证券研究报告 | 2025年08月21日 金融工程日报 沪指冲高回落，热门题材全线下挫 市场表现：今日(20250821) 规模指数中上证 50 指数表现较好，板块指数中 中小 100 指数表现较好，风格指数中沪深 300 价值指数表现较好。综合金融、 农林牧渔、石油石化、传媒、煤炭行业表现较好，机械、电新、国防军工、 有色金属、汽车行业表现较差。密码学、稳定币、数字货币、胶原蛋白、长 三角自贸区等概念表现较好，液冷服务器、液态金属、超宽带技术、覆铜板、 光模块(CPO)等概念表现较差。 市场情绪：今日收盘时有 57 只股票涨停，有 15 只股票跌停。昨日涨停股票 今日表现低迷，赚钱效应较弱，高开低走，收盘收益为-0.87%，昨日跌停股 票今日收盘收益为-3.69%。今日封板率 58%，较前日下降 21%，连板率 12%， 较前日下降 11%，从封板率和连板率来看，市场情绪较为低迷。 市场资金流向：截至 20250820 两融余额为 21476 亿元，其中融资余额 21330 亿元，融券余额 146 亿元。两融余额占流通市值比重为 2.3%，两融交易占市 场成交额比重为 10.8%。 折溢价：20250820 ...

Group 1 - The event "粤港澳大湾区人才港大讲堂" focused on the theme of "Digital Era: New Opportunities for Digital Talent and Digital Economy in the Guangdong-Hong Kong-Macao Greater Bay Area" and attracted nearly 400 participants from various sectors including AI, finance, and blockchain [1][4] - Academician Wang Xiaoyun emphasized the foundational role of cryptography in the digital economy, stating that safeguarding cryptography is essential for national security and the digital lives of citizens [1][3] - The event highlighted the significant gap in the market for composite talents who possess both cutting-edge technical understanding and industry solution capabilities, indicating a need for a holistic approach to talent cultivation [3][4] Group 2 - Guangdong has implemented 16 measures to accelerate digital talent cultivation, focusing on talent aggregation, training, evaluation mechanism innovation, and optimizing the digital talent ecosystem [4][6] - The province promotes a "dual system" model for practical training by encouraging collaboration between digital industry enterprises and educational institutions, aiming to enhance real-world skills [4][6] - The event served as a platform for high-level exchanges, aiming to activate the regional digital ecosystem through knowledge sharing and aligning with local digital industry needs [6]

Core Insights - The 27th China Association for Science and Technology (CAST) annual meeting has released significant scientific and engineering challenges for 2025, marking the eighth year of this initiative [1] - This year, the selection process for major issues has shifted from collecting problems through various societies to nominations by scientists, emphasizing a more strategic approach [1] Group 1: Key Scientific Issues - The ten major scientific issues include a focus on "new theories and protective systems for AI security from a cryptographic perspective," highlighting the growing importance of security in AI development [2] - Cryptography is proposed as a means to create verifiable security measures for AI-generated content, addressing concerns over authenticity and privacy [2] Group 2: Engineering and Technical Challenges - One of the engineering challenges is the development of a "smart network technology system for communication and intelligence integration," which aims to reduce resource consumption in communication systems [3] - The establishment of a data-driven new drug development system is highlighted, potentially shortening the drug development timeline from over 10 years to 3-7 years, enhancing China's capabilities in precision medicine [3] - The challenge of "next-generation low-energy, low-cost carbon capture and storage technology" aims to support low-carbon utilization of fossil fuels, targeting reductions in CO2 emissions from power plants and industrial sources [3] Group 3: Strategic Focus - The initiative aims to align with national strategic needs, encouraging researchers to focus on original and leading-edge solutions to bolster high-quality technological development [4]

Group 1: Core Insights - The 27th China Association for Science and Technology annual meeting released 30 significant scientific and engineering challenges, focusing on future technology development trends [1][2] - Many of the identified challenges involve the intersection of artificial intelligence with various disciplines, highlighting the growing importance of AI in scientific research [2][3] Group 2: Key Scientific Issues - The top scientific issue identified is the development of a new theoretical framework and protective system for AI security based on cryptography, addressing the increasing security concerns in AI applications [2] - The challenges in the communication field include theoretical, intelligent, and flexible bottlenecks, with the proposed "intelligent simplified network technology system" aiming to enhance communication efficiency through AI integration [3] Group 3: Engineering and Industrial Challenges - The "brain function assessment and brain-machine intelligent closed-loop intervention" challenge aims to improve recovery efficiency for stroke patients through AI and multimodal neuroimaging technologies, potentially leading to advancements in related industries [3] - The initiative also emphasizes collaboration between strategic scientists and young technology talents, fostering the development of innovative solutions to meet national needs [4]

