数字货币概念股午后进一步拉升，信安世纪、科创信息（300730）20cm涨停，拉卡拉（300773）、长 亮科技（300348）、新晨科技（300542）涨超10%，楚天龙（003040）、格尔软件（603232）、京北方 （002987）多股涨停。香港特区政府今日（26日）发表《香港数字资产发展政策宣言2.0》，重申特区 政府致力将香港打造成数字资产领域中的全球创新中心。 暗盘资金正涌入这些股票，点击速看>>> ...

"累计服务客户数已超6800万"，网商银行在自己的十岁生日这天给出了这样一组数据，也为自己十年的 金融服务打下了一个深刻的注脚。 过去十年，是网商银行逐步成长的十年，也是中国从世界工厂走向了智造强国的十年。这十年间，中国 建成了全球最完备的工业体系。在这段历史进程中，网商银行摸索产业金融、农村金融的赋能方式，将 金融活水滴灌至产业末梢，与时代同频共振。 未来十年，AI技术无疑将重塑各行各业的格局，引领生产力快速发展。技术变革当前，网商银行又将 如何行动？"不做大而全的跟风者，要成为小微金融的AI深耕者"，网商银行党委书记、董事长金晓龙坚 定表示。他强调道，网商银行将聚焦科技应用，博采众长，集成最先进的大模型技术，深度融合于信 贷、理财等核心产品，让小微金融更顺利、更高效。 过去十年：与时代同频 从2015年至2025年，网上零售额从2.7万亿飙升至15.23万亿，中国网民规模从6.49亿增长至11.08亿。互 联网的变更改变了人们的生活方式，"线上"成为越来越多人的选择。 数字化的新时代自然催生了数字化的金融需求。回望，2015年的6月25号，彼时，网商银行正式成立。 在那时，线上贷款还不是主流，没有抵押、没 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 28.81 CNY, corresponding to a market capitalization of 6.425 billion CNY [5][38]. Core Insights - The company is expected to benefit significantly from the launch of Nintendo Switch 2, with a diversified layout in full-scene display modules and a strong technological reserve in Mini/Micro-LED [4][37]. - The company has successfully transitioned from a focus on mobile backlighting to mid-size products, enhancing its revenue structure with high-margin gaming and tablet products [2][29]. Company Overview - Shenzhen Nanjiguang Electronic Technology Co., Ltd. was established in 2009, focusing on the R&D, production, and sales of LED backlight products, with applications in smartphones, tablets, gaming, automotive displays, and medical devices [1][12]. - The company has a stable ownership structure, with the founders holding a combined 39.03% of shares, ensuring control and liquidity [1][14]. Business Transformation and Growth Engines - The company is shifting from traditional mobile backlighting, which saw a revenue share drop from 91.15% in 2022 to lower levels due to declining LCD market share and increased competition [2][27]. - In 2024, the company became the exclusive supplier of backlight modules for the Nintendo Switch 2, meeting stringent technical requirements and driving a shift towards higher-margin products [2][29]. Financial Performance - The company faced a downturn from 2020 to 2023, with a net loss of 305.25 million CNY in 2023, but is projected to return to profitability in 2024 with a net profit of 20.63 million CNY [3][39]. - The gross margin is expected to improve significantly, rising from -3.47% in 2023 to 16.24% in 2024 and 26.97% in Q1 2025 [3][39]. Investment Recommendations - The company is anticipated to achieve net profits of 257 million CNY, 353 million CNY, and 457 million CNY from 2025 to 2027, benefiting from the anticipated sales of the Switch 2 exceeding expectations [4][38]. - The report highlights the potential for the company to expand its influence in the industry and attract high-end clients due to its successful collaboration with Nintendo [4][38].

