Core Insights - The Beijing Stock Exchange (BSE) has disclosed its listing review dynamics for the first half of 2025, indicating that 115 companies submitted applications, with 12 approved by the listing committee and 7 registered by the CSRC, resulting in 6 companies listed and raising 1.923 billion yuan [1] - The introduction of the new "National Nine Articles" has led to an increase in the awareness of responsibilities among issuers and intermediaries, with a rapid growth in pre-application business consultations [1][2] - The BSE aims to enhance the standardization and normalization of the pre-application consultation mechanism, focusing on the purpose, content, and discipline of consultations to ensure that companies' listing applications are based on their own compliance levels and the professional capabilities of intermediaries [1][2] Pre-Application Consultation Mechanism - The pre-application consultation is designed to eliminate information asymmetry and facilitate smoother listing applications for companies, allowing them to decide whether to seek consultation based on their circumstances and understanding of the rules [1] - The BSE emphasizes that engaging in pre-application consultations does not affect the submission of listing application documents and does not imply a substantive judgment or guarantee regarding the issuer's compliance with listing conditions [1][2] Focus on Genuine Issues - The BSE has clarified that the content of pre-application consultations should adhere to specific guidelines, focusing on significant issues related to industry policies, listing conditions, and information disclosure, while avoiding basic or common knowledge inquiries [2][3] - Issuers and intermediaries are encouraged to concentrate their consultation resources on resolving genuine issues to navigate the new regulatory environment effectively [3] Consultation Discipline and Supervision - The BSE has established clear rules for consultation discipline, requiring written communications to be conducted through the BSE's online communication system, with all communications recorded [3]

Group 1: Robotics in Manufacturing - The integration of robotics in manufacturing is accelerating, with applications such as AI-driven quality inspection systems that enhance precision to 0.15 mm, replacing traditional manual inspections [2] - Companies like Jiedi have developed their own robotic systems to reduce costs and energy consumption, showcasing the trend towards automation in production lines [2] - The deployment of intelligent operation robots, such as the iSpect X40, is transforming maintenance practices from manual oversight to continuous AI-driven inspections [3] Group 2: AI and Digitalization - AI and digital technologies are redefining manufacturing logic, with significant improvements in production efficiency, such as an 82% increase in productivity and a 67% reduction in delivery times at Schneider Electric's Shanghai factory [5] - Digital twin technologies are enabling real-time monitoring and optimization of production processes, as demonstrated by companies like Aisin Wanda [5][6] - The use of advanced digital tools is facilitating faster design and production cycles, significantly reducing the time from design to mass production [6] Group 3: Industry Trends and Innovations - The concept of advanced manufacturing is evolving to encompass innovation, intelligence, and sustainability, as highlighted by industry leaders at the Chain Expo [7][8] - Major companies, including Apple, have invested heavily in smart and green manufacturing initiatives, with Apple alone investing $20 billion in the past five years [8] - The restructuring of global supply chains is driving a shift towards digital manufacturing paradigms, emphasizing data as a critical production factor [8]

● 本报记者 王舒嫄 连润 熊彦莎 第三届中国国际供应链促进博览会正在如火如荼地进行。本届链博会朋友圈持续扩大。在今年的参展商 中，除了连续参展的老朋友，还有230多家首次参展的中外新伙伴。 多家受访企业表示，链博会已成为维护全球产业链供应链稳定畅通的重要国际公共产品，也是促进各方 加强沟通、深化合作、共谋发展的国际化平台，希望通过参加链博会认识更多新的合作伙伴。 老朋友如约赴会 连续第三年参展的力拓对于链博会依然满怀期待。"去年我们在智能汽车链与宝武、博世和小鹏设立的 联合展台取得了巨大成功，充分展示了供应链各环节企业间的全新协同效应。"力拓集团中国区首席执 行官许峰表示，今年力拓再度携手宝武，亮相第三届链博会，在智能汽车链展区全面展示相关产品和解 决方案，以西坡和西芒杜铁矿项目为代表的全球产业合作成果，以及在低碳转型方面的最新实践。 同样三赴链博会的GE医疗今年不仅携手一众核心国产供应商参展，还带来了首届链博会上"链接"的成 果。"京东方作为GE医疗重量级合作伙伴之一，在首届链博会上与GE医疗签署战略合作协议，双方合 力在供应链解决方案、智慧医疗等领域加速创新。据研发项目团队介绍，双方正围绕高端医疗显示技 ...

