Core Viewpoint - The article discusses the implications of Alibaba's recent issuance of zero-coupon convertible bonds, highlighting both the short-term costs and long-term benefits for the company and its subsidiaries, particularly Alibaba Health. Group 1: Financing and Capital Structure - Alibaba has completed a private placement of zero-coupon convertible bonds totaling HKD 120.23 billion, maturing in 2032, which will not bear interest and are unsecured [2] - The net proceeds from the bond issuance are estimated to be approximately HKD 119 billion, intended for general corporate purposes, including investments in cloud infrastructure and international business expansion [6] - The issuance is seen as a way to alleviate cash pressure while allowing Alibaba to maintain flexibility in its capital structure [6] Group 2: Market Reactions and Analyst Opinions - Analysts view the premium pricing of the bonds positively, noting that the lack of periodic interest payments saves Alibaba on interest expenses and reduces potential disputes with minority shareholders [3] - The bond's conversion price represents a 48% premium over the placement price of Alibaba Health shares, providing an investment opportunity for those optimistic about Alibaba Health's future [3] - However, the issuance of convertible bonds is rare and typically only feasible for large corporations, indicating Alibaba's strong market position [4] Group 3: Impact on Alibaba Health - The use of Alibaba Health shares as the conversion target reflects a consolidation of resources within the Alibaba Group, with expectations of further integration across its business segments [11] - Alibaba Health reported a revenue of approximately RMB 30.598 billion for the fiscal year ending March 31, 2025, marking a 13.2% year-on-year increase, with adjusted net profit rising by 35.6% [11] - Despite the growth, analysts caution that the increased competition and marketing expenses may pressure Alibaba Health's profitability in the near term, making the bond issuance a double-edged sword [11][13]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 57.2 billion yuan [3] - The U.S. stock market saw all three major indices close higher, with the Dow Jones up 0.49%, Nasdaq up 0.94%, and S&P 500 up 0.61% [4] - Bitcoin reached a historic high of $112,000, with a current price of $111,181, marking a year-to-date increase of approximately 19% [4] Group 2 - International oil prices experienced a slight decline, with WTI crude oil down 0.06% at $68.29 per barrel and Brent crude down 0.03% at $70.13 per barrel [5] - European stock indices closed higher, with Germany's DAX up 1.42%, France's CAC40 up 1.44%, and the UK's FTSE 100 up 0.15% [6] Group 3 - The State Council issued a notice to enhance employment support policies, focusing on stabilizing employment, enterprises, markets, and expectations to promote high-quality economic development [7] - The State Administration for Market Regulation held a meeting on fair competition, emphasizing the need for fair competition governance and anti-monopoly enforcement [8] Group 4 - The Ministry of Industry and Information Technology opened an online feedback window for key automotive companies to address issues related to payment cycles for small and medium-sized enterprises [9] - The National Health Commission issued a ban on two surgical procedures for treating Alzheimer's disease and type 2 diabetes [10] Group 5 - The Ministry of Culture and Tourism announced a zero-tolerance policy towards forced shopping in the tourism market, launching a year-long special rectification campaign [10] - The State Council appointed new officials, including Yang Weilin as Deputy Minister of Public Security and Wu Zeng as Deputy Minister of Justice [11] Group 6 - Alibaba completed the issuance of zero-coupon convertible bonds totaling 12.023 billion HKD, maturing in 2032 [16] - BYD announced the achievement of L4-level smart parking technology, promising full liability coverage for users in China [18] - Li Auto announced the official release of its family-oriented electric SUV, the Li Xiang i8, on July 29 [20] - NIO announced the completion of its 1,000th highway battery swap station, enhancing its charging network across major cities [22] - China National Petroleum Corporation reported that the Kashagan oil field's cumulative oil production has surpassed 1 billion barrels [24] - A significant board reshuffle occurred at Sinovac Biotech, with SAIF Partners gaining majority control [25] - Zhiyuan Robotics responded to speculation about a reverse merger, stating no significant changes are planned in the next 12 months [27] - Amap launched an AR check-in feature to enhance user interaction and engagement [28] - Chayan Yuesheng announced its entry into the North American market through e-commerce [30] - Linda Yaccarino, CEO of X platform, announced her resignation, raising questions about the company's future direction [32]

