8月4日，我国债券市场迎来重大政策调整后的首个交易日。 受国债等债券利息收入恢复征税消息影响，国债期货市场不同交割月份的表现出现明显分化，远月合约 价格表现明显较弱。分析人士指出，国债期货市场表现分化，主要由于存量债券（老券）具有税收优 势，新券（新发行国债等债券）与老券的利差可能走阔。 远月合约领跌 8月4日，国债期货市场不同交割月份的表现分化明显。 截至发稿，2025年9月份交割的30年期国债期货价格上涨0.34%，2026年3月份交割30年期国债期货价格 的涨幅为0.13%，相对较弱。2025年9月份交割的10年期国债期货价格上涨0.10%，而2026年3月份交割 的10年期国债期货价格下跌0.21%。5年期、2年期国债期货不同交割月份的合约价格同样出现明显分 化。 2024年在宽货币环境下，国债到期收益率总体呈现出下行趋势，除了"9·24行情"曾引起债券市场脉冲式 调整，全年几乎呈现出单边下行趋势。在此情况下，30年期国债期货2024年上涨了17.77%，10年期国 债期货2024年的涨幅也达到5.92%。2025年初，债券市场继续走牛，但随后保持震荡走势。 在目前这个阶段恢复征收国债等债券利息收入的 ...

Group 1: Military Industry Surge - The military sector in the A-share market experienced a significant surge, with the defense and military industry index rising over 2% [3] - Notable stocks included Aileda and Kesi Technology, both reaching a 20% limit up, while Beifang Changlong increased by over 17% [3][4] - Other stocks such as Lijun Co., Tianjian Technology, Great Wall Military Industry, and Aerospace Electronics also hit the limit up [3][5] Group 2: Gold Price Increase - International gold prices rose, leading to a notable increase in domestic gold futures, which saw a peak increase of over 1.4% [6] - Gold-related stocks and ETFs in the A-share market also surged, with multiple stocks like Chifeng Gold and Shandong Gold rising by over 5% [6] Group 3: Hong Kong Market Movements - In the Hong Kong market, Li Fung Group saw a dramatic increase, with intraday gains exceeding 60% before narrowing [2][11] - The surge was attributed to a share redemption agreement announced by the company, which is expected to improve its financial position and reduce debt [11][12]

Market Overview - The A-share market opened lower on August 4, but the Shanghai Composite Index managed to turn positive by the time of reporting [1] - The Hong Kong market also saw the Hang Seng Index and Hang Seng Tech Index open lower but later turned positive [4] Sector Performance - Gold and media sectors showed strength against the market trend, while most sectors like CPO, computing power, and AI experienced pullbacks [2] - Banking stocks collectively strengthened during the session, with notable gains from Qingdao Bank (up 4.16%), Shanghai Pudong Development Bank (up 3.25%), and others [2][3] Banking Sector Highlights - Qingdao Bank led the gains among banking stocks with a price of 5.01, while other banks like Agricultural Bank of China and Industrial and Commercial Bank of China also saw increases [3] Data Center and AI Sector - The data center power concept saw a rise, with Jianghai Co. hitting the daily limit and Kexin New Energy rising over 10% [6] - The rapid development of the AI industry is expected to enhance the penetration of HVDC technology in data centers, presenting growth opportunities for companies with mature HVDC products [8] Robotics Sector - The robotics sector remains strong, with companies like Zhongma Transmission and Dongjie Intelligent hitting daily limits [8] - The World Robot Conference scheduled for August 8-12 in Beijing will showcase over 1,500 exhibits from more than 200 domestic and international robotics companies [8] Gold Sector in Hong Kong - Gold stocks in Hong Kong showed significant gains, with Tongguan Gold rising over 6% and Chifeng Gold up over 5% [11] - The weak U.S. non-farm payroll data for July, which added only 73,000 jobs, has raised expectations for a potential interest rate cut by the Federal Reserve, boosting demand for safe-haven assets [11] Semiconductor Sector - The semiconductor sector also performed well, with Huahong Semiconductor rising nearly 5% and SMIC up over 2% [11] - The global silicon wafer shipment volume is projected to increase by 9.6% year-on-year in Q2 2025, indicating a positive trend in the semiconductor industry [11]