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [3][9]. Core Insights - The report highlights the acceleration of the industrialization process in the controllable nuclear fusion sector, driven by continuous technological breakthroughs, supportive policies, and rapid domestic bidding processes [3]. - The report emphasizes that nuclear fusion is regarded as the "ultimate energy" source due to its high energy density, environmental cleanliness, and the abundance of raw materials, making it a necessary choice for future energy solutions [3]. - The report identifies two main investment lines: exploring core supporting entities related to nuclear fusion projects and focusing on high-barrier and high-value segments within the industry chain [3]. Summary by Sections Industrial Developments - Shanghai Superconductor, a leading enterprise in high-temperature superconducting materials, has received approval for its IPO, aiming to raise 1.2 billion yuan to build a new factory, which is expected to add 6,000 kilometers of production capacity annually [3]. - The company reported a revenue of 240 million yuan in 2024, a year-on-year increase of 187.40%, and a net profit of 73 million yuan, marking a significant turnaround [3]. Financial Developments - China National Petroleum Corporation Capital plans to invest 655 million yuan in Kunlun Capital for controllable nuclear fusion projects, indicating strong financial backing for the industry [3]. Key Investment Targets - The report lists several key companies to watch, including: - Superconducting Magnet Systems: Western Superconductor, Yongding Co., Jingda Co., and Lianchuang Optoelectronics - Casing Systems: Guoguang Electric, Hezhu Intelligent, Antai Technology, and Yingliu Co. - Power Systems: Xuguang Electronics, Sichuang Electronics, Guoli Co., and Aike Saibo [3][4].

Group 1: Overview of Stablecoins - Stablecoins are blockchain-based digital currencies designed to maintain a stable value, primarily used as a medium of exchange in the cryptocurrency market[2] - Since 2014, stablecoins have evolved through exploration, diversification, and regulatory improvements, with major economies like the EU, Singapore, and the US advancing legislation[2] - The US stablecoin market may increase demand for the dollar but cannot reverse the trend of de-dollarization[2] Group 2: Types and Mechanisms - Stablecoins can be categorized into four types: fiat-collateralized, commodity-collateralized, crypto-collateralized, and algorithmic[5] - Fiat-collateralized stablecoins, like USDT and USDC, maintain stability by being backed 1:1 by fiat reserves, primarily the US dollar[21] - Algorithmic stablecoins, such as UST, rely on market mechanisms to maintain their value but are subject to significant risks, as seen in the UST collapse[6] Group 3: Market Trends and Future Outlook - The stablecoin market has seen rapid growth, with USDT and USDC having market capitalizations of $155.5 billion and $61.6 billion, respectively, as of June 2025[21] - Regulatory frameworks for stablecoins are being developed globally, with the US focusing on enhancing national credit backing for stablecoins[7] - Future trends may include accelerated legislative progress for stablecoins, increased use in real-world asset transactions, and potential competition with Central Bank Digital Currencies (CBDCs)[7]

MACD金叉信号形成，这些股涨势不错！ 本周A股市场连续三个交易日放量大涨，上证指数创出年内新高，A股总市值逼近百万亿大关，创下历 史新高。6月25日，在大金融等全板块带动下，三大指数全线上涨，创业板指数涨3%，军工、券商、软 件等板块爆发。整个A股市场超过3900只股票上涨，80只股票涨停，市场成交额达到1.64万亿元。6月26 日周四，沪深两市继续反弹，市场信心得到提振，市场情绪逐步回暖，投资者风险偏好提升。特别是港 股部分券商获得加密货币交易服务等利好消息推动，出现放量暴涨，某龙头券商甚至上涨数倍，极大地 激发了券商板块的投资热情，很多券商股大幅上涨。作为行情风向标的券商股被称为牛市旗手，在券商 股大涨带动下，市场信心得到提振，资金流入股市意愿增强，下半年A股市场和港股市场有望迎来新一 波行情。 不过，目前仍面临一些外部不确定因素，如国际关系仍存在一定不确定性，中东冲突虽近期停火，但仍 有反复可能，这些会增加下半年市场波动。但随着稳经济增长政策逐步落地，下半年我国经济面将逐步 企稳回升，经济数据有所改善，经济回升是股市回升基础，下半年A股和港股将延续结构性行情。以人 形机器人为代表的科技板块有望成为领涨 ...

他认为，尽管宇树科技近几年成长得很快，但随着国内人形机器人研发赛道日益拥挤，他也感受到了市 场竞争带来的压力。 国家市场监管总局发布的数据显示，截至2024年12月底，中国共有45.17万家智能机器人产业企业，注 册资本共计64445.57亿元，企业数量较2020年底增长206.73%，较2023年底增长19.39%，呈稳健上扬态 势。 在谈及人形机器人的市场开拓时，王兴兴表示，目前，工业和农业应用发展速度相对更快一些。家庭应 用场景也具有很大的想象空间，但现阶段仍充满挑战性。 "如果今年或明年，（宇树科技）在产品上或技术上停滞了，那么我们很快就会变成一家平庸的公司， 这是不可避免的。" 26日，在世界经济论坛第十六届新领军者年会（夏季达沃斯论坛）期间，宇树科技首席执行官王兴兴表 示，在过去的一年里，机器人是除人工智能（AI）之外，最受全球市场关注的行业领域。但目前，具 身智能还没有到达可以大批量应用的时间节点。现阶段，对于宇树科技而言，"保持技术和产品持续创 新"的压力或超过服务市场的开拓。如果将技术还不成熟的产品就"硬推"给市场，公司可能会面临巨大 亏损。 据王兴兴透露，作为一家2016年成立的机器人公司 ...

