外部因素的风吹草动对韩国经济的影响远胜于韩国内政的变化。 当地时间25日，韩国央行发布有关金融体系的半年度报告。 回顾即将过去的2025年上半年，报告总结称，由于前总统被弹劾后留下的领导真空，以及与美国特朗普 政府持续的贸易紧张局势，政治不确定性有所加剧。尽管金融和外汇市场波动加剧，但报告认为2025年 上半年韩国的金融体系基本保持稳定。 今年上半年，面对政治不确定性与资本市场的波动，韩国央行已进行四次降息，利率已下调至2.5%， 为2022年8月以来的最低水平。与此同时，韩国第一季度国内生产总值（GDP）增长意外收缩，较上年 同期下降0.1%。这是自2020年第四季度以来的首次收缩。 目前，韩国央行已将2025年全年GDP预期从之前的1.5%大幅下调至0.8%。 担心两极分化的楼市风险 国际金融协会（IIF）今年3月发布的报告称，以去年第四季度为准，尽管韩国家庭债务比例已从世界最 高水平回落，但其占GDP的比重仍高达91.7%，仅次于加拿大的100.6%。韩国家庭债务比这一数据自 2004年以来连续17年上升，疫情期间更是超过100%，远高于新兴市场均值（46%）和全球平均水平 （60.3%）。 韩国央行行 ...

Core Insights - The company has shifted its strategy from a focus on immediate sales to a more stable long-term approach, reflecting a deeper understanding of market dynamics and user needs [1][3][6] Product Development - The company launched a new product, TicNote, which integrates AI capabilities for recording, translating, and summarizing, showcasing a commitment to combining hardware and software [3][11] - The CEO acknowledged past failures in hardware development but emphasized learning from those experiences to improve future products [6][10] Market Positioning - The company initially hesitated to consider an IPO due to insufficient revenue but has since adapted its business model to include B2B services, alleviating some financial pressures [4][5] - The competitive landscape is challenging, with the CEO expressing that many companies lack the resources to compete effectively in AI, suggesting a focus on niche markets instead [10][11] Strategic Vision - The CEO believes that effective AI requires a personalized context, which hardware can provide, thus justifying the reintroduction of hardware products [10][11] - The company aims to leverage AI to enhance product development efficiency and differentiate itself in the hardware market [11]

"新"向未来——平安基金2025年中期投资策略会于6月25日-26日举行，多位行业专家对当前经济形势、 热门行业发展前景、资产配置等话题展开探讨。平安鑫惠90天持有期债券基金经理田元强发表《积极拥 抱票息资产，偏多参与波段交易——2025年下半年债券市场投资展望》主旨演讲时表示，2025年下半年 债券市场仍存在结构性机会，投资者应积极拥抱票息资产，偏多思维参与波段交易，同时密切关注政策 变化和经济数据，做好风险管理。 田元强指出，2025年上半年，经济基本面呈现出修复态势，但内生动能相对不足。投资方面，地产投资 拖累效应延续，制造业投资偏弱，基建投资虽在发力但力度有限。消费领域在政策支持下有所回升，但 整体增速仍待进一步提升。出口方面，海外经济体表现平稳，出口增速总量虽平稳但节奏波动较大。通 胀方面，CPI和PPI运行均偏弱，总需求不足，产能利用率偏低，通胀压力有限。 田元强认为，央行的目标体系暂未出现调整，稳增长和调结构仍是首要目标。资金价格方面，降准降息 后，资金价格实质回落，偏弱的信贷可能导致宽松延续。同时，维护银行息差，存款降息也在路上。 田元强表示，目前债市处于基本面平稳偏弱、货币政策稳健宽松的友好 ...

Group 1 - The National Development and Reform Commission (NDRC) plans to issue the third batch of funds for the "old-for-new" consumption policy in July, with a total support of 300 billion yuan from special long-term bonds [1][3] - The first two batches of funds amounting to 162 billion yuan were distributed in January and April, with a focus on supporting regions that overspent last year [1][3] - The NDRC will coordinate with relevant parties to ensure a balanced and timely distribution of funds, with a monthly and weekly plan for the "national subsidy" to ensure the policy is implemented smoothly throughout the year [1][3] Group 2 - The "national subsidy" funds consist of three parts: central government long-term bond funds, local matching funds at a 9:1 ratio, and additional local funds based on implementation progress [3] - By May 31, 2025, the consumption of national subsidy funds is expected to reach 155-165 billion yuan, with an average monthly consumption exceeding 30 billion yuan [3] - The consumption in June is projected to rise to 50 billion yuan due to shopping events, bringing the total consumption from January to June to 210 billion yuan, which is 70% of the 300 billion yuan fund pool [3] Group 3 - During the 618 shopping festival, JD.com reported significant sales growth in mobile communication and home appliances, with increases of 88% and 161% year-on-year, respectively [4] - The adjustment of the national subsidy policy is shifting from universal subsidies to a more controlled distribution model, which aims to manage the pace of fund consumption more effectively [4][5] - The new funding distribution mechanism is expected to alleviate pressure on local governments and encourage companies to focus on market demand and product value rather than merely competing for subsidies [5]

