盘前市场动向 1. 8月6日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.35%，标普500指数期货涨0.24%，纳指期货涨 0.23%。 | = US 30 | 44,267.00 | 44,364.00 | 44,074.50 | +155.30 | +0.35% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6,314.10 | 6,332.90 | 6,287.60 | +14.90 | +0.24% | | 트 US Tech 100 | 23,072.30 | 23,118.10 | 22,937.50 | +53.70 | +0.23% | 2. 截至发稿，德国DAX指数涨0.02%，英国富时100指数涨0.20%，法国CAC40指数涨0.28%，欧洲斯托克50指数涨0.22%。 | 德国DAX30 | 23,862.00 | 23,998.59 | 23,806.00 | +4.81 | +0.02% | | --- | --- | --- | --- | --- | --- | | 器 英国富时100 | 9,16 ...

据浙江省商务厅6日消息，第四届全球数字贸易博览会(简称"数贸会")将于9月25日至29日在杭州举办。 目前展商数量已达1614家，吸引来自全球50个国家和地区的7012名国际客商报名观展。 此外，本届展会由阿联酋担任主宾国，其间将举办中阿经贸交流对接活动，新设"金砖国家特殊经济区 合作周"，共拓合作新空间。 （文章来源：中国新闻网） 本届数贸会由浙江省人民政府和中国商务部联合主办，设1个数贸主题展馆以及人工智能、丝路电商、 数智出行、数字文娱、数字医疗等7个特色产业展区。 本届数贸会将聚集众多数字贸易头部和新势力企业，集中呈现生成式AI、多模态感官交互等前沿技 术、产品与场景。其中，人工智能展区将迎来杭州"六小龙"企业齐聚参展。 众多展商将携全球首发首秀参展，展示具身智能清洁机器人"图灵一号"、XR眼镜新品、超高层营救飞 行平台、生物细胞遗传疾病影像数据捕获与全自动分析诊断系统等新产品、新技术与新服务。 "人工智能+"概念也将贯穿全展，全面展示人工智能在跨境电商、绿色出行、医学诊断、文化娱乐、建 筑家具等领域应用图景。 据悉，本届数贸会将首次对客商进行意向采购清单预筹，继6月发布首批来自23个国家(地区)、总 ...

Core Viewpoint - The article highlights significant developments in the global expansion of companies, focusing on their financial performance, strategic adjustments, and market penetration efforts in various regions [2][3]. Group 1: Company Performance and Financials - Shein reported over $10 billion in revenue and more than $400 million in net profit for Q1 2025, benefiting from a surge in U.S. consumer purchases before new tariffs took effect [6]. - Temu's monthly active users in Southeast Asia surpassed 22 million, with significant growth in the Philippines and Thailand, attributed to its low pricing strategy and extensive product offerings [8]. - WeRide's Q2 revenue reached 127 million yuan, a 60.8% year-on-year increase, with its Robotaxi business revenue soaring by 836.7% [24][25]. Group 2: Strategic Moves and Market Adjustments - TikTok merged its core product and trust safety teams to enhance its operational efficiency amid uncertainties in the U.S. market [10][12]. - Xiaomi aims to ship over 5 million AI glasses within three years, focusing on voice interaction and AI capabilities [21]. - WeRide and Uber expanded their Robotaxi service in Abu Dhabi, planning to triple their fleet size [24][25]. Group 3: Industry Trends and Insights - The Chinese gaming industry's overseas sales revenue is projected to reach 33.62% by 2024, indicating a shift towards localization in global markets [54]. - China's hydrogen energy companies have seen a surge in international collaborations, with 44 cases reported this year alone [56]. - The eSports industry in China generated 12.761 billion yuan in revenue in the first half of 2025, reflecting a growing market [59]. Group 4: Mergers and Acquisitions - JD Group made a voluntary public acquisition offer for CECONOMY AG, aiming to establish a strategic partnership in the European consumer electronics market [48][49]. - The partnership between Zhiyuan Robotics and Charoen Pokphand Group marks a significant step in the global expansion of Chinese robotics [39][41]. Group 5: Investment and Financing Activities - Groq is negotiating a new funding round that could double its valuation to $6 billion, indicating strong investor interest in AI chip technology [78][79]. - Anthropic is in talks for a funding round that could raise its valuation to $170 billion, reflecting the rapid growth in the AI sector [83].

