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]

Group 1 - The General Administration of Customs of China announced the conditional resumption of imports of aquatic products from certain regions of Japan, excluding ten prefectures including Fukushima and Tokyo, based on safety assurances from the Japanese government and monitoring results [1][2] - Japanese exporters must comply with China's food safety regulations, including reapplying for registration to export aquatic products to China, and must provide health certificates and radiation testing results upon import declaration [1][2] - Strict supervision will be implemented on Japanese aquatic products imported to China, with immediate control measures to be taken if any non-compliance with Chinese laws or safety standards is detected [2] Group 2 - The State Administration for Market Regulation conducted a special inspection of food additives across various platforms and locations, revealing issues with the misuse of food additives in certain categories, while ensuring compliance in others [10] - The China Logistics and Purchasing Federation reported a total social logistics volume of 138.7 trillion yuan from January to May 2025, reflecting a year-on-year growth of 5.3%, with significant growth in consumer logistics demand [12] - The National Bureau of Statistics indicated a 1.1% decline in profits for industrial enterprises above designated size from January to May 2025, with state-owned enterprises experiencing a 7.4% drop in profit [13]

Core Insights - The article emphasizes the rapid technological transformation in China, highlighting how it has leapfrogged directly from a rural economy to a digital economy without the burdens of outdated technologies [1][2] - It presents three key lessons learned from China's technological advancements, which challenge Western perspectives on innovation and resource utilization [1][2] Summary by Sections Lesson One - Chinese consumers have bypassed traditional technological stages, moving directly to digital solutions, which has become a significant competitive advantage for China [1] Lesson Two - The case of DeepSeek illustrates how China has developed impressive alternatives to high-end chips despite U.S. restrictions, showcasing the ability to turn limitations into opportunities for innovation [2] Lesson Three - A Chinese CEO's inquiry about the long-term vision of companies highlights a contrast in strategic thinking; while China plans for generations, many Western companies focus only on immediate challenges [2] Overall Takeaway - Innovation is not solely about having abundant resources but involves rethinking the use of existing resources, with past successes sometimes being the biggest obstacles to future progress [2]

// 市场要闻 // 1、 中国 6 月 PMI 数据即将公布 6 月 30 日，中国 6 月 PMI 数据将公布。 5 月份，制造业 PMI 为 49.5% ，比 4 月上升 0.5 个百分点，制造业景气水平改善；非制造业 商务活动指数为 50.3% ，比 4 月下降 0.1 个百分点；综合 PMI 产出指数为 50.4% ，比 4 月上升 0.2 个百分点，我国经济总体产出保 持扩张。 2 、本周央行公开市场将有 20275 亿元逆回购到期 Wind 数据显示，本周央行公开市场将有 20275 亿元逆回购到期，其中周一至周五分别到期 2205 亿元、 4065 亿元、 3653 亿元、 5093 亿元、 5259 亿元。 3 、美国 6 月芝加哥 PMI 出炉 6 月 30 日，美国将公布 6 月芝加哥 PMI 。此前公布的数据显示，美国 5 月芝加哥 PMI 为 40.5 ，预期 45.0 ，前值 44.6 。 4 、欧洲央行论坛开幕 欧洲央行在葡萄牙辛特拉举行的央行年度论坛将于周一至周三举行。今年论坛的主题是："适应变化：宏观经济转变和政策应对"。会议将 邀请欧洲央 行、美联储、英国央行和日本央行四大 ...

Group 1 - The core viewpoint emphasizes the rapid development and iteration of the technology industry, highlighting the challenges faced by technology investment fund managers in grasping trends amidst changes [1] - The investment methodology summarized by the fund manager includes a combination of policy analysis and industry validation, focusing on capturing key turning points in industries with low penetration and high prosperity [1][4] - The manager's investment focus is on two main opportunities: domestic computing infrastructure and AI applications, driven by the digital economy wave [1][5] Group 2 - The fund manager's previous experience in insurance asset management has significantly influenced their investment philosophy, emphasizing the balance between absolute and relative returns [2] - The manager identifies three core competencies required for investing in technology growth stocks: pricing ability, maintaining a calm mindset in volatile markets, and solid research skills [2] - The investment approach involves a dual focus on industry trends and structural opportunities while controlling downside risks in the investment portfolio [2] Group 3 - The investment philosophy is rooted in a forward-looking global perspective combined with detailed industry research, emphasizing the importance of continuous tracking of policy directions and market liquidity [3] - The methodology includes a top-down macro view ("look up at the sky") and a bottom-up detailed research approach ("look down at the road"), focusing on investing in good companies at good prices within promising industries [3] Group 4 - The fund manager prefers left-side positioning in investments, focusing on low penetration and high prosperity sectors, particularly those driven by policy support and industry explosions [4] - An example provided is the accelerated penetration of domestic semiconductors from 2019 to 2021, indicating a trend towards increased domestic technology in smartphones [4] Group 5 - The two main investment lines currently emphasized are AI-centric opportunities, including domestic computing infrastructure and AI applications, and sectors following the logic of domestic substitution, such as industrial software and advanced lithography equipment [5] - In the AI application sector, both consumer (toC) and business (toB) areas show clear growth potential, with significant user and revenue growth in multimodal applications and hardware terminals [5] - The domestic market for AI training is experiencing rapid growth, driven by advantages in data and application scenarios, with promising prospects for reasoning-side computing power [5]