证券研究报告 | 2025年07月13日 公募 REITs 周报（第 25 期） 指数小幅回调，扩募进程加速 核心观点 固定收益周报 主要结论：本周中证REITs指数收跌，产权类REITs走势弱于经营权类REITs， 产权类 REITs 和特许经营权类 REITs 平均周涨跌幅为-1.8%、-0.9%。从主要 指数周涨跌幅对比来看：沪深 300>中证转债>中证全债>中证 REITs，REITs 全周日均换手率较前一周略有下降。全市场各类型 REITs 收跌，生态环保、 仓储、能源类 REITs 跌幅最小。截至 7 月 11 日，公募 REITs 年化现金分派 率均值为 6.3%，显著高于当前主流固收资产的静态收益率。当前产权 REITs 股息率比中证红利股股息率均值低 70BP,经营权类 REITs 内部收益率均值与 十年期国债收益率利差为 186BP。华夏华润商业 REIT 披露二次扩募计划， 嘉实京东仓储物流 REIT 公布扩募方案，公募 REITs"资产上市平台"功能 逐步体现。 中证 REITs 指数周涨跌幅为-0.96%，年初至今涨跌幅为+11.0%。截至 2025 年 7 月 11 日，中证 RE ...

证券研究报告|固收研究报告 [Table_Date] 2025 年 07 月 13 日 [Table_Title] 半年度数据出炉，产业园区普遍承压 [Table_Title2] 公募 REITs 周速览（2025 年 7 月 7-11 日） [Table_Summary] 本周（2025 年 7 月 7 日-11 日）中证 REITs 全收益指数收 于 1103.87 点，周度下跌 1.12%，跌回至 7 月初水平，整体表 现较弱，周内 5 个交易日均为阴线。中证 REITs（收盘）指数 收于 876.64 点，周度下跌 1.12%。我国 REITs 市场 68 个已上 市项目本周总市值收于 2052 亿元，环比下跌 1.30%。 大类资产角度，本周 REITs 跌幅靠前，权益市场表现亮 眼，沪深 300、中证 500、中证 1000、恒生科技和中证转债分 别上涨 0.82%、1.96%、2.36%、0.62%和 0.76%，均跑赢 REITs，沪银、COMAX黄金也表现不错。 ►二级市场 七大 REITs 板块均下跌，租赁住房跌幅最大达 2.76%，能 源设施相对抗跌。租赁住房板块的 8 只 REITs ...

The future of Tesla (TSLA 1.15%) appears very bright. Some experts believe the company's new robotaxi service could add more than $1 trillion in value by the end of 2026. But there's one challenge few investors are paying attention to. This challenge could swiftly eliminate one of Tesla's most profitable revenue sources.Expect Tesla to lose part of this $2.76 billion revenue sourceIn recent years, nearly every electric car stock has benefited from automotive regulatory credits. These credits are earned unde ...

Core Insights - Nvidia has achieved significant stock performance, rising approximately 1,000% since the beginning of 2023, and has the largest market capitalization globally [1][2] Group 1: Market Position and Product Demand - Nvidia manufactures GPUs, which excel in parallel processing and have expanded their applications beyond gaming to include AI training, engineering simulations, cryptocurrency mining, and drug discovery [4] - The company holds a dominant 90% market share in the GPU market, allowing it to charge premium prices and achieve profits that exceed revenue growth [6] Group 2: Future Growth Potential - The demand for AI is driving unprecedented capital expenditures in data centers, with AI hyperscalers announcing record spending for 2025, indicating a multiyear growth trajectory [8] - A third-party market study projects global capital expenditures on data centers to increase from $400 billion in 2024 to $1 trillion by 2028, with Nvidia generating $115 billion in revenue from its data center division in 2024 [9] - If Nvidia maintains its market share in the data center space, it could potentially generate nearly $300 billion in revenue from this segment alone, suggesting substantial upside for the stock [10] Group 3: Long-term Outlook - Despite its past performance, Nvidia still has significant growth potential, particularly in the data center sector, which could lead to market-beating returns in the future [11]

Core Viewpoint - Palantir Technologies has seen a significant increase in stock price, rising nearly 90% year to date, but it is suggested that there are better investment options in the AI sector than Palantir [1] Group 1: Comparison with Alphabet - Alphabet's forward price-to-earnings ratio is significantly lower at 18.7 compared to Palantir's 256.4, indicating a more attractive valuation [3] - Alphabet's first-quarter profits grew by 46% year over year, showcasing strong growth potential [4] - Alphabet's price/earnings-to-growth (PEG) ratio is 1.33, suggesting that its growth is not fully reflected in its stock price, unlike Palantir [4] - Alphabet is well-positioned to benefit from AI adoption, with its Google Cloud unit being the fastest-growing among major cloud providers [5] - Despite regulatory challenges, Alphabet is appealing adverse antitrust rulings, indicating potential for recovery and growth [6] Group 2: Comparison with Meta Platforms - Meta Platforms trades at 29 times forward earnings, which is more attractive compared to Palantir's valuation [7] - Meta has a vast user base of 3.43 billion daily users across its platforms, making it an attractive option for advertisers [8] - The company is leveraging AI to enhance advertising effectiveness and user engagement, which could lead to increased revenue [9] - Meta's investment of $3.5 billion in Ray-Ban maker EssilorLuxottica for smart glasses indicates a strong growth opportunity in AI-related products [10] Group 3: Comparison with Nvidia - Nvidia reported a year-over-year revenue growth of 69% in Q1 2025, outpacing Palantir's 39% growth [11] - Nvidia's PEG ratio of 2.02 is significantly lower than Palantir's 4.41, suggesting better value relative to growth prospects [12] - Nvidia continues to invest in R&D for more powerful chips, maintaining its position as a leader in AI model training and deployment [13]

