6月20日—22日，一年一度的华为开发者大会2025(HDC2025)在东莞松山湖盛大召开，堪称一场开发者 的"嘉年华"，各种新观点、新技术、新体验让人应接不暇。6月21日—22日，HDC 2025 互动展区向所有 开发者们开放，华为通过多个主题展区、超百个展台，将这些前沿技术转化为触手可及的生活体验。作 为中国快递物流信息云服务领导品牌和鸿蒙首批原生应用合作伙伴，快递100基于与鸿蒙HarmonyOS 深 度的契合链接，多个特性应用入选场景案例展。 极致智能 实时响应 2010年，源于客户物流跟踪和在途管理的痛点，快递100在金蝶内孕育孵化上线，成为快递物流信息领 域的开创者。2017年，微信小程序首批内测名额开放，快递100成唯一受邀内测的快递类小程序，仅上 线一年时间，注册用户量便迅速攀升至3000万，一跃成为微信小程序TOP20、并在生活服务类别中稳居 TOP10。2024年，快递100全网累计注册用户突破2.7亿！这一数字意味着在中国庞大互联网群体，每五 个人中，就有一个人使用快递100。多年来，快递100常年上榜生活类应用榜单，成为用户量最大的工具 产品之一，其便捷性和实用性，经过了时间的考验，被 ...

时隔半年，小雨智造又完成一笔融资。 投中网获悉，近日，北京小雨智造科技有限公司（简称，小雨智造）完成亿元级A+轮融资。该轮融资，由滴滴领投、北京信产基金追加投资。 这是滴滴，这一巨头的首次出手。此前，小雨智造已获得小米集团、王田苗教授旗下雅瑞天使、北京智源研究院、科大讯飞等资本的竞相出手。 值得一提的是，在小雨智造的招聘页面，还出现了黎万强的名字——作为投资人，小雨智造获得了黎万强的认可支持。黎万强是最早和雷军一起创业小米 的初代创始人，被称"小米七剑客"。凭借在品牌建设、营销推广的才能，黎万强给市场留下了深刻影响。 黎万强出手 CVSource投中数据显示，小雨智造2023年成立之时，黎万强在种子轮融资中就开始押注。 黎万强的出手，其实并非偶然。在小米时期，他对"机器人"就有深刻认知。 黎万强认为，未来进入万物互联时代之后，每一个硬件产品都是一个智能化节点，硬件之间可以有相互影响的关系。机器人作为智能硬件的一种，未来也 将融入这一万物互联的体系，与其他设备实现数据共享和交互，共同为用户提供更智能、便捷的服务。 在这种定义下，身为中国互联网营销领军人物的黎万强，强调在培养用户与机器交互习惯的过程中，应先集中精 ...

参考纳斯达克市场的经验，张维认为，资本市场不必强调"挑选赢家"，用审核制筛选"好公司"，有可能 错过真正的创新者。苹果、亚马逊、英伟达等创造最多回报的企业都走出了第二增长曲线，相比首次公 开募股(IPO)时已截然不同。 张维表示，中国制造业近年来取得突破性成就：汽车出口连续两年居全球第一；2024年集成电路首次成 为中国第一大出口单品，出口金额达1595亿美元，超过服装、手机。这背后的原因是大国博弈叠加第四 次工业革命，开启了技术创新与国产替代的双重机会之窗。除了半导体等少数领域仍需补功课，中国已 在多个领域完成对第一、第二、第三次工业革命的追赶，并在第四次工业革命——人工智能与万物互联 领域与美国并肩前行。 "包容且具强大财富效应的美国资本市场，是美国创新体系的重要一环，这也是值得向美国市场学习的 地方。"张维说。数据显示，2015—2024年，美股77%的技术企业、98%的生命科学企业IPO时未盈利。 "中国在顶尖科技上还未实现意义重大的全球领先，这也意味着未来我们有更大的潜力，核心是大量的 科技创新。"张维认为，科技创新离不开资本的长期支持。 (许孝如) 近日，由证券时报社主办、长江证券协办的"2025 ...

