来源： 平安察右后旗 8月23日，内蒙古乌兰察布市察哈尔右翼后旗公安局发布警情通报： 2025年8月14日10时31分，该局接报警称，在乌兰哈达火山景区内发生一起殴打他人警情。接警 后，派出所巡逻民警迅速赶赴现场处置。 经调查，陈某某等人因丢弃燃尽的烟雾棒与景区保洁员杨某某发生争执，并对杨某某实施了殴打 行为，造成杨某某面部等部位软组织局部挫伤。 根据《中华人民共和国治安管理处罚法》相关规定，该局已对陈某某、魏某、魏某某处以行政拘 留，并处罚款的处罚。 察哈尔右翼后旗公安局 对侵害公民人身安全等合法权益的违法犯罪行为依 法严厉打击，全力维护 察哈尔右翼后旗 社会大局持续平稳。 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 ...

中国中铁，最新公告来了！ 8月24日下午，中国中铁披露公告，对近期事故情况作出说明。 【导读】中国中铁最新公告：对事故不幸遇难者表示沉痛哀悼 中国基金报记者 晨曦 中国中铁表示，公司对本次事故不幸遇难者表示沉痛哀悼，并对遇难者家属表达歉意。公司 将深刻汲取教训，落实好企业主体责任，妥善处理相关后续工作。 尖扎黄河特大桥全长1596.2米，合同额约4.36亿元。中国中铁称，该次事故不会对公司生产 经营及业绩产生重大影响。 官网显示，中国中铁股份有限公司是集勘察设计、施工安装、工业制造、房地产开发、资源 利用、金融投资和其他新兴业务于一体的特大型企业集团，总部设在中国北京。作为全球最 大建筑工程承包商之一，中国中铁连续18年进入世界企业500强，2023年在《财富》世界 500强企业排名第39位，在中国企业500强排名第10位。 截至8月22日收盘，中国中铁股价为5.78元/股，总市值为1430亿元。 2025年8月22日3时10分左右，中国中铁股份有限公司全资子公司中铁大桥局集团有限公司 施工的川青铁路青海段尖扎黄河特大桥，辅助钢梁架设的吊索塔架前端扣索突然崩断，截至 目前造成12人遇难、4人失联。 事故发生后 ...

Core Viewpoint - The current market sentiment among retail investors is cautious, with many expressing concerns about the sustainability of the bull market and showing a tendency to reduce their positions as the index approaches 3700 points. Despite an increase in new account openings, the overall number remains below the levels seen during the "9·24" period last year, indicating a lingering "fear of heights" among investors [1][2][4]. Group 1: Market Activity and Investor Behavior - New account openings in July saw a significant increase of approximately 70.54% year-on-year, reaching 1.9636 million, but this is still far from the 6.85 million accounts opened in October last year [3][4]. - The cautious behavior of investors is attributed to previous market fluctuations, leading to a more rational investment approach. The current market is characterized as a "slow bull" rather than the rapid increases seen in past bull markets [4][5]. - The activation of dormant accounts has become a key focus for brokerages, with some firms reporting a threefold increase in activated dormant accounts since August [6][7]. Group 2: Business Strategies of Brokerages - Brokerages are shifting their focus from merely increasing new account numbers to enhancing the value of existing clients, emphasizing the activation of dormant accounts and the provision of tailored services [6][9]. - The demand for professional investment advisory services has surged, with many investors seeking guidance on sectors like technology and innovative pharmaceuticals, leading to a significant increase in advisory service sign-ups [8][9]. - Brokerages are implementing digital strategies to enhance customer engagement, including educational content and specialized investment tools to cater to the diverse needs of their clients [10][11].

Core Viewpoint - The article discusses the potential involvement of leading fund companies in the ETF market-making business, driven by rising market-making costs and the need for liquidity in a competitive environment [2][4][5]. Group 1: Market Dynamics - The overall scale of ETFs in the market is approaching 5 trillion yuan, leading to the growth of the upstream and downstream industry chain [2]. - The increasing market-making fees in recent years are a direct reason for leading fund companies to consider participating in market-making themselves [5]. - The current ETF market faces issues such as a single market-making entity and high market-making costs, prompting calls for more institutions to participate [2][5]. Group 2: Regulatory Challenges - Fund companies face regulatory barriers to directly participate in ETF market-making, as only brokerage firms currently qualify [6][7]. - Regulations require fund management companies to hold fund shares for at least six months, which restricts their ability to engage in frequent trading necessary for market-making [6]. Group 3: Cost Considerations - Fund companies are evaluating the cost implications of establishing subsidiaries for ETF market-making, balancing between in-house capabilities and outsourcing to brokerage firms [10][11]. - The establishment of a market-making team requires significant investment in human resources and IT systems, which may not be feasible for mid-sized companies [11]. - The potential for economies of scale and the complexity of managing market-making operations are critical factors in the decision-making process [11]. Group 4: Industry Calls for Diversity - There is a call for the introduction of more market-making institutions to enhance competition and reduce costs in the ETF market [13][14]. - The current reliance on a few major players for ETF market-making could limit market growth and accessibility [13]. - The article emphasizes that ETF trading volume should not be the sole measure of product value, but rather the genuine trading demand from clients [14].

