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]

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。 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。 近日，国务院常务会议审议通过《关于深入实施"人工智能+"行动的意见》，明确提出"要深入实施'人 工智能+'行动，大力推进人工智能规模化商业化 ...

Core Insights - Changan Automobile's July sales report shows significant growth in both production and sales, particularly in the new energy vehicle (NEV) segment [1][2] - The establishment of China Changan Automobile Group marks a significant milestone as it becomes the third state-owned automobile enterprise in China [1] - The company's strategic goal is to achieve a production and sales scale of 5 million vehicles by 2030, with NEV sales accounting for over 60% [1] Group 1: 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% [1] - Cumulatively, from January to July 2025, the total production reached 1,401,300 vehicles, a 1.59% increase year-on-year, while total sales were 1,565,900 vehicles, reflecting a 4.07% growth [1] - The NEV segment saw a remarkable performance in July, with production reaching 78,700 units, a year-on-year increase of 91.87%, and sales surpassing 80,000 units, up 74.05% [1] Group 2: Strategic Developments - Changan Automobile held an investor briefing on July 30, where executives projected that the total production and sales of Changan's self-owned brands would exceed 30 million units this year [2] - The company aims to build an open innovation ecosystem through deep internal collaboration and external industry chain development [2] - In the first half of the year, Changan's cumulative sales reached 1,355,000 units, marking the highest figure in nearly eight years, with NEV sales at 452,000 units, a 49.1% year-on-year increase [2]

Group 1 - The core point of the news is that Xindao Technology plans to acquire 100% equity of Shunlei Technology to enhance its position in the power semiconductor sector [1] - The acquisition will be financed through a combination of convertible bonds and cash, with a preliminary transaction price set at 403 million yuan [1] - The acquisition is expected to meet the criteria for a major asset restructuring, which will not be classified as a related party transaction or a restructuring listing [1] Group 2 - In 2024, Shunlei Technology reported revenue of 217 million yuan and a net profit of 38.79 million yuan, both showing growth compared to the previous year [2] - For the first half of 2025, Shunlei Technology's revenue and net profit were 104 million yuan and 18.61 million yuan, respectively [2] - The asset seller has committed that the net profits of the target assets will not be less than 35 million yuan, 36.5 million yuan, and 40 million yuan for the years 2025, 2026, and 2027 [2]

理想汽车最新回应。 8月3日晚，理想汽车官方微博发文，回应理想i8与乘龙卡车安全性碰撞测试。 具体如下： 理想i8碰撞安全性测试视频发布后，引起了社会各界的关注与讨论。就各界关注的焦点，我们做如下说 明： 一、为什么要做这次测试 理想汽车始终将用户的生命安全放在第一位，致力于为每一位家庭用户打造安全、安心的出行空间。为 此，我们在理想i8开发过程中，采用"短前悬安全结构"设计，既保障了为用户提供"媲美MPV"的宽敞驾 乘空间，又兼顾了车辆的被动安全表现。 为了确保新设计的安全可靠性，我们决定通过主动模拟现实生活中对用户安全极为关键的对撞场景，科 学验证并持续提升理想i8的被动安全性能。本次我们特别委托第三方权威机构——中国汽车工程研究院 股份有限公司（以下简称"中国汽研"）执行高强度碰撞测试，并通过视频形式，透明、真实地向用户展 示测试过程和结果，我们的初衷就是让用户看到理想i8在提升车辆安全性上的努力与成果。 面对复杂、不可预知的真实道路环境，我们深知"小车对撞大车"的危险工况，对于车辆安全性的极高要 求，"小车碰撞大车"一直是广大乘用车用户最关心的安全话题之一，也是全球众多重视安全性的主流车 企广泛采用的 ...

本周重磅 7月28日，香港交易所正式宣布，香港证券市场下调最低上落价位的第一阶段将于8月4日（周一）生效。所谓最低上落价位是每只股票的最小价格变动单 位，这项措施将有助于降低市场的交易成本并提升交易效率。 香港交易所发布的消息显示，本次第一阶段的调整则会主要涉及到股价10港元至20港元以及20港元至50港元的股票，这两大范围的最低上落价位将分别由 0.02港元调整为0.01港元以及由0.05港元调整为0.02港元。 宏观·要闻 央行：继续实施好适度宽松的货币政策 中国人民银行8月1日召开2025年下半年工作会议暨常态长效推动中央巡视整改工作推进会，总结2025年以来工作，分析当前金融形势，部署下一阶段工 作。会议提出，继续实施好适度宽松的货币政策。综合运用多种货币政策工具，保持流动性充裕，引导金融机构保持信贷合理增长。突出服务实体经济重 点方向。支持化解重点产业结构性矛盾，加强应收账款电子凭证业务监管与风险防范。稳慎扎实推进人民币国际化，加快拓展贸易项下人民币使用。 美联储理事阿德里安娜·库格勒辞职 美联储周五（8月1日）宣布，美联储理事阿德里安娜·库格勒将辞去其在联邦储备委员会的职务。库格勒在致特朗普总统的 ...

