记者丨郭晓洁 编辑丨周炎炎 7月9日，在多家车企宣布执行"60天账期"即将满月之际，工信部在"全国违约拖欠中小企业款 项投诉平台"开通了"重点车企践行账期承诺线上问题（建议）反映窗口"，主要受理四类涉及 车企拖欠供应商账款的问题。 多位车企供应商负责人向21世纪经济报道记者反映，当前，并非所有类型的供应商都被纳 入"60天账期"覆盖范围。 材料类供应商或已初步受益于新规红利，但设备、基建工程等领域 的实际付款周期依然较长，部分企业甚至需等待1年以上才能完成确权与回款。 事实上，车企账期问题只是众多产业供应链上下游博弈的一个缩影。多年来，部分大型企业 利用自身强势地位设置长账期，进一步挤压中小企业的现金流空间，其中尤其值得关注的是 长期困扰中小企业的名义账期之外的"隐形账期"问题。 随着监管趋严和行业自律加强，大型企业的名义账期虽有所缩短，但"隐形账期"却以新的形 式出现，成为中小企业现金流管理的新挑战。 这场大型企业与中小供应商之间的博弈，不仅影响产业链的健康运行，也使中小企业陷入了 融资难的困境。 "看不见"的账期 实际上，在车企集中宣布缩短账期之前，央企国企已在监管压力下率先展开多轮整改，合同 账期普遍有 ...

Core Insights - The HuRun Research Institute released the "2025 Global Unicorn List," highlighting the growth of unicorn companies, defined as non-public companies founded after 2000 with valuations over $1 billion [1] Group 1: Unicorn Companies in the Greater Bay Area - The Greater Bay Area (GBA) is a leader in unicorn companies, with 72 unicorns, accounting for 21% of China's total [2] - The GBA's unicorns are concentrated in Shenzhen and Guangzhou, with 37 and 24 companies respectively, featuring notable firms like SHEIN and OPPO [2][4] - Over 80% of Shenzhen's unicorns are categorized as "hard tech," focusing on sectors like semiconductors and renewable energy [2][4] Group 2: Innovation and Collaboration - The GBA's strong institutional innovation and collaborative development mechanisms facilitate the free flow of innovation resources, enhancing market scale and supporting unicorn growth [3] - The region's collaborative ecosystem is characterized by shared computing power, policy integration, and industrial chain division, creating a seamless environment for "hard tech" innovation [4][5] Group 3: Unique Incubation Models - The GBA has a unique incubation model, particularly in Shenzhen, where large companies spin off high-potential business units into independent unicorns, fostering innovation [8][9] - Examples include WeLab and OPPO, which leverage cross-border data flow and proximity to enhance their market presence and operational efficiency [6][8] Group 4: Sector-Specific Growth - Guangzhou's unicorns often emerge from niche markets, benefiting from digital empowerment and innovative business models, such as ZhiJing Technology in the textile industry [10][11] - Companies like LeHe Food have successfully addressed supply chain inefficiencies, establishing themselves as leaders in their respective fields [11]

7月10日，"金融聚能智汇山城"——AI领创企业重庆行暨西部金融中心之夜活动在重庆两江新区举行。 近年来，重庆依托在消费金融领域的先发优势，涵盖普惠金融、安全风控、消费者权益保护，客户服务 等全链条业务环节的AI创新应用场景不断涌现，推动人工智能与金融深度融合取得实质性突破。 作为活动平行会场之一，2025具身智能生态大会以"具身时代.向智而生"为主题，探讨具身智能技术的 产业化前景。今年3月，国务院办公厅印发《关于做好金融"五篇大文章"的指导意见》。意见明确，到 2027年，金融"五篇大文章"发展取得显著成效；持续完善养老金融相关政策，促进中国式养老事业高质 量发展。 作为人工智能领域的战略性前沿方向，"具身智能"已成为驱动产业变革、重塑经济发展新动能的核心力 量。这一前沿技术在今年首次被写入国务院政府工作报告，成为驱动经济新动能的核心力量之一。 大会汇聚政产学研各方力量，通过政策解读、学术研讨、成果发布等模块设置，系统探讨了具身智能 (智能机器人、智能硬件等前沿AI形态)的生态构建及其与金融服务的融合，尤其是赋能养老金融服务、 共同构建养老金融综合服务生态圈的探索与实践，为破解养老金融大文章、促进中国式养 ...

