2025年上半年，港股通资金流量创历史新高，南向资金主导市场。港股通累计成交金额为4.8万亿港元， 同比增长50 %，占港股市场总成交额的19%，影响力持续提升。此外，外资回流共振显著。外资通过ETF 等渠道重返港股，iShares MSCI Hong Kong ETF年内净流入超7亿美元，与南向资金形成合力。 | 指标 | 2025H1 | 2024H1 | 同比变化 | | --- | --- | --- | --- | | 累计成交金额(万亿港元) | 4.8 | 3.2 | +50% | | 净流入规模(亿港元) | 7,300 | 1,420 | +414% | | 日均成交额(亿港元) | 2,402 | 1,882 | +27.6% | | 占港股总成交比例 | 19% | 15% | +4pct | 从成交活跃度来看，上半年港股通日均成交金额为2402亿港元，创历史新高，远超2021年牛市水平（1882 亿港元），符合历史"全面牛市"特征。此外，与2021年的市场环境相比，2025年已发生根本性变化——当 前港股估值处于历史低位，而2021年则处于估值高位。这种差异使得当前资金流入更具可持续性 ...

对于5G，很多中国用户想到的只有一个场景，那就是拿着5G手机，连接5G网络，蹭蹭快速上网。而对于国外用户来说，5G还有另外一个应用场景：FWA （Fixed Wireless Access，固定无线接入）。换而言之，就是利用5G等无线接入方式，取代铜缆和光纤为用户提供家庭互联网服务。 FWA服务在我国几乎静悄悄，但是在美国、欧洲、印度等海外市场，已经掀起了巨大波澜，被视为一种成功的5G商业模式。 如在美国，FWA将宽带市场 搅得翻天覆地，T-Mobile等移动运营商借此将Comcast这些传统有线运营商打得"节节败退"。在印度，主流运营商Reliance Jio和Bharti Airtel也在推动FWA 用户规模快速增长，在缺乏光纤覆盖的区域为用户提供宽带网络接入服务。 近年来在爱立信所发布的移动市场报告中，几乎每期都要提及FWA。其最新报告预测，到2030年底，全球FWA连接数量将增至3.5亿，占新增固定宽带连 接数量的35%，换而言之，三分天下有其一。 "大闹"美国宽带市场 在我国，光纤接入在固定宽带市场占据绝对主导的位置。美国则是多种多样，过去主要以铜缆、同轴电缆、光纤等为主，这些年随着5G和卫星互联网 ...

1. 7月15日(周二)美股盘前，美股三大股指期货涨跌不一。截至发稿，道指期货跌0.15%，标普500指数期货涨0.31%，纳指期货涨 0.52%。 | ■ US 30 | 44,394.00 | 44,599.50 | 44,375.50 | -65.70 | -0.15% | | --- | --- | --- | --- | --- | --- | | ■ US 500 | 6,287.80 | 6,299.70 | 6,259.30 | +19.20 | +0.31% | | ■ US Tech 100 | 22,975.40 | 23,014.60 | 22,821.80 | +119.80 | +0.52% | 2. 截至发稿，德国DAX指数涨0.11%，英国富时100指数涨0.08%，法国CAC40指数涨0.08%，欧洲斯托克50指数涨0.27%。 | 3. 截至发稿，WTI原油跌0.15%，报66.88美元/桶。布伦特原油涨0.06%，报69.25美元/桶。 | | --- | 市场消息 关税"通胀炸弹"倒计时：美国6月CPI或加速上涨，特朗普与美联储博弈加剧。经济学家长期以来一直警告称，关税 ...

企业盈利预期改善 智通财经APP获悉，摩根士丹利最新发布的研报指出，尽管近期美国宣布了新的关税政策，但美股仍表 现出较强的韧性。而在当前环境下，得益于财政支出法案的推动及强劲的盈利前景，美国大盘股极具吸 引力。 报告还指出，企业盈利修正幅度的显著改善(从4月中旬的-25%升至当前的+3%)将成为积极推动力，在 贸易与宏观不确定性持续的背景下支撑市场，尤其是金融和工业板块表现突出。此外，随着财报季临 近，盈利修正的分化现象加剧，这将为个股选择提供有利环境。 关税政策下美股韧性凸显 展望第二季度，该行分析师预计标普500指数的每股收益预计同比增长4%，销售额增长3%，其中"七巨 头"的净利润增速预计达14%，远高于其他公司的-3%。 以Michael J. Wilson为首的大摩策略师表示，美股对关税政策反应相对温和的主要原因有三：其一，结 合受影响国家范围及现行豁免政策，标普500指数成分股公司的进口成本敞口目前相对有限，例如符合 美墨加协定(USMCA)的墨西哥进口商品仍享有豁免(有待进一步明确);其二，市场参与者普遍认为，近 期对多个贸易伙伴宣布的更高关税税率并非最终税率，谈判仍在持续;其三，尤其是消费品领 ...

