Group 1 - The core focus of the article is the strategic financing announcement by Zhipu, an AI unicorn company, which secured a 1 billion yuan investment from state-owned enterprises, marking its fifth financing round this year [1][2] - The funds from this financing will primarily be used for the development of the MaaS (Model as a Service) open platform ecosystem, with a significant portion already allocated for initial delivery [1][2] - The MaaS platform has already seen applications in various scenarios such as translation, compliance review, and market copywriting, with most cases implemented in Shanghai Zhangjiang [2][3] Group 2 - Zhipu's new model, GLM-4.1V-Thinking, showcases advanced visual reasoning capabilities, allowing it to interpret complex dynamic images and events, which is a significant leap in multi-modal AI [3][4] - The model's Chain-of-Thought Reasoning and Reinforcement Learning with Curriculum Sampling strategies enhance its logical reasoning and cross-modal causal inference abilities [4] - The lightweight version of the model, GLM-4.1V-9B-Thinking, has achieved top scores in 23 out of 28 authoritative evaluations, demonstrating competitive performance against larger models [4] Group 3 - The article highlights a shift in the AI large model landscape, with companies accelerating their commercialization efforts amid high valuations and increasing competition [5] - Zhipu's CEO emphasized the importance of continuous technological breakthroughs and the evolution of foundational models to enhance AI capabilities [11][13] - The company aims to develop AI that can assist in various tasks while ensuring safety and control, addressing the need for self-correcting and reliable models [11][12][13]

机构观点 周三A股市场全天震荡调整，创业板指领跌。截至收盘，沪指报3454.79点，跌0.09%，成交5431亿元； 深证成指报10412.63点，跌0.61%，成交8338亿元；创业板指报2123.72点，跌1.13%，成交3938亿元。 巨丰投顾：周三市场震荡运行，钢铁板块涨幅居前。复盘2025年以来A股表现，板块轮动始终围绕政策 主线与市场逻辑展开 —— 机器人、新消费、创新药等板块先后演绎结构性行情。当前，海洋经济正凭 借多重催化成为新的题材主线。随着海洋经济战略顶层设计的落地和相关政策的逐步实施，未来该板块 有望继续保持热度。此外，中线依然可关注维持高景气度的半导体、消费电子、人工智能、机器人等领 域的增量机会。 板块方面，钢铁、光伏、煤炭、海洋经济等板块涨幅居前，军工、脑机接口、CPO、半导体等板块跌幅 居前。 恒生前海基金：在经济有政策托底的预期下，国内经济新旧动能转换，大盘维持强势，结构上呈现消费 +科技"跷跷板"双轮动，科技占优阶段开启。目前来看，大盘指数始终比市场预期得要强，背后的原因 在于中长期悲观问题出现乐观改善，核心指向是对于新旧动能转换的信心不断增强。中长期来看，随着 关税不确定性 ...

特朗普（资料图） 特朗普甚至直言不讳："我们将评估各个国家和地区对我们的态度：是友好还是不友好。有些国家和地区我们不在乎，就直接发个高额数字过 去。"这种几近最后通牒的姿态，使全球贸易谈判气氛骤然紧张。 据海外网消息，就在2025年6月30日这个原定对美国科技巨头开征数字服务税的最后时刻，加拿大政府突然宣布取消该税项。这一重大逆转发 生在特朗普总统以终止所有贸易谈判为威胁、并限令加拿大七天内缴付支持贸易的关税之后。此前两天，特朗普曾指责加拿大模仿欧盟对美 国"直接且公然的攻击"。 加拿大财政部在官方通告中确认，财长商鹏飞将很快提出废除数字服务税的立法。这项原拟追溯至2022年收入、对美企等征收3%税款的计划 胎死腹中。作为交换，加拿大总理卡尼与特朗普达成共识——双方恢复谈判，目标是在7月21日前达成"互惠的全面贸易安排"。 加方的突然让步，恰似向特朗普挥舞的高压水枪注入一针强力兴奋剂。这位美国总统在福克斯新闻6月29日播出的访谈中，已清晰表达其战略 意图：他无意延长7月9日到期的90天全球关税暂停期。届时，未能与美国达成协议的国家和地区，将面对他亲笔签发的"贺信"——"恭喜"它 们为购买美国商品支付25%、3 ...