Market Performance - The A-share market has been performing strongly, with the Shanghai Composite Index reaching a high of 3555.22 points before closing at 3510.18 points, resulting in a weekly gain of 1.09% [1] - Over 1000 ETF products have seen cumulative increases, with the median weekly gain for over 1200 products at approximately 1.28%, a significant improvement from the previous week [1] Top Performing ETFs - The Hong Kong Securities ETF (513090) led the weekly gainers with an increase of 12.85%, marking a historical high for the product [2][3] - Several rare earth ETFs also saw substantial weekly gains exceeding 10%, driven by strong performance from major holdings like Northern Rare Earth [5] - Real estate and photovoltaic-related ETFs recorded weekly gains of around 6%, indicating a shift in market focus towards these sectors [5] Sector Trends - The market has shifted focus to sectors such as brokerage, rare earth, and real estate, which have emerged as new hotspots following the index surpassing 3500 points [4] - Financial technology ETFs also performed well, with multiple products achieving gains over 6% and reaching new highs since last year's market rally [3] Underperforming ETFs - The gold stock ETFs experienced declines, with the worst performers showing drops exceeding 2%, despite stable international gold prices [6][8] - Japanese stock index ETFs also faced slight declines, with the Nikkei 225 ETF from E Fund dropping over 2% [8]

Core Insights - The banking industry is undergoing a significant digital transformation, moving towards an integrated omnichannel approach to address issues like fragmented experiences and data silos [1][2][3] - Lingyan Technology proposes a new paradigm of "Intelligent-Scenario-Security-Technology" to reconstruct the banking service ecosystem, shifting from "function realization" to "value creation" [1][3] Industry Trends - In the next one to three years, banks will face multiple challenges including technology updates, system integration, and balancing security with user convenience [2] - There are substantial opportunities for banks in channel integration, intelligent service models, open ecosystem construction, refined operational management, and real-time risk prevention [2] Company Innovations - Lingyan Technology integrates AI deeply into electronic channels, creating an "AI-native mobile banking" experience that offers 24/7 service and personalized interactions [5] - The company has developed a scenario connector resource library that covers essential service interfaces in governance and public welfare, enhancing service capabilities [6][7] Performance Metrics - A collaboration with a regional commercial bank resulted in a 40% increase in monthly active users and a 3.2 times increase in conversion rates for housing fund-related financial products [7] - The implementation of Lingyan's solutions led to a 50% reduction in marketing activity configuration time and a 60% increase in precise marketing response rates [12] Future Directions - Lingyan Technology aims to deepen its "four-in-one" strategy, focusing on AI to transform banking services and enhance its IT solutions market share [13] - The company plans to explore advanced technologies like quantum computing to ensure its IT solutions remain at the forefront of the industry [13]

