必读要闻一：AI赋能后交互性大幅提升，目前产业链正加速将传统产品AI化 据媒体报道，近日，商汤科技与广东省汕头市澄海区人民政府正式签署战略合作协议，携手共建全国首 个"AI+玩具"产业基地，推动人工智能与传统玩具产业深度融合。 AI赋能后，玩具的交互性、趣味性及把玩性大幅提升。东北证券指出，AI玩具赋予了玩具"动"的能力， 即交互、陪伴与教育（问答）三重能力，整体需求向全年龄段辐射，AI有望成为继潮流IP之后玩具市场 的核心催化剂，潜力将远超潮玩爆发时期的Z世代。从中性角度判断，AI玩具渗透率提升速度至少达到 潮流玩具玩的渗透速度，预计2026/2028/2030年国内渗透率有望达到29%/41%/47%，2030年国内市场有 望接近850亿元。 的主力。看好具备领先技术能力、积极扩充高阶PCB产能、海外客户卡位合作相对领先的头部PCB公 司。 必读要闻四：江苏省医保局公示脑机接口相关医疗服务价格项目 据媒体报道，香港金管局印发实施稳定币发行人监管制度，稳定币发行人监管制度将于8月1日生效。任 何机构有意申请牌照以进行受规管稳定币活动，应向牌照组表达其意向。此举有助进行初步、非正式的 讨论，让牌照组能更深入了 ...

Investment Rating - The industry rating is "Outperform the Market" [3][23]. Core Viewpoints - The report indicates that the scale of margin trading is expected to surpass previous highs, with brokerages and financial IT sectors experiencing volatility [1]. - The report emphasizes that significant domestic and international events in July may influence market strength, with a focus on internal issues such as capacity reduction and PPI recovery [1][9]. - The report suggests that the insurance sector is currently undervalued, presenting an opportunity for valuation recovery [12]. Summary by Sections 1. Main Points - The report highlights that the Shanghai Composite Index was at 4058.55 points, reflecting a 1.09% increase, while the insurance index decreased by 1.35% [7]. - The report notes that the U.S. core CPI has been below expectations for five consecutive months, which may lead to calls for interest rate cuts [7]. - The report discusses the establishment of a regulatory framework for digital stablecoins in the U.S. [7]. 2. Key Investment Portfolio 2.1 Insurance Sector - The report recommends focusing on companies like China Ping An, China Pacific Insurance, and New China Life for their strong operational performance and growth potential [12]. - It mentions that the insurance sector is currently at a low valuation level, making it attractive for investment [12]. 2.2 Brokerage Sector - The report suggests focusing on mid-sized securities firms benefiting from innovation and market conditions, such as East Money and Zhejiang Securities [13]. - It also highlights the importance of large, stable brokerage firms with diversified revenue structures, recommending Huatai Securities and others [13]. 3. Market Trends - The report indicates that the market is experiencing increased volatility due to factors such as trade relations and new public fund regulations [9]. - It emphasizes the need to monitor the impact of currency fluctuations and upcoming political meetings on market dynamics [8][9].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, it is expected that stock index futures will show a strong - biased oscillation, and futures such as alumina, zinc, lithium carbonate, coking coal, rebar, hot - rolled coil, iron ore, glass, soda ash, and PVC will oscillate with a strong bias on July 21, 2025 [1][2]. - Multiple policies are being implemented to support economic development, including promoting the stable growth of key industries, encouraging foreign investment, and regulating market competition [10][11][12]. 3. Summary by Relevant Catalogs 3.1 Futures Market Outlook - **Stock Index Futures**: On July 21, 2025, stock index futures will be strongly - biased oscillating. For example, IF2509 has resistance levels at 4070 and 4100 points and support levels at 4042 and 4030 points [2]. - **Bond Futures**: On July 21, 2025, the ten - year Treasury bond futures main contract T2509 and the thirty - year Treasury bond futures main contract TL2509 will likely oscillate weakly [3]. - **Commodity Futures**: Many commodity futures, such as gold, silver, copper, alumina, zinc, etc., are expected to oscillate strongly or with a strong bias on July 21, 2025. For instance, the gold futures main contract AU2510 will likely oscillate strongly with resistance levels at 781.8 and 786.8 yuan/gram and support levels at 776.8 and 773.8 yuan/gram [3]. 3.2 Macro - news and Trading Tips - **Domestic News**: The Ministry of Commerce responded to relevant trade issues, and multiple departments launched policies to support industrial development, including promoting the stable growth of key industries and regulating the new energy vehicle industry [10][11][12]. - **International News**: There are various international events, such as the G20 meeting, US - related policies (e.g., defense appropriation bill, Fed's potential interest - rate cut), and EU's sanctions on Russia [14][16][17]. 3.3 Futures Market Analysis and Outlook - **Stock Index Futures**: On July 18, 2025, major stock index futures contracts showed different trends. For example, IF2509 opened slightly higher and oscillated upwards, closing at 4041.8 points, up 0.91% [23]. - **Bond Futures**: On July 18, 2025, most bond futures contracts closed lower. The ten - year Treasury bond futures main contract T2509 opened slightly lower, oscillated downwards, and closed at 108.790 yuan, down 0.08% [46]. - **Commodity Futures**: Different commodity futures had their own trends on July 18, 2025. For example, the silver futures main contract AG2510 opened slightly lower, oscillated upwards, and closed at 9273 yuan/kilogram, up 1.36% [61].

