海南省发展和改革委员会副主任杨善华8月13日表示，《海南自由贸易港促进民营经济发展若干规定》 采取"小切口"立法形式，聚焦民营经济发展重点难点问题，高位谋划法律规则顶层设计，把竞争中性原 则作为立法起草的核心原则，细化民营经济促进法的有关规定，突出制度集成创新，为更好发挥民营经 济在海南自贸港建设中的生力军作用提供坚实法治支撑。 ● 本报记者 王舒嫄 海南省人大常委会法制工作委员会副主任林崇高当日在发布会上介绍，从若干规定的内容看，在保障公 平竞争方面，若干规定细化民营经济组织公平参与市场竞争的制度机制；对平等准入、平等使用各类生 产要素和公共服务资源、平等适用国家和海南自贸港政策等作出规定，并对不得设定准入障碍、不得在 公共资源交易活动中限制或者排斥民营经济组织作了细化规定。 杨善华是在当日举行的"海南自贸港政策解读"系列主题新闻发布会《海南自由贸易港促进民营经济发展 若干规定》专场做上述表示的。 "海南自由贸易港的建设离不开民营经济组织的积极参与。"杨善华说，截至6月底，海南省实有民营经 营主体360.44万户，占全省经营主体的97.54%，其中民营企业93.72万户。全省民营经济组织贡献了近 60%的G ...

2025年以来，国家发展改革委认真贯彻落实党中央、国务院关于实施"两新"政策的决策部署，会同有关 部门和各地方优化设备更新支持范围，完善项目申报审核标准，严格做好项目筛选把关，推动重点领域 实施设备更新。近期，2025年超长期特别国债支持设备更新的1880亿元投资补助资金已下达完毕，支持 工业、用能设备、能源电力、交通运输、物流、环境基础设施、教育、文旅、医疗、住宅老旧电梯、电 子信息、设施农业、粮油加工、安全生产、回收循环利用等领域约8400个项目，带动总投资超过1万亿 元。 国家发展改革委表示，下一步，将按照党中央、国务院决策部署，会同各有关方面持续加强统筹协调， 扎实推进项目建设，推动尽快形成更多实物工作量，严格项目和资金闭环管理，确保中央资金用到实 处，更好发挥"两新"政策效能。 ● 本报记者 彭扬 国家发展改革委8月13日消息，2025年超长期特别国债支持设备更新的1880亿元投资补助资金已于近期 下达完毕。 ...

Market Performance - A-shares experienced a significant increase on August 13, with the Shanghai Composite Index breaking the 2024 high, reaching its highest point in over three years [1] - The market saw a total trading volume exceeding 2.1 trillion yuan, marking the highest level in over five months [1] - The Shanghai Composite Index closed at 3683.46 points, while the Shenzhen Component Index and the ChiNext Index also reached new highs for 2024 [1] Sector Performance - Technology sectors, including optical chips, cultivated diamonds, and liquid-cooled servers, showed strong performance, with the telecommunications, non-ferrous metals, and electronics industries leading the gains [2] - The telecommunications sector rose by 4.91%, non-ferrous metals by 2.37%, and electronics by 2.01%, while banking, coal, and food and beverage sectors experienced declines [2] Capital Inflow - There was a notable influx of funds from margin trading, with the A-share margin trading balance reaching 20,261.98 billion yuan, the highest since July 2, 2015 [2] - Since May, the financing balance in A-shares has increased by 2,446.73 billion yuan, indicating a strong capital inflow into the market [2] Market Drivers - The rise in the Shanghai Composite Index is attributed to three main factors: ample liquidity driving market growth, effective policy implementation boosting investor confidence, and reduced external disturbances [2]

Group 1 - The core viewpoint of the news is the introduction of personal consumption loan interest subsidy policies and service industry loan interest subsidy policies to stimulate consumer demand and support service sector financing [1][2][3] - The personal consumption loan interest subsidy policy will support various consumer activities, including small daily expenses and larger purchases, with a maximum subsidy of 500 yuan per individual loan [1][2] - The service industry loan interest subsidy policy targets eight specific sectors, allowing eligible businesses to receive interest subsidies for up to one year, enhancing financial support for these industries [2][3] Group 2 - The People's Bank of China will guide financial institutions to increase credit support for service consumption sectors, promoting the development of related industries and expanding high-quality consumption supply [3] - Financial regulatory authorities will focus on ensuring that the subsidy funds are used appropriately and will implement strict management and oversight of the entire subsidy process [4] - Multiple departments will enhance supervision and management of the implementation of these subsidy policies, ensuring compliance and effective use of funds [4]

