可以预见，融合必将成为未来商业发展的新趋势，那些率先拥抱融合的企业与个体，将在这场变革中抢 占先机。 伴随时代的演变，博鳌房地产论坛亦与时俱进，以新的发展模式适应新的行业环境，升级博鳌房地产论 坛系列活动。让住宅地产(代建、城市更新)、商业地产(零售及不动产、住房租赁、康养文旅)、工业地 产(产业及物流园区)、数字科技、物业及城市服务、资本金融市场等实现全产业链融合，让各类型企业 与市场主体互为甲方乙方，互相融合连接，投资与被投资，并在博鳌这个全产业链的生态平台下知识共 享、资源大整合，让融合穿透产业壁垒。 2025年，地缘博弈、贸易争端与全球供应链不确定性上升构成多重压力，全球经济增长前景进一步承 压。面对复杂的外部环境，中国经济的增长动能正从传统要素驱动转向新质生产力主导，内需与科技的 创新战略全面升级，为不确定的世界重塑增长逻辑。 在这个关键的转型时期，科技与创新无疑是推动经济发展的核心引擎。一项项颠覆性的技术创新，不仅 催生了全新的产业形态，更打破了传统产业的固有格局；消费与内需则是支撑经济穿越周期波动的坚实 基石，庞大的国内市场需求为企业发展提供了广阔空间。 而消弭传统产业壁垒，推动资源与要素在全域 ...

Core Viewpoint - MicroPulse has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its AI medical capabilities and expand its healthcare management ecosystem, while attracting more investors for long-term development [1] Financial Performance - MicroPulse has reported continuous losses over the past three years, with revenues of 5.12 billion, 6.28 billion, and 6.53 billion yuan for 2022, 2023, and 2024 respectively, and net losses of 4.14 billion, 1.50 billion, and 1.93 billion yuan for the same years [2] - The company's revenue is primarily derived from three segments: full-course management services (72% of revenue), medical health product sales (19.4%), and insurance brokerage services (8.6%) for 2024 [2] Business Strategy - MicroPulse has developed a clear strategy to achieve profitability, focusing on controlling operational costs, particularly in sales and distribution, and leveraging government policies and AI technology to streamline processes [3] - The company aims to create a sustainable and diversified revenue model by expanding into adjacent fields such as insurance brokerage and medical health product sales, enhancing patient engagement and lifetime value [3] Gross Margin Analysis - MicroPulse's gross margin has been below 20% for three consecutive years (17.2%, 18.9%, and 19.9% from 2022 to 2024), attributed to strategic pricing and the initial phase of its business layout [4] - The company believes that while low gross margins may impact short-term performance, they will lead to a more stable customer base and sustained revenue in the long run [4] Competitive Landscape - The digital health sector is competitive, with listed companies such as Beijing New Oxygen Technology, Alibaba Health, JD Health, and Dingdang Health, alongside numerous unlisted firms also entering the market [5] Market Potential - MicroPulse is seen to possess unique advantages and growth potential, with the IPO expected to provide additional funding to solidify its business layout and scale operations towards profitability [6]

7月3日，"2025全球数字经济大会 数字金融论坛"在北京·银行保险产业园盛大召开。本届论坛由北京市 石景山区人民政府、亚洲数据集团共同举办，作为2025全球数字经济大会重要活动之一，汇聚来自美 国、英国、德国、日本、芬兰等多个国家的政府部门、金融机构、专家学者，围绕 "产城融合，科创赋 能"这一主题，展开深度交流讨论。 北京市委金融办分管日常工作的副主任、市委金融工委分管日常工作的副书记、市金融管理局局长曾林 峰，石景山区委副书记、区长万隆，石景山区委常委、副区长李文化，北京市经济和信息化局二级巡视 员张宇航，石景山区副区长于杰，亚洲数据集团总裁朱东方等领导出席论坛。 在随后举行的主题演讲中，与会嘉宾围绕"构建数字金融新生态，重塑产城融合新版图"开展深入交流。 区委副书记、区长万隆为大会致辞，他表示：北京市深入打造具有国际影响力的数字金融发展示范高 地，为全球数字经济标杆城市建设注入澎湃动力。作为中心城区之一，石景山区正在深入实施产业转型 发展战略，加快打造京西数字金融新增长极，集聚全国银行保险业信息数据中枢、国家金融科技测评中 心，推动北京数据(数字)资产流通创新中心启动运营，加快全市首个"数字人民币综合 ...

