文 | 空纸 前言 在全球化浪潮退潮与地缘博弈升温的当下，金融资本的流动性已不仅仅是经济层面的考量，更成为国家 安全、科技自主与社会稳定的重要变量。 其中，贝莱德（BlackRock）——这家掌控超10万亿美元资产、被称为"金融帝国"的巨头，在中国的动 作正引起越来越多的警觉。 它的投资逻辑不仅覆盖企业财务和股票走向，更深入公司治理、数据掌控和产业战略。这不仅是一场关 于利润的博弈，更是一次资本与国家意志之间的"无声对抗"。 当这艘看似低调的"金融航母"悄然驶入中国市场，我们必须问：欢迎外资之余，是否也筑好了规则的护 城河？ 从债券小厂到金融帝国 1988年，一个不起眼的小型资产管理部门在美国纽约悄然诞生。它的启动资金仅为500万美元，借自当 时风头正劲的黑石集团。然而三十余年后，这家公司已成长为全球资产规模最大的管理机构，掌控的财 富总额超过11.5万亿美元，甚至超过全球十大银行资产的总和。 编辑 | 空纸 这场逆袭背后的核心人物，是贝莱德创始人兼CEO拉里·芬克（Larry Fink）。这个出身犹太裔家庭的金 融奇才，曾在三十出头就担任第一波士顿银行的高管。然而一场利率误判令他损失惨重，被迫黯然离 开，但 ...

创新是引擎，金融作燃料。作为重庆本土最大的地方金融机构、全国首家"A+H"股农商行——近年来， 重庆农村商业银行深入贯彻党中央、国务院有关科技金融的决策部署，严格落实市委、市政府及上级监 管部门相关工作要求，聚焦助力重庆"416"科技创新布局、"33618"现代制造业集群体系建设，全力支持 全市科技型企业做大做强。截至目前，该行科技型企业贷款余额超过800亿元、支持科技型企业超过 4000户。 据悉，以上这个案例只是重庆农商行扎实推进科技企业并购贷款政策落地的一个剪影，类似的案例还有 很多。据介绍，该行在全市范围内力推科技企业并购贷款业务，一方面，能够为企业提供更为充足的资 金和更为灵活的还款方式，有助于企业通过并购获取关键技术、人才和市场资源，帮助企业做大做强， 实现规模扩张和产业链整合；另一方面，企业能够加速科技成果转化，推动产业升级，提升其在国际国 内市场的竞争力、影响力。 "下一步，重庆农商行持续以政策引领为业务发展导向，在写好'科技金融'这篇大文章的过程中，充分 发挥地方法人银行'决策半径短、审批效率高、响应速度快'的总部独特优势，进一步聚焦全市'33618'现 代产业集群体系，积极构建覆盖科技型企 ...

Core Insights - Shanghai Mengxiang Technology (Group) Co., Ltd. has formed a strategic partnership with the Gen Z brand Zhenbuni to explore innovative applications of plant healing in the wellness market, aiming to provide higher quality wellness experiences for young consumers [1][2] - Zhenbuni, established in 2020, has quickly gained market recognition with a cumulative online sales exceeding 1 billion yuan, positioning itself as a top brand in the foot bath category on platforms like Tmall and Douyin [1] - The collaboration will leverage Mengxiang Technology's platform advantages and channel resources to enhance Zhenbuni's reach in the private domain e-commerce space, promoting wellness culture among consumers [1][2] Company Developments - The partnership marks a significant step for Mengxiang Technology in expanding its influence in the light wellness sector, aligning with current consumer trends and diverse user needs [2] - Mengxiang Technology's cross-border beauty industry head emphasized the collaboration's potential to drive the development of the Gen Z wellness market, creating greater value for consumers [2] - Future initiatives will include deep collaboration in product development, user insights, and marketing promotion, aiming to deliver more convenient, fashionable, and tech-savvy wellness solutions [2]

