Market Overview - The Shanghai Composite Index rose by 0.32% to 3472.32 points, driven by gains in the banking and insurance sectors, while the Shenzhen Component Index and ChiNext Index fell by 0.25% and 0.36% respectively [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 145.47 billion yuan, an increase of over 120 billion yuan from the previous day [1] Economic Insights - Citic Securities noted that the Shanghai Composite Index reached a new high since 2025 due to three favorable factors: improving macroeconomic conditions, heightened market sentiment, and positive earnings forecasts in new economic sectors [1] - The firm anticipates a rising market fluctuation center in the medium term, with potential short-term index pullbacks presenting good buying opportunities [1] Sector Analysis - The air conditioning demand is expected to improve due to extreme high temperatures globally, with historical data showing a significant positive correlation between temperature changes and air conditioning sales [2] - The upcoming government subsidies are expected to stimulate domestic demand for air conditioning in the third quarter [2] Technology Sector - The demand for computing power remains strong, with Nvidia's GB300 system set to launch in the third quarter, and major cloud service providers preparing for new server deliveries [3] - Citic Securities continues to recommend investments in companies with sustained high growth and those positioned to benefit from external demand and market share breakthroughs [3] Consumer Electronics - The smartphone market in China is projected to see slight year-on-year growth in Q2 2025, driven by Huawei and Apple, with Huawei expected to be the fastest-growing brand [4] - Apple's promotional activities for the iPhone 16 series have contributed to sales growth, and the development of a foldable iPhone is underway, expected to launch in late 2026 [4][5] Energy Sector - The National Energy Administration reported that the maximum electricity load in China reached a historical high of 1.465 billion kilowatts, driven by sustained high temperatures [10] - The East China grid load reached 422 million kilowatts, with air conditioning load accounting for approximately 37% [10]

早 报 精 选 1、 中方在政府采购活动中对自欧盟进口的医疗器械采取相关措施。 2、马斯克宣布成立"美国党"。 3、特朗普称8月1日起实施新关税，最高税率或达70%。 4、央行拟修订人民币跨境支付系统业务规则。 5、住建部：持续巩固房地产市场稳定态势。 2、今年4月3日，沪深北交易所同步发布《程序化交易管理实施细则》，对程序化交 易报告管理、交易行为管理、信息系统管理、高频交易管理等作出细化规定，将于7月 7日开始正式实施。 宏 观 新 闻 1、 财政部发布关于在政府采购活动中对自欧盟进口的医疗器械采取相关措施的通 知，根据有关法律法规，经批准，财政部决定在政府采购活动中对部分自欧盟进口的 医疗器械采取相关措施。采购人采购预算金额4500万元人民币以上的医疗器械时，确 需采购进口产品的，在履行法定程序后，应当排除欧盟企业（不包括在华欧资企业） 参与。 2、商务部新闻发言人就在政府采购活动中对自欧盟进口的医疗器械采取相关措施答记 者问表示，相关措施是为了维护中国企业的合法权益，维护公平竞争的环境。中方措 施只针对自欧盟进口医疗器械产品，在华欧资企业生产产品不受影响。 3、商务部发布公告，根据《反倾销条例》第三十 ...

如果最终采用外部模型，将标志着苹果的一次重大转变。目前，苹果大部分人工智能功能依赖其自研 的"Apple Foundation Models"技术，原计划2026年推出基于该技术的新版本Siri。 目前，苹果已经允许ChatGPT处理Siri中的网络搜索查询，但Siri本身仍由苹果技术驱动。苹果软件主管 克Craig Federighi在6月的全球开发者大会上表示，正在考虑是否应该扩大对外部人工智能技术的使用。 知情人士表示，苹果对第三方模型的评估仍处于早期阶段，公司尚未就是否采用作出最终决定。若明年 实施模型变更，苹果有望使Siri功能达到与安卓手机AI助手相当的水平。该公司内部另一项名为"LLM Siri"的竞争项目使用的是苹果自家模型，目前仍在积极开发中。苹果、Anthropic、OpenAI的代表均拒 绝对此发表评论。 在去年开发者大会上，苹果压轴推出了Apple Intelligence，随后，Apple Intelligence被落地在iPhone16系 列新品中。自那以后，Apple Intelligence升级备受外界关注与期待。 一直以来，苹果在开发自有AI模型方面遇到一定困难，导致升级版S ...

