Group 1 - The CUFEL model and the CUFEL-A research report generation agent were officially launched at the Global Finance Forum hosted by Central University of Finance and Economics on July 5 [1] - CUFEL is described as not just a single model but a cluster of models or an efficient model fine-tuning process, enhancing performance in specific tasks while maintaining general capabilities [3] - The CUFEL-A agent produces independent and in-depth research reports on A-share listed companies through a four-step process: data aggregation, planning, structuring and reflection, and writing [5] Group 2 - The research report evaluation algorithm is built on three principles: generative, end-to-end, and multi-agent system reinforcement learning, improving the quality of report writing [5] - The model was developed by a team of faculty and students from the Central University of Finance and Economics, which is actively collaborating with leading companies in the financial industry to explore applications in smart credit, compliance, and supply chain finance [5]

Group 1 - The core viewpoint of the news is the sudden imposition of high tariffs by the United States, which has triggered a global trade crisis, with tariffs reaching up to 70% and affecting over 170 countries [1] - The A-share market has reacted to the tariff crisis, with the Shanghai Composite Index showing a "lightning rod" pattern, indicating that the market has partially digested the expected impact of the tariffs [2] - Export-dependent sectors, such as consumer electronics, are facing significant pressure, while domestic demand-driven sectors like infrastructure and finance are expected to act as safe havens for capital [2] Group 2 - The Chinese central bank has introduced new cross-border payment regulations, providing a solid policy shield for the banking and fintech sectors against external risks [3] - Northbound capital is actively buying into the A-share market, reflecting foreign investors' long-term confidence, while public REITs are injecting continuous capital into the infrastructure sector [3] - The technical support level at 3430 points on the 10-day moving average is seen as a strong defense line, with the previous high at 3480 points potentially serving as a rally point for the A-share market [3]

证券研究报告 2025年07月06日 计算机 稳定币产业加速，数字金融进入新阶段 ——计算机稳定币研究专题 评级：推荐(维持) 刘熹(证券分析师) 郭义俊(联系人) S0350523040001 S0350124070015 liux10@ghzq.com.cn guoyj@ghzq.com.cn 最近一年走势 相关报告 -16% 4% 25% 45% 66% 86% 2024/07/04 2024/10/02 2024/12/31 2025/03/31 2025/06/29 计算机 沪深300 《模型性能不断提升，AI应用进入兑现期——计算机AI应用月度跟踪（2025- 05）（推荐）*计算机*刘熹》——2025-05-26 《计算机行业深度：大模型研究框架（2025）——"大模型"系列（5）（推 《域控制器研究框架——计算机"智能驾驶"系列专题二（推荐）*计算机*刘 熹》——2025-06-24 《计算机行业点评报告：特斯拉Robotaxi商业化时刻将至（推荐）*计算机*刘 熹》——2025-06-15 《计算机行业动态研究：稳定币头部企业Circle IPO，数字货币发展加速（推 荐）*计算机*刘熹》— ...

投资策略 | 定期报告 短期攻势暂缓，中期升势未变 策略周报 20250706 研究结论 ⚫ 全球市场下周或延续震荡 全球降息交易暂歇，下周延续震荡预期：前一周全球市场普涨系交易 9 月的美联储 降息预期，本周全球主要市场除巴西、美国和中国上涨外，整体出现震荡态势，降 息交易暂歇。我们认为美国市场本周全面上涨，并不是交易降息预期，主要是交易 政策不确定性下降，"大而美"法案成功落地短期降低了市场对特朗普政府执政能 力的担心，但这一利好已经落地，政策实际落地效果仍然具有不确定性。美国最新 就业数据公布后，利率期货交易员认为美国 7 月降息预期已微乎其微，9 月降息概率 也从 98%下降到 80%以下。综上我们认为全球市场的上涨或告一段落，下周延续震 荡预期。 风险事件乐观定价充分，预期差逆转压制上涨动力：上周中美推进"伦敦框架" （中方审批管制物项出口、美方松绑限制），市场或因此短期下调了风险评价。但 当前定价或已充分反映对关税战的乐观预期，市场可能会开始担心 9 日事件落地结 果难超预期。随着交易焦点转向 7 月 9 日关税休战到期， 风险评价预期短升将压制 全球市场反弹动能。 ⚫ A 股短期攻势或暂缓，关税 ...

