新华财经北京9月2日电（记者丁雅雯）消费平台"什么值得买"1日发布8月消费关键词：夏日经济。 夏日进入尾声，人们在8月抓紧时机，用观影、游戏、运动、旅行等方式延续夏日氛围。"什么值得 买"后台数据显示，8月消费者娱乐偏好依然明显，亲水热情延续不减，旅游热度更是持续攀升，呈现出 鲜明的"享受夏日尾声"特征。 8月同样也是清凉消费的高光时刻，亲水类项目凭借"既能运动又能降温"的双重优势成为绝对主角，带 动相关装备消费与体验场景快速扩张，冷饮消费作为夏日宠儿，相关品牌也实现全面增长。 "以冷饮、防晒、电子产品为代表的实用型消费，和以水上运动、文博、电影为代表的体验型消费，共 同撑起了夏日消费的多维景观。"张宇昂表示，8月消费市场的独特之处在于"夏日收尾的集中体验感"， 再次印证了大众对于美好生活的向往从未改变，愿意为品质化、个性化的消费体验买单。 （文章来源：新华财经） 电影消费延续暑期热度，"什么值得买"平台"观影"关键词消费GMV（商品交易总额）同比增长 24.37%，国产动画作品表现尤为突出。《浪浪山小妖怪》作为《中国奇谭》衍生电影，凭借此前剧集 积攒的高人气带动了电影票、盲盒、冰箱贴、官方绘本、毛绒挂件等相 ...

来源：新浪基金∞工作室 8月30日消息，公告数据显示，财通基金旗下财通安盛90天滚动持有债券(财通安盛90天滚动持有债券 A024552，财通安盛90天滚动持有债券C024553，财通安盛90天滚动持有债券E024554)于2025年9月8日 至2025年9月25日公开发售。财通安盛90天滚动持有债券投资类型为长期纯债型基金，管理费率每年 0.2%，托管费率每年0.05%。 财通安盛90天滚动持有债券投资目标为：本基金在严格控制风险的前提下，通过积极主动的投资管理， 追求基金资产的稳健回报。 罗晓倩自2019年7月3日至今，管理的财通安瑞短债债券A产品，任期回报为21.13%，同类平均为 24.49%，行业排名1300/2254。从盈亏金额看，任职期（2020H1 - 2024H2）盈利金额14.90亿元，管理费 1.59亿元。 罗晓倩自2018年9月26日至今，管理的财通聚利债券A产品，任期回报为26.62%，同类平均为31.05%， 行业排名868/1752。从盈亏金额看，任职期（2018H2 - 2024H2）盈利金额1.32亿元，管理费1056.88万 元。 罗晓倩自2022年1月20日至今，管理的财 ...

Market Performance - The Zhipu AI concept index declined by 2.60%, ranking among the top losers in the concept sector as of the market close on August 29 [1] - Within the Zhipu AI sector, stocks such as Mengwang Technology, Haitian Ruisheng, and Nengke Technology experienced significant declines, while only four stocks saw price increases, with Zhongke Jincai, Worth Buying, and Wanxin Media rising by 3.39%, 0.73%, and 0.43% respectively [1] Capital Flow - The Zhipu AI concept sector saw a net outflow of 4.723 billion yuan, with 55 stocks experiencing net outflows and 15 stocks seeing outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was Zhongke Shuguang, with a net outflow of 990 million yuan, followed by Changshan Beiming, Mengwang Technology, and Shenzhou Digital, with net outflows of 402 million yuan, 298 million yuan, and 275 million yuan respectively [2] Top Gainers and Losers - Among the top gainers in the Zhipu AI concept, Zhongke Jincai led with a 3.39% increase, while Mengwang Technology was among the top losers with an 8.57% decline [3][4] - Other notable losers included Nengke Technology, which fell by 7.38%, and Haitan Ruisheng, which dropped by 7.85% [3][4]

