失速的营收与"注水"的利润 智通财经注意到，华源控股的营收持续下滑。上半年，这家公司营收11.62亿元，同比下滑5.68%；第二季度单季营收6亿元，同比下滑7.78%，创近三年最差 季度表现。 智通财经记者 | 陶知闲 2025年上半年的华源控股（002787.SZ），如同一台引擎失灵的旧车，在营收下滑的斜坡上加速坠落。 业务基因的天然缺陷、表面繁华的净利润和不断下滑的营收，这些矛盾日益显现，而新能源业务的破灭终将击破华源控股幻象的40倍市盈率。 数据来源：公司公告、智通财经研究部 营收下滑同时，华源控股的利润表则上演"魔术"。上半年公司净利润4850万元，同比增长15.15%；扣非净利润4590万元，同比增16%。投资者王胜向智通财 经表示，公司净利润增长主要依赖费用缩减，而非主业扩张，盈利持续性存疑。 智通财经对华源控股的利润进行了拆解：其上半年费用总额同比减少2023.39万元，降幅达16%。其中销售费用砍掉14.47%，管理费用压缩6.74%，研发费用 收缩6.06%，财务费用更是下降67.97%。此外，公司费用率也从上年同期的10.92%降至9.84%。 "利润增长完全由费用剪刀裁出，主业造血功能已 ...

资金方面，8月4日主力资金净流出1134.07万元，近五个交易日累计净流出4.49亿元。 风险提示：市场有风险，投资需谨慎。 截至2025年8月4日收盘，赣锋锂业股价报35.91元，较前一交易日下跌0.27元，跌幅0.75%。当日成交量 为266853手，成交额达9.52亿元，振幅2.21%。 赣锋锂业主要从事锂资源开发、锂产品深加工及锂电池制造业务，覆盖锂产业链上游至下游。公司产品 广泛应用于新能源汽车、储能及消费电子等领域。 消息面上，赣锋锂业近期在新能源领域动作频频。旗下江西赣锋锂电科技股份有限公司参股成立广东麦 格度汇储科技有限公司，持股29%，该公司注册资本2000万元，业务涵盖太阳能发电技术服务、储能技 术等。此外，赣锋锂业全资子公司深圳易储能源科技有限公司在深圳成立合邦新能源有限公司，注册资 本1.55亿元，聚焦新兴能源技术研发及光伏设备制造。 ...

Group 1 - The latest stock price of Leshan Electric is 13.84 yuan, up by 0.31 yuan from the previous trading day, with a trading volume of 219,067 hands and a transaction amount of 300 million yuan [1] - Leshan Electric is a key local power company in Sichuan Province, involved in the entire power supply chain including generation, transmission, distribution, and sales [1] - The company is expanding its renewable energy business through a targeted issuance for energy storage projects [1] Group 2 - The Sichuan Provincial Development and Reform Commission has announced a new low valley electricity price policy for residential use, effective from September 1, with prices set at 0.175 yuan/kWh during the abundant water period and 0.2535 yuan/kWh during the dry season [1] - This policy is expected to reduce the company's electricity business revenue by approximately 16.6 million yuan in 2025, and the company states that this adjustment is a measure to benefit the public [1] - Leshan Electric had a net inflow of 19.01 million yuan in main funds on August 4, accounting for 0.26% of its circulating market value, but experienced a cumulative net outflow of 65.43 million yuan over the past five trading days, representing 0.88% of its circulating market value [1]