Core Viewpoint - The People's Bank of China has maintained a suitable monetary environment for the real economy, reflecting a moderately loose monetary policy orientation, with significant support for economic recovery in the first half of the year [1][4]. Credit Growth - In the first seven months, RMB loans increased by 12.87 trillion yuan, with a loan balance of 268.51 trillion yuan at the end of July, showing a year-on-year growth of 6.9% [1][2]. - The fluctuations in credit data in June and July were influenced by financial institutions' half-year report disclosures and the settlement period for real enterprises, as well as the impact of local government debt replacement [1][2]. Loan Rate Trends - The new corporate loan rate was approximately 3.2% and the new personal housing loan rate was about 3.1% at the end of July, both showing declines of about 45 and 30 basis points year-on-year, respectively [2][3]. - The overall decline in financing costs reflects a favorable monetary and credit condition, indicating that the effective financing demand of the real economy is being met [2][3]. Credit Structure and Quality - The economic structure's transformation has led to adjustments in credit structure, emphasizing the need for high-quality credit allocation [3]. - The People's Bank of China has been guiding financial institutions to increase credit support for key areas and weak links, enhancing the effectiveness of structural monetary policy tools [3]. Money Supply and Efficiency - By the end of July, M2 balance was 329.94 trillion yuan, with a year-on-year growth of 8.8%, while M1 balance was 111.06 trillion yuan, growing by 5.6% year-on-year [3]. - The narrowing gap between M1 and M2 indicates improved liquidity and efficiency in fund circulation, aligning with the recovery of economic activities [3]. Economic Outlook - The overall economic performance has been stable and improving, supporting reasonable growth in financial totals, which is crucial for meeting the effective financing needs of the real economy [4][5]. - The macroeconomic policies are expected to remain consistent and stable in the second half of the year, ensuring a smoother domestic economic cycle and reasonable growth in effective credit demand [5].

Group 1 - The core viewpoint of the articles highlights that 2023 is a significant year for quantitative strategies, with many private equity funds achieving returns exceeding 40% [1][2][6] - Quantitative stock selection strategies have outperformed index-enhanced strategies, with several funds reporting returns over 50% [2][6] - The use of alternative data, continuous signal mining, and the integration of artificial intelligence have contributed to the strong performance of quantitative strategies [3][4] Group 2 - Notable private equity firms, including both established and emerging players, have seen substantial returns from their quantitative stock selection products [2][6] - The "air index increase" strategy has gained popularity due to its flexibility in stock selection, allowing it to adapt to market style changes effectively [3][4] - The average return for 36 billion-level quantitative private equity firms has reached 18.92%, with a significant number achieving returns above 10% [6] Group 3 - The market environment in 2023 has been favorable for quantitative strategies, driven by increased liquidity and a reduction in leverage risks [6] - Small-cap index-enhanced products have also performed well, with several funds reporting returns exceeding 40% [7] - The improvement in market liquidity and the active performance of small-cap stocks have significantly boosted the overall performance of quantitative stock strategies [7]

Core Insights - The leading home appliance companies are diversifying their businesses and entering new sectors such as robotics, healthcare, photovoltaics, and machine tools to create a second growth curve [1][6] Group 1: Smart Building Sector - Smart buildings have become a focal point for many companies, particularly in the home appliance sector, with Midea rebranding its central air conditioning division to Midea Building Technology to enter this market [2] - Midea Building Technology focuses on providing comprehensive smart building solutions, including HVAC, smart elevators, building automation, and energy management, emphasizing low-carbon and intelligent features [2][4] - Other companies like Haier and Siemens are also entering the smart building market, with Haier developing a smart building ecosystem that offers solutions for the entire lifecycle of buildings [2][3] Group 2: Green and Low-Carbon Development - The construction sector is a significant contributor to national carbon emissions, prompting many smart building companies to prioritize green and low-carbon development [4] - Midea Building Technology aims to enhance building energy efficiency while ensuring comfort through its core business areas, which include HVAC, elevators, building control, and energy management [4] - Successful retrofitting projects, such as the transformation of the Citibank building in Shanghai, demonstrate significant energy savings and carbon emission reductions [5] Group 3: Diversification Strategies - Home appliance companies are actively transforming and entering various sectors, including robotics, energy storage, healthcare, and machine tools, to establish a second growth curve [6][7] - TCL has expanded into smart terminals, semiconductor displays, and new energy photovoltaics, becoming a competitive global smart technology group [7] - Gree Electric Appliances is also pursuing diversification beyond home appliances, entering high-end technology industries through acquisitions and new business ventures [7] - Midea Group has been proactive in expanding beyond home appliances, focusing on robotics, smart buildings, energy storage, and healthcare, with a goal to increase the proportion of B2B business revenue [7]