Core Insights - The rise of stablecoins represents a significant challenge to the existing monetary system and highlights the need for the issuance of RMB-pegged stablecoins, particularly in regions like the Shanghai Free Trade Zone and the Greater Bay Area [1][3] - Stablecoins have seen a dramatic increase in transaction volume, reaching $27.6 trillion in 2024, surpassing traditional payment giants like Visa and MasterCard [1] - The market for mainstream stablecoins is projected to reach $262.5 billion by June 2025, a 40-fold increase since 2020, indicating a growing challenge to the current financial system [2] Development Status and Academic Research - Stablecoins are defined as cryptocurrencies that are pegged to specific assets, typically fiat currencies, serving as a bridge between decentralized finance (DeFi) and traditional financial systems [6] - There are three types of stablecoins based on collateral: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins [7] - Stablecoins can also be categorized by their yield models into interest-bearing and non-interest-bearing types, with non-interest-bearing stablecoins dominating the market [8] Challenges and Opportunities - The development of stablecoins poses challenges to monetary sovereignty, potentially undermining national economic control and financial stability [2] - Stablecoins are becoming a crucial infrastructure for connecting decentralized finance systems with traditional finance, especially in the context of accelerated digital transformation [2][4] - The internationalization of the RMB requires the establishment of a digital framework and active participation in global stablecoin rule-making to enhance its competitiveness [3][4]

每日市场观察 2025 年 7 月 4 日 【今日关注】 上午开盘后，中证全指震荡走弱；十一点后指数转升，最终收涨 0.60%。 成交量较前一交易日略有收缩，但仍处于六月以来的较高水平。两市 上涨家数超 3000 家，呈现出较为明显的普涨局面。本周进入半年报时 间窗口，中证全指走出震荡上行趋势，一定程度能够体现市场持续乐 观的投资情绪。 军工概念股有部分出现回调，但领涨龙头依然表现强势。由于阅兵日 期在九月，距今尚有两月的时间，因此军工概念短期内不大可能立刻 降温。消费电子今日涨幅领先，大概率与美国解除禁令的消息有关。 短期内，国产芯片可能会受到冲击，但长期来看，国产替代仍然是降 低风险的主要选择。 军工的热度有望延续，短线投资者可适当参与。解禁消息短期看是利 好，长期则需观察市场博弈情况。"十五五"计划会重点关注哪些领 域，市场现在已经开始探索。在正式文件发布之前，热门板块均有博 弈机会。 【市场回顾】 市场概况：7 月 3 日，市场全天震荡反弹，创业板指领涨。截至收盘， 沪指涨 0.18%，深成指涨 1.17%，创业板指涨 1.9%。 【消息面】 1.国家数据局局长刘烈宏：深化数据资源流通利用和数据要素市 ...

Group 1 - The Digital Economy International Cooperation Forum was held in Beijing as part of the 2025 Global Digital Economy Conference, focusing on international collaboration and innovation in the digital economy [1] - The forum aimed to explore opportunities for digital economy enterprises to expand internationally, discussing topics such as digital transformation in emerging markets and sustainable development [1][2] - A project document was signed by representatives from UNDP, the Ministry of Commerce, and local government, aiming to establish Beijing as a global digital economy innovation hub [2] Group 2 - The Daxing District, as the project location, is positioned as a world-class aviation hub with a favorable business environment, facilitating the implementation of the digital economy project [2] - A comprehensive service platform for the Belt and Road Initiative was launched, focusing on supporting digital enterprises in their international expansion [2] - The Beijing Outbound Base signed agreements with 16 leading companies, with a total contract value exceeding 10 billion, to foster international competitiveness in the digital economy [3]

Market Overview - A-shares experienced a narrow fluctuation in the morning session on July 4, with a strong performance driven by the banking sector, leading to all three major indices turning positive [2][4] - The Shanghai Composite Index rose by 0.41%, the Shenzhen Component Index increased by 0.05%, and the ChiNext Index gained 0.18% [4] - The FTSE A50 Index futures also saw an increase of nearly 1% during the session [4] Sector Performance - The banking sector led the market with a near 2% increase, with stocks like Shanghai Pudong Development Bank and Industrial Bank reaching historical highs [5] - Other sectors performing well included internet, public transportation, water services, software services, and insurance, while daily chemicals, mineral products, non-ferrous metals, and shipbuilding sectors faced declines [6] Concept Stocks - The digital currency concept saw significant gains, with stocks such as Jin Yi Culture, De Sheng Technology, and Jing Bei Fang hitting the daily limit [7] - The brain-computer interface concept also surged, with Bei Yi Kang rising over 17%, alongside other stocks like Ai Peng Medical and Innovation Medical [8] Regulatory Developments - On July 3, the National Medical Products Administration announced measures to optimize the lifecycle supervision of high-end medical device innovation, including special reviews for domestic and international leading innovations [10] - The announcement emphasized the need for improved communication between applicants and review experts, and support for high-quality development action plans related to high-end medical devices [10][11] Company-Specific News - In the Hong Kong market, Da Yang Group experienced a dramatic rise of nearly 75% after announcing a subscription agreement for 28.66 million shares at HKD 1.20 per share, representing approximately 19.99% of the existing shares [13][16] - Multi-Point Intelligence saw a rise of over 25% after announcing plans to apply for a stablecoin license and purchasing Bitcoin, responding to the Hong Kong government's push for Web3 industry development [17]

