四通八达：2013-2024年，邮政邮路条数由2.3万条增加至4.2万条，快递网路条数由10.5 万条增加至25.1万条。 需求驱动下，社会物流总费用也在不断增长，2024年社会物流总费用已达到19万亿元， 占GDP比重14.1%，在经济组成中占据重要位置。在社会物流总费用中，运输占比54%、仓 储占比34%、管理占比12%。 网络密集：持续快速扩大的物流需求，需要庞大的物流网络支撑，快递、邮政服务网络 铺设愈发密集，基础设施不断完善，我国物流营业网点由2010年7.6万个增长至2024年50.1万 个，复合增长率达到14.4%。 资产扩张：2010-2024年，物流行业汽车由11.2万辆增长至38.8万辆；快递货机由54架增 长至198架；分别增长了246%和266%，行业资产规模急剧扩张。 金元证券近日发布低空经济专题系列报告四：总体趋势上，快递业务收入基本保持15% 以上的年增长率，由2011年758亿元增长至2024年1.4万亿元，主要由异地快递驱动。人均快 递使用量、用邮/快递支出同步增长，多维度数据共同印证了物流市场需求持续旺盛，改变 居民购物方式，成为日常中不可或缺的一环。 以下为研究报告摘要： ...

金十图示：2025年07月04日（周五）富时中国A50指数成分股午盘收盘行情一览：多数板块飘红，银行、保险、白酒、半导体板 块等走高，有色金属、化学制药板块小幅走低 +0.10(+1.81%) +0.23(+2.68%) +0.11(+2.59%) 保险 中国太保 中国平安 0.000 中国人保 0 3856.33亿市值 3573.96亿市值 10241.44亿市值 4.18亿成交额 14.48亿成交额 3.87亿成交额 56.24 8.72 37.15 0.00(0.00%) +0.44(+0.79%) +0.07(+0.81%) 酸酒行业 贵州茅台 山西汾酒 五粮液 17831.98亿市值 2133.60亿市值 4659.87亿市值 17.41亿成交额 4.14亿成交额 9.40亿成交额 1419.52 120.05 174.89 +3.92(+0.28%) -0.73(-0.42%) +0.43(+0.36%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2410.23亿市值 2291.68亿市值 3155.29亿市值 11.18亿成交额 18.08亿成交额 7.76亿成交额 135.75 54 ...

Group 1: Technology Sector Developments - OpenAI and Elon Musk denied any collaboration with Robinhood regarding a new trading product called "stock tokens," clarifying that any transfer of OpenAI equity requires their approval [2] - DeepSeek has posted multiple job openings on LinkedIn, indicating an effort to attract top overseas AI talent [3] - Amazon announced the launch of its new AI foundational model, Deep Fleet, which aims to enhance the efficiency of its industrial mobile robot fleet by 10% [5] - Microsoft announced a new round of layoffs affecting approximately 9,000 jobs, marking its second major layoff this year [6] Group 2: Financial and Investment Activities - Alibaba Group plans to issue zero-coupon exchangeable bonds totaling approximately HKD 12 billion, with proceeds aimed at cloud computing infrastructure and international e-commerce development [4] - Shenzhen-based Romoss Technology confirmed it has not gone bankrupt, despite reports of a complete halt in operations and unpaid wages [11] - Zhuhai Shenkepu Industrial Technology completed a B+ round financing exceeding 100 million yuan, with funds allocated for technology upgrades and international expansion [15] Group 3: Strategic Partnerships and Collaborations - Baidu's Wenxin Intelligent Agent platform announced a deep collaboration with Xiaomi's app store to create a cross-end distribution model for AI agents [6] - Pony.ai has initiated Robotaxi road tests in Luxembourg in collaboration with local transportation company Emile Weber [10] Group 4: Industry Changes and Acquisitions - Siemens announced the lifting of export restrictions on three major chip design software suppliers to China, restoring access to Chinese customers [12] - China Resources has become the actual controller of Konka Group following a recent approval of a share transfer [13] - Xiamen Silan Microelectronics reported progress on its 8-inch silicon carbide project, which is a key construction project in Fujian Province [14]

