Group 1 - The revenue growth rate of listed companies improved in Q2, but profit growth rate declined, reflecting the macroeconomic characteristic of "exchanging price for volume" [1] - It is expected that prices will moderately rebound in the second half of the year, supporting stable profit levels for listed companies [1] - The overseas revenue of listed companies significantly outperformed overall revenue in the first half of the year, driven by better-than-expected exports and accelerated overseas expansion of Chinese enterprises due to tariff conditions [1] Group 2 - External demand is expected to remain resilient in the second half of the year, with export-oriented and overseas expansion companies likely to maintain high levels of prosperity [1] - Capital expenditure of listed companies continued to decline in the first half of the year, particularly in the electric, machinery, and chemical industries, while the automotive sector saw a counter-cyclical rebound [1] - The "anti-involution" policy is expected to accelerate supply-side adjustments in the future [1] Group 3 - The average salary growth rate of listed companies slightly declined in the first half of the year, with industries such as military industry, agriculture, forestry, animal husbandry, and consumer services showing higher growth rates [1]

记者丨雷晨 编辑丨骆一帆 近日，北方导航（600435.SH）发布2025年半年度报告。 北方导航2025年上半年业绩呈现爆发式增长，创下历史新高。上半年17.03亿元的营业收入，同比增幅 高达481.19%。归母净利润从去年同期的亏损转变为1.16亿元的盈利，增长幅度达到256.59%，盈利能力 大幅提升。 分季度来看，第二季度营业总收入达13.51亿元，同比上升530.21%，占上半年营收的比重高达79.33%。 单季度归母净利润为1.33亿元，同比上升643.67%，不仅扭转了一季度的亏损局面，更为上半年的盈利 做出了主要贡献。 21世纪经济报道记者了解到，北方导航业绩大幅提升的核心原因是"十四五"末公司制导系列产品集中交 付，驱动收入规模快速放大。 此外，利润增长也得益于北方导航在费用端的管控。上半年，公司销售费用、管理费用、财务费用总计 1.36亿元，三费占营收比8%，同比大幅减少81.02%。 其中，销售费用率由上年同期的8.89%降至1.49%，主要原因是随着营收规模扩大，销售费用的增长幅 度相对较小，规模效应显现；管理费用率从38.05%降至6.74%，表明公司在管理效率提升方面成效显 著，可 ...

Core Viewpoint - Northern Navigation (600435.SH) reported explosive growth in its 2025 semi-annual performance, achieving a record high in revenue and profitability, driven by the delivery of guided series products and effective cost management [1][2]. Financial Performance - The company achieved a revenue of 1.703 billion yuan in the first half of 2025, representing a year-on-year increase of 481.19% [1]. - The net profit attributable to shareholders turned from a loss in the previous year to a profit of 116 million yuan, with a growth rate of 256.59% [1]. - In Q2 alone, total revenue reached 1.351 billion yuan, up 530.21% year-on-year, contributing 79.33% to the half-year revenue [1]. - The net profit for Q2 was 133 million yuan, a staggering increase of 643.67% year-on-year, reversing the loss from Q1 [1]. Cost Management - Total sales, management, and financial expenses amounted to 136 million yuan, accounting for only 8% of revenue, a significant reduction of 81.02% year-on-year [1][2]. - The sales expense ratio decreased from 8.89% to 1.49%, indicating a scale effect as revenue grew [2]. - The management expense ratio fell from 38.05% to 6.74%, reflecting improved management efficiency [2]. - Financial expenses were negative due to increased interest income and a favorable debt structure [2]. Balance Sheet and Cash Flow - As of the reporting period, total liabilities reached 4.384 billion yuan, a year-on-year increase of 54.25%, driven by higher funding needs for raw materials and production equipment [2]. - Cash and cash equivalents decreased by 24.24% to 636 million yuan [2]. - Accounts receivable rose by 77.77% to 5.442 billion yuan, indicating increased business volume but also highlighting potential collection risks [2]. - Inventory decreased by 4.13% to 615 million yuan, suggesting reduced stockpiling [2]. - The net cash flow from operating activities improved, narrowing to -676 million yuan, primarily due to increased sales collections and reduced procurement expenditures [2]. Market Performance - As of August 29, the stock price of Northern Navigation was 17.35 yuan per share, reflecting a year-to-date increase of over 78%, with a total market capitalization of 26.2 billion yuan [3].