Core Insights - The third China International Supply Chain Promotion Expo highlighted the significance of open-source AI models like DeepSeek and Tongyi Qianwen, which are considered top-tier globally, showcasing China's excellence in open-source initiatives [1][2] - NVIDIA's CEO emphasized the importance of the Chinese market for NVIDIA, describing it as one of the largest and most vibrant markets in the world [3] Group 1: AI Technology Development - AI technology has evolved from perception-based to generative AI, with significant advancements in computer vision, speech recognition, and language understanding surpassing human capabilities [1] - The future trend of AI development is expected to penetrate the physical world, leading to the rise of physical AI applications in robotics [1][2] Group 2: China's Role in AI - China leads the world in the number of AI research papers published, indicating its pivotal role in the AI technology landscape [2] - Open-source models are facilitating the formation of China's AI ecosystem and are also contributing to the development of AI ecosystems in other regions globally [2] Group 3: NVIDIA's Strategic Position - NVIDIA announced the resumption of H20 chip sales in China and the launch of a new GPU compatible with the Chinese market, signaling positive developments for the AI industry chain [3] - The company's products are being utilized in various sectors in China, including supply chain digital management and training embodied intelligent models [3] Group 4: Future Outlook - NVIDIA's technology roadmap covers nearly a decade, with the CEO indicating that there is substantial work ahead, particularly in the context of AI and chip technology advancements [3] - Innovations in silicon technology are anticipated in transistor structure, packaging technology, and silicon photonics, which will drive future developments in the chip sector [2]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced an adjustment to the consumption tax policy for ultra-luxury cars, lowering the threshold for taxation from a retail price of 1.3 million yuan to 900,000 yuan (excluding VAT) [1][2]. Group 1: Tax Policy Changes - The new consumption tax will apply to passenger cars and light commercial vehicles with a retail price of 900,000 yuan and above, including various power types such as pure electric and fuel cell vehicles [1]. - For ultra-luxury cars without cylinder capacity, consumption tax will only be levied at the retail stage [1]. - The new regulations will take effect on July 20, 2025 [1]. Group 2: Impact on Market and Consumption - The adjustment is seen as a timely response to the current sales situation of ultra-luxury cars, aiming to guide reasonable consumption while ensuring stable tax revenue from ultra-luxury car consumption taxes [2]. - The announcement also aims to reduce double taxation in the transaction of second-hand ultra-luxury cars, encouraging their circulation in the market [2].

今年上半年，各类市场热点层出不穷，影视、人工智能、机器人、创新药、银行等板块都曾上演一番强 势行情。展望下半年行情，机构投资者将如何应对？日前，榕树投资董事长翟敬勇在接受中国证券报记 者专访时表示，无论行情如何变化，"选择便宜的资产"始终是其投资的核心逻辑，但在评估是否便宜的 同时，也需要观察产业趋势，现在更偏好于投资景气产业里的便宜资产。下半年依然看好新能源、半导 体、人形机器人等产业的投资机会，特别是人形机器人产业未来有望诞生多家优秀龙头企业。 区分产业趋势 "历史的车轮从不会为守旧者停留，也不会因为你老了而停下来等你。"翟敬勇感慨地说，近年来，他愈 发感受到及时更新信息和认知，关注创新浪潮的重要性。时代发展和产业创新的势头浩浩荡荡，有时候 一个行业的变迁可能在不经意间就悄然到来，只有保持不断学习的态度，才能不被时代所抛弃，并及时 抓住机遇。 这是他近年来投资策略中的"变"，而持续不变的是价值投资理念的核心，那就是选择那些暂时被市场低 估的便宜资产。只不过，在选择便宜资产时，还需要区分产业趋势，去选择景气度上行的朝阳产 ● 本报记者 张韵 业。"夕阳产业里的资产再便宜，也不会去投资。"翟敬勇认为，投身产业 ...

● 本报记者 张韵 7月17日，多家基金公司发布基金经理变更公告，其中不乏百亿级别管理规模的基金经理。除了基金经 理之外，近期公募机构高管人员变动也较为频繁。据不完全统计，截至7月17日，仅7月份就有超百只基 金变更基金经理，并有8家基金公司发生高管变更。 基金经理变更公告频发 7月17日，在一众基金经理变更公告中，张翼飞的离职受到市场较多关注。相关公告显示，张翼飞已于7 月15日从安信基金离职，其卸任前管理产品规模合计超过300亿元。中国证券报记者获悉，张翼飞离职 后或"奔私"。 在公告离职后，张翼飞在致投资者的一封信中提到，未来将继续从事资产管理行业。他一直坚信资管行 业创造了巨大的社会价值，正如好的资源配置提升了社会效率，好的资本配置也推动了经济进步。几十 年来，那些成为中国经济支柱的企业，几乎都是通过资本市场成长起来的。他相信基于企业价值的投 资，不光能给持有人带来收益，也能给社会创造效益，实现信托责任与社会责任的统一。 据了解，张翼飞卸任前管理规模最大的混合型基金为安信稳健增值混合基金。自2017年底以来，该基金 一直由张翼飞和李君共管，并在多个年度取得较好成绩。张翼飞离职后，该基金由李君单独管理。 ...

