随着中国资本市场对外开放进程的不断提速，外资对优质赛道与行业龙头企业的关注度持续攀升。中国 证监会最新数据显示，截至7月底，合格境外投资者（QFII）数量已达900家，今年以来新增40家。外资 对新经济领域的持仓规模稳步提升，"高成长、强确定"成为资本布局的核心偏好。 近年来，作为新经济领域的代表产业，国内DaaS（Device as a Service，设备即服务）行业正以30%以上 的年复合增长率快速崛起，2025年市场规模有望突破千亿元。作为中国DaaS行业龙头的凌雄科技 （02436.HK），凭借"行业增长红利+自身强核心竞争力"的双轮驱动模式，不仅在复杂市场环境中实现 业绩持续增长，更成为资本市场关注的潜力标的。 穿越周期的增长韧性，构筑资本关注基石 数据显示，2025年上半年凌雄科技实现营收11.17亿元，同比增长18.5%，再创同期历史新高；实现净利 润约500万元，成功扭亏为盈；经调整利润达1864.5万元，经调整EBITDA同比大增38.5%至1.94亿元； 上半年，设备回收业务营收同比增长24.4%至约8.48亿元；设备订阅服务营收同比增长4.5%至约1.92亿 元，总设备订阅量同比增长1 ...

Group 1 - The US-China tariff conflict has seen a significant reduction, with the US canceling 91% of additional tariffs on China, and China reciprocating with the same percentage of counter-tariffs [1] - The dialogue between economists highlights the cyclical nature of market bubbles and the historical lessons that can be learned from past financial crises [3][5] - The importance of capital markets in fostering innovation and their role as a catalyst for technological advancement is emphasized [12][13] Group 2 - The discussion on tariffs indicates that excessively high tariffs could lead to a contraction in global trade, reverting economies to localized markets [10] - The historical context of Wall Street's evolution illustrates the significance of free capital movement in driving economic vitality [8][9] - The need for a fair trading environment is underscored, with a call for the US to reassess its tariff policies in light of global economic recovery [11] Group 3 - The transition of capital markets from resource allocators to innovation catalysts is crucial for addressing current economic challenges [15] - The role of technology, such as AI and big data, in enhancing market transparency and improving investor trust is highlighted [22] - The shift in investment strategies from individual retail investors to institutional management reflects changing dynamics in capital markets [23] Group 4 - The discussion on social responsibility in capital markets emphasizes that while profit is a primary goal, broader societal impacts should also be considered [25] - The need for regulatory frameworks to ensure that capital markets operate responsibly and ethically is stressed [25]