Report Industry Investment Rating - The global economy in the macro and financial sector is rated as (bullish) [1] Core View - The global economy maintains an upward trend. China strengthens its domestic cycle, Asian exports are strong, and the terminal demand is considered strong. Market expects the Fed to cut interest rates in September 2025 and accelerate rate - cuts in 2026. China's comprehensive rectification of involution - style competition is expected to boost listed company performance. The European Central Bank has cut interest rates 8 times, Germany is expanding its military by 30%, and Meta plans to invest hundreds of billions of dollars in building large - scale data centers [1] Summary by Related Information AI Investment - AI investment covers three major directions: computing power, data, and downstream applications. The global data center construction in computing power is booming, and in application fields such as AI agents, intelligent driving, and intelligent terminals, China has many globally competitive enterprises [1] Eurozone Government Bonds - As the US dollar's safe - haven status is questioned, central banks around the world are increasing their allocation of eurozone government bonds, and the subscription ratio in eurozone government bond issuance has risen from 16% last year to 20% so far this year [1] Central Bank Independence - After JPMorgan Chase's Dimon took the lead, executives from Goldman Sachs, Bank of America, and Citigroup also voiced their support for the central bank's independent operation without White House intervention [1] Japanese Stock Market - With the upcoming Japanese election, Japan's $6.8 trillion stock market faces a "reckoning" moment. Polls suggest that the ruling coalition led by Prime Minister Ishiba Shigeru may lose its majority in the Senate election this weekend [1] Stablecoin Business - JPMorgan Chase's CEO Dimon and Citigroup's CEO Fraser said they will participate in the stablecoin business, and JPMorgan needs to accept stablecoins to keep up with competitors [1] Tariffs and Inflation - New York Fed President Williams expects tariffs to add about one percentage point to inflation from the second half of 2025 to 2026, although the current comprehensive data shows only a relatively limited impact of tariffs [1] xAI's Expansion - Musk's xAI is looking to expand its infrastructure in the Middle East to power its computing - intensive AI models with the region's cheap energy, abundant capital, and political goodwill [1] Trump's Tariff Plan - Trump plans to impose tariffs slightly higher than 10% on at least 100 countries, including those in Africa and the Caribbean [1] Economic Data - The final value of the US Markit Manufacturing PMI in June 2025 was 52.0, continuing to expand. China's PMI production index and new order index in June 2025 resumed expansion. Germany's industrial output in May 2025 increased by 1.2% month - on - month [1]

2025 年 07 月 11 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：76 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 76 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：数据、跨境支付、创新药 1、数据主题：据《央视新闻》报道，为了破解数据流通 交易效率不高的难题，国家数据局、国家市场监督管理总局 首次推出数据流通交易便利化举措，发布数据流通交易合同 示范文本，为有需要的经营主体提供参考。有关企业反馈， 合同应用将大幅降低数据流通交易的协商成本，预计可提升 30%的效率。相关 标 的：奥飞数据（ 300738）、易华录 （300212） 2、跨境支付主题：7 月 4 日，央行发布《人民币跨境支 付系统业务规则（征求意见稿）》，向社会公开征求意见至 8 月 3 日。此次修订简化境外机构参与条件 ...

Group 1 - The core viewpoint highlights the rapid growth and significant achievements of Chaojuvian Digital Technology Co., Ltd., which has been recognized as a unicorn enterprise in China for three consecutive years and ranked 47th globally in the 2023 unicorn list with a valuation of 8.92 billion USD [1] - Chaojuvian's revenue has shown remarkable growth, surpassing 10 billion CNY in 2022, over 28 billion CNY in 2023, and projected to exceed 40 billion CNY in 2024, indicating a strong upward trajectory [1] - The company has established itself as a leader in the computing server industry, holding the second position in the Chinese server market and the first in the AI server market, with a compound annual growth rate of over 50% in overseas markets [1] Group 2 - Chaojuvian has deployed nine R&D centers, six supply centers, six technical service centers, seven regional offices, and twelve core laboratories globally, continuously providing a variety of server products and solutions to customers worldwide [2] - The company benefits from strong support from local governments, which has facilitated its rapid growth and development, particularly in areas such as employee relocation and infrastructure support [2] - Chaojuvian has expanded its business into new sectors, including smart city and green energy, while focusing on four core technologies: AI, computing, data, and energy, thereby providing comprehensive services to cities and enterprises [3] Group 3 - Chaojuvian is positioned as a leader in the advanced computing industry chain in Henan, aiming to strengthen local ecological cooperation and attract more investments to the region [3] - The company is committed to deepening the integration of production, education, and research to accelerate the development of the software industry and build a robust software ecosystem in Henan [3] - Future strategies will focus on independent development across multiple industries based on core technologies, with an emphasis on local ecological partnerships to support the growth of Henan's computing industry [3]