经营范围含许可经营项目：货物进出口；技术进出口；进出口代理（许可经营项目凭许可证件经营）一 般经营项目：制冷、空调设备销售；机械设备销售；电气设备销售；电子元器件与机电组件设备销售； 泵及真空设备销售；阀门和旋塞销售；太阳能热利用装备销售；环境保护专用设备销售；建筑材料销 售；专用设备修理；通用设备修理；电气设备修理；电子、机械设备维护（不含特种设备）；技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广；信息技术咨询服务；企业管理咨询；数据 处理和存储支持服务；软件开发；云计算装备技术服务；供冷服务（经营范围中的一般经营项目依法自 主开展经营活动，通过国家企业信用信息公示系统（海南）向社会公示）（一般经营项目自主经营，许 可经营项目凭相关许可证或者批准文件经营）（依法须经批准的项目，经相关部门批准后方可开展经营 活动。） 企业名称海南铭竑国际贸易有限公司法定代表人邱明军注册资本200万人民币国标行业批发和零售业> 批发业>其他批发业地址海南省三亚市崖州区用友产业园(三亚)内2＃楼312室-217企业类型有限责任公 司（自然人投资或控股的法人独资）营业期限2025-6-25至无固定期限登记机关海南省市 ...

古代丝绸之路上，中国丝绸声名远播，承载中华文明的华美。曾几何时，它是帝王华服、文化使者，却 在近代化纤与机械织布冲击下，一度黯然，桑园荒芜。 今天，黄金茧从实验室进入桑园，金蚕丝给桑农带来新的致富希望。生物技术、AI设计、绿色印 染……中国丝绸以科技与文化为翼，传统产业再度破茧成蝶，从乡村桑园飞向全球舞台。 0:00 桑园沉浮：从低谷到新生 浙江省开化县华埠镇溪东村，养蚕缫丝一直是村民赖以为生的基业。20世纪70年代，蚕丝收入让不少家 庭盖起新房，桑园间"晴采桑，雨采桑"的场景如画。 2016年，白蚕茧价格跌破每斤15元的成本线，年轻人外出务工，桑园荒芜。"那时候，村里安静得让人 心慌，桑树没人管，蚕房空荡荡。"溪东村党支部书记许义凤回忆。这是溪东村的困境，也是全国丝绸 产业的缩影。全球化下，廉价化纤与机械生产挤压市场，技术落后让桑园沉寂。 转机始于2017年。许义凤在浙江省妇联大会上结识了杭州万事利集团董事长屠红燕，多次推介村里560 亩桑园的潜力。"我们村养蚕40多年，能不能带我们致富？"许义凤鼓起勇气说。2018年，万事利与浙江 大学选育的"金蚕1号"黄金茧落地溪东村，开启规模化养殖试点。依托"企业+经 ...

zhangyang-yjs@ccnew.com 021-50586627 券商板块 2025 年 5 月回顾及 6 月前瞻 ——券商板块月报 证券研究报告-行业月报 同步大市(维持) 证券Ⅱ相对沪深 300 指数表现 分析师：张洋 登记编码：S0730516040002 证券Ⅱ 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共11页 相关报告 《证券Ⅱ行业半年度策略：稳字当头，稳中有 进》 2025-06-23 《证券Ⅱ行业专题研究：零售经纪、两融业绩 贡献度明显上升，自营仍是核心变量》 2025- 05-29 《证券Ⅱ行业月报：券商板块 2025 年 4 月回 顾及 5 月前瞻》 2025-05-27 联系人：李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 风险提示：1.权益及固收市场波动导致证券行业基本面改善的程度不及 预期；2.股价短期波动风险；3.资本市场改革的政策效果不及预期 发布日期：2025 年 06 月 26 日 -9% 3% 14% 25% 3 ...

