中欧数字经济混合发起A 最近，市场震荡上行，大盘不知不觉爬到了3500点。期间热点轮动频繁，整体科技成长板块弹性更大。市场情绪上，这两周的成交额都在1.5万 亿上下，市场还是处于比较活跃的状态。 另外，最近市场有不少关于主动权益基金的讨论，主动权益基金整体表现跑赢了指数基金，也涌现出一些表现亮眼的基金。 昨天大盘低走，但是科技板块仍然活跃，不少基金的单日净值大涨。趁着这次行情，我们盘点一下近1年翻倍的基金，有哪些值得关注的操 作。 先简单做了一下筛选，业绩角度就是近1年业绩翻倍，剔除北交所主题基金/剔除C类；筛选范围就是主动权益基金。 大概得到以下几只"翻倍基"： | 某金名称 | 单位净值 日期 | 日增长率 | 近3月 | 近1年 | 今年来 | | --- | --- | --- | --- | --- | --- | | 永赢先进制造智选混合发起A | 1.836407-15 | 0.71% | 4.55% | 133.08% | 45.19% | | 鹏华碳中和主题混合A | 1.501607-15 | 0.70% | 4.02% | 119.72% | 51.34% | | 诺安多策略混合A | ...

| | 7.16沪深两市 十大人气股排名 | | | | | | --- | --- | --- | --- | --- | --- | | 个股人气排名 股票代码 | | 证券简称 | 收盘价 | 涨跌幅 (%) | 人气值 | | 1 | 600930 | や申新能 | 7.18 | 125.79 | 967.21万 | | 2 | 002104 | 恒宝股份 | 23.52 | 3.98 | 451.08万 | | ਤੇ | 003040 | 楚天龙 | 28.05 | -6.16 | 295.99万 | | 4 | 600744 | 华银电力 | 8.3 | 0.61 | 235.56万 | | ਦੇ | 601606 | 长城军丁 1 | 29.18 | 1 | 231.30万 | | 6 | 300502 | 新易盛 | 169.8 | 8.1 | 223.38万 | | 7 | 600589 | 大位科技 | 9.12 | 7.17 | 213.74万 | | 8 | 603093 | 型式前提 | 26.08 | 10 | 203.63万 | | 9 | 002394 | 联发股份 | 10. ...

Summary of Conference Call Company and Industry - **Company**: Nokia - **Industry**: Telecommunications and Networking Key Points and Arguments Financial Performance - **Q1 Financial Results**: Net sales declined by 3% year-over-year, but adjusted for over 400 million euros of catch-up net sales in Nokia Technologies, net sales grew by 7% [2][4] - **Growth Segments**: - Network Infrastructure grew by 11%, particularly strong in optical networks at 15% [2][5] - Cloud and Network Services grew by 8%, driven by demand for 5G Core [2][5] - Mobile Networks stabilized with a 2% growth [2][5] - **Profitability**: Operating margin in network infrastructure expanded by 190 basis points, while cloud and network services expanded by 930 basis points [3][5] - **Free Cash Flow**: Over 700 million euros generated in Q1, resulting in a net cash position of 3 billion euros [3][5] Market Dynamics - **Customer Feedback**: Initial conversations indicate Nokia is a critical partner for mobile and fixed infrastructure, with potential for expansion in hyperscale enterprise and defense markets [2][3] - **Global Trade Landscape**: The company expects a 20 to 30 million euro impact on operating profit in Q2 due to tariffs, but remains optimistic about market resilience [3][16] - **Infinera Acquisition**: The acquisition is expected to create significant synergies and enhance access to hyperscale customers, which are key growth drivers [4][11] Strategic Focus - **Capital Allocation**: The focus will be on driving efficiency while investing in growth segments to deliver long-term value [2][19] - **R&D Investment**: Emphasis on increasing R&D and go-to-market investments to capture growth opportunities, particularly in AI and cloud [19][26] - **Mobile Networks Strategy**: While mobile networks face challenges, there is potential for growth through a robust RAN and core portfolio [26][27] Regional Performance - **North America**: Significant contributor to net sales growth, particularly in network infrastructure and mobile networks [6][7] - **India**: Returned to growth, driven by network infrastructure and fixed wireless access demand [6][7] - **Europe**: Experienced a decline primarily due to Nokia Technologies, with a 7% decline excluding this segment [6][7] Risks and Challenges - **Tariff Impacts**: The company is actively monitoring the situation and exploring mitigation strategies [3][16] - **One-time Charges**: A significant one-time contract settlement of 120 million euros impacted mobile networks, but the company does not foresee similar issues with other customers [12][13] Future Outlook - **2025 Guidance**: The company maintains its guidance for comparable operating profit in the range of 1.9 to 2.4 billion euros, though achieving the top end may be more challenging [7][8] - **Growth Opportunities**: Continued focus on optical and IP networks, with expectations for strong growth in these areas [21][22] Additional Insights - **Enterprise Sales Growth**: 27% organic growth driven by hyperscale customers, particularly in optical networking [23] - **Customer Relationships**: Strong partnerships with key customers like Amazon and T-Mobile are expected to drive future growth [24][32] Important but Overlooked Content - **Customer-Specific Projects**: The one-time charge related to a customer-specific project from 2019 highlights the importance of operational visibility and customer satisfaction [12][13] - **Emerging Opportunities**: Potential growth in defense and AI-related services within mobile networks, indicating a shift in market dynamics [27]

