把握回调布局机会！上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 不过，本周二和周三，中国股市已经连续两日出现回调。截至收盘，沪指今日跌1.16%，深成指跌0.65%，创业板指涨0.95%。而香港股 市也是连两日下跌，今日收盘下跌0.6%。 尽管如此，外资大行 高盛 对中国股票仍持乐观态度。高盛的一位高管最新表示， 投资者情绪已经显著改善，中国股市仍有上涨空间 。 "我们从客户和投资者那里听到的是，（围绕中国股市的）情绪已经改善"。高盛亚太地区（除日本外）总裁Kevin Sneader周三在接受媒 体采访时表示。他指出， 中国股市的这波反弹具有一定的支撑。 Sneader表示， 虽然一些长线投资者仍在寻求更明确的政策信号，但对冲基金的资金流入状况有所改善 。 投资者对中国在 人工智能 领域的突破以及削减过剩产能的努力将重振经济增长的乐观情绪，助推了本轮涨势。 上周，包括刘劲津在内的高盛策略师团队上调了对沪深300指数的年终目标价，理由包括估值具有吸引力、高个位数趋势利润增长、散户兴 趣强劲以及潜在的资产重新配置等。 自去年9月以来，中国股市持续反弹，上证指数在此期间 ...

Core Viewpoint - The article discusses the current state of the A-share market, highlighting the divergence between index performance and individual stock experiences, suggesting a need for a more selective investment approach in a changing market environment [4][15]. Group 1: Market Overview - The A-share market has shown significant structural differentiation, with the Shanghai Composite Index reaching a ten-year high, yet many investors feel a disparity in their personal investment outcomes [3][15]. - Recent adjustments in the A-share market indicate a shift in pricing mechanisms, asset structures, and investor behaviors, leading to a more complex investment landscape [4][5]. Group 2: Market Dynamics - Market pricing tends to be forward-looking, often reflecting economic expectations before they are felt by the general public, emphasizing the importance of timely investment decisions [5][8]. - The economic structure in China is undergoing a profound transformation, with a widening gap between "new" and "old" economic drivers, resulting in varying cycles of prosperity across different sectors [5][8]. Group 3: Investment Strategies - The article suggests that for most investors, investing in index funds may be more beneficial than stock picking, especially in a structurally driven market where only a small percentage of stocks have surpassed previous highs [16][21]. - A diversified investment strategy is recommended, including a gradual approach to building positions in ETFs and focusing on sectors with strong fundamentals [26][29]. Group 4: Investor Behavior - Investors are encouraged to reassess their holdings and investment strategies based on current market conditions, emphasizing the importance of patience and adherence to personal investment principles [27][28]. - The article highlights the necessity of maintaining a balanced portfolio and avoiding emotional decision-making in response to market fluctuations [22][35].

Group 1 - The market adjustment will not be abrupt, and the downside space is limited [2][3] - Recent market trends indicate a phase of adjustment due to previous rapid increases and the release of structural risks [3] - The current A-share market sentiment remains quite active, with trading volumes and margin balances frequently exceeding 20 trillion [4][5] Group 2 - A-share earnings have reached a confirmation point, entering a mild recovery phase, with significant structural differentiation [6][7] - The market is leaning towards growth, with technology manufacturing driven by the AI cycle and domestic substitution becoming a core engine [7] - The upcoming Politburo meeting at the end of October may serve as a watershed moment for A-share trends, with liquidity expected to drive continued growth [8][9] Group 3 - Two main investment themes to focus on include the "anti-involution" theme, with low valuations in lithium, photovoltaic, and chemical sectors, and the TMT sector, which historically leads market uptrends [9]