(活力中国调研行)老工业基地抢抓新风口 传感谷传出智能强音 中新社安徽蚌埠7月4日电 (孔令佑 储玮玮)炎炎夏日，推开家门时空调已提前开好，清凉恰到好处—— 这是物联网技术带来的现实体验。万物智联的背后，是一枚枚传感器在"发号施令"。 现在，"中国传感谷"产业生态持续完善，已集聚北方微电子研究院、芯动联科、希磁科技等200多家智 能传感器上下游企业，初步形成智能传感器材料、设计、制造、封装、测试和应用的全产业链体系。 安徽华鑫微纳集成电路有限公司(以下简称"华鑫微纳")就位于"中国传感谷"内。在该公司的洁净生产车 间，高度智能化的8英寸微机电系统(MEMS)晶圆生产线正全速运转。MEMS传感器是智能传感器的核 心，在消费电子、汽车工业、航空航天等领域市场空间广阔。 华鑫微纳副总经理丁敬秀表示，该公司产品聚焦中高性能的汽车级、工业级传感器，实现了与博世 (Bosch)等MEMS巨头技术对标，显著提升产品的附加值。目前，车间的生产线正处于产能爬坡阶段， 预计到2027年形成月产3万片MEMS传感器晶圆的产能。 据介绍，华鑫微纳的投产直接缓解中国国内MEMS芯片产能缺口，尤其在汽车电子、工业控制等关键领 域实现国产 ...

Core Viewpoint - The integration of 5G and industrial internet is crucial for expanding the large-scale application of 5G, facing challenges such as high costs and fragmented demand across various industries [3][4]. Group 1: 5G and Industrial Internet Integration - The deep integration of 5G and industrial internet is essential for expanding 5G applications, currently facing challenges in cost and demand matching [3][4]. - High costs associated with 5G network construction and equipment upgrades pose a significant burden, especially for small and medium-sized enterprises [3]. - The current "5G + industrial internet" applications primarily address common needs, lacking sufficient alignment with the unique demands of different industries [3]. Group 2: 5G-A Development and Its Implications - 5G-A is a key transitional phase towards 6G, enhancing network bandwidth and providing valuable insights for future 6G development [5]. - The development of 5G-A has led to the emergence of new application scenarios, indicating that 6G should focus on deeper integration with vertical industries [5]. - The emphasis on industry collaboration in 5G-A development highlights the need for a robust ecosystem to support 6G advancements [5]. Group 3: AI for Industry Trends - AI for Industry is expected to experience rapid growth, integrating with 5G-A and industrial internet to create a comprehensive intelligent system [9][10]. - The expansion of AI applications is moving from a few leading sectors to broader industries, enhancing production efficiency and reducing costs [9][10]. - Key issues for the information and communication industry include data quality and security, computational power support, standardization, and talent cultivation [10][11]. Group 4: Challenges in AI Model Development - The transition from general AI models to specialized industry applications faces challenges such as data barriers, algorithm precision, and scene adaptation [10][11]. - Data governance is prioritized to address the scarcity of high-quality datasets, utilizing proprietary tools for data cleaning and transformation [10][11]. - Collaboration with industry partners is essential for developing benchmark applications and optimizing models through practical scenarios [12].

