行情回顾 美元指数本周整体震荡上行，延续上周非农后的反弹走势，主要受到特朗普贸易威胁的消息与市场对美联储货币政策预期的牵动，曾接近98关口但未能成功 上破。本周料将录得三周来首次收涨，截至发稿报97.8。 现货黄金周初区间震荡，期间一度下破3300关口，但随着市场消化特朗普关税"大棒"的威胁，周三欧盘开始稳步回升，截至发稿站上3350美元/盎司。另 外，央行数据显示，我国连续第8个月增持黄金。现货白银周四、周五涨势显著，截至发稿站上37.7美元/盎司，今年涨幅接近30%，创2011年以来最高。 非美货币方面，澳元兑美元本周持续走高，澳洲联储维持利率不变，与市场预期相违背；英镑和欧元兑美元震荡下跌，英镑恐将录得六连跌；美元兑日元周 一大幅上涨后区间盘整。 国际油价方面，红海局势因胡塞武装袭击再度升温、俄罗斯6月原油产量仍低于OPEC+目标、OPEC+有望在10月暂停增产等因素对油价起到推高作用，但是 美国EIA原油库存意外增超市场预期，叠加市场对全球需求前景的担忧加剧，油价周四起转跌，本周料整体小幅收涨。 风险资产方面，市场基本忽视特朗普最新的关税威胁，风险偏好持续好转，英伟达市值创4万亿美元，带动标普500指 ...

Group 1 - The Shenzhen Stock Exchange has announced the addition of 33 experts to its industry consulting expert database, covering fields such as advanced manufacturing, information technology, new materials, and new energy [1] - The newly added experts include specialists in aerospace, quantum technology, artificial intelligence, biomedicine, and integrated circuits, enhancing the focus on technological innovation [1] - Following this addition, the total number of experts in the database has increased to 66, further optimizing industry configuration and enhancing the authority of the expert database [1]

黄楚平强调，要以攻坚之势推动产业能级跃升，进一步集成政策、集中力量、集聚资源。打好关键核心 技术"攻坚战"，鼓励科研机构与龙头企业深度合作，把我省制造业基因和人工智能更好结合起来，提升 产业科技创新整体效能。拓展应用场景"大舞台"，持续在智能制造、智慧医疗、智慧城市等领域开放应 用场景，完善首台(套)等应用支持政策，让更多"AI+机器人"企业放开手脚实战实操、走向市场、做大 规模。做强金融资本"助推器"，加大创投资金供给，促进投早投小投硬科技，以资本的乘数效应撬动产 业升级。营造创新生态"强磁场"，扎实推进算力基础设施建设，大力发展人工智能与机器人产业社区， 积极引育高水平人才，培厚产业发展肥沃土壤。 南都讯记者朱唯信7月11日，省加快推进现代化产业体系建设专题会议(人工智能与机器人产业专场)在 广州召开。会议深入学习贯彻习近平总书记关于建设现代化产业体系的重要论述，认真落实省 委"1310"具体部署和全省高质量发展大会要求，围绕人工智能与机器人产业进一步凝聚共识、形成合 力、推动发展。省人大常委会主任黄楚平出席会议并讲话。 会上，10位专家学者、人大代表、企业代表、研究机构代表，就加快推进我省人工智能与机器 ...

Core Viewpoint - The Greater Bay Area (GBA) is being positioned as a global technology innovation hub, with strong support from national ministries emphasizing "central-local cooperation" and "three-region collaboration" to enhance its international standing in technology innovation [1][3][10]. Group 1: Government Initiatives and Support - The Ministry of Science and Technology aims to support the GBA in becoming a leading global technology innovation center [1]. - The Ministry of Education plans to establish a national technology transfer center in the GBA [1]. - The recent release of opinions by the Central Committee and the State Council emphasizes the need for integrated reforms in education, technology, and talent systems to enhance collaboration between industry, academia, and research [6]. Group 2: Regional Collaboration and Innovation Ecosystem - The establishment of a scientific alliance in the Shenzhen-Dongguan area aims to break administrative boundaries and foster resource sharing between the two cities, creating a collaborative innovation ecosystem [7]. - Guangdong's focus on breaking down regional barriers and enhancing innovation collaboration is evident in its continuous top ranking in regional innovation capabilities for eight consecutive years [11]. - The formation of the Guangdong Artificial Intelligence and Robotics Industry Alliance aims to blur the lines between enterprises, regions, and disciplines, promoting efficient collaborative innovation [11]. Group 3: Technological Empowerment and Policy Support - The GBA is implementing policies to support the artificial intelligence industry, including subsidies for computing power investments, which are crucial for small and medium-sized enterprises [12][14]. - The introduction of "computing power vouchers" allows companies to access necessary resources, thereby reducing innovation costs and enhancing efficiency [14][15]. - The "Yue Computing Action Plan" outlines a roadmap for building a collaborative computing power network across the GBA, supporting the region's goal of becoming an international technology innovation center [15]. Group 4: Talent Development and Mobility - The GBA is actively working on a multi-layered talent attraction system, facilitating the flow of talent across the region to support technological innovation [17]. - Initiatives like the "Million Talents Gathering in South Guangdong" plan aim to match high-level talent with strategic industries such as artificial intelligence and robotics [17]. - The completion of major infrastructure projects, such as the Shenzhen-Zhongshan Bridge, enhances connectivity and supports talent mobility within the GBA [17]. Group 5: Future Outlook - The GBA is poised to lead in building China's international technology innovation center, leveraging its collaborative efforts and innovative ecosystem to become a globally influential innovation hub [18].

