Investors in Howard Hughes Holdings (HHH) need to pay close attention to the stock based on moves in the options market lately. That is because the Jul 18, 2025 $120.00 Call had some of the highest implied volatility of all equity options today.What is Implied VOLATILITY?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It coul ...

每周一景： 湖南永州九嶷山风景名胜区 点击右上角菜单，收听朗读版 【固收】"大而美"如何影响美债：当前风险与后续影响 美国当地时间 7 月 3 日通过"大而美"法案。根据法案，债务上行将提高 5 万亿美元，美债或将受到供给端冲击。 美国国会众议院对总统特朗普的大规模减 税及支出法案，即"大而美"法案进行最终表决投票。法案以 218 票支持、 214 票反对得以通过。该法案将送至白宫，在经过美国总统特朗普签署后正式颁 布。按提出该法案的共和党方面的说法，该法案计划在未来 10 年内减税 4 万亿美元，并削减至少 1.5 万亿美元支出。此前，美国国会预算办公室（ CBO ）传统基线下的评估则认为，"大而美"法案将在未来 10 年新增 2.8 万亿美元赤字。法案计划未来 10 年减税 4 万亿美元，并将债务上限提高 5 万亿美元， 这将直接导致美债发行规模激增，市场短期需消化的债券供给量将创历史新高。 "美债危机"本质上是美国两党政治博弈的产物，并非真正的主权信用风险。 正如我们在报告《美债危机下的债市配置：风险被高估，美债仍具备配置价值》 提到，自 1917 年设立债务上限以来，美国国会已累计超过七十次提高或调整 ...

Core Insights - The article emphasizes the importance of treating AI as a junior developer that requires clear guidance rather than a magical tool, highlighting the need for engineers to adapt their management style to effectively utilize programming agents [1][3][9] - Senior engineers are found to be the quickest adopters of these tools, which can save approximately 80% of time on medium to large tasks [1][8][24] Introduction - The article introduces a practical guide based on two years of experience building Devin, an autonomous programming agent, and aims to share valuable insights from customer feedback and internal practices [1][3] Getting Started: Basics and Daily Applications - Key principles for effective communication with agents include providing specific instructions, indicating starting points, anticipating potential errors, and establishing a feedback loop [10][11][13][15] - The guide suggests integrating agents into daily workflows to enhance personal efficiency, such as handling new requests without interrupting deep work and managing urgent issues on the go [17][19][20] Intermediate: Managing Complex Tasks - For complex tasks, the article recommends having agents draft initial versions and collaborating on implementation plans, while also setting checkpoints to ensure alignment with expectations [23][25][26] - It emphasizes the importance of teaching agents how to validate their work and increasing testing coverage in areas frequently modified by AI [28][29] Advanced: Automation and Customization - The article discusses creating automation templates for repetitive tasks and implementing intelligent code reviews using agents [30][33] - It highlights the need for a unified development environment to enhance agent performance and suggests building custom tools to empower agents [35][36] Practical Considerations: Embracing Change - The article outlines the limitations of autonomous agents, such as their debugging capabilities and knowledge cut-off dates, advising users to manage expectations and time effectively [39][42][43] - It concludes by asserting that the value of software engineers will not diminish, as deep technical knowledge and understanding of business codebases remain essential in the evolving landscape of software development [50]

TORONTO, July 07, 2025 (GLOBE NEWSWIRE) -- Copper Road Resources Inc. (TSX-V: CRD) ("Copper Road" or the "Company") announces the appointment of Mr. Brian Howlett as President and CEO, effectively immediately. Brian brings many years of experience in the junior exploration business previously serving in management or on the board of 9 junior mining companies, including previous experience with Copper Road. Mr. Brian Howlett commented, “Copper Road is seeking to generate renewed interest in the Company in th ...