Core Insights - The explosive growth of instant retail is evident, with JD.com handling an average of 25 million orders daily and Meituan's flash purchase orders increasing over 60% year-on-year in Q1 2025 [1] - The gap between daily order volumes in instant retail and e-commerce logistics is narrowing, indicating a structural transformation in the supporting logistics system [1] Group 1: Logistics Models - Instant retail mirrors the e-commerce era with two logistics models: platform self-operated and third-party delivery, with the latter gaining prominence due to its efficiency and resource utilization [1][2] - Third-party delivery services are increasingly being utilized by platforms like Meituan and Ele.me to alleviate the cost pressures associated with self-operated logistics [2] Group 2: Market Dynamics - Merchants are diversifying their platform presence to reduce dependency on single platforms, leading to a demand for third-party delivery services that can facilitate multi-platform operations [3] - The competitive landscape among platforms is driving the need for cost reduction and efficiency, positioning third-party delivery as a core infrastructure in the instant retail ecosystem [3] Group 3: Profitability and Business Models - SF Express has successfully implemented a full-scenario delivery model, achieving profitability and establishing a competitive edge through efficient resource allocation and collaboration with various platforms [4] - The increasing demand for cross-platform traffic integration and high fulfillment costs are expected to enhance the scale economy of third-party delivery services [4] Group 4: Future Outlook - The third-party delivery network enables brands to reach a broader consumer base while optimizing fulfillment costs and improving service quality, creating a win-win situation for all parties involved [5] - The instant retail market is projected to reach 2 trillion yuan by 2030, with third-party delivery potentially sharing the market with e-commerce logistics, indicating a promising future for this sector [5]

昨天， 发生了哪些财经大事？ 罗马仕：公司没有倒闭， 定将努力解决一切问题 深圳罗马仕科技有限公司官方微博7月3日晚发文称：没有倒闭，感谢关心。定将努力解决 所有朋友、用户及合作伙伴的一切问题。 升至3.92万亿美元。比特币概念股走高，Circle涨超6%。芯片设计软件股新思科技收涨 4.9%。 7月3日晚间，据界面新闻消息，受充电宝召回事件影响，罗马仕经营陷入困境。7月3日， 多名罗马仕员工向界面新闻记者证实，自7月1号开始，罗马仕内部已经陆续通知员工全面 停工停产，正式公告还没出，员工工资只发到6月份。 7月2日，罗马仕公司发生工商变更，雷社杏卸任法定代表人、董事、经理，由雷杏容接 任，此次变更不足三个月。针对法定代表人变更等事宜，罗马仕方面曾回应媒体称，目前公 司正在安排整改，先梳理内部，公司全部精力都聚焦产业链自检，为新品做准备。 纳指标普500指数再创收盘新高 英伟达收于历史新高 据 财 联 社 ， 美 股 周 四 提 前 收 盘 ， 标 普 500 指 数 涨 0.83% ， 纳 指 涨 1.02% ， 道 指 收 涨 0.77%。标普500指数创下年内第七次历史收盘新高，纳指则创下年内第四次收盘 ...

Core Viewpoint - The article highlights significant developments in various sectors, including advancements in quantum technology, financial strategies of major companies, and trends in consumer goods and logistics. Group 1: Quantum Technology - Anhui Wentiang Quantum Technology Co., Ltd. announced the launch of China's first chip-level post-quantum password card, marking a breakthrough in the engineering application of quantum security technology [1]. Group 2: Financial Strategies - Alibaba Group plans to issue zero-coupon exchangeable bonds totaling approximately HKD 12 billion, with net proceeds aimed at cloud computing infrastructure and international e-commerce development [2][14]. - Vanke A announced a borrowing request of up to CNY 6.249 billion from its largest shareholder for debt repayment, with a borrowing term of no more than three years [9]. - Agricultural Bank of China is monitoring global stablecoin and cryptocurrency trends but currently has no plans to develop stablecoins [12]. Group 3: Consumer Goods and Market Trends - The resale prices of Labubu toys are declining, with the popular "Labubu 3.0 Front High Energy" series originally priced at CNY 99 now trading between CNY 150 and CNY 300, indicating a downward trend [3][11]. - The public offering of shares in A-share companies has seen participation from 23 public institutions, with a total allocation amount nearing CNY 11 billion and an overall floating profit of CNY 2.4 billion [11]. Group 4: Logistics and Trade - The China Logistics and Purchasing Federation reported a slight increase in the highway logistics price index, which stood at 105.1 points, reflecting a 0.06% month-on-month rise and a 2.9% year-on-year increase [6]. - The Shanghai Municipal Commission of Commerce aims to optimize the outbound tax refund consumption environment, targeting over 3,000 tax refund stores by 2027 [5]. Group 5: Corporate Developments - New companies such as Hangzhou Youbixuan Robotics and Hangzhou Goer Technology have been established, focusing on industrial robots and AI applications [10]. - Poliy Development reported a significant decrease in signed area and amount for June 2025, with a signed area of 1.5233 million square meters, down 26.20% year-on-year [19].

