证券研究报告|行业研究周报 [Table_Date] 2025 年 07 月 13 日 [Table_Title] 明确加强国有险企长周期考核，引导长期稳 健投资 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 7.6-2 025.7 .12）A 股日均交易额 14,96 1 亿 元，环比增加 3.8%，同比增加 1 38.2%。2025 年二季度日均成 交额 1 2 ,886 亿元,较 20 24 年二季度日均交易额增加 55.7%。 2025 年至今日均成交额 13,9 44 亿元,较 2024 年日均交易额增 加 6 0 . 4%。投行：本周发行新股 1 家，募集资金 181.7 亿元； 本周上市新股 2 家，募集资金 33. 4 亿元。202 5 年至今，A 股 IPO 上市 54 家，募集金额 413. 3 亿元。202 4 年，A 股 IPO 上 市 100 家，募集金额 67 3.5 亿元。两融：截至 202 5 年 7 月 10 日，两市两融余额 1 8,737 .06 亿元，环比增加 0 .78%，较 2024 年日均水平增加 19. ...

Core Viewpoint - The court ruled that the ride-sharing platform is not liable for the loss of the pet dog during transport, placing primary responsibility on the actual carrier, while the plaintiff also bears some responsibility for the loss [1][3]. Group 1: Case Details - The plaintiff, Chen, used a ride-sharing platform to transport a pet dog from Beijing to Hebei, paying a fare of 198.1 yuan [2]. - The actual carrier, Hu, was involved in an accident that resulted in the loss of the dog during transport [2]. - Chen sought compensation from both Hu and the ride-sharing platform, claiming they should be jointly liable for the loss [2]. Group 2: Court's Ruling - The court determined that the ride-sharing platform merely provided intermediary services and had clearly stated in its user agreement that transporting pets alone is prohibited [3]. - The court found that Chen and Hu had formed a new transport agreement outside the platform's terms, thus the platform was not liable for the loss [3]. - Hu was deemed responsible for the loss of the dog as he failed to prove that the loss was due to a legally recognized exempting circumstance [3]. Group 3: Responsibilities and Liabilities - The court emphasized that both the carrier and the shipper share responsibility in cases of loss or damage during transport, with the carrier bearing strict liability unless exempted by law [4]. - The shipper, Chen, was found to have made a choice regarding the transport method that contributed to the loss, thus he also bears some responsibility [3][4]. - The court highlighted the importance of clear communication between the shipper and carrier regarding the pet's characteristics and transport conditions to avoid disputes [4][5]. Group 4: Valuation of Pets - In cases of loss or death of pets during transport, the carrier is responsible for compensating the pet's value, search costs, treatment fees, and related expenses [6]. - The valuation of the pet can be contentious; if not agreed upon, it should be determined based on market prices at the time of delivery [6]. - The platform, when acting as a non-vehicle carrier, must fulfill its obligations as stipulated in the transport contract with the shipper [6][7].

本文来自格隆汇专栏：国泰海通证券研究 作者：吴信坤、余培仪、陆嘉瑞 核心结论：①宏观流动性宽松和量化资金活跃可能均非小盘占优的本质原因，同时仅基于交易拥挤度难起到择时效果。②近期小盘占优或源于散户资金相 较机构更大规模入市，本轮小盘行情背后是924以来市场风偏迅速修复但基本面未跟上。③大盘风格的整体回归需待基本面拐点出现、机构资金重返增 量，下半年契机是AI产业周期确认景气向上，或宏观政策超预期加码。 2025年已过半，回顾年初以来权益市场表现，可以发现无论是港股还是A股，小盘股均有不错的表现。截至7/11，年内A股申万小盘指数已跑赢申万大盘 指数5.9个百分点，同时二季度以来港股恒生综合小型股指数也明显跑赢恒生指数14.5个百分点，小盘股强势表现引发投资者的广泛关注和讨论。本文将对 大、小盘风格占优的驱动因素，以及后续风格切换的关键变量进行分析。 上半年小盘风格表现突出，投资者对风格分化现状及成因讨论较多，国泰海通发现当前对小盘风格占优的理解存在一些偏误。 误区一：宏观流动性宽松有利于小盘？年初以来央行实施适度宽松的货币政策，叠加近期美联储降息预期持续发酵，市场流动性较为充沛，部分投资者认 为，近期AH股小 ...