编号：2025-002 证券代码：300624 证券简称：万兴科技 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | 深圳市证券业协会-郭彦城；东方财富证券-康卫荣；跨越基金-梁纯杰；瀚 | | | 鑫基金-黄尚才；安卓投资-谭煜；坚石资产-刘靖；熙宁投资-邓绍伟；亚 | | | 太汇金基金-滕涛；云众创融投资-李德生；证金投资-李强；沐德资产-梁 | | 及人员姓名 | 文玉；亿方富投资-陈健富；蓝海基金-张俊；恒泰永城基金-林秋杏；抱石 | | | 投资-苏建鸿；优美利投资-何芳；民沣资产-黄海山；纵帆私募-王兆江； | | | 前海骏捷-孔庆华、徐灵娥；个人投资者-张家忠、李红鸣、汤恒亮、赵晓 | | | 乐、黄勤、郭志军、杨军、谭洲田、朱朝晖等 39 名投资者（排名不分先后） | | 时间 | 2025 年 7 月 3 日下午 15:00 | | 地点 | 深圳市南山区软件产业基地 5 栋 D ...

湾区潮涌，风起旗峰。在粤港澳大湾区建设纵深推进当下，作为改革开放的前沿阵地，东莞正以"科技 创新+先进制造"为引擎，重塑全球产业链坐标。 南方都市报东莞新闻部重磅推出政经观察栏目——《旗峰观察》，将聚焦政策动向、区域产业布局与资 本流动，解构东莞的"发展密码"，为这座"双万之城"的高质量发展书写时代注脚。 在7月3日举行的2025年（东莞）低空经济应用场景发布会上，东莞的南城、松山湖、水乡经济区+洪 梅、谢岗四大区域，分别以——"低空+物流配送""低空+文旅应用""低空+跨城运输""低空+产业制 造""低空+高空作业"五大场景集体亮相。 从物流枢纽到科创文旅，从跨域通联到制造升级，东莞低空经济"四大区域支点"雏形已经出现。 东莞这一波"先手棋"，释放出强烈信号：东莞的低空经济已不是"未来时"，而是"进行时" 。 低空经济的应用，关键在于与区域优势的深度融合。东莞提出，将加快制定出台低空经济扶持政策，积 极谋划场景、建设场景、应用场景，推动未来一年内打造不少于100个具有示范意义的应用场景。 此次场景发布，正是东莞立足各镇街优势的精准落子。 南城作为中心城区，是东莞软件信息产业聚集区，数字经济产业发展迅速。而数 ...

Group 1: Core Insights - Beijing's "Two Zones" initiative has achieved multiple national and city-level innovations over the past five years, enhancing the business environment and driving high-quality development [1][2][3][4][6][7] Group 2: Haidian District Developments - Haidian District has implemented a "technology innovation + service industry openness" strategy, resulting in 98 institutional innovation cases, with 4 cases replicated nationwide and 9 cases replicated citywide [2] - The district has registered 9,776 new enterprises, with 9,574 being domestic and 202 foreign, and has maintained the highest actual foreign investment in the city at $1.766 billion in 2024 [2] Group 3: Chaoyang District Initiatives - Chaoyang District has focused on digital economy reforms, establishing the first data asset registration center in the country and a data trading platform that allows for controlled and measurable data usage [3] - The district has created a high-precision digital twin platform and expanded its international investment network through global招商联络站 [3] Group 4: Tongzhou District Focus - Tongzhou District has emphasized "green trade," developing green financial innovations and establishing a comprehensive service environment to support business operations [4] - The district has seen a 10.4% annual growth rate in newly established foreign enterprises and a 27.0% annual growth rate in actual foreign investment, totaling $3.12 million [4] Group 5: Daxing District Achievements - Daxing District has introduced over 7,800 market entities with a registered capital exceeding 130 billion, achieving total revenue of approximately 150 billion [6] - The district has established various industrial carriers, including a biomedicine incubator, and is set to complete two major projects within the year [6] Group 6: Shunyi District Progress - Shunyi District has implemented over 200 key tasks related to the "Two Zones" initiative, creating 16 breakthrough policies and innovative models [7] - The district has ranked first in the city for the number of "Two Zones" projects, with a 60% increase in the number of large-scale enterprises and a 50% increase in actual foreign investment and foreign trade [7]