Core Viewpoint - The article highlights the poor performance of Vanguard Fund's actively managed equity funds under manager Liu Zhiqiang, with significant declines in net asset value and underperformance against benchmarks, raising concerns about the fund's commitment to investor interests [1][10]. Performance Summary - As of July 31, 2025, Liu Zhiqiang's managed funds have seen a year-to-date net value decline of over 10%, ranking near the bottom of the market [1][10]. - Vanguard Ju You A fund has experienced a net value drop of 13.06% this year, significantly underperforming its benchmark by over 14 percentage points, with a peer ranking of 2314 out of 2316 [2][11]. - The fund's performance over various time frames shows a consistent underperformance, with a three-year return of -32.47% and a five-year return of -2.58% [2][11]. Fund Manager Background - Liu Zhiqiang has been with Vanguard Fund Management since November 2019 and has managed the Vanguard Ju You flexible allocation mixed securities investment fund since December 28, 2022 [3]. Investment Strategy and Holdings - As of the end of the second quarter, 87.14% of the fund's total assets were allocated to equity investments, focusing on sectors benefiting from macroeconomic transitions and industry trends, particularly in technology and manufacturing [4][5]. - Major holdings include companies like Danghong Technology, Cloudwalk Technology, and Anheng Information, with significant investments in these stocks [6][8]. Investor Sentiment - The article questions whether Vanguard Fund prioritizes the interests of its investors, given the poor performance of its funds and the low total assets under management, which were less than 50 million yuan combined for the two funds managed by Liu Zhiqiang [12].

Investment Rating - The report maintains an "Overweight" rating for the computer industry [1] Core Viewpoints - Robot teleoperation is defined as using remote control to map human actions onto machines across physical spaces [6] - The primary applications of robot teleoperation include human-machine task execution, safety assurance, and training data collection [7] - Current technical challenges in teleoperation include communication latency and tactile feedback [8] - Investment in robot teleoperation is seen as a means to accelerate the deployment of robots in various scenarios and to enhance safety measures [11] Summary by Sections 1. Definition of Robot Teleoperation - Robot teleoperation refers to the remote control method that allows human actions to be mirrored onto machines [6] 2. Main Purposes of Robot Teleoperation - Human-machine task execution is necessary as humanoid robots currently lack sufficient intelligence for autonomous task completion, especially in hazardous environments [7] - Safety assurance is critical due to potential hacking risks and algorithmic flaws that could lead to accidents [7] - Training data collection is essential for humanoid robots to learn physical actions through human demonstrations, which require teleoperation [7] 3. Current Technical Challenges in Teleoperation - Communication latency affects the real-time operation of teleoperation, particularly in long-distance tasks [8] - Tactile feedback devices are expensive, and the autonomous reasoning capabilities for tactile intelligence are still under development [8] 4. Main Methods of Teleoperation - Current mainstream teleoperation methods include VR controllers, motion capture devices, master-slave robotic arms, exoskeletons, and Cartesian coordinate controllers [9][10] 5. Investment Recommendations - The report suggests that robot teleoperation can facilitate the integration of robots into various applications and is crucial for collecting training data [11] - The market for teleoperation is promising, with a recommendation to focus on companies like Changhong Technology, which is developing remote control solutions for robots [11]

计算机行业 2025 年 8 月 1 日 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：iFinD，东莞证券研究所 相关报告 超配（维持） 计算机行业双周报（2025/7/18-2025/7/31） 行 业 北美四大 CSP 再次上调全年资本开支指引，全球算力需求有望维持高位 SAC 执业证书编号： 计 算 机 行 业 指 数 涨 跌 幅 及 估 值 ： 申 万 计 算 机 板 块 近 2 周 （2025/7/18-2025/7/31）累计上涨1.25%，跑赢沪深300指数0.23个百 分点，在31个申万一级行业中排 ...

