【 Grok 4 正式发布】 7 月 10 日消息，官方宣称， Grok 4 是最新、最强大的旗舰模型。现在已经 可以在 Grok 官网上付费升级体验。官网显示， Grok 4 每月费用为 30 美元。埃隆 · 马斯克表示， GROK 很快将应用于特斯拉车辆，最迟将在下周实现。（华尔街见闻） 完整早报音频，请点击标题下方小耳机收听 | | | SuperGrok Introducing Grok 4 The most powerful Al model. | | | × | | --- | --- | --- | --- | --- | --- | | | | Pay yearly save 16% Pay monthly | | | | | Basic Free | | SuperGrok $30.00/ month | Popular | SuperGrok Heavy $300.00/ month | | | Current Plan | | Upgrade to SuperGrok | | Upgrade to SuperGrok Heavy | | | Model Grok 3 | Limited ...

今 年 ， 港 股 融 资 市 场 极 为 火 热 。 Wind 数 据 显 示 ， 今 年 以 来 ， 港 股 市 场 股 权 融 资 规 模 已 逼 近 3000 亿 港 元 ， 达 到 2879.82 亿 港 元 ， 同 比 大 增 350.56%。 总体来看，今年港股市场无论是IPO还是再融资规模都呈爆发式增长，尤其是IPO表现更为抢眼。港股上半年共完成42宗IPO，合计集资额超过1070亿港元，较去年 全年多约22%，暂列全球第一。 融资规模持续创新高 在2023年和2024年，港股市场无论是IPO还是再融资都较为疲软，IPO方面这两年分别融资463.34亿港元和881.47亿港元，均不超过千亿港元；再融资方面，主要 以配售为主，这两年分别融资661.61亿港元和545.99亿港元，同样不超过千亿港元。 但自2024年下半年以来，港股市场在多项重磅政策带动下再次活跃，而在2025年上半年，整个市场更是不断复苏。 Wind数据显示，2025年以来，港股市场股权融资规模已达到2879.82亿港元，远高于2023年和2024年全年的1424.39亿港元和1756.60亿港元，甚至也已经高于 2022年全年 ...

Core Viewpoint - Northern Rare Earth has achieved a significant turnaround in its operating performance, with projected net profit for the first half of 2025 expected to reach between 900 million to 960 million yuan, representing a year-on-year increase of 1882.54% to 2014.71% [2][4] Financial Performance - The company anticipates a net profit attributable to shareholders of 900 million to 960 million yuan for the first half of 2025, an increase of 855 million to 915 million yuan compared to the same period last year [4] - The projected non-net profit is expected to be between 880 million to 940 million yuan, reflecting a year-on-year growth of 5538.33% to 5922.76% [4] - In the same period last year, the net profit attributable to shareholders was 45.3962 million yuan, and the non-net profit was 15.6075 million yuan, both showing a decline of over 95% [4] Operational Factors - The turnaround is attributed to reduced costs in smelting separation and rare earth metal processing, as well as increased production and sales of key products such as rare earth metals and functional materials [2][6] - The company has implemented strategies to enhance production efficiency and marketing operations, leading to different levels of growth in the sales volume of its main products [6][7] Market Dynamics - The increase in demand for rare earth materials, driven by the rapid development of industries such as electric vehicles and robotics, has contributed to rising prices, further supporting the company's performance [7] - The company has leveraged stable domestic market demand and improved its operational management to achieve significant growth in its financial results [6] Competitive Advantage - Northern Rare Earth possesses a strong competitive edge due to its comprehensive resource and industrial chain, being the largest rare earth enterprise group globally [10] - The company has exclusive mining rights to the world's largest iron and rare earth coexisting mine, which enhances its resource utilization and production capabilities [9] Historical Performance - Since 2010, the company's profitability has shown a notable increase, with cumulative profits reaching 26.868 billion yuan and cumulative dividends of 5.358 billion yuan [11]

NO.1 马斯克旗下公司xAI正式发布Grok 4 7月10日，马斯克旗下公司xAI正式发布Grok 4，并称其为世界上最强大的人工智能模型。马斯克表示， 现在在学术问题上，Grok 4在每个学科都比博士水平要强，没有例外。 点评：Grok 4在推理、代码生成和文本理解方面的突破，确实展现了AI（人工智能）技术的巨大潜力。 尤其是其"玩梗"能力和实时信息获取功能，让AI更贴近人类日常交流，这无疑将推动人机交互的进一步 融合。 每经记者｜可杨 每经编辑｜张海妮 丨 2025年7月11日 星期五 丨 NO.2 下半年机器人市场或迎来上市潮 点评：从长远来看，TikTok需要在透明度和本地化之间找到一个平衡。无论是数据存储、算法设计，还 是内容审核，TikTok都必须以更高的标准来证明其独立性和安全性。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 NO.3 TikTok否认开发仅面向美国用户的独立应用 7月10日，TikTok发布公告称，路透社最近发布的一篇基于匿名、不知情信源的"独家"报道与事实不 符。上述报道称，TikTok正在开发一款仅面向美国用户的独立应用程序，该 ...

