Michael Wiggins De Oliveira is an inflection investor. This means buying into cheap companies at the moment when their narrative is changing and the business is on a path toward becoming significantly more profitable over the next year.With a focus on tech and “the Great Energy Transition (including uranium)”, Michael runs a concentrated portfolio with approximately 15 to 20 stocks and an average holding period of 18 months. Through his 10+ years analyzing countless companies, Michael has accumulated outsta ...

债券研究 证 券 研 究 报 告 【债券分析】 2025H1 可转债复盘：一波三折，强势表现 宏观叙事下随正股波动，稳定性更胜一筹 2025年上半年，转债在多重因素驱动下呈"N"型向上波动。横向比较来看， 转债指数在 2025 上半年较主要股指均表现强势，估值较 2024 年底抬升 3.58pct。从指数走势来看，2025年上半年转债市场两起两落，可根据事件驱动 和表现划分为三个阶段，主要包括2024年底到春节前转债资金面支撑下的估 值抬升、春节后至三月底的科技板块主题热、4月初至6月关税扰动波折下转 债随权益市场回调与反弹。 转债条款："老龄化"下更多的强赎退出，下修触发次数回落。在年初主题热 点催化下转债平价结构快速修复，较多转债实现强赎条款触发，上半年共计57 只转债退市，合计 96只转债触发强赎，其中36只转债公告实施赎回，强赎概 率 37.5%，较 2024年的 42.4%小幅回落。下修触发次数回落，下修概率降低。 上半年合计 218只转债 365次触发下修条款，有42支转债公告提议下修共计 43 次，提议下修占触发下修概率 11.78%，较 2024 年降低 6.41pct。此外，回 售期的转债数 ...

Core Insights - Alibaba's AI flagship application Quark has generated over 10 million professional-level college application reports for students and parents as of June 30, marking a significant achievement in the "AI college entrance examination" sector [1][2] - The competition among major internet companies in the "AI college entrance examination" space has intensified, with Quark launching three core features: "Deep Search for College Entrance Examination," "Application Reports," and "Intelligent Application Selection" [2][3] - Quark's deep research technology is tailored for the unique demands of the college entrance examination, emphasizing the need for accurate and professional content [2][4] Data Collection and Processing - Quark has collected data from over 8,000 authoritative sources related to the college entrance examination, covering more than 2 billion data points [2][3] - The application reports are generated through a combination of automated data collection and manual verification to ensure accuracy, particularly regarding changing school programs [3][4] - The model has been trained with input from over a hundred experienced college application planners, allowing it to simulate expert-level decision-making [4][5] Performance Metrics - Internal evaluations indicate that Quark's vertical model has reduced hallucination rates by 60% to 70% compared to general models [5] - Quark has successfully served over 30 million users, with 50% of its user base coming from third-tier cities and below, highlighting its penetration into lower-tier markets [6][7] Strategic Positioning - Quark's development in the college entrance examination sector aligns with its initial vision of becoming a personal assistant, with significant investments made to enhance its offerings [6][8] - The application has seen a 35% year-on-year increase in daily active users as of September 2023, with a substantial portion of its user base being under 25 years old [7][8] - Quark's positioning as an "AI all-in-one assistant" reflects its broader strategy to capture the growing demand for AI applications among younger users [7][8]

证券研究报告 | 金融工程 gszqdatemark 2025 07 01 年 月 日 量化分析报告 "薪火"量化分析系列研究（五） 如何利用 DeepSeek 辅助降低跟踪误差 研究背景：证监会于近期发布了《推动公募基金高质量发展行动方案》，基 金管理者未来或将更加重视基准，锚定基准创造超额收益。本篇报告结合 上述热点话题，探索 DeepSeek 能否辅助基金管理者降低产品相对于基准 的跟踪误差。具体地，本报告首先利用 DeepSeek 的联网搜索、深度思考 功能给出降低跟踪误差的方案，接着按照其给出的方案，要求 DeepSeek 设计策略落地方法及组合构建代码，展示对应方案下组合的改进效果。 方案①：核心卫星化，增加基准成份股权重 DeepSeek 给出的最容易实现降低跟踪误差的方法为核心卫星化：拿出部 分仓位直接配置基准指数，剩余仓位进行主动管理。针对核心卫星化方案， DeepSeek 给出了通过网格搜索法获得最优参数、构建组合的代码。此外， 针对基准指数成份股太多、较难完全复制的问题，DeepSeek 进一步给出 了基准指数替代组合的构建方法。 方案②：行业中性化，专注于选股打败行业指数 作者 分析师 ...

