（wind数据） 吾股大数据的排名又上升到了393名（共5397家上市公司）。 | 作者 | | 木盒 | | --- | --- | --- | | 编辑 | | 小白 | 2025年上半年，营业收入为320亿，同比增长20.42%，扣非净利润为15.7亿，同比增3.69%，连续5年 获得增长。 | 截止日期 | | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | | --- | --- | --- | --- | --- | --- | --- | | 报告期 | | 中报 | 中报 | 中报 | 中报 | 中报 | | 报表类型 | | 合并报表 | 合并报表 | 合并报表 | 合并报表 | 合并报表 | | ▽ 利润表摘要 | | | | | | | | 营业总收入 | = | 180.57 | 221.06 | 231.77 | 266.14 | 320.49 | | 同比(%) | 2 ... | 16.72 | 22.42 | 4.85 | 14.83 | 20.42 | | 营业总成本 | all 3 | 172 ...

今年前三季度的行情，是不是像一场"权重搭台、题材唱戏"的大戏？你坐在台下看AI（人工智能）、通 信股涨得热闹，可知道舞台背后的ETF（交易型开放式指数基金）市场里，"题材角儿"已经炸了——行 业、主题ETF直接把规模从年初的不到6000亿元干到了1万亿元，年内增长超77%。 更绝的是，大家买ETF的思路彻底变了。你以为ETF只有"涨得好才有人买"？今年前三季度的行业、主 题ETF这就"打脸"给你看。比如一只煤炭ETF，明明年内跌了5.65%，规模却从28亿元涨到114亿元（年 内增长近300%）。而有些涨得不错的ETF，比如一只芯片ETF年内涨了56.16%，规模反而少了21亿元。 这是什么操作？ 《每日经济新闻》记者就来揭秘行业、主题ETF的"资金密码"：有人"越跌越买"抄底冷门，有人"见好就 收"止盈热门，还有人盯着黄金、AI大肆"囤货"。到底钱往哪流？哪些ETF是"被遗忘的角落"？咱们一 起挖个明白。 份额变动更能说明问题 Wind（万得）数据显示，截至9月30日，全市场共有483只主题指数ETF和84只行业指数ETF，最新规模 分别为7747.85亿元和2876.27亿元，合计规模突破1万亿元。而年初 ...

（原标题：多名国际组织代表出席科特迪瓦企业总联合会召开的科2025年私营领域经济论坛） 阿比让门户网9月29日报道，科特迪瓦2025年私营领域经济论坛于9月29日在阿比让召开，此次会议 名为"CGECI Academy"，由科企业总联合会（CGECI）负责举办，主题为"经济主权、行动时刻"。科总 理芒贝、财政部长阿达玛、贸工部长迪亚拉苏巴等科多名部长，CGECI主席西斯、摩洛哥投资事务部长 卡瑞姆、非洲开发银行新任行长塔赫、法语国家国际组织秘书长路易丝、国际金融公司非洲事务副总裁 塔法拉先生等政、经界知名人士约两千余人出席本次活动。此次活动为期两天，将围绕融资、工业化、 创新、能源、农产品加工、健康、自然资源及人力资源等众多议题开展分论坛研讨。 ...

《 人民日报 》（ 2025年09月21日 03 版） (责编：赵欣悦、袁勃) 据新华社金沙萨9月19日电 （记者史彧）中国—中部非洲国家智库研讨会18日在刚果（金）首都金沙萨 举办。来自中国和7个中部非洲国家的官员以及企业、智库、媒体代表等200余人围绕"落实2024年中非 合作论坛北京峰会成果"主题展开讨论。 中国—中部非洲国家智库研讨会由刚果（金）总统府下设的总统战略监察委员会及中国驻刚果（金）大 使馆联合举办。与会代表还围绕"高质量共建'一带一路'""推动工业、能源、农业和经贸合作"等议题展 开讨论。 ...

