Market Overview - The two markets experienced a significant net outflow of 25.405 billion yuan, with 1,466 stocks seeing net inflows and 3,231 stocks experiencing net outflows [1] - The Shanghai Composite Index closed down by 0.75% [1] Industry Performance - Five industries saw net inflows from large orders, with the petroleum and petrochemical sector leading with a net inflow of 1.577 billion yuan and a 2.05% increase in the industry index [1] - The defense and military industry followed with a net inflow of 1.536 billion yuan and a 1.72% increase [1] - A total of 26 industries experienced net outflows, with the computer sector seeing the largest outflow of 3.724 billion yuan, followed by the automotive sector with 3.379 billion yuan [1] Individual Stock Performance - Sixteen stocks had net inflows exceeding 200 million yuan, with Hai Neng Da leading at 904 million yuan [2] - Other notable stocks with significant inflows include Hengxuan Technology (528 million yuan) and Tongyuan Petroleum (342 million yuan) [2] - The stocks with the largest net outflows included BYD (831 million yuan), Kweichow Moutai (617 million yuan), and Jianghuai Automobile (521 million yuan) [3] Stock Price Movements - Stocks with net inflows over 200 million yuan saw an average increase of 9.61%, outperforming the Shanghai Composite Index [2] - Specific stocks that increased include Xinjin Power and Chengxi Aviation, which closed at their daily limit [2] Sector Concentration - The stocks with the highest net inflows are concentrated in the defense and military, communication, and transportation sectors, each having two stocks listed among the top inflows [2]

Core Viewpoint - The article emphasizes the critical role of education systems in driving industrial revolutions and technological advancements, particularly in the context of China's manufacturing success and the ongoing AI era [4][5]. Group 1: Historical Context of Education and Industrial Revolutions - The British Industrial Revolution was closely linked to its unique apprenticeship system, which produced skilled craftsmen like Watt and Wilkinson, who significantly contributed to technological advancements [9][11]. - The limitations of the apprenticeship system became apparent as the demand for skilled labor surged, leading to alternative training methods like Sunday schools to quickly train technicians [13]. - The German Humboldt education reform in the early 19th century established a modern research university model, integrating theory and practice, which laid the foundation for Germany's industrial strength [14][17][19]. Group 2: Education Systems and Economic Growth - The U.S. adopted the German model post-Civil War, leading to the establishment of land-grant colleges and a tiered education system that catered to both elite and mass education needs [21][23]. - The expansion of U.S. universities post-World War II, particularly through the G.I. Bill, significantly increased access to higher education and contributed to the country's economic prosperity [24][26]. Group 3: China's Education System and Engineering Talent - China's education system has drawn from the German Humboldt model, resulting in a layered education structure that emphasizes STEM fields, particularly after the 1999 university expansion [28][29]. - The number of engineering graduates in China now exceeds that of the U.S. by more than tenfold, creating a substantial engineering talent pool that supports high-tech manufacturing [30][31]. - The Chinese education system, combined with a fair college entrance examination process, facilitates upward mobility for students from various backgrounds, contributing to a robust engineering workforce [33]. Group 4: Technology Diffusion and Competitive Advantage - The diffusion of General Purpose Technologies (GPT) is identified as a key driver of economic competition, with historical examples illustrating how technology leaders can be surpassed by latecomers [35][36]. - China's ability to integrate education with large-scale manufacturing, particularly in electronics and automotive sectors, positions it favorably in the global technology landscape [36]. Group 5: Future Education Needs in the AI Era - The article discusses the need for an education system that fosters creativity and problem-solving skills in the AI era, moving away from rote memorization and compliance with authority [39][40]. - The potential for a small percentage of exceptional individuals to drive significant productivity gains in the future highlights the importance of nurturing talent within the education system [41].

