中国基金报记者天心 8月19日(本周二)，A股市场冲高回落，三大指数集体收跌，沪指盘中一度创十年新高，两市成交2.59万 亿元。 部分资金选择继续入场。股票ETF当日资金净流入86亿元，港股相关ETF依然霸屏，主要涉及互联网、 非银、科技、红利、创新药等方向；中证500指数、中证1000指数、沪深300指数等宽基指数ETF"失 血"较多。 8月以来，股票ETF整体呈现资金净流入态势，合计"吸金"200亿元。 Wind数据统计，截至8月19日，全市场股票ETF数量达到1176只(含跨境ETF，下同)，总规模为3.96万亿 元。 8月19日，部分股票ETF资金净流出靠前，超过1亿元的达20只，其中，中证500指数、中证1000指数、 沪深300指数等宽基ETF，以及酒、银行等行业ETF"失血"靠前。 Wind数据显示，8月19日，净流出前20大股票ETF中，宽基ETF净流出靠前。中证500ETF有1只，净流 出资金超过11.5亿元；中证1000ETF有4只，合计资金净流出超11亿元；沪深300ETF有4只，合计净流出 超10.5亿元。此外科创板、创业板相关ETF净流出也较多。 股票ETF周二净流入86亿元 资金流 ...

中国经济网北京8月20日讯禾丰股份（603609）(603609.SH)昨日晚间披露《股东减持股份计划公告》。 根据公告，股东、监事会主席王凤久计划减持公司股份不超过11,990,000股，即不超过公司总股本的 1.3140%，不超过其持有公司股份总数的25%；股东、董事邵彩梅计划减持公司股份不超过8,000,000 股，即不超过公司总股本的0.8767%，不超过其持有公司股份总数的25%。上述股东将通过大宗交易、 集中竞价交易等上海证券交易所认定的方式减持公司股份，减持期间为自公告披露之日起十五个交易日 后的三个月内，即自2025年9月11日至2025年12月10日。合计减持数量不超过19,990,000股，合计减持比 例不超过公司总股本的2.1907%。 本次减持计划实施不会导致上市公司控制权发生变更。 2019年公司非公开发行股票募集资金。经中国证券监督管理委员会《关于核准辽宁禾丰牧业股份有限公 司非公开发行股票的批复》(证监许可[2018]1742号)核准，公司(原名辽宁禾丰牧业股份有限公司)向8名 特定投资者非公开发行股票76,552,927股，每股面值1.00元，每股发行价格为10.16元，募集资 ...

上市首日，科思科技盘中创下高点报249.80元，为该股上市以来最高价。 科思科技IPO募集资金总额为20.02亿元，扣除发行费用后，募集资金净额为19.11亿元。科思科技最终 募集资金净额较原计划多6.04亿元。科思科技2020年10月15日发布的招股说明书显示，公司计划募集资 金13.07亿元，分别用于军用电子信息装备生产基地建设项目、研发技术中心建设项目、补充流动资金 项目。 科思科技上市发行费用为9179.58万元，其中保荐机构中天国富证券有限公司获得保荐及承销费用 7785.20万元。 中国经济网北京8月20日讯科思科技(688788.SH)昨日晚间披露《关于公司重大事项的公告》。 公告称，公司于近日接到公司实际控制人、董事刘建德家属告知，其收到国家某监察委员会出具的《留 置通知书》和《立案通知书》，刘建德被实施留置和立案调查，暂不能履行董事相关职责。刘建德在公 司未担任除董事以外的任何职务。截止公告披露日，公司控制权未发生变化。 公司将继续按照《公司法》《科创板股票上市规则》等相关法律法规和相关制度规范运作，日常经营管 理由公司高级管理人员负责，公司已对相关工作进行了妥善安排。公司拥有完善的治理结构 ...

远场与近场的合与分 电商的未来走向何方？短视频平台在电商领域的成功是否意味着流量才是核心竞争力，传统电商行业的 竞争力评价指标体系将被重新定义，原有的围绕"人-货-场"构建起来的商业能力已经可以忽略不计？恰 恰相反，这些根植"卖货"全流程的商业能力在一定条件下必将打开电商增长的新通道。 坚守初心，赋能中小微企业 由于这两种模式对于电商能力和配套体系的要求存在差异，之前各大电商平台有的是将近场电商和远场 电商分别设立独立实体开展业务，互不干涉；有的是集中资源专攻其中一个模式，力求做精做强。 但两种模式之间并不是存在不可逾越的鸿沟，只不过兼容远场电商的标准化和近场电商的本地化是需要 一定条件的，这个条件就是电商平台的数字化能力要足够强，商业生态要足够完善。具备这两点后，近 场电商和远场电商的资源和能力就可以有效协同，尤其是远场电商的一些通用能力可以大幅提升近场电 商运行效率。 或许电商业态进化的趋势就是，未来有一天我们不再区分远场电商和近场电商，因为两者已经充分融 合。 关于是否开展自营的问题，淘天系坚守初心选择了去赋能而不是直接下场。因为如果依托平台数据优势 自建库存，就变成了与本地商超和服务商的存量博弈。淘天 ...

