科技出海 1、Manus 公司 RRR 达 9000万美元，正尝试 Agent 支付 在今天在新加坡举行的 Stripe Tour 上，Manus 联合创始人兼首席科学家季逸超披露了近期的经营数据， Manus AI 收入运行率（RRR，Revenue Run Rate）已经达到 9000 万美元，很快即将上亿。 此外，Manus表示，参与 Stripe 活动的原因之一是双方正推进 在 Agent 内完成支付 ，把「研究—决策 —下单/结算」连成闭环，用基础设施协作来消解世界的摩擦。 2、海尔生物与泰国RAM医疗集团签署战略合作协议 盈康一生旗下青岛海尔生物医疗股份有限公司（以下简称"海尔生物"）与泰国三大私立医院集团之一的 RAM医疗集团（Ramkhamhaeng HospitalGroup）签署战略合作协议，双方将在药房自动化、智慧医疗全 场景等领域展开深度协同。这场"技术方案+本土服务"的联合，不仅标志着海尔生物"一国一策"海外战 略在东南亚市场再结硕果，更成为其从"产品输出"向"生态共建"探索的关键一步。 海尔生物有望以点带面完善东南亚市场布局，进一步撬动区域6.7亿人口的医疗需求。 消费出海 1、联 ...

Group 1 - The core viewpoint of the report is that Jingyan Technology is well-positioned to benefit from the growth in the foldable screen and cooling business sectors, leading to a "buy" rating [1][6] - Jingyan Technology specializes in Metal Injection Molding (MIM) technology, with applications in consumer electronics, automotive, and smart home sectors, and has established a strong client base including major brands like Apple, Samsung, and Google [2][3] - The company has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" by the Ministry of Industry and Information Technology in 2021, highlighting its industry leadership in production capacity, revenue scale, product quality, and service [2] Group 2 - The foldable smartphone market is projected to reach 19.8 million units by 2025, with a market penetration rate of approximately 1.6%, indicating a stable growth outlook despite a slowdown in growth rates compared to previous years [3] - Jingyan Technology is involved in the foldable screen sector through its MIM components for foldable screen hinges and assembly services, positioning itself to capitalize on the anticipated market growth driven by Apple's entry into the foldable smartphone market [3] - The cooling market for data centers is expected to reach $16.87 billion by 2028, with a compound annual growth rate (CAGR) of 18.4%, driven by AI computing and high-density equipment demands [4] Group 3 - The company is actively developing new products and projects in the cooling sector, focusing on liquid cooling solutions which are expected to increase in market penetration from 17% in 2024 to 33% by 2028 [4] - Jingyan Technology is enhancing its product offerings by integrating advanced materials and 3D printing technology, which improves the performance of its cooling products [4] - Revenue forecasts for Jingyan Technology are projected to reach 2.616 billion yuan, 3.264 billion yuan, and 3.921 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 40.23, 24.66, and 19.93 [6]

Report Industry Investment Ratings - **Macro Finance**: Index futures and treasury bonds are expected to fluctuate [6]. - **Black Building Materials**: Rebar - wait and see; Iron ore - fluctuate; Coke and coking coal - fluctuate [6][8][9]. - **Non - ferrous Metals**: Copper - range trading or wait and see; Aluminum - buy on dips; Nickel - wait and see or short on rallies; Tin - range trading; Gold - range trading; Silver - range trading [11][14][16]. - **Energy and Chemicals**: PVC - fluctuate; Soda ash - short 09 and long 05 arbitrage; Caustic soda - fluctuate; Styrene - fluctuate; Rubber - fluctuate; Urea - fluctuate; Methanol - fluctuate; Polyolefin - wide - range fluctuate [21][23][25]. - **Cotton Textile Industry Chain**: Cotton and cotton yarn - fluctuate and adjust; Apple - fluctuate weakly; Jujube - fluctuate weakly [37][38][40]. - **Agriculture and Animal Husbandry**: Live pigs - short on rallies; Eggs - short on rallies; Corn - wide - range fluctuate; Soybean meal - range fluctuate; Oils - fluctuate strongly [41][43][47]. Core Viewpoints - The report analyzes various futures markets, including macro - financial, black building materials, non - ferrous metals, energy and chemicals, cotton textile, and agriculture and animal husbandry. It assesses the impact of events such as tariffs, policies, and supply - demand relationships on prices and provides corresponding investment strategies [6][8][11]. Summary by Directory Macro Finance - **Index Futures**: Affected by events like Trump's tariff policies and Fed's stance, with the Fed's mixed signals on interest rates and corporate investment moves, the stock market turnover and index continue to recover, and the index futures are expected to fluctuate [6]. - **Treasury Bonds**: After a monthly - level adjustment, the bond market is expected to recover in the short - term due to factors like the macro data vacuum period, stable and loose capital, and institutional demand for position - filling. However, the previous adjustment was not deep, so the recovery will be limited [6]. Black Building Materials - **Rebar**: The price is affected by factors such as the new "Coal Mine Safety Regulations" and the supply - demand balance. The futures price is above the electric furnace valley - electricity cost, and it is expected to enter a fluctuating pattern. It is recommended to wait and see or conduct short - term trading [8]. - **Iron Ore**: Considering the decline in iron ore shipments and the expected decrease in iron - water demand, but with potential macro - positive factors in the fourth quarter, the iron ore price is expected to fluctuate strongly. It can be considered as a long - leg in shorting other black varieties, with the 09 contract supported at 770 [8]. - **Coke