Group 1: Domestic News - Shanghai is enhancing research and development in key technologies such as artificial intelligence and 6G to promote industrial intelligence [2] - Fujian Province has released a long-term plan for hydrogen energy development, aiming to establish 50 hydrogen stations and produce 6,000 fuel cell vehicles annually by 2025 [3] - Shenzhen's old-for-new policy has led to over 70,000 car sales, generating sales revenue of 17.6 billion yuan [4] - The promotion of fuel cell vehicles in China is expanding, with a cumulative total of over 28,000 vehicles expected by the end of 2024 [5] - Leapmotor has announced that its cumulative delivery volume has surpassed 800,000 vehicles, with several models currently available [12] - The ZunJie S800 has entered mass production, achieving over 5,000 pre-orders within 19 days of its launch [13] - Huawei's rotating chairman stated that the proportion of 5G-connected vehicles in China's passenger car sales is expected to rise to 95% by 2030 [14] - A new mining company has been established with a registered capital of 500 million yuan, co-owned by Ningde Times and Sichuan Tianqi Lithium [15] Group 2: International News - Volkswagen Group's subsidiary MOIA has launched its first mass-produced fully autonomous vehicle, ID. Buzz AD, with plans for large-scale deployment in Europe and the U.S. starting in 2026 [6] - Volvo Group and Daimler Truck have officially formed a joint venture, Coretura AB, to revolutionize the commercial vehicle industry through a new software-defined vehicle platform [7] - Mitsubishi Motors announced an average price increase of 2.1% for its vehicles sold in the U.S. market [8] - Tesla plans to suspend production at its Texas factory for the second time in two months, affecting the production of Model Y and Cybertruck [9] - The Chinese ambassador to the U.S. met with the CEO of Aptiv to discuss global economic and Sino-U.S. trade relations [10] - Dongfeng Motor Group's former deputy general manager is under investigation for serious violations of discipline and law [11]

2025 年 6 月 18 日 N 型下半场，认准方向，无惧颠簸 ---2025 年股指期货半年度行情展望 毛磊 投资咨询从业资格号：Z0011222 maolei@gtht.com 报告导读： 货 研 究 所 我们的观点：我们 2025 年年报中 N 字型走势的判断，目前看主要的调整阶段已经出现。下半年，N 字型后半段将持续演绎。 当然，后半段并非单边反弹，内外宏观因素的反复与利多的脉冲式效应，将带来行情走出蛇年"蛇型"的震荡上行走势。但 即使面对重重扰动，方向已明，无惧颠簸。 国 泰 君 安 期 二 我们的逻辑：今年，外部扰动一度带来了宏观预期与股指悲观情绪的大幅宣泄，但外生性的扰动犹如压力测试，给出了小概 率黑天鹅事件下中国经济的下限以及股指的下限。后期出现更大程度黑天鹅的难度无疑更为困难，反而提升了最悲观投资者 的入市信心。后期来看，经济与贸易博弈的反复性，宏观预期仍会出现波动，对股市的传导仍不可避免。但基本面环境的不 确定性强化政策托底与稳市场，也带来看空资金翻多的潜在空间。利率下行环境下，结合资本市场制度优化均提升股市配置 价值，有望持续带来增量资金。最终股指或依靠估值抬升，震荡上行。风格方面，成 ...

Group 1 - The number of college graduates in China surpassed 10 million for the first time in 2022, reaching 10.76 million, and is expected to continue increasing, with the 2025 cohort projected to reach 12.22 million, an increase of 430,000 year-on-year [1] Group 2 - The average salary for urban non-private sector employees in 2024 is projected to be 124,110 yuan annually, or 10,343 yuan monthly, while for private sector employees, the average salary is 69,476 yuan annually, or 5,623 yuan monthly [2] - The nominal year-on-year growth rate for average salaries in urban non-private units is 2.8%, while for private units, it is 1.7%, both lower than recent growth levels [2] - In the non-private sector, the highest average salary in 2024 is in the information technology industry at 239,000 yuan per year, followed by the financial industry at 201,900 yuan per year, and the scientific and technical services industry at 175,400 yuan per year [2] - In the private sector, the financial industry has the highest average salary at 135,300 yuan per year, followed by the information technology industry at 123,200 yuan per year; both are the only two sectors with an average monthly salary exceeding 10,000 yuan last year [2]