展望未来，推动"人工智能+"行动向纵深演进，需要进一步拓展人工智能技术在全行业、全场景的应 用，鼓励向制造、农业、交通、医疗、教育等传统领域渗透，围绕制造业转型升级、农业生产效率提 升、城市精细化治理、重大疾病防治等经济社会发展的痛点、难点，开发"用得上、用得好、用得起"的 AI解决方案。在不同的细分领域，应探索AI技术在研发、设计、生产、管理、服务等各个环节的全流 程、全链条融合，真正实现从"单点智能"向"系统智能"的跃升。此外，还需强化生态协同，夯实算力网 络、数据资源等基础设施建设，为AI落地应用提供更强支撑。 推动人工智能化"盆景"为"风景"、化"亮点"为"底色"，要求我们超越对技术本身的迷恋，回归"技术为人 服务、为发展赋能"的本质。相信只要牢牢牵住应用这个"牛鼻子"，通过海量、多元、真实的场景锤炼 技术成熟度，依托庞大市场形成数据飞轮效应，利用完备产业链实现技术快速迭代与成本优化，我们将 在全球人工智能竞争中走出一条以应用牵引创新、以规模驱动普惠的中国道路。 责编：李丹 校对：杨立林 （原标题：时报观察丨牵住应用"牛鼻子" 推动人工智能化"盆景"为"风景"） 核心策略是牵住应用这个"牛鼻子"，让人 ...

Core Viewpoint - The semiconductor sector is witnessing a significant asset restructuring, with Chipway Technology planning to acquire 100% of Jishun Technology and 17.15% of Shunlei Technology, aiming for full control of Shunlei Technology [1][5]. Group 1: Transaction Details - The transaction price for the target assets is tentatively set at 402.6 million yuan, comprising a cash payment of 126.54 million yuan and convertible bonds worth 276.06 million yuan [3][4]. - The company plans to raise no more than 50 million yuan in matching funds, which will not exceed 100% of the transaction price and will involve issuing shares to no more than 35 specific investors [4]. Group 2: Financial Performance - Chipway Technology reported a revenue of 353 million yuan for 2024, a year-on-year increase of 10.15%, and a net profit of 117 million yuan, up 15.70% from the previous year [5]. - Shunlei Technology achieved a revenue of 217 million yuan and a net profit of 38.79 million yuan in 2024, both showing growth [6]. Group 3: Strategic Implications - The acquisition will allow Chipway Technology to leverage Shunlei Technology's customer resources to enter various sectors, including automotive electronics and industrial applications, enhancing market synergy [5][6]. - Shunlei Technology's established wafer and packaging production lines will help Chipway Technology improve supply chain management and increase production capacity [7].

Group 1 - The core point of the news is the upcoming IPO of Zhigao Machinery on the Beijing Stock Exchange, which is a leading domestic manufacturer of rock drilling machinery [1] - Zhigao Machinery's IPO price is set at 17.41 yuan per share, with a single account subscription limit of 1,020,300 shares [1] - The company is recognized as a "little giant" enterprise in the fourth batch of specialized and innovative enterprises in China, focusing on energy-saving, environmentally friendly, and efficient drilling and screw compressor products [1] Group 2 - The funds raised from the IPO will be invested in the construction of a production line for 300 intelligent drilling machines, an engineering technology research and development center, and to supplement working capital [2] - New stocks listed on the Beijing Stock Exchange have performed exceptionally well this year, with an average first-day increase of 350% for seven new listings [2] - Notable first-day performances include Dingjia Precision, which surged 479.12%, Guangxin Technology at 500%, Tiangong Co. at 412%, and Xingtum Measurement and Control at 407% [2][3][4]