Core Viewpoint - Qunhe Technology has updated its IPO prospectus for the Hong Kong market, revealing financial data for the full year of 2024 and the first half of 2025, indicating a path towards profitability in 2025 despite expected losses for the full year [2][3][4]. Financial Performance - For the full year of 2024, Qunhe Technology's revenue is projected to be 755 million RMB, with an adjusted net loss of 70.05 million RMB. In the first half of 2025, revenue is expected to be 399 million RMB, with an adjusted net profit of 17.825 million RMB [5][6]. - Historical revenue figures show that in 2022, 2023, and the first three quarters of 2024, Qunhe Technology's revenues were 601 million RMB, 664 million RMB, and 553 million RMB, respectively, with adjusted net losses of 338 million RMB, 242 million RMB, and 93.61 million RMB [6][7]. Business Growth and Profitability - The company has shown a decreasing trend in adjusted net losses over recent years and is expected to achieve profitability in the first half of 2025 [7]. - Qunhe Technology anticipates benefiting from economies of scale as its business continues to grow, which is expected to positively impact long-term profitability [8]. Product and Market Position - Qunhe Technology is a cloud-native spatial design software provider, with key products including the domestic software KuJiaLe and the international platform Coohom. As of June 2025, the company serves over 433,000 individual customers and 47,000 enterprise customers [9]. - The company reported net revenue retention rates of 101.6% for enterprise customers, 110.0% for large customers, and 92.3% for individual customers [9]. Gross Margin - The gross margins for 2024 and the first half of 2025 are projected to be 80.9% and 82.1%, respectively. Historical gross margins for 2022, 2023, and the first three quarters of 2024 were 72.7%, 76.8%, and 80.4% [9]. Research and Development - Qunhe Technology has reduced its R&D expenses from 438 million RMB in 2022 to 391 million RMB in 2023, and further to 337 million RMB in 2024, indicating a focus on optimizing R&D personnel and leveraging AI technology to enhance efficiency [12][15]. - The company reported a significant growth of 188% in revenue from AI-related e-commerce solutions in the first half of 2025 [16]. Risks and Challenges - The integration of AI technology into Qunhe Technology's software may expose the company to potential infringement claims and higher regulatory compliance costs [11][17]. - Specific risks include potential copyright infringement related to AI-generated design content and challenges in ensuring compliance with third-party intellectual property rights [18].

Group 1 - The northern regions will continue to experience a rainy pattern, with strong convective weather expected in parts of North China, Huanghuai, and Northeast China [2][3][4] - Typhoon "Jianyu" is approaching, leading to intensified rainfall in Hainan, with heavy to torrential rain forecasted in the central and southern parts of the island [4][6] - The Central Meteorological Administration predicts that areas such as Hainan Island, southwestern Guangdong, southern Guangxi, and parts of Sichuan will experience heavy rain, with some regions facing extreme rainfall [4][6] Group 2 - The high temperature in the northern regions is expected to decrease, providing some relief from the heat, particularly in Liaoning, Hebei, Beijing, Tianjin, Henan, and Shandong [7][8] - However, the Sichuan Basin to the Yangtze River Delta will continue to experience persistent high temperatures, especially in cities like Hangzhou, Shanghai, and Nanchang, where temperatures are expected to remain above 39°C [8]

来源： 快乐平安马代行 23日，中国驻马尔代夫大使馆官方微信账号发布《郑重提醒来马尔代夫中国游客加强涉水安全防 范》。全文如下： 近期接连发生中国游客在马尔代夫不幸溺亡案件，令人痛心。驻马尔代夫使馆郑重提醒赴马中国 游客珍爱生命，安全至上。敬畏自然和异国特殊水域环境，始终将人身安全放在首位，选择适合 自己身体状况、年龄的涉水活动。 务必照看好自己的家人和同行亲友。 马代度假酒店和民宿开放区域并非均配有救生员，值守状况 也不尽相同。对老年人、儿童和不熟悉水性的同行者，务必结伴照顾，避免遭遇意外。 务必保管好旅行证照和贵重财物。 现金等贵重物品注意随身携带或妥善保管，旅行箱注意上锁， 避免遗失带来不便。 做到"四要"、"四不要"： "四要" 务必心存敬畏。 马地处印度洋，海域风浪大、洋流强劲，且常伴有不易察觉的暗流，对不熟悉海 况或缺乏经验的游客而言，危险系数更高。来马游客务必认真咨询酒店或民宿人员，明确适宜游 泳的安全领域，避免误入洋流。在海中浮沉与在泳池游泳相比风险程度巨大，建议谨慎应对、穿 戴游泳圈或救生衣，不在指定的安全范围外区域游泳戏水。 务必密切关注天气变化。 合理安排出行和海上活动行程。当前正值天气 ...