Group 1 - The market is currently experiencing a trend-focused rally rather than a high-cut low rotation, with funds favoring high consensus stocks over low-positioned ones [2] - Recent liquidity growth has slowed down, indicating a need for market cooling to ensure stability [2] - Key sectors of focus include AI, innovative pharmaceuticals, resources, and the Science and Technology Innovation Board [2] Group 2 - The market's risk appetite continues to recover, with high dividend sectors showing mixed performance due to the banking sector's underperformance [3] - Some stable and potential high dividend stocks have become attractive in terms of yield, suggesting emerging value [3] - The cyclical high dividend stocks are expected to perform better due to improved supply-demand dynamics [3] Group 3 - The market is undergoing a short-term adjustment after a previous rally, with a need to refocus on main lines of growth [4] - The upcoming events, such as the September 3 military parade, may provide short-term opportunities in sectors like defense and autonomous control [4] - The technology sector, particularly AI and robotics, is expected to lead the market's recovery [4] Group 4 - The core logic supporting the current market rally remains intact, with potential catalysts for renewed confidence [5] - Key upcoming events include the release of GPT-5 and developments in U.S.-China trade talks, which may signal a new upward trend [5] - The focus should be on low-positioned growth stocks while being prepared for a potential new rally [5] Group 5 - The overall market trend remains bullish despite recent adjustments, with liquidity conditions still favorable [6] - The recommended sector allocation includes undervalued large-cap tech growth stocks, innovative pharmaceuticals, and global pricing resources [6] - Traditional consumer sectors are also considered, but with a lower priority compared to tech and innovative sectors [6] Group 6 - The market is expected to favor cyclical stocks in the upcoming months, with a focus on sectors like machinery and power equipment [7] - Long-term attention should be given to consumer and technology sectors, particularly those benefiting from policy support [7] - The market is anticipated to enter a new phase of upward movement, potentially breaking through previous highs [7] Group 7 - A significant likelihood exists for the A-share market to reach new highs in August, following a period of adjustment [8] - The market is expected to stabilize after earnings reports, with a potential recovery in risk appetite as key events approach [8] - The overall trend suggests a positive outlook for A-shares, supported by improving cash flow and ongoing capital inflows [8] Group 8 - The market is likely to experience localized hot spots and rotation, with a focus on sectors that show strong earnings certainty [11] - The "anti-involution" policy is expected to remain a central theme in market dynamics [11] - The technology growth sector is anticipated to maintain high levels of activity due to ongoing trends in AI and emerging industries [11] Group 9 - The market is in a short-term adjustment phase but remains on an upward trajectory, with key technical supports in place [12] - A balanced sector allocation strategy is recommended, focusing on financials and technology growth sectors [12] - The market outlook remains positive, with expectations for continued growth despite short-term fluctuations [12]

8月3日，据彭博社援引皮埃尔·安杜兰致投资者的一封最新信函报道，截至6月底，其旗舰基金"安杜兰大宗商品全权委 托增强型基金"，年内亏损已高达57%。 安杜兰在信中坦承"近期的表现非常令人失望"，并确认已削减旗下所有基金的可可多头敞口。 这一表现与2024年的辉煌业绩形成了鲜明反差。当时，安杜兰通过对可可价格上涨的大举押注取得了50%的年度回 报。然而，随着可可价格从超过每吨12000美元的高位回落至8000美元附近，加上一系列失误的交易和市场剧烈波 动，此前的盈利被悉数吞噬。 值得一提的是，安杜兰的名字，在过去近十年内，几乎是原油交易成功的代名词。然而，从2024年3月起，他将目光 投向了一个全新的领域：可可。 据彭博社报道，安杜兰当时判断，西非地区恶劣的天气和作物病害将严重冲击全球可可供应链，从而引爆一场史诗级 的行情。 他的团队在2024年3月建立了大量可可多头头寸，并在年底收获颇丰——可可的押注，帮助其旗舰基金在2024年实现 了高达50%的惊人回报。 "原油之王"遭遇滑铁卢。 据最新消息，全球著名的原油交易员皮埃尔·安杜兰（Pierre Andurand）在可可市场的大举做多遭遇了惨烈的失败，截 至6 ...