Group 1 - The Global Digital Economy Conference recently held a forum to announce the shortlisted cases for the "Open Source Large Model+" software innovation applications [1] - The initiative aims to explore the application potential of open-source large models like DeepSeek across various industries, promoting technological innovation and business upgrades [4] - A total of over 100 typical cases were submitted from across the country, with 68 cases shortlisted after rigorous evaluation based on innovation, technological breakthroughs, and ecological synergy [5] Group 2 - Among the shortlisted cases, 26 were recognized as selected innovative cases due to their technical strength, innovative achievements, and application value [5] - The second round of case collection for "Open Source Large Model+" software innovation applications will begin, with results expected to be announced in the second half of 2025 [5] - The selected innovative cases will be awarded at a future event related to cloud and software security [5]

Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 17.83%, with 213 stocks having a shareholding ratio exceeding 20% [1] - As of July 9, southbound funds held a total of 4,482.29 million shares, accounting for 17.83% of the total share capital of the stocks, with a total market value of 51,131.42 million HKD, representing 13.50% of the total market value [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 103.31 million shares held, accounting for 74.43% of the issued shares [1] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are mainly concentrated in the healthcare, industrial, and financial sectors, with 43, 32, and 31 stocks respectively [2] - The top stocks with high shareholding ratios include China Telecom (74.43%), Green Power Environmental (69.92%), and China Shenhua (67.37%) [2][3] - A significant portion of the stocks with high southbound fund holdings are AH concept stocks, with 119 out of 213 stocks (55.87%) having a shareholding ratio over 20% being AH stocks [1]

Group 1 - The core index of the cultural industry, the China Securities Cultural Industry Index, closed at 1881.59 points, showing mixed performance among the three major A-share indices [1] - The China Securities Cultural Industry Index has increased by 4.85% in the past month, 16.46% in the past three months, and 11.27% year-to-date [2] - The index includes companies involved in various cultural sectors such as news publishing, broadcasting, cultural arts, and creative services, reflecting the overall performance of listed companies in the cultural industry [2] Group 2 - The top ten weighted companies in the index include Focus Media (10.15%), Giant Network (5.14%), and Kaiying Network (4.98%), among others [2] - The index's holdings are primarily listed on the Shenzhen Stock Exchange (77.41%) and the Shanghai Stock Exchange (22.59%) [2] - The industry composition of the index shows that communication services account for 95.23%, consumer discretionary for 3.18%, and industrials for 1.59% [2] Group 3 - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3]

【导读】港交所：上半年总集资金额同比上升322%！5只新股齐上市首日均实现上涨 中国基金报记者 郭玟君 7月9日，恒生指数收跌1.06%，报23892.32点，恒生科技指数跌1.76%，恒生中国企业指 数跌1.28%。全日市场成交额为2339亿港元，较前一交易日的2132.89亿港元有所增加。南 向资金净买入额为92.56亿港元。 恒基地产跌8.64%，阿里巴巴跌3.83%，紫金矿业跌3.38%，领跌蓝筹。恒基地产大跌主要 是由于公司披露，拟发行本金总额为80亿港元的可换股债券。 | 序号 | 名称 | 代码 | 现价 | 消歧跌 | 涨跌幅 ^ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 恒县地产 | 0012 | 25.900 c | -2.450 | -8.64% | 11.58亿 | 15.88% | | 2 | 阿里巴巴-W | 9988 | 102.900 c | -4.100 | -3.83% | 139.51亿 | 26.98% | | 3 | 紫等处,不 | 2899 | 20.000 c | ...

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Infrastructure Theme Index reporting at 2163.03 points [1] - The CSI 300 Infrastructure Theme Index has increased by 0.51% over the past month, 0.96% over the past three months, and has decreased by 2.43% year-to-date [2] Index Composition - The CSI 300 Infrastructure Theme Index is composed of infrastructure-related listed companies selected from the CSI 300 Index, providing investors with a diversified investment option [2] - The index was established on December 31, 2004, with a base point of 1000.0 [2] - The top ten weighted companies in the index are: - China Yangtze Power (14.9%) - China State Construction Engineering (8.74%) - China Telecom (8.45%) - China Mobile (7.25%) - China Unicom (6.01%) - China Nuclear Power (5.51%) - Three Gorges Energy (4.37%) - China Railway (4.19%) - Guodian Power (3.07%) - China Power Construction (3.03%) [2] Market Distribution - The CSI 300 Infrastructure Theme Index has a market distribution of 96.01% on the Shanghai Stock Exchange and 3.99% on the Shenzhen Stock Exchange [2] - The industry composition of the index includes: - Utilities: 42.59% - Industrials: 34.52% - Communication Services: 22.90% [2] Sample Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are adjusted in accordance with sample changes, typically remaining fixed until the next scheduled adjustment [3] - In the event of special circumstances affecting the CSI 300 Index samples, corresponding adjustments will be made to the index samples [3]

Group 1 - A-shares have shown a structural market characteristic, with strong performance in consumer sectors such as food and beverage, and retail, as well as certain technology sectors like AI applications and innovative pharmaceuticals [2][4] - The top five performing industries in A-shares include agriculture, media, food and beverage, electrical equipment, and retail, indicating a growing interest in agricultural assets and a recovery in consumer spending [2] - The bottom five performing industries in A-shares are electronics, steel, basic chemicals, non-ferrous metals, and storage chips, with the decline in non-ferrous metals linked to proposed US tariffs on copper [2] Group 2 - In the Hong Kong market, the healthcare sector has seen a rise due to active innovative drug concepts, despite potential US tariffs on pharmaceuticals [3] - The top three performing industries in Hong Kong include healthcare, industrial, and energy, while the bottom three are materials, information technology, and real estate, reflecting external pressures from US tariff policies and global tech supply-demand imbalances [3] - The current market characteristics indicate that A-shares are driven by policy and sectoral improvements, while Hong Kong stocks are more influenced by external factors such as US tariffs and global technology cycles [4] Group 3 - Short-term market hotspots are concentrated around policy-driven sectors and improving industry conditions, with a focus on performance in the upcoming earnings reports [4] - The breakthrough of the Shanghai Composite Index above 3500 points is expected to further boost market confidence, with potential policy signals from the July Politburo meeting influencing capital flows [4]

