Group 1: Economic Overview - The UAE is the second-largest economy in the Gulf region, leveraging its oil and gas resources along with its trade hub advantages to accelerate economic diversification [1][2] - As of Q4 2024, the oil sector is projected to account for 20% of the UAE's GDP, indicating a strong reliance on energy resources while the government pushes for economic diversification [2][3] Group 2: Economic Transformation - The UAE has significantly reduced its dependence on oil, with industrial, construction, real estate, and financial services sectors showing comprehensive development [3] - The service sector has increasingly contributed to economic growth, with domestic demand, private consumption, and fixed capital formation becoming key drivers [3] Group 3: Demographics and Labor Market - The UAE has the highest percentage of foreign immigrants in the Middle East at 88%, with a well-educated labor force and high labor participation rates, supporting industrial transformation and domestic market expansion [4] - The country’s favorable demographic structure and inclusive business environment attract international talent and capital inflows [4] Group 4: Trade Relations with China - The UAE is a significant energy supplier to China and the largest export market in the Middle East, with increasing trade cooperation, particularly in machinery, automobiles, and home goods [5] - The relationship is evolving from traditional oil purchases to include clean energy and new economic collaborations, reflecting a shift in Chinese enterprises' overseas expansion strategies [5]

Group 1 - The overall market sentiment is expected to improve with the return of funds after the National Day holiday and rising policy expectations for the "14th Five-Year Plan" from the upcoming Fourth Plenary Session [1][3] - The A-share market showed mixed performance, with the Shanghai Composite Index down 1.30% and the CSI 300 Index down 0.44%, while the Shenzhen Component Index and ChiNext Index rose by 1.14% and 2.34% respectively [1] - The trading volume increased, with an average daily turnover of approximately 2.52 trillion yuan, peaking at 3.17 trillion yuan on Thursday before dropping to 2.35 trillion yuan on Friday [1] Group 2 - The convertible bond market is experiencing a downward adjustment, with the China Convertible Bond Index down 1.55% and the convertible bond equal-weight index down 1.29% [2] - The median price of convertible bonds fell from 132.30 yuan to 129.51 yuan, and the median conversion premium rate shrank to 23.77% [2] - The market is expected to remain in a volatile state for the remainder of September, with potential risk aversion as the National Day holiday approaches [2] Group 3 - In October, the convertible bond market is anticipated to receive support and repair opportunities, with a focus on stocks with solid fundamentals and compressed conversion premiums, particularly in technology growth and cyclical sectors [3] - The market's overall tight supply-demand balance is likely to continue supporting convertible bond valuations [3]

截至发稿，胡崇海累计任职时间3年283天，现任基金资产总规模85.12亿元，任职期间最佳基金回报 71.61%， 任职期间最差基金回报-0.53%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，国泰海通资管旗下1只基金重仓赛微电子。国泰君安中证1000优选股票发起A（019505）二 季度持有股数22.93万股，占基金净值比例为0.89%，位居第十大重仓股。根据测算，今日浮盈赚取约 32.56万元。连续3天上涨期间浮盈赚取72.69万元。 国泰君安中证1000优选股票发起A（019505）成立日期2023年12月12日，最新规模1.55亿。今年以来收 益37.51%，同类排名1109/4222；近一年收益86.84%，同类排名764/3813；成立以来收益57.28%。 国泰君安中证1000优选股票发起A（019505）基金经理为胡崇海。 9月22日，赛微电子涨5.37%，截至发稿，报27.86元/股，成交6.89亿元，换手率4.22%，总市值203.99亿 ...

