Market Overview - On July 4, U.S. markets were closed for Independence Day, leading to a risk-off sentiment with S&P 500 futures down 0.6% and European blue-chip index STOXX 50 down over 1% [2] - European chip stocks fell, with ASML Holdings down approximately 2.6% [2] - China's Ministry of Commerce announced anti-dumping duties on EU brandy, causing Remy Cointreau's stock to drop 7.2% intraday before recovering to close up 2% [2] - The 10-year German bond yield fell by 0.8 basis points, while the UK bond market remained weak with a cumulative rise of 5 basis points this week [2] - Gold prices rose nearly 0.6% amid increased risk aversion, while WTI crude oil dropped 1.5% due to expectations of significant OPEC+ production increases [2] - In Asia, A-shares fluctuated, with the Shanghai Composite Index nearing 3500 points, while the Hang Seng Index fell below 24000 points [2] Key News - The U.S. government informed General Electric Aviation that it can resume supplying jet engines to COMAC in China, indicating a potential easing of trade tensions [8] - President Trump announced plans to send tariff letters to trade partners, with rates potentially ranging from 60%-70% to 10%-20% [8] - The EU's trade negotiations with the U.S. have not reached a breakthrough, with ongoing discussions expected over the weekend [9] - Indonesia expressed confidence in reaching a "bold trade agreement" with the U.S., proposing zero tariffs on 70% of U.S. products [9] - India is preparing a strong response to U.S. auto tariffs, potentially imposing retaliatory tariffs due to the impact on its exports [10] Legislative Developments - Trump signed the "Big Beautiful" bill, marking a significant shift in U.S. fiscal policy towards tax cuts and increased defense spending, while cutting funding for healthcare and clean energy projects [11] - The bill is expected to severely impact Tesla's carbon credit revenue, which accounted for 39% of its net profit in 2024 [11] - Tesla is reportedly facing challenges with new model shortages, leading to increased pressure on sales [12] Market Sentiment - Bank of America indicated that the S&P 500 is nearing a sell signal, with the "Big Beautiful" bill raising the risk of a summer market bubble [13] - Iron ore prices rebounded by 4% this week, driven by strong demand from China, but Goldman Sachs warned that prices may struggle to exceed $100 per ton [13] Domestic and Overseas Macro - The Ministry of Housing and Urban-Rural Development in China is pushing for measures to stabilize the real estate market [14] - The U.S. Treasury's strategy to increase short-term bond issuance may undermine the Federal Reserve's independence and affect inflation control [15] - The European Central Bank is expected to maintain current interest rates, focusing on achieving a 2% inflation target [16]

Group 1 - The core viewpoint of the articles highlights the rising trend of gold investment among young people, particularly the post-90s and Gen Z demographics, who are increasingly viewing gold as a viable investment option rather than a traditional commodity [2][5]. - In the past year, gold prices have surged significantly, doubling from around 400 RMB/g to nearly 1000 RMB/g at peak times, indicating a strong market performance [2]. - The concentration of gold trading activity occurs during evening hours (8 PM to 11 PM), aligning with the leisure time of young investors, showcasing a trend towards "fragmented financial management" [2]. Group 2 - The global economic uncertainty has reinforced gold's status as a safe-haven asset, with spot gold prices rising by 25% in the first half of the year, driven by central bank purchases, geopolitical risks, and inflation pressures [3]. - Industry experts believe that the foundation for a long-term bull market in gold remains solid, with strategic allocation value highlighted by the China Gold Association [3]. - The long-term annualized return of gold is approximately 8%, comparable to global nominal GDP growth, with expectations for an upward shift in return rates due to accelerated central bank purchases [4]. Group 3 - JD Finance has positioned gold investment as a core competitive advantage, offering a comprehensive platform that includes physical gold, accumulation gold, gold ETFs, and gold recycling services [5]. - The platform aims to enhance investor education, improve product offerings, and refine professional service systems to support gold investment, particularly targeting the younger demographic [6]. - The growing interest in gold among young investors reflects a broader trend of seeking asset preservation strategies in uncertain economic times, with digital natives redefining the meaning of investment stability [6].

