随着科创板重启未盈利企业适用第五套标准上市并扩大适用范围、创业板启动第三套标准，支持人工智 能、商业航天、低空经济等更多前沿科技领域企业上市，国内商业航天企业正在密集闯关资本市场。 8月1日证监会网站显示，屹信航天在江苏证监局上市辅导备案，辅导机构为民生证券。无独有偶，蓝箭 航天空间科技股份有限公司(简称"蓝箭航天")也在近日宣布启动科创板IPO辅导。 屹信航天成立于2018年1月，主要从事微小卫星星载测控通信产品及地面测控系统研发，并覆盖软件开 发、集成电路设计、卫星载荷及信息技术咨询等多元领域。 辅导文件显示，屹信航天控股股东为孙谦，直接持股比例为48.32%，并通过担任无锡屹信投资合伙企 业(有限合伙)的执行事务合伙人合计控制公司表决权比例为68.12%。 中信建投指出，我国国有、民营企业纷纷布局，卫星研制与火箭发射模式逐步转型，商业航天力量有望 加速低轨互联网布局进程。同时，随着海南商业航天发射场的首飞、多款可复用商业航天火箭计划发 射，卫星互联网海外开展试运营业务，今年我国星座整体建设进程将迈入新的阶段。 2021年屹信航天总部落地无锡高新区至今，累计交付宇航电子产品已超500套。公司卫星物联网载荷 ...

Core Viewpoint - The article highlights the booming popularity of Pop Mart's products, particularly the LABUBU series, which has led to significant supply challenges and the emergence of a secondary market driven by scalpers and counterfeit goods [2][3][4][5]. Group 1: Market Demand and Sales Dynamics - The summer season has seen a surge in foot traffic at Pop Mart stores, particularly among students, with parents willing to spend significantly on trendy toys [3]. - LABUBU products are not directly available for purchase in stores; instead, customers must participate in online flash sales, which have proven extremely competitive, often selling out in seconds [3][4]. - The combination of high demand and limited online availability has facilitated the rise of scalpers, who quickly buy up stock and resell it at a premium [4][5]. Group 2: Scalper and Counterfeit Issues - The scalper market has become a significant issue, with dedicated groups on social media facilitating the rapid resale of Pop Mart products, often within minutes of restocking [4][5]. - A new gray market has emerged, where individuals charge fees for real-time restock notifications, exploiting the high demand for limited-edition items [4]. - Counterfeit products have proliferated, with some sellers openly advertising fake items at lower prices, while others misrepresent counterfeit goods as authentic [6][8]. Group 3: Company Performance and Valuation - Pop Mart's strong sales performance has led to explosive growth in revenue and profit, with a projected revenue increase of at least 200% and net profit growth of at least 350% for the first half of 2025 [10]. - The company's stock price has seen significant appreciation, reaching a historical high of 283.4 HKD, with a market capitalization exceeding 380 billion HKD [10]. - Analysts remain optimistic about Pop Mart's long-term prospects, citing its robust retail business model and competitive advantages in the market [10][12]. Group 4: Future Challenges and Opportunities - Despite the positive outlook, the volatility of Pop Mart's stock price is a concern, driven by the unpredictable nature of popular IP products and their limited lifecycles [11]. - The company is seen as a potential leader in the global IP market, with opportunities to enhance its content production capabilities and expand its brand internationally [11]. - Ongoing efforts to combat counterfeit goods and improve consumer trust are critical for maintaining brand integrity and market position [6][8].