Core Insights - Musk's xAI company launched the AI model Grok-4, which is claimed to be the "smartest AI in the world" and has excelled in various AI benchmark tests [1][8][10] Company Overview - xAI was founded on July 12, 2023, with the goal of addressing deeper scientific questions and aiding in solving complex scientific and mathematical problems [3] - Grok-4 is available for subscription, with Grok-4 priced at $30 per month and Grok-4 Heavy at $300 per month, making it the most expensive AI subscription plan currently [5] Performance Metrics - Grok-4 achieved impressive scores in various benchmark tests, including: - 88.9% in GPQA (Graduate-level Question Answering) - 100% in AIME25 (American Mathematics Invitational Exam) - 79.4% in LiveCodeBench (Programming Benchmark) - 96.7% in HMMT25 (Harvard-MIT Mathematics Tournament) - 61.9% in USAMO25 (USA Mathematical Olympiad) [8][10] - In the Humanity's Last Exam (HLE), Grok-4 Heavy reached a 44.4% accuracy rate, demonstrating doctoral-level performance across all fields [10] Technological Advancements - Grok-4's training volume is 100 times that of Grok-2 and 10 times that of Grok-3, with significant improvements in reasoning and tool usage capabilities [15][16] - The model is expected to integrate with Tesla-like tools later this year, enhancing its ability to interact with the real world [16] Future Prospects - Musk anticipates that Grok could discover useful new technologies as early as next year, with a strong possibility of uncovering new physics within two years [13][15] - The company plans to develop AI-generated video games and films, with the first AI movie expected next year [23][25] Economic Potential - In a simulated business scenario, Grok-4 outperformed other models in generating revenue, creating double the value of its closest competitor [22] - Musk stated that with 1 million vending machines, the AI could generate $4.7 billion annually [22]

Group 1 - The core issue facing Hangzhou is the "young population anxiety," as the city is experiencing a decline in population growth compared to other major cities like Guangzhou and Shenzhen, with a net increase of only 102,000 residents in 2024, marking a five-year low [1][10] - The new points-based household registration policy implemented on July 1 aims to lower the barriers for young people to settle in Hangzhou, with significant adjustments to scoring criteria for social security contributions and housing [5][10] - The city is competing with others to attract young talent, as evidenced by the recent trend of multiple cities relaxing their household registration policies in response to demographic changes, particularly aging and declining birth rates [10][11] Group 2 - Young people's preferences for city selection are shifting, with a focus on quality of life, cultural activities, and educational environments, indicating that cities must evolve from merely attracting businesses to fostering a talent-friendly ecosystem [2][10] - The ease of obtaining residency in Hangzhou is a significant factor for young professionals, as illustrated by the experiences of recent graduates who prioritize cities with favorable registration processes [12][14] - The long-term challenge for cities like Hangzhou is not just attracting talent but retaining it, necessitating the development of a supportive ecosystem that includes job opportunities, livable conditions, and quality public services [15][16]

