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周末!一堆利好!
中国基金报· 2025-08-31 14:26
大家好,马上就要开始九月的交易时间了,八月的最后一个周末,全是利好消息! 一起看看周末的大事,以及券商分析师们的最新研判! 【导读】周末,密集利好 中国基金报记者 泰勒 访美期间,李成钢还与美中贸易全国委员会、美国商会以及相关美国企业代表进行会谈交 流。 周末大事:全是利好 商务部国际贸易谈判代表兼副部长李成钢与美国政府部门相关官员以及工商界代表举行会谈 会见 据商务部网站,当地时间8月27日~29日,商务部国际贸易谈判代表兼副部长李成钢访问美 国,与美国财政部、商务部和贸易代表办公室相关官员举行会谈。双方围绕落实中美两国元 首通话共识,就中美经贸关系、落实中美经贸会谈共识等问题进行了交流沟通。李成钢强 调,中美双方应秉持相互尊重、和平共处、合作共赢原则,继续发挥好中美经贸磋商机制作 用,通过平等对话协商管控分歧、拓展合作,共同推动中美经贸关系健康、稳定、可持续发 展。 证监会召开专家学者座谈会 吴清:持续巩固资本市场回稳向好势头 近日证监会党委书记、主席吴清在北京召开专题座谈会,与部分高校和行业机构专家学者、 中国资本市场学会会员深入交流,充分听取意见建议。吴清强调,持续巩固资本市场回稳向 好势头,以深化投 ...
习近平在上海合作组织峰会欢迎宴会上的祝酒辞(全文)
中国基金报· 2025-08-31 13:44
在上海合作组织峰会欢迎宴会上的祝酒辞 (2025年8月31日,天津) 中华人民共和国主席 习近平 上海合作组织自成立以来,始终秉持"上海精神",巩固团结互信,深化务实合作,参与国际 和地区事务,成为推动构建新型国际关系和人类命运共同体的重要力量。 当前,世界百年变局加速演进,不稳定、不确定、难预料因素明显增多,上海合作组织维护地 区和平稳定、促进各国发展繁荣的责任更加重大。 尊敬的各位同事、各位来宾, 女士们,先生们,朋友们: 大家晚上好! 灯火海河畔,津门纳百川。我谨代表中国政府和中国人民,欢迎各位嘉宾来到天津做客。 今天是上海合作组织成员国领导人同各位新老朋友欢聚一堂的日子,也是吉尔吉斯斯坦独立日 和马来西亚国庆日。借此机会,谨向扎帕罗夫总统、安瓦尔总理,向友好的吉尔吉斯斯坦人 民、马来西亚人民,表示诚挚的祝贺! 天津是一座开放包容的城市,自古为京畿要地,是中国改革开放先行区。这些年来,在京津冀 协同发展战略引领下,中国式现代化天津篇章不断展现新气象。中方相信,在天津举办这次峰 会,一定能给上海合作组织可持续发展注入新的活力。 这次峰会肩负着凝聚各方共识、激发合作动能、擘画发展蓝图的重要使命。明天,我将同 ...
上交所,重要发布
中国基金报· 2025-08-31 13:22
Core Viewpoint - The article emphasizes the transformation of growth momentum in the Shanghai Stock Exchange, driven by consumption and technology, leading to a more balanced and sustainable development pattern among listed companies [2]. Group 1: Performance Growth - In the first half of 2025, listed companies in Shanghai achieved a total operating revenue of 24.68 trillion yuan, a slight decrease of 1.3% year-on-year; net profit reached 2.39 trillion yuan, an increase of 1.1% [3]. - The second quarter saw a quarter-on-quarter increase in operating revenue and net profit by 6.1% and 0.1%, respectively [3]. - A record high in interim dividends was declared by 408 companies, totaling 555.2 billion yuan, a year-on-year increase of 12% [3]. - Manufacturing sector revenue and net profit grew by 3.9% and 7.1%, respectively, contributing significantly to overall performance [3]. Group 2: New Engines of Growth - The integrated circuit and biopharmaceutical industries are emerging as new growth engines, with integrated circuit companies increasing to 138, generating a total revenue of 246.68 billion yuan, up 14% year-on-year [4][5]. - Biopharmaceutical companies reported a total revenue of 251.11 billion yuan, with a net profit increase of 14% [5][6]. - The rapid penetration of AI technology is a key factor in the upgrade of the integrated circuit industry, with several companies achieving significant profitability improvements [5]. Group 3: Consumption Expansion and Quality Improvement - The consumption potential is being released, with the food and beverage sector seeing a revenue increase of 12% and net profit growth of 2% [7]. - The automotive industry experienced a revenue growth of 6%, with new energy vehicle sales increasing by nearly 30% [7]. - New consumption trends, such as health and wellness products, are gaining traction, with companies like Dongpeng Beverage reporting a revenue increase of 214% [8]. Group 4: Traditional Industry Transformation - Traditional industries like steel and machinery are upgrading through technological