Core Viewpoint - The third China International Supply Chain Promotion Expo showcased the deepening collaboration between Apple and its Chinese suppliers, highlighting advancements in smart manufacturing and green transformation [1][6]. Group 1: Event Overview - The third China International Supply Chain Promotion Expo took place in Beijing from July 16 to 20, featuring leading global companies in manufacturing and supply chain [1]. - Apple participated for the third consecutive year, showcasing its collaboration with three Chinese suppliers: Xinwanda, Jieshida, and Shandong Innovation [1]. Group 2: Technological Advancements - Apple's products, including Apple Vision Pro and iPhone, are produced in China, reflecting the country's leading position in smart manufacturing [3]. - Xinwanda has developed a magnetic levitation production line that significantly improves speed, precision, and equipment reusability, showcasing advancements in China's manufacturing capabilities [3]. - Jieshida exhibited a micro O-ring assembly device that utilizes high-precision control systems and automation technology, representing a shift towards vertical integration in Chinese manufacturing [5]. Group 3: Environmental Initiatives - Apple and its suppliers are increasingly focusing on carbon neutrality, exploring sustainable materials and packaging [5]. - Shandong Innovation provides 100% recycled aluminum for production, contributing to the carbon-neutral Mac Mini [5]. - Apple has reduced its carbon emissions by 60% since 2015, with two-thirds of its production in China powered by renewable energy [5]. Group 4: Investment and Future Plans - Apple has invested approximately 20 billion USD in smart and green manufacturing in China over the past five years [6]. - The company announced a commitment of 720 million RMB for the second phase of its clean energy fund in China [6]. - Apple's CEO Tim Cook emphasized the importance of China in Apple's supply chain, noting continuous investment and expansion over the past 30 years [6].

7月18日，追觅科技回应公司入局充电宝赛道一事，并透露称："充电宝业务目前处于前期规划阶段，若 产品通过验证并满足市场需求，将适时推出优质充电宝产品，为消费者提供安全、高效的充电解决方 案。"(新浪科技) ...

深圳市杰美特科技股份有限公司 对外担保管理制度 二○二五年七月 第一章 总则 第 1 页 共 9页 | 担保及管理 | | --- | | 第二章 | 第1条 为了维护投资者的利益，规范深圳市杰美特科技股份有限公司(以下简 称"公司"或"本公司")的对外担保行为，有效控制公司对外担保风 险，确保公司的资产安全，促进公司健康稳定地发展，根据《中华人民 共和国民法典》《中华人民共和国公司法》(以下简称"《公司法》") 《中华人民共和国证券法》等法律法规、《上市公司监管指引第 8 号— —上市公司资金往来、对外担保的监管要求》、《深圳证券交易所创业 板股票上市规则》以及《深圳市杰美特科技股份有限公司章程》(以下 简称"《公司章程》")的有关规定，结合公司的实际情况，特制定本 制度。 第2条 本制度适用于本公司及本公司的全资、控股子公司(以下简称"子公 司")。 第3条 本制度所称对外担保(以下简称"担保")是指公司以自有资产或信誉为 其他单位或个人提供的保证、资产抵押、质押以及其他担保事宜，包括 公司对子公司的担保。具体种类包括借款担保、银行开立信用证和银行 承兑汇票担保、开具保函的担保等。本制度所称对外担保，不包 ...

小米深圳总部7月18日正式开园启用。这是继北京、武汉、南京之后，小米在全国的第四个区域总部。 此外，小米之家小米深圳大厦汽车融合店也同步开业。 (上证报) ...

小米深圳总部正式开园 金十数据7月18日讯，小米深圳总部7月18日正式开园启用。这是继北京、武汉、南京之后，小米在全国 的第四个区域总部。此外，小米之家小米深圳大厦汽车融合店也同步开业。该店坐落于大厦南侧，建筑 面积达1591平方米，是目前全国规模最大的小米之家融合店。小米中国区市场部总经理、REDMI品牌 总经理王腾7月18日在其社交媒体上透露，新总部大楼位置优越、环境宜人，堪称"独栋海景房"。他表 示，RedmiK系列由深圳研发团队打造，并透露新一代K系列产品正处于火热研发阶段。 （上证报） ...

