Market Overview - A-shares experienced a significant rebound on August 28, with all three major indices closing higher: Shanghai Composite Index up 1.14%, Shenzhen Component Index up 2.25%, and ChiNext Index up 3.82% [2][5] - The market saw a total of 2,868 stocks rise, with 66 hitting the daily limit up, while 2,402 stocks declined [5][6] Key Stocks and Trends - Cambrian (寒武纪) surpassed Kweichow Moutai to become the new stock king, with its share price approaching 1,600 CNY, up over 15%, and a total market capitalization exceeding 66 billion CNY [9][10] - The stock market displayed a "chip over liquor" trend, with significant capital inflow into semiconductor and computing hardware sectors [7][17] - SMIC (中芯国际) surged over 17%, nearing a market cap of 1 trillion CNY, marking a historical high [13] Sector Performance - The semiconductor sector saw collective gains, with several stocks experiencing substantial increases, including Cambrian and others [17][18] - Conversely, sectors such as pharmaceuticals and liquor experienced declines, with notable drops in stocks like Nanxin Pharmaceutical and Borui Pharmaceutical [20] Future Outlook - According to TrendForce, the proportion of imported chips in China's AI server market is expected to decrease from 63% in 2024 to 42% by 2025, indicating a shift towards domestic chip suppliers [19] - The semiconductor and domestic computing sectors are anticipated to remain long-term trends, especially amid ongoing uncertainties in US-China trade policies regarding AI computing chips [19]

来源：中国新闻网 央视新闻 据《基辅独立报》报道，当地时间27日晚间，俄罗斯对乌克兰发动大规模空袭，并使用弹道 导弹攻击基辅。 当晚，基辅市长维塔利·克利奇科宣布防空部队已投入作战。乌克兰空军通报称，数十架无人 机成群结队出现在中部和南部地区，包括日托米尔、敖德萨和尼古拉耶夫等州。乌克兰最西 部的捷尔诺波尔、利沃夫和伊万诺-弗兰科夫斯克等地也发布了空袭警报。 乌克兰基辅遭空袭 已致10死48伤 当地时间8月28日凌晨，根据乌克兰总统泽连斯基和乌克兰基辅市军事管理局发布的消息，俄 军使用导弹和无人机对基辅发动空袭。 乌克兰基辅市军政管理局局长特卡琴科表示，袭击事 件目前已造成10人死亡、48人受伤。 对于乌方说法，俄罗斯方面目前暂时没有回应。 图 片 来源：《基 辅 独 立 报 》 报 道 截 图 报道称，空袭警报几乎响彻乌克兰全境，各地居民被要求紧急避难。俄方发射多枚高超音速 导弹，并分多波次出动无人机以及至少四架米格-31战机。基辅多地发生爆炸，截至目前，基 辅已有至少三人死亡，另有十余人受伤。 人民币，大消息 俄罗斯国防部28日通报称，当地时间27日23点到28日7点，俄军在罗斯托夫州、萨马拉州、沃罗涅日 ...

【导读】上海楼市新政后记者实探：成交量明显多了，客户下班后来看房、连夜签单 中国基金报记者 吴君 8月25日发布的 《关于优化调整本市房地产政策措施的通知》 是上海今年以来首次出台的楼 市新政，涵盖住房限购、公积金、住房信贷、住房税收等多项调整。 近两天，记者走访了链家、我爱我家等多个房产中介门店以及新房楼盘，实地调研了解新政 给市场带来的影响。有中介表示，新政后成交量明显多了，多个楼盘推出"今夜不打烊"活 动，通宵卖房。 记者看到，尽管是工作日的晚上，新房售楼处仍灯火通明、热闹非凡，不少年轻人下班以后 来看房，也有客户现场签单。 据一位资深中介透露，截至8月26日，他们公司合作盘认购量达40单，较新政前工作日日均单量 提升182%；外环外合作盘认购量为34单，较新政前工作日日均单量提升196%。 新政策出台后成交量明显多了 "客户说周末会出来看房" "本周一中午新政出来，这两天成交量明显多了。我们一个大区9家门店，正常一周时间成交 量在10单左右，但是8月25日一天就成交了7单，我们店签了两单，以前一周也就签两三 单。"一位门店中介告诉记者。 他讲了新政的变化：原来个人只能买一套，家庭买两套；现在非沪籍人士 ...

