2025年前三季度，在市场结构性行情主导下，公募基金业绩呈现出明显分化格局。其中，超50只基金净 值实现翻倍，部分科技和医药主题基金成为最大赢家，而重仓传统金融和周期板块的基金业绩表现则相 对一般。与此同时，市场避险情绪依旧高涨，国际现货金价不断创新高，全市场黄金ETF（交易型开放 式指数基金）业绩和份额实现双增。 数据显示，截至9月30日，全市场主动股票型基金年内平均收益率达34.54%，偏股混合型基金年内平均 收益率达34.13%，被动指数基金平均收益率为27.56%。对比来看，主动权益类基金表现较为出色，充 分体现出在结构性行情中主动投资的优势。与此同时，黄金ETF年内平均收益率更是达到41.04%。 业内人士向《国际金融报》记者表示，市场行情或将继续分化，四季度主线有望继续维持科技和创新药 行情。不过，前期涨幅较高的品种可能有较大波动，投资者可从主线行情中关注"高切低"的方向。 而主动权益类基金的高光表现离不开个别赛道的爆发，比如人工智能、算力、人形机器人等大科技赛 道，以及创新药等赛道。前三季度业绩领跑全市场的是永赢科技智选A，区间收益率达到194.49%，排 在第二的汇添富香港优势精选A同期收益率 ...

9月份，亚洲制造业PMI为50.9%，与上月持平，连续5个月在50%以上，显示亚洲制造业保持平稳扩张 态势。三季度，亚洲制造业PMI均值为50.8%，较二季度上升0.4个百分点。同期，非洲制造业PMI为 51.4%，连续3个月运行在50%以上。三季度，非洲制造业PMI保持在扩张区间。 分析认为，9月份，全球制造业PMI仍在50%以下，但保持在一定区间内，波动不大，表明全球经济恢 复态势相对平稳。三季度，全球制造业PMI均值为49.6%，较二季度上升0.3个百分点。三季度全球经济 恢复力度较二季度有所提升。在贸易摩擦和地缘政治冲突的持续扰动下，全球经济恢复在一定区间保持 稳定，但全球市场需求增长偏弱的情况没有改变，在此背景下，追求科技创新驱动、增强供应链韧性， 以及加强区域经济合作对经济稳定恢复具有重要作用。(完) 中新社北京10月6日电 (记者 阮煜琳)中国物流与采购联合会6日发布数据显示，9月份，全球制造业采购 经理指数(PMI)为49.7%，较上月小幅下降0.2个百分点，全球经济恢复态势相对平稳。 分区域看，美洲制造业PMI为48.9%，显示美洲制造业保持在收缩区间。三季度，美洲制造业PMI均值 为48. ...

智通财经APP获悉，10月6日，中国物流与采购联合会发布2025年9月份CFLP-GPMI分析。文章指出， 2025年9月份全球制造业PMI为49.7%，较上月小幅下降0.2个百分点，连续7个月在49%-50%的区间内。 三季度，全球制造业PMI均值为49.6%，较二季度上升0.3个百分点。 分区域看，亚洲制造业PMI与上月持平，连续5个月运行在50%以上;非洲制造业PMI较上月有所上升， 连续3个月运行在50%以上;欧洲制造业PMI较上月有所下降，在50%以下;美洲制造业PMI较上月微幅上 升，在50%以下。 综合指数变化，全球制造业PMI仍在50%以下，但保持在一定区间内，波动不大，表明全球经济恢复态 势相对平稳，三季度全球经济恢复力度较二季度有所提升。分区域看，亚洲制造业继续保持稳定扩张; 非洲制造业扩张力度较上月有所提升;美洲和欧洲制造业恢复力度相对较弱，其中欧洲制造业恢复力度 弱于上月，美洲制造业恢复力度与上月变化不大。 基于当前经济恢复态势相对稳定的考虑，经济合作与发展组织中期经济展望报告将2025年全球经济增长 预期由6月预测的2.9%上调至3.2%，同时维持对2026年全球经济增长2.9%的预 ...

