Group 1 - The current A-share market is experiencing increased volatility, with significant fluctuations occurring within short time frames [1] - Historical analysis shows that the average gain during "valuation expansion" phases since 2005 is 21.9%, lasting an average of 53 trading days [1] - Factors leading to the end of valuation expansion include policy tightening, external negative shocks, and excessive valuation and sentiment [1] Group 2 - The recent "Big Beautiful Bill" signed by the US government aims to boost AI subsidies and promote domestic chip manufacturing, with a projected economic growth impact of 0%-0.6% by 2026 [8] - The bill's long-term effects may lead to a decrease in economic growth rates after 2028 [8] Group 3 - The Chinese government is focusing on stabilizing the real estate market by promoting the construction of safe, comfortable, and green housing [16] - Recent data indicates that the maximum electricity load in China reached a historical high of 1.465 billion kilowatts on July 4, 2025, driven by extreme heat [11] Group 4 - The semiconductor industry in Shenzhen is being promoted through ten measures aimed at high-quality development [15] - The aviation sector is seeing regulatory changes with the establishment of a leadership group to develop general aviation and low-altitude economy [12] Group 5 - The food delivery market is witnessing intense competition, with Meituan reporting over 1.2 billion orders in a single day [5][34] - The e-commerce platform Taobao is launching a significant subsidy campaign, aiming for a substantial increase in order volume [34] Group 6 - The latest industry trends indicate that the textile, light manufacturing, and media sectors are in a recession phase, while the computer, communication, and defense industries are expanding [27] - The pharmaceutical and food and beverage sectors are expected to see an increase in their economic outlook, while the construction materials and steel industries may experience a decline [28]

每经编辑｜胡玲 1 商务部贸易救济调查局负责人就公布对原产于欧盟的进口相关白兰地反倾销调查最终裁定答记者问 7月5日，商务部贸易救济调查局负责人就公布对原产于欧盟的进口相关白兰地反倾销调查最终裁定答记者问时表示，本案欧盟有关行业协会和企业按时提交 了价格承诺申请。调查机关依法审查后认为，其中34家企业的申请符合法律要求，决定予以接受。这些企业的产品向中国出口时，只要满足承诺条件，就不 会被征收反倾销税。当然，在执行过程中，如有证据表明并经调查机关审查后认定，有关企业违反价格承诺，则可停止适用价格承诺，并恢复征税。 2 福建、广东启动防汛防台风四级应急响应 今年第4号台风"丹娜丝"已于7月5日凌晨生成，据气象部门预测，"丹娜丝"将逐渐转向北偏东方向移动，强度逐渐加强，最强可达台风级，并向我国台湾岛 西南部到福建北部一带沿海靠近。中央气象台7月5日18时发布台风黄色预警。国家防总7月5日针对福建、广东启动防汛防台风四级应急响应，并派出工作组 赶赴福建协助指导防汛防台风工作。（央视新闻） 3 国内航线燃油附加费上调 日前，多家航空公司宣布自7月5日（含）起上调国内航线燃油附加费，国内航线旅客运输燃油附加费收取标准如 ...

阿里巴巴公告，2025年7月1日于纽约证券交易所购回70.03万股，每股购回价介于14.14至14.24美元之 间，付出的价格总额为997.28万美元。截至2025年7月31日，累计购回股份总数为140.83万股，累计付出 的价格总额为1993.96万美元。 ...

02 行业&个股 行业板块方面，除能源、原料和半导体分别收跌0.57%、0.09%和0.07%外，标普其他7大板块悉数收 涨：科技、通讯、房地产、医疗、日常消费、工业和公用事业分别收涨0.98%、0.79%、0.73%、 0.64%、0.52%、0.5%和0.41%。 昨夜美股三大股指集体收涨。道指涨 0.63%，纳指涨 0.47%，标普涨 0.52%。恐慌指数VIX涨2.51%至 16.73。美元指数昨日跌 0.5%，报96.77。美国十年国债收益率跌1.053%，收报4.229%，相较两年期国债 收益率差50.6个基点。现货黄金昨日涨0.87%，报3302.8美元/盎司。布伦特原油收涨0.3%至66.59。 中概股多数收跌，台积电跌 0.91%，阿里跌 0.59%，拼多多跌 0.46%，京东跌 1.3%，理想跌 1.31%，富 途涨 1.95%，小鹏跌 1.38%， 蔚来跌 0.87%。 大型科技股多数收涨。英伟达涨 0.15%，微软涨 0.3%，苹果收涨 2.03%，消息称苹果考虑为Siri引入外 部人工智能。亚马逊跌 1.75%，谷歌跌 0.49%，Meta涨 0.61%，博通涨 2.34%，伯克希尔 ...

