【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 2025 年 6 月 30 日星期一 【实时热点】 证 券 研 究 报 告 特朗普：美国应将利率控制在 1%或 2% 美财长暗示或延长关税谈判截止日期 美国 5 月核心 PCE 同比+2.7%、环比+0.2% 均高于预期 俄罗斯发动自冲突以来最大规模空袭 日本明年将征收单身税 中国 5 月规模以上工业企业利润下降 9.1% 1-5 月全国国有及国有控股企业利润总额同比下降 2.8% 国产 GLP-1 减重药玛仕度肽获批上市 特斯拉 Model Y 首次实现无人驾驶交付 小米汽车回应"YU7 赛道测试时刹车起火"：高温所致，非系 统故障 2 年期美债收益率涨 3.47 个基点报 3.746% 5 年期美债收益率涨 3.28 个基点报 3.827% 10 年期美债收益率涨 3.13 个基点报 4.271% 纳斯达克综合指数 （日） 道琼斯工业平均指数（日） 0 5,000 10,000 15,000 20,000 25,000 0 5,000 10,000 15,000 20,000 ...

【导读】小米汽车今日凌晨发文，回应 YU7 标准版比 SU7 标准版只贵 2 万元 中国基金报记者 邱德坤 6 月 26 日凌晨，小米汽车发布最新一期答网友问，否认 YU7 标准版比小米 SU7 标准版只 贵 2 万元的传言，并就 YU7 发布后是否会影响 SU7 销量作出回应。 小米汽车称会给 YU7 一个合理价格 近日，网传 YU7 标准版比 SU7 标准版只贵 2 万元。对此，小米汽车予以否认，并且称会给 消费者一个合理的价格。 同时，小米汽车介绍了 YU7 标准版的多项配置，包括搭载最高 CLTC （中国轻型车辆测试 循环）续航 835km 、激光雷达、英伟达最新 Thor 芯片、小米天际屏全景显示等。 小米汽车介绍， YU7 标准版的多项配置，当前业内只在其他车企的 Max 版甚至 Ultra 版上 才会搭载。 近期，关于 YU7 的售价有多项传言，包括 YU7 的售价是 23.59 万元等。 6 月 3 日，小米 创始人、董事长兼 CEO 雷军公开否认，并且称 YU7 的正式定价要到开售一至两天前才能确 定。 YU7 发布后影响 SU7 销量？ 针对 YU7 发布后是否影响 SU7 销量，小米汽车 ...

Market Overview - The Hong Kong stock market rebounded on June 3, with the Hang Seng Index rising by 1.5% to close at 23,512 and the Hang Seng Tech Index increasing by 1.1% to 5,189, indicating a significant recovery in market sentiment [1] - The trading volume reached HKD 203.7 billion, showing a notable increase compared to previous days, although the net inflow from the Stock Connect was only HKD 3.9 billion [1] - Major financial stocks, including CITIC Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China, hit historical highs, reflecting continued investment in high-dividend defensive assets [1] Industry Dynamics - The automotive sector saw a rebound, with Xiaomi's automotive business losses decreasing and expectations for profitability in Q3 or Q4 of this year, driven by the upcoming launch of the YU7 model [3] - The healthcare sector also performed well, with the Hang Seng Healthcare Index rising by 2.5%. Notable gains were seen in companies reporting positive clinical data at the American Society of Clinical Oncology (ASCO) [3] - The renewable energy and utilities sectors experienced widespread gains, with Goldwind Technology rising by 13.3% due to share buyback plans and the establishment of an AI-related subsidiary [4] Company-Specific Insights - The report on CSPC Pharmaceutical Group indicated a 21.9% year-on-year decline in total revenue for Q1 2025, amounting to RMB 7.01 billion, primarily due to a slowdown in the sales of its core products [5] - The company expects a gradual recovery in product sales starting from Q2 2025, as the impact of centralized procurement has already been reflected in Q1 results [6] - CSPC has secured multiple overseas licensing agreements, with expected upfront payments totaling approximately RMB 1 billion and potential milestone payments exceeding RMB 25.6 billion, indicating strong future revenue prospects [7][8] Real Estate Sector Analysis - The report on the Chinese real estate market highlighted a 12.0% year-on-year decline in new home transaction volume across 30 major cities, with first-tier cities showing resilience [9] - First-tier cities like Shanghai and Shenzhen reported increases in cumulative transaction volumes, with Shanghai up by 9.5% and Shenzhen by 45.8% year-on-year [10] - The land transaction volume in 100 major cities fell by 46.9% year-on-year, indicating ongoing challenges in the real estate sector [12]

作者｜何简 从雷布斯迈向雷神。 在从雷布斯迈向雷神的道路上，雷军已经无法回头。 在小米集团今年最重要的 15 周年战略新品发布会召开前 20 小时，小米集团总裁卢伟冰就在社交媒体上预告，"雷总讲全场！" 在小米启动造车后，这家公司的创始人、CEO 以及绝对灵魂人物雷军就在慢慢将工作重心从手机转移至汽车上。他此前曾对外表示，自己的一半精力都 将放在汽车业务上，用于手机业务的精力大概只有 1/3。 从去年初小米 14 Ultra 发布会开始，卢伟冰就代替雷军作为小米手机发布会的主讲人。今年初的小米 15 Ultra 以及小米 SU7 Ultra 发布会上，雷军也只在 开场以及汽车环节亮相，包括小米手机、家电在内的多个新品都由卢伟冰等其他高管讲解。 过去一段时间，互联网上有不少关于小米遭遇营销反噬的讨论，去年雷军在车圈掀起的 CEO 营销风潮也在过去几个月慢慢消散。雷军也短暂地在互联网 上消失了一个多月，他暂停在社交平台上发布个人化内容、停止对外公开活动，甚至连 4 月份的上海车展也未亮相。直至小米 YU7 发布会之前，他才终 于试探性地重新开始回到台前。 此前的沉默很难说是小米改变了营销策略——它更像是在舆论高潮 ...