副市长、市知联会会长李凤芝参加调研。 会议要求全体会员，一是认清人才智力是科创第一资源，当好招才引智"宣传员"和"联络员"，助推 智力资源对接产业攻关、补链需求。二是聚焦三大发力点：攻坚智能终端、集成电路等领域"卡脖子"技 术，搭建跨领域平台；推动高校、科研院所对接市科技企业，加速成果转化；围绕政策完善、知识产权 保护等建言，优化创新生态。三是务实提升贡献度，立足岗位建功，企业家做强企业，专家学者多出成 果；知联会发挥平台作用，多组织小型、精准、深入的调研和研讨活动；关注青年人才培养。 郑州市党外知识分子联谊会近日到金水区山谷网安科技股份有限公司开展""专题调研，随后召开座 谈会，围绕郑州建设"科创强市"目标展开深入探讨。 会议强调，郑州正处于科技创新驱动新阶段，市委全会提出建设"七个强市"目标，科技创新人才是 关键因素。市知联会汇聚全市多领域优秀人才，是宝贵的人才库与智囊团。 ...

Core Insights - Beijing is set to become the second city in China to surpass a GDP of 5 trillion yuan, following Shanghai, marking a significant milestone in the urban economic landscape of China [1][14] - The achievement is attributed to long-term high-quality development and continuous optimization of the economic structure, with a projected GDP of 49,843.1 billion yuan in 2024, reflecting a growth of 5.2% year-on-year [3][14] Economic Growth and Structure - Beijing's economic growth is driven by the optimization of its industrial structure, with the information service industry emerging as the largest pillar, contributing significantly to GDP [4] - The financial sector in Beijing has assets exceeding 220 trillion yuan, accounting for about half of the national total, with a growth rate of 7.6% in 2024 [5] - The city has seen a robust increase in technology innovation, with over 2,400 AI companies and a core AI industry scale surpassing 300 billion yuan [5] Consumption and Investment - Consumer spending has been stimulated by various events, with an expected market total consumption exceeding 3 trillion yuan by 2025 [6] - Fixed asset investment is projected to surpass 1 trillion yuan, indicating strong investment activity in the city [6] Regional Development and Collaboration - The "Beijing-Tianjin-Hebei coordinated development" strategy has been pivotal in driving regional economic growth, with over 4,000 Beijing-based enterprises establishing operations in Xiong'an New Area [7][8] - Transportation infrastructure improvements have facilitated better connectivity within the region, enhancing economic interactions [9] Future Outlook - The competition among cities is shifting from total economic volume to quality, with a focus on technological innovation, industrial upgrades, and regional collaboration as key competitive advantages [14][15] - The number of trillion-yuan cities is expected to increase, with cities like Tangshan and others on the verge of breaking into the trillion-yuan GDP club [15]

机构"十五五"规划展望 机构在展望中集中看好科技创新驱动行业 等领域。此外，政府工作报告中提到的前 、量子信息等也被普遍提及。民生产业中 | 机构名称 | 我可以 | | --- | --- | | | "十五五"时期是我国应对科技革命加 能。 | | | 1、消费电子行业作为科技创新与终端汾 | | | 多方面深度契合，AI有望激活消费者换1 | | | 迎来百花齐放。 | | 银河证券 | 2、半导体设备作为半导体行业的关键引 | | | 替代需求旺盛，高端材料亟待突破。 | | | 3、IC板块下游需求分化，算力和存力鼎 | | | 产业正迎来新一轮增长周期。国内PCB么 | | | 4、中国LCD产业继续保持全球领先地位 | | | 快速渗透预计将带动CIS需求。 | | | 1、智能机器人：打造"超人类"时代， | | --- | --- | | | 2、海洋经济:涵盖开发海洋资源、依赖 | | | 3、低空经济：借助无人机等飞行器开展 | | | 4、智能网联汽车：可视为轮子上的"徒 | | | 全性与效率，大幅降低交通事故发生频率 | | | 5、类脑智能: 模拟人脑神经机制，赋ጓ | | 民生 ...