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the optical communication industry, specifically focusing on companies involved in 800G products and related technologies. Core Points and Arguments 1. **800G Product Release Cycle**: The industry is entering a release and expansion cycle for 800G products, with companies like Broadcom being highlighted as having the best performance and valuation in this context [1] 2. **Opportunities for Second-Tier Companies**: Companies such as Lianhe Technology, Huagong Technology, and Cambridge Technology are identified as having potential to succeed in the evolving market, especially with new technology routes emerging [1][2] 3. **Impact of ISAC on Capital Expenditure**: The arrival of ISAC has led to increased capital expenditures from companies other than Nvidia, indicating a new infrastructure construction cycle driven by major internet firms [2] 4. **Dependence on Chinese Supply Chain**: The optical communication market overseas is heavily reliant on the Chinese supply chain, which is crucial for the overall upgrade and iteration of products [3] 5. **CPU Market Dynamics**: There is significant debate regarding CPU advancements, with companies like Tianfu, Sishang Photon, and Taikong Network being central to discussions about the sustainability of CPU progress in the overseas computing chain [4] 6. **Valuation Trends**: The industry is witnessing a trend towards concentration around leading companies, with significant changes in supply chain capabilities enhancing their sales [5] 7. **High Demand for Switches**: Domestic internet giants are expected to increase their spending on high-end switches, driven by the need to enhance network capabilities [7][8] 8. **Growth Potential of Companies**: Companies like Ruijie Networks and Xinwang Ruijie are highlighted for their substantial growth potential, with projections indicating significant increases in revenue [9] 9. **Brain-Computer Interface Applications**: New applications in brain-computer interfaces developed in collaboration with Zhejiang University are noted as promising [10] 10. **Risks in Cross-Border Investments**: Concerns regarding the risks associated with cross-border investments in the industry are discussed, emphasizing the importance of barriers to entry [12] 11. **Heavy Asset Operations**: The discussion touches on the challenges faced by companies with heavy asset operations, indicating that only a few companies have successfully transitioned from being smaller players to industry leaders [13] 12. **GPU Market Competition**: The competitive landscape for GPUs is dominated by Nvidia and Huawei, with other companies making significant advancements in the inference side [14] 13. **Opportunities in IoT**: The IoT sector is shifting focus towards downstream applications, indicating a growing market for mid-end solutions [15] 14. **Satellite Launch Timelines**: The satellite sector is seeing improved timelines for launches, which is expected to enhance market dynamics [16] 15. **Investment Recommendations**: The overall sentiment is positive towards investing in undervalued overseas chains, with recommendations to consider both leading companies and those with low penetration rates [16][17] Other Important but Possibly Overlooked Content - The discussion emphasizes the importance of understanding the underlying market dynamics and the potential for new entrants to disrupt existing players, particularly in the context of evolving technologies and infrastructure needs [2][3][4] - The need for continuous monitoring of the market and the impact of new technologies on existing supply chains is highlighted as critical for making informed investment decisions [5][6][12]

