Core Points - The G7 agreement allows U.S. multinational companies to avoid additional overseas tax payments, indicating a shift in international tax policy [1][2] - The agreement will fundamentally alter the global minimum corporate tax reform established in 2021, raising concerns among economists about prioritizing corporate interests over smaller businesses and citizens [1][5] Group 1: G7 Agreement Details - The G7 reached an agreement on a "parallel" tax solution that exempts U.S. multinationals from certain tax rules in exchange for the removal of a controversial provision in the U.S. "Inflation Reduction Act" [1][4] - The removal of the "retributive tax" (Section 899) is crucial for achieving consensus and providing a stable environment for discussions within the OECD framework [4][6] Group 2: Implications for Global Tax Policy - The OECD's tax chief emphasized that the G7 cannot make binding decisions, and any proposals must be approved by all 147 OECD members [2] - The agreement simplifies compliance requirements for the second pillar of the OECD/G20 inclusive framework, which mandates a global minimum corporate tax rate of at least 15% for companies with revenues exceeding €750 million [3][4] Group 3: Digital Taxation Concerns - The G7 statement suggests that the implementation of the parallel system will promote stability in the international tax system and constructive dialogue regarding digital taxation [5][6] - Digital services taxes (DST) have been a point of contention, particularly with European countries targeting U.S. tech companies, with rates varying from 2% to 5% [5][6]

一个短视的市场往往也是脆弱的，一旦新的担忧出现，反转可能接踵而至。 文：国金宏观宋雪涛/联系人陈瀚学 当前的美股是散户乐观、机构悲观。 6月12日当周，美股散户看多比例达到33.2%，为1月底以来新 高；看空比例为33.6%，为1月底以来新低。散户乐观的另一个佐证，是小市值股票成交火热，因为小 市值股票往往是散户们激烈博弈的战场。截至6月18日，美股市场上股价小于1美元的公司成交量占比 升至36.6%，较4月9日上升近20个百分点。 而美股机构资金普遍偏悲观。从CFTC报告的E-mini标普500非商业期权期货净持仓数据来看，非商业 交易者通常并非套期保值者（即不利用期货市场来对冲现有业务敞口），而是以对冲基金为代表的投机 性机构资金。截至6月10日，美股非商业期权期货净持仓-12.4万张，位于近一年4%的极低分位数水 平。 Be fearful when others are greedy. —— Warren Buffett 4月9日前，美股在"科技例外论"消退和对等关税带来的经济担忧下，一度接近技术性熊市（详见 《美 股已进入"特朗普周期"》 ）。但之后的两个多月里，美股迎着美元和美债的逆风独自反弹，当 ...

科技股是本轮反弹中的绝对主角。以科技股为主的纳斯达克100指数自4月8日以来上涨近32%，远超大盘 表现，而纳斯达克综合指数也在周五收涨0.52%，收报20,273.46点，为2024年12月16日以来首次创出收盘 新高。 相比之下，道琼斯工业平均指数表现相对滞后。该指数周五上涨432.43点，涨幅1%，收报43,819.27点，自 4月以来累计涨幅约16%，仍较历史高点低约2.7%。以价值股、传统行业为主的道指未能跟上科技股驱动 的强势节奏。 Zacks Investment Management的客户投资组合经理Brian Mulberry表示，"所有我们原本担忧的负面因素，尤 其是关税带来的冲击并未真正发生，经济数据的韧性也超过预期，这令市场重新恢复理性并走回正 轨。"他指出，目前市场已经回到了2月末的水平，而彼时的波动还未真正开始。 不过，尽管当前市场表现令人振奋，未来的上行动力仍有待观察。Granite Bay Wealth Management的首席 投资官Paul Stanley指出，市场目前正寻找新的催化剂来进一步推动股指上行。随着中东局势暂时缓和，投 资者的注意力逐渐回到美国国内政策的走向， ...

