Gaming Industry - The issuance of gaming licenses in China remains high, with 757 domestic game licenses issued in the first half of the year, a year-on-year increase of over 20% [1] - Key projects such as "Douluo Dalu: Soul Master Battle" by Kaiying Network and "Endless Cultivation" by Giant Network have received new licenses, indicating a recovery in the gaming sector [1] - The application of AI technology in gaming is becoming clearer, with expectations for more AI-native games to emerge, driving a revaluation of the gaming industry [1] Stablecoins - Hong Kong is accelerating the application of stablecoin policies to address long-standing issues in cross-border payments, aiming to enhance service to the real economy [2] - Stablecoins are seen as a cost-effective alternative in the traditional financial system, with potential to transform payment and capital market activities [2] - The stablecoin industry is expected to enter a period of compliant development as global regulatory policies are implemented [2] Foldable Phones - Honor is set to launch the Honor Magic V5, touted as the world's lightest and thinnest foldable phone, featuring advanced AI capabilities [3] - The Chinese foldable phone market is projected to maintain a 40% global market share, with shipments expected to exceed 17 million units by 2028, reflecting a compound annual growth rate of 19.8% over the next five years [3] - Apple's entry into the foldable phone market is anticipated to boost global sales and drive innovation in the foldable supply chain [3] Regenerative Medicine - Chinese scientists have made a significant breakthrough in regenerative medicine by discovering a key "molecular switch" that regulates mammalian regeneration, marking a major original innovation [4] - The aging population in China is driving clinical demand for regenerative medicine, with technologies like stem cell therapy and 3D bioprinting entering a phase of clinical transformation [4] - The "14th Five-Year Plan" has identified regenerative medicine as a strategic emerging industry, indicating strong government support [4] Innovative Pharmaceuticals - The National Healthcare Security Administration is set to announce measures to support the high-quality development of innovative drugs, which is expected to benefit domestic innovative pharmaceutical companies significantly [5] - The Chinese innovative drug market is projected to exceed 1.22 trillion yuan by 2025, with an annual growth rate of 8.53% [5] - The implementation of policies to support innovative drug development is expected to accelerate the commercialization of new drugs, with 2025 potentially marking a turning point for profitability in the sector [5] Solid Waste Management - A nationwide campaign has been launched to address illegal dumping of solid waste, focusing on hazardous waste and construction debris [6] - The solid waste management industry is experiencing a dual boost from policy support and technological upgrades, with significant market expansion expected [6] - The "14th Five-Year Plan" emphasizes the importance of solid waste management as a pillar of the environmental protection industry [6] AI in Healthcare - Shanghai Ruijin Hospital has open-sourced its RuiPath pathology model, covering seven common cancer types, and initiated a global multi-center plan [7] - The integration of AI technology in healthcare is rapidly transforming the industry, with major tech companies accelerating their investments in AI healthcare solutions [7] - The development of large models in AI is expected to bring revolutionary changes to various medical applications, driving the intelligent upgrade of the healthcare industry [7] Photovoltaic Glass - Major domestic photovoltaic glass companies plan to collectively reduce production by 30% starting in July to alleviate supply-demand imbalances [8][10] - The average net profit of the photovoltaic glass industry has dropped to a historical low, indicating severe profitability challenges [8] - The production reduction is expected to improve market conditions and help companies find a new equilibrium in supply and demand [8][10]

证券研究报告 | 策略报告 gszqdatemark 2025 06 30 年 月 日 关注相关政策和旺季催化——2025 年 7 月海外金股推荐 近期重点事件： 关注 7 月关税政策、政治局会议、国常会等。央视新闻指出，7 月 9 日是美国政府暂 停征收所谓"对等关税"90 天的截止期限。而白宫的最近表态显示，特朗普政府可能 推迟这个截止期。国内政策方面，按惯例年中政治局会议一般于 7 月底召开，重点关注 对经济形势和下半年政策的定调。 6 月 24 日，国新办举行发布会，会上提及阅兵相关内容。阅兵领导小组办公室副主 任、军委联合参谋部作战局少将副局长吴泽棵表示，这次参阅的所有装备均为国产现役 主战装备，我们在展示新一代传统武器装备的基础上，也安排部分无人智能、水下作 战、网电攻防、高超声速等新型作战力量参阅，体现我军适应科技发展和战争形态演 变、打赢未来战争的强大能力。 特斯拉 Robotaxi 开始运营，小米 Yu7 需求火爆，继续关注国内整车厂新车及智驾模 型迭代情况。当地时间 6 月 22 日，特斯拉的 Robotaxi（无人驾驶出租车）正式在美国 得州奥斯汀开始运营。上线首日共有 35 辆车，车费 ...