Core Viewpoint - The company "值得买" has shown a mixed performance in stock price and financial results, with a notable increase in net profit despite a decline in revenue [2][3]. Group 1: Stock Performance - On August 29, "值得买" stock rose by 2.01%, reaching 36.10 CNY per share, with a trading volume of 1.10 billion CNY and a turnover rate of 2.52%, resulting in a total market capitalization of 71.79 billion CNY [1]. - Year-to-date, the stock price has increased by 8.25%, with a 3.94% rise over the last five trading days, a 0.82% decline over the last 20 days, and a 13.20% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, "值得买" reported a revenue of 5.82 billion CNY, a year-on-year decrease of 18.70%, while the net profit attributable to shareholders was 12.69 million CNY, reflecting a year-on-year increase of 65.75% [2]. - Since its A-share listing, "值得买" has distributed a total of 2.16 billion CNY in dividends, with 84.18 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of August 20, the number of shareholders for "值得买" was 27,800, a decrease of 1.35% from the previous period, with an average of 4,394 circulating shares per person, an increase of 1.37% [2]. - As of June 30, 2025, notable shareholders included 易方达供给改革混合, holding 5.45 million shares (an increase of 1.33 million shares), and 香港中央结算有限公司, holding 1.71 million shares (an increase of 0.84 million shares) [3].

Market Overview - On August 28, the digital media sector rose by 0.12% compared to the previous trading day, with *ST Fanli leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - The following stocks in the digital media sector showed notable performance: - *ST Fanli (600228) closed at 4.73, up 4.19% with a trading volume of 227,300 shares and a turnover of 108 million yuan [1] - Zhangyue Technology (603533) closed at 22.20, up 1.98% with a trading volume of 196,800 shares and a turnover of 433 million yuan [1] - Mango Super Media (300413) closed at 25.90, up 1.17% with a trading volume of 283,500 shares and a turnover of 727 million yuan [1] - Other stocks like Xinhua Net (603888) and Shining Technology (301313) also saw slight increases [1] Capital Flow - The digital media sector experienced a net outflow of 396 million yuan from institutional investors, while retail investors saw a net inflow of 362 million yuan [2][3] - The following stocks had significant capital flow: - *ST Fanli had a net inflow of 13.37 million yuan from institutional investors, but a net outflow from retail investors [3] - Other stocks like Mango Super Media and Zhangyue Technology faced net outflows from institutional investors but had varying net inflows from retail investors [3]

Group 1 - The development of artificial intelligence (AI) technology has entered a new acceleration cycle, with clearer directions and a shift from "dialogue tools" to "autonomous agents" that can work independently [2] - The "Haina" MCP Server, launched by the company this year, has been widely adopted across various industries, achieving an output volume of 20 million in August, representing a 54% month-on-month growth and a sixfold increase since April [2] - The knowledge graph interface of the "Haina" MCP Server has opened access to 3C digital product categories, linking 1 million articles and 1.5 million entities, with plans to expand the knowledge graph for more categories [2] Group 2 - The company emphasizes collaborative innovation in AI development by partnering with academic institutions and research organizations, including Renmin University of China and Nankai University, to explore new pathways for AI innovation [3]

Core Insights - The "Haina" MCP Server has shown significant growth, with an output of 20 million in August, representing a 54% month-over-month increase and a sixfold increase since April [1][2] - The newly launched knowledge graph interface enhances the server's capabilities by structuring fragmented information, allowing for deeper understanding and precise reasoning by large models [1] - The knowledge graph interface connects content and product searches, providing a comprehensive view and improving the accuracy of AI responses [1] Summary by Categories - **Product Development** - The "Haina" MCP Server is continuously iterating and upgrading its capabilities and functionalities [1] - The knowledge graph interface has been introduced to support large models in understanding and reasoning [1] - **Performance Metrics** - The output of the "Haina" MCP Server reached 20 million in August, marking a 54% increase from the previous month [1] - Since April, the output has grown sixfold, indicating strong demand and adoption [1] - **Data Integration** - The knowledge graph interface has integrated 1 million articles and 1.5 million entities in the 3C digital product category [2] - Future plans include expanding the knowledge graph across more product categories based on the company's extensive product and content database [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from a comprehensive AI strategy that will enhance its growth potential. The report highlights the ongoing optimization and upgrading of the business structure, which is anticipated to drive long-term growth [4][8] - The company's revenue for H1 2025 is projected at 5.8 billion yuan, reflecting a year-on-year decrease of 19%. However, the net profit attributable to the parent company is expected to increase by 66% year-on-year, primarily due to the recognition of deferred income tax credits [4][5] - The report revises the revenue forecasts for 2025-2027, predicting revenues of 13.7 billion yuan, 15.8 billion yuan, and 18.2 billion yuan respectively, down from previous estimates of 21.4 billion yuan and 24.7 billion yuan. The net profit forecasts are adjusted to 0.9 billion yuan, 1.1 billion yuan, and 1.3 billion yuan for the same period [4][5] Financial Summary - The company's total revenue for 2023 is reported at 1,452 million yuan, with a year-on-year growth of 18.2%. The revenue is expected to decline by 10.1% in 2025, followed by a recovery with growth rates of 15.5% and 15.2% in 2026 and 2027 respectively [7][9] - The gross profit margin for 2025 is projected to be 52.3%, an increase from 48.4% in 2023. The net profit margin is expected to rise from 5.2% in 2023 to 6.6% in 2025 [7][9] - The report indicates a significant increase in the company's monthly average usage of third-party large model APIs, which rose by 84% compared to December 2024, indicating a strong commitment to AI integration [6]