Core Viewpoint - Apple is offering national subsidies on selected products, specifically for the App Store retail store in Shanghai and online store with delivery to Beijing addresses [1] Group 1 - The designated products for the subsidy include iPhone 16 and iPhone 15 [1]

Core Insights - The 618 shopping festival has become less impactful, with consumers showing fatigue and the event being stretched over a longer period, leading to diminished excitement [1][10] - Despite a reported 15.2% year-on-year growth in GMV for major e-commerce platforms, the extended duration of the event has resulted in a less impressive performance when analyzed over a consistent timeframe [2][4] - Instant retail emerged as a significant growth area during the 618 festival, with platforms like JD and Meituan seeing substantial increases in user engagement and transaction volume [6][7] E-commerce Performance - The overall GMV for the 618 event increased by 15.2% year-on-year, but the extended duration of nearly 20% has skewed the perception of growth [2][4] - JD's app achieved a record high in daily active users (DAU), driven largely by its foray into the instant delivery market [6][8] - Instant retail platforms, including Meituan and JD, reported a 18.7% increase in transaction volume, outperforming traditional e-commerce channels [7] Consumer Behavior - Consumers are showing signs of fatigue towards frequent shopping festivals, with the 618 event now competing with numerous other promotional periods throughout the year [10][11] - The introduction of the "Red Cat and Red Jing Plan" aimed to attract users through content-driven marketing, but the effectiveness of such strategies is being questioned [3][11] Subsidy Impact - National subsidies have shifted from being auxiliary to becoming a central component of sales strategies for platforms like JD and Tmall, significantly impacting sales in categories like home appliances and electronics [8][10] - The depletion of subsidy funds has led to price adjustments, with some products being more expensive during the 618 event compared to previous months [10] Marketing Strategies - Tmall invested 50 billion yuan in cash incentives, focusing on live streaming and advertising to boost user engagement and sales [12][14] - JD's strategy included significant investment in its delivery workforce, which has resulted in a substantial increase in user numbers and order volume [13][14] - Douyin has emerged as a strong competitor, with its sales figures approaching those of JD, indicating a shift in consumer shopping behavior towards content-driven platforms [15][16]

天猫数据显示，截至6月18日，453个品牌在天猫618成交破亿元，同比增长24%。其中，苹果、美的、 海尔、小米、华为、源氏木语、耐克、格力、斐乐、vivo、珀莱雅、阿迪达斯、欧莱雅等品牌跻身天 猫"618""10亿元俱乐部"。"618"期间，天猫来访用户以及活跃度大幅提升，全周期购买用户双位数增 长，高净值人群88VIP会员突破5000万，规模创新高。 京东数据显示，截至6月18日，下单用户数同比增长超100%，京东零售线上业务、线下业态及京东外卖 整体订单量超22亿单。京东App的日活量也创下历史新高，京东采销直播成交额同比增长285%，3C、 家电品类、服饰美妆、日用百货品类等领域增速领跑。 拼多多数据显示，截至6月18日，山竹、榴莲、荔枝、水蜜桃等时令性水果的销量实现翻倍增长；小米 15、vivo X200 Pro、iPhone16 Pro Max等热门手机单品的销量实现3至8倍的涨幅；机械革命蛟龙16 Pro、联想拯救者Y7000、MacBook Air（13.6英寸M4芯片）等电脑产品实现3倍以上增长。此外，家 电、美妆、护肤、母婴、宠物等品牌也通过拼多多百亿补贴实现了爆发式增长。 美团闪购数据显 ...

根据Counterpoint Research最新《全球智能手机月度销售报告》的初步数据，iPhone在2025年4-5月的全球销量同比增长15%，也创下后疫情时代以来该时期 市场占有率的最高纪录。美国与中国作为Apple的两大关键市场，是该时期最主要的市场增长动力，终结过去三年在此销售淡季的下滑趋势，首次实现同比 正增长。 中国市场表现尤为突出，Apple在5月重返市场占有率榜首，在经历份额连续下跌、与Huawei等品牌激烈竞争后，局势终于迎来逆转。 Apple在美中两大核心市场的稳健表现，背后是日本、印度及中东高端市场两位数增长的强劲支撑。 Counterpoint Research日本分析师Yoko Miyashita表示："今年日本也迎来iPhone消费热潮，新推出的iPhone16e延续过去iPhone SE的成功路径，以小屏设计深 得日本消费者青睐。新机型以亲民的价格搭载Apple Intelligence，加上极简的设计风格，很好地满足了日本用户的消费偏好。我们也关注到基础款iPhone16 与老机型iPhone14的销售同样大增，运营商的促销推动也在持续激发消费需求。" 印度也在持续高速扩张， ...