Core Insights - Altman predicts that by 2035, the cost of AI will converge with electricity costs, making computing power and energy the core of value [1][12] - AI will be capable of performing nearly all intellectual tasks, but professions requiring deep emotional connections, such as teaching and nursing, will become more valuable [1][7] - Investors are advised to focus on new business models enabled by AGI rather than seeking the next AI research lab [4][9] Industry Transformation - Traditional software business models are facing unprecedented challenges as users will be able to generate custom software instantly through simple descriptions, reducing the need for off-the-shelf SaaS products [4][5] - The speed of new company growth will reach unprecedented levels, with the survival of existing companies depending on their adaptability [5] - The transformation is driven by three pillars: better algorithms, greater computing power, and more data [6] Human Value in the AI Era - Professions that require emotional connection and empathy will become increasingly precious, as AI can perform many tasks but lacks human emotional depth [7] - The societal shift will allow individuals to spend more time on family responsibilities as AI takes over more intellectual work [7] Evolution of ChatGPT - ChatGPT is evolving from a chat tool to an "intelligent operating system" that understands users and connects various services [8] - With its current growth trajectory, ChatGPT is positioned to become the largest website globally, providing a solid foundation for its evolution [8] Investment Paradigm Shift - Investment logic must fundamentally adjust in the AI-driven era, focusing on new business models arising from AGI technology rather than replicating past successes [9][10] - The emergence of nearly free AGI will create vast new opportunities, prompting investors to pursue future potential rather than past effective models [10] Global Accessibility and New Scarcity - AI is expected to drive significant deflationary effects, promoting global accessibility to quality healthcare, education, and free software creation [11] - As intelligence becomes abundant, the underlying infrastructure—computing power and energy—will become the new core of value, with computing power potentially becoming a scarce resource [11][12]

Core Viewpoint - Panasonic Group is committed to deepening its investment and operations in the Chinese market, with a focus on AI and energy sectors as key areas for future growth [1][4][8]. Financial Performance - In the fiscal year 2024, Panasonic Group achieved revenue of 84,582 billion yen (approximately 407.4 billion RMB) and a net profit of 3,662 billion yen (approximately 17.6 billion RMB), with revenue from China accounting for 24.4% of global revenue and profit from China representing 30% of the total [3]. Business Segments - The home appliances and residential equipment business accounts for about one-third of Panasonic's revenue in China, while electronic components, automation equipment, batteries, and automotive parts make up the remaining two-thirds [4]. Future Investment Directions - Panasonic plans to focus its investments on AI and energy sectors, including electric vehicle batteries, perovskite batteries, and hydrogen energy [8]. Market Expectations - Despite some Japanese companies reporting a decline in revenue in the first half of the year, over half of the surveyed companies expressed intentions to increase or maintain their investments in China [6]. Recent Developments - Panasonic is set to begin construction of a new factory in Shanghai's Fengxian District, aimed at supporting its AI, semiconductor, and electric vehicle battery teams [11]. Sales Growth - In the first quarter of fiscal year 2025, Panasonic's sales in China increased by 3% year-on-year, with operating profit rising by 26%, driven by strong demand in electronic components and production equipment [7]. Localization Strategy - Panasonic has emphasized localizing its R&D efforts in China, with a significant increase in the number of software developers from 1,000 to 2,000 over the past six years, and aims to double this number in the next five years [13].