and Coking Coal**: For coking coal, the supply is limited, and the demand has returned to normal after restocking. The price is expected to fluctuate. For coke, after the fifth price increase, the supply has increased, and the demand is stable. It is expected to follow coking coal and fluctuate [9]. Non - ferrous Metals - **Copper**: Affected by factors such as the Fed's interest - rate stance, tariff policies, and supply - demand in the off - season, the copper price is expected to continue to fluctuate weakly. The technical support is at 77600 [11]. - **Aluminum**: The bauxite shipment from Guinea is decreasing, and the alumina and electrolytic aluminum production capacities are changing. With the decline in downstream demand and inventory accumulation, the price is expected to fluctuate at a high level. It is recommended to build long positions at low levels [13]. - **Nickel**: The supply is in an over - supply situation, and the demand is weak. The price is expected to fluctuate, and it is recommended to short on rallies [15]. - **Tin**: The supply and demand gap is improving, and the downstream semiconductor industry is expected to recover. The price is expected to fluctuate, and range trading is recommended [17]. - **Silver and Gold**: Affected by factors such as the US employment data, interest - rate expectations, and tariff policies, the precious metals' prices are expected to fluctuate. It is recommended to buy on dips [19]. Energy and Chemicals - **PVC**: With high supply, weak demand, and uncertain exports, the price is expected to fluctuate in the range of 4900 - 5100 [21]. - **Caustic Soda**: The supply is high, and the demand is in the off - season. The price is expected to fluctuate in the range of 2400 - 2530, with short - term long opportunities in the far - month contracts [25]. - **Styrene**: The fundamentals are not favorable, and the macro is positive. The price is expected to fluctuate in the range of 7100 - 7400 [27]. - **Rubber**: With limited cost and supply support, weak demand, and slow inventory reduction, the price is expected to fluctuate in the range of 15200 - 15600 [28]. - **Urea**: The supply is increasing, and the demand is gradually picking up. The price is expected to be supported at the bottom and pressured at the top, with range trading recommended [32]. - **Methanol**: The supply is slightly increasing, and the demand is stable. The inventory is decreasing, and the price is expected to fluctuate with the overall industrial product prices [33]. - **Polyolefin**: The supply pressure is large, and the demand is in the off - season. The price is expected to fluctuate weakly, with the L2509 contract in the range of 7200 - 7500 and the PP2509 contract in the range of 6900 - 7200 [34]. - **Soda Ash**: The spot market is weak, and the supply is increasing. It is recommended to short the 09 contract and long the 05 contract for arbitrage [37]. Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global cotton production and consumption are both increasing, and the inventory is rising. The Xinjiang production is expected to be good, and the downstream consumption is weak. The price is expected to fluctuate and adjust [38]. - **Apple**: The spot market is weak, with slow inventory clearance and seasonal fruit competition. The price is expected to fluctuate weakly [38]. - **Jujube**: The new - season production in the producing area is uncertain, and the sales area has limited arrivals. The price is expected to fluctuate weakly [40]. Agriculture and Animal Husbandry - **Live Pigs**: The short - term supply is increasing, and the demand is in the off - season. The price is expected to continue to bottom out. In the medium - term, there may be a phased rebound, but the supply will increase significantly after September. In the long - term, the supply will continue to grow. It is recommended to short on rallies and consider the 05 - 03 arbitrage [42]. - **Eggs**: The short - term supply is affected by the high - temperature season, and the demand is expected to increase seasonally. However, the long - term supply is expected to increase due to high - level replenishment. It is recommended to short on rallies and pay attention to the elimination situation [43]. - **Corn**: The short - term supply and demand are in a game, and the price is expected to fluctuate in the range of 2250 - 2350. It is recommended to be cautious about going long unilaterally and consider the 9 - 1 reverse - spread arbitrage [44]. - **Soybean Meal**: The short - term supply is abundant, and the demand is stable. The price is expected to have limited upside. In the long - term, there may be a supply gap. It is recommended to build long positions cautiously in the short - term and adjust positions in the long - term [46]. - **Oils**: Although there are positive factors such as the expected reduction in palm oil supply and the improvement of soybean oil inventory, the short - term supply - demand situation and high inventory may limit the upward rebound. It is recommended to be cautious about chasing up and consider arbitrage strategies [47].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The overall market shows a complex situation with different trends in various sectors. In the macro - aspect, the economic and policy environment has an impact on different industries. The stock market is in an upward trend with strong bulls, but there are also uncertainties in the market expectations. In the commodity market, different products have different supply - demand relationships and price trends [19][21]. 3. Summary According to Relevant Catalogs 3.1 Macro Indicators - On July 4, 2025, compared with July 3, the Dow Jones Industrial Index rose 0.774% to 44828.53, the Nasdaq Index rose 1.020% to 20601.10, the S&P 500 rose 0.834% to 6279.35, and the Hang Seng Index fell 0.625% to 24069.94. SHIBOR overnight fell 3.663% to 1.32, the US dollar index fell 0.087% to 97.03, and the US dollar against the RMB (CFETS) remained unchanged at 7.16 [2]. - For commodities, COMEX gold fell 0.971% to 3336.00, COMEX silver rose 0.680% to 37.04, LME copper fell 0.584% to 9951.50, etc. [2]. 3.2 Macro News - The Ministry of Commerce has no information on the report of the US President's potential visit with a business delegation, and hopes the US and China can promote healthy and stable development of economic and trade relations [7]. - The US has revoked the requirement for three major chip - design software suppliers to apply for government permission for their business in China [7]. - The State Council will replicate 77 pilot measures of the Shanghai Free - Trade Zone, with 34 measures extended to other free - trade zones and 43 to the whole country [7]. - The US House of Representatives passed Trump's "big and beautiful" tax and spending bill, which will increase the federal debt ceiling by $5 trillion and may increase the budget deficit by $3.4 trillion in the next decade [8]. - China and the EU held the 13th high - level strategic dialogue, and China will ensure normal demand for rare - earth exports from European enterprises [8]. - In June, the Caixin China Services PMI was 50.6, down 0.5 percentage points from May, and the Composite PMI output index rebounded 1.7 percentage points to 51.3 [8]. - From January to May, China's service trade volume was 32543.6 billion yuan, a year - on - year increase of 7.7%, with exports growing 15.1% and imports growing 2.7% [9]. - The Ministry of Industry and Information Technology will address the low - price and disorderly competition in the photovoltaic industry [9]. 3.3 Morning Meeting Views on Main Varieties 3.3.1 Agricultural Products - Peanut market is in a situation of weak supply and demand, with prices in a narrow - range adjustment. It is recommended to take a short - selling approach [11]. - For oils and fats, on June 26, the total trading volume of soybean oil and palm oil decreased by 57% compared with the previous trading day. About 12% of US soybean - planting areas were affected by drought in the week of June 24, and the palm oil export volume from June 1 - 25 in Malaysia increased [11]. - On July 3, the sugar futures main contract closed at 5767 yuan/ton. The domestic sugar market has good sales data, but international sugar prices are weak. It is recommended to go long with caution [11]. - On July 3, the corn futures main contract closed at 2363 yuan/ton, slightly down. The supply - demand situation is complex, and it is recommended to wait and see [11]. - The price of live pigs is stable with a slight upward trend. The supply is stable and the demand is improving. The futures main contract is strong [13]. - The price of eggs is stable. The short - term supply exceeds demand, but there are positive expectations in the medium - term. It is recommended to try to go long [13]. 3.3.2 Energy and Chemicals - For caustic soda, the market sentiment has improved, and it is necessary to pay attention to the pressure at 2400 - 2500 yuan/ton [13]. - The price of urea fluctuates slightly. Supply is expected to decrease in July, and demand is increasing. The futures price may continue to fluctuate [13]. 3.3.3 Industrial Metals - For copper and aluminum, the market macro - sentiment is positive, and a long - position thinking can be adopted after breaking through the pressure level [15]. - For alumina, the cost is expected to decrease slightly, and it is necessary to pay attention to the pressure at the May high [15]. - For steel products, the steel price is firm in the short - term, but the upward trend may slow down [15]. - For ferroalloys, the price rebound may release supply pressure in the long - term. A short - term long and long - term short strategy is recommended [15]. - For coking coal and coke, the coking coal market fluctuates, and coke has a price - increase expectation, but the raw - material support is weakening [15]. - For lithium carbonate, it is recommended to wait and see. If it breaks through the previous high, a small - position long position can be considered [17]. 3.3.4 Option Finance - The stock market is in an upward trend. The main indexes have reached new highs, and the technology and pharmaceutical sectors are performing well. It is recommended to pay attention to the low - buying opportunities of IF, IM, and IC, and adjust positions according to market sentiment [19][21]. - For options, different options have different volume and position changes, and trend investors should focus on defense, while volatility investors can hold long - straddle positions [22].

Core Insights - The article discusses the transformation of consumer behavior in China, highlighting a shift from basic survival needs to a focus on quality of life and self-investment, indicating a significant consumption upgrade [2][4][9]. Group 1: Consumer Behavior Changes - The concept of "consumption hierarchy" is emerging, where consumers are increasingly valuing emotional and experiential aspects of products, such as premium coffee and unique experiences, over mere functionality [2][6]. - The elderly demographic is experiencing a notable shift in spending habits, with a 300% increase in VR device purchases among users over 60, reflecting a broader trend of the "silver economy" moving beyond basic needs to enhancing happiness [4][12]. - The rise of niche markets is evident, with small-scale demands leading to the creation of billion-dollar markets, as seen in the popularity of lifestyle products and services tailored to specific consumer interests [6][9]. Group 2: Market Dynamics - The consumption upgrade is driving a transformation in supply chains, with a shift from traditional B2C models to C2M (Customer to Manufacturer), emphasizing the importance of flexible supply chains and real-time consumer feedback [8][14]. - The retail sector is witnessing a significant increase in the value-added per transaction, with the average price of electric vehicles being 30% higher than traditional fuel vehicles, reflecting the added value of associated services and infrastructure [12][15]. - The service sector is becoming increasingly dominant, with service industry value added surpassing 55% of GDP, indicating a shift towards a service-oriented economy [12][14]. Group 3: Innovation and Economic Impact - Consumer expectations are evolving, with a demand for products that exceed basic functionality, pushing companies to innovate and adapt quickly to market feedback [14][17]. - The article emphasizes that consumption upgrade is not merely about increased spending but is a systemic change that influences the overall economic landscape, promoting fairness and accessibility in the market [17][20]. - The ultimate goal of consumption upgrade is to enable all individuals to live their desired lives, reflecting a deeper societal progress beyond mere economic growth [17][20].

Key Points - The report highlights the ongoing recovery of the Chinese economy, with consumption and investment being the main drivers of growth, supported by recent monetary policy measures including interest rate cuts and liquidity injections [5][8][12] - The electronic consumption sector is leading the A-share market, indicating a positive trend in consumer spending and investment in high-tech manufacturing [5][8][12] - The report notes a significant increase in domestic photovoltaic installations, with April's new capacity reaching 45.22 GW, a year-on-year growth of 214.68%, driven by commercial and distributed solar projects [21][22] - The mechanical industry shows signs of recovery, with the first quarter of 2025 reporting a year-on-year revenue increase of 8.91% and a net profit growth of 17.21% [23][24] - The securities industry has seen a rebound in performance, with a 24.60% increase in revenue and an 83.48% increase in net profit in the first quarter of 2025 compared to the previous year [31][32] - The report emphasizes the importance of monitoring external factors such as U.S.-China trade relations and their impact on export-oriented sectors, particularly in electronics and machinery [10][19] - The new materials sector is expected to grow due to increasing demand from manufacturing and technological advancements, despite recent underperformance compared to the broader market [28][30]

Group 1 - Key economic data releases include the US non-farm payroll report for May on June 6, China's CPI data for May on June 9, and the US CPI data for May on June 11 [1][2] - Major central bank interest rate decisions are scheduled, including the Bank of Canada on June 4, the European Central Bank on June 5, and the Federal Reserve along with other central banks on June 19 [2] - Significant international events include the G7 summit on June 15 and the United Nations Ocean Conference from June 18-19 [4] Group 2 - The 2025 Global Artificial Intelligence Technology Conference will take place on June 7-8 [2] - The Apple Worldwide Developers Conference (WWDC 2025) is scheduled for June 6, while the Huawei Pura 80 series smartphone is expected to be released on June 19 [4] - Tesla is set to deliver the autonomous driving version of the Model Y on June 19 [4]