公告显示，标的资产交易价格暂定为4.026亿元，其中，现金对价12653.72万元，可转债对价27606.28万 元。 | 序号 | 交易对方 | 交易标的名称 | | 支付方式 | | | | 向该交易 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 及权益比例 | | 可转债 | 股份 | 其 | | 对方支付 | | | | | 现金对价 | 对价 | 对价 | 他 | | 的总对价 | | 1 | 感肇 | 吉瞬科技 40% 股权、瞬雷科技 | 2.990.51 | 11.962.05 | | | l | 14.952.56 | | | | 4%股权 | | | | | | | | | | 吉瞬科技 20% | | | | | | | | 2 | 李晖 | 股权、瞬雷科技 2%股权 | 3.738.14 | 3.738.14 | | | l | 7.476.28 | | | | 吉瞬科技 20% | | | | | | | | 3 | 黄松 | 股权、瞬雷科技 | 2.242.88 | 5.233.40 | | | l | ...

Group 1 - The core viewpoint of the news is that the U.S. is moving forward with a new round of tariffs on multiple countries, which has implications for trade relations and market stability [1][2][3] - U.S. Trade Representative Lighthizer stated that the new tariffs, including 35% on Canadian goods, 50% on Brazilian goods, 25% on Indian goods, and 39% on Swiss goods, are "basically set" and will not be adjusted during current negotiations [2][3] - President Trump criticized the former Labor Statistics Bureau chief, Erica McEntyre, for allegedly inflating employment data before the election and subsequently revising it down by nearly 1 million jobs, which he termed a "scam" [3][4] Group 2 - The U.S. labor market is showing signs of cooling, as evidenced by the July unemployment rate rising and non-farm payrolls underperforming market expectations [4] - The Labor Department's recent data revision for May and June, which significantly lowered previously reported job numbers, has led to strong dissatisfaction from the Trump administration, resulting in the dismissal of McEntyre [4]

此外，当地时间8月3日，美国总统特朗普在其社交媒体"真实社交"发文，指责已被解职的劳工统计局局 长埃丽卡·麦肯塔弗在总统选举前"人为抬高就业数据"，并称其犯下"50年来最大误差"。 特朗普表示，埃丽卡·麦肯塔弗在大选前将就业数据"提升至历史高位"，而在他胜选后，又将数据下调 近100万个岗位，声称是"错误修正"。他怒斥这是一场"骗局"，并称埃丽卡·麦肯塔弗近期再次进行"重 大修正"，因此被解雇。 早间，现货黄金开盘后走低。有两则消息值得关注，首先是美国贸易代表格里尔表示，美国总统特朗普 上周对多国加征的新一轮关税"基本已定"，第二，特朗普发文指责已被解职的劳工统计局局长埃丽卡· 麦肯塔弗，据悉，美国5月和6月非农业部门新增就业岗位数量较此前公布数据有大幅下调， 截至发稿，现货黄金跌0.2%，现货白银则跌0.1%。 消息面上，央视新闻报道，当地时间8月3日，美国贸易代表格里尔表示，美国总统特朗普上周对多国加 征的新一轮关税"基本已定"，不会在当前谈判中作出调整，包括对从加拿大进口的商品征收35%关税、 对巴西征收50%关税、对印度征收25%关税、对瑞士征收39%关税。 格里尔称，部分关税是根据双边贸易盈余与赤字 ...

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。 外卖行业发展至今，早已成为大众日常生活不可或缺的一部分，为消费者提供便利的同时，也为商家开 拓了新的销售渠道。 面对这一局面，监管部门迅速行动。7月18日，市场监管总局约谈饿了么、美团、京东三家外卖平台， 要求相关平台企业严格遵守法律法规，落实主体责任，进一步规范促销行为，理性参与竞争。这一举措 如同一剂良药，为当前过度竞争的外卖市场"降温"。 如今，三大平台集体承诺抵制恶性竞争，为行业发展带来了积极信号。美团表示将严格遵循相关法律法 规，杜绝不正当竞争行为；淘宝闪购与饿了么联合发文，明确表态抵制恶性竞争，保障商家实收与盈利 空间，不做大规模"0元购"等非理性促销活动；京东则强调坚决杜绝不正当竞争，抵制"0元购"等恶性补 贴，搭建简单透明的补贴机制，让商家自主经营和参与促销活动。这些承诺体现了平台对行业问题的反 思，也显示出回归理性竞争的决心。 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 ...