加强因城施策，以新兴产业塑造城市发展新优势。一是推动重点城市围绕产业进行精准化分工、差异化 布局。鼓励重点城市瞄准产业分工定位出台针对性支持政策，引导资本和资源进一步下沉布局。二是加 大力度破除行业低水平重复式"内卷"。鼓励重点城市政府着力打造良性竞争市场环境，以营商环境建设 替代"政策洼地"竞赛。三是发挥行业组织在重塑竞争模式中的作用。以行业组织为主体完善企业竞争行 为自律约束机制，发挥协同创新引导作用。 直面外部挑战，提升城市开放经济发展韧性。一是开拓多元市场稳定对外贸易发展。聚焦城市优势产业 和重点外贸产品，拓展新兴市场。二是优化营商环境鼓励外商投资。落实《2025年稳外资行动方案》， 优化外资服务与权益保护，结合城市优势产业链发展，鼓励在地外资企业扩大再投资。三是指导本地外 贸企业内外贸一体化发展。鼓励外贸企业融入国内消费市场，利用线上线下平台支持外贸企业精准对接 国内消费需求。 （文章来源：经济日报） 不久前举行的中央城市工作会议为做好新时代新征程的城市工作提供了根本遵循。我国直辖市、省会城 市和计划单列市（以下合称"重点城市"）在经济社会发展中举足轻重，在引领高质量发展中发挥着示范 带动作用。今年 ...

9月4日，证券时报记者从江苏省发改委获悉，江苏徐州新兴产业专项母基金(有限合伙)(以下简称"徐州 新兴产业母基金")近日正式完成工商注册，成为江苏省战新母基金第三批产业专项基金中，首只组建落 地的基金。 据悉，徐州新兴产业母基金总规模30亿元，由徐州国盛集团发起，联合省战新母基金及丰县、沛县、睢 宁县、邳州市、新沂市、铜山区、贾汪区、徐州经开区、徐州高新区等共同出资组建，基金重点聚焦新 能源、新材料、绿色环保等新兴产业领域，投向新型储能、先进有色金属材料、高效节能、先进环保等 关键领域。目前，徐州已提前储备直投项目60余个、子基金近10只，为后续基金开展直接投资及设立子 基金做好准备。 截至目前，徐州市已先后设立两只产业专项母基金——徐州智能制造产业母基金和本次落地的徐州新兴 产业母基金，总规模合计60亿元，分别聚焦智能制造和新兴产业两大方向，逐步形成"政府引导、市场 运作、社会参与"的立体化投融资格局，构建起"省级统筹、地方深耕、多元联动"的资本协同机制。下 一步，徐州将加快推进新兴产业母基金正式投资运作，以基金投资为全市新兴产业高质量发展提供动 力。 据了解，江苏省战新基金集群前两批36只、规模914亿元 ...

Core Viewpoint - The operating performance of listed companies in China reflects the development quality and efficiency of the macro economy, with a shift towards a more balanced and sustainable growth pattern in high-quality development [1] Group 1: Financial Performance - The total operating revenue of listed companies in the Shanghai and Shenzhen stock exchanges reached 34.92 trillion yuan, with a net profit of 2.99 trillion yuan [1] - Shenzhen-listed companies achieved a total operating revenue of 10.24 trillion yuan, a year-on-year increase of 3.64%, and a net profit of 595.46 billion yuan, up 8.88% [1] - Shanghai-listed companies reported operating revenue of 24.68 trillion yuan, a slight decrease of 1.3%, with a net profit of 2.39 trillion yuan, an increase of 1.1% [1] Group 2: Industry Growth Drivers - Emerging industries such as semiconductors, electronics, pharmaceuticals, and new energy are rising, while traditional industries like steel and machinery are seeking transformation [2] - The electronics sector in Shenzhen saw a revenue increase of 14.1% year-on-year, with net profits rising by 24.59% [3] - The new energy vehicle industry experienced a revenue growth rate of 34.37% [3] Group 3: R&D Investment - Shenzhen-listed companies invested a total of 3.53 trillion yuan in R&D, with significant contributions from companies like BYD and ZTE [9] - The R&D investment in strategic emerging industries in Shenzhen grew by 22.36% year-on-year, with a focus on new energy vehicles [9] - The Shanghai stock market also saw a record high in R&D investment, reaching 432.6 billion yuan, a year-on-year increase of 1% [9] Group 4: International Expansion - Over 830 manufacturing companies in Shanghai achieved overseas revenue of 1.1 trillion yuan, a year-on-year increase of 5% [10] - Shenzhen's strategic emerging industries reported overseas income of 434.66 billion yuan, up 23.59% [10] - Companies are diversifying their overseas markets, with significant growth in exports of high-tech products [10] Group 5: Dividend Policies - A total of 794 listed companies in Shanghai and Shenzhen announced mid-term dividends amounting to 643.8 billion yuan, reflecting an increasing awareness of returning value to investors [11] - Shenzhen-listed companies saw an 18.04% increase in the number of mid-term dividends declared, with a 49.51% increase in the amount [11] - Companies are also increasing share buybacks to enhance shareholder value and market confidence [11]

