（文章来源：每日经济新闻） 华龙证券8月16日发布研报称，给予应流股份（603308.SH，最新价：28.37元）增持评级。评级理由主 要包括：1）核心业务持续突破，业绩稳健增长；2）行业景气度提升，在手订单充沛，有望持续增长。 风险提示：主业毛利率波动风险；核电及两机业务接单存在不确定性；应收账款持续增长；地缘政治风 险；数据引用风险。 ...

（文章来源：每日经济新闻） 华龙证券8月16日发布研报称，给予春风动力（603129.SH，最新价：285.93元）增持评级。评级理由主 要包括：1）公司营收增长较快得益于四轮全地形车、两轮摩托车及电动车的协同发展；2）全地形车： 市场需求稳健增长，公司龙头效应有望进一步增强；3） 摩托车：全球摩托车市场蓬勃发展，下半年出 口增速预计加快；4）两轮电动车：政策驱动与用户需求共振，打造第三增长曲线。风险提示：宏观经 济波动风险、贸易政策不利变化的风险、市场竞争加剧风险、新产品开发风险、原材料价格波动及人力 成本上涨风险等。 ...

太平洋8月16日发布研报称，给予重庆啤酒（600132.SH，最新价：55.26元）增持评级。评级理由主要 包括：1）二季度销量好于行业，产品结构承压；2）成本红利释放提升毛利率，所得税率提升净利率略 有下滑。风险提示：宏观经济承压、结构升级不及预期、行业竞争加剧风险。 （文章来源：每日经济新闻） ...

国信证券8月16日发布呈和科技（688625.SH，最新价：34.6元）研报。主要观点：1）上半年归母净利 润实现稳健增长，海外业务表现亮眼；2）国际贸易摩擦风险升级，成核剂国产化率有望加速提升；3） 公司积极寻求外延式并购战略；3）基础化工·化学制品。风险提示：市场开拓风险；业务拓展、在建项 目进展不及预期的风险等。 （文章来源：每日经济新闻） ...

（文章来源：每日经济新闻） 华龙证券8月16日发布研报称，给予奥比中光（688322.SH，最新价：80.25元）增持评级。评级理由主 要包括：1）受益于机器人智能化趋势，3D 视觉传感器业务快速增长；2）费用管控成效显著，期间费 用率持续下降；3）聚焦机器视觉核心赛道，有望受益于机器人放量。风险提示：宏观环境风险、3D视 觉感知技术迭代创新的风险、核心技术泄密的风险、核心技术人才流失的风险、市场竞争加剧风险等。 ...

Group 1: Tencent's Headquarters Development - Tencent's headquarters park has been completed by 30% and will enter trial operation in October [1] - The park, located in Shenzhen, covers an area of 809,000 square meters and is designed to accommodate over 80,000 employees [1] - The construction of employee apartments aims to address housing difficulties for young employees and enhance their sense of belonging [1][2] Group 2: BYD's New Racing Facility - BYD's all-terrain racetrack in Zhengzhou has officially opened, featuring various unique track types [2] - The racetrack includes a 1,758-meter course with nine bends and a straight acceleration section of 550 meters, allowing speeds over 220 km/h [2] - This facility serves as a platform to showcase BYD's technical capabilities and supports performance validation for electric vehicles [2] Group 3: Lenovo's Financial Performance - Lenovo reported a record revenue of 136.2 billion yuan for Q1 of the 2025/2026 fiscal year, a 22% year-on-year increase [3] - Net profit also grew by 22% to 2.816 billion yuan, driven by the implementation of a hybrid AI strategy [3] - The infrastructure solutions segment saw a revenue increase of 35.8%, with AI infrastructure revenue doubling [3] Group 4: China Unicom's Revenue Growth - China Unicom's revenue surpassed 200 billion yuan in the first half of the year, marking a 1.5% increase [4] - The company's profit totaled 17.7 billion yuan, reflecting a 5.2% year-on-year growth [4] - The growth is attributed to the stability of traditional communication services and advancements in smart network services [4][5] Group 5: GAC Group's New Automotive Initiative - GAC Group has launched the Huawang Automotive city recruitment plan, focusing on a "less business, more stores" strategy [5] - The plan aims to create a diversified and professional store matrix to enhance brand penetration [5] - This initiative is expected to reduce channel costs and boost sales for GAC's new energy vehicles [5] Group 6: Xiaomi's User Engagement Strategy - Xiaomi's CEO Lei Jun initiated a poll regarding the renaming of the Xiaomi YU7 model, with over 70% of voters supporting no name change [6] - This reflects Xiaomi's commitment to user participation in brand decisions, reinforcing its user-oriented approach [6] - The strong user support for the current product positioning is crucial for Xiaomi's market share in the competitive smart electric vehicle sector [6] Group 7: JD Group's Strategic Partnership - JD Group has signed a strategic cooperation agreement with Dongfeng Motor Group to enhance collaboration in various sectors [7] - The partnership will focus on full-channel marketing for passenger vehicles and green intelligent logistics for commercial vehicles [7] - This collaboration aligns with the trend of integrating online and offline operations in the automotive industry [7]