Core Insights - The event highlighted the transformative impact of artificial intelligence (AI) on software development, emphasizing its evolution from a supportive tool to an intelligent collaborator [1][4][7] - AI-driven tools are enhancing productivity, reducing errors, and accelerating innovation across various stages of the software lifecycle [2][4] - The emergence of large language models (LLMs) is enabling more individuals to engage in programming, thus democratizing software development [3][5][6] Group 1: AI's Role in Software Development - AI is fundamentally changing software engineering by improving speed, accessibility, and reliability, making programming more mainstream [4][7] - Large language models, such as those developed by OpenAI, are capable of understanding and generating human language, which is now being applied to code generation and program development [2][3] - Code LLMs can assist developers in writing, debugging, and refactoring code, thereby enhancing the overall development process [3][4] Group 2: Future Trends in Programming - The future of programming is expected to be characterized by higher automation, stronger collaboration, and deeper integration of AI [4][7] - AI programming tools are evolving to become more intuitive, allowing developers to describe tasks in natural language and receive corresponding code outputs [5][6] - Multi-agent systems are anticipated to play a significant role in automating complex tasks and optimizing workflows in software development [6][7] Group 3: Innovations in AI Programming Tools - Cognition AI has introduced Devin, the first AI programmer capable of managing the entire software development lifecycle autonomously, outperforming existing models like GPT-4 in real-world problem-solving [6] - AI-driven integrated development environments (IDEs) like Cursor simplify the coding process by allowing natural language input to generate and modify code [5][6] - The rise of low-code and no-code platforms is enabling non-programmers to participate in software development, further broadening the scope of who can engage in coding [7]

整理 | 华卫、核子可乐 刚刚，Anthropic 公司对外披露截止到 7 月 6 日的最新数据：其四个月前推出的 AI 编码助手 Claude Code 已吸引 11.5 万名开发者，且单周处理代码量达 1.95 亿行，堪称 AI 编码市场中增长最快的开 发者工具之一。不过，也有行业观察人士指出，在统计周期内处理的 1.95 亿行代码需谨慎解读，因 为单个代码变更在达到生产质量前可能经历多次迭代与修正。 Menlo Ventures 的投资人 Deedy Das 称，这一使用统计数据彰显出 Claude Code 巨大的商业潜 力。初步测算显示，按当前的用户采用模式，基于开发者每年为使用该服务支付约 1000 美元的假 设，该工具的年化收入预估约达 1.3 亿美元。也就是说， Claude Code 推出不过 4 个月就赚了 4300 万美元（合约人民币 3.08 亿元）。 "哪个初级工程师每年能赚 1300 万美元？这简直是 Soham 级别的生产力。"不少网友都对 Claude Code 的盈利能力表示惊叹。据了解，Claude Code 支持开发者通过自然语言指令执行编码任务，同 时无需手动选择上下文 ...

Summary of Conference Call Notes Industry Overview: China Property Key Points on Sales Performance - Top 100 developers' contract sales declined by **21% YoY** in June 2025, worsening from **-10% in May 2025** due to: 1. Higher base in June 2024 from policy easing in mid-May 2024 2. Lack of policy easing support [2][6] - On a **MoM basis**, contract sales increased by **17%**, lower than the average **30%** from 2020 to 2024 [2][7] - In the first half of 2025, combined sales for top 100 developers fell by **11% YoY**, compared to **-8% YoY** in May 2025 [2][6] Performance of Luxury Projects - Demand for luxury projects remained strong, exemplified by Sunac's Shanghai One Central Park selling out in **2 hours**, significantly boosting Sunac's contract sales in June 2025 [2][6] Regional Developer Performance - Regional developers (e.g., Jinmao, C&D International, Yuexiu Property, Greentown China) outperformed the sector average, focusing on tier 1 and core tier 2 cities, benefiting from resilient luxury demand [2][6] Future Outlook - Expectations for top 100 contract sales to improve YoY in **3Q25** due to a lower base effect [2][6] Secondary Market Insights - As of June 25, 2025, secondary listings in **50 cities** increased by **9.5% YoY** and **8.6% YTD**; Tier-1 cities saw a **4.4% YoY** and **5.3% YTD** increase [3][9] - Secondary transaction volume for **12 cities** increased by **4% YoY** on a 30-day moving average, down from **7% in May 2025** [3][9] Implications for Property Listings - The rise in secondary listings is attributed to: 1. Slowing secondary transactions 2. Upgraders selling existing homes to purchase luxury new homes [3][9] Developer Performance Comparison - SOE developers' contract sales in June declined by **23% YoY**, similar to the **21% YoY** decline of top 100 developers; semi-SOE and POE developers saw declines of **33%** and **11%** respectively [4][25] - Current market shares: SOE developers at **58%**, POE developers at **31%** [4][25] Sales Data Highlights - Top 100 developers' combined gross contract sales value dropped by **21% YoY** in June, compared to **-10% YoY** in May [18][20] - The combined attributable contract sales GFA decreased by **35% YoY** in June, worsening from **-20% YoY** in May [13][20] Risks and Opportunities Downside Risks - Government policies restricting demand and mortgage lending - Tight financing conditions for developers - Lower-than-expected residential growth in China's economy [31] Upside Risks - Potential policy loosening that could boost residential property sales and prices - Large-scale asset disposals at fair prices by developers to ease liquidity pressures [31]