阿里巴巴(BABA.N)：6月20日于纽约证券交易所回购70.56万股，耗资约1000万美元。 ...

Market Performance - The three major U.S. stock indices experienced slight gains, with the Dow Jones up 0.24% at 42,967.62 points, the S&P 500 up 0.38% at 6,045.26 points, and the Nasdaq up 0.24% at 19,662.48 points [1] - Major tech stocks showed mixed results, with Microsoft and Nvidia rising over 1%, while Intel, Apple, and Amazon saw slight increases; Tesla dropped over 2%, and Netflix, Google, and Meta experienced minor declines [1] - Popular Chinese concept stocks had varied performances, with Fangdd up over 7% and Kingsoft Cloud up over 3%; however, Xpeng Motors fell over 5%, NIO dropped over 3%, and Li Auto and Alibaba both declined over 1% [1] European Market - European stock indices closed mixed, with Germany's DAX down 0.74% at 23,771.45 points, France's CAC40 down 0.14% at 7,765.11 points, while the UK's FTSE 100 rose 0.23% to 8,884.92 points [1] Commodity Prices - International precious metal futures generally rose, with COMEX gold futures up 1.88% at $3,406.40 per ounce and COMEX silver futures up 0.41% at $36.41 per ounce [1] - International oil prices strengthened, with the main U.S. oil contract up 1.04% at $68.86 per barrel and Brent crude up 0.69% at $70.25 per barrel [1] Currency and Debt Markets - The U.S. dollar index fell 0.79% to 97.87, while the offshore RMB appreciated by 254 basis points against the dollar, reaching 7.1731 [1] - U.S. Treasury yields collectively declined, with the 2-year yield down 5 basis points at 3.897%, the 3-year yield down 5.85 basis points at 3.858%, the 5-year yield down 5.6 basis points at 3.961%, the 10-year yield down 6.11 basis points at 4.359%, and the 30-year yield down 7.71 basis points at 4.842% [1] - European bond yields also fell, with the UK 10-year yield down 7.6 basis points at 4.474%, France's 10-year yield down 4.5 basis points at 3.179%, Germany's 10-year yield down 6.1 basis points at 2.472%, Italy's 10-year yield down 4.1 basis points at 3.403%, and Spain's 10-year yield down 4.2 basis points at 3.073% [1]

财富中文网于北京时间6月2日与英文网全球同步发布2025年《财富》美国500强排行榜。 这是《财富》第71年发布该榜单，上榜公司收入和利润均创历史新高。从整体来看，今年的上榜 门槛从去年的71亿美元上升至74亿美元。榜上全部500家公司总收入由去年的18.8万亿美元上升到 19.91万亿美元，较前一年增长约6%。上榜公司总收入相当于美国当年GDP的三分之二，高于中 国2024年的GDP。 在今年的榜单上，沃尔玛凭借其营业收入连续第十三年位列榜首，亚马逊连续六年位列第二，联 合健康集团超越苹果公司，位列第三。 从盈利能力来看，科技和金融行业仍然是最赚钱的行业。Alphabet公司去年盈利1,001.18亿美元， 较上一年大幅增长约35.7%，超越苹果公司位居利润榜榜首；苹果公司去年盈利937.36亿美元，较 上一年下降约3.4%，滑落至利润榜第二位；伯克希尔-哈撒韦公司去年盈利较上一年下降约7.5%， 为889.95亿美元，在利润榜中位列第三。在最赚钱的前十家公司中，有6家为科技公司，其中，英 伟达去年盈利达到了创纪录的728.8亿美元，比上一年增长144.9%，上升至利润榜第五位。 （应 用商店搜索并下载"财 ...

