教育：K12 教培高景气维持，非学科合规优质供给稀缺，头部机构反馈暑期招生进展良好，看好头部机构持续扩 大市场份额。本周，高途透露正研发多款国际教育 AI 产品，创始人陈向东认为高质量留学时代已经到来。 奢侈品：宏观经济影响奢侈品销售表现，景气略有承压，部分产品创新能力优秀的品牌逆势高增。近日新秀丽更 换欧洲区总裁，Damien Mignot 此前任 Tumi 欧洲区副总裁兼总经理，关注后续变化。 咖啡茶饮：1）咖啡：高景气维持。需求端具备成瘾性&提频性，行业仍具备β性红利，门店仍处于增长周期。2） 茶饮：略有承压。短期景气度受平台外卖大战补贴波动，UE 受补贴改善叠加暑期旺季，门店供给加速增加，行业 竞争加剧，关注供需变化。 电商：略有承压。电商大盘增速放缓，行业竞争依旧激烈。即时零售成为新战场，近期淘宝闪购宣布启动 500 亿 元补贴计划，头部平台竞争激进补贴下，利润端或将受影响。 旅游消费及 OTA：京东宣布进军酒旅，但酒店供应链长且复杂，短期补贴对行业头部玩家及 OTA 高端酒店业务冲 击有限，关注 OTA 龙头低估值机会 流媒体平台：音乐流媒体平台为内需驱动的优质互联网资产，高性价比悦己消费，规模效 ...

从需求行业上看，上半年，TMT(科技、媒体和通信行业)以30.2%的写字楼租赁成交面积占比维持行业 需求首位，其中游戏公司表现活跃。金融业以16.8%的成交占比位列第二，部分机构因琶洲办公氛围成 熟而考虑增设区域办公点。贸易和零售业占比提升至16.3%，成为上半年全市租赁成交占比第三位。 再细分看来，二季度海珠区的琶洲成为租赁活跃度最高的区域，其空置率环比下降1.7个百分点，同比 下降3.6个百分点至23.2%。而越秀区录得多个1000平方米以上的较大面积成交，个别高楼龄项目通过商 务策略调整与租户结构优化实现出租率的改善。受此影响，该区域净吸纳量在二季度实现由负转正。 从价格方面看，核心商圈租金跌幅收窄。报告显示，全市写字楼平均租金环比下降1.4%至123.5元/平方 米.月，跌幅较上季度收窄3.3个百分点。 日前，专业机构戴德梁行发布了广州2025上半年度写字楼市场回顾及展望报告。据介绍，上半年，广州 甲级写字楼租赁市场问询及带看量较2024年年末有所回升，业主与租户的交易节奏加快，租赁需求释放 积极信号。 从供求关系看，2025年二季度，广州甲级写字楼市场供应节奏趋缓，仅一个新项目交付入市。广州国际 金 ...

图为港媒代表探访青海 海南光伏产业园。张海雯摄 中新网青海新闻7月4日电(张海雯)应省商务厅邀请，6月24日至7月1日，由香港促进现代化专业人士协 会、香港大公文汇传媒集团、香港电视广播有限公司(TVB)、圈传媒(港人讲地)、香港知名媒体人等组 成的香港媒体代表团来青开展调研考察、采访宣传。 岗什卡雪山下合影。青海省商务厅供图 图为香港媒体代表团在 本次邀请香港媒体代表团来青调研考察是深化青港交流合作的创新举措和生动实践。活动以"深化青港 协作•讲好青海故事"为主线，通过香港媒体实地采访、调研，以文字、视频等多种形式，挖掘青海在生 态保护、绿色发展、经贸交流等方面的鲜活故事，全景式展现青海自然生态之美、绿色生产之美、群众 生活之美，借助香港媒体的国际传播优势，助力青海进一步提高国际知名度与影响力；借势香港国际化 平台，推动更多青品青货青味走进香港、走向世界。 卡盐湖文化馆拍摄素材。张海雯摄 现场报道了青港经贸交流活动成果的落实、青海"家宴"系列菜式宣传推广，用镜头捕捉了青海生态优 势、优质食材、自然生态风光、多彩民族文化，用笔墨记录青藏高原农体文旅商融合发展的生动实践， 考察活动不仅是一次新闻采访传播之旅，更 ...

