导语 ：印度商业部长说，本地创业公司只是"将失业青年变成廉价劳动力，以便富人不用动弹 就能吃到饭"。 印度商业和工业部长皮尤什·戈亚尔（Piyush Goyal）引发了一场轩然大波，因为他表示对本国初创 企业的不满，这通常是政府官员很少会批评的对象。他的尖锐批评既准确又不公平。 初创企业通常被视为经济中表现良好的典范，官员们更习惯于将其作为成功案例来宣传。官员们经 常抱怨传统公司，尤其是制造业公司，投资不足，但却乐于将这些新参与者作为成功故事来展示。 许多初创企业向投资者承诺印度3号的规模和印度1号的收入。但成功的企业利用印度1号的资本和 印度3号的劳动力来服务印度2号，承诺低利润率但合理的规模。 戈亚尔正确地指出，尽管这些企业在实施方面可能很有效，但它们并不一定在开拓新领域。投资者 的兴趣也没有许多人认为的那么大。两年前，一个在创新中心古尔冈备受瞩目的会议上，吸引了数 百名创始人，但却几乎没有投资者参加，这一事实变得无法忽视。 印度总理纳伦德拉·莫迪（Narendra Modi）喜欢谈论该行业的增长如何表明印度是"充满活力、自信 且面向未来的"。他的部长们赞扬初创企业对就业的贡献，并强调它们吸引了多少外国投 ...

据悉，"科创板八条"发布后，科创板行业主题ETF投资标的持续丰富， 已覆盖人工 智能、芯片、新材料、生物医药、新一代信息技术、新能源等主题。 上证报中国证券网讯（记者 何昕怡）最新数据显示，截至目前，科创板芯片ETF规 模合计近300亿元；今年以来陆续上市的6只科创板人工智能ETF规模较发行规模增长近三 倍。 投资有风险,入市需谨慎!本栏目内容仅为投资者 教育之目的,介绍业务知识,揭示投资风险,不构 成对投资者的任何投资建议。投资者不应以该等信 息取代其独立判断或仅依据该等信息做出投资决 策。申万宏源力求本栏目的信息准确可靠,但对这 些信息的准确性或完整性不作保证,亦不对因使用 该等信息而引发或可能引发的损失承担任何责任。 本栏目内容如有变动,恕不另行通知。最终解释权 归申万宏源证券有限公司所有。 免责声明 ...

Core Viewpoint - The article discusses the performance of various ETFs, highlighting a mixed market reaction with some sectors experiencing declines while others show gains [1] Group 1: ETF Performance - The AI-themed ETF in the technology sector decreased by 0.37% [1] - The robotics ETF from E Fund fell by 0.25% [1] - The consumer electronics ETF saw a decline of 0.92% [1] - The semiconductor ETF dropped by 0.40% [1] - The Hong Kong innovative drug ETF increased by 0.75% [1] Group 2: Market Strategy - The article suggests that investors looking to capitalize on market rebounds should consider purchasing index ETFs that bundle market leaders [1]

Core Insights - The article highlights the performance of various ETFs, particularly those focused on artificial intelligence and technology sectors, indicating a positive market trend for these investment vehicles [1] Group 1: ETF Performance - The AI-focused ETF in the Sci-Tech sector increased by 1.50% [1] - The CSI 300 ETF from Huaxia rose by 0.44% [1] - The Sci-Tech AI ETF saw a rise of 1.83% [1] - The Sci-Tech Chip ETF experienced a growth of 0.38% [1] - The Semiconductor ETF gained 1.42% [1] Group 2: Market Strategy - The article suggests that investors looking to capitalize on market rebounds should consider purchasing index ETFs that bundle market leaders [1]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company's 2024 performance met expectations, with revenue of 2.745 billion yuan, a year-on-year increase of 23.35%, and a net profit attributable to shareholders of 631 million yuan, up 20.07% year-on-year [1] - The overseas business has made significant progress, achieving revenue of 421 million yuan, a year-on-year increase of 85.40%, and is seen as a key driver for future growth [2] - The company launched nearly 50 new products in 2024, generating 1.338 billion yuan in revenue, which accounts for 49% of its main business revenue [2] - The company has a robust order backlog of 4.017 billion yuan, a year-on-year increase of 15.35%, and new contracts signed in 2024 amounted to 3.718 billion yuan, up 7.71% year-on-year [3] Financial Summary - The company's projected revenue for 2025-2027 is expected to be 3.359 billion, 4.116 billion, and 5.078 billion yuan, with growth rates of 22.4%, 22.5%, and 23.4% respectively [4] - The net profit attributable to shareholders for the same period is projected to be 819 million, 1.005 billion, and 1.241 billion yuan, with growth rates of 29.8%, 22.7%, and 23.5% respectively [4] - The company's PE ratios for 2025-2027 are projected to be 22x, 18x, and 15x respectively, based on the closing price on February 28 [4]

