（文章来源：深圳商报） 科创债ETF广发基金经理洪志认为，科创公司债ETF成份券等级高，发行人以央国企为主信用资质良 好，票息具有性价比，适合作为底仓配置。其次，指数化投资每月调整样本券，久期相对稳定，机构可 调节ETF仓位与自身负债久期匹配。同时，ETF投向明确，覆盖科创领域相关行业，投资者可根据组合 需求调整行业配置。加之做市制度能在一定程度上解决信用债成交不连续的痛点，便于客户进行信用债 波段交易。 华夏基金表示，作为债券市场支持科技创新发展的新兴融资工具，科创债高度契合当下发展新质生产力 的要求。作为债券ETF的创新品类，科创债ETF既保留了债券的稳健底色，又融入了科技的成长基因。 科创基因、较低的投资门槛、场内T+0的灵活交易等都使其配置价值凸显。在政策红利窗口期，科创债 ETF以其兼顾票息收益和流动性的特性，成为值得投资者长期关注且布局的理想之选。 同花顺数据显示，7月17日当天，科创债ETF鹏华、科创债ETF嘉实、科创债ETF富国的单日成交金额均 超百亿元，分别为183.61亿元、157.27亿元、118.75亿元；科创债ETF华夏、科创债ETF招商、科创债 ETF南方日成交额均超50亿元。换手 ...

Core Insights - The signing ceremony between Diaoyutai MGM Hotel Group and Shenzhen TeFa Xiaomeisha marks the entry of MGM's sister brand, MGM Mirage Hotel, into Xiaomeisha, aiming to invigorate the coastal resort area with a dual focus on entertainment and fashion [2][3] Group 1: Company Developments - MGM Mirage Hotel will feature a modern design with approximately 230 luxury rooms, a full-service restaurant, an infinity outdoor heated pool, a stylish spa, and a family-friendly playground [2] - This marks the first establishment of the MGM Mirage brand in Shenzhen, representing a significant milestone in MGM Group's expansion within the Greater Bay Area [2] - The hotel aims to create a unique experience that combines vibrant entertainment with contemporary hospitality, positioning itself as a fashion benchmark and vitality center in the city [2] Group 2: Industry Impact - The opening of Shenzhen MGM Hotel has already enhanced the area's visitor traffic and overall quality, with ongoing upgrades in the Xiaomeisha area expected to be partially completed by 2024 [3] - The introduction of the "dual brand" matrix with the MGM Mirage Hotel is anticipated to further enrich the coastal resort offerings in Xiaomeisha, boosting regional vitality and diverse appeal [3] - This development is expected to contribute to establishing a new cultural, entertainment, and fashion landmark in Shenzhen and the Greater Bay Area [3]

Core Viewpoint - The significant increase in the stock price of Upwind New Materials (688585) is primarily attributed to the announcement of a control transfer to Zhiyuan Robotics, a company in the emerging field of embodied intelligence, which is perceived as a high-growth sector [3]. Group 1: Stock Performance - Upwind New Materials' stock reached a closing price of 27.89 yuan per share, with a rise of 20.01% and a trading volume of 43.55 million yuan, resulting in a total market capitalization of 11.25 billion yuan [2]. - Since the resumption of trading, the stock has experienced a continuous increase for seven trading days, with a cumulative rise of 259% [2]. - The company's latest price-to-earnings (P/E) ratio stands at 105.71, significantly higher than the industry average of 23.78 [2]. Group 2: Control Transfer Announcement - On July 8, Upwind New Materials announced that Zhiyuan Robotics plans to acquire control of the company through a shareholding platform, with a total investment of 2.1 billion yuan via a "contract transfer + active offer" method [3]. - Following the completion of the transaction, the controlling shareholder will change to Shanghai Zhiyuan Hengyue Technology Partnership (Limited Partnership), with the actual controller being Deng Taihua [3]. - The stock's performance is notably strong compared to other companies that have undergone control changes, where the average increase in stock price post-resumption is less than 6% [3].