（文章来源：新华财经） 此外，美妆、护肤、母婴、宠物等品牌也实现了爆发式增长，雅诗兰黛、潘婷、馥蕾诗等国际品牌在大 促期间的销量环比增长了160%；薇诺娜、花间颂、彩棠等国货品牌环比增长了150%；美素佳儿奶粉的 销量环比增长了近6倍；babycare、帮宝适的纸尿裤分别增长了151%和137%；蓝氏、百利、冠能等宠物 粮品牌的销量增长了7倍以上，PIDAN等猫砂品牌增长了2倍。 随着高考落幕，新一批"准大学生"对手机、数码产品的需求激增。大促期间，平台手机、平板、电脑、 相机等产品在"05后"年轻群体的订单量环比增长了3倍以上。此外，"准大学生们"的暑期出游热，也给 速干衣等户外用品的消费添了"一把火"，沙滩鞋、速干衣等产品的销量分别增长了220%、119%。 "大促之后，拼多多'千亿扶持'将一如既往地加大对新质供给的补贴力度，推动更多农产区、产业带的 中小商家上行新电商，持续激发产业活力，加快产业转型升级，并为广大消费者提供更多的优质好 物。"拼多多618大促负责人表示。 新华财经北京6月18日电（记者丁雅雯）拼多多618大促即将收官。在"千亿扶持"的加持下，平台大促自 启动以来，全域消费持续火热，生鲜、 ...

大促期间，拼多多百亿补贴还创新推出积分玩法，消费者下单后可累计积分并兑换积分优惠券，优惠券 叠加平台原有补贴后，活动商品的价格再度下探。比如，Switch 2港版马里奥赛车同捆版游戏主机，叠 加积分优惠券后到手价仅3328.2元；荣耀magic7手机（叠加国补优惠）到手价仅2865元起。 在上述补贴之外，"超级加倍补""百亿消费券"等活动也在持续发放福利，活动商品叠加消费券后最高折 扣可低至5折。据拼多多百亿补贴相关负责人表示，大促期间，参与百亿补贴多项活动的农货商家、新 质商家同比实现翻倍增长，"超级加倍补"活动的单日订单量就超过了376万单，助力多个类目的中小商 家实现了新突破。 在百亿补贴多重补贴的带动下，生鲜、数码、家电、服饰、潮玩等类目的销量表现尤为亮眼。具体来 看，山竹、榴莲、荔枝、水蜜桃等时令性水果的销量实现翻倍增长；小米15、vivo X200 Pro、iPhone16 Pro Max等热门手机单品的销量实现了3至8倍的涨幅；机械革命蛟龙16 Pro、联想拯救者Y7000、 MacBook Air（13.6英寸M4芯片）、华硕天选6 Pro等电脑产品均实现3倍以上增长；美的、小米、海尔 等品牌 ...

Core Insights - The article highlights the significant discounts and promotional activities during the final 28 hours of the 2025 JD 618 shopping festival, emphasizing the largest subsidy offerings and price reductions for consumers [1][4]. Subsidy and Discounts - Consumers can receive subsidies exceeding 6180 yuan per person per day, with various categories including electronics, home appliances, and more, allowing discounts as low as 40% [4][5]. - JD is providing a total value of over 3000 yuan in super subsidy coupon packages for PLUS members, which can be combined with national subsidies and other coupons for additional savings [4][5]. Promotional Activities - The JD 618 event features multiple promotional channels, including "1 yuan flash sales" and "true 50% off" deals, with products available at discounts as steep as 20% [4][5]. - The "JD Super Takeout Day" on June 18 will continue to offer substantial discounts, with reductions up to 61.8 yuan [4]. Entertainment and Engagement - The "JD 618 Happy Night" event, co-hosted with Hunan TV and Mango TV, features numerous celebrities and interactive games, allowing consumers to win prizes and engage with the brand [6][7]. - During the event, consumers can participate in a "shake to win" game on the JD app for a chance to win up to 2025 yuan in red envelopes and various physical prizes [7].