Group 1 - The core issue of in-car advertising has led to a significant increase in consumer complaints, with a 210% year-on-year rise in complaints in 2024, making it the second-largest consumer rights concern after battery safety [1] - Consumers are primarily concerned about driving safety and the perceived infringement of personal ownership and privacy rights due to in-car advertisements [1] - Car manufacturers are motivated to push in-car ads to reach potential buyers and explore new revenue streams through software services amid intense market competition [1] Group 2 - In-car systems have unique advantages over mobile ads, as they can gather rich contextual data, which allows for targeted advertising based on vehicle status, such as maintenance needs or low battery levels [2] - The market penetration rate of smart connected vehicles in China is expected to exceed 80% by 2026, yet the software revenue for most domestic car manufacturers remains low, at only 1% to 3% [2] - Companies like Tesla and Li Auto have made progress in monetizing in-car systems, with Li Auto's "Task Master" feature allowing users to earn points by watching ads, achieving a participation rate of 34% [2] Group 3 - The optimal model for in-car commercialization should be seamless, where users do not perceive the commercialization, indicating a need for innovation in service and revenue generation [3] - Car manufacturers face new challenges in balancing service convenience for users with their own revenue generation, exploring alternatives to advertising for income [3] - As the penetration of smart vehicles increases, the establishment of regulations and standards for in-car advertising is urgent, with the EU already working on regulations that require user consent for ads [3]

Group 1 - The company, Yuan Sheng Intelligent Technology, founded by Deng Longsheng, received an initial investment of 2 million yuan from the Guangdong Intelligent Robot Research Institute based on a cardboard model concept [2][3][4] - The company's first product is an intelligent care machine for the elderly, designed to monitor health and provide emergency calls, targeting the growing silver economy market [3][4] - The Guangdong Intelligent Robot Research Institute focuses on industrial robots, high-end intelligent equipment, and core components, providing support and funding for startups like Yuan Sheng [4][5] Group 2 - The research institute has a strategy to identify and nurture potential companies, favoring teams with academic backgrounds or experience in large enterprises [5] - The institute assists startups in various aspects, including team building, company structure design, and financing, enhancing the entrepreneurial environment [5][6] - The local industrial chain and ecosystem in Dongguan significantly support the company's development, offering lower costs and higher efficiency in manufacturing [6]

Core Viewpoint - Longhua District's Industrial and Information Technology Bureau has implemented a comprehensive "seedling cultivation" strategy to enhance the overall strength of small and medium-sized enterprises (SMEs), positioning the district among the top three in the city for SME development [1] Group 1: Seedling Cultivation Strategy - The strategy focuses on nurturing SMEs through a structured approach that includes selecting, nurturing, strengthening, and protecting enterprises, aiming to build a robust development system for key small giants and innovative SMEs [1] - By 2025, the district aims to achieve significant breakthroughs in the number of recognized and reported enterprises, with 17 new key small giants (third in the city), 268 new specialized and innovative small giants (second in the city), and 1,043 new innovative SMEs (first in the city) [1] Group 2: Establishing the Enterprise Cultivation Database - The Longhua District Industrial and Information Technology Bureau has created a cultivation database for SMEs, categorizing them into four levels: key small giants, innovative SMEs, specialized and innovative SMEs, and small giants, facilitating a progressive cultivation mechanism [2] - The bureau actively encourages eligible enterprises to apply for recognition and provides targeted guidance to those nearing the evaluation standards [2] Group 3: Building the Growth Ladder for Enterprises - The bureau has distributed over 6,000 policy promotion materials to ensure SMEs are aware of available support, conducting over 10 specialized training sessions for SMEs since 2025 [3] - A one-on-one service model has been established to assist enterprises throughout the application process, enhancing the quality of application materials and increasing approval rates [3] Group 4: Creating the Enterprise Reservoir - The bureau has introduced specialized policies to support SMEs in various areas, including financial support, innovation, and market expansion, fostering a conducive ecosystem for enterprise development [4] - A dynamic product directory for specialized and innovative enterprises has been established to facilitate collaboration between government and enterprises, promoting the application of innovative products [4] Group 5: Acting as the Guardian for Enterprises - The bureau provides comprehensive, one-stop services, establishing a dual-track service system to address the needs of both larger and smaller enterprises, ensuring a full-cycle service approach [6] - Housing support has been enhanced for specialized and innovative enterprises, with 282 housing units allocated to meet the needs of 203 enterprises [6]