中国基金报记者 晨曦 校对：纪元 制作：舰长 审核：陈思扬 注：本文封面图由AI生成 自今年 6 月以来，两融余额稳步上升， 8 月中旬突破 2 万亿元。 从板块来看， 8 月以来，电子、通信、计算机、机械设备等行业融资净买入额居前。 数据显示， 8 月 22 日以来，共有 24 股获得融资净买入超过 10 亿元。其中，胜宏科技、 寒武纪 -U 、新易盛居前，分别为 56.68 亿元、 46.48 亿元、 41.4 亿元。 编辑：江右 Wind 数据显示，截至 9 月 1 日， A 股两融余额达到 2.3 万亿元，超过 2015 年 6 月 18 日的 2.27 万亿元，突破历史新高。 | 网 南昌 九州 平江 1 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 | | | | Ara | | --- | --- | --- | --- | --- | | | 合计 | 沪市 | 深同 | 北交所 | | 两融余额 | 22.969.91 | 11.717.68 | 11.178.90 | 73.33 | | 融资余额 | 22,808.29 | ...

Core Viewpoint - The IPO plan for Zhejiang Chint Electrics' subsidiary Chint Aneng has failed, triggering a buyback obligation of at least 1.5 billion yuan [1][12][16]. Group 1: IPO Failure - Chint Aneng's IPO application was officially withdrawn on September 1, 2023, after a lengthy process that began in October 2022 [1][2]. - The company faced delays in the IPO process, with no second-round inquiries or entry into the listing committee meeting after submitting updated financial data [1][4]. Group 2: Financial Performance - Chint Aneng's revenue for the years 2022, 2023, and 2024 was reported at 13.704 billion yuan, 29.606 billion yuan, and 31.826 billion yuan, respectively, with net profits of 1.753 billion yuan, 2.604 billion yuan, and 2.861 billion yuan [4][11]. - The company's inventory levels have risen significantly, with inventory at the end of 2024 reaching 37.414 billion yuan, which is 1.18 times its annual revenue [6][10]. Group 3: Inventory and Debt Issues - Chint Aneng's inventory accounted for over half of its total assets, which were valued at 74.257 billion yuan at the end of 2024 [6][13]. - The company has a high debt level, with a debt-to-asset ratio of 80.25% as of the end of 2024, and short-term borrowings reaching 8.97 billion yuan [13][14]. Group 4: Buyback Obligations - The failure of the IPO will activate multiple buyback agreements, with potential liabilities exceeding 1.5 billion yuan for Chint Group and its actual controller, Nan Cunhui [12][16].

来源： 中央纪委国家监委网站 8月，中央纪委国家监委网站受权发布通报—— 84人接受审查调查： 贵州省政协党组成员、副主席唐德智接受中央纪委国家监委纪律审查和监察调查； 内蒙古自治区党委副书记、自治区政府主席王莉霞接受中央纪委国家监委纪律审查和监察调查； 浙江省人大常委会党组副书记、副主任高兴夫接受中央纪委国家监委纪律审查和监察调查。 | 领导活动 信息公开 党纪法规 监督举报 审查调查 巡视巡察 理论学习 历史文化 | | --- | | 贵州省政协党组成员、副主席唐德智接受中央纪委国家监委纪律审查和监察调查 | 2025-08-29 | | --- | --- | | 内蒙古自治区党委副书记、自治区政府主席王莉霞接受中央纪委国家监委纪律审查和监察调查 | 2025-08-22 | | 浙江省人大常委会党组副书记、副主任高兴夫接受中央纪委国家监委纪律审查和监察调查 | 2025-08-18 | 此外还有：广东省社会科学界联合会党组成员、专职副主席余鸿纯， 原贵州省扶贫开发办公室党组 书记、主任叶韬 ，湖南省市场监督管理局党组书记、局长钱俊君，等等。 | 领导活动 | 信息公开 | 党纪法规 | 监督举报 | ...

来源：CCTV国际时讯、朝中社、此前报道 此前据韩联社1日报道， 朝鲜消息人士1日透露称，朝鲜国务委员会委员长金正恩当天下午搭 乘专列从平壤启程赴华。金正恩乘坐的列车预计当晚越过国境，并于2日抵达北京。 据朝鲜外务省报道局今天（9月2日）通报， 朝鲜劳动党总书记、国务委员长金正恩为出席中 国人民抗日战争暨世界反法西斯战争胜利80周年纪念活动，已于9月1日乘专列启程来华。朝 鲜外务相崔善姬等党政领导干部陪同金正恩访问北京。 ...