Financial Data and Key Metrics Changes - Grab reported a year-on-year growth of 21% in on-demand GMV in U.S. Dollars, or 18% on a constant currency basis [5][6] - Adjusted EBITDA growth was sustained for the fourteenth consecutive quarter, with trailing twelve months adjusted free cash flow expanding to $229 million [6] - The company achieved an all-time high in monthly transacting users (MTUs) [6] Business Line Data and Key Metrics Changes - Mobility transactions grew by 23% year-on-year, with GMV increasing by 19% year-on-year [14][15] - Delivery GMV accelerated to 19% year-on-year on a constant currency basis, driven by product-led initiatives [21] - Financial Services business saw total loan disposals reaching close to $3 billion on an annualized run rate basis [6] Market Data and Key Metrics Changes - The company is focusing on affordability to attract more price-sensitive users, which has been critical in the current macroeconomic environment [10][11] - In Indonesia, Grab participated in a government initiative to deliver nutritious meals, enhancing brand loyalty and user engagement [12] - In Thailand, Grab is collaborating with the government to support the tourism sector [13] Company Strategy and Development Direction - Grab aims to maintain growth momentum and accelerate on-demand GMV growth rates relative to 2024 levels while maintaining cost discipline [6][11] - The company is investing in product-led innovations to enhance user engagement and retention [10][11] - Grab is leaning into the autonomous vehicle (AV) opportunity, planning pilots and partnerships to support the transition [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties through product-led investments and partnerships with governments [10][11] - The outlook for on-demand GMV growth in 2025 is expected to accelerate compared to 2024 levels, with adjusted EBITDA in the second half anticipated to be stronger than the first half [13] - Management emphasized the importance of balancing growth and profitability, particularly in the delivery segment [79][85] Other Important Information - The advertising revenue run rate reached $236 million, growing at 45%, with expectations for continued growth due to increased penetration among merchants [67][70] - The company completed a $500 million buyback and has no immediate plans for new buyback programs [41] Q&A Session Summary Question: Outlook for Grab in the macro environment - Management is focused on affordability and has launched products to enhance user engagement, positioning the company well despite macro uncertainties [10][11] Question: Strategies driving increase in mobility transaction frequency - The growth in mobility transactions is attributed to reinvestment in scale economies and product-led growth strategies [14][15] Question: Delivery segment margin outlook - Despite the growth of affordable products, delivery segment margins have expanded, and management expects continued improvement [25][49] Question: Capital allocation post convertible bond raise - The company maintains a prudent approach to capital allocation, prioritizing organic growth while remaining open to M&A opportunities [39][41] Question: Competition in food delivery in Vietnam - Management noted that the AOV drop in mobility is a strategic decision to drive volume rather than a response to competitive pressures [35][36] Question: Long-term outlook for GrabMart - GrabMart is expected to grow faster than traditional food delivery, with significant potential in the online grocery market [60][62]

Core Insights - Jiangsu Province's economic and social development report for the first half of 2025 indicates a significant growth in service revenue, reaching 37.96 billion yuan, which represents a year-on-year increase of 42.7% [1] Group 1: Service Revenue Breakdown - The combined service revenue from five monitored sectors—tourism, travel, dining, accommodation, and sports—amounted to 37.96 billion yuan [1] - Among the total service revenue, the share of payments from out-of-province tourists in the travel and dining sectors accounted for 28.8% and 19.7%, respectively [1]

据悉，"流动暖新"是省总工会紧密结合新就业形态劳动者群体"流动分散"的特点和所需所盼而精心 打造的工作品牌。该活动通过开展系列流动服务项目，把困难帮扶、健康关爱、文体活动等工会服务和 关心关爱送到新就业形态劳动者身边，去年以来已累计开展活动150余场。 活动现场，来自美团、顺丰、滴滴、饿了么等平台企业的200余名新就业形态劳动者集体加入了工 会组织，并体验了流动运动会、流动小超市、流动小舞台等"流动暖新"服务。美团（辽宁）工会、沈阳 市咖啡产业链工会和沐浴产业链工会代表还签订了"携手共建强会提振文旅消费"合作协议。这既是一份 助力产业高质量发展的共建协议，也是工会组织服务企业、服务职工的创新路径探索。省、市、区工会 为新组建的产业链工会发放启动经费，支持新建工会更好地开展工作、服务职工。 日前，由省总工会主办的"流动暖新"2025年全省新就业形态劳动者集中入会活动在沈阳举行。 ...

本报讯 （记者 陈月飞） 7月28日，省十四届人大常委会第十六次会议听取省政府办公厅关于江苏省 2025年上半年国民经济和社会发展计划执行情况的报告。"半年报"显示，"苏超"前六轮比赛江苏线下监 测的五个场景合计实现服务营收近380亿元。 上半年全省经济运行总体平稳、稳中有进，较好完成"双过半"目标任务。全省地区生产总值近6.7万亿 元、占全国比重超过1/10，同比增长5.7%、高于全国0.4个百分点。对照年初省人代会确定的41项计划 指标，22项指标进展顺利，其中地区生产总值、规上生产性服务业营业收入等7项指标快于序时进度； 外贸进出口总额、高新技术产业产值占规模以上工业产值比重等15项指标达到或基本达到序时进度要 求。 在促消费稳投资方面，报告指出，"苏超"前六轮比赛监测的旅游、出行、餐饮、住宿、体育五个场景合 计实现服务营收379.6亿元、同比增长42.7%。省人大财政经济委员会在《关于江苏省2025年上半年经济 运行情况的调研报告》中也肯定了"苏超"赛事激发活力的做法，并透露，在近380亿元服务营收中，出 行、餐饮场景的省外游客支付占比分别达28.8%、19.7%。省人大财经委建议，继续打造更多集观赛 ...

