Core Viewpoint - The article discusses two primary investment styles: trading-oriented and value-oriented, highlighting their characteristics and the challenges associated with each style [1][2][3]. Trading-Oriented Investment Style - Trading-oriented investors engage in frequent transactions, aiming to profit from short-term market movements by capitalizing on hot topics and investor sentiment [1]. - This style often involves speculative trading in small-cap stocks and leveraging market trends to drive quick gains [1]. Value-Oriented Investment Style - Value-oriented investors focus on selecting high-growth companies or stable dividend-paying stocks, holding them for the long term to benefit from their growth [2]. - The article emphasizes that while high-growth industries like AI and biotechnology present opportunities, they also come with significant challenges, including market volatility and competition among leading companies [2][3]. Investor Characteristics - Patience and determination are crucial for value investors, as they must endure market fluctuations and uncertainty while waiting for their investments to appreciate [3]. - The article notes that few investors possess the commitment to maintain a value investment strategy, but those who do can achieve substantial returns when their investments reach their true value [3]. Related ETFs - **Food and Beverage ETF (Code: 515170)**: Recent five-day change: 0.53%, PE ratio: 19.89, latest shares: 5.71 billion, increase of 25.5 million shares, net inflow: 9.194 million [5]. - **Gaming ETF (Code: 159869)**: Recent five-day change: 2.57%, PE ratio: 44.35, latest shares: 5.14 billion, decrease of 180 million shares, net inflow: 39.754 million [5]. - **Semiconductor ETF (Code: 588170)**: Recent five-day change: 0.98%, latest shares: 2.2 billion, decrease of 10 million shares, net outflow: 3.716 million [6]. - **Cloud Computing ETF (Code: 516630)**: Recent five-day change: 1.86%, PE ratio: 102.23, latest shares: 4.9 billion, decrease of 9 million shares, net inflow: 0.775 million [6].

Core Viewpoint - The article discusses two prominent investment philosophies: Warren Buffett's focus on understanding one's own capability circle and Ray Dalio's all-weather diversified allocation strategy, questioning which approach is more beneficial for investors [1][2][3]. Group 1: Investment Philosophy - Buffett's principle of "do not invest in what you do not understand" is widely recognized, yet many investors confuse familiarity with true understanding [3][5]. - Dalio's strategy emphasizes diversification, but investors often fall into the trap of diversifying without understanding the underlying correlations, leading to ineffective risk management [5][11]. Group 2: Understanding Risk - True understanding in investing does not equate to predicting price movements; it involves comprehending potential losses and their probabilities [6][9]. - The article highlights that overconfidence stemming from cognitive biases can be more detrimental than a lack of knowledge [8][17]. Group 3: Data Insights - Historical data from 2005 to 2025 indicates that a stock-bond allocation reduces maximum drawdown by 15% compared to a pure A-share investment [16]. - Further diversification into global assets, including U.S. stocks and gold, minimizes drawdown while maintaining returns, validating both Buffett's and Dalio's investment principles [16][17]. Group 4: Bridging Understanding and Diversification - The article suggests that a balanced approach can be achieved by integrating Buffett's focus on understanding with Dalio's diversification, allowing for a more robust risk-return profile [17].

Core Insights - The "2025 Aerospace Information Conference" will be held in Hefei from July 7 to 9, 2025, highlighting advancements in supercomputing and its applications in commercial aerospace [1] - The supercomputing internet offers comprehensive computing power services that support aircraft design, manufacturing, and low-altitude economic models, providing a new impetus for aerospace development [1] Group 1: Challenges in Commercial Aerospace - Commercial aerospace faces challenges such as large data processing volumes, strong computing demands, and complex vertical AI model training [3] - Traditional wind tunnel experiments are costly and yield limited data, which does not meet the training needs of AI large models [3] Group 2: Solutions Offered by Supercomputing Internet - The supercomputing internet provides integrated delivery of "computing power + applications," eliminating the need for users to build computing facilities and configure environments [3] - Users can immediately run software like aerodynamic CFD to generate large amounts of high-precision data, which can be validated against wind tunnel data through deep learning algorithms [3] Group 3: Applications in Aerospace Materials - In the field of aerospace materials, the supercomputing internet supports molecular dynamics simulations and quantum mechanics calculations, aiding researchers in discovering and developing materials with special properties [3] Group 4: User Base and Resources - The supercomputing internet has surpassed 400,000 users and gathered over 500 quality service providers, offering more than 7,000 computing products and large models [3] - These resources provide robust computing support for over 100 sub-industries and more than 1,000 scenarios in commercial aerospace and industrial simulation [3] Group 5: Future Prospects - The supercomputing internet aims to collaborate with more enterprises in commercial aerospace and low-altitude economies, exploring the integration of supercomputing with the space industry [3]