Core Viewpoint - The article discusses the competitive landscape of the robotic vacuum cleaner market in Russia, highlighting the rapid rise of Chinese brands following the exit of Western brands due to the Russia-Ukraine conflict, and the challenges these brands face as the market matures and competition intensifies [2][8]. Group 1: Market Dynamics - The exit of Western brands has created a significant market vacuum in Russia, which Chinese sellers have quickly filled, with local stores now featuring 90% Chinese-made products [2][8]. - The profit margins in the robotic vacuum market have drastically decreased from 60% to around 20% due to increased competition and the end of the "pure dividend era" [2][9]. - Major players like Xiaomi, Roborock, and Midea have emerged, with Xiaomi leading the market with over 30% share, while other brands like Dreame and Ecovacs struggle to maintain their positions [22]. Group 2: Entry Strategies - Companies entering the Russian market must act quickly, as delays can exponentially increase competition and difficulty [4][10]. - A successful entry strategy involves understanding local market dynamics, leveraging existing supply chains, and adapting products to meet local consumer preferences [10][11]. - The current market is still in a phase where competitive products can succeed without significant upfront investment in marketing or promotions [11]. Group 3: Product Localization - Russian consumers have shown a preference for high-quality, aesthetically pleasing products, indicating a need for localized design and marketing strategies [19]. - There is a significant opportunity for small household appliances in the Russian market, as evidenced by successful local brands that have gained traction [23]. - Products that do not consider local consumer habits, such as size and functionality differences, may struggle to succeed [17]. Group 4: Regulatory and Operational Challenges - The Russian market is characterized by complex regulations and a rapidly changing policy environment, which requires companies to stay informed and adaptable [39]. - Companies must navigate various tax regimes and compliance requirements, with a focus on establishing local entities to optimize tax benefits [31][34]. - The choice of service providers is critical, as companies must evaluate the reliability and reputation of logistics and financial service providers to avoid costly pitfalls [35][37].

Group 1 - The core viewpoint is that different risk preferences among funds are driving market activity, with a positive outlook for the Chinese economy leading to increased investment in innovative drug sectors and technology [1][2] - The performance of the Zige Investment's subjective long/short product, Zige Tongshuang No. 1 A-class share, increased by 30.35% in the first half of the year, ranking sixth in the industry [1] - The market is characterized by a "barbell" structure, where high-quality growth stocks are being repriced while core assets with sustainable dividend capabilities are seeing their valuations rise due to increased allocation from debt-like funds [1][5] Group 2 - The pharmaceutical sector has shown strength since the market sentiment improved, with the essence of the current pharmaceutical market being the realization of the potential of Chinese innovative drugs [2] - Despite the rebound, the overall valuation of the pharmaceutical sector has not fully reflected future sales peaks, indicating significant long-term growth potential [2] - There are signs of overheating in certain stocks that are heavily reliant on clinical stage advancements and speculative catalysts, while truly promising drugs have yet to demonstrate substantial sales [2] Group 3 - Zige Investment maintains a strategic overweight in innovative drugs, believing that once a core product becomes a drug, the company's market value could leap to a new level [3] - The company holds a neutral stance on CXO and maintains a small-scale tracking position in AI+pharmaceuticals, as the profitability model in AI pharmaceuticals remains unclear [3] - The AI and new consumption sectors are identified as significant strategic directions, with structural opportunities expected to emerge in the second half of the year [3][4] Group 4 - The structural opportunities in new consumption are clearer, driven by the changing demands of Generation Z, Alpha generation, and active seniors, leading to a reconfiguration of brands, channels, and supply chains [4] - The current macroeconomic environment is challenged by real estate debt and weak domestic demand, but new incremental industries are showing signs of support for the market [4][5] - The market is experiencing a "barbell" investment structure, with funds concentrating on stable dividend-paying assets and innovative leaders capable of global expansion [5]