Core Viewpoint - The People's Bank of China and the Reserve Bank of New Zealand have renewed their bilateral currency swap agreement with a scale of 25 billion RMB, effective for five years, which aims to deepen monetary cooperation and facilitate trade and investment between the two countries [2][4]. Summary by Sections Bilateral Currency Swap Agreement - The renewed agreement allows for a currency swap of 25 billion RMB, which can be extended upon mutual consent [4]. - This arrangement is designed to enhance monetary cooperation, promote trade and investment facilitation, and maintain financial market stability [4]. Purpose and Mechanism - The bilateral currency swap is a financing arrangement where one central bank can exchange its currency for another country's currency to obtain liquidity, primarily for stabilizing financial markets [4]. - The agreement is of a standby nature, meaning no creditor-debtor relationship exists until the swap is activated [4]. Recent Developments in Currency Cooperation - In 2023, the People's Bank of China has been actively renewing currency swap agreements with various countries, including Sri Lanka, Indonesia, Brazil, and Turkey, indicating a strategic push for international monetary cooperation [5][6]. - The agreements vary in scale, with notable amounts such as 100 billion RMB with Sri Lanka and 4000 billion RMB with Indonesia [6]. Global Financial Network - The People's Bank of China has signed bilateral currency swap agreements with over 30 countries, contributing to a global financial safety net [7]. - As of June 2023, the total amount of RMB utilized under these agreements reached 80.7 billion RMB, demonstrating their role in facilitating bilateral trade and investment [7].

来源：中国人民银行 中国人民银行定于 202 5 年 9 月 3 日 起陆续发行 中国人民抗日战争暨世界反法西斯战 争胜利 80周年纪念币 。 中国人民抗日战争暨世界反法西斯战争胜利 80周年 纪念币共 4 枚，其中双色铜合金纪念币1枚，8克金币1枚，150克银币1枚，30克银币1枚，均为中华人 民共和国法定货币。 一 、双色铜合金纪念币 1. 正面图 案 。 中国人民抗日战争暨世界反法西斯战争胜利 80周年 双色铜合金纪念币 正面图 案为 中华 人民共和国国徽，国徽 上方 刊 "中华人民共和国" 国名 ,下方刊 年号 "2025"字样 。 2. 背面 图 案 。 中国人民抗日战争暨世界反法西斯战争胜利 80周年 双色铜合金纪念币 背面主景 图案 为 中国人民抗日战争暨世界反法西斯战争胜利 80周年纪念活动标识 ， 并 刊 " 中国人民抗日战 争暨世界反法西斯战争胜利 80周年 "字样 及 面额 "10元"字样 。 （ 二 ）纪念币 面额、规格、材质和发行数量 。 中国人民抗日战争暨世界反法西斯战争胜利 80周年 双色铜合金纪念币 面额为 10 元， 直径为 27 毫米，材质为 双色 铜合金 ，发行数量为 8 ...

他说："普京即将对中国进行一次完全是史无前例的访问，目前访问正在积极筹备中。" 佩斯科夫补充说："这次访问将被纳入我们的中国朋友即将举办的活动中。" 来源：参考消息 据俄新社8月27日报道，俄罗斯总统新闻秘书德米特里·佩斯科夫当天表示，普京总统即将对 中国进行的访问"史无前例"。 报道说，8月31日至9月1日，上海合作组织峰会将在天津举行，普京总统将出席此次峰会。9 月3日，北京将举行纪念中国人民抗日战争暨世界反法西斯战争胜利80周年活动，普京也将应 邀出席。 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 〔 中国基金报 〕即刻获取财经资讯 佩斯科夫表示，对莫斯科来说俄中关系是优先议题。他对记者说："我们正在为这 ...