Group 1 - The core viewpoint is that humanoid robots are expected to experience a compound annual growth rate of 100% over the next six years, potentially surpassing the number of smartphones and cars, leading to a market size of hundreds of billions of units [1][2] - The humanoid robot sector is identified as a significant beta opportunity for the next decade, comparable to the consumer electronics and electric vehicle industries [1] - The integration of high-end manufacturing and AI technology in humanoid robots is seen as a long-term value proposition, with 2025 being a critical milestone for scaling production [1][2] Group 2 - The humanoid robots will utilize numerous components such as motors, sensors, and joints, with Chinese companies expected to become key suppliers in this market [2] - The anticipated "iPhone moment" for robots is projected for the second half of 2025, with the potential release of the latest version of Optimus and the initiation of small-scale production [2] - The domestic robot industry is rapidly evolving, with leading manufacturers achieving mass production and companies like Huawei driving technological integration and ecosystem development [2]

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]

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 点击注册小程序 查看完整报告 2025年7月9日，北方稀土公告，预计2025年半年度实现归属于母公司所有者的净利润9亿元-9.6亿元，同比 增加1882.54%到2014.71%。 根据公司公告，新能源汽车1-5月产销同比分别增长45.2%和44%，新能源汽车新车销量达到汽车新车总销 量的44%。截至4月底，全国累计发电装机容量34.9亿千瓦，同比增长15.9%。其中风电装机容量5.4亿千 瓦，同比增长18.2%。根据《锂钴稀土磁材静待反转，固态电池材料成长可期——能源金属2025年度投资 策略》：需求端机器人、飞行汽车等新应用场景将成为稀土磁材增长新引擎，预计2025年和2026年全球氧 化镨钕需求分别为11.7万吨和12.69万吨，同比增速+9.7% ...

点击注册小程序 查看完整报告 市场展望：望向新高 短期预期差驱动下，下半年市场或冲击新高。整体来看，去年9月以来的市场行情已从政策驱动逐步转向 基本面与流动性驱动，未来市场行情演绎的节奏或可参照 2019 年。展望下半年，市场仍存在一些预期 差，如短期基本面改善的持续性、资金持续流入及新兴产业发展带来的机遇等。因此我们认为，下半年市 场将开启下一阶段上涨行情，并有望突破 2024 年下半年的阶段性高点。 结构展望：内需、科技与红利个股 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 来自内部的确定性 美国"对等关税"90天的截止期限将至，结合目前的进展以及2018年的情况来看，大多数经济体恐怕难以在 90天的暂缓期内解决同美国的关税问题。从当前资产价格表现看，全球多数权益资产已回升至年初以来的 相对高位 ...

| 报价周期 | | 报价 | 环比增幅 | | --- | --- | --- | --- | | | | (元/吨) | (%) | | 2025 | 三季度 | 19, 109 | 1.51 | | | 二季度 | 18, 825 | 1.11 | | | 季度 | 18, 618 | 4. 70 | | 2024 | 四季度 | 17, 782 | 6. 22 | | | 三季度 | 16, 741 | -0. 30 | | | 二季度 | 16, 792 | -19. 02 | | | 季度 | 20, 737 | 0. 98 | | 2023 | 四季度 | 20, 536 | 1. 78 | | | 三季度 | 20, 176 | -34. 98 | | | 二季度 | 31, 030 | 1 | | | | L 士 八 三 八 中 小 中文库 | | 从2 0 2 4年四季度起，稀土精矿日常关联交易价格开始止跌企稳，已呈现了连续四个季度环比上涨。 图源/财联社 值得注意的是，美股稀土概念股盘前大涨，MP Materials一度涨超48%，USA Rare Earth一度 涨超21%，Energ ...

前言 ①光模块+数据中心+芯片+激光雷达！这家公司1.6T光模块用AWG芯片及组件进入客户验证阶段；②光刻 胶+固态电池+PCB+PEEK！这家公司光刻胶酚醛树脂产品形成小批量销售，硫化物固态电解质项目处于 中试阶段；③人形机器人+英伟达+AI眼镜+算力！公司上半年净利同比最高预计翻倍，有多款AI算力模 组。 每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收购、业绩、解禁、 高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前寻找到投资热点， 防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ...