But finding these monster stocks isn't always easy. Most people try to find the next big thing when, often, the winners are already sitting in plain sight. Buy-and-hold investing only works if you choose the right companies. Here are some potential examples. The ultimate win for investors is finding a remarkable company that is not only highly productive, but also capable of growth over many years, resulting in substantial returns for long-term shareholders. After careful consideration, I've identified five ...

Core Viewpoint - The article highlights the significant achievements and ongoing reforms of the Sci-Tech Innovation Board (STAR Market) in China over the past six years, emphasizing its role in supporting hard technology enterprises and fostering innovation in the capital market. Group 1: Achievements of the STAR Market - As of July 22, 2025, the STAR Market has 589 listed companies, raising a total of 9,257 billion yuan through IPOs and 1,867 billion yuan through refinancing, totaling over 1.1 trillion yuan [2][5][22]. - The STAR Market has become a vibrant platform for hard technology companies, with over 379 companies recognized as national "specialized and innovative" small giants, and 65 companies designated as "single champion" enterprises in manufacturing [5][22]. - The compound annual growth rates for revenue and net profit attributable to shareholders of STAR Market companies from 2019 to 2024 are 19% and 9%, respectively [5]. Group 2: Institutional Innovations - The STAR Market has implemented a series of institutional innovations, including the "1+6" policy measures aimed at enhancing the capital market's support for technological innovation and new productivity development [3][18]. - The introduction of the "STAR Growth Tier" and related reforms marks a new phase of precise support for technology innovation enterprises [3]. - The STAR Market has established a multi-dimensional regulatory framework that enhances the development environment for technology innovation companies [6]. Group 3: R&D Investment and Innovation - In 2024, the total R&D investment of STAR Market companies reached 168 billion yuan, which is over three times the net profit of the board, with a median R&D intensity of 12.6% [11][29]. - Approximately 30% of STAR Market companies have products or projects that are industry-first, and over 380 companies have products or technologies that meet international advanced standards [32]. - The STAR Market has seen significant contributions to the pharmaceutical sector, with 19 out of 20 companies listed under the fifth set of standards having their self-developed drugs or vaccines approved for sale [6][26]. Group 4: Ecosystem and Talent Attraction - The STAR Market plays a crucial role in facilitating a virtuous cycle among technology, industry, and capital, with over 60% of its founding teams comprising scientists or industry experts [14]. - Nearly 90% of STAR Market companies received venture capital investment before going public, indicating a strong early-stage investment environment [14]. - The STAR Market has developed a comprehensive index system, with 29 indices tracking its performance, and products tracking the STAR Market indices totaling nearly 260 billion yuan [14]. Group 5: Investor Returns and Corporate Governance - In 2024, 509 companies on the STAR Market disclosed plans to enhance quality and efficiency, with over 60% proposing cash dividend plans totaling 38.8 billion yuan [15]. - The STAR Market has seen a record number of share buybacks and increases in shareholding, with 470 instances of buyback plans amounting to nearly 38 billion yuan [15].