Financial Performance - The company reported a revenue of 582 million yuan for the first half of 2025, a year-on-year decrease of 18.7% [2] - Net profit attributable to shareholders was 12.69 million yuan, an increase of 65.75% year-on-year [2] - Operating cash flow improved to 34.75 million yuan, up 34.83% year-on-year [2] - Gross margin increased to 49.20%, while sales and management expenses decreased by 19.46% and 17.03% respectively [2] AI Strategy and Product Development - The company has been advancing its AI strategy since the beginning of 2023, focusing on optimizing its business structure [2] - The updated "What Worth Buying" app launched in May 2025, emphasizing interest-based content and user experience [3] - Content published on the app reached 20.22 million articles, a 30.98% increase year-on-year, with monthly active users averaging 38.27 million, up 1.26% [3] - The app's GMV (Gross Merchandise Volume) reached 8.784 billion yuan, with 88.72 million orders completed [3] AI Technology Implementation - AIGC content accounted for 52.51% of the total content published, with a 73.63% increase compared to the same period in 2024 [4] - The company upgraded its "AI Division" to "AI Application Research Institute" to enhance its AI capabilities [4] - The AI shopping assistant "Zhang Dama" achieved a 162.6% increase in order conversion rate during the "6.18" shopping festival [5] Cost Management and Efficiency - The company reported a 22.11% decrease in operating costs, with significant reductions in sales and management expenses [7] - The new content production model combines "AI-assisted creation" and "AI-generated content," optimizing user experience and reducing costs [7] - During the "6.18" shopping festival, AIGC content publication increased by 43.4%, while content review time was reduced to one-eighth of the previous year [7] Market Challenges and Future Outlook - Despite improvements in net profit, the company faces revenue pressure, with significant declines in income from e-commerce and brand clients [8] - The company aims to deepen its AI strategy and enhance market competitiveness, focusing on high-quality growth driven by AI [9]

Core Insights - Beijing Zhi De Mai Technology Co., Ltd. (referred to as "Zhi De Mai") reported a revenue of 582 million yuan and a net profit attributable to shareholders of 12.69 million yuan for the first half of 2025, marking a year-on-year increase of 65.75% [1] - The overall gross margin improved by 2.23 percentage points to 49.20% compared to the same period in 2024, with sales and management expenses decreasing by 19.46% and 17.03% respectively, indicating ongoing optimization of business structure and operational efficiency [1] - Zhi De Mai is leveraging AI technology to upgrade its core product "What is Worth Buying" and is actively building an AI ecosystem through collaborations with various large model platforms and intelligent terminal developers [1] Business Performance - The content output of "What is Worth Buying" reached 21.88 million articles in the first half of 2025, a year-on-year increase of 30.98%, with an average monthly active user count of 38.27 million, up 1.26% [2] - The confirmed GMV for "What is Worth Buying" was 8.784 billion yuan, with a total order volume of approximately 88.72 million orders [2] - In June 2025, the average monthly consumption of tokens for third-party large model API calls was 73.634 billion, representing an 84.10% increase compared to December 2024 [2] AI Strategy and Infrastructure - Zhi De Mai upgraded its "AI Division" to "AI Application Research Institute" to enhance its AI strategy, focusing on a product matrix consisting of one group of large models, two databases, three engines, and four application types [2] - The "Hai Na" MCP Server, a standardized consumption data service platform, was launched to provide enhanced capabilities for various applications within the AI ecosystem [2][3] - By June 2025, the "Hai Na" MCP Server had output over 8.22 million times, with a month-on-month growth of 81.73%, and further increased to 13 million outputs in July, adding over 30 new partners [3] Future Outlook - Zhi De Mai plans to continue focusing on "AI" and "comprehensive efficiency improvement" as its annual strategic guidelines, aiming to deepen the integration of AI technology with business operations and enhance market competitiveness [3]