Market Overview - A-shares showed a recovery in capital sentiment during the week of June 30 to July 4, with the Shanghai Composite Index rising by 1.40% to close at 3472.32 points, the Shenzhen Component Index increasing by 1.25%, and the ChiNext Index up by 1.50% [1] Sector Performance - Various sectors experienced a surge, particularly steel and photovoltaic industries, which saw a wave of limit-up trading. The photovoltaic glass sector rose over 10% during the week, while themes such as CRO (Contract Research Organizations), innovative drugs, and vitamins also performed actively [1] - The central financial committee's sixth meeting emphasized the need to address "involution" competition and promote the orderly exit of backward production capacity, initiating a new round of "anti-involution" and capacity reduction actions, particularly in the photovoltaic, steel, and cement industries [1] Institutional Research - A total of 158 listed companies disclosed institutional research minutes during the week, with over 70% of the researched stocks achieving positive returns. Taotao Vehicle emerged as the most favored stock by institutions, achieving a remarkable gain of 29.82% [1] - Taotao Vehicle, which has seen its stock price double since early June, received attention from 137 institutions, including Bosera Fund and China Universal Asset Management. The company anticipates a net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year growth of 70.34% to 97.81% [2] - Another company, Shunwang Technology, also attracted over a hundred institutional researchers, focusing on its core services in the esports sector and its advancements in computing power and AI capabilities [2] Company Developments - Xinjie Electric, specializing in industrial automation, was researched by 92 institutions, with a focus on its developments in core components for humanoid robots, including hollow cup motors and frameless torque motors [3] - Jingbeifang, which had previously engaged with multiple institutions, highlighted the advantages of stablecoins over traditional cross-border payment methods and its focus on the development of RWA (Real World Assets) [3] - Xiamen Tungsten New Energy, which received attention from 76 institutions, is developing new profit growth points, including high-stability lithium supplement materials and a new structure cathode material that offers significant improvements in energy density and performance [4]

Core Insights - The digital asset sector has seen significant milestones since 2025, including the U.S. Senate passing the GENIUS Act and Hong Kong introducing regulations for stablecoins, indicating a growing institutional interest in digital assets [2] - The future of stablecoins and blockchain finance is driven not by speculative market activities but by a revolution in corporate treasury management, which is becoming a critical area for financial technology [3][17] - Ant International is positioning itself as a digital technology partner within regulatory frameworks, focusing on enhancing the resilience and inclusivity of financial systems rather than being a disruptor [17] Group 1: Market Developments - Major companies like SpaceX and Stripe are actively engaging with stablecoin payment platforms, highlighting the practical applications of stablecoins in global fund settlement [2] - Ant International is accelerating its investment in global treasury management, aiming to leverage AI, blockchain, and stablecoin innovations for large-scale applications [2][3] - The anticipated cost savings from tokenized cross-border payments could exceed $50 billion for enterprises by 2030, driven by the need for efficient treasury management solutions [7][12] Group 2: Challenges in Treasury Management - Companies face significant challenges in cross-border payments, including high transaction costs and delays due to complex processes and centralized infrastructures [3][4] - Inefficient foreign exchange management strategies can lead to additional costs of 1.5% to 3% for enterprises, particularly affecting small and medium-sized businesses in emerging markets [4] Group 3: Technological Innovations - Ant International's Whale platform is designed to facilitate real-time, secure fund management across different financial institutions, significantly reducing settlement times from days to seconds [13] - The integration of AI with blockchain technology is transforming corporate treasury operations, enabling data-driven decision-making and enhancing cash flow management [15][18] - The AI-driven foreign exchange demand forecasting model, named "Falcon," achieves over 90% accuracy in predicting cash flow and foreign exchange exposure, allowing companies to optimize their financial strategies [15] Group 4: Regulatory Engagement - Ant International is actively participating in regulatory innovation initiatives in Singapore and Hong Kong, positioning itself as a key player in the evolving digital asset landscape [16][17] - The collaboration with major banks and financial institutions to implement the Whale platform demonstrates the growing acceptance of blockchain technology in global financial services [17]