Group 1 - Roma's announcement clarifies that the company is not going bankrupt and is working to resolve issues with partners and users [1][5] - Beijing Yuxin Technology Group has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being Huatai Financial Holdings and BNP Paribas Securities [2] - Meige Intelligent Technology has also submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the sponsor [3] - Shenzhen Chengtai Technology has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan Securities as the exclusive sponsor [4] Group 2 - Alibaba plans to issue approximately HKD 12 billion in zero-coupon convertible bonds, with proceeds aimed at supporting cloud infrastructure and international business development [9] - Xiaomi has applied for multiple "REDMI" trademarks across various international classifications, indicating potential expansion into new product categories [8] - The average salary increase for Japanese companies this year is reported at 5.25%, marking the largest increase in 34 years [16] - Samyang Foods from South Korea is investing approximately USD 1.48 billion to build its first overseas factory in Zhejiang, China, to meet growing demand for its products [16] Group 3 - The U.S. government has lifted restrictions on chip design software exports to China, allowing major EDA software companies to supply products without special approval [6] - The U.S. House of Representatives passed the "Big and Beautiful" bill, which includes significant tax cuts and spending measures, raising concerns about long-term debt and federal aid cuts [14][15] - The World Health Organization is advocating for increased taxes on tobacco, alcohol, and sugary drinks to improve public health and generate revenue [15] Group 4 - The summer beer consumption surge has led to a significant increase in related businesses, with 23.69% of beer-related companies located in East China [27] - JD Logistics has launched its self-developed VAN unmanned light truck, which boasts a large cargo space, aiming to enhance logistics efficiency [20] - Xiaopeng Motors has officially launched its new G7 model, available in three versions with prices ranging from CNY 19.58 million to CNY 22.58 million [21]

据华尔街日报：联合包裹(UPS.N)在其117年历史上首次向司机提供裁员补偿方案。 ...

西上海(605151)今日跌停，全天换手率11.97%，成交额3.45亿元，振幅7.53%。龙虎榜数据显示，营业 部席位合计净卖出2970.26万元。 4月25日公司发布的一季报数据显示，一季度公司共实现营业收入3.71亿元，同比增长40.61%，实现净 利润-766.11万元。（数据宝） 西上海7月3日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 华鑫证券有限责任公司深圳财富大厦证券营业部 | 780.42 | | | 买二 | 摩根大通证券(中国)有限公司上海银城中路证券营业部 | 639.73 | | | 买三 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 396.46 | | | 买四 | 东方财富证券股份有限公司拉萨东环路第一证券营业部 | 395.06 | | | 买五 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | 377.83 | | | 卖一 | 华鑫证券有限责任公司上海红宝石路证券营业部 | | 1468.45 | | 卖二 | ...

Group 1 - Microsoft confirmed plans to lay off approximately 9,000 employees, marking the largest round of layoffs since 2023, affecting less than 4% of its total workforce [1] - This layoff follows a previous reduction of 10,000 employees earlier in the year and is the third round of layoffs in recent months [1] - The layoffs are part of a broader trend among U.S. companies, including Procter & Gamble, Morgan Stanley, Walmart, and UPS, which have also announced job cuts [1] Group 2 - The rising trend of layoffs in the U.S. is seen as a significant warning signal regarding the health of the American economy, exacerbated by market pressures from increased tariffs [1] - In May, U.S. employers announced a total of 93,816 layoffs, a 47% year-over-year increase, indicating that tariff pressures are forcing companies across various industries to strategically downsize [1] - The Federal Reserve's June report highlighted that while layoffs have not yet formed a widespread trend, uncertainty is causing delays in hiring and a general decrease in labor demand across all regions [2]