Core Viewpoint - The company maintains a "Buy" rating and has raised its adjusted net profit forecasts for 2025-2027, reflecting a significant growth trajectory driven by a strategic focus on AI and operational efficiency [1][2] Financial Performance - H1 revenue decreased to 822 million RMB, down 20.8%, while adjusted net profit was 10.35 million RMB, a turnaround from a loss of 160 million RMB in the same period last year, primarily due to a strategic shift towards AI and the optimization of product structure [1] - H1 gross margin improved to 52.2%, an increase of 6.2 percentage points, attributed to business structure optimization and cost reduction efforts [1] - Adjusted net profit margin reached 1.3%, up 16.8 percentage points, indicating enhanced profitability [1] Business Segmentation - Revenue breakdown for H1 includes: self-owned brand sports products at 397 million RMB, online membership and paid content at 337 million RMB, and advertising and other revenues at 88 million RMB [1] - The average monthly active users reached 22.486 million, with subscription members at 2.787 million, reflecting a subscription penetration rate of 12.4%, an increase of 1.3 percentage points [1] AI Development and Strategy - The company achieved significant milestones in AI, including the implementation of multi-agent systems and iterations of core AI coaching functionalities [2] - The AI coach, Kaka, reported over 150,000 daily active users, with a notable retention rate of 50% for the AI dietary record feature, indicating strong user engagement [2] - The advertising business is focusing on the K-MARS urban running event, leveraging grassroots popularity to target core running demographics and establish a scalable foundation [2]

该行表示，历史上铜价和玻璃纤维布向上的周期中，传统覆铜板的价格周期也较为乐观25H2行业进行 新一轮提价尝试。从供需格局来看，覆铜板行业整体需求伴随AI需求改善有较好的增长预期，主要企 业的扩产计划也主要聚焦在高端板中，甚至行业部分中端产能将进行高端化的转产因此传统中端覆铜板 的供需格局也较良好。行业从2023年盈利底部以来，中端产能扩产相对有限，而全球需求端则可以做温 和上行的假设，因此传统覆铜板的景气和价格趋势或较为乐观。 长期来看，公司高端化核心优势在于产业一体化的材料稳定性。铜箔领域，公司的HVLP-3铜箔已公告 产品推出进入验证周期，进一步升级在推进。电子布和铜箔先行，预计公司M6级别以上覆铜板产品和 产能也将逐步推出。PCB高端化进程中，材料供应的稳定性对于终端产品性能保险或愈发重要。公司高 端化进展虽不是行业最先，但是一体化的优势较有特色。材料一体化优势，对于覆铜板的材料张力，可 加工性稳定性等角度或都将形成一定优势。 智通财经APP获悉，国泰海通发布研报称，首次覆盖建滔积层板(01888)，给予"增持"评级。公司是覆铜 板行业龙头公司之一，上游材料一体化布局构建差异化壁垒，电子布铜箔覆铜板同步 ...

Group 1 - The core viewpoint of the report is that Jiantao Laminated Board (01888) is rated as "Buy" due to its leading position in the copper-clad laminate industry and optimistic price trends for traditional copper-clad laminates [1] - The company is expected to achieve net profits of HKD 2.349 billion, HKD 3.123 billion, and HKD 3.815 billion for the years 2025-2027, with a target price set at HKD 20 based on PE valuation [1] - The company has made significant progress in high-end material integration, with the first low-dielectric electronic yarn furnace announced to be in production, leading the domestic market [1] Group 2 - The company's core advantage in high-end products lies in the stability of material integration, with the HVLP-3 copper foil entering the verification phase for further upgrades [2] - The demand for traditional copper-clad laminates is expected to improve alongside AI demand, with major companies focusing on high-end board production [2] - The overall supply-demand dynamics in the copper-clad laminate industry are optimistic, with limited expansion in mid-range capacity and a moderate upward trend in global demand [2]