Core Insights - The National Development and Reform Commission (NDRC) reported significant progress in the Shenzhen Comprehensive Reform Pilot over the past five years, with various reform tasks being implemented effectively [1] Group 1: Innovation Development - Shenzhen has introduced numerous innovative measures, including the pilot program for a unified cross-border capital pool for both domestic and foreign currencies, allowing multinational corporations to manage their currency transactions freely. As of the end of May this year, 55 multinational companies participated in this pilot, with a transaction volume reaching 340 billion USD [1] - The financial support mechanisms for technological innovation have been continuously improved, with a total of 104 intellectual property securitization products issued, amounting to 22.5 billion CNY, benefiting 1,535 enterprises and effectively supporting the development of technology-driven companies [1] Group 2: Legislative Initiatives - Shenzhen has introduced several pioneering regulations, including those for artificial intelligence, intelligent connected vehicles, data management, cell and gene industries, personal bankruptcy, and low-altitude economy, filling legislative gaps and providing valuable experience for national legislation in related fields [1]

Group 1 - The core idea emphasizes the need to transition from dualistic thinking to holistic thinking, recognizing that the value of the whole often exceeds the sum of its parts [1] - Traditional industries have made significant progress through the transformation of knowledge and information over the past 50 years, indicating that knowledge as a fundamental resource can create new value and business models [1] - Knowledge-driven enterprises, particularly digital-native companies and traditional firms excelling in digital transformation, are experiencing rapid growth despite many companies facing stagnation [1] Group 2 - The concept of symbiosis arises from the new space created by knowledge, highlighting that knowledge and creativity are significant sources of productivity [2] - The exploration of knowledge has been a fundamental question since ancient times, with Socrates questioning the essence of knowledge [3] - Various philosophical perspectives on knowledge have evolved, including the idea that knowledge is a belief, an objective fact, or a dynamic cognition based on action [7][10][12] Group 3 - The understanding of knowledge involves recognizing the relationship between objective facts and subjective cognition, emphasizing the role of experience [19] - Knowledge is defined as a dynamic process that involves the transformation of cognition and action, which is crucial for effective practice [19] - The integration of knowledge and action is essential, as true knowledge must manifest in practice to be considered valid [21]

美联储洛根：需等待更多数据，以获得对政府政策的更大确定性。 ...

Core Viewpoint - The article discusses the evolution of wealth distribution through different historical periods, emphasizing that ownership of key production factors determines wealth accumulation. It highlights the transition from slave owners to industrial capitalists, then to financial capitalists, and now to platform digital capitalists, with data emerging as a new critical production factor [1]. Group 1 - The most profitable entities have shifted from slave owners to industrial capitalists, and now to platform companies in the digital age, indicating a change in the key production factors over time [1]. - The emergence of data as a new production factor is crucial, as it can significantly enhance productivity and efficiency in businesses, exemplified by the case of a company reducing waste feedback time from 24 hours to 15 minutes through digital monitoring [2]. - The production organization, output structure, and distribution methods in service-oriented enterprises are being transformed by data, which is now a determinant of production capacity [2]. Group 2 - The year 2025 is projected to be a pivotal moment where businesses must either evolve or face obsolescence, with global trade tensions and AI reshaping the foundational logic of commerce [3]. - The current era is characterized as a golden age for disruptors, suggesting that those who engage with AI entrepreneurs and industry experts will uncover unique opportunities [4]. - The spirit of entrepreneurship is emphasized, with initiatives aimed at connecting entrepreneurs to foster collaboration and resource sharing, highlighting the importance of community in navigating the challenges ahead [5].

Kyndryl（勤达睿）宣布在法国投资1亿欧元用于数据、人工智能和网络弹性领域。 ...

Group 1 - AMD reported a strong Q1 2025 performance with revenue of $7.438 billion, a year-over-year increase of 35.90%, exceeding market expectations of $7.13 billion [3] - The data center segment, which includes AI graphics and CPUs, generated $3.674 billion in revenue, up 57.21% year-over-year, with an operating margin of 23.37% [3] - AMD anticipates Q2 2025 revenue of approximately $7.4 billion, with a non-GAAP gross margin expected to be 43%, impacted by $800 million in inventory and related reserve costs due to new export controls [3] Group 2 - Supermicro's Q3 2025 revenue was $4.6 billion, a year-over-year increase of 19.48%, but significantly below market expectations of $5.42 billion [6] - Non-GAAP diluted earnings per share for Supermicro fell 53.03% year-over-year to $0.31, also below market expectations of $0.50 [6] - Supermicro lowered its full-year revenue guidance from $23.5 billion-$25 billion to $21.8 billion-$22.6 billion due to delayed customer deliveries and increased inventory reserves [6] Group 3 - The AI semiconductor industry faces challenges due to new tariffs and export controls, significantly impacting companies like Nvidia and AMD [8] - Nvidia's CEO indicated that being excluded from the Chinese AI market would result in substantial losses, as the Greater China region accounted for 39% of its revenue in FY2024 [8] - The uncertainty from U.S. policies and tariffs may lead clients to postpone expansion and technology upgrades, affecting the upstream supply chain, including companies like Supermicro [7][9]