Group 1 - The core viewpoint of the articles indicates that the U.S. stock market has experienced significant volatility in 2025, with the S&P 500 index and Nasdaq index showing substantial declines from their peaks, but rebounding strongly since mid-April due to reduced policy uncertainty and expectations of a shift towards looser monetary policy by the Federal Reserve [1][2][4] - The rebound in the U.S. stock market is primarily driven by retail investors and liquidity, with a noted increase in risk appetite as the most pessimistic phase appears to have passed [1][4] - Analysts suggest that the volatility in the U.S. stock market is influenced by the performance of technology stocks, ongoing fiscal and trade deficits, and fluctuating tariff policies, which have all contributed to increased market uncertainty [2][3] Group 2 - The U.S. fiscal deficit for the fiscal year 2025 has reached $1.05 trillion, a year-on-year increase of 13%, raising concerns about the sustainability of U.S. government debt and challenging the high valuations of U.S. stocks [2][3] - The earnings growth of S&P 500 companies has shown resilience, with an expected earnings per share (EPS) growth of 7.5% for 2025, despite downward revisions in profit forecasts [5][6] - Current valuations of U.S. stocks are considered high, with the price-to-earnings (PE) ratio returning to levels seen in early March, indicating limited potential for further valuation increases [6]

鲍威尔赴国会山翌日，市场继续聚焦降息时间表。 截至发稿，美股涨跌不一，纳指与标普500指数飘红，道指下跌。 美股科技七巨头多数上涨，英伟达盘中股价创下五个月新高，再超微软成为全球市值最高的公司；特斯 拉则因欧洲销量断崖式下滑暴跌近5%。 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | | 特斯拉 | 325.880 | -14.590 | -4.29% | | TSLA | | | | | 亚马逊 | 212.908 | +0.138 | +0.06% | | AMZN | | | | | 谷歌-C | 171.930 | +4.190 | +2.50% | | GOOG | | | | | Meta Platforms | 709.527 | -2.673 | -0.38% | | META | | | | | 微软 | 491.685 | +1.575 | +0.32% | | MSFT | | | | | 苹果 | 201.823 | +1.523 | +0.76% | | AAPL | | | | | 英伟达 | 152.095 | +4.195 ...

KCM Trade驻悉尼首席市场分析师Tim Waterer表示："地缘政治风险有所缓解，但目前的停火协议仍称 不上稳固。尽管如此，这场停火已为风险资产提供了回升的理由，尽管走势仍略显犹豫。" 北京时间6月25日晚，美股三大指数开盘涨跌不一，标普500指数接近历史高点。投资者正评估伊以停火 协议的最新进展。美联储主席鲍威尔继续在国会发表证词。 道指跌0.01%，纳指涨0.55%，标普500指数涨0.25%。大型科技股普涨，英伟达、亚马逊、谷歌涨超 1%。 周二美股收高。尽管投资者担忧特朗普滥施关税引发的通胀回升及消费者疲软不振等不确定性因素，美 股仍持续从4月初的重大回调中反弹。德银分析师Jim Reid表示："关于昨天的行情，美股上涨的关键原 因是，油价下跌及通胀走低使今年降息的可能性继续存在。" 以-伊冲突成为市场今年似乎已摆脱的最新障碍。交易员期待由美国总统特朗普宣布的两国间脆弱停火 协议能够维持下去。 来源：读创财经综合 投资者周三将关注早间公布的新屋销售数据，同时还将密切关注美联储主席鲍威尔在参议院银行委员会 的证词陈述。在财报方面，交易员将追踪通用磨坊、Paychex和美光科技的季度报告。 此前一 ...

Market Overview - The US stock market showed positive sentiment on June 24, with all three major indices closing higher. The Dow Jones increased by 1.19%, the Nasdaq rose by 1.43%, and the S&P 500 gained 1.11% [4] - The Nasdaq China Golden Dragon Index surged by 3.31%, indicating a strong performance for Chinese concept stocks [2][6] Chinese Concept Stocks - Notable gains were observed in several Chinese concept stocks, with Xiaoma Zhixing rising over 16%, Hesai Technology increasing by over 14%, New Oriental up by over 13%, and Cangu gaining over 8% [6][8] Major Technology Stocks - Major US technology stocks had mixed results, with the Nasdaq US Tech Giants Index rising by over 1%. Nvidia and Amazon both increased by over 2%, while Meta and Google rose by over 1%. Microsoft saw a slight increase, while Apple and Tesla experienced declines [8][9] Commodity Prices - International oil prices experienced a significant drop, with both WTI and Brent crude oil contracts falling by over 5%. Gold futures prices decreased by 1.7%, and spot gold prices fell by 1.33% [11][12] Federal Reserve's Monetary Policy - Federal Reserve Chairman Jerome Powell indicated that the Fed is in a "wait-and-see" mode regarding future monetary policy adjustments, pending further economic data. He emphasized the need to observe the impact of tariffs on inflation before making any decisions [14][15] - Powell noted that the US GDP slightly declined in the first quarter, and consumer spending growth has slowed, reflecting increased uncertainty in the economic outlook [15]

