Group 1 - Needham downgraded CoreWeave's rating from "Buy" to "Hold," citing that the $9 billion acquisition of Core Scientific is strategically significant but appears overvalued [1] - The acquisition is expected to release an additional 150MW to 200MW of IT capacity for high-performance computing (HPC) and AI workloads [1] - Analysts believe the deal will provide CoreWeave with high-quality underlying infrastructure, reduce capital costs through asset-backed securities financing, save $500 million in annual operating expenses, and bring in an internal data center operations team [1] Group 2 - Following the acquisition announcement, several securities firms, including Stifel and Mizuho, downgraded their ratings on CoreWeave [2] - As of Thursday's market close, CoreWeave's stock fell by 9.64% to $138.29, despite a year-to-date increase of 246% [2]

Core Insights - Qinghai Province's transportation fixed asset investment reached 7.1 billion yuan in the first half of the year, marking a 55% year-on-year increase [1] Group 1: Infrastructure Development - The Qinghai transportation department has developed several planning documents, including the "One Core, One Ring, Multiple Belts" ecological tourism road planning outline and the integrated transportation special plan for the Xining-Haidong metropolitan area [1] - The province is enhancing its internal road network to create ecological scenic roads that integrate travel and transportation, particularly in the Qingnan region [1] Group 2: Green Transportation Initiatives - The proportion of new energy and clean energy buses and taxis in Qinghai has reached 99% and 83%, respectively [1] - The implementation of "cold regeneration" technology has improved 2,000 kilometers of rural gravel roads [1] - The coverage rate of charging infrastructure in service areas below 3,000 meters altitude has reached 83% as part of the "Sustainable Travel Project" [1] Group 3: Public Service Enhancements - In the first half of the year, Qinghai completed the reconstruction of 1,179 kilometers of rural roads, with two towns achieving access to roads of grade three or above [1] - A three-year action plan for road condition improvement has identified 11,400 kilometers of substandard road sections, with plans to rectify 3,320 kilometers within the year [1] Group 4: Passenger and Freight Services - The transportation department has launched three new customized passenger transport routes and upgraded 12 public transport service facilities in Xining [2] - The ticketing coverage rate for passenger transport stations of grade three or above reached 68% in the first half of the year [2] - A total of 30 rural passenger and freight postal integration routes have been opened, with an average daily volume of over 1,300 items [2]

Core Viewpoint - The digital economy is being described as the "new Silk Road" that is reshaping national competitiveness, industrial structure, and global cooperation patterns [1] Group 1: Event Overview - The "2025 Shanghai Cooperation Organization Digital Economy Forum State-Owned Enterprises Digital Technology Application Promotion Conference" was held in Tianjin, attended by nearly 260 representatives from various sectors including state-owned enterprises, private enterprises, and experts [1][2] - The event focused on discussing digital economy collaboration and the practical achievements and innovative paths of state-owned enterprises in digital technology application [1] Group 2: Key Insights from Speakers - Ahmed Dawish emphasized China's advanced digital infrastructure and rich experience in state-owned enterprise reform, while Egypt has a young talent pool and regional hub advantages, suggesting collaboration in areas such as smart infrastructure, industrial internet, digital talent cultivation, fintech, and cross-border payments [1] - Dawish proposed the establishment of a Sino-Egyptian state-owned enterprise digital transformation working group to focus on standard setting, cybersecurity, and investment mechanisms [1] Group 3: Local Government Initiatives - Wang Zhiyi, Deputy Secretary-General of Tianjin Municipal Government, highlighted the significant achievements of China in promoting digital economy development, with Tianjin being a key northern gateway for foreign trade and an advanced manufacturing R&D base [1] - The Tianjin State-owned Assets Supervision and Administration Commission indicated that Tianjin's state-owned enterprises will leverage the conference to expand cooperation and ensure that the benefits of digital economy development reach more people [2]

