Core Viewpoint - The rapid production speed of Leap Motor has become a key indicator of its comprehensive strength and profitability in the accelerating performance differentiation of China's new energy vehicle market [1] Group 1: Production Milestone - Leap Motor achieved a significant milestone by rolling out its 1 millionth vehicle, doubling its production from 500,000 to 1 million in less than a year, setting a record for new energy vehicle manufacturers in China [1][2] Group 2: Financial Performance - In the first eight months of 2025, Leap Motor's cumulative delivery exceeded 320,000 units, maintaining its lead in the new energy vehicle sales rankings in China, with monthly sales topping the charts for six consecutive months [2] - The company's revenue for the first half of the year reached 24.25 billion yuan, a year-on-year increase of 174%, with a gross margin of 14.1% and a net profit of 30 million yuan, marking a turnaround from losses in the same period of 2024 [2] Group 3: Technological Advancements - Leap Motor's self-research capabilities have led to a high density of technology, with over 65% of its core components being self-developed, including battery packs, motors, and electronic control systems [3] - The company has successfully reduced the cost of laser radar to the level of 120,000 yuan for certain models, significantly lower than competitors [3] Group 4: Global Expansion - As of June 2025, Leap Motor has rapidly expanded its overseas presence, with over 600 stores, including 550 in Europe, and received over 4,000 orders in July alone [5] - The partnership with Stellantis Group enhances Leap Motor's penetration into international markets, establishing a clear growth trajectory [5] Group 5: User-Centric Approach - Leap Motor's success is attributed to its deep understanding of user needs, offering high-value configurations at competitive prices, and addressing common pain points in daily usage [7][8] - The company has implemented over-the-air (OTA) upgrades for older models, enhancing user experience and loyalty [9][10] Group 6: Future Growth Potential - Leap Motor is positioned to transition from a new energy vehicle startup to a mainstream global automaker, with plans for localized production in Europe and the introduction of new models like the D19 luxury SUV [12] - The company's sustainable growth model, centered on user needs and technological innovation, is expected to drive its valuation and fundamentals upward [12]

民生证券研报指出，凯文教育牵手智谱战略布局，AI+教育未来可期。政策支持"AI+"行动，2025年8月 国务院印发《关于深入实施"人工智能+"行动的意见》，明确提出推行更富成效的学习方式，把AI融入 教育教学全要素、全过程，创新智能学伴、智能教师等人机协同教育教学新模式；构建智能化情景交互 学习模式，推动开展方式更灵活、资源更丰富的自主学习，AI+教育迎来政策东风。公司战略布局 AI+教育，国资平台优势凸显；合资公司优势显著，AI+教育未来可期。公司牵手智谱华章，战略布局 AI+教育，有望抢占AI智能产品市场，培养第二增长曲线，看好公司平台价值和成长性，维持"推荐"评 级。 ...

富国银行将Pure Storage的目标价从80美元上调至100美元，维持"增持"评级。(格隆汇) ...

格隆汇9月28日｜据Choice数据，剔除新股和次新股，周五A股市场共有52家上市公司盘中股价创出历 史新高。这52家公司分别是：紫金矿业、阳光电源、洛阳钼业、赛力斯、华虹公司、ST华通、徐工机 械、浪潮信息、华工科技、晶合集成、杰瑞股份、华海清科、兴业银锡、科博达、科华数据、安集科 技、中科飞测、剑桥科技、纽威股份、电气风电、宁波华翔、北方铜业、华建集团、聚辰股份、应流股 份、精达股份、聚和材料、汇成股份、美湖股份、隆盛科技、菲林格尔、新坐标、*ST宇顺、统联精 密、赛微微电、亚翔集成、优优绿能、捷邦科技、*ST亚振、合锻智能、易德龙、和远气体、锦华新 材、金马游乐、智洋创新、唯特偶、品茗科技、佰奥智能、埃科光电、征和工业、太龙股份、通源环 境。 ...

去年11月，富达国际的基金经理George Efstathopoulos同样表现出对中证500指数的看好。 Efstathopoulos表示，他看好中国的财政刺激政策能够支撑经济温和增长，同时国内股票面对地缘问题的"免疫力更强"，中盘股将会更多地受益于刺激措 施，中证500指数可能会成为最大赢家。 由于近些年业绩争议，半夏基金创始人李蓓极少向外界发表最新投资观点，而其最新发表文章，透露出最新投资观点，更是谈及近期的科技股投资热潮。 具体到本轮的科技股轮动热潮的出现的原因，李蓓认为背后的原因是：当前国内处于低利率低物价弱财政高风险偏好的环境，容易出现泡沫。 但由于自身不是专业研究科技行业，且科技细分赛道的波动比较大，强轮动，直接买股票参与这类机会在其的能力圈以外，因此采取的方法是买入中证500 股指期货，也就是IC，来间接参与科技热潮，理由包括： 1，中证500的成分股中科技股含量比较高，高于其它主流宽基指数； 2，因为中证500成分股同时含有多个细分赛道的科技股，在轮动中此起彼伏，指数的波动远小于细分赛道，呈现出很高的夏普比例。持仓体验 好。 同样是500指数，中证500与中证A500指数，有何不同点？ 中证 ...

