会上管理层介绍，上半年，公司新医疗战略稳步推进，截至2025年7月底，公司诊所会员店超2,400家， 计划三年内实现万家诊所联盟。公司旗下九医诊所公司主要以供应链业务为基础，聚焦全国诊所"产品 推广+会员联盟"，最终目标走向"医疗服务+供应链"融合的业务模式。 其中，在品种满足率方面，公司在已有供应链品种的基础上，不断引入诊所专销品种，完善诊所品种结 构，并与太极、华润三九、长风药业、吉林敖东、津药药业等多个上游厂家达成合作，上半年新品引入 超260个。 在数字化赋能方面，公司自主研发并上线九医SaaS诊所管家系统，为诊所客户提供数智化运营增值服 务，可实现3秒建档、10秒出方、医保结算、营收分析以及药品追溯码、5秒入库、效期预警等，目前 1,525家诊所会员店已上线使用该系统； 9月3日，九州通举办2025半年度业绩说明会。会上有投资者询问公司在AI技术应用方面的进展。对 此，管理层回应，公司积极拥抱 AI 人工智能技术，通过自主研发以及与阿里云、腾讯云等头部企业合 作等方式，开发针对不同应用场景的 AI 智能体，加速业务及管理的数智化转型。 目前，公司以 AI 技术、大模型为基础，结合自身业务及管理体系， ...

来源：证券时报网 作者：郭洁 二季度机构加仓的汽车整车概念股出炉。 9月2日晚，东芯股份(688110)发布公告称，公司股票因股票交易异常波动及严重异常波动情形，自8月29日起停牌核查，预计停牌时间不超过3个交易日。 核查工作已完成，公司股票将于9月3日复牌。 公告指出，公司股票价格剔除大盘和板块整体因素后的实际波动幅度较大，可能存在非理性炒作，投资者参与交易可能面临较大的市场风险。此外，公司 基本面未发生重大变化，主营业务未发生重大变化，内外部经营环境未发生重大变化。公司还提醒投资者注意二级市场交易风险，理性决策，审慎投资。 此前，凭借参股砺算科技，东芯股份获市场资金的关注，股价自7月29日起持续上涨，截至8月28日停牌前最后一个交易日，累计涨幅达207.85%。8月31 日晚间，东芯股份公告称，拟与亨通集团有限公司等共同对外投资上海砺算，投资人合计投资金额约为5亿元。其中公司拟通过自有资金人民币约2.11亿 元向上海砺算增资，认购其新增注册资本约80.99万元，本次增资完成后公司持有上海砺算约35.87%的股权。据悉，7月26日，砺算科技在上海发布其首款 6nm GPU芯片"7G100"系列及首款显卡产品 ...

9月3日，益佰制药举办2025年半年度业绩说明会。会上管理层介绍，公司不断进行销售模式的转型与升 级，销售团队建立管理区销售板块模式、加强院外和民营医院板块开拓，多结构多层级地深入拓展市 场，并持续完善终端市场建设。公司目前暂无海外市场布局规划。 （上证路演） ...

作为核心业务的时尚板块表现稳健，报告期内实现营收36.84亿元，同比增长7.82% ，受成本、费用增 加的影响，时尚板块归母净利润同比下降39.28%至2.38亿元。 据雅戈尔时尚股份有限公司2025年半年度报告显示，公司整体营收51.11亿元，同比下降10.50%；实现 归母净利润17.15亿元，同比下降8.04%，主要受地产业务退出期规模效益下降、时尚板块转型调整不及 预期的综合影响。 （雅戈尔财报） ...

