来源：证券时报 在投资框架指引下，去年四季度时，李朝昱从众多行业中筛选出了机器人板块并选择了大胆重仓。以他 管理的方正富邦信泓混合基金为例，在2024年末，该基金前十大重仓股清一色为人形机器人相关个股。 在基金净值跟着板块走出凌厉涨幅后，在今年一季度内，李朝昱基于估值和基本面变化又一次调整持 仓，在机器人板块内再度"掘金"，使得基金在后续市场震荡调整中依旧表现出明显的阿尔法。 李朝昱对机器人板块的关注由来已久，早在2022年10月特斯拉公布其第一代人形机器人Optimus时，他 便敏锐地察觉到这一行业所蕴含的巨大潜力。此后的两年多时间里，他深入开展上市公司调研和产业研 究，并持续密切跟踪行业动态。 在人工智能行业席卷全球的背景下，投资机遇也在其催生的多股浪潮中涌现。以特斯拉为代表的多家科 技公司正迅速迭代"人形机器人"这一新鲜事物。如特斯拉Optimus产品从第一代的蹒跚学步，再到当前 的翩翩起舞，当中历经不过两年半有余。且随着功能的日趋成熟，也为未来的使用场景打开更为丰富的 想象空间。 "2025 年，我们极有可能见证人形机器人量产元年的到来。" 方正富邦李朝昱认为，人形机器人已经处 在从0到1的过程之中， ...

展望下半年，我认为，宏观大概率会继续保持现在的节奏，国内仍然不会有大水漫灌式的刺激，地产链 仍在缓跌慢慢寻底过程中，跌幅收窄逐渐走平但难以看到明显的反弹，属于地产的黄金时代已经彻底过 去了。亦难以看到新的消费刺激政策，消费更多的是走结构分化的逻辑，即新消费好于旧消费。海外层 面，中美两国股市都开始逐渐对关税政策钝化，余震虽仍有威力，但投资者已接受了现实没有那么恐 慌。 近期，国泰海通基金评价与研究中心发布上半年各类资产业绩排名，数据显示，方正富邦新兴成长A近 三年收益率10.38%,(2022.7.1-2025.6.30)，业绩排名同类前8%,近两年(2023.7.1-2025.6.30)收益率19.32%, 排名同类前7%，并获国泰海通3年评级五颗星。 据悉，方正富邦新兴成长基金经理为公司研究部行政负责人乔培涛，拥有14年投研经验，5年投资经 验，对于投资，乔培涛有着一套成熟的投资方法论，核心投资理念即"类困境反转的逆向投资"。 谈及他的投资方法论，乔培涛称，潮起不能涨到天上去，潮落不能露海底。以周期的眼光去寻找具备阶 段性成长爆发性的标的， 并结合估值寻找合适的投资时机。投资框架包括以客观数据为核心研究工 ...

2025年又被称为人形机器人元年，尽管二季度人形机器人板块走势震荡，但资本市场布局力度仍在加 码，具身智能产业融资热度高企，具身智能、人形机器人领域迎来多路资金涌入。 机器人投资市场热度高企，二级市场上，含"机"量浓度较高的人形机器人基金业绩同样热度十足。海通 证券最新数据显示，方正富邦信泓A近一年(2024.7.1-2025.6.30)收益率31.49%,跻身同类排名前12%。 中短期来看，我认为在经历了上半年的快速上涨之后，机器人板块需要更多的冷静思考，未来需要工业 场景订单的逐步落地和类似Tesla这种产业链中核心企业的产品成熟迭代才能形成新的向上的动力。 注:业绩数据来源：国泰海通基金评价与研究中心,基金同类：主动混合开放型。风险提示：投研观点不 代表公司立场，不构成投资建议，不代表基金实际持仓或未来投向保证。观点具有时效性。方正富邦信 泓混合为混合型基金，其预期收益及预期风险水平高于债券型基金和货币市场基金，但低于股票型基 金。具体风险评级结果以基金管理人和销售机构提供的评级结果为准。方正富邦基金管理有限公司承诺 以诚实信用、谨慎尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保证最低收益。 ...

