今天听了一些其他行业的创始人 / 成功人士的访谈 & 播客，发现有很多思维模式还是互通的最核心的因素是风口 + 运气，抓住了红利期，然而目前看来找到风口这件事没有太多通法，大部分原因是机缘巧合就好像电商时期，拼多多颠覆了速卖通的过程中也有不少人吃到红利：平台刚起来的时候是商家最容易赚钱的时候，流量不花钱，商家竞争小而不抽离原有体系的原因是对原有的老旧体系心存幻想，在一个领域的沉没成本过高时，很难克服人性改道去新的领域更抽象化的底层思维还是理性人对机会成本的理解 ...

"杭州六小龙"杭州宇树科技有限公司（以下简称宇树科技）创始人王兴兴、浙江强脑科技有限公司（以 下简称强脑科技）创始人韩璧丞在被委任为香港特首顾问团成员后，近日首次在香港参加了特首顾问团 会议。 7月9日至11日，香港特区行政长官李家超一连三日与特首顾问团举行午餐会议，听取特首顾问团成员就 今年《施政报告》和香港整体发展的意见。 李家超特别表示，这是新一届（第二届）特首顾问团成员的首次会议。他欢迎特首顾问团三位新成员， 包括曾担任国际货币基金组织副总裁和中国人民银行副行长的朱民博士，以及"杭州六小龙"的两家企业 ——强脑科技创始人韩璧丞及宇树科技创始人王兴兴特意赴港参与会议。他们于会上表示香港具有得天 独厚的"内联外通"及教育科研优势，地理位置优越，亦是国际金融中心，资金自由流动，十分吸引内地 企业在港上市并以香港作为"出海"的窗口。 特首顾问团就三大主题进行了广泛讨论：一是香港经济高质量与持续发展——包括如何在地缘政治变化 和经济转型之中巩固香港国际金融、航运和贸易中心的地位等；二是创新与创业——包括如何推动传统 产业升级转型，积极培育新兴产业、加快发展北部都会区，以及积极吸引资金和人才助力本港的创新科 技发 ...

浙江东日股份有限公司发布了股票交易风险提示公告。公告指出，截至2025年7月11日收盘，公司股价 自2025年6月16日以来累计涨幅为121.99%，可能存在炒作风险，提醒投资者注意二级市场交易风险。 公司主营业务为农副产品批发交易市场运营管理、生鲜食材配送业务和豆制品生产加工领域业务，日常 经营不涉及"脑机接口"业务。截至目前，公司参股公司培安美（浙江）科技股份有限公司未签署任何涉 及"脑机接口"业务相关的合作研发、设备采购、产品销售等书面实质性协议。截至2025年5月底，培安 美公司本年累计实现营业收入2.87万元，净利润-66.14万元，对公司经营业绩影响较小。根据证监会行 业分类，公司所属"租赁和商务服务业"，公司在中证指数有限公司查询的最新行业静态市盈率为 28.19，公司当前的最新市盈率为99.05，远高于行业指数相关指标。经公司自查，截至本公告披露之 日，确认不存在应披露而未披露的重大信息。公司董事会确认，公司日常经营活动正常，不存在影响公 司股票交易价格异常波动的重大事项。公司指定的信息披露媒体为《上海证券报》，指定的信息披露网 站为上海证券交易所网站。有关本公司的信息请以公司在上述媒体和网站 ...

Core Viewpoint - The public fund industry is undergoing significant reforms, leading to a transformation in fund sales institutions as they adapt to shrinking income from trailing commissions and upcoming sales fee reductions [1][2][3]. Group 1: Impact of Fee Reductions - The first major impact on fund sales institutions is the reduction of trailing commissions, with management fees and trailing commissions both decreasing since the initiation of the public fund fee reform in July 2023. The management fee income is projected to be 124.73 billion yuan in 2024, down 8.1% from 2023, while trailing commissions are expected to be 35.48 billion yuan, a decrease of 8.7% [2]. - Many fund sales institutions, such as China Merchants Bank and Tonghuashun, reported a significant decline in their distribution income, with reductions around 20% [2]. - The second wave of impact is anticipated with the upcoming sales fee reductions, which are expected to be implemented by May 2025, further constraining the income potential for sales institutions [3]. Group 2: Transition Strategies - Fund sales institutions are shifting from a seller-driven model to a buyer service model in response to the fee reductions. This includes adjusting product offerings from fixed-income products to multi-asset and equity products to meet diverse investor needs [4][5]. - Companies like Yingmi Fund are focusing on deepening their buyer advisory model, moving towards a fee structure based on advisory services rather than sales commissions [5][6]. - The industry is also seeing a push towards enhancing investor experience and focusing on long-term performance, with institutions like Tencent Licai Tong implementing comprehensive advisory services to improve investor decision-making and outcomes [8][9]. Group 3: Evaluation and Performance Metrics - The regulatory framework is evolving to include a classification evaluation mechanism for fund sales institutions, emphasizing metrics such as investor returns and holding periods, which will guide internal assessment and incentive structures [6][7]. - Companies are increasingly focusing on aligning their performance metrics with investor outcomes, with organizations like Yingmi Fund integrating user satisfaction and trust into their performance evaluations [7][10]. - The emphasis on improving investor holding experiences is becoming a common goal across the industry, with strategies aimed at enhancing investor education and risk awareness to foster better long-term investment behaviors [10].