Group 1 - UBS's report indicates that family offices are gradually reducing cash holdings and increasing interest in gold, precious metals, and private debt [1][2] - 19% of global family offices plan to increase investments in the Greater China region, up 3 percentage points from 2024, with 30% in the Asia-Pacific region, reflecting a growing interest in this market [1] - The preference for the Greater China region is attributed to China's robust economic growth, expanding consumer market, and rapid development in technology innovation [1] Group 2 - Family offices are expected to reduce cash allocation to 6% by 2025, reflecting a shift towards assets with growth potential, particularly in developed market equities [2] - Interest in private debt has significantly increased among family offices, aiming to enhance overall portfolio returns through diversification [3] - Approximately one-third of family offices plan to increase allocations to gold and precious metals, indicating a rising demand for risk-hedging assets [3] Group 3 - The World Gold Council reported a 3% year-on-year increase in global gold demand, reaching 1249 tons in Q2 2025, driven by strong investment inflows amid geopolitical uncertainties [4] - Family offices are balancing investments between technology stocks and precious metals, indicating a strategy to capture growth opportunities while hedging against risks [4] - The long-term low-interest rate environment is pushing family offices to explore non-traditional investment avenues, including private equity and infrastructure [5] Group 4 - 45% of Middle Eastern family offices plan to increase investments in the Greater China region over the next five years, highlighting the region's growing appeal [7] - China and India are the most focused markets for family offices in the next 12 months, with 39% of Asia-Pacific family offices planning to increase investments in mainland China [7] - Approximately 78% of Asia-Pacific family offices prefer active investment strategies to achieve higher risk-adjusted returns [7] Group 5 - The development of family offices in China is driven by rapid economic growth and the need for wealth management tools for succession planning [8] - China's ongoing high-level opening-up policies and the dual drivers of consumption and technology are creating fertile investment opportunities [8] - The current market conditions present opportunities for investors to capitalize on valuation gaps and achieve cost-effective positioning [8]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" [6] Core Insights - The fusion energy industry is experiencing a "race-like development" with significant capital influx, as it is viewed as a long-term solution for clean and stable energy [1] - Approximately 50 private fusion companies globally have raised over $9 billion, with several projects aiming for grid connection by around 2035 [1] - The commercial vision of fusion energy is driving intense competition among governments and enterprises in technology, capital, and policy [1] Summary by Sections 1. Fusion Energy Development - The fusion energy sector is transitioning from scientific research to engineering validation and industrial promotion, with notable advancements in both domestic and international projects [1][2] - In the U.S., Commonwealth Fusion Systems (CFS) has partnered with Google to optimize fusion control and has established the largest fusion power purchase agreement globally [1] - Helion Energy plans to construct the world's first fusion power plant, aiming to supply 50 MW to Microsoft's data center by 2028 [1] 2. Market Performance - The report notes that from July 19 to August 1, the Shanghai Composite Index rose by 0.72%, while the public utilities index fell by 2.34% [3] 3. Industry Dynamics - China's fusion energy industry is driven by a collaboration between state-owned enterprises and private companies, forming a multi-faceted research and development ecosystem [2] - The "national team" focuses on large Tokamak devices, while private enterprises are accelerating commercialization through modular and miniaturized technologies [2] 4. Investment Portfolio and Recommendations - The report suggests focusing on key players in the thermal power sector, such as Sheneng Co., Zhejiang Energy, and Anhui Energy, which are expected to perform well despite slight coal price increases [13] - In the green energy sector, it recommends quality operators like Fuzhou Energy and Zhongmin Energy, as well as virtual power plants like Hekang New Energy and Guoneng Rixin [13] - For gas companies, it highlights the importance of monitoring domestic gas pricing policies and suggests focusing on national gas companies like China Gas and upstream-downstream integrated firms like Jiufeng Energy and Xin'ao Co. [13] 5. Pricing Trends - In August 2025, the average transaction price for electricity in Jiangsu was 393.8 RMB/MWh, up 0.72% from the benchmark price, while in Guangdong, it was 372.32 RMB/MWh, down 17.81% [11] - The average price of thermal coal in the Bohai Rim region was reported at 665 RMB/ton, with coal inventories at key power plants increasing slightly [11] 6. Future Outlook - The report anticipates that by 2050, China will achieve commercial fusion power stations, with significant advancements expected in the 2030s [44][46]

截至收盘，科创100指数上涨1.6%，科创综指上涨1.5%，上证科创板成长指数上涨1.3%，上证科创板50成份指数上涨1.2%。 力设备、计算机行业合计占比超 80%,其中电子、医药生物行业占 比较高 科创综指ETF易方达 跟踪上证科创板综合指数 该指数由科创板全市场证券组成, 全面覆盖大、中、小盘风格,聚焦 人工智能、半导体、新能源、创新 药等核心前沿产业,覆盖科创板上 市的全部17个一级行业,兼具高成 长性与风险分散特征 令日 该指数污 1 - 6 今日 该指数消 1. 5 科创成长50ETF 跟踪上证科创板成长指数 该指数由科创板中营业收入与净利 润等业绩指标增长率较高的50只股 票组成,成长风格突出,业绩高增 长行业占比高,电子、医药生物行 .II, 人 _ 每日经济新闻 ...

