Stepfun will launch an AI-agent smartphone with contract manufacturing handled by A-share-listed Huaqin Technology, people familiar with the matter said. Sources said Huaqin and Stepfun have a deep strategic partnership rather than a simple white‑label OEM arrangement. Related data show shipments of smartphones, notebooks and tablets exceed 10% of global volumes.

德国财政部：注意到裕信银行对德商银行的收购要约结果。裕信银行的激进敌对态度仍然不可接受。

July 8 — Pang Yaping, board member and managing director and head of index R&D at E Fund Management, said China now has nearly 1,600 ETFs since the first in 2004, with aggregate AUM about 6 trillion yuan at the start of the year. ETF penetration of the Chinese equity market is roughly 2.4%, versus about 24% in the US and ~25% in Europe, implying substantial upside. Product types have diversified—broad-market, sector/theme, style/factor, cross‑border and commodity ETFs—and participation from medium- and long-term investors is increasing. Pang flagged pronounced product homogeneity among the ~1,600 ETFs and urged a shift from scale-driven expansion to stronger operational capability, global allocation and active-passive integration. He said index investing’s purpose is to lower investment difficulty and called for continued focus on refined operations, product innovation and investor services to drive quality over quantity.