Core Viewpoint - In the digital economy era, data is transforming from an intangible resource into a measurable, tradable, and manageable asset, becoming a new member of corporate balance sheets [1] Group 1: Data Asset Integration - Over 90 listed companies have integrated data assets into their 2024 annual reports, with a total scale of 2.495 billion yuan, compared to only 0.079 billion yuan from 17 companies in the first quarter of 2024 [1] - The integration of data assets into financial statements is reshaping the balance sheets of listed companies, with significant representation from the industrial and information technology sectors [2] - The first companies to integrate data assets include major telecom operators like China Mobile, China Telecom, and China Unicom, along with industrial firms such as Xiaoshangpin City, YTO Express, and Yunda Holdings [3] Group 2: Steps for Data Asset Integration - The process for a company to integrate data assets into its financial statements typically involves four steps: inventory of data assets, governance of data for integration, confirmation of data ownership, and measurement for accounting [4][5] - Companies must meet specific conditions for data asset integration, including legal control, predictable economic benefits exceeding 50%, and measurable costs [5][6] Group 3: Challenges and Considerations - Not all companies can smoothly integrate data assets due to policy restrictions, corporate concerns, and the current lack of a valuation system [1][10] - Common challenges include legal risks in data ownership, unclear data management processes, and discrepancies between expected and actual valuations [10][11] - The integration of data assets is not the end point but a starting point for value reconstruction, requiring clear data ownership and valuation systems to gain recognition from financial institutions [14] Group 4: Financial Implications - Integrating data assets can enhance a company's financial statements by capitalizing expenses, which may lead to increased short-term profits but could result in profit fluctuations in the long term due to amortization [12][13] - The potential for data asset depreciation and the subjective nature of data valuation can introduce uncertainties in financial reporting [17][18]

文｜现代物流报 "招工难"的焦点在基层一线。高强度体力劳动（如搬运装卸）、艰苦的户外工作环境、不规律的排班制 度，使得众多求职者望而却步。与此同时，而一些基层的岗位正在被"无人化"所替代。 2025年高考志愿填报季，当考生贾铭准备填报"物流管理"专业，母亲的一句"你陈伯伯家的女儿物流专 业毕业后一直没找到工作"让其犹豫不决。 从多年前的"物流热"到部分物流专业停招，物流专业真的不香了么？ 物流岗位大洗牌 2024年我国社会物流总额首次超过360万亿元，全年物流业总收入达13.8万亿元，物流市场规模不断扩 大，连续9年位居世界第一。 （图源：新华社） 与之相对应的，人才需求也水涨船高。中国物流与采购联合会的数据显示，当前，我国物流从业人员超 过5500万人，每年会新增100多万人的就业需求。而专业院校供应链与现代物流专业的毕业生，每年仅 有17万人，远远满足不了行业发展需求。 一边是人才缺口，一边是毕业即失业。物流专业人才到底怎么了？ 物流行业正深陷人才供给的结构性矛盾之中。"基层岗位招工难与高端人才'无人可用'并存。"北京物资 学院物流学院副院长褚东亮指出，这一困局是行业特性、教育体系滞后、企业机制等多重因素 ...

