1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report The report offers short - term trend forecasts for various commodities in the futures market, including precious metals, base metals, energy, and agricultural products. These forecasts are influenced by factors such as tariffs, supply - demand dynamics, and macro - economic policies [2][4]. 3. Summary by Commodity Precious Metals - **Gold**: Facing disturbances from tariff issues, with a trend strength of - 1, indicating a bearish outlook [2][5][9]. - **Silver**: In a high - level oscillation, with a trend strength of 1, suggesting a bullish outlook [2][5][9]. Base Metals - **Copper**: Inventory is continuously increasing, putting pressure on prices. The trend strength is 0, showing a neutral outlook [2][11][13]. - **Zinc**: Operating within a range, with a trend strength of 0, indicating a neutral outlook [2][14]. - **Lead**: Showing a mid - term upward trend, with a trend strength of 0, suggesting a neutral outlook [2][16][17]. - **Tin**: Prices are weakening, with a trend strength of 0, indicating a neutral outlook [2][19][23]. - **Aluminum**: The price center is moving up. Aluminum has a trend strength of 0, alumina has a trend strength of 1, and casting aluminum alloy follows the trend of electrolytic aluminum [2][24][26]. - **Nickel**: There is a game between macro and fundamental factors, resulting in an oscillating trend. The trend strength is 0, indicating a neutral outlook [2][27][33]. - **Stainless Steel**: There is a game between reality and macro - expectations, leading to an oscillating trend. The trend strength is 0, indicating a neutral outlook [2][28][33]. Energy and Chemicals - **Carbonate Lithium**: Inventory accumulation is accelerating, but the number of warehouse receipts is relatively small. The oscillating pattern may continue, with a trend strength of 0, indicating a neutral outlook [2][34][36]. - **Industrial Silicon**: Attention should be paid to the registration of warehouse receipts, with a trend strength of 0, indicating a neutral outlook [2][37][40]. - **Polysilicon**: Policy disturbances are amplifying market fluctuations, with a trend strength of 0, indicating a neutral outlook [2][38][40]. - **Iron Ore**: Expectations are fluctuating, resulting in wide - range oscillations, with a trend strength of 0, indicating a neutral outlook [2][41]. - **Rebar and Hot - Rolled Coil**: Due to sector sentiment resonance, they are in a relatively strong oscillating trend, with a trend strength of 1, suggesting a bullish outlook [2][44][48]. - **Silicon Ferrosilicon and Manganese Silicide**: Cost expectations may rise, leading to a relatively strong oscillating trend, with a trend strength of 1, suggesting a bullish outlook [2][50][53]. - **Coke**: Oscillating with an upward bias, with a trend strength of 0, indicating a neutral outlook [2][55][58]. - **Coking Coal**: Affected by news, oscillating with an upward bias, with a trend strength of 1, suggesting a bullish outlook [2][56][58]. - **Steam Coal**: Daily consumption is recovering, and the market is stabilizing with oscillations, with a trend strength of 0, indicating a neutral outlook [2][60][63]. Agricultural Products - **Palm Oil**: Driven by macro - sentiment, but the fundamental upside is limited [2][62]. - **Soybean Oil**: There is insufficient speculation on US soybean weather, lacking upward drivers [2][62]. - **Soybean Meal**: Waiting for the USDA report, with a rebound and oscillation trend [2][64]. - **Soybean**: Spot prices are stable, and the market is oscillating [2][64]. - **Corn**: Undergoing oscillating adjustments [2][66]. - **Cotton**: The expectation of tight old - crop inventory continues to support futures prices [2][68]. - **Egg**: As the peak season approaches, attention should be paid to the expected difference [2][70]. - **Live Pig**: Spot sentiment is weakening, and there is a divergence between futures and spot prices [2][71]. - **Peanut**: There is support at the lower level [4].

有赞 20250710 摘要 有赞预计 2025 年全年收入同比增长约 5%，达到 15 亿人民币，经调整 EBITDA 利润率预计从 8.4%上升至 10%，即 1.5 亿的经调整 EBITDA。同时，公司预计经营现金流净流入仍将保持在大几千万级别， 整体财报 bottom line 会实现正向盈利。 有赞通过优化商家画像，优先签约能与其服务匹配的商家，放弃小规模 起步阶段商家，导致付费商家数量下降，但每个商家平均收入（UP）增 长，整体收入保持平稳，预计 2025 年收入将恢复增长。 有赞的主要收入来源包括订阅费和商家解决方案服务费。2024 年订阅 费 7.8 亿元，同比下降；商家解决方案服务费 6.6 亿元，同比增长 9%，与 GMV 挂钩，包括有赞分销市场、物流服务及推广费用等增值服 务。 有赞不再盲目追求商家数量增长，而是注重提高商家质量，增加每个商 家的平均交易额。付费商家数量从近 10 万降至 5 万多，但整体 GMV 仍 保持在 1,028 亿元水平，平均每个商家的 GMV 达到 184 万元，同比增 长 14%。 Q&A 请介绍一下有赞公司 2024 年和 2025 年上半年的财务表现及核 ...