● 本报记者王宇露 曾经重仓白酒并收获颇丰的私募大佬——日斗投资王文近期在路演中表示，已不再持有白酒。他认 为"白酒底层逻辑发生了动摇，可以多看看医药行业"。 另一位私募大佬东方港湾但斌13日在社交媒体上回应"清仓白酒、转向科技"的传言时称："龙头白酒我 们还(持)有。"对于白酒板块，但斌此前表示，在年轻人饮酒习惯发生变化、社交风俗有所改变的影响 下，行业整体确实受到较大冲击，需求端面临一定压力。但是，许多龙头企业的品牌价值依然存在，其 核心竞争力并未因周期性波动而削弱。对于注重长期价值挖掘的投资者而言，此类资产的优势仍值得持 续关注。 机构资金继续重仓茅台 8月12日晚，贵州茅台发布的2025年半年度报告显示，上半年公司营业收入893.89亿元，同比增长 9.10%；归属于上市公司股东的净利润454.03亿元，同比增长8.89%。截至6月30日，贵州茅台股东总户 数为22.07万户，较上季度末(3月31日)增加2.82万户，增幅为14.67%。 从贵州茅台的前十大流通股东来看，"国家队"中央汇金资产管理有限责任公司和中国证券金融股份有限 公司继续重仓持有贵州茅台，较一季度末持股数量不变，按照二季度末的股价计 ...

Market Performance - The A-share market showed strong performance on August 13, with the Shanghai Composite Index reaching a peak of 3688.63 points, surpassing the previous high of 3674.40 points from October 8, 2024 [1] - Market turnover significantly increased, exceeding 2 trillion yuan [1] Influencing Factors - The strong performance of the A-share market is attributed to three main factors: external risks subsiding, improved external liquidity due to expectations of a Federal Reserve rate cut in September, and the introduction of multiple growth-stabilizing policies shifting focus from production to consumption [2] - Fiscal spending is gradually transitioning from corporate support to benefiting residents [2] - There has been a notable shift in risk preference among residents, moving funds from low-risk assets to high-risk equity assets [2] Sector Insights - The computing power sector is showing a clear upward trend, with optimistic order volumes expected for the year, indicating sustained high demand [3] - The AI core asset of optical modules remains a focus for investors, with the computing power chain being a key area of interest in the current and future market [3] - The humanoid robot sector is also experiencing a resurgence, with significant commercial application potential in China [3] Future Market Outlook - The market's upward trend is expected to continue in the medium term, despite potential short-term volatility as the Shanghai Composite Index may need to consolidate after breaking through previous highs [2][3] - Key areas of focus for the second half of the year include breakthrough technologies domestically and high global market share manufacturing sectors [4]

资料显示，安徽建工业务覆盖建筑业上下游，形成工程技术服务、投资业务、建筑施工、建材商贸、建 筑工业化、房地产、智能制造、新能源、社会服务业等业务板块，产业链条完备，产业基础牢固，发展 潜力大。公司坚持新发展理念，着力推进高质量发展。完成同类业务资源整合，形成智能制造、建筑工 业化、检测业务等新业务板块，努力打造"新兴业务挑大梁、传统业务焕新机"的业务格局。 2024年，公司实现营业总收入965.02亿元，净利润13.45亿元；2025年第一季度，实现营业总收入145.42 亿元，净利润3.11亿元。 （文章来源：中国证券报·中证网） 安徽建工（600502）8月14日晚间公告，公司及所属子公司近日收到两项项目中标通知书，涉及高速公 路特许经营及安置小区建设，总投资合计约66.49亿元。 具体来看，由公司牵头，联合旗下多家子公司组成的联合体，中标S48合肥至叶集高速公路德上高速至 济广高速段特许经营者项目。该项目位于合肥市、六安市，内容包括投资、融资、勘察设计、建设、运 营管理、养修维护及移交等，采用特许经营模式，回报机制为使用者付费，估算总投资61.02亿元，建 设期900日历天，运营期358个月。 另一项目 ...