Group 1 - Huawei's HarmonyOS 5 has surpassed 10 million terminal devices within a year, marking a significant milestone in the ecosystem's development [1] - The ecosystem has seen rapid growth with over 40 terminal products and more than 30,000 applications and services in development [2] - The number of developers in the HarmonyOS ecosystem has exceeded 8 million, and the total number of ecosystem devices has surpassed 1 billion [2] Group 2 - Huawei plans to push HarmonyOS 5 to a large number of older Huawei models, enhancing performance by up to 40% due to the support of the Harmony kernel and Ark Engine [3] - The company has launched several flagship devices fully equipped with HarmonyOS 5, including the HUAWEI Pura X and MatePad Pro 12.2 [2] - A public beta for HarmonyOS 5 has been rolled out for various models, with plans for further updates to cover more devices [2]

经新华财经统计，7月30日，科创板589只个股平均跌幅0.91%，平均换手率3.51%，合计成交额1630亿 元，平均振幅为4.40%。 个股表现方面，南新制药涨20%，领涨成分股；皓元医药跌10.04%，跌幅居首。 成交额方面，寒武纪成交额53亿元，位居首位；ST帕瓦成交额999.6万元，位居末位。 新华财经北京7月30日电 （王媛媛）科创50指数7月30日低开后冲高回落，最终收跌逾1%。至收盘时， 科创50指数报1058.57点，跌幅1.11%，指数振幅为2.12%，总成交额约353.2亿元。 从盘面上看，科创板个股多数下跌，上涨个股132只。高价股表现分化，低价股则多数下跌。 细分领域中，少数生物制药、化学制药类个股表现活跃，元器件、半导体、软件服务类个股下跌。 （文章来源：新华财经） 换手率方面，胜科纳米换手率为19.64%，位居首位；天能股份换手率为0.21%，位居末位。 ...

每日经济新闻 （责任编辑：张晓波 ） 市场资金活跃度的提升，与宏观经济预期的改善形成呼应，国际层面也释放出对中国经济的积极看 好信号。国际货币基金组织（IMF）发布最新《世界经济展望》报告，将中国2025年GDP增长预期大幅 上调0.8个百分点至4.8%，2026年增长率也上调0.2个百分点至4.2%。 新一代核心宽基A500ETF基金（512050）助力投资者一键布局A股核心资产。该ETF所跟踪中证 A500指数，采取行业均衡配置与龙头优选双策略，中证全部35个细分行业全覆盖，融合价值与成长属 性，相比沪深300，超配AI产业链、医药生物、电力设备新能源、国防军工等新质生产力行业，具备天 然的哑铃投资属性。场外联接（A类：022430；C类：022431）。 7月29日A股市场全天震荡走强，创业板指领涨。截至收盘沪指涨0.33%，深成指涨0.64%，创业板 指涨1.86%。行业板块方面，CPO、PCB等算力硬件股继续走强，雅江电站概念股午后拉升。跟踪中证 A500指数的A500ETF基金（512050）强势上涨0.59%。随着CPO概念扩大，持仓股天孚通信收涨逾 13%。此外，持仓股恒生电子、福斯特强势涨停 ...

Core Viewpoint - The article emphasizes that Microsoft is transforming AI into a new economic infrastructure, positioning itself as a leader in the AI space through its integration of AI across various business segments, yet the market has not fully recognized its valuation potential [1][2]. Group 1: Microsoft's AI Integration - Microsoft is the only tech giant turning AI into an "industrial engine" by focusing on infrastructure (Azure Cloud), software (Copilot), and orchestration tools (Copilot Studio) [1][2]. - AI is deeply embedded in Microsoft's operations, corporate culture, and business pipeline, leading to tangible returns [1][2]. - The market still perceives Microsoft as a traditional tech company, overlooking its role as the "heart" of the new AI infrastructure [2]. Group 2: Financial Performance and Metrics - Microsoft is expected to achieve an operating profit margin of 44.8% by 2026, the highest among its competitors, with a cash conversion cycle of 28 days, the most efficient in 20 years [2][5]. - Azure Cloud revenue grew by 34% year-over-year, with 18 percentage points of that growth directly attributed to AI workloads [2][8]. - The company has consistently exceeded expectations for 11 consecutive quarters, indicating strong financial performance [2][8]. Group 3: Revenue Composition and Business Segments - Microsoft's revenue is composed of three main segments: Intelligent Cloud (approximately 45% of total revenue), Productivity & Business Processes (over 30%), and More Personal Computing (about 25%) [4]. - The Intelligent Cloud segment, particularly Azure, is rapidly becoming a systemic competitor to Amazon AWS due to its integration with OpenAI models [4]. - The Productivity & Business Processes segment is where Copilot is generating significant revenue, with users now paying for AI services rather than just testing them [4][9]. Group 4: Market Perception and Valuation - Despite strong financial metrics, Microsoft's forward P/E ratio is below 30, and its PEG ratio is less than 1.7, suggesting it is undervalued compared to its growth potential [1][2][11]. - Analysts predict a Q4 FY2025 EPS of $2.93, a 8.9% increase year-over-year, with total revenue expected to reach $64.3 billion, a 14.4% increase [8]. - The market has not fully recognized Microsoft's long-term cash flow potential, as much of its capital expenditure has already been allocated, particularly to NVIDIA [6][13]. Group 5: Competitive Advantages - Microsoft has a unique competitive advantage with 75% of its revenue coming from high-margin, recurring service and subscription models [5]. - The company is positioned to scale AI without compressing margins, which could be a significant advantage in the market [9][13]. - Microsoft's deep vertical integration across infrastructure, applications, and operations sets it apart from competitors, making it a leader in AI commercialization [11][13].

