Market Performance - The Nasdaq index has reached a new high, surpassing the 21,000 points mark, driven by strong performances from major technology stocks [1][3] - The S&P 500 and Nasdaq both set historical highs, with the S&P 500 increasing by approximately 0.6% and the Nasdaq rising by 0.7% [1] Earnings Season - The current earnings season has started strong, with over 85% of the 62 S&P 500 companies that have reported earnings exceeding expectations [5] - The second-quarter earnings growth for the S&P 500 is tracking at 5%, with the "Magnificent Seven" companies expected to see a 14% increase in earnings [5] - Analysts suggest that the market may continue to rise, with UBS maintaining a target of 6,500 points for the S&P 500 by June 2026 [5][7] Economic Indicators - A weaker dollar is expected to provide a slight boost to S&P 500 earnings, partially offsetting tariff pressures [6] - Continuous growth in corporate earnings indicates further upside potential for stock allocations [7] - The combination of falling inflation, sustained economic growth, and stable interest rates supports current stock market valuations [8] Technology Sector Insights - The majority of the "Magnificent Seven" companies are anticipated to lead the market due to their strong earnings growth and cash flow [8] - The positive effects of artificial intelligence are still in the early stages, with tech giants positioned to benefit significantly from this trend [8]

Core Viewpoint - The article discusses the newly released "Self-Regulatory Guidelines for the Science and Technology Innovation Board Listed Companies - Guideline No. 5: Science and Technology Innovation Growth Tier," which aims to support technology companies that are in the pre-profit stage but have significant technological breakthroughs and commercial potential [3]. Summary by Sections Definition of Science and Technology Innovation Growth Tier - The Science and Technology Innovation Growth Tier is designed for technology companies that have made significant technological breakthroughs, possess broad commercial prospects, and have substantial ongoing R&D investments, while still being in a pre-profit stage at the time of listing [4]. Applicability of Growth Tier Companies - The guidelines apply to both existing listed companies that have not yet turned a profit (referred to as "existing companies") and newly registered companies that are also unprofitable at the time of listing (referred to as "incremental companies"). Existing companies will be included in the growth tier from the date of the guideline's release, while incremental companies will be included from their listing date [5]. Criteria for Removal from Growth Tier - The removal criteria for companies from the growth tier are based on a "new and old distinction." To encourage incremental companies to accelerate technological development and market expansion, the removal conditions are aligned with the first set of listing standards for the Science and Technology Innovation Board. Companies will be removed if they meet one of the following conditions: (1) both net profits in the last two years are positive and cumulative net profit is not less than 50 million yuan, or (2) net profit is positive in the last year and operating revenue is not less than 100 million yuan [6]. Investor Awareness of Removal from Growth Tier - Investors can monitor company annual reports, which will disclose any companies that meet the criteria for removal from the growth tier. The Shanghai Stock Exchange will promptly announce the removal of companies from the growth tier. Additionally, investors can check if the stock or depositary receipt's name has removed the special identifier "U," which indicates its growth tier status [10][11]. Participation Considerations for Investors - Investors participating in trading of newly registered growth tier stocks must sign a special risk disclosure document. However, existing stocks or depositary receipts on the Science and Technology Innovation Board prior to the reform are not affected [13]. Information Disclosure Requirements - Companies in the growth tier are subject to stricter information disclosure requirements compared to other listed companies on the Science and Technology Innovation Board. They must adequately disclose the reasons for not being profitable and the impact on the company in their annual reports, along with a risk warning prominently displayed [15]. Additionally, the sponsoring institutions responsible for ongoing supervision must fulfill their duties as per the listing rules and report any significant adverse impacts on the company's technological innovation, R&D capabilities, growth prospects, or profit improvement [16].

