从人民银行深圳市分行获悉，自今年5月7日科技创新债券推出以来，截至2025年7月15日，深圳已有9家 科技型企业和股权投资机构在银行间市场发行科技创新债券14只，规模合计207.5亿元。人民银行深圳 市分行还联合深圳市财政局探索"种子基金+种子贷"，已助力153家早期科技企业获贷1.3亿元。(新华财 经) ...

智通财经7月22日电，花旗集团将亚马逊目标价从225美元上调至265美元。 ...

在全球经济一体化的浪潮中，香港凭借其独特的地理位置、完善的法律体系、自由的贸易环境以及高度国际化的金融市场，成为连接中国内地与世界的重 要枢纽。在这样的背景下，香港公司在跨境业务中扮演着愈发关键的角色，其作用渗透到税务筹划、跨境贸易、海外上市等多个重要领域，为企业开展跨 国经营提供了强有力的支持。 此外，香港拥有高效的物流网络和世界级的港口设施，货物通关速度快，能确保商品及时送达全球各地。香港公司依托这些优势，可帮助企业优化供应链 管理，降低物流成本，提升跨境贸易的整体运营效率。 香港是全球重要的金融中心之一，其证券市场成熟、规范，具有高度的国际化和流动性，为企业海外上市提供了理想场所。 对于内地企业来说，通过香港公司实现海外上市具有诸多好处。香港联交所的上市标准相对灵活，对不同行业、不同规模的企业都有相应的上市通道，尤 其是对科技创新型企业和新经济企业较为友好。内地企业可通过重组，将核心业务注入香港公司，以香港公司为主体在香港联交所上市，从而获得国际资 本市场的资金支持。 VIE架构是企业境外上市的常用架构，其是由开曼公司在香港注册一个全资子公司，再经由这个香港公司在国内注册设立一个外商投资企业（WFOE） ...

金十图示：2025年07月22日（周二）亚太市场股市指数（收盘） - 39774.92 -1.51% -44.19 -0.11% 恒生指数 印度孟买 25130.03 SENSEX +135.89 | 82169.21 +0.54% -31.13 -0.04% 澳大利亚标 普200 8677.2 +9 +0.1% @ JIN10.COM 金十数据 | 一个交易工具 ...

Group 1 - The global smart marketing technology innovation and business model innovation are becoming the focus of the fintech sector, with Jin Yi Culture's subsidiary, Kai Ke Wei Shi, gaining significant market attention following its strategic shift from traditional gold and jewelry to software information after acquiring control in April 2025 [1] - Kai Ke Wei Shi has a strong foundation in payment clearing, which supports its intelligent marketing services, and has developed innovative business scenarios around wealth management and payment clearing, transforming marketing operations from "system provision" to "operation empowerment" [1] - The company is prioritizing the construction of vertical intelligent agents in AI financial solutions, such as financial advisor assistants and client manager assistants, and is deepening ecosystem partnerships to create integrated solutions with large models [1] Group 2 - Kai Ke Wei Shi has made significant progress in AI business, winning bids for AI large model projects in banks and developing intelligent agents for smart marketing, wealth management, intelligent investment advisory, and intelligent customer service [2] - The company is accelerating the application of AI technology in smart risk control and salary management, leveraging partnerships with leading firms like Alibaba and DeepSeek to integrate AI large model technology into various business scenarios [2] - The company possesses blockchain technology and stablecoin-related technology, with its digital RMB product already in use at several banks, utilizing blockchain for distributed ledger design [2] Group 3 - Looking ahead, Kai Ke Wei Shi has a clear development plan, focusing on deepening cooperation with existing clients and expanding business with newly signed clients like Bank of Communications and Postal Savings Bank [3] - The company aims to achieve net profits of no less than 66.6 million yuan, 75.6 million yuan, and 85.6 million yuan in 2025, 2026, and 2027 respectively, providing strong motivation for future growth [3] - With the acceleration of digital transformation in the financial industry, Jin Yi Culture, leveraging Kai Ke Wei Shi's capabilities in smart marketing and AI large models, is expected to open new performance growth points in the fintech sector [3]

Group 1 - The "Housing Rental Regulations" will be implemented starting September 15, 2025, aiming to standardize rental activities and enhance tenant protections [1] - The 2025 Fortune China 500 list reveals that the total revenue of the listed companies reached $14.2 trillion in 2024, a decrease of approximately 2.7% compared to the previous year, while net profit increased by about 7% to $756.4 billion [1] - The domestic film market shows a strong performance with domestic films accounting for 91.2% of the total box office in the first half of the year, indicating a shift towards quality over quantity in the industry [2] Group 2 - The World Health Organization plans to release new guidelines for GLP-1 therapy for adult obesity treatment in September 2025, marking a significant policy shift in addressing obesity [3] - UBS forecasts that the Federal Reserve will begin a total rate cut of 100 basis points starting in September, with the dollar expected to stabilize after recent declines [5] - JD.com is set to acquire Hong Kong's Jia Bao, with the actual transaction amount being less than 4 billion HKD, and further details expected to be announced in August [6] Group 3 - The Asian Infrastructure Investment Bank successfully issued 2-year panda bonds worth 2 billion yuan, with nearly 60% held by foreign investors, achieving a record oversubscription of 3.2 times [6] - Tesla has opened its first Supercharger Diner in Los Angeles, aiming to provide an engaging experience for all visitors, regardless of whether they own a Tesla [8] - Starbucks has introduced "Star Self-Study Rooms" in some locations in Guangdong, aiming to provide a study-friendly environment for consumers [9]

