Group 1 - The event organized by the China International Service Trade Fair Exhibition Union (referred to as "Exhibition Union") on July 3 showcased over 50 quality enterprises, including Huawei and Beijing Bank, emphasizing the role of the service trade fair in promoting global service trade cooperation [1] - The focus areas of the event included electronic communication, intelligent manufacturing, and energy environment, facilitating cross-industry dialogue between Chinese and German enterprises [1] - The event provided insights into the development plans and investment policies of the Beijing Sino-German Industrial Park, while the Service Trade Fair Center announced preparations for the 2025 service trade fair [1] Group 2 - The Exhibition Union aims to gather world-leading companies from sectors such as telecommunications, healthcare, and environmental protection to enhance the efficient conversion of business resources [2] - The initiative aims to break down resource barriers and precisely match supply and demand, helping enterprises overcome development bottlenecks and accumulate cooperative resources for the 2025 service trade fair [2] - The service trade fair, as the largest global service trade platform, continues to leverage its platform effects to promote deep integration of quality service resources domestically and internationally, contributing to global economic recovery [2]

Core Viewpoint - The Hongli Low Volatility ETF (512890) has seen significant inflows and performance, indicating strong investor interest and potential for continued growth in the low-volatility investment space [1][2]. Fund Performance - The Hongli Low Volatility ETF (512890) increased by 0.83% to a latest price of 1.211 CNY, with a turnover rate of 2.36% and a trading volume of 466 million CNY [1][2]. - From June 30 to July 3, the ETF experienced a net inflow of 770 million CNY over four consecutive trading days, bringing its latest circulating scale to 19.622 billion CNY, a new high since its inception [1][2]. Holdings and Investment Strategy - The ETF's top holdings include Chengdu Bank, Yageo, Industrial Bank, and others, with significant weightings in these stocks [3]. - The fund manager, Liu Jun, has positioned the ETF to outperform its benchmark, the CSI Low Volatility Index, with a year-to-date performance exceeding that of the benchmark [2][3]. Market Outlook - According to Xiangcai Securities, the core profitability of banks is improving, and earnings are expected to remain stable, which supports the ongoing appeal of dividend investments in the banking sector [3]. - The strategy of investing in "high dividend + regional growth" is likely to perform well during periods of slowing economic growth [3]. Investment Options - Investors seeking stable returns and low-risk alternatives can consider the Hongli Low Volatility ETF's linked funds, which include various classes such as A, C, I, and Y [4].

Core Insights - The article discusses the transition of large models from a focus on parameter competition to a practical application in various industries, emphasizing the importance of integrating technology into real-world scenarios [1][2][10] - Companies are increasingly adopting vertical large models tailored to specific industries, moving away from generic models that lack depth in specialized fields [2][4][10] Group 1: Industry Trends - Leading companies are accelerating the penetration of large models into vertical industries, with examples including Huawei Cloud in steel manufacturing and Alibaba Cloud in mining [2][4] - The shift from "showcasing technology" to "practical application" is evident, as companies seek to address real business challenges rather than merely pursuing technical advancements [2][4][10] Group 2: Case Studies - The "Lingzhu Zhigong" model developed by Ningxia Jiaojian demonstrates a significant improvement in efficiency, achieving a 40% higher accuracy in specialized tasks compared to generic models [5][7] - Financial institutions are also benefiting from large models, with over 50% of China's top 100 banks partnering with Zhongguancun KJ to enhance service efficiency [7][8] Group 3: Strategic Approaches - Zhongguancun KJ's "platform + application + service" strategy aims to provide a comprehensive framework for the implementation of vertical large models, ensuring they are integrated into core business operations [9][10] - The focus on building cross-disciplinary teams and accumulating high-quality data is crucial for the successful deployment of AI technologies in various sectors [6][9] Group 4: Future Outlook - The integration of vertical large models is expected to transform industries by enhancing operational efficiency and driving innovation, marking a significant shift from experience-driven to data and AI-driven approaches [9][11] - The article concludes that the ongoing efforts in smart transformation will position the Chinese industry on a path toward high-end, intelligent, and green development [11]