2 0 2 4年蚂蚁国际实时跨境资金平台Wh a l e 处理超过3 0 0 0亿美元的交易 蚂 蚁 国 际 与 国 际 掉 期 与 衍 生 工 具 协 会 （ 以 下 简 称 " ISDA" ） 在 新 加 坡 金 融 管 理 局 Pr o j e c t Gu a r d i a n 支 持 下 ， 联 合 发 布 《 通 证 化 存 款 在 交 易 银 行 业 务 中 的 应 用 》 （ Us e o f To k e n is e d Ba n k Li a b iliti e s f o r Tr a n s a c ti o n Ba n k i n g）白皮书，推动通证化存款与共享账本在跨境支 付及外汇结算领域的发展，并提出通证化存款技术的基本原则和标准。 ISDA是全球银行业外汇和跨境交易相关标准的重要制定者。蚂蚁国际主要为全球企业、金融 机构提供跨境支付和金融科技服务。二者是新加坡金融管理局「Pr o j e c t Gu a r d i a n」中外汇工 作组的两位联合牵头人；项目参与机构还包括纽约梅隆银行、全球金融市场协会外汇分会、 汇丰银行及华侨银行等。 目前，跨市场、跨币种带来的外汇 ...

Core Insights - Ant Group and ISDA have jointly released a white paper on the application of tokenized deposits in transaction banking, supported by the Monetary Authority of Singapore, aiming to enhance cross-border payment and foreign exchange settlement [1] - The framework is expected to reduce cross-border transaction costs by 12.5%, potentially saving businesses over $50 billion by 2030 [1] - The global cost of cross-border transaction fees is currently estimated at $120 billion annually [1] Group 1 - The white paper outlines the design principles and industry standards for tokenized deposits, ensuring interoperability [1] - It discusses key risks associated with payment systems based on shared ledger technology and measures to address them [1] - The feasibility of the proposed system is validated through practical use cases in transaction banking [1] Group 2 - Ant Group's Whale platform utilizes blockchain, encryption, and AI to facilitate real-time multi-currency settlement, reducing the settlement period from 1-3 days to minutes or even seconds [2] - Over one-third of the $1 trillion in funds processed by Ant International in 2024 will be through the Whale platform, with partnerships established with major banks [2] - Ant Group and ISDA plan to expand the application scenarios for shared ledger and tokenized deposits, ensuring benefits for both large and small enterprises [2]

本文字数：616，阅读时长大约2分钟 作者 | 一财资讯 7月4日，三大股指收盘涨跌不一，沪指报收3472.32点，涨0.32%；深成指报收10508.76点，跌 0.25%；创业板指报收2156.23点，跌0.36%。 全市场超1100只个股上涨，超4100只个股下跌。 | ها | Ж 1169 | 平 129 | 跌 4118 | | | --- | --- | --- | --- | --- | | | | A股重要指数 | | | | 名称 | | 最新 | | 张唱 | | 上证指数 | | 3472.32 | +11.17 | +0.674 | | 深证成指 | | 0508.76 | -25.82 | -0.25% | | 比证50 | | 1415.04 | -27.12 | -1 HBM | | 部分析指 | | 2015/02/20 | -7.86 | -0.21597 | 盘面上，大金融板块午后冲高，数字货币概念活跃，游戏、钢铁、创新药板块涨幅居前；军工、固态 电池、海洋经济、稀土永磁概念走弱。 | 板块名称 | 涨幅 | | 主力净量 主力金额 板块名称 | | 涨幅↑ | 主力净量 ...

Market Overview - On July 4, A-shares showed mixed performance with the Shanghai Composite Index rising by 0.32% to 3472 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.36% respectively [1][2] - The total trading volume for the day reached 1.45 trillion yuan, an increase of 121 billion yuan compared to the previous trading day, with over 4100 stocks declining [1] Sector Performance - The cross-border payment sector saw significant gains, with companies like Xinyada and Jingbeifang hitting the daily limit, and Sifang Jingchuang rising over 6% [2][3] - The banking sector collectively rose, with notable increases in CITIC Bank, Shanghai Bank, and others reaching historical highs [2][7] - The gaming sector also performed well, with Giant Network surging by over 9% and several other gaming stocks following suit, attributed to a recent increase in game license approvals [6][2] Notable Stocks - In the gaming sector, Giant Network rose by 9.07%, while Ice Glacier Network and 37 Interactive Entertainment increased by over 6% [5][6] - In the banking sector, CITIC Bank rose by 3.73%, with other banks like Industrial Bank and Everbright Bank also showing strong performance [7] - The electric power sector was active, with Shaoneng Co., ShenNan Electric A, and Huayin Power hitting the daily limit, while Xichang Electric rose over 6% [8] Declining Sectors - The solid-state battery concept stocks collectively fell, with Xinyu Ren dropping by 12% and other related stocks also experiencing significant declines [11] - The wind power equipment sector showed weak performance, with Jixin Technology hitting the daily limit down and other companies like Taisheng Wind Power and Dajin Heavy Industry also declining [12] - The beauty and personal care sector weakened, with companies like Lafang Jiahua and Shu Yang Co. dropping over 5% [13] Future Outlook - According to CITIC Securities, the short-term outlook suggests a boost in market sentiment, attracting leveraged funds, while the mid-term view indicates limited upward space due to current market levels and valuations being higher than last year [14] - The focus remains on new sectors such as innovative pharmaceuticals, AI, and semiconductor industries, with recommendations for stable sectors like military technology and solid-state batteries [14]

