记者丨黎雨桐 编辑丨曾静娇 8月26日晚间，美股三大指数小幅低开。截至23时左右，道指微跌，纳斯达克、标普500微涨。 | 中国资产拉升，纳斯达克中国金龙指数开盘一度涨超1%。 | | --- | 多只热门中概股大涨 21财经·南财快讯记者发现， 新能源汽车中概股盘初走高， 截至23时左右， 蔚来涨超8%，小鹏汽车涨近7%。 | 禾赛科技 | 25.765 | 10.20% | 2.38 | | --- | --- | --- | --- | | HSAI.O | | | | | 朴荷生物科技 | 0.550 | 10.02% | 0.0 | | PHH.O | | | | | 蔚来 | 6.600 | 8.37% | 0.5. | | NIO.N | | | | | 小鹏汽车 | 24.667 | 6.92% | 1.5 | | XPEV.N | | | | | 小牛电动 | 4.819 | 6.38% | 0.28 | | NIU.O | | | | | 量子之歌 | 8.300 | 3.62% | 0.2 | | QSG.O | | | | | 亚朵 | 36.305 | 3.43% | 1.20 | ...

编辑丨曾静娇 寒武纪最新业绩公布！上半年营收同比暴增4347%， 这个增幅在A股市场都属罕见。此外，80后创始人陈天石持有股份对应市值约1588.56亿 元，知名牛散章建平二季度持股数量不变。 寒武纪营收大涨4 3倍 26日晚间，寒武纪发布半年报， 21财经·南财快讯记者梳理发现， 2025年上半年实现营业收入28.81亿元，同比增长4347.82%；实现净利润 10.38亿元，同比扭亏。 | | | | 早V: 元 巾秤:人民巾 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | | (1-6月) | | 同期增减(%) | | 营业收入 | 2.880.643.471.09 | 64.765.343.16 | 4.347.82 | | 利润息额 | 1,037,754,567.13 | -533.186.882.24 | 不适用 | | 归属于上市公司股东的净利润 | 1.038.082.568.57 | -530.109.567.26 | 不适用 | | 归属于上市公司股东的扣除非 | 912.566.847.07 | -60 ...

Core Viewpoint - The ETF market in China has officially entered the 5 trillion yuan era, reaching a total scale of 5.07 trillion yuan as of August 25, 2023, marking a significant growth from 4 trillion yuan in just four months, reflecting the rapid development of the ETF market since 2025 [1][3][6]. Market Overview - As of August 25, 2023, the total ETF scale increased by 1.34 trillion yuan compared to the end of 2024, with a growth rate exceeding 35.9%. The total number of ETF shares reached 28.011 billion, an increase of 1.484 billion shares from the previous year [3]. - The stock-type ETFs account for 68.25% of the total ETF market scale, with a current size of 3.46 trillion yuan [3][5]. Product Categories - Broad-based ETFs hold a significant position with a total scale of 2.444 trillion yuan, nearly half of the ETF market. There are currently 101 ETFs with a scale exceeding 10 billion yuan, and 7 of these exceed 100 billion yuan, all of which are broad-based products [5][6]. - The latest scale for thematic, industry, strategy, and style index ETFs is 621.7 billion yuan, 256.8 billion yuan, 12.95 billion yuan, and 9.5 billion yuan, respectively [5]. - Cross-border ETFs, bond ETFs, commodity ETFs, and currency ETFs have scales of 753.72 billion yuan, 555.90 billion yuan, 153.26 billion yuan, and 142.47 billion yuan, respectively [6]. Growth Drivers - The increase in ETF scale is primarily driven by the recovery of the A-share market, which has led to a significant rise in fund net values. The influx of funds into thematic and Hong Kong stock ETFs indicates a strategy shift among investors towards index-based tools to capture rotation opportunities [1][8]. - Bond ETFs have shown the fastest average growth per product, with 39 bond ETFs increasing by 316.7 billion yuan, reflecting a strong demand for stable returns in a declining interest rate environment [9]. - Cross-border ETFs have experienced the fastest growth in terms of shares, with a total increase of nearly 1 billion shares and a scale growth of 255.97 billion yuan, contributing over 25% to the recent 1 trillion yuan increase in the ETF market [10]. Competitive Landscape - There are currently 55 public fund ETF issuers in the market, with 14 fund managers having a total management scale exceeding 100 billion yuan. The top 15 fund companies manage a combined scale of 4.1 trillion yuan, accounting for 85.42% of the total ETF market [12][13]. - The leading fund companies by ETF management scale include Huaxia Fund, E Fund, and Huatai-PB Fund, with significant growth in their ETF scales since the end of 2024 [13]. Future Outlook - The rapid growth of the ETF market is expected to continue, driven by the increasing diversity of ETF products and ongoing policy support for index investment development. The emergence of new products, such as factor ETFs and commodity ETFs, is anticipated to provide investors with more differentiated choices [16][17]. - China's ETF market has surpassed Japan to become the largest in Asia, with expectations for further growth in cross-border ETF scales and foreign investment in domestic ETFs as capital market reforms progress [18].