Group 1: Tencent Headquarters Development - Tencent's headquarters park has been completed 30% as of August 14, with trial operations set to begin in October [2] - The park, located in Shenzhen, covers an area of 809,000 square meters and is designed to accommodate over 80,000 employees [1][2] - The construction of employee apartments aims to address housing difficulties for young workers, enhancing their sense of belonging and recognition towards the company [1][2] Group 2: BYD's New Racing Facility - BYD's all-terrain racetrack in Zhengzhou officially opened on August 14, featuring various specialized tracks [3] - The racetrack includes a 1,758-meter course with nine turns and a maximum straight-line acceleration of 550 meters, allowing speeds over 220 km/h [3] - This facility serves as a platform to showcase BYD's technical capabilities and provides a testing ground for electric vehicle performance [3] Group 3: Lenovo's Financial Performance - Lenovo reported a record revenue of 136.2 billion yuan for Q1 of the 2025/2026 fiscal year, marking a 22% year-on-year increase [4][5] - The company's net profit also grew by 22% to 2.816 billion yuan, driven by the successful implementation of its hybrid AI strategy [4][5] - The infrastructure solutions segment saw a revenue increase of 35.8%, while AI infrastructure revenue doubled, contributing to Lenovo's competitive advantage [5] Group 4: China Unicom's Revenue Growth - China Unicom's revenue surpassed 200 billion yuan in the first half of the year, reflecting a 1.5% year-on-year growth [6] - The company's profit reached 17.7 billion yuan, up 5.2% from the previous year, supported by stable traditional communication services and growth in smart network services [6] - The smart network services segment generated 45.4 billion yuan, accounting for 22.7% of total revenue, indicating a shift towards digital infrastructure [6] Group 5: GAC Group's New Automotive Initiative - GAC Group launched the Huawang Automotive city recruitment plan, focusing on a "few businesses, many stores" strategy [7] - The plan aims to create a diversified and professional store matrix to enhance brand penetration and reduce channel costs [7] - This initiative is expected to drive sales growth for GAC's new energy vehicles if successfully implemented [7] Group 6: Xiaomi's User Engagement Strategy - Xiaomi's CEO Lei Jun initiated a poll regarding the renaming of the Xiaomi YU7 standard version, with over 70% of voters supporting no name change [8] - The strong user support reflects recognition of the product's positioning and reinforces Xiaomi's user-centric brand identity [8] - This approach is crucial for Xiaomi to maintain its market share in the competitive smart electric vehicle sector [8] Group 7: JD Group's Strategic Partnership - JD Group signed a strategic cooperation agreement with Dongfeng Motor Group to enhance collaboration in various automotive sectors [9] - The partnership will focus on full-channel marketing for passenger vehicles and green intelligent logistics for commercial vehicles [9] - This collaboration aligns with the trend of integrating online and offline operations in the automotive industry [9]

