Core Viewpoint - The well-known retail pharmacy chain, Lao Bai Xing, is experiencing increasing losses despite expanding its store network, raising concerns about its profitability and future strategies [2][3]. Financial Performance - In the first half of 2025, Lao Bai Xing reported revenue of 10.774 billion yuan, a year-on-year decrease of 1.51%, and a net profit attributable to shareholders of 398 million yuan, down 20.86% year-on-year [2]. - The company's gross margin for the same period was 33.08%, a decline of 1.24% compared to the previous year [3]. - The retail revenue from pharmaceuticals decreased by 2.30% year-on-year, with a gross margin drop of 1.07% [3]. Store Expansion and Market Competition - Lao Bai Xing added 108 new stores in the first half of 2025, with a net increase of 305 franchise stores and a decrease of 197 direct-operated stores [3]. - The competitive landscape among pharmacies is intensifying, leading to frequent promotions and price wars that compress profit margins [3]. - The total number of retail pharmacies in China has been declining, with a net reduction of approximately 3,000 stores in the first quarter of 2025, bringing the total below 700,000 [3]. Debt and Goodwill Concerns - Lao Bai Xing's short-term non-current liabilities reached 1.093 billion yuan, and long-term borrowings amounted to 1.321 billion yuan in the first half of 2025 [6]. - The company's goodwill has surged to 5.763 billion yuan, while its net assets stood at 6.733 billion yuan, raising concerns about potential goodwill impairment risks if future acquisitions underperform [6]. Shareholder Actions - Following the release of disappointing financial results, Lao Bai Xing's controlling shareholder, the Pharmaceutical Group, announced a plan to reduce its stake by up to 22.8029 million shares, representing 3% of the total share capital, potentially raising around 451 million yuan [8]. - The Pharmaceutical Group has engaged in multiple rounds of share pledging and unpledging, with 62.04% of its shares pledged as of June 30, 2025, indicating a strategy to manage short-term liquidity pressures [9].

Core Viewpoint - The liquid cooling market for intelligent computing centers in China is expected to grow significantly, reaching approximately 130 billion yuan by 2029, driven by the explosive demand for AI computing power and the limitations of traditional air cooling methods [2][8][10]. Market Growth - The liquid cooling market size in China is projected to be 184 billion yuan in 2024, representing a 66.1% increase from 2023, and is expected to grow over 7 times in the next five years [8][9]. - The penetration rate of liquid cooling technology is anticipated to reach at least 30% to 40% by 2030, with cold plate liquid cooling expected to dominate the market [10][12]. AI Computing Power Demand - The rapid increase in AI computing power has led to a significant rise in chip power consumption, with some chips exceeding 2700W, surpassing the cooling limits of air cooling [10][11]. - The average power consumption of CPUs has tripled over the past five years, with AI chips like NVIDIA's increasing from 450W to as high as 2200W [10][11]. Liquid Cooling Technology - The main types of liquid cooling solutions include cold plate liquid cooling, immersion liquid cooling, and spray cooling, with cold plate liquid cooling being the most mature and widely adopted [12]. - Currently, about 10% of newly produced servers utilize liquid cooling solutions, indicating a growing trend towards this technology [12]. Industry Challenges and Developments - The transition from air cooling to liquid cooling faces challenges such as longer construction and server development cycles, which may deter companies from adopting new technologies [13]. - The establishment of standardized protocols for liquid cooling technology is expected to facilitate its widespread adoption and improve operational reliability [13]. Global Market Dynamics - Global leaders in liquid cooling are intensifying efforts to enter the Chinese market, while Chinese companies are also exploring opportunities abroad [15][16]. - Companies like Inspur are expanding their overseas presence, with projects already delivered in Southeast Asia [16].