Core Viewpoint - The article highlights a significant outflow of funds from stock ETFs, amounting to approximately 17.83 billion yuan, while there is a notable inflow into artificial intelligence ETFs, indicating market optimism in this sector [2][3]. Fund Flow Summary - As of August 27, the total scale of stock ETFs in the market reached 4.14 trillion yuan, with a net outflow of 17.83 billion yuan on that day [2]. - The industry theme ETFs and Hong Kong market ETFs saw the largest net inflows, amounting to 48.78 billion yuan and 43.13 billion yuan, respectively [3]. - Over the past five days, the securities company index ETF experienced a net inflow exceeding 80 billion yuan, while the specialized chemical index ETF saw over 63 billion yuan in inflows [4]. Individual ETF Performance - The top-performing ETFs in terms of fund flow on August 27 include: - Chemical ETF: 10.82 billion yuan inflow - Artificial Intelligence ETF: 9.60 billion yuan inflow - Alcohol ETF: 8.32 billion yuan inflow [5]. - The AI ETF from E Fund saw a net inflow of 9.6 billion yuan, contributing to a total increase in the scale of E Fund's ETFs by 1,476.4 billion yuan since 2025 [6]. Outflow from Broader ETFs - The broad-based ETFs experienced a significant net outflow of 128.16 billion yuan, with the ChiNext ETF and the STAR Market 50 ETF seeing outflows of 44.8 billion yuan and 46.7 billion yuan, respectively [6][7]. Market Outlook - Analysts suggest that liquidity remains a core support for the A-share market, with strong sectors likely to continue leading market gains. Key areas of focus include technology growth and non-bank financial sectors, with potential upward movement in artificial intelligence, low-altitude economy, and robotics sectors [8].

来源：中国新闻网、中国新闻社 据美国有线电视新闻网(CNN)报道，当地时间27日，美国明尼苏达州明尼阿波利斯市南部一所学 校发生枪击事件。当地警方表示， 事件造成包括枪手和两名儿童在内3人死亡，另有17人受伤。 枪手23岁 作案动机不明 据报道，明尼阿波利斯市警察局长布赖恩·奥哈拉在一场新闻发布会上说，当天上午，一所天主 教会学校发生枪击。枪手从教堂窗户向坐在长椅上的孩子们开火，造成两名年龄分别为8岁和10 岁的儿童死亡，另有17人受伤，其中大多数是儿童。 美联社称，警方证实， 枪手为23岁的罗宾·韦斯特曼，此前其没有犯罪记录，执法部门认为韦斯 特曼是单独作案。 图片来源：美联社视频报道截图 据报道， 枪手行凶后开枪自杀而亡 。警方称其携带了包括步枪和手枪在内的多种武器。 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CH ...

【导读】寒武纪股价再超茅台，位居"股王"宝座 中国基金报记者 李智 一起来看下上午的市场情况及资讯。 8月28日上午，A股三大指数集体低开，随后震荡拉升，创业板指一度涨逾2%，科创50指数半日涨超3%。截至午间收盘，沪指涨 0.07%，深成指涨0.56%，创业板指涨1.26%。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3803.08 | 12364.34 | 1529.75 | | +2.73 +0.07% +69.27 +0.56% -20.68 -1.33% | | | | 科创50 | 创业板指 | 万得全A | | 1319.28 | 2757.41 | 6064.06 | | +46.72 +3.67% | +34.21 +1.26% | +6.81 +0.11% | | 沪深300 | 中证500 | 中证A500 | | 4416.20 | 6887.59 | 5262.16 | | +30.07 +0.69% +25.03 +0.36% +34.17 +0.65% | | | | 中证1000 | 深证100 | 中证红利 | | 7322.3 ...

Core Viewpoint - Transsion Holdings, once known as the "King of Africa," is facing significant challenges, including a sharp decline in net profit and market capitalization since its IPO [2][18]. Financial Performance - In the first half of 2025, the company's revenue was 29.077 billion yuan, a year-on-year decrease of 15.86%, while the net profit attributable to shareholders was 1.213 billion yuan, down 57.48% year-on-year [3]. - Since Q3 2024, Transsion has experienced four consecutive quarters of declining performance, with Q1 2025 net profit dropping by 69.87%, marking the largest quarterly decline since its listing [7]. Market Position and Competition - Transsion has historically dominated the African smartphone market, holding a 52% market share in Q1 2024, which fell to 47% in Q1 2025, with shipments decreasing to 9 million units [8]. - Despite a recovery to 51% market share in Q2 2025, competitors like Xiaomi and Honor are gaining ground, with Xiaomi's shipments increasing by 32% and Honor's by 161% during the same period [8][10]. Strategic Initiatives - In response to declining performance, Transsion is diversifying its business by expanding into home appliances, accessories, and mobile internet services, while also targeting the high-end market [13][15]. - The company launched AI smartphones and other high-tech products at the World Mobile Communication Conference in March 2025, indicating a shift towards a more premium product lineup [13][14]. Challenges Ahead - Transsion's efforts to penetrate the high-end market face stiff competition from domestic brands and international giants, which are rapidly capturing market share [10][15]. - The company's profitability in its core African market is under pressure, with a reported gross margin decline to 28.59% in 2024 [10].