Core Viewpoint - Jebon Technology reported a significant revenue growth of 27.51% year-on-year for the first half of 2025, reaching 438 million yuan, despite a net loss of 38 million yuan [1]. Group 1: Financial Performance - The company achieved a revenue of 272 million yuan in the second quarter of 2025, marking a 50.89% increase year-on-year, with a net loss of 27 million yuan [1]. - The gross profit margin increased by 1.51% year-on-year, indicating successful business expansion and structural upgrades [1]. Group 2: Business Expansion and Market Position - Jebon Technology focuses on precision manufacturing products, primarily serving the consumer electronics and new energy sectors, with a notable increase in revenue reflecting its deep engagement in these areas [2]. - The global recovery in the consumer electronics industry has provided a favorable environment for the company's precision manufacturing business, with significant increases in shipments of desktops, laptops, and tablets [2]. Group 3: New Energy Sector Growth - The global sales of new energy vehicles reached 8.776 million units in the first half of 2025, a 29% increase year-on-year, driving demand for power batteries [3]. - Jebon Technology's new materials, such as carbon nanotube conductive pastes, have successfully entered the supply chains of leading battery manufacturers, contributing to rapid business growth [3]. Group 4: Strategic Investments and R&D - The company is in a strategic investment phase, which has temporarily affected net profits due to increased R&D and management expenses [4]. - Jebon Technology invested 38.131 million yuan in R&D in the first half of 2025, accounting for 8.71% of its revenue, establishing a solid technological barrier [5]. Group 5: Technological Advancements - The company has developed a comprehensive technical innovation system, including a CNAS-accredited laboratory for material testing and advanced production techniques [6]. - Jebon Technology's proprietary technologies in the new materials sector enhance the performance of lithium batteries, positioning the company favorably in the competitive landscape [7]. Group 6: Mergers and Acquisitions - The acquisition of a 51% stake in Sainogao has strengthened Jebon Technology's position in the cooling solutions market, creating synergies with its precision manufacturing business [8]. - Sainogao's established customer base and market channels provide Jebon Technology with valuable resources for growth in high-margin sectors [8]. Group 7: Future Outlook - The company is well-positioned to benefit from the ongoing growth in the consumer electronics and new energy sectors, with a dual focus on precision manufacturing and new materials [10]. - Jebon Technology's strategic geographic presence and customer-centric approach enhance its ability to respond quickly to market demands, fostering customer loyalty [11].

值得注意的是，今年8月上交所新开户数环比进一步增长，或与当月A股市场进一步升温的表现密不可 分。上证指数8月份累计上涨7.97%，为连续第四个月上涨，且涨幅较此前月份进一步扩大。今年5—7 月，上证指数涨幅分别为2.09%、2.90%、3.74%。 在总体交投方面，据Wind统计口径，今年8月沪深北三市合计成交股数约为3.15万亿股，创出年内月度 新高，亦为史上单月成交股数第三高，较7月增加超过2000亿股；今年8月沪深北三市合计成交额48.47 万亿元，刷新历史单月成交额新纪录，较7月增加超过10万亿元，环比增长近三成。 具体来看，今年8月，上交所个人A股新开户约264.04万户，机构A股新开户0.9974万户，基金新开户 18.25万户，B股新开户0.09万户。若将A股、B股、基金的新开户数加总，今年8月上述3类新开户数合 计达283.37万户，较同一口径下7月的212.58万户增长超过70万户。 证券时报记者 胡华雄 9月2日晚，上交所发布的新开户数据显示，今年8月上交所A股新开户数为265.03万户，较7月的新开户 数196.36万户增长近69万户，环比增长逾三成，同比大增约165%（去年8月上交所A ...

证券时报记者 刘俊伶 随着A股市场主要股指连续突破并创阶段新高，市场活跃度显著上升，吸引资金加速流入市场。统计显 示，截至9月1日，A股两融余额创下历史新高。 连续11周保持正增长 据证券时报·数据宝统计，截至9月1日收盘，A股两融余额达到22969.91亿元，正式突破2015年6月18日 创下的22730.35亿元的历史峰值，较上一日增加356.42亿元，其中融资余额为22808.29亿元，亦超过 2015年6月18日创下的历史峰值。 拉长时间看，自6月23日起，两融余额已连续11周保持正增长（含本周），累计增加4845.1亿元，区间 增幅超过26%，其中8月25日~29日当周，两融余额增长1062.81亿元，为今年以来增长金额最高的一 周。 渤海证券认为，近期两融余额增长明显，参考融资买入额占两市成交额的比例来看，虽然融资盘的流入 速度或已达较高水平，但是从融资余额占流通市值的比值来看，融资余额还有上升空间，并且2015年以 来，居民的存款规模已经实现了近3倍的增长，这一变化有利于拓展融资余额的上涨空间，使得融资资 金继续成为市场流动性的重要增量来源。 值得注意的是，融资成本降低成为近期吸引投资者参与的重 ...