【导读】美股休市， 特朗普家族的"核心代币"来了 中国基金报记者 泰勒 大家好啊，今晚， 受美国劳动节假期影响， 美股休市！小编放假一晚！ 呵呵，开玩笑的，虽然美股休市，但币圈迎来一件大事！ 加密货币交易者首次有机会买卖与美国总统特朗普家族相关的WLFI代币。 特朗普家族"核心代币"开始交易 9月1日，由特朗普家族公开支持的World Liberty Financial项目，其治理代币WLFI将正式开始交易。世界标准时间中午12点，代币生成事 件（TGE）将启动，早期投资者能够解锁并出售其所持代币总量的20%，这部分代币约占总供应量的5%。 此次市场首秀成为检验"特朗普"这一名字能将1000亿枚代币的价值推高到何种程度的关键测试。按部分网站场外交易价格0.30美元计算， 流通市值足以跻身前45大代币。 Messari分析师Dylan Bane称，限制早期投资者只能出售20%是"标准的流通管理手段"。 Dylan Bane表示："通过限制早期流动性，项目 减少了短期抛压，让价格更稳定。这也能提升市场观感。" 在加密市场里，排名往往决定命运。像CoinGecko、CoinMarketCap这样的网站通常根据代币价 ...

Core Viewpoint - The article highlights the recent stock holdings of private equity mogul Ge Weidong, revealing a total investment value of 3.029 billion yuan in six listed companies as of the end of Q2 2025, with notable positions in both technology and consumer sectors [2]. Group 1: Ge Weidong's Holdings - Ge Weidong is a top ten shareholder in six companies, maintaining significant stakes in Zhaoyi Innovation, Yiyuan Communication, and Zhenlei Technology, while also entering the top ten for Kuaijishan and Lafang Cosmetics for the first time [2][3]. - The total market value of Ge Weidong's holdings is 3.029 billion yuan, with Zhaoyi Innovation alone accounting for 2.369 billion yuan [3][4]. - Lafang Cosmetics has seen a remarkable increase of nearly 97% year-to-date, with Ge Weidong's family holding a combined value of 2.69 billion yuan in the company [3][4]. Group 2: Company Performance - Lafang Cosmetics reported a revenue of 410 million yuan in the first half of the year, a decline of 4.27% year-on-year, and a net profit of 6.36 million yuan, down 82.89% [7]. - Kuaijishan, a well-known yellow wine brand, has implemented a "youthful" branding strategy and reported a revenue of 817 million yuan in the first half of the year, an increase of 11.03%, with a net profit of 93.88 million yuan, up 3.41% [9][11]. - Zhongsheng High-Tech, which focuses on environmental services, reported a revenue of 64.42 million yuan, a significant decrease of 73.31%, but a net profit surge of 376.2% to 47.01 million yuan [16][17].

【导读】上半年基金公司违规受处罚情况曝光 中国基金报记者 若晖 陈墨 伴随着公募基金2025年中报落下帷幕，上半年基金公司违规处罚情况浮出水面。 据统计，上半年有9家基金公司接到来自监管的警示函或者责令改正的通知，部分公司被处以 罚款。 基金公司被处罚的原因不尽相同。例如，有公司前任董事长被监管认定为不适当人选，有公 司因违反外汇登记管理规定，未按规定代扣代缴个人所得税，还有多家公司因内控管理不完 善遭到处罚。 双双遭到处罚 近期，北信瑞丰基金"换帅"引发市场关注。当时，市场传言称该公司前一任董事长夏彬被监 管认定为不适当人选，如今伴随着基金半年报披露，相关情况浮出水面。 北信瑞丰基金披露的基金半年报显示，5月19日，因公司治理、内控机制、监管材料报送及信 息披露等方面存在不足，北京监管局对公司出具责令改正并暂停受理公募基金产品注册六个 月的行政监管措施。 因对管理人公司治理、内控机制、监管材料报送及信息披露等问题负主要责任，6月13日，北 信瑞丰基金前任公司董事长、代行督察长夏彬被北京证监局认定为不适当人选。 针对上述两项处罚措施，北信瑞丰基金表示，公司依计划积极整改，严格按照法律法规及监 管要求予以落实。 ...