Market Overview - The Shanghai Composite Index experienced a slight increase of 0.01% at the close, after reaching a peak of 1.3% during the day, while the Shenzhen Component Index rose by 0.61% and the ChiNext Index increased by 0.80% [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.7 trillion yuan, an increase of over 200 billion yuan compared to the previous day [1] Sector Performance - The rare earth and fintech sectors showed strong performance, with several rare earth ETFs leading the gains [1][2] - The top-performing ETFs included the Yifangda Rare Earth ETF (159715) with a rise of 6.31%, and the Jiashi Rare Earth ETF (516150) with a rise of 6.26% [1] Rare Earth Pricing - Major domestic rare earth companies, Northern Rare Earth and Baotou Steel, announced a price increase for rare earth concentrates to 19,109 yuan per ton, marking a 1.5% increase from the previous quarter and a cumulative increase of 13.8% since Q2 2024 [2] Fintech Sector Insights - The fintech sector is gaining attention due to the ongoing interest in stablecoin ecosystems, with companies disclosing business progress through investor relations activities [2] - The development of stablecoin ecosystems is supported by the software industry, which is expected to bring business growth to related listed companies [2] Banking Sector Performance - The banking sector faced a pullback, with several bank ETFs showing declines, including the Bank ETF (512800) which fell by 1.99% [3] - Analysts suggest that "stable return" assets, characterized by low volatility and consistent earnings, are becoming increasingly attractive in the current market environment [3][4] ETF Trading Activity - The Hong Kong Securities ETF (513090) led in trading volume with 38.204 billion yuan, followed by other ETFs exceeding 10 billion yuan in trading volume [5] - The Hong Kong Securities ETF also had the highest turnover rate at 334.06%, indicating strong market interest [6][7] Upcoming ETF Launches - Four new ETFs are set to launch on July 14, 2025, including the Cloud Computing ETF and various innovative drug ETFs, which will track indices related to cloud computing and innovative pharmaceuticals [7][8][9][10][11]

Market Overview - The A-share market showed an overall upward trend on July 11, with the Shanghai Composite Index rising by 1.05%, the Shenzhen Component Index increasing by 0.94%, and the ChiNext Index gaining 1.19% [1][2] - The total market turnover reached 1.03 trillion yuan, indicating a significant increase compared to the previous day [2] Key Sectors - The financial sector performed strongly, with major financial stocks leading the market rally [2] - The rare earth sector experienced a "blowout" performance, with significant gains in related stocks such as Northern Rare Earth and Baotou Steel, both hitting the daily limit [6][7] - Other sectors like CRO, fintech, and lithium extraction from salt lakes also saw upward movement, while education, photovoltaic, and circuit board sectors faced corrections [2] Rare Earth Sector - Rare earth and rare earth permanent magnet stocks surged, with Northern Rare Earth and Baotou Steel both reaching their daily limit [6] - The price of rare earth concentrate for related transactions was adjusted to 19,109 yuan per ton (excluding tax), a 1.5% increase from the previous quarter [8] - Demand for rare earth materials is expected to grow, with projections indicating that global demand for praseodymium and neodymium oxide will reach 117,000 tons and 126,900 tons in 2025 and 2026, respectively, with year-on-year growth rates of 9.7% and 8.4% [9] Fintech Sector - Fintech stocks saw significant gains, with companies like Guoao Technology and Anshuo Information rising over 14% [11] - Major state-owned banks also reached new highs, contributing to the overall positive sentiment in the fintech sector [13] Hong Kong Market - The Hong Kong stock market mirrored the gains in the A-share market, with the Hang Seng Index rising by 1.9% and the Hang Seng Technology Index increasing by 2.08% [4] - Chinese brokerage stocks surged, with Zhongzhou Securities experiencing a rise of over 75% at one point during the trading session [15]