在过去，数字技术虽有介入，却始终未触及本质。志愿填报类产品层出不穷，但大多仍停留在"信息 罗列"或"筛选工具"阶段。真正需要解答的问题，从来不是"我能去哪"，而是"我该去哪、为什么去、 怎么去"，这些具有多变量、强约束、需解释的问题，恰恰是传统算法最难应对的场景。 1977年恢复高考制度，曾为千千万万中国人打开了一扇通向未来的门。但多年过去，在这扇门后却 横亘着另一道门槛：志愿填报。这不是一次考试能解决的问题，它融合了认知偏好、信息不对称、规 则复杂与资源不均。对于很多普通家庭而言，这道关卡远比考场更模糊、更难解。 直到今年夏天，生成式AI真正走进这片复杂地带。夸克正式推出"高考志愿大模型"，并上线"志愿报 告Agent"产品，其底层是基于夸克的"深度研究（Deep Research）"技术。 这一技术带来的最大变化是，让AI不再只是搜索或生成的工具，而成为可以参与决策、进行结构推 理的Agent系统。 截至6月30日，夸克为考生生成的志愿报告已超过1000万份，成为目前国内用户规模最大、反馈路径 最闭环的一次深度研究技术应用。 如果说去年我们还在讨论"ChatGPT能不能写作文"，今年夸克所做的，是用AI去 ...

今日（7.2）港股多数飘红，恒科逆市回调。恒生科技ETF基金（513260）盘中跌超1%，溢价频现。值得关注的是，恒生科 技ETF基金（513260）是同类唯一费率最低档的产品，管理费率仅0.15%。 | 5分 15分 30分 60分 = 综合屏 F9 前复权 超级叠加 画线 工具 ♡ ② > | | 恒生科技ETF基金 ① | | 513260 | | --- | --- | --- | --- | --- | | 夜ETF基金] 2025/06/27 枚1.375 幅0.36%(0.005) 开1.379 高1.387 低 1.371 均1.37@ | | 1.356 | | -0.014 -1.02% | | 1.3531 MA20 1.3591 MA60 1.3451 MA120 1.3561 MA250 1.1881 (90日) 7 = | | | | | | | | | SSE CNY 13:37:10 交易中 T+0 船 / Q + | | | 1.60 | | 净值走势 | | 汇添富恒生科技ETF | | | | | 12.00% 委差 | 39398 | | | 委比 | | | | | ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 07 02 年 月 日 朝闻国盛 七月配置建议：不轻易低配 A 股 今日概览 重磅研报 【策略】7 月市场观点：积极参与突破，重视业绩定价线索——20250701 【金融工程】"薪火"量化分析系列研究（五）如何利用 DeepSeek 辅助 降低跟踪误差——20250701 【金融工程】需求驱动叠加政策赋能——华夏中证生物科技主题 ETF 基 金投资价值分析——20250701 【金融工程】七月配置建议：不轻易低配 A 股——20250701 【机械设备】容知日新（688768.SH）-蓝海市场渗透率提升，预测性维 护让工业更美好——20250701 研究视点 【区块链】Robinhood 入局，美股代币化再提速——20250701 【通信】国产光模块迎来业绩收获期——20250701 【医药生物】【创新药大牛市】分支思路（三）中小市值管线爆款：镇痛 机制趋向多元化，关注相关药品临床进展——20250701 团，全球领先的钨一体化巨擘》 2025-06-30 3、《朝闻国盛：化债与转型——江西省经济财政债务 全梳理》 2025-06-27 请仔细阅 ...