来源：华商韬略毕亚军 美国硅谷，AI的好处，以及恶果，都开始加倍显现了。 只不过，比较遗憾，好处属于他们的资本家，恶果要他们的打工人吃。 上个季度，微软净赚利润约1800亿人民币，并且宣布要加强智能云、游戏等业务，公司市值也超越苹果 成为全球第一。 有人统计整个硅谷裁员近40万人。 公司业绩更好，业务更猛，但却不断减员裁员，而且不是个别现象，是集体现象。这在过去是没有的， 是反史无前例。 这也都是托了AI的福。 有了AI，公司可以不断搞人力取代，员工呢，一位被裁掉的工程师写下自己的悲鸣：我辛辛苦苦花了3 年训练自己的Ai助手，没想到它被训练成功之际，就是我被裁员的时刻。 所以，我们该有的自觉是什么呢？ 两点。 公司利润大增，还要业务再扩张，微软应该加薪、扩员了吧？ 但事实恰好相反，微软非但没有加薪、扩员的打算，反倒是宣布要全球减员6000人，因为AI正在加速 替代员工干活。 这样的事情不只是发生在微软。 这两年，硅谷几大巨头都是业绩、市值大涨，但它们的人非但没有对应大增，而是在一有机会就减少， 持续减少。 亚马逊，上半年要裁掉14000人，谷歌光是销售体系就要减员3万人，包括制造业的特斯拉都要裁掉 14000 ...

Core Viewpoint - The article discusses the impact of AI on the labor market, emphasizing that job losses are not solely due to AI itself but rather to the individuals and companies that utilize AI to enhance efficiency and reduce costs [3][4][5]. Group 1: AI and Job Market Dynamics - The statement by Huang Renxun suggests that job loss is a result of those who use AI rather than AI itself [3]. - The relationship between hard work and wealth is questioned, indicating that proficiency in AI tools does not guarantee job security [5]. - Microsoft reported a net profit of $25.8 billion, a year-on-year increase of 18%, yet announced layoffs of 6,000 employees, representing 3% of its global workforce [6][8]. Group 2: Layoffs and Corporate Restructuring - The layoffs at Microsoft disproportionately affected software engineers, who made up 40% of those laid off, contradicting the stated goal of reducing management layers [10]. - Amazon also announced plans to cut 14,000 jobs by mid-2025, citing similar reasons for organizational restructuring [14]. - The trend of layoffs in Silicon Valley has resulted in over 400,000 job losses since last year, with major companies like Intel and Google also planning significant cuts [16]. Group 3: Efficiency vs. Employment - The article highlights that AI tools allow companies to streamline operations, reducing the need for large teams; for instance, a team of five can now be reduced to one with the aid of AI [12][13]. - The focus on cost-cutting and efficiency often leads to a reduction in workforce, raising questions about the long-term sustainability of such practices for smaller companies [44][52]. - The disparity between large tech companies and smaller firms is emphasized, where the former can leverage AI for growth while the latter struggle to survive [51][53]. Group 4: Historical Context and Future Implications - The article draws parallels between current AI advancements and historical industrial revolutions, noting that technological progress often leads to job displacement [56][60]. - It suggests that the true beneficiaries of AI advancements are a select few tech giants, while the majority of workers face increasing redundancy [53][74]. - The narrative concludes with a cautionary note about the potential for AI to eventually replace even high-level management roles, as efficiency becomes the primary focus [39][40].

以下文章来源于格隆 ，作者城北徐公 一个游走于资本市场与佛祖之间的浪子。我可以生，可以死，我大笑，由天决定！ 格隆 . 作者： 城北徐公 来源：格隆 5月 11 日，黄仁勋在米尔肯研究所会议上谈及当下的劳动力市场： 你失去工作不是因为 AI ，而是因为那些使用 AI 的人 。 这句话乍听起来非常有道理，但稍微琢磨一下 ……这味儿怎么那么熟悉？ 是不是很像那句过期的毒鸡汤： 你之所以穷，是因为你不够努力！ 万众瞩目的大人物，在点评芸芸众生时，总带着那么一些 "何不食肉糜"的味道。 当营销团队利用 AI 广告节省了 70% 的时间， GitHubCopilo 已经接管了 30% 的代码编写时…… 作为螺丝钉的员工，不仅没有资格分享荣耀，还得面临被踢出局的风险： 微软宣布裁员 6000 人，占全球员工的 3% 。 图片由豆包AI生成 裁员理由写得无懈可击： 通过减少管理者精简层级，提升组织敏捷性。 但实际上，被裁员工中软件工程师占比高达 40% ，被优化的大多是"技工"而非管理层。 另一大重灾区是 销售团队 。 勤劳与富裕并不存在因果关系；同样，会不会使用 AI 工具，也与你是否被取代没有必然联系。 …… 最近，微 ...