从"赎回潮"到"认购热" 主动权益类基金信任重构进行时 首批10只科创债ETF今日上市 首批科创债ETF在快批快发、一日募结之后，火速进入到上市环节。7月17日，"科创债ETF广发"等首批 10只科创债ETF在沪深交易所同步上市。不到一个月，科创债ETF完成了从申报、获批、发行、成立到 上市的全流程，这一"闪电"速度也体现出市场各方对这一品种的高度重视。（证券时报） 业绩是影响投资者信任度的关键因素。在2022年至2024年的调整行情中，主动权益类基金经历了一场深 度的"压力测试"——净值回撤、规模缩水，不少明星基金经理折戟。2025年以来，随着赚钱效应回归， 主动权益类基金业绩显著回暖，200多只基金年内收益超30%，新发市场掀起小高潮，14只基金发行规 模突破10亿元，这一数量是去年全年的2倍以上。在业内人士看来，主动权益类基金的信任重构，不 是"回到过去"，而是"走向新局"。当行业真正从"规模竞赛"转向"回报竞赛"，从"明星依赖"转向"体系支 撑"，主动权益类基金的"春天"才会真正到来。（人民财讯） 事实上，进入7月以来已有多家公司的"掌舵人"发生变更。就在昨天晚上，明亚基金总经理丁玥和副总 屠建宗因个 ...

每到假期，朋友圈就会迅速切换到摄影与诗词大会的主场。 这边，七月三亚避暑：碧蓝海岸与三角船帆共海天一色。 另一边，梅里雪山下晒图配文：踏雪寻梅，是内心的净化之路；洗净铅华，只留纯粹与宁静。 …… 满屏的诗与远方，洋溢着人们对美好生活的热爱与向往。 不过，旅行的美好之余也常伴有意外发生——近期，阿坝县包车落水事件引起了社会关注，据悉，，江苏的一家人在川西旅游时选择了包车，没想到在7月2 号，从阿坝县前往色达县的路上出了意外，车子不慎掉崖，发生了车祸。 7月未竟，就已有多条因旅行意外上热搜的新闻。 这提醒我们，现代旅行已不仅仅是备齐防晒霜、充电宝，规划好行程路线、订妥食宿那么简单。比起这些看得见的准备，一份能守护美好的"安全感"，才是 更应该装进行囊里的东西。 作者：七佰 平安产险推出的全新境内旅游保险产品"平安行·出行安全守护计划"，正在打破保险仅提供事后赔付无法为客户提供即时救助的现状。 其在行业内创造性地推出了以"防、救、赔、用"四大功能为核心的新标准，为大众出行安全筑起了一道全面的"防火墙"。 事实上，对于购买保险的人而言，事后赔偿只是一种降低生命财产损失的兜底方案，人们真正的需求是危险来临时的提前防护， ...

Core Viewpoint - The recent competition among major platforms like Meituan, Taobao Flash Sale, and JD Delivery has intensified, leading to significant promotional activities and a surge in order volumes, but also exposing issues related to order cancellations and merchant pressures [1][5][7]. Group 1: Promotional Activities - Meituan has issued "0 yuan purchase" coupons, allowing consumers to redeem drinks from various brands [1]. - Taobao Flash Sale has provided large red envelopes and discounts such as "18.8 off 18.8" to attract customers [1]. - JD Delivery has subsidized 100,000 portions of crayfish at a price of 16.18 yuan each, available from 6 PM to 2 AM [1]. Group 2: Order Volume and User Engagement - Meituan reported over 150 million daily orders on July 12, with specific segments like "Pin Hao Fan" and "Shen Qiang Shou" contributing significantly [1]. - Taobao Flash Sale and Ele.me announced a new daily order record of over 80 million, with active users exceeding 200 million and a week-on-week net increase of 15% [3]. - The order punctuality rate for Taobao Flash Sale remains stable at 96% [3]. Group 3: Merchant and Consumer Issues - Consumers have raised concerns about Meituan's "0 yuan purchase" program, citing forced cancellations of orders without consent [5]. - Similar complaints have emerged for Taobao Flash Sale, where merchants have reported being unable to fulfill orders due to the pressure from large discounts [7]. Group 4: Market Outlook and Financial Implications - Goldman Sachs predicts that the competition in the food delivery market will continue into the second half of the year, with a projected 30% year-on-year growth in order volume [7]. - The total investment by Alibaba, JD, and Meituan in the food delivery sector reached 25 billion yuan (approximately 3 billion USD) in June alone [7]. - Future losses are anticipated for Alibaba and JD's food delivery businesses, estimated at 41 billion yuan and 26 billion yuan respectively, while Meituan's EBIT is expected to decline by 25 billion yuan [7].