Group 1 - The long-term outlook for China's technology industry indicates a continuous rise in the premium center, with significant excess returns for Hong Kong stocks in the technology sector over the past 20 years [1] - The technology sector in Hong Kong has shown high elasticity and sustainability during various market cycles, with each increase in technology premium closely linked to industrial transformations, typically occurring in approximately five-year cycles [1] - Core industries within the technology sector are entering a localization phase, with new productive industries such as artificial intelligence, humanoid robots, and low-altitude economy receiving policy support [1] Group 2 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which is compiled by China Securities Index Company and selects up to 50 high-quality companies from the technology sector listed within the Stock Connect range [1] - This index aims to comprehensively reflect the overall performance of securities from technology companies that can be invested in through the Stock Connect channel, with constituent stocks showing significant growth potential and market volatility characteristics [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

Group 1 - The U.S. House of Representatives passed three cryptocurrency-related bills, including the Clarity Act and the Genius Act, aimed at significant regulatory reform for cryptocurrencies [2][5]. - The Genius Act received 308 votes in favor and 122 against, and is expected to be signed into law by President Trump [4]. - The Clarity Act, which aims to establish a broader and more favorable regulatory framework for digital assets, passed with 294 votes in favor and 134 against [5]. Group 2 - The S&P 500 and Nasdaq indices reached all-time highs, with the S&P 500 rising by 0.54% to 6297.36 points and the Nasdaq increasing by 0.74% to 20884.27 points [6][7]. - Major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.52% to 44484.49 points [7]. - Chinese concept stocks also saw gains, with the Nasdaq Golden Dragon China Index rising by 1.23% [20]. Group 3 - Federal Reserve officials anticipate two interest rate cuts this year, with inflation expected to remain between 3% and 3.5% [24][25]. - The U.S. economy is projected to grow by approximately 1% this year, with the unemployment rate potentially rising to 4.5% by year-end [25].

Report Key Points 1. Report Industry Investment Rating - The rating for the global economy in the macro and financial sector is "Bullish (Slightly)" [1] 2. Core View of the Report - The global risk preference has grown at the fastest rate since 2001, with funds flowing into US stocks, European stocks, and the technology sector, and cash allocation dropping below the 3.9% warning line, indicating a possible market adjustment [1] - US 6 - month CPI did not ease tariff concerns, investors reduced their expectations of a September rate cut, and there was a sell - off of US long - term bonds, with a large amount of funds flowing into the options market betting on a rise in the 30 - year US Treasury yield [1] - As tariff pressure spreads, price pressure will intensify in the coming months, and the Fed may remain on hold [1] - Meta plans to invest billions of dollars in building large - scale data centers, signaling confidence in medium - term revenue growth and an ongoing AI capital expenditure cycle [1] - The French 40 - billion - euro fiscal adjustment plan focuses on revenue increase and expenditure reduction, with most likely coming from spending cuts, and the 30 - year bond yield has reached the highest since 2011 [1] - Trump may introduce pharmaceutical tariffs at the end of the month, and the timeline for chip tariffs is similar [1] - China's GDP grew 5.3% in the first half of the year, Asian exports are strong, and market expects the Fed to cut rates in September and accelerate in 2026 [1] - The US 6 - month Markit manufacturing PMI continued to expand, and China's June PMI production and new order indexes also expanded [1] - China's comprehensive rectification of involution - style competition may boost listed company performance, the European Central Bank has cut rates 8 times, and Germany's industry shows signs of recovery [1] 3. Summary by Related Content Important Information - Global risk preference growth and market warning: Global risk preference has grown at the fastest rate since 2001, funds are flowing into stocks and tech sectors, and cash allocation is below 3.9%, suggesting a possible market adjustment [1] - US bond market and tariff impact: US 6 - month CPI didn't ease tariff concerns, leading to a sell - off of long - term bonds and funds flowing into the options market betting on a 30 - year US Treasury yield rise [1] - Fed's stance on tariffs: As tariff pressure spreads, price pressure will intensify, and the Fed may wait for clearer inflation and employment signals [1] - Meta's investment in data centers: Meta plans to invest billions in data centers, showing confidence in revenue and an ongoing AI capital cycle [1] - AI evaluation: Nvidia CEO says Chinese AI models are world - class, and AI is changing every industry [1] - French fiscal adjustment: France's 40 - billion - euro fiscal plan faces resistance, with most likely from spending cuts, and the 30 - year bond yield is at a high [1] - Trump's tariff plans: Trump may introduce pharmaceutical and chip tariffs soon [1] Global Economic Logic - Economic growth: China's GDP grew 5.3% in H1, Asian exports are strong, and the market expects Fed rate cuts [1] - Manufacturing PMI: US 6 - month Markit manufacturing PMI continued to expand, and China's June PMI production and new order indexes also expanded [1] - Other economic factors: China's rectification may boost corporate performance, the European Central Bank has cut rates, and Germany's industry shows signs of recovery [1]

