以下文章来源于富国基金 ，作者前瞻布局 富国基金 . 关注富国基金，获取富国基金独家专业又有料的投资资讯，富二姑娘为您提供专业服务。富国基金，投资未 来 · 在一起。 市 场 总 是 充 满 惊 喜 —— 时 隔 8 个 月 ， A 股 重 新 站 上 3500 点 ， 机 器 人 、 创 新 药 、 光 伏 等 赛 道 表 现 活 跃，。这不仅仅是简单的指数反弹，更是"政策暖风+产业升级+资金重构"三重共振下的新起点。 站在这个关键节点，我们不禁要问：AI应用爆发在即，哪些公司能真正兑现业绩？创新药出海加速， 如何捕捉下一个10倍牛股？港股估值洼地，持续吸引南向资金，哪些资产被严重低估？下面特别梳理 了主流券商研究所2025下半年最为关注的投资主线，助力客官把握市场脉搏，在新起点上，实现高效 布局! 展望2025下半年：市场主流投资机会在哪里？ 站在年中节点回望，A股上半年的震荡如同为下半场蓄力的弓弦，三大力量正悄然拧成合力： 政策底的"加法效应"，政策已从"托底"转向"发力"、盈利周期的"V型曙光"刺破阴霾、全球科技的"同 频共振"更添变数。对于当下的市场，我们普遍认为它更像是"五月的麦田"：政策是阳光， ...

本榜单根据不同领域AI应用的全媒介声量（核心指标为AI应用用户发文总量，实时覆盖新闻、社交媒体、短视频、垂直社区、金融财经等800+内容平台数 据），梳理出了2025年1月-6月排名前20的国内AI应用，并对照应用的MAU（月活跃用户）进行了数据分析。 7月10日，2025贝壳财经年会上，新京报AI研究院和数据公司Xsignal联合发布了2025年上半年"全媒介之星"中国TOP 20 AI应用榜单。 | 1,071 24 | 33 23 | 373 23 | 870 | | --- | --- | --- | --- | | (MAU I ) ( ( ( ( ( ( ( ) | (MAU 万) ( ( 总声量 万) | (MAUI 万) (总声量 万) | (MAUI 7) | | 24 (总声量1万) | | | | 从具体APP来看，市场集中度的攀升成为上半年最显著的特征。豆包、DeepSeek、夸克组成的 "超级三巨头"，以超2000万的声量（其中豆包接近3000万） 和破亿的活跃用户数（豆包2.05亿、DeepSeek2.2亿），牢牢占据核心流量入口与用户心智。数据显示，三者合计占据市场超 60% 的 ...

近期DDR4市场涨声不断，南亚科第2季平均销售价格（ASP）仍较第1季下滑，李培瑛说明，主因非AI 产品价格于4、5 月跌幅剧烈，尽管6月止跌回升，但仍难弥补整体季度的平均影响。此外，第2季的合 约价多在第1季、气氛低迷时谈定，也压抑了实际价格表现。 他强调，这些状况反而让第3季议价条件明显改善，有助第3季及后续营运表现，现阶段DDR4库存已调 整至尾声，DDR5库存相当健康，低功耗产品也没有过剩情形，市场供需状况明显改善。 李培瑛指出，目前产能已满载，DDR4产品比重达50%，估第3季价格、销量及库存可望大幅改善，单季 毛利率有信心转正，净利转正仍有努力空间。 台塑集团旗下DRAM大厂南亚科总经理李培瑛昨（10）日在法说会指出，本季DDR4议价条件明显改 善，南亚科产能满载，预期销量与价格都将显著回升，对本季毛利率转正很有信心，力拼第4季转亏为 盈。 李培瑛说，AI应用在数据中心持续成长，加上手机规格升级与AI PC开始导入，推升高容量与低功耗存 储器需求，尽管非AI市场如传统PC与中端消费电子产品上半年仍相对保守，但第2季底已达供需平衡， 开始出现价格反弹，预期这波涨势有机会延续到下半年。 近期国际大厂陆 ...

