温馨提示 ： 点击下方图片，查看运营团队6月最新原创报告（共235页） 梅开五度，国内头部具身智能机器人创企【星海图】完成超1亿美元元A4、A5轮系列融资，同时，公司正在以10亿美金估值 进行新一轮融资。 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 知识星球"机器人头条" ，后添加（ 微信号：lietou100w ）微信； 若有侵 权、改稿请联系编辑运营（微信：li_sir_2020）； 2025年7月9日， 拥有具身智能赛道"最强创始团队"的【星海图】正式官宣，接连完成A4、A5轮系列融资， 两轮合计融资 金额超过1亿美元；其中A4轮融资由 今日资本、美团龙珠联合领投，中金保时捷基金、襄禾资本 ，以及老股东米哈游、无锡 创投集团跟投；A5轮 由美团龙珠、美团战投 联合领投， 北京机器人基金 超额加注， 亦庄国投 跟投， IDG资本、BV百度风 投、凯辉基金、今日资本、襄禾资本 等老股东持续追投。 正文： 值的注意的是，公司于 4月3日刚完成 由凯辉基金领投，联想创投、 海尔资本 等产业资本参投，老股东IDG资本、高瓴创 投、百度风投、同歌创投等追投的 总融资额超3亿元 A2、A3轮系列融资 ...

计算机 2025 年 07 月 14 日 投资评级：看好（维持） 行业走势图 上海数据交易所首次提出 RDA 新范式，推动数据要素价值化 数据来源：聚源 -22% 0% 22% 43% 65% 86% 2024-07 2024-11 2025-03 计算机 沪深300 上海数据交易所首次提出 RDA （Real Data Assets）新范式，更强调锚定实数融 合的实体资产，更强调数据对其他实体资产的真实性校验和价值提升等作用， RDA 一方面可以帮助数据要素市场化、价值化进程加速，另一方面可以推动数 据要素和其他要素的联动发展，提升实体资产和资本的对接效率，促进新质生产 力发展，推动实体经济和数字经济深度融合制度落地。 RDA 的核心在于实数融合，强调数据和其他实体资产的交互融合 相关研究报告 《周观点：持续看好稳定币和 RWA 投 资机会—行业周报》-2025.7.13 《脑机接口：从概念到落地，开启交 互新时代—行业深度报告》-2025.7.11 《稳定币和AI产业持续催化—行业周 报》-2025.7.6 锚定实数融合资产，RDA 推动数据价值化 ——行业点评报告 陈宝健（分析师） 刘逍遥（分析师） c ...

Core Viewpoint - JPMorgan is set to introduce fees for FinTechs accessing customer bank information, potentially impacting the business model of the FinTech sector significantly [2][5]. Group 1: Fee Structure and Impact - The fees from JPMorgan could reach hundreds of millions of dollars, posing a threat to the FinTech sector's business model [2]. - Pricing sheets have been sent to data aggregators, with fees varying based on how the information is utilized, particularly high for payments-focused firms [3]. - The fees may be charged to aggregators, which would then be passed on to FinTechs and ultimately to consumers [3]. Group 2: Regulatory Context - The implementation of these fees is expected to occur late this year, but they are not finalized and may be subject to negotiation [5]. - This situation unfolds amid uncertainty regarding Section 1033, the "open banking rule," which mandates banks to share customer data with other financial service providers for free [5][6]. - The future of the open banking rule is uncertain, with the Republican administration seeking to vacate it, raising concerns about potential fraud and increased liability for banks [6]. Group 3: Consumer Sentiment and Market Potential - Research indicates that 46% of consumers are "highly willing" to use open banking options for payments and financial services, yet only about 10% of Americans have utilized these options, indicating a significant untapped market [7]. - The challenges faced by providers in the open banking landscape are substantial, despite the vast opportunities available [7].

Core Viewpoint - The Defiance Nasdaq 100 Target 30 Income ETF (NASDAQ: QQQY) is described as a disaster due to significant price erosion leading to a 1-for-3 reverse stock split within less than a year of its launch [1]. Group 1 - The ETF was launched in September 2023 and faced steady price erosion by August 2024 [1]. - The reverse stock split indicates a drastic measure taken to manage the declining price of the ETF [1]. - The author emphasizes a long-term investment approach focusing on macro ideas through low-risk ETFs and CEFs [1].