Core Viewpoint - GAC Group is forecasting a significant net loss for the first half of 2025, with expected losses ranging from 1.82 billion to 2.6 billion yuan, contrasting sharply with a profit of 1.516 billion yuan in the same period of 2024, indicating a decline of over 220% [2] Group 1: Financial Performance - The direct cause of GAC Group's drastic decline in performance is a sharp drop in sales, with total sales of 755,300 vehicles in the first half of 2025, down 12.48% year-on-year [3] - GAC Toyota is the only brand to show a slight increase in sales of 2.58%, while GAC Honda, GAC Trumpchi, and GAC Aion all experienced declines, with the overall new energy vehicle segment down by 6.08% [3] - The second quarter saw losses expand to between 1.088 billion and 1.868 billion yuan, with a year-on-year increase in loss magnitude [3] Group 2: Strategic Response - In response to the crisis, GAC Group plans to implement a strategy of "stabilizing joint ventures, strengthening self-owned brands, and expanding ecosystems" in the second half of 2025 [3] - The company aims to launch new extended-range models to diversify its technology offerings, accelerate market penetration in lower-tier cities, and enhance marketing efforts to reach younger consumers [3] - A new high-end model co-developed with Huawei is scheduled for launch in 2026, targeting the 300,000 yuan market segment [3] Group 3: Challenges and Future Outlook - GAC Group has faced continuous revenue declines for two consecutive years, with a non-recurring net loss of 4.351 billion yuan in 2024 and a 7.82% year-on-year revenue drop in the first quarter of 2025 [7] - Internal governance and incentive mechanism reforms are needed, as highlighted by the employee stock ownership controversy at GAC Aion [7] - The company aims for a 15% sales growth by 2025 and plans for self-owned brands to account for over 60% of total sales, targeting over 2 million units sold by 2027 [6]

| | | | 销量 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 车型 | 月度同比 | | | 年度同比 | | | | 月度同比 | | | | 本月 | 去年同期 | 增减(%) | 本年累计 | 去年同期 | 增减(%) | 本月 | 去年同期 | 增减( | | 哈弗品牌 | 62,396 | 47,729 | 30.73 | 321,427 | 299,738 | 7.24 | 57,322 | 52,172 | | | WEY品牌 | 10,197 | 2,939 | 246.95 | 34,494 | 19,867 | 73.62 | 10,730 | 2,244 | 37 | | 长城皮卡 | 13,213 | 15.251 | -13.36 | 96,228 | 91.916 | 4.69 | 13,695 | 14,422 | | | 欧拉品牌 | 3.283 | 6.029 | -45.55 | 13,908 | 31.749 | -56.19 | 4.735 | 5,373 ...

Group 1 - 25 new floating rate funds have been established with a total fundraising scale of approximately 24.76 billion yuan, including Huashang Zhi Yuan Mixed Fund which raised 2.08 billion yuan [1] - The consumer finance industry is undergoing self-examination in response to regulatory scrutiny regarding "24% + equity" products, with a focus on member rights services [1] - NVIDIA is expected to resume sales of H20 GPUs to China, which may increase the proportion of AI chips sourced from foreign suppliers to 49%, up from a previous estimate of 42% [1] Group 2 - ASML's CEO predicts that revenue from the Chinese mainland market will exceed 25%, driven by growth in logic and memory chips [2] - Barclays Bank has been fined £42 million for failing to manage financial crime risks adequately, particularly related to money laundering [2] Group 3 - Beijing Douyin Technology has been executed for over 15.45 million yuan due to legal issues [3] - ByteDance has denied reports of applying to purchase NVIDIA chips, stating that no such application has been made [4] Group 4 - Guangdong Shunde Rural Commercial Bank has been approved to absorb and merge four village banks, taking over their assets, liabilities, and operations [5] - Jinggong Steel Structure has signed a contract worth approximately 550 million yuan for the construction of the Jeddah Stadium and surrounding sports village in Saudi Arabia [5] Group 5 - Zhejiang Energy Power reported a 4.48% year-on-year increase in power generation, totaling 78.848 billion kWh in the first half of 2025 [6] - Wukuang Development plans to register and issue up to 2 billion yuan in short-term financing bonds and medium-term notes to optimize its financing structure [7] - Jindi Co. has signed an industrial project investment contract with a total investment of no less than 1.5 billion yuan [8] Group 6 - Pinming Technology expects a net profit increase of 231.79% to 302.89% in the first half of 2025, projecting a profit of 28 to 34 million yuan [9] - Tiande Yu reported a 43.35% year-on-year increase in revenue, reaching 1.208 billion yuan in the first half of 2025 [10] Group 7 - The ChiNext index experienced a slight decline of 0.22%, while pharmaceutical stocks saw a collective rise [11][12] - The market showed mixed performance with over 3,200 stocks rising, while sectors like PCB faced corrections [12]