Market Overview - The three major A-share indices showed mixed results, with the Shanghai Composite Index rising by 0.32%, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.36% respectively. The North Star 50 Index dropped by 1.88% [1] - The total market turnover reached 1,454.5 billion yuan, an increase of 121.0 billion yuan compared to the previous day, with over 4,100 stocks declining [1] Sector Performance - The banking sector saw collective gains, with several banks like CITIC Bank, SPD Bank, and Shanghai Bank reaching historical highs [1] - The innovative drug sector remained active, with stocks like Guangsheng Tang hitting the daily limit for two consecutive days, and Saili Medical achieving four consecutive limit-ups [1] - The cross-border payment sector performed positively, with stocks such as Xinyada and Jingbeifang hitting the daily limit [1] - The solid-state battery sector experienced a significant downturn, with Xinyu Ren falling by 10%, and stocks like Huasheng Lithium and Jinyinhai also showing notable declines [1] - The wind power equipment sector was sluggish, with Jixin Technology hitting the daily limit down, followed by declines in stocks like Dajin Heavy Industry and Taisheng Wind Energy [1] - The non-ferrous metals sector continued to decline in the afternoon, with Jingyi Co. hitting the daily limit down, and stocks like Beifang Copper and Guangsheng Nonferrous showing significant drops [1] Notable Stocks - Stocks with notable performance included: - Four consecutive limit-ups: Liu Steel Co. and Saili Medical [2] - Three consecutive limit-ups: Yamaton [3] - Two consecutive limit-ups: Jin'an Guoji, Jin Yi Culture, Guangsheng Tang, and others [3] Hot Sectors - The DeepSeek concept led the hot sectors with seven stocks hitting the daily limit, including Saili Medical and Jin Yi Culture [4] - The artificial intelligence sector also saw seven stocks hitting the daily limit, with Saili Medical and Jingbeifang as representatives [5] - The Western Development sector had seven stocks hitting the daily limit, with Liu Steel Co. and Weixin Kang as key representatives [6] Game Industry Insights - The gaming sector is experiencing growth, with a record high in game license approvals in June, totaling 147 approvals, an increase of 17 from May, marking the peak for the year [9] Cross-Border Payment Developments - The People's Bank of China announced the establishment of a RMB clearing bank in Turkey, which will enhance the efficiency and scale of RMB usage in Turkey [10] Innovative Drug Sector Developments - CITIC Securities noted that China's innovative drug development has achieved significant progress, and the recent measures will further support high-quality development in this sector [12]

今天上午，上证指数再创今年以来新高，从走势看，分为两个阶段。 早盘，顺周期主线领涨，电力、钢铁、银行等板块涨幅居前。这一阶段，上证指数以窄幅区间震荡为 主。其中，华银电力（600744）开盘后6分钟涨停，迎来4天3板。 10:15左右，上证指数发力，最高涨至3477.1点，创今年以来新高。 与此同时，泛金融板块明显异动，多元金融、跨境支付等板块持续拉升，保险、证券等板块也拉升。四 方精创、京北方、新国都、天阳科技等龙头股大涨，其中，天阳科技（300872）涨超13%。 上午收盘，上证指数上涨0.41%，深证成指上涨0.05%，创业板指上涨0.18%。 PCB板块受关注 最近，PCB板块的市场关注度逐步升温。今天上午，板块内逸豪新材、沪电股份、景旺电子、生益电 子、胜宏科技等个股盘中股价均创历史新高。 平安证券表示，当前电子下游需求整体呈现复苏态势，叠加以AI、高速通信为代表的创新领域景气度 持续向上，共同支撑PCB整体需求增长。另外，在AI强劲需求背景下，PCB高端化结构性需求凸显，尤 其是高端高多层以及HDI，两者2025年全球产值同比增速将分别达到41.7%和10.4%。且随着AI硬件性能 的迭代，PCB ...

