● 本报记者 傅苏颖 实现降本增效 7月1日起，医保药品"卖药必扫码，买药先验码，无码医保不结算"。根据国家医保局等四部门今年3月 份发布的通知，自2025年7月1日起，销售环节按要求扫码后方可进行医保基金结算。自2026年1月1日 起，所有医药机构都要实现药品追溯码全量采集上传。业内人士认为，药品追溯码的全面应用，有助于 实现医保药品全流程可追溯，加强药品流通监管，对医药产业链的生产、流通、零售及医保等环节都将 产生深远影响。 今年3月，国家医保局等四部门联合发布通知，要求加强药品追溯码在医疗保障和工伤保险领域的采集 应用。通知要求，药品上市许可持有人和生产企业应按照相关规定，对各级销售包装单元赋码，并确保 药品追溯码的准确性和唯一性。医保定点医药机构需准确采集、核验药品追溯码，并上传至全国统一的 医保信息平台、药品上市许可持有人的药品追溯系统。自2025年7月1日起，销售环节按要求扫码后方可 进行医保基金结算，对此前已采购的无追溯码药品，列入"无码库"管理，暂可进行医保结算。自2026年 1月1日起，所有医药机构都要实现药品追溯码全量采集上传。 6月30日，国家医保局微信公众号发布消息称，药品追溯码就是每 ...

上半年，在市场回暖与监管重塑共同作用下，A股股权融资市场悄然迎来变革。Wind数据显示，上半年 全市场股权募资总额升至7610.29亿元，同比大增401.72%。高速扩容背后暗藏行业变局：中信证券、国 泰海通、中信建投三大券商以50.06%的股权承销份额包揽过半市场，集中度持续提升。与此同时，监 管部门半年内开出超40张投行罚单，直指尽职调查缺失、内核程序失效等行业痼疾。伴随着政策层切断 规模挂钩收费机制，投行业正经历从发行通道到风控专家的生存逻辑重构。 ● 赵中昊 谭丁豪 据中国证券报记者统计，2025年上半年，证监会、沪深北交易所、各地方证监局以及中证协出具的券商 投行业务相关罚单合计超40张，问题覆盖质控与内核失效、尽职调查缺失、收费与利益冲突等多个层 面。例如，5月下旬，沪深交易所对中信证券、国投证券、华福证券、五矿证券等采取监管警示措施， 涉及IPO、再融资、债券承销等核心业务环节。监管警示函指出，这些案例反映出部分券商在项目执行 中存在"走过场"现象，质控与内核流程未能有效发挥作用。 2025年，投行业务违规现象呈现数量增多、覆盖面扩大、责任追究趋严等特征。值得注意的是，近年来 监管部门对投行领域 ...

● 本报记者 胡雨 A股2025年上半年行情收官。整体上看，上半年市场主要股指维持区间震荡走势，成交也保持活跃状 态，日成交额在绝大多数交易日里维持在万亿元以上水平。 从盈利修复节奏看，招商证券策略团队认为，考虑到政策效果和低基数影响的逐步显现，预计剔除金融 股后的A股上市公司净利润同比增幅将在二三季度放缓，四季度低位回升，全年有望实现"V"型修复态 势；从大类行业看，2025年盈利增速相对较高的板块预计主要集中在消费服务、信息技术、中游制造等 领域。 从多家券商2025年中期策略看，下半年，外部环境改善、内部政策加码以及市场流动性充裕有望形成推 动A股震荡走强的合力，A股上市公司整体盈利水平有望改善从而带动ROE（净资产收益率）企稳回 升，以AI为核心的泛科技板块的投资机遇值得重视。 三大因素共振助推A股走强 回顾A股上半年整体表现，上证指数、深证成指、创业板指区间震荡态势较为明显，6月下旬起指数震 荡拉升，上证指数日前创出今年以来新高。展望A股市场下半年走势，多家券商均给出了震荡向上的判 断，背后因素主要包括外部环境改善、国内支持性政策有望继续落地、资金面或延续稳中向好态势等。 对于下半年外部环境可能出现 ...

● 本报记者 石诗语 近年来，多家银行坚持党建引领，推动党建与业务深度融合，深刻把握金融工作的政治性、人民性。始 终牢记使命，奋力做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"，将党的建 设深度融入公司治理、经营发展、人才培养等方面。胸怀"国之大者"，聚焦主责主业，不断优化金融供 给，助力经济社会高质量发展。 服务实体经济 近年来，多家银行聚焦重点领域，服务现代化产业体系建设，坚持把金融服务实体经济作为根本宗旨， 扎实做好"五篇大文章"，助力经济运行持续向好，用足用好货币政策工具和一揽子金融政策，抓紧抓实 政策机遇，确保党中央重大决策部署在银行业落实落地。 例如，工商银行相关负责人向记者介绍，该行深入贯彻落实党中央、国务院决策部署，持续加大小微企 业融资支持力度，积极运用金融科技赋能，加快推进普惠金融数字化转型，畅通融资渠道，进一步提升 金融服务的可得性、便利性。该行上海分行成功推动"经营快贷"产品入驻上海市虹口区信易贷平台，支 持客户通过微信小程序、H5页面、二维码扫码等多种方式办理普惠贷款，提升客户融资体验。 又如，农业银行紧紧围绕党中央全面推进美丽中国建设的部署，聚焦美丽中国先行区建 ...