双边贸易兼具探索性示范性 中国—中东欧国家合作机制启动以来，双边贸易年均增长8.8%，高于同期中国对外贸易增速。今年5 月，第四届中国—中东欧国家博览会成功举办。进一步挖掘双方贸易投资潜力，开展更高水平合作，将 为世界经济注入更多稳定性和正能量。本期特邀专家围绕相关问题进行研讨。 马骏驰（中国欧洲学会中东欧研究分会副秘书长）：近年来，中国—中东欧投资合作蓬勃发展。据商务 部不完全统计，截至2024年末，中国对中东欧投资规模累计超240亿美元。得益于新能源汽车等产业投 资带动，中东欧成为中国对欧投资的首选之地。 中国与中东欧国家贸易合作涵盖哪些领域？呈现怎样的特点？ 徐坡岭（中国社会科学院俄罗斯东欧中亚研究所研究员）：在全球经济格局深度调整与区域合作加速重 构的背景下，中国与中东欧国家经贸合作成为共建"一带一路"倡议与欧盟发展战略对接的重要实践样 本。自2012年中国—中东欧国家合作机制成立以来，双方逐步构建起多层次、宽领域的合作框架。面对 国际产业链供应链重塑与绿色转型浪潮，中国与中东欧国家依托发展战略协同、产业梯度互补与制度创 新赋能，持续推动双边贸易规模扩大、结构优化、模式升级，为跨区域合作提供了兼具探索 ...

Core Viewpoint - Yibo Technology (301366.SZ) is actively providing PCB R&D design and PCBA prototyping and small-batch manufacturing services to various clients in the robotics sector, indicating a strategic focus on this growing industry [1] Group 1: Company Overview - Yibo Technology has established partnerships with numerous clients in the robotics field, including notable companies such as Yushu Technology, UBTECH, and Stand [1] - The revenue contribution from individual clients is relatively small, suggesting a diversified client base that mitigates risks associated with dependency on single customers [1] Group 2: Services Offered - The company specializes in PCB R&D design and PCBA prototyping, catering specifically to the needs of the robotics industry [1] - Small-batch manufacturing services are also part of the offerings, which aligns with the requirements of clients in the robotics sector [1] Group 3: Client Confidentiality - Due to confidentiality agreements with clients, specific transaction details cannot be disclosed, highlighting the importance of client relationships and trust in the business model [1]

Group 1 - The automotive industry is facing supply chain pressures, prompting 16 major car manufacturers to limit payment terms to suppliers within 60 days, coinciding with the implementation of a new regulation aimed at protecting small and medium-sized enterprises (SMEs) [2] - The automotive sector is experiencing a competitive environment similar to that seen in the home appliance and mobile phone industries, where aggressive pricing strategies have led to market instability and only a few companies with core technologies and brand value have survived [2][4] - The need for industries to balance scale expansion with quality upgrades is critical, with brand building becoming a key focus for high-quality development [2] Group 2 - Former Sinopec Chairman Fu Chengyu emphasized the importance of not sacrificing long-term benefits for short-term gains, warning against practices that could harm SMEs, such as prolonged payment terms and price reductions [3] - The home appliance industry, particularly in Guangdong Shunde, is under pressure despite its mature supply chain, with ODM factories facing order uncertainty and profit compression due to aggressive pricing competition [4][5] Group 3 - The home appliance industry's supply chain is characterized by a "pyramid" structure, where brand owners exert pricing power, leading to cost pressures on suppliers and ultimately resulting in product homogenization and quality risks [5][6] - The dominance of leading brands in the home appliance sector has resulted in a significant profit squeeze for many SMEs, with net profit margins declining over the years [6] Group 4 - The restructuring of the supply chain is urgent, requiring collaboration between large enterprises and SMEs to break the cycle of exploitation and promote high-quality development driven by both brand and technology [7] - Major companies are encouraged to adopt a role as enablers rather than exploiters, fostering innovation and resilience within the supply chain [7] Group 5 - Companies like Midea and Haier are taking steps to empower SMEs through platforms that provide resources and support for brand development and innovation [8] - The acquisition of brands by SMEs, such as Jiahe Intelligent's purchase of the German audio brand Beyerdynamic, represents a strategic move towards establishing a presence in high-end markets [9] Group 6 - The Chinese government is implementing policies to support the growth of specialized SMEs, including financial incentives and resources for technology upgrades [11] - The internationalization of supply chains is seen as a way to alleviate domestic pressures, with companies like BYD and CATL establishing production bases in Europe to enhance local service and reduce costs [13]

乌克兰军方：在夜间袭击了俄罗斯莫斯科地区的一家电子工厂。 ...

