Core Viewpoint - The partnership between GLP and ADIA signifies a strategic investment aimed at accelerating growth in the new economy sectors, particularly in supply chain, big data, and renewable energy, leveraging ADIA's financial strength and GLP's operational expertise [1][3][12]. Investment and Financial Overview - ADIA has invested $1.5 billion in GLP, with an initial deployment of $500 million, highlighting its commitment to long-term value investments [1]. - ADIA manages over $1 trillion in assets and has a 20-year and 30-year annualized return rate of 6.4% and 6.8%, respectively, indicating a strong track record in sustainable growth [1]. Strategic Collaboration - ADIA has been a long-term limited partner in various GLP funds and has upgraded its role to a strategic investor, providing significant endorsement for GLP's team and operations [2]. - The collaboration is expected to enhance GLP's capital structure and investment capabilities, allowing it to attract a broader range of clients and partners [3]. Core Competencies of GLP - GLP excels in asset management, balancing asset investment development with operational management, which is a key reason for ADIA's strategic investment [5]. - The company has established strong relationships with global institutional investors, sovereign funds, and pension funds, facilitating efficient capital linkage through asset fundization and securitization [5][7]. Focus on New Economy - GLP has built professional barriers in logistics supply chain, big data infrastructure, and renewable energy, achieving rapid growth and market recognition [8]. - Since entering the Chinese market in 2003, GLP has expanded its logistics facilities to cover over 3,000 square kilometers and serve nearly 3,000 clients [8]. Growth in Specific Sectors - GLP has developed 20 data centers across key regions in China, providing 1,400 MW of IT load, positioning itself as a leading independent data center operator [9]. - In renewable energy, GLP has developed over 2 GW of capacity and manages over 1 GW, supporting low-carbon operations across its facilities [11]. Long-term Value and Market Potential - The infrastructure sector serving the new economy is experiencing a revival, with current valuation levels attractive to long-term investors [12]. - The partnership between GLP and ADIA is seen as a recognition of China's long-term market potential, with both entities poised to capitalize on emerging growth cycles [12][13].

Core Viewpoint - The company, Guangdian Measurement, reported strong financial performance for the first half of 2025, with revenue and net profit both showing significant growth, indicating a robust business strategy focused on strategic industries and technological innovation [1][2]. Financial Performance - The company achieved a revenue of 1.478 billion yuan, a year-on-year increase of 10.01%, and a net profit attributable to shareholders of 97 million yuan, up 22.11% from the previous year [1]. - In Q2 2025, the company recorded revenue of 860 million yuan, representing a year-on-year growth of 13.79%, with a quarter-on-quarter revenue increase of 39.19% [1]. Business Strategy - The company is shifting its focus from comprehensive measurement services to strategic industries, emphasizing sectors such as special industries, commercial aerospace, new energy, low-altitude equipment, and artificial intelligence [1][4]. - The company has increased its R&D investment to 181 million yuan, a growth of 18.13% year-on-year, to support its expansion into strategic emerging fields [4][5]. Emerging Business Growth - The integrated circuit sector generated revenue of 130 million yuan, growing by 17.64%, while the data science analysis and evaluation business achieved revenue of 65.23 million yuan, with a growth rate of 47.07% [2]. - The company has successfully expanded its capabilities in AI testing and certification, contributing to its revenue growth in the digital economy [5]. Market Position and Future Outlook - The company maintains a strong competitive position in traditional measurement services, with revenue growth of 1.14% and 17.68% in reliability and environmental testing services, respectively [3]. - The overall gross margin for the first half of 2025 was 43.12%, indicating strong core competitiveness [3]. - The company is well-positioned to benefit from the increasing demand in strategic industries such as commercial aerospace and artificial intelligence, supported by ongoing technological advancements and industry collaborations [5].