Group 1 - The core viewpoint of the report is that JPMorgan Chase has initiated coverage on Qifu Technology (QFIN.US) with an "Overweight" rating and a target price of $65, indicating approximately 50% upside potential from the current stock price, corresponding to a projected P/E ratio of 7.5 times for 2026 [1] - Qifu Technology is expected to achieve a compound annual growth rate (CAGR) of 24% in adjusted EPS from 2024 to 2027, the highest among similar institutions covered by JPMorgan in Greater China [1] - The adjusted return on equity (ROE) for Qifu Technology is projected to increase from 15.7% in 2024 to 24.6% in 2027, driven by an expansion in the proportion of light capital business and optimization of financing costs [1] Group 2 - The business model of Qifu Technology shows an increase in the proportion of light capital loans from 44% in 2023 to 53% in 2024, with expectations to reach 56% by 2027 [1] - The Intelligent Credit Engine (ICE) business is expected to account for 39% of new loans by Q1 2025, which does not bear credit risk and has a high net fee rate [1] - The asset quality of Qifu Technology remains stable, with a 90-day overdue rate maintained between 1.0% and 3.5%, and both the provision coverage ratio and loan loss reserves to loans ratio at historical highs [1] Group 3 - Technological advancements are a significant highlight for Qifu Technology, with the launch of an AI agent platform in 2025 that will drive one-third of core processes within 1-2 years [2] - The company is enhancing its data mining and risk management capabilities through DeepSeek technology, transitioning from single-modal to multi-modal data analysis [2] - AI-driven marketing strategies have improved user reach efficiency by 25.1% and reduced customer acquisition costs by approximately 10% [2] Group 4 - Qifu Technology has committed to providing strong returns to shareholders, with total return rates (dividends + buybacks) expected to account for 17%, 14%, and 12% of the current market value from 2025 to 2027, ranking among the top in its peer group in the Asia-Pacific region [2] - The current stock price of Qifu Technology corresponds to a P/E ratio of 5.0 times and a P/B ratio of 1.4 times, which is below the average level of similar institutions in Greater China, indicating significant potential for price appreciation [2] - As a leading player in the fintech industry, Qifu Technology has shown stable growth in new loans, outperforming its peers following industry consolidation [2]

投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □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） 参与单位名称及 人员姓名 天风证券何富丽女士 博时基金付伟先生 新华基金成斐昳女士 胤胜投资谭佩佩女士 华夏基金张盈女士 时间 2025 年 7 月 4 日（星期五） 地点 公司会议室 上市公司接待人 员姓名 公司董事长王晓峰先生 公司董事兼总经理 王晓丹女士 公司证券事务代表 张雅女士 投资者关系活动 主要内容介绍 1、关于越王珠宝、越王古法黄金的历史情况及品牌情况？ 回复：公司旗下越王珠宝品牌起始于 1901 年，前身为"陈氏银楼"，是 "中华老字号"品牌。公司于 2015 年收购越王珠宝，"越王古法金"是公司 2019 年开发的古法黄金品类。 2、2024 年度公司黄金珠宝主要产品分类及占比情况？ 回复：公司黄金珠宝产品体系主要为珠宝首饰、投资金条等。其中，珠 宝首饰占营业收入比例在 90.87%，投资金条占营业收入比例为 8.66%。 3、公司黄金珠宝板块各个品类产品的毛利率水平如何？ 回复：古法黄金的毛利率约为 28%，镶嵌类产品的毛利率约为 32% ...

Core Insights - China is a leading market in the global fintech industry, with significant transformations in traditional financial systems driven by digital and technology finance [1][4] - The rise of malicious collection organizations under the guise of protecting consumers has disrupted financial services and caused significant harm to users [1][2] - Companies like Shuhe Technology are actively promoting financial literacy and fraud prevention to combat the negative impacts of financial black and gray markets [2][3] Group 1: Financial Technology Development - Shuhe Technology, established in 2015, has become a key player in China's fintech sector, focusing on inclusive finance as its core business [5] - The company has activated 150 million users and provided financial services to over 20 million individuals [5] - Shuhe Technology leverages AI and other technologies to enhance financial services, including intelligent marketing, risk control, and customer service [5][6] Group 2: Consumer Education and Fraud Prevention - Shuhe Technology has launched initiatives like "Huabei Anti-Fraud Illustrated" and "User Concerns" to educate consumers about financial fraud and improve their financial literacy [3][4] - These educational efforts aim to enhance users' ability to identify risks associated with financial black and gray markets [3][4] - The company is committed to helping users understand financial services better, thereby reducing the prevalence of financial fraud [4][5] Group 3: Support for Small and Micro Enterprises - Shuhe Technology has provided over 90 billion yuan in loan facilitation services to 1.5 million small business owners and individual entrepreneurs [6] - The company covers various sectors, including wholesale, retail, and hospitality, aligning with national policies to support small and micro enterprises [6] Group 4: Alignment with National Financial Strategies - Shuhe Technology is actively contributing to the "Five Major Financial Articles" proposed by the central government, focusing on technology, green finance, inclusive finance, pension finance, and digital finance [7] - The company is positioned as a catalyst for improving national living standards and regional economic development through high-quality financial services [7]

Group 1 - The stock of Jingbeifang (002987) reached the daily limit, with a trading volume of 2.842 billion yuan and a turnover rate of 15.16% [1] - The post-market data from the dragon and tiger list indicates that the Shenzhen Stock Connect special seat bought 49.0188 million yuan and sold 229 million yuan [1] - Two institutional special seats had a net sell of 60.8934 million yuan [1]

Core Viewpoint - The company Japan Kosei (00627.HK) is planning to establish a joint venture to expand into artificial intelligence projects despite facing consecutive losses in its performance, attracting market attention [1][4]. Group 1: Company Performance - Japan Kosei reported a revenue of 99.7 million yuan in 2024, a year-on-year decline of 59.86% [6]. - The company experienced a net loss attributable to shareholders of 852 million yuan, compared to a loss of 489 million yuan in the previous year [6]. - The board aims to focus on high-potential real estate and land development projects in China and Japan, including undervalued urban redevelopment projects and logistics hubs [6]. Group 2: Joint Venture and Market Reaction - On July 3, Japan Kosei signed a memorandum of understanding with Beijing Yihe Dream Digital Technology Co., Ltd. to explore a potential joint venture in artificial intelligence [4]. - Following the announcement, Japan Kosei's stock price surged, reaching a peak of 1.58 HKD per share, with a maximum increase of over 240% and total trading volume exceeding 3.6 million HKD [3][4]. - The collaboration aims to leverage both companies' competitive advantages and resources to establish a mutually beneficial partnership, potentially diversifying revenue sources and achieving sustainable business growth [5].

