上半年资本市场一句话总结，下一个中国还是中国。经历去年港股A股的价值修复，国际资本寻找下一个值得投资的最佳目的地时，发现有潜力的还是中 国。上周，标普500，纳斯达克，英伟达再创新高，牛逼。但按年看，恒生指数，恒生科技才是更靓的仔。 下半年资本市场一句话展望，下一个美元还是美元...吗？特朗普的答案：有稳定币，就还是。根据《天才法案》，美国财政部发行的国债，产业资本和私人 资本也可以买来作为抵押品，发行同等规模的稳定币，这就等于与美联储共享印钞权了。我只能说，生猛。上一次染指铸币权的美国总统肯尼迪，发行白银 券，被刺sha了。再上一次，林肯，用"绿背美元"（Greenback）绕过金融机构，被刺sha了。罗斯柴尔德说过："只要我能控制一个国家的货币发行，我不在 乎谁制定法律。"这一次，反正天塌下来有个高的顶着。美国上到传统金融业的摩根大通、美银花旗，中到科技零售业的亚马逊、沃尔玛，下到旅游航空业 的Expedia和航空公司们，都在琢磨发行稳定币。Coinbase，则干脆成了美国陆军250周年阅兵的主要赞助商。这不是概念炒作，背后有真利益。沃尔玛2024 年收入达6480亿美元，利润为155亿美元，期间大概需要 ...

Core Viewpoint - The development of Advanced Air Mobility (AAM) is set to revolutionize the aviation industry by creating new applications in passenger transport, cargo delivery, and infrastructure inspection, with a projected market size of nearly $80 billion by 2034 due to increasing demand for efficient, green, and rapid transportation solutions [2][3]. Group 1: AAM Market Growth and Applications - AAM is expected to grow significantly, driven by the need for efficient and sustainable transportation solutions in urban and rural areas [2]. - The AAM technology framework includes various types of aircraft, such as small drones and large electric planes, which are innovating the aviation industry through autonomous operation and propulsion system advancements [2][3]. - The current stage of AAM is characterized by a rapid growth phase, particularly in the drone application sector, with hundreds of pilot projects being implemented globally [2][3]. Group 2: Responsible AAM Implementation - The World Economic Forum and Kearney have released a white paper outlining three core elements for the responsible implementation of AAM [4][5]. - The first element focuses on establishing a responsible strategic direction for AAM, emphasizing the importance of safety, sustainability, and economic growth [6][7]. - The second element involves clarifying the primary tasks of stakeholders in the AAM value chain and promoting collaborative efforts among regulators, investors, manufacturers, and operators [18][19]. - The third element reviews key experiences from early drone deployments, which can inform larger AAM applications and highlight the complexities of real-world implementation [28][29]. Group 3: Stakeholder Responsibilities - Each stakeholder in the AAM value chain has specific responsibilities that are interconnected, requiring strategic collaboration to overcome challenges [21][22]. - Regulators are tasked with creating legal frameworks and safety standards, while investors focus on funding early pilots and infrastructure [22][23]. - Infrastructure providers must develop the necessary physical and digital infrastructure, and suppliers are responsible for creating adaptable components [25][27]. - Original Equipment Manufacturers (OEMs) need to ensure compliance with safety standards and adapt their designs to market needs [25][27]. Group 4: Lessons from Drone Deployments - Real-world drone deployment experiences provide valuable insights for the broader AAM industry, particularly in operational feasibility, economic viability, and social acceptance [30][31]. - Successful drone applications, such as the WFP's DEEP program for disaster response, demonstrate the potential of drones in humanitarian efforts and the importance of collaboration among various stakeholders [33][34]. - The Costa Rica Flying Labs initiative showcases how local capacity building and low-cost technology can enhance environmental monitoring efforts [37][38]. - The MFTS program in India illustrates the effectiveness of drones in improving medical logistics in remote areas, emphasizing the need for stakeholder cooperation and regulatory support [42][43]. Group 5: Future Outlook for AAM - The future of AAM will depend on its ability to create social value and integrate seamlessly into existing transportation networks [49][50]. - As AAM technologies evolve, new applications will emerge, enhancing the efficiency of goods and people movement while addressing public safety and environmental monitoring needs [49][50]. - A structured, phased approach is necessary to balance innovation with safety and social acceptance, ensuring that the principles guiding AAM development are effectively implemented [48][50].