Core Viewpoint - Nanjing Qingqin Heng Microelectronics Co., Ltd. (referred to as "Qingheng Micro") has released its prospectus for an initial public offering on the Sci-Tech Innovation Board, highlighting its unique approach to integrated circuit design through self-developed IP systems and a focus on core technology research [1][2]. Financial Performance - Qingheng Micro's revenue is projected to grow from 238.26 million yuan in 2022 to 396.80 million yuan in 2024, with net profit increasing from 59.10 million yuan to 103.99 million yuan during the same period [1]. - The company has maintained profitability while many in the industry face losses due to intense competition [1]. Product Overview - The main business of Qingheng Micro includes the research, design, and sales of interface chips and interconnected MCU chips, which are essential for information exchange and connectivity in electronic devices [3][4]. - The company focuses on USB, Bluetooth, and Ethernet interfaces, with USB being its primary revenue source, accounting for 52.38% of total revenue in 2024 [8]. Technology and Innovation - Qingheng Micro has developed a proprietary IP system that includes processor, PHY, controller, and protocol stack technologies, allowing for a more integrated and efficient chip design process [4][17]. - The company’s self-developed "Qingke" series of processors has shipped over 100 million units, demonstrating competitive performance against mainstream foreign processors [6][12]. Market Applications - The primary application areas for Qingheng Micro's products include industrial control and connectivity (52.60% of revenue), IoT networking (25.54%), and computer and mobile peripherals (21.86%) [15]. - The company’s products are designed to meet the growing demand for connectivity and digitalization in various sectors [9][20]. Future Plans and Funding - Qingheng Micro plans to raise funds through its IPO to invest in three key projects: USB chip development, network chip development (including Bluetooth and Ethernet), and full-stack MCU chip development, with a total investment of approximately 931.54 million yuan [28][29]. - The company aims to enhance its core technology and expand its product offerings in high-speed USB, Ethernet, and low-power wireless communication technologies [29][30].

Group 1: Federal Reserve Predictions - Goldman Sachs anticipates the Federal Reserve will lower interest rates in September instead of December, citing lower-than-expected inflation impacts from tariffs [1] - Goldman Sachs predicts three rate cuts of 25 basis points each in September, October, and December, adjusting the terminal rate forecast to 3-3.25% [1] - Morgan Stanley analysts believe the likelihood of rate cuts in the upcoming meetings remains low, with most Fed officials supporting a cautious stance [2] Group 2: Corporate Profitability and Tariffs - Goldman Sachs highlights that U.S. corporate profit margins will face significant challenges in the upcoming earnings season due to the direct impact of tariffs, which have increased costs by approximately 10 percentage points since the beginning of the year [1] - The report indicates that while most of the increased costs are expected to be passed on to customers, if companies are forced to absorb higher-than-expected costs, profit margins will be under pressure [1] Group 3: Currency and Economic Data - Analysts from Deutsche Bank suggest that the outlook for the U.S. dollar depends on the underlying reasons for rate cut expectations, with potential short-term rebounds if inflation impacts from tariffs are limited [3] - Dutch International Group anticipates that upcoming U.S. economic data, particularly the non-farm payroll report, may provide support for the dollar index, limiting its decline [4] Group 4: Commodity Prices and Market Trends - CITIC Securities maintains a bullish outlook for copper prices, predicting they will rise to $10,000-$11,000 per ton in the second half of the year, supported by stable economic growth in China and the U.S. [6] - The report emphasizes that the copper market remains tight, with limited upstream production and a need for further macroeconomic policy support to sustain price increases [6] Group 5: Investment Opportunities - Baosheng Group suggests that while the U.S. stock market presents unique opportunities, diversifying investments into Europe, China, and India may yield better value and risk-adjusted returns [5] - The report highlights the attractiveness of U.S. corporate sectors, particularly selected tech stocks, defensive stocks, and high-dividend stocks [5]