Group 1: China-ASEAN Trade Relations - China and ASEAN have completed negotiations for the China-ASEAN Free Trade Area 3.0, marking a significant step towards signing an upgraded protocol [1] - ASEAN remains China's largest trading partner for five consecutive years, with total trade value reaching 2.38 trillion yuan in the first four months of this year, a growth of 9.2% [1] - By 2024, the trade value between China and ASEAN is projected to reach 6.99 trillion yuan, reflecting a growth of 9.0% [1] Group 2: Investment Opportunities in ASEAN - Guangxi province is leveraging its unique geographical advantages to enhance cooperation with ASEAN, with initiatives like the "Tax Road Pass" service brand to support outbound enterprises [2] - Yuchai Machinery Co., Ltd. has successfully established its first overseas factory in Thailand, with an annual production capacity exceeding 50,000 units [2] - In 2023, China's direct investment in ASEAN reached $25.12 billion, a year-on-year increase of 34.7%, with over 7,400 direct investment enterprises established in the region [4] Group 3: Support for Exporting Enterprises - The overseas marketing center in Huzhou, established in Thailand, has signed over 140 Chinese enterprises, achieving intended order amounts exceeding $25 million [3] - The local government in Huzhou has implemented a service mechanism to assist enterprises in registration, brand building, and compliance guidance for their overseas operations [3] - The tax authority in Huzhou has processed export tax refunds totaling 140 million yuan for related enterprises this year [3] Group 4: Taxation and Regulatory Support - Guangdong Tosstar Technology Co., Ltd. has established two subsidiaries in Vietnam, with overseas revenue exceeding 600 million yuan in 2024, a growth of 19.48% [4] - The tax treaty network has expanded to cover 114 countries, including 9 out of 10 ASEAN countries, enhancing investment certainty for enterprises [4] - The tax authority in Wuhan has provided comprehensive cross-border tax services to foreign enterprises, facilitating their operations and compliance [6] Group 5: Infrastructure and Logistics Development - The Western Land-Sea New Corridor has significantly boosted trade between China and ASEAN, with import and export volumes exceeding 200 billion yuan in the first quarter of this year [8] - A cross-regional tax cooperation framework has been established among 15 provinces to support the development of the Western Land-Sea New Corridor [9] - The international land port in Huaihua has seen a 46.2% increase in train operations this year, with foreign trade reaching 3.54 billion yuan, including 830 million yuan in trade with ASEAN [10]

Group 1: Yangjie Technology - Yangjie Technology maintains a positive outlook on future gross margin trends, driven by high-margin industry layout, technological R&D for value-added upgrades, and systematic cost reduction strategies [1] - The company expects to enhance operational efficiency through continuous cost control and aims to capitalize on the domestic substitution of low-power chips in the automotive electronics sector [1] - Emerging sectors such as clean energy (solar and wind) will provide diverse growth opportunities for power semiconductors, while overseas business remains a core part of the company's globalization strategy [1] Group 2: Haiguang Information - The merger between Haiguang Information and Zhongke Shuguang aims to enhance the core competitiveness of the computing power industry through a share swap absorption merger [2] - The share swap ratio is based on the average stock price over the previous 120 trading days, with Zhongke Shuguang shareholders receiving 0.5525 shares of Haiguang Information for each share held [2] - The integration will create a closed-loop layout from high-end chip design to complete high-end computer systems, enhancing technological and application synergy [2] Group 3: Huydian Co., Ltd. - Huydian Co., Ltd. focuses on a differentiated product competition strategy, with core applications in communication equipment, data center infrastructure, and automotive electronics [3] - The company anticipates revenue of approximately 10.093 billion yuan from the enterprise communication market in 2024, primarily from servers, HPC, and high-speed network switches [3] - The Thai factory has begun small-scale production, aiming to improve production efficiency and yield stability [3] Group 4: Huazhu High-Tech - The institutional research covers various aspects, including the application of titanium alloys in consumer electronics and the recovery of the aerospace sector [4] - The company indicates that 3D printing can address heat dissipation issues through unique structural designs and may utilize alternative materials [4] - The major shareholder's reduction in holdings is aimed at recovering investment costs and optimizing the shareholder structure [4]