Core Insights - The 2025 campus recruitment report from Qilu Talent Network indicates a significant shift in the job market dynamics in Shandong, with non-core cities like Linyi gaining traction in attracting talent, particularly in e-commerce and logistics sectors [1][5][19] Group 1: Job Market Trends - Linyi has emerged as the fourth largest city in terms of job demand for 2025 graduates, with a notable increase of 2.27 percentage points, surpassing Weifang and Jining [7][9] - The overall job demand in Shandong has shown a stabilization trend, with a slight decrease of 0.71 percentage points compared to previous years, indicating a structural optimization in the job market [5][30] - New industries such as artificial intelligence, renewable energy, and smart manufacturing are increasingly absorbing talent, while traditional sectors are experiencing job cuts [5][10] Group 2: Emerging Industries - In Linyi, the logistics and e-commerce sectors account for over 31.3% of the job market, highlighting the city's shift towards digitalization and modernization in its traditional industries [9][10] - The demand for roles in logistics has expanded to include positions like smart logistics planners and cross-border supply chain specialists, reflecting the industry's digital transformation [10][14] - Linyi has become a major hub for short video live-streaming e-commerce, ranking first in the number of registered merchants on platforms like Kuaishou [13][14] Group 3: City Attractiveness - The job preferences of graduates indicate a growing interest in cities with vibrant lifestyles, with cities like Weihai and Zibo gaining popularity due to their quality of life and emerging industries [15][18] - Weihai has entered the top six cities for graduate employment choices, driven by its strong medical device and marine food industries [17][18] - The attractiveness of cities is increasingly influenced by factors such as living quality, cost of living, and public services, reshaping the employment landscape in Shandong [18] Group 4: County-Level Dynamics - The report highlights the rising talent attraction of county-level economies, with Jiaozhou emerging as a top choice for graduates due to its robust industrial base and high-paying job opportunities [19][20] - Counties like Longkou and Jiaozhou are leveraging their geographical advantages and industrial capabilities to attract talent, with significant job offers in high-tech and manufacturing sectors [23][24] - The shift in talent dynamics reflects a broader trend of counties overcoming previous challenges in retaining skilled workers, with competitive salaries and incentives being offered [25] Group 5: Graduate Retention and Outflow - The retention rate of graduates in Shandong has reached 72.36%, indicating a strong preference for local employment opportunities [26][28] - There is a noticeable shift in the outflow of graduates towards emerging cities like Hangzhou, which is becoming increasingly attractive due to its digital economy [28][30] - The competition among cities for talent is intensifying, with Shandong's major cities like Jinan and Qingdao leading in recruitment but facing challenges in meeting salary expectations [30]

Market Overview - The FTSE China A50 Index components showed a mixed performance with banking, liquor, semiconductor, and logistics sectors rising, while non-ferrous metals and chemical pharmaceuticals sectors weakened [1] - BYD's stock price fell over 1% [1] Sector Performance Banking Sector - Major banks like China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 382.98 billion, 357.30 billion, and 1,030.15 billion respectively, with trading volumes of 9.81 million, 36.96 million, and 7.85 million [3] Liquor Industry - Key players such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,786.59 billion, 214.35 billion, and 467.31 billion respectively, with trading volumes of 40.87 million, 10.51 million, and 20.49 million [3] Semiconductor Sector - Companies like Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 241.84 billion, 229.03 billion, and 315.09 billion respectively, with trading volumes of 24.36 million, 31.12 million, and 15.15 million [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,818.73 billion, 186.84 billion, and 278.88 billion respectively, with trading volumes of 34.54 million, 4.39 million, and 5.94 million [3] Oil Industry - China Petroleum, Sinopec, and COSCO Shipping had market capitalizations of 239.78 billion, 688.67 billion, and 1,573.98 billion respectively, with trading volumes of 8.63 million, 6.43 million, and 7.64 million [3] Coal Industry - Major companies like China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 187.79 billion and 815.60 billion respectively, with trading volumes of 12.39 million and 6.45 million [3] Power Industry - Key players such as Yangtze Power and China Nuclear Power had market capitalizations of 360.33 billion and 737.96 billion respectively, with trading volumes of 20.49 million and 8.29 million [4] Food and Beverage Sector - Companies like Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 409.94 billion, 340.96 billion, and 226.93 billion respectively, with trading volumes of 28.30 million, 3.94 million, and 16.84 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Gree Electric Appliances had market capitalizations of 472.85 billion, 255.90 billion, and 242.55 billion respectively, with trading volumes of 30.57 million, 77.50 million, and 25.48 million [4] Chemical Products - Companies like Wanhua Chemical and SF Holding had market capitalizations of 239.20 billion and 271.34 billion respectively, with trading volumes of 12.28 million and 8.32 million [4] Construction and Engineering - China State Construction and Zijin Mining had market capitalizations of 532.88 billion and 166.95 billion respectively, with trading volumes of 27.26 million and 8.53 million [4]

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].