Group 1 - The core viewpoint of the articles highlights a significant increase in market interest towards dividend index-enhanced strategies, particularly in the context of rising demand for "high dividend and low volatility" assets [1][2][3] - There has been a noticeable increase in inquiries and subscription willingness for dividend index-enhanced products among high-net-worth clients, with a reported over 30% month-on-month growth in consultations [2][3] - The trend indicates a shift in focus from traditional quantitative stock selection strategies to dividend index-enhanced strategies, driven by a desire for stable returns amid declining risk-free rates [3][4] Group 2 - The operational frameworks of dividend index-enhanced strategies and traditional broad-based index-enhanced strategies are largely similar, utilizing multi-factor scoring and algorithmic trading models [3][4] - Key differences lie in the focus on dividend-related factors within dividend index-enhanced strategies, which prioritize dividend yield and low volatility, while traditional strategies incorporate a broader range of factors [4][5] - Dividend index-enhanced strategies typically exhibit lower turnover rates compared to traditional strategies, as they emphasize fundamental factors such as dividend yield and cash flow stability [4][5] Group 3 - The dividend index-enhanced strategy is recognized for its low volatility, small drawdowns, and stable returns, making it suitable for defensive positioning in turbulent markets [5][6] - However, in strong market conditions, the strategy may underperform compared to other strategies, limiting its appeal for aggressive investors seeking higher returns [5][6] - Industry experts suggest that the allocation to dividend index-enhanced strategies should be dynamic, considering market cycles and investor risk preferences [6][7] Group 4 - A practical allocation framework proposed involves using broad-based index-enhanced strategies as the core of asset allocation, complemented by dividend index-enhanced or growth-style strategies as satellite investments [7]

● 本报记者 倪铭娅 7月16日，中国证券报记者从中国国际投资促进会获悉，由商务部管理、中国国际投资促进会主办的第 十四届中国国际服务外包交易博览会将于23日至25日在中国光谷科技会展中心举行。 作为我国服务外包领域唯一的全国性专业展会，本届服博会以"数智赋能，开创未来"为主题，契合产业 融合创新需求，搭建交流合作平台，推动全球合作与发展。 在张曦看来，随着全球数字经济深入发展、国际服务分工进一步深化，服务外包产业将加速从单一技术 服务向综合性行业解决方案转型，提升行业服务能力，不断向高附加值业务迈进，助力我国在全球价值 链中占据更有利地位。 开发应用新场景 通过数智技术赋能，服务外包产业在加快转型的同时，不断开发应用新场景。"在数字经济蓬勃发展的 当下，我国服务外包产业正沿着数智化的方向大步迈进，借助云计算、大数据、人工智能、区块链等技 术不断开发应用场景。"中国国际投资促进会常务副会长周晓燕说。 作为一家深耕全球化技术实践三十载的数智服务企业，博彦科技利用前沿技术开发应用新场景，助力中 国企业解决跨地域数字化转型难题。 接受中国证券报记者采访的多位专家表示，当前，服务外包产业与数字经济的融合日益深化。我国 ...

● 本报记者 赵白执南 创造新场景形成新消费 展望下半年，多位专家预计，宏观政策将持续发力护航经济增长。 "我们应以时不我待的前瞻性精神，进一步布局扩内需方面的政策。"上海财经大学校长刘元春说。在刘 元春看来，提振消费政策还会继续丰富，以支撑消费增长。"以旧换新只是提振消费政策中的一类，提 振消费政策本身会随着形势变化进行扩容。中期要关注的是通过提升收入、解除供给端约束来促消费， 创造新场景形成新消费。"他说。 同时，刘元春认为，房地产市场的稳定依然是中国宏观经济稳定的基本盘之一。 在7月17日举行的中国宏观经济论坛（CMF）宏观经济月度数据分析会上，多位专家针对下半年宏观经 济政策提出建议。与会专家认为，上半年经济运行取得好于预期的成绩离不开政策发力支持，扩内需政 策在下半年有望进一步加码，在提振消费、稳定房地产市场、释放流动性等方面更多增量政策值得期 待。 主要指标好于预期 上半年GDP实现了同比5.3%的增长，主要指标好于预期。多位专家认为，这样的成绩单背后离不开一 系列加紧实施、更加积极有为的宏观政策支持。 "上半年经济数据表现超预期的原因之一是财政政策靠前发力。"渣打银行大中华及北亚首席经济学家丁 ...