东山精密是苹果iPhone电路板供应商。二季度以来，摩根大通证券、国信证券、招商证券等机构调研东 山精密。在接受机构调研时，东山精密表示，电子电路板块是公司核心业务，公司将充分把握AI创新 周期带来的机遇，重点巩固高端软板及高频高速高密度硬板领域的技术优势，进一步提升行业领先地 位。 长城证券研报称，在FPC（柔性印制电路板）业务方面，AI手机带来的新一轮换机周期和AI手机单机 FPC用量的提升，将成为行业增长新机遇。AI功能的加入使得软板设计和加工难度大幅提升，高端软板 产能将会更加紧缺，头部企业竞争力将进一步凸显。 ● 本报记者 张兴旺 Choice数据显示，二季度以来，机构密集调研立讯精密、京东方、领益智造、东山精密、欣旺达、蓝思 科技、信维通信、安洁科技等60余家苹果产业链公司。 机构分析称，未来，随着苹果加大在AI领域的投入，以及推出更智能的语音助手，iPhone有望迎来新一 轮换机周期，产业链公司将受益。 机构密集调研 Choice数据显示，二季度以来，立讯精密、水晶光电、天准科技、深南电路、鹏鼎控股、京东方等16家 苹果产业链公司均获得超100家机构调研。 6月10日，2025苹果全球开发者大会 ...

Core Insights - The Shenzhen Logistics Expo 2025 showcased a transformative model for digital supply chains, emphasizing a 40% reduction in both procurement costs and carbon emissions through innovative technologies [1][2]. Group 1: Digital Supply Chain Reconstruction - The "Cross-Border Green Chain Platform" addresses traditional procurement challenges such as supplier fragmentation and logistics inefficiencies, with 85% of surveyed companies reporting hidden costs in procurement [2]. - Key technologies include a blockchain traceability system that identified 27% redundant procurement steps, an AI dynamic pricing engine that improved decision-making speed by six times, and a carbon footprint visualization tool that helped a multinational reduce air freight emissions by 1,800 tons in a single quarter [2][3]. Group 2: Pathways to 40% Reduction - The platform's "Green Chain Index" integrates 12 metrics for supplier certification, with 2,300 suppliers from 15 countries certified, leading to a 38% reduction in procurement costs and a 43% decrease in carbon footprint for companies using recycled materials [3]. - A machine learning-based demand forecasting system provided 90-day alerts for procurement fluctuations, resulting in a 92% inventory turnover rate and a reduction in waste from 15% to 4%, saving over 6 million yuan annually for a major company [4]. - The platform optimized logistics by integrating multi-modal transport resources, achieving a 19% reduction in transport distance and a 22% decrease in fuel consumption [5]. - The introduction of a "carbon points cashback" mechanism allowed companies to convert emission reductions into procurement discounts, with one company redeeming over 2 million yuan in green materials [6]. Group 3: Cross-Border Ecosystem Effects - A strategic agreement with Germany's TUV certification body will incorporate Chinese green standards into an international recognition system, facilitating automatic deductions for EU carbon border taxes for companies using the platform [7]. - The platform's model is expected to be promoted to 3,000 enterprises in Shenzhen, potentially reducing emissions by 1.2 million tons annually [7]. Group 4: Challenges and Future Evolution - Despite significant achievements, challenges such as data security and international standard discrepancies remain, with potential emission calculation discrepancies of 15%-20% noted [8]. - The next-generation system will incorporate real-time regulatory interpretation features and establish dispute arbitration mechanisms, marking 2025 as a pivotal year for green supply chains [8].