Core Viewpoint - The Hong Kong stock market is experiencing increased trading activity and stability, supported by significant inflows of southbound capital, which have reached a historical high of over 1 trillion HKD in net inflows this year [1][3]. Group 1: Southbound Capital Inflows - As of September 2, 2023, the cumulative net inflow of southbound capital has surpassed 1 trillion HKD, reaching 10,002.21 million HKD, marking a record high [1]. - Daily trading volume of southbound capital has increased from approximately 5% at the beginning of the Stock Connect program to around 35% currently, enhancing liquidity in the Hong Kong market [1]. - Since the launch of the Stock Connect in November 2014, total southbound capital inflows have reached 4.7 trillion HKD, with a consistent net inflow trend observed since 2015 [3][4]. Group 2: Investment Preferences - The top ten stocks with the largest increase in market value held by southbound capital include Tencent Holdings, Alibaba, and others, with Tencent seeing an increase of 2,169.2 million HKD [2]. - Southbound capital is primarily focused on internet companies with global competitiveness, stable cash flow, high dividend-paying value stocks, and innovative biopharmaceutical companies [2]. - The preference for high-dividend assets has led to significant valuation improvements in sectors such as finance, energy, and telecommunications over the past two years [2]. Group 3: Market Dynamics and Future Outlook - The influx of southbound capital has transformed the investment landscape of the Hong Kong market, making it a core market for global investors seeking Chinese assets [5]. - Analysts predict that southbound capital will continue to flow into the Hong Kong market, driven by a combination of valuation recovery and improved profit expectations [5][6]. - The shift from retail to institutional investors in southbound capital has enhanced the professional investment capabilities and value discovery functions within the market [6].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a decline in revenue and profits for the first half of 2025, attributed to fluctuating international oil prices and a focus on high-quality development and technological innovation [8][9]. Financial Performance - Revenue for the first half of 2025 was RMB 207.608 billion, a decrease of 8% compared to RMB 226.770 billion in the same period last year [6]. - Total profit was RMB 94.659 billion, down 11% from RMB 105.776 billion year-on-year [6]. - Net profit attributable to shareholders was RMB 69.533 billion, a 13% decline from RMB 79.731 billion [6]. - The company declared an interim dividend of HKD 0.73 per share for 2025 [2]. Production and Operations - CNOOC achieved a net production of 384.6 million barrels of oil equivalent in the first half of 2025, an increase of 6.1% year-on-year [11]. - Domestic production contributed 69.3% of the total net production, with significant contributions from projects like "Deep Sea No. 1" [8][11]. - The company made five new discoveries in Chinese waters and signed contracts for oil exploration in Iraq and Kazakhstan [9][10]. Technological Innovation - CNOOC enhanced its research capabilities in oil and gas exploration, achieving a historical low natural decline rate of 9.5% through advanced technologies [13]. - The company is focusing on digital transformation and has implemented AI technologies for efficient operations and emergency responses [13]. Environmental Initiatives - CNOOC is committed to green development, achieving significant energy savings and carbon reduction through various projects, including the first "zero flaring" oil platform in China [13][14]. - The company has also initiated a CCUS project to promote carbon capture and utilization [14]. Community Engagement - CNOOC invested RMB 70.55 million in rural revitalization projects across several provinces, focusing on agricultural development and improving living conditions [15].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on sales growth and product optimization. Core Viewpoints - The company reported a revenue of 13.03 billion yuan for H1 2025, representing a year-on-year increase of 23.0%, and a net profit attributable to shareholders of 1.213 billion yuan, up 27.6% year-on-year [1][2] - The company is focusing on optimizing its product structure by creating a multi-layered product mix that includes "core best-selling products, high-frequency scenario products, and region-specific products" to enhance market coverage [2] - The company is driving product upgrades through technological innovation, particularly in core components of the power system, including motors, controllers, and batteries [3] - The gross profit margin for H1 2025 was 19.2%, an increase of 1.4 percentage points year-on-year, indicating improved profitability [4] Financial Performance Summary - For H1 2025, the company achieved a net cash flow from operating activities of 2.586 billion yuan [4] - The company expects net profits attributable to shareholders to reach 2.64 billion yuan in 2025, with a projected PE ratio of 12.5x [4][7] - The company’s revenue is projected to grow significantly, with estimates of 28.156 billion yuan in 2025, reflecting a year-on-year growth rate of 30.3% [7] Product and Market Strategy - The company has launched several differentiated products targeting key application scenarios such as urban commuting, family transportation, and leisure activities for the elderly, enhancing its competitive edge [2] - The focus on differentiated competition and large-scale production aims to reduce unit costs and strengthen channel and product competitiveness [2][3]

