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张瑜:不只是当下,不急在当下——反内卷理解&旬度纪要No117
一瑜中的· 2025-07-17 04:59
点击关注【张瑜旬度纪要系列】 ① 【大势研判·张瑜】供给侧 3.0 的理解脉络与异同 各位投资朋友好。本次旬度我们探讨对供给侧改革 3.0 的理解。回顾历史,供给侧改革经历了 90 年代的 1.0 版本、 2015 年的 2.0 版本,当前正处 于 3.0 阶段,我们将系统汇报对本轮改革的理解。在大势研判部分,我将回顾本轮供改的顶层设计、对比本次供改与 2015 年的差异,并推演后续 的三阶段特征;其次,我们将回顾 1998 、 2015 年两轮供给侧改革的经验,同时结合当前 3.0 版本,从行业层面度量供改的压力。 一、顶层设计:扩内需与供改有机结合 首先,从顶层设计来看,我们想要提示政策的一个核心部署。 自 " 十四五 " 规划以来,经济领域的一个重要部署是 " 把实施扩大内需战略同深化 供给侧结构性改革有机结合起来 " ,这是高质量发展中工作方法的核心。最近几年我们陆续看到了相关顶层架构,例如《习近平经济思想学习纲 要》、党的二十大报告,以及刘鹤同志在人民日报刊发的《把实施扩大内需战略同深化供给侧结构性改革有机结合起来》等文章,均对这一部署 进行了深入阐述。 2014-2015 年供给侧改革后,市场对供 ...
美国6月PPI数据疲软,通胀与利率政策博弈加剧
Hua Tai Qi Huo· 2025-07-17 04:57
FICC日报 | 2025-07-17 美国6月PPI数据疲软,通胀与利率政策博弈加剧 市场分析 "反内卷"预期火热。5月国内数据好坏参半,5月投资数据整体走弱,尤其是地产边际压力再增,后续或将拖累财 政收入,及整个地产链条;同时出口也略有承压,5月"抢出口"成色一般,叠加美国5月零售销售走弱,前期需求 透支下,后续外需预计将承压;5月仅有消费表现韧性,第三批消费品以旧换新资金将于7月下。中国6月制造业PMI 有所回升,但主要依赖部分原材料行业回升带动,国内经济企稳基础仍需夯实。中国上半年GDP同比增长5.3%, 高于全年预期目标5%,财政发力和"抢出口"现象为上半年经济数据提供支撑。中国6月规模以上工业增加值同比 6.8%,新能源汽车、工业机器人产量增速较快。中国6月社零同比增速放缓至4.8%,餐饮收入放缓,政策红利减弱。 投资方面,基建投资和制造业投资均明显回落,整体固定投资走弱。7月以来,中央财经委、工信部等部门再次强 调治理企业低价无序竞争,光伏、锂电池、汽车、钢铁等行业"反内卷"政策预期升温,部分商品价格回暖。从政 策文件和行业自律的内容来看,当前综合整治"内卷式"竞争可以关注钢铁、炼油、合成氨、水 ...
科创100ETF华夏(588800)午前冲刺,盘中创近3个月新高
Mei Ri Jing Ji Xin Wen· 2025-07-17 04:44
Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index rose by 0.8%, with significant gains in constituent stocks such as Shengyi Electronics (up 16.86%) and Baidu (up 4.76%) [1] - The Huaxia Sci-Tech 100 ETF (588800) experienced a 1% increase, marking its fifth consecutive rise and reaching a nearly three-month high [1] - The latest scale of the Huaxia Sci-Tech 100 ETF is 2.934 billion yuan [1] Industry Developments - NVIDIA's CEO Jensen Huang announced two key developments: the approval of H20 chips for sale in China and the launch of the RTXpro GPU [1] - Huang emphasized the importance of the Chinese market, highlighting its size, vibrancy, and innovation potential, which is crucial for American companies [1] - The CPO sector saw a rise, with Shengyi Electronics hitting a historical high and other companies like Guanghe Technology and Zhongfu Circuit also experiencing gains [1] Investment Outlook - Open Source Securities believes that the global AI trend is clear, and domestic internet companies' capital expenditures are still in the early growth phase [1] - The firm is optimistic about the sustainability of capital expenditures by domestic internet companies driven by AI trends [1]
北京市“推动AI赋能高端科学仪器创新”三年行动计划出炉
仪器信息网· 2025-07-17 04:42
Core Viewpoint - The article discusses the "Action Plan" aimed at accelerating the integration of artificial intelligence (AI) into scientific research in Beijing, with a focus on developing high-quality scientific instruments and fostering innovation in various fields [2][4][7]. Group 1: Development Goals - By 2027, the plan aims to leverage Beijing's AI innovation advantages to establish new pathways for scientific research, focusing on foundational scientific issues and enhancing the application of AI across multiple fields [8]. - The initiative includes the construction of at least 10 high-quality scientific databases to support AI applications in various research areas, targeting over 10 million users [8]. Group 2: Key Tasks - The plan emphasizes critical technology breakthroughs, including foundational theoretical research in AI, the development of a universal scientific foundational model, and new generation scientific computing simulation software [9][10][11]. - Infrastructure development is a priority, with goals to create an open scientific data platform and a collaborative computing power platform to enhance research efficiency [12][13]. Group 3: Application Acceleration - The plan promotes the use of AI in basic scientific research, medical health innovation, and new materials development, aiming to enhance research efficiency and discovery processes [15][16][17]. - Specific focus is placed on empowering high-end scientific instruments through AI, encouraging collaboration between universities, research institutions, and enterprises to develop advanced scientific equipment [18]. Group 4: Innovation Ecosystem - The initiative aims to build a public service innovation platform for scientific intelligence, attract and cultivate innovative talent, and establish a multi-channel investment and financing service system [20][21][22]. - It also seeks to create a competitive scientific intelligence industry cluster and promote international cooperation and open-source ecosystems [23][24][25].
