Core Insights - The 2025 China International Service Trade Fair (CIFT) will be held from September 10 to 14 in Beijing, adopting a fixed annual schedule and a single venue format at Shougang Park [1][2] - The fair aims to enhance the internationalization of China's service industry and promote high-quality development in the service sector, addressing the current low proportion of service trade in China's overall foreign trade compared to the global average [1][2] Industry Impact - The CIFT is seen as a significant platform for showcasing advancements in service trade and is expected to contribute positively to the construction of an open world economy [2] - Nearly 760 enterprises, including around 300 Fortune 500 companies, are expected to participate, showcasing cutting-edge technologies such as AI catheter shaping robots and advanced ophthalmic technologies [2] - Australia will be the guest country with the largest delegation in the history of the CIFT, indicating strong international interest and participation [2] Expert Opinions - Experts emphasize the importance of the CIFT in connecting domestic and international markets, enhancing the service industry's quality, and facilitating the optimization of economic structure [1][2] - Suggestions for the fair include enhancing its mission, improving professional skills in organizing events, and focusing on the operational cooperation within the service industry's supply chain [2]

当科创板的指针划过第六个刻度，这片资本市场改革"试验田"的变化有目共睹——589家硬科技企业如 同星罗棋布的创新坐标，在"中国芯"的微光里、在"创新药"的分子间、在"未来车"的电流中，共同编织 着新质生产力的壮阔图景。 这里没有传统资本的刻板教条，只有破土而出的创新奇迹，那些带着"U""W"等特殊标识的企业，正是 中国资本市场最动人的改革诗行。 "上市三年以来，我们将首发上市募集资金精准投向研发和产能建设，持续攻克关键核心技术，在相关 核心产品上实现技术迭代和性能跃升，量产规模持续扩大。"拓荆科技董事长吕光泉说，借助科创板平 台与资本市场支持，公司突破了发展瓶颈，驶入成长快车道，上市首年就实现盈利，且盈利能力不断增 强。 "W"代表公司具有表决权差异安排，这通常被称为同股不同权。2020年1月，优刻得登陆科创板，成为 中国A股市场首家"同股不同权"的上市企业。在优刻得董事长季昕华看来，科创板让中国科技创新企业 能够更好地与资本市场对接，助力中国科技发展。"未来，科创板可以发挥更大的作用，比如让更多硬 科技企业，特别是未盈利企业通过在科创板上市把企业做大，进而变成全球性的高科技企业，这将是一 件非常有价值的事情 ...

Core Insights - The article highlights a significant surge in Hong Kong's stablecoin concept stocks, driven by the dual breakthroughs in global stablecoin regulatory frameworks, specifically the enactment of the U.S. GENIUS Act and the upcoming Hong Kong Stablecoin Regulation [1][2]. Group 1: Regulatory Developments - The U.S. GENIUS Act, signed by Trump on July 18, establishes the first national regulatory framework for stablecoins, requiring issuers to hold 100% legal reserves and undergo regular audits by the Federal Reserve, while prohibiting the payment of explicit interest [2]. - Concurrently, Hong Kong's Stablecoin Regulation, published on May 30, mandates that issuers must obtain approval from the Securities and Futures Commission (SFC) and store reserve assets in licensed banks [2]. Group 2: Company Developments - Yunfeng Financial, as the first Hong Kong stock to explicitly engage in Web 3.0, is extending its strategy into real-world assets (RWA), digital currencies, and ESG zero-carbon assets, complementing its insurance technology ecosystem with XBIT's decentralized exchange technology [5]. - Huajian Medical has established a U.S. subsidiary, IVDGROUP INC., to initiate a stablecoin license application, aiming to create the world's first compliant trading platform for innovative medical drugs using RWA [5]. Group 3: Technological Innovations - XBIT's decentralized trading platform has gained attention due to three major technological breakthroughs: a smart contract auditing system ensuring compliance with regulatory requirements, a cross-chain clearing network enabling seamless conversion between major stablecoins and fiat currencies, and a decentralized reserve proof system providing quarterly on-chain asset audit reports [6]. - On July 19, XBIT's daily stablecoin trading volume exceeded $1.5 billion, with institutional clients accounting for 68% of the transactions [6]. Group 4: Industry Applications - Huajian Medical's strategy exemplifies the integration of medical innovation assets with stablecoins, attracting both traditional medical capital and crypto-native funds [8]. - A New York importer successfully completed a cross-border transaction using USDC through XBIT, demonstrating a cost reduction to 1.8% of traditional wire transfer fees and a significant decrease in transaction time from three days to 47 seconds [8]. Group 5: Future Outlook - XBIT is prepared for potential regulatory changes regarding stablecoin capital requirements, with a modular architecture that can quickly detach compliance risk modules if regulations tighten, while also planning to connect to the Federal Reserve's instant payment system if policies become more open [10]. - The platform currently supports over 150 mainstream and emerging meme coins, utilizing an automated market maker (AMM) model with a slippage rate below 0.5%, attracting 20 million global users [10].

