来源：央视新闻 据央视新闻消息，当地时间8月14日，俄罗斯总统普京在筹备俄美元首阿拉斯加会谈的俄高层 会议上表示， 美方政府正采取相当积极且真诚的努力，旨在停止军事行动、化解危机，并达 成符合 俄乌 冲突相关方利益的协议 ， 为国家之间以及欧洲实现持久和平创造条件。 普京还称， 如果俄美两方能在下一阶段就进攻性战略武器控制达成共识，这将有利于全球范 围内的和平。 美国总统特朗普与俄罗斯总统普京将于当地时间15日在美国阿拉斯加州最大城市安克雷奇举 行会晤。 ...

Core Viewpoint - The unexpected rise in U.S. inflation data has led to a significant market reaction, with a decrease in expectations for an interest rate cut by the Federal Reserve in September [2][3]. Economic Indicators - The Producer Price Index (PPI) for July increased by 0.9%, the largest monthly gain since June 2022, surpassing the expected increase of 0.2% [2]. - The core PPI, excluding food and energy, also rose by 0.9%, exceeding the forecast of 0.3% [2]. - Year-over-year, the PPI increased by 3.3%, marking the highest 12-month rise since February, significantly above the Federal Reserve's 2% inflation target [2]. Market Reactions - Following the release of the inflation data, traders reduced their bets on a rate cut by the Federal Reserve, with the probability of a September rate cut now at 90%, down from a previous full pricing [5]. - The U.S. stock market indices experienced a sharp decline, and the U.S. dollar index rose [7]. - Cryptocurrencies such as Bitcoin and Ethereum also saw significant drops in value [9].

Core Viewpoint - The 2025 World Robot Conference (WRC) showcased significant advancements in robotics, highlighting the industry's rapid evolution and the emergence of substantial investment opportunities in a trillion-dollar market [1][2][8]. Group 1: Event Highlights - The WRC featured over 1,500 exhibits from more than 200 domestic and international robotics companies, with over 100 new products launched, marking a record for domestic robotics exhibitions [2]. - Humanoid robots were a major attraction, demonstrating capabilities in combat, soccer, and marathon running, showcasing their evolution and versatility [3][4]. Group 2: Application Scenarios - Three primary application scenarios for robotics were identified: 1. Industrial automation focusing on handling and sorting tasks, which are seen as the most readily deployable applications in factories [10]. 2. Commercial applications, including robots that assist in supermarkets and pharmacies, as well as entertainment through robot competitions [11]. 3. Consumer-facing scenarios, particularly those targeting children and the elderly, such as companion robots for learning and rehabilitation [11]. Group 3: Technological Advancements - Significant progress was noted in hardware, with reduced costs and improved performance, including specialized components for various operational needs [13]. - The development of "small brain" technology has enhanced robots' operational fluidity and balance, allowing for more complex movements and interactions [14]. - The "big brain" technology is evolving, enabling robots to perform tasks through cloud-based control, which reduces costs and enhances collaborative operations [14]. Group 4: Market Trends and Investment Strategies - The robotics sector is experiencing inevitable volatility as it matures, with a wave-like market performance observed over the past three years [16]. - Investment strategies should focus on established hardware sectors while also looking for growth in emerging technologies that enhance robots' capabilities [19]. - The overall market is transitioning into a positive cycle, with increasing resilience and clarity in investment opportunities, particularly in technology sectors [21][22]. Group 5: Future Outlook - Chinese companies are well-positioned to benefit from the robotics industry's growth due to their rapid technological advancements and cost optimization [25]. - The focus on high-quality stock selection and long-term investment strategies is essential for navigating the current market landscape [26][28].

Core Viewpoint - The cancellation of the visit by China's Minister of Agriculture and Rural Affairs, Han Jun, is linked to Taiwan's foreign affairs official Lin Jialong's recent visit to Japan, indicating rising tensions in Sino-Japanese relations [1][3]. Group 1 - The specific reason for Han Jun's postponed visit should be inquired from the relevant authorities [1]. - China maintains an open attitude towards maintaining contact at all levels between China and Japan, emphasizing the need for Japan to adhere to the One China principle and to act in accordance with the spirit of the four political documents between the two countries [1]. - Japan's actions regarding Lin Jialong's visit are seen as providing a platform for pro-Taiwan independence forces, which violates international relations principles and sends a serious wrong signal [3]. Group 2 - China urges Japan to reflect on historical lessons and to be cautious regarding Taiwan issues, warning against any actions that could undermine China's sovereignty or signal support for Taiwan independence [3].