港股午评:恒指收涨0.07% 生物医药股延续强势再度爆发
news flash· 2025-07-17 04:16
港股午评:恒指收涨0.07% 生物医药股延续强势再度爆发 金十数据7月17日讯,隔夜美股三大股指全线收涨,中国金龙指数回调。恒指高开29点报24547点,升幅 一度扩大至154点高见24672点,但高位抛压再度涌现,大市一度由升转跌。截至收盘,恒指早盘收涨 0.07%,科指早盘收涨0.29%,恒指大市成交额1286.8亿港元。盘面上,影视、汽车零件、半导体股走 强,生物医药股延续强势再度爆发;稀土概念、贵金属股连续两日回调,新消费概念股大跌。个股方面 哔哩哔哩(09626.HK)涨超4%,吉利汽车(00175.HK)涨超3.5%,百度(09888.HK)、奈雪的茶(02150.HK)、 古茗(01364.HK)均跌超3.5%,蜜雪集团(02097.HK)跌超3%。 ...
拓新药业投资入股仅三生物 发力产业横向拓展
7月16日晚间拓新药业(301089)公告,公司以自有资金1000万元对江苏仅三生物科技有限公司(下 称"仅三生物")进行增资,其中22.34万元计入注册资本,剩余部分计入资本公积。 而此番拓新药业投资的仅三生物,是一家集研发、生产、销售于一体的合成生物科技公司,专注于麦角 硫因的研发、生产与产业化应用。仅三生物凭借在菌株构建、发酵、提纯及工程化量产等全链条技术上 的突破,成功实现了高纯度麦角硫因的制备。其主要产品包括麦角硫因护肤品、口服胶囊、洗眼液等。 拓新药业认为,鉴于公司在化学及合成生物学领域工艺研发方面具备技术优势,目标公司拥有上游优势 及下游销售优势。目前公司积极布局大健康产品领域,成功储备麦角硫因等产品的核心制备技术。未来 随着标的公司业务量逐渐增加,当标的公司原有产能或产量不足以满足市场需求时,公司有望在未来更 好地发挥产能补充作用,以实现业务的高效对接。 本次对外投资,是公司延伸生产、销售及研发产业链的重要举措,有利于未来实现产业横向拓展,提升 市场竞争力与持续盈利能力,对完善和强化公司生产销售及研发布局具有积极意义。 2024年,该公司积极布局大健康领域,新增了营养强化剂、食品添加剂及保健食 ...
市场成交下降,轮动延续
Hua Tai Qi Huo· 2025-07-17 03:52
FICC日报 | 2025-07-17 市场成交下降,轮动延续 市场分析 美国PPI温和降温。国内方面,国务院总理主持召开国务院常务会议,研究做强国内大循环重点政策举措落实工作; 听取规范新能源汽车产业竞争秩序情况的汇报;听取关于2024年度中央预算执行和其他财政收支审计查出问题初 步整改情况的汇报;审议通过《国务院关于修改 <中华人民共和国外国人入境出境管理条例> 的决定(草案)》。 海外方面,美国6月PPI环比持平,同比上升2.3%;核心PPI也持平,同比上涨2.5%,为2023年底以来最小增幅。 沪指调整。现货市场,A股三大指数震荡调整,上证指数跌0.03%收于3503.78点,创业板指跌0.22%。行业方面, 板块指数涨跌互现,社会服务、汽车、医药生物、轻工制造行业领涨,钢铁、银行、有色金属、非银金融行业跌 幅居前。当日沪深两市成交金额回落至1.4万亿元。海外市场,特朗普在谈及美联储主席鲍威尔时表示,目前没有 计划采取任何行动,也没有起草解雇信件。美国三大股指小幅收涨,道指涨0.53%报44254.78点。 期指活跃度下降。期货市场,当月合约将于明日交割,基差趋于收敛。成交持仓方面,期指的成交量和持仓 ...