Core Viewpoint - The article highlights the significant increase in vegetable prices in China due to extreme weather conditions, which have disrupted production and supply chains, leading to a seasonal price surge in summer [1][5][11]. Price Trends - On August 26, the average prices for oil wheat and cucumber reached 6.25 yuan/kg and 3.5 yuan/kg, respectively, marking an approximate 80% increase compared to early August [1]. - The average price of 28 monitored vegetables rose to 4.90 yuan/kg, a 10.6% increase from August 1 and a 13.2% increase from early July [1][3]. - Specific vegetables like oil wheat saw prices double, while spinach and celery increased by over 1.3 times and 1.6 times, respectively [3]. Seasonal Factors - Seasonal factors are identified as the primary reason for the recent price hikes, with summer typically seeing price increases due to adverse weather conditions affecting vegetable production [5][6]. - The transition from southern to northern vegetable supply during summer leads to temporary supply shortages, contributing to price increases [5][6]. Impact of Extreme Weather - Extreme weather events, such as high temperatures and heavy rainfall, have significantly impacted vegetable production, leading to a "伏缺期" (period of supply shortage) [6][7]. - The adverse weather has caused delays in planting, difficulties in harvesting, and reduced crop yields, further exacerbating supply issues [6][7][11]. Supply Chain Challenges - The logistics of transporting vegetables from production areas to densely populated urban centers are complicated by extreme weather, increasing costs and potential losses during transport [7][11]. - Leafy vegetables and cucumbers are particularly affected due to their sensitivity to weather conditions, leading to more pronounced price increases [7]. Long-term Outlook - Experts suggest that while current price increases are significant, they are likely to be temporary, with prices expected to stabilize as autumn approaches and supply improves [7][12]. - Recommendations for addressing the impact of extreme weather include enhancing disaster monitoring systems, improving agricultural infrastructure, and developing better insurance policies for farmers [12].

Core Viewpoint - The article discusses the evolution of Shenzhen's real estate market, highlighting its transformation from a housing shortage to a thriving market driven by innovative policies and market demands. It emphasizes the role of real estate in Shenzhen's urban development and economic growth over the past decades [1][2][7]. Group 1: Historical Context - In 1979, Shenzhen was established as a city, facing a housing shortage and poor living conditions. The government aimed to build over 300 housing units within a year, but budget constraints limited funding to 50,000 yuan [1]. - The concept of "land finance" emerged as a solution, allowing local governments to generate revenue through land use rights, which was initially restricted by law [1][2]. Group 2: Development Milestones - The establishment of the Shenzhen Special Economic Zone Real Estate Company in 1980 marked the beginning of China's first real estate development company, leading to the creation of the first commercial housing project, Donghu Liyuan [2][4]. - The introduction of the pre-sale system, inspired by Hong Kong, allowed developers to sell properties before completion, significantly impacting the market dynamics [4][5]. Group 3: Policy Changes and Market Evolution - In 1987, Shenzhen implemented a land management reform, allowing land use rights to be auctioned, which became a standard practice and generated substantial funds for urban development [5][7]. - The 1998 housing reform marked the end of welfare housing distribution, transitioning to a market-oriented housing system, which initiated a "golden era" for real estate [7][11]. Group 4: Recent Trends and Future Outlook - By 2014, the real estate market reached a supply-demand balance, prompting a shift in policy focus towards housing as a necessity rather than an investment [13]. - Shenzhen's real estate market is now entering a phase of stock development, with ongoing urban renewal projects and a focus on improving living conditions [14][15]. - Recent policies aim to enhance housing affordability and supply, particularly for new residents and young people, reflecting a commitment to sustainable urban development [15].