Core Points - The article discusses the modification of the "Regulations on the Administration of Entry and Exit of Foreigners in the People's Republic of China," which introduces a new K visa category for foreign young scientific and technological talents, effective from October 1, 2025 [1][3][4]. Summary by Sections Introduction - The State Council, led by Premier Li Qiang, has announced changes to the regulations governing the entry and exit of foreigners in China, which will take effect on October 1, 2025 [1][4]. New Visa Category - A new K visa will be introduced under the ordinary visa category, specifically for foreign young scientific and technological talents [3][4]. - Applicants for the K visa must meet the conditions and requirements set by relevant Chinese government authorities and provide appropriate documentation [3][4]. Regulatory Framework - The modifications to the regulations were approved during the State Council's 63rd executive meeting on July 16, 2025 [4]. - The changes will be incorporated into the existing framework of the "Regulations on the Administration of Entry and Exit of Foreigners" [4].

【导读】京东集团 2025 年二季度收入同比增速再创近三年新高 中国基金报记者 江右 8 月 14 日， 京东集团 发布了 2025 年二季度业绩。数据显示，京东集团收入继续保持加速 增长态势，核心零售业务持续加速增长。京东集团首席执行官许冉表示，京东外卖业务也取 得健康发展，成功达成初期战略目标。 数据显示，二季度，京东集团收入为 3567 亿元人民币（约 498 亿美元），同比增长 22.4% ，远超市场预期，增速再创近三年新高。 二季度，日百品类收入同比增长 16.4% ，其中，商超品类连续 6 个季度保持收入同比双位 数增长。服务收入同比增长 29.1% 。京东外卖带动新业务的收入同比大幅增长 199% 。 京东集团二季度的季度活跃用户数和购物频次均实现超过 40% 的同比增长，季度活跃用户数 实现了连续 7 个季度的同比双位数增长。 " 二季度，京东平台的用户流量、季度活跃用户数以及用户购买频次等均取得显著增长，这主 要得益于核心京东零售业务和外卖等新业务的持续发展势头。 " 许冉表示。 展望未来，许冉表示，相信核心零售业务将始终是京东业务版图的基石，将按照长期战略规 划，持续布局新增长领域。 二季 ...

Core Viewpoint - The article discusses the second IPO attempt of Yino Pharmaceutical, focusing on its weight-loss drug, Ibusparaglutide α, and whether it can support a valuation of 4.65 billion yuan [2][3]. Group 1: Company Overview - Yino Pharmaceutical is the first domestic company to have an independently developed long-acting GLP-1 drug, Ibusparaglutide α, which has recently been approved for sale [2]. - The company has not generated any revenue since its establishment and has accumulated losses of 1.204 billion yuan from 2022 to 2024 [5]. - The company has relied heavily on external financing, raising a total of 1.558 billion yuan from various investors between 2020 and 2024 [4]. Group 2: Financial Performance - The company's valuation increased sixfold from 2021 to 2024, reaching 4.65 billion yuan, but the IPO price represents a discount of 34.97% from this valuation [3]. - The R&D expenses for Ibusparaglutide α accounted for 76.4% and 95.7% of total expenditures in 2023 and 2024, respectively [5]. - The company reported a significant reduction in administrative expenses, from 256 million yuan in 2023 to 84.46 million yuan in 2024, a decrease of 67% [7]. Group 3: Market Position and Competition - The GLP-1 market is highly competitive, with 11 domestic companies entering Phase III trials, and Yino Pharmaceutical may need to engage in price competition if it lacks effective data [6]. - The company plans to initiate Phase IIb/III clinical trials for weight-loss indications in March 2025, with completion expected in 2026 [9]. - Yino Pharmaceutical's production strategy relies on contract development and manufacturing organizations (CDMO), which helps alleviate cash flow pressure but limits scalability [9]. Group 4: Future Prospects - The company has established a commercialization team and appointed a former executive from AstraZeneca to lead its business development efforts [10]. - The net proceeds from the IPO will allocate 90% for clinical trials and commercialization of core products, with 10% for working capital and general corporate purposes [11].

