美联社 7 月 27 日文章，原题：逆向移民：搬迁到肯尼亚的非裔美国人 肯尼斯·哈里斯在美国亚特兰大的大 部分时光，都在渴望一种生活——去一个不会因他的深色皮肤而遭到怀疑、因流淌着共同血脉而被认同 的地方。两年前，他抓住了机会，买了一张飞往肯尼亚的单程机票。 除了肯尼亚，还有很多非洲国家同样吸引了大批非裔美国人。加纳2019年启动"回归年"计划，吸引黑人 群体回流。去年，加纳为524人授予公民身份，其中大多数是非裔美国人。 专家表示，非洲经济或将从这一移居现象中获益，尤其是那些愿意打击腐败并改善投资环境的地区。联 合国人居署公共政策专家拉斐尔·奥博尼奥表示，美国正在失去人才和资源，同时也在动摇"美国是梦想 与机遇之地"的传统叙事。"这种逆向移民正在削弱这一叙事，美国面临'人才外流'等风险。"（作者伊夫 琳·穆桑比等，魏思均译） 美国自媒体博主奥斯顿·霍尔曼旅居多个国家近十年，9个月前他决定定居肯尼亚。他说这里的人"看起 来和我一样"。霍尔曼常在视频中记录日常生活，他认为美国的社会结构已经"破裂"。而在肯尼亚，他 感受到了社会的包容。 这位38岁的退伍军人，如今在肯尼亚的首都内罗毕安家落户，并经营着一家民宿。他 ...

Group 1: Event Overview - The World Artificial Intelligence Conference (WAIC) 2025 is expected to attract 350,000 attendees, with significant interest in AI technologies, particularly humanoid robots [1] - Over 150 humanoid robots were showcased, dominating the event and attracting large crowds [1][3] - Companies from various sectors, including robotics, AI models, and industrial applications, are eager to participate in the growing field of embodied intelligence [1][3] Group 2: Market Dynamics - Startups in embodied intelligence are facing challenges in commercialization, with a need to demonstrate tangible value to justify high valuations [3][6] - The current high valuations in the embodied intelligence sector are seen as a bubble that needs to be addressed through actual business implementations [6][12] - Companies are exploring various commercial applications, such as logistics, entertainment, and service industries, to support their business models [7][10] Group 3: Technological Developments - Different approaches to embodied intelligence are emerging, including hardware-first, model-first, and integrated hardware-software strategies [7][11] - Companies like Yushutech are focusing on showcasing their hardware capabilities through live demonstrations, while others are developing advanced algorithms to enhance robot functionality [8][10] - The integration of AI models with hardware is crucial, as many companies are finding it necessary to develop their own hardware to ensure compatibility and performance [10][11] Group 4: AI Chip Market - Domestic AI chip companies are leveraging the demand for model inference to catch up with industry leaders like NVIDIA, focusing on cost-effective solutions [20][21] - The shift in demand from training to inference presents opportunities for domestic chip manufacturers to innovate and capture market share [20][22] - Collaborations between AI model developers and chip manufacturers are being formed to enhance compatibility and efficiency in the AI ecosystem [22][25]

Market Performance - The Shanghai Composite Index increased by 0.33%, while the Shenzhen Component Index rose by 0.64% [1] - Over 2,200 stocks in the two markets experienced gains [1] Industry Performance - The top-performing sectors included Communication (3.29%), Steel (2.59%), and Pharmaceutical & Biological (2.06%) [2] - The sectors with the largest declines were Agriculture, Forestry, Animal Husbandry, and Fishery, Banking, Beauty and Personal Care, Light Industry Manufacturing, and Environmental Protection [2] Key Factors - The Communication sector saw strong performance due to overseas companies reaching historical highs and the potential benefits for domestic computing power supply chains [3] - The Steel sector benefited from "anti-involution" policies that optimized supply-demand dynamics, alongside increased demand from infrastructure and manufacturing [3] - The Pharmaceutical & Biological sector was boosted by agreements with foreign companies for exclusive rights and licenses, creating potential value [3] - The Agriculture, Forestry, Animal Husbandry, and Fishery sector faced challenges from declining pig prices and rising feed costs [3] - The Banking sector was pressured by rapid convergence of futures spreads, reflecting risk-hedging strategies that involved selling bank stocks [3] - The Beauty and Personal Care sector declined due to tightening regulations and a shift in investment from consumer sectors to high-tech sectors [3] Future Outlook - The A-share market is expected to see a combination of policy and industrial upgrades driving continuous style rotation [4] - The cyclical sectors may experience valuation recovery due to "anti-involution" policies and increased infrastructure investment [4] - The technology sector could benefit from breakthroughs in AI technology, changes in the semiconductor industry cycle, and catalysts from mid-year performance reports [4]