Group 1: Industry Overview - The global AI wave is creating significant opportunities in the humanoid robot market, with companies like Tesla rapidly iterating their humanoid robot products [1] - The humanoid robot market is expected to witness mass production by 2025, with applications in industrial manufacturing, healthcare, logistics, and consumer sectors [1][5] - The global humanoid robot market is projected to reach approximately $10.17 billion in 2024, growing to $15 billion by 2030, with a compound annual growth rate (CAGR) exceeding 56% [3][5] Group 2: Investment Insights - The investment strategy focuses on identifying companies with long-term growth potential and strong business models, emphasizing the importance of industry growth stages and market size [2] - Key indicators for investment include the industry's compound growth rate over the next 3 to 5 years, as well as the company's core competitiveness and financial sustainability [2] - The analysis highlights the importance of technology barriers and the ability of companies to maintain a competitive edge through innovation and operational efficiency [2] Group 3: Market Applications - In the short term, the industrial manufacturing sector is expected to be the primary application area for humanoid robots, particularly in automotive and 3C electronics [3][4] - Humanoid robots can significantly enhance production efficiency and reduce labor costs in complex manufacturing processes [4] - Long-term applications in healthcare, logistics, and consumer services are anticipated to further expand the humanoid robot market [5] Group 4: China's Competitive Advantage - China possesses a complete industrial chain, from raw material supply to end-product manufacturing, which positions it favorably in the global humanoid robot market [6] - The country has developed several manufacturing clusters supported by policy and capital, enhancing its competitive edge in high-end manufacturing [6] - Significant technological advancements in key components, such as reducers and sensors, have been made by domestic companies, increasing their investment value [7]

科创板试点引入IPO预先审阅机制方面，《预先审阅指引》进一步明确预先审阅机制的适用情形，开展 关键核心技术攻关或者符合其他特定情形的科技型企业，因过早披露业务技术信息、上市计划可能对其 生产经营造成重大不利影响，确有必要的，可以申请预先审阅。发行人和保荐人需参照IPO正式申报的 相关规则要求准备预先审阅申请文件，提交预先审阅申请前，需要履行保荐人质控、内核会议等内部程 序，取得中国证监会派出机构的辅导验收文件，财务数据应在规定的有效期内。 上交所将严格参照正式审核程序开展审阅工作，向发行人和保荐人反馈审阅意见。上交所的审阅意见不 构成对发行人是否符合板块定位、发行上市条件和信息披露要求的预先确认。通过预先审阅的科技型企 业正式提交IPO申报的，上交所将加快推进审核程序。 7月13日，上交所正式发布科创板改革"1+6"政策配套业务规则，包括《科创成长层指引》《预先审阅指 引》《资深专业机构投资者指引》三项业务指引，以及修订的《会员管理业务指南第2号——风险揭示 书必备条款》和《证券交易业务指南第6号——证券特殊标识》两项业务指南，旨在落实中国证监会 《关于在科创板设置科创成长层增强制度包容性适应性的意见》（下称 ...