Core Viewpoint - The announcement details the share reduction plan of a major shareholder, Beijing Fengying Anchuan Enterprise Management Consulting Center, and the results of the share reduction activities conducted within the specified timeframe [1][2]. Group 1: Share Reduction Plan - The shareholder plans to reduce up to 9,497,383 shares, representing no more than 3% of the total share capital, from April 17, 2025, to July 16, 2025 [1]. - The reduction will occur through two methods: a maximum of 3,165,794 shares via centralized bidding (up to 1% of total shares) and up to 6,331,589 shares through block trading (up to 2% of total shares) [1]. Group 2: Share Reduction Results - As of the announcement date, the shareholder has already reduced 6,595,666 shares, which is 2.08% of the total share capital, between May 6, 2025, and June 27, 2025 [1]. - The reduction included 266,666 shares sold through centralized bidding and 6,329,000 shares through block trading, with a total transaction value of 102,398,528.7 yuan at prices ranging from 15.26 to 16.95 yuan per share [1]. Group 3: Shareholder Information - Before the reduction, the shareholder held 46,893,333 shares, accounting for 14.81% of the total share capital, and after the reduction, the holding decreased to 40,297,667 shares, or 12.73% [2]. - The shareholder is the second-largest shareholder of the company and is not classified as a controlling shareholder or actual controller [2]. Group 4: Company IPO and Fundraising - The company was listed on the Sci-Tech Innovation Board on June 19, 2023, with a total of 79,144,867 shares issued at an initial price of 14.16 yuan per share, raising a total of 112,069.13 million yuan [2]. - The net fundraising amount after deducting issuance costs was 105,978.30 million yuan, exceeding the original plan by 14,978.30 million yuan [2]. Group 5: Use of Proceeds - The company plans to use the raised funds for various projects, including key technology research for green electrical equipment and the construction of a public service platform for power distribution equipment [3].

Core Viewpoint - The company plans to raise up to 110 million yuan through a private placement of A-shares to fund a high-performance giant engineering tire expansion project [1][2] Group 1: Fundraising Details - The fundraising will involve issuing A-shares with a par value of 1.00 yuan each, targeting specific investors including China National Chemical Corporation Rubber Co., Ltd. [1][2] - The issuance price will not be lower than 80% of the average trading price over the last 20 trading days prior to the pricing date and will also meet the minimum net asset value per share [2] - The total number of shares issued will not exceed 30% of the company's total share capital prior to the issuance, amounting to a maximum of 218,835,261 shares [2] Group 2: Shareholder Information - China National Chemical Corporation Rubber Co., Ltd. is the controlling shareholder, holding 57.50% of the company's total shares, and will participate in the issuance [2] - The issuance will not change the company's control, as the controlling shareholder and actual controller remain the same post-issuance [2] Group 3: Financial Performance - In 2024, the company reported revenue of 6.708 billion yuan, a year-on-year increase of 16.89%, but net profit decreased by 19.47% to 281 million yuan [3] - For the first quarter of 2025, revenue was 1.629 billion yuan, up 10.91%, while net profit fell significantly by 62.09% to approximately 28.22 million yuan [3] - The net cash flow from operating activities for 2024 was 201 million yuan, down 58.03% year-on-year, indicating potential liquidity issues [3]

Core Viewpoint - China's manufacturing sector is transitioning towards high-quality development, emphasizing technological self-reliance and innovation to enhance industrial capabilities [2][4]. Group 1: Economic Performance - In the first half of the year, the added value of China's manufacturing industry increased by 7.0%, with equipment manufacturing and high-tech manufacturing growing by 10.2% and 9.5% respectively [4]. - The production of 3D printing equipment, new energy vehicles, and industrial robots saw significant increases of 43.1%, 36.2%, and 35.6% respectively [4]. Group 2: Innovation and Development - China is moving from being a global manufacturing hub to a global innovation center, with R&D expenditure expected to reach 2.68% of GDP by 2024, surpassing the EU average [4]. - Corporate investment in R&D accounts for over 77% of total R&D spending, highlighting the role of enterprises in driving innovation [4]. Group 3: Strategic Focus - The focus on technological innovation and industrial upgrading is crucial for economic transformation, with an emphasis on integrating technology and industry to foster new productive forces [5][6]. - The government is implementing reforms to stimulate the economy and enhance innovation, including the introduction of the Private Economy Promotion Law and the establishment of a unified national market [6].

Core Insights - The insurance industry is experiencing a significant wave of executive changes, with over 50 companies undergoing personnel adjustments in key positions such as chairpersons and general managers in the first half of 2025 [1][2][4] - This trend reflects both proactive strategic upgrades and underlying governance challenges within some institutions during a critical period of industry transformation [1][2] Executive Changes - Notable companies like China Taiping and China Life are among those undergoing dual adjustments in leadership, indicating a broader trend across both large and small insurance firms [3][4] - In the first half of 2025, 15 companies changed their chairpersons or vice-chairpersons, while 31 companies saw changes in general managers or vice-general managers [2] Performance and Strategic Focus - AIA Life, for instance, reported a significant increase in insurance business revenue, reaching 71.84 billion yuan in 2024, up 18.23% from 60.76 billion yuan in 2023, highlighting the competitive landscape among foreign insurance firms [3] - China Pacific Insurance's first-quarter revenue fell by 1.79% year-on-year to 93.72 billion yuan, with a net profit decline of 18.13% to 9.63 billion yuan, indicating performance pressures amid leadership changes [5] Governance Challenges - The frequent changes in leadership at Qianhai Property Insurance have raised concerns about governance, with the company experiencing a series of executive departures and a lack of stability in management roles [7][8] - Financial struggles are evident, with Qianhai's insurance business revenue declining from 2.13 billion yuan in 2020 to 1.52 billion yuan in 2024, alongside net losses in multiple years [8]