行业研究 证 券 研 究 报 告 金融资金面跟踪：量化周报（2025/06/30~2025/07/04） 推荐（维持） 超额整体平稳，市场成交量有所回落 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：刘潇伟 邮箱：liuxiaowei@hcyjs.com 执业编号：S0360525020001 各量化超额整体为正。上周样本量化私募收益及超额如下：1）300 增强策略周/月/ 年初以来平均收益分别为+2.2%/+2.4%/+4.7%，周/月/年初以来平均超额分别为 -0.1%/+0.7%/+4.9% ； 2 ） 500 增 强 策 略 周 / 月 / 年 初 以 来 平 均 收 益 分 别 为 +3.6%/+5.1%/+10.4%，周/月/年初以来平均超额分别为-0.4%/+0.6%/+9.9%；3）A500 增 强策略周/月/年初以来平均收益分别为+2.1%/+2.6%/+8.7%，周/月/年初以来平均超额分别 为 -0.6%/+0.7%/+9.2% ； 4 ） 1000 增 强 策 略 周 / 月 ...

Core Viewpoint - Yuxin Technology is actively exploring new business system upgrades and collaboration opportunities with state-owned banks in Hong Kong while supporting foreign banks in their digital transformation efforts [1] Group 1: Business Development - Since its international expansion in 2019, the company has successfully implemented various front, middle, and back office business systems for foreign banks [1] - The company is focusing on supporting foreign banks' digital upgrades and completing the construction of next-generation systems [1] Group 2: Collaboration Opportunities - Yuxin Technology is in ongoing discussions with state-owned banks in Hong Kong regarding new business system upgrades and related collaboration opportunities [1] - The company aims to leverage its accumulated technological capabilities, product reserves, and customer ecosystem resources to engage with various licensed institutions abroad for comprehensive technological empowerment [1]

策略研究团队 ——投资策略周报 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn jianyuhan@kysec.cn 投资策略周报 2025 年 07 月 06 日 震荡中枢抬升，两个新机会 证书编号：S0790525050005 市场震荡中枢抬升，但仍"上有顶下有底" 市场经历上周的 3 连阳后，呈现了一定的积极形态，虽然市场分歧有所加大，但我 们对于指数的有效突破维持乐观判断:（1）月线动量的扭转，或改变横盘近半年的 窘境；（2）金融科技板块情绪龙头或在酝酿 7 月的突破；（3）成交额中枢的上行加 非银的领涨，市场震荡中枢上移的概率较大。 但从 DDM 视角来看，并不支持指数上的快速突破，当下更大的可能是呈现震荡中 枢抬升，但仍表现出"上有顶下有底"的特征。（1）上有顶：盈利尚在磨底——盈 利底不早于 3 季度末到来，且预计本轮盈利周期的弹性不大，所以即便即将看到盈 利底也不一定会有很强的股市弹性。（2）下有底：估值构成支撑——政府部门支撑 宽信用（居民部门和企业部门信用尚未扩张）；风险偏好则由并不激进的稳增长政策 +以"国家队"为代表的"稳市组合拳"来支撑。 在震荡中枢抬升，结 ...

