当前，美国股票市场展现出强劲的上涨动能。纳斯达克指数、标普500指数相继刷新历史高点，道琼斯 指数亦步步逼近历史新高。这种上涨并非孤例，其积极情绪传导至全球。欧洲主要经济体的股票市场， 如法国、英国、德国，同样徘徊在新高附近，甚至饱受地缘政治困扰的以色列，其股市也创下新高。这 股普涨的态势，其核心动力来自科技板块的卓越表现。美国市场中，科技公司贡献了绝大多数的市值增 长，英伟达等巨头的表现，成为全球科技投资的缩影。 中国资本市场与美国科技板块之间存在一种联动效应。美国科技企业股价的积极表现，往往能为中国科 技概念注入活力。这种关联性提示我们，在全球化背景下，投资者需密切关注国际领先科技的动向。 回顾2025年上半年，市场曾经历来自外部环境的严峻考验，特别是四月份美国对等关税战带来的冲击。 彼时，全球市场一度承压，美国股票市场经历了一轮暴跌。然而，历史经验提示，重大负面消息往往在 短期内释放其影响力，市场会逐渐消化并适应。当前，这些曾经的"至暗时刻"已成过去，市场似乎已不 再过度关注贸易摩擦的细枝末节，转而聚焦于企业盈利和创新带来的增长前景。这种心态的转变，为下 半年市场的积极表现奠定了基调。 二、中国资本市场 ...

Group 1 - The military industry sector is experiencing a peak followed by differentiation, with recommendations against chasing high-performing stocks and instead focusing on core stocks and trend stocks [1] - The digital currency sector should be treated purely as an elastic financial product, with considerations for low absorption of core stocks during divergence expectations tied to the Shanghai Composite Index [1] - The solid-state battery sector requires monitoring two signals before reducing focus: a key stock breaking below the ten-day line without recovery and core recognizable stocks hitting the limit down [1] Group 2 - Institutions have completed their portfolio adjustments, and core stocks following a trend can be targeted for low absorption based on the five-day line logic [2] - The sector is diverse, requiring high opportunity discovery capabilities and adaptability in trading, with a recommendation to limit short-term holdings to no more than five stocks [2] - The overall market sentiment for July is optimistic, with a trading volume of 1.5 trillion sufficient to support multiple themes [2]

Group 1: Canada and US Trade Negotiations - Canada has agreed to cancel its digital services tax to facilitate trade negotiations with the US, which the White House claims is a significant victory for American tech companies [2][3] - The US will "immediately resume" trade talks with Canada following the cancellation of the digital services tax, with a goal to reach an agreement by July 21 [2][3] - The White House attributes this change to President Trump's strong negotiation style and emphasizes the importance of maintaining good trade relations with the US [2][3] Group 2: EU's Position on Digital Legislation - The European Union has stated that its digital legislation, including the Digital Markets Act and Digital Services Act, will not be part of the trade negotiations with the US [4] - The EU remains firm on its sovereign decision-making regarding digital legislation and aims to reach a trade agreement with the US by July 9 [4][5] - The US has previously criticized the EU's digital regulations as unfair and has imposed significant fines on American companies for violations [4][5] Group 3: US-Japan Trade Relations - President Trump has expressed dissatisfaction with Japan's refusal to import US rice despite facing a rice shortage, indicating a potential letter to Japan regarding trade [6][7] - Trump has labeled the US-Japan trade relationship as "unfair," highlighting a significant trade deficit and suggesting that Japan should import more US goods [7][8] - The US has imposed a 25% tariff on imported cars, and negotiations with Japan regarding tariffs are ongoing, with a deadline set for July 9 [8]

Group 1 - Circle is seeking to establish a national trust bank in the U.S. following its IPO, which would make it the second cryptocurrency operator to obtain such a banking license [1][2] - The federal banking license would allow Circle to self-custody its reserve funds, a long-held goal since the company has been considering this application since 2022 [1][2] - Circle's stablecoin, USDC, is the second-largest by market capitalization, backed by over $60 billion in reserves, including cash and short-term U.S. Treasury securities [2] Group 2 - Circle's stock price has surged fivefold since its IPO in early June, driven by optimism regarding U.S. stablecoin legislation [3] - The company has been actively seeking licenses and authorizations globally, having obtained its first digital currency license from the New York State Department of Financial Services in 2015 [3] - The new federal license would introduce a regulatory framework at the federal level, complementing the existing state-issued money transfer licenses [3]

