在美国各项经济数据释放信号不一致、关税政策对通胀影响仍然不明的背景下，美联储能否顶住政治压 力，维持货币政策独立性？特朗普任命"影子主席"的做法能否左右降息前景？为何特朗普突然紧盯翻修 案？投资者又该如何交易布局呢？就这些问题，第一财经专访了瑞士百达财富管理美国高级经济学家崔 晓。 特朗普提名"影子主席"作用有限 崔晓对第一财经分析称，"从法理层面来讲，如果因为特朗普仅仅因为与鲍威尔在利率问题上意见不一 致，就想解雇他是完全不可能的，因为之前最高法院的案子已经再次强化了，美联储是一个独立机 构。"如果特朗普"因故"要解雇鲍威尔，只能利用翻修案，但整个过程也会非常混乱和棘手，因为翻修 案这个事情是否严重到足以构成"因故"中的"故"，需要由白宫先提交相关诉讼，然后由一层层法院审 核，最终由高等法院裁决。在整个漫长的裁决过程中，鲍威尔仍有权留任美国联邦公开市场委员会 （FOMC）理事。并且，FOMC主席由谁担任是由FOMC成员决定的，凭借鲍威尔和FOMC成员的关 系，他们也会继续支持鲍威尔在此期间继续担任主席。鲍威尔本人也曾表态，除非他去世，否则没有任 何事情能阻碍他完成任期。 根据1913年的《联邦储备法》第10 ...

Core Viewpoint - The meeting emphasized the importance of enhancing the company's capabilities for high-quality development while addressing various risks and challenges in the current complex domestic and international environment [1] Group 1: Strategic Directions - The company will firmly pursue a financial development path with Chinese characteristics, actively integrate into the national development framework, and implement major cooperation initiatives while increasing sustainable investment efforts [1] - There is a focus on improving autonomous investment capabilities, optimizing overall portfolio management, and advancing the construction of front, middle, and back office capabilities [1] Group 2: Management and Oversight - The company aims to fulfill its responsibilities in managing state-owned financial capital, providing guidance to directly managed enterprises, and encouraging controlled and participating institutions to contribute to the financial "five major articles" [1] - Continuous improvement in management levels and operational efficiency is prioritized, alongside strengthening external investment risk prevention and enhancing the management system of directly managed enterprises [1]

Core Viewpoint - The key to the recovery and high-quality development of the mining economy in Nanping lies in whether mining companies can obtain mining rights certificates promptly [1][6]. Group 1: Mining Rights Approval Challenges - Mining companies in Nanping have long faced difficulties in obtaining mining rights approvals, but signs of improvement have begun to emerge [1][6]. - The Ministry of Natural Resources conducted a survey in early June, identifying three main issues in Nanping's mineral resource management: the prevalence of small and scattered mines, complex approval procedures, and an inadequate exit mechanism for mining rights [1][2]. Group 2: Recommendations and Actions - The survey team recommended that the Fujian Provincial Natural Resources Department guide Nanping in improving the mining rights registration and approval system, optimizing management services, and establishing a sound exit mechanism for mining rights [2][4]. - Nanping's Natural Resources Bureau has committed to enhancing the mining rights registration process, closing non-compliant mines, and upgrading those with significant resource reserves [2][4]. Group 3: Local Government Initiatives - Local governments in Nanping are actively holding meetings to strengthen mineral resource management, with a focus on balancing ecological protection and high-quality development [4][5]. - Specific plans for the classification and management of existing mines are being developed, with a goal to increase the proportion of large and medium-sized mines, particularly in the fluorite sector, to over 25% by 2025 [4][5]. Group 4: Ongoing Developments - The Nanping Mining Association has expressed hope that the new policies will be implemented quickly to facilitate the recovery of the mining economy [6]. - The local government is taking steps to ensure that mining rights management services are improved, aiming to enhance approval efficiency and protect the rights of mining operators [3][5].

Core Insights - In the first half of 2025, property tax revenue surpassed deed tax and land value increment tax, becoming the largest source of revenue among land and real estate-related taxes [1][2]. Revenue Performance - National property tax revenue reached 261.8 billion yuan in the first half of 2025, marking a 12% year-on-year increase, significantly higher than the overall national tax revenue growth rate of -1.2% and the declines in deed tax (-14.8%) and land value increment tax (-17.6%) [2]. - Property tax revenue growth is attributed to enhanced tax collection efforts by local fiscal departments, with notable increases reported in regions such as Fujian (13.7% growth) and Xinjiang (17.9% growth) [2][3]. Tax Management Improvements - Local governments have utilized big data and improved tax management practices to enhance property tax collection, addressing issues such as low-quality data and tax assessment inaccuracies [4]. - For instance, the Zhengzhou Airport Economic Comprehensive Experimental Zone reported a 36.42% increase in property and land taxes collected from January to July 2025, aided by online data comparisons and risk audits [4]. Fiscal Context - Despite the growth in property tax revenue, the overall fiscal environment remains challenging, with significant declines in deed tax and land value increment tax exacerbating local fiscal pressures [4][5]. - In 2024, the combined revenue from deed tax and land value increment tax was approximately 1,001.6 billion yuan, a decline of about 30% from the peak in 2021 [5]. - Local government budget data indicates a slight increase in general public budget revenue (1.6%) and a more substantial increase in expenditures (2.6%) for the first half of 2025, highlighting ongoing fiscal challenges [6].

据Wind数据统计显示，8月8日，国家队现身浙数文化前十大流通股东，合计持股1755.16万股，合计持 股市值达2.43亿元。截至8月8日，国家队二季度共现身5只个股前十大流通股东，合计持股5.72亿股，合 计持股市值达56.26亿元。其中，4只个股持股数量超千万，华能国际、海康威视、陆家嘴持股数量居 前，国家队分别持有4.67亿股、0.65亿股、0.20亿股。从国家队持股行业分布来看，主要集中在信息技 术服务、电力Ⅲ、软件，分别有1只、1只、1只。 ...