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by over 10% in the next six months [1]. Core Insights - North America's four major cloud service providers have raised their annual capital expenditure guidance, indicating sustained high global computing power demand. The report suggests focusing on investment opportunities in NVIDIA and the domestic computing power supply chain [1][26]. - The computer industry index has shown strong performance, with a cumulative increase of 13.08% this year, outperforming the CSI 300 index by 9.51 percentage points [2][9]. Summary by Sections 1. Industry Performance Review - The computer sector has increased by 1.25% in the last two weeks, outperforming the CSI 300 index by 0.23 percentage points, ranking 17th among 31 first-level industries [2][9]. - In July, the sector rose by 3.86%, again outperforming the CSI 300 index by 0.31 percentage points [2][9]. 2. Valuation Situation - As of July 31, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 54.80 times, positioned at the 89.46th percentile over the past five years and the 77.59th percentile over the past ten years [19]. 3. Industry News - The State Council approved the "Artificial Intelligence +" action plan, aiming to promote the commercialization of AI applications across various sectors [20]. - OpenAI is set to launch GPT-5 in early August, which will integrate various technologies into a more powerful system [20]. - Major cloud providers like Alphabet, Microsoft, Meta, and Amazon reported double-digit growth in revenue and net profit, driven by AI [20][26]. 4. Company Announcements - Notable companies such as Zhimi Intelligent and Digital Certification have reported significant revenue growth and strategic developments, indicating a positive trend in the sector [23][25]. 5. Weekly Insights - The report highlights the substantial capital expenditures by major cloud providers, with Alphabet increasing its capital expenditure forecast to $85 billion, Microsoft planning to invest over $100 billion, and Amazon's capital expenditure reaching $31.4 billion in Q2 [26].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the significant growth potential in the AI application sector, particularly in the design field, as evidenced by Figma's successful IPO and strong revenue growth [4][5][8] - Figma's revenue growth remains robust, with 2024 and Q1 2025 revenues of $749 million and $228 million respectively, reflecting year-on-year growth rates of 48% and 46% [5] - The report highlights the importance of cloud-based collaborative design as Figma's core philosophy, showcasing a strong customer base and high customer retention rates [6] Summary by Sections Industry Overview - The report indicates a positive outlook for the AI design sector, driven by Figma's market performance and the increasing adoption of AI technologies [8] Company Performance - Figma's stock price surged to $115.5 per share, marking a 250% increase and a market capitalization of approximately $56.3 billion, making it the largest IPO in the U.S. for 2025 [4] - The company maintains a high gross margin of around 90% since 2023, with non-GAAP operating profit margins reaching 17-18% in 2024 and Q1 2025 [5] Customer Metrics - Figma's Dollar-Based Net Retention rate was 134% in 2024, up from 122% in 2023, indicating strong product stickiness and expansion strategies [6] - The number of customers contributing over $100,000 in annual recurring revenue (ARR) increased by nearly 47% from 701 in 2024 to 1,031 in Q1 2025 [6] Product Development - Figma is expanding its product matrix with the introduction of AI-driven tools such as Figma Make, Figma Draw, Figma Sites, and Figma Buzz in 2025 [7] Investment Recommendations - The report suggests a continued positive outlook for AI applications, recommending various companies in the AI design and computing sectors as potential beneficiaries [8]

多模态AI板块短线拉升，万兴科技、鼎捷数智涨超10%，立方控股、易点天下、昆仑万维、当虹科技、 值得买等跟涨。 ...

资金面上，海优新材上一交易日主力资金净流出538.39万元，近5日净流入1714.71万元。 融资融券数据显示，该股最新（7月31日）两融余额为2.66亿元，其中，融资余额为2.66亿元，较上一个 交易日增加589.56万元，增幅为2.27%；融券余额为32.54万元，较上一个交易日减少1.88万元，降幅为 5.45%。近10日两融余额合计增加1615.19万元，增幅为6.45%，其间融资余额增长6.46%，融券余额增长 3.26%。（数据宝） （文章来源：证券时报网） 8月1日盘中科创板股海优新材涨停，截至10:11，股价报54.94元，成交2.53亿元，换手率5.92%，振幅 19.51%。 科创板个股中，截至发稿上涨的共有426只，涨幅在10%以上的共有7只，除海优新材之外，涨停的还有 瑞可达、申联生物等，下跌的有151只，跌幅较大的有当虹科技、鼎通科技、佳驰科技，分别下跌 4.41%、4.40%、4.01%。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [3]. Core Insights - Figma's core product is a cloud-based collaborative interface design tool that integrates the entire workflow from conception to delivery, addressing pain points in traditional design processes [3][5]. - Figma has a strong user base with 13 million monthly active users, 86% of whom are from small and medium-sized enterprises, and 70% of revenue comes from organizational and enterprise plans [3][36]. - The introduction of AI features in Figma is expected to enhance user engagement and increase subscription prices, with 2024 revenue projected at $749 million, a 48% year-over-year increase [3][59]. - The AI creative landscape is evolving, with Figma positioned to benefit from the commercialization of AI tools, which have already crossed the $100 million ARR threshold in various segments [3][78]. Summary by Sections 1. Figma Overview - Figma is a leading cloud-based collaborative design software, focusing on interface design and team collaboration, widely used in software development and UI/UX design [5][6]. - The company has experienced rapid growth, achieving $749 million in revenue for 2024, with a 48% year-over-year increase [3][59]. - Figma's user base includes 95% of the Fortune 500 companies, with a significant portion being non-professional designers [36]. 2. AI Creative Landscape - The report identifies three main types of players in the AI creative space: large model companies, creative software companies leveraging GenAI, and image/video communities with strong data and R&D capabilities [3][78]. - Figma and Canva target the creator market, while Adobe focuses on professional design, leading to different valuation metrics [3][88]. 3. A-Share and Hong Kong Stock Targets - The report mentions potential investment targets in the A-share and Hong Kong markets, including Meitu, Kuaishou, Hongsoft Technology, Wankong Technology, Visual China, and Danghong Technology [3][4]. 4. Financial Analysis - Figma's revenue growth is robust, with a compound annual growth rate (CAGR) of 53% over four years, and a rolling 12-month revenue of $821 million [3][65]. - The company has a strong cash flow, with a free cash flow to revenue ratio of 28%, significantly higher than the SaaS industry median of 18% [3][65].