7月4日，截至港股收盘，恒生指数下跌0.64%，报23916.06点。基石金融（08112.HK）收报0.123港元/ 股，上涨19.42%，成交量40.8万股，成交额4.98万港元，振幅16.5%。 最近一个月来，基石金融累计跌幅20.16%，今年来累计跌幅48.5%，跑输恒生指数19.99%的涨幅。 为配合近期业务发展,以带出新企业形象,自2017年12月18日起,集团控股上市公司的名称已由"Focus Media Network Limited"变更为"Cornerstone Financial Holdings Limited基石金融控股有限公司",于联交所 之股份代号仍为"8112"。 现时公司的平面显示屏幕活跃在香港及新加坡众多大型办公室及商业大厦的电梯大堂内,在强迫性的环 境中,接触到一班最希望锁定但亦最难接触到的办公室人士;并在香港专属私人住宅区内的电梯大堂,接触 到一群富裕的消费者。此外,公司亦拥有规模庞大的店内数码网络,为香港(万宁保健及美容店)及新加坡 (屈臣氏个人护理店铺)众多领先零售连锁店提供店内销售广 在2012年2月,本集团与中国最大的网络电视公司优酷土豆集团有限公司("YOKU ...

在"一报两端（南方日报、南方+、South）"旗舰阔步向前的同时，南方杂志社、南方新闻 网、南方农村报社、南方周末报社、南方都市报社、广东教育杂志社等媒体单元一体化实施 系统性变革，协同并进、错位深耕，各司其职、各擅胜场，携手构筑起南方报业具有强大传 播力、引领力和影响力，报刊网端微屏联动的高水平全媒体传播体系。 风起南方，潮涌珠江。在市场化浪潮兴起后，南方报业传媒集团（南方日报社）大力实施媒 体多品牌战略，精准化定位、差异化发展，打造了南方日报、南方杂志、南方网、南方农村 报、南方周末、南方都市报等一批名报名刊名网，特色各异，蜚声八方。 改革者进，创新者强。万物互联时代，南方报业与时偕行，锐意进取，向新向上，全面挺进 互联网主战场，续写新的南方篇章。新一轮的系统性变革，南方报业将实施"融合创新计 划"，成立集团融合运营委员会，统筹各媒体、各业务单元融合发展工作，进一步完善内容 一体化生产、传播一体化运营、技术一体化支撑、经营一体化统筹运行机制，真正实现融为 一体、合而为一，全力打造内容生产传播和全媒体人才"双一流"高水平新型主流媒体集团。 南方杂志社 南方新闻网将以生成式人工智能等先进科技为驱动，南方网、粤 ...

Core Viewpoint - The mainstream media is undergoing systematic transformation, focusing on sustainable development and exploring new operational models and marketing strategies to address profitability challenges [2][4]. Group 1: Industry Trends - The conference highlighted the importance of integrating traditional and new media, emphasizing the need for deep media fusion to tackle financial challenges faced by many media outlets [4]. - Media organizations are exploring innovative marketing strategies, including integrated marketing and overseas communication, to enhance value-added services for clients [6]. Group 2: Operational Strategies - Tide News is focusing on three key areas: integrated marketing, identifying core advantages, and enhancing overseas communication capabilities, leveraging its content strengths and social resource integration [6]. - The company is also implementing a talent optimization plan to empower young leaders, fostering innovation and responsibility within its teams [6]. Group 3: Technological Integration - The rise of AI and technological advancements is reshaping media operations, allowing for diversified business models and new application scenarios [9][11]. - Media organizations are transitioning from content monetization to information services, utilizing their content and platform advantages to meet the growing demand for information technology solutions [11]. Group 4: User-Centric Approach - The focus on user-centric strategies is crucial for media operations, with an emphasis on combining content creation with effective business practices [13]. - The integration of AI in content production and user profiling is being explored to enhance personalized services and unlock the value of data assets [13].

