Core Viewpoint - The public funds are shifting their investment strategies from an aggressive approach in the first half of the year to a more defensive stance in the second half, emphasizing the need to protect gains and avoid losses [2][3][7]. Group 1: Market Sentiment and Strategy - Fund managers are increasingly adopting a "guarding" strategy, reflecting a rise in risk aversion despite optimistic market expectations for the second half of the year [2][3]. - The overall market is expected to maintain a high-level fluctuation, with the upcoming semi-annual reports serving as a significant sentiment indicator [4]. - The anticipated economic recovery is expected to improve, but the policy expectations from important meetings in July may be limited [4]. Group 2: Investment Focus - The focus is on a balanced strategy that combines both offensive and defensive positions, with an emphasis on stable dividend assets to mitigate short-term volatility [5][6]. - Investment opportunities are identified in high-growth sectors such as AI, robotics, autonomous driving, innovative pharmaceuticals, and semiconductors [5][6]. - The strategy includes pairing dividend stocks with small-cap tech stocks, focusing on stable earnings and sectors benefiting from long-term value and reform [6]. Group 3: Performance and Themes - The high returns of public funds in the first half of the year have led to a focus on maintaining performance and managing market volatility in the second half [7][8]. - The theme-based investment approach seen in the first half, which included sectors like robotics and innovative drugs, is now being scrutinized for its sustainability and alignment with fundamental performance [9][10]. - The underlying theme of technological evolution, particularly in AI, remains a critical focus for investors, indicating a shift towards sectors that drive industrial transformation [10].

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index reaching a new high for the year at 3461.15 points, up 0.18% with a trading volume of 500.2 billion yuan [1] - The Shenzhen Component Index closed at 10534.58 points, up 1.17% with a trading volume of 809.5 billion yuan [1] - The ChiNext Index increased by 1.90% to 2164.09 points, with a trading volume of 382 billion yuan [1] Sector Performance - Leading sectors included PCB, consumer electronics, innovative pharmaceuticals, and solid-state batteries, while sectors such as controlled nuclear fusion, marine economy, oil and gas, and gaming saw declines [1][2] - Notable individual stock performances included a significant rise in computing hardware stocks and a rebound in solid-state battery stocks [2] Institutional Insights - According to Jifeng Investment Advisory, the A-share market is gradually finding a bottom with medium to long-term investment opportunities emerging, particularly in sectors like semiconductors, consumer electronics, artificial intelligence, robotics, and low-altitude economy [3] - Yinhua Fund anticipates that as the mid-year report disclosure approaches, the market will focus more on performance certainty despite a challenging domestic recovery [3] - CITIC Securities highlights the importance of nuclear power in energy transition and carbon neutrality, suggesting a favorable outlook for the nuclear power industry and related supply chains [3] News Impact - The U.S. government has lifted export restrictions on EDA software to China, allowing major companies like Siemens, Synopsys, and Cadence to supply their products without special approval, which could significantly impact the semiconductor design market in China [4] - The EDA tools are essential for semiconductor design across various applications, indicating a potential boost for the industry [4] Economic Indicators - The Caixin Services PMI for June recorded at 50.6, a decrease of 0.5 percentage points from May, indicating a decline in the expansion phase to the lowest level since Q4 2024 [5] Corporate Actions - Longfor Group has allocated 1.766 billion yuan to the repayment account for the "22 Longfor 04" bond, with total repayments nearing 9 billion yuan for the year [6]

有记者就有关美国总统拟带企业团访华的报道进行提问。商务部新闻发言人何咏前：关于这个问题，我没 有可以提供的信息，但是中方的态度是一贯的且明确的。希望美方与中方相向而行，在两国元首的战略引 领下，本着相互尊重、和平共处、合作共赢的原则，不断增进共识，减少误解，加强合作，共同推动中美 经贸关系健康、稳定、可持续发展。 7月3日下午，商务部召开例行新闻发布会。 商务部回应有关美国总统拟带企业团访华报道 商务部回应美国与越南达成贸易协议 有记者就美国与越南达成贸易协议一事提问。商务部新闻发言人何咏前：美国对全球贸易伙伴加征所 谓"对等关税"是典型的单边霸凌做法，中方一直坚决反对。中方注意到相关情况，正在开展评估。中方的 立场是一贯的，我们乐见各方通过平等磋商解决与美方经贸分歧，但坚决反对任何一方以牺牲中方利益为 手段达成交易。如果出现这样的情况，中方将坚决予以反制，维护自身正当权益 内容形式全面升级 重磅报告即将发布 "创投智库" 即将揭牌成立 行业精英合力打造行业智藏团 综合自：日月谭天 责编：万健祎 校对：祝甜婷 全国创投协会 is h 123 126 创投圈感会 证券时报第十三届创业投资大会 暨全国创投协会联盟 ...