Core Viewpoint - The integration of artificial intelligence in the power marketing system is significantly enhancing the efficiency and quality of power supply scheme generation, particularly through the deployment of the "Marketing 2.0" initiative by State Grid Information Communication Co., Ltd. and its subsidiary Beijing Zhongdian Puhua Information Technology Co., Ltd. [1][2] Group 1 - Beijing Zhongdian Puhua has supported State Grid Jiangsu Electric Power in deploying a power supply scheme generation scenario focused on three high-frequency business areas: high-voltage new capacity addition, low-voltage non-residential new capacity addition, and new charging pile capacity addition [1][2] - The "Marketing 2.0" intelligent generation of power supply schemes was showcased at the State Grid's Guangming Big Model launch event, marking a significant step in the application of AI technology in marketing operations [1] - The intelligent generation of power supply schemes is a core business segment in power marketing, directly impacting user electricity experience [1][2] Group 2 - The project utilizes a combination of "large model + RAG + prompt engineering" technologies to achieve intelligent breakthroughs in planning and business reasoning, focusing on precise analysis and reasoning of key fields [2] - Future plans include enhancing the unified software service support capabilities for Marketing 2.0, improving system stability and reliability, and developing digital and intelligent products aimed at customer service [2] - The initiative aims to create a multi-faceted research and development approach, advancing various key scenarios such as intelligent customer service alongside the intelligent generation of power supply schemes [2]

2025年夏季达沃斯论坛（新领军者年会）在天津举行（郑瑜/摄影） "我们可以看到，盲目跟风投资会扰乱市场定价机制，而中国正在积极引导投资方向，避免同质化投 资，这一举措意义重大。在科技、生物技术、机器人等竞争激烈的领域，中国正展现出强劲的发展势 头。"唐家成表示。 他认为，中国在吸引人才方面持续发力，当人才、资本与发展动力三者兼备时，技术发展将驶入快车 道。以"深度求索"（DeepSeek）为例，过去，人们普遍认为发展前沿技术需要巨额资金投入，用于开发 大型通用技术项目，如大语言模型。然而，如今通过更聚焦的方式，"深度求索"模式为中小国家带来了 新机遇——这些国家无须耗费巨额资金投入通用型项目，而是可以利用开源技术，并通过收益共享机制 参与技术创新。 他表示，由此可见，中国正在为技术创新注入新的内涵与路径，这正是未来发展的关键所在。对于亚洲 和中东地区而言，聚焦技术应用，以技术驱动自身发展，或将成为区域经济增长的核心引擎。 （编辑：李晖 审核：何莎莎 校对：翟军） 6月24日上午，2025年夏季达沃斯论坛（新领军者年会）在天津举行。 香港交易及结算所有限公司（香港交易所）主席唐家成在论坛上表示，当前，各界普遍 ...

Core Viewpoint - Shanxi Zezhou Rural Commercial Bank is actively supporting the summer grain harvest by providing timely financial services to meet the funding needs of farmers during the busy agricultural season [1][3]. Group 1: Financial Support Initiatives - The bank has implemented a "green channel" for credit applications, prioritizing loan approvals and disbursements to ensure that funds are available ahead of the agricultural timeline [3]. - In 2023, the bank has disbursed a total of 2.683 billion yuan in agricultural loans, significantly aiding the summer grain harvest and ensuring food security for the year [3]. Group 2: Case Study of a Farmer - Wang Zhiping, a large-scale wheat farmer, expanded his planting area to over 2,000 acres this year and faced funding shortages for labor and machinery costs, as well as for purchasing and storing wheat [2]. - The bank responded to Wang's financial needs by providing a specialized loan product, "Zenong Loan," amounting to 2 million yuan, which alleviated his immediate funding pressure [2]. Group 3: Operational Strategies - The bank employs a grid-based approach to assess the financial needs of farmers, ensuring that services are tailored to the specific requirements of grain producers [3]. - By conducting on-site visits and understanding the production plans of farmers, the bank can accurately match financial products to their needs, thereby enhancing the efficiency of its services [2][3].