Core Viewpoint - The future trends of high-tech companies, particularly in the fields of smart manufacturing, AI chips, and humanoid robots, are attracting significant investor attention as major public funds conduct intensive research on various electronic component companies [1][2]. Group 1: Company Developments - Taotao Automotive is focusing on the development and sales of electric vehicles and related products, with a recent investor meeting attracting over a hundred institutions [1][2]. - The company plans to enter the humanoid robot industry to support its smart transformation, having signed investment and strategic cooperation agreements with K-Scale Labs in the U.S. [2]. - Taotao Automotive's net profit for the first half of 2025 is projected to be between 310 million and 360 million yuan, representing a year-on-year increase of 70.34% to 97.81% [2]. Group 2: Market Performance - Taotao Automotive's stock price has surged from approximately 65 yuan to 133.66 yuan since late May, marking an overall increase of nearly 106% [2]. - 聚光科技 (Juguang Technology) is a high-tech platform company focusing on high-end instrument equipment, with a recent investor meeting also attracting significant interest [3][4]. - Juguang Technology's net profit for the first half of 2025 is expected to be a loss of 42 million to 52 million yuan, indicating challenges in the semiconductor application sector [3][4]. Group 3: AI and Semiconductor Focus - 乐鑫科技 (Lexin Technology) is a global fabless semiconductor company, with AI edge chip-related revenue reaching several hundred million yuan, primarily for applications requiring voice wake-up and interaction [4]. - The company anticipates a net profit of 250 million to 270 million yuan for the first half of 2025, reflecting a year-on-year increase of 65% to 78% [4]. - Lexin Technology emphasizes a diversified approach, focusing on providing reliable hardware and software infrastructure rather than relying on a single blockbuster product [4].

"科创板设置科创成长层，为处于不同发展阶段，尤其是成长初期的科技创新企业提供更加适配的资本 市场平台，有利于进一步彰显资本市场支持科技创新的政策导向，稳定市场预期。"张宗新说。 上交所7月13日正式发布的《科创成长层指引》《预先审阅指引》和《资深专业机构投资者指引》等科 创板改革配套业务规则，引发多位专家学者、机构负责人的热议。在他们看来，科创成长层的设立有利 于更好维护市场稳定，减少改革阻力，为增量制度改革提供更可控的"试验空间"，又有利于集中管理未 盈利科技型企业，便于投资者更好识别风险，更好保护投资者合法权益。 为未盈利企业 提供资本市场适配平台 科创成长层重点服务技术有较大突破、商业前景广阔、持续研发投入大，目前仍处于未盈利阶段的科技 型企业。复旦大学金融研究院金融学教授、博士生导师，美国斯坦福大学访问学者张宗新表示，从全球 实践看，科技型企业往往经营业绩不确定性大、转盈利周期长，资本市场服务能否有效覆盖优质未盈利 科技型企业，是市场各方判断制度包容性、适应性的标识性因素。例如，纳斯达克对未盈利企业上市给 予较高包容度，2019年以来，纳斯达克IPO企业中，超过50%的企业上市时未盈利，合计融资额占比 ...

智通财经7月14日电，据央视新闻报道，知情人士表示，美国联邦航空管理局（FAA）和波音公司已私 下发布通知，称波音飞机的燃油开关锁是安全的。通知称，尽管燃油控制开关的设计（包括锁定功能） 在各种波音飞机型号上都很相似，但美国联邦航空管理局不认为这个问题是一个不安全状况，并对包括 787型号在内的任何波音飞机型号颁布适航指令。 美联邦航空管理局：波音飞机的燃油开关锁是安全的 ...

随着公募基金2025年第二季度报告陆续披露，多只权益类基金运作情况揭晓。《证券日报》记者梳理发 现，截至7月13日发稿时，已有银华基金、长城基金、德邦基金、华富基金、同泰基金5家公募机构旗下 共计17只权益类基金披露二季报。 多只权益类基金在二季度进一步提高股票仓位，维持高仓位运作。基金经理也根据市场变化积极调整投 资组合，整体来看，机器人、金融科技、医药等领域的投资机会受到青睐。 权益投资比例提高 今年第二季度，多只权益类基金继续维持高仓位运作，甚至进一步提高权益投资比例。 截至二季度末，同泰慧利混合、同泰产业升级混合、长城久鑫混合、德邦高端装备混合发起式等9只基 金股票仓位均在80%以上。相较于今年一季度末，部分产品股票仓位进一步提升。例如，同泰远见混合 的股票仓位从一季度末的78.65%提升至85.74%；同泰产业升级混合的股票仓位更是从一季度末的1.62% 跃升至90.16%。 在投资领域方面，各只基金投资侧重点各有不同，部分基金在二季度也经历了调仓换股。 长城基金旗下多只医药主题基金在二季度实现了显著的净值增长。例如，长城医药产业精选混合发起式 A份额和C份额分别实现了35.86%、35.72%的净 ...