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - Gold is expected to oscillate, with short - term decline, medium - term oscillation, and intraday oscillation with a weak bias due to the strengthening of the US dollar [1][3]. - Copper is expected to be strong in the short term, with short - term increase, medium - term oscillation, and intraday increase, driven by the recovery of the domestic and foreign macro - economy after the market digests the impact of US tariffs [1][4]. 3. Summary by Related Catalogs Gold - **Price Performance**: Last week, New York gold oscillated around $3350, and Shanghai gold oscillated around 777 yuan [3]. - **Driving Factors**: The signing of the "Genius Act" by US President Trump on July 18 is expected to strengthen the US dollar index, which is negative for gold prices [3]. Copper - **Price Performance**: Last week, the Shanghai copper futures price decreased with reduced positions and then stabilized and rebounded at the 78,000 - yuan level. The open interest dropped below 500,000 contracts, and on Friday night, the main futures price rose to the 79,000 - yuan mark [4]. - **Driving Factors**: Good US economic data on Thursday night and positive domestic macro - news on Friday led to a general rise in commodities. The upcoming release of the growth - stabilization plan for ten key industries is expected to continue to drive up copper prices [4].

Group 1: New Central Enterprise - China Yajiang Group - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan [2] - China Yajiang Group has been established as the 22nd central enterprise, following China Three Gorges Corporation and preceding State Energy Investment Corporation [2] Group 2: A-Share Merger - The China Securities Regulatory Commission has approved the merger of China Shipbuilding (600150.SH) and China Shipbuilding Industry Corporation (601989.SH), marking a significant step in the integration of major shipbuilding platforms [3] - Post-merger, the total asset scale of the surviving company will exceed 400 billion yuan, positioning it as the world's largest publicly listed shipbuilding company [4] - Both companies have reported earnings forecasts that significantly exceed market expectations, with China Shipbuilding projecting a 98.25% to 119.49% increase in net profit for the first half of 2025 [4] Group 3: New Energy Vehicle Industry Regulation - The Central Fourth Guidance Group is focusing on addressing irrational competition in the new energy vehicle industry, emphasizing the importance of regulatory measures for high-quality development [5][6] - A joint meeting by the Ministry of Industry and Information Technology, National Development and Reform Commission, and State Administration for Market Regulation has been held to further standardize competition in the new energy vehicle sector [6][7] - Key measures include enhancing supervision, establishing long-term mechanisms, and strengthening industry self-discipline to foster a healthy competitive environment [6][7] Group 4: Low-altitude Economy Development - The National Development and Reform Commission has convened a meeting to promote the safe and healthy development of the low-altitude economy, emphasizing the need for tailored approaches based on local conditions [8] - The meeting highlighted the importance of safety in development and the establishment of regulatory frameworks to prevent inefficient and harmful competition in the low-altitude industry [8] Group 5: Key Industries Growth Plans - The Ministry of Industry and Information Technology is set to release growth plans for ten key industries, including steel, non-ferrous metals, and petrochemicals, focusing on structural adjustments and the elimination of outdated capacity [9] Group 6: Stablecoin Legislation in the U.S. - President Trump has signed the "Guidance and Establishment of a National Innovation Act for Stablecoins," marking the first formal regulatory framework for digital stablecoins in the U.S. [10] Group 7: Stock Market Performance - The Nasdaq Composite Index reached a new historical high, with a slight increase of 0.05%, while major tech stocks showed mixed performance [11] - Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index increasing by 0.6% [12] Group 8: Upcoming Events - The 2025 World Artificial Intelligence Conference is scheduled to take place from July 26 to 28, featuring over 800 global enterprises and a record exhibition area [13] - The first batch of mid-year reports from Shenzhen Stock Exchange companies will be released soon, with several companies set to disclose their financials [14]