Core Viewpoint - The article discusses the performance of three listed companies under China Southern Power Grid, highlighting their growth in the context of the "dual carbon" goals and the embrace of AI technology in their operations [2][3][10]. Group 1: Company Performance - In the first half of 2025, South Network Energy's revenue increased by 21.13% to 1.603 billion yuan, while net profit rose by 4.48% to 214 million yuan [8][9]. - South Network Storage achieved a revenue growth of 13.38% to 3.301 billion yuan, with net profit increasing by 32.93% to 832 million yuan [4][5][6]. - South Network Technology reported a slight decline in both revenue and net profit compared to the previous year [2]. Group 2: Embracing AI - All three listed companies are actively integrating AI into their operations, with South Network Storage developing significant innovations in "AI + pumped storage" [11]. - South Network Energy has established an AI team to enhance industrial upgrades and accelerate the application of AI in comprehensive energy solutions [11]. - South Network Technology is focusing on building AI capabilities in safety supervision, aiming to create a comprehensive smart safety solution for the new power system [12][13]. Group 3: IPO Progress - South Network Digital is progressing with its IPO application on the ChiNext board, aiming to raise 2.554 billion yuan for projects related to advanced AI platforms and smart production [15][16]. - The company has built the largest AI sample library in the power sector and aims to become a leading enterprise in the digitalization of power energy driven by AI [15][16].

Core Viewpoint - Heng Rui Medicine's first self-developed EZH2 inhibitor, Ze Mei Tuo Si Ta Pian (SHR2554), has received conditional approval for market launch from the National Medical Products Administration (NMPA) in China, marking a significant milestone for the company as it is the first EZH2 inhibitor developed in China [2][7]. Group 1: Drug Development Progress - The conditional approval for Ze Mei Tuo Si Ta Pian is aimed at adult patients with relapsed or refractory peripheral T-cell lymphoma (R/R PTCL) who have received at least one line of systemic therapy [7]. - Peripheral T-cell lymphoma (PTCL) accounts for approximately 25% to 30% of non-Hodgkin lymphoma cases in China, with a median onset age of 52 years, indicating a relatively younger patient demographic [7]. - The total R&D investment for SHR2554 has reached approximately 21.3 million yuan [7]. Group 2: Additional Drug Approvals - Heng Rui Medicine's subsidiary, Fujian Shengdi Pharmaceutical Co., has received a notice from the NMPA regarding the acceptance of the drug listing application for HRS9531 injection, which is intended for long-term weight management in adults [4][7]. - HRS9531 is designed to regulate glucose and lipid metabolism, suppress appetite, and enhance insulin sensitivity, thereby improving blood sugar levels and aiding weight loss [7]. Group 3: Financial Performance - In the first half of 2025, Heng Rui Medicine reported a revenue of 15.761 billion yuan, representing a year-on-year growth of 15.88%, with a net profit of 4.450 billion yuan, up 29.67% [10]. - The company has maintained a high level of R&D investment, totaling 3.871 billion yuan during the same period, with 3.228 billion yuan classified as expensed R&D [10]. - Revenue from innovative drugs accounted for 60.66% of total revenue, with sales and licensing income from innovative drugs reaching 9.561 billion yuan [11]. Group 4: Market Position and Future Plans - Heng Rui Medicine is committed to developing innovative products and has established a strong and differentiated technology platform supported by 14 global R&D centers [11]. - The company is exploring both self-developed and potential acquisitions to enhance its product pipeline, particularly in oncology and metabolic disease areas [11]. - As of September 1, the stock price of Heng Rui Medicine was 68.65 yuan per share, reflecting a year-to-date increase of over 49% [11].

Group 1 - The core viewpoint of the article is that the A-share market is expected to maintain a medium to long-term upward trend supported by multiple positive factors, with a focus on sectors such as technology, consumption, and non-bank financials [2][4][7]. Group 2 - The macroeconomic environment is favorable for the A-share market, with sufficient policy support and moderately loose monetary policy ensuring reasonable liquidity, leading to valuation recovery and structural opportunities [4][5]. - Analysts from various securities firms highlight a "high growth narrative" in the market, indicating that industries with high growth potential are performing particularly well [4]. - The domestic economic policy is focused on three main lines: addressing real estate and local hidden debt risks, stimulating domestic consumption through fiscal expansion, and encouraging effective investment across society [4]. Group 3 - The liquidity environment in the domestic market is expected to remain loose in the fourth quarter, with a shift in focus towards whether corporate performance can follow the recovery in valuations and sentiment [5][8]. - The securities firms recommend focusing on four key areas for investment: non-bank financials, real estate chains, overseas computing power chains, and domestic AI infrastructure and applications [7]. - The outlook for manufacturing sector recovery is becoming clearer, with investors advised to pay attention to physical assets benefiting from overseas manufacturing recovery and sectors related to domestic demand [7]. Group 4 - The current market situation is characterized as being between the fundamental-driven market of 2006-2007 and the liquidity-driven market of 2014-2015, with optimism about a potential turning point in return on equity (ROE) in the fourth quarter [8]. - Investors are advised to be cautious of potential overbought conditions in the market and to consider left-side layout opportunities in the consumption sector, which may reflect longer-term trends beyond short-term rebounds [8].