Core Viewpoint - Hydrogen energy is recognized globally as a crucial component of future energy systems, with the successful launch of the world's largest green ammonia project in Jilin, China, contributing significantly to energy transition and carbon neutrality goals [1][5]. Group 1: Project Overview - The Daan Green Hydrogen and Ammonia Integration Demonstration Project is the largest single green ammonia production facility globally, with a capacity of 180,000 tons per year [4]. - The project integrates wind and solar power generation with advanced hydrogen production technologies, including alkaline and PEM electrolysis, achieving a hydrogen production rate of 36,000 standard cubic meters per hour and 9,600 standard cubic meters per hour, respectively [4]. - The project features the world's largest solid-state hydrogen storage system, capable of storing 48,000 standard cubic meters of hydrogen, addressing key challenges in hydrogen storage [4]. Group 2: Strategic Significance - The project plays a vital role in enhancing China's energy security by reducing reliance on coal, oil, and natural gas, aligning with national carbon neutrality targets [5]. - It is expected to reduce carbon emissions by approximately 650,000 tons annually and save about 230,000 tons of standard coal, equivalent to offsetting the annual carbon emissions of nearly 500,000 average households [5]. Group 3: Technological Innovations - The project employs a flexible control system developed by the State Power Investment Corporation, which enhances the stability of ammonia production despite the variability of renewable energy sources [3]. - The integration of hydrogen production and ammonia synthesis through a coordinated system allows for efficient energy utilization and addresses the challenges of renewable energy consumption [6]. Group 4: Employment and Talent Development - The project has created nearly 400 jobs and attracted skilled graduates, contributing to local talent development and supporting the "returning talent" strategy in Jilin [7]. - The company emphasizes the training of composite chemical talents who are proficient in both electrical and chemical engineering, enhancing operational efficiency [7]. Group 5: Future Developments - Following the success of the Daan project, the company plans to expand its hydrogen energy initiatives, including the development of green methanol and green aviation fuel projects [8]. - The company is actively pursuing sales agreements for green ammonia and related products with international partners, indicating a strategic focus on global market expansion [9].

Group 1 - The core viewpoint of the news is that multiple active equity funds, including Yongying Fund's Yongying Ruixin, have announced purchase limits to manage investor enthusiasm and maintain fund stability [1][2][3] - Yongying Ruixin Fund has set a daily purchase limit of 1 million RMB per account starting from August 4, 2023, due to increased investor interest following market gains [2][3] - Other funds, such as Guojin Quantitative Multi-Factor and China Merchants Growth Quantitative Stock Selection, have also reduced their purchase limits significantly this year, indicating a trend among quantitative small-cap strategy funds [3] Group 2 - The recent surge in fund limits is attributed to strong performance in the quantitative small-cap strategy funds, with several funds reaching historical net asset value highs in July [3] - The increase in demand for dividend-themed funds is linked to market volatility in the bond market, leading to heightened interest from both institutional and individual investors [3] - Fund companies are focusing on structural opportunities in the market, particularly in technology growth sectors and consumer sectors that may benefit from policy support [4][5]

在主旨演讲环节，来自基金公司、保险资管、券商等机构的专业人士，围绕资产筛选、资产承做、投资 估值等环节，探讨挖掘公募REITs生态发展价值。 近日，由证券时报社主办的"变革与突围.中国基金业高质量发展系列沙龙"之"掘金公募REITs大时代.生 态共建与价值共生"在北京成功举行。 ...

Core Insights - Changan Automobile's new energy vehicle segment achieved significant growth in July, with monthly sales surpassing 80,000 units, marking a year-on-year increase of 74.05% [2] - The establishment of China Changan Automobile Group as the third state-owned automobile enterprise in China is a major event in the automotive industry [2] - The company aims to reach a production and sales target of 5 million vehicles by 2030, with new energy vehicles accounting for over 60% of sales and overseas sales exceeding 30% [2] Production and Sales Performance - In July 2025, Changan Automobile produced 195,900 vehicles, a year-on-year increase of 34.84%, and sold 210,600 vehicles, up 23.43% year-on-year [2] - From January to July 2025, the cumulative production reached 1,401,300 vehicles, a 1.59% increase year-on-year, while cumulative sales were 1,565,900 vehicles, reflecting a 4.07% year-on-year growth [2] New Energy Vehicle Growth - In July, the production of new energy vehicles reached 78,700 units, representing a year-on-year increase of 91.87% [2] - The cumulative sales of new energy vehicles in the first half of the year reached 452,000 units, showing a year-on-year growth of 49.1% [3] Strategic Goals - The strategic plan includes building a globally competitive automotive group with independent core technologies [2] - The company plans to create an open innovation ecosystem through deep internal collaboration and external industry chain development [3]

8月3日晚间，芯导科技（688230）披露重大资产重组预案，拟通过收购瞬雷科技100%股权，进一步完 善上市公司在功率半导体领域的布局。 根据方案，芯导科技拟以发行可转换公司债券以及支付现金的形式，购买吉瞬科技100%股权、瞬雷科 技17.15%的股权，从而直接及间接持有瞬雷科技100%股权，完成对瞬雷科技的控制。 本次交易价格暂定为4.03亿元。不过，芯导科技提示，截至本预案签署日，标的公司的审计和评估工作 尚未完成，本次交易的最终价格将参考资产评估机构出具的《资产评估报告》载明的评估值，由交易各 方协商确定，相关情况将在后续重组报告书中予以披露。 芯导科技表示，根据相关数据初步测算，本次交易预计将达到重大资产重组标准，从而构成上市公司重 大资产重组。本次交易不构成关联交易、重组上市。 本次交易目标是瞬雷科技，吉瞬科技为瞬雷科技的持股主体，直接持有瞬雷科技82.85%的股权。 公开信息显示，瞬雷科技主要产品包括车规级功率半导体产品和工业级功率半导体产品。同时，瞬雷科 技还拥有独立自主的生产工厂，可以实现从晶圆研发设计、生产制造到成品封装测试的完整生产环节。 2024年度，瞬雷科技营业收入2.17亿元，归母净 ...

