Core Viewpoint - The Central Political Bureau of the Communist Party of China emphasizes enhancing the attractiveness and inclusiveness of the domestic capital market, outlining a clear roadmap for capital market reforms in the second half of the year [1] Group 1: Market Stability - In July, the number of new A-share accounts reached 1.9636 million, a year-on-year increase of over 70% and a month-on-month increase of over 19%, indicating improved market attractiveness [1] - The implementation of policies aimed at guiding long-term funds into the market and enhancing investor protection is expected to continue, solidifying the foundation for market stability [1][2] - The "14th Five-Year Plan" period has seen accelerated construction of long-term mechanisms and enhanced policy coordination, contributing to a stable market environment [1] Group 2: Inclusive Investment Ecosystem - As of August 8, 2023, the A-share market has seen the addition of 1,427 new listed companies since 2021, with a significant concentration in technology and healthcare sectors [2] - The capital market is expected to foster a more inclusive investment ecosystem, particularly supporting technological innovation and high-quality economic development [3] - Policies will focus on enhancing financing services for technology companies throughout their lifecycle, with an emphasis on differentiated listing standards and broadening financing channels [3][4] Group 3: Investor Protection - The "Big Investor Protection" system is being continuously improved, with a focus on expanding channels for investor rights protection and enhancing the market environment for investors [5] - Authorities will intensify efforts to combat market manipulation, insider trading, and other illegal activities, sending a strong signal of zero tolerance towards violations [5][6] - The use of big data and technology will be leveraged to identify and combat fraudulent activities in the market, ensuring a safer investment environment for participants [6]

Core Viewpoint - Overseas long-term funds are intensively conducting due diligence on Chinese asset managers, indicating a renewed interest in China's investment opportunities after a three-year hiatus [1][2]. Group 1: Due Diligence Activities - Numerous Chinese asset managers, including domestic and overseas Chinese investment institutions, have undergone due diligence from overseas long-term funds in the past quarter [3]. - APS, a Singapore asset management firm, has seen significant capital inflow from both domestic and Singaporean investors, including family offices and high-net-worth individuals [3]. - Overseas institutions are particularly interested in the historical holdings and trading decisions of asset managers to understand their investment style and sources of returns [3][4]. Group 2: Investment Process and Preferences - Establishing a long-term partnership requires asset managers to have a scalable and repeatable investment process; inconsistency in performance can lead to skepticism from overseas institutions [4]. - Overseas investors are focusing on seven key areas during due diligence, including investment management systems, risk management capabilities, organizational structure, alignment of interests, fee structures, macroeconomic outlook, and geopolitical risk assessments [5]. - There is a notable interest from overseas family offices and funds of funds (FOFs) in absolute return-oriented investment strategies and products [4][5]. Group 3: Market Sentiment and Future Outlook - Despite some overseas institutions showing interest, pension funds and sovereign wealth funds have not yet made significant adjustments to their allocations [6]. - The return of North American pension funds to China is anticipated around 2026, contingent on favorable market conditions and performance [7][9]. - Global funds are currently underweight in China, with a 11% allocation level, significantly lower than the benchmark, indicating a cautious approach due to past market volatility and economic uncertainties [8][9]. Group 4: Investment Opportunities in Technology - There is a shift in focus towards hard technology sectors, with a particular emphasis on the semiconductor industry, which is seen as a key area for China's future growth [12][14]. - Companies like SMIC are highlighted for their potential, with expectations of significant improvements in return on equity (ROE) over the next few years [12][13]. - The changing landscape in China, including reduced importance of real estate and shifts in industrial policy, presents new opportunities for global investors to engage with emerging Chinese enterprises [14].

