// 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]

Group 1: Digital Economy Opportunities - China has the largest internet user base globally, providing a rich landscape for digital economy applications, supported by strong government policies [1] - The Zhejiang Overseas Chinese Youth Federation's vice president, Yin Qiqi, highlights the establishment of over 30 digital economy parks in China, focusing on promoting Sino-Australian digital economy cooperation [1] - Digital economy parks offer one-stop solutions to startups, addressing challenges such as resource dispersion, high costs, and policy understanding, thereby reducing innovation and entrepreneurship costs [1] Group 2: Cross-Border Business Development - Thai media executive Guo Rui emphasizes the need for updated management knowledge and international perspectives to achieve breakthroughs in her business [2] - Guo Rui is exploring the replication of Chinese advanced communication and operational experiences in the Thai market while assisting Thai brands in entering China [2] - Spanish wine businessman Mao Yanwei notes the stability of the wine business in recent years and is seeking new development opportunities, including exporting Chinese tableware to Spain [2][3] Group 3: International Market Trends - Many Spanish companies are eager to sell products in China, with support in establishing brand systems to attract Chinese consumers [3] - China's stable economic growth and recent open policies provide a solid foundation for international business development [3]

Core Insights - The "2025 China Enterprises Going Global Summit" was held in Shenzhen, focusing on creating a high-end platform for Chinese companies to address challenges in international expansion and explore collaborative transformation paths in the context of global industrial chain restructuring [1] Group 1: Market Insights - The Middle East is identified as a popular region for Chinese enterprises to expand, characterized by significant market diversity and varying economic fundamentals across countries [2] - For instance, Turkey's annual deposit interest rate is around 50%, reflecting substantial currency depreciation over the past three years [2] - The presence of nearly 300,000 Chinese individuals in Dubai compared to only about 1,500 Chinese enterprises in Turkey indicates differing levels of market opportunity [2] Group 2: Strategic Positioning - Companies are encouraged to shift their perspective on "going global" from merely exporting products to positioning themselves as global companies, with China being just one part of the global market [2] - Emerging markets such as the Middle East, Southeast Asia, Latin America, and Africa should be included in the strategic landscape for global expansion [2] Group 3: Operational Considerations - It is normal for companies to not turn a profit in the first year of international expansion due to the need for localization and adaptation to unfamiliar markets [2] - Companies should prepare for a potential 20% increase in operational costs in the first year, even in culturally similar regions like Southeast Asia, and aim to control costs to match domestic levels within three years [2] Group 4: Industry Trends - Two key patterns in China's industrial overseas expansion are identified: industry clusters going abroad and a phased approach to market entry [3] - The evolution of the ASEAN class at Cheung Kong Graduate School of Business illustrates the stages of overseas expansion, from passive capacity transfer to active risk diversification and brand development [5] Group 5: Middle East Market Dynamics - Companies should consider the significant influence of the U.S. and Western countries in the Middle East, as well as the strengthening ties between China and the region [5] - Middle Eastern countries are pursuing economic diversification away from energy dependence, presenting long-term opportunities in sectors like digital economy and green energy [5] - The high proportion of young people in the Middle East indicates a growing consumer market, which is an important factor for companies to monitor [5]

湖北日报讯（记者王艳华）6月26日，由证券时报社主办、长江证券协办的"2025金长江私募基金发展论坛"在武汉举行。活动揭晓第十届私募基金"金长 江"奖，并推出《2015-2025中国金长江私募基金发展白皮书》。 金长江私募基金"金长江"奖评选及"金长江私募基金发展论坛"创办于2015年，已连续举办九届。活动致力于寻找中国私募基金行业中的优秀管理人，挖掘年 度最具代表性的私募机构和基金经理。同时邀请知名机构、专家代表，为中国证券投资私募基金行业建言献策，支持私募基金行业高质量发展。 本届"金长江"奖活动成功报名机构达315家，其中百亿机构42家，50亿-99亿31家，20亿-49亿48家。来自全国各地的私募界人士共400多人出席当天论坛。 长江证券党委书记、董事长刘正斌在致辞中表示，近年来，中国私募行业加速从"量"的增长向"质"的提升转型。投资策略多元突破，量化与主观并驾齐驱， 数字经济、人工智能蓬勃发展，新质生产力成为布局重点，私募机构专业能力与服务水平持续提升。私募行业在促进资本形成、服务实体经济、满足居民财 富管理需求、提高市场定价效率等方面具有重要意义。 《白皮书》梳理了十年来中国私募基金高质量发展的进 ...

Group 1: Domestic Oil Price Adjustment - A new round of domestic refined oil price adjustment will begin at 24:00 on July 1, with predictions indicating an increase of 600 CNY per ton for gasoline and diesel, translating to a rise of 0.49-0.51 CNY per liter [2] Group 2: Shanghai LEGO Resort Opening - The Shanghai LEGO Resort will open on July 5, featuring a six-tier ticket pricing system, with children's one-day tickets starting at 255 CNY and adult tickets as low as 319 CNY [3] Group 3: Global Digital Economy Conference - The 2025 Global Digital Economy Conference will be held from July 2 to July 5 in Beijing, showcasing new technologies and products, and hosting 46 thematic forums focused on emerging fields such as artificial intelligence and digital security [4] Group 4: Stock Unlocking Events - Over 816 billion CNY in market value of restricted stocks will be unlocked in the A-share market from June 30 to July 4, with 68 stocks facing unlocking, including Zhong无人机 with a market value exceeding 200 billion CNY [5][6] Group 5: New Stock Opportunities - One new stock, Tongyu New Materials, is set to be issued on the ChiNext board from June 30 to July 4, focusing on the research, production, and sales of electronic resins primarily used in copper-clad laminate production [9][10]

Core Viewpoint - The company, Lihe Micro (688589), has shown a positive stock performance with a 6.28% increase this week, reflecting a growing interest in its operations and market positioning in the semiconductor sector [1]. Group 1: Company Performance - As of June 27, 2025, Lihe Micro's stock closed at 21.14 yuan, up from 19.89 yuan the previous week, with a market capitalization of 3.072 billion yuan, ranking 154th in the semiconductor sector [1]. - The company reported an order backlog of 193 million yuan as of March 31, primarily focused on power grid-related business, with revenue recognition expected within the same year based on delivery and acceptance schedules [5]. Group 2: Strategic Development - The company plans to expand into non-power grid sectors, focusing on opportunities in digital economy, "dual carbon" initiatives, smart photovoltaic, energy storage, and smart home applications [2]. - Lihe Micro is developing a series of chips for photovoltaic and smart home applications, including PLC dual-mode chips and highly integrated PLC chips for monitoring and safety [2]. Group 3: Technology and Cost Efficiency - PLC technology offers significant advantages over traditional smart control products in terms of installation, maintenance, reliability, and cost-effectiveness, particularly in large and cross-space applications [3]. - The company aims to leverage its established technology and brand advantages in PLC chips to create a leading PLC technology ecosystem [2]. Group 4: Financial Management - The company is focused on enhancing its core competitiveness and maintaining shareholder value through effective market management strategies [4]. - Lihe Micro will pay interest on its convertible bonds on June 30, 2025, with a total issuance of 380,000 bonds at a face value of 100 yuan each, amounting to 38 million yuan [6].