Core Viewpoint - Commercial Vehicle Group (CVG) successfully refinanced $210 million in senior secured credit facilities, extending maturity to 2030 and enhancing financial flexibility [1][2] Group 1: Refinancing Details - The refinancing includes a $95 million senior secured term loan and a $115 million asset-based revolving credit facility [1] - The term loan matures on June 27, 2030, with interest rates ranging from SOFR plus 8.75% to SOFR plus 10.75% based on leverage ratios [3] - The ABL Facility also matures on June 27, 2030, and is subject to a borrowing base based on US and UK inventory and receivables [5][6] Group 2: Financial Flexibility and Covenants - The new facilities provide funding certainty and increased financial flexibility, supporting cost reductions and operational efficiency [2] - The term loan has a consolidated total leverage ratio covenant starting at 7.25x, with scheduled step-downs to 4.00x by September 30, 2027 [8] - A maximum capital expenditure covenant is set at $20 million per fiscal year, with a sublimit of $10 million for foreign capital expenditures [8] Group 3: Warrants and Additional Information - TCW Group affiliates received five-year warrants for the purchase of up to 3,934,776 shares of common stock at exercise prices of $1.58 and $2.07 [10] - The company is required to file a Current Report on Form 8-K with the SEC to provide further details regarding the transactions [11] - CVG is a global provider of systems and components for the commercial vehicle and electric vehicle markets [12]

美东时间6月30日周一，媒体获得的内部备忘录显示，Meta CEO扎克伯格宣布，公司的AI团队进行重大 重组，正式在公司内部介绍，成了一个名为"Meta超级智能实验室"的新团队，它致力于开发AI"超级智 能"（Superintelligence），开发能够像人类一样、甚至比人类更好地完成任务的AI系统。 媒体称，扎克伯格在致员工的备忘录中介绍，上述超级智能实验室将由数据标注初创公司Scale AI的前 CEO Alexandr Wang领导，Wang将担任Meta的首席人工智能官。扎克伯格称Wang是"他这一代人中最令 人印象深刻的创始人。" 扎克伯格称，Github的前CEO Nat Friedman将和Wang共同领导超级智能实验室，Friedman还将负责Meta 的AI产品和应用研究工作。 除了超级智能实验室，扎克伯格还在备忘录中告诉员工，有11名AI领域的人才加入了Meta，包括来自 谷歌、OpenAI及其劲敌Anthropic的研究人员。 上述扎克伯格提及加盟Meta的AI"大将"包括前DeepMind研究员Jack Rae和Pei Sun、包括Jiahui Yu、 Shuchao Bi、Shen ...

央视新闻指出，7月9日是美国政府暂停征收所谓"对等关税"90天的截止期限。新近消息显示，欧盟正努 力赶在这个"关税大限"到来前和美国达成贸易协议，避免关税战升级。 美东时间6月30日周一，媒体援引知情者的消息称，欧盟愿意接受与美国签署的贸易协议包括，让美国 对许多进口自欧盟的产品征收10%的所谓基准关税，但希望美国承诺，降低对药品、酒类、半导体和商 用飞机等关键行业产品的关税。 知情者称，欧盟还敦促美国，给予欧方配额和豁免，从而有效降低美国对汽车及汽车零部件征收的25% 关税，以及对钢铝征收的50%关税。 若上述消息属实就意味着，欧盟愿以接受美方当前10%的基准对等关税，换取降低关键行业的关税、以 及对汽车和钢铝行业关税的豁免。 据新华社，特朗普4月2日宣布开征所谓"对等关税"，引发美国金融市场暴跌。在多方压力下，特朗普又 在4月9日宣布暂缓对部分贸易伙伴征收高额"对等关税"90天，但维持10%的"基准关税"，同时威胁美贸 易伙伴需在7月8日前完成与美谈判。 欧盟委员会负责贸易和经济安全等事务的委员、欧盟的首席谈判代表谢夫乔维奇周一表示，本周二在土 耳其会谈后，他将前往华盛顿，寻求周三和周四与美国贸易代表格里 ...

