● 本报记者杨梓岩 宠物主粮业务实现爆发式增长，成为中宠股份盈利新引擎。2025年上半年，公司宠物主粮收入达到7.83 亿元，同比增长85.79%，远高于宠物零食的6.37%增速，且毛利率达36.63%，显著优于宠物零食的 30.63%。 不止中宠股份，今年一季度，天元宠物（301335）实现总营业收入5.69亿元，同比增长13.07%；实现归 母净利润0.17亿元，同比增长18.97%。公司表示，营收增长主要得益于市场需求增加及产品线扩展。 今年一季度，依依股份（001206）实现总营业收入4.85亿元，同比增长26.56%；实现归母净利润0.54亿 元，同比增长27.96%。 宠物产业链上市公司业绩增长的背后，是近年来宠物消费热度不断升温，宠物食品、宠物用品、宠物医 疗服务等需求量攀升，宠物经济产业链条不断延伸。 宠物经济浪潮下，国内宠物食品龙头中宠股份（002891）于8月5日晚披露2025年半年报。公告显示，中 宠股份业绩延续高增长态势，主粮业务爆发式增长与全球化产能布局成为核心驱动力。"随着年轻群体 养宠渗透率提升和消费升级，宠物行业正从基础用品向主粮、健康服务等高端领域延伸，产业链上市公 司集体受 ...

Core Insights - In July, despite adverse weather conditions, China's logistics demand remained strong, with a logistics industry prosperity index of 50.5%, indicating continued expansion in logistics activities [1][2] Group 1: Logistics Industry Performance - The logistics industry maintained vitality, with e-commerce express and air logistics showing significant growth. The e-commerce express business activity index reached 69.3%, indicating a high prosperity level [1] - Air transportation business activity index was 52.8%, reflecting a month-on-month increase of 0.8 percentage points. Road and rail transportation indices were 54.6% and 51.7%, respectively, both showing a slight month-on-month recovery of 0.1 percentage points [1] Group 2: Market Demand and New Orders - The new orders index for logistics companies rose to 52.5%, indicating a month-on-month increase of 0.1 percentage points. Most sectors, except warehousing and water transportation, maintained new orders in the expansion zone [1] - Rail, road, and air transportation new orders indices increased by 0.3, 0.2, and 0.1 percentage points, respectively [1] Group 3: Investment and Market Expectations - Fixed asset investment in the logistics sector showed continuous expansion, with a completion index of 54.9% in July, up 0.4 percentage points month-on-month [2] - The business activity expectation index for July was 55.6%, indicating a strong outlook, particularly in air transportation and postal express sectors, with indices of 58.9% and 57.2% respectively [2] - The "old-for-new" national subsidy policy and regional subsidies have further expanded consumption scenarios, contributing to the growth of logistics demand [2]

● 本报记者董添 A股上市公司2025年半年报、业绩预告陆续披露，不少上市公司提到，业绩受益于产品价格上涨，这在 有色、化工等领域表现尤其突出。一些位于产业链中下游的上市公司则在近期公告，原材料端涨价对公 司业绩造成一定影响，相关上市公司也采取了一系列措施，应对原材料价格上涨。一些公司提到，海外 产品出现较为明显的涨价，相关公司看好海外市场发展前景并积极布局。 产品涨价助力业绩增长 西部矿业（601168）2025年半年报显示，报告期内，公司共实现营业收入316.19亿元，同比增长27%； 实现归属于上市公司股东的净利润18.69亿元，同比增长15%。增长的主要原因是本期矿产铜产量、价 格较上年同期分别增长8%、11%。公司提到，公司坐拥丰富的矿产资源，核心资源涵盖铜、铅锌、铁 等关键品种，为业务开展奠定了坚实的资源基础。主营业务贯穿矿产全产业链，具体包括铜、铅、锌、 钼、镍、铁和钒的采选、冶炼和贸易，同时从事稀有金属(如黄金、白银)以及非金属产品的生产和贸 易。6月底，铅市逐步进入消费旺季，下游电池价格涨价传导至铅价突破1.71万元/吨。 藏格矿业（000408）在最新披露的投资者关系记录表中提到，2025 ...