整理 | GLP1减重宝典内容团队 从目前来看，2024年全球处方药销售额排名前七的公司分别为：强生（Johnson & Johnson，557亿美元）、艾伯维（AbbVie，545亿美 元）、默沙东（Merck，543亿美元）、罗氏（Roche，525亿美元）、辉瑞（Pfizer，520亿美元）、阿斯利康（AstraZeneca，509亿美 元）以及诺华（Novartis，502亿美元）。Evaluate预计，礼来和诺和诺德将在2030年前迅速超越上述公司。 根据Evaluate Pharma的数据，受益于糖尿病和肥胖治疗药物销售的持续增长，礼来（Eli Lilly）有望在2030年成为全球处方药销售额最 高的生物制药公司，预计届时销售收入将达到1130亿美元，远超排名第二的诺和诺德（Novo Nordisk），后者预计为840亿美元。 在其发布的《2025年全球前瞻》报告中，Evaluate指出，糖尿病与肥胖药物将继续主导市场，预计2024年至2030年间年均增长率将达到 20%。其中，礼来将从这一增长中获益更多，其2024年处方药销售额为410亿美元，而诺和诺德则为420亿美元，预计至2030年二者均 ...

09 Jul 2025 05:00:00 ET │ 78 pages US MedTech 2Q25 Preview: But Wait, There's More CITI'S TAKE At the mid-year 2025 mark it has already been a long year, given macro- economic headlines (including tariffs) and uncertainty the new normal. MedTech has largely withstood the healthcare headwinds but has been caught in the macro. While tariffs seem to have been normalized or at least absorbed, with the 90-day pause on April 2 reciprocal tariffs extended to August 1, and the U.S.-China pause expiring August 12 up ...

11 July 2025 | 6:00AM EDT Americas Machinery Powering Data Centers: Generator supply-demand in context & CAT turbine orders We come away from visits to CMI and CAT large engine facilities constructive on (i) the sustainability of data center demand at 2025E production levels (supply-demand below) and (ii) CAT's emerging opportunity to benefit from turbine prime power sales, as management has outlined last year and now data center specifications at xAI include CAT turbines (details below). Jerry Revich, CFA ...

China Automobiles 11 July 2025 | 9:25AM CST 2H25 outlook mgmt call series: Expect continued subsidies and ongoing competition We hosted our China Autos 2H25 Management Outlook Call Series with 6 companies including OEMs (BYD, XPeng, Nio, Leapmotor), suppliers (Hesai) and dealers (Zhongsheng) during Jul 8-9. Key takeaways include: (1) Demand & stimulus: Managements generally believe government support will not terminate abruptly and effective per vehicle purchase cost will not increase from the consumer's pe ...

近期，华泰证券发布了一份深度研究报告，聚焦于多模态大模型及其应用的迅猛发展，指出该领域正迅速接近一个关键转折 点。 报告详细分析了多模态大模型的发展动态，强调这是大语言模型（LLM）演进的必然趋势。尽管LLM在文本处理方面表现出 众，但为了拓宽应用场景，研究者正积极将其他模态能力融入，从而催生了多模态大型语言模型（MLLM）。MLLM主要分为 模块化架构与原生架构两类，其中原生架构因能在全模态数据上同步训练，展现出在性能和效率上的显著优势，不过对算力和 技术要求也更为严苛。目前，以OpenAI和Google为代表的行业巨头在这一领域处于领先地位。 从商业化角度来看，全球范围内多模态应用的进展呈现出海外快于国内、一级市场公司快于二级市场公司、多模态产品快于文 本产品的趋势。海外Chatbot类产品，如OpenAI和Anthropic，已经实现了超过10亿美元的年化收入（ARR），相比之下，国内 Chatbot的商业化进程尚显稚嫩。然而，国内年收入超过1亿美元的AI公司大多聚焦于多模态产品，如美图、快手和睿琪软件等。 特别是在视频生成领域，国内企业表现出色。字节的Seedance 1.0、快手的可灵（Kling） ...

Group 1 - Nvidia CEO Jensen Huang will hold a media briefing in Beijing, marking his second visit to China, emphasizing the importance of the Chinese market [1] - The U.S. government has imposed restrictions on the export of Nvidia's advanced chips to China since 2022, citing military application concerns [1][2] - Nvidia generated $17 billion in revenue from China in the fiscal year ended January 26, accounting for 13% of the company's total sales [4] Group 2 - Huang's visit is being closely monitored by U.S. lawmakers, who have urged him to avoid meetings with companies linked to military or intelligence in China [3] - Nvidia faces increased competition from Chinese companies like Huawei, but demand for Nvidia's chips remains strong due to its CUDA computing platform [6] - Nvidia's market value reached $4 trillion for the first time last week, reinforcing its position in the AI technology sector [6][7]