融资融券数据显示，该股最新（7月30日）两融余额为10.39亿元，其中，融资余额为10.35亿元，较上一 个交易日增加1.63亿元，增幅为18.65%；融券余额为379.80万元，较上一个交易日增加51.58万元，增幅 为15.72%。近10日两融余额合计增加1.84亿元，增幅为21.54%，其间融资余额增长21.37%，融券余额增 长97.45%。 7月31日盘中科创板股东芯股份涨停，截至09:35，股价报64.76元，成交12.41亿元，换手率4.57%，振幅 10.62%。 （文章来源：证券时报网） 科创板个股中，截至发稿上涨的共有442只，涨幅在5%以上的共有9只，涨幅较高的有南新制药、东芯 股份、生益电子等，分别上涨20.03%、19.99%、10.88%，下跌的有130只，跌幅较大的有电气风电、当 虹科技、大全能源，分别下跌11.92%、6.14%、5.32%。 资金面上，东芯股份上一交易日主力资金净流出4.78亿元，近5日净流出4.87亿元。 ...

Market Performance - The main board led the gains with notable increases in stocks such as Jinyi Film (+10.04%), Ciwen Media (+10.00%), and Changfei Fiber (+10.00%) [1] - The ChiNext board saw significant growth, particularly in Xifeng Blue Sea (+20.00%) and Ashi Innovation (+11.82%) [1] - The Sci-Tech Innovation board was also strong, with Dongxin Co. (+17.33%) and Danghong Technology (+15.79%) leading the way [1] - Active sub-industries included SW Film and Animation Production (+2.43%) and SW Games III (+1.22%) [1] Domestic News - A semiconductor project by China Electronics Technology Group focusing on silicon carbide substrates has been launched, aiming to add 1 million mm of silicon carbide single crystal and 300,000 pieces of silicon carbide substrate capacity [1] - Huajin Technology announced plans to acquire a 6% stake in Crystal Integrated for approximately 2.393 billion yuan, aiming to enhance industry chain collaboration and strategic investment [1] - According to CINNO, the installation of central control CID in China's passenger cars reached 12.84 million units in the first half of 2025, a year-on-year increase of 12%, with a high installation rate of 98% [1] - Akita Micro's production base in Thailand has been established, focusing on core business areas including new flat panel display devices and embedded software development [1] Company Announcements - Haitai Ruisheng reported a reduction in shares by major shareholders, with a total of 399,950 shares sold, accounting for 0.66% of the total share capital [3] - Zhuoyi Information disclosed a reduction of 2,259,989 shares by a shareholder, representing 1.87% of the current total share capital [3] - Zhongke Software completed a share reduction plan, selling 16,620,800 shares, which is 2% of the total shares [3] - Fudan Microelectronics projected a revenue of approximately 1.82 billion to 1.85 billion yuan for the first half of 2025, reflecting a year-on-year increase of 1.44% to 3.12%, while net profit is expected to decrease by 39.67% to 48.29% [3] Overseas News - Hanmi Semiconductor expressed confidence in dominating the HBM4 market for high bandwidth memory bonding machines amid increasing competition [2] - Japan Display Inc. (JDI) has decided to sell its manufacturing equipment at the Mobara factory and terminate production operations early [2] - Canalys reported a 1% increase in U.S. smartphone shipments in Q2 2025 due to tariff concerns, with the proportion of U.S. smartphones assembled in China dropping from 61% to 25% [2] - EssilorLuxottica announced a 5.5% revenue growth to 14 billion euros (approximately 16.2 billion USD) in the first half of 2025, driven by a doubling in sales of Ray-Ban Meta AI glasses [2]