Market Overview - The market experienced fluctuations this week, with the Shanghai Composite Index primarily oscillating, while the Shenzhen Component and ChiNext Index reached new highs before a pullback on Friday. The STAR Market indices led the gains, with the STAR 50 Index and STAR Composite Index rising by 6.47% and 2.99% respectively, while the ChiNext 50 and ChiNext Index increased by 2.5% and 1.96%. Trading volume significantly decreased to around 2-2.4 trillion yuan [1]. Index Performance - The performance of various indices in the first half of the year showed the following changes: - STAR 50 Index: +6.47% - STAR Composite Index: +2.99% - ChiNext 50: +2.50% - ChiNext Index: +1.96% - CSI A500: +1.19% - CSI A50: +1.17% - SSE 50: +1.07% - CSI 300: +1.07% - Shenzhen Component: +1.06% - CSI 500: +0.98% - STAR 100: +0.90% - Shanghai Composite Index: +0.21% - Hang Seng Index: -1.57% - Hang Seng Tech Index: -1.58% - Hang Seng China Enterprises Index: -1.79% [2]. Sector Performance - From the perspective of Shenwan's first-level industries, the sectors of power equipment, non-ferrous metals, electronics, environmental protection, and media saw the highest gains, while social services, comprehensive, commercial retail, light industry manufacturing, textile and apparel, and food and beverage sectors experienced the largest declines [3]. ETF Market Dynamics - On September 24, the second batch of 14 STAR bond ETFs was launched, attracting over 60 billion yuan in net inflows on the first day. This led to a total net inflow of 1144.85 billion yuan in the ETF market for the week, with bond ETFs contributing 779.36 billion yuan and stock ETFs 290.67 billion yuan. The trend of net outflows from broad-based ETFs and net inflows into thematic industry ETFs continued, with significant inflows into semiconductor, robotics, and non-bank financial ETFs [5][6]. Notable Inflows and Outflows - The following indices saw significant net inflows: - AAA STAR Bonds: 657.05 billion yuan - Shanghai AAA STAR Bonds: 157.57 billion yuan - CSI A500: 104.80 billion yuan - Semiconductor Materials and Equipment: 42.39 billion yuan - STAR Chips: 33.87 billion yuan - Robotics: 30.62 billion yuan [8]. - Conversely, the following indices experienced notable net outflows: - CSI 300: -48.18 billion yuan - STAR 50: -26.41 billion yuan - Policy Financial Bonds: -20.20 billion yuan [12][14]. ETF Performance - The semiconductor equipment ETFs showed strong weekly performance, with the following gains: - Semiconductor Equipment ETF (E Fund): +16.18% - Chip Equipment ETF: +16.00% - Semiconductor Equipment ETF: +15.93% - Semiconductor Materials ETF: +15.35% [16][18]. New ETF Listings - A total of 21 new ETFs were launched this week, including 7 stock ETFs and 14 STAR bond ETFs, with a total issuance scale of 6.297 billion yuan. Additionally, 11 new ETFs were established, raising a total of 4.577 billion yuan [24].

Wedbush将Pure Storage的目标价从80美元上调至90美元，维持"跑赢大市"评级。(格隆汇) ...

高盛将埃森哲的目标价从370美元下调至330美元，仍维持"买入"评级。(格隆汇) ...

格隆汇9月28日丨吉峰科技(300022.SZ)公布，为合理利用公司资源，提高资金利用效率，结合实际经营 情况，吉峰三农科技服务股份有限公司全资子公司四川吉峰聚力实业发展有限公司（简称"聚力实业"） 拟减少注册资本9,500万元。减资完成后，聚力实业注册资本由人民币10,000万元减至500万元，公司仍 持有聚力实业100%股权。 ...

格隆汇9月28日丨一品红(300723.SZ)公布，全资子公司广州一品红制药有限公司于近日收到国家药品监 督管理局核准签发的关于左卡尼汀口服溶液的《药品注册证书》，根据核准的说明书，左卡尼汀口服溶 液适应症为：本品用于治疗原发性系统性卡尼汀缺乏症。临床表现包括反复发作的Reye样脑病、低酮 性低血糖症、和/或心肌病。相关症状包括骨骼肌张力减退、肌无力和发育停滞。本品也用于先天性代 谢异常导致的继发性卡尼汀缺乏症的短期和长期治疗。说明书中具有婴幼儿和儿童推荐的用法剂量。左 卡尼汀是哺乳动物能量代谢中必需的体内天然物质，其主要功能是促进脂类代谢。它既能将长链脂肪酸 带进线粒体基质，并促进其氧化分解，为细胞提供能量，又能将线粒体内产生的短链脂酰基输出。本品 的补充可缓解其因体内缺乏引起的脂肪代谢紊乱、骨骼肌和心肌等组织的功能障碍。 ...