碳化硅（SiC）领域龙头企业天岳先进（688234.SH）港股上市正稳步推进。近期，天岳先进正进行IPO路演，此前公司已 于7月30日通过香港联交所上市聆讯。 天岳先进（SICC）是全球碳化硅衬底市占率排名前列的行业龙头。相较传统硅基器件，碳化硅器件有着优异的性能。近年 来，碳化硅功率半导体器件在新能源汽车、光伏储能、AI眼镜、AI智算中心等新兴科技产业中得到快速应用。未来随着天 岳先进上市，港股又将迎来一家"硬科技"领域龙头企业。 在"硬科技"领域高速增长，剑指全球龙头 成立于2010年11月的天岳先进，自成立以来始终专注于碳化硅单晶衬底材料研发、生产和销售。公司于2022年1月登陆上交 所科创板，也是国内第一家专注宽禁带半导体材料的上市公司。 自上市以来，天岳先进发展迅猛，市占率快速攀升。根据权威行业调研机构日本富士经济报告测算，以销售收入计算， 2024年天岳先进碳化硅衬底市场占有率达到22.8%，是仅次于Wolfspeed的全球第二大龙头企业，公司品牌与产品在国际市 场已树立起颇高的知名度。 | 排名 | Company | 2023 | 2024 | 增长率 | | --- | --- | --- ...

Core Viewpoint - Tianyue Advanced (688234.SH), a leading company in the silicon carbide (SiC) sector, is progressing steadily towards its IPO in Hong Kong, having passed the listing hearing on July 30. The company is recognized for its significant market share in SiC substrates and is poised to become a major player in the "hard technology" field with its upcoming listing [1][2]. Company Overview - Tianyue Advanced focuses on the research, production, and sales of SiC single crystal substrate materials since its establishment in November 2010. It became the first domestic company to list on the Sci-Tech Innovation Board, specializing in wide bandgap semiconductor materials [2][4]. - The company has rapidly increased its market share, projected to reach 22.8% in 2024, making it the second-largest player globally, following Wolfspeed [2][3]. Financial Performance - From 2022 to 2024, Tianyue Advanced's revenue is expected to grow from 417 million yuan to 1.768 billion yuan, with a compound annual growth rate (CAGR) of 96.75%, significantly outpacing competitors like Wolfspeed [3][4]. - The company is forecasted to achieve a market share of nearly 26% by 2025, indicating its potential to become a global leader in the SiC sector [3]. Technological Advancements - Tianyue Advanced holds 503 patents, including 198 invention patents, ranking among the top five globally in SiC substrate-related patents. The company has received recognition for its technological breakthroughs, including a prestigious award from a Japanese semiconductor media outlet [4][9]. - The company has developed an innovative method for producing 8-inch SiC substrates and plans to launch the first 12-inch SiC substrate in 2024, enhancing production efficiency and reducing costs [8][10]. Market Applications - SiC materials are increasingly utilized in various sectors, including electric vehicles, photovoltaic energy storage, and AI glasses. The SiC power device market in the electric vehicle sector is projected to grow from $2.31 billion in 2024 to $14.69 billion by 2030, with a CAGR of 36.1% [10][12]. - The rapid growth of AI glasses, which are expected to see a shipment increase of 82.3% in 2023, is closely linked to the application of SiC materials, enhancing user experience and reducing manufacturing complexity [12][10]. Strategic Initiatives - Tianyue Advanced plans to allocate 70% of its IPO proceeds to expand its production capacity for 8-inch and larger SiC substrates, focusing on quality and efficiency through automation [12][13]. - The company aims to enhance its R&D capabilities and defect control measures, further solidifying its market position and product offerings [13][9].

