6月30日晚，公募基金上半年业绩排名出炉。 数据显示，截至6月30日22时，剔除需T+2日披露净值的QDII产品后，中信建投（601066）北交所 精选两年定开、长城医药产业精选、华夏北交所创新中小企业精选两年定开跻身2025年上半年公募基金 业绩前三名，上半年涨幅分别达82.45%、75.18%、72.16%（主代码口径，有多个基金份额的默认为A份 额涨幅）。 从近三年、近五年、近十年维度看，截至2025年年中的业绩"冠军"分别为华夏北交所创新中小企业 精选两年定开、金元顺安元启、华商新趋势优选，相应区间收益率分别为175.64%、297.96%、 361.6%。 北交所主题基金表现亮眼 创新药基金集体发力 除北交所主题基金外，主投医药方向尤其是创新药板块的基金表现亮眼。数据显示，全市场业绩排 名前十的基金中，2025年一季度末主投医药的基金共有6只，多投向医药板块中的创新药细分领域。 由新锐基金经理梁福睿管理的长城医药产业精选成为上半年业绩亚军。该基金一季度末前十大重仓 股分别为泽璟制药、信达生物、益方生物、康弘药业（002773）、热景生物、一品红（300723）、康方 生物、诺诚健华、科伦博泰生物、再 ...

2024年1至12月份，京东方Ａ的营业收入构成为：显示器件业务占比83.18%，物联网创新业务占比 17.05%，MLED事业占比4.28%，智慧健康服务占比0.93%，传感器及解决方案事业占比0.19%。 （文章来源：每日经济新闻） 京东方A发布公告称，2025年8月7日，京东方A接受中信建投证券调研，公司证券事务代表罗文捷、董 事会秘书室工作人员张妍参与接待，并回答了投资者提出的问题。 ...

【环球网财经综合报道】海关总署最新公布数据显示，中国7月稀土出口5994.3吨，环比下跌23%，结束6月创纪录高 位的势头。同期，7月大豆进口量创历史最高，煤炭进口量较6月触及的两年多低位回升，原油进口量连续第二个月维 持在高位。 公开报道显示，近期中国开展了打击战略矿产走私出口专项行动，此前实施出口管制的中重稀土就包含在其中。美国 研究机构就此发出过担忧，中国的稀土管制使美国无力填补稀土缺口，毕竟当下超九成的稀土都要由中国进行冶炼加 工。 中信建投证券日前发布研报认为，从供需基本面看，供应预计缩减，原料端成本居高，废料生产或有减量情况，同时 预计6月份生产企业白名单发布，不合规产能退出市场，分离企业产量下降，氧化物低价现货较少，金属厂开工尚 可，金属产量居多，库存有所累积，金属现货相对充足，少量低价现货可以询到，供应端整体稳定为主。 需求端，中信建投证券认为呈现稳中向好态势，市场听闻钕铁硼出口批复会增加，钕铁硼产品出口量增多，当前钕铁 硼国内订单稳定，出口同步好转，市场需求稳中增多，继续观望下游下单情况。 ...

格隆汇8月8日｜中信建投研报表示，近期第三批"以旧换新"国补已陆续下发地方，乘用车板块消费景气 有望改善，26-27年新能源车购置税由免征调整为减半征收。当前新能源车免征购置税3万元，26-27年 将调整为减半征收(即从减免最高3万元下调为1.5万元)，购置税减免退坡，beta上行在即，叠加反内 卷，利好当前产品周期"弱转强"的30万元价位带品牌；L2智驾国标或落地在即，板块密集催化下产业趋 势进一步强化；商用车内需修复和非俄海外出口景气度上行带来龙头公司上半年业绩连续超预期，稳健 低估值属性仍为防御型资金青睐。 ...

Market Overview - The market experienced fluctuations with the Shanghai Composite Index reaching a new high for the year, while the ChiNext Index adjusted downwards. The total trading volume in the Shanghai and Shenzhen markets was 1.83 trillion, an increase of 91.4 billion compared to the previous trading day. The Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index fell by 0.18%, and the ChiNext Index decreased by 0.68% [1]. Solid-State Battery Industry - The solid-state battery industry is at a critical point of industrialization, driven by policy support, technological advancements, and increasing downstream demand. This sector is characterized by rapid market growth, focused technological routes, and expanding application scenarios. Solid-state battery equipment, as a crucial upstream segment of the industry chain, is expected to benefit first from the industry's development [2]. Outdoor Sports and Jewelry Industry - The outdoor sports sector is benefiting from a shift in lifestyle, with consumer enthusiasm driving demand for outdoor apparel. Leading manufacturers are innovating in functionality, providing consumers with more reasons to purchase outdoor gear. The jewelry sector is seeing growth through brands that emphasize product and channel innovation, particularly in the fast-growing fixed-price gold category. Companies with global production layouts and superior efficiency are likely to gain market share in the current trade environment [3]. Refining and Chemical Industry - Future refining enterprises need to adjust their product structure to increase the yield of chemical raw materials like ethylene and propylene, which can reduce carbon emissions and enhance product value. Building a complete integrated refining and chemical industry chain is essential for optimizing resource allocation and improving production efficiency. Attention is recommended for refining and chemical leaders with comprehensive integrated projects and significant scale advantages [4].