Market News - US stock indices collectively declined, with the Dow Jones down 0.46%, Nasdaq down 0.38%, and S&P 500 down 0.3%. Major tech stocks mostly fell, including Meta down over 2%, Intel, Apple, and Tesla down over 1%, while AMD rose over 2% [1] - International precious metal futures generally rose, with COMEX gold futures up 0.46% at $3325.30 per ounce and COMEX silver futures up 0.43% at $38.39 per ounce. International oil prices surged, with WTI crude oil up 3.81% at $69.25 per barrel and Brent crude oil up 3.53% at $71.77 per barrel [1] - Major European stock indices closed higher, with Germany's DAX index up 1.03% to 24217.37 points, France's CAC40 index up 0.72% to 7857.36 points, and the UK's FTSE 100 index up 0.60% to 9136.32 points [1] Industry Insights - The Hong Kong Monetary Authority will hold a technical briefing on the regulatory framework for stablecoin issuers on July 29, with the regulation set to take effect on August 1. The first batch of stablecoin licenses will be strictly limited to single digits, expected to be issued within the year [2] - Stablecoins are seen as a bridge between centralized and decentralized financial systems, playing a crucial role in global payment systems. The industry is expected to enter a phase of compliant development as global regulatory policies are implemented [2] - The Beijing Future Science City is soliciting opinions on the "Artificial Intelligence + Pharmaceutical Health" industry development plan, focusing on brain-computer interface innovation and product development [3] - Brain-computer interface technology is anticipated to transform human-machine interaction, with applications initially in medical rehabilitation and later expanding to education, entertainment, and industrial sectors [3] - Huawei's Cangjie programming language will be open-sourced, aimed at full-scene intelligent application development, and is a key component of the HarmonyOS ecosystem [4] Stock Movements - A shareholder of Aosaikang plans to reduce its stake by up to 1.5% through centralized bidding and block trading [5] - A shareholder of Jiahe Meikang intends to reduce its stake by up to 3% due to funding needs [5] - Shareholders of Aotewei plan to reduce their holdings by up to 1.37% through similar methods [5] - Shareholders of Tongding Interconnection plan to reduce their stake by up to 2.08% [5] - Shareholders of Shanghai Auto Parts plan to reduce their holdings by up to 1.75% [6] - The National Integrated Circuit Fund plans to reduce its stake in Saiwei Electronics from 8.87% to 7.82% [6] - Shareholders of Suzhou Planning intend to reduce their stakes by up to 2.5% and 2% respectively [6] - Lenovo Holdings reduced its stake in Lakala, bringing its ownership down to 25.86% [7] - Shareholders of Ruishun Technology plan to reduce their holdings by up to 2.0013% due to funding needs [7]

Group 1: AI Model Development - Zhiyu released its flagship model GLM-4.5 with a total parameter count of 355 billion and activation parameters of 32 billion, ranking third globally and first among open-source models [1] - The API call pricing for GLM-4.5 is set at 0.8 yuan per million tokens for input and 2 yuan per million tokens for output [1] Group 2: AI Conference and Procurement - The "2025 World Artificial Intelligence Conference" concluded with an expected procurement amount of approximately 16.2 billion yuan from 300 project demands [3] Group 3: Government Support for AI - Shanghai will issue 600 million yuan in computing power vouchers to reduce the cost of using intelligent computing power, with a maximum 30% rent subsidy for entities renting intelligent computing [4] - The city will also support up to 10% of construction costs for self-deployed intelligent computing facilities [4] Group 4: AI Product Launches - Xiaomi's AI glasses project aims for annual shipments exceeding 5 million units within three years, targeting the large population of myopic individuals in China [5] Group 5: AI Image Recognition Challenges - A Microsoft study revealed that humans can only correctly identify AI-generated images 62% of the time, indicating significant challenges in distinguishing between real and AI-generated images [6] Group 6: Robotics Industry Insights - Yushu Technology highlighted the "pseudo-intelligence" dilemma faced by humanoid robots, citing limitations in real-world decision-making and fragmented environmental perception [7] Group 7: Semiconductor Industry Developments - Samsung and Tesla signed a long-term chip manufacturing agreement valued at 16.5 billion dollars, with a new factory in Texas dedicated to producing Tesla's next-generation AI6 chips [7] Group 8: Workforce Adjustments in IT Services - Tata Consultancy Services announced a global workforce reduction of approximately 12,000 positions, representing about 2% of its total employees, due to declining industry demand [8] Group 9: Space Exploration and Economic Implications - NASA discovered a significant "gold mine" on the asteroid 16 Psyche, with an estimated value of 700 trillion euros, raising concerns about potential economic impacts if wealth were distributed globally [9]