Core Insights - The report highlights that the service sector is performing strongly, which is expected to drive economic demand expansion both overseas and domestically [1][17][25] - It emphasizes the continuous improvement of the domestic economic fundamentals, indicating a high probability of long-term allocation success for risk assets [1][25][36] - The report notes that improving demand may influence the trading logic of crude oil and gold [1][41][52] Market Review - As of July 30, 2025, global equity assets showed good performance, with MSCI global returning 1.79% and emerging markets at 2.43%, outperforming developed markets [8] - The domestic market performed well, with the CSI All Share Index yielding 5.80% and active equity funds showing exceptional performance, with the China Equity Index rising 8.77% [8][14] - Commodity assets, particularly crude oil and gold, experienced significant price movements influenced by demand and geopolitical factors [8][41] Market Outlook Overseas Market - The service sector's strong performance is expected to positively impact overall economic demand expansion [17][18] - Despite challenges in the manufacturing sector and rising long-term bond yields, the service sector's growth is seen as a stabilizing factor for the global economy [18][20] Domestic Market - The domestic economy has shown resilience, with GDP growth of 5.3% in the first half of 2025, driven by consumption and exports [25][27] - Industrial value-added increased by 6.8% year-on-year, with notable growth in sectors such as automotive and machinery [25][26] - Consumer spending is improving, with retail sales growing by 5.0% year-on-year in the first half of 2025, supported by government subsidies and innovative consumption trends [25][27] Asset Allocation Strategy Equity Funds - The report suggests a "core + opportunity" barbell strategy, focusing on stable, high-performance assets while also seeking growth opportunities in sectors like technology and consumer goods [3][36] - Emphasis is placed on long-term allocations in risk assets due to favorable economic conditions [3][36] Fixed Income Funds - The report recommends focusing on medium to short-duration bonds for better risk-reward ratios, as long-duration bonds may present diminishing returns [3][36] - Financial and interest rate bonds are highlighted as preferred choices for conservative investors [3] QDII Funds - The report indicates that new economic drivers, particularly AI, are accelerating economic demand growth, presenting long-term opportunities for QDII funds [3][41] - Attention is drawn to the potential impacts of geopolitical tensions on crude oil prices and the ongoing demand for gold as a safe-haven asset [41][47]

Core Viewpoint - The article discusses the strong performance of the new energy vehicle (NEV) market in July 2025, highlighting the impact of government subsidies and the shift from price competition to value competition among manufacturers [1][2]. Group 1: Market Performance - July 2025 is expected to have 23 working days, leading to stable production and sales in the NEV market despite some manufacturers taking summer breaks [1]. - The wholesale sales of NEVs in June increased by 25% year-on-year, with a notable decrease in channel inventory [1]. - The estimated wholesale sales of NEVs in July are projected to reach 1.18 million units, representing a 25% year-on-year growth but a 4% month-on-month decline [2][5]. Group 2: Government Policies and Industry Response - The government's "two new" policy subsidies have significantly boosted market activity, with many regions fully utilizing their initial subsidy funds [1]. - The Ministry of Industry and Information Technology is working to regulate competition in the NEV sector, aiming to curb malicious price cuts and promote a focus on technological upgrades and service quality [1]. - Manufacturers are responding to these regulatory changes by adjusting their competitive strategies, resulting in stable promotional activities in the market [1]. Group 3: Manufacturer Performance - Several manufacturers, including Leap Motor, Xiaopeng Motors, and Xiaomi Motors, achieved record high wholesale sales in July, contributing to a robust overall performance in the NEV market [2]. - Data indicates that manufacturers with wholesale sales exceeding 10,000 units accounted for 91.7% of the total NEV sales in June [2]. - The cumulative wholesale sales from January to July 2025 reached 7.63 million units, marking a 35% year-on-year increase [2].

Group 1 - The company, Yuxing Co., Ltd. (300305.SZ), has a wide application of functional polyester films in consumer electronics, new energy, and electrical insulation sectors [1] - The company is actively monitoring the development trends in industries such as robotics and solid-state batteries, aiming to expand the application of functional polyester films in new fields [1]

近日，由中国石油大学(华东)与上海空间电源研究所联合完成的高比能、高安全性锂二次电池材料开发 与应用项目，凭借在锂二次电池材料领域的多项突破性成果，获得山东省科学技术奖技术发明一等奖。 近年来，新能源汽车、航空航天等领域快速发展，对锂二次电池的比能量和安全性提出了更高要求。我 国新能源战略规划及航空航天重大工程明确提出，未来电池比能量需提升至500瓦时/千克以上，但当前 传统锂离子电池依赖高镍三元正极、硅碳负极和有机电解液的组合，比能量已接近350瓦时/千克的理论 极限，且存在严重安全隐患。 二是稳定固/固界面保障电池循环性能。针对金属锂负极与固态电解质界面不稳定的问题，团队开发了 共轭骨架电解质新体系，其"给—受"结构可高效解离锂盐，显著降低界面极化，使固态电池锂离子转移 数达0.839，对锂稳定性超10500小时。同时，团队采用聚合物辅助表面无定形化技术消除晶面错位，降 低界面阻抗，使复合材料离子输运性提升138%。 三是创新制造技术实现高均一度全固态电池量产。团队发明了电极片梯级界面逐层构筑技术，通过流延 成型结合物理沉积，实现阶梯式电极结构可控构筑，平衡了电池高功率特性与循环稳定性。他们开发的 国内首 ...