中国银河证券表示，海外token需求持续增长， AI算力与应用实现正向循环，建议关注国内NV链相关企 业；字节在 AI应用生态领域已构建起相对优势，建议关注字节生态合作伙伴；AI Agent的商业模式正 从"提供工具"向"交付价值"转变，对应垂直行业know how型卡位公司的投资机会相对提升，建议关注在 AI Agent方面布局领先的垂直领域卡位SAAS企业。 ...

打破"高冷"，活人营销。 文 ｜ 蟹蟹 编辑 ｜ 徐大大 来源｜ 咖新社（ID： newdrinks ） 封面来源 ｜ 企业官方 这两天茶饮圈闹得沸沸扬扬的大瓜，莫过于 "咖啡顶流瑞幸" 和 "圈外人士多邻国" 的商业联姻。 其中的爱恨纠葛堪比八点档电视连续剧，前任？小三？抢婚？孩子？"活人感"要多重有多重。 以下文章来源于咖新社 ，作者蟹蟹 咖新社 . 中国饮品行业专业新媒体。定向邀约超 140+新茶饮连锁品牌创始人关注本平台。 同步在｜小红书 | 视频号 | 今日头条 | 等平台发布。 就连伊利、安慕希、海尔、舒肤佳、心心相印等一众为国民所熟知的大品牌也皆现身现场担任"嘉宾"，而这场全球直播的世纪婚礼更是获得上万网民们的 全程围观。 不过，在这大喜的日子，弹幕却是清一色的...... "瑞，你糊涂啊，这渣鸟已经八婚了！"、"它早已脚踏两条船！"、"倒要看看他们俩啥时候离婚。"、"犯重婚罪了吧！" 瑞幸×多邻国大婚 联名演变成大型联姻现场 一个擅长营销，一个擅长抽象，两人皆在各自领域构筑一番商业版图，既是联姻，也是强强联合。 7月3日，瑞幸短短数字"好事将近，缘来是你@多邻国"，并释放关键信息" 联名鹿透， ...

今 年 ， 港 股 融 资 市 场 极 为 火 热 。 Wind 数 据 显 示 ， 今 年 以 来 ， 港 股 市 场 股 权 融 资 规 模 已 逼 近 3000 亿 港 元 ， 达 到 2879.82 亿 港 元 ， 同 比 大 增 350.56%。 总体来看，今年港股市场无论是IPO还是再融资规模都呈爆发式增长，尤其是IPO表现更为抢眼。港股上半年共完成42宗IPO，合计集资额超过1070亿港元，较去年 全年多约22%，暂列全球第一。 融资规模持续创新高 在2023年和2024年，港股市场无论是IPO还是再融资都较为疲软，IPO方面这两年分别融资463.34亿港元和881.47亿港元，均不超过千亿港元；再融资方面，主要 以配售为主，这两年分别融资661.61亿港元和545.99亿港元，同样不超过千亿港元。 但自2024年下半年以来，港股市场在多项重磅政策带动下再次活跃，而在2025年上半年，整个市场更是不断复苏。 Wind数据显示，2025年以来，港股市场股权融资规模已达到2879.82亿港元，远高于2023年和2024年全年的1424.39亿港元和1756.60亿港元，甚至也已经高于 2022年全年 ...

Domestic News - The Ministry of Human Resources and Social Security and the Ministry of Finance announced that starting from January 1, 2025, the basic pension for approximately 150 million retirees will be increased by 2% based on the average monthly pension of retirees in 2024 [3] - The National Development and Reform Commission stated that by 2035, China aims to achieve new urbanization goals, focusing on high-quality development and investment in key areas [3] - The China Automobile Industry Association reported that in the first half of 2025, China's automobile production and sales both exceeded 15 million units, with new energy vehicles accounting for 44.3% of total new car sales [4] - WuXi AppTec announced an estimated revenue of approximately 20.799 billion yuan for the first half of 2025, representing a year-on-year growth of about 20.64% [4] - iFlytek expects a loss of 200 million to 280 million yuan in the first half of 2025, although it has seen a 15% to 20% increase in revenue compared to the previous year [4] Market Overview - The Shanghai Composite Index closed at 3509.68, up 0.48% [7] - The Shenzhen Component Index rose to 10631.13, an increase of 0.47% [7] - The Hang Seng Index increased by 0.57%, closing at 24028.37 [7] - WTI crude oil prices decreased by 2%, settling at $65.59 [7] - COMEX gold prices rose by 0.32%, reaching $3333 [7]