Core Viewpoint - The article highlights significant security vulnerabilities in the AI browser Comet developed by Perplexity, which can lead to the unauthorized access of sensitive user information through hidden malicious commands [1][2]. Group 1: Security Vulnerabilities - Comet, an AI-native browser, was found to have a critical security flaw that allows attackers to extract sensitive information such as email addresses and one-time passwords (OTP) by leaving malicious commands in forum comments [1]. - The vulnerability was first discovered by the Brave browser's security team, who demonstrated that the AI agent could execute hidden commands simply by summarizing a webpage [1][2]. - Despite Perplexity's claims of having fixed the issue, subsequent tests by Brave indicated that the problem was not fully resolved, raising concerns about user data security [2]. Group 2: Industry Response and Challenges - The article discusses the broader implications of AI browser security, noting that as users become accustomed to AI browsers, the risks associated with sensitive data sharing will increase significantly [2][3]. - It mentions that traditional cybersecurity measures are becoming inadequate, necessitating new security frameworks to protect against emerging threats [2][3]. - The industry is exploring various security architectures, with Brave proposing a four-layer defense strategy for AI browsers to mitigate risks associated with hidden commands and unauthorized actions [4]. Group 3: Competitive Landscape - The competition in the AI agent space is intensifying, with major players like Apple, Anthropic, Google, and OpenAI, as well as domestic companies such as Baidu, ByteDance, Tencent, and Alibaba, heavily investing in AI technologies [3]. - The article notes that some companies are shifting their approach by avoiding features similar to Comet and instead focusing on virtual machine and cloud-based browser models to enhance security [4].

Core Viewpoint - The recruitment information regarding a senior engineer position for NVIDIA liquid cooling systems has sparked market interest, suggesting that Lingyi Zhi Zao may be becoming an important supplier for NVIDIA's liquid cooling cabinets [3][5]. Group 1: Company Overview - Lingyi Zhi Zao, established in 2006 and listed on the A-share market in 2018, is a core supplier of AI terminal hardware, providing precision functional parts, structural components, and modular solutions [5]. - The company aims to focus on its main business while extending upstream, with plans to enhance its capabilities in robotics and server cooling, as well as expand its overseas market presence to improve profitability [5]. Group 2: Financial Performance - For the year 2024, Lingyi Zhi Zao reported a revenue of 44.211 billion yuan, representing a year-on-year growth of 29.56%, but the net profit attributable to shareholders decreased by 14.5% to 1.753 billion yuan [5]. - In the first quarter of 2025, the company experienced a recovery, with revenue of 11.494 billion yuan, a year-on-year increase of 17.11%, and a net profit of 565 million yuan, up 23.52% year-on-year [5]. Group 3: Market Reaction - Following the recruitment announcement, Lingyi Zhi Zao's stock price rose sharply, closing at 14.92 yuan per share after hitting the daily limit [1].