Market Overview - The market experienced a strong upward trend throughout the day, with the ChiNext Index leading the gains. The total trading volume in the Shanghai and Shenzhen markets reached 1.8 trillion yuan, an increase of 609 billion yuan compared to the previous trading day. The Shanghai Composite Index rose by 0.33%, the Shenzhen Component Index by 0.64%, and the ChiNext Index by 1.86% [1]. Sector Performance - The innovative drug and CRO sectors continued their strong performance, with multiple stocks such as Ruizhi Pharmaceutical, Zhongsheng Pharmaceutical, and Chenshin Pharmaceutical hitting the daily limit. WuXi AppTec reported a revenue of 20.799 billion yuan for the first half of 2025, a year-on-year increase of 20.64%, and a net profit of 8.561 billion yuan, up 101.92%. The company raised its full-year revenue forecast to between 42.5 billion and 43.5 billion yuan, indicating strong confidence in the industry's prospects [2][8]. - The CPO and computing hardware sectors also showed strength, with stocks like Dekoli and Tianfu Communication rising over 10%. Companies such as Zhongji Xuchuang and Xin Yisheng reached new historical highs [2][3]. Investment Opportunities - The innovative drug sector remains a clear trend with significant growth potential. The valuation of this sector is still attractive, and foreign investment in Hong Kong's innovative drugs is expected to increase. The focus on performance recovery in specific sub-sectors or stocks is recommended [2][8]. - The CPO technology is projected to penetrate 30% of the market by 2027, addressing high computing transmission bottlenecks. The sector may expand into data centers and other related areas, presenting additional investment opportunities [3]. Individual Stock Highlights - The stability coin concept was active, with stocks like Hengsheng Electronics hitting the daily limit and Guotou Intelligent rising over 18%. The upcoming implementation of the "Stablecoin Regulations" in August 2025 is expected to benefit major companies like Ant Group and JD.com, which may be among the first to obtain stablecoin licenses [4][12]. - The market saw a slight increase in the number of stocks with consecutive gains, with Xizang Tourism being the only stock with more than two consecutive gains, reaching seven [6]. Future Market Analysis - The overall market is expected to continue its upward trend, supported by the computing hardware and innovative drug sectors. The trading volume has increased, indicating a healthy market rotation. Investors are advised to look for low-entry opportunities in core stocks within previously popular sectors [8].

大盘再上3600点，创业板大涨。和讯投顾王海洋表示，这两天上证指数很明显表现比较疲弱，但是创业 板和深证指数在不断的创新高。这两个板块主要是因为前期滞涨，那么创业板上证指数前期基本上已经 把主要箱体阻力给过掉了，所以说近期上证指数很明显在等这个创业板和深证。那么今天上证比较弱， 而创业板和深证比较强，创业板大涨了一接近两个点，那么再次站上2400点，这就说明整个市场现在还 是在一个轮动的结构之中。目前我们属于牛市的二浪运行结构之中，只不过我们的上证指数目前还没有 把最后一个3674的阻力过掉，所以说此处可能需要一个缩量的一个动作，那么这个地方在明天大盘能不 能形成共振直接突破？ 具体的切换到指数来看，今天上证指数早盘跌尾盘又拉红，目前整个震荡幅度比较窄。而上证创业板收 出了一个中阳线，深证指数也再创新高，科创板也是中阳线，所以上证指数最近为什么这么弱，我认为 主要还是因为它前面涨的强，它把这些阻力都已经过掉了，现在就是最后一个阻力它在等深证和创业 板。那么现在这个走势，我们说我们的牛市基调基本上是确定的，我们就不用担心这个地方就算调整， 我个人认为它顶多就调一个阴线去打一下，对吧？去清洗一下这个平台的浮筹。几 ...

Core Viewpoint - The recent performance of the ChiNext AI ETF (159388) indicates a positive outlook for the AI industry, with expectations of significant marginal changes in the coming months due to the launch of new models and ongoing policy support for domestic computing power [1] Group 1: AI Industry Outlook - The AI sector is anticipated to experience substantial growth driven by the introduction of new models, which will likely enhance the sustainability of its upward trend [1] - Domestic computing power is viewed as a cornerstone for national development, expected to receive continuous policy support, including procurement by central state-owned enterprises and backing for major technology projects [1] - The AI application sector has seen relatively modest gains previously, but with the release of new models and the proliferation of technology, a qualitative change is expected to emerge from the accumulated quantitative growth [1] Group 2: Investment Focus Areas - Robotics, as a significant application area of AI, is projected to accelerate in growth [1] - The technology sector is expected to become the main focus of future market trends, while interest in cyclical sectors is anticipated to decline [1] - The overall rise in the AI industry chain is particularly optimistic for domestic computing power, AI applications, PCB-related sectors, and specific areas within robotics [1] Group 3: ETF and Index Information - The ChiNext AI ETF (159388) tracks the ChiNext AI Index (970070), which can experience daily fluctuations of up to 20% [1] - The index comprises securities from companies involved in the development and application of AI technologies, covering various fields such as software and hardware R&D, and intelligent services [1] - The index aims to reflect the overall performance of publicly listed companies related to AI and highlights the potential for technological innovation and growth, especially in the information technology and high-end manufacturing sectors [1]

