智通财经7月11日电，香港交易所信息显示，美国银行在哔哩哔哩-W的持股比例于07月08日从6.25%降 至6.07%。 ...

Group 1 - Prit's announcement to establish a subsidiary in Nansha, Guangzhou, with a total investment of 1 billion yuan and an expected annual production capacity of 400,000 tons [1] - The number of A-share companies mentioning Nansha in their 2024 annual reports has increased to 216, with over 10 billion yuan of funds flowing into the area [1][2] - The "Nansha Plan" aims to develop Nansha into a strategic platform for cooperation among the Guangdong-Hong Kong-Macao Greater Bay Area, attracting significant investments from various sectors [1] Group 2 - Guangzhou Port's fixed asset scale increased from 193.65 billion yuan in 2022 to 290.67 billion yuan in 2024, with a total increase of 9.7 billion yuan [2] - In 2022, Guangzhou Port raised 4 billion yuan through stock issuance and recorded a cash inflow of 13.022 billion yuan, both reaching a ten-year high [2] - The international general terminal project at Nansha Port is set to enhance the logistics system, with an investment of 7.472 billion yuan and a designed annual throughput capacity of 15.5 million tons of general cargo [3] Group 3 - COSCO Shipping's subsidiary in Nansha has invested 600 million yuan, with total assets of 2.377 billion yuan and a net profit of 327 million yuan in 2024 [4] - The logistics sector in Nansha is supported by the establishment of a wholly-owned subsidiary by COSCO Shipping, focusing on international shipping and logistics [3][4] Group 4 - Fuan Energy has increased its stake in Nansha Storage to 70% and invested in a comprehensive energy petrochemical storage base with a capacity of 918,300 cubic meters [6] - The petrochemical park in Xiaohu Island is recognized as a specialized chemical park, with a planned area of 9.7 square kilometers [7] - The food and agricultural products import-export center project by Agricultural Products Co. is set to establish a hub in Nansha, covering an area of 200,000 square meters [8] Group 5 - Watson Bio has established a production base in Nansha with a focus on mRNA technology and set up a 1.2 billion yuan investment fund [9] - The company has seen its operating profits decrease from 84 million yuan in 2022 to 38 million yuan in 2024, benefiting from a preferential tax rate starting in 2024 [9] - Tianrunxin has established a subsidiary in Nansha, aiming to develop a security technology industry hub in the Greater Bay Area [10][11]

Core Insights - The Shenzhen Douyin Group's new headquarters, known as the Haikou Center, has begun employee occupancy and is set to be completed by December 2024, marking a significant milestone for Douyin in Shenzhen [3] - The project is designed by the internationally renowned firm Ennead and constructed by China State Construction Engineering Corporation, featuring a total building area of approximately 77,000 square meters and a height of 150 meters, consisting of 36 floors [5] - The design philosophy of the Haikou Center emphasizes "flow and continuity," aiming to break traditional office layouts and enhance the workspace experience [7] Design and Features - The building incorporates a unique layered facade design that combines horizontal shading devices with suspended outdoor platforms on the 9th to 13th floors, creating a strong visual rhythm [7] - Full-height glass curtain walls allow ample natural light, while the shading system reduces heat and optimizes indoor lighting, significantly improving energy efficiency and comfort [8] - The interior design transforms vertical space into a three-dimensional social network, featuring green-filled suspended platforms and open staircases to foster employee interaction and alleviate the closed-off feel of traditional offices [11] Technological Innovations - The construction process actively employs advanced technologies, such as high-precision laser leveling robots for floor pouring, which significantly enhance efficiency and reduce waste [13] - The use of new PP hollow plastic formwork accelerates construction progress and promotes material recycling, thereby minimizing environmental impact [13] Location and Accessibility - The Haikou Center is strategically located in the Nanshan Haikou Business Financial Headquarters Base, within the core area of the Guangdong-Hong Kong-Macao Greater Bay Area, offering expansive views and proximity to Shenzhen Bay [15] - The new headquarters is only about a 10-minute drive from Tencent's headquarters, enhancing its accessibility within the business district [15]