经济发展的"十年下降"困局曾深深困扰着这座南粤大地的制造业城市。从2012年至2021年间，GDP总量排名大幅下滑，工业投资总额不增反降，从307.4亿 元跌至288.9亿元。占固定资产投资总额比重由超三成跌至不足两成，城市发展陷入前所未有的瓶颈期。 土地开发强度接近40%，部分镇街达86.9%，最高的镇街十年未出让工业用地。11.2万亩村镇工业园因结构欠优、环境脏乱、产业低端、安全隐患突出，变 成困住城市发展的"死结"。排污厂企达5万多家，大部分集中在村镇低效工业园区，河涌水质恶化严重。 破局之路：全域改造重塑发展空间 2022年至2024年三年间，这座城市通过村镇低效工业园改造升级实践，累计拆除整理低效工业用地超4.8万亩。服务增资扩产和招商引资企业超1800家，预 计新增投资总额1862亿元，其中绝大部分投资来自民营投资和社会资本。 改造政策的创新成为突破关键。将2010年后实施建设的低效工业用地纳入"三旧"改造政策范围，同等享受市级权限优惠政策。针对缺失合法用地手续的村集 体土地，通过改造完善用地手续，所缴纳土地出让金基本返还村集体，推动土地利用合法化。 创新"单一主体归宗+连片奖励"模式，将改造税收 ...

Core Investment Strategies and Asset Allocation - The report recommends an overweight position in global equities, particularly in Asian markets (excluding Japan), due to expected earnings growth, policy support, and attractive valuations [2][19] - Non-USD bonds are to be increased, with emerging market local currency bonds being upgraded to overweight due to the anticipated weakening of the USD and significant room for central bank rate cuts [2][19] - Gold is positioned as a core asset, benefiting from de-dollarization, central bank purchases, and inflation hedging, with a 3-month target price of $3,400 [2][19] Macroeconomic Outlook and Risks - The core scenario anticipates a soft landing for the US economy, supported by trade truce, fiscal stimulus, and a projected 75 basis points rate cut by the Federal Reserve in the second half of the year [3][17] - Key risks include the potential end of the tariff suspension in July, Middle Eastern conflicts possibly driving oil prices above $100, and the implications of the proposed Section 899 tax on multinational investments [3][27] Asset Class Views - The USD is expected to weaken over the next 6-12 months, benefiting the Euro, Yen, and Pound, with specific targets set for currency pairs [4][20] - Gold is projected to have upward potential, with a 12-month target of $3,500, while oil prices are expected to stabilize around $65 per barrel, although geopolitical tensions could cause short-term spikes [4][27] - The stock-bond model has shifted to neutral, indicating a mixed outlook for equities, with emerging market local currency bonds requiring caution due to potential short-term reversals [4][24] Key Events and Outlook - Important upcoming events include tariff negotiations in July, central bank meetings in Europe and the US, and the IMF annual meeting in October [5][17] - The report emphasizes the importance of long-term investment principles, diversification, and balancing liquidity, growth, and protection needs in the context of the dollar's transition [5][19]

Core Viewpoint - The recent surge in platinum prices, which has outpaced gold, is driven by a combination of market dynamics and investor behavior, but it is essential to recognize the fundamental differences between platinum and gold as investment assets [1][4][10]. Group 1: Price Dynamics - Since May 15, 2025, platinum prices have skyrocketed, with a weekly increase of 10% and a total rise of over 50% by June 27, 2025, reaching over 320 yuan per gram [1]. - In contrast, gold prices have experienced volatility, initially rising to historical highs before a significant drop, leading many investors to seek alternatives like platinum [1][10]. - Chinese customs data indicates that prior to the price surge, imports of platinum reached a record high of 11.5 tons in April 2025, reflecting increased demand from jewelers and investors [1][10]. Group 2: Market Sentiment and Investor Behavior - The current platinum market is characterized by a mix of speculative investment and a shift in demand from gold, as some investors view platinum as a substitute for gold amidst rising gold prices [4][10]. - The allure of platinum is further fueled by its historical price relationship with gold, where it once traded at a premium, leading to renewed interest from seasoned investors [5][10]. - However, the market is also plagued by issues of counterfeit products, with reports of fake platinum jewelry circulating, which has raised concerns among consumers [1][15][16]. Group 3: Fundamental Differences Between Platinum and Gold - Unlike gold, which has established itself as a global reserve asset, platinum's financial attributes are limited due to its concentrated supply, with South Africa and Russia controlling a significant portion of global reserves [5][6][10]. - The industrial demand for platinum, primarily used in automotive catalysts, has declined due to the rise of electric vehicles, which further complicates its investment appeal [5][6][10]. - Historical trends show that platinum's price is highly sensitive to economic conditions, with past downturns linked to industrial demand drops, contrasting with gold's status as a safe-haven asset during economic turmoil [6][10].

德国5月工作日调整后工业产出年率 1%，前值-1.80%。 ...