Core Viewpoint - The article highlights the significant role of the Sci-Tech Innovation Board (STAR Market) in supporting technological innovation and the development of high-quality enterprises in China over the past six years, showcasing its achievements and future expectations for continued reform and support for tech companies [1]. Group 1: Impact of STAR Market on Companies - The STAR Market provides a more open, inclusive, and efficient capital market environment for technology companies, leading to significant improvements in governance, innovation, competitiveness, and operational capabilities for companies like Haiguang Information [4][5]. - Companies like Zhongkong Technology have experienced a milestone transformation post-listing, benefiting from ample funding for R&D and exploration in AI and robotics, thereby solidifying their market position in industrial automation [7][8]. - The STAR Market has enhanced the capital market's inclusivity and support for high-quality, unprofitable companies, as exemplified by Baili Tianheng's focus on innovative drug development in oncology, enabled by the registration system reform [11][12]. Group 2: Future Expectations for STAR Market - There is an anticipation for the STAR Market to continue optimizing support mechanisms for tech companies, particularly in R&D investment and result transformation, to facilitate more technological breakthroughs [8]. - The introduction of policies such as the growth tier and the resumption of the fifth listing standard is expected to further support the growth of innovative companies like Zhejing Pharmaceutical, enhancing the capital market's role in fostering technological innovation [14][15]. - Companies like Tuojing Technology view the STAR Market as an accelerator for growth, emphasizing the need for continued reform to optimize valuation mechanisms and broaden long-term funding channels for hard tech enterprises [17].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the economic outlook for China, focusing on GDP growth and various economic challenges facing the country in 2025. Core Insights and Arguments 1. **GDP Growth Forecast**: The real GDP growth forecast for China has been revised upward by 30 basis points to 4.8% for 2025, following a better-than-expected performance in Q2 2025. However, growth is expected to slow in the second half of the year due to various factors [3][4][12]. 2. **Deflation Concerns**: Deflation is anticipated to persist, impacting nominal GDP and wage growth negatively. The nominal GDP growth is projected to remain subdued, which could further exacerbate the deflation feedback loop [17][18]. 3. **Weaker Exports**: A significant drag on growth is expected from weaker exports in the second half of 2025, attributed to the payback from front-loading and a decline in global trade. Tariffs are also expected to play a role in this decline [7][12]. 4. **Fading Fiscal Stimulus**: There is a noted reduction in fiscal stimulus in the second half of 2025 compared to the first half, with major tax revenues and land sales underperforming against the budget year-to-date [12][13]. 5. **Household Sentiment**: There is a decline in household sentiment regarding income growth and the housing market, with rising concerns about income and job security [22][26]. 6. **Tariff Impact**: The impact of tariffs is described as mildly deflationary for now, with export volumes declining amid higher tariffs, although export prices have remained relatively stable due to a weaker RMB and supply chain competitiveness [28][29]. Additional Important Insights 1. **Structural Reforms Needed**: The need for deep structural reforms is emphasized, particularly in addressing overcapacity and the reliance on indirect taxes that incentivize capacity expansion [49][50]. 2. **"5R" Reflation Strategy**: The strategy for reflation is outlined, indicating slow and uneven progress with expectations for a consumption-focused fiscal package and monetary easing measures [53]. 3. **Rare Earths Negotiations**: Recent developments in US-China negotiations regarding rare earths and AI chips are highlighted, indicating a complex geopolitical landscape that could impact economic relations [34][35]. 4. **Reform Signals**: There are encouraging signals for reforms, particularly in fiscal systems and local performance evaluations, although the path to implementation remains challenging [36][47]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the economic outlook for China and the challenges it faces moving forward.

AI基金东方人工智能主题混合A（005844）披露2025年二季报，第二季度基金利润182.86万元，加权平均基金份额本期利润0.0035元。报告期内，基金净值 增长率为0.55%，截至二季度末，基金规模为5.53亿元。 该基金属于偏股混合型基金，长期投资于TMT股票。截至7月21日，单位净值为1.092元。基金经理是严凯，目前管理3只基金近一年均为正收益。其中，截 至7月21日，东方惠新灵活配置混合A近一年复权单位净值增长率最高，达42.3%；东方人工智能主题混合A最低，为22.37%。 基金管理人在二季报中表示，本基金重点关注半导体芯片产业链中的短板领域，特别是半导体设备、材料以及零组件等环节，持仓未发生明显变化。这些领 域一方面技术壁垒较高，在市场竞争中具备显著优势；另一方面，得到了国家政策的大力扶持。展望未来，随着技术持续进步以及政策的长期助力，本基金 将继续紧密跟踪国产化趋势，深度挖掘技术创新所蕴含的长期投资回报机遇。 截至7月21日，东方人工智能主题混合A近三个月复权单位净值增长率为-0.02%，位于同类可比基金301/328；近半年复权单位净值增长率为6.74%，位于同类 可比基金171/328 ...