innovation, with net profits increasing by 235% and 21%, respectively [10]. - Companies are focusing on high-value-added products, with Baosteel's high-end products accounting for over 60% of its output [10]. Group 5: Foreign Trade Resilience - Over 830 manufacturing companies achieved overseas revenue of 1.1 trillion yuan, a year-on-year increase of 5% [13]. - Private enterprises contributed significantly, with overseas revenue exceeding 740 billion yuan, accounting for nearly 70% of total overseas income [13][14]. Group 6: ETF Product Expansion - The scale of ETFs in the Shanghai market exceeded 3.7 trillion yuan, with significant net inflows of over 350 billion yuan this year [16]. - The introduction of new ETFs has accelerated, with 96 new products launched, raising a total of 78.8 billion yuan [16][17]. Group 7: Policy Implementation through Case Studies - The number of asset restructuring cases increased significantly, with 378 new cases in the first half of 2025, a year-on-year increase of 23% [19][20]. - Major transactions include the acquisition of China Shenhua's coal and power assets, enhancing core competitiveness [19].
重磅药品销量破百亿,创新药“一哥”持续盈利仍存隐忧
中国基金报· 2025-08-31 13:22
Core Viewpoint - The article highlights that BeiGene has achieved significant financial milestones, including its first half-year profit, driven by strong sales of its key innovative drugs, while also indicating potential risks related to future profitability and ongoing R&D expenses [2][5][9]. Financial Performance - In the first half of 2025, BeiGene reported total revenue of 17.518 billion yuan, with a net profit of 450 million yuan, marking a turnaround from a loss of 2.88 billion yuan in the same period last year [6][10]. - The company achieved a net cash flow of 1.631 billion yuan, representing a year-on-year increase of 152.6% [6]. - The significant profit increase is attributed to a surge in product sales and improved cost management, particularly in high-margin overseas markets and expanded domestic healthcare access [6][10]. Key Products - BeiGene's two main products, BTK inhibitor "Zebutinib" and PD-1 inhibitor "Tislelizumab," have driven sales growth, with Zebutinib achieving global sales of 12.527 billion yuan, a 56.2% increase year-on-year [7]. - In the U.S. market, Zebutinib sales reached 8.958 billion yuan, up 51.7% [7]. - Tislelizumab generated sales of 2.643 billion yuan, reflecting a 20.6% increase, primarily due to new patient demand from recent approvals and increased hospital access [7][8]. Market Expansion - Tislelizumab has been approved in 47 markets globally, with significant sales growth in Europe and China, where sales increased by 81.4% and 36.5%, respectively [8]. - The product's pricing strategy in overseas markets, particularly the U.S., where it is priced significantly higher than in China, has contributed to its profitability [7][8]. Future Outlook and Risks - Despite the positive financial results, BeiGene faces ongoing risks related to potential future losses, particularly in new drug development and market acceptance [10]. - The company reported cumulative losses of 62.217 billion yuan as of June 30, 2025, with R&D expenses amounting to 7.278 billion yuan, indicating continued financial pressure [10].