Core Insights - Bill Ackman maintains a concentrated portfolio with only 10 high-conviction companies, which allows for potential market-beating returns [1][2] Group 1: Top Holdings - Uber constitutes 19.7% of Pershing Square's portfolio, with Ackman acquiring 30.3 million shares at the start of 2025, and the stock has risen approximately 55% since then [4][8] - Uber has a strong user base of 170 million monthly active users and is experiencing growth in gross bookings by 14% last quarter, with EBITDA increasing by 35% and free cash flow growing by 66% [5][7] - Brookfield represents 18.4% of the portfolio, with a diversified business model across real estate, renewable power, and infrastructure, achieving an average growth rate of 19% in distributable earnings per share over the past five years [9][11] - Howard Hughes Holdings accounts for 13.3% of the portfolio, with Ackman acquiring a 46.9% economic stake and aiming to transform it into a diversified holding company, while the company's net asset value is estimated at $5.8 billion per share, compared to a market cap of $4 billion [13][15][18] Group 2: Financial Performance - Uber's enterprise value is less than 23 times forward EBITDA estimates, with management expecting EBITDA growth above 30% in the coming years, indicating an attractive valuation [8] - Brookfield's stock trades at 19 times trailing earnings per share, suggesting it is undervalued compared to peers despite strong growth expectations [12] - Howard Hughes generates strong operating cash flow from real estate sales and rental income, allowing for reinvestment into new projects while maintaining strong returns on capital [16]

证券研究报告 | 公司点评 | 软件开发 ——索辰科技股权激励点评 投资要点 公司的股权激励计划授予的激励对象总人数为 85 人，约占公司截至 2024 年 12 月 31 日员工总数 323 人的 26.32%。 包括：（1）核心技术人员；（2）核心骨干及董事会认为需要激励的其他人员。 其中考核目标为： 2025 年： 触发值：以 2024 年营业收入为基数，2025 年营业收入增长率不低于 8%；且 2025 年度物理 AI 产品收入达到 2000 万元。 目标值：以 2024 年营业收入为基数，2025 年营业收入增长率不低于 10%；且 2025 年度物理 AI 产品收入达到 3000 万元。 索辰科技(688507) 报告日期：2025 年 07 月 06 日 优化薪酬结果，激励核心技术骨干，稳定人才团队 2026 年： 触发值：以 2024 年营业收入为基数，2026 年营业收入增长率不低于 16%；且 2025-2026 年度物理 AI 产品收入达到 4000 万元。 目标值：以 2024 年营业收入为基数，2026 年营业收入增长率不低于 20%；且 2025-2026 年度物理 AI 产品收 ...

Group 1: Ares Capital - Ares Capital is the largest publicly traded business development company (BDC) with over $17 billion invested since 2004, focusing on middle-market companies with annual revenues between $10 million and $1 billion [3][4] - The company offers a forward dividend yield of 8.63% and has maintained or grown its dividend for 63 consecutive quarters [3][4] - Ares Capital targets a total addressable market of approximately $5.4 trillion, benefiting from a shift towards private capital, and has a diversified portfolio with strong industry relationships and risk management [4][5] Group 2: Enterprise Products Partners - Enterprise Products Partners is a master limited partnership (MLP) leading the North American midstream energy industry, operating over 50,000 miles of pipeline [6][7] - The company has a forward distribution yield of 6.81% and has increased its distribution for 26 consecutive years [7][8] - Demand for oil and gas, particularly natural gas, is expected to grow for decades, ensuring strong demand for Enterprise Products Partners' pipelines [8][9] Group 3: Verizon Communications - Verizon Communications is a major telecommunications company serving millions globally, with a forward dividend yield of 6.22% and a history of increasing dividends for 18 consecutive years [10][11] - The company is expected to maintain its relevance in the market due to the high capital requirements for new competition in wireless services [11][12] - With the upcoming 6G technology, Verizon is anticipated to be a significant player, potentially leading to impressive growth opportunities in the future [12]