Group 1: National Policies and Economic Measures - The national childcare subsidy plan was announced, providing 3,600 yuan per child per year for infants under three years old starting from January 1, 2025 [2] - The Shanghai government is offering rent reductions and startup funding for eligible AI talent teams, with support ranging from six months to three years [13] Group 2: Corporate Developments - 澜起科技股份有限公司 has submitted its listing application to the Hong Kong Stock Exchange, with joint sponsors including CICC, Morgan Stanley, and UBS [1] -居然智家 announced the passing of its actual controller and CEO, 汪林朋, and stated that daily operations will be managed by the executive team [6] -药明康德 reported a net profit of 8.561 billion yuan for the first half of the year, a year-on-year increase of 101.92% [15] -三星 signed a chip supply agreement worth $16.5 billion with Tesla, which is expected to boost Samsung's struggling foundry business [11] Group 3: Market Trends and Economic Indicators - The U.S. Federal Reserve is expected to maintain its current interest rates during the upcoming monetary policy meeting, with potential cuts anticipated in September [5] - In South Korea, housing prices outside the capital region have declined, while prices in Seoul have increased by 0.39% in the first half of 2025 [12]

Core Insights - Kingsoft Office released WPS AI 3.0, aiming to redefine the interaction between users, AI, and software, moving towards an era where everyone has an AI assistant [1][2] - The global monthly active devices for WPS Office reached 647 million as of March 2025, indicating significant user engagement [1] Group 1: Product Development - WPS AI 3.0 introduces a new PPT creation mode and aims for deep integration with WPS Office [1] - The previous versions, WPS AI and WPS AI 2.0, focused on content creation, smart assistance, and knowledge insights, with the latter targeting enterprise-specific scenarios [1] Group 2: Industry Challenges - The AI industry has faced two main issues: AI capabilities being hidden behind software and the impracticality of content generated by chatbots [2] - WPS AI 3.0 seeks to address these challenges by promoting a deep integration of AI and office software, enabling a two-way transformation tailored to specific scenarios [2]

Core Viewpoint - Mercedes-Benz is integrating Microsoft Teams into its vehicles, enhancing connectivity and collaboration for users [1] Group 1 - The integration aims to provide a seamless communication experience for drivers and passengers [1] - This move reflects the growing trend of incorporating advanced technology into the automotive industry [1] - The partnership with Microsoft signifies a strategic shift towards digitalization in vehicle functionalities [1]

Group 1 - In Q2 2025, actively managed equity public funds continued to increase their holdings in Hong Kong stocks, with the proportion of Hong Kong stocks in their portfolios rising to 20% [1] - The concentration of holdings among actively managed public funds decreased, indicating a shift towards mid and small-cap stocks in Hong Kong [1] - The investment strategy involved increasing allocations to both growth assets like pharmaceuticals and consumer sectors, as well as dividend-paying assets such as non-bank financials and banks [1] Group 2 - Passive index funds also saw continued inflows into Hong Kong stocks, with approximately 280 billion yuan flowing in during Q2 2025, although at a slower rate compared to Q1 [2] - The total inflow through the Hong Kong Stock Connect for public funds in the first half of 2025 reached nearly 200 billion yuan, with a projected total for the year between 300 billion and 450 billion yuan [2] - The potential for further inflows remains significant, with an estimated theoretical allocation space of about 300 billion yuan for actively managed public funds [2] Group 3 - The momentum for southbound capital inflows is recovering, suggesting that Hong Kong stocks may outperform A-shares in the second half of the year [3] - The technology sector in Hong Kong is expected to become a key focus, driven by advancements in AI and easing of trade restrictions between China and the US [3] - Other sectors such as high-dividend stocks, new consumption, and innovative pharmaceuticals are also highlighted as areas of interest for investment in the latter half of the year [3]