中国移动今日发布算网大脑3.0。据悉，该3.0体系融合九天大模型，实现面向算网复杂环境自主任务规 划执行的超级智能体，推动算力网络中枢系统从自动化向智能化演进。 ...

Core Insights - The report from CITIC Securities indicates a significant shift in household deposits, with a year-on-year decrease of 780 billion yuan in July, while non-bank deposits increased by 1.39 trillion yuan, suggesting a trend of residents moving their savings into financial products [1] - The narrowing "scissors gap" between M2 and M1 year-on-year growth rates reflects an increase in the liquidity of funds and a reduction in the phenomenon of deposit stagnation [1] Fund Flow Analysis - The report identifies three main areas where the "relocated" funds are likely to flow: 1) Insurance: Growth in premiums and a trend of insurance capital entering the market 2) Wealth Management: Continuous growth in scale with increasing preference for "fixed income +" products 3) Stock Market: A surge in individual investor account openings, with a more orderly influx of funds compared to last year's market conditions [1] Excess Savings Perspective - From the perspective of excess savings, CITIC Securities estimates that excess savings accumulated since 2018 exceed 30 trillion yuan, with 5 trillion yuan formed after 2022 likely to be used for consumption and investment in the near term [1] Deposit Reallocation Outlook - The bank forecasts that by 2025, over 90 trillion yuan in deposits may mature, and if 5%-10% of these funds seek higher returns, the outflow could range from 4.5 trillion to 9 trillion yuan. The reallocated deposits are expected to favor "fixed income +" asset management products for indirect market entry rather than concentrating solely in equity markets [1]

Group 1 - The company reported a significant decline in revenue for the first half of 2025, with operating income of 1.72 billion yuan, a year-on-year decrease of 35.3%, and a net profit attributable to shareholders of -290 million yuan, a decrease of 180 million yuan compared to the previous year [1] - The company plans to change its name to "Jiangxi Jiangtu Rare and Precious Equipment Co., Ltd." and its stock abbreviation to "Jiangtu Equipment" following a major asset restructuring and change in controlling shareholder [2] - The major asset restructuring was completed in August 2025, where the company divested its core coal business and acquired a 57% stake in Jinhui Magnetic Selection, with profit commitments for the next three years [2] Group 2 - The tungsten business is projected to have a value exceeding 20 billion yuan, with estimated annual net profit contributions of approximately 750 million yuan from tungsten concentrate and smelting processing [3][4] - The company holds tungsten resources of 496,600 tons, with an estimated annual revenue of about 2.17 billion yuan from tungsten concentrate sales, and a net profit of around 700 million yuan after costs and taxes [2][3] - The tantalum, niobium, and lithium business is estimated to have a market value of about 10 billion yuan, with projected net profits of approximately 300 million yuan based on historical profit margins [4] Group 3 - The change in controlling shareholder to Jiangtu Holdings is expected to enhance the company's ability to integrate non-coal resources and improve financial performance [4] - The company has adjusted its profit expectations for 2025-2027, forecasting net profits of -210 million yuan, -100 million yuan, and -43 million yuan respectively, due to declining coking coal prices [4]

人民财讯8月23日电，据"深圳机场（000089）发布"消息，深圳机场将再添一座航站楼。8月23日，深圳 机场T2航站区北货运区及综合配套工程正式开工。两个项目建成后将推动深圳机场实现规模体量、保 障能力、运行效率、发展空间多重跃升，有力支撑深圳区位门户复合型国际航空枢纽建设。 ...

骆驼股份25H1 业绩优秀。根据公司中报，公司25H1 实现营收80亿元，同比+6.2%；归母净利润5.3 亿 元，同比+69.5%，落在《2025年半年度业绩预增公告》预测值中枢。盈利能力显著改善：毛利率 15.4%，同比-0.4pct；净利率6.7%，同比+2.4pct。分季度来看，公司2025Q2 实现营收38.6 亿元，同 比-5.2%，环比-6.7%；归母净利润2.9 亿元，同比+86.8%，环比+24.6%；毛利率15.0%，同比+0.5pct， 环比-0.8pct；净利率7.6%，同比+3.4pct，环比+1.7pct。 本报告导读： 我们认为骆驼股份的低压锂电池业务成长逻辑明确，业务增长过程中规模效应释放，有望明显提升公司 业绩，维持"增持"评级。 投资要点： 投资建议：我 们认为骆驼股份的低压锂电池业务成长逻辑明确，业务增长过程中规模效应释放，有望 明显提升公司业绩。我们上调公司2025/26/27 年归母净利润预测至10.4/13/14.7 亿元，同比增长 69%/25%/14%。骆驼股份2025 年8 月21 日收盘价对应2025 年11.4xPE，参考可比公司，给予公司2025 年15 ...

智通财经记者 | 王妤涵 智通财经编辑 | 李慎 备受市场关注的万科，交出上半年答卷。 8月22日晚间，万科（000002.SZ）披露了2025年半年度财务报告。数据显示，公司上半年实现营业收入 1053.2亿元，同比下滑26.2%；归母净利润亏损119.47亿元，同比下降21.3%。期内实现合同销售金额 691.1亿元，销售回款率超过100%，并完成超4.5万套房屋的交付工作。 尽管业绩承压，万科在债务化解方面取得一定进展。通过自身资产处置与大股东深圳地铁集团的持续资 金支持，万科已如期偿还243.9亿元公开市场债务，且2027年前无到期境外公开债。 "接下来，万科将会充分利用现有政策，统筹各类资源，全力以赴，改善管理，增收节支，降本增效， 加强应收款项清收，尽力减亏，化解风险，重新回到健康发展轨道"，在8月22日举行的分析师会议上， 万科管理层表示。 全力冲业绩 分业务类型看，营业收入中，房地产开发业务作为万科的核心业务，上半年收入贡献844.4亿元，同比 减少31.57%，成为营收下滑的主要因素。 相比之下，物业服务收入表现稳健，贡献营收170.9亿元，同比增长6.82%，占比16.2%。 上半年部 分 ...