工业富联、新易盛、中际旭创净卖出额居前，金额分别为4.17亿元、2.92亿元、2.70亿元。 寒武纪-U获融资净买入额居首，净买入5.33元；融资净买入金额居前的还有北方稀土、硕贝德、东山精 密，净买入额分别为4.07亿元、2.95亿元、2.57亿元。 Wind统计显示，上一交易日（8月7日）共有1861只个股获融资净买入，净买入金额在亿万元以上的有 20只。 ...

扫地机器人市场已有诸多玩家，但市场渗透率不高，全景无人机市场玩家不多。 从市场增速看，过去几年扫地机器人告别了最初的高速增长期。据奥维云网数据，2020年及2021年国内扫地机器人销售额保持百分比两位数的高速增长，但 2021年和2022年的市场销量经历下降。直到2023年，国内市场销量才迎来小幅增长，去年全球市场实现销量和销售额增长，出现回暖迹象。市场玩家业绩则 较为参差，国内厂商过去几年并未集体实现营收和净利润同步增长，竞争较为激烈。去年国内扫地机器人排名前五的品牌市场占有率达到93.6%。 市场在变化，大疆的扫地机器人设计也经历过3次较大的变更，包括将滚筒改为履带、将凸出的机械式激光雷达改为体积更小的固态激光雷达、将基站改为 透明设计。期间尝试过多种技术方案。 一般而言，机械式激光雷达视野较好，固态激光雷达需要通过算法等方式弥补差距，技术要求较高。大疆还进行过机械臂预研，希望机械臂能帮扫地机开 门、打扫门后死角，但最终发现机械臂精度和实用性有限。 消费级硬件市场的跨界尝试越来越多，大疆一周内接连推出两个全新品类。8月6日晚，大疆推出首代扫地机器人DJI ROMO。在此之前，7月31日晚，大疆 发布首款全 ...

大疆搅局会给市场格局带来什么影响，还需进一步观察。一个值得一窥的角度是，全景相机和扫地机器 人都不是新兴的品类，特别是扫地机器人赛道竞争已然激烈，新进入者认为有什么机会可以改变格局？ 以新进者的身份看这两个市场，视角也值得玩味。 扫地机避障比无人机更难 与一些外界猜测不同，大疆没有推出一款"会飞"的扫地机器人。首代扫地机器人售价4699元起，面向偏 高端的市场，其中最高配机型采用半透明设计。 扫地机器人已有不少玩家，但市场渗透率不高。据奥维云网数据，去年国内扫地机器人渗透率为 5.5%。大疆相关负责人告诉记者，市场渗透率不是很高，有较大潜力待开发，同时，还有不少痛点未 被解决，例如智能化程度还未达到完全不需人工介入的程度，公司的空间智能技术能在地面上复用。 从市场增速看，过去几年扫地机器人告别了最初的高速增长期。据奥维云网数据，2020年及2021年国内 扫地机器人销售额保持百分比两位数的高速增长，但2021年和2022年的市场销量经历下降。直到2023 年，国内市场销量才迎来小幅增长，去年全球市场实现销量和销售额增长，出现回暖迹象。市场玩家业 绩则较为参差，国内厂商过去几年并未集体实现营收和净利润同步增长， ...

截至8月8日，A股已累计有151家上市公司披露2025年半年报，其中135家盈利，16家亏损。从净利润来 看，14家公司净利润超10亿元，中国移动、宁德时代、华能国际排名居前，上半年净利润分别为842.35 亿元、304.85亿元、92.62亿元。从净利润增幅来看，43家公司净利润增幅超50%，智明达、容知日新、 仕佳光子排名居前，上半年净利润增幅分别为2147.93%、2063.42%、1712.00%。 8月8日，A股共38家上市公司披露2025年半年报，其中35家盈利，3家亏损。从营收来看，当日披露半 年报公司中，6家营收超50亿元，中国移动、新洋丰、爱旭股份排名居前，上半年营收分别为5437.69亿 元、93.98亿元、84.46亿元。从净利润来看，当日披露半年报公司中，2家净利润超10亿元。中国移动、 常熟银行、新洋丰排名居前，上半年净利润分别为842.35亿元、19.69亿元、9.51亿元。 ...

OpenAI正式发布人工智能模型GPT-5，采用集成架构，可自动调用更深层次推理能力，并首次向所有 ChatGPT用户免费开放。 当地时间周四，OpenAI推出了迄今最先进的大型语言模型GPT-5，这一成果历经两年多研发、多次推迟 后终于面世。首席执行官山姆·奥尔特曼在发布会上形容，与GPT-5对话"就像在与某个领域的博士级专 家交流"。这一版本首次采用集成模型架构，将根据任务自动选择推理深度，无需用户切换模式，并将 在未来一周内分批向包括免费用户在内的所有ChatGPT用户开放。 奥尔特曼透露，GPT-5在速度、直觉与推理能力上全面提升，并能凭借"氛围编程"（vibe coding）让用 户用自然语言生成可运行的软件应用程序。"它能做的最酷的事情之一，就是为你按需编写高质量的软 件，这种即时开发的能力，可能会成为GPT-5时代的决定性特征。"他说。 "氛围编程" 与上一代相比，GPT-5最大的结构性变化是采用集成模型。这意味着系统将自主判断问题的复杂度，必 要时调用更多计算资源进行"深度思考"。奥尔特曼称，这是普通用户首次接触OpenAI的"测试时间计 算"技术，即在面对数学推导或复杂推理时，模型会主动延长 ...