以下文章来源于虹线 ，作者评论尸 虹线 . 面向自己写作。 本文来自微信公众号： 虹线 ，作者：评论尸，头图来自：视觉中国 从我 2024 年 2 月 28 日参与众筹算起，到 2025 年 6 月 27 日终于收到这部 Minimal Phone，时间已 经过去了整整 485 天。这比原计划的发货日期 （2024 年 8 月 31 日） 晚了将近一年。 这篇文章旨在记录我这次"虽败但到" （毕竟最后还是收到了货） 的众筹经历。结论先行：我最终拿 到了手机，但时至今日，仍有大量支持者两手空空。 这件事，或许是美国制造业衰败的一个缩影。人们常说美国本土早已造不出手机，但现实似乎更为严 峻：他们甚至连找到深圳的代工厂来完成 OEM 订单，都显得力不从心。 一、参加众筹 那么，这究竟是个怎样的项目呢？它由一家美国初创公司在众筹平台 Indiegogo 上发起，旨在打造一 款独具特色的智能手机：既拥有类似黑莓的全键盘，又配备了一块护眼的 E-Ink （电子墨水） 屏 幕。 近些年，E-Ink 手机和全键盘智能手机的众筹项目并不少见，但将两者如此激进地结合在一起， Minimal Phone 可谓是前无古人，恐怕也后无 ...

据港交所披露，上周（6月23日至6月29日）共有34家公司递表，3家公司通过聆讯，9家公司招股，另有 8只新股上市。 34家公司递表 1）斯坦德机器人(无锡)股份有限公司（简称"斯坦德机器人"） 6月23日，斯坦德机器人向港交所主板递表，中信证券、国泰君安国际担任其联席保荐人。 据招股书介绍，斯坦德机器人是全球领先的工业智能移动机器人解决方案提供商，致力于赋能多种工业 场景中的智慧工厂。根据灼识咨询资料，截至2024年12月31日的年度，按销量计算，该集团为全球第五 大工业智能移动机器人解决方案提供商及第四大工业具身智能机器人解决方案提供商。 业绩方面，2022年至2024年，斯坦德机器人实现收益分别约为9627.5万元、1.62亿元、2.51亿元人民 币；同期年内亏损分别约为1.28亿元、1亿元、4514.4万元人民币。 2）深圳承泰科技股份有限公司（简称"承泰科技"） 6月23日，承泰科技向港交所主板递表，国泰君安国际担任其独家保荐人。 据招股书介绍，承泰科技是一家专注于毫米波雷达产品研发、制造和销售的企业，产品涵盖第5代4D雷 达、第5.5代4D高解析度雷达等，广泛应用于乘用车及商用车的智能驾驶领域，覆 ...