股票简称：甬矽电子 股票代码：688362 甬矽电子（宁波）股份有限公司 Forehope Electronic （Ningbo）Co.,Ltd. （浙江省余姚市中意宁波生态园兴舜路 22 号） 向不特定对象发行可转换公司债券 上市公告书 保荐人（主承销商） （深圳市福田区福田街道益田路 5023 号平安金融中心 B 座第 22-25 层） 二〇二五年七月 第一节 重要声明与提示 甬矽电子（宁波）股份有限公司（以下简称"甬矽电子""发行人""公司" 或"本公司"）全体董事、监事和高级管理人员保证上市公告书的真实性、准确 性、完整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并对其 内容的真实性、准确性和完整性承担个别和连带的法律责任。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）等有关法律、法规的规定，本公司 董事、高级管理人员已依法履行诚信和勤勉尽责的义务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以 下简称"上交所"）、其他政府机关对本公司可转换公司债券上市及有关事项的 意见，均不表明对本公司的任何保 ...

Group 1: Institutional Support for Solana - Institutional inflows are favoring Solana, with the SEC accelerating the approval process for Solana ETFs, potentially leading to approvals before Halloween [2] - Anticipation of these approvals has already resulted in significant capital movement, with newly listed Solana ETPs attracting $78 million in a single week [3] - In contrast, Dogecoin's potential ETF approval lacks the same institutional interest due to its meme coin status and absence of yield or development roadmap [4][6] Group 2: Growth of Tokenized Assets on Solana - Solana's on-chain tokenized stock market has seen rapid growth, increasing from $15 million to $48 million in just two weeks, indicating strong demand for tokenized equities [7] - The influx of tokenized assets enhances Solana's reputation and generates settlement fees, as asset managers transition real-world assets onto its blockchain [9] - Dogecoin is unable to compete in this area due to its lack of smart contract capabilities and regulatory compliance features [10] Group 3: Performance and Development Advantages - Solana boasts a maximum theoretical throughput of 65,000 transactions per second, with real-world throughput peaking above 5,000 TPS, providing a superior user experience [11] - The network has led in developer activity among its peers for three consecutive months, resulting in significant upgrades and enhancements [12] - Dogecoin's stagnation in developer activity limits its potential for new features and growth, reducing its attractiveness to investors [13] Group 4: Future Outlook - Assuming timely ETF approvals and continued growth in tokenization, Solana is expected to see improvements in transaction counts, fee revenue, and overall market narrative, positioning it to outperform Dogecoin both in the short and long term [14]

2025 年 07 月 13 日 计算机 RDA：链接加密货币和数据要素的桥梁 7 月 10 日，上海市国资委党委召开中心组学习会，围绕加密货币与 稳定币的发展趋势及应对策略开展学习。此前 7 月 2 日，上海数据交 易交所在财政部主管的中央级财经媒体发表署名文章《RDA：数据要 素价值化探索》，首次提出 RDA（Real Data Assets）新范式，以期 构建链接加密货币和数据要素的桥梁。 证券研究报告 投资评级 领先大市-A 维持评级 RDA：实数融合新范式、数据价值化新引擎 RWA（Real Word Assets）作为资产价值化新赛道，具有经济性、共 识性、真实性、流动性、透明性五大优势，在全球范围内发展迅速， 促进了实体资产在数字世界的价值映射。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 ...

RT Josh “Pappy” Hazel (@JEHazel75)LOOK what we just got in the mail! We love to mount Action cameras on the roof of the Cybertruck for various adventures. We typically use the suction cup mounts and have had them come loose in weather or spirited driving. These new mounts by Our Cyber Weekend (@vanquishfoes) will connect directly to the roof rack mounts and offer a variety of slots to connect different devices! They arrived just in time for our cross country drive out to @theXtakeover!@chattybird0306 @cyber ...

VI 型分泌系统 （T6SS） 在弧菌属中分布广泛，但其在产毒菌株和非产毒菌株共存中的作用，目前仍不清 楚。 2025 年 7 月 9 日，南方科技大学 傅暘 研究员团队 在 Cell 子刊 Cell Host & Microbe 上发表了题为： A Vibrio-specific T6SS effector reshapes microbial competition by disrupting Vibrio bioenergetics 的 研究论文，该论文被选为当期封面论文。 撰文丨王聪 编辑丨王多鱼 排版丨水成文 非产毒型霍乱弧菌可通过体内/体外的 Ⅵ 型分泌系统 （T6SS） 在竞争中占据优势地位，战胜产毒 型对手； TseV 通过膜去极化和 ATP 耗竭使弧菌生物能量学崩溃； TseV 主要武装非产毒弧菌，维持遗传多样性； TseV 的杀弧菌特异性使精准抗菌药物得以保留微生物群。 总的来说，这些研究结果表明，TseV 代表了一种很有前景的精准抗菌策略模型，能将对共生微生物群的附 带损害降至最低。 论文链接 ： https://www.cell.com/cell-host-microbe/abstra ...