Market Overview - A-shares experienced significant volatility, with the Shanghai Composite Index rising initially but ultimately closing up by 0.32% after a sharp decline in the afternoon [1] - The Shenzhen Component Index and the ChiNext Index both fell, closing down by 0.25% and 0.36% respectively [1] Stock Performance - A total of 1,169 stocks rose, with 42 hitting the daily limit up, while 4,120 stocks declined [2] - The overall trading volume reached 14,545.19 billion, with a total of 117,911.8 million shares traded [3] Banking Sector - Bank stocks continued to show strength, with several banks, including CITIC Bank and Shanghai Pudong Development Bank, reaching new historical highs [4] - Notable performers included: - CITIC Bank: +3.73% to 8.89 - Industrial Bank: +3.16% to 24.83 - Shanghai Pudong Development Bank: +2.82% to 14.58 [5] Power Sector - Power stocks saw a surge, with companies like Huayin Power and Shaoneng Co. hitting the daily limit up [6] - Key performers included: - Shaoneng Co.: +10.10% to 5.56 - Huayin Power: +9.93% to 6.09 [7] Stablecoin Concept Stocks - Stocks related to stablecoin concepts were actively traded, with companies like Jingbeifang and Jinyi Culture hitting the daily limit up [8] - Notable performers included: - Changliang Technology: +13.31% to 18.13 - Tianyang Technology: +10.19% to 22.81 [9] Declining Stocks - Solid-state battery concept stocks faced a collective adjustment, with Xinyuren dropping over 12% [10] - Key decliners included: - Xinyuren: -12.03% to 30.70 - Jinyinhua: -9.85% to 25.98 [11] Market Sentiment and External Factors - The afternoon surge in the market was attributed to positive news regarding U.S.-China trade relations, with both sides reportedly reaching a consensus on export controls [12] - Despite the initial rise, the market's inability to sustain momentum near the 3,500-point mark led to a significant pullback, indicating a lack of strong market conviction [13]

牛市旗手再成市场"颜值担当"！ 今天上午，港股中资券商股大幅拉升，午后板块涨幅一度扩大至7%以上。国泰君安国际一度大涨超23%，弘 业期货涨超10%，申万宏源香港、中州证券、中国银河涨势亦非常强劲。A股市场，湘财证券、天风证券大幅 拉升，京北方涨停，长亮科技、天阳科技、创识科技等金融科技股涨幅居前。 那么，究竟又是何缘故，令到号称"牛市旗手"的券商股成为全市场最靓的仔？分析人士认为，还是与稳定币有 关。近期已有多家企业表示将申请香港稳定币牌照。香港财经事务及库务局局长许正宇表示，《稳定币条例》 将于今年8月1日生效，届时香港金融管理局将开始接受牌照申请。 开源证券认为，稳定币迎来"奇点"时刻，产业大趋势已至。稳定币的应用场景从加密货币交易向更广泛的支付 领域扩展，市场规模及交易活跃度迅速提升。 大爆发 牛市旗手迎来集体爆发时刻。 稳定币前景究竟如何？ 稳定币是一种将市场价值锚定外部参考物（如法币或特定资产）的加密货币。 稳定币的原生需求源自解决加密市场两大交易痛点：一是法定货币出入金渠道匮乏，二是比特币的高波动性， 使其更适合作为日常交易的媒介。 稳定币按照维持"稳定"的方式，一般可分为三种：足额抵押型、多资 ...

Core Insights - The 2025 Global Digital Economy Conference's Digital Finance Forum was held in Beijing, where the "Global Financial Competitiveness Report 2025" was released, ranking China 4th globally, an improvement of one position from the previous year [1] Group 1: Financial Competitiveness Rankings - The report evaluates 31 countries based on five primary indicators and 43 intermediate indicators, with the United States, the United Kingdom, and Japan occupying the top three positions [2] - The United States holds the highest global financial competitiveness score, surpassing the United Kingdom by 35.87 points, indicating a significant competitive advantage in the financial sector [2] - China has shown a continuous narrowing of the score gap with the United States over the past four years, with scores of 43.91, 42.13, 40.47, and 40.35 respectively [2] Group 2: Key Indicators - Among the five primary indicators, China's financial technology competitiveness is closest to the world-leading level, ranking 3rd for two consecutive years, with a notable increase in score due to the substantial growth potential of China's fintech industry [2] - The United States remains the leader in monetary competitiveness, financial technology competitiveness, and international financial governance, with the monetary competitiveness gap between the U.S. and the Eurozone expanding to 48.64 points [2]