वेरी गुड मॉर्निंग। हैप्पी कारगिल दिवस। इट्स रियली अ ऑस्पिशियस डे एंड आई एम वेरी ब्लेस्ड एंड ऑनर्ड टू बी हियर वि पीपल यूनिवर्सिटी टुडे। वन बिकॉज़ इट्स कारगिल विजय दिवस एंड टू बिकॉज़ भोपाल इज अ सिटी दैट आई ऑलवेज से गिव मी माय विंग्स। सो व्हेन आई वाज़ अ यंग स्टूडेंट आफ्टर ग्रेड 12 माय पेरेंट्स सेंट मी टू ओरिजिनल कॉलेज ऑफ़ एजुकेशन इन श्यामला हिल्स। सो एज अ हॉस्टलर देयर एंड एज़ अ यंग गर्ल। आई फाउंड माय विंग्स। आई टूक अ लॉट ऑफ डिसीजंस ऑन माय ओन एंड यू कैन से दैट द पर्सन आई हैव बिकम इज बिकॉज़ ऑफ दिस लवली सिटी ऑफ़ भोपाल। ...

中证报中证网讯(王珞)8月15日，全球高端PCB龙头企业生益电子(688183)发布2025年半年度报告，业绩 呈现爆发式增长。上半年实现营业收入37.69亿元，同比增长91.00%，归母净利润达5.31亿元，同比增 长452.11%。扣非净利润5.28亿元同比增长483.25%，盈利质量显著提升。单季度来看，第二季度营收 21.9亿元，同比增长101.1%；净利润3.3亿元，同比增长374.3%。公司拟每10股派发3元现金红利，合计 拟派发现金红利2.47亿元。 公司表示，尽管全球经济环境仍存在不确定性，但AI等新兴技术的快速发展为PCB行业，特别是高端产 品带来了广阔的增长空间。公司将继续深化市场布局，加速高端产能建设，强化技术创新与数智化转 型，不断提升核心竞争力，以把握市场机遇，实现可持续的高质量发展。 着眼未来高增长市场，公司强化核心领域布局并积极开拓前沿方向。在网络通信领域，公司持续深耕 800G高速交换机市场，实现稳健发展，并与核心客户紧密协同，加速推进下一代224G产品的研发，目 前相关产品已进入打样阶段。汽车电子业务方面，通过深化与全球汽车电子及电动汽车领域领导者的战 略合作，公司在智能辅助 ...

Google And Pollster Scott Rasmussen Will Use AI To Survey Americans’ Political Views https://t.co/c1JdH3SWJx https://t.co/c1JdH3SWJx ...

智通财经APP获悉，随着 2025 年二季度美股持仓报告(13F)密集披露，瑞银、富国银行、野村、索罗斯 基金等全球顶级机构的调仓轨迹逐渐清晰。在 AI 热潮与市场波动交织的背景下，巨头们对科技股的态 度出现明显分歧：有人减持避险，有人逆势加仓，更有人通过期权工具豪赌波动。这些动作不仅折射出 机构对当前市场的判断，更可能预示着下一阶段的投资主线。 瑞银：减持科技巨头，押注纳指回调 作为国际财富管理领军者，瑞银的持仓变动向来被视为市场风向标。二季度，瑞银美股持仓总市值环比 增长 7% 至 5800 亿美元，但对科技股的态度却转向谨慎。 在前十大重仓股中，瑞银对微软、英伟达、苹果等美国科技巨头全线减持：苹果减持幅度达 10.86%， 英伟达减持 5.16%，微软减持 3.95%。与此同时，瑞银大举增持纳斯达克 100 指数看跌期权(QQQ PUT)，持仓数量激增 84.21%，成为第九大重仓标的。 风险对冲层面，富国银行同样 "两手准备"：一方面增持 3.36% 债券 ETF(AGG)提升抗波动能力，另一 方面激进增持 92.25% 纳斯达克 100 指数看跌期权(QQQ PUT)，与减持 30.66% 纳指 1 ...