加拿大G7峰会期间，特朗普与冯德莱恩的双边会晤并没有给双边关系带来预想中的缓和，会后特朗普不仅批评欧盟，还要求欧盟"二选一"。虽然美国暂时 收回了对欧盟汽车加征50%关税，并将谈判的最后期限推到了7月9日，但欧盟内部对于美欧谈判并不看好。 伴随着欧美贸易争端的持续发酵，6月24日，欧盟公布了针对美国的价值1160亿欧元反制清单，而在美欧双方剑拔弩张之际，中方发出了截然不同的声音。 早在5月8日，欧盟就已经公布了一份价值950亿欧元对美关税反制清单，囊括了从美国威士忌、坚果巧克力到飞机零件、汽车部件的众多商品，几乎覆盖了 美国经济的敏感神经。 当时欧盟列出这项清单，就是想以此作为与美国的谈判筹码，让特朗普主动取消的不合理关税。 4月初，特朗普突然宣布将对欧盟商品征收20%的"对等关税"，几天后又宣布暂缓90天执行，但仍保留10%的"基准关税"，5月底特朗普又在社交媒体上威胁 将税率提高到50%，并抛出"欧盟一直在占美国便宜"的争议性言论。 经过几轮极限施压与反复拉扯，双方最终将谈判截止日期定在7月9日，即90天缓冲期的最后时刻，就目前的情况来看，美方似乎执意要将10%的关税作为谈 判底线，而欧盟对此也心知肚明。 ...

资讯汇总 [table_Header]2025.06.26 【ESG 投资周报】ESG 主要指数有所回调，流动性环比收窄 产业研究中心 摘要： | [Table_Authors] | | | --- | --- | | | 赵子健(分析师) | | | 021-38676666 | | 登记编号 | S0880520060003 | | | 王佳(分析师) | | | 021-38676666 | | 登记编号 | S0880524010001 | | | 蔡晨(研究助理) | | | 021-38676666 | | 登记编号 | S0880123070146 | 请务必阅读正文之后的免责条款部分 1 of 7 [Table_Summary] 结论：上周（2025 年 6 月 16 日-2025 年 6 月 20 日）A 股市场有所回调， 沪深 300 指数收跌 0.45%，ESG300 指数收跌 0.69%，中证 ESG100 指数收 跌 0.35%，科创 ESG 指数收跌 0.81%；上周全 A 日均成交额约 1.22 万亿 元，流动性环比收窄。 基金产品：截至 2025 年 6 月 22 日，本月发行 ...

更好支撑粤港澳大湾区打造新发展格局战略支点 郭永航孙志洋会见刘爱力并共同见证签约 6月25日，广州市人民政府与中国邮政集团有限公司在穗签署战略合作框架协议。市委书记郭永航，市 委副书记、市长孙志洋会见中国邮政集团党组书记、董事长刘爱力，并共同见证协议签署。 郭永航、孙志洋对刘爱力一行表示欢迎。郭永航指出，中国邮政与广州合作基础深厚，为广州经济社会 发展作出了积极贡献。广州是我国重要的中心城市、综合性门户和国际性综合交通枢纽城市，拥有完备 的陆海空铁立体化交通体系，发达的制造业和商贸业促进了现代物流业的蓬勃发展。希望与中国邮政一 道深入贯彻落实习近平总书记、党中央决策部署，牢牢把握粤港澳大湾区"一点两地"建设重大机遇，加 快推进大湾区邮政航空枢纽建设，完善城乡商贸物流体系助力"百千万工程"，深化智慧物流、低空经 济、现代金融等领域合作，携手建设具有全球竞争力的国际物流中心，共同服务和融入新发展格局。 刘爱力代表邮政集团党组对广州市委、市政府一直以来关心和支持邮政发展表示感谢，指出邮政业是国 民经济的基础性、战略性、先导性产业，中国邮政作为行业"国家队"，业务多元、业态丰富，具有商 流、物流、资金流、信息流"四流 ...

美东时间周三，美股三大指数涨跌不一，脆弱的以伊停火协议继续维持，投资者聚焦美联储主 席鲍威尔的听证会。 目前标普500指数和纳指距离创纪录收盘高点仅有一步之遥。Carson Group首席市场策略师 Ryan Detrick评论称，市场就像是回到了正常的牛市行情。"我们已经应对了关税问题，也经 历了中东的地缘动荡，尽管有这些让人担心的事情，股票价格还是在上涨，因为美国经济很有 韧性，大家都在等着标普500指数创下新高。" 截至收盘，道指跌106.59点，跌幅为0.25%，报42982.43点；纳指涨61.02点，涨幅为 0.31%，报19973.55点；标普500指数跌0.02点，报6092.16点。 标普500指数的11个板块中，房地产板块收跌2.46%，可选消费板块跌1.13%，能源板块跌 0.43%，电信板块涨0.51%，信息技术/科技板块涨1.18%。 以色列和伊朗之间脆弱的休战得以继续维持，美国总统特朗普宣布取得了胜利，这让投资者松 了一口气，认为冲突不会扰乱全球原油供应。美国中央情报局声称，伊朗几处关键核设施已被 摧毁，需要数年时间才能重建。 在第二场听证会上，鲍威尔重申，美联储并不急于降息，强调 ...