Core Viewpoint - The article emphasizes the importance of cybersecurity in the digital age, highlighting the potential risks and the need for a robust legal framework to protect against cyber threats [3][12]. Legal Framework - The "Cybersecurity Law of the People's Republic of China" was enacted on June 1, 2017, as the first comprehensive law regulating cybersecurity management in China [5]. - The "Regulations on the Security Protection of Critical Information Infrastructure" came into effect on September 1, 2021, focusing on the protection of critical information infrastructure [6]. - The "Data Security Law" was passed on June 10, 2021, and is a foundational law in the field of data security [7]. - The "Automotive Data Security Management Regulations (Trial)" were implemented on October 1, 2021, to regulate data processing in the automotive sector [8]. - The "Personal Information Protection Law" took effect on November 1, 2021, aimed at protecting personal information rights [9]. - The "Cybersecurity Review Measures" were revised and came into effect on February 15, 2022, to enhance cybersecurity and data security [10]. - The "Interim Measures for the Management of Generative Artificial Intelligence Services" were enacted on August 15, 2023, to regulate AI services [11]. Critical Information Infrastructure - Critical information infrastructure includes essential sectors such as energy, transportation, water resources, finance, and national defense, where damage could severely impact national security and public interest [15]. - The identification of critical information infrastructure is managed by relevant governmental departments, which develop rules based on industry-specific conditions [16]. Security Incidents - Notable cybersecurity incidents include the 2015 Ukraine power grid attack, the 2016 Dyn DNS attack, and the 2021 Colonial Pipeline ransomware attack, all of which highlight the vulnerabilities in critical infrastructure [19]. Security Measures - The "Regulations on the Security Protection of Critical Information Infrastructure" were published on August 17, 2021, to establish a national security protection system [20]. - The national standard for critical information infrastructure security protection was released on November 7, 2022, and implemented on May 1, 2023, providing guidance for security measures [20]. Data Security - Data is categorized into general, important, and core data levels based on the potential harm caused by unauthorized access or breaches [25]. - Organizations are encouraged to implement data security measures such as backup, encryption, and access control to protect sensitive information [26][28]. Cybercrime Prevention - The article discusses various types of cybercrimes, including phishing attacks and telecom fraud, and emphasizes the need for individuals and organizations to adopt preventive measures [21][30]. - Recommendations include protecting personal information, using official channels for transactions, and verifying requests for financial transactions [30][32]. Collective Responsibility - Cybersecurity is portrayed as a collective responsibility, urging society to work together to strengthen defenses and protect the digital environment [34].

往后看，不少机构对金价表示乐观。比如美国银行维持2026年上半年金价升至4000美元的观点。摩根大通也预计，2026年初金价或达到4000美元。 而在金价一路上扬之际，哪些公司是"产金大户"，就成了投资者关注的焦点。统计数据显示，美国的纽蒙特是全球第一大黄金生产商，2024年黄金产量约 为685万盎司。加拿大的巴里克矿业和伊格尔矿业位列二三位，2024年分别生产黄金391万盎司和348万盎司。中国的紫金矿业位列全球第6位，2024年黄金 产量约234万盎司。金罗斯黄金、金田、自由港麦克莫兰也位列全球前十大黄金生产商之列。 仅供投资者参考，不构成投资建议 以下文章来源于财经图解 ，作者辣笔小强 财经图解 . 财经大事早知道，关注东方财富股票！ 近期国际金价再次上扬，COMEX黄金再创历史新高，一度触及3578.4美元/盎司。受此影响，A股贵金属板块表现强势，西部黄金2连板，湖南白银、晓程 科技、中金黄金、四川黄金等跟涨。 对于当下金价的走强，中信期货认为主要来自于两方面的影响：一是市场对美联储9月重启降息周期的预期升温。CME FedWatch工具最新显示，美联储9 月降息25个基点的概率已接近九成。二是特朗普 ...

