Group 1 - The core viewpoint of the news is that 乐鑫科技 (Lexin Technology) has shown significant growth in its financial performance for the first quarter of 2025, with a total revenue of 558 million yuan, representing a year-on-year increase of 44.08% [1] - The net profit attributable to shareholders reached 93.70 million yuan, marking a year-on-year growth of 73.80% [1] - The company's non-recurring net profit was 89.07 million yuan, reflecting an impressive year-on-year increase of 85.91% [1] Group 2 - As of July 14, 2025, 乐鑫科技's stock closed at 152.77 yuan, down 1.01%, with a turnover rate of 1.75% and a trading volume of 27,400 lots, amounting to a transaction value of 421 million yuan [1] - The net outflow of main funds today was 12.15 million yuan, accounting for 2.88% of the transaction value, with large orders showing a net outflow of 13.31 million yuan [1] - The company has a current ratio of 3.71, a quick ratio of 2.87, and a debt-to-asset ratio of 23.09% [1] Group 3 - 乐鑫科技 was established in 2008 and is primarily engaged in software and information technology services, with a registered capital of 1.122 billion yuan [2] - The company has made investments in 11 enterprises and participated in 6 bidding projects, holding 130 trademark registrations and 203 patents [2]

作者 | 第一财经 祝嫣然 受关税政策扰动等因素的影响，二季度经济增速或将较一季度放缓，但仍有望实现5%以上的增长。 国家统计局将于7月15日发布二季度宏观经济数据。目前发布的多项高频数据和先行指标显示，工业 生产、消费、投资、企业经营等多领域继续改善。 2025.07. 14 本文字数：3488，阅读时长大约6分钟 第一财经研究院发布的最新一期"第一财经首席经济学家信心指数"为49.9，稍低于50荣枯线。经济 学家们认为，我国经济面临国内外的诸多挑战，但发展韧性和潜力仍存，景气度将延续修复态势。他 们对2025年第二季度GDP同比增速的预测均值为5.07%。 国家发改委13日发布的消息称，发改委主任郑栅洁日前赴河北省雄安新区、石家庄和灵寿县等地调 研，并主持召开经济形势座谈会。郑栅洁表示，面对复杂严峻的外部形势，一系列稳就业稳经济的政 策举措接续发力，高质量发展扎实推进，新质生产力发展步伐加快，社会大局保持稳定。大家一定要 牢固树立发展信心。要不断健全与企业、地方高效的沟通协调机制，着力推动解决经济运行中的突出 矛盾和问题，共同推动全年目标任务圆满完成。 二季度GDP增速略有放缓 二季度以来，外部冲击明显加 ...

在货币政策方面，报告预计新加坡金融管理局（MAS）在即将到来的政策审查中可能采取"观望"态 度。数据显示，2025年1月至5月，新加坡核心消费价格指数（core CPI）平均同比上涨0.6%。官方对 2025年全年整体和核心通胀的预测保持在0.5%-1.5%。 （文章来源：新华财经） 从各行业看，第二季度经济增长主要得益于多个领域的稳健表现。其中，制造业同比增长5.5%，为 2024年第四季度以来的最强劲增长；服务业同比增长4.1%；建筑业也保持了4.9%的强劲同比增长。服 务业的增长主要由批发零售贸易、交通仓储以及信息通信、金融保险等领域带动。 尽管上半年表现出色，但报告也指出了全球经济中存在的显著不确定性和下行风险，尤其是在2025年下 半年，美国的关税政策走向尚不明朗。华侨银行分析认为，这可能导致新加坡下半年的增长势头急剧放 缓。目前，新加坡官方的全年增长预测仍维持在0-2%的区间。 新华财经新加坡7月14日电（记者刘春涛）新加坡华侨银行（OCBC）在14日发布的最新研究报告中， 鉴于2025年第二季度经济表现强于预期，将新加坡全年国内生产总值（GDP）增长预测从此前的1.6% 上调至2.1%。 报告引 ...