Core Viewpoint - Tianpu Co., Ltd. (605255) has experienced significant stock price volatility, with an 8-day consecutive limit-up, raising concerns about the disconnect between stock price and fundamental performance [1][3]. Group 1: Stock Performance - As of September 2, 2025, Tianpu's stock price closed at 57.1 yuan, reflecting a 10% increase [1]. - The company reported a revenue of 151 million yuan for the first half of 2025, a year-on-year decrease of 3.44%, and a net profit of 11.3 million yuan, down 16.08% year-on-year [1]. Group 2: Shareholder Changes - On August 21, 2025, Tianpu Holdings and other parties signed share transfer agreements, leading to a change in control of Tianpu Co., Ltd. [2]. - Following the completion of the share transfer, Zhonghao Xinying and Hainan Xinfan will collectively hold 50.01% of Tianpu Holdings, allowing Yang Gongyifan to become the actual controller of the listed company [2]. Group 3: Market Valuation - As of September 2, 2025, Tianpu's total share capital is 134 million shares, with the controlling shareholder holding 75% of the shares, indicating a small free float and potential irrational speculation risks [3]. - The company's latest price-to-earnings (P/E) ratio is 231.54, significantly higher than the industry average P/E of 31.25, and the price-to-book (P/B) ratio is 9.47 compared to the industry average of 3.15 [3]. Group 4: Future Plans and Uncertainties - There are currently no clear plans from the acquirers to change the main business or conduct significant asset transactions within the next 12 months [3]. - The share transfer is subject to regulatory approvals, and the timeline for these approvals remains uncertain [4].

Core Insights - Multiple new energy vehicle manufacturers reported record delivery numbers for August, with Leap Motor, Xiaopeng, and NIO achieving their highest monthly deliveries to date [1][3][5] - The overall retail sales of narrow passenger cars in August reached approximately 1.94 million units, with new energy vehicles accounting for about 1.1 million units, resulting in a penetration rate of 56.7% [2][23] Group 1: Company Performance - Leap Motor delivered 57,066 units in August, marking a year-on-year increase of over 88% and maintaining its position as the top seller among new energy vehicle manufacturers for six consecutive months [3][5] - Xiaopeng Motors reported deliveries of 37,709 units in August, a year-on-year increase of 169%, and has exceeded 30,000 units for ten consecutive months [5][8] - NIO delivered 31,305 units in August, a year-on-year increase of 55.2%, with the L90 model achieving rapid sales [8][12] - Hongmeng Zhixing delivered 44,579 units in August, with total deliveries surpassing 900,000 units [12][15] - Xiaomi Motors delivered over 30,000 units in August, continuing a trend of strong sales [15] - Li Auto delivered 28,529 units in August, with a total cumulative delivery of 1,397,070 units [15][16] Group 2: Market Trends - The automotive market is showing signs of recovery, aided by local incentives and the resumption of trade-in subsidies [2][23] - The upcoming "Golden September and Silver October" sales period is expected to boost sales further, with new vehicle launches at the Chengdu Auto Show [23][24] - The competitive landscape is intensifying, with leading companies expected to dominate the market while smaller players face increasing challenges [24] Group 3: Financial Performance - Leap Motor achieved its first half-year net profit, becoming the second new energy vehicle manufacturer to do so, with significant revenue growth and record gross margins [5][8] - Xiaopeng Motors reported a total revenue of 18.27 billion yuan for Q2, a year-on-year increase of 125.3%, with a gross margin of 17.3% [8] - Zeekr Technology reported a total revenue of 27.431 billion yuan for Q2, with a gross margin of 20.6%, marking a historical high [17] Group 4: Emerging Brands - Lantu and Avita both reported over 100% year-on-year growth in August, with Lantu delivering 13,505 units (up 119%) and Avita delivering 10,565 units (up 185%) [17][20] - The performance of the Zhiji brand remains weak, with only 6,108 units delivered in August, indicating challenges in gaining market traction [20][22]

作者丨彭鑫 编辑丨安安 8月29日，在2025成都车展上，名爵全新MG4正式上市。作为MG品牌All in新能源的首款战略车型，全新MG4共推出5款车型，售价区间为6.88万元-10.28万 元，限时补贴价为6.58万元—9.98万元，起售价相比此前预售价便宜了8000元。 图源：名爵官方 外观方面，新车将会延续家族式的设计语言。发光LOGO设计、流畅动感的车身线条、贯穿式尾灯设计以及黑色车窗边框配合花瓣状轮圈，运动感十足。同 时，提供东来紫、清波翠、月光白、珊瑚红、星野灰和海岛蓝等六种车身颜色以及2种内饰颜色可选，满足不同消费者的个性化审美需求。 全新MG4继续采用两厢车身和掀背式尾门，但车身尺寸全面升级。新车的长宽高分别为4395/1842/1551 mm，轴距达到2750mm。后备箱容积达471L，后排 座椅放倒之后可以扩展至1362L。不仅如此，全车共有30处储物空间及20万内独有的360°全面防晒设计。 内饰方面，采用了简约的设计风格，环抱式的座舱设计，整体风格年轻化。根据配置不同，中控屏有三种尺寸可选。分别为10.25英寸（720P分辨率）、 12.8英寸（1080P分辨率）和15.6英寸（2.5 ...