Core Viewpoint - Tianrongxin (002212.SZ) expects a net loss of 60 million to 70 million yuan for the first half of 2025, representing a year-on-year reduction in losses by 65.98% to 70.84% [1] Financial Performance - The company is implementing a quality improvement and efficiency enhancement strategy, leading to a significant reduction in losses [1] - Revenue in the second quarter increased by over 8% year-on-year [1] - Gross margin improved by more than 4 percentage points compared to the previous year [1] Cost Management - The company has optimized its competitive strategy to enhance revenue quality [1] - Sales, research and development, and management expenses decreased by over 13% year-on-year [1]

Core Viewpoint - The company expects to report a net loss attributable to shareholders of between -10 million to -5 million yuan for the first half of 2025, indicating a shift from profit to loss year-on-year [1] Financial Performance - The anticipated net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -23.15 million to -18.15 million yuan for the same period [1] - The decline in performance is primarily attributed to an investment loss of approximately -13.52 million yuan from the joint venture, People's Zhongke (Shandong) Intelligent Technology Co., Ltd., along with a decrease in company revenue compared to the previous year [1]

▲拼好饭商家可自定义订单备注功能，可自主限制恶意用户下单。(图片来源：受访商家供图) "点了一份黄焖鸡，备注'加三倍肉'，商家没做到就要给差评，要求不太合理！"有商户反映，一些消费 者点外卖时通过夸张备注，如要求双倍分量、免费加料等不合理诉求，未获满足便恶意差评，给不少中 小餐饮店主增添了困扰。 今年上半年，美团拼好饭针对"不合理差评、恶意差评"进行专项治理，通过对恶意用户差评屏蔽、骗赔 骗保差评屏蔽、剔除配送差评对评分影响、不支持不合理备注、限制恶意用户下单等方式，保障商户正 当权益。相比年初，拼好饭商家"不合理差评、恶意差评"数量下降30%，商家对恶意评价用户投诉数量 下降55.7%。 "有些顾客会提额外不合理的要求，不满足就会给差评""给了那么大一碗，备注要加面、送米饭，能吃 完还好，吃不完不都浪费了""两个人点一份，要两人的分量"……在一线走访中，不少商家反馈拼好饭 订单不应支持备注。 为此，今年上半年，拼好饭对订单备注功能不断优化，商家可自主选择备注功能是否开通、可自主设置 备注标签，拼好饭充分尊重商家的自主选择权，从而降低不合理备注带来的差评。"现在遇到'要十双筷 子'的备注，平台会主动帮我们过滤 ...

环球市场动态 美 国 通 胀 下 半 年 存 在 反 弹 隐 忧 股 票 固 定 收 益 美国国债收益率上涨，曲线趋平， 30 年期国债招标吸引稳健需求。亚 洲债市表现坚挺。中国投资级债券 利差收窄 1-3 个基点。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 7 月 11 日 123 ▪ 特朗普政府的关税措施已落地数月之久，我们认为美国进口商应是美国跨境贸易中关税升幅的主要承担者，中 国出口商目前可能承担了关税增量的 12%左右，其中服装出口商分担关税的步伐可能较快，未来跨境贸易中大 部分含税价格的涨幅可能仍需由美国买家承担。我们在将超六万条美国进口货物统计数据映射到投入产出表体 系后发现，进口含量高的美国终端消费品价格似乎已能显现关税影响的身影，其中 "中国含量" 较高的消费品 似乎已在所谓 "芬太尼关税" 落地后开始温和涨价，而进口来源主要是欧日等其它非美贸易伙伴的消费品则尚 未因"基准关税"生效而涨价，后者对应的美国零售商目前可能自行吸收了关税成本。白宫关税生效后美国通胀 的 "岁月静好" 还能维持多久，需看美国企业是否 ...