8月30日，由华南师范大学东南亚研究中心举办的首届东南亚青年论坛上，马来西亚国盟四州机构 （SG4）首席执行官穆罕默德·希迪尔·伊扎伊丁向21世纪经济报道记者表示，日前他刚完成广东梅州、 佛山的调研，在和中国企业打交道的过程中，能感受到中国企业的开放和技术领先，希望能在农业、铁 路建设、绿色能源和其他制造业等领域，向中国企业进行学习和对接。 据悉，马来西亚国盟四州机构（SG4）是由玻璃市、吉打、吉兰丹及登嘉楼州政府共同成立的机构，主 要服务于地区的经济发展和招商引资。穆罕默德·希迪尔·伊扎伊丁表示，这些年来已经有不少半导体、 氢能相关的中国企业在马来西亚投资发展，当地得以更好切入和布局新兴产业。而且，当地年轻人可以 通过实习的方式进入中国企业，学习相关技术和职业技能，这对于培养当地青年的跨文化交流能力，还 有以后的职业生涯发展，都有莫大帮助。 马来西亚投资发展局的数据显示，2024年，中国对马来西亚的战略投资达到282亿马来西亚林吉特（约 合人民币476亿元），仅次于美国和德国。 一批又一批中国企业的身影活跃在东南亚的土地上，他们寻觅新的发展机遇，也为当地注入新的增长动 能。 （原标题：马来西亚国盟四州机构： ...

Group 1 - The Sci-Tech Innovation Board 50 ETF tracks the Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index, consisting of 50 large-cap, liquid stocks with a significant focus on "hard technology," particularly in the semiconductor sector, which accounts for over 60% of the index [2] - The rolling price-to-earnings (P/E) ratio of the Sci-Tech Innovation Board 50 Index is 183.7 times, indicating a high valuation level [2] - The index has shown a price change of 20% since its inception [2] Group 2 - The ChiNext ETF tracks the ChiNext Index, which includes 100 large-cap, liquid stocks from the ChiNext market, with a high proportion of strategic emerging industries, particularly in power equipment, pharmaceuticals, and electronics, which together account for over 55% of the index [3] - The rolling P/E ratio for the ChiNext Index is 40.7 times, reflecting a moderate valuation [3] - The index has not shown any price change since its inception [3] Group 3 - The Sci-Tech Innovation and ChiNext ETF tracks the CSI Sci-Tech Innovation and ChiNext 50 Index, comprising 50 large-cap stocks from both boards, with a high concentration in emerging industries, particularly in power equipment, electronics, and pharmaceuticals, which together account for nearly 75% of the index [4] - The rolling P/E ratio for this index is 57.1 times, indicating a relatively high valuation [4] - The index has experienced a price change of 0.6% since its inception [4] Group 4 - The data for the indices is sourced from Wind, with the price changes recorded as of September 3, 2025, and the rolling P/E ratios and valuation percentiles as of September 2, 2025 [5] - The Sci-Tech Innovation Board 50 Index was launched on July 23, 2020, the ChiNext Index on June 1, 2010, and the CSI Sci-Tech Innovation and ChiNext 50 Index on June 1, 2021 [5]

随着上市公司半年报披露落下帷幕，百亿级私募重仓标的也悉数曝光。私募排排网统计数据显示，共有31家百亿级私募旗下产品出现在上市公司二季度末 前十大流通股东名单中，合计持股市值超600亿元。从加仓动向来看，百亿级私募不仅进一步加码科技、创新药等中国经济转型的新方向，还逐步布局房 地产、建筑材料等反映中国经济基本面积极变化的行业。 在业内人士看来，稳增长政策持续发力、新兴产业加速发展、居民消费需求逐步修复的过程中，市场的结构性行情有望从科技、创新药、新消费等领域扩 散至顺周期板块。 重仓科技与医药 私募排排网数据显示，截至8月31日，31家百亿级私募旗下产品出现在28个申万一级行业中的175家A股上市公司二季度末前十大流通股东名单中，合计持 股市值达658.29亿元。其中，百亿级私募二季度新进上市公司32家，增持29家，对91家上市公司保持持股数量不变，另外对23家进行了减持。 从行业分布来看，截至二季度末，百亿级私募持仓主要集中在电子、医药生物、计算机、机械设备和基础化工等五大行业，涉及上市公司数量依次为28 家、20家、17家、15家和15家。与此同时，电子、医药生物等板块也是百亿级私募二季度加仓的主要方向。 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a notable increase in overseas contracts despite domestic challenges [3][4]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 489.2 billion yuan, a decrease of 5.2% year-on-year, and a net profit attributable to shareholders of 10.7 billion yuan, down 10.1% [3]. - For Q2 2025, the company reported operating revenue of 232.4 billion yuan, a decline of 3.6% year-on-year, with net profit attributable to shareholders at 5.5 billion yuan, down 5.6% [3]. - The company's gross margin and net margin for H1 2025 were 8.8% and 2.6%, respectively, both down by 0.3 percentage points year-on-year [5][7]. Group 2: Contract and Revenue Breakdown - The total new contracts signed in H1 2025 amounted to 1,056.17 billion yuan, a decrease of 4.0% year-on-year, with a slight recovery in Q2 where new contracts increased by 2.4% [4]. - Domestic new contracts were 942.08 billion yuan, down 8.4%, while overseas contracts surged by 57.4% to 114.09 billion yuan [4]. - The engineering contracting segment saw a significant decline in urban rail contracts, down 64.8% year-on-year, while railway engineering contracts grew by 39.3% [4]. Group 3: Segment Performance - Revenue from domestic and overseas operations in H1 2025 was 452.11 billion yuan and 37.09 billion yuan, respectively, reflecting a year-on-year decline of 6.8% and an increase of 20.3% [5]. - The engineering contracting, planning and design consulting, and real estate development segments experienced revenue declines of 3.8%, 15.7%, and 34.2%, respectively [5]. - The green and emerging industries showed strong growth, with new contracts increasing by 15.1% and 44.5% year-on-year [4].

