上的城镇就业，中小企业经营压力大则会直接影响就业。6月从业人员指数为47.9%，比上月下降 0.2个百分点，低于临界点。 因当前经济主要矛盾仍为需求不足，且外需或将大幅放缓，笔者建议，各地区各部门应将扩大内需作为 下阶段首要工作任务。 财政政策方面，加快今年已安排的4.4万亿元地方政府专项债券、1.3万亿元超长期特别国债发行使用， 加力扩围落实"两重"建设与"两新"工作，为后续增量财政政策加码留出空间。货币政策方面，加快落实 ...

Group 1 - Bolivia values its deep brotherly relationship with China, highlighting the importance of the BRICS cooperation mechanism and the Belt and Road Initiative for Bolivia's development opportunities [1] - The year 2023 marks the 40th anniversary of diplomatic relations between China and Bolivia, with celebrations planned in July, coinciding with Bolivia's 200th independence anniversary [1] - Bolivia's trade with China has expanded significantly, with China becoming Bolivia's largest trading partner in 2023, exporting products like chia seeds and beef [1] Group 2 - The Belt and Road Initiative provides opportunities for Bolivia and other landlocked developing countries to enhance connectivity and technological cooperation, leading to tangible development in various sectors [2] - Bolivia aims to strengthen its position as a BRICS partner country by 2025, viewing the BRICS cooperation mechanism as a platform for global South countries to enhance unity and governance [2] - Recent discussions at the China-Latin America Forum highlighted topics such as artificial intelligence and green development, offering new pathways for Latin American countries to engage in global agendas and reduce development gaps [2]

数据显示，截至2025年5月30日，中证数字经济主题指数(931582)前十大权重股分别为东方财富 (300059)、中芯国际(688981)、汇川技术(300124)、北方华创(002371)、海光信息(688041)、寒武纪 (688256)、豪威集团(603501)、海康威视(002415)、中科曙光(603019)、澜起科技(688008)，前十大权重 股合计占比50.98%。 Wind数据显示： 规模方面，数字经济ETF近1周规模增长1305.43万元，实现显著增长，新增规模位居可比基金1/2。 份额方面，数字经济ETF近3月份额增长2400.00万份，实现显著增长，新增份额位居可比基金1/2。 消息面方面，2025全球数字经济大会将于7月2日在国家会议中心召开。本届大会将举办新技术新产品新 方案"首发首秀"特色活动，并围绕人工智能融合应用、数字安全等新兴领域举办46场专题论坛，全面展 现北京建设全球数字经济标杆城市工作成果。 有机构认为，海外市场的AI训练需求正在阶段性放缓，逐步过渡到推理需求驱动的阶段；而中国市场 由于大模型仍在快速演进，训练侧算力仍处于高速增长阶段。此外，得益于我国在数据与应用 ...

Core Viewpoint - The article emphasizes the transformative role of cross-border e-commerce in reshaping global supply chains, enabling small and medium-sized enterprises (SMEs) to participate in international trade more effectively [1][8]. Group 1: Cross-Border E-Commerce Growth - Cross-border e-commerce has become one of the most dynamic new forms of foreign trade, with over 120,000 entities currently operating in China, extending from major cities to second and third-tier cities [6]. - The total import and export volume of China's cross-border e-commerce is projected to reach approximately 2.71 trillion yuan in 2024, reflecting a year-on-year growth of 14% from 2020's 1.69 trillion yuan [8]. - The establishment of over 2,500 overseas warehouses has facilitated local shipping, allowing overseas consumers to enjoy faster delivery and easier return processes [4][8]. Group 2: Logistics and Efficiency - The use of overseas warehouses and new technologies like artificial intelligence has significantly improved the shopping experience for overseas consumers, with delivery times reduced to as little as two days in some cases [9][11]. - A logistics company reported an annual business growth of over 50%, with around 50,000 standard containers shipped from European warehouses last year [11]. - The logistics process has been streamlined, allowing for efficient handling of returns and sorting of products for resale, thus reducing costs for e-commerce businesses [13]. Group 3: Innovation in Product Selection and Marketing - A global product selection center has been established to assist new cross-border e-commerce sellers in choosing products that are more suitable for international markets, enhancing their competitiveness [17][19]. - Cross-border e-commerce live streaming has emerged as an effective tool for connecting Chinese products with overseas consumers, leveraging language and cultural advantages [21]. - The integration of artificial intelligence in marketing has reduced operational costs and enhanced the bargaining power of SMEs [23]. Group 4: Future Prospects and Industry Evolution - The current landscape of cross-border e-commerce is evolving, with manufacturers shifting from selling generic products to building their own brands [24]. - The article highlights the potential for cross-border e-commerce to become a new force in connecting global supply and demand, reshaping trade patterns [24].