经历了一段时间激烈的"补贴大战"后，8月1日，美团、淘宝闪购联合饿了么、京东三大外卖平台先后发 声，承诺规范促销行为，抵制不正当竞争，这一举动标志着喧嚣一时的外卖大战或迎来终结，行业开始 向理性竞争回归。 然而，承诺仅是起点，如何将其切实转化为行动，才是各方关注的核心。这要求平台从根本上转变竞争 逻辑，摒弃对补贴的过度依赖，回归理性竞争轨道——将重心放在技术创新和服务质量优化上：比如通 过优化配送算法提升效率、缩短配送时长，同时完善骑手权益保障机制；加强食品安全全链条监管，让 消费者吃得安心；为商家提供更多的营销工具、数据分析等服务，帮助商家提升经营能力和盈利能力 等。 从宏观视角看，外卖行业作为连接商家与消费者的重要纽带，其健康发展对拉动消费、促进就业意义重 大。随着外卖平台集体抵制恶性竞争，相信行业将迎来新的发展契机。唯有建立在公平竞争、互利共赢 基础上的行业生态，才能激发市场活力，推动行业持续创新，进而为消费者、商家和骑手创造更多价 值，实现多方共赢。 （文章来源：证券时报） 但深层次看，"极端补贴"的弊端已逐渐显现。一方面，商家为获取流量参与补贴活动，不得不压缩利润 空间，甚至陷入"赔本赚吆喝"的境地 ...

证券时报记者余世鹏 随着二级市场行情回升，公募定增热情也逐渐升温。近三个月，16家公募旗下基金参与定增的资金超过 了45亿元，参与的定增项目最高涨幅达到344%。但本轮定增中表现踊跃的不是头部公募，而是个别长 期聚焦定增策略的中小公募。 基金业内人士分析，下半年定增供需仍将保持良好趋势，可关注并购重组配套融资。数据显示，年内披 露的定增项目中，配套融资类预案占比超过40%，绝对数量和比例均超过去年全年，配套融资类项目成 为定增项目新的增长点，这类项目投资价值值得深度挖掘。 公募频发参与定增公告 7月31日和8月1日，前海开源基金连续发布基金参与A股定增公告。前海开源医疗健康混合基金和前海 开源中药研究精选股票基金，均参与了天富龙和汉桑科技的定增。根据前海开源7月25日、7月18日发布 的公告，两只基金还参与了悍高集团、技源集团、山大电力等定增项目。 7月以来还有鹏华基金、财通基金、国泰基金、诺安基金等公募旗下基金参与定增。根据鹏华基金7月26 日公告，闫思倩管理的鹏华碳中和主题混合基金参与步科股份定增，认购44.08万股，成本为3000万 元。国泰基金7月5日公告称，国泰金鹏蓝筹价值混合基金认购芯原股份定增份 ...

Group 1 - Sany Heavy Industry has repurchased 72.68 million shares at a total cost of 1.355 billion yuan, representing 0.86% of the company's total share capital [2] - The repurchase plan was approved by the board on April 3, with a total budget between 1 billion and 2 billion yuan, and a maximum purchase price of 29.10 yuan per share [2] - The repurchase is intended for an employee stock ownership plan and is set to be completed within 12 months from the board's approval [2] Group 2 - As of now, Sany Heavy Industry has utilized 67.75% of the total repurchase budget, leaving 645 million yuan available for further repurchases [3] - Since the announcement of the repurchase plan, the company's stock price has shown a steady upward trend, reaching a high of 21.47 yuan per share on July 22, the highest since January 2022 [3] - Sany Heavy Industry's sales are increasing, with net profit growth significantly outpacing revenue growth, indicating an acceleration in profitability [3] Group 3 - Looking ahead to 2025, the engineering machinery industry is expected to experience a cyclical recovery in both domestic and international demand, benefiting Sany Heavy Industry as a leading player in the sector [3]