Core Viewpoint - The article discusses the innovative measures introduced by the Anhui Provincial Science and Technology Department in the "Guidelines for High-Quality Operation of the Anhui Angel Fund Group," which aims to optimize the operation of government investment funds and enhance the investment environment for General Partners (GPs) in the region [2][3][5]. Summary by Sections - The investment conditions for sub-funds allow for a maximum contribution of 70% from a single mother fund, with a return investment requirement of only 1x, which is considered highly favorable in the industry [2][3]. - The management fee for sub-funds is set at 2% of the actual contributions, aligning with market practices and providing reassurance to GPs [3][4]. - The guidelines allow for an extension of the operational period of well-performing mother funds to 20 years, reflecting a commitment to "patient capital" that can endure long investment cycles typical in technology innovation [5][6]. - The investment agreement terms have been optimized to reduce stringent requirements such as "betting" clauses and unlimited joint liability, addressing current industry concerns [6][7]. - The evaluation mechanism for funds has been improved, focusing on overall project investment rather than individual sub-fund losses, which promotes a more supportive regulatory environment [6][8]. - Anhui has been proactive in establishing a robust mother fund system, with significant investments in specialized and innovative enterprises, demonstrating a commitment to fostering a vibrant investment ecosystem [10][11]. - The "Hefei Model" is highlighted as a successful approach to attract social capital through government investment, emphasizing the importance of creating a supportive environment for venture capital [12][13]. - The article notes that Anhui's investment matrix is expected to continue evolving, driving industrial transformation and attracting reliable limited partners (LPs) to support GPs [15].

第二部分为金融改革篇。主要从国家金融安全、政府引导基金尽职免责机制、金融支持低空经济发展、 供应链金融、金融赋能制造业发展等角度，探讨了政府引导基金尽职免责机制建设最新进展，金融支持 广东、广州低空经济和制造业高质量发展等发展热点，并提出了相关建议。 中国发展网讯 叶志楷 记者皮泽红报道 2025年8月7日，广州市社会科学院与社会科学文献出版社联合发 布了《广州蓝皮书：广州金融发展报告（2025）》。 金融资本是推动技术创新、促进经济增长的重要力量。在"硬科技"投资时代，推动金融资本集聚提升金 融资源配置效率，是城市推动技术创新、促进产业迭代升级、助力经济高质量发展的战略之举、现实之 需，是催生新产业新业态，培育发展新质生产力新动能，创造新需求拉动经济增长的核心驱动力。2024 年以来，广州积极推进金融强市建设，引导金融资源全面服务科技创新和产业创新，推动金融资本精准 赋能"12218"现代化产业体系，为"硬科技"新赛道注入源源不断的金融"活水"，不断取得新进展、新成 绩、新突破。奋进新征程，广州将把握世界科技发展潮流和产业变革趋势，以"竞"的姿态、"拼"的干 劲，以推进建设"12218"现代化产业体系、培育 ...

2025年以来，全球科技板块迎来新一轮爆发式增长浪潮，人工智能、机器人、半导体等硬科技领域成为资本市场焦点。 上述背景下，永赢基金重磅推出科创增强ETF（交易代码：588520；认购代码：588523），并于6月11日起重磅发行。作为全市场首批4只科创综指增 强策略ETF之一，该产品将延续永赢基金量化投资的优势，为投资者布局中国"硬科技"核心资产提供高效新选择。 据悉，永赢基金高度重视指增产品的布局。2024年，公司率先布局科创100和中证A50指增产品，其中科创100指增为业内首批产品，成立以来收益率 已达24.09%①；2025年，永赢进一步完善产品矩阵，继发行中证A500指增产品后，此次推出科创增强ETF是其宽基增强系列的重要突破。 | | 自基日以来Beta | 自基日以来涨跌幅 | 区间行情涨跌幅 | | --- | --- | --- | --- | | 科创综指 | 1.18 | 17.20% | 67.80% | | 科创50 | 1.08 | -0.47% | 52.57% | | 中证A500 | 0.96 | 1.49% | 48.88% | | 沪深300 | 0.91 | -5.01 ...