太空计算是指在太空中部署具备数据处理、分析和决策能力的计算系统。具体来看，太空计算将人工智能、云计算和边缘计算等能力集成到卫星上，使卫星 能够在太空中自主完成数据的采集、处理和分析，从而减少对地面数据中心的依赖，提升数据处理的效率和实时性。 7月8日，中科星图与中科曙光在"2025空天信息大会暨中科星图生态发展大会"上，签署了《太空计算领域的合作开发框架协议》。按协议，双方将围绕技术 研发、太空算网建设等课题，共同推动"太空计算"技术创新与应用落地。 本次签约由中国科学院院士吴一戎、中科曙光总裁历军出席见证。中科星图党委书记、总裁邵宗有，中科曙光高级副总裁任京暘代表双方签约。 中科星图官网图片 具体来看，中科星图与中科曙光合作，共同开发空天信息产业的核心技术、算力与数据服务，推进新兴计算场景能力建设，为我国数字经济智能化、立体化 发展提供支撑。双方将联合产业链上下游单位研发面向太空计算场景的高性能、低功耗、高可靠专用核心部件，并推动"芯片—整机—算网—数据—应用— 生态"的全链路技术创新。 双方还将合作建设开放普惠的太空算网。该算网将构建覆盖"用户（端）-星上（边缘）-天基（云）-地基（云）"的"天地一体化" ...

来源：中国新闻网 中新网北京7月10日电 (记者 孙自法)中国科学家对嫦娥六号采自月球背面南极-艾特肯盆地(SPA)的28亿 年前的玄武岩样品进行研究，最新又取得一项重大科学成果——揭示月球背面月幔物质的"超亏损"(通 俗而言即异常"贫瘠")特征，并提出其成因的两种可能模型，从而为全面了解月球早期的壳-幔演化历史 提供了关键信息。 这项破解月球内部异常"贫瘠"之谜的成果论文，由中国科学院国家天文台联合中国科学院地质与地球物 理研究所、中国地质大学(北京)、北京高压科学研究中心、东华理工大学等多家科研院校的研究团队共 同完成，并同嫦娥六号月背样品的另三项科研成果一起，于北京时间7月9日夜间以封面文章形式在国际 知名学术期刊《自然》上线发表。 "一扇窗口" 研究团队介绍说，月球的正面和背面差异巨大，正面相对平坦，有广阔的玄武岩平原；背面则高地遍 布，月海稀少。科学家提出了很多理论来解释月球的这种"二分性"特征，包括月球形成早期岩浆洋冷却 结晶不均匀、月幔内部物质对流不对称、正背面巨型撞击作用的差异等。然而，过去所有的月球采样任 务都只在月球正面进行，月球背面样本的缺失使得背面深部月幔特征一直是未解之谜。 "后天改 ...

截至2025年7月10日午间收盘，航空航天ETF天弘(159241)回调蓄势，换手8.13%，半日成交3002.55万元。 航空航天ETF天弘（159241）紧密跟踪国证航天航空行业指数，高度聚焦战机和卫星产业链等航空航天核心发展方向，样本公司与低空经济、大飞机、卫星 互联网等热门主题高度契合，成分股深度参与商业航天等新兴领域，受益于政策与市场的双重推动。 亮点一："含军工量"第一 跟踪指数96.24%的成分股属于申万一级国防军工行业，"含军量"远超军工龙头（90.91%）、中证国防（88.95%）、中证军工（80.10%）等军工宽基指数。 亮点二："无人机含量"第一 跟踪指数成分股中，航天彩虹、中无人机、洪都航空、北方导航、华力创通等均深度参与无人机，是全市场无人机含量最高的指数。 截至7月9日，航空航天ETF天弘(159241)最新规模达3.74亿元，创成立以来新高。航空航天ETF天弘(159241)最新份额达3.38亿份，创近1月新高。 从资金净流入方面来看，航空航天ETF天弘(159241)最新单日净流入4213万元，居同类产品第一！该基金近10天获得连续资金净流入，合计"吸金"2.01亿 元。 全球 ...