Core Viewpoint - The article emphasizes the importance of constructing a diversified asset allocation strategy to navigate the volatility of the A-share market, especially as it recently surpassed the 3800-point mark. Investors should prepare for both gains and losses, as the market does not guarantee a one-way upward journey [2]. Group 1: Market Sentiment and Investor Behavior - Despite the current bullish sentiment and many funds reaching historical highs, numerous investors redeemed their holdings before the market's rise. Data shows that from 2022 to 2024, the net subscription scale of equity funds continuously shrank, with significant net redemptions in the first and fourth quarters of 2024 [3][4]. - Many investors did not endure the market downturn alongside their funds, resulting in missed opportunities for recent gains [3]. Group 2: Market Volatility and Challenges - The Shanghai Composite Index has a compound annual growth rate of 11.6% since its inception in 1990, but it also has an annualized volatility of 43.71%, which is significantly higher than many other global indices [7]. - Since 2014, the annual maximum drawdown for the CSI 300 and equity fund indices has exceeded 15% in about 60% of the years, with the ChiNext Index experiencing over 15% drawdowns every year since 2014 [8][9]. Group 3: Timing Strategies and Their Limitations - Investors often wish to time the market to buy low and sell high, but this is frequently counterproductive. Missing just a few of the best-performing days can drastically reduce annualized returns [11][14]. - From 2014 to the present, holding equity funds consistently yields an average annual return of around 15%, but missing the top-performing days can lead to significantly lower or even negative returns [14][16]. Group 4: Asset Allocation Strategies - The article suggests that different asset types have varying risk-return characteristics, and a reasonable asset allocation can help reduce portfolio volatility and alleviate the need for timing the market [20]. - Simulations show that adjusting asset allocations, such as incorporating dividend assets and global indices, can lead to smoother net value curves and reduced drawdowns during market declines [24][26][30]. - A final portfolio that includes a mix of equity funds, dividend indices, global indices, gold, and bonds demonstrates significantly improved performance and reduced volatility compared to a portfolio solely invested in equity funds [33][35]. Group 5: Importance of Diversification - The article highlights that diversification in asset allocation is crucial for investors, as it provides the necessary resilience to endure market downturns and ultimately benefit from long-term gains [36]. - The concept of diversification as a "free lunch" in investing is supported by notable figures in finance, emphasizing the need for a well-rounded investment approach [37].

Core Viewpoint - The article discusses the recent surge in gold prices, driven by expectations of interest rate cuts from the Federal Reserve, with predictions of a new upward trend in precious metals after a four-month consolidation period [2][3]. Group 1: Gold and Silver Price Movements - On September 2, London spot gold prices broke the $3,500 per ounce mark, reaching a high of $3,508.49 per ounce, marking a new historical peak [3]. - COMEX gold and silver futures also reached historical highs, with COMEX gold peaking at $3,578.4 per ounce and COMEX silver at $41.99 per ounce [3]. - Domestic gold and silver futures in China also saw significant increases, with the Shanghai gold main contract closing at 804.32 yuan per gram, up 1.21%, and the silver contract at 9,824 yuan per kilogram, up 2.33% [3][4]. Group 2: Market Drivers and Predictions - Multiple financial institutions indicate that the Federal Reserve's potential interest rate cuts are the primary short-term drivers for gold prices [3][5]. - Citic Futures suggests that the current upward trend is fueled by macroeconomic policy expectations and political risks, particularly concerns over the independence of the Federal Reserve [5]. - Analysts predict that gold prices will continue to rise, with Morgan Stanley setting a year-end target of $3,800 per ounce [2][7]. Group 3: Broader Market Implications - The article highlights that not only gold and silver but also other metals like rare earths and copper are experiencing upward trends, indicating a broader rally in the resource sector [5][6]. - The performance of gold stocks has been notable, with an ETF tracking gold stocks up 66.24% year-to-date, while domestic spot gold prices have risen 33% and silver over 40% [4][6]. - The article emphasizes the importance of monitoring upcoming economic indicators, such as employment data and inflation rates, which could influence Federal Reserve policy and, consequently, gold prices [7].

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 9月2日，"杭州六小龙"之一的杭州宇树科技股份有限公司（简称"宇树科技"）宣布，预计于今年四季度向证券交易所提交上市申请文件。根据中国证监会官网信 息，宇树科技IPO已于今年7月在浙江证监局完成辅导备案。 宇树科技将在四季度提交IPO申请 9月2日，宇树科技（Unitree Robotics）在社交平台发文称，公司一直是一家民用机器人公司，根据IPO计划，将在今年10月至12月之间提交上市文件，届时将披露相 关运营数据。 宇树科技表示，以2024年为例，公司四足机器人、人形机器人和组件产品的销售额分别占约65%、30%和5%。其中，约80%的四足机器人被应用于研究、教育和消 费领域，而剩余的20%则被用于工业领域，如检查与消防。人形机器人完全用于研究、教育和消费领域。 宇树科技还表示，公司一直致力于在民用领域应用高性能通用机器人，并在公司官网、产品手册、合作伙伴协议及其他各类文件中明确声明了其应用限制。 7月18日，根据中国证监会官网信息，宇树科技IPO在浙江证监局完成辅导备案，辅导机构为中信证券股份 ...