2025年上半年，巨头和新锐纷纷密集上新AI眼镜，拉开了"百镜大战2.0"的帷幕。 5月21日，谷歌宣布将与中国AR眼镜企业XREAL合作，发布新一代AR眼镜——Project Aura； 5月25日，Lawaken上线City、City Air、View 3款AI眼镜，其中City AI智能眼镜最低只要699元； 5月27日，雷鸟发布V3、Air 3s、Air 3s Pro、X3 Pro 4款AI眼镜，价格在1499—8999元不等； 6月26日，小米发布AI眼镜，基础款售价1999元； 6月30日，Rokid Glasses向F码（首批抢购用户）用户优先发货，售价2499元。 除了硬件厂商和科技独角兽，Meta、字节、百度等互联网大厂也跟上了。如果说几年前第一次"百镜大战"是小众极客圈的狂欢，那么"百镜大战2.0"则有 可能是AI眼镜真正打开消费端的机会。 截至目前，小米新上市的AI眼镜只剩下1999元的鹦鹉绿有现货，Rokid售价2499元的AI眼镜只向少量用户优先发货。主流零售渠道的AI眼镜尚未大规模普 及，然而另一边，在奇幻的中国消费电子产业链末端——深圳华强北则呈现出完全不同的景象：当地源头厂商推 ...

下半年国内经济运行中需要关注的问题与挑战 连平 刘涛 马泓 王运金（ 连平 系广开首席产业研究院院长兼首席经济学家、中国首席经济学家论坛理事 长） 2025年上半年，外部环境复杂严峻，世界经济增长动能减弱，贸易壁垒陡然增多，主要经济体经济 表现有所分化，通胀走势和美联储货币政策存在不确定性。我国经济总体上呈稳中有进态势，出口表 现超预期，消费增速明显加快，基建投资和制造业投资平稳较快增长。 下半年经济运行将面临哪些困难和挑战？如何采取针对性和有力度的措施加以应对？值得思考与讨 论。 01 尽管下半年宏观经济政策将会更加积极有为，其力度和针对性将进一步增强，但仍应实事求是地分析 国内经济运行中可能存在的不可忽视的挑战、困难和问题。 下半年，房地产市场底部徘徊将拖累内需释放与信心修复，仍是经济运行中最重要的负面影响因素。 一方面，房地产市场基本面依旧比较脆弱，相关需求持续低速。 二季度以来，房地产市场景气再度 回落，房地产销售边际放缓。截至 6月中下旬，30个大中城市商品房销售面积当月同比下跌超过 10%，连续3个月下跌。全国商品房库销比再度回升至6.5左右的相对高位，包括部分一线城市在内 房价环比转跌或跌幅扩大 ...

Core Insights - Temasek aims to build a resilient investment portfolio that can navigate through economic cycles, emphasizing long-term returns over short-term performance [1][2] - The company's net asset value reached SGD 434 billion, an increase of SGD 45 billion from the previous fiscal year, with a one-year total shareholder return of 11.8% [1] - Temasek's investment strategy has evolved alongside the Chinese market, focusing on sectors like energy transition and life sciences [1][2] Investment Strategy - Temasek's investment portfolio is divided into three main segments: Singapore-based assets (41%), global direct investments (36%), and cooperative investment projects (23%) [3][4] - The Singapore-based assets include well-known companies such as Singapore Airlines and DBS Bank, providing stable long-term returns [3] - Global direct investments align with structural trends like digitalization, sustainability, and new consumption, allowing Temasek to navigate different economic cycles [4] Early-Stage Investments - Temasek continues to invest in early-stage companies but maintains a limit, with early investments not exceeding 6% of the global portfolio [5][6] - The company focuses on supporting successful companies through multiple funding rounds, exemplified by its ongoing investment in Innovent Biologics [5][6] Focus on China - Temasek's exposure to Chinese assets is 18%, slightly down from 19% in the previous fiscal year, but the net asset value in China increased by approximately SGD 4 billion [6][7] - The company emphasizes innovation as a key investment theme, noting the shift in China's competitive advantages from manufacturing to engineering and R&D [6][7] New Consumption Trends - Temasek observes a significant shift in the perception of Chinese brands, moving from low-cost to premium branding, as seen with companies like Pop Mart and LABUBU [9][10] - The emergence of brands that offer emotional value and aesthetic appeal indicates a new era for Chinese consumer products, with potential for global market success [9][10] Stablecoin Insights - Temasek recognizes the early-stage development of stablecoins and their potential in enhancing payment efficiency and reducing cross-border transaction costs [11] - The company is monitoring the regulatory landscape surrounding stablecoins, emphasizing the importance of regulatory alignment for long-term viability [11]