Core Insights - The 20th China Western International Expo concluded with 416 investment cooperation projects signed, amounting to 354.3 billion yuan [1] - The expo showcased over 2,200 investment projects with a total investment exceeding 3.7 trillion yuan, highlighting the strategic importance of the western region in China's development [1][2] - This year marks the 25th anniversary of both the expo and China's Western Development Strategy, emphasizing the region's transformation from a "defender" to a "vanguard" in international trade [2] Investment and Economic Growth - The expo attracted over 3,000 enterprises from more than 60 countries and regions, indicating a significant increase in international participation [2][6] - The western region's economy has grown 14 times since 2000, with an average annual growth rate surpassing the national average from 2000 to 2024 [10] - A total of 30 projects were signed at the expo, with a combined value exceeding 6.9 billion yuan, showcasing the region's investment potential [11] Innovation and Technology - The expo featured 61 Fortune 500 companies, a 74.3% increase from the previous year, highlighting the growing interest in the region's innovation capabilities [12] - Nearly half of the products showcased were related to technological innovation, with significant displays in artificial intelligence, biotechnology, and low-altitude economy [12][13] - The western region is advancing in high-level technological self-reliance, with breakthroughs in integrated circuits, artificial intelligence, and renewable energy [12][14] International Cooperation - The introduction of dual guest countries, Laos and Hungary, aimed to deepen international cooperation and expand the expo's global reach [4][6] - The participation of various foreign dignitaries and organizations underscores the expo's role as a platform for international collaboration [6][10] - The expo's focus on regional cooperation and investment opportunities reflects the strategic importance of the western region in China's broader economic landscape [16][18]

Core Insights - Xiaomi's founder Lei Jun addressed internal employees, reflecting on the impact of the SU7 accident and announcing the upcoming release of the self-developed SoC chip "Xuanjie O1" [2] - The speech aimed to mitigate the negative sentiment surrounding the company following the SU7 incident, but it may not effectively address the underlying issues [2] Group 1: SU7 Incident and Response - The SU7 fatal accident on March 29 resulted in the loss of three young lives, with ongoing police investigations and no clear resolution from Xiaomi regarding system upgrades or recalls [3] - Xiaomi's response to the SU7 Ultra return request has been inadequate, with customers demanding refunds or deposits due to the vehicle's design flaws, yet the company only offered limited compensation [3] - Lei Jun's speech lacked specific details on how Xiaomi plans to address safety concerns and customer grievances related to the SU7 incident [3] Group 2: Marketing and Brand Challenges - Xiaomi's marketing strategy has heavily relied on the founder's persona, product specifications, and fan engagement, which may not be sustainable in the automotive sector where expectations are higher [4] - The company's previous success narratives may not translate well into the automotive industry, where safety and product performance are critical [4] Group 3: Crisis Management Lessons - Historical examples from Toyota and Samsung illustrate the importance of viewing crises as opportunities for organizational improvement rather than mere public relations challenges [5] - The need for Xiaomi to shift focus from public perception to genuine product quality and safety is emphasized, suggesting a move away from the "cult of personality" approach [5] - The current market environment requires a more grounded and diligent approach to business, moving away from the previous era of hype and towards sustainable practices [5]

Group 1 - The core viewpoint of the article highlights China's strong response to U.S. tariffs, including equal tariff imposition and export controls on rare earths, which directly impact U.S. military technology [1][3] - China holds significant leverage with its vast consumer market and monopoly on rare earth resources, controlling 90% of global processing capacity, which poses a threat to U.S. military capabilities [3][5] - The recent negotiations resulted in a reduction of tariffs to 10%, indicating a temporary truce between the two largest economies [1][15] Group 2 - India's recent decision to impose tariffs on $7.6 billion worth of U.S. goods is a significant retaliatory measure, marking a shift in its trade strategy [5][15] - The backdrop of India's military setbacks against Pakistan and perceived U.S. betrayal has prompted a reevaluation of its reliance on American military support [7][11] - India's role in the Apple supply chain is crucial, with projections indicating that it will produce 14% of global iPhones by 2024, giving it leverage in trade negotiations with the U.S. [8][9] Group 3 - Domestic economic pressures in India, including a GDP growth rate drop to 4.5% and rising unemployment, have led the government to seek external conflicts to divert public dissatisfaction [11][15] - The effectiveness of India's retaliatory measures is questionable, as its trade surplus with the U.S. stands at $30 billion, and the impact of its tariff list on the U.S. economy is limited [13][15] - Unlike China, India lacks a significant leverage point, as its steel and aluminum exports constitute only 2% of U.S. imports, making its retaliatory capacity weaker [13][15]