浙江众合科技股份有限公司 | | 一、众合科技工作人员组织投资人参观公司青山湖园 | | --- | --- | | | 区展厅； | | | 二、众合科技副总裁兼董事会秘书何俊丽女士以"聚 | | | 焦安全管控，从轨交向空间信息延伸"为主题对公司概况、 | | | 战略规划进行了介绍。核心要点如下： | | | 公司聚焦空间信息战略，打造"空天地立体交通"主 | | | 场景，以自主工业软件为核心底座，提供关键装备、材料、 | | | 交通智慧数据运营服务和整体系统解决方案，构筑地下 | | | (轨道交通智慧中枢)、地面(车路云协同网络)低空(空域 | | | 管理网络和安全控制系统)、低轨卫星(高端装备数字化综 | | | 合性解决方案和运营服务)四位一体的立体交通网络，实 | | | 现"空天地"多维度交通网络的空间协同与智能互联。 | | | 公司在轨道交通领域深耕 10 余年形成显著先发优 | | | 势，业务已经覆盖杭州、郑州、西安、深圳等全国 28 座 | | | 城市。信号系统已经站稳行业第一梯队，累计实施国内地 | | | 铁＆市域铁路 (CBTC+FAO) 项目 65 个，累计 195 ...

Core Viewpoint - Shanghai Pudong New District Public Transport Co., Ltd. plans to procure 411 pure electric buses by September 2025, with a total budget of 602.94 million yuan, indicating a significant investment in electric public transport [1][2][3]. Summary by Sections - **Procurement Intentions**: The company has released procurement intentions for six projects related to pure electric buses, highlighting a strong commitment to electrifying public transport [1][2]. - **Budget and Vehicle Specifications**: - 15 units of 7-meter pure electric buses with a budget of 17.55 million yuan, expected procurement in September 2025 [1]. - 108 units of 10-meter pure electric buses with a budget of 178.2 million yuan, expected procurement in August 2025 [2]. - 55 units of 8-meter pure electric buses with a budget of 78.65 million yuan, expected procurement in August 2025 [2]. - 61 units of another 10-meter pure electric bus model with a budget of 100.65 million yuan, expected procurement in August 2025 [3]. - 20 units of 8-meter pure electric buses with a budget of 28.6 million yuan, expected procurement in September 2025 [3]. - 71 units of 10-meter plug-in hybrid buses with a budget of 74.55 million yuan, expected procurement in September 2025 [3]. - **Market Implications**: The large-scale procurement indicates a growing trend towards electric and hybrid vehicles in public transport, which may influence market dynamics and competition among bus manufacturers [1][2][3].

市场全天震荡反弹，沪指再创年内新高 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3461.15 | 0.18% | 6.36 | | | 深证成指 | 10534.58 | 1.17% | 121.96 | | | 沪深 300 | 3968.07 | 0.62% | 24.38 | | | 创业板 | 2164.09 | 1.90% | 40.37 | | | 科创 50 | 984.95 | 0.24% | 2.31 | | | 北证 50 | 1442.17 | 0.21% | 3.02 | | 证券研究报告 2025 年 7 月 4 日 星期五 【A 股市场大势研判】 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 1 财富通每日策略 值得关注的是，数据显示，6 月 30 日，合计有 43 家 IPO 被沪深北三大交易所受理； 而在 6 月 26 日和 6 月 27 日，均有 18 ...

今年上半年，上证指数、深证成指、创业板指均出现不同程度的上涨。在申万一级行业中， 有色金属 、 银行 、国防 军工 、传媒、通信等涨幅居前。 上半年A股市场结构性行情突出，牛股层出不穷。Choice数据显示，截至6月30日，今年以来 共有136家公司股价涨幅超过100%。其中， 联合化学 、 舒泰神 上半年股价涨幅均超过 400%。 联合化学的主营业务为偶氮类有机颜料、挤水基墨的研发、生产与销售。主要产品为黄色、 红色、橙色偶氮有机颜料及挤水基墨。颜料主要应用于油墨领域，少量也可以应用于涂料、 塑料等其他领域。 舒泰神是一家创新药公司，致力于研发、生产和销售临床需求未被满足疾病的治疗性药物， 主要包括蛋白类药物、化学药物等类别，治疗领域聚焦感染性疾病、自身免疫系统疾病及神 经系统疾病治疗药物等领域。 上半年，人工智能、人形机器人、创新药等概念板块轮番表现，这些领域中牛股频出。比如 路桥信息 ，公司从事交通行业信息化解决方案，在OneCAS数智中台、人工智能方面具有一 定的技术优势，上半年公司股价涨幅超过260%。 一品红 是一家聚焦儿童药、慢病药领域的 创新型生物医药企业，在研痛风创新药AR882已进入全球多 ...