（原标题：刚刚，直线拉升！20cm涨停） 【导读】航天军工股表现活跃，大金融股集体走弱 中国基金报记者 李智 新的一周开始了，一起来看下最新的市场情况及资讯。 6月30日早间，A股市场震荡拉升。截至发稿，沪指涨0.16%，深成指涨0.50%，创业板指涨0.76%。 板块方面，航天军工股表现活跃，半导体、软件、工业机械等板块涨幅居前，银行、券商、保险等大金融股早盘集体走弱。 港股方面，三大指数涨跌不一，中芯国际、华虹半导体、腾讯音乐等涨超2%。 军工股表现活跃 军工股早盘表现活跃，恒宇信通、晨曦航空实现20cm涨停，长城军工直线拉涨停，国睿科技、航天南湖、内蒙一机等跟涨。 国金证券指出，当前全球处于百年未有之大变局，中国武器装备在印巴空战中大放异彩，实战胜果有望推动中械装备在军贸市场份额提升。 大金融股集体走弱 银行、券商、保险等大金融股早盘集体走弱，国盛金控跌超5%，湘财股份、天风证券、国海证券均跌超2%。 此外，爱建集团、建元信托、苏农银行、瑞丰银行等均跌超2%。 校对：王玥 制作：舰长 审核：许闻 版权声明 《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转载，否则将追究法律责任。 授权转载 ...

Group 1: Manufacturing PMI Overview - The manufacturing Purchasing Managers' Index (PMI) for June is 49.7%, an increase of 0.2 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [2] - Large enterprises have a PMI of 51.2%, up 0.5 percentage points, while medium-sized enterprises have a PMI of 48.6%, up 1.1 percentage points, and small enterprises have a PMI of 47.3%, down 2.0 percentage points, all below the critical point [5] - Among the five sub-indices of the manufacturing PMI, the production index, new orders index, and supplier delivery time index are above the critical point, while the raw material inventory index and employment index are below the critical point [6] Group 2: Manufacturing Sub-Indices - The production index is at 51.0%, up 0.3 percentage points, indicating accelerated production activities in manufacturing [7] - The new orders index is at 50.2%, up 0.4 percentage points, suggesting an improvement in market demand for manufacturing [8] - The raw materials inventory index is at 48.0%, up 0.6 percentage points, indicating a continued narrowing of the decline in major raw material inventories [9] - The employment index is at 47.9%, down 0.2 percentage points, reflecting a slight decline in employment sentiment within manufacturing [10] - The supplier delivery time index is at 50.2%, up 0.2 percentage points, indicating faster delivery times from raw material suppliers compared to the previous month [11] Group 3: Non-Manufacturing PMI Overview - The non-manufacturing business activity index for June is 50.5%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [14] - The construction industry business activity index is at 52.8%, up 1.8 percentage points, while the service industry business activity index is at 50.1%, down 0.1 percentage points [17] Group 4: Non-Manufacturing Sub-Indices - The new orders index for non-manufacturing is at 46.6%, up 0.5 percentage points, indicating a slight recovery in market demand [21] - The input prices index is at 49.9%, up 1.7 percentage points, suggesting stable input prices for non-manufacturing activities [21] - The sales prices index is at 48.8%, up 1.5 percentage points, indicating a narrowing decline in sales prices [21] - The employment index is at 45.5%, unchanged from the previous month, indicating continued weakness in employment sentiment in the non-manufacturing sector [21] Group 5: Comprehensive PMI Output Index - The comprehensive PMI output index for June is 50.7%, an increase of 0.3 percentage points, indicating an overall acceleration in production and business activities across enterprises [27]

Group 1 - A large marine drone showcased at the China International Small and Medium Enterprises Expo, produced by Hainan Airy Technology Co., Ltd, is designed for marine equipment deployment and has applications in logistics, emergency rescue, and forest firefighting [2] - Hainan's participation in the expo included 30 quality enterprises, highlighting the province's advancements in marine technology and its commitment to the national marine power strategy [2][3] - The deep-sea microbial sampler from Hainan Lionfish Deep Sea Technology Co., Ltd is designed for deep-sea microbiology research and has already been exported to Chile, marking it as the province's first set product [3] Group 2 - Companies like Hainan Wisdom Maritime Technology Co., Ltd and Hainan Water Sound Technology Co., Ltd showcased their innovations in deep-sea technology, with several products recognized as provincial "first sets" or meeting international advanced standards [2][3] - In the field of artificial intelligence and information technology, companies such as Zhuoshijia Technology (Hainan) Co., Ltd presented their leading products, demonstrating Hainan's innovation in the digital economy [3] - The intelligent rubber tapping machine from Hainan Rubber Intelligent Manufacturing Co., Ltd automates the rubber tapping process, addressing labor shortages and promoting a shift from labor-intensive to technology-intensive production in the natural rubber industry [4]