| Wind代码 | 证券简称 | 近1年回报(%) 20240821~20250819 | 基金经理 | | --- | --- | --- | --- | | 016303.OF | 中信建投北交所精选两年定开A | 257.52 | 冷文鹏 | | 014283.OF | 华夏北交所创新中小企业精选两年定开 | 236.86 | 顾鑫峰 | | 014279.OF | 汇添富北交所创新精选两年定开A | 226.06 | 马翔,马磊 | | 016307.OF | 景顺长城北交所精选两年定开A | 178.56 | 农冰立 | | 014275.OF | 易方达北交所精选两年定开A | 152.23 | 郑希 | | 014277.OF | 万家北交所慧选两年定开A | 150.35 | 叶勇 | 本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 近期，公募基金市场捷报频传，北交所主题基金以惊人的赚钱效应成为市场中最耀眼的明星。Wind数 据显示，截至8月19日，已有3只北交所主题基金近一年收益率突破200%大关，展现出极强的赚钱效 应。 其中，冷文鹏管理的中信建投北交所精选两年定开 ...

Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, driven by strong growth in automotive and AR/VR segments, despite a slight decline in mobile product shipments [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 19.652 billion yuan, a year-on-year increase of 4.2% [1] - Net profit reached 1.646 billion yuan, reflecting a substantial year-on-year growth of 52.6% [1] - The gross margin improved to 19.8%, up by 2.6 percentage points compared to the previous year [1] Group 2: Mobile Business - The mobile segment saw a decline in shipment volumes, with mobile lens and camera module shipments down approximately 6% and 21% year-on-year, respectively [2] - However, the average selling price (ASP) for mobile lenses and camera modules increased by around 20%, contributing to improved profitability [2] - The company expects mobile lens gross margins to continue to rise, projecting a gross margin of 25%-30% for 2025 [2] Group 3: Automotive Business - The automotive segment experienced a significant increase in shipments, with car-mounted lens shipments rising by 21.7% to 65 million units, maintaining the company's leading global market share [3] - The company has deepened strategic collaborations with major autonomous driving platforms, enhancing its market position [3] - The automotive segment is expected to see revenue growth exceeding 20% year-on-year for the full year 2025 [3] Group 4: Emerging Businesses - The XR business showed rapid revenue growth in H1 2025, primarily due to the company's strong involvement in the smart glasses sector [4] - The company is also making advancements in robotics, with applications in navigation, obstacle avoidance, and AI recognition, expanding its market presence [4] - The company aims to leverage its technological advancements and strategic upgrades to drive sustained growth in these emerging sectors [4]

G15 沈海高速上海至常州段的 LED 屏上，"严禁使用辅助驾驶" 的红色警示灯仍在滚动闪烁。这则未配套处罚措施的提示，却像一记重锤砸在智能汽车行 业的神经上 —— 当部分高速路段明确禁止 L2/L2 + 级系统启用，当市场监管总局与工信部的新规严令禁止 "L2.5""脱手驾驶" 等模糊宣传，曾经被车企当 作核心卖点的辅助驾驶功能，正在政策红线与技术局限的双重挤压下褪去光环。当辅助驾驶这张牌不再奏效，车企的破局之道藏在何处？ 辅助驾驶 "退潮"：被揭穿的技术泡沫 辅助驾驶的 "哑火" 并非偶然，而是技术局限性与商业夸大碰撞后的必然结果。去年一起追尾致死事故至今仍令人警醒：前车爆胎后未及时撤离，后车的 辅助驾驶系统因未能识别静止车辆，最终造成 2 人死亡。车企在《智驾必读告知书》中早已明确列出免责条款：系统无法识别静止车辆、缓慢行驶的工程 车、异形挂车等场景 —— 这些 "不能" 恰恰暴露了当前技术的真实边界。 高速禁令的三大理由更直指核心矛盾。在施工改道路段，不规则摆放的锥桶、临时设置的限速标志，常常超出毫米波雷达与摄像头的融合感知范围；节假 日车流量激增时，ACC/AEB 系统的误判急刹可能引发连环追尾；而 ...