● 本报记者胡雨 在经历小幅调整后，8月4日-5日，A股市场连续反弹。截至8月5日收盘，A股三大股指集体收涨，其中 上证指数重新站上3600点关口，并创出今年以来收盘新高。从成交情况看，A股近几个交易日的日成交 额均在1.5万亿元以上，市场交投活跃态势仍在延续。 在张夏看来，8月进入上市公司中报业绩集中披露期，部分涨幅比较大、偏主题概念的股票面临一定调 整压力，但8月中旬后市场风险偏好有望提升，叠加盈利效应积累后场外增量资金持续流入，最终A股 在8月有望走出"先抑后扬"走势，指数创下今年以来新高的可能性较大。 国泰海通首席策略分析师方奕同样看好A股股指后市续创今年以来新高，对投资者而言，市场出现调整 应"逆势"提高仓位："'反内卷'背后是经济治理思路的转变，政策持续优化和推进为远期企业净资产收益 率(ROE)企稳提供条件，也为股市打开空间；资本市场改革极大提高了中国股市的可投资性，稳股市机 制建设也有力提高了中国股市的韧性，并降低风险溢价。" 在中银证券（601696）首席策略分析师王君看来，8月投资应"轻指数，重结构"，在资金面支撑及基本 面弱修复的背景下，市场下行风险可控，节奏上或仍是"进二退一"，市场指 ...

Core Viewpoint - The stock price of Upwind New Materials (688585) has surged by 1320.05% from July 9 to August 5, leading to multiple instances of abnormal trading behavior and potential risks for investors [1][5][6]. Group 1: Stock Performance and Trading Behavior - As of August 5, the stock price closed at 110.48 CNY per share, with a daily increase of 20% and an overall increase of approximately 1566% year-to-date [1][6]. - The Shanghai Stock Exchange has reported that some investors engaged in trading behaviors that disrupted normal market order, resulting in self-regulatory measures including account trading suspensions [1][5][6]. - The stock has triggered abnormal trading alerts seven times and severe abnormal trading alerts seven times during the specified period, with a total of ten risk warning announcements issued by the company [6][8]. Group 2: Financial Performance and Market Position - For the first half of 2025, the company expects to achieve revenue of approximately 783.77 million CNY, a year-on-year increase of 12.5%, but anticipates a net profit of 29.90 million CNY, a decrease of 32.91% year-on-year [9][10]. - The company attributes the decline in net profit to foreign exchange losses from overseas dollar receivables and increased costs related to overseas sales, shipping, and R&D testing [10]. - The company's current price-to-earnings ratio stands at 502.51, significantly higher than the industry average of 24.91, indicating a substantial disconnect between stock price and fundamental performance [6][7]. Group 3: Shareholding Structure and Market Risks - The external float of the company's shares is relatively small, with major shareholders holding approximately 85% of the A-share capital, leaving only about 15% for external circulation [8]. - The company has indicated that its core business remains unchanged, focusing on the development, production, and sales of environmentally friendly high-performance corrosion-resistant materials and other related products [7].

图片来源：视频截图 视频还展示了Unitree A2驮载快递、背负登山包爬山的场景，可在负重30千克情况下连续行走3小时8分，行走里程12.55公里。同时，宇树科技还在视频结 尾展示了该产品的轮足版本。 视频来源：宇树科技 视频显示，Unitree A2最大奔跑速度5米/秒，最大攀爬高度1米，能在乱石堆中快速越障和穿行。视频中，Unitree A2能够承受一个100千克体重的成年男性 在背部蹦跳，也能够流畅平稳地下坡，具有超广角激光雷达3D感知能力。 8月5日，宇树科技官方视频号发布了新款四足机器狗产品Unitree A2。该款产品整机约37千克，空载续航20km。 据官方介绍，这款四足机器狗产品更轻、更快，"为行业应用而生"。 图片来源：视频截图 7月25日，宇树科技通过官方视频号发布了双足人形机器人新品Unitree R1，售价3.99万元起，重量仅25千克，支持开发与定制。 值得注意的是，宇树科技近期连续推出新品，呈现出向应用端贴近的趋势。 ...

