● 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].

Market Overview - The Shanghai Composite Index has risen above 3600 points with a half-day trading volume of nearly 1.02 trillion yuan, an increase of 860 billion yuan compared to the previous day [1] - The market saw a strong performance from bank stocks, with Agricultural Bank of China reaching a historical high [1] - As of the morning close, the Shanghai Composite Index increased by 0.53%, while the Shenzhen Component Index rose by 0.14%, and the ChiNext Index fell by 0.26% [1] Company Performance - Aowei New Materials' stock price surged by 8.65%, surpassing 100 yuan, with a total market value of 40.348 billion yuan [3] - The stock has seen a cumulative increase of 1408.8% since early July [3] - The recent price increase is attributed to a control change plan announced by the company, where Zhiyuan Robotics aims to acquire at least 63.62% of the shares [5][6] Financial Results - Aowei New Materials reported a revenue of 784 million yuan for the first half of the year, a year-on-year increase of 12.5%, while net profit decreased by 32.91% due to foreign exchange losses [6] Industry Trends - The PEEK materials sector saw significant gains, with Zhongxin Fluorine Materials hitting the daily limit [7] - The human-shaped robot industry is expected to enter a mass production phase by 2025, with a focus on lightweight materials like PEEK [9] - The steel sector experienced a surge, with Maanshan Iron & Steel Co. hitting the daily limit, driven by increased demand expectations from new super hydropower projects [10] Investment Opportunities - The steel industry is projected to have a favorable outlook, with structural investment opportunities, particularly in high-margin special steel companies and leading steel enterprises with strong cost control [11]

Core Viewpoint - The bond market is experiencing fluctuations due to various factors, impacting the performance of bank wealth management products, particularly pure fixed-income products, which have seen a short-term decline in yields. However, with the recent recovery in equity and commodity markets, some "fixed income+" products have shown strong performance [1][2]. Group 1: Market Performance - Since late July, the bond market has undergone adjustments, leading to a decline in yields for pure fixed-income wealth management products, which primarily invest in bonds. For instance, from July 21 to July 27, the average annualized yield for open-ended fixed-income products was 2.81%, down 0.23 percentage points from the previous period [2]. - The average redemption yield for open-ended fixed-income products was 2.43%, a decrease of 0.21 percentage points, lagging behind the average performance benchmark by 0.23 percentage points [2]. Group 2: Investment Opportunities - Industry experts believe that the configuration value of "fixed income+" wealth management products will become more prominent in the second half of the year. These products are seen as important tools for balancing returns and volatility due to their moderate risk levels and higher yield elasticity [3]. - There is an expectation for the continued expansion of the scale of rights-inclusive wealth management products, driven by structural contradictions in the market, such as ample funds and a scarcity of quality assets [3]. Group 3: Asset Allocation Strategies - Financial institutions are encouraged to move beyond traditional fixed-income reliance and explore project-based asset values, focusing on stable cash flow assets like infrastructure REITs. They should also capture structural opportunities in the equity market through quantitative index enhancement strategies and other financial instruments [3]. - Future asset allocation may reduce dependence on bond coupons and increase the allocation to interest rate bonds to seize trading opportunities, with public funds being a significant channel for this diversification [3].