Core Insights - The "Easy Go" platform will soon launch, providing foreign tourists with a one-stop comprehensive service application to streamline their experience in Shanghai [1][2] - The platform aims to enhance the electronic convenience level for inbound travelers, integrating various high-frequency service scenarios such as dining, transportation, tourism, and shopping [1] Group 1 - The platform allows users to register and authorize services through their mobile phones, eliminating the need for multiple downloads and registrations [1] - "Easy Go" leverages Alipay's existing advantages and incorporates local Shanghai features to cater to the needs of foreign visitors [1][2] - The service section of the platform presents 30 mini-programs across four main categories: food, transportation, tourism, and shopping, offering services like food delivery, public transport navigation, and ticket booking [1] Group 2 - The platform includes a unique "Tax Refund" feature, enhancing the tax refund experience for users in Shanghai [2] - The guide section provides real-time updates on Shanghai's latest lifestyle services, helping users quickly familiarize themselves with the city [2] - The platform aggregates short video content from official media and overseas influencers, promoting food, attractions, and shopping in Shanghai and China [2]

Summary of Key Points from Conference Call Records Industry Overview - The Hong Kong stock market has benefited from previous overseas liquidity easing, leading to active investments in small and thematic stocks. The market is expected to accommodate 100-200 new AH shares and returning US stocks, supported by policies and liquidity injections [1][2][3] - The Hong Kong government and the Securities and Futures Commission (SFC) have increased their focus on the capital market, providing a stable foundation for the Hong Kong stock market, allowing it to remain strong even amid external disturbances such as trade wars [1][4][5] Core Industry Directions - Long-term optimism is noted in sectors such as the internet, smart driving, and new consumption. Companies like Pop Mart and Lao Pu Gold are showing global potential, while AI technology is enhancing valuations for firms like Xiaomi. The innovative drug sector also presents growth opportunities [1][6][7] Company Recommendations - Recommended companies include internet giants Tencent and Alibaba, which remain key holdings for many institutions. Xiaomi is highlighted for its strong alpha logic and performance, while new consumption brands like Pop Mart and Lao Pu Gold are recognized for their growth potential through technological breakthroughs and globalization strategies [1][6][7] Xiaomi's Market Expectations - There is high market anticipation for Xiaomi's new car launch, with expected large sales reaching 250,000 units and monthly sales of 40,000 units. This could significantly impact Xiaomi's stock price positively. The company is viewed favorably for its diversified development in automotive, IoT, mobile, and robotics sectors [1][8][10] Smart Driving Technology - Smart driving technology is advancing, with Chinese companies demonstrating strong competitiveness. The launch of Tesla's Robo TAXI is a notable example. Companies like Li Auto, Pony.ai, WeRide, and Hesai Technology are gaining attention in this field [3][11][12] New Consumption Sector - Despite some recent underperformance from new consumption stocks like Haidilao, the sector remains vibrant. Pop Mart continues to show strong performance, and other companies like Blok are also worth monitoring. The new consumption sector is expected to maintain long-term investment value [1][6][13] Web 3.0 Ecosystem - The Web 3.0 ecosystem is evolving, particularly with the attention on Bitcoin ETFs. Traditional financial institutions are entering the space, and the compliance of stablecoins is expected to create new growth opportunities. Companies like ZhongAn Online are highlighted as potential investments in this area [3][14][17] AI Applications and Opportunities - AI applications are gradually becoming commercialized, with expectations for more applications to emerge in the second half of the year and into 2026. The release of GPT-5 is anticipated to enhance market expectations [1][18] - The AI video sector is also gaining traction, with platforms like Kuaishou showing significant growth in AI-generated content. The potential for AR technology in this space is substantial, with projections for significant revenue increases [1][19]