Group 1 - The article discusses the recent IPO counseling registrations of eight companies, including Tengli Transmission, Fangyi Co., and Huasheng Radar, indicating a trend of companies preparing for public offerings in China [1] - Tengli Transmission, which previously withdrew its IPO application in July 2024, is now seeking to re-enter the market with a focus on automotive components [3][4] - Fangyi Co. has recently completed a targeted financing of 60 million yuan and is preparing for an IPO on the Beijing Stock Exchange [7][8] - Huasheng Radar, a specialized radar technology company, has secured significant investment and has reported a doubling of orders in the first half of 2024 compared to its 2023 revenue [12][13] - Honor is positioning itself to become the third publicly listed smartphone giant in China, following Xiaomi and Transsion Holdings, with its IPO application submitted in June 2025 [14][15][16] - Lansheng Biotechnology, a low-toxicity pesticide manufacturer, has also initiated its IPO counseling, with a current valuation of 1.752 billion yuan [18][19][21] - Peiyuan Co., a hidden champion in the automotive shock absorber sector, is facing revenue growth without corresponding profit increases, indicating potential operational challenges [22] - Ziguang Zhanrui is preparing for an IPO on the Sci-Tech Innovation Board, aiming to become the first publicly listed domestic smartphone chip company, with a post-investment valuation of approximately 70 billion yuan [24][26] Group 2 - Tengli Transmission's revenue has shown consistent growth from 2020 to 2023, with total revenues of 2.92 billion yuan, 3.77 billion yuan, 5.10 billion yuan, and 6.1 billion yuan respectively, indicating a strong upward trend [5] - Fangyi Co. reported revenues of 1.93 billion yuan, 2.05 billion yuan, and 2.53 billion yuan from 2022 to 2024, but its net profit has seen a decline, highlighting profitability issues despite revenue growth [11] - Huasheng Radar's revenue for 2023 was 2.4 billion yuan, with a significant increase in orders in 2024, suggesting strong market demand for its products [13] - Lansheng Biotechnology's financial data shows a net profit of 2.69 billion yuan for 2024, with a focus on developing green pesticides and holding 39 patents [19][21] - Peiyuan Co. reported revenues of 6.34 billion yuan and 6.72 billion yuan for 2023 and 2024, respectively, but faced a decline in net profit, indicating operational challenges [22] - Ziguang Zhanrui's revenue figures for 2022, 2023, and 2024 were 14 billion yuan, 13 billion yuan, and 14.5 billion yuan, respectively, but the company has yet to achieve profitability [26]

6月23日至29日，证监会新增披露，杭州腾励传动科技股份有限公司（下称"腾励传动"）、江苏方意摩擦材料股份有限公司（下 称"方意股份"）、浙江华盛雷达股份有限公司（下称"华盛雷达"）、荣耀终端股份有限公司（下称"荣耀"）、兰升生物科技集团股 份有限公司（下称"兰升生物"）、宁波培源股份有限公司（下称"培源股份"）、紫光展锐（上海）科技股份有限公司（下称"紫光展 锐"）、宏泽（江苏）科技股份有限公司（下称"宏泽科技"）等8家公司进行了辅导备案。 IPO日报注意到，腾励传动曾于2024年7月撤回创业板上市申请，时隔一年再次辅导；方意股份6月22日刚刚定向增发融资6000万 元，现辅导备案；华盛雷达共经历了七轮融资，吸引了包括中信建投资本、维度资本、国民创投在内的多家知名投资机构；荣耀或 成中国第三家上市的智能手机巨头；国开金融、河北产业投资引导基金参投的兰升生物现估值17.52亿元；国内汽车减震器活塞杆领 域的隐形冠军遭遇增收不增利问题；紫光展锐有望冲击国产智能手机芯片第一股，公司投后估值已达700亿元左右；宏泽科技2024年 营业收入和净利润明显下滑。 AI制图 一年前创业板上市失败 腾励传动于2025年6月2 ...

Group 1 - The Minimal Phone project, initiated by a US startup on Indiegogo, aimed to create a unique smartphone combining an E-Ink screen and a physical keyboard, but faced significant delays in delivery [4][6][10] - The project experienced multiple delays, with the initial shipping date set for August 31, 2024, pushed back to June 27, 2025, resulting in a total delay of 485 days [1][2][15] - The project exemplifies the challenges of "true crowdfunding," where products are often in the conceptual stage at the start, leading to high failure risks and potential for unfulfilled promises [11][14] Group 2 - The project faced at least six significant delays, with the first announced in September 2024, and subsequent delays leading to widespread dissatisfaction among backers, particularly when non-crowdfunding customers received their orders first [15][17][18] - The communication from the project team, particularly from co-founder Andre, was criticized for being inadequate and evasive, leading to further frustration among backers [20][22][24] - Many backers reported issues with the product's performance, including slow response times, poor camera quality, and software bugs, which exacerbated community anxiety [18][25][27] Group 3 - The project highlighted the decline of American manufacturing capabilities, as the team struggled to find suppliers in Shenzhen for production [3][106] - The situation escalated with accusations of discrimination against Chinese backers, who faced additional shipping challenges and delays compared to their international counterparts [30][33][51] - The project ultimately revealed a lack of operational expertise, as the team failed to manage logistics and communication effectively, leading to a perception of incompetence rather than outright fraud [104][106]