Group 1 - The overall revenue growth of A-shares has turned positive, with net profit maintaining positive growth, indicating a solid foundation for economic recovery [3] - Nearly 60% of companies reported positive revenue growth, and over three-quarters achieved profitability, with 1,943 companies experiencing both revenue and net profit growth [3] - Private-controlled listed companies saw significant recovery in profitability, with revenue and net profit growth rates of 4.8% and 10% respectively [3] Group 2 - Industries such as steel, software services, building materials, media, semiconductors, and non-ferrous metals performed well, with net profit growth rates exceeding 30% [3] - The consumer market is experiencing multi-polar growth, driven by policies like "trade-in" for consumer goods, resulting in over 10% year-on-year net profit growth in related industries [3] - Emerging sectors like the pet economy and millet economy have shown remarkable growth, with net profit increases of 39.67% and 54.21% respectively [3] - The introduction of optimized visa policies has led to a surge in tourism-related industries, with net profit growth exceeding 50% [3] Group 3 - The R&D investment in the A-share market reached 745.69 billion yuan, a year-on-year increase of 2.68%, with the overall R&D intensity rising to 2.13% [3] - The government work report emphasizes the cultivation and expansion of emerging and future industries, promoting the integrated development of strategic emerging industries [4]

Core Viewpoint - The aerospace industry heavily relies on high-performance materials to ensure efficiency, safety, and sustainability, with increasing demand for engineering plastics that can withstand extreme conditions while being lightweight and durable [2]. Group 1: Aerospace Materials - Advanced plastics are crucial for optimizing logistics and reducing waste in aerospace applications, including reusable transport packaging and pallets [2]. - The current engineering plastics used in aerospace include PC, PA, PEEK, PEAK, LCP, PI, and ABS, each serving specific functions such as cabin covers, gears, bearings, and engine components [2]. - High-performance polymer materials are fundamental to modern aerospace equipment, significantly contributing to the lightweighting of aerospace gear [2]. Group 2: Future Developments - The next generation of aerospace plastics will push the limits of possibilities, driven by advancements in composite materials, automation, and AI in manufacturing [3]. - The 2025 Polymer Industry Annual Conference will feature a presentation on the application of high-performance polymer materials in the aerospace industry, highlighting the importance of collaboration among enterprises [3][6]. Group 3: Conference Details - The 2025 Polymer Industry Annual Conference will take place from September 10-12 in Hefei, focusing on emerging industries such as AI, low-altitude economy, and aerospace [6]. - The conference aims to explore new opportunities in materials, technology, and equipment across various sectors, inviting international leading enterprises and industry experts [6].

Core Viewpoint - The investment strategy focuses on steady growth through thorough research, emphasizing absolute return strategies in both primary and secondary markets [1][2]. Group 1: Investment Strategy - The company adopts a stable investment style, primarily targeting manufacturing and emerging industries such as robotics and autonomous driving [1][2]. - The investment approach is characterized by a balanced focus on value and growth, aiming to invest in quality companies at reasonable prices [1]. - The current fund management strategy has evolved from a dispersed to a concentrated approach and back to a balanced diversification, with the top ten holdings accounting for less than 40% of the portfolio [2]. Group 2: Risk Management - The company employs three main methods to control product drawdowns: maintaining a diversified portfolio with individual stock positions capped at 5%, implementing slight timing adjustments, and utilizing strict stop-loss and take-profit strategies [2]. - The current market environment shows a gradual improvement in fundamentals, which may lead to an overall increase in market valuations [2][3]. Group 3: Market Outlook - The company notes a clear differentiation in market performance during overall upward trends, with a potential positive impact on growth sectors due to increased risk appetite [3]. - Looking ahead, the capital market is expected to present more investment opportunities, driven by various factors, while remaining vigilant to changes in both internal and external environments [3].