丨证券研究报告丨 战略数据研究丨专题报告 [Table_Title] "成长+"系列领涨，小微盘、高波占优—— W118 市场观察 报告要点 [Table_Summary] 当周基金重仓跑赢北向重仓，基金重仓 50 领涨；市场动速方面，行业、风格轮动速度均维持在 较高位；行业板块方面，医疗、通讯业务板块涨幅居前，金融、地产板块回调；风格方面，小 微盘、高波占优，"成长+"系列领涨；主题方面，川渝区域发展、东数西算领涨。 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 %% %% %% %% 1 丨证券研究报告丨 cjzqdt11111 [Table_Title "成长+"系列领涨，小微盘、高波占优 2] —— W118 市场观察 战略数据研究丨专题报告 [Table_Summary2] 机构赚钱效应：基金重仓跑赢北向重仓，基金重仓 50 领涨 市场动速：行业、风格轮动速度均维持在较高位 行业板块：医疗、通讯业务板块涨幅居前，金融、地产板块回调 风格跟踪：小微盘、高波占优，"成长+"系列领涨 主题热点：川渝区域发展、 ...

7月14日至15日，中央城市工作会议在北京举行。这是时隔10年，党中央再次召开城市工作会议，会议 强调以建设创新、宜居、美丽、韧性、文明、智慧的现代化人民城市为目标，走出一条中国特色城市现 代化新路子。 作为公园城市首提地的四川天府新区，7月21日上午举行了公园城市美好生活大会，活动上解读了《四 川天府新区高质量发展行动方案》（以下简称《高质量发展行动方案》）和《四川天府新区高品质生活 行动方案》（以下简称《高品质生活行动方案》），这是四川天府新区党工委、管委会对标中央城市工 作会议新思想、新要求，围绕"聚人""兴产"，为天府新区新一轮发展绘就的新蓝图。 来自政府部门、教育、医疗、交通、商业、文体、企业、市民、网络大V及媒体等领域的近500名代表 齐聚一堂，共同见证天府新区在探索现代城市发展与高品质生活融合之路上的最新实践与愿景。 机制发布项目签约天府新区绘就美好生活新图景 这次中央城市工作会议，对我国城市发展所处历史方位作出了"两个转向"的重大判断，提出城市工作要 深刻把握、主动适应形势变化，做到"五个转变""五个更加注重"，也为深化公园城市建设实践，提供了 科学指引和根本遵循。 本次公园城市美好生活大会现 ...

| 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 44,342.19 | -0.32% | | 标普 500 指数 | 6,296.79 | -0.01% | | 纳斯达克综合指数 | 20,895.65 | 0.05% | | 英国富时 100 指数 | 8,992.12 | 0.22% | | 德国 DAX 指数 | 24,289.51 | -0.33% | | 日经 225 指数 | 39,819.11 | -0.21% | | 台湾加权指数 | 23,383.13 | 1.17% | | 内地股市 | | | | 上证指数 | 3,534.48 | 0.50% | | 深证成指 | 10,913.84 | 0.37% | | 香港股市 | | | | 恒生指数 | 24,825.66 | 1.33% | | 国企指数 | 8,986.47 | 1.51% | | 红筹指数 | 4,178.04 | 0.63% | | 恒生科技指数 | 5,538.83 | 1.65% | | AH 股溢价指数 | 126.28 | -1.07% | | 恒生 ...