Tax Policy Impacts - The "One Big Beautiful Bill" Act (OBBB) aims to extend and expand tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA), reducing the corporate tax rate from 35% to 21% permanently[1][7] - The Act repeals provisions from the Biden administration aimed at reducing traditional energy consumption, benefiting traditional energy companies[1][7] Indirect Support for Infrastructure and AI - OBBB does not directly fund traditional manufacturing or infrastructure projects but focuses on tax policy and deregulation, which may indirectly support infrastructure and AI development by reducing corporate costs[2][8] - Permanent full expensing provisions for equipment, R&D, and plants allow companies to deduct the full cost of capital investments immediately, reducing financial burdens and encouraging investment in advanced manufacturing[3][9] Opportunity Zones and Investment Attraction - The Act expands Opportunity Zones to attract private capital into economically distressed areas, enhancing investment in projects like smart city technology and logistics hubs[4][10] - Deregulation measures simplify the approval process for infrastructure projects, potentially accelerating project timelines[4][10] Economic Growth and Local Industry - Tax cuts and capacity expansion incentives are expected to enhance the profitability and competitiveness of domestic industrial enterprises in the U.S. market[5][11] - Increased production capacity is anticipated to improve market share and meet local manufacturing demands, while personal tax reductions may boost overall consumption[5][11] Investment Recommendations - Companies that may benefit from the policy's tax cuts and required equipment investments include Vistra, Constellation, Talen Energy, GE Vernova, Schneider Electric, Eaton, Vertiv, Honeywell, Cummins, and Caterpillar[6][12] Risk Factors - Potential risks include slower-than-expected U.S. economic growth, changes in U.S. policy, and geopolitical uncertainties[6][13]

基础设施业务纵深推进：融合建造，提档升级 中国能建建筑集团依托科研、人才、管理等优势，推进传统能源业务升级，在节能减排、环境保护等方 面发挥突出作用。截至目前，中国能建建筑集团装机总容量突破1.65亿千瓦，承建百万千瓦机组36台、 66万千瓦机组近70台，9H、9F等燃机30多台，运检百万千瓦机组及66万千瓦机组420余台。"疆电入 渝"配套工程——新疆重能石头梅电厂1号机组，仅用19个月28天即实现投产目标，甘肃正宁百万煤电项 目投产，助力"陇电入鲁"特高压线路安全稳定运行。 新能源业务开拓创新：抢抓机遇，快速发展 中国能建建筑集团抢抓新能源发展机遇，承建风电、光伏、光热、氢能及储能电站装机容量已经突破 5000万千瓦，新能源业务占比从2020年的12.85%大幅提升至2025年上半年的38.47%，订单增长了7.4 倍。承揽"沙戈荒"基地鄂尔多斯200万千瓦光伏、新疆天山410万千瓦新能源基地等一系列大型新能源项 目，为实现"双碳"目标作出重要贡献。 中国能建建筑集团布局房屋建筑等基础设施业务，以长三角地区、粤港澳大湾区为重点，承建建筑面积 超8000万平方米。在广州机场建投集团同批次开工的28家央国企单 ...

李春临称，下一步，国家发展改革委将持续强化部门协同、央地联动，确保102项重大工程圆满收官。 同时，科学谋划"十五五"重大工程项目，为推进中国式现代化建设提供更加坚实的保障。 "我国经济总量连续跨越110万亿元、120万亿元、130万亿元，今年预计可以达到140万亿元左右；增量 预计超过35万亿元。"7月9日，国家发展改革委主任郑栅洁在国新办举行的"高质量完成'十四五'规划"系 列主题首场新闻发布会上表示，现在，中国的实体经济根基越来越强，"十四五"以来每年制造业增加值 都超过30万亿元，我国连续15年稳坐全球制造业"头把交椅"，200多种主要工业品产量世界第一，中国 不能造的越来越少、能造的越来越好。 再有不到180天，"十四五"将收官。郑栅洁称，回过头来看，5年前制定的《中华人民共和国国民经济和 社会发展第十四个五年规划和2035年远景目标纲要》(以下简称"'十四五'规划纲要")各项主要指标中， 经济增长、全员劳动生产率、全社会研发经费投入等指标进展符合预期；常住人口城镇化率，人均预期 寿命，粮食、能源综合生产能力等8项指标进展超过预期；"十四五"规划纲要确定的战略任务全面落 地，部署的102项重大工程顺 ...