1. 【特斯拉北美首座磷酸铁锂电池工厂即将完工】特斯拉北美首座磷酸铁锂电池工厂将完工，位于美 国内华达州。此前还公布专利与专家合作优化性能，磷酸铁锂电池优点多，应用前景广。（IT之家） 2. 【星动纪元陈建宇：今年已经累积出货超过200台产品】6月28日，在2025华映资本年度大会 上，星动纪元创始人陈建宇介绍，今年已经累积出货超过200台产品，目前全球市值前十的科技公司 中有9家是客户。星动纪元是研发通用型人形机器人和机器人通用大脑的公司，目前有两款旗舰版的 人形机器人产品。（新京报） 3. 【特朗普T1手机被悄悄撤下美国制造标签】最近，特朗普集团高调进军手机市场，推出一款售价 499美元（将近3600元人民币）的智能手机，宣称这款手机由"美国制造"。不过，手机在6月中旬一 经发布，美国媒体纷纷质疑。美国唯一本土手机制造商Purism的CEO托德·韦弗毫不留情地戳破了特 朗普集团的所谓"美国制造"的谎言，称该手机是由一家中国公司生产。本周，美国媒体发现，特朗普 集团已经悄悄"改口"，在官方售卖网站上删掉了"美国制造"的描述，称这款手机拥有"令美国人自豪 的设计"，并且"在美国本土诞生"。（央视财经） 4.【 ...

特朗普此前高调售卖的"土豪金"配色T1智能手机，却被发现悄悄删除了"美国制造"的标 签，这无疑给特朗普的"美国优先"口号蒙上了一层阴影。 此外，为了让苹果回到美国生产，美国总统特朗普又威胁苹果公司，如果产品非美国制造， 将面临25%的关税。但外界显然不看好iPhone"美国制造"计划。 "土豪金"手机产地罗生门： 从"美国制造"变成"美国自豪设计" 特朗普集团此前高调推出的土豪金配色的T1智能手机，悄悄地玩起了"文字游戏"，引发了 美国媒体对其"美国制造"承诺真实性的质疑。 ▲特朗普集团推出的T1智能手机 这款定价499美元的金色款T1手机，在发布之初曾高调宣传其"美国制造"。根据有报道指 出，特朗普集团官网上最初赫然写着："我们推出的美国制造T1手机现已开放预购。" 这一 明确的表述，无疑是为了迎合特朗普"美国优先"的理念，吸引那些支持恢复美国本土制造 业链条的忠实消费者。 然而特朗普集团近期已悄然移除了官网中所有关于T1手机"将在美国制造"的相关说法。目 前T1手机的相关网页仅显示，该手机乃是"美国自豪设计""诞生于美国本土"，但并未明确 提及实际的制造地。这种模糊的描述，立刻引发了外界对其真正产地的普遍 ...

爱施德 20250627 摘要 爱施德作为荣耀国内仅有的两家代理商之一，合作范围已扩展至境外， 包括香港及东南亚部分国家独家代理权，海外业务正在进场过程中，将 受益于荣耀的海外市场拓展及高端全球化战略。 荣耀于 2024 年 6 月 24 日签署上市辅导协议，预计最晚于 2025 年 3 月完成上市辅导。参考中芯国际科创板上市速度，荣耀上市流程或可借 鉴，上市进程值得关注。 2025 年第二季度，爱施德经营业绩受益于 618 电商活动和高考换机周 期，荣耀 40 系列预售三天销量突破 250 万台，刷新近三年新品首销记 录，国家以旧换新补贴政策对市场有促进作用。 国家补贴对手机销量的促进作用呈现"脉冲式"特点，短期内销量上涨 后回落。消费电子市场更需要 AI 技术等实质性创新来促进整体手机产业 链的发展，补贴对营收和利润的促进作用是同步的，但影响有限。 爱施德与深智城产投合资设立产业投资基金，投资方向锁定在 AI 和智能 技术领域，旨在借助国资背景筛选优质投资标的，并规避直接投资风险， 公司拥有优先回购权。 Q&A 爱施德与荣耀的业务合作范围和模式是怎样的？ 爱施德在海外设有驻点并建立了平台，具备与当地运营商 ...