Group 1 - The A-share market has shown strong fluctuations, leading to a significant recovery in public fund issuance in the first half of the year, with 680 new funds launched, a 7.94% increase compared to the same period in 2024 [1] - Stock funds have become the main force in fundraising, with 390 stock funds launched, accounting for 57.35% of the total, representing a 66.67% increase year-on-year [1] - Passive index funds dominated the stock fund issuance, with 293 funds launched, making up 75.13% of the total stock funds [1] Group 2 - In the FOF fund category, 31 new FOF funds were launched, marking an 82.35% increase compared to the previous year [2] - Bond funds, mixed funds, and QDII funds saw a decline in issuance, with 131 bond funds launched, accounting for 19.26% of the total [2] - Among bond funds, medium- and long-term pure bond funds were predominant, with 60 new funds launched, representing 45.80% of the new bond fund total [2] Group 3 - A total of 490 new equity funds were launched in the first half of the year, accounting for 72.06% of all new funds, indicating a recovery in equity fund issuance and reflecting investor confidence in the A-share market [3] - The market has shown strong performance since June, with major indices achieving short-term breakthroughs, suggesting potential for further upward movement [3] - Factors such as tariffs, interest rate cuts, policies, and semi-annual reports are expected to influence market dynamics, with a need for cautious trading strategies to navigate uncertainties [3]

Group 1 - The company reported a revenue of 363 million yuan for January to May 2025, representing a year-on-year increase of 117.18%, with a net profit attributable to shareholders of 55 million yuan, an increase of 86.44 million yuan year-on-year [1] - In Q1 2025, the company achieved a revenue of 191 million yuan, up 105.63% year-on-year, and a net profit of 24.32 million yuan, an increase of 53.10 million yuan year-on-year, with a net profit margin of 12.7% [1] - The company is a key global supplier of 3D vision sensors, focusing on 3D vision technology research and development, with applications in biometric recognition, 3D scanning, and robotics [1] Group 2 - The company has established partnerships with several domestic and international service robot clients, including Yunji Technology and LionsBot, and has integrated its 3D cameras with NVIDIA's robotics platform [2] - The company has completed the development of five generations of depth engine chips and multiple iToF and dToF light-sensitive chips as of mid-2024 [2] Group 3 - The company has raised its revenue forecast for 2025/26 from 960 million/1.16 billion yuan to 1.02 billion/1.28 billion yuan, and net profit forecast from 60 million/100 million yuan to 110 million/190 million yuan, with a new forecast for 2027 of 1.53 billion yuan in revenue and 290 million yuan in net profit [3] - The average price-to-sales (PS) ratio of comparable companies is 29X, which is 22% higher than the company's PS of 24X, leading to an upgraded rating to "Buy" [3]

Investment Rating - The report upgrades the investment rating to "Buy" [2][7] Core Views - The company has shown significant revenue growth driven by AIoT and robotics demand, with a notable increase in net profit margin to 17.8% in April-May 2025 [7] - The company is a key global supplier of 3D visual sensors, focusing on technology development in 3D visual perception, with applications in biometrics, robotics, and industrial measurement [7] - The financial forecasts have been revised upwards, with expected revenues of 1,015 million in 2025 and 1,280 million in 2026, alongside a projected net profit of 112 million in 2025 and 188 million in 2026 [6][9] Financial Data and Profit Forecast - Total revenue is projected to grow from 564 million in 2024 to 1,015 million in 2025, reflecting a year-on-year growth rate of 79.9% [6] - The net profit is expected to turn positive, with a forecast of 112 million in 2025 and 188 million in 2026, compared to a loss of 63 million in 2024 [6][9] - The gross margin is anticipated to remain stable at around 43% from 2025 onwards [6] Market Position and Collaborations - The company has established partnerships with major players like NVIDIA and AMD, enhancing its presence in the robotics sector [7] - The company has successfully integrated its 3D cameras with NVIDIA's robotics platform, improving the capabilities of autonomous mobile robots [7]

Group 1: Company Overview - The main customers of the company include Infineon, Bosch, ON Semiconductor, STMicroelectronics, CRRC Times, Starpower, Silan Microelectronics, and Chiplink Integration, which are well-known power semiconductor manufacturers both domestically and internationally [2]. - The company's sales model is direct sales, negotiating contracts directly with customers and selling products to them [2]. Group 2: Core Competencies - The company's core competitive advantages lie in its technology processes, quality assurance, R&D capabilities, market position, and production capacity [2]. Group 3: Market Expansion Plans - The company plans to closely monitor new trends, new tracks, and new demands in the industry while developing new products and expanding application scenarios and fields to seek new growth points [3]. Group 4: Revenue Distribution - In 2024, the company's domestic business revenue accounted for 81.06%, while international business revenue accounted for 18.94% [3]. Group 5: Raw Material Price Management - The company is strengthening relationships with key suppliers to secure resources and enhance bargaining power, while also monitoring raw material price trends and expanding procurement channels to maintain pricing flexibility and inventory elasticity [3]. - A price transmission mechanism has been established with major customers to adjust sales prices based on raw material price fluctuations, although this mechanism has a lag [3].