Core Viewpoint - Goldman Sachs has expressed a strong bullish stance on the Chinese market, indicating a renewed interest in long positions due to robust market performance driven by multiple factors including policy support, earnings growth, and capital inflows [1] Group 1: Market Performance - Both Hong Kong and mainland markets are experiencing significant upward momentum, with multiple indices reaching new highs; southbound capital inflows into Hong Kong stocks have accelerated, with a record net purchase of approximately 35.88 billion HKD on August 15, 2023, bringing total inflows for the year to 938.92 billion HKD, surpassing last year's total of 807.87 billion HKD [1] - The A-share market has also seen a substantial increase, with the Shanghai Composite Index returning to around 3,700 points and a trading volume exceeding 2.2 trillion CNY, marking the 29th trading day in A-share history to surpass this threshold [1] - The CSI 300 Index has risen for four consecutive months since April, potentially setting a record for the longest streak since 2020, with the CSI 1000 Index (excluding OFAC components) up over 12% [1] Group 2: Key Drivers of Market Confidence - **Policy Initiatives**: The government has introduced personal consumption loan interest subsidies to boost consumer confidence, while eight lithium battery companies have agreed to pause capacity expansion, leading to a recovery in industry valuations [2] - **Technology Sector Performance**: The earnings season for tech companies has shown strong results, with Tencent reporting Q2 2025 revenue of 752.91 billion CNY and adjusted EPS of 27.52 CNY, exceeding market expectations by 3%; AI-driven improvements have significantly boosted marketing service revenues [3] - **Funding Dynamics**: Retail investors have become the main force in the current market rally, with margin trading balances reaching a ten-year high of 202.04 billion CNY, while sentiment indicators suggest that investor enthusiasm remains moderate, indicating potential for further gains [4][7] - **Foreign Capital Expectations**: There is an increasing expectation for foreign capital to return, as Goldman Sachs notes a divergence between nominal and net market values, suggesting that global funds may amplify upward momentum [8] - **Liquidity Support**: China's liquidity supply grew by 4.6% year-on-year in June, marking the largest increase in over two years, providing a supportive environment for the stock market [9] Group 3: Investment Focus Areas - Goldman Sachs favors mid-cap indices in both Hong Kong and A-shares, specifically the CSI 500 and CSI 1000 [10] - **Technology and AI Sector**: Companies like Tencent and JD.com are showing effective AI applications, with significant growth in related sectors such as semiconductors and data centers [12] - **Consumer Recovery Chain**: Policy subsidies are directly benefiting sectors related to consumer loans, alongside improvements in retail fundamentals, making quality consumer leaders attractive [12] - **"Anti-Competition" Industries**: Sectors like lithium batteries and photovoltaics that have reached consensus on capacity are expected to see improved profitability for leading companies [13] - **High-Growth Mid-Caps**: The CSI 1000 Index includes many hidden champions in niche markets, which are likely to benefit from liquidity easing and industrial upgrades [13]

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 OpenAI的CEO Sam Altman希望，为开发和运营AI服务而在基础设施领域投资（至少）数万亿美元。 Altman认为，长期而言，AI将是最重要的事，社会作为一个整体是不可能对大举投资AI感到后悔的。 风险提示及免责条款 ...

RT Custom Content from WSJ (@WSJCustom)Paid Program with @BCG: Can AI make hospitality more human? One leading brand is using the technology to personalize guest journeys, connect with customers and build loyalty that lasts.https://t.co/fkE8iQGA52 ...

Core Insights - The company reported a significant increase in both revenue and profit for the first half of 2025, with total revenue reaching 791 million yuan, representing an 8.4% year-on-year growth [1][3] - The comprehensive gross profit rose to 197 million yuan, marking a substantial 46.8% increase, with a gross margin of 25.0% [1][3] - AI-related revenue accounted for 31.5% of total revenue, showing a significant year-on-year growth [1][3] - The self-built intelligent computing centers saw a 60.3% increase in efficiency compared to the previous year [1][3] - Overseas revenue reached 156 million yuan, reflecting a 20.4% year-on-year growth [1][3] Business Strategy - The company is accelerating its intelligent computing cloud layout, focusing on high-quality expansion of intelligent computing centers and continuous upgrades of self-developed platforms to empower AI application scenarios [1] - In terms of globalization, the company is deepening the deployment of multi-regional nodes and computing resources to provide a self-controllable digital foundation for various industries and scenarios worldwide [1]

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Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported better-than-expected Q2 performance, leading the industry in growth rates. For the first half of 2025, the company achieved operating revenue of 269.4 billion yuan, a year-on-year increase of 1.3%, with service revenue of 249.1 billion yuan, up 1.2%, surpassing the overall industry growth rate of 1.0% [1][2] - The company's EBITDA for the first half was 80.6 billion yuan, reflecting a year-on-year growth of 4.9%. The net profit attributable to the parent company was 23.0 billion yuan, up 5.5%, indicating strong profitability [1] - The company is expected to maintain good growth in revenue, EBITDA, and net profit for the full year [2] Summary by Sections Business Performance - Mobile communication services revenue reached 106.6 billion yuan in the first half, growing 1.3% year-on-year. The number of mobile users reached 433 million, with a net increase of 8.19 million users, including 282 million 5G users, a net increase of 31.29 million, resulting in a 5G penetration rate of 65.2%, up 6.1 percentage points from the end of 2024 [3] - Fixed-line and smart home services revenue was 64.1 billion yuan, a 0.2% year-on-year increase, with broadband access revenue at 45.7 billion yuan, up 1.7% [3] Digital Business Development - The company's digital industry revenue was 74.9 billion yuan, a year-on-year increase of 1.5%. The AIDC revenue was 18.4 billion yuan, up 7.4%, while Tianyi Cloud's revenue reached 57.3 billion yuan, growing 3.8% [4] - The company has upgraded its computing infrastructure, with over 580,000 data center racks and a computing power scale of 77 EFLOPS, a 23% increase from the end of 2024 [4] Cost Management and Cash Flow - The company has implemented AI-driven cost management, resulting in a 0.9% year-on-year increase in operating expenses, with a decrease in network operation costs by 2.3% [5] - Capital expenditures decreased significantly by 27.5% year-on-year to 34.2 billion yuan, with free cash flow increasing by 13.9% [6][12] Shareholder Returns - The company plans to distribute an interim dividend of 0.1812 yuan per share, an increase of 8.4% year-on-year, with a payout ratio of 72%, up 1.9 percentage points [13] Earnings Forecast and Valuation - The company is expected to achieve revenue growth rates of 2.3%, 2.1%, and 2.0% for 2025-2027, with net profit growth rates of 6.4%, 6.2%, and 6.0% respectively. The corresponding P/E ratios are projected to be 19, 18, and 17 times [14]