Group 1: Economic Indicators - In July, the total retail sales of consumer goods increased by 3.7% year-on-year, with a combined growth of about 5% from January to July [1] - Fixed asset investment grew by 1.6% year-on-year from January to July, with actual growth adjusted for price factors between 4% to 5% [1] - High-end industries such as aerospace equipment manufacturing, computer and office equipment manufacturing, and information services saw significant investment growth of 33.9%, 16%, and 32.8% respectively [1] Group 2: Consumption Strategy - The National Development and Reform Commission (NDRC) plans to implement a comprehensive strategy to boost consumption, including large-scale vocational skills training to promote employment among key groups [2] - Policies will be introduced to facilitate the replacement of old consumer goods, accelerate the rollout of policies in emerging sectors like digital consumption and "AI+" consumption, and promote service consumption in tourism and events [2] Group 3: Artificial Intelligence Initiative - The State Council has issued opinions on the implementation of the "AI+" initiative, which aims to deepen the integration of AI technology across various sectors, enhancing industrial upgrades and consumer transformation [3] - The current conditions for implementing "AI+" are deemed mature, with AI technology evolving to exhibit strong general capabilities suitable for various applications [3][4] - The NDRC emphasizes the importance of coordination among various stakeholders to ensure effective implementation of the "AI+" initiative, avoiding disordered competition and fostering collaborative development [4][5]

Core Viewpoint - Chengdu B-ray Media Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by its strategic focus on digital cultural innovation and smart management solutions [1][3]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 284.93 million yuan, a year-on-year increase of 64.38% compared to 173.33 million yuan in the same period last year [2][3]. - Total profit reached approximately 17.83 million yuan, reflecting an 11.01% increase from 16.07 million yuan in the previous year [2][3]. - Net profit attributable to shareholders was approximately 9.18 million yuan, up from 8.63 million yuan, marking a 6.29% increase [2][3]. - The company reported a net cash flow from operating activities of approximately -155.47 million yuan, a significant decline compared to -34.13 million yuan in the previous year [2][3]. Business and Industry Analysis - The company focuses on "smart management, digital cultural innovation, and modern media," with key business areas including smart education, game development, media advertising, and cultural finance [3][4]. - The smart education sector has developed a comprehensive product system, leveraging AI and big data to provide solutions for regional education [3][4]. - The gaming business has expanded its overseas operations, with notable success in markets like Singapore and Malaysia, achieving significant revenue from popular titles [3][4]. - The media business is transitioning towards digital and new media, enhancing its capabilities in advertising and marketing [3][4]. Market Trends and Opportunities - The digital economy is expected to grow significantly, with the advertising market projected to exceed 1.5 trillion yuan in 2024, driven by digital advertising and new business models [5][6]. - The integration of emerging technologies such as 5G, AI, and VR/AR in gaming is creating new opportunities for immersive experiences and industry growth [4][5]. - The government's push for smart city development and digital education is expected to further expand the market for AI and digital solutions in education [3][4].

Group 1 - Xiaomi has initiated a recall of 146,891 units of the PB2030MI power bank due to potential safety hazards linked to a specific battery cell from a supplier [1] - YouTube has announced a continued content partnership with Fox, ensuring that Fox's channels will remain available on the YouTube TV platform [2] - Pinduoduo is recruiting talent for short drama production, indicating a move towards creating original content [2] Group 2 - Douyin E-commerce has launched a stringent quality inspection system for jewelry and gemstones, with 70% of consumers choosing to purchase these products on the platform due to the new service [3] - Kuaishou's live streamer Churui Xue achieved over 24 million viewers in her first live broadcast after taking over from Xinxuan [4] - Lei Jun announced that the beta version of Xiaomi's self-developed operating system, 澎湃OS3, is being rolled out to the first batch of devices [5] Group 3 - NVIDIA is facing a trial in California over allegations that an engineer disclosed trade secrets related to autonomous driving technology from a previous employer [6] - Leap Motor responded to rumors about FAW Group planning to acquire a stake in the company, stating that any official announcements will be made promptly [7] - Apple Store has officially launched its flagship store on Douyin Mall, allowing users to purchase Apple products directly [9] Group 4 - Hema has applied for multiple trademarks related to its rebranded community supermarket, now named "超盒算NB" [10] - Tencent Yuanbao has introduced an AI oral practice feature, providing users with a 24/7 online private tutor for English speaking [11] - Walmart plans to invest $260 million in El Salvador over the next five years to enhance its store network and logistics [12] Group 5 - Hefei Tianyao, a semiconductor materials company, has completed a multi-million A-round financing to expand production and R&D efforts [13] - The head of the National Data Bureau emphasized the ongoing development of a national data infrastructure to support digital economy growth [14] - South Korea plans to increase its trade response budget to 2.1 trillion won ($15 billion) in 2026, significantly up from previous years [15] Group 6 - The box office for the 2025 Qixi Festival has surpassed 100 million yuan, with top films including "7 Days," "Chasing the Wind," and "The Little Monster of Langlang Mountain" [16]