Group 1: AI and Healthcare - Alibaba's Damo Academy has globally promoted its multi-cancer early screening AI, serving 20 million people across 9 countries and regions, positioning AI as a crucial tool in combating cancer [1] Group 2: Corporate Movements - Manus, an AI company, has relocated its headquarters to Singapore and is laying off some domestic staff while focusing on enhancing operational efficiency [2] - Dele Glass has initiated a $50 million production base project in Egypt, with plans to build a high-standard glass furnace [6] - Zhongwei Co. has fully launched its production in Morocco, establishing the first renewable energy materials base in Africa with an annual output of 40,000 tons of nickel-based materials [7] Group 3: Market Expansion - Tea Yan Yue Se has announced its entry into the North American market through e-commerce, launching nearly 40 product types across various platforms [2] - IM5 and IM6 models from Zhiji Auto have been officially launched in the UK, with prices starting at £39,450 (approximately 384,000 RMB) and £47,995 (approximately 467,000 RMB) respectively [3] Group 4: Investment and Acquisitions - Beijing Jiuzhijia Technology Co. has launched an IPO on the Hong Kong Stock Exchange, becoming the first global AMR warehouse robot company, with over 70% of its revenue coming from overseas [8] - ByteDance's Moutong Technology has acquired Hangzhou Xinguangliumei Network Technology Co., aiming to tap into the East Asian market [9] Group 5: Legal and Regulatory Issues - Hikvision has filed for judicial review in Canada after being ordered to cease operations, and the company has resumed normal operations while seeking legal recourse [10]

Core Insights - As of June 30, 2025, a total of 439 generative artificial intelligence services have completed registration with the National Internet Information Office [1] - From April to June, 93 new generative AI services were registered, with 74 additional applications or functions registered through local internet offices [1] - A total of 233 generative AI applications or functions have completed registration [1]

Group 1 - The "WAIC 2025" will take place in Shanghai from July 26 to 28, showcasing over a hundred innovative products, including robots performing high-precision tasks in various scenarios [1] - Siemens will debut its Industrial Copilot AI industrial assistant, while Tesla will present the Tesla Bot, highlighting advancements in embodied intelligence and AI applications in vertical scenarios [2] - The year is marked as the commercial beginning for humanoid robots, with companies like Zhiyuan Robotics set to unveil the Lingxi X2-Pro robot, demonstrating its versatility in flexible manufacturing and various service sectors [3] Group 2 - Black Lake Technology is leveraging intelligent agents to redefine the next-generation industrial operating system, focusing on small and medium-sized factories that are still in the "digitalization gap" [4] - The "WAIC 2025" will feature smart transportation experiences, including eVTOLs and L4 autonomous vehicles, showcasing advancements in urban mobility [9] - The Xu Hui District is establishing a 500 million yuan AI entrepreneurship fund to support early-stage startups, aiming to create an innovation hub for young talent [12]

Core Viewpoint - The AI investment cycle is transitioning from "investment" to "returns," but this does not imply a slowdown is a peak. Goldman Sachs indicates that despite a deceleration in growth, AI infrastructure investment will remain sustainable over the next 2-3 years, with cost benefits already being realized and stock prices not yet reflecting this structural change [1][2]. Group 1: AI Investment and Returns - Goldman Sachs categorizes AI value creation into three phases: cost reduction through automation (current phase), reinvestment and rebuilding, and revenue generation through incremental income [2][3]. - AI applications in customer service, sales, and IT are already yielding tangible benefits, with 43% of call centers adopting AI tools and achieving an average operational cost reduction of 30% [2][3]. Group 2: Cost Savings and Future Projections - By 2030, AI automation could save Fortune 500 companies approximately $935 billion, representing about 14% of their total costs, with a net present value return of around $780 billion against a cumulative investment of $350 billion [3][4]. - Major cloud service providers are the primary investors in AI infrastructure, focusing on long-term revenue growth opportunities rather than short-term cost savings, complicating ROI calculations [3][4]. Group 3: Infrastructure Spending and Demand - Concerns about whether infrastructure spending has peaked, particularly regarding training chip inventory and demand, are considered overstated by Goldman Sachs [4][5]. - Large tech companies like Microsoft, Amazon, Google, and Meta are expected to maintain their AI infrastructure investments without significantly compressing profit margins over the next 2-3 years [5][6]. Group 4: New Demand Drivers - Demand for "inference" computing from enterprise clients and government (sovereign AI) is emerging as a new spending driver, especially as small and medium enterprises rapidly expand their deployment of customized models or edge AI applications [6][7]. Group 5: Market Valuation and Stock Performance - The market has partially priced in strong demand expectations for Nvidia's next-generation GPUs, but there is still insufficient valuation for its expanding customer base and the potential explosion of AI inference business [8]. - Broadcom's stock price increase is attributed to clear guidance indicating AI revenue growth of 60% in FY25 and FY26, suggesting that the stock price rise reflects a clearer mid-term fundamental improvement path [8].