01 公司债券是指公司依照法定程序发行、约定在一定期限还本付息的有价证券。符合发行条件的企业，可 直接申报发行，重点支持用于技术升级、产能扩张等符合国家产业政策的领域。 融资工具的定义与申报范围 （二）公募REITs （一）公司债券 REITs是权益融资工具，通过将基础设施资产转让至公募基金，可以提前回收底层资产资金，为早期投 资提供退出渠道，降低企业杠杆率，回收的资金以项目资本金的方式投资新项目建设，带动形成良好的 投资循环。拥有仓储物流、产业园区、旅游、消费等基础设施项目且符合发行条件的企业，可按程序推 进发行工作；在建基础设施项目可按公募REITs标准规划建设，待条件成熟后申报。 （三）ABS及类REITs产品 新区企业： 为进一步发挥交易所债券市场功能，市民营经济局拟联合青岛证监局梳理摸排运用相关工具拓宽融资渠 道的民营企业，现就有关事项通知如下： 资产支持证券（ABS）是以基础资产所产生的现金流为偿付支持而发行的证券。暂不符合公募REITs条 件的企业，可发行持有型不动产ABS、类REITs、商业房地产抵押贷款支持证券（CMBS）或未来经营 收入类ABS；拥有酒店、写字楼等商业不动产的企业，可重点考 ...

Core Insights - Public funds continued to increase their holdings in Hong Kong stocks in Q2 2025, with the market value of Hong Kong stocks in the sample of actively managed equity funds rising to 20.0%, up from 19.2% in Q1 2025 [6][10] - The increase in holdings was primarily in small and medium-sized Hong Kong stocks, with the Hang Seng Small Cap Index's component stocks' market value share in the total Hong Kong stock holdings of funds increasing by 5.6 percentage points [6][10] - Sector-wise, public funds mainly increased their positions in the pharmaceutical, light manufacturing, non-bank financials, and banking sectors, corresponding to themes of innovative drugs, new consumption, and dividends [6][10] Fund Holdings Analysis - The report indicates a significant shift in fund holdings, with a reduction in the technology sector, particularly in internet and automotive stocks, which had previously seen substantial gains [6][10] - The technology sector's market value share in fund holdings decreased by 3.7 percentage points, while the media and retail sectors also saw declines [10][12] - Conversely, the consumer sector saw an increase of 3.8 percentage points in market value share, indicating a strategic pivot towards consumer-related investments [10][12] Specific Stock Movements - Notable changes in specific stock holdings include Tencent Holdings decreasing from 21.5% to 17.8%, while Alibaba's share dropped from 10.6% to 6.3% [12] - In contrast, stocks like Kuaishou and Pop Mart saw increases in their holdings, reflecting a shift towards emerging consumer brands [12] - The report highlights a significant increase in holdings for companies like Xinda Biopharmaceuticals, which rose from 1.2% to 3.5%, indicating a growing interest in innovative healthcare solutions [12]

Group 1 - The central urban work conference emphasized the need to accelerate the construction of a new model for real estate development and to steadily promote the renovation of urban villages and dilapidated housing, without setting clear targets [1] - The State Council meeting highlighted the importance of normalizing competition in the new energy vehicle industry, focusing on cost investigation, price monitoring, and ensuring key enterprises fulfill payment commitments [2][9] - The government plans to implement policies to stimulate consumption and optimize the supply of consumer goods, aiming to release the potential of domestic demand [5][6] Group 2 - The financial policy execution meeting indicated that the central bank will continue to implement a moderately loose monetary policy, focusing on supporting technological innovation and expanding consumption [7][8] - The government is actively formulating measures to enhance market order and address issues related to "involution" in various industries, including the new energy vehicle sector [9][10] - The market supervision authority has published typical cases of "involution-style" competition, aiming to combat the production and sale of substandard products [11][12] Group 3 - The government is promoting high-quality development in the manufacturing sector, with a focus on intelligent and green transformation, and plans to issue work plans for key industries [10][18] - The experiences of Japan, the UK, the US, and Germany in addressing over-competition and excess capacity provide valuable insights for China's policy formulation [14][15][17][19] - Germany's approach to establishing high standards and differentiated competition models has proven effective in promoting industry upgrades and curbing improper competition [19][20]

关注、加星，第一时间接收推送！ 文 | 赵伟、贾东旭、侯倩楠 联系人 | 侯倩楠 报告正文 一、 中央城市工作会议部署城市工作重点任务 7月14日至15日，中央城市工作会议在北京举行。相比2015年中央城市工作会议提出的"加快棚户区和危房改 造，有序推进老旧住宅小区综合整治，力争到2020年基本完成现有城镇棚户区、城中村和危房改造"；当前"存量提 质增效"研判下，本次会议指出要"加快构建房地产发展新模式"、"稳步推进城中村和危旧房改造"，并未提出明确目 标。会议中，总书记也提及"工业化进程，西方走了几百年，而我们只用了几十年。深层次看，我们工业化的短板 还很多，要花时间去补。城镇化也是这样，不能面子可以、里子不行，不要搞急于求成、急功近利的事情。有些事 要打攻坚战，有些事要久久为功。" 二、国常会：规范新能源汽车产业竞争秩序 7月16日， 国务院总理李强主持召开国务院常务会议。会议研究了做强国内大循环重点政策举措落实工作，指 出要深入实施提振消费专项行动，系统清理制约居民消费的不合理限制，优化消费品以旧换新政策，扩大新质生产 力、新兴服务业等领域投资。会议还提出要规范新能源汽车产业竞争秩序，要加强成本调查和价 ...