Trade and Economic Data - In the first half of the year, China's goods trade import and export reached 21.79 trillion yuan, a year-on-year increase of 2.9%, with exports at 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [1] - China's industrial robot exports grew by 61.5% in the first half of the year, with significant increases in lithium batteries and wind turbine exports, both exceeding 20% growth [3] - China will implement zero tariffs for 53 African countries that have established diplomatic relations, leading to double-digit growth in imports from these nations in the first half of the year [4] Corporate Developments - Amazon plans to expand same-day and next-day delivery services to over 4,000 small cities and rural areas in the U.S. by the end of 2025, with a 30% increase in the number of items delivered within these timeframes compared to the previous year [5] - Loongrun has formed a strategic partnership with Uber to deploy thousands of autonomous vehicles globally, enhancing the availability of self-driving services [6] - TEMU aims to have 50% of its orders fulfilled by local merchants in the UK by the end of 2025, currently attracting 22 million users [7][8] - Cainiao's Hong Kong supply chain center has opened to global brands and merchants, providing integrated logistics services [9] Financial Performance - Cross-Border Communication expects a net profit loss of 4 to 7.5 million yuan for the first half of 2025, attributed to reduced promotional investments in its self-operated export platform [10] - Pop Mart anticipates a revenue increase of no less than 200% and a profit growth of no less than 350% for the six months ending June 30, 2025, compared to the same period last year [11] Market Expansion - Cha Bai Dao has opened its first two stores in Singapore, offering 18 beverage options priced between 2.5 to 6.9 Singapore dollars [12] - Jianlibao has established a regional headquarters in Hong Kong, planning to expand into Southeast Asian markets, including Indonesia, Malaysia, and Vietnam, while also targeting Australia, Canada, and the U.S. [13]

Valuation Summary - The overall PE of the A-share market is 19.8 times, at the historical 79th percentile [2][5] - The PE of the Shanghai 50 Index is 11.4 times, at the historical 59th percentile [2][5] - The PE of the ChiNext Index is 33.9 times, at the historical 18th percentile [2][5] - The PE of the Science and Technology Innovation 50 Index is 139.8 times, at the historical 99th percentile [2][5] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Power Equipment (Photovoltaic Equipment), National Defense, and Aviation [2][6] - The Passenger Vehicle industry has a PB valuation above the historical 85th percentile [2][6] - The Shipping and Port industry has both PE and PB valuations below the historical 15th percentile [2][6] Industry Midstream Prosperity Tracking New Energy - The price of polysilicon futures has risen by 8.2% to above 45,000 yuan, indicating a recovery in the market [2] - Battery cell prices increased by 7.7%, while prices for silicon wafers remained stable [2] Real Estate Chain - The price of rebar increased by 1.0%, while iron ore prices rose by 3.2% [2] - The national sales area of commercial housing decreased by 3.5% year-on-year in the first half of 2025 [3] Consumption - The average price of live pigs decreased by 3.6%, while the wholesale price of pork increased by 0.3% [3] - Retail sales grew by 5.0% year-on-year in the first half of 2025, with June's growth down to 4.8% [3] Midstream Manufacturing - Manufacturing investment grew by 7.5% year-on-year in the first half of 2025, while narrow infrastructure investment grew by 4.6% [3] - The production of industrial robots increased by 35.6% year-on-year in the first half of 2025 [3] Technology TMT - The production of integrated circuits increased by 8.7% year-on-year in the first half of 2025 [3] Cyclicals - The price of Brent crude oil futures fell by 2.0% to $69.23 per barrel [3] - The Baltic Dry Index rose by 23.4%, reaching its highest level since September 2024 [3]

Economic Overview - China's GDP growth in Q2 was 5.2%, slightly above market consensus, with mixed economic activity data in June [1] - The average GDP growth for the first half of the year was 5.3%, leading to an upward adjustment of GDP growth forecasts for 2025/26 to 4.7% and 3.9% respectively [1] Focus Stocks - Didi received a "Buy" rating, with expectations of strong growth in its mobility business and advancements in autonomous driving, projecting a 12-month target price of $7.20 [4] - Anta's retail sales for 2025 are expected to align with forecasts, with a positive outlook for the second half of the year, maintaining a target price of HKD 117 [11] - MakeMy Trip is viewed as an attractive buy opportunity, with expectations of over 20% revenue growth starting in September, and a target price of $123 [12] - JD Health is favored over Alibaba Health due to higher sales growth trends and a target price of HKD 45.80, with a focus on its capital allocation strategy [13] Industry Focus - The market size for China's autonomous taxi sector is projected to reach $14 billion by 2030 and $61 billion by 2035, reflecting a 20% and 31% increase from previous estimates [5] - Improvements in chip supply are expected to positively impact China's cloud computing and data center sectors, with a cautious outlook on capital expenditures for 2025 [8]