Core Viewpoint - The article discusses the "three false" tax-related illegal activities, emphasizing the importance of compliance in business operations to avoid legal repercussions and maintain market order [2][3][4]. Group 1: Definition of "Three False" Tax-Related Illegal Activities - "Three false" tax-related illegal activities include: - "Fake enterprises" that exist solely to issue false invoices without actual business operations [5]. - "Fake exports" where companies fabricate export activities to fraudulently claim export tax refunds [9]. - "Fake declarations" involving false reporting to illegally obtain tax benefits or evade taxes [10]. Group 2: Characteristics of "Three False" Tax-Related Illegal Activities - Characteristics of fake enterprises include: - Established in regions with tax incentives or lax tax supervision, lacking real business operations and necessary staff [14]. - Abnormal financial activities, such as issuing false invoices and creating fictitious transaction records [14]. - Fake exports are characterized by: - No actual export activities, using forged customs information and purchasing invoices to claim refunds [9]. - Fake declarations involve: - Fabricating documents to obtain tax reductions or using dual contracts to inflate costs [10]. Group 3: Penalties for "Three False" Tax-Related Illegal Activities - Penalties for fake enterprises include: - Administrative fines ranging from 5,000 to 500,000 yuan based on the amount of false invoices issued [18]. - Criminal penalties for serious offenses, including imprisonment and fines based on the amount of tax fraudulently claimed [19]. - For fake exports, penalties include: - Recovery of fraudulently claimed tax amounts and fines ranging from 1 to 5 times the amount [22]. - For fake declarations, penalties involve: - Recovery of taxes owed plus fines ranging from 0.5 to 5 times the amount evaded [28]. Group 4: Recommendations for Businesses - Companies should establish robust invoice management systems to ensure proper issuance and use of invoices [32]. - It is crucial to verify supplier qualifications to ensure legitimate transactions and legal invoice sources [32]. - Businesses must maintain clear and accurate financial records to prevent fraudulent practices [32]. - Export companies should adhere strictly to export tax refund regulations to ensure the legality of their operations [32]. - Continuous education on tax regulations and cooperation with tax authorities is essential for compliance [33].

记者丨 高江虹 编辑丨朱益民 伴随全国大中小学陆续开学，为期两个月的暑期旅游季正式收官。亲子游作为核心细分市场， 再度交出亮眼成绩单。 从市场体量来看，亲子游持续释放增长潜力。此前，《2025亲子度假发展报告》预估，今年在 线亲子度假市场交易额有望突破3000亿元。《2025暑期出游市场报告》显示，亲子家庭是暑 期旅游绝对的"压舱石"，暑期亲子订单占比达35%。 不仅交易额有所突破，更用"躺平带娃""深度体验"等新玩法，重构着家庭旅行的打开方式。 "躺平式带娃"成核心趋势 今年最显著的变化，莫过于"家长躺平"取代了"家长累瘫"。随着更多80后、90后年轻父母加入 暑期亲子游大军，"亲子主题酒店"已成为年轻家庭的度假标配，亲子主题设施和课程的添设， 让酒店本身就是目的地，让"住"本身成为体验亮点。 2025年暑期，比起舟车劳顿赶行程，越来越多家长把度假地点定在酒店里。有水上乐园、儿童 俱乐部、托管服务的"保姆型亲子酒店"，成为带娃出行首选。 去哪儿平台数据显示，暑期，亲子酒店预订量涨了八成。预订量涨幅最大的目的地有云南德 宏、贵州黔西南州、江西九江、内蒙古乌兰察布、河南开封、山东日照、宁夏中卫等。其中， 德宏的 ...

Core Viewpoint - The rare earth sector is experiencing a significant performance turnaround, with leading companies like Northern Rare Earth reporting substantial revenue and profit growth driven by increased sales and rising prices of key rare earth products [1][3]. Group 1: Company Performance - Northern Rare Earth announced a revenue of 18.866 billion yuan for the first half of 2025, representing a year-on-year increase of 45.24%, and a net profit of 931 million yuan, up 1951.52% year-on-year [1]. - The company's performance is attributed to increased sales volumes and average prices of major rare earth products, while operating costs grew only by 38.43%, indicating strong cost control [1]. - Other rare earth companies, including Yuyuan New Materials, Jinli Permanent Magnet, and Ningbo Yunsheng, reported net profit increases exceeding 100% year-on-year, with several companies turning losses into profits [3]. Group 2: Market Trends - The rare earth index has seen a year-to-date increase of over 100%, with stocks like Shenghe Resources and Guangsheng Nonferrous doubling in price [4]. - Prices of major rare earth products have surged, with an average increase of over 100,000 yuan per ton since August [7]. - The price of neodymium iron boron N35 has risen by 51.3% year-to-date, while H35 has increased by 28% [7]. Group 3: Demand and Supply Dynamics - The demand for rare earth metals is being driven by multiple major magnet manufacturers simultaneously conducting procurement activities, leading to a strong demand for praseodymium and neodymium metals [7]. - Domestic orders are rapidly increasing due to significant price differences between domestic and international markets, resulting in a surge in replenishment orders [7]. - The Ministry of Industry and Information Technology has introduced new regulations for rare earth mining and separation, marking the beginning of significant supply-side reforms in the industry [7].