郭嘉昆：2013年建立以来，中阿博览会已成为中阿共建"一带一路"的重要平台。据了解，本届博览会聚 焦"创新、绿色、繁荣"主题，围绕数字经济、清洁能源、人工智能、现代农业、水资源、智慧气象等热 点领域，推动形成一批合作成果，体现了中阿经贸合作的蓬勃生机。博览会还首次举办中阿银联 体、"丝路电商"、气象、标准化及知识产权等方面活动，为双方合作增添了新动力。 明年第二届中阿峰会将在中国举办。中方愿与阿拉伯国家携手弘扬中阿友好精神，扎实推进务实合 作"八大共同行动"与"五大合作格局"，谱写中阿共同发展新篇章，推动构建中阿命运共同体。(完) 来源：中国新闻网 外交部：中阿博览会已成为中阿共建"一带一路"的重要平台 编辑：徐世明 中新网北京8月29日电 (记者 张素 李京泽)中国外交部发言人郭嘉昆29日主持例行记者会。 会上有记者提问：我们注意到，第七届中国—阿拉伯国家博览会昨天在宁夏银川开幕，来自75个国家和 地区的近万名代表参会，阿联酋作为本届博览会的主宾国与会。发言人有何评论？ 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwvie ...

华夏创业板两年定期开放混合型 证券投资基金 基金管理人：华夏基金管理有限公司 基金托管人：中国工商银行股份有限公司 报告送出日期：二〇二五年八月三十日 华夏创业板两年定期开放混合型证券投资基金 2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并 对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三分之二以上独 立董事签字同意，并由董事长签发。 基金托管人中国工商银行股份有限公司根据本基金合同规定，于 2025 年 8 月 28 日复核了本报 告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核内容 不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本基 金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 华夏创业板两年定期开放混合型证券投资基金 2025 年中期报 告 华夏创业板两年定 ...

Core Viewpoint - The State Council of China has issued the "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action," focusing on the synergy between industry application needs and foundational capability supply, launching six major actions including scientific technology, industrial development, consumer quality enhancement, public welfare, safety governance, and global cooperation [1][2]. Group 1: Global Cooperation and Development - The "Artificial Intelligence+" action emphasizes global cooperation, aiming to share opportunities and address challenges in the AI era with an open and inclusive attitude [2][3]. - The National Development and Reform Commission (NDRC) will work on five key areas: shared outcomes, collaborative capacity building, technological advancement, governance discussions, and ecosystem construction [3][4]. Group 2: Impact on Consumer Behavior - The "Artificial Intelligence+" initiative aims to transform consumer behavior from merely having products to focusing on quality, enhancing service consumption in various sectors such as entertainment, e-commerce, and elder care [4][5]. - New product consumption trends are emerging, with smart devices and technologies like smart homes and connected vehicles becoming prevalent, creating a comprehensive smart interaction environment [5][6]. Group 3: Historical Context and Future Directions - The launch of the "Artificial Intelligence+" action follows the "Internet+" initiative, representing a deepening and innovation of the information technology revolution, transitioning from "information connection and dissemination" to "knowledge application and creation" [6]. - The current conditions for implementing "Artificial Intelligence+" are deemed mature, marking a critical step in developing new productive forces and advancing the digital economy towards an intelligent economy and society [6].