Core Insights - The report by CITIC Securities highlights the changing dynamics of global stock markets, indicating a shift from a "single core" investment strategy to a "regional diversification" approach, particularly in developed markets [3] - In emerging markets, there is a notable concentration in Asia, with China, India, and Taiwan collectively accounting for over 66% of the market [3] Market Structure - In developed markets, the weight of the US remains high at 71.46%, but has decreased, while Japan, France, and other developed markets are gaining weight [3] - The technology sector continues to dominate the global market, with information technology and finance accounting for over 42% in developed markets [3] - Emerging markets show a rise in technology and stable finance sectors, while resource sectors maintain relative strength [3] Regional Characteristics - China focuses on technology and manufacturing, showing high capital concentration and increasing capital attractiveness [3] - India's market structure is balanced with active consumption, finance, and industry sectors, benefiting from domestic demand and demographic advantages [3] - Japan's market is characterized by industrial and consumer discretionary sectors, reflecting traditional manufacturing strengths [3] - Hong Kong and Singapore maintain their status as financial centers, with telecommunications and finance leading in market capitalization and trading [3] - Australia continues to exhibit resource-oriented characteristics, while Southeast Asia's market structure is fragmented and less active, indicating a developing capital market [3] Valuation Levels - Global stock market valuations are generally rising, with significant differentiation at the industry level [4] - The US market shows high valuations and strong profitability, with the S&P 500 and NASDAQ 100 PE ratios exceeding 25 and 33, respectively, and ROE above 18% [4] - European markets have moderate valuations, with Germany's DAX high but limited profitability, while UK and French markets exhibit lower valuations and earnings [4] - Asian markets show significant valuation and profitability disparities, with South Korea being attractively valued but with weak earnings, while India sees a valuation decline [4] - The technology sector shows notable valuation differences, with Germany at historical highs and South Korea undervalued; the financial sector in the US and Australia is highly valued, while some Southeast Asian markets are significantly undervalued [4]

Group 1 - The company plans to acquire 51% equity of Beijing Likong Yuantong Technology Co., Ltd. through cash payment, which will be consolidated as a subsidiary in its financial statements [1] - The transaction does not constitute a related party transaction and is expected to be classified as a major asset restructuring under relevant regulations [1] - The company has signed a framework agreement for the acquisition with relevant parties, indicating progress in the restructuring process [1] Group 2 - The company has disclosed multiple progress announcements regarding the major asset restructuring on March 18, April 18, and May 17, 2025, detailing ongoing developments [2] - As of the date of the latest announcement, the company has signed service agreements with intermediary institutions and is actively advancing the restructuring work [2] - The company will adhere to legal and regulatory requirements for information disclosure as the transaction progresses [2]

Core Viewpoint - The revised economic plan proposed by Senate Republicans aims to cut trillions in taxes for families and businesses, but at the cost of reducing healthcare coverage for low-income Americans and increasing the national deficit [1][2]. Tax Cuts and Provisions - The new version of the bill expands certain tax cuts while raising the debt ceiling by $5 trillion, compared to the House version's $4 trillion [1]. - The plan seeks to make three corporate tax cuts permanent, including R&D expense deductions, expanded interest expense deductions, and immediate expensing for new equipment [2]. - The current $10,000 cap on state and local tax deductions (SALT) remains as a placeholder, with ongoing negotiations expected [1][2]. Healthcare and Medicaid Changes - The Senate version proposes more aggressive cuts to Medicaid for low-income and disabled individuals, limiting states' options for funding [2][3]. - The bill also restricts new taxes or increases on healthcare providers in states that did not expand Medicaid under the Affordable Care Act [3]. Child and Elderly Tax Credits - The plan permanently expands the child tax credit to $2,200 per child and introduces a new $6,000 deduction for seniors [3]. Energy Incentives - The bill will terminate the $7,500 electric vehicle tax credit within 180 days of enactment and eliminate subsidies for wind and solar energy [3]. Legislative Timeline and Political Context - Senate Republicans aim to pass the bill before July 4, with President Trump pressuring lawmakers to reach an agreement on what he calls the "great beautiful bill" [3][4]. - The release of the Senate bill coincides with efforts by Trump's allies to defend the tax cuts from his first term, which they argue stimulated corporate investment [4].