Group 1 - UBS's latest report indicates that the US stock market has reached new highs due to better-than-expected Q2 earnings, particularly in energy-related companies, and an increased likelihood of interest rate cuts by the Federal Reserve in September [1][2] - UBS forecasts that the S&P 500 index will reach 6800 points by June 2026, suggesting that investors with insufficient stock exposure should gradually increase their investment proportions and take advantage of market pullbacks [1][2] - The S&P 500 index has risen 30% from its low in April, with current valuation levels being high compared to historical averages, as indicated by a forward P/E ratio of 22.5 and a Shiller cyclically adjusted P/E ratio of 37.9, both at the 99th percentile over the past 20 years [1][2] Group 2 - UBS does not believe there is a bubble in the market, as corporate earnings are growing, with EPS estimates for the S&P 500 raised to $270 for 2025 (an 8% increase) and $290 for 2026 (a 7.5% increase) [2] - Investor sentiment appears cautious, with surveys indicating a net bearish outlook among individual investors and institutional holdings reflecting caution [2][3] - UBS highlights that the current P/E ratios of major tech companies are significantly lower than those during the internet bubble, with the average expected P/E of the "Magnificent Seven" at 28 times compared to 82 times for leading companies in 1999 [2] Group 3 - The margin debt ratio, a part of market capitalization, is currently at 1.8%, close to a 30-year low of 1.5%, indicating a stable market environment [3] - UBS maintains a "neutral" rating on US stocks, focusing on specific sectors such as financials, technology, healthcare, utilities, and communication services, while also seeking structural growth opportunities in AI, electricity, and energy [3]

Group 1 - The Chinese government will establish three cooperation platforms focusing on energy, green industries, and digital economy under the China-Shanghai Cooperation Organization [1] - Additionally, three cooperation centers will be set up for technological innovation, higher education, and vocational technical education [1]

Core Viewpoint - Jiangsu Shentong (002438) focuses on the research and supply of valve equipment for metallurgy, energy, nuclear power, offshore engineering, hydrogen energy, and semiconductor fields, as well as the development and manufacturing of flanges and forgings for the chemical and nuclear power sectors [1] Group 1 - The company aims to provide energy-saving and CO governance technology services for industries such as steel metallurgy [1] - The management's goal is to achieve stable operational performance while enhancing overall competitiveness [1] - The company is committed to delivering sustainable and predictable returns to investors [1] Group 2 - The company emphasizes the importance of collective efforts from the board and all employees to achieve its objectives [1] - The long-term vision includes building a century-old Shentong and becoming a respected enterprise [1]

Investment Rating - The report maintains a "Hold" rating for Tesla, with a target price set at $298.2, indicating a potential decline of 10% from the current price of $332.6 [1][3]. Core Insights - Tesla's automotive business fundamentals continue to face pressure due to delays in the production of low-cost models, U.S. EV subsidies, and fluctuations in European EV demand. These impacts are expected to persist until the end of the year [1]. - Despite the challenges in the automotive sector, Tesla is committed to investing in AI, robotics, and energy sectors, which may provide long-term growth opportunities [1]. - The current price-to-earnings ratio for Tesla stands at 141.7x, reinforcing the "Hold" rating [1]. Financial Projections - Revenue projections for Tesla from 2023 to 2027 are as follows: - 2023: $96,773 million (19% YoY growth) - 2024: $97,690 million (1% YoY growth) - 2025E: $89,663 million (8% YoY decline) - 2026E: $109,192 million (22% YoY growth) - 2027E: $124,268 million (14% YoY growth) [2]. - Net profit projections are: - 2023: $14,997 million (19% YoY growth) - 2024: $7,091 million (53% YoY decline) - 2025E: $4,119 million (42% YoY decline) - 2026E: $6,721 million (63% YoY growth) - 2027E: $9,180 million (37% YoY growth) [2]. Recent Performance - In Q2 2025, Tesla's revenue decreased by 12% YoY but increased by 16% QoQ, with automotive sales revenue down 16% YoY but up 20% QoQ. The gross margin for Q2 was 17.2%, showing a slight decline YoY but an increase QoQ [8][11]. - Total expenses for Q2 approached $3 billion, reflecting a 1% YoY decrease and a 7% QoQ increase, indicating sustained high investment levels [8]. - The net profit for Q2 was $1.17 billion, down 21% YoY but up 187% QoQ [11]. Valuation - The valuation of Tesla using a sum-of-the-parts approach yields a target price of $298.2, corresponding to a P/E ratio of 143.0x for 2026 [8][13].