丨证券研究报告丨 戴清 胡飞 请阅读最后评级说明和重要声明 市场策略丨专题报告 [Table_Title] 复盘供给侧改革："反内卷"如何催生产能出清 主升浪 报告要点 [Table_Summary] 近期政策再次提及要规范企业低价无序竞争，推动落后产能有序退出，我们复盘历史类似的政 策推动供给端出清案例，结果发现，在政策推动下的供给端出清，第一阶段的行情起于政策预 期，后续主升浪则需行业格局改善配合。落地到本轮"反内卷"政策，策略应对上，关注两条 主线，一是本身供给端出清时间比较久，供需格局有望改善即自然出清的行业；二是或受益于 政策预期推动加速出清的行业。 分析师及联系人 [Table_Author] SAC：S0490524010002 SFC：BTR264 %% %% %% %% research.95579.com 1 [Table_Summary2] 政策信号明确：规范企业低价无序竞争，推动落后产能有序退出 政策信号明确，整治"内卷式"竞争。近年来，市场竞争"内卷化"之所以愈演愈烈，其核心 症结在于许多行业长期累积的产能过剩。当供给远大于需求，存量市场的博弈便不可避免地异 化为内卷。这种恶性竞争不 ...

2025年中国经济总量预计可达到140万亿左右，对世界经济增长的贡献率一直保持在30%左右。"十四五"前4年经济增速平均值为5.5%，内需对经济增长的平 均贡献率为86.4%。中国拥有的全球百强科技创新集群数量达到26个、占比全球第一，高新技术企业超过46万家…… 7月9日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会。国家发改委主任郑栅洁表示，在这5年历程中，百年变局加速演进，改革发展 稳定任务之艰巨前所未有。我们顶住了压力、经受住了考验，经济社会发展实现了大幅跃升，可谓是"风雨兼程见彩虹"。 综合国力突飞猛进 "十四五"规划纲要各项主要指标中，经济增长、全员劳动生产率、全社会研发经费投入等指标进展符合预期；常住人口城镇化率，人均预期寿命，粮食、能 源综合生产能力等8项指标进展超过预期；规划确定的战略任务全面落地，部署的102项重大工程顺利推进。 "十四五"规划的102项重大工程取得一系列重大进展、重大成效，预计年底前能全部完成规划目标 过去四年，最终消费对中国经济增长的平均贡献率达到56.2%，比"十三五"期间提高8.6个百分点。投资积累的资本形成对中国经济增长的平均贡献率为 30.2% ...

每经记者｜淡忠奎 每经编辑｜杨欢 低空经济正在加速走向规模化和规范化。 从去年底国家发改委挂牌成立低空经济司，到现如今民航局成立航空和低空经济工作领导小组，低空经济发展的制度障碍逐步扫清。中央和地方双轮驱动 下，低空经济加速从政策规划走向产业实景，也成为地方产业转型升级的重要驱动力。 7月8日，每日经济新闻·每经智库、城市进化论联合火石创造发布《城市低空经济"链接力"指数（2025）》（以下简称《报告》），并发布低空经济"链接 力"指数50强及企业聚集度、资本活跃度、创新聚集度和环境友好度四大细分指数50强的评价结果。 识别图中二维码立即获取报告 这是继2024年全国第一份城市低空经济报告发布，对低空经济产业链图谱和评价体系进行迭代优化后，对全国近300座城市低空经济发展水平进行的综合评 价。 "本次发布的低空经济'链接力'指数2.0，不仅是榜单范围的扩展（从30强到50强），更是一个'动态导航仪'。通过对主要城市低空经济"画像"，报告有力地呈 现了百舸争流中'空中疆域'的变化趋势。"火石创造创始人、CEO杨红飞分析，低空经济的竞争本质是城市"链接资源—赋能场景—反哺技术"的闭环能力之 争。 《报告》显示，北 ...

Core Viewpoint - The "3+1" documents outline a comprehensive plan for the integration and development of the Zhuhai, Zhongshan, Jiangmen, and Yangjiang cities, aiming to establish the Pearl River Estuary West Coast Urban Circle as a significant growth area within the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] Group 1 - The plan emphasizes the construction of a development framework centered around Zhuhai, with Zhongshan, Jiangmen, and Yangjiang as growth poles, promoting infrastructure connectivity and collaborative industrial systems [1] - A total of 190 major cross-regional projects have been planned, establishing a coordination mechanism among the four cities to ensure effective implementation of the plans [1] Group 2 - Key tasks outlined in the "3+1" documents include enhancing regional cooperation, building a modern comprehensive transportation system, and promoting integrated infrastructure [2] - The Zhuhai Development and Reform Bureau will strengthen communication with the development reform departments of Zhongshan, Jiangmen, and Yangjiang to ensure orderly progress in task implementation and project execution [2]