Group 1: Equity Funds - Several funds from Tongtai Fund, Debon Fund, Huian Fund, and Dongfanghong Asset Management have disclosed their Q2 reports, with a focus on AI applications like humanoid robots [1] - Tongtai Fund's equity products have actively adjusted their portfolios, with Tongtai Industrial Upgrade Mixed Fund increasing its stock assets to 90.16% by the end of Q2, a significant rise from Q1 [1] - The top ten holdings of Tongtai Industrial Upgrade Mixed Fund have shifted from banking stocks to six stocks in the robotics industry, primarily listed on Hong Kong and North Exchange [1] - Tongtai Financial Select Fund slightly reduced its stock position from 93.63% to 84.32%, focusing on brokerage and fintech sectors [1] - Tongtai Vision Flexible Allocation Mixed Fund increased its stock position from 78.65% to 85.74%, with a focus on biotech, new energy materials, and high-end equipment manufacturing [1] - Tongtai Huile Mixed Fund completely replaced its top ten holdings, emphasizing technology and entertainment sectors [1] Group 2: Bond Funds - Debon Fund, Huian Fund, and Dongfanghong Asset Management have reported significant growth in some of their bond products, such as Debon Short Bond Fund, which increased from 2.8 billion to 6.371 billion yuan [2] - The Debon Rui Xing Bond Fund also saw an increase of at least 2 billion yuan in Q2 [2] - The bond market is expected to remain favorable in early Q3, supported by stable real estate cycles and potential monetary easing [3]

会上，飞书发布并升级了知识问答、AI会议、飞书Aily、飞书妙搭等多款AI产品，其中，尤为值得注意的是，飞书知识问答已达到M3标准，而飞书会议更 是率先达到了M4标准，核心产品飞书多维表格也迎来全面升级。 这意味着，飞书多个AI产品已通过大量企业验证，达到规模化落地阶段。会上，飞书CEO谢欣表示，"我们承诺为企业提供'真能用、真落地'的企业AI产 品，真正帮助企业在AI时代实现智能化。" 长期以来，飞书在钉钉、企业微信等竞品夹击中，以"协同效率"立足。但AI产品的推出，将飞书定位从"工具提供者"升级为"智能伙伴"，这直接回应了企业 用户的核心需求。 随着全球AI市场爆发，企业级应用正成为新风口，飞书一口气端出AI全家桶，涵盖办公、业务提效、项目开发、组织管理等方方面面，无疑是为了抢占AI 在企业端落地的先机。 在办公层面，飞书推出了知识问答，并升级了AI会议功能。知识问答的定位是懂公司知识的豆包或DeepSeek，能做到"开箱即用"，不依赖企业知识库构建， 可以快速处理企业海量知识。 作者 | 刘宝丹 编辑 | 周智宇 企业级AI应用被视为驱动经济提效与增长的下一个引擎，但喧嚣的概念与实际的落地效果之间，常横 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【7月10日美图公司股价创52周新高，年内累涨近250%】7月10日，美图公司(01357.HK）盘中涨超 5%，股价突破10港元，创52周新高。今年内，美图已累涨近250%，总市值超450亿港元。 2025年上半 年，美图以超200%涨幅跻身港股涨幅榜TOP10，领涨港股AI应用。 7月9日，瑞银发布报告，首次覆盖 美图，给予"买入"评级，目标价13.6港元。预期2024至2027年，公司收入及经调整净利润年复合增长率 分别为27%及42%。 机构指出，美图是少数具备全球化和持续盈利能力的AI落地应用公司，有望在"业 绩+估值+情绪"共振中释放弹性，其竞争卡位、出海势能和业务成长性被看好。 美图专注产品质量和用 户体验提升付费率，国内消费者购买数码服务意愿渐强，国外市场也在快速渗透。研报预测，2024至 2027年生活场景业务收入年均复合增长率可达27%，付费率将从4.6%提至7.5%。 生产力工具业务上， 美图曾推出的美图设计室2024年创收2亿元。机构预测，2027年该产品收入可达18亿元，占整体订阅收 入32%，且生产力工具业务增长将快于生 ...

Core Viewpoint - The first batch of actively managed equity funds' Q2 reports indicates a general increase in equity investment ratios, reflecting fund managers' optimistic market outlook and the enhanced attractiveness of the stock market [1][6][9] Fund Performance and Changes - Four actively managed equity funds from Tongtai Fund were reported, with varying changes in scale; most funds increased their equity investment ratios [1][5] - The Tongtai Huili Mixed Fund's scale decreased by 29.9% from 1.09 billion to 765.14 million [5] - The Tongtai Yanjian Mixed Fund and Tongtai Financial Select Stock Fund saw scale increases of 46.1% and 13.7%, respectively [5][6] - The equity investment ratios for Tongtai Huili Mixed and Tongtai Yanjian Mixed increased to 93.78% and 85.74%, respectively [5][6] Investment Focus and Strategies - The Tongtai Yanjian Mixed Fund focused on stocks listed on the Beijing Stock Exchange, with top holdings including Jinbo Biological, Shuguang Shuchuang, and Naconoer [7][8] - The fund manager emphasized the importance of identifying high-growth potential companies in the robotics sector and the Beijing Stock Exchange [8][9] - The Tongtai Industrial Upgrade Mixed Fund experienced a significant recovery in equity investment ratio from 1.62% to 90.16% after a large redemption in Q1 [6][8] Market Outlook - Analysts suggest that the increase in equity investment ratios among funds indicates a positive market sentiment and potential growth opportunities in specific sectors [6][9] - The robotics sector is highlighted as a key area for investment, with expectations of significant growth driven by major manufacturers and technological advancements [9]