证券代码：688788 证券简称：科思科技 公告编号：2025-048 深圳市科思科技股份有限公司 关于2024年年度权益分派实施后 调整股份回购价格上限和回购数量的公告 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 调整前回购价格上限：不超过人民币80.00元/股（含） ? 调整后回购价格上限：不超过人民币53.86元/股（含） ? 调整前回购数量：约为375,000股至625,000股 ? 调整后回购数量：约为556,999股至928,332股 ? 回购价格上限调整起始日：2025年6月24日（2024年年度权益分派除权除 息日） 一、回购股份的基本情况 三届董事会第二十一次会议、第三届独立董事专门会议第九次会议，全票审议通 过了《关于以集中竞价交易方式回购公司股份方案的议案》。2025年5月19日， 公司召开2024年年度股东大会，审议通过了《关于以集中竞价交易方式回购公司 股份方案的议案》。具体内容详见公司分别于2025年5月6日和2025年5月20日在 上海证券交易所网站（www.sse.com.cn）披露的《第三届董事会第二十一次会议 决议公告》（公告编号 ...

Key Points Summary Industry or Company Involved - The discussion revolves around the global economic outlook, with a focus on the Chinese economy, U.S. economic policies, and the performance of various asset classes, particularly in the context of investment strategies for 2025 and beyond [2][4][18]. Core Insights and Arguments 1. **Global Economic Outlook**: The global economy is experiencing structural slowdown, with growth expected to decline from 3.5% in Q4 2022 to 2.5% in Q4 2023, indicating a significant downtrend but not an outright recession [4][6]. 2. **U.S. Economic Challenges**: The U.S. is facing inflationary pressures due to tariffs and other uncertainties, with GDP growth projected to slow to around 1% in Q4 2023. The Federal Reserve is unlikely to cut interest rates this year due to persistent inflation [5][6]. 3. **China's Economic Performance**: China's GDP growth forecast has been adjusted to 4.5% for 2023, with structural deflationary pressures still present. The impact of tariffs on exports is significant, with expectations of a decline in export growth from 6% last year to near zero this year [9][19][21]. 4. **Investment Strategies**: There is a shift in focus towards high-quality fixed income assets, with a neutral rating on equities globally. The U.S. stock market is favored, with a projected rise in the S&P 500 to 6,500 points, while emerging markets are expected to have limited upside [45][48][49]. 5. **Hong Kong Market Dynamics**: The Hong Kong market is seeing renewed interest from global investors, particularly in light of the recent drop in interest rates and the potential for capital inflows due to a weaker U.S. dollar [12][40]. Other Important but Possibly Overlooked Content 1. **Tariff Implications**: The recently passed 899 clause in the U.S. Congress could impose discriminatory taxes on European companies operating in the U.S., potentially undermining their investment confidence [7][8]. 2. **Consumer Behavior in China**: Consumer spending remains weak, with reliance on policies like "trade-in" programs to stimulate demand. The real estate market continues to struggle, affecting overall consumer confidence and spending [23][24][26]. 3. **Policy Recommendations**: There is a consensus that the Chinese government needs to implement significant reforms in social security and housing to stabilize the economy and enhance consumer spending [26][28]. 4. **Long-term Investment Outlook**: Despite short-term volatility, there is a belief that the Chinese stock market will recover in the long run, particularly in sectors driven by domestic demand and technological advancements [55][58]. This summary encapsulates the key insights from the conference, highlighting the interconnectedness of global economic trends and their implications for investment strategies.

关于北京石头世纪科技股份有限公司 法律意见书 二〇二五年六月 中国北京市建国门外大街 1 号国贸写字楼 2 座 12 - 15 层 100004 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于北京石头世纪科技股份有限公司 法律意见书 致：北京石头世纪科技股份有限公司 根据《中华人民共和国律师法》 《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、法规和规范性文件以及《北京石头世纪科技股份有限公司章程》 （以下简称"《公 司章程》"）的规定，北京市通商律师事务所（以下简称"本所"）接受北京石头世纪 科技股份有限公司（以下简称"公司"）的委托，指派律师出席公司于 2025 年 6 月 23 日召开的2025 年第二次临时股东会（以下简称"本次股东会"），并就本次股东会的有 关事宜，出具法律意见书。 为出具本法律意见书，本所律师审查 ...