历史性时刻!寒武纪跨越“高山”,海光信息拟构建“平台型航母”,龙芯中科还在“战略性亏损”
中国基金报· 2025-08-31 13:22
Core Viewpoint - In the first half of 2025, three major domestic chip design companies in China are reaching significant milestones, with Haiguang Information aiming to build a platform-based "computing aircraft carrier," Cambrian achieving breakthroughs in commercialization, and Longxin Zhongke entering a new growth cycle despite ongoing losses [2]. Cambrian Technology - Cambrian achieved a revenue of 2.881 billion yuan in the first half of 2025, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion yuan, marking a turnaround to profitability [4]. - The company reported a quarterly revenue growth from Q4 2024 to Q2 2025, with revenues of 989 million yuan, 1.111 billion yuan, and 1.769 billion yuan, and net profits of 272 million yuan, 356 million yuan, and 683 million yuan respectively [4]. - Cambrian's cash flow from operating activities in Q2 2025 was 2.311 billion yuan, a significant increase from -1.399 billion yuan in Q1 2025, indicating a positive trend in key financial metrics [4]. - The company's products have been widely recognized and deployed in various industries, achieving large-scale commercialization [5]. - East China Securities raised Cambrian's 2025 net profit forecast from 1.595 billion yuan to 3.056 billion yuan, an increase of approximately 92% [5]. Haiguang Information - Haiguang Information reported a revenue of 5.464 billion yuan in the first half of 2025, a year-on-year increase of 45.21%, and a net profit of 1.201 billion yuan, up 40.78% [7]. - The company is undergoing a merger with Zhongke Shuguang, aiming to create a comprehensive domestic computing giant covering chip design, server, storage systems, data center infrastructure, and cloud computing services [8]. - The successful completion of this merger is expected to enhance Haiguang's position in the computing industry and strengthen its ecosystem [8]. Longxin Zhongke - Longxin Zhongke achieved a revenue of 244 million yuan in the first half of 2025, a year-on-year increase of 10.9%, with chip product revenue of 202 million yuan, up 23.6% [10]. - Despite revenue growth, the company reported a net loss of 295 million yuan, a decline of 23.66% year-on-year, due to high R&D expenditures [10]. - Longxin is transitioning from a focus on product development to market sales, with new CPU products nearing market readiness [11]. - The company faces intense competition from domestic and international CPU manufacturers, which poses challenges for achieving scalable revenue and profitability [11].
中外资机构:中国资本市场迎来“慢牛”行情
中国基金报· 2025-08-31 12:19
Core Viewpoint - The Chinese capital market is entering a "slow bull" phase, with an increasing consensus on allocating more non-USD assets due to improving long-term investment expectations from both domestic and international investors [12][19]. Group 1: Market Outlook - A-shares and H-shares have emerged from valuation lows, reflecting improved long-term investment expectations in the Chinese capital market [13]. - The current market rebound is not driven by short-term speculation but by sustainable changes in the economy, such as stabilization, structural optimization, and improved corporate profitability [13][15]. - The Hong Kong stock market is expected to attract more overseas investment due to its high dividend yield and growth potential in sectors like artificial intelligence and innovative pharmaceuticals [14]. Group 2: Economic Assessment - The Chinese economy is showing a "steady progress" trend, supported by internal consumption recovery, industrial upgrades, and resilient external trade [17]. - The macroeconomic policy is effectively improving both internal and external demand, providing a solid foundation for achieving annual growth targets [17]. Group 3: Policy Expectations - Key areas of focus for future policies include proactive fiscal measures, continued moderate monetary easing, and breaking down barriers to enhance domestic market potential [18]. - The government is expected to prioritize the implementation of the 2025 fiscal budget and maintain a flexible monetary policy to achieve around 5% growth [18]. Group 4: Asset Allocation Strategy - There is a growing consensus to increase allocations to non-USD assets, such as gold, silver, real estate, and cryptocurrencies, as the dominance of the dollar is expected to weaken [19][23]. - Investors are advised to diversify their portfolios and adjust positions based on policy and asset valuation fluctuations, especially in light of uncertainties surrounding U.S. tariff policies [21][22]. - The rebalancing of global assets is accelerating, with a shift from over-allocated USD assets to local markets in Europe and Asia, which may support local asset valuations [23].
蓝庆华,被查
中国基金报· 2025-08-31 12:19
蓝庆华(资料图) 公开信息显示,蓝庆华,男,汉族,1966年11月生,重庆大足人,1987年12月加入中国共 产党,1994年10月参加工作,全日制博士研究生学历。 蓝庆华曾任 重庆市黔江区副区长,重庆市彭水县委书记,重庆市统计局党组书记、局长,重 庆市地方税务局党组书记、局长,国家税务总局重庆市税务局党委副书记、局长(正厅级) 等职。 2018年12月, 蓝庆华任 重庆市璧山区委书记, 2021年9月任 重庆市经济和信息化委员会 主任, 2025年1月任 重庆市政协秘书长 ,至此番被查。 来源:重庆市纪委监委 政事儿 据重庆市纪委监委8月31日晚消息:重庆市政协党组成员、秘书长蓝庆华涉嫌严重违纪违法, 目前正接受重庆市纪委监委纪律审查和监察调查。 今年 7 月,中央第二巡视组进驻重庆市,开展 2 个半月左右的巡视。 芯片巨头,大消息!688347,明日复牌 ...