Core Viewpoint - Shenzhen Shenlei Technology Co., Ltd. aims to acquire controlling stake in the listed company Online and Offline one year after withdrawing its IPO application, indicating a strategic shift towards "reverse listing" through asset integration [1][5][6] Group 1: Acquisition Details - Shenlei Technology plans to purchase 10.7062 million shares of Online and Offline, representing 13.32% of the total share capital, for a total consideration of 466 million yuan, or 43.55 yuan per share [3][4] - Following the transaction, Shenlei Technology will become the controlling shareholder, with Xia Jun and Li Wei as the actual controllers of Online and Offline [1][4] - The sellers will relinquish voting rights for 32.1186 million shares, accounting for 39.96% of the total share capital [4] Group 2: Financial Performance - Online and Offline's net profit for 2024, excluding non-recurring gains and losses, is projected at 4.2342 million yuan, marking a decline of approximately 95% over four consecutive years [2][7] - The company reported revenues of 11.02 billion yuan in 2020, but revenues have since fluctuated, with 2024 expected to show a revenue of 11.36 billion yuan, down 23.37% from the previous year [7][8] - The performance of the mobile information service segment has been particularly affected, with a revenue drop of 29.36% in 2024 [8] Group 3: Future Commitments - The parties involved have agreed that the existing business of Online and Offline will gradually transition to a wholly-owned subsidiary, with revenue commitments of at least 1 billion yuan and net profit of at least 20 million yuan for 2025 and 2026 [1][8] - The original controlling shareholders will assist in recovering 90% of the unrecognized book value of current assets by June 30, 2027 [8]

Market News - US stock indices collectively rose, with the Dow Jones up 0.63%, Nasdaq up 0.47%, and S&P 500 up 0.52%, both Nasdaq and S&P 500 hitting record closing highs [1] - The dollar index fell by 0.5% to 96.77, with a 10.79% decline in the first half of the year [1] - Spot gold increased by 0.88% to $3302.16 per ounce, while Brent crude oil slightly decreased by 0.30% to $66.60 per barrel [1] Industry Insights - The Financial Secretary of Hong Kong highlighted the potential of fintech in cross-border trade, aiming to address long-standing issues of slow payment speeds and high costs [2] - The newly released "Digital Asset Development Policy Declaration 2.0" emphasizes stablecoins as cost-effective alternatives in the traditional financial system, with regulations set to take effect on August 1 [2] - Ant Group's Agentar platform became the first financial-grade AI agent to receive the highest rating of 5 from the China Academy of Information and Communications Technology [3] - The AI industry is at a pivotal point, with expectations for AI agents to simplify user interactions through voice commands, potentially leading to a market share exceeding 50% for AI phones by 2027 [4] - Shanghai Ruijin Hospital has open-sourced its RuiPath pathology model, covering seven common cancers, marking a significant step in AI's application in healthcare [5] - The AI healthcare market in China is projected to reach 159.8 billion yuan by 2028, with a compound annual growth rate of 10.5% [5] Company Updates - Lihua Co. announced plans for major shareholder reductions, with a maximum of 2.5 million shares to be sold [6] - Jin Hong Shun is terminating its major asset restructuring plans after failing to reach an agreement on the transaction [7] - Hai Tian Rui Sheng plans to reduce its shareholding by up to 5% through various trading methods [7]

□ 董 鑫 数实融合，即数字经济和实体经济的融合。作为发展最迅速、创新最活跃、辐射最广泛的经济活动，数 字经济对我国经济社会发展的支撑作用日益凸显，正成为我们发展和培育新质生产力的主战场。中国信 息通信研究院发布的《中国数字经济发展研究报告（2024年）》显示，2023年我国数字经济的规模达到 了53.9万亿元，占国内生产总值（GDP）的42.8%，数字经济增长对GDP增长的贡献率达66.45%。党的 二十大报告强调，"加快发展数字经济，促进数字经济和实体经济深度融合，打造具有国际竞争力的数 字产业集群"。显而易见，数字经济在我国经济中的重要地位日益凸显，已经成为推动我国经济发展的 主要力量。 开展专精特新人才教育体系递进式层级建设。完善机制保障，建立校校、校企、校地及国际多维协同机 制，汇聚培养合力，进一步完善政府、高校、专精特新企业及数字技术企业共建产业学院，开发"数字 技术+垂直领域"模块化课程体系，设立"订单班"或"微专业"。完善校、院、专业三级教育体系。通过变 革教学模式，开展项目化教学，面向全体学生开设双创通识必修课程，打造专创融合示范课程，实 施"一专一赛、一院一品"工程，建立"通识教育课程+专 ...

稳定币近期受到全球密切关注，尤其在美国参议院通过稳定币法案之后，其热度更是水涨船高。该法案 被市场戏称为意在兜售美国国债。美国一些人希望稳定币为美债危机提供缓冲，但其带来的副作用正引 发全球警惕。 6月18日，美国参议院以68票赞成、30票反对的结果通过《指导与建立美国稳定币国家创新法案》（简 称《GENIUS法案》），法案随后将提交众议院表决。这项法案可能首次为与美元价值挂钩的稳定币建 立监管框架。有分析认为，在美国国债规模已突破36.2万亿美元的背景下，美国推动稳定币发展的核心 意图，是通过金融创新工具为美债市场创造持续性需求，缓解债务压力。 美国一些人试图推动稳定币将美债需求全球化、散户化，从而缓解债务压力并巩固美元地位。然而，这 一机制并未解决美债规模膨胀和美元信用衰退的结构性问题，反而可能通过风险转嫁加剧全球金融体系 的脆弱性。长远来看，稳定币业务能否持续健康发展，仍取决于美国能否摆脱债务依赖型经济模式。 还要看到，当前美国政府与美联储关于货币政策的分歧不断扩大，而稳定币更是牵扯到美元发行权这个 核心的问题。因此，稳定币法案能否顺利落地前景并不明朗。毕竟，美联储的"卧榻之侧"，岂容他人鼾 睡？ （文 ...

Group 1 - Digital trade is a crucial component of the digital economy and has become a new trend in international trade and a new growth point for the economy [1] - In 2024, China's cross-border e-commerce imports and exports are projected to reach 2.63 trillion yuan, an increase of 10.8%, with over 120,000 related enterprises in 165 cross-border e-commerce comprehensive pilot zones [1] - The development of digital trade is seen as a new frontier in international trade and a new battleground for global economic and trade rules [1] Group 2 - There is currently no unified digital trade law in China, and the rules governing digital trade are fragmented across various laws [2] - It is necessary to advance legislative work in the digital trade sector and develop a comprehensive legal framework to support high-quality development in digital product and service trade [2] - More favorable policies should be formulated to expand digital trade, enhancing coordination among fiscal, tax, and financial policies [2] Group 3 - Improving management systems and establishing a negative list management model for foreign investment in digital trade is essential to facilitate investment operations [3] - Strengthening copyright management and intellectual property protection in the digital environment is crucial for promoting orderly cross-border data flow [3] - There is a need to enhance the application of digital technology in trade and optimize the cultivation of digital trade professionals [3] Group 4 - Strengthening talent cultivation systems and increasing investment in training for digital trade-related disciplines is vital for building a high-quality digital talent pool [4] - International cooperation in digital trade is necessary to enhance China's competitive advantages in the global economic restructuring process [4] - Active participation in the formulation of international digital trade rules is required to improve China's influence in global rule-making [4] Group 5 - Deepening international cooperation in digital trade and establishing international cooperation mechanisms in the digital field is essential for optimizing the open cooperation environment [5] - Building a digital trust system and promoting the development and application of frontier technologies in digital trust is crucial for facilitating digital trade [5] - Strengthening digital security governance and enhancing international cooperation in digital security are necessary for ensuring a stable and sustainable global digital supply chain [5]

Core Insights - The Kizil Grottoes, one of the earliest large-scale grottoes in China, face significant challenges in preserving their murals due to natural erosion and human damage, with nearly 500 square meters of murals having been looted by Western explorers in the late 19th and early 20th centuries [1][2] Group 1: Preservation Efforts - The Kizil Grottoes currently have 349 caves, with 107 containing murals that cover nearly 4,000 square meters [1] - A significant restoration project has been undertaken, where from 2002 to 2016, 487 high-definition images of murals were collected from over 20 foreign museums, leading to the publication of a comprehensive research volume titled "Research on the Restoration of Kizil Grotto Murals" [2] - Modern technology, including terahertz and X-ray imaging, is being utilized to identify and restore damaged murals, particularly in Cave 161, where severe smoke damage obscured the original images [2][3] Group 2: Technological Innovations - The Zhejiang University team has successfully identified key elements of the murals in Cave 161, including a typical Kucha style design, using non-destructive testing methods [3] - Digital restoration efforts are ongoing for Cave 38, where artificial intelligence is being employed to recognize and complete missing parts of the murals, paving the way for new digital preservation techniques [3] - The integration of modern technology into the preservation of the Kizil Grottoes signifies a blend of tradition and innovation, ensuring the longevity of these ancient artworks [3]