Core Viewpoint - Reitar Logtech Holdings Limited is initiating a spin-off of its logistics automation segment to enhance growth potential and shareholder value, following its acquisition of Jingxing Storage Equipment Engineering [1][2] Group 1: Spin-off Strategy - The spin-off aims to create an independent entity focused on smart warehousing and integrated logistics automation solutions, allowing for greater operational flexibility and innovation [2][3] - This strategic move is expected to attract partnerships and investments, reinforcing Reitar's leadership in the smart logistics industry [3] Group 2: MIS Strategy - Reitar is committed to its "MIS" strategy, which includes Mergers & Acquisitions, Integration, and Spin-offs, to strengthen core operations and maximize capital efficiency [4] - The company plans to continue pursuing acquisitions to integrate resources and develop comprehensive end-to-end solutions within the smart logistics ecosystem [3][4] Group 3: Company Overview - Reitar Logtech, listed on Nasdaq in 2024, specializes in integrated Property-Logistics Technology solutions, focusing on the full lifecycle management of logistics assets [5] - The company utilizes technology to enhance operational efficiency and economic returns, integrating smart warehouse systems and data analytics platforms [5]

证券研究报告 应"质"而谋，向"新"而行 ——基金2025年半年度报告 证券分析师 陈 瑶 投资咨询资格编号：S1060524120003 郭子睿 投资咨询资格编号：S1060520070003 高质量发展背景下，我国主动基金未来路在何方？ 任书康 投资咨询资格编号：S1060525050001 研究助理 高 越 一般从业资格编号：S1060124070014 2025年6月26日 胡心怡 一般从业资格编号：S1060124030069 请务必阅读正文后免责条款 投资要点 2025年上半年基金行业有何变化？国内权益资产分化，小盘股表现突出，港股上涨。主动权益基金业绩较好，小盘、成长风格基金表现 更佳，被动权益基金中港股主题基金收益率较高。沪深300、中证1000宽基ETF以及科技行业ETF资金净流入额居前。基金发行总量较去年 同期下降，发行结构上以被动权益基金、主动债券基金为主，被动权益型基金发行活跃。对比主被动权益产品，被动权益基金规模快速 增长，近3年主动权益基金跑输被动权益基金，但今年以来主动产品相对占优。政策方面，证监会公开印发《推动公募基金高质量发展行 动方案》，重点关注：1）政策鼓励被动权益产品大 ...

昨日黄金亚盘震荡，欧盘回落，美盘探底回升，日线小阳线，近似于十字！大阴线后十字阳线，耐人寻味，是空头的空中加油还是多头的反转；目前来看， 我们认为二者都不是。接下来，黄金短线偏向反弹，中期则倾向于冲高再跌。下方关键位置依然元旦节后2614以来趋势支撑，2957-3120趋势支撑和6月9日 低点支撑以及60日线支撑；前天晚上强调在下破前，我们倾向于走反弹，目前50美金的反弹幅度已经达成，100美元有可能但应该有难度！ 今日的话，短线继续关注多头冲高，短期支撑3330-25区域，重点依然上述强调的关键区域，只有这里下破空头才能打开向下空间，破位前随时反弹，期间 关注昨日低点区域支撑。上方的话，重点关注3355-60区域压制，看冲高下跌；意外向上突破多头可延伸至3380甚至冲击3400大关，然后再跌；当前短期则 适当关注3343-45区域压力。昨日3335空单取消了，错过空头20美元利润；晚间3314附近成功抄底短线，减仓后目前持有中！ 沪金和融通金可以跟随国际黄金操作，注意仓位和止损！周二最低点操作一波反弹多单，获利接近10块已经平仓，接下来冲高空为主，多单短线辅助。 止损，永远是对的，错了也对！ 死扛，永远是错 ...