Group 1: Core Insights - The report emphasizes the importance of accounts receivable management in the property industry, highlighting its significant impact on cash flow and potential dividend sustainability for companies [1][17] - The analysis of 30 sample companies reveals a notable increase in accounts receivable from 291.8 billion to 753.7 billion from 2020 to 2024, with growth rates declining significantly in recent years [2][17] - The report indicates a shift towards greater business independence, with the proportion of accounts receivable from related parties decreasing from 47% to 39% over five years, while third-party receivables increased from 53% to 61% [2][18] Group 2: Financial Trends - The average collection period for accounts receivable has lengthened, with the proportion of receivables due within one year dropping from 89% in 2019 to 58% in 2024, indicating increased difficulty in collection [3][18] - The provision for bad debts has risen sharply, with the ratio of provisions to trade receivables increasing from 4% in 2019 to 26% in 2024, reflecting heightened credit risk [3][18] - The overall collection rate for the sample companies has decreased from 90% to 78% between 2019 and 2024, with companies linked to distressed parent firms experiencing even lower rates [3][18] Group 3: Investment Recommendations - The report recommends focusing on property companies with strong independent business capabilities and low reliance on related transactions, as these are critical indicators of financial health [19][20] - Specific companies highlighted for their strong parent company backgrounds and effective risk management include China Overseas Property, Poly Property, and China Merchants Jinling [19][20] - Companies like Wanwu Cloud, Country Garden Services, and Sunac Services are noted for their manageable accounts receivable risks, while China Resources Mixc Life is recognized for its advantageous business model [19][20] Group 4: Market Strategy - The report tracks monthly strategies for small-cap and growth styles, suggesting that small-cap stocks are likely to outperform in July based on historical data and quantitative models [5][6] - The growth style is also expected to perform well in July, with a recommendation to overweight growth stocks based on the analysis of market factors [6]

Market Performance - The US stock market experienced strong performance on July 3, with all three major indices rising. The S&P 500 index increased by 51.94 points, or 0.83%, closing at 6279.36 points. The Nasdaq Composite index climbed 207.97 points, or 1.02%, ending at 20601.10 points. The Dow Jones Industrial Average rose by 344.11 points, or 0.77%, closing at 44828.53 points. Both the S&P 500 and Nasdaq indices set new closing records, marking the S&P 500's seventh record close of the year and the Nasdaq's fourth record close of the year. Due to the public holiday, the US stock market closed early with relatively light trading volume [1]. Technology Sector - The technology sector was the main driver of the market's rise, with several leading tech stocks recording significant gains. Nvidia's stock price rose by 1.3%, reaching a historic high with a market capitalization of $3.89 trillion. The company briefly surpassed the $3.9 trillion market cap threshold, coming close to Apple's record for the highest global market capitalization. Amazon's stock increased by 1.59%, Microsoft by 1.58%, and Meta Platforms by 0.76%. Apple saw a 0.52% increase, while Alphabet rose by 0.5%. Tesla was an exception in the tech sector, closing down by 0.1% [3]. - Nvidia's strong performance was supported by multiple factors. OpenAI recently announced it would not adopt Google's TPU chips on a large scale and would continue to rely on Nvidia's GPUs and AMD's AI accelerators for its model training and inference work. OpenAI's reasoning was that these two chip manufacturers' products are "performance-validated" and have "existing supply agreements." This statement sent a positive signal to the market, indicating that Nvidia and AMD will remain core suppliers for OpenAI, potentially limiting Google's growth in the AI hardware market share [3]. Employment Data - The US Bureau of Labor Statistics reported that June non-farm payrolls exceeded market expectations, providing significant support for the stock market. In June, non-farm employment increased by 147,000 jobs, far surpassing analysts' expectations of 110,000, representing a 33% increase. The unemployment rate fell to 4.1%, better than the expected 4.3%. Average hourly earnings rose by 0.2% month-over-month and increased by 3.7% year-over-year, indicating a moderate wage growth trend that helps alleviate inflationary pressures [4]. - Employment growth showed structural characteristics, with government sector employment increasing by 73,000 jobs, primarily driven by state and local education positions. Healthcare added 39,000 jobs, and social assistance increased by 19,000 jobs. The federal government saw a reduction of 7,000 jobs due to layoffs. Additionally, employment data for the previous two months was revised upward, with April's figures adjusted from 147,000 to 158,000 and May's from 139,000 to 144,000, totaling an upward revision of 16,000 jobs [4]. - The strong employment data impacted expectations for the Federal Reserve's monetary policy. Before the data release, traders estimated a 25% probability of a rate cut in July. Following the report, market expectations for a short-term rate cut quickly diminished. The Chicago Mercantile Exchange's FedWatch tool indicated that the likelihood of a July rate cut fell to single digits, and the expectation for a 25 basis point cut in September decreased from 74% a week prior to 68% [4].