近日，武汉市交通运输局发布提醒信息，拟对部分公交线路进行调整，涉及公交线路整 合、线路走向调整、站点调整等，大家出行请注意。 这6条公交线路 7月4日起有调整 市公交集团为进一步优化公交线网，提升线网整体运营效率，拟于2025年7月4日起对公 交509路、K509路、522路、K522路、524路、K524路线路进行整合，取消公交509路、522 路、524路，调整公交K509路、K522路、K524路运营。具体调整方案如下： ●去行停靠站点：堤边路公交场站、解放大道堤角、解放大道堤角公园、解放大道地铁 新荣、解放大道佳园小区、解放大道二七纪念馆、解放大道二七路、解放大道解放公园、解 放公园路解放大道口、解放公园路解放公园、建设大道市图书馆、建设大道地铁取水楼站、 青年路花园道、青年路市博物馆、汉口火车站。 ●回行停靠站点：汉口火车站、后襄河北路、青年路市博物馆、建设大道青年路、建设 大道地铁取水楼站、建设大道杂技厅、澳门路惠济路、解放公园路解放公园、解放公园路解 放大道口、解放大道解放公园、解放大道二七路、解放大道二七纪念馆、解放大道佳园小 区、解放大道地铁新荣、解放大道堤角公园、堤边路公交场站。 1 公交 ...

热点板块：展望 7 月 A 股，可能仍是事件驱动的主题性行情，但板块间将出现高低切换。6 月末创 新药和银行等热门板块出现震荡回调，但 TMT、先进制造等板块开始超跌反弹，虽然 7 月预计仍是事 件驱动的主题性行情，但板块高低切换却是大概率事件。1）促进消费扩大内需是 2025 年的重点任务， 虽然大消费方向年报和一季报表现相对平淡，但市场对后续政策对冲仍有期待，这将是 2025 年大消费 方向的重要看点。关注乳制品、IP 消费、休闲旅游、医美等基本面景气度较高的板块。2）机器人国产 化和走进老百姓生活依然是 2025 年比较确定的趋势，机器人产品将从人形机器人向四足机器人、功能 型机器人扩展。以此带来的传感器、控制器、灵巧手等板块的阶段性机会将会反复出现。7 月特斯拉将 公布财报，且市场预期特斯拉人形机器人版本有可能更新，或将成为机器人板块新催化剂。3）半导体 国产化仍是大势所趋，关注其中的半导体设备、晶圆制造、半导体材料、IC 设计等。4）军工板块 2025 年存在订单回升的预期，大部分军工子板块如地面装备、航空装备、军工电子等一季报已经出现触底迹 象。5）创新药经历了近 4 年的调整后逐步迎来收获期，自 ...

证券研究报告 | 2025年07月04日 | 晨会纪要 | | --- | | 数据日期:2025-07-03 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3461.15 | 10534.58 | 3968.06 | 11978.99 | 3031.14 | 984.94 | | 涨跌幅度（%） | 0.18 | 1.17 | 0.61 | 1.00 | 1.33 | 0.23 | | 成交金额（亿元） | 5002.11 | 8095.21 | 2696.09 | 3031.02 | 3820.01 | 197.04 | $$\overline{{{\overline{{\mathbb{M}}}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ 【常规内容】 宏观与策略 固定收益周报:政府债务周度观察-三季度地方债计划发行 2.7 万亿 策略专题:震荡前行，飘红收官-A 股市场 2025 上半年极简复盘 行业与公司 ...