Market Overview - The market experienced a strong upward trend on Tuesday, with the ChiNext Index rising nearly 2% and surpassing the 2400-point mark [1] - The Shanghai Composite Index closed at 3609.71 points, up 0.33%, with a trading volume of 793.6 billion [1] - The Shenzhen Component Index closed at 11289.41 points, up 0.64%, with a trading volume of 1009.6 billion [1] - The ChiNext Index closed at 2406.59 points, up 1.86%, with a trading volume of 495.8 billion [1] Sector Performance - The CRO, steel, CPO, and advanced packaging sectors saw significant gains, while insurance, pork, banking, and agriculture sectors experienced declines [1] - Pharmaceutical stocks collectively surged, with CRO and innovative drug sectors leading the gains, and several stocks like Chenxin Pharmaceutical hitting the daily limit [2] - CPO and computing hardware stocks showed strong fluctuations, with companies like Zhongji Xuchuang reaching historical highs [2] Institutional Insights - According to Jifeng Investment Advisory, the current policy cycle is shifting towards a positive stance, suggesting that A-shares and the economy may see upward turning points [4] - Investment recommendations include focusing on high-growth sectors such as semiconductors, consumer electronics, artificial intelligence, robotics, and low-altitude economy [4] - Fuyong Fund noted that cyclical and blue-chip sectors are benefiting from "anti-involution" policies and large-scale investments in hydropower projects, leading to a significant increase in market expectations for industrial product prices [4] Corporate News - Zhu Huarong has been appointed as the Party Secretary and Chairman of China Changan Automobile Group [5] - Zhao Fei has been appointed as the Deputy Secretary and Director, nominated as the General Manager candidate [5] - Other appointments include Tan Benhong, Jia Lishan, Deng Wei, and others in various leadership roles within the company [5] Agricultural Sector Initiatives - The Ministry of Agriculture and Rural Affairs plans to enhance the cultivation of agricultural brands and improve consumer confidence [7] - Efforts will include developing management standards for agricultural brand cultivation and promoting high-quality agricultural products through marketing campaigns [7][8] - The ministry aims to strengthen the marketing service capabilities for agricultural products and optimize consumption channels [8]

Group 1 - The ChiNext Index has surpassed 2400 points for the first time since November of last year, with a daily increase of 1.69% [1]

Core Viewpoint - The ChiNext Index has surpassed the 2400-point threshold, increasing by 1.58%, indicating a positive market sentiment towards growth sectors such as CRO and innovative pharmaceuticals [1]. Group 1: Market Performance - The ChiNext Index has crossed the significant 2400-point mark, reflecting a 1.58% increase [1]. - Sectors such as CRO and innovative pharmaceuticals are leading the gains in the market [1]. Group 2: Investment Trends - There is a notable influx of dark pool funds into these stocks, suggesting increased investor interest and potential for growth in these sectors [1].

Group 1 - The A-share market showed strength on July 29, with the ChiNext Index rising by 1.28% and the Tianhong ChiNext ETF (159977) increasing by 1.18%, with a trading volume exceeding 31 million yuan [1] - Over the past 30 trading days, the Tianhong ChiNext ETF has accumulated a gain of over 15% [1] - As of July 28, the latest circulating scale of the Tianhong ChiNext ETF is 8.724 billion yuan, closely tracking the ChiNext Index, which consists of 100 representative companies in the ChiNext market [3] Group 2 - Notable stocks within the ChiNext Index include Tianfu Communication, which rose over 12%, along with other stocks like Zhongji Xuchuang, Taige Pharmaceutical, and Xinyisheng [2] - The current market structure is shifting from a "barbell strategy" to "middle assets," with the technology and innovation sectors, represented by the ChiNext Index and the Sci-Tech 50, experiencing a cyclical turning point [3] - The first quarter profit growth rate of the ChiNext Index reached 19%, highlighting its profitability advantage among broad-based indices [3] Group 3 - The 2025 World Artificial Intelligence Conference is expected to catalyze new products and demands in the domestic AI industry chain, focusing on ten major sectors including AI infrastructure and intelligent terminals [4] - The AI industry chain in China is entering a phase of large-scale demonstration applications, with intelligent computing power expected to double by 2026, reaching a market size of approximately 33.7 billion USD [4] - Benefiting from the trends of inclusivity and intelligent equality, sectors such as scientific research, intelligent driving, and fintech are anticipated to gain from the widespread adoption of AI applications [4]