高功率UPS锂电系统筑牢"零宕机"防线 近日，圣阳股份研发的高功率UPS锂电系统在某超大型数据中心项目成功投用。该系统融合智能化能源 管理与多级安全防护技术，实现了电力供应的无缝切换，将供电可靠性提升至99.99%——这意味着即 便遭遇外界电力中断，数据中心的服务器也能保持持续运行，真正做到"零中断"。 "我们的高压UPS锂电产品采用长寿命超高功率电芯技术，功率密度高达800W/kg，高功率循环寿命达 2000次。同时，它搭载了智能化管理系统，通过AI算法实时监测电池健康状态，能提前预警潜在风 险，为数据中心的安全可靠运行提供'零宕机'保障。"圣阳股份研究院院长马建平解释。该产品通过技 术创新，将数据中心的"宕机"风险降到了最低，也为数字经济的稳定运行注入了"强心剂"。 近年来，圣阳股份通过组建专项技术团队，在重点提升备电电源高功率、高安全、高可靠性的基础上， 将铅碳储能、光伏发电与系统负荷相结合，创新打造出"智能微网"解决方案，为客户的绿色低碳转型之 路提供了有力支撑。 "我们针对不同场景需求，提供锂电、铅电灵活配置方案。比如为互联网客户定制的高压锂电系统，在 延长全生命周期的同时，物理使用面积减少了40% ...

Core Viewpoint - The Hunan Provincial Government has issued an implementation opinion to accelerate the reform of the chain debt repayment mechanism and explore the application of digital renminbi in this context, aiming to enhance economic development through innovative financial solutions [1][2]. Group 1: Chain Debt Repayment Mechanism - Chain debt refers to receivables and payables between government agencies, public institutions, state-owned enterprises, and private enterprises that exceed conventional aging limits and lack effective repayment mechanisms [2]. - The Hunan Provincial Financial Office has initiated efforts to construct a chain debt repayment mechanism, focusing on strengthening repayment measures and seeking policy support for special bonds [2]. - The implementation opinion emphasizes the need to accelerate the reform of the chain debt repayment mechanism and explore the application of digital renminbi to establish a direct funding model [1][2]. Group 2: Digital Renminbi Application - Hunan Province is actively expanding the application scenarios of digital renminbi, enhancing merchant coverage, upgrading acceptance devices, and improving user experience [3]. - As of the end of June, the number of merchants participating in the digital renminbi pilot in Changsha reached 560,000, with cumulative transactions exceeding 200 million and a total amount of over 46.2 billion yuan [4]. - The successful implementation of digital renminbi for salary payments in provincial budget units in Fuzhou marks a significant advancement in the application of digital currency, enhancing payment efficiency and ensuring the safety of fund transfers [5][6].

中新网清远8月23日电 (记者 张璐)2025年粤港澳大湾区(阳山)"香雪制药杯"第二届匹克球公开赛(以下简 称"比赛")8月23日在清远市阳山县体育馆开赛。 比赛现场，运动员们精准的发球、凌厉的扣杀、默契的配合，赢得了现场观众的阵阵喝彩。混合团体赛 中，各参赛队伍配合无间，精彩的对拉、巧妙的网前截击以及势大力沉的扣杀轮番上演。 据悉，本次比赛为期两天，吸引了来自全国各地的32支混合团体赛队伍、16支亲子赛队伍的运动员参 加。比赛设置混合团体赛和亲子赛两个项目。 "我是第一次参加这么大型的匹克球赛，能够在家门口参加高水平、高质量的匹克球比赛，感到很自 豪、非常兴奋。"来自阳山的匹克球运动员温志杰说，现在阳山匹克球运动氛围日趋浓厚，此番能和其 他地方队伍竞技交流，机会难得。"我是抱着学习的心态参加这次比赛的。期望在比赛中，既能锻炼自 己，也能进一步认识到自己的差距和短板，为今后在训练中补短板、提升球技。" 参赛运动员翁伟勋说："我们是一支来自香港的队伍。此次过来参赛，看到阳山的风景特别美。这次赛 事规模也比较大，汇聚了很多来自全国各地的匹克球运动队伍。我会在比赛中全力以赴，希望能打出精 彩的比赛，也祝愿阳山的匹 ...

此外，在披露财报的同时，华林证券还发布了一则人事变动，聘任原粤开证券总经理姚松涛担任新任董 事会秘书。原董秘谢颖明则由于工作调整，不再兼任董事会秘书，但继续担任执委会委员。 净利润增长172.72% 8月22日晚，华林证券发布2025年半年报。数据显示，华林证券在上半年实现营业收入8.35亿元，同比 增长35.15%，实现归属于上市公司股东净利润3.36亿元，同比大增172.72%。 2025年上半年，华林证券经营业绩实现快速增长，该公司实现营业收入8.35亿元，同比增长35.15%，实 现归属于上市公司股东净利润3.36亿元，同比大增172.72%。 此外，截至报告期末，华林证券总资产规模达 324.20亿元，归属于上市公司股东的所有者权益为 70.76 亿元。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业总收入(元) | 834.911.588.52 | 617.773.800.51 | 35.15% | | 归属于上市公司股东的净利润(元) | 336,259,245,06 | 123,298,298.24 | 172.72 ...