见习记者丨刘夏菲 编辑丨叶映橙 随着市场行情回暖、资金活跃度提升，权益类基金的赚钱效应正在凸显。Wind数据显示，截至9月18 日，超97%的权益类基金今年实现正收益，其中81只基金实现业绩翻番。偏股基金指数、股票基金指数 均创近三年新高，年内涨幅超过26%，近一年来涨幅超过55%。 不过，全市场权益类基金众多，不妨看看机构、基金管理公司和公司内部员工的"作业"怎么做。 21财经·南财快讯记者梳理上半年公募基金持有人结构发现，以上三类主体基金各有不同布局偏好。具 体来看，机构资金重金"押注"沪深300ETF，同时大量加仓港股通科技主题ETF；基金公司真金白银加仓 旗下养老FOF，以自有资金自购传递对长期布局的信心；基金公司员工持仓则兼顾价值与成长风格，对 行业ETF联接产品关注升温。 2025年上半年 机构投资者持有权益基金情况 看机构投资者持有金额： 机构重金"押注"沪深300ETF 2025年上半年，宽基ETF成为机构们重金持有的主流。截至上半年末，机构投资者持有金额最高的20只 权益类基金均为ETF产品，且宽基ETF占据绝大多数。 2025年上半年机构投资者持有金额TOP20权益基金 | | 机构投资者 ...

Core Viewpoint - The Federal Reserve's recent interest rate cut of 25 basis points (BP) to a range of 4.00%-4.25% aligns with market expectations, indicating potential for two more rate cuts by 2025, which enhances market risk appetite and may lead to short-term pressure on gold prices [1][2][3] Group 1: Economic Outlook - The Federal Reserve's decision to lower interest rates is expected to ease recession fears in the U.S., as recent economic data shows improvement, including better-than-expected retail sales and a decrease in initial jobless claims [2] - The Fed's updated dot plot suggests two additional rate cuts by 2025, totaling approximately 50 BP, which could further influence market dynamics [3] Group 2: Precious Metals - The recent rate cut is likely to result in short-term fluctuations in gold prices, as market participants take profits amid rising risk appetite [2][3] - Despite short-term pressures, long-term prospects for gold remain positive due to ongoing U.S. government debt risks and challenges to the dollar's status, suggesting potential for sustained performance in the gold market [2] Group 3: Industrial Metals - The industrial metals sector is expected to benefit from improved supply-demand dynamics, with rising processing rates for copper and aluminum as the market enters a traditional peak season [3] - Increased domestic policy flexibility and a favorable macroeconomic environment, coupled with supply-side disruptions, are likely to strengthen the industrial metals market, presenting a good opportunity for investment [3]

据披露，中国证监会于2023年5月18日受理了该公司首次公开发行股票并在主板上市的申请文件；2025 年2月14日，公司首次公开发行股票并在主板上市的申请被终止审查，原因是发行人基于未来发展战略 等考虑向上海证券交易所提交了撤回申请。 9月21日，中国证监会官网显示，威邦运动科技集团股份公司已启动上市辅导，由国泰海通证券担任辅 导机构。辅导备案报告显示，控股股东为浙江威邦控股有限公司，持股58.48%。 ...

继战略布局大健康产业、推进数字金融生态转型后，国泰君安再迎新动作 —— 其自主研发的稳定币正式进入内测阶段。此次内测聚焦 "健康中国四期" 相关用户群体，不仅推出 2% 年化利息收益，更实现与数字人民币 1:1 兑换，为大健康产业用户带来专属金融红利，也 为数字金融与实体产业融合探索新路径。 值得关注的是，该稳定币与数字人民币实现 1:1 等值兑换，打破传统稳定币与法定货币的兑换壁垒。内测期间，用户可通过国泰君安指 定数字平台，将稳定币实时兑换为数字人民币，兑换过程零手续费、零延迟，且资金流向全程可溯，保障交易安全。这一机制既延续了 数字人民币的法定货币属性，又赋予稳定币更强的流动性与使用场景，为后续广泛应用奠定基础。 对于 "健康中国四期" 用户而言，稳定币的推出解决了大健康产业相关资金的管理痛点。例如，医疗机构从业者可将闲置资金转为稳定 币，在获取收益的同时，随时兑换为数字人民币用于医疗设备采购、科研经费周转；大健康企业员工则可通过稳定币实现薪资、补贴的 便捷收取与增值，避免传统理财方式的周期限制。某参与内测的基层医疗工作者表示："稳定币不仅收益稳定，还能随时兑成数字人民 币用于日常支出，比传统理财更灵活 ...