5万亿之上,多家基金布局ETF-FOF
中国基金报· 2025-08-31 12:19
【导读】ETF规模突破5万亿,多家基金布局 ETF-FOF ETF 发展热潮中,细分产品 ETF-FOF 受到关注。业内人士表示, ETF 快速扩容为 FOF 进 行大类资产配置提供了丰富的工具。未来,随着资产配置理念持续深化和 ETF 市场不断发 展, ETF-FOF 有望成为 FOF 布局的重要方向。 多家基金公司布局 ETF-FOF 作为 FOF 的细分品类, ETF-FOF 经过一段时间的试点、探索,逐渐成熟。 2021 年 8 月,为丰富场内基金类型, 为 FOF 投资者提供流动性及退出通道,上交所推动 上市 FOF 申报,富国、华夏、工银瑞信、汇添富、万家旗下 5 只 ETF-FOF 率先试点。 中国基金报记者 方丽 陆慧婧 随着 ETF 市场快速发展,基金公司加大了对 ETF-FOF 的布局力度。今年 6 月,中欧积极 多元配置 3 个月持有期混合、平安盈轩 90 天持有期债券两只 ETF-FOF 成立。此外,兴证 全球盈丰多元配置三个月持有混合( ETF-FOF )正在发行,鹏扬多元均衡三个月持有期混 合、浦银安盛盈鑫多元配置 90 天持有期混合、招商智享优选 3 个月持有期混合等 9 只产品 ...
刚刚!“牛市旗手”,又有重磅榜单来了
中国基金报· 2025-08-31 12:19
Core Viewpoint - The brokerage firms in China experienced a significant decline in commission income from fund trading, despite an increase in trading volume, indicating a challenging market environment driven by reduced commission rates [2][4]. Summary by Sections Commission Income and Trading Volume - In the first half of 2025, the commission income from fund trading for brokerages dropped to 4.284 billion yuan, a decrease of 35.27% compared to 6.618 billion yuan in the same period of 2024 [2][4]. - The trading volume of funds increased by 22.84%, reaching 11.62 trillion yuan, compared to 9.46 trillion yuan in the first half of 2024 [4]. Commission Rate Changes - The commission rate for brokerages fell to 0.3688% in the first half of 2025, down 47% from 0.6998% in the first half of 2024 [2][4]. - The overall commission rate for 2024 was 0.519%, indicating a downward trend that began in the second half of 2024 [2]. Brokerage Rankings and Performance - CITIC Securities maintained the top position in commission income with 312 million yuan, despite a 35.93% decline from 486 million yuan in the previous year [6][11]. - The top five brokerages by commission income in the first half of 2025 were CITIC Securities, Guotai Junan, GF Securities, Changjiang Securities, and Huatai Securities [3][11]. - Guotai Junan's ranking improved significantly after its merger, moving from seventh to second place with a commission income of 276 million yuan, nearly unchanged from the previous year [4][6]. Emerging Trends Among Smaller Brokerages - Some smaller brokerages, such as Huayuan Securities and Huafu Securities, showed significant growth in commission income, with Huayuan Securities increasing by 2149.66% [9][10]. - The overall trend indicates that while major brokerages face declining income, some smaller firms are capitalizing on market changes to improve their standings [9][10]. Regulatory Impact - New regulations effective from July 1, 2024, set limits on commission rates for public fund trading, which may further impact brokerage income and necessitate a shift in business strategies [6][7].
这类产品,大幅升温
中国基金报· 2025-08-31 12:19
今年前 8 个月,基金发行市场呈现 " 规模略降、结构调整 " 特征:新发份额超过 7200 亿 份,较去年同期略降;权益基金发行规模超越债券基金。 业内人士表示,基金公司正筹划加大对权益基金的布局力度,后续权益新基金发行有望持续 回暖。 【导读】前八月新基金募资超7200亿元,权益基金发行大幅升温 中国基金报记者 张燕北 曹雯璟 前八月新基金募资超 7200 亿元 权益和债券基金占比相当 Wind 数据显示,截至 8 月 29 日,年内新成立基金 947 只,总发行份额达 7280.58 亿 份。与去年同期相比,成立数量增长 20.64% ,募集规模下降 5.01% 。 从产品类型看,权益类基金(股票型 + 混合型)与债券基金成为主力。其中,新成立债券型 基金 175 只,合计募集 3284.92 亿份,占总规模的 45.12% 。权益类基金方面, 550 只 股票型基金募集 2707.94 亿份,占比 37.19% ;混合型基金成立 158 只,募集 768.92 亿 份,占比 10.56% ,两类合计占比达 47.75% 。 对比去年同期,今年新基金发行结构发生明显变化:去年前 8 月,债券基金是绝对主 ...