天德钰：上半年净利润12.08亿元 同比增长43.35% 7月16日晚，天德钰（688252）发布2025年半年度业绩快报，公司上半年实现营业收入12.08亿元，同比 增长43.35%；实现归属于上市公司股东的净利润1.52亿元，同比增长50.89%。 资料显示，天德钰成立于2010年11月，主营业务是移动智能终端领域的整合型单芯片研发、设计、销 售。 所属行业：电子–半导体–数字芯片设计 福莱新材：股东拟减持不超过1.33%公司股份 7月16日晚，福莱新材（605488）发布公告称，股东嘉兴市进取企业管理合伙企业（有限合伙）计划通 过集中竞价及大宗交易方式减持不超过376.25万股公司股份，占公司总股本的1.33%。减持期间为2025 年8月7日至2025年11月6日。减持原因系股东个人资金需求。 资料显示，福莱新材成立于2009年6月，主营业务是功能性涂布复合材料的研发、生产、销售。 所属行业：基础化工–塑料–膜材料 金帝股份：签订不低于15亿元工业项目投资合同 7月16日晚，金帝股份（603270）发布公告称，公司拟使用自有或自筹资金向海南金海慧投资有限公司 增资，增资完成后，由金海慧在重庆设立子公司博 ...

近日，日系三大车企丰田、日产、本田相继公布了6月在华销量数据。其中，丰田以15.77万辆销量实现连续5个月正增长，日产则凭借纯电新车型止跌回 升，而本田却延续着下滑的趋势，上半年累计销量同比暴跌24.2%。 与丰田、日产相比，本田就显得"压力山大"了一些。其6月销量为5.85万辆，同比下滑15.2%，上半年累计销量为31.52万辆，同比下降24.2%，仅为2020年巅 峰时期的37%。新能源转型缓慢是其销量受困的主要原因，其2025年推出的P7和S7纯电车型市场反响平平，在销量上依然高度依赖燃油车，CR-V上半年售 出8.87万辆，但也难以抵消整体下滑的趋势。为应对危机，本田宣布2027年后停止投放新燃油车型，2035年实现100%纯电销售，并计划在2030年前推出13 款混动车型。然而，其近期又调整了全球电动化战略，将2030年电动车销量占比目标从30%下调，转而加大混动投入，策略上的摇摆也体现出了本田的迷 茫。 总结而言，日系三强表现分化背后，是中国汽车市场格局的变革。乘联会数据显示，6月自主品牌市场份额已经达到了64.2%，同比提升5.6个百分点，而日 系品牌零售份额仅12.0%，同比下降2.3个百分点 ...

据悉，京东自营自4月起率先完成全量智能马桶3C认证切换，覆盖超40个品牌的700余款产品，消费者可在商品页直接查看认证报告。平台明确要求入驻商 家7月1日后不得销售未认证商品，首批下架违规产品超200款。天猫、苏宁等平台也启动资质核验，对无法提供有效认证信息的商家采取限制销售措施。 行业数据显示，我国现有智能马桶生产企业超3000家，其中约60%为中小品牌。新规实施后，预计30%以上缺乏技术储备的企业将面临淘汰。 中国家用电器协会副秘书长朱军指出，3C认证淘汰机制将加速行业洗牌，头部企业通过规模化生产和技术升级可降低合规成本，而中小厂商若无法承担认 证费用及技术改造投入，可能退出市场。 7月1日，智能马桶正式实施国家强制性3C认证管理。新规要求所有智能马桶及配套设备必须通过安全检测并标注认证标志方可上市销售，标志着行业进入 强监管时代。 然而政策落地半月未到，部分未达标企业仍试图通过"插头有3C认证"等文字游戏规避整机认证要求。 国家市场监督管理总局公告显示，新规覆盖电子坐便器整机及与普通马桶配套使用的智能设备，重点检测防水性能、电气安全防护等核心指标。认证流程需 经过产品型式试验、工厂审查及获证后监督，未通 ...

近日，无锡创达新材料股份有限公司（以下简称"创达新材"）的上市申请获北交所受理，保荐机构为开源证券。该公司此次IPO拟募集资金3亿元，计划用于 年产12000吨半导体封装用关键配套材料生产线建设项目、研发中心建设项目、补充流动资金。 创达新材成立于2003年，主要从事高性能热固性复合材料研发、生产和销售，产品主要应用于半导体、汽车电子及其他电子电器等领域的封装，同时提供电 子行业洁净室工程领域环氧工程材料及服务。 招股书显示，2022年至2024年（以下简称"报告期"），创达新材实现营收分别为3.11亿元、3.45亿元、4.19亿元，实现净利润分别为0.23亿元、0.51亿元、 0.61亿元。其中2024年净利润增速为19.15%，同比下滑108.68个百分点，增速降幅达85.02%。 税收优惠成为创达新材利润的重要来源。报告期内，该公司税收优惠金额分别为1254.08万元、1636.18万元、1751.67万元，占利润总额的比例分别达 55.88%、28.49%和25.00%。 随着"高增长"光环逐渐褪色，创达新材的产能利用率存在长期不饱和的情况。报告期内，该公司固态模塑料的产能利用率分别为72.81%、8 ...