Core Viewpoint - The A-share market showed a mixed performance with major indices experiencing slight increases, indicating a cautious market sentiment amid varied sector performances [1][2]. Market Performance - As of the midday close on July 3, the Shanghai Composite Index was at 3457.36 points, up 0.07%, the Shenzhen Component Index at 10490.5 points, up 0.75%, and the ChiNext Index at 2152.54 points, up 1.36% [1][2]. - The overall market breadth was relatively balanced, with the number of stocks rising and falling being approximately equal [2]. Sector Performance - The leading sectors included recombinant proteins, innovative drugs, and CRO (Contract Research Organization), while superconductors, BC batteries, and cultivated diamonds showed weakness [4]. Capital Flow - Main capital inflows were observed in the electronics, pharmaceutical biology, and communications sectors, while outflows were noted in non-ferrous metals, basic chemicals, and banking sectors [5]. - Specific stocks with significant net inflows included Industrial Fulian (14.98 billion), CATL (9.72 billion), and Luxshare Precision (7.82 billion) [5]. - Conversely, stocks facing notable net outflows included Yuyin Co. (5.52 billion), Northern Copper (5.16 billion), and Hunan Tianyan (3.38 billion) [5]. Institutional Insights - Guoyuan Securities highlighted the significance of including innovative drugs in commercial insurance directories, indicating a strengthening role of commercial insurance in the multi-tiered medical security system, which is expected to create more opportunities for the industry [7]. - CITIC Securities projected steady revenue growth in the computer industry by Q2 2025, with a focus on AI applications and computing power, suggesting investment in AI-related sectors such as management software, medical IT, and cloud services [7].

Core Viewpoint - Public funds demonstrated resilience in the first quarter, achieving a profit of 124.67 billion yuan, marking the best performance in five years and a significant increase of 237.64 billion yuan compared to the same period last year [1] Group 1: Fund Performance - Active equity funds collectively realized a profit of 124.67 billion yuan in Q1, the highest in five years, with 3,422 funds making profits, representing 75.41% of the total [7] - The total net asset value of public funds reached 31.86 trillion yuan by April 22, reflecting a growth of 1.02% from the end of Q1 [2] - The number of public funds increased to 12,648, a rise of 288 funds from the end of last year, setting a historical high [2] Group 2: Sector and Stock Preferences - Public funds increased their holdings in the non-ferrous metals sector by over 1.6 billion shares, highlighting its value amid tariff policies and risk disturbances [1] - The electronic industry held the largest market value among public fund holdings at 439.69 billion yuan, followed by food and beverage, power equipment, and pharmaceutical industries, each exceeding 200 billion yuan [2] - Public funds significantly increased their allocation to Hong Kong stocks, holding shares in 364 Hong Kong-listed companies, with a focus on technology, smart vehicles, and new consumption sectors [4] Group 3: ETF Market Activity - Central Huijin Asset Management Company actively increased its holdings in several ETFs, including Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with a total increase of approximately 1.14 billion shares [1][9] - The total net asset value of ETFs reached a historical peak of 40.43 trillion yuan, with the number of ETF shares also hitting a record high of 28.02 trillion [9] Group 4: Future Outlook - Multiple fund managers expressed confidence in the resilience of the Chinese economy and the attractiveness of equity assets in the second quarter [10] - The industrial profit is expected to recover, potentially leading to a broader market rally beyond just technology stocks [10]

来源：科技日报 ◎本报记者 夏 凡 通讯员 景士杰 2024年，宁波市奉化区数字经济促进会正式成立。这一区级社会团体致力于整合信息化、智能化资源和 企业力量，动员社会力量参与数字经济发展，以产业数字化、数字产业化为主线，促进资源共享、凝聚 创新合力。目前，其已集结区内近百家工业互联网、人工智能、智能制造、信息技术等数字经济领域企 业。 近年来，奉化重点推进数字经济核心产业项目招引培育，新增联河光子、申贝电器等入库企业，全区数 字经济核心制造业企业达125家。今年1月至4月，奉化实现数字经济核心制造业产值62.5亿元，同比增 长11.5%；增加值11.4亿元，增速达14.4%。 在创非凡iloboke足球赛场地，看似"蠢萌"的机器人化身"绿茵健将"，在赛场上灵活地寻找角度传球、踢 球，精准完成各项操作任务。"我们聚焦传球速度优化，经过赛前一个多月对运动算法的持续调试，使 机器人能精准识别位置并高速传递。"来自浙江师范大学的参赛选手谢杨惠说。 机器人任务挑战赛目标射击项目的比赛区域，分别设置了固定靶、旋转靶和移动靶。"目标射击项目聚 焦机器人对多类型目标靶的识别与射击精度，要求机器人根据语音识别结果完成任务点定位 ...