【解剖大盘】 恒指今天在跌破24000点的时候，大金融银行证券盘中拉升刺激了一波指数，但未能持续，这个关口失 守，恒指收盘跌0.64%, 美国6月非农就业人口增加14.7万人，高于预期10.6万人，且前两个月数据被小幅上修。非农数据公布 后，市场直接放弃对美联储7月降息的押注。这个也符合逻辑。当下并非降息的最佳时点，因此需要好 一点的数据来粉饰。白宫表示，美国总统特朗普将于当地时间4日17时签署"大而美"法案。该法案进一 步加剧了市场对政府将增加借贷以抵消税收减少的担忧。不过，对企业减税这块是利好，企业税率从 21%直接砍到15%左右，苹果、谷歌这些巨头利润又出来了。 眼下市场关注的焦点是即将到来的关税截止日期。特朗普告诉记者，"周五可能会向贸易伙伴发出10或 12封关税信函，更多信件将"在接下来的几天内"寄出。到7月9日，将全面覆盖，关税税率可能从 60%-70%到10%-20%。我们已经完成了最终版本，它基本上会说明各国将要缴纳的关税水平。"目前情 况是和英国、越南达成协议，和中国达成了协议框架，剩下的就是日、韩、印度和欧盟。下一周，预计 市场都笼罩在关税谈判的阴影之下。 中东战事暂时消停，但俄乌冲突再现 ...

龙虎榜机构热股 今天机构龙虎榜上榜25只个股，净买入11只，净卖出14只。当日机构买入最多的个股前三位是：西测测试（6863万）、南凌科技（2848万）、隆扬电子 （2119万）。 | 上榜热股 | 实时涨跌幅 | 买/卖家数 | 机构 | | --- | --- | --- | --- | | 西测测试 301306.SZ | +0.44% | 3/0 | +68 | | 南凌科技 300921.SZ | +19.98% | 1 / 1 | +28 | * [16] A. A. K. K. 南凌科技 7月3日晚，阿里巴巴集团发布公告，计划发行本金总额约120亿港元、2032年到期的零息可交换债券。债券发行募集资金净额将用于投入云计算基础设施建 设和支持国际电商业务发展。 个股龙虎榜 据公司3月26日官微，由中国信通院和蚂蚁数科牵头发起，霍普股份、协鑫能科等近 20 家公司参与编写的《可信区块链实体资产可信上链技术规范》正式立 项并启动撰写。作为首个RWA上链技术规范，这一举措标志着实体资产 RWA 迈入标准化新阶段，霍普股份在其中积极发挥作用，助力构建可信数字基座。 杭州园林 个股龙虎榜 公司参股公司万林数 ...

早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起 看看吧。 21世纪经济报道新质生产力研究院综合报道 阿里计划发行大额可交换债 【巨头风向标】 OpenAI与马斯克同时否认与Robinhood合作 北京时间7月3日凌晨，OpenAI在其官方社交媒体上发布声明称："这些OpenAI代币并非OpenAI的股 权。我们并未与Robinhood合作，也未参与此事，同时不为其背书，任何OpenAI股权的转让均需获得我 们的批准，而我们并未批准过任何转让行为。"特斯拉CEO马斯克也在该帖下评论称："你的股权是假 的。"据悉，上述声明针对的是由Robinhood发布的一款名为"股票代币"的新型交易产品。 DeepSeek发布多个招聘岗位 近日，DeepSeek在LinkedIn（领英平台）发布最新招聘信息，覆盖前端开发工程师、全栈工程师、深度 学习研究员等10个岗位，据悉这是DeepSeek近期首次在领英上发布招聘信息。市场分析认为，此次 DeepSeek或是为了吸引潜在的海外顶尖AI人才。 7月3日，阿里巴巴集团发布公告称，计划发行本金总额约120亿港元、2032年到期的 ...