Core Viewpoint - Cambricon achieved significant financial milestones in the first half of 2025, reporting a revenue of 2.881 billion yuan, a year-on-year increase of 4347.82%, and a net profit attributable to shareholders of 1.038 billion yuan, marking its first half-year profitability since its IPO in 2020 [1][2]. Financial Performance - In Q4 2024, Cambricon recorded its first quarterly profit, followed by continued growth in Q1 and Q2 of 2025, with revenues of 989 million yuan, 1.111 billion yuan, and 1.769 billion yuan, respectively, and net profits of 272 million yuan, 356 million yuan, and 683 million yuan [6]. - The company attributed its revenue growth to the increasing demand for artificial intelligence computing power and its core advantages in AI chip products, enhancing collaborations with leading enterprises in cutting-edge fields [6]. Shareholder Insights - As of the end of Q2 2025, major shareholder Zhang Jianping held 6.0863 million shares, maintaining a 1.45% stake since the end of Q1 [6]. - Dongwu Securities significantly raised its profit forecasts for Cambricon for 2025 and 2026, projecting net profits of 1.31 billion yuan and 2.21 billion yuan, respectively, with a new forecast for 2027 at 3.06 billion yuan [6]. Future Projections - East China Securities forecasted Cambricon's revenues for 2025 to 2027 at 8.443 billion yuan, 16.171 billion yuan, and 25.105 billion yuan, with year-on-year growth rates of 618.91%, 91.52%, and 55.25% [7]. - Zheshang Securities also projected revenues of 7.53 billion yuan, 13.46 billion yuan, and 20.56 billion yuan for the same period, with corresponding growth rates of 541%, 79%, and 53% [7]. Market Context - The demand for domestic advanced chips is expected to rise due to the restrictions on high-end chip exports from Nvidia to China, highlighting the importance of domestic chip manufacturing capacity [7]. - Cambricon's stock price saw a significant rebound, increasing over 100% in a month, with a closing price of 1,329 yuan per share as of August 26, 2025, making it the second-highest stock in A-shares [9].

昨日，东方甄选以 31.62 港元 / 股收盘，跌幅为 12.89% 。东方甄选最近两日跌幅近 23% ，与 8 月 19 日高点的 53.7 港元 / 股相比，接近腰斩。 东方甄选股价连续大跌 高盛下调 GMV 预测 【导读】东方甄选连续两日暴跌，股价较上周高点接近 " 腰斩 " 中国基金报记者 晨曦 东方甄选，仍在 " 跌跌不休 " 。 8 月 26 日，港股东方甄选开盘走低，临近尾盘跌幅扩大。截至当日收盘，东方甄选股价报 28.08 港元 / 股，跌幅为 11.2% 。 对于此前 " 小作文 " 中所言 " 东方甄选佣金率长期超 30%" ，东方甄选辟谣称，该说法严 重失实，东方甄选实际平均佣金率不到 20% 。 在上周遭遇 " 绞杀 " 后，东方甄选近期股价仍未修复。 此前，东方甄选股价于 8 月 19 日创下近期新高，一度涨至 53.7 港元 / 股，随后高位跳 水，当日收于 34.32 港元 / 股，振幅超 45% 。彼时有 " 小作文 " 称，新东方集团 CEO 周成刚因关联交易被调查。盘后东方甄选迅速辟谣，并称 " 已启动报警和司法流程 " 。 虽然公开辟谣，但近期东方甄选股价仍在持续走低。截 ...

来源：北京日报 外交部：中方不接受日方无端指责，已驳回所谓"抗议" 8月26日，外交部发言人郭嘉昆主持例行记者会。 法新社记者提问，日本向中国提出抗议，称中方正试图开发东海海域的油气田。你对 此有何评论？ 郭嘉昆回应，中方东海油气开发活动位于毫无争议的中方管辖海域，完全是中方主权 权利和管辖权范围内的事情。中方不接受日方无端指责，已驳回日方所谓"抗议"。 郭嘉昆强调，中方坚持并致力于全面有效落实东海问题原则共识的立场没有变化，希 望日方同中方相向而行，为早日重启两国间政府间谈判发挥建设性作用。 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 ...