Group 1 - The company, Shanghai Data Port Co., Ltd., closed at 24.55 yuan on June 24, with a rise of 4.78%, resulting in a rolling PE ratio of 125.53 times and a total market value of 17.636 billion yuan [1] - The average PE ratio for the internet services industry is 71.57 times, with a median of 78.10 times, placing the company at the 119th position in the industry ranking [1] - As of March 31, 2025, the number of shareholders increased to 147,970, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - In the first quarter of 2025, the company reported operating revenue of 395 million yuan, a year-on-year increase of 3.57%, and a net profit of 44.056 million yuan, reflecting a year-on-year growth of 23.22% [2] - The company's sales gross margin stands at 29.19% [2] - The company has received 11 honors at various levels, including two national-level honors, which reinforce its technological advantages and leading position in economic development [1]

Core Insights - The article highlights the innovative solutions provided by Yuebei Technology to help businesses improve their online operations and achieve better results in a competitive market [1][3][5] Group 1: Customized Solutions - Yuebei Technology offers tailored operational strategies based on in-depth market research and technical development, addressing the specific needs of different businesses [1] - The company conducts thorough analysis of business characteristics and target markets to create customized market expansion plans for merchants [1] Group 2: Content Marketing - The company utilizes the visual and interactive nature of short videos to create high-quality content that effectively showcases products or services [1] - Yuebei Technology collaborates with influencers relevant to the merchants' businesses to enhance brand exposure quickly [1] Group 3: Online Event Planning - Yuebei Technology assists merchants in planning and executing various online activities such as limited-time offers and group purchases to boost conversion rates [3] - The platform employs algorithmic recommendation mechanisms to ensure that merchant content is accurately targeted to the desired user groups [3] Group 4: Comprehensive Support System - The company provides a comprehensive and detailed online operational support system, covering aspects such as platform setup, data analysis, user acquisition, and brand promotion [5] - This extensive support significantly optimizes the online operational processes of merchants, leading to improved performance and steady growth in their business [5]

视觉中国供图 乱象1 暑假马上开启，许多大学生忙着寻找实习机会，打算利用这段时间开拓视野、提升专业能力，各种实习乱象也随之浮出水面。一 些中介机构打着"内推""保录取"等幌子，给实习岗位明码标价，收费上千元至上万元不等。还有些机构表示，可以帮助大学生跳过 实习步骤，直接代开实习证明，而且支持背调（背景调查）。最近，记者调查这条长期存在的付费实习灰色产业链发现，"贴钱"式 实习不靠谱，已经有不少大学生上当受骗，不仅数千元"打了水漂"，而且浪费了宝贵的时间。 拿"内推"当噱头 忽悠学生付费还买课 前段时间，留学生陈松看到了一家互联网大厂的2025年实习生招聘信息，网投简历后没有收到面试邀请。偶然间，他在一个留学 生交流群里看到有账号推送了一条"互联网大厂付费内推，简历直通面试官"的信息，赶紧联系了对方。 "我们加了微信，我先转去了699元服务费，工作人员说立刻就可以安排内推。可是一个多月过去，我没有收到任何面试通知或录 取信息。"陈松说，每当他询问进展时，对方总能找到借口，比如指责他的简历写得不好，所以没有通过简历筛选。当他向工作人 员索要内推凭证时，对方以"内部信息不便透露"为由拒绝了。陈松无奈之下，从官方途径 ...

Core Viewpoint - The recent regulations by the National Radio and Television Administration aim to address the rampant issues of automatic renewal in internet television services, focusing on consumer protection and transparency [1][2][3]. Group 1: Regulatory Measures - New regulations require platforms to provide multiple reminders to users five days before automatic renewals, ensuring that consumers are adequately informed [1][2]. - The regulations mandate that the complaint process for automatic renewals be easily accessible, placing it prominently in customer service menus [1][3]. Group 2: Consumer Experience - Many consumers have faced difficulties with automatic renewal processes, including hidden default settings and complex cancellation procedures [2][3]. - The article highlights personal anecdotes illustrating the frustration consumers experience when trying to cancel services or when they are unknowingly charged for services they no longer use [1][2]. Group 3: Industry Challenges - The profit-driven motives of internet platforms contribute to the prevalence of automatic renewal practices, as they provide a steady cash flow and higher user retention [3][4]. - Regulatory lag and low penalties for violations have allowed these practices to persist, with many consumers opting to forgo their rights due to the hassle involved in seeking redress [3][4]. Group 4: Future Directions - There is a call for stricter enforcement of regulations, including significant fines and potential business license revocations for platforms that engage in deceptive practices [3][4]. - Platforms are encouraged to focus on genuine service quality and consumer respect, rather than relying on deceptive tactics for short-term gains [4].