投资者关系活动记录表 证券代码：300674 证券简称：宇信科技 北京宇信科技集团股份有限公司 答：稳定币作为一种数字资产需要与传统金融机构有机深度融合才 能持续发展，传统金融机构能够在稳定币生态中扮演多重角色，从基础 的资金托管方、稳定币兑换赎回，到数字资产服务提供商、代销以及资 产打包决策支持等。宇信科技目前已有的产品技术和运营能力将成为连 接多层次金融机构体系与数字资产生态的重要节点，不仅限于技术供应 商，更将为各类型发币机构拓展生态运用空间，拓展数字货币的使用场 景，将公司已有的传统金融的营销能力、运营能力赋能生态。 投资者关系活动记录表 编号：2025-017 | 投资者关系活动 | 特定对象调研 分析师会议 媒体采访 | | | | --- | --- | --- | --- | | 类别 | 业绩说明会新闻发布会 路演活动 | | | | | 现场参观 其他（券商策略会、电话会议）  |  | | | 参与机构名称 | 东北证券、太平基金、光大证券、国投证券、华夏基金、易知投资、兴 | | | | | 合基金、中金资管、新华资产、华泰证券等 | | | | 时间 | 年 月 日- ...

Group 1: Global Digital Economy Alliance - Beijing has initiated the establishment of a Global Digital Economy City Alliance with over 40 partner cities from Europe, North America, Asia-Pacific, the Middle East, and Latin America, focusing on building digital-friendly cities [1] - The alliance aims to address key issues such as digital infrastructure development, cross-border data governance, AI ethics, and smart city applications, promoting collaborative urban development and digital governance innovation [1] Group 2: Digital Transformation in Cities - China's smart city construction has achieved significant breakthroughs, with Beijing's digital economy growing rapidly during the 14th Five-Year Plan, particularly in strategic emerging industries like intelligent connected vehicles and AI [2] - By 2027, a noticeable effect of nationwide urban digital transformation is expected, with a goal for comprehensive breakthroughs by 2030, emphasizing the need for innovative technology and integration of production forces [2][3] Group 3: Digital Finance Market - China's digital finance market is the largest globally, with financial technology companies accelerating their international expansion, supported by innovative technologies bridging the "technology gap" for small and medium-sized institutions [4] - To further promote digital finance development, four key areas of focus include adhering to technology neutrality, establishing a robust data security governance system, customer-centric innovation in financial products, and enhancing international cooperation [4] Group 4: AI in Financial Services - The financial industry is entering an "AI moment," with the application of AI technologies accelerating across both large and small financial institutions, necessitating a comprehensive digital transformation strategy [5] - China's global financial competitiveness has risen to fourth place, with significant improvements in financial technology competitiveness, driven by the rapid development of the fintech industry [5]

中央财经大学党委书记吴国生，中央财经大学校长、党委副书记马海涛，区领导王其志、李文化、于杰参加活动。 来源：石景山区融媒体中心 区银行保险产业园管委会 记者：杨卫东 高嘉辉 本次论坛共设置一个主论坛、三个平行分论坛，诺贝尔经济学奖得主约书亚·安格里斯特、埃里克·马斯金，中国社会科学院大学教授、国务院原副秘书长 江小涓，中国国际经济交流中心副理事长、国务院发展研究中心原副主任王一鸣，中国社会科学院学部委员、国家金融与发展实验室理事长李扬等重量级 嘉宾做主旨报告。与会嘉宾分别分享了数字时代全球化面对的新机遇与新挑战、推动"科技-产业-金融"良性循环等思考和建议，围绕"数智时代的全球财税 治理"、"人工智能与金融产业变革"、"数智时代企业管理变革与应对"三大主题进行研讨。主论坛上，中央财经大学金融学院师生团队自主研发的"中财融 通大模型"及上市公司研报智能体首发亮相，为金融AI应用提供全新范式。 今天上午，2025全球财经论坛在石景山区举行。作为2025中关村论坛系列活动之一，本届论坛以"迈向数智时代的中国与世界经济"为主题，旨在立足中 国，放眼全球，聚焦全球财经领域热点，汇聚中外各界知名人士，搭建政产学研深度对话 ...