隔夜，全球AI总龙头英伟达收盘下跌3.5%，软件公司Palantir和芯片设计公司Arm分别重挫9.4%和5%。 科技板块的下跌，带动纳指下跌了1.4%。 美股科技板块下跌的原因在于，麻省理工学院发布了一篇题为《生成式AI鸿沟：2025年商业AI现状》 的报告。 该报告指出，高达95%的企业从其生成式AI投资中获得的回报为零。OpenAI首席执行官Sam Altman近 期也敲响了AI投资警钟，他认为AI相关股票已出现泡沫迹象。两个消息共同刺激了投资者对美股科技 板块的谨慎态度。 尽管如此，也有不少对AI热潮持正面看法的观点出现。 即便是敲响AI投资警钟的Sam Altman，其动作却很诚实。Sam Altman准备让OpenAI投入数万亿美元建 设数据中心，还多方寻求算力合作。 对于AI是否有泡沫，达哥认为，真正的投资高手不是回避泡沫，而是看清它、利用它，并在大众狂欢 结束前悄然离场。 昨天，有一篇文章在投资圈流传。文章的主要意思是，在牛市中，下车了真正有价值的标的，就会很难 再上车，因为下车之后过一段时间会发现，卖出的个股继续上涨。 此时内心在想：便宜的时候我都卖了，现在再去买就下不了手。在错过有真正价值 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant increase in net profit of 52.6% year-on-year for the first half of 2025, with revenue reaching 19.652 billion yuan, a 4.2% increase [5] - The growth in profitability is attributed to improvements in product structure and higher revenue from automotive-related businesses [5] - The company is expected to benefit from the ongoing trend of high-end innovation in mobile optics and the growth of its automotive and XR (Extended Reality) businesses [5] Financial Performance Summary - **Revenue and Profitability**: In 25H1, the company achieved revenue of 196.52 billion yuan and a net profit of 16.46 billion yuan, with a gross margin of 19.8% [5] - **Segment Performance**: Revenue from mobile, automotive, and XR-related businesses was 132 billion yuan, 34 billion yuan, and 12 billion yuan, respectively, with year-on-year growth rates of 1.7%, 18.2%, and 21.1% [5] - **Mobile Business**: Despite a decline in shipment volume, the average selling price (ASP) for mobile lenses and camera modules increased by approximately 20% year-on-year, leading to improved profitability [5] - **Automotive Business**: The company maintained its position as the global leader in automotive lens shipments, with a 21.7% increase in shipment volume in 25H1 [5] - **Emerging Businesses**: The XR business is expected to continue growing, supported by the company's strong presence in smart glasses, while the robotics sector is expanding in various applications [5] Financial Projections - The company forecasts total revenue of 422 billion yuan, 475 billion yuan, and 529 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 35 billion yuan, 42 billion yuan, and 48 billion yuan [5][6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 3.21 yuan, 3.87 yuan, and 4.42 yuan, respectively [6][10]

格隆汇8月20日丨伟测科技(688372.SH)公布半年度报告，受益于智能驾驶渗透率提升、数据中心与AI算 力爆发和国产替代加速三大趋势，2.5D/3D、chiplet或SiP等先进封装测试需求增加且得益于公司扩大高 端测试产能的前瞻性策略与高效运营，报告期内实现营业收入6.34亿元，较上年同期增长47.53%。2025 年半年度归属于上市公司股东的净利润为10,107.84万元，较上年同期相比增加831.03%，盈利能力持续 提升，经营业绩迈上新台阶。 ...