中国民营企业500强榜单由全国工商联主导发布，自2011年启动以来，已成为衡量中国民营经济发展水 平的核心指标，其数据严谨性、评选公正性和行业影响力备受社会各界认可。该榜单以企业年度营业收 入为主要依据，结合创新能力、社会责任、产业贡献等维度综合评定，被各级政府、金融机构及投资界 视为判断民营企业发展质量的重要参考。 据了解，此次民营企业500强入围门槛增至270.23亿元；营收总额达到43.05万亿元，充分展现了中国民 营经济的强劲韧性和创新活力。能链的入选，不仅是对其商业成就的肯定，更体现了国家对新经济、新 业态企业的高度重视。更值得注意的是，在今年的500强榜单中，数字化服务商、AI服务商占比显著提 升，反映出我国数字经济、智能经济深度融合各行各业的新趋势。能链的入围填补了能源产业互联网企 业在头部榜单中的空白。 本报讯 （记者袁传玺）8月28日，在辽宁沈阳开幕的"2025中国民营企业500强发布会"上，能链凭借卓 越的产业创新能力首次跻身"中国民营企业500强榜单"，成为能源数字化领域最具代表性的标杆企业之 一。这一由全国工商联权威发布的榜单，被誉为中国民营经济发展的"晴雨表"和"风向标"，能链的入选 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The current bull market contains three ESG investment themes: improvement in corporate governance leading to valuation uplift, long-term opportunities from high-quality economic development and green transformation, and short-term supply optimization under energy transition [1][2][3] Summary by Sections 1. High-Quality Development of Capital Markets and Corporate Governance - Following the "New National Nine Articles," China's capital market has entered a phase of high-quality development, with regulatory guidance aimed at enhancing corporate governance to elevate A-share valuations [10][11] - The experience from Japan and South Korea indicates that improved corporate governance can significantly enhance market price-to-book ratios [11][14] - The report highlights the importance of institutional investors, particularly public funds, in actively participating in corporate governance to drive quality improvements in listed companies [10][21] 2. Long-Term Opportunities from Economic High-Quality Development and Green Low-Carbon Transition - The "Five Major Articles" are driving the financial sector's transformation, linking it with five ESG-value industries, which is expected to enhance asset quality and profitability [2][33] - The report emphasizes the role of technology in fostering new productive forces, particularly in sectors like AI and green computing, which are poised for significant growth [2][50] - Traditional industries are encouraged to undergo green transformation, integrating "new energy+" to enhance efficiency and sustainability [2][34] 3. Energy Transition: Short-Term Supply Optimization and Long-Term Structural Changes - The report identifies investment opportunities in the energy transition sector, particularly under the "dual carbon" policy framework, which aims to optimize supply in high-energy-consuming industries and promote structural changes in energy usage [3][35] - Short-term policies are expected to improve market dynamics in sectors like renewable energy and electric vehicles, while long-term changes will reshape the entire energy supply chain [3][45] 4. Financial Sector Transformation - The financial sector is undergoing a shift from traditional profit models to comprehensive service models, driven by the "Five Major Articles," which require banks and insurance companies to adapt their product offerings and risk management strategies [45][46] - The report notes significant growth in green finance, with outstanding loans increasing from 8.23 trillion yuan in 2018 to 42.39 trillion yuan by mid-2025, reflecting a compound annual growth rate [35][38] 5. Digital Economy and Technological Innovation - The digital economy in China has grown from 39.2 trillion yuan in 2020 to 53.9 trillion yuan in 2023, with a compound annual growth rate of 11.2%, indicating a strong trend towards digital transformation [50][53] - The report forecasts that the digital transformation market will maintain a high growth rate of 15.6% annually from 2023 to 2028, highlighting the importance of technology in driving economic development [50][56]