Group 1 - The core viewpoint of the news is that the low-altitude economy sector in the A-share market has experienced a collective rise, driven by a significant procurement agreement for eVTOL aircraft, marking a new record in China's eVTOL sector [1][2] - Autocraft from the UAE signed a procurement agreement worth $1 billion (approximately 71 million RMB) for 350 eVTOL aircraft developed by Shanghai's technology company, which is the largest single order for "air taxis" in China to date [1][2] - The low-altitude economy sector's overall index rose by 15.25% as of July 17, with notable individual stock performances, including Longxi Co. with a cumulative increase of 134.06% this year [2] Group 2 - The low-altitude economy industry includes segments such as low-altitude infrastructure, aircraft manufacturing, and operational support, with strong technical barriers in aircraft manufacturing [2] - The current phase of the low-altitude economy is crucial for realizing industrial logic, with some companies already showing good performance, suggesting a cautious approach for investors to select quality stocks [3]

Group 1 - The 2025 China (Shenzhen) Unicorn Enterprise Conference opened on July 17, showcasing Shenzhen as the "Chinese Technology Capital" with a focus on "hard technology" [1] - The conference was guided by Shenzhen's Industrial and Information Technology Bureau and attracted numerous "hard technology" projects for roadshows, drawing significant attention from the capital market [1] - Key activities included a financing roadshow for future unicorn enterprises and a visit to the "robot street" in Longgang District, where nearly 20 unicorn and potential unicorn companies shared their "hard technology" projects [2] Group 2 - On July 18, the conference will host the release of the "China Unicorn Enterprise Report 2025" and the "Shenzhen Unicorn Enterprises and Gazelle Enterprises Research Report 2025," providing quantitative analysis and insights into the growth patterns and industry trends of unicorn enterprises [2] - The event will also feature a series of activities including cooperation negotiation meetings, overseas exchange meetings, and discussions on listings and mergers for unicorn enterprises, with participation from over a hundred unicorn companies and various investment institutions [2]

Core Viewpoint - Aokai Electric Co., Ltd. (Aokai) has submitted a second listing application to the Hong Kong Stock Exchange, following an initial submission in January 2023, indicating its ongoing efforts to access capital markets despite previous setbacks in A-share listings [1] Group 1: Company Overview - Aokai was established in 1994 and specializes in the design, research and development, production, sales, and service of high-quality household and central air conditioning systems [1] - According to Frost & Sullivan, Aokai is the fifth largest air conditioning provider globally by sales volume, with a market share of 7.1% in 2024 [1] Group 2: Financial Performance - Aokai has demonstrated strong revenue and net profit growth from 2022 to 2024, with revenues of RMB 19.53 billion, RMB 24.83 billion, and RMB 29.76 billion, reflecting year-on-year growth rates of 27.2% and 19.8% for 2023 and 2024, respectively [2] - Net profits for the same period were RMB 1.44 billion, RMB 2.49 billion, and RMB 2.91 billion, with significant growth of 72.5% and 17.0% in 2023 and 2024 [2] Group 3: Market Position and Growth - Aokai's sales volume is projected to grow at a compound annual growth rate (CAGR) of 30.0% from 2022 to 2024, significantly outpacing the global air conditioning market's CAGR of 4.6% during the same period [1] - By 2024, Aokai is expected to hold a 25.7% market share in the Chinese household air conditioning market, making it the leading brand in this segment [1] Group 4: International Sales and Profitability - Aokai's overseas sales have shown remarkable growth, with revenues of RMB 83.86 billion, RMB 104.12 billion, and RMB 146.81 billion from 2022 to 2024, representing 42.9%, 41.9%, and 49.3% of total revenue, respectively [5][6] - The company's gross profit margin has fluctuated, recorded at 21.3%, 21.8%, and 21.0% from 2022 to 2024, which is lower than competitors Gree (30.2% in 2024) and Midea (28.6%) [6] Group 5: Corporate Governance and Financial Health - Aokai's ownership structure is highly concentrated, with the Zheng family controlling approximately 96.36% of voting rights, indicating a family-controlled enterprise [7] - The company has a high debt level, with debt-to-asset ratios of 88.3%, 78.8%, 84.1%, and 82.5% from 2022 to 2025 [8] - In 2024, Aokai distributed a one-time dividend of RMB 3.794 billion to shareholders, which accounted for 55% of the net profit over the past three years, raising concerns about "blood-sucking dividends" [9]