Core Viewpoint - The recent increase in shareholding by Ping An Group and Ping An Asset Management in China Life Insurance (H) has triggered a market response, indicating a positive outlook for the insurance sector, particularly in the context of long-term investment potential [1][2]. Group 1: Shareholding Increase - Ping An Group and Ping An Asset Management increased their holdings in China Life Insurance (H) by 9.5 million and 9 million shares, respectively, raising their ownership stakes from 4.91% and 4.88% to 5.04% and 5.0%, which triggered a "shareholding increase" event [1]. - The market reacted positively, with the CSI 800 Insurance Index rising by 5.96% from August 11 to August 19, significantly outperforming the Shanghai Composite Index's 2.54% increase during the same period [1]. Group 2: Fund Performance - Currently, only funds under Penghua Fund track the CSI 800 Insurance Index, including the Insurance Securities ETF (515630) and the Penghua CSI 800 Insurance Fund, with the ETF showing a remarkable one-year net value growth rate of 54.03% as of August 19 [2]. - Fund manager Yu Zhanchang emphasizes five key reasons for optimism regarding insurance stocks, including improved solvency, higher policy yields compared to deposit rates, better liability costs due to declining interest rates, strong returns on equity assets, and attractive valuations with a price-to-book ratio of 1.2 and price-to-earnings ratio of 0.6 [2]. Group 3: Long-term Bullish Outlook - Yu Zhanchang predicts a clear long-term bullish trend for the insurance sector, driven by improved asset-liability matching and the influx of new capital, particularly from leading insurance companies that attract long-term investors [3]. - The insurance sector's configuration coefficient of 0.51 indicates it is still underweighted, suggesting potential for investment returns to exceed the assumed 4%, with ample room for price appreciation without requiring discounts [3].

8月20日开盘，国防军工板块震荡拉升。 消息面上，国务院新闻办公室2025年8月20日(星期三)上午10时举行新闻发布会，并答记者问，发布会 重点介绍了纪念中国人民抗日战争暨世界反法西斯战争胜利80周年阅兵的准备情况，这场发布会虽简 短，但信息量足、"干货"多多，我也在全程观看此次发布会的相关情况，能明显感受到我们国家的国防 军工实力又上升到了一个新的台阶。 首先一个亮点是，这次阅兵，所有受阅武器装备都是国产现役主战装备，这也是继2019年国庆大阅兵后 我军新一代武器装备的集中亮相，充分彰显我军捍卫国家主权、安全、发展利益，以及维护世界和平的 强大能力。 另一方面，我们也能看到，即将到来的阅兵式将会展示大量的新型装备，涵盖陆上、海上、空中系列无 人智能和反无人装备，以及网电作战等新型力量受阅，比如新型无人机、定向能武器、电子干扰系统 等。这类装备是现代及未来智能化战争的关键，集中展示这些装备，凸显了我国军队在新质战斗力建设 上的飞速进展和应对未来战争形态的能力。 再一个是，集中亮相一批先进装备，也是我在阅兵中比较关注的。这些"国之重器"是国家战略能力的重 要标志，它们的亮相能彰显国家力量，提振国民信心，并在一 ...

中国经济网北京8月20日讯金河生物（002688）(002688.SZ)昨日晚间发布公告称，公司于2025年8月19 日收到内蒙古金河控股有限公司(以下简称"金河控股")及一致行动人出具的《简式权益变动报告书》， 金河控股于2025年8月11日至2025年8月19日通过大宗交易和集中竞价交易方式减持公司股份15,504,500 股，减持后，金河控股及其一致行动人合计持有公司股份263,239,552股，占公司总股本比例35.0000% (占比指占剔除公司回购专用账户中的股份数量后的总股本的比例)，股份变动触及5%的整数倍。 2025年8月11日，金河控股通过大宗交易方式减持5,065,000股，减持比例0.6735%，减持均价为6.98元/ 股；2025年8月18日，金河控股通过大宗交易方式减持9,977,100股，减持比例1.3265%，减持均价为6.72 元/股；2025年8月19日，金河控股通过集中竞价方式减持462,400股，减持比例0.0615%，减持均价为 7.51元/股。 经计算，2025年8月11日至2025年8月19日，金河控股减持总金额为105,872,436元。 | 股东名称 | 减持方 ...