Core Viewpoint - The A-share market is experiencing fluctuations with the communication sector leading the gains, while new stock listings and significant movements in Hong Kong stocks are also noteworthy [2][5][12]. A-Share Market Summary - The A-share market showed a narrow range of fluctuations on July 16, with the Shanghai Composite Index hovering around the 3500-point mark, closing down 0.13% while the Shenzhen Component Index rose by 0.11% and the ChiNext Index increased by 0.36% [6]. - The communication sector led the market with a peak increase of over 2%, with stocks like Changxin Bochuang and New Yisheng rising more than 10% during the session [7]. - Other sectors such as social services, automotive, textiles, and comprehensive services also performed well, while banking, steel, and non-bank financial sectors weakened [8]. New Stock Listings - A new stock, Huadian New Energy, was listed on the A-share market, reaching a peak increase of nearly 220% during the morning session, with its market capitalization exceeding 400 billion yuan at one point [3][12]. - Huadian New Energy focuses on wind and solar power generation, with a total installed capacity of 68.6171 million kilowatts as of December 31, 2024, and aims to enhance its position in the domestic renewable energy sector [13]. Hong Kong Market Summary - The Hong Kong market saw slight increases, with the Hang Seng Index rising by over 1% at one point, driven by stocks like Trip.com Group and Alibaba Health, while others like China Resources Mixc and Henderson Land fell [15][16]. - China San San Media experienced a significant surge, with its stock price increasing by over 80% after announcing plans to apply for a stablecoin license in Hong Kong, which is seen as a strategic opportunity to enter the cryptocurrency market [17][18][19]. Company Announcements - Guoquan reported a substantial increase in net profit for the first half of 2025, expected to be between 180 million to 210 million yuan, representing a year-on-year growth of approximately 111% to 146% [22].

证券代码：300590 证券简称：移为通信 上海移为通信技术股份有限公司 投资者关系活动记录表 编号：2025-002 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | 投资者关系活动类别 | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | 其他（网络电话会议） | | | 申万宏源研究、中信证券、兴业证券、富国资管、浙商证券、东 | | 参与单位名称及人员姓名 | 北证券、天风证券、国信中数、华福证券、长城证券、恒泰证券， | | | 合计11家机构11人。 | | 时间 | 2025年07月15日 20:30-21:30 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | 董事长兼总经理 廖荣华 | | 上市公司接待人员姓名 | 副总经理 彭嵬 | | | 财务总监兼董事会秘书 贺亮 | | | 一、2025年半度业绩预告解读 | | 投资者关系活动主要内容 | 2025年上半年全球经济呈现放缓态势，公司重要销售地北美、 | | | 欧洲等主要经济体增长动能减弱，叠加美国关税冲击 ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector saw a 1.99% increase in the 28th week of 2025, ranking 14th among major industries in the Yangtze River region. Year-to-date, the sector has risen by 10.00%, placing it 13th [2][4]. - OpenAI plans to launch an AI browser and open-source a new model, while xAI has released Grok 4 and is initiating a new round of financing to accelerate AI data center construction. The acquisition of Fokexima by Shijia Photon aims to enhance the MPO supply chain [2][5][6][7]. - The current valuation of the communication sector is at a historical low, indicating a high cost-performance ratio for investment [2]. Summary by Sections Market Performance - In the 28th week of 2025, the communication sector increased by 1.99%, with a year-to-date rise of 10.00%. The top three gainers among companies with a market cap over 8 billion yuan were Hengbao Co. (+21.1%), Changxin Bochuang (+19.8%), and Shijia Photon (+14.8%). The top three decliners were Runze Technology (-4.1%), Canqin Technology (-3.4%), and Guomai Technology (-3.4%) [4]. AI and Computing Developments - OpenAI is set to release a browser integrated with a generative AI assistant, which could challenge Chrome's market dominance. Additionally, OpenAI will soon unveil an open-source language model, marking its first release since 2019 without Microsoft's involvement [5]. - xAI's Grok 4, touted as the "world's strongest AI," has surpassed doctoral-level performance in standardized tests. The company is preparing for a new financing round valued between 170 billion to 200 billion USD, with participation from Saudi Aramco's PIF fund [6]. Strategic Acquisitions - Shijia Photon plans to acquire 82.4% of Fokexima, a leading supplier of MT connectors, to strengthen its MPO product line. Fokexima's production capacity has exceeded 10 million units per month, and its revenue for 2024 is projected at 270 million yuan, reflecting a 225% year-on-year increase [7]. Investment Recommendations - The report recommends focusing on key players in various segments: - Telecom operators: China Mobile, China Telecom, China Unicom - Optical modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Shijia Photon - Domestic computing: Fenghuo Communication, Huafeng Technology, Yingweike, Runze Technology, Guanghuan New Network, Aofei Data, Guangxun Technology, ZTE, Unisplendour - AI applications: Heertai, Tuobang Technology, Yiyuan Communication, Meige Intelligent, Guanghetong, Boshijie, Aojie Technology - Satellite applications: Haige Communication, Huace Navigation [8].