Core Viewpoint - Shandong Mobile has developed an innovative solution called "Atomic Base Station" to address the challenges of signal coverage in complex environments such as residential areas, shopping malls, and underground parking lots, effectively meeting the requirements of the Ministry of Industry and Information Technology's "Signal Upgrade" initiative [1][4] Group 1: Technical Innovations - The "Atomic Base Station" features a simplified and agile deployment process, eliminating the need for fiber optics and complex configurations, which significantly reduces deployment difficulty and costs [1] - The equipment can be activated and generate signals immediately upon power-up, with installation to activation taking only 2 to 4 hours, showcasing high agility for covering network blind spots [1] - The solution employs innovative SIM-free technology, simplifying the deployment process and subsequent maintenance, making it adaptable to various complex enclosed scenarios [1] Group 2: Operational Efficiency - The solution supports KPI visualization monitoring, allowing operators to monitor network status in real-time, and utilizes unique radio frequency fingerprint technology for precise network quality management and interference identification [2] - The base station supports dual-band coverage for both 4G (LTE 1800MHz) and 5G (NR 2600MHz), catering to current user needs while enabling future network evolution [2] Group 3: Practical Application and Impact - In a pilot project at a 7000㎡ underground parking lot in Jinan, the "Atomic Base Station" was deployed with 14 antennas, achieving a measured 5G downlink speed of up to 230Mbps, ensuring quick response times for web loading and video streaming, as well as clear voice call quality [2] - The successful application of the "Atomic Base Station" provides an innovative solution to the challenge of deep urban coverage, contributing to the "Signal Upgrade" initiative and enhancing user experience [4] - The characteristics of being "simple, agile, intelligent, and reliable" lay a solid foundation for large-scale promotion, advancing the equalization and accessibility of communication infrastructure, and improving the quality of life for citizens in the information society [4]

金十数据7月15日讯，尽管受到美国进口关税的负面影响，瑞典电信巨头爱立信第二季盈利仍好于预 期，因其在高利润国家的销售份额增加，授权收入增加，以及成本得到降低。该公司说，其主要网络业 务一季度整体销售额下降5.3%，北美市场增长强劲，欧洲市场略有增长，但印度市场销量大幅下滑， 该公司在印度的网络投资水平较低。"美洲的持续增长令人鼓舞，欧洲也已企稳，"首席执行官鲍毅康表 示。第二季度归属于股东的净利润为45.7亿瑞典克朗（4.752亿美元），高于FactSet分析师预测的33.9亿 瑞典克朗。然而，该公司指出，未来的不确定性可能增加，包括关税的进一步变化，以及更广泛的宏观 经济环境方面。 尽管受到关税冲击，瑞典电信巨头爱立信盈利仍好于预期 ...

Core Viewpoint - Degute plans to acquire 100% of Haowei Cloud Computing Technology Co., Ltd. through a share issuance and cash payment, marking its first restructuring since going public four years ago, aiming to diversify its business into telecommunications software and digital solutions [2][4][5]. Group 1: Acquisition Details - The acquisition will make Haowei Technology a wholly-owned subsidiary of Degute, with funding raised from no more than 35 specific investors to cover cash payments and operational costs [3]. - The valuation and pricing of the assets involved in the transaction are yet to be determined as the auditing and evaluation work is still ongoing [4]. Group 2: Financial Performance of Haowei Technology - Haowei Technology is an international software and IT service provider, projected to achieve revenues of 3.86 billion yuan and 3.65 billion yuan in 2023 and 2024, respectively, with net profits of 202 million yuan and 205 million yuan [2][10]. - As of March 2025, Haowei Technology's total assets are valued at 5.62 billion yuan, with equity amounting to 2.95 billion yuan [10]. Group 3: Degute's Business Transition - The restructuring will allow Degute to expand its core business from energy-saving equipment manufacturing to telecommunications software development, cloud and AI software services, and industry digital solutions, thereby creating a second growth curve [5][6]. - In 2024, Degute reported a revenue of 509 million yuan, a year-on-year increase of 64.21%, and a net profit of 96.71 million yuan, up 150.15% [6]. Group 4: Market Context and Strategic Importance - Haowei Technology has strong backing from major shareholders including Alibaba and ZTE, and has previously pursued an independent IPO [2][8]. - The company has developed nearly 30 core technologies in telecommunications and cloud computing, holding over 100 patents and 600 software copyrights [11][12].

香港宽频将在未来五年再投入20亿港元部署新一代1.6T超高速光线骨干网络，以满足持续增长的数据传 输带宽需求。 ...

Group 1 - The core viewpoint of the articles indicates that the U.S. stock market has rebounded significantly since April, driven by easing tariff concerns and renewed narratives around AI and computing power, but faces challenges with the upcoming earnings season and liquidity risks in Q3 [1][2] - Analysts predict a notable divergence in sector performance, with a slowdown in earnings growth expected compared to Q1 2025, particularly in the energy sector, which is forecasted to decline by 26%, while technology remains strong with expected growth of 16.6% in information technology [2] - The S&P 500 index's Shiller PE ratio stands at 38.12, nearing historical highs, indicating that the market is currently overvalued, and future valuation increases may be limited [3] Group 2 - The expectation is that the Federal Reserve will likely implement two rate cuts this year, but there is increasing disagreement about the timing of these cuts, particularly for the September meeting [5][8] - The upcoming debt issuance wave and the large scale of maturing U.S. debt are anticipated to create liquidity shocks that could impact the stock market's performance in Q3 [9][10] - Historical data suggests that following the lifting of the debt ceiling in June 2023, the market experienced a significant bond issuance peak, leading to increased yields and a subsequent decline in the S&P 500 index [10]

机器之心报道 还有的说：「中国不是在『下棋』，他们在重新定义整个『棋局』！」 | Parul Gautam � @Parul_Gautam7 · Jun 25 | | | | | --- | --- | --- | --- | | That's amazing | | | | | C | 17 | | 111 62 | | Atul Kumar 2 @atulkumarzz · Jun 25 | | | | | Superb share !! | | | | | 17 | | 3 | 111 59 | | The Al Guru @AI_GuruX · Jun 24 | | | | | That sounds exciting! | | | | | 17 | | | 111 19 | 到底是什么样的技术，竟能让一众老外给出如此之高的评价？ 还惊呼「Amazing」「Superb」「Exciting」 （小编仿佛在做雅思考试的高级词汇替代练习） 。 机器之心编辑部 又一项中国的 AI 技术在国外火了！ | Awa K. Penn � @TawohAwa · Jul 4 | | | | | --- | --- | ...