Core Viewpoint - The company has established a set of regulations to manage the stock trading behavior of its directors and senior management, ensuring compliance with relevant laws and protecting the interests of shareholders [1][2][3]. Group 1: Regulations on Stock Trading - Directors and senior management must adhere to laws and regulations regarding stock trading, including the prohibition of insider trading and market manipulation [2][3]. - The company emphasizes that stock trading by directors and senior management should be orderly and considerate of the interests of the company and minority shareholders [3][4]. - There are specific restrictions on the transfer of shares held by directors and senior management, including a one-year lock-up period post-IPO and a six-month restriction after leaving the company [5][11]. Group 2: Reporting and Disclosure Obligations - Directors and senior management are required to report their stock trading activities within two trading days and ensure the accuracy and completeness of their disclosures [21][22]. - The company’s board secretary is responsible for managing and verifying the stock trading information of directors and senior management [14][15]. - Any changes in shareholding must be reported to the stock exchange, including the number of shares held before and after the transaction [21][22]. Group 3: Penalties and Compliance - Violations of the stock trading regulations may result in disciplinary actions from the company or legal consequences [31][32]. - The company is obligated to recover any profits made from illegal trading activities by directors and senior management [6][31]. - The regulations are subject to updates and must align with national laws and the company's articles of association [15][32].

Group 1 - Bridgewater Associates has become more optimistic about the Chinese stock market following a 14% return in the first half of the year, aided by government stimulus policies related to tariffs [1][2] - The firm has moderately increased its allocation to Chinese equities, citing policy support, an AI investment boom, and relatively low valuations compared to developed markets [1][2] - The All Weather Plus strategy has outperformed many local peers, contributing to a 40% growth in Bridgewater's onshore Chinese assets, reaching over 55 billion RMB (approximately 7.7 billion USD) [2][3] Group 2 - Sovereign wealth funds are increasingly interested in Chinese assets, with 59% of surveyed funds indicating a high or medium priority for investment in China over the next five years, up from 44% the previous year [4][5] - The sentiment is driven by a fear of missing out on the next wave of innovation, particularly in the technology sector, as evidenced by the rise of AI applications and other tech-driven industries [4][5][6] - Goldman Sachs has a bullish outlook on the CSI 300 index, predicting a rise of over 10% by year-end, supported by AI-driven market enthusiasm and improving corporate earnings [7][8]

权激励计划的情形，包括： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法表示 意见的审计报告； （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无法表 示意见的审计报告； （3）上市后最近36个月内出现过未按法律法规、公司章程、公开承诺进行利润 分配的情形； 南京高华科技股份有限公司董事会薪酬与考核委员会 关于公司2025年限制性股票激励计划相关事项的核查意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激 励管理办法》以及《公司章程》等有关法律法规及规范性文件的规定，南京高华科 技股份有限公司（以下简称"公司"）董事会薪酬与考核委员会对《南京高华科技股 份有限公司2025年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》 或"本次激励计划"）及其摘要相关事项进行了仔细阅读和审核。现发表核查意见如 下： 《中华人民共和国证券法》《上市公司股权激励管理办法》等有关法律、法规和规 范性文件以及《公司章程》的规定；对各激励对象获授限制性股票的授予安排、解 除限售安排（包括但不限于授予额度、授予日期、授予条件、授予价格、限售期、 解除限售期、解除限 ...