智通财经APP讯，恒月控股(01723)发布公告，于2025年7月3日，买方(本公司的直接全资附属公司)与所 有其他要约人就其有意透过要约收购以收购所有要约收购证券而刊发公告。假设于本公告日期所有目标 证券的现有持有人均接纳要约收购，根据要约收购的条款，买方须配发买方要约股份，占于本公告日期 DV8已发行及缴足股本总数约19.09%，及买方要约认股权证，占于本公告日期已发行未行使目标认股 权证总数约19.09%。 鉴于本集团于香港的现有业务，本集团拟进一步拓展其于东南亚国家的现有业务，而泰国作为本集团拓 展东南亚市场的切入点，具备高度潜力，尤其因泰国是全球最受欢迎的旅游目的地之一。 透过在泰国设立业务据点，本集团可将自身定位于充满活力的市场核心，该市场不仅可即时带来销售 量，亦有助作为进入更广泛东盟地区的策略性门户。这一初步立足点有助于本集团了解区内消费者行 为、法规架构及分销模式，从而为日后于邻近国家(如越南、马来西亚、印尼及菲律宾)实现可持续扩展 奠定基础。 根据公开可得资料，DV8为一间根据泰国法律注册成立的公司，并于泰国证券交易所上市。其主要从事 零售媒体及广告业务，透过其店内音频网络及活动能力，为争 ...

乐观者挣钱，悲观者正确。 微盘股更多属于情绪上的炒作，更多是没有业绩支撑，这马上就到中报披露的阶段，微盘股暴雷的可能性不少，甚至会被ST。 科创近期承压，一方面摩尔准备IPO，取代了寒王"唯一稀缺性"的地位，再加上今天西门子公司证实，美国已经解除对华芯片设计软件出口的许可证要 求。一定程度上打压了国内半导体公司。 而创业板则不一样。今天的几大热点，稳定币，医药，光伏，军工，固态等等很多都是300开头的，简直为创业板量身打造。 根据券商整理的景气数据，高频景气改善（Q2相比Q1）的行业，主要分布在： 你昨天相信"光"，今天"光"就照到你的账户。 TMT：数字媒体、影院、元件、游戏等； 是的，今天的光是光学光电子 工业品：电机、自动化设备、光伏、风电等； 为什么是创业板？不是科创，也不是微盘？ 而最近的国际铜，包括一些商品都在走降息预期。实际上美联储降息幅度和速度，已经远远落后于欧洲央行，加拿大央行，瑞士央行，新西兰央行等。 总之，关税战对于全球市场的影响越来越低，在全球央行降息的大周期下，放水对于股市来说终归是好事情。而现有的zc对于A股来说确实存在利好，尤 其是创业板，成为当下资金的选择，它能走多远多高，决定 ...