中经记者罗辑北京报道 "你一家刚刚成立的陕西企业，我为什么要用你？2013年，源杰科技成立之初，不仅资本对于光芯片领 域等'硬科技'还相对冷淡，客户信任的建立也是企业发展的一大挑战。"日前，在《沪市汇·硬科硬客》 第二季第5期"光芯片中国算力新'燃点'"录制现场，源杰科技（688498.SH）副总经理程硕回忆企业初创 时期的艰难。 "源杰科技从成立起一直专注光芯片领域，采取的是IDM模式（集芯片设计、晶圆制造、芯片加工、封 装测试等环节于一体的垂直整合型生产模式）。IDM模式涉及上百道工艺积累和打磨，需要长期坚守， 要用'坐冷板凳'的定力来突围。"程硕表示。 在坚守深耕之下，近年来，随着政策和资本对"硬科技"愈加重视，以及市场规模提升，通过自身技术积 淀协同效应释放，源杰科技抢占海外产能缺口和行业周期迭代等机遇，逐步发展为国内领先的光芯片供 应商，不仅实现了科创板上市，发展也步入快车道。 至今，源杰科技主要产品已覆盖2.5G、10G、25G、50G、100G光芯片产品以及CW光源、车载激光雷达 光源等，不仅在电信市场实现了光芯片的高度国产化，更在AI驱动的数据中心浪潮中实现了关键突 破。 中国市场优势+海外产 ...

Market Overview - The A-share market has shown signs of recovery, leading to a strong rebound in actively managed equity funds, with over 90% of products seeing net value increases this year, and 1,126 funds reaching new highs since their inception [1][2] - As of August 7, the Shanghai Composite Index rose by 0.16% to 3,639.67 points, marking a new annual high, while the Shenzhen Component Index and the ChiNext Index experienced slight declines [1] Fund Performance - The year has seen significant performance divergence among actively managed equity funds, with top performers achieving returns close to 130%, while the worst performers faced declines exceeding 18% [2] - The leading sectors contributing to fund performance include innovative pharmaceuticals, hard technology, and new consumption, prompting many high-performing funds to limit purchases and new products to attract capital [2] Fund Issuance and Dividends - On August 7, 10 new funds were launched, primarily focusing on bond and equity types, with a notable fundraising target of 6 billion yuan for the CITIC Prudential Stable and Interest Rate Bond Fund [2] - A total of 15 funds declared dividends, with the highest payout being 3.8419 yuan per 10 shares from the Guotai Junan Jinan Energy Heating Closed Infrastructure Securities Investment Fund [2] Fund Registration Trends - The recovery in the A-share market has led to a surge in private securities product registrations, with 1,298 products registered in July alone, a month-on-month increase of 18%, marking a 27-month record [2] - Year-to-date, a total of 6,759 products have been registered, reflecting a year-on-year increase of 61.39%, with index-enhanced strategies seeing a 52% increase in registrations [2] Top Performing Funds - The best-performing fund on August 7 was the Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed Fund C, with a daily growth rate of 5.2471%, followed closely by its counterpart A [4] - In the stock fund category, the top performer was the Huabao CSI Rare Metals Index Enhanced Fund A, with a daily growth rate of 2.3076% [5]

一、机构"假摔"实锤：科技军工成吸金重地 今日机构操作堪称"声东击西"： 老铁们，帮主拍案！今日大盘玩了一出"指数红彤彤，个股绿油油"的戏码——沪指涨0.16%创新高，超3000只个股却关灯吃面！但龙虎榜里藏着的才是真江 湖：机构一边砸盘创新药光伏，一边狂扫半导体军工，游资更是锁死稀土永磁，三路主力正上演"明修栈道，暗度陈仓"的大戏！ 帮主点睛：机构玩的是"假摔洗盘"——借创新药（千红制药遭净卖1511万）、光伏（德业股份被章盟主割肉）制造恐慌，实则调仓硬科技！ 二、游资"锁仓"稀土半导体：政策+订单双驱动 游资今日火力全开： • 稀土永磁：章盟主2300万强封宁波韵升，游资圈疯传"反制牌将出+精矿涨价12%"。 • 半导体：作手新一3500万主封富满微，5G射频芯片量产突破（绑定比亚迪80%订单）成硬核逻辑。 • 暗线联动：佛山系游资1亿抢筹利德曼，借医疗重组噱头玩短线套利，但机构已净卖1.5亿（警惕高开埋人！）。 散户防坑指南：跟风股如金力永磁（无实单）、创新医疗（机构净卖1.5亿）需果断砍仓，游资跑路快如闪电！ 三、主力与散户的认知差：三招识破"假冲锋" 二十年扒主力底裤的帮主，教你三招看穿虚实： 1. ...