Group 1: Smart Manufacturing and Automation - Nanjing is focusing on the development of smart manufacturing, robotics, software and information technology services, and smart grid industries, with strategic emerging industries expected to account for approximately 42% of the total industrial output value by 2024 [1] - Employees in smart manufacturing are encouraged to innovate and participate in defining future work methods, as seen in the case of Zhang Menglu, whose annual salary is 200,000 yuan, significantly higher than the industry average [2] - The government supports new vocational training with subsidies, which can reach up to 8,000 yuan for certain positions, aiding in talent development for smart manufacturing [2] Group 2: Low-altitude Economy and Talent Demand - The low-altitude economy is rapidly expanding in Nanjing, with the number of industry chain enterprises increasing from 180 to 344 and take-off and landing points growing from 47 to 266 [3] - There is a strong demand for composite talents in the drone sector, as evidenced by Zhou Zhewens' role as a project leader shortly after graduation, highlighting the need for individuals who understand both technical and management aspects [3] Group 3: AI Talent Explosion - The demand for AI talent is surging due to the widespread application of AI technologies across various sectors, although there is a lag in the supply of qualified graduates from universities [4] - Companies like Runhe Software are actively seeking to fill over 300 positions for AI trainers this year, indicating a significant growth in the need for skilled professionals in this field [5] - High-level AI positions are challenging to fill, with salaries typically exceeding 200,000 yuan, as these roles require a blend of foundational knowledge, programming skills, and the ability to integrate cross-domain knowledge [5]

经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；信息技术咨询服务；人 工智能公共服务平台技术咨询服务；信息咨询服务（不含许可类信息咨询服务）；网络技术服务；信息 系统集成服务；货物进出口；技术进出口；进出口代理；第一类医疗器械销售；第二类医疗器械销售； 软件开发；软件销售；软件外包服务；信息系统运行维护服务；市场营销策划；光通信设备销售；五金 产品批发；药物检测仪器销售；安全系统监控服务；云计算装备技术服务；医院管理；物联网技术研 发；集成电路销售；移动终端设备销售；大数据服务；互联网销售（除销售需要许可的商品）；互联网 安全服务；信息安全设备销售；建筑材料销售；医护人员防护用品批发；日用品销售；家用电器销售； 智能机器人销售；计算机及办公设备维修；计算机软硬件及辅助设备批发；电子元器件批发；物联网应 用服务；集成电路芯片及产品销售；人工智能应用软件开发；互联网设备销售；网络与信息安全软件开 发；电子元器件与机电组件设备销售；远程健康管理服务；可穿戴智能设备销售；通讯设备销售；网络 设备销售；特种劳动防护用品销售；物联网技术服务；新材料技术推广服务；日用百货销售。（除依法 须经批准的项目 ...

Core Insights - The Hong Kong stock market has seen a significant surge in equity financing this year, with total financing reaching 2879.82 billion HKD, a year-on-year increase of 350.56% [1][2] - The IPO market has been particularly strong, with 42 IPOs completed in the first half of the year, raising over 1070 billion HKD, which is approximately 22% more than the total for the previous year, making it the largest globally [1][2] Financing Scale - In 2023 and 2024, the Hong Kong market experienced relatively weak financing, with IPOs raising 463.34 billion HKD and 881.47 billion HKD respectively, both under 1 billion HKD [2] - Since the second half of 2024, the market has become active again due to several key policies, with 2025 seeing a total equity financing of 2879.82 billion HKD, surpassing the total for 2023 and 2024 combined [2] - The rapid growth in financing is attributed to a significant increase in placement issuance, which has reached 1569.85 billion HKD in 2025, exceeding the combined total of 1206 billion HKD from 2023 and 2024 [2] Leading Companies Driving Growth - Major companies have played a crucial role in boosting the equity financing scale, with three companies in the top 10 IPO projects raising over 100 billion HKD each, including Ningde Times at 410 billion HKD [3] - The top 10 fundraising projects include seven A-share companies, indicating strong participation from A+H companies in the IPO market [3] - In the top 10 refinancing projects, BYD and Xiaomi have raised over 400 billion HKD each, accounting for more than 50% of the total refinancing amount in 2025 [3][4] Industry Trends - A notable trend in the Hong Kong financing landscape is the urgent need for capital in thriving industries, particularly in technology hardware, capital goods, and automotive sectors [5] - The financing activities are heavily driven by emerging sectors such as new energy, artificial intelligence, and biomedicine, reflecting a dual focus on technology and consumer markets [5][6] - These industries are facing intense competition and pressures to expand internationally, prompting a strategic move to accumulate more capital through the market [6]

Company Overview - Jiangxi Xunqing Digital Technology Co., Ltd. has been established with a registered capital of 2 million RMB, fully owned by Jiangxi Jige Cultural Media Co., Ltd. [1] - The legal representative of the company is Huang Nanliu [1]. Business Scope - The company’s business scope includes internet live streaming technology services, software sales, software development, software outsourcing services, digital cultural creative software development, artificial intelligence basic software development, network and information security software development, blockchain technology-related software and services, and various other technology services [1]. - The company is classified under the information transmission, software, and information technology services industry, specifically in software development [1]. Location and Registration - The company is located in the Jiangxi Province, specifically in Xiushui County, Zhu Ping Township, Nanzhun Village [1]. - The business registration is valid until July 10, 2025, with no fixed expiration date thereafter [1].