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Views - The computer index increased by 2.12% during the week of July 14-18, 2025, while the CSI 300 index rose by 1.09% [4][15] - The signing of the stablecoin regulatory bill by President Trump marks the establishment of a regulatory framework for digital stablecoins in the U.S., indicating a shift towards compliance in the stablecoin market [5][11] - The implementation of the stablecoin ordinance in Hong Kong on August 1, 2025, will require licenses for issuing stablecoins, which is expected to accelerate the entry of traditional banks and fintech companies into the market [6][12] Summary by Sections Market Review - The CSI 300 index rose by 1.09% and the computer index increased by 2.12% during the week of July 14-18, 2025 [4][15] Industry Dynamics - The stablecoin market is expanding from cryptocurrency trading to broader payment applications, with significant growth in market size and trading activity [7][13] - The U.S. stablecoin regulatory framework and Hong Kong's licensing requirements are expected to create investment opportunities in the stablecoin and RWA (Real World Assets) markets [7][13][14] Company Updates - State Grid Information & Communication Co. reported a total revenue of 352.47 million yuan for the first half of 2025, a decrease of 4.55% year-on-year, while net profit attributable to shareholders fell by 10.82% [16] - Nova Star Cloud plans to invest up to 35 million yuan in a venture capital fund to optimize its strategic layout and long-term asset allocation [18] Notable Developments - Kimi K2 has topped the global open-source model rankings, showcasing the competitive edge of Chinese models in the AI space [26][27] - OpenAI announced the launch of the "ChatGPT Intelligent Agent" feature, allowing its AI chatbot to autonomously browse the web and conduct research [28]

Group 1: Regulatory Framework - The signing of the "Genius Act" by President Trump establishes the first regulatory framework for digital stablecoins in the U.S. [1] - The act aims to support the issuance of stablecoins backed by liquid assets such as U.S. dollars or short-term government bonds, requiring issuers to disclose reserve details monthly [2] Group 2: Market Impact - Following the signing of the stablecoin legislation, stocks of cryptocurrency companies like Robinhood and Coinbase saw increases of 4.1% and 2.2%, respectively [1] - The two largest stablecoins, Tether (USDT) and USD Coin (USDC), account for approximately 90% of the total market capitalization of stablecoins [4] Group 3: Growth of Stablecoins - The stablecoin market has experienced rapid growth since its inception in 2014, with a market value of only $20 billion in 2020 [5] - Over 90% of Bitcoin transactions are settled using USDT/USDC, establishing them as the "crypto dollar standard" [5] - In emerging markets, stablecoins have become a "digital safe-haven asset," representing 72% of cryptocurrency trading volume in those regions [5] Group 4: Economic Considerations - Experts suggest that the U.S. must fulfill its global responsibilities and commitments to maintain economic stability, which is crucial for the future development of stablecoins [1]