Core Viewpoint - Physical AI integrates AI with physical laws and applies it to the actions of physical devices, offering a significant advancement over traditional AI in understanding real-world physics [1] Group 1: Development and Applications - Physical AI can utilize real data and high-fidelity virtual environment data for training and reasoning, supported by digital twin technology [1] - It enables dynamic feedback and adjustment of action strategies based on sensor data [1] - The technology has broad development prospects in high-end manufacturing, basic sciences, and energy sectors [1] Group 2: Global and Domestic Landscape - Companies like NVIDIA have established comprehensive physical AI frameworks, with platforms such as Cosmos and Omniverse covering areas like robot training and engineering meteorology [1] - Domestic physical AI is still in its early development stage, with CAE vendors exploring applications in defense and embodied intelligence [1] Group 3: Market Opportunities - Some domestic manufacturers have achieved scenario explorations in embodied intelligence, defense, and low-altitude economy through AI-integrated CAE and industrial design software [1] - The physical AI industry is expected to benefit significantly from ongoing development trends, providing high accuracy, efficiency, and cost-effective application benefits [1] - NVIDIA's CEO Jensen Huang has publicly stated that physical AI will become the next wave of artificial intelligence [1]

Group 1 - The recent issuance of the third batch of "trade-in for new" national subsidies is expected to improve consumer sentiment in the passenger vehicle sector [1] - From 2026 to 2027, the exemption of purchase tax for new energy vehicles will be adjusted from full exemption to a 50% reduction, decreasing the maximum tax exemption from 30,000 yuan to 15,000 yuan [1] - The reduction in purchase tax exemptions is anticipated to lead to an upward beta, benefiting brands in the 300,000 yuan price range as the product cycle shifts from weak to strong [1] Group 2 - The imminent implementation of L2 autonomous driving national standards is expected to further strengthen industry trends [1] - The recovery of domestic demand for commercial vehicles and the increase in overseas exports (excluding Russia) have led to leading companies exceeding performance expectations in the first half of the year [1] - The stable low valuation attributes of these leading companies continue to attract defensive capital [1]

Core Insights - Physical AI integrates AI large models, physical engines, and multidisciplinary simulations to achieve high-precision dynamic modeling and optimization of the real world, empowering traditional industries [1] - Overseas, Physical AI has been applied in fields such as embodied intelligence, with platforms like Nvidia's Cosmos and Omniverse achieving full industry coverage [1] - In China, Physical AI is still in its early development stage, with CAE vendors exploring applications in defense, embodied intelligence, and low-altitude economy [1] - Overall, Physical AI is seen as the next direction in AI technology evolution, with potential applications expanding across manufacturing and research sectors as computational power and models incorporating physical laws improve [1]

智通财经APP获悉，中信建投发布研报称，固态电池作为下一代高性能电池技术，凭借高能量密度、高 安全性等显著优势，受到市场高度关注。当前，固态电池行业在政策支持、技术进步、下游需求等因素 共同推动下正迎来产业化关键期，呈现出市场规模迅速增长、技术路线逐步聚焦和应用场景开始拓展等 特点。固态电池设备作为产业链最重要的上游环节，在固态电池行业大发展过程中必将最先受益。 中信建投主要观点如下： 固态电池行业：市场空间巨大，正迎来产业化关键期 固态电池设备：产业化最先受益环节，各企业多点布局 固态电池产业化进程中，设备环节最先受益。固态电池产线需要解决因新材料引入、工艺流程再造、作 业环境变化等带来的诸多挑战，这就要求生产厂商对现有设备进行改造升级、采买适配新材料、新工艺 的定制化设备，例如在纤维化、胶框印刷、等静压环节需要引进全新的定制设备，在干混、辊压、叠片 和化成分容环节，需要对设备进行改造升级。随着固态电池生产线大规模的建设和投产，固态电池设备 将成为固态电池产业化进程中最先受益的环节。国内固态电池设备企业多点布局，其中前段设备，特别 是干法环节竞争激烈。企业在特定领域或者关键设备上具有优势，但大部分处于前段工 ...

Group 1: Automotive Sector - The recent issuance of the third batch of "old-for-new" national subsidies is expected to improve consumer sentiment in the passenger vehicle sector [1][2] - From 2026 to 2027, the exemption of purchase tax for new energy vehicles will be adjusted from a full exemption of 30,000 yuan to a half exemption of 15,000 yuan, indicating a reduction in tax incentives [1][2] - The adjustment in purchase tax is anticipated to lead to an upward beta, benefiting brands in the 300,000 yuan price range as the product cycle shifts from weak to strong [1][2] - The L2 autonomous driving national standard is expected to be implemented soon, further strengthening industry trends amid concentrated catalysts [1][2] - The recovery of domestic demand in commercial vehicles and the rising export sentiment outside of Russia have led to strong performance from leading companies in the first half of the year, making them attractive to defensive funds due to their stable low valuation [1][2] Group 2: Intelligent Driving Sector - The L4 autonomous driving industry is approaching a turning point in terms of costs and technology, with ongoing evolution in technology iterations, industry structure, and new business models [2] - The upcoming release of the L2 strong standard consultation draft signifies national endorsement, making intelligence a quantifiable brand strength [2] - Focus is recommended on the intelligent testing segment and the L3-L4 autonomous driving operation sector [2] Group 3: Robotics Sector - The robotics sector has shown significant strength since mid-July, although recent weeks have seen some volatility and differentiation among individual stocks [3] - The sector remains in a strong event-driven and industry trend reinforcement phase, with high market attention due to events like the WAIC conference and the upcoming WRC [3] - Quality stocks with alpha potential, particularly those entering the Tesla supply chain or representing technological iteration directions, are recommended for fund allocation [3] Group 4: Bus and Heavy Truck Sector - The Q2 performance surge in the bus and heavy truck sectors is primarily driven by increased exports of heavy trucks and large/mid-sized buses [3] - With domestic subsidies accelerating since May, the fundamentals of these two core sectors remain strong, and growth rates are expected to rise further in Q3 due to a low base [3] - Core stocks in these sectors are currently in an important allocation window [3]