以下文章来源于略大参考 ，作者杨知潮 略大参考 . 新消费 · 新科技 · 新生活 AI有几个4万亿？ 文 ｜ 杨知潮 来源｜ 略大参考（ID：hyzibenlun） 封面来源 ｜ 视觉中国 李彦宏和李开复都表达过一个类似的意思：AI大于移动互联网。 其中，李开复的原话是："AI 2.0时代的来临，首先它是巨大的平台式机会，这个机会将比移动互联网大十倍，" 当然，眼下这句话是谁说的已经不重要了，它已经是一句被很多人认可的大众观点。 不过这句大众观点的实现还遥遥无期，以移动互联网为主要业务的苹果、谷歌、Meta仍然是这个世界上最赚钱的企业。而AI这边，抛开微软Azure那说不 清有多少AI含量的云服务收入，赚到大钱的仍然只有英伟达一家企业。 以2025年的视角来看，AI并没有超过移动互联网，倒是英伟达快超过AI了：7月9日，英伟达市值突破四万亿美元，成为历史上第一家市值达到4万亿的公 司。 而这一市值，已经超过了部分机构对2025年全球生成式AI市场规模的预测。英伟达的盈利能力更是远超全球LLM（大语言模型）盈利之和——这个结论 不需要数据，因为头部LLM都是亏损的。 英伟达的业务边界，也早已超过了AI。在不久 ...

文 | 互联网怪盗团 那么，会不会是天时地利不够好，竞争环境限制了微信电商崛起呢？答案也是否定的，2025年的市场环 境可能是近年来最适合微信电商起势的。越来越多的商家意识到，抖音电商更适合"冲量"而非"留量"， 尤其是达人直播往往需要破价；至于抖音最近发展的货架电商，还是更适合于有较强内容经验、或者自 带流量的品牌商家。总而言之，对广大中小商家而言，抖音电商是一剂强力猛药，确实有效但不适合天 天吃。至于快手，虽然在私域方面略强一些，但是体量要小一些，而且用户画像覆盖不及抖音和视频号 全面。至于其他内容平台，普遍已经放弃做电商闭环的野心，或者将重点从电商闭环转向第三方导流。 不止一个商家告诉我，他们非常有兴趣在视频号碰碰运气，希望视频号电商成为"下一个抖音电商"。如 果真能做到，哪怕做到一半，那他们真要弹冠相庆了！现实却是，连一小半都做不到；去年没做到，今 年照样还没做到。当然，商家仍然对视频号电商寄予厚望，就像2020年、2021年、2022年、2023年以及 2024年一样。这让我想起了高中时代，每个学期评选"进步最快同学"，获奖的总是那么几个人。为什么 他们一直在进步，却一直没有进入优秀学生之列，二十多 ...

Group 1 - The Hong Kong Internet ETF (159568) has shown strong performance, with a recent increase of 1.36% and a year-to-date net value increase of 52.15% [3][4] - The underlying index, the CSI Hong Kong Stock Connect Internet Index (931637), is currently viewed as being in a "valuation trough" phase, with significant support from capital, policy, and technology factors [3] - The top ten weighted stocks in the CSI Hong Kong Stock Connect Internet Index account for 72.11% of the index, including major companies like Xiaomi, Tencent, and Alibaba [6] Group 2 - The gaming market in China continues to grow, with actual sales revenue reaching 280.51 billion yuan in May 2025, a year-on-year increase of 9.86% [4] - The mobile gaming market specifically has seen a significant increase, with a market size of 211.77 billion yuan, growing by 11.96% year-on-year [4] - The industry is expected to benefit from advancements in AI and cloud gaming technologies, enhancing content production efficiency and user experience [4] Group 3 - The Hong Kong Internet ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [5] - The ETF's tracking error over the past three months is 0.052%, indicating the highest tracking precision among similar funds [5] - The current price-to-earnings ratio (PE-TTM) of the index is 21.7, which is below the 89.81% of the time over the past year, indicating a historical low valuation [5]