Core Viewpoint - Dongzhu Ecological plans to enter the satellite communication sector by acquiring a controlling stake in Kairui Xingtong Information Technology (Nanjing) Co., Ltd, amid declining performance in its core business [2][5][18]. Group 1: Company Overview - Dongzhu Ecological is primarily engaged in ecological restoration and governance services, but has experienced continuous performance decline in recent years [5][20]. - The company reported net profits of 34.72 million yuan in 2022, followed by losses of 315 million yuan in 2023 and 630 million yuan in 2024 [18][20]. - In the first quarter of 2025, Dongzhu Ecological's net profit was -394,860.94 yuan, a year-on-year decline of 112.69% [21]. Group 2: Acquisition Details - The acquisition of Kairui Xingtong is expected to be a significant asset restructuring, with the company planning to suspend trading starting August 27, 2023, for up to 10 trading days [6][9]. - Kairui Xingtong specializes in satellite communication technology and has been recognized as a nurturing unicorn enterprise in Nanjing [13][18]. - The transaction is still in the planning stage, with initial discussions involving shareholders Shi Yan and Li Jianghua, who hold approximately 16.4% and 16.5% of Kairui Xingtong, respectively [9][11]. Group 3: Market Reaction - On August 26, 2023, Dongzhu Ecological's stock price surged, reaching a closing increase of 7.85%, with a total market capitalization of 3.738 billion yuan [6][8].

Core Viewpoint - Fubon Bank (Hong Kong) has been approved to establish a branch in Shenzhen, marking a significant step in its expansion into the mainland market and promoting financial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area [2][4]. Group 1: Approval and Establishment - The National Financial Regulatory Administration has granted approval for Fubon Bank (Hong Kong) to set up a branch in Shenzhen, requiring the bank to collect the business application form within 15 days and to establish a preparatory team for the branch [2]. - Fubon Bank has had a presence in Dongguan since 2009 and has been implementing a "dual-axis strategy" by investing in mainland commercial banks and establishing branches in key cities with a concentration of Taiwanese and Hong Kong businesses [4]. Group 2: Market Context and Opportunities - The approval of Fubon Bank's Shenzhen branch is seen as a crucial move in the mainland market, which will enhance financial cooperation in the Greater Bay Area [4]. - Shenzhen is recognized as a core city in the Greater Bay Area, characterized by an open economic environment and active cross-border financial demands, which will enrich local financial service options and promote capital flow and financial innovation [5]. - Recent policies in Shenzhen have been favorable for foreign investment, with initiatives aimed at optimizing the business environment for foreign enterprises [5]. Group 3: Economic Indicators - As of the end of 2024, Shenzhen registered 562,000 new business entities, with a total of 4.404 million existing entities, leading the nation [6]. - The city saw the establishment of 9,738 new foreign enterprises in 2024, reflecting a year-on-year growth of 21.7%, the highest among major cities in China [6]. - Shenzhen's industrial output surpassed 5 trillion yuan, with total imports and exports reaching 4.5 trillion yuan, indicating a robust economic environment conducive to the growth of foreign banks [6].