Core Viewpoint - Over 1300 active equity funds have reached new net asset value highs, significantly outperforming the market index, indicating a return of excess returns in the A-share market [2][4]. Group 1: Fund Performance - As of August 13, the average net asset value growth rate for active equity funds this year is 16.03%, with 1332 funds achieving new highs, representing over 25% of all active equity funds [4]. - Notable funds such as Changcheng Medical Industry Select and Yongying Technology Smart Selection have seen their net asset values double this year [5]. - The Wind indices for mixed equity and ordinary stock funds have increased by 19.67% and 19.83% respectively, outperforming the CSI 300 index by over 12 percentage points [5]. Group 2: Factors Driving Performance - The continuous rise of the Shanghai Composite Index has led to an increase in stock prices, closely linking fund net values to stock performance [6]. - Certain funds have aligned their investment strategies with current market trends, capturing opportunities that have driven net value increases [7]. - Skilled fund managers leverage their expertise to identify market trends and investment opportunities, enhancing fund performance through strategic asset allocation and stock selection [7]. - Increased risk appetite and a favorable market environment have attracted significant capital inflows into equity funds, supporting their investment operations and driving net values higher [7]. Group 3: Future Outlook - The investment community remains optimistic about the market, with expectations of a positive cycle of capital inflows and market growth [9]. - Recommended sectors for investment include high-growth industries such as AI, innovative pharmaceuticals, non-ferrous metals, and military industries, which are expected to benefit from market activity [10]. - The current market's upward momentum is supported by solid fundamentals, with a clear policy backing and ongoing emergence of new growth drivers [10]. - Short-term market fluctuations may occur due to profit-taking, but a slow bull market is anticipated in the medium to long term, driven by fundamental recovery and positive capital feedback mechanisms [10].

【导读】9月降息，美联储内部分歧 中国基金报记者 泰勒 大家好，简单关注一下美联储降息的消息。 她说： "货币政策可能对经济未来的走向来说过于紧缩。所以对我而言，这需要进行重新校 准。"戴利倾向于在"未来一年左右"逐步将政策转向更为中性的立场。 6月份，戴利预计今年会降息两次。她表示，这一预测仍然合理，但如果出现更多迹象表明劳 动力市场更加脆弱，今年剩下的三次会议都降息也是可能的；相反，如果通胀出现明显的强 劲迹象，则应减少降息次数。 戴利称，商品通胀对更高关税的反应相对温和，这表明价格飙升引发严重心理效应的风险已 经降低。 她说，企业已经找到办法消化关税成本，而不是将其转嫁给消费者。她将这一过程比作管道 上非常小的漏水点，成本被分摊到整个供应链中，而不是管道爆裂造成的洪水。 美联储戴利称下个月大幅降息似乎没有必要 8月14日，旧金山联储主席玛丽·戴利（Mary Daly）反对在美联储9月会议上一次性降息半个 百分点（即50个基点）。 戴利周三在一次采访中表示："50（个基点）在我看来像是我们面临紧急情况——我担心这会 释放出一种紧迫信号，而我对劳动力市场的强劲程度并没有这种感觉。我就是看不到这种情 况，我不 ...

来源：央视新闻 美国总统特朗普与俄罗斯总统普京将于当地时间15日在美国阿拉斯加州最大城市安克雷奇举 行会晤。 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 乌沙科夫称，普京和特朗普的会晤将在翻译的陪同下，以"一对一"形式进行。随后，双方将 举行"5对5"模式的代表团级别磋商。 乌沙科夫表示，俄美元首将在会谈后举行联合新闻发布会。乌沙科夫说，两国元首此次会晤 的主要议题是解决乌克兰危机。他称，双方还将就进一步发展包括在经贸领域内的合作交换 意见。 另据克里姆林宫14日通报，出席此次美俄会谈的俄方代表团成员包括俄外交部长拉夫罗夫、 总统助理乌沙科夫、国防部长别洛乌索夫、财政部长西卢 ...