稍早前，国务院国资委原副主任苟坪已调任中国星网集团董事长。 来源：澎湃新闻 责编：刘珺宇 校对：高源 百万用户都在看 "牛市旗手"，重磅利好！业绩暴增超10倍，什么信号？ 刚刚，突传利好！美国、欧盟，大消息！ 见证历史！暴跌19.4%！ 重大转变！特朗普，突然宣布！ 事关降息！美联储，重磅传来！ 违法和不良信息举报电话：0755-83514034 上述消息显示，牟相军已任中国卫星网络集团有限公司（简称"中国星网集团"）党组副书记。 另据天眼查信息，近日，中国星网集团最新人员变更事项显示，牟相军已任公司董事。 牟相军曾任国家国防科技工业局综合司司长、新闻发言人，航天科工集团党群工作部副部长，中国星网集团副 总经理等职。 中国星网集团成立于2021年4月，是中央批准成立的唯一一家从事卫星互联网设计建设运营的国有重要骨干企 业，是首家注册落户雄安新区的中央企业。 中国星网集团致力于打造卫星互联网产业发展的核心力量和组织平台，为用户提供先进、优质、安全、经济的 空间网络信息服务，成为具有全球竞争力的世界一流卫星互联网公司。 据"北京丰台"微信公众号消息，7月11日，区委书记王少峰带队赴河北雄安新区学习交流，共商协同发 ...

Core Viewpoint - The article emphasizes the growing importance of Alibaba Cloud as a key highlight for Alibaba Group, especially in light of declining performance in its e-commerce segment, particularly Taobao [4][5]. Group 1: Alibaba's Current Challenges - Taobao's contribution to a service company’s revenue has decreased from over 85% four years ago to 50% currently, indicating a loss of market share to competitors like Douyin, Pinduoduo, and Xiaohongshu [4]. - Consumer dissatisfaction with Taobao's return policies and shipping fees has led to a decline in user engagement, with some families completely uninstalling the app [4]. Group 2: Alibaba Cloud's Potential - Alibaba Cloud is recognized as the only bright spot for Alibaba, attracting attention from capital markets due to its significant scale and capabilities [5]. - Alibaba Cloud ranks as the fourth largest globally and the largest in China, benefiting from economies of scale that allow it to offer competitive pricing for services like GPU leasing [6]. Group 3: AI and Cloud Adoption - The rise of AI is expected to drive a second wave of cloud adoption among enterprise customers, as many companies will seek cost-effective cloud computing solutions due to the increasing complexity of AI infrastructure [7]. - The low cloud adoption rate in China is attributed to concerns over data security and the affordability of traditional servers, but the demand for AI capabilities is likely to push more companies towards cloud solutions [6][7]. Group 4: Future Trends in AI and Cloud - The article suggests a shift towards open-source models combined with public cloud architectures, as companies become more cautious about using closed-source APIs, particularly in sensitive sectors like biotechnology [8]. - Major tech companies, including Google, are at a crossroads regarding their reliance on either open-source models or cloud services for revenue generation, indicating a broader industry trend [9]. Group 5: Alibaba Cloud's Strategy - Alibaba Cloud's internal structure promotes a straightforward approach to business development, allowing for efficient expansion while maintaining a balance between openness and conservatism compared to competitors like Tencent Cloud and Volcano [10]. - Confidence in Alibaba Cloud's future prospects remains strong, suggesting a belief in its ability to navigate the evolving market landscape [11].

近期，在Gartner首次发布的云防火墙市场指南《Market Guide for Cloud Firewalls》中提到，随 着企业加速业务向云迁移，云防火墙市场规模预计从2021年的22.08亿美元以24.67%的复合年增长 率增至2028年的103.34亿美元。在这份报告中，山石网科再次成为了安全Gartner远见者象限的代 表厂商，成为国内仅有的四家入选厂商之一。 山石网科已从高端防火墙为代表的传统边界安全厂商转型为具有10大类57款产品的综合安全服务解 决方案提供商，并成为了继NetScreen、Fortinet之后第三家推出ASIC安全专用芯片的网络安全公 司。 这款ASIC芯片为28纳米制程，被公司寄予厚望，成为降低硬件对CPU依赖的重要工具，也是未来融 合信创与非信创市场的关键。山石网科从2021年启动ASIC研发战略，2024年10月一次性流片成 功，目前芯片已成功应用于系统中，预计今年四季度开始少量进入市场，明年一季度到上半年实现规 模性上市。通过对竞品的市场比较分析，公司高管预计，在金融和互联网领域，通过优化产品和市场 策略，未来可能实现每年约8000万至1亿元的增量收入。 过去十年，网 ...