Report Industry Investment Rating No relevant content provided. Core Views - The US has extended the tariff exemption period for various countries until August 1st. The impact of US tariff policies on the market remains uncertain, and there is a risk of emotional shocks similar to the situation in 2018. The domestic economy is entering a seasonal recovery window, and there are strong expectations for macro - policies before the Politburo meeting at the end of July [4]. - The real - estate sales are seasonally declining at a low level, and the service industry is experiencing structural differentiation and a decline due to high summer temperatures. The manufacturing's rush - to - export phase is ending, and there may be a decline in the third quarter. The PPI deteriorated significantly in June, and domestic anti - involution policies are expected to reverse the commodity supply - demand balance and lead to a recovery in prices [4]. - Domestic liquidity is generally neutral, with marginal tightening. Overseas liquidity is also tightening marginally. The US dollar index is expected to rebound from an oversold position. The domestic stock market will receive south - flowing return funds, but there is an outflow from passive ETF shares. IPO and other equity financing are increasing, and margin trading funds are continuously flowing in, while the pressure of share unlocks is decreasing marginally [4]. - After a short - term rebound, the valuations of various indices are still at a relatively high level in the historical range. The stock - bond risk premium at home and abroad has further declined, and the attractiveness of allocation funds is average [4]. - In the next 1 - 2 weeks, the broad - based index market is expected to oscillate, reach a peak, and then decline. It is recommended to reduce long positions in stock index futures after a sharp rise this week. In terms of style, hold long positions in IC and IM, and short IF and IH on rallies, or conduct an arbitrage strategy of long IM and short IF [4]. Summary by Directory 1. Market Review - **Global Stock Market Performance**: A - shares led the rise last week, while US stocks led the decline. The ranking of index increases is: ChiNext Index > German stock market > Shenzhen Component Index > FTSE Europe > Hang Seng Index > FTSE Emerging Markets > Nikkei 225 > NASDAQ Index. Specific increases include: the Shanghai Composite Index rose 1.09%, the Shenzhen Component Index rose 1.78%, and the ChiNext Index rose 2.36% [8][9]. - **Industry Performance**: The comprehensive finance industry led the rise, while the automobile industry led the decline [12]. - **Futures Basis and Spread**: The basis rates of the four major stock index futures (IH, IF, IC, and IM) changed by 0.56%, 0.46%, 0.56%, and 0.67% respectively last week, with the discounts of IF and IH narrowing significantly. The inter - period spread rates (between the current month and the next month) of the four major stock index futures changed by 0.08%, 0.12%, 0.08%, and 0.22% respectively, with the inter - period discounts of IF and IM narrowing slightly. The inter - period spread rates (between the next quarter and the current month) of the four major stock index futures changed by 0.1%, 0.17%, 0.15%, and 0.33% respectively, with the long - term discounts of the four major index futures converging significantly, especially for IM [21]. 2. Fund Flows - **Margin Trading and Market - Stabilizing Funds**: Margin trading funds flowed in 20.78 billion yuan last week, reaching 1.87 trillion yuan. The proportion of margin trading balance to the circulating market value of the Shanghai and Shenzhen stock markets decreased by 0.01% to 2.25%. The scale of passive stock ETF funds was 3065.57 billion yuan, an increase of 39.88 billion yuan from the previous week, and the share was 1988.43 billion shares, with a redemption of 1.09 billion shares from the previous week [24]. - **Industrial Capital**: In the first two weeks of July, equity financing was 19.42 billion yuan, with 3 companies. Among them, IPO financing was 3.98 billion yuan, private placement was 15.44 billion yuan, and convertible bond financing was 8.45 billion yuan. The scale of equity financing increased marginally. The market value of stock unlocks last week was 39.21 billion yuan, a decrease of 51.58 billion yuan from the previous week [28]. 