Financial Performance - The net loss for the three months ended March 31, 2025, was $163,101, with a basic and diluted net loss per Class B ordinary share of $0.03[16] - The Company had a net loss of $163,101 for the three months ended March 31, 2025, consisting of general and administrative costs of $18,101 and share-based compensation expense of $145,000[106] - The company recorded a net loss per ordinary share, with diluted loss per ordinary share being the same as basic loss per ordinary share for the period presented[59] Initial Public Offering (IPO) - The company completed its Initial Public Offering on May 16, 2025, raising gross proceeds of $201,250,000 from the sale of 20,125,000 units, including the full exercise of the underwriters' over-allotment option[27] - The Initial Public Offering (IPO) generated gross proceeds of $201,250,000 from the sale of 20,125,000 units at $10.00 per unit, including the underwriter's over-allotment option[127] - The company completed its Initial Public Offering of 20,125,000 Units, including the full exercise of the underwriters' over-allotment option[60] - The company sold 20,125,000 Units at a price of $10.00 per Unit during the Initial Public Offering, including the full exercise of the over-allotment option of 2,625,000 Units[64] Assets and Liabilities - As of March 31, 2025, total assets increased to $1,140,160 from $622,778 as of December 31, 2024, representing an increase of approximately 83%[13] - Total liabilities rose to $1,197,678 from $662,195, marking an increase of about 81%[13] - As of March 31, 2025, the company had no cash and a working capital deficit of $747,600[42] - The company has an unsecured promissory note from the Sponsor of up to $400,000 to satisfy liquidity needs[42] - The company may convert up to $1,500,000 of Working Capital Loans into units of the post-Business Combination entity at a price of $10.00 per unit[43] - The company had no borrowings under Working Capital Loans as of March 31, 2025[43] Trust Account and Business Combination - The trust account holds $201,250,000 from the net proceeds of the Initial Public Offering, which will be invested in cash or U.S. government treasury obligations until a Business Combination is completed[31] - The company intends to apply substantially all net proceeds from the Initial Public Offering towards consummating a Business Combination[30] - The company will provide Public Shareholders the opportunity to redeem their shares for a pro rata portion of the amount held in the Trust Account upon completion of a Business Combination[32] - If a Business Combination is not completed within 21 months from the closing of the Initial Public Offering, the company will redeem the Public Shares at a per-share price equal to the aggregate amount in the Trust Account[37] - A total of $201,250,000 was placed in the Trust Account following the IPO, which will be used to complete the Business Combination[109] - The Company intends to use substantially all funds in the Trust Account for the Business Combination and remaining proceeds for working capital[110] Operating Status - The company has not commenced any operations as of March 31, 2025, and will not generate operating revenues until after completing its initial Business Combination[26] - The Company has not generated any revenues to date and does not expect to do so until after the completion of the Business Combination[105] Costs and Expenses - Transaction costs associated with the Initial Public Offering amounted to $10,727,318, which included $1,500,000 in cash underwriting fees and $7,568,750 in deferred underwriting fees[29] - The Company incurred total offering costs of $10,727,318, which included a cash underwriting fee of $1,500,000 and a deferred underwriting fee of $7,568,750[109] - The Company recognized a share-based compensation expense of $145,000 for the three months ended March 31, 2025, related to the transfer of 125,000 Founder Shares to independent directors[67] - The Company has a total deferred legal fee of $450,078 as of March 31, 2025, related to the Initial Public Offering[81] Governance and Compliance - The company is classified as an "emerging growth company" and may take advantage of certain exemptions from reporting requirements[45] - The Company has no off-balance sheet arrangements as of March 31, 2025[114] - The management has evaluated the effectiveness of disclosure controls and procedures, concluding they were effective as of March 31, 2025[121] - The company does not expect its disclosure controls to prevent all errors or instances of fraud, acknowledging inherent limitations[122] - There have been no material changes to the risk factors disclosed in the final prospectus for the IPO filed with the SEC[126] - There are no material legal proceedings currently pending against the company or its officers[125] Future Considerations - The geopolitical instability from the Russia-Ukraine conflict and the Israel-Hamas conflict may adversely affect the Company's search for an initial Business Combination[84][85] - The company does not believe it will need to raise additional funds to meet operating expenditures prior to the initial Business Combination[44] - The Sponsor may provide loans to fund working capital deficiencies or transaction costs related to the Business Combination[112] - The company has no long-term debt or significant liabilities, only an agreement to pay the Sponsor $30,000 per month for office space and administrative services[115]

Core Point - The article reports that Ukrainian armed forces used Storm Shadow cruise missiles to attack the city center of Donetsk, resulting in one death [1] Summary by Categories - **Military Actions** - Ukrainian forces conducted a missile strike using Storm Shadow cruise missiles on June 30, targeting the city center of Donetsk [1] - **Casualties** - The attack led to one confirmed death [1] - **Response** - As of now, there has been no response from Ukrainian officials regarding the incident [1]

Group 1 - The overall market sentiment is neutral, with a mixed outlook on buying and selling signals across different time frames [2][5]. - The moving averages indicate a buy signal for MA5, MA50, MA100, and MA200, while MA10 and MA20 show sell signals [4][5]. - Technical indicators such as MACD and ROC suggest a buying opportunity, while others like ADX indicate a sell signal [7][8]. Group 2 - The RSI is at 49.877, indicating a neutral position, while the Stochastic indicator shows an overbought condition at 94.475 [7]. - The pivot points for the market are set with key levels at S3: 13182.0, S2: 13343.0, and R1: 13688.0, indicating potential support and resistance levels [8]. - The overall summary reflects a balance between buy and sell signals, with a total of 7 buy signals and 5 sell signals across various indicators [2][5].