Core Viewpoint - The global first 720V high-voltage sodium salt battery production line has been completed and entered small-scale production in Ordos, Inner Mongolia, marking China as the third country to achieve commercial mass production of solid-state sodium batteries after Italy and the United States [5][11]. Group 1: Technology and Production - The solid-state sodium salt battery is characterized by its use of ceramic electrolytes that conduct sodium ions but not electrons, allowing for energy storage and release through ionic transfer [6]. - The production line aims to establish international standards for sodium salt batteries, positioning China at the forefront of the global energy storage market [11]. - The project, once fully operational, is expected to become the world's most automated and complete sodium salt battery production base, with an annual output value projected to exceed 6 billion yuan [11]. Group 2: Advantages of Solid-State Sodium Salt Batteries - High safety: The battery is considered the safest in electrochemical energy storage, with components that are non-flammable and resistant to high temperatures [7]. - High energy density: The theoretical energy density is 790Wh/kg, with actual performance reaching 120Wh/kg and 250Wh/L [8]. - Long cycle life: The storage life exceeds 15 years, and the charge-discharge cycle life is greater than 7,000 times [8]. - Maintenance-free: The battery features a fully sealed structure that is unaffected by external temperature conditions [8]. - Wide temperature adaptability: It can operate in environments ranging from -40°C to 60°C with humidity levels below 95% [9]. - Environmentally friendly: The materials used are 100% recyclable and have minimal environmental impact after disposal [9]. Group 3: Application Prospects - The solid-state sodium salt battery has broad application prospects across various fields, indicating significant potential for future growth and development in the energy storage sector [10].

Group 1 - The "China Online Consumption Brand Index" (CBI) and "Global Brand China Online Top 500" (CBI500) show a growth in online consumer brand index from 63.38 in Q1 2025 to 65.17 in Q2 2025, indicating a trend towards purchasing quality brand products among Chinese consumers [1][2] - The CBI series, developed by Peking University and supported by Alibaba, is the first brand value assessment system based on actual consumer purchasing behavior, filling a gap in traditional macro indicators [2][6] - The CBI index reveals significant seasonal fluctuations in online consumption, with higher values in Q2 and Q4 due to major shopping events like 618 and Double 11, where consumers prefer quality brands over low-priced alternatives [3][5] Group 2 - The top five brands in the CBI500 for this quarter are Apple, Midea, Xiaomi, Haier, and Huawei, with Midea rising to second place due to increased sales and search volume in summer categories [7] - The CBI500 ranking reflects real consumer behavior, with seasonal changes in brand rankings driven by actual sales and search data during shopping festivals [7][8] - A new "Fast-Moving Consumer Goods (FMCG) New Brands List" has been introduced, highlighting the growth potential of emerging brands, with 48 out of 50 listed brands being new Chinese brands [8][9] Group 3 - The research indicates that attracting high-value consumer groups and encouraging repeat purchases are key factors for new brands transitioning from temporary popularity to sustained success [9] - Brands are advised to shift from a "traffic-driven" approach to "user lifecycle management" to effectively engage high-value users through product innovation and service experience [9]

Core Viewpoint - Wolong Electric Drive has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, indicating a strategic move to raise capital amid challenges in core business growth and high goodwill pressure [1][2]. Group 1: H-Share Issuance - Wolong Electric Drive submitted its application for H-share issuance to the Hong Kong Stock Exchange on August 13, 2025, and published the application materials on the same day [1]. - The issuance and listing are subject to approvals from various regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange, indicating potential uncertainties [1]. Group 2: Business Relationships - The company has overlapping relationships with its top five customers and suppliers, specifically with Customer A and Customer B, who are both major players in the home appliance sector [2]. - Customer A supplies silicon steel, while Customer B provides electromagnetic wire, highlighting a symbiotic relationship in the supply chain [2]. Group 3: Financial Challenges - As of June 30, 2025, Wolong Electric Drive reported goodwill of 1.468 billion yuan, reflecting financial pressures [2]. - The company has been actively investing in emerging sectors such as humanoid robots and low-altitude economy, despite its robot business accounting for less than 3% of total revenue [2]. - The need for new financing channels arises from the company's core business stagnation and high debt obligations, prompting a shift towards capital-raising activities [2].