Core Viewpoint - The State Council meeting, chaired by Premier Li Qiang, aims to regulate the competitive order in the new energy vehicle (NEV) industry to promote high-quality development amidst irrational competition [1][3]. Group 1: Industry Challenges - The meeting identified three main causes of "involution" in the automotive industry, including ongoing price wars leading to a situation where revenue increases do not translate into profit [4]. - According to the National Bureau of Statistics, the automotive manufacturing industry's revenue is projected to grow by 4.1% year-on-year in 2024, while operating costs are expected to rise by 5.1%, resulting in an 8% decline in total profits [4]. - The profit margin for the automotive manufacturing industry in the first quarter of 2025 is reported to be 3.9% [4]. Group 2: Regulatory Measures - The meeting emphasized the need for enhanced cost investigation and price monitoring to address the negative impacts of price wars on profitability [4]. - There will be a strict supervision of product production consistency to prevent cost-cutting measures that compromise safety [4]. - Key automotive enterprises are urged to adhere to a 60-day payment commitment to improve the health of the supply chain and mitigate the effects of prolonged payment terms on suppliers [4]. Group 3: Long-term Mechanisms - The meeting highlighted the importance of establishing a long-term mechanism for regulating competition and enhancing industry self-discipline [4]. - It is essential to leverage standards to guide industry upgrades and encourage companies to enhance competitiveness through technological innovation and quality improvement [4].

Group 1 - The core viewpoint of the articles highlights the significant advancements in China's grain processing machinery industry, showcasing the transition from reliance on imports to self-innovation and the emergence of domestic equipment as a competitive force in the market [1][2][3] - The seventh China Grain Trade Conference featured hundreds of domestic processing equipment, including intelligent rice milling machines and AI sorting machines, indicating a robust development in grain machinery localization [1] - The promotion of intelligent equipment is expected to drive the grain processing industry towards refinement, effectively reducing breakage rates, nutrient loss, and energy waste during processing [1] Group 2 - Under the dual drive of policy and market, a number of specialized "little giant" enterprises have emerged in China's grain machinery industry, mastering core technologies and breaking the long-standing technological monopoly [2] - Regional innovation hubs have formed, such as Hefei being recognized as the "capital of sorting machines," showcasing a complete optical sorting industry chain with leading companies [2] - The domestic grain machinery industry is experiencing a cluster development trend, with various regions excelling in different aspects of grain processing technology and equipment [2] Group 3 - The rise of domestic equipment is reshaping the industry, with improved quality and lower prices making them favorable among domestic grain processing enterprises, leading to some equipment achieving import substitution and even reverse export [3] - The increase in the localization rate of grain processing equipment ensures the autonomy and control of the grain processing industry chain, alleviating concerns about external dependencies [3] - Future challenges include the need for enhanced performance of high-end equipment and the establishment of a comprehensive standard system, necessitating a deep integration of production, education, research, and application [3]

记者7月16日从国家移民管理局新闻发布会上获悉，上半年，全国移民管理机构统筹推进严厉打击妨害 国(边)境管理犯罪，持续深化"三非"外国人治理，坚决筑牢国门边境安全稳定屏障。共侦办妨害国(边) 境管理犯罪案件6914起，抓获犯罪嫌疑人1.8万余人，打掉犯罪团伙223个。其中，挂牌督办重特大案件 113起。严厉打击边境地区涉枪爆、贩毒走私等违法犯罪，破获毒品案件205起，抓获犯罪嫌疑人262 人，缴获各类毒品2.42吨，其中破获万克以上案件38起；查缴各类枪支607支，子弹2.6万余发。 国家移民管理局新闻发言人吕宁介绍，国家移民管理局会同公安部有关业务局、中国海警局执法部等部 门，于6月中旬部署河北省等20个省(区、市)公安机关、全国边检机关和有关海警机构，深入开展为期 半年的打击妨害国(边)境管理犯罪"獴猎-2025"专项工作。一是集中部署开展打击陆地边境非法出入境、 口岸非法出入境、涉海偷渡犯罪、骗取制贩伪假出入境证件等"四大战役"；二是全力发起打击组织内地 居民转道偷渡、组织外国人偷渡入境从事违法犯罪、粤港澳边界偷渡违法犯罪和"捕蛇"追逃等"四个专 案行动"；三是提升数智化侦查能力，依托"专业+机制+大数 ...