日前，财政部和国家税务总局发布的《关于国债等债券利息收入增值税政策的公告》明确，自2025年8 月8日起，对在该日期之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢复征收 增值税。 消息公布后，市场对此瞬间作出反应——新债征税意味着持有成本上升，利率应声大涨。但短短几小时 后，剧情陡然反转：老债因免税突然成了"香饽饽"，机构资金抢筹，供需格局瞬间逆转，利率又大跌。 日前，财政部和国家税务总局发布公告明确，自2025年8月8日起，对在该日期之后（含当日）新发行的 国债、地方政府债券、金融债券的利息收入，恢复征收增值税。对在该日期之前已发行的国债、地方政 府债券、金融债券（包含在2025年8月8日之后续发行的部分）的利息收入，继续免征增值税至债券到 期。 中国证券报记者调研多家机构了解到，机构普遍认为，此次税收调整对于债市的影响偏中短期，对中期 走势的影响相对有限。不过，"新老划断"或引发新老券的利差走阔，带动存量券受青睐。 中信保诚基金认为，整体来看，国债、地方债、金融债恢复征收增值税对债市影响偏中性，但存量债券 资产相比后续新发债券有一定结构性优势。投资者在新增投资时，会优先选择具备增值税优势 ...

01 8月5日，港股创新药板块再度爆发，全市场涨幅前十的ETF中，9只均为港股创新药相关ETF。 02 8月5日，市场交投情绪显著活跃，短融ETF（511360）成交额突破200亿元，8只ETF成交额破百亿元。 03 今日盘后，景顺长城基金公告称，旗下纳指科技ETF（159509）二级市场交易价格明显高于基金份额参考净值，出现较大幅度溢价。提 示投资者关注二级市场交易价格溢价风险，如果盲目投资，可能遭受较大损失。 截至今日收盘，国联中证500ETF（515550）跌1.27%，多只科创芯片、云计算主题ETF跌幅居前。 | 代码 | 名称 | 景日涨幅 | 当日IOPV溢折率 | | --- | --- | --- | --- | | 515550.SH | 国联中证500ETF | -1.27% | -0.02% | | 517400.SH | 黄金股票ETF | -0.84% | -0.30% | | 512180.SH | MSCIA股ETF基金 | -0.53% | -0.31% | | 588780.SH | 科创芯片设计ETF | -0.44% | 0.01% | | 515400.SH | 大数据 ...

Group 1 - The core point of the news is that the Feilu convertible bond is approaching its last trading day, with a significant price difference between the market price and the redemption price, potentially leading to substantial losses for investors who do not act in time [1][4][5] - The last trading day for Feilu convertible bond is August 5, and it will stop trading after the market closes on that day [4][5] - Investors have until August 8 to convert their bonds into shares, after which any unconverted bonds will be forcibly redeemed at a price of 100.55 yuan per bond [5][8] Group 2 - As of August 5, the market price of Feilu convertible bond was 151.94 yuan, indicating a potential loss of 33.82% for investors who fail to convert or sell [1][5] - The unconverted proportion of Feilu convertible bond stands at 31%, with a total bond balance of 0.54 billion yuan [5] - Other convertible bonds, such as Yong'an, Liande, Qilu, and Chujian, are also facing redemption, with potential losses ranging from 17.10% to 33.83% if investors do not act promptly [10]

Core Viewpoint - The article discusses the early redemption of Feilu Convertible Bonds, highlighting the significant price difference between the market and redemption price, which poses a risk for investors who do not act in time [1][5][10]. Group 1: Feilu Convertible Bonds - Feilu Convertible Bonds will have their last trading day on August 5, with a market price of 151.94 CNY per bond, significantly higher than the redemption price of 100.55 CNY, indicating a potential loss of 33.82% for investors who do not convert or sell in time [1][5]. - The last conversion day for Feilu Convertible Bonds is August 8, after which any unconverted bonds will be forcibly redeemed at 100.55 CNY per bond [5][8]. - As of the latest data, 31% of Feilu Convertible Bonds remain unconverted, with a total bond balance of 0.54 billion CNY [5][6]. Group 2: Other Convertible Bonds - Other convertible bonds such as Yong'an, Liande, Qilu, and Chuanjiang will also face early redemption on August 6 and August 8, with potential losses of 33.83%, 22.76%, 17.10%, and 32.17% respectively for investors who do not act [10]. - The early redemption of convertible bonds is attributed to the continuous rise in bank stock prices, which triggers strong redemption conditions for several banks' convertible bonds [11]. - Investors are advised to sell their convertible bonds before the last trading day or convert them, as the trading rules change from T+0 to T+1 after conversion [11].