在A股市场沪指创出十年新高的背景下，民生加银精选基金却以近十年-48.45%的回报率，在全市场权 益类基金跌幅榜中位列第四。这只成立于2009年7月的基金，成立以来总回报为-37.78%，最新规模仅 0.36亿元，已远低于清盘红线，生存警报长鸣。然而，与榜单上其他深陷泥潭的基金不同，该基金今年 以39.82%的惊人回报率实现了强势反弹，这种极端的反差使其成为市场关注的焦点。 | 近十年权益类基金跌幅 | | --- | TOP10 数据来源：Wind 截止至20250819 极不稳定的投研团队是该基金长期颓势的核心症结。该基金成立十五年间，竟先后更换了12位基金经 理，人均任职年限仅1.45年，投资策略毫无延续性。 | 历任基金经理 | | | | | 历任基含经理数:12 人均任职律服:1.45 | | | --- | --- | --- | --- | --- | --- | --- | | 基含经理 | 任职日期 | 萬任日期 | 任意称回报 | 任职年代回报 | 同类排名 | 质量基本网报 | | 刘肯汉 | 2024-07-11 | 19 | 47.09% | 41,59% | 906/4296 | ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 国金证券指出，计算机板块细分领域中，AI产业链、智能驾驶、国产替代、出海等方向景气度较好。 利润端受益于基数效应、减员增效及AI赋能下的成本节约，下半年经营强度将好于上半年。AI产业链 仍是核心主线，上半年落地进展显著，下半年预计实现倍数级增长，确定性较高的方向包括端侧AI硬 件、C端出海软件、B端企业服务与制造业信息化、G端/大B端大模型私有化部署等。细分赛道中，AI 算力、激光雷达维持高景气；AI应用加速向上；软件外包、金融IT、量子计算等稳健向上；教育IT、网 安等拐点显现。 计算机ETF（512720）跟踪的是CS计算机指数（930651），该指数从市场中选取涉及软件开发、IT服 务、硬件制造等领域的上市公司证券作为指数样本，以反映计算机行业相关上市公司证券的整体表现。 该指数侧重于科技创新和 ...

中信建投指出，8月第三批"以旧换新"国补各地已陆续恢复申领，静待车市"金九银十"，当前新能源车 免征购置税3万元，2026~2027年将调整为减半征收（即从减免最高3万元下调为1.5万元），汽车"反内 卷"叠加新能源需求前置催化行业beta亟待上行，利好强势新车周期主机厂以及30万元+高端品牌。L2智 驾国标或落地在即，板块密集催化下产业趋势进一步强化；商用车内需修复和非俄海外出口景气度上行 带来龙头公司上半年业绩连续超预期，稳健低估值属性仍为防御型资金青睐。L4智驾行业今年迎来行 业成本和技术的拐点，当前技术迭代、行业格局、新商业模式等仍在演变，L2强标征求意见稿即将发 布意味着国家信用背书，智能化成为可定量的品牌力，重点关注智能化检测环节和L3-L4智驾运营板 块。 智能汽车ETF（159889）跟踪的是CS智汽车指数（930721），该指数聚焦于智能汽车领域，从电子、计 算机、汽车等行业中精选与智能驾驶、车联网等核心技术紧密相关的优质上市公司证券作为指数样本。 指数成分股权重分布依次为31.0%、20.6%和16.6%，全面覆盖感知层、决策层、执行层等智能汽车产业 链核心环节，系统性地反映了智能汽车领域 ...

Investment Rating - The report rates the automotive industry as "Positive" [5] Core Insights - The UK government has reintroduced purchase subsidy policies for electric vehicles, which is expected to increase the penetration rate of pure electric vehicles to 26% [2][20] - Domestic plug-in hybrid vehicle sales have experienced a negative growth for the first time, while commercial vehicles and exports show strong performance [3][40] - The report highlights significant growth in electric vehicle sales in Europe and other regions, with a notable increase in the US market [3][78] Monthly Focus - The UK has launched multiple subsidy policies for electric vehicles, including a purchase subsidy that will provide £3,750 or £1,500 for eligible vehicles starting from July 2025, with a total budget of £650 million [10][14] - The reintroduction of subsidies is driven by the UK's stringent regulations under the "Zero Emission Vehicle Directive," which mandates that 80% of new car sales must be zero-emission vehicles by 2030 [15][20] - The expected impact of the subsidy policy is an increase in the penetration rate of pure electric vehicles from 24% to 26%, benefiting manufacturers with production capabilities in Europe and the UK [2][21] Key Data Tracking - In July, domestic plug-in hybrid vehicle retail sales decreased by 4% year-on-year, marking the first decline since the surge of new energy vehicles [3][35] - Commercial vehicle sales continue to grow at a high rate, with penetration rates exceeding 20% for four consecutive months [40] - Exports of new energy vehicles have maintained high growth since 2025, particularly driven by significant increases in exports from BYD and Chery [47][55] Industry and Company Changes - Major state-owned enterprises in China, such as Changan and FAW Group, have set targets for new energy vehicle sales to exceed 60% by 2030 [4] - New models featuring plug-in hybrid and range-extended technologies have been launched by companies like Zeekr and IM Motors [4] - Collaborations between Huawei and various brands are expected to yield new models, with several set to launch in the near future [4]