7月3日，阿里巴巴集团发布公告称，计划发行本金总额约120亿港元、2032年到期的零息可交换债券。 据了解，此次债券发行募集资金净额，将用于投入云计算基础设施建设和支持国际电商业务发展。 债券发行后，债券将构成阿里巴巴集团之无担保及非次级债务。债券不会产生定期利息。债券将于2032年7月9日到期，除非根据债券条款于该日期前被提前赎回、 回购或交换。 从资本市场表现来看，2025年初至今，阿里健康股价已上涨40%，令阿里巴巴可以凭借其表现获得低成本融资，投入业务发展。 由于可交换债券不涉及新股发行，阿里健康的总股本不会因此稀释。 预计仍保持阿里健康控股权 根据公告，债券将参考阿里健康在香港联交所上市的普通股。阿里巴巴可选择通过交付阿里健康股份、现金或现金与阿里健康股份的组合方式履行交换义务。 即便全部使用阿里健康股票结算，预计阿里巴巴仍将保持对阿里健康的控股权。 公告显示，阿里健康是阿里巴巴集团的并表子公司，阿里巴巴集团持有其约64%的股份。 阿里巴巴集团预计，在债券发行后及未来交换为阿里健康股份后，阿里健康仍将是阿里巴巴集团的旗舰医疗健康平台和并表子公司，并将继续与阿里健康及阿里巴 巴生态系统成员密切合作，推 ...

国际数据公司（IDC）于近日发布的《2024下半年中国低代码与零代码软件市场跟踪报告》显示，2024 下半年中国低代码与零代码软件市场规模为22.9亿元人民币，同比增速为20.2%。2024年全年市场规模 为40.3亿元人民币，预计到2029年市场规模将达到129.8亿元人民币，未来5年市场年复合增长率 （CAGR）为26.4%。(同花顺) 机器人融资额5个月超去年总和 投资人称挤破脑袋也要上机器人牌桌 "机构现在挤破脑袋也要上牌桌。" 一位头部机构投资人向记者表示。2025年的具身智能赛道，正经历 着前所未有的资本狂热。IT桔子数据显示，2025年前5个月，机器人领域融资额已达232亿元，超过2024 年全年209亿元总和。但不同于过往早期技术行业，据华映资本董事刘天杰观察，今年具身行业存在的 一个标志性特征，是大型产业投资者开始入局。此前行业内的产投出现美团、字节、阿里、腾讯等互联 网公司都还很正常，但比亚迪、宁德时代等大型制造业产投入局，这样的现象还是比较夸张的。刘天杰 对记者表示，早期阶段、技术尚未得到完全验证、商业化暂未实现闭环，这样的状态下选择入局，说明 这些大型制造企业内部也有自身战略考量。一方 ...

// 债市综述 // 1. 公开市场操作 央行3月13日以固定利率、数量招标方式开展了359亿元7天期逆回购操作，操作利率为1.5%。Wind数据显示，当日1045亿元逆回购到期，据此计 算，单日净回笼686亿元，为连续三天净回笼。 （*数据来源：Wind-央行动态PBOC） 2.资金面 银行间资金市场周四继续平稳均衡，存款类机构隔夜回购加权利率在1.75%附近窄幅波动，非银机构押信用债融入隔夜报价亦保持接近位置。 海外方面，最新美国隔夜融资担保利率为4.32%。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3.同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在1.96%附近，较上日明显下行。 （IMM） （*数据来源：Wind-同业存单-发行结果） | 1Y ZY 3Y | 5Y | | 78 | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | | 1.5700 0.00 100 1.5600 A1.00 113 1.6200 ▼1.00 67 国债 | 1.6700 A1.00 | 192 | 1.7850 ±2.0 ...