跟踪中华沪深港300的公募基金包括：大成中华沪深港300C、大成中华沪深港300A。 据了解，中华交易服务(沪深港)互联互通指数系列由中华证券交易服务有限公司(中华交易服务)委托中 证指数有限公司(中证指数)进行编制，指数编制方案由中证指数以及中华交易服务共同确定。中华交易 服务(沪深港)互联互通指数系列为证券价格指数，包括中华交易服务沪深港300指数(中华沪深港300),旨 在反映"沪港通"及"深港通"合资格证券（合称"互联互通"）之整体表现,以及中华交易服务港股通精选 100指数(中华港股通精选100),旨在反映"港股通证券"内香港独有证券之整体表现。该指数以2008年12月 31日为基日，以2000.0点为基点。 从指数持仓来看，中华交易服务沪深港300指数十大权重分别为：腾讯控股（8.18%）、阿里巴巴-W （5.33%）、汇丰控股（4.06%）、小米集团-W（2.51%）、贵州茅台（2.46%）、建设银行 （2.36%）、美团-W（2.02%）、友邦保险（1.84%）、宁德时代（1.74%）、中国平安（1.63%）。 从中华交易服务沪深港300指数持仓的市场板块来看，香港证券交易所占比51.98%、 ...

Core Viewpoint - The report from the China Consumers Association highlights four new consumer rights infringement issues in internet consumption, particularly focusing on automatic renewal practices that lack transparency and can mislead consumers [1] Group 1: Automatic Renewal Issues - Many merchants use subtle methods to prompt consumers to choose automatic renewal, leading to unexpected charges when consumers realize their rights have been violated [1] - Some platforms only notify users of automatic renewal through internal messages without sending clear and timely alerts, resulting in financial losses for consumers [1] - Certain platforms continue to charge users even after they have uninstalled the app, causing significant distress [1] Group 2: Consumer Guidance - The Guangzhou Consumer Council has released a guide to avoid pitfalls related to automatic renewal, indicating that some platforms lure users with low initial prices while hiding renewal terms in lengthy agreements [2] - Consumers are advised to carefully check for automatic renewal terms before signing up and to manually uncheck default options if they do not wish to enroll in automatic renewal [4] Group 3: Cancellation Process - The cancellation process for automatic renewal is often convoluted, requiring multiple steps that may violate regulations regarding easy cancellation [5] - Consumers should familiarize themselves with cancellation procedures immediately after signing up for automatic renewal and can seek help from the platform's support center if needed [6] Group 4: Notification Practices - Some platforms do not provide prominent reminders for automatic renewal, sending vague messages before charges, which may violate consumer protection regulations [7] - Consumers should ensure they receive notifications and keep track of renewal dates, setting reminders to check for charges [9] Group 5: Refund Challenges - When consumers request refunds, some platforms refuse by citing pre-defined terms, which may be deemed invalid if the platform did not adequately inform consumers of these terms [10] - Consumers are encouraged to contact customer service immediately if they experience unjust charges and can escalate the issue through consumer hotlines if necessary [10]

金十图示：2025年06月23日（周一）富时中国A50指数成分股午盘收盘行情一览：银行股多数走高、酿酒股、汽车股、石油股全 线下跌 富时中国A50指数连续 电力行业 互联网服务 东方财富 长江电力 8 中国核电 1916.94亿市值 n in home 7457.91亿市值 3271.44亿市值 9.17亿成交额 3.74亿成交额 17.77亿成交额 9.32 20.70 30.48 +0.08(+0.26%) -0.07(-0.75%) -0.01(-0.05%) 食品饮料 证券 中信证券 国泰海通 海天味业 (D 2231.91亿市值 3841.49亿市值 3233.29亿市值 3.45亿成交额 6.13亿成交额 3.14亿成交额 18.34 25.92 38.22 +0.04(+0.15%) -0.10(-0.54%) -0.29(-0.75%) 消费电子 化学制药 工业富联 立讯精密 恒瑞医药 3981.70亿市值 2402.28亿市值 3398.83亿市值 21.38亿成交额 10.26亿成交额 8.31亿成交额 51.47 20.05 33.14 -0.29(-0.56%) -0.54(-2.62 ...