Core Viewpoint - The ongoing conflict between the Federal Reserve and President Trump over interest rates is creating significant instability in the global economy, with no clear winners in sight [1][3]. Group 1: Federal Reserve and Interest Rate Dynamics - The probability of a rate cut by the Federal Reserve in September stands at 75%, reflecting intense political pressure from Trump, who has publicly criticized Fed Chair Powell and demanded a reduction of 2 to 3 percentage points [1][3]. - Internal divisions within the Federal Reserve are at a ten-year high, with 7 out of 19 decision-makers opposing any rate cuts this year, while 8 support two cuts [3]. - Key economic indicators show a mixed picture: the core PCE price index rose by 2.7% year-on-year, while personal consumption expenditures fell by 0.1% month-on-month, and income dropped by 0.4%, marking the largest decline since the beginning of the year [3]. Group 2: Trade Wars and Market Reactions - Trump's trade policies have escalated tensions, with threats of new tariffs on Canada and other countries, leading to significant market volatility [4]. - The S&P 500 index experienced a decline, while tech stocks like Nvidia reached new highs, indicating a narrowing market breadth with only a few stocks driving gains [4]. - The market's reaction to trade negotiations breaking down has been complex, with the Dow Jones falling by 249 points on July 11, while the S&P 500 dropped by 0.19% [4]. Group 3: Political Pressure and Economic Implications - Political pressure on the Federal Reserve is mounting, with Trump's trade advisor publicly calling for intervention in Fed policy, and Treasury Secretary Mnuchin indicating alignment with Trump's wishes [5]. - The new tax legislation is projected to increase the U.S. deficit by $3 trillion over the next decade, which could lead to a dangerous combination of inflation, crisis, and economic stagnation [5]. - Powell has asserted the independence of the Federal Reserve in the face of political pressure, but potential candidates for the next Fed chair show signs of political influence [7]. Group 4: Global Market Impact - The U.S. dollar index has fallen to 97.18, marking the largest half-year decline since the early 1970s, while gold prices have risen to $3,337 per ounce [9]. - China's capital markets are seeing positive inflows, with the first batch of floating rate funds raising 21.8 billion yuan to invest in A-share core assets [9]. - Goldman Sachs has revised its forecast for Fed rate cuts, now expecting three cuts within the year, citing weaker-than-expected impacts from tariffs and signs of a softening job market [9].

Group 1 - The political influence of American tech leaders has been expanding since Trump's return to the White House, with significant implications for U.S.-China strategy [1] - A "fragile alliance" between tech elites and Trump's MAGA camp may weaken U.S. competitiveness against China, potentially leading to a loss of overseas talent and disengagement from global markets [1][2] - Key appointments in the U.S. government, such as Emil Michael at the Pentagon and David Sacks in cryptocurrency and AI, indicate a close relationship between tech leaders and federal agencies [1] Group 2 - The disintegration of the "Trump-Musk coalition" highlights deep-rooted contradictions between MAGA forces and the tech right, despite some shared goals [2] - Tensions between the tech right and populist right are escalating, which could lead to a detachment from global markets and a reduction in U.S. leadership in the tech sector [2][5] - The collaboration between the tech industry and national security agencies is expected to influence U.S. attitudes towards China, shifting from viewing China as a business opportunity to framing it as a threat [6] Group 3 - The increasing ties between the U.S. tech industry and defense sectors may result in a more aggressive stance against China, with tech leaders potentially abandoning their traditional non-interventionist positions [5][6] - Trump's tech supporters advocate for continued pressure on China to curb its technological advancements and promote further decoupling in high-tech fields [6]