Core Viewpoint - The Agricultural Development Bank of China (ADBC) Sichuan Jingyan County Branch is committed to serving the real economy by providing tailored financial services to meet diverse needs, thereby enhancing local economic development [1]. Group 1: Credit Investment - The ADBC Jingyan County Branch focuses on major project planning and actively engages with key sectors and enterprises, conducting nine marketing and outreach activities covering over 20 market entities [2]. - The branch has issued a total of 593 million yuan in various loans this year, with a focus on supporting agricultural modernization in Jingyan and Shawan, ensuring that policy benefits reach the real economy effectively [2]. Group 2: Cost Reduction for Enterprises - The ADBC Jingyan County Branch implements a policy of reducing fees and providing benefits, ensuring that clients enjoy all entitled policy advantages by adhering to the principle of "maximizing reductions and exemptions" [2]. - The branch has waived various fees for small and micro enterprises, including all account management fees and annual fees, resulting in a total cost reduction of approximately 70,000 yuan for enterprises this year [2]. Group 3: Service Optimization - The ADBC Jingyan County Branch enhances customer satisfaction through the "micro-renovation" of service outlets, improving the service environment and customer experience [3]. - The branch promotes digital services such as online appointments and remote guidance, making financial services more convenient and efficient for clients [3]. - Future plans include continuing to focus on serving the real economy with more precise services and robust measures to inject financial vitality into local economic development [3].

Group 1 - The core viewpoint of the articles highlights the proactive measures taken by Fengxin Rural Commercial Bank to support the summer harvest by providing timely financial assistance to farmers and grain processing enterprises [1][2]. - Fengxin Rural Commercial Bank has introduced the "Bai Fu·Nong Bao Loan" product to address the liquidity issues faced by local grain processing businesses, enabling them to purchase summer grain and upgrade equipment [1][2]. - The bank has established a "green channel" for summer grain purchase credit services, ensuring quick loan processing to meet the urgent financial needs of farmers and individual grain collectors [2]. Group 2 - The bank's strategy includes early planning and active communication with local communities to assess the scale of arable land, expected yields, and purchase prices, thereby effectively managing the credit demand during the summer harvest season [2]. - The bank aims to enhance its role as a local financial leader by continuously increasing credit support and optimizing financial service models to facilitate grain purchasing, storage, and sales, ultimately promoting rural revitalization and farmers' income growth [2].

这是苹果中国直营渠道首次参加以旧换新国家补贴活动，体现了国补对内外资品牌一视同仁及国补补优品的导向。 这是苹果公司在中国的直营渠道首次参加以旧换新国家补贴活动（简称"国补"）。2025年，国补覆盖的产品从家电延伸到手机等3C数码产品。第一财经记 者注意到，今年年初起，苹果的手机等产品在经销商、电商平台等渠道已开始参与国补活动。 此前，部分地区国补暂停。业内资深人士向第一财经记者表示，北京、上海的以旧换新国补一直没有停，这两地的资金调控比较得当，所以北京、上海延续 国补问题不大。这位人士还认为，苹果官宣直营渠道参与北京、上海两地国补，具有一定的信号意义，即国补对内外资品牌一视同仁；也体现了国补"让消 费者花更少钱、用更好产品"的政策导向。 有华北零售商告诉记者，目前北京的线上、线下销售渠道都还在实施家电及3C产品的国补。一位上海家电业资深人士说，上海也还在继续实施以旧换新国 补。 6月24日，苹果公司在其中国官方网站发布消息称，指定产品享国家补贴，至高省2000元人民币，仅限Apple store在线商店（北京收货地址）及零售店（上 海）。这则消息配图的产品涵盖苹果的智能手表、智能手机、平板电脑、电脑显示器等。 ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 今日，半导体产业链集体反弹，集成电路ETF（159546）涨超1.8%。 广发证券指出，高技术制造业PMI连续4月高于荣枯线至50.9%，延续较好发展态势。在半导体设备领 域，近年AI等新技术的快速发展带动汽车电子、新能源、物联网等领域需求增长，成为半导体板块的 重要成长动力。同时，中美贸易摩擦凸显供应链安全重要性，国内晶圆制造及配套环节加速发展势在必 行。固态电池、复合集流体等新技术兴起为锂电设备行业带来增长点，2025年将成为固态电池商业化关 键年，其成熟将带来设备的全面更新及价值量成倍提升。半导体设备国产化持续推进，政府通过产业政 策、税收等加大对本土半导体制造的支持力度。 集成电路ETF跟踪的是集成电路指数，该指数由中证指数有限公司编制，从A股市场中选取涉及集成电 路设计、制造、封装测试以及设 ...