Core Viewpoint - The banking sector in Tai'an is actively promoting high-quality economic development through various financial services and initiatives, particularly focusing on inclusive finance and support for small and micro enterprises, foreign trade, consumption, and rural revitalization [1][14][25]. Group 1: Inclusive Finance and Support for Small Enterprises - As of June 2025, the outstanding loans for inclusive small and micro enterprises in Tai'an reached 101.46 billion yuan, a growth of 13.13% compared to the beginning of the year, exceeding the overall loan growth rate by 6.84 percentage points [1]. - The Tai'an Financial Regulatory Bureau has implemented targeted financial services for small and micro enterprises, including the "Anlan" brand initiative, focusing on key areas such as foreign trade, consumption, technology, private enterprises, and rural revitalization [1][25]. - A total of 165,824 loans amounting to 166.61 billion yuan have been issued to private enterprises, reflecting a growth of 7.47% since the beginning of the year [25]. Group 2: Support for Foreign Trade Enterprises - The Tai'an Financial Regulatory Bureau has launched a special action to support foreign trade enterprises, resulting in loans of 5.959 billion yuan issued to 479 foreign trade enterprises, with an average loan interest rate of 3.94%, which is 0.18 percentage points lower than the average rate for small and micro enterprises [2][6]. - The cross-border loan product introduced by the Industrial and Commercial Bank of China has facilitated quick financing for foreign trade enterprises, exemplified by a loan of 1.9 million yuan approved within three days for a company facing collateral shortages [6][10]. Group 3: Consumption and Rural Revitalization - As of June 2025, the balance of consumption loans (excluding credit card business) in the region reached 22.185 billion yuan, marking a 4% increase since the beginning of the year [14]. - The Tai'an banking sector has provided 3.5 million yuan in loans to 24 households in Yushan Village to support the development of rural tourism, enhancing the quality and service of local homestays [17][33]. - The Tai'an banking industry has issued 1.951 trillion yuan in agricultural loans, with inclusive agricultural loans reaching 497.9 billion yuan, reflecting a growth of 4.14% since the beginning of the year [33]. Group 4: Innovation and Technology Support - By June 2025, banks in the region have provided financing services to 3,096 technology enterprises, with a total loan balance of 66.041 billion yuan, including 35.741 billion yuan to 2,006 "specialized, refined, and innovative" small and medium enterprises [18][20]. - The Industrial and Commercial Bank of China has issued a 10 million yuan "Science and Technology Innovation Loan" to a leading automotive parts supplier to support its technological upgrades [20][23]. Group 5: Major Projects and Financial Collaboration - A consortium led by Qingdao Bank has approved a credit limit of 980 million yuan for a major energy investment project, with 89.09 million yuan already disbursed [24]. - The Tai'an banking sector has tailored financial solutions for various enterprises, including a 30 million yuan loan to support the construction of a food oil processing project [28].