日前欧盟驻华大使托莱多就稀土问题喊话中国，声称中方需要理解"欧洲企业的恐慌和担忧"，还设置了30天的期限，表示中国应当解决稀土的供应问题。从 欧盟的表态看，他们对中国存在严重的误判。中国已经是全球最强大的"工业巨兽"，但欧盟还摆出"高高在上"的对华姿态。而且北约峰会发生了欧盟"叫爸 爸"事件，北约秘书长、荷兰前首相吕特对特朗普的谄媚态度，让国际社会意识到所谓的"欧洲独立自主"几乎不可能实现。 然而，据报道，"中方要求稀土企业上报具有技术专长的人员名单，旨在确保他们不会向外国人泄露商业机密。"当地时间6月25日，《华尔街日报》援引知 情人士独家报道称，中方最近几周要求在华稀土企业提供相关人员名单，其中包括专业人员的具体专业知识、教育背景、研究背景和个人信息。此举的目的 是，建立一份正式的中国稀土专业人员名录，并密切关注这些人员，以确保他们不会出国泄露机密。报道称，这一名单涉及上游企业。 据彭博社消息，6月25日，欧盟驻华大使豪尔赫·托莱多表示，欧洲请求中方理解欧洲企业的"恐惧和顾虑"，磁铁短缺对欧企造成了"非常、非常严重"的影 响。托莱多称，欧盟希望中方可以在下个月解决对欧稀土磁铁出口问题。今年4月，美国总统特 ...

Core Insights - Major Wall Street banks, including JPMorgan Chase and Goldman Sachs, have announced increases in dividends and stock buybacks, signaling confidence in their financial health and future profitability [2][3][4] Group 1: Regulatory Changes and Bank Actions - The recent Federal Reserve stress tests have relaxed standards, allowing banks to pass with lower assumptions for unemployment and housing price declines, leading to increased shareholder returns [3] - JPMorgan Chase raised its quarterly dividend from $1.40 to $1.50, while Bank of America increased its dividend from $0.26 to $0.28, and Wells Fargo raised its dividend by 12.5% [3][4] - Goldman Sachs estimates that the new regulations could release $17 billion in excess capital, enabling banks to distribute more to shareholders through dividends and buybacks [3] Group 2: Investment Implications - High-dividend bank stocks are becoming attractive, with JPMorgan's dividend yield exceeding 3%, offering better returns than traditional savings accounts in a low-interest environment [4] - Stock buybacks can enhance earnings per share, as demonstrated by the example of reducing the number of shares outstanding, which can lead to higher stock prices [4] - Investors are advised to be cautious, as the banks' willingness to distribute capital is contingent on economic stability; potential economic downturns could impact future dividends and buybacks [4][5] Group 3: Long-term Outlook - The value of bank stocks is being restructured, with major U.S. banks returning over $100 billion to shareholders last year, the highest in three years, and plans to increase this further [5] - The core Tier 1 capital ratio for commercial banks is projected to reach 10.7% by Q1 2025, indicating improved risk resilience compared to pre-pandemic levels [5] - Long-term investors should focus on banks with stable dividend yields and high capital adequacy ratios, such as JPMorgan Chase and Wells Fargo, while monitoring Federal Reserve policy changes for potential market movements [5]

下半年国际黄金市场，仍有三大核心驱动力。 一是货币体系多极化的不可逆进程。美元信用体系弱化已成为不可逆趋势。美国联邦债务占GDP比重达 125%，美元在全球外汇储备中的份额从2000年的71%降至58%。与此同时，金砖国家新开发银行推动黄金储备货币化，2025年6月上海黄金交易所上海金 定价机制参与机构扩展至47家，涵盖全球主要黄金生产商和央行。俄罗斯央行将黄金储备占比提升至28%，伊朗建立黄金—本币结算体系，这些实践正在 重塑全球货币秩序。世界银行预测，到2030年黄金在全球储备资产中的占比将从目前的13%提升至22%。 下半年黄金市场面临货币体系重构、经济周期切换与地缘政治博弈的三重共振，以及中国方面的双重影响，更在美元信用体系裂痕扩大、全球滞胀风险升 温的背景下，勾勒出黄金从传统避险资产向新货币锚转型的清晰轨迹。 ■徐蔚冰 2025年下半年伊始，先分析一下当前国际黄金市场的三大深层矛盾。 一是宏观数据疲软与市场情绪亢奋的悖论。2025年上半年，全球经济呈现弱复苏、 高波动特征。IMF连续第三次下调全球增速预期至2.8%，美国一季度GDP环比折年率意外收缩0.2%，但6月制造业PMI仍维持在49.7%的收 ...