Group 1 - The core viewpoint of the article highlights a recovery in both A-share and Hong Kong stock markets in February 2025, driven by improved market sentiment and easing geopolitical tensions between China and the US [2][3]. - A-share indices showed significant gains, with the Sci-Tech 50 index rising by 18.0% in February, while sectors like computing, machinery, and electronics performed well [2][3]. - The Hong Kong market also experienced a notable rebound, with major indices such as the Hang Seng Tech Index and Hang Seng China Enterprises Index increasing by 26.0% and 19.1%, respectively [2]. Group 2 - The article emphasizes the onset of the "spring rally" in A-shares, which typically occurs annually and is influenced by monetary policy adjustments and key economic data releases [3]. - Current A-share valuations are near the average levels since 2010, with potential for further increases due to supportive policies and inflows from mid- to long-term investors [3]. - Investment focus should be on technology growth and consumer sectors, particularly in TMT, machinery, and consumer electronics [3]. Group 3 - The article suggests that domestic asset prices may be revalued due to the recognition of DeepSeek-R1 in the global AI tech community, indicating a narrowing gap in technological innovation between China and the US [4]. - A "barbell" strategy is recommended, focusing on sectors benefiting from domestic policies and independent growth, including high-dividend stocks in telecommunications and utilities [4]. - Continued attention to high-dividend, low-volatility strategies is advised as a means of stable income generation [4].

Core Viewpoint - Apple announced a significant investment of $500 billion in the U.S. over the next four years, focusing on AI and semiconductor advancements, while also creating approximately 20,000 jobs and establishing 24 factories [3][5][19]. Investment Plans - The investment will include the establishment of an advanced manufacturing facility in Houston to produce servers for "Apple Intelligence," a personal intelligence system [6][11]. - Apple plans to double its advanced manufacturing fund from $5 billion to $10 billion, with significant investments in TSMC's Arizona factory for advanced chip production [15][19]. Job Creation and Facilities - The investment is expected to create around 20,000 new jobs and establish new teams and facilities across several states, including Michigan, Texas, California, Arizona, Nevada, Iowa, Oregon, North Carolina, and Washington [5][9][19]. - A new factory in Texas will focus on producing servers for data centers, which are essential for Apple's AI applications [11][12]. Educational Initiatives - Apple will open the Apple Manufacturing Academy in Detroit to help U.S. businesses transition to advanced manufacturing, providing free courses and skills development [22][23]. - The New Silicon Initiative (NSI) aims to prepare students for careers in hardware technology and chip design, expanding to eight schools nationwide [24][26]. Commitment to Sustainability - The new servers produced in the U.S. will enhance Apple's data center capabilities, which currently operate on 100% renewable energy [12][19].

今天有一个里程碑式的事件，比特币的价格正式站上了10万美元。 其实半个多月前价格就已经来到97000附近，但随后在整数关口前进行了一段时间的调整，调整的这两个星期成了山寨币的窗口期，大量二线蓝筹蹦蹦跳 跳的完成了100-300%的涨幅。然后就是今天，带头大哥正式进入6位数时代。 多年前币圈曾经喊出过一个振聋发聩的口号，一币一墅，这在当时被当做是遥不可及的妄言妄语，但现如今已经摸得着边了，73万已经可以覆盖别墅的建 安成本，这一轮行情我觉得已经差不多了，等到4年后、8年后我们到时候再看看一个币能换到哪里的别墅。 今天刷到一个新闻，美图公司把持有的加密货币都卖了，盈利7900万美元，打算拿来给股东们特别分红。美团是2021年3月、4月入场的，btc和eth各买了 5000万美元，加起来1个亿。eth的成本是1600+，btc的成本是56000+。 其实这个btc买的不便宜，之后冲高到69000后开始回调，一度都跌到16000，美图浮亏严重。当时很多美图股东都在骂蔡文胜拿公司的钱瞎搞，不过在今 年又变成了"真香"。借着这波行情蔡文胜获利了结，最终盈利接近80%下车，浮盈不算赢，拿钱离场才是真赢。 我最近也开始止盈， ...