Core Viewpoint - Wuliangye has officially re-entered the low-alcohol liquor market with the launch of its 29° product, priced starting at 399 yuan, aiming to attract younger consumers and adapt to changing market demands [1][4][6]. Product Launch Details - The new low-alcohol liquor is a 29° fragrant type, designed to meet the preferences of younger consumers who favor a "low-spiciness, light-burden" drinking experience [8]. - Wuliangye offers multiple product specifications, with the main product being a 500ml bottle priced at 399 yuan, and a trial pack of three 100ml bottles priced at 300 yuan to lower the entry barrier for young consumers [8]. Market Strategy and Consumer Insights - The company aims to tap into the 740 billion yuan young consumer market, responding to the generational shift in alcohol preferences [11]. - A survey indicated that only 19% of young consumers aged 20-35 prefer traditional liquor, while 52% favor beer and 29% prefer foreign or fruit wines, highlighting a significant opportunity in the low-alcohol segment [12]. - The low-alcohol market is projected to grow significantly, with an expected market size exceeding 740 billion yuan by 2025 and a compound annual growth rate of 25%, outpacing the overall liquor industry [12]. Financial Context - Wuliangye's revenue for the full year 2024 is projected at 891.75 billion yuan, with a year-on-year growth rate of only 7.09%, indicating a need for new growth avenues [12]. - The company's stock price was reported at 129.74 yuan per share, with a slight decline of 0.15%, and a market capitalization of 503.6 billion yuan as of August 26 [15]. Marketing and Promotion - The collaboration with singer G.E.M. (邓紫棋) as the global ambassador for the new product has generated significant buzz on social media, with many fans expressing interest in purchasing the new low-alcohol liquor [10][4]. - A live launch event is scheduled for August 29, aiming to further engage the young market and assess the product's potential as a new profit growth point for Wuliangye [15].

Core Viewpoint - The total scale of public funds in China has surpassed 35 trillion yuan for the first time, reaching a historical high of 35.08 trillion yuan as of the end of July 2025, driven primarily by net asset value growth rather than an increase in fund shares [2][4][8]. Fund Scale and Growth - As of July 2025, the total number of public fund management institutions in China is 164, including 149 fund management companies and 15 asset management institutions with public qualifications [4]. - The overall fund scale increased by 1.99% from the end of June, while the total share of public funds saw a slight increase of 0.40% [5][12]. - The public fund market has shown a strong upward trend since April 2025, with continuous monthly records being set, including surpassing 33 trillion yuan in April, 34 trillion yuan in June, and 35 trillion yuan in July [8][6]. Fund Type Performance - In July, the share of closed-end funds decreased by 1.07%, while open-end funds saw a slight increase of 0.58% [11]. - Equity funds and mixed funds experienced a decline in shares, with equity fund shares down 0.33% and mixed fund shares down 1.22%, indicating a cautious sentiment among investors [12][13]. - Despite the decline in shares, the net asset values of equity funds increased, with equity fund scale growing by 1925.94 billion yuan (4.07%) to reach 4.92 trillion yuan, and mixed fund scale increasing by 1385.56 billion yuan (3.76%) [13]. Trends in Specific Fund Categories - The bond fund scale decreased by 481.92 billion yuan (0.66%) to 7.24 trillion yuan, while the money market fund scale increased by 3813.84 billion yuan (2.68%) to 14.61 trillion yuan [15]. - QDII funds also saw significant growth, with shares and scale increasing by 3.87% and 6.77%, respectively, reaching a total scale of 7300.44 billion yuan, marking a historical high [15].

【导读】中国平安 2025 年上半年整体经营稳健，寿险及健康险新业务价值强劲增长 中国基金报记者 曹雯璟 8 月 26 日晚间，中国平安保险（集团）股份有限公司（以下简称中国平安）公布 2025 年 半年度业绩。整体来看，中国平安 2025 年上半年归母营运利润稳健增长，其中，寿险及健 康险新业务价值强劲增长 39.8% 。中期现金分红提升至每股 0.95 元。 上半年归母营运利润稳健增长 根据最新发布的半年报，中国平安整体经营稳健。数据显示， 2025 年上半年，中国平安实 现归属于母公司股东的营运利润 777.32 亿元，同比增长 3.7% ；实现归属于母公司股东的 净利润 680.47 亿元；营业收入为 5000.76 亿元；归属于母公司股东权益为 9439.52 亿 元，较年初增长 1.7% 。 现金分红水平实现稳定增长。数据显示，中国平安将向股东派发中期股息每股现金人民币 0.95 元，同比增长 2.2% 。 新增客户也持续增长。数据显示， 2025 年上半年公司新增客户 171 万，同比增长 12.9% 。其中，长客龄客户留存率更高，平安 5 年及以上的客户占比为 73.8% ，较年初提升 1.6 ...