Market Overview - The three major A-share indices rose collectively in the morning session, with the Shanghai Composite Index up by 0.41%, the Shenzhen Component Index up by 0.05%, and the ChiNext Index up by 0.18%. The North Star 50 Index fell by 1.08%. The total market turnover reached 878.7 billion yuan, an increase of 72.3 billion yuan compared to the previous day, with over 1,400 stocks rising [1]. Sector Performance - The gaming, cross-border payment, brain-computer interface, banking, electricity, and paper-making sectors saw the largest gains, while solid-state battery, non-ferrous metals, and offshore engineering equipment sectors experienced the largest declines. Notably, gaming stocks surged, with Giant Network hitting the daily limit and Ice Glacier Network rising over 10%. The banking sector showed a strong upward trend, with several banks, including Shanghai Pudong Development Bank and Beijing Bank, reaching new highs. The cross-border payment sector also saw significant gains, with Beijing North's stock hitting the daily limit and several others performing well. The steel sector was active, with Liugang Co. achieving four consecutive limits and Linggang Co. hitting the daily limit. Conversely, solid-state battery concept stocks mostly declined, with significant drops in Xinyu Ren and Keheng Co. The offshore engineering equipment sector collectively adjusted, with Deepwater Haina and Jixin Technology leading the declines [2]. Notable Stocks - Stocks with notable performance included: - Four consecutive limits: Liugang Co., Seer Medical [3] - Three consecutive limits: Yamaton [4] - Two consecutive limits: Jin'an Guoji, Jin Yi Culture, Huayin Electric Power, Weixin Kang, and Forest Packaging [4]. Hot Sectors - The strongest sectors included: - DeepSeek concept, with 9 stocks hitting the daily limit and 2 stocks with consecutive limits, including Seer Medical and Jin Yi Culture [5]. - Blockchain, with 8 stocks hitting the daily limit and 1 stock with consecutive limits, represented by Jin Yi Culture and Desheng Technology [6]. - Artificial Intelligence, with 8 stocks hitting the daily limit and 1 stock with consecutive limits, represented by Seer Medical and Desheng Technology [7]. Industry Insights - In the gaming sector, the number of game approvals reached a new high in June, with 147 games approved, an increase of 17 from May, bringing the total to 757 for the year [10]. - In the cross-border payment sector, the People's Bank of China announced the establishment of a RMB clearing bank in Turkey, which will enhance the efficiency and scale of RMB usage in Turkey [11]. - In the medical device sector, the National Medical Products Administration released measures to support the innovation of high-end medical devices, including optimizing special approval processes and enhancing post-market supervision [13].

巨丰投顾：周二市场震荡运行，中船系涨幅居前。历史数据显示，近20年上证指数在7月上涨概率为 60%。投资者可从三方面布局：节奏上，上旬防御为主，警惕外部冲击，配置公用事业等板块，下旬聚 焦中报业绩，关注超预期个股及政策动向；风格上，金融（政策刺激、低估值优势）与成长（科技政策 持续、产业趋势上行）占优；操作上，重点关注科技（半导体、人工智能核心企业）、军工（阅兵催 化、订单增长）及中报高增领域（TMT、中游制造等），规避业绩风险股。 沪深两市主要股指7月1日开盘涨跌不一，沪指微幅高开，深成指和创业板指小幅高开。沪指全日呈震荡 上扬态势；深成指和创业板指早盘期间震荡下行，深成指午间收盘前反弹，午后翻红并最终小幅收涨， 创业板指在接近回补缺口后有所回落，收盘时小幅下跌。指数表现方面，沪指7月1日的收盘点位高于6 月25日的收盘点位，再创年内收盘新高。 盘面上，医药股领涨，免疫治疗、创新药、重组蛋白、仿制药、减肥药、肝炎概念、毛发医疗等多个医 药医疗的细分领域指数均有较大幅度上涨。当日，船舶、工业气体、光刻机、银行、超导概念等板块亦 有显著上涨。数字货币股跌幅靠前，电子身份证、跨境支付、Web3概念等板块亦有较大幅 ...