Market Overview - The Shanghai Composite Index increased by 0.36% as of the morning close, with a trading volume of 783.11 million shares and a transaction amount of 934.47 billion yuan, a decrease of 3.50% compared to the previous trading day [1] Industry Performance - Real estate, banking, and oil & petrochemicals sectors showed the highest gains, with increases of 1.53%, 1.42%, and 1.23% respectively [1] - The automotive, defense, and electronics sectors experienced the largest declines, with decreases of 0.93%, 0.92%, and 0.76% respectively [2] Leading Stocks - In the real estate sector, Yuhua Development led with a gain of 9.94% [1] - In the banking sector, Minsheng Bank rose by 5.12% [1] - In the oil & petrochemicals sector, *ST Xinchao increased by 5.08% [1] - In the steel sector, Jinling Mining surged by 10.02% [1] - In the non-bank financial sector, Nanhua Futures also rose by 10.02% [1] - In the pharmaceutical sector, Qianyuan Pharmaceutical saw a significant increase of 19.98% [1] Sector Summary - The real estate sector had a transaction amount of 117.03 billion yuan, up 26.74% from the previous day [1] - The banking sector recorded a transaction amount of 266.82 billion yuan, up 36.61% [1] - The oil & petrochemicals sector had a transaction amount of 80.95 billion yuan, up 36.47% [1] - The automotive sector had a transaction amount of 389.36 billion yuan, down 16.50% [2] - The defense sector recorded a transaction amount of 316.85 billion yuan, down 23.79% [2] - The electronics sector had a transaction amount of 1,036.63 billion yuan, down 10.88% [2]

来源：中国网 为深入挖掘人工智能技术在不同场景下的实践应用，推动行业发展与交流，中国信息通信研究院在前期 开展了"开源大模型+ 软件创新应用典型案例"征集活动，旨在遴选出一批在DeepSeek、通义千问等开源 大模型技术应用方面成效显著、示范效应明显的典型案例，为行业提供参考借鉴，促进各领域在开源大 模型应用方面的创新与进步。 典型案例征集详情 本次案例征集活动共收到来自全国各地的百余个典型案例，经专家结合场景创新性、技术突破性、生态 协同性等维度严格筛选，覆盖云计算、金融、政务、医疗、通信、安全、工业、教育、能源、交通等行 业，形成"开源大模型+"软件创新应用典型案例（2025年第一季）。 经过材料收集、信息核对、初步筛选、内部预审、专家评审及委员会复审等多个环节，最终评选出68个 入围案例。其中26个案例凭借其典型的技术实力、创新成果和应用价值脱颖而出，被评为精选创新案 例。此外，还有42个案例被评为创新案例。 即日起至2025年下半年，将开启"开源大模型+"软件创新应用典型案例（2025年第二季）案例征集。"开 源大模型+"软件创新应用典型案例（2025年第二季）结果计划于2025年下半年云和软件安全相 ...

Economic Growth Outlook - Morocco's GDP growth forecast for 2025 has been raised from 4.3% to 4.5% by Fitch, driven by strong investment, recovering consumer markets, and improving foreign trade conditions [1][2] Investment Dynamics - Productive investment is the main driver of the current economic recovery, with total capital formation in Q1 showing a significant year-on-year increase of 17.5%, marking a post-pandemic high [1] - The Moroccan central bank has cut interest rates by a total of 75 basis points, with expectations for further reductions, facilitating credit expansion across various sectors, including consumer loans [1] Infrastructure and Major Events - Preparations for major international events such as the 2025-2026 Africa Cup of Nations and the 2030 World Cup are underway, leading to increased investments in infrastructure, transportation, and hospitality [1] - Fixed asset investment growth is expected to reach 7.9% in 2025, with a slight decline to 5.9% in 2026, still significantly above historical averages [1] Consumer Spending Trends - Consumer spending is showing signs of recovery, driven by low inflation, agricultural recovery boosting farmer incomes, rapid tourism growth, and declining financing costs [2] - Private consumption growth is projected to reach 4.5% in 2025, with continued positive momentum expected in 2026 [2] Inflation and Trade Balance - Inflation expectations for 2025 have been revised down from 1.1% to 0.7%, benefiting from stable energy prices, a weaker dollar, and improved domestic food supply [2] - The trade deficit is expected to improve in 2025 due to reduced agricultural import demand and a recovering European market, supported by Morocco's deep integration with European supply chains [2]