| 机器之心报道 | | --- | | 编辑：杨文 | 昨天，飞书在上海举办了 2025 年飞书未来无限大会，我们也去现场瞅了瞅。刚进会场，第一感受就是人真多。 尤其在展厅里，一堆人举着手机围着两个踢足球的小机器人一顿狂拍。这俩机器人迈着颤颤巍巍的小碎步，带球、打门、最后还进了！ 言归正传。这次大会，飞书发布和升级了不少好东西，比如我们之前测评过的 知识问答 、平时开会少不了的 AI 会议，还有飞书 Aily、飞书妙搭，以及那个备受 好评的多维表格。 接下来，我们就盘一盘飞书手里的这些「王牌」。 实测飞书知识问答， 上千篇文档秒搜 大会一开始，飞书 CEO 谢欣就直击痛点。在 AI 迅猛发展的同时，市场也出现了大量「卖家秀」和「买家秀」的情况。基于此，飞书发布了 业界首个 AI 应用成熟 度模型。 他们将 AI 应用分为四个等级 ，其中 M3 和 M4 分别对应「成熟应用、可以大规模使用」和「完全成熟、在适合的任何场景都可使用」。 而飞书知识问答就已达到 M3 标准。谢欣举了个真实的例子。他们有一家 8 万人的大型央企客户，用了一年飞书共创建了 940 万篇文档。如此庞大的创作量，如果 想从中找到某个特定信 ...

南通家纺产业带：罗莱生活、梦洁家纺等龙头企业携智能床垫、抗菌面料等创新产品亮相。其中，某品牌推出的AI温控床垫可根据用户体温自动调节 温度，结合大数据分析提供个性化睡眠建议，引发海外买家高度关注。 东莞电子信息产业带：华为、OPPO等企业展示跨境定制化解决方案。例如，某企业展示的5G智能工厂模型，通过数字孪生技术实现生产流程实时监 控与优化，将订单交付周期缩短至7天，凸显中国供应链的柔性制造能力。 浙江义乌小商品产业带：通过VR虚拟展厅技术，实现"云逛"义乌市场的沉浸式采购体验，打破地域限制。某企业展示的虚拟选品系统，支持3D模型交 互与实时报价，将选品效率提升80%。 Mei Hua Road Pavilion Layout LINE / 花木路站3号口 第34届华交会展馆平面图 Ne. 3 Huamu Road Metro Station W4 PS IIFC 倒 路 W3 龙阳路2345号 2345 Long Yang Rd. Pudong 7 樱花路 W2 Ying Hua Road ngdian Ro W1 be P3 J # 入口厅 Entral 兰花路 Long Yang Road Lan Hu ...

Core Insights - The article discusses the challenges and strategies of digital transformation in companies, particularly in the context of AI integration, highlighting that while 74% of Chinese companies believe AI will change digital systems, only 13% have seen measurable financial returns [1][4] - Li Ning Company exemplifies effective digital transformation by closely aligning technology innovation with business needs, showcasing a structured approach to integrating AI into retail operations [1][5] Group 1: Digital Transformation Challenges - Despite significant investments in digital infrastructure, there is a disparity between the costs and the business benefits realized by companies [1] - Only 36% of companies have adopted generative AI at scale, indicating a gap in implementation versus potential [1] Group 2: Li Ning's Approach to AI Integration - Li Ning has developed a "digital store manager," an AI tool that assists store managers by providing operational insights and decision-making support [3][4] - The company emphasizes retail operations as a core area for AI application, aiming to reduce operational pressure and enhance efficiency for store staff [4][5] Group 3: Technology and Business Alignment - Li Ning's technology innovation is driven by business needs, with a focus on creating a "Technology Organization Process" (TOP) that involves cross-departmental collaboration to identify how technology can improve business processes [5][6] - The company is adapting to consumer trends by enhancing content supply and personalizing marketing efforts through AI capabilities [8][9] Group 4: AI as a Growth Driver - Li Ning has set specific KPIs for its IT innovation center, focusing on the number of AI employees, growth drivers, and cost reduction [10][11] - The company has established three main business areas for AI application: product design to marketing, retail operations, and organizational talent management [11][12] Group 5: Evolving Role of Technology Teams - The technology team at Li Ning is transitioning from a support role to a business partnership role, emphasizing collaboration with business units to prioritize technology development [13][14] - The company is fostering a culture of AI integration across all business touchpoints, aiming to enhance operational efficiency and drive growth [14]