Core Viewpoint - The A-share market is likely to continue a trend of oscillating upward, but short-term volatility risks should be monitored [1] Group 1: Market Trends - In terms of trend rhythm, September's performance serves as an anchor while October's policies act as a driving force [1] - The market is expected to operate at a relatively high level in the short term, with potential for a phase of consolidation following previous gains [1] - Current market activity remains vibrant, with sustained capital flow and rising policy expectations providing support for market performance [1] Group 2: Future Focus Areas - Short-term attention should be on opportunities for catch-up gains [1] - In the medium to long term, three main lines of focus are identified: 1. The "anti-involution" concept driven by improved supply-demand dynamics and industry profit recovery, along with dividend assets that have a safety margin in valuation [1] 2. The domestic consumption sector, particularly undervalued service consumption stocks, which hold investment value under supportive policies [1] 3. The technology self-reliance direction, with sectors such as AI, robotics, semiconductors, and military industry benefiting from the rapid development of domestic high-tech industries [1]

1．终结茅台9年霸权，寒武纪成新"股王" 8月28日，中国资本市场迎来历史性时刻--在AI算力狂潮的推动下，芯片龙头寒武纪以1587.91元 的收盘价强势超越贵州茅台（1446.1元），终结了后者长达9年的统治，成为A股收盘价最高 的"股王"。这场新旧龙头的更迭，不仅标志着科技产业对传统消费的价值重估，更折射出中国经 济结构转型的深层逻辑。 【解读】寒武纪最新披露的半年报显示，今年上半年，其营收同比激增4347.82%至28.81亿元，净 利润扭亏为盈达10.38亿元，业绩拐点成为股价飙升的催化剂。近日国务院印发的《关于深入实 施"人工智能+"行动的意见》，更是为AI产业发展提供了强大政策支持。A股"股王"更替折射出中 国资本市场定价体系的重构，一个由科技创新与自主可控引领的时代正加速到来。 二、权益市场 1.申万宏源：时间已是牛市朋友 申万宏源证券傅静涛指出，时间已经是牛市的朋友，核心是"26年中基本面周期性改善+增量资金 正循环可能启动"的牛市条件逐步具备。市场休整幅度有限，岁末年初行情展望的下限是"复制"过 去一段时间的市场特征：少数景气方向做动量+26年拐点方向高切低+轮涨补涨普遍轮动。维持 25Q4 ...

Group 1 - The warning from French Chief of Staff Burkhard highlights Europe's potential decline in the face of great power competition, indicating that Europe may become "table scraps" in geopolitical struggles [1] - The U.S. withdrawal from its protective role has left Europe in a state of confusion, as NATO's requirement for increased military spending to 2% of GDP puts financial pressure on European nations [3][6] - The military pressure from Russia, particularly its capabilities in Ukraine and energy leverage, poses a significant threat to European security [4][6] Group 2 - China's economic penetration through initiatives like the Belt and Road has raised concerns about Europe's industrial competitiveness and political decision-making [4] - The threats from North Korea and Iran further complicate Europe's security landscape, with North Korea gaining modern warfare experience and Iran's actions destabilizing energy routes [4] - Europe's internal fragmentation, characterized by defense system incompatibility and rising far-right political movements, exacerbates its vulnerability in the face of external challenges [5][6] Group 3 - The metaphor by Blinken, "not at the table, then on the menu," encapsulates Europe's diminishing role as a rule-maker and its current precarious position [8] - To regain agency, Europe must shift from reliance on U.S. military support to investing in its own defense industry and seek cooperation in areas like climate change and global governance [8] - The decline of Europe serves as a reminder that no power is permanent, and without a transition to strategic autonomy and internal unity, the warnings of Burkhard may materialize [8]

Group 1: Market Trends - A-shares continue to show an upward trend with sectors like telecommunications and electronics leading the gains, while the metals sector performs well among cyclical stocks [1] - The market is expected to exhibit a phase of consolidation with rotating hotspots, focusing on resource sectors, innovative pharmaceuticals, consumer electronics, chemicals, gaming, and military industries [1][5][6] Group 2: Economic Indicators - The manufacturing PMI for August is reported at 49.4%, a slight increase of 0.1 percentage points from July, indicating an improvement in manufacturing sentiment [3] - The main raw material purchase price index and factory price index for August are 53.3% and 49.1%, respectively, both showing a month-on-month increase, suggesting a continued improvement in market price levels [3] Group 3: Investment Strategies - Central Huijin increased holdings in 12 ETF products in the first half of the year, indicating a stable investment strategy in the ETF market [4] - Investment recommendations include focusing on sectors benefiting from domestic "anti-involution," such as industrial metals, raw materials, and capital goods, as well as insurance and brokerage sectors [7] - The market is expected to remain active with a focus on structural allocation opportunities, particularly in technology growth sectors that have not been fully explored [6][8]