Core Insights - The article discusses the mystery surrounding the identity of Satoshi Nakamoto, the creator of Bitcoin, and the evolution of Bitcoin from its inception to its current state [3][4][6]. Group 1: Bitcoin's Origins and Ideals - Bitcoin was introduced in 2008 through a white paper that combined proof-of-work mechanisms, public-key cryptography, and peer-to-peer network architecture to create a decentralized digital currency [1]. - The concept of Bitcoin emerged from a group known as "Cypherpunks," which included both hippies and libertarians who were united by their discontent with the traditional financial system following the 2008 financial crisis [4][6]. Group 2: The Decline of Bitcoin's Ideals - Despite its initial promise, Bitcoin has devolved into a platform for speculation, fraud, money laundering, and black market transactions, undermining its original ideals of anonymity and decentralization [6]. - The failure of Bitcoin is attributed not to technical issues but to social problems, as idealists have fragmented into opposing factions, allowing opportunists to exploit the system [6]. Group 3: The Search for Satoshi Nakamoto - The book "The Mysterious Mr. Nakamoto" chronicles a 15-year quest to uncover Nakamoto's identity, highlighting the challenges faced in this pursuit [3][8]. - Various theories about Nakamoto's anonymity are explored, including the notion that his significant Bitcoin holdings may pose a risk of kidnapping, and the idea that a clear leader would contradict the decentralized nature of Bitcoin [6][8]. - The investigation ultimately fails to reveal Nakamoto's true identity, with attempts at stylometry leading to inconclusive results and a sense of an elusive mystery [6][8].

Core Viewpoint - The article highlights the achievements of Liu Jianya, a mathematician from Shandong University, who received the provincial science and technology award for his contributions to number theory and the advancement of basic scientific research in China [1][3]. Group 1: Achievements and Contributions - Liu Jianya has dedicated over thirty years to the field of number theory, significantly enhancing China's position in this area of research [1][3]. - His work includes breakthroughs in prime number distribution and self-adjoint forms, which have garnered international recognition [3][4]. - The legacy of number theory at Shandong University dates back to 1962 when former president Pan Chengdong solved a quantitative problem related to the Goldbach conjecture, marking a significant moment in the international mathematics community [3]. Group 2: Philosophy of Basic Science - Liu emphasizes that basic science is driven by curiosity rather than immediate practical applications, citing historical examples such as Einstein's theory of relativity and the origins of quantum mechanics [4][5]. - He argues that the pure exploration of number theory has practical implications, particularly in the field of cryptography, which is essential for securing personal financial information [4]. Group 3: Future Directions and Commitment - Liu expresses gratitude for the supportive environment for original innovation fostered by the provincial government and the academic traditions of Shandong University [5]. - He advocates for the cultivation of young scholars, emphasizing the importance of keen insight and patience in research [5]. - Liu commits to continuing the promotion of scientific inquiry and education, aiming to address frontier challenges and facilitate the transformation of research outcomes [5].

Core Viewpoint - The 27th "L'Oréal-UNESCO For Women in Science Awards" recognized five scientists for their groundbreaking research in natural sciences, mathematics, and computer science, with Chinese Academy of Sciences academician Wang Xiaoyun being one of the awardees, marking her as the ninth Chinese scientist to receive this honor [3][6]. Group 1: Achievements in Cryptography - Wang Xiaoyun's significant contributions to cryptography include revealing fundamental vulnerabilities in widely used hash functions, which has led to the establishment of new generation hash function standards widely applied in banking, computer security, and e-commerce [3][5]. - Her research on cryptographic algorithms, particularly the attacks on MD5 and SHA-1, has had a profound impact on global cryptography standards, prompting the development of new secure algorithms [4][5]. Group 2: Commitment to National Interests - Wang Xiaoyun emphasizes that her work in cryptography serves national interests, prioritizing the development of domestic cryptographic standards over participating in international design efforts [5]. - She played a crucial role in designing the SM3 hash function standard, which has been widely adopted in critical sectors such as finance and national security [5]. Group 3: Advocacy for Women in Science - The award aims to bridge the gender gap in science and enhance the visibility and influence of female researchers, with Wang Xiaoyun advocating for a supportive environment for young female scientists [6][8]. - The recognition of female scientists, including Wang Xiaoyun, reflects the growing strength of women in research, with nine Chinese female scientists having received this award to date [7][8].

Core Viewpoint - The 27th "L'Oréal-UNESCO For Women in Science Awards" ceremony was held in Paris, recognizing five outstanding female scientists globally, including Chinese Academy of Sciences academician Wang Xiaoyun, marking her as the ninth Chinese scientist to receive this award since its inception [1][2]. Group 1: Award Details - The award winners include Priscilla Baker from South Africa, Claudia Felser from Germany, Maria Teresa Dova from Argentina, Barbara Finlayson-Pitts from the USA, and Wang Xiaoyun from China [2]. - The ceremony gathered over a thousand representatives from the global scientific community, political and academic figures, opinion leaders, public institutions, and social organizations to celebrate the contributions of these women in science [2]. Group 2: Wang Xiaoyun's Contributions - Wang Xiaoyun's research in cryptography and cryptographic mathematics has significant implications for information security in communication and storage [2]. - She revealed serious flaws in widely used hash functions in communication protocols and has been instrumental in the development of new hash function standards, which are critical for electronic signatures, blockchain, and various cryptographic systems [2]. Group 3: Significance of the Award - The "For Women in Science" award, initiated by UNESCO and the L'Oréal Foundation, honors women scientists with outstanding contributions in natural sciences, mathematics and computer science, life sciences, and environmental sciences [5]. - Over 27 years, the award has recognized 137 exceptional female scientists, seven of whom have received Nobel Prizes in scientific fields [5].

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