（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]

● 本报记者杨洁 在近日召开的第二十届中国国际中小企业博览会配套活动"人工智能赋能新型工业化深度行(走进中小企 业)活动"现场，30多家制造业中小企业与10余家人工智能企业根据场景匹配及自身需求分组洽谈，就如 何让人工智能大模型技术应用到生产制造一线进行了深入探讨。 如何让千千万万中小企业用得起、用得上、用得好人工智能技术？多位业内人士坦言，目前，人工智能 与中小企业仍然有距离，尤其是从AI训练的虚拟场景到一线应用的真实场景存在很难打通的"最后一公 里"，需要在人才供给、算力成本、场景适配和数据开放等方面打破"藩篱"，构建数字化统一大市场。 破解碎片化难题 阿里云智能副总裁、中国信息化百人会执委安筱鹏接受中国证券报记者采访时表示，制造业一定是AI 大模型应用的主战场，AI大模型一定会首先在高价值场景发挥重要作用。不过他也指出，国内AI应用 在B端(即需求侧)还没有发挥出统一大市场的规模优势，目前仍是一个高度碎片化市场，这对AI供给侧 来说是一个极大挑战，对整个AI产业发展也会带来瓶颈。 缓解成本压力 秦君认为，中小企业应用AI技术也面临成本问题，其中很重要的是人才成本。真正懂算法、懂人工智 能的人才成本还是挺 ...

当加拿大对亚马逊、谷歌亮出3%的数字税匕首时，特朗普瞬间引爆了北美贸易的一枚威力十足的核弹。美加贸易谈判戛然而止的硝烟中，一场牵动全球 贸易格局的多米诺骨牌正在轰然倒塌。 加拿大这招数字税看似蚊子腿，实则是主权国家的绝地反击。在数字经济洪流中，渥太华眼睁睁看着硅谷巨鳄吮吸本国数据红利却分文不缴，恰如大航海 时代殖民地目睹黄金舰队扬长而去。追溯至2022年的征税铁腕，更是给美国科技殖民体系钉上棺材钉——三十八亿新元的赎金单，撕碎了"美加特殊关 系"的那块最后的遮羞布。 这出双簧戏暴露了白宫的贸易战剧本：先拿软柿子加拿大祭旗，特朗普甚至多次叫嚣让加拿大成为美国的第51个州，同时威慑正在谈判桌前的欧盟与印 度。如同拿破仑横扫意大利震慑欧陆，特朗普要用渥太华的鲜血染红"美国优先"的战旗。 如此看来，加美贸易已走向生死簿。加拿大GDP仅2.2万亿美元，却承载4127亿对美出口，美国市场吞噬加拿大18.7%经济命脉。特朗普的第51州论之背 后，是钢铝关税、汽车关税、农产品关税组成的锁链三重奏 特朗普的暴怒实为精心设计的战略讹诈。当财长贝森特正夸耀"劳动节前完成18国谈判"的惊世豪言，总统却突然对最亲密邻邦发动关税突袭。 ...

Group 1 - The core viewpoint emphasizes that the market for digital currencies is far from reaching its peak, with the next leading companies being those that hold MSO licenses [1] - Companies that successfully obtain virtual asset trading qualifications can provide services for trading Bitcoin, stablecoins, etc., fundamentally altering industry valuation logic and unlocking growth potential [9][6] - The global market capitalization of Bitcoin has reached $2.1 trillion, ranking it as the sixth-largest asset globally, while the trading volume of stablecoins surged to $27.6 trillion last year [9][10] Group 2 - Two leading companies in the MSO sector have been identified for potential investment opportunities, particularly as their stock prices have not yet significantly increased [2] - Tianfeng Securities saw a stock price increase of 32% within five days, while Guotai Junan International experienced a remarkable 200% rise in a single day [2][4] - The scarcity of MSO licenses is highlighted as a symbol of wealth, similar to the historical performance of companies holding rare licenses [11][12] Group 3 - A specific company reported a 169% increase in performance, with its subsidiary holding an MSO license and providing comprehensive services including stablecoin issuance and cross-border payments [14] - Another company, the only one in the domestic market with a full license for cross-border RMB payments, also holds an MSO license and has attracted significant foreign investment interest [14]