聚势登峰 再启新程 | 浦东科创-海望登峰(二期)CEO特训营即将启航
投中网· 2025-07-17 03:34
将投中网设为"星标⭐",第一时间收获最新推送 "用资本与关怀托举梦想。" 来源丨 投中网 在资本赋能之外,学员企业的技术突破同样令人瞩目。智新浩正自主研发的"异体人再生胰岛注射液"获得国家药监局临床 试验默示许可,是国内首款进入临床阶段的异体通用型再生胰岛产品;合肥国镜仪器发布国内首台台式冷场扫描电子显微 镜,填补国产高端科研仪器空白;国科炭美完成千吨级硬炭材料示范线建设,相关产品在循环性能等核心指标上超越进口 同类,已应用于多家下游企业验证;中科氢易则在第四代固态电解质隔膜技术上实现中试突破,并已启动批量供货。这些 成果展现了特训营学员企业在关键核心技术上的自主创新能力,也体现了平台在推动科技成果转化方面的实际成效。 以实效筑口碑,以实战促成长 去年, 首期"科创登峰CEO特训营"历时8个月,交出了一份亮眼答卷——42位优秀创业者齐聚一堂,完成5期线下集中 培训,课程聚焦战略方向、产品开发、组织建设、市场销售与融资管理五大核心模块。 19位导师涵盖顶尖科研专家、产 业龙头创始人与资深投资人,融合科研、产业、资本、管理四大维度,构建权威多元、实战导向的教学体系,助力创业者 实现全面成长与突破。学员们不仅打通了 ...
【盘中播报】4只A股跌停 公用事业行业跌幅最大
注:本文系新闻报道,不构成投资建议,股市有风险,投资需谨慎。 (文章来源:证券时报网) | 申万行业 | 行业涨跌(%) | 成交额(亿元) | 比上日(%) | 领涨(跌)股 | 涨跌幅(%) | | --- | --- | --- | --- | --- | --- | | 综合 | 1.26 | 9.93 | 5.65 | 天宸股份 | 10.00 | | 钢铁 | 1.09 | 47.44 | -21.86 | 柳钢股份 | 10.08 | | 商贸零售 | 0.93 | 108.41 | 54.31 | 国光连锁 | 9.98 | | 医药生物 | 0.89 | 632.76 | 10.81 | 成都先导 | 20.02 | | 国防军工 | 0.88 | 177.88 | -1.13 | 甘化科工 | 7.20 | | 通信 | 0.79 | 402.36 | -30.84 | 仕佳光子 | 10.81 | | 电子 | 0.77 | 830.63 | -5.04 | 满坤科技 | 20.01 | | 汽车 | 0.73 | 424.59 | 14.78 | 建设工业 | 10.01 | | 家用 ...
315家杭州上市“预备军”名单公布
Hang Zhou Ri Bao· 2025-07-17 03:09
Group 1 - The latest list of key companies planned for listing in Hangzhou includes 315 firms across various sectors such as biomedicine, digital economy, high-end manufacturing, and modern services [1][2] - Notable companies on the list include traditional brands like Hu Qing Yu Tang and Zhejiang Salt Industry Co., as well as industry leaders like Zhejiang Long Aviation and Hikvision Robotics [1][2] - Emerging tech companies from the "Hangzhou Six Little Dragons," such as Qunhe Information and Yunsenshu Technology, are also included in the updated list [1][2] Group 2 - The technology and medical sectors are highlighted as two major areas with a significant number of promising companies, including Qunhe Information Technology and WeDoctor, a digital health unicorn [2] - Hu Qing Yu Tang, a century-old brand, and several other medical firms like Nucleon Health and Sugarji Medical are also part of the growing biomedical landscape in Hangzhou [2] Group 3 - The Hangzhou government has been actively promoting the capital market, launching initiatives like the "Phoenix Action Plan" to support strategic emerging industries [3] - By mid-2024, the Hangzhou Innovation Fund and other related funds had approved a total fund size of 170.6 billion yuan, investing in 1,580 projects and 2,600 companies, with over 90% of the funding directed towards private enterprises [3] Group 4 - As of July 15, there are 234 listed companies in Hangzhou, with 20 companies having a market capitalization exceeding 30 billion yuan [4] - The Binjiang District is home to the highest number of listed companies, accounting for 19.7% of the total, while other districts like Xihu and Yuhang also contribute significantly [4] - Four Hangzhou companies, including Zhongce Rubber and Xinkai Technology, successfully went public on the A-share market this year, with Zhongce Rubber achieving a market value close to 50 billion yuan shortly after its IPO [4] Group 5 - The Hong Kong capital market is increasingly attracting Hangzhou companies, with 63 firms listed as of July 15 [6] - Recent listings include Saint Bella, which became the first global family quality care stock, and TIDE Pharmaceutical, which debuted on the Hong Kong Stock Exchange [6] - Several other Hangzhou companies are in the process of applying for listings on the Hong Kong Stock Exchange, indicating a growing trend of companies seeking opportunities in this market [6]