Group 1: Market Performance - On June 20, the three major A-share indices closed down. The Shanghai Composite Index fell 0.07% to 3359.90 points, the Shenzhen Component Index dropped 0.47% to 10005.03 points, and the ChiNext Index declined 0.84% to 2009.89 points. There were more falling sectors than rising ones [2]. - Last week, stock index futures closed down. The decline of small and medium - cap varieties was significantly greater than that of large - cap blue - chips. The CSI 300 futures (IF2506) fell 0.19%, the SSE 50 futures (IH2506) rose 0.38%, the CSI 500 futures (IC2506) dropped 1.42%, and the CSI 1000 futures (IM2506) declined 1.14% [2][3]. - Last week, treasury bond futures closed up across the board. The 30 - year treasury bond futures rose 0.71%, the 10 - year rose 0.21%, the 5 - year rose 0.12%, and the 2 - year rose 0.09% [4]. Group 2: Fundamental Analysis - From January to May, the national general public budget revenue was 9662.3 billion yuan, a year - on - year decrease of 0.3%. Tax revenue was 7915.6 billion yuan, down 1.6% year - on - year, and non - tax revenue was 1746.7 billion yuan, up 6.2% year - on - year. Central revenue decreased by 3%, while local revenue increased by 1.9%. The national general public budget expenditure was 11295.3 billion yuan, a year - on - year increase of 4.2% [10]. - The inter - connection of the fast payment systems between the Chinese mainland and Hong Kong was launched, and cross - border payment services were launched in Shenzhen on June 22. The initial participating institutions included major banks in the mainland and Hong Kong [10]. - Last week, the central bank conducted 960.3 billion yuan of reverse repurchase operations. This week, there are 858.2 billion yuan of reverse repurchase and 182 billion yuan of MLF maturing, resulting in a net withdrawal of 79.9 billion yuan. This week, 960.3 billion yuan of reverse repurchase and 100 billion yuan of treasury cash fixed - deposit will mature [11]. - On June 21, US President Trump claimed that the US had attacked three Iranian nuclear facilities. US B - 2 bombers were reported to be involved, and Iran had no response [15]. - On June 20, the 1 - year LPR was 3.0% and the 5 - year - plus LPR was 3.5%, remaining stable compared to the previous period [15]. - In the first five months of this year, the balance of household time deposits increased monthly, reaching 119.34 trillion yuan in May. The proportion of household time deposits reached a record high in May [15]. Group 3: Valuation Analysis - As of June 20, the PE of the CSI 300 Index was 12.83 times with a quantile of 60%, and the PB was 1.34 times; the PE of the SSE 50 Index was 11.08 times with a quantile of 78.04%, and the PB was 1.21 times; the PE of the CSI 1000 Index was 36.87 times with a quantile of 42.35%, and the PB was 2.04 times [16][17]. Group 4: Other Data - The equity - bond yield spread is the difference between the stock market yield and the treasury bond yield. There are two formulas for calculating it: one is based on the reciprocal of the price - earnings ratio, and the other is based on the dividend yield [23][24]. Group 5: Comprehensive Analysis - Last week, the A - share market continued its weak and volatile pattern. External pressure increased due to the Fed's hawkish stance and the escalation of the Middle East geopolitical conflict, while internal momentum was insufficient due to the policy vacuum and doubts about economic recovery [27]. - In the short term, the A - share index futures are difficult to break the oscillation pattern. The strategy should be "box threshold operation + strict stop - loss", and maintain a neutral position to wait for policy or geopolitical signals [27].