Core Insights - The stock private equity positions have increased for three consecutive weeks, with the stock private equity position index reaching 75.55% as of August 22, marking a 0.69 percentage point increase from the previous week [1][2] - The index has shown a significant upward trend since August, with a cumulative increase of 1.62 percentage points [2] - 55.29% of stock private equity positions are at full capacity (over 80% allocation), indicating strong confidence in the market [2] Investment Focus - Private equity firms are focusing on emerging growth sectors such as new consumption and technology [6] - Specific areas of interest include robotics, domestic computing power, AI applications, liquid cooling, and military industry sectors, as well as new consumption and media sectors with strong half-year performance [7] - The innovative drug sector is also gaining attention due to benefits from overseas licensing and domestic market expansion [7] Market Sentiment - The high positions reflect optimism among top private equity firms regarding the Chinese economy and market liquidity [5] - The current stock market risk premium remains high, suggesting that the stock market offers attractive value [5] - There is an expectation of a new upward cycle in the market as corporate earnings are anticipated to rebound due to supportive policies and a reversal of the downward trend in profitability [5] Scale Analysis - Among private equity firms, those managing over 50 billion yuan have high positions, with over 50% at full capacity [1][3] - The position index for large private equity firms (over 100 billion yuan) is 78.11%, while those in the 50-100 billion yuan range have a position index of 82.23%, with a notable increase of 3.55 percentage points for the latter [3][4] - A significant portion of these firms, 69.18% in the 50-100 billion yuan range, are fully invested, indicating strong market confidence [3] Strategic Opportunities - The focus on high-end manufacturing and internet sectors is driven by the presence of globally competitive Chinese companies, which are expected to see value reassessment [7] - The trend of Chinese companies expanding overseas is shifting from manufacturing to service sectors, highlighting opportunities in the consumer entertainment industry [7] - Technological advancements in chip design, manufacturing, and AI capabilities are expected to create numerous investment opportunities [7]

每周 一 景： 新疆天山独库公路库车大峡谷 点击右上角菜单，收听朗读版 【宏观】 加关税：影响了多少美国通胀 关税政策：税率加了多少？ 6 月美国实际平均进口税率仅较 2024 年底上升 6.6 个百分点，明显不及市场预期。美国进口结构的变化以及应税商品占比明显 偏低或是关税征收力度不及预期的主要原因。下半年来看，随着新关税税率的实施以及行业关税的逐渐落地，美国实际进口平均税率或将进一步抬升。不过， 仍需关注美国与其他国家的贸易谈判中被豁免的商品占比是否持续上升。 海外出口商：是否降价换量？ 美国进口价格指数基于进口商支付的美元价格统计，不包含关税，因此可以用其来观察包含汇率影响的美国进口成本的变化。 4 月对等关税落地以来，除进口能源与食品外，美国其他商品进口价格指数无明显回落。考虑到 2025 年以来美元持续走弱，海外出口商可能有一定幅度的降 价，但降价幅度或被美元走弱所抵消。总体来看美国进口成本并无明显回落，关税成本仍然主要由美国企业和消费者承担。 美国企业：或承担了大部分关税。 目前企业关税成本的传导进展仍然偏慢。截至 6 月美国企业端或仍承担 63% 左右的关税，消费者承担比例不到 40% 。 下半 ...

6月6日，美国财政部发布了汇率报告，人们发现美国居然没有在这份报告中将中国列为所谓的"汇率操纵国"。这相比之前变化的罕见的，显然，特朗普也是 在积极向华示好，为这次访华打下坚实基础。 看似积极和中国沟通的特朗普政府，不仅没有换来中方在稀土上的让步，而且这下好了，美方连一丁点钻空子的机会都没有了。 最近特朗普政府又把目光投向中国。这次，他们放出风声来，表示希望和中国沟通，并且还会即将进行通话。特朗普政府的态度真有这么积极，背后的真相 远没有那么简单。 这不是打一枪换一个地方，而是掐住了美军的喉咙。中国控制着全球90%的稀土精炼产能，这场博弈让世界看清：谁掌控关键资源，谁就握有话语权。当特 朗普政府将对华关税推高至125%时，中国立即回击：对大豆、汽车等商品加征10%-25%关税。 美国艾奥瓦州的农场主们最先挨了闷棍——每吨大豆多掏150美元关税，30%农场濒临破产。连沃尔玛、特斯拉这样的巨头也坐不住了。更狠的是，10家美 国军工企业被祭出"四禁止"制裁：禁止进出口、禁止在华投资、高管不准入境、工作许可冻结。 眼看中国给了面子，特朗普在通话后24小时内，也给中方回了一份"大礼"。 全力落实日内瓦那份贸易协议。日内 ...