Core Insights - The report highlights a potential narrowing of the decline in PPI in the second half of 2025, with June CPI showing a slight improvement to 0.1% year-on-year, compared to a previous value of -0.1% [2] - Global manufacturing PMI has rebounded above the growth line, indicating an overall recovery in manufacturing activity, particularly in developed economies [2] - The report emphasizes the importance of monitoring the performance of various sectors, particularly those expected to benefit from the "anti-involution" policies and improving economic conditions [4] Macroeconomic Overview - June CPI in China improved to 0.1% year-on-year, while PPI decreased by 3.6% year-on-year, indicating a mixed inflationary environment [2] - Global manufacturing PMI showed a notable increase, with developed markets improving while some emerging markets like Vietnam and Indonesia showed marginal declines [2] Sector Analysis Fixed Income - The report discusses the impact of "anti-involution" policies on PPI and CPI, suggesting a potential stabilization in prices, with CPI expected to rise slightly to around 0.5% by Q4 2025 [5] - The report notes that the demand side remains critical for price elasticity, with industry self-discipline and private enterprise willingness being key factors [5] Machinery and Equipment - The report indicates a recovery in excavator sales, with June sales reaching 18,800 units, a year-on-year increase of 13.3%, driven by strong export growth [8] - The growth in second-hand excavator exports is expected to stimulate domestic replacement demand, benefiting leading companies in the sector [8] Agriculture - The report highlights ongoing "anti-involution" efforts in the pig farming industry, which may lead to inventory release and improved profitability for high-quality pig farming companies [9] - The report suggests that the pig farming sector may gradually transition to a phase of high-quality competition, with recommendations for companies like Muyuan Foods and Wens Foodstuffs [9] Renewable Energy and Equipment - The report anticipates strong growth for offshore wind energy, with a significant increase in orders expected to drive performance for leading companies in the sector [19] - The report emphasizes the importance of technological advancements and capacity expansion in the offshore wind sector [19] Electronics and Chemicals - The report forecasts a substantial increase in net profit for Shengquan Group in the first half of 2025, driven by strong demand for electronic materials [20] - The report maintains a positive outlook on the company's growth trajectory, supported by favorable market conditions [20] Company-Specific Insights - Zhaojin Mining is rated as a "buy" with a target price of 23.44 HKD, driven by expected production growth and favorable gold price trends [15] - Harbin Electric is also rated as a "buy," with anticipated recovery in equipment demand across various energy sectors [15] - MGM China is highlighted for its strong performance in the non-gaming segment, benefiting from increased tourist traffic and successful entertainment events [17]

Core Insights - As of July 9, the latest market financing balance reached 1,855.737 billion yuan, an increase of 3.843 billion yuan compared to the previous trading day [1] - Among the 18 primary industries, the non-ferrous metals sector saw the largest increase in financing balance, rising by 0.964 billion yuan [1] - The industries with notable increases in financing balance include electronics, pharmaceuticals, and automobiles, with increases of 0.869 billion yuan, 0.622 billion yuan, and 0.566 billion yuan respectively [1] - Conversely, 13 industries experienced a decrease in financing balance, with non-bank financials, transportation, and computers showing the largest declines of 0.503 billion yuan, 0.210 billion yuan, and 0.161 billion yuan respectively [1] Industry Financing Balance Changes - The construction materials industry had the highest growth rate in financing balance, with a latest balance of 12.159 billion yuan, reflecting a 1.43% increase [1] - Other industries with significant growth rates include non-ferrous metals (1.22%), national defense and military industry (0.75%), and basic chemicals (0.66%) [1] - Industries with the largest declines in financing balance include transportation (-0.61%), environmental protection (-0.56%), and retail (-0.44%) [2] - The latest financing balances for the top industries are as follows: - Non-ferrous metals: 80.248 billion yuan, increase of 0.964 billion yuan, growth rate of 1.22% [1] - Electronics: 214.565 billion yuan, increase of 0.869 billion yuan, growth rate of 0.41% [1] - Pharmaceuticals: 133.094 billion yuan, increase of 0.622 billion yuan, growth rate of 0.47% [1] - Transportation: 33.945 billion yuan, decrease of 0.210 billion yuan, decline rate of 0.61% [2] - Non-bank financials: 156.456 billion yuan, decrease of 0.503 billion yuan, decline rate of 0.32% [2]

交通运输部：6月城市轨道交通新增运营里程149.3公里 新增运营线路4条 金十数据7月10日讯，交通运输部数据显示，2025年6月，31个省和新疆生产建设兵团共有54个城市开通 运营城市轨道交通线路330条，运营里程11127.6公里，实际开行列车356万列次，完成客运量26.9亿人 次，进站量16.1亿人次。6月份，客运量环比减少1.8亿人次，降低6.3%，同比增加0.7亿人次，增长 2.7%。6月份全国总运营里程的平均客运强度为0.817万人次每公里日，环比降低3.1%，同比降低3.8%。 本月新增运营里程149.3公里，新增运营线路4条，为宁波地铁8号线一期、广州地铁10号线、广州地铁 12号线西段和东段、广州黄埔有轨电车2号线。 ...