Report Industry Investment Rating No relevant information provided. Core Views - The economy grew steadily in the first half of the year, with GDP up 5.3% year-on-year, showing a mild recovery. The service industry was the core of economic growth, and industrial production continued to rise in June. However, there were risks such as potential pork overcapacity and PPI deflation spreading to the consumer side [4]. - Domestic demand showed resilience, but external uncertainties increased. The economy maintained high growth in the first half, with new productive forces accelerating industrial upgrading. However, trade protectionism and geopolitical risks posed challenges [6]. Summary by Directory Growth: Steady Growth - The GDP in the first half of the year increased by 5.3% year-on-year, with the service industry contributing significantly. In June, industrial production continued to grow, and high-tech and equipment manufacturing industries maintained relatively fast growth [4][11]. Inflation: PPI Under Pressure - In June 2025, PPI decreased by 3.6% year-on-year and 0.4% month-on-month. The decline was mainly due to factors like loose energy and raw material supply, pressure on export - dependent industries, and international input adjustments. Some high - tech and consumer - related sectors showed positive changes [21][22]. Investment: Marginal Slowdown - From January to June 2025, national fixed - asset investment increased by 2.8% year-on-year, with a slowdown in growth. Manufacturing investment was the main driver, and high - tech fields performed well. However, private investment overall declined, excluding real estate [58]. Production: Widening Differentiation - In the first half of 2025, the added value of large - scale industries increased by 6.4% year-on-year. There was significant industry differentiation, with high - tech sectors like the automotive and computer equipment manufacturing leading in capacity utilization, while upstream raw material industries were weak [64]. Consumption: Policy Effectiveness - In June 2025, the consumer market continued to recover, with the total retail sales of consumer goods up 4.8% year-on-year. The "trade - in" policy was effective, and online sales and service consumption showed strong growth [73]. Real Estate: Investment Under Pressure - In the first half of 2025, the real estate market was at the bottoming stage. Real estate development investment decreased by 11.2% year-on-year, and the sales side showed regional differentiation. Policy support was in place, but the market still faced challenges such as investment pressure and regional disparities [81]. Appendix: National Bureau of Statistics Announcement - The national economy showed a stable and positive trend in the first half of the year. GDP grew by 5.3% year-on-year, with stable growth in production and demand, stable employment, increased resident income, and the growth of new driving forces [103].

每日市场观察 2025 年 7 月 16 日 【今日关注】 周二两市早盘冲高回落午后缓慢回升。截至收盘，沪指跌 0.42%，深成 指涨 0.56%，创业板指数涨 1.73%。板块方面，互联网服务、游戏、软 件开发、通信设备、汽车整车、电源设备等涨幅居前；珠宝首饰、煤 炭、电力、采掘、能源金属、光伏设备等板块调整明显。两市跌多涨 少，其中上涨股票 1287 只，下跌股票数量 3872 只；沪深两市总成交 金额超 1.61 万亿，环比有所放大。 当下市场处于行情启动初期，其特征是股指慢涨急跌，权重股震荡向 上打开空间，并利用快速调整吸引投资者换筹提高持仓成本。如果投 资者持有的不是主流品种，就会陷于"赚了指数不赚钱"的境地。因 此在策略上，要么在回调中切换权重红利股，要么坚定持有优质品种 等待后面的普涨，切忌随意调仓。 在行情启动初期，权重板块是向上拓展空间的主力，它们上攻时间越 长，股指上涨的空间就越大，因此当下的调整空间和时间较为有限。 投资者切忌追涨杀跌增加持仓成本，可耐心等待调整结束后逢低吸纳 权重股、"中字头"、红利股或红利 ETF 等待涨。在市场调整中，部 分资金会流向人气题材股，生物医药、芯片、人工 ...

又有牛股出没。 A股市场今天（7月16日）上午整体窄幅震荡，通信板块再度领涨。 新股方面，A股市场今天有一只新股上市，为华电新能，上午盘中该股最高涨幅接近220%，总市值一度超过4000亿元，后公司股价和市值均有所回落。 港股市场上午多数时间小幅上涨，稳定币相关概念股的炒作仍在持续，上午又有港股因涉及相关事项股价暴涨，盘中涨幅一度超过80%。 A股市场通信板块再度领涨 A股市场今天上午整体窄幅震荡，上证指数围绕3500点整数关口上下波动。截至中午收盘，上证指数跌0.13%，深证成指涨0.11%，创业板指涨0.36%。 | 内地股票 △ | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 3500.62 | 深证成指 10755.85 | 北证50 1420.36 | | -4.38 -0.13% +11.29 +0.11% +8.24 +0.58% 科创50 | 创业板指 | 万得全A | | 1000.15 | 2243.08 | 5429.20 | | +3.91 +0.39% +8.03 +0.36% +7.68 +0.14% | | | | 沪 ...