中证报评论员发表文章，7月1日，A股总市值连续第二个交易日超过100万亿元。跨过百万亿市值关 口，不仅是A股市场规模的突破，更是改革红利、价值驱动与资金认同共振的集中体现，为锚定高质 量、突出强本强基的中国资本市场打开了新的想象空间。因信心而投资，因信念而坚守，因信仰而收 获。我们相信，唯有坚守价值投资、拥抱创新主线，方能在这场价值重估与生态重构的历史进程中，捕 捉属于中国资本市场的时代红利。 ...

不久前，第四届"网络文学青春榜"发布，季越人的《玄鉴仙族》、半麻的《赛博剑仙铁雨》、米花的 《鱼灯引魂记》、核融炉的《隐秘爱意游戏》等12部作品上榜。这些作品中，有的借用传统文化元素， 有的用瑰丽想象编织故事，其中不乏引发千万读者共鸣的现象级作品。 "网络文学青春榜"是一份以大学生、青年读者为评价主体的榜单，上榜作品折射出新世代的审美风尚与 文学趣味。该榜单创设于2021年，由扬子江网络文学评论中心在《青春》杂志开辟"网络文学评论"专 栏，以榜单推介、作者访谈、专业评论与粉丝书评相结合的方式，按月推出兼具时代性与创新性的网络 文学作品。2024年度"网络文学青春榜"由北京大学、山东大学、中南大学、安徽大学、南开大学、首都 师范大学、杭州师范大学、南京师范大学等8所高校轮流负责每月的榜单遴选，并在此基础上，以大学 生投票与顾问专家共同遴选的方式推出年度榜单。 观察上榜作品不难发现，今天的青年读者审美趣味正在发生转变。以往我们认为网络文学都是动辄上百 万、几百万甚至上千万字的大体量作品；如今，"短篇"网络文学纷纷兴起。最近一两年，大量20万字乃 至万字左右的"短篇"爆款如雨后春笋般涌现，"短篇"作为一种新的网络文 ...

Group 1 - The report from the Bank of China Research Institute indicates that frequent adjustments in U.S. trade policies will gradually reveal negative impacts on the global economy by Q2 2025, affecting U.S. consumer demand and investment activities in other economies [1] - Global economic growth momentum weakened in Q2 2025 due to changes in the trade environment, with a stable supply side and continued weak demand side [1] - Major economies are experiencing sluggish consumer growth, with U.S. retail sales declining by 0.9% month-on-month in May, and consumer confidence indices in the U.S., Eurozone, and Japan at two-year lows [1] Group 2 - The report forecasts that the global economy will face more challenges in Q3 due to tariff impacts, with a potential continuation of slowing demand expansion [1] - High inflation continues to erode real income in Japan, leading to weak domestic demand growth [1] - Emerging economies may increase their expansion into domestic and non-U.S. markets, and the restructuring of global supply chains could boost some economies' real investments, but overall global demand expansion remains uncertain [1] Group 3 - The report states that tariff increases and trade policy uncertainties will raise price levels in Q3, while changes in the Middle East may exacerbate inflationary pressures through impacts on international energy prices and global shipping [2] - Weak consumer market growth expectations may alleviate price pressures from the demand side, leading to differentiated inflation trends across different economies [2] - As U.S. inventories of previously "imported goods" are depleted, tariff burdens will gradually be passed on to U.S. consumer prices and production costs, while weak consumer demand will suppress price increases [2]

Group 1 - The core viewpoint of the article highlights the ongoing competition between China's resource advantages in tungsten and the West's efforts to protect domestic industries, leading to a restructuring of the global supply chain [2][3][6] - The global tungsten industry is characterized by a simultaneous struggle for resource control and technological upgrades, reflecting the broader industrial competition among developed nations [3][7][9] Group 2 - China's tungsten industry policy aims for transformation and upgrading, with a focus on controlling exports and enhancing technological capabilities [10][12][14] - The U.S. seeks to reduce dependency on Chinese tungsten through tariffs and by rebuilding critical industry nodes, facing challenges in cost, technology, and coordination with allies [17][21][23] Group 3 - The overall export volume of tungsten from China is declining, with a shift towards high-value-added products [33][34] - The concentration of tungsten resource flows is high, with differentiated export demands across markets [48][49] Group 4 - The article emphasizes the strategic significance of hard alloy tools in the tungsten industry, with a focus on emerging markets like Russia and ASEAN countries, as well as the impact of geopolitical factors on regional procurement [61][62][71] - The demand for cutting tools, particularly hard alloy tools, is expected to grow due to their essential role in high-end manufacturing sectors [61][62]