1.到底是哪些板块发动了牛市？ 去年，有一波酣畅淋漓的行情，摆在我面前，我没有珍惜。等到后知后觉时，才后悔莫及。人世间最痛苦的 事，莫过于此。如果上天再给我一次机会，我会对牛市说，我吃定你！如果一定要说一个大盘点位，我希望 是4500点！ 本文解决以下三个问题，让你看完之后心不慌： 先做个统计，对本轮牛市有个大概了解。 上图中，银行板块（国有+股份制）加起来的市值贡献超过了1.68万亿元，贡献占比超10%； 医疗领域（化学制药+医疗服务+器械）的市值贡献超过了1.44万亿元，贡献占比接近10%。 这两个板块是这波牛市的主要推手，但之前小二说过，银行和医疗是绝大部分投资者的认知盲区。 此外，前21个行业贡献了70%的市值增量，结合前面说的"强者恒强"逻辑，后续我们参与这些行业的炒作，问 题应该不大。 跌破去年9月24日收盘价的公司有195家；突破去年10月8日高点的公司有3451家，其中今年录得20%以上涨幅 的，有2424家；未突破去年10月8日高点的公司有1145家，其中今年录得20%以上涨幅的，有165家。 什么？21个板块很多？其实就七大类，具体如下图所示。 2.周末情绪爆点的逻辑是什么？ 也就是说，能 ...

每经记者｜徐肖逍 每经编辑｜张海妮 8月15日，在"绿水青山就是金山银山"理念提出二十年之际，上海证券交易所（以下简称上交所）发布 中英文版本《贯彻"两山"理念 沪市ESG实践二十年》（以下简称《ESG实践》），向境内外市场参与者 系统介绍沪市二十年来ESG实践探索的阶段性进展。 数据显示，截至目前，沪市超过1300家公司单独披露2024年度ESG相关报告，披露率达到57%，创历史 新高；沪市绿色债券累计发行8627亿元，沪市成为全球主要绿色债券市场之一。 截至2025年7月，MSCI（注：国际ESG评级机构明晟）ESG评级受评对象中，31%的沪市上市公司在最 新一次ESG评级中实现评级提升。2022年至2024年，沪市上市公司中证ESG评级为A、AA及AAA的公 司数量分别为348家、420家和440家，累计增长26.44%。 施懿宸表示："相关成果表明，沪市上市公司ESG实践在'质'与'量'两个维度均实现显著跃升。上交所作 为建设国际金融中心的重要载体，其样本表现既体现了监管、交易所与上市公司自上而下的协同推进， 也标志着中国资本市场与国际可持续准则的加速接轨。" 上交所累计发布可持续发展指数155条 相 ...

居民存款减少1.1万亿元去哪了？存款"搬家"信号初现，"00后"股民入市：行情热起来，感觉到处都是 机会 A股牛市氛围渐浓，8月15日，沪指收涨0.83%，盘中再次突破3700点关口，创近4年新高。 随着牛市行情升温以及7月金融统计数据出炉，"存款搬家"议题引发关注。 根据中国人民银行8月13日发布的数据，7月人民币存款增加5000亿元，同比多增1.3万亿元，其中住户 存款减少1.1万亿元，同比多减7800亿元；非银存款增加2.14万亿元，同比多增1.39万亿元。 据第一财经报道，接受采访的多位人士均表示，7月非银存款大增，反映出居民存款向金融产品转移的 趋势，"可能受近期股市'慢牛'行情影响，居民存款搬家现象显现"。 中信证券宏观团队日前发布研报指出，居民存款"搬家"或已开始。在资产配置结构变化、投资情绪回升 和风险收益比改善的推动下，部分资金可能会流向股市等风险市场。在市场环境改善时，"存款搬家"或 带来可观的增量资金流入，为股市提供持续的资金支持。 居民存款"搬家"入市 值得注意的是，近日，上证指数持续上涨，股票开户也随之成为社交平台上的热门话题。据上海证券交 易所数据，今年7月，A股市场新开户数达19 ...