Group 1 - The company *ST Jinglun (600355) announced a preliminary performance forecast for the first half of 2025, expecting a net loss attributable to shareholders of the parent company between -19 million and -22 million yuan [1] - The expected net profit excluding non-recurring gains and losses is also projected to be between -19 million and -22 million yuan, compared to a net loss of -20.11 million yuan in the same period last year [1] - The company anticipates revenue of approximately 83 million yuan, a 23.5% increase from 66.96 million yuan in the previous year, but overall gross profit is insufficient to cover operating expenses, leading to losses [1] Group 2 - *ST Jinglun has reported a continuous net loss for six consecutive years since 2019, with negative cash flow from operating activities for the past five years [1] - The company was established in 1994 and became the first publicly listed company in China initiated entirely by natural persons in 2002 [2] - Due to negative audited profits and revenues below 300 million yuan, the company's stock was subject to delisting risk warnings [2] Group 3 - The company's stock was suspended for one day on April 28 and resumed trading the next day under the new name "*ST Jinglun" [3] - In the secondary market, *ST Jinglun's stock opened lower but rose by 4.32%, trading at 2.9 yuan per share at the time of reporting [4]

Core Viewpoint - The company is undergoing significant management changes and facing declining financial performance, with a focus on strategic adjustments to navigate challenges in the wind power industry [1][3][4] Management Changes - The company announced the resignation of its president, Chang Xiaowei, due to personal reasons, effective immediately, with the chairman, Li Xiang, temporarily assuming the role [1] - Chen Yongning has been elected as the employee director of the board, bringing experience from various roles within the company [1][2] Financial Performance - The company's revenue has declined significantly from 619.1 million yuan in 2022 to 345.2 million yuan in 2024, representing a decrease of 10.65% and 37.60% respectively [3] - Net profit has also turned negative, with a drop from 68.26 million yuan in 2022 to a loss of 29.55 million yuan in 2024, reflecting a decline of 39.64% and 171.72% [3] - The company reported a 41.54% decrease in sales volume for 2024 compared to 2023, leading to a 38.47% reduction in production volume [3] Strategic Response - The company aims to enhance competitiveness by deepening its focus on the renewable energy sector, expanding overseas markets, and improving supply chain efficiency [4] - Efforts will include cost control, digital transformation, and optimizing product structure and service quality to meet market demands [4]

Group 1 - The company expects to achieve an operating income of approximately 20.6 billion yuan in the first half of 2025, representing a year-on-year growth of over 10% [1] - The net profit attributable to the parent company is projected to be between 40.4 million yuan and 52.4 million yuan, a year-on-year decrease of 84.26% to 87.86% [1] - Excluding non-recurring gains and losses, the company anticipates a net loss attributable to the parent company of between -51.065 million yuan and -39.065 million yuan, a year-on-year decrease of 119.77% to 125.84% [1] Group 2 - The company attributes the decline in performance for the first half of 2025 to a combination of external environment factors and internal operational strategy adjustments [1] - Despite the challenges, the company reports continuous optimization of customer experience metrics, with revenue achieving double-digit year-on-year growth for two consecutive quarters and a steady increase in market share [1] - The company has experienced a downward trend in gross margin, with figures of 10.19%, 8.68%, and 7.62% for the years 2022 to 2024, and a gross margin of only 3.99% in the first quarter of 2025, a year-on-year decline of 37.83% [2] Group 3 - As of the close on the 16th, the company's stock price increased by 0.90%, reaching 15.73 yuan per share, with a total market capitalization of 16.04 billion yuan [3]

Core Viewpoint - The successful launch of the Tianzhou-9 cargo spacecraft marks a significant advancement in China's space station microbial monitoring and protection technology, with contributions from the team led by Academician Tang Banzhong from the Chinese University of Hong Kong (Shenzhen) [1][2]. Group 1: Project Overview - The Tianzhou-9 mission carries essential scientific experiment materials for the Chinese space station, including the first batch of in-orbit experimental materials for microbial monitoring and control [1]. - The project addresses the critical need for microbial monitoring and prevention in the unique environment of the space station, proposing innovative solutions [1]. Group 2: Technological Contributions - The team has developed an original and internationally leading technology known as Aggregation-Induced Emission (AIE), which allows for real-time in-situ monitoring of microorganisms and rapid bacterial eradication [1]. - The "AIE-integrated bionic nano-antibacterial module" is a key component that distinguishes bacterial states and enables real-time sterilization in the space environment [1]. Group 3: Project Implementation and Future Implications - Prior to the launch, the project team conducted thorough preparations, ensuring that core experimental payloads arrived safely at the Wenchang launch site on July 11 [2]. - The successful implementation of this mission is expected to create a more reliable microbial safety barrier for astronauts and may also lead to advancements in related fields on Earth [2].