欧盟近日表示，如果美国总统特朗普如外界预期般对欧盟商品征收基准关税，欧盟将对包括波音公司飞机在内的美国进口商品征收报复性关税。 欧盟官员预计，即使贸易谈判达成协议，美国仍会保留部分关税。此前，负责欧盟贸易事务的欧盟委员会并未明确表示此举是否会引发欧盟的报 复。 据新华社4月3日报道，美国总统特朗普2日在白宫签署两项关于所谓"对等关税"的行政令，宣布美国对贸易伙伴设立10%的"最低基准关税"，并对 某些贸易伙伴征收更高关税。欧盟产业政策专员Stephane Sejourne表示： "如果美国坚持不对称协议，包括最终谈判结果仍保留10%的关税，我们将需要采取报复和再平衡措施，涉及一些关键领域。" 随着7月9日关税生效日的临近，欧盟正加紧与华盛顿达成协议。特朗普曾猛烈抨击欧盟，称其成立是为了"坑害"美国，并指责欧盟存在商品贸易 顺差和阻碍美国贸易的壁垒。欧盟估计，目前美国对欧盟出口商品征收的关税总额已达3800亿欧元（约合4390亿美元），约占其对美出口总额的 70%。 谈判陷入僵局，欧盟指责美方要求不公 欧盟委员会上周告知成员国，美国坚持的要求可能导致一份不公平的协议。 据媒体此前报道，美国的一些要求包括与鱼类出 ...

Group 1: Political and Economic Developments - The UK Reform Party, led by Farage, plans to sell a "Britannia Card" for £250,000 to non-domiciled taxpayers, allowing them to avoid taxes on overseas income and inheritance tax while granting a 10-year residency in the UK [2] - The Reform Party anticipates that the "Britannia Card" could generate annual revenue of £1.5 billion to £2.5 billion, which will be distributed to the lowest 10% of full-time workers in the UK, approximately 2.5 million people, equating to £600 to £1,000 per person [2] Group 2: Travel and Security Alerts - The UK government issued travel warnings for several Middle Eastern countries due to escalating tensions, advising citizens to confirm flight information with airlines [6] - British Airways and Singapore Airlines have temporarily suspended flights to Dubai and Doha, with other airlines also halting services in response to the situation [7] Group 3: Financial Market Insights - The UK has seen a significant increase in merger and acquisition activity, with 1,207 deals valued at $118.6 billion (£87.7 billion) in the first half of the year, a 52% year-on-year increase [9] - JPMorgan has shifted its outlook to favor UK government bonds over US bonds, indicating a positive sentiment towards UK debt [10] Group 4: Currency Trends - The British pound has rebounded, with the latest exchange rate against the US dollar reaching 1.36 [11] - The pound's exchange rate against the Chinese yuan has also improved, now standing at 9.77 [12] Group 5: Business Investments - The UK government-backed British Business Bank announced a £6.6 billion investment to support the development of small businesses as part of a 10-year industrial strategy [14] Group 6: Employment Trends - The four major accounting firms in the UK are significantly reducing graduate recruitment due to the rise of artificial intelligence taking over entry-level jobs [15] - Over the past two years, KPMG has reduced graduate hiring by 29%, Deloitte by 18%, and EY and PwC by 11% and 6% respectively, while expanding operations in lower-cost regions like India and Malaysia [17]

特朗普警告以色列！ 据最新消息，美国总统特朗普当地时间24日警告以色列，要求以色列不要再向伊朗投掷任何炸弹，否则将违反 停火协议。另据外媒报道，特朗普当天致电以色列总理内塔尼亚胡，要求他停止攻击伊朗。 此前，在停火协议生效后，以色列国防军称，侦测到伊朗再次发射弹道导弹。随后，以色列防长卡茨表示，将 对德黑兰市中心的目标进行猛烈打击。不过，伊朗武装部队总参谋部否认向以色列发射了导弹。 值得关注的是，关键时刻，伊拉克多处军事基地又传出爆炸声。那么，到底发生了什么？ 特朗普发出警告 当地时间6月24日，美国总统特朗普在社交媒体发文称："以色列，不要投那些炸弹。如果这样做，那就是严重 违规行为。让你们的飞行员，马上回家！" 据美国媒体报道，特朗普当天还表示，以色列和伊朗均违反停火协议。特朗普说，他对以伊两国都不满，尤其 是对以色列。他还表示，伊朗的核能力已不复存在。 特朗普当天在离开白宫时说："我现在必须让以色列冷静下来，我们一达成协议，他们就出来投下了大量炸 弹，这是我从未见过的。"特朗普补充道："两个国家已经打了这么久，这么激烈，他们不知道自己在做什 么。" 另据最新消息，特朗普刚刚在社交媒体发文称："以色列不会 ...

印度航空公司：将于星期二逐步恢复飞往中东的航班。 ...