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Group 1 - The primary market is experiencing a "real but not dramatic" recovery in the first half of 2025, with investors showing a "calm confidence" in their investment decisions [2][4] - The frequency of investments has increased, with many institutions making more than five investments in the first half of the year, a significant rise compared to the previous year [4][18] - The valuation structure is stabilizing, with a reduction in valuation discrepancies between primary and secondary markets, which is crucial for investor confidence in exits [6][7] Group 2 - Hong Kong has surpassed A-shares as the primary exit channel for investments, with over half of the surveyed investors preferring IPOs in Hong Kong [8][15] - The main reasons for favoring Hong Kong IPOs include high process certainty, improved liquidity, and reasonable issuance valuations [13][15] - Nearly 50% of investors believe that the pace of Hong Kong IPOs will continue to rise, with many actively communicating with portfolio companies to expedite IPO preparations [15][17] Group 3 - The most active sectors in the primary market are embodied intelligence and AI applications, driven by significant financing events and the gradual industrialization of AI [20] - However, many projects in these sectors are still in the demo stage, leading to concerns about high valuations without clear revenue support [20][22] - Investors are shifting focus towards projects with proven revenue capabilities and those with technological barriers in hardware components [20][27] Group 4 - There is a notable decline in interest in sectors like aerospace and low-altitude economy, attributed to their reliance on policy support and unclear commercialization paths [24] - The investment sentiment in the medical sector has shifted from "cold observation" to "selective investment," focusing on profitable projects and AI applications in healthcare [25][27] - The focus on North America has decreased significantly, with Southeast Asia and Europe emerging as new focal points for investment [29][32] Group 5 - Companies are encouraged to reduce reliance on the U.S. market by diversifying supply chains and exploring alternative overseas markets to mitigate risks associated with tariffs [38] - The global strategy is evolving from "going out" to leveraging international capital markets for returns, highlighting the importance of diverse market opportunities [38][39] - Investors are now more focused on evaluating exit paths, technological barriers, and industry linkages rather than chasing high valuations [39]

Core Viewpoint - The article emphasizes the importance of steadily advancing the opening of the service industry and systematically expanding the openness of the capital market to foreign investment [1] Group 1: Foreign Investment Strategies - The government aims to enhance foreign investment stability and quality through multiple measures, encouraging foreign investment [1] - There will be a complete removal of restrictions on foreign investment in the manufacturing sector, ensuring the implementation of open measures [1] - The principle of equal access for domestic and foreign capital will be strictly applied in areas outside the negative list for foreign investment [1] Group 2: Service Industry Opening - The article highlights the gradual opening of the service industry, with pilot programs in telecommunications, healthcare, and education [1] - There is a focus on orderly opening in the internet and cultural sectors, with an emphasis on summarizing and evaluating pilot experiences for broader application [1] Group 3: Capital Market Opening - The article calls for an orderly expansion of the capital market's openness, aiming to attract more foreign investment in venture capital [1] - It emphasizes improving the convenience for foreign investors to engage in equity and venture investments in China [1] - The goal is to guide foreign investors in making strategic investments in listed companies, thereby attracting more high-quality long-term foreign investments in China's capital market [1]

Core Viewpoint - The article emphasizes the importance of expanding foreign investment in China, particularly in the capital market and various sectors, to attract high-quality foreign capital for long-term investment [1] Group 1: Expansion of Foreign Investment - The Ministry of Commerce aims to eliminate restrictions on foreign investment in the manufacturing sector and ensure the implementation of open measures [1] - There is a focus on addressing specific issues related to market access, ensuring that foreign enterprises can both enter and operate in open sectors [1] - The government plans to steadily advance the opening of the service industry, including telecommunications, healthcare, and education, while promoting orderly openings in the internet and cultural sectors [1] Group 2: Capital Market and Strategic Investment - There is a call for orderly expansion of capital market openness to attract more foreign investment in venture capital and private equity [1] - The initiative includes guiding foreign investors to implement strategic investments in listed companies in a regulated manner [1] - The Ministry of Commerce intends to revise and expand the "Encouraged Foreign Investment Industry Catalog" to direct foreign investment towards advanced manufacturing, modern services, and high-tech sectors, particularly in central and northeastern regions [1] Group 3: Structural Optimization of Foreign Investment - The government encourages foreign enterprises to establish regional headquarters and R&D centers in China to optimize the structure of foreign investment [1] - There is an emphasis on summarizing and evaluating pilot experiences to create replicable and scalable paths for opening up [1]