每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收购、业绩、解禁、 高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前寻找到投资热点， 防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①创新药+脑机接口+减肥药+人工智能！这家公司MWN101注射液已完成肥胖和II型糖尿病的二期临床试 验；②稳定币+区块链+华为+机器人+互联网金融！这家公司区块链技术积累可以应用于数字人民币的相 关业务；③AI智能体+DeepSeek+跨境电商+三胎！公司与火山引擎联合打造垂类大模型及若干智能体。 前言 ...

Key Points - The Ministry of Finance and other departments announced a tax credit policy for foreign investors using profits distributed by domestic enterprises for direct investment in China, allowing a 10% credit against taxable income from January 1, 2025, to December 31, 2028 [3] - The Shenzhen Stock Exchange released standards for recognizing "light asset, high R&D investment" companies, which will no longer be subject to the 30% fundraising limit for liquidity [2][3] - The A-share market saw significant growth in the first half of the year, with the North Star 50 Index rising nearly 40%, driven by DeepSeek and military restructuring concepts [2][4] Domestic News - The manufacturing PMI, non-manufacturing business activity index, and composite PMI output index for June were reported at 49.7%, 50.5%, and 50.7%, respectively, indicating a slight recovery in economic activity [3] - The Ministry of Commerce reported that Canada has closed the operations of Hikvision on national security grounds, which China strongly opposes [3] - The Ministry of Commerce proposed to continue anti-dumping measures on imports of stainless steel billets and hot-rolled sheets from the EU, UK, South Korea, and Indonesia starting July 1, 2025, for a period of five years [3] - The National Foreign Exchange Administration issued a total of $30.8 billion in investment quotas to qualified domestic institutional investors (QDII) to support compliant cross-border investment [3] Market Overview - The A-share market closed the first half of the year with the Shanghai Composite Index up 2.76%, the Shenzhen Component Index up 0.49%, and the ChiNext Index up 0.53% [2] - The North Star 50 Index experienced a remarkable increase of 39.45% in the same period [2][4] Company Announcements - CITIC Securities was approved to issue up to 30 billion yuan in perpetual subordinated bonds [8] - Guanhui Energy is transferring a 20.74% stake in Alloy Investment at 7.5 yuan per share [8] - Jindu Technology plans to issue H-shares and list on the Hong Kong Stock Exchange [8]

6月30日，A股三大指数震荡攀升。截至收盘，上证指数上涨0.59%，深证成指涨0.83%，创业板指涨 1.35%。全市场超4000只个股飘红，成交额1.52万亿元。数据显示，A股半年度收官，上证指数上半年 累涨2.76%，北证50指数累涨近40%。 有机构分析称，预计半年报披露窗口期将成为A股有利的上行动力。展望7月，市场可能会呈现指数突 破上行，科技、非银等进攻性板块占优的格局。 后市展望： 半年报披露窗口期将推动A股上行 对于中短期A股市场的趋势，招商证券首席策略分析师张夏认为，展望7月，市场可能会呈现指数突破 上行，科技、非银等进攻性板块占优的格局。"半年报披露窗口期成为A股有利的上行动力。上半年， 无论是基金净值还是个股的涨幅中位数均达到5%左右，进一步积累了今年的赚钱效应。"张夏分析称， 这为指数后续突破上行、触发关键正反馈效应创造了有利条件。 "短期内小盘股跑赢市场的走势仍将持续。"瑞银证券中国股票策略分析师孟磊认为，中美贸易摩擦缓解 或将助力出口型行业并推升高beta板块（主要为TMT）。若宏观政策刺激力度较大，内需消费及房地产 将最为受益。若政策宽松较为温和，消费服务和人工智能主题或获得持续的 ...