□ 本报记者 顾巍钟 通讯员 谭长荣 在地铁成为城市交通主导的当下，常规公交如何守护其"基础地位"，与轨道交通深度融合的同时实现自 身的可持续发展？记者近日在南京调研中发现，微循环、定制化公交正成为破题探索的关键。"217路开 通才10天，就成了南京铁北绿景路沿线5个小区居民的'心头好'！"7月6日，南京公交公司217路队长何 凯向记者介绍，这趟从幕府创新小镇开往玉桥大市场的"小蓝鲸"微公交，不仅解决了老年人买菜、逛市 场、外出看病、换乘地铁的难题，每天22趟车次还基本上趟趟坐满，早晚高峰还有站客。 作为南京第8条服务地铁7号线接驳的微公交，217路也是全市第76条打通公共交通"最后一公里"的微循 环线路。随着地铁大发展和客群分流，我省南京、苏州、无锡等地公交都出现了客流锐降、线网稀释等 经营困境。这几年，南京公交一方面通过"减重降复、错位布局"优化既有线路，另一方面，在地铁盲 区、轨交辐射区强化接驳。注重以"短线小车、高频接驳"做好延伸服务，让市民实现"地铁到站、公交 到家"的无缝衔接，进而探索出公交与地铁协同发展的新路径。 接驳地铁，76条微公交织密"社区生活圈" 在南京城北中央北路、幕府西路、和燕路围成 ...

Group 1 - The successful completion of the TBM left line between Tianshan First Road Station and Tianshan Second Road Station marks a significant milestone for the construction of Qingdao Metro Line 15, accelerating the overall project progress [2][3] - The project team employs a refined, intelligent, and mechanized management approach, utilizing a "double-line linkage" mechanism to apply experiences from the right line construction to the left line [2] - The TBM section, approximately 2.5 km long, overcame various technical challenges, including fault zone excavation and surface settlement control, through advanced techniques such as "pre-injection grouting reinforcement + intelligent drainage monitoring" [2][3] Group 2 - The construction of Qingdao Metro Line 15 is crucial for connecting the districts of Chengyang, Licang, and Laoshan, effectively alleviating north-south traffic pressure in the main urban area [3] - The project team emphasizes strict adherence to the "team responsibility system" and proactive geological forecasting to ensure precise analysis and control throughout the construction process [3] - Moving forward, the company aims to enhance safety and quality control, optimize process coordination, and ensure efficient progress of the remaining construction work [3]

广西柳州市轨道交通投资发展集团有限公司债券主承销商备选库入库公告 各债券主承销商： 1.具备公司债券与企业债券主承销商资质，上一年证监会证券公司分类评级结果为BB及以上； 2.近三年期间任意一年在全国公司债券与企业债券承销规模排名为前60名（wind口径）； 3.具备良好的团队协调能力和服务质量，具有良好的销售能力及销售资源，广西地区公司债券承销规模排名靠前的优先； 4.如主承销商具有优质战略资源并提供服务，可适当放宽入库标准。 为规范广西柳州市轨道交通投资发展集团有限公司（以下简称"市轨道集团"）及下属企业委托债券主承销商管理工作，确保债券主承销商为企业提供高效、 优质的服务，市轨道集团将进一步完善债券主承销商备选库，组织开展2025年债券主承销商备选库增选工作，现将有关事项公告如下： 一、入库选聘资格 （一）拟入库的公司债券及企业债券主承销商应当满足以下条件： （二）拟选聘的中国银行间市场交易商协会产品主承销商应当具备以下条件： 1.具备中国银行间市场交易商协会产品承销商资质； 2.具备良好的团队协调能力和服务质量，在广西地区协会债券承销排名靠前的优先； 3.在广西地区设有分支机构的优先； （二）申请中国 ...

还有不到180天，"十四五"将收官。7月9日，国新办"高质量完成'十四五'规划"系列主题首场新闻发布会 举行，国家发改委领导以"一正两副"高规格阵容出席，这场比往常延长近30分钟的发布会，用90分钟浓 缩拆解了发改委如何冲刺"十四五"年度任务。现场官员们抛出硬核数据、讲述鲜活案例，还用接地气的 比喻铺开一张5年"中国超预期成长图"。 在发布会现场，媒体围绕中国GDP五年演变、中国制造、外商投资、民生需求等11个焦点问题接连发 问。国家发改委主任郑栅洁用"困难比预计多，成果比预期好，可谓风雨兼程见彩虹"，概括了这5年历 程。5年来，中国经济总量实现"四连跳"，增量预计超过35万亿元，相当于"再造一个长三角"。 谈GDP增长演变 内需对经济增长平均贡献率超八成，系经济发展主动力 "没有强大的国内市场，就没有稳定向好的中国经济。"谈到如何看待中国GDP潜在增长率和增长拉动力 的演变？国家发改委秘书长袁达答记者问称，中国拥有超大规模且极具增长潜力的国内市场，内需始终 是中国经济发展的主动力和稳定锚。"十四五"期间经济社会发展实践再次充分证明这一点。从内需整体 看，过去4年中国经历了国际环境剧烈变化等多重困难挑战冲击， ...