Group 1 - The Iranian Oil Minister criticized the chaos in the oil market caused by war, particularly referencing the recent 12-day conflict with Israel that led to a spike in crude oil prices [1] - Iran is the third-largest producer in OPEC and will assume the presidency of the organization for one year starting in 2025 [1] - In May, Iran's average daily oil production was reported at 3.3 million barrels, with supply security being a significant concern during the recent military tensions with Israel [1] Group 2 - A ceasefire mediated by Washington was agreed upon by Iran and Israel starting June 24, which provided some relief to oil prices, although concerns about long-term demand and increased production from some OPEC countries led to a price decline [2] - Geopolitical issues, particularly regarding Iran, are viewed as a significant risk factor in the oil market, with ongoing concerns about Iran's nuclear program and its implications for regional stability [2][3] - The U.S. has recently intensified sanctions against Iran, severely impacting its oil exports, which are now primarily conducted through "shadow fleets" that avoid conventional GPS tracking [3]

Group 1 - The core point of the articles indicates a significant reduction in U.S. soybean planting area, which is expected to tighten supply and potentially increase domestic soybean meal prices [1][4] - The USDA reported that the U.S. soybean planting area is 83.38 million acres, lower than both the intended planting area of 83.50 million acres and market expectations of 83.65 million acres, marking a five-year low [1] - The ending stocks for U.S. soybeans for the 2025/2026 season are projected to be only 8.03 million tons, with a stocks-to-use ratio of 6.68%, indicating a low inventory situation compared to previous years [1] Group 2 - Weather conditions during the soybean planting period in May and June were favorable for planting but require sufficient rainfall in July and August for crop growth, increasing sensitivity to weather-related speculation [2] - As of July 6, the soybean good-to-excellent rating was 66%, matching the previous week but lower than the 68% from the same time last year, indicating a need for attention to rainfall in August [2] - The EPA's proposed blending rules for 2026-2027 significantly exceed market expectations, which is expected to increase demand for soybean oil and indirectly support soybean prices [3] Group 3 - Domestic soybean meal market is currently characterized by a "weak reality strong expectation" state, with a supply surplus in the third quarter suppressing prices [4] - A potential supply gap for imported soybeans in the fourth quarter could lead to increased domestic soybean meal prices [4] - The forecast for domestic soybean imports is high, with June imports reaching 10.56 million tons and expected to rise to 11 million tons in July, indicating a supply surplus in the near term [3]

交易咨询业务资格：证监许可【2012】1091号 豆粕早报 CONTENTS 目 录 1 每日提示 2 近期要闻 2025-07-10 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 3 多空关注 4 基本面数据 5 持仓数据 ✸豆粕观点和策略 1.基本面：美豆震荡回落，美豆生长天气良好丰产预期压制盘面，美豆短期千点关口上方震 荡等待中美关税谈判后续和美国大豆产区生长天气进一步指引。国内豆粕探底回升，美 豆带动和技术性震荡整理，6月进口大豆到港增多和现货价格弱势压制盘面，短期回归区 间震荡格局。中性 2.基差：现货2780（华东），基差-167，贴水期货。偏空 3.库存：油厂豆粕库存82.24万吨，上周69.16万吨，环比增加18.91%，去年同期108.27万吨， 同比减少34.32%。偏多 4.盘面：价格在20日均线下方且方向向下。偏空 ...

[Table_Invest]增持 [Table_Info1] 中广核矿业(01164.HK) 建筑材料 [Table_Date] 发布时间：2025-07-10 [Table_Title] 证券研究报告 / 港股公司报告 稀缺海外铀资源平台，受益铀价上行 中广核集团海外铀资源平台。公司是中国第一、全球第三大的核电集 团中广核集团下属上市子公司之一，亦是中广核集团旗下海外铀资源 开发的投、融资的唯一平台。中广核矿业是香港主板上市产量最大的 铀业集团，同时也是东亚目前唯一的纯铀业上市公司，主要业务为核 能企业使用的天然铀资源的开发与贸易。公司将抓住全球核电复苏和 天然铀需求持续增长的机遇，获取强成本竞争力的铀资源项目，致力 于成为国际一流的天然铀供应商。2024 年，公司权益资源量 3.4 万 tU， 权益产量 1324tU，全年实现营收 86.2 亿港元，净利润 3.4 亿港元。 已签订 2026~2028 关联交易合同，预期受益铀价上行。公司 6 月 3 日 公告，与中广核铀业签订销售框架协议，期限覆盖 2026 年~2028 年； 据框架协议，中广核铀业每年采购不低于 1200t 天然铀，每磅定价机 制为 ...