3. Liquidity - **Monetary Injection**: Last week, the central bank's OMO reverse repurchase expired 652.2 billion yuan, and the reverse repurchase injection was 425.7 billion yuan, resulting in a net monetary withdrawal of 226.5 billion yuan. The MLF had a net injection in June, with a total of 300 billion yuan injected and 182 billion yuan expired. The overall liquidity supply is neutral, with marginal tightening [30]. - **Monetary Demand**: The net monetary demand from national debt, local debt, and other bonds was 193.14 billion yuan, 152.2 billion yuan, and 405.57 billion yuan respectively last week. The total net monetary demand from the bond market was 750.91 billion yuan. The debt financing demand in the bond market remained high [33]. - **Fund Price**: The DR007, R001, and SHIBOR overnight rates changed by 4.9bp, 4.3bp, and 2bp respectively to 1.47%, 1.4%, and 1.33%. The issuance rate of inter - bank certificates of deposit decreased by 4.1bp, and the CD rate of joint - stock banks rebounded by 3.6bp to 1.63%. The overall fund price rebounded slightly [36]. - **Term Structure**: Last week, the yields of 10 - year, 5 - year, and 2 - year treasury bonds changed by 2.2bp, 3.5bp, and 4.2bp respectively; the yields of 10 - year, 5 - year, and 2 - year policy - bank bonds changed by 3.2bp, 4.7bp, and 3.7bp respectively. The yield term structure continued to flatten, and the credit spread between treasury bonds and policy - bank bonds widened at the long - end [40]. - **Sino - US Interest Rate Spread**: As of July 11th, the US 10 - year treasury bond yield changed by 8.0bp to 4.43%, the inflation expectation changed by 4.0bp to 2.37%, and the real interest rate changed by 4.0bp to 2.06%. The inversion of the Sino - US interest rate spread widened by 5.76bp to - 276.54bp, and the offshore RMB depreciated slightly by 0.12% [43]. 4. Macroeconomic Fundamentals - **Real - Estate Demand**: As of July 10th, the weekly transaction area of commercial housing in 30 large - and medium - sized cities was 1.549 million square meters, a significant seasonal decline from 3.329 million square meters in the previous week. The second - hand housing sales also declined seasonally, reaching the lowest level in nearly seven years. The real - estate market sales are generally at a low level, and the financial market expects the introduction of urban renewal policies [45]. - **Service Industry Activities**: As of July 11th, the average daily subway passenger volume in 28 large - and medium - sized cities was 83.91 million, a 0.5% decrease from the same period last year but a 25.2% increase from 2021. The congestion delay index in 100 cities decreased slightly from the previous week. The service industry economic activities are approaching a natural growth and stable level [48]. - **Manufacturing Tracking**: Last week, the capacity utilization rates of the manufacturing industry showed a mixed trend. The capacity utilization rate of steel mills changed by - 0.39%, that of asphalt changed by 1%, that of cement clinker enterprises changed by 0.73%, and that of coke enterprises changed by - 0.3%. The average operating rate of the chemical industry chain related to external demand decreased significantly by 0.67% from the previous week [52]. - **Goods Flow**: The goods and passenger flows are at a relatively high level, with strong growth in the postal express and civil aviation sectors. However, the highway and railway transportation are relatively weak, and there is a risk of a seasonal decline in July - August [57]. - **Import and Export**: The logic of the rush - to - export after the Sino - US trade talks is coming to an end, and the port cargo throughput and container throughput have declined significantly. There is a risk of a second decline after the end of the 90 - day tariff exemption period in July - August [60]. - **Overseas**: The Fed's monetary policy meeting minutes are still hawkish. Most officials support a rate cut in September due to concerns about the impact of tariffs. The market expects the Fed to cut rates twice in 2025, with a rate cut of about 25 - 50bp, and the rate cut times are expected to be in September and December [62]. 5. Other Analyses - **Valuation**: The stock - bond risk premium was 3.27%, a decrease of 0.08% from the previous week, and was at the 65.4% quantile. The foreign capital risk premium index was 4.07%, a decrease of 0.17% from the previous week, and was at the 22.4% quantile. The valuations of the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices are at the 81.1%, 73.9%, 82.9%, and 65.7% quantiles respectively in the past five years, and the attractiveness of the valuations decreased marginally [64][69]. - **Quantitative Diagnosis**: According to seasonal patterns, the stock market is in a period of seasonal oscillation and growth with structural differentiation in July. The growth style is relatively dominant, and the cyclical style first rises and then falls. There is a risk of the market reaching a peak and adjusting in the middle and late July. It is recommended to pay attention to the opportunities of going long on IC and IM on dips and shorting IF and IH on rallies [72]. - **Financial Calendar**: This week, China will release data on June's currency and real economy. Overseas markets should pay attention to the US June CPI, PPI, retail sales, and the Fed's economic situation beige book, which will affect the market's expectations for the Fed's interest rate path [75].

Group 1 - The core point of the article is that Sinopec has applied for a patent for a molecular sieve catalyst aimed at improving the stability and activity of catalysts used in hydrocarbon reactions, specifically for the de-olefination of aromatics [1] - The patent application was filed by Sinopec Shanghai Petrochemical Research Institute and is titled "A Molecular Sieve Catalyst and Its Preparation Method and Application," with publication number CN120286060A and an application date of January 2024 [1] - The catalyst includes Y molecular sieve and transition metal sulfate oxides, addressing issues such as catalyst coking deactivation and poor stability in existing technologies [1] Group 2 - Sinopec, established in 2000 and headquartered in Beijing, primarily engages in oil and gas extraction, with a registered capital of approximately 12.17 billion RMB [1] - The company has invested in 263 enterprises, participated in 5,000 bidding projects, and holds 5000 patent records along with 45 trademark records [1] - Sinopec Shanghai Petrochemical Research Institute, founded in 2022 in Shanghai, focuses on technology promotion and application services, with a registered capital of 498 million RMB [2] - The research institute has invested in 2 enterprises, participated in 383 bidding projects, and holds 708 patent records [2]

这72家拟IPO企业为何"撤单" 业绩成长性不足 技术创新性欠佳 募资必要性存疑 ◎记者 胡嘉树 今年以来，沪深北三大交易所合计新受理177家企业上市申请，与此同时，不少拟上市公司在审核问询 或注册环节遇到各种问题而主动"撤单"，上市之路就此终止。 据上海证券报记者初步统计，截至7月11日，三大交易所合计有72家公司主动"撤单"导致IPO终止，撤单 数同比下降超过70%。从申报板块及所属行业分布看，拟申报北交所、创业板的撤单公司数量最多，集 中分布在专用设备制造业、软件和信息技术服务业及汽车制造业等。其中，20家公司为过会后"撤单"。 业绩成长性与可持续性、募资必要性与合理性、技术先进性与创新性、实控人相关风险等，成为掣肘 IPO的关键问题。 对于企业"撤单"后的去向，有资深投行人士分析称，此类企业或有三种出路：一是导致"撤单"的因素消 除后，企业可重新申报上市；二是在监管政策鼓励支持并购重组背景下，部分企业或选择被上市公司并 购；三是评估板块定位及上市条件，转道港交所或北交所再尝试上市。 今年以来72家拟上市公司"撤单" 具体来看72家"撤单"企业申报板块分布情况：北交所27家，创业板20家，上交所主板13 ...

Core Points - The stock price of Jiafa Education (300559) closed at 11.68 yuan on July 11, 2025, down by 0.26% with a turnover rate of 2.74% and a trading volume of 85,100 lots, amounting to 99.07 million yuan [1] - The company experienced a net outflow of main funds amounting to 18.96 million yuan, accounting for 19.14% of the total transaction amount, with significant outflows from large orders [1] Financial Performance - For the first quarter of 2025, Jiafa Education reported total operating revenue of 54.87 million yuan, a year-on-year decrease of 51.82% [1] - The net profit attributable to shareholders was 10.04 million yuan, down 253.84% year-on-year, while the non-recurring net profit was 11.18 million yuan, a decrease of 280.16% [1] - The company's liquidity ratios are as follows: current ratio at 7.168, quick ratio at 6.263, and debt-to-asset ratio at 9.52% [1] Company Overview - Chengdu Jiafa Antai Education Technology Co., Ltd. was established in 2002 and is primarily engaged in software and information technology services [2] - The company has a registered capital of 3.995 billion yuan and a paid-in capital of 538 million yuan [1] - Jiafa Education has made investments in 21 companies, participated in 1,124 bidding projects, and holds 46 trademark registrations and 82 patents [2]

（一）6 月海外市场主线？美国"金发女郎"交易再起，伊以、关税风波阶段性扰动 宏 观 研 究 宏观"月月谈"系列之八 2025 年 07 月 13 日 关税效应进入"数据验证期" —— 7 月宏观月报 6 月，海外市场再现"金发女郎"交易，国内市场情绪也在经济的温和复苏中持续提振。随着 关税效应的逐步显现，滞胀预期如何验证、市场交易的主线如何切换？本文分析，供参考。 一、宏观月报：关税效应进入"数据验证期" 国内方面，反内卷或仍是核心聚焦；政策或通过供需端总量调控、结合产业结构转型升级。1） 总量层面，破解"内卷"困境重点或在缓解供需矛盾。2）结构方面，或主要通过政策引导、 行业自律等推动供给创新升级。经济数据，聚焦服务业景气的接力与出口数据的验证。 6 月以来，"金发女郎"交易再度成为海外市场的主线。原因有三方面：1）《美丽大法案》推 进顺利、并在 7 月 4 日成功落地，打消了市场前期对"法案推进受阻"、"X-date 临近"等担 忧；2）5 月通胀数据低于预期，降息空间边际打开。3）经济温和走弱，但就业数据韧性十足。 伊以冲突一度引发市场的阶段性担忧，关税风暴虽再度来袭、但市场反应相对平淡。1）伊以 冲 ...

2025.07. 13 和每年进行的GDP核算不同，经济普查每五年进行一次。去年12月26日，第五次全国经济普查结果 发布，普查全面摸清了我国第二产业和第三产业家底，反映出我国经济社会发展取得的新成效。其 中，2023年末，全国共有信息传输、软件和信息技术服务业企业法人单位169.1万个，从业人员 1506.7万人，分别比2018年末增长85.2%和51.4%。 信息传输、软件和信息技术服务业包括：电信、广播电视和卫星传输服务；互联网和相关服务；软件 和信息技术服务。其中，2023年，软件和信息技术服务业的法人单位从业人员达到了1107.1万人， 占信息传输、软件和信息技术服务业的比重达73.48%。 那么，这个高薪行业，哪些城市的从业人员较多呢？ 今年以来，各地陆续发布了第五次经济普查相关数据。第一财经记者梳理发现，北京、上海、深圳、 广州、杭州的信息传输、软件和信息技术服务业法人单位从业人员超过60万人，位居前五，其中京 沪超过了100万人（需要说明的是，部分重点城市的五经普数据尚未发布，在此没有纳入）。 从具体城市来看，北京市五经普结果显示，北京在信息传输、软件和信息技术服务业的法人单位的相 关从业人员 ...

Core Insights - The economic strength of the top 100 districts in mainland China has become a focal point, with Shanghai's Pudong New Area leading the list due to its outstanding economic performance and a GDP significantly ahead of others [1][2] - All districts on the list have a GDP exceeding 160 billion RMB, highlighting their robust economic capabilities and exceptional performance [1][2] - The top districts are not only economically significant locally but also play a crucial role in the national economic landscape, showcasing unique industrial advantages in various sectors [2][3] Group 1 - Shanghai Pudong New Area is recognized as the most developed region in mainland China, excelling in finance, trade, and technology, which drives its rapid economic growth [1][2] - Pudong is home to numerous well-known domestic and international company headquarters and important financial infrastructure, such as the Shanghai Stock Exchange, solidifying its core position in the financial sector [1] - The region also stands out in technological innovation, attracting high-tech enterprises and talent, which continuously fuels its economic development [1] Group 2 - Other districts on the list, such as Shenzhen's Nanshan District, Guangzhou's Tianhe District, and Beijing's Haidian District, demonstrate strong economic capabilities in high-tech industries, modern services, and technological innovation, respectively [2] - The distribution of these top districts spans from the developed eastern coastal areas to emerging economic zones in the central and western regions, indicating a broad geographic representation [2] - The increasing number of top districts in the central and western regions, such as Chengdu's Wuhou District and Wuhan's Jianghan District, reflects a positive trend in regional economic coordination and development [2][3] Group 3 - Overall, the economic strength of the top 100 districts in mainland China is significant, showcasing not only impressive total economic output but also strong competitiveness in industrial structure optimization, technological innovation, and green development [3] - With the ongoing implementation of the national regional coordinated development strategy, these districts are expected to continue leading the way in promoting high-quality national economic growth [3] - The emergence of more regional economies will enrich the economic landscape of mainland China, laying a solid foundation for sustainable economic development [3]