Market Overview - A-shares opened mixed with the Shanghai Composite Index up 0.04%, Shenzhen Component down 0.06%, and ChiNext down 0.18% [1] - The sectors showing strength include photovoltaic, military industry, semiconductors, online gaming, and electric power [1] External Market - The Dow Jones Index rose by 0.63% to 44,094.77 points, the S&P 500 Index increased by 0.52% to 6,204.95 points, and the Nasdaq Index gained 0.47% to 20,369.73 points [2] - Most popular Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 0.49%. Notable declines include Alibaba down 0.59%, JD.com down 1.30%, and NIO down 0.87%. However, NetEase rose by 1.45% [2] Industry Insights - **Wind Power**: Everbright Securities maintains a positive outlook on the wind power equipment sector, expecting stable pricing and improved profitability by 2026 due to larger turbine sizes and cost reductions in components. The recent policy changes are anticipated to revitalize wind power development and sales [3] - **eSIM Technology**: China International Capital Corporation (CICC) highlights the potential resurgence of eSIM technology, which offers advantages such as compact size, low cost, and high security. This technology is expected to gain traction with the rise of consumer electronics miniaturization and the Internet of Things [4] - **Battery Supply Chain**: Huatai Securities is optimistic about the battery segment, noting a marginal improvement in supply and demand. The production forecast for July indicates a battery output of 108.3 GWh, a 1.9% increase month-on-month. The growth is driven by the increasing penetration of electric commercial vehicles in the domestic market [5]

中金研究 eSIM卡（Embedded SIM）是一种数字化的SIM卡技术，其物理硬件在出厂前就被预先嵌入到了电子产品的硬件中，不可拆卸。 我们认为，eSIM卡具 备小尺寸、低成本、安全性高、便捷性好的优势，能够节省终端设备的空间、为产品设计提供灵活性，有望在消费电子小型化、物联网兴起的趋 势下热度重启。 点击小程序查看报告原文 Abstract 摘要 电信卡向小型化与功能升级双规演进，eSIM迎发展机遇。 从20世纪70年代磁卡起步，历经IC卡至移动时代SIM卡持续迭代，物理尺寸从 85.6mm×54mm信用卡规格缩减至15mm×12mm的Micro SIM，Nano SIM卡的尺寸进一步缩小三分之一；功能则从基础通讯存储升级为支持网络 认证与加密算法的USIM卡。 我们认为，eSIM有望以嵌入式的形态终结物理卡槽，通过OTA技术实现远程配置，顺应设备轻薄化与物联网扩容的趋 势。 eSIM以小尺寸、低成本、高安全性赋能用户体验，运营商配合意愿亟待提升。 SIM卡方案中，设备需要预留卡槽空间；eSIM则直接焊接于设备主板， 在加强设备密封性，提高防水、防尘性能的同时，为电池、摄像头模组等零件预留更多空间，助力 ...

Core Viewpoint - Unisoc (紫光展锐) has successfully positioned itself as the fourth largest smartphone chip manufacturer globally, achieving significant growth in market share and revenue through strategic partnerships and product development in the mid-range and low-end markets [3][4][12]. Group 1: Company Background and Development - In March 2023, Unisoc completed its transformation into a joint-stock company, changing its name to 紫光展锐（上海）科技股份有限公司 [2]. - The company has received substantial financial backing, including a credit line of 3.2 billion yuan from a consortium of five major banks and multiple rounds of equity financing totaling 60 billion yuan [2]. - Unisoc was formed through the merger of 展讯通信 and 锐迪科, which were pioneers in GSM and RF chip technology, respectively [5][6]. Group 2: Market Performance and Positioning - In Q1 2025, Unisoc held a 10% share of the global smartphone AP-SoC market, ranking fourth behind MediaTek, Qualcomm, and Apple [2]. - The company achieved a remarkable 14% market share in smartphone chip shipments in 2024, with over 1.6 billion chips shipped, indicating a strong presence in the mid-range and low-end markets [3]. - Unisoc's 5G chip sales surged by 82% year-on-year in 2024, contributing significantly to its overall market share growth [6]. Group 3: Product Innovations and Future Strategies - Unisoc has focused on developing cost-effective 5G solutions, launching its first 5G chip, the Tiger T7510, in 2020, which has been well-received in the market [6]. - The company is diversifying its product offerings by entering new markets such as smart automotive, IoT, and satellite communication, with products like the A7870 automotive chip and V517 5G RedCap chip [7][8][9]. - Unisoc is also making strides in the mid-range market with the introduction of the T9100 processor, aiming to enhance its competitive position against leading chip manufacturers [11].