Core Viewpoint - The article discusses the career transition of a young analyst from the securities industry to real estate, highlighting the motivations behind this shift and the changing landscape of job satisfaction and industry dynamics in China [2][4][11]. Group 1: Career Transition - A former automotive industry analyst, born in 1999, left the securities sector to become a real estate consultant at Lianjia in Shanghai, seeking a more fulfilling career [2][3]. - The analyst experienced challenges in the financial industry, including layoffs and a lack of job security, which contributed to the decision to switch careers [4][5]. - The transition was influenced by a realization that personal interests in real estate could be turned into a career, contrasting with the pressures and dissatisfaction faced in the securities field [6][10]. Group 2: Industry Dynamics - The article notes a trend of analysts leaving the securities industry for various fields, including education and hospitality, indicating a broader shift in career preferences among young professionals [14][18]. - The real estate sector is evolving, with a demand for knowledgeable agents who understand market dynamics and client needs, moving away from traditional models based on information asymmetry [10][11]. - The current real estate market in Shanghai is characterized by higher client expectations regarding property value retention and suitability, necessitating a more skilled workforce [10][11]. Group 3: Personal Insights and Reflections - The analyst emphasizes the importance of finding meaningful work over financial success, stating that happiness and fulfillment are more valuable than high salaries or property ownership [12][11]. - The article concludes with the analyst's perspective that pursuing a career aligned with personal interests is a fortunate position, regardless of industry challenges [12].

Core Viewpoint - In the past year, nearly 70% of quantitative hedge fund strategies have reported negative unit net value growth despite a bullish market, primarily due to rising hedging costs, insufficient style adaptability, liquidity pressures, and strategy homogeneity [2][4][9]. Performance Overview - As of August 22, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have seen cumulative increases of approximately 34%, 49%, and 73% respectively over the past year [6]. - Among 23 quant hedge funds, the average return was -1.04%, with 16 funds showing negative growth, accounting for nearly 70% [6][8]. - The best-performing fund, Zhongyou Absolute Return Strategy, achieved a unit net value increase of 5.56% over the past year [8]. Factors Contributing to Poor Performance - **Rising Hedging Costs**: Increased costs due to reduced or reversed futures discounts have significantly impacted fund returns, with the recent futures discount rates for the CSI 500 and CSI 1000 reaching 3.2% and 4.5% respectively [10][11]. - **Insufficient Style Adaptability**: The current market structure's increasing divergence poses challenges for strategies reliant on a single style, making it difficult to keep pace with rapidly changing market trends [10]. - **Liquidity Pressures**: Increased trading activity in a bullish market has led to greater liquidity fluctuations in small-cap stocks, complicating the rebalancing efforts of quant hedge funds [11]. - **Strategy Homogeneity**: The rising concentration of mainstream quant strategies has led to accumulated risks, making it challenging for some funds to achieve excess returns through differentiated strategies [12]. Strategies to Enhance Returns - Quant hedge funds are adopting neutral investment strategies, utilizing index futures for complete hedging of long stock portfolios while employing quantitative multi-factor stock selection models [13][14]. - Funds are dynamically adjusting hedging ratios based on basis level changes in index futures to optimize costs and are diversifying their sources of returns by incorporating interest rate bonds, convertible bonds, and increasing long stock strategies [15]. - For instance, some funds have reduced their hedging ratios in response to significant negative basis levels in the CSI 1000 index, while others have included convertible bonds in their portfolios to enhance return elasticity [15].

Core Viewpoint - Shanghai's luxury real estate market remains robust, exemplified by the rapid sales of the Shanghai Yihua Courtyard, which sold 66 units in just one hour, generating 4.8 billion yuan in sales [2][4]. Group 1: Sales Performance - On August 23, the fifth batch of units at Shanghai Yihua Courtyard sold out in one hour, achieving a total sales amount of 4.8 billion yuan [4]. - Cumulatively, the project has surpassed 22 billion yuan in sales this year, maintaining its position as the top-selling single project in the country [4]. - Since its initial launch in August 2024, the project has conducted five sales rounds, totaling approximately 24 billion yuan in sales [4]. Group 2: Pricing Trends - The average price per square meter for the latest batch of units is approximately 19.8 million yuan, with an average total price of about 73 million yuan per unit [4]. - The initial average price per square meter at the project's launch was around 17 million yuan, indicating a steady increase in prices over the past year [4]. Group 3: Market Context - In July, new home prices in Shanghai increased by 6.1% year-on-year, contrasting with a slight decline in other first-tier cities [6][7]. - The overall real estate market is experiencing structural differentiation and cyclical adjustments, with a focus on core areas and high-quality products being essential for real estate companies to navigate these changes [7]. Group 4: Future Developments - A new product line featuring courtyard-style villas with areas ranging from 200 to 990 square meters is set to be launched soon, with model units and demonstration areas to be unveiled [5]. - The project is a collaboration between CITIC Financial Assets, New Lake, and Sunac, located in the Huangpu core area, covering a total construction area of approximately 430,000 square meters [5].