1 港股市场策略周报 - 投资要点 l 港股市场表现回顾： 港股市场策略周报 2025.6.9-2025.6.15 | 分析师： | 沈凡超 | | --- | --- | | 中央编号： | BTT231 | | 联系电话： | 852-4623 5564 | | 邮箱： | hector@cnzsqh.hk | 2 n 本周市场受地缘政治扰动，呈现出先扬后抑的走势，本周略微收涨。恒生综指/恒生指数/恒生科技分别 +0.89%/+0.42%/-0.89%。本周市场一级行业板块多数收涨，医疗保健业继续保持强势，周涨幅超8.5%，排在 第一；原材料业涨幅排在第二，周涨幅近7.0%。 n 截至本周末，恒生综指的5年PE（TTM）估值分位点升至74%，估值水平超5年均值。 l 港股市场宏观环境： n 基本面：5月国内通胀表现仍偏弱，后续或继续承压；5月社融信贷数据继续不及预期，私人部门融资仍然偏弱。 n 资金面：5月美国CPI继续不及预期，关税对物价影响低于预期，或主要由于前期美国抢进口后的备货较为充足。 l 港股市场展望： n 基本面：国内通胀表现仍较弱，经济复苏的内生动能仍然偏弱，外需承压下内需仍待政策面托举； ...

Group 1 - The China International College Students Innovation Competition (2025) was held in Astana, Kazakhstan, focusing on themes of mutual learning and innovation among youth from China and Central Asian countries [1][2] - Over 100 quality projects were presented by students from China, Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan, covering modern agriculture, information technology, green energy, and cultural tourism [1] - The event facilitated deep exchanges among youth and experts in areas such as biological breeding, smart agriculture platform construction, and technology transfer, aiming to enhance China-Central Asia technological collaboration [1] Group 2 - Northwest A&F University has established close cooperation with several Central Asian universities, achieving significant results in joint laboratories, overseas demonstration stations, and talent cooperation [2] - The China International College Students Innovation Competition, initiated in 2015, has become the largest global innovation competition platform, with the first Central Asia regional competition this year to promote youth exchanges and cooperation [2]

Group 1 - The U.S. government is considering expanding travel bans to include an additional 36 countries, primarily affecting several African nations, Caribbean countries, and some Asian and Pacific island nations [3] - Boeing 787 aircraft faced operational issues again, with an All Nippon Airways flight becoming immobilized on the taxiway after landing, leading to temporary runway closures [4] - China's economic resilience is highlighted by a 6.4% year-on-year increase in retail sales in May, a significant rebound from April's figures [5] Group 2 - The real estate market in China is showing signs of stabilization, with policies aimed at promoting recovery starting to take effect, although market confidence still needs improvement [6] - The Chinese government is implementing a tax compliance warning as the deadline for individual income tax reconciliation approaches, emphasizing the importance of honest reporting [7] - The People's Bank of China plans to issue 30 billion yuan in offshore central bank bills in Hong Kong, maintaining the balance at the end of 2024 [9][10] Group 3 - The National Radio and Television Administration is regulating automatic renewal services for internet TV to enhance consumer experience and address common complaints [11] - Domestic fuel prices are expected to rise significantly due to increased international oil prices, with estimates suggesting an increase of around 300 yuan per ton [12] - Dalian and Hubei provinces will implement a tax refund policy for overseas travelers starting July 1, 2025, aimed at boosting local tourism [13] Group 4 - Xiaomi's automotive factory is achieving high levels of automation, producing two to three thousand vehicles monthly, with a total of 250,000 cars sold in the past 14 months [23] - The U.S. stock market saw all three major indices close higher, with significant gains in large tech stocks, indicating a positive market sentiment [24] - Institutional investors showed a preference for certain stocks, with notable net purchases in Yuekang Pharmaceutical and Dongshan Precision [25][27]

特朗普再次当政后，在百日内急风暴雨般出台了多项内政和外交政策。不仅美国的政界和商界震荡不 已，一向被视为"象牙塔"的学术界也受到巨大冲击。很多学者将特朗普的新政批评为"政治干预学术"， 还有人认为这是一个"草台班子"的疯狂行动。然而，从围绕"美国例外论"的长期视角来看，美国当前的 乱局却有着久远的历史根源，不能仅仅解读为特朗普内阁的肆意妄为之举。 "美国例外论"的威权式回归 已故的美国政治学家西蒙·李普塞特曾对"美国例外论"进行了深刻而详尽的对比分析。在他看来，相比 于世界上其他国家（特别是欧洲国家），美国建立在一套独特的价值观念之上，可称为"美国信 条"（the American Creed）。美国信条包括五大要素：自由、平等、个人主义、民粹主义与自由放任的 经济模式。信条中的"自由"是指那种不受政府干预的消极自由；"平等"并不是指当代左翼主张的结果平 等，而是强调个人机会与尊严的平等。 进入现代社会后，欧洲的封建体制虽然分崩离析，但重视社会等级的文化特征仍然留存下来，欧洲人因 而具有鲜明的阶级意识。李普塞特指出，欧洲各国的左右翼政党为了解决中下阶层的社会问题，都乐于 采取福利制度、公共住房和医疗保障等国家 ...