Core Viewpoint - The overall performance of companies listed on the ChiNext board has significantly improved in the first half of 2025, achieving a total revenue exceeding 2 trillion yuan and a net profit exceeding 150 billion yuan, with year-on-year growth rates of over 9% and 11% respectively, leading the A-share market [2][4]. Group 1: Financial Performance - ChiNext companies collectively achieved a revenue of 2.05 trillion yuan in the first half of 2025, with an average revenue of 1.48 billion yuan, representing a year-on-year growth of 9.03% [4]. - The total net profit reached 150.54 billion yuan, with an average net profit of 109 million yuan, reflecting a year-on-year increase of 11.18% [4]. - Over 70% of ChiNext companies reported profits, with more than half experiencing a year-on-year increase in net profit, an increase of 4.86 percentage points compared to the previous year [5]. - In Q2 2025, ChiNext companies achieved a revenue of 1.10 trillion yuan, a quarter-on-quarter growth of 14.95%, and a net profit of 78.82 billion yuan, a quarter-on-quarter growth of 9.90% [5]. Group 2: Key Growth Areas - ChiNext companies are actively integrating into the broader economic development landscape, focusing on innovation-driven strategies in advanced manufacturing, digital economy, and green low-carbon sectors, with over 800 listed companies in these areas [6]. - In the first half of 2025, these three key sectors generated a total revenue of 1.34 trillion yuan, with a year-on-year growth of 9.87%, and a net profit of 113.92 billion yuan, with a year-on-year growth of 15.90% [7]. - The green low-carbon sector showed strong performance, with over 190 companies achieving a revenue of 507.35 billion yuan, a year-on-year increase of 10.85%, and a net profit of 49.70 billion yuan, a year-on-year increase of 25.55% [8]. - The digital economy sector, with over 300 companies, reported a revenue of 370.95 billion yuan, a year-on-year growth of 8.66%, and a net profit of 29.22 billion yuan, a year-on-year growth of 40.03% [8]. - The advanced manufacturing sector achieved a revenue of 461.13 billion yuan, a year-on-year increase of 9.79% [8]. Group 3: Notable Highlights - The top 100 companies by market capitalization on the ChiNext board generated a revenue of 937.23 billion yuan, a year-on-year increase of 14.59%, and a net profit of 102.45 billion yuan, a year-on-year increase of 21.56% [11]. - Overseas revenue for ChiNext companies grew significantly by 21.26% in the first half of 2025, with notable increases in the electronics and communication sectors [11]. - The consumer electronics, automotive, and small home appliance sectors saw net profit increases of 16.80%, 9.57%, and 21.94% respectively, driven by policies supporting consumption recovery [12]. - Research and development expenditures for ChiNext companies totaled 94.99 billion yuan, a year-on-year increase of 5.35%, with a significant number of companies investing heavily in R&D [12]. - Long-term asset investments by ChiNext companies reached 182.23 billion yuan, reflecting a year-on-year growth of 9.43%, indicating a strong recovery in investment expansion intentions [13].

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 今天上午，半导体产业链盘中一度直线拉升，带动科技主线修复，成都华微、源杰科技等个股大涨。新能源赛道表现活跃，宁德时代、阳光电源、亿纬锂 能等龙头股上涨。 截至上午收盘，上证指数下跌0.96%，深证成指下跌0.63%，创业板指接近平盘报收。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | 3820.98 | 12474.44 | 2872.11 | | -37.15 -0.96% - - - 79.40 -0.63% | | -0.11 -0.00% | 多只龙头股盘中创历史新高 今天上午，赛力斯、紫金矿业、福耀玻璃、山东黄金等个股上涨，盘中股价均创历史新高，上述个股的总市值均在千亿元以上。 此外，恒瑞医药A股盘中股价创阶段新高，截至上午收盘 涨4.33%。 国泰海通证券表示，游戏行业迈入景气周期，关注行业趋势与产品潜力。 一是小游戏平台付费呈现增加趋势 ，优质产品带动PC、多端产品市场发展； 二 是玩法创新， 通过轻量化、休闲玩法+的方式，SLG（模拟游戏）可 ...