Core Viewpoint - The article highlights a significant surge in the rare earth sector and the financial technology concept stocks, indicating a bullish market trend in these areas [2][5][17]. Market Overview - On July 11, the A-share market showed overall gains, with the Shanghai Composite Index rising by 1.05%, the Shenzhen Component Index by 0.94%, and the ChiNext Index by 1.19% [2][3]. - The total market turnover reached 1.03 trillion yuan, showing a noticeable increase compared to the previous day, with 2,855 stocks rising and 2,306 falling [4]. Sector Performance - The financial sector performed strongly, with major financial stocks leading the market rally. The rare earth concept stocks experienced a "blowout" performance, alongside gains in CRO, financial technology, and lithium extraction stocks [5][17]. - The rare earth sector continued its strong momentum, with multiple stocks hitting the daily limit up. Notable performers included Northern Rare Earth and Baotou Steel, both reaching their daily limit [10][14]. Rare Earth Sector Details - On July 11, rare earth and rare earth permanent magnet stocks saw a collective surge, with Northern Rare Earth and Baotou Steel both hitting their daily limit. Baotou Steel's market capitalization approached 100 billion yuan [10][14]. - The price of rare earth concentrate for related transactions was adjusted to 19,109 yuan per ton (excluding tax), reflecting a 1.5% increase from the previous quarter [16]. Financial Technology Sector Details - Financial technology stocks also saw significant gains, with stocks like Guoao Technology and Anshuo Information rising over 14%. Dazhihui reached its daily limit, while several other stocks in the sector also performed well [18][19]. - The article notes that major state-owned banks continued to reach new highs, with stocks like Industrial and Commercial Bank of China and Agricultural Bank of China showing strong performance [24][25]. Hong Kong Market Performance - The Hong Kong market mirrored the gains in the A-share market, with the Hang Seng Index rising by 1.9% and the Hang Seng Technology Index by 2.08%. WuXi AppTec led the gains with an 11% increase [7][27]. - The Chinese brokerage sector in Hong Kong saw significant increases, with Zhongzhou Securities rising over 75% at one point during the trading session [26][27].

消息面上， 7月10日，国务院国资委党委召开专题会议。会议认为，要加快关键核心技术攻关，推进创新平台建设，强化共性技术供给，进一步加强基础研 究，加快实现高水平科技自立自强。要科学谋划布局，强化出资人政策保障，推动国有资本加快向前瞻性战略性新兴产业集中。要加快发展战略性新兴产业 和未来产业，突出大工程带动，突出场景应用，突出新型基础设施建设，筑牢国家战略安全根基。 Canalys的最新数据显示，2025年第一季度，中国大陆在云基础设施服务上的支出达到116亿美元，同比增长16%。2025年第一季度，阿里云在中国大陆云服 务市场中占据33%的份额，华为云为18%，腾讯云为10%。 金融科技在人工智能大模型的应用正逐步深化，国内AI龙头企业围绕核心技术攻坚和产业场景落地持续发力。招商证券指出，当前国产芯片厂商在 GPU/ASIC/FPGA等AI芯片领域已完成基本布局，性能水平满足包括低空经济、智能应用在内的多种场景需求。央企也在上游芯片制造、中游算力基建以及 下游行业模型开发方面展开全面布局，形成从材料、设计、制造到应用的完整产业链条。未来，随着AI生态持续完善，相关领域投资将同时获得技术突破 红利与产业升级收益 ...

Core Viewpoint - The financial technology sector is experiencing significant activity, particularly in stablecoin-related stocks, with notable gains in various companies and ETFs, indicating a positive market sentiment and investment potential in this area [1][3]. Group 1: Market Activity - Stablecoin concept stocks are active, with companies like Guoao Technology hitting a 20% limit up, and others like New Wisdom Software and Geer Software rising over 5% [1]. - The financial technology ETF (159851) is showing strong performance, with a price increase of over 2% and a trading volume surpassing 300 million yuan, indicating increased investor interest [1][2]. - Over the past five days, the financial technology ETF has attracted over 370 million yuan in capital inflow, highlighting its liquidity and market appeal [1][3]. Group 2: Investment Opportunities - According to招商证券, technology innovation remains a key growth theme, with a focus on financial technology as a promising investment direction [3]. - The stablecoin and Real World Assets (RWA) are identified as clear development directions within financial technology, with international advancements in tokenization of securities [3]. - The financial technology ETF (159851) has a current scale exceeding 6.6 billion yuan, with an average daily trading volume of over 500 million yuan in the past six months, showcasing its liquidity advantages [3].