Project Overview - Shenzhen Dashi Intelligent Co., Ltd. has won a bid for the procurement project of the comprehensive monitoring system for the second phase of Shenzhen Metro Line 13, with a bid amount of 122 million yuan [1][5] - The project includes two parts: a south extension of approximately 4.1 km with 3 stations and a north extension of 19.25 km with 11 stations, including 5 transfer stations [1] Company and Counterparty Information - The counterparty, Hong Kong Railway Co., Ltd., operates the project and has a good credit standing, with no risks related to performance capability or payment ability [3] - The company has a history of transactions with the counterparty, with amounts of 10.01 million yuan, 30.03 million yuan, 35.03 million yuan, and 10.01 million yuan from 2022 to 2025, representing 2.09%, 5.75%, 6.26%, and 2.09% of the company's similar business revenue respectively [3] Impact on the Company - The project aligns with the company's vision of becoming a global leader in smart space services, utilizing its self-developed AIoT intelligent IoT control platform [3] - This project marks a continuation of the company's long-term cooperation with Hong Kong Railway, reflecting the owner's recognition of the company's comprehensive strength and service level in the rail transit field [3] Technological Integration - The project will utilize the company's AIoT platform, integrating technologies such as 5G/WIFI6, cloud computing, big data, and industrial IoT [4] - The design will focus on modularity, standardization, and service orientation, providing customized scenarios and emergency response capabilities [4] Financial Implications - The project amount of 121,600,866 yuan accounts for 3.83% of the company's audited revenue for 2024, and is expected to positively impact the company's net profit in future years [5]

直接针对美国华尔街出手，印度的胆量非同一般。不仅高调声称要以实力地位与美国展开贸易谈判，更 是动真格，对美国量化交易巨头JaneStreet实施了掠夺式的罚款和市场禁入措施。 如果这事发生在一百年前，美国恐怕早就派军舰堵门，架设大炮来进行威慑了。毕竟印度政府此举已经 直接损害了美国公司在印度的利益，严重触及敏感神经。 那么，印度为何在此刻敢对美国摆出强硬姿态？同时，这种操作对印度自身又会产生怎样深远的影响？ 收割机撞上防火墙：43亿美元暴利背后的残酷游戏 根据海外媒体的最新披露，美国量化交易巨头JaneStreet，在印度仅两年时间内赚取了43亿美元后，遭 遇印度监管部门的市场禁令。 印度证券交易委员会以涉嫌操纵市场为由，下令JaneStreet临时禁止交易，并没收其非法所得484亿印度 卢比。监管机构要求JaneStreet必须在三个月内，或者相关合约到期时，结清所有持仓头寸。 总体来看，JaneStreet损失了43亿美元"非法盈利"，再加上缴纳的5.7亿美元罚款后，才能收回本金并退 出印度市场，合计损失约48.7亿美元，接近49亿美元。 外资坟场：2800家企业在印度的噩梦 JaneStreet的遭遇绝 ...

山石网科在上市第六年宣布推出ASIC安全专用芯片并进入量产准备阶段，计划2025年完成全部产品的 ASIC平台切换。山石网科成为了继NetScreen、Fortinet之后第三家推出ASIC安全专用芯片的网络安全公 司。(第一财经) ...

7月11日，山石网科正式发布ASIC&AI战略新品，包括山石网科ASIC智能下一代防火墙、山石网科ASIC数据中心防火墙、山石灵岩大模型一体 机、山石网科大模型应用防火墙、山石网科iWAF：Web资产自检测自防御系统等。公司董事长兼CEO叶海强在"2025年.安全守护者峰会"上表示， 作为一家集传统的边界安全、云安全、数据安全、工业互联网安全等为一体的综合网络安全解决方案和服务的提供商，山石网科将以"ASIC筑基， AI领航"为核心战略，力争到2028年进入中国安全厂商的前五位。 一次性流片成功并非偶然，其背后是根植于山石网科开拓创新的技术基因。2007年，毕业于清华大学的电子物理学硕士并获得美国加州大学应用 物理专业的罗东平和四位同在NetScreen的工程师回到中国创立了山石网科。 值得一提的是，NetScreen为罗东平的三位清华师兄在美国创立的网络安全公司。2004年，它被Juniper Networks以42亿美元并购，成为当时中国留 学生在美创业估值最高的科技公司。而罗东平彼时负责的正是芯片开发，其在离开NetScreen前最后一个未启动的项目叫"Mars(火星)"。 正所谓念念不忘，必有回响。二 ...