据智通财经7月21日报道，业界消息称，SK海力士正在讨论扩大HBM3E 8层产品的生产规模，其出货量 预计将超出最初预期。 这得益于近期H20的出口管制解除，为此，SK海力士计划在今年第三季度前完成面向H20的HBM3E 8层 产品量产。考虑到可能出现的额外需求，该司正在评估扩大相关HBM生产规模所需的材料及零部件采 购方案。 1）HBM设备：精智达、华海清科、芯源微、拓荆科技、中微公司等； 2）材料：鼎龙股份、雅克科技、华海诚科、联瑞新材等。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 爱建证券指出，HBM作为大模型训练和推理负载下的关键存储器件，具备超高带宽（高达 819 GB/s）、极致能效比等性能优势，已经成为 AI 芯片架构的标配组件。 其表示，HBM 使用 3D 堆叠+高密度互联+热管理协同设计，其制造流程中所需关键设备：1）深硅刻蚀 （形成 TSV）需高纵深比、低缺陷率、低侧壁粗糙度的等离子体干法刻蚀设备；2)多层薄化工艺后清洗 去除杂余颗粒的硅片减薄与清洗设备；3）微凸点（μ-bump）制程依赖高分辨率涂胶显影、回流焊设 备；4）绑定与封装检测需要高精度热 ...

I I think the question is what do you do. What do you watch for as the indicator. What's your indicator to tell you is the market rolling over.And I think there's no industry that better reflects the recovery that we have experienced than the semiconductor industry. Remember, if you think about where the semiconductor industry was coming into 2025, the semiconductor industry had kind of lost some of the bullish sentiment, some of the bullish positioning. It went towards software.People said, "Okay, you're m ...

Core Viewpoint - The First Trust NASDAQ Semiconductor ETF (FTXL) is a smart beta ETF designed to provide exposure to the semiconductor industry, launched on September 20, 2016 [1]. Fund Overview - FTXL is managed by First Trust Advisors and has accumulated over $296.94 million in assets, categorizing it as an average-sized ETF within the Technology ETFs sector [5]. - The fund aims to match the performance of the Nasdaq US Smart Semiconductor Index, which is a modified factor-weighted index focused on US semiconductor companies [5]. Cost and Expenses - The annual operating expenses for FTXL are 0.60%, which is comparable to most peer products in the sector [6]. - The ETF has a 12-month trailing dividend yield of 0.44% [6]. Sector Exposure and Holdings - FTXL is fully allocated to the Information Technology sector, representing approximately 100% of its portfolio [7]. - The largest holding is Broadcom Inc. (AVGO), accounting for about 9.19% of total assets, followed by Micron Technology, Inc. (MU) and Nvidia Corporation (NVDA) [8]. - The top 10 holdings make up approximately 62.83% of the fund's total assets under management [8]. Performance Metrics - As of July 21, 2025, FTXL has increased by about 13.89% year-to-date but has decreased by approximately -0.66% over the past year [10]. - The ETF has traded between $62.37 and $101.42 in the past 52 weeks [10]. - FTXL has a beta of 1.34 and a standard deviation of 35.50% over the trailing three-year period, indicating more concentrated exposure compared to peers with only 31 holdings [10]. Alternatives - Other ETFs in the semiconductor space include iShares Semiconductor ETF (SOXX) and VanEck Semiconductor ETF (SMH), with assets of $13.95 billion and $27.74 billion respectively [12]. - Both SOXX and SMH have a lower expense ratio of 0.35% [12].

Group 1 - The article emphasizes the significance of cybersecurity, highlighting that it affects personal privacy, corporate secrets, and national security [1] - It explains the concept of "technical backdoors," which allow unauthorized access to systems and sensitive information if not properly managed [1][3] - The article warns that foreign-produced chips, smart devices, or software may contain intentionally embedded backdoors that can be exploited for remote control or data theft [3] Group 2 - The national security agency suggests that sensitive positions should adopt domestically controlled chips and operating systems to mitigate risks from foreign hardware and software backdoors [5] - It recommends enhancing technical protective measures, such as patch strategies, regular operating system updates, and monitoring for unusual traffic to reduce potential security risks from technical backdoors [5] - Citizens and organizations are encouraged to cooperate with national security agencies in reporting suspicious activities related to cyber espionage [5]

Market Overview - The Shanghai Composite Index rose by 0.69% to close at 3534.48 points, with a weekly high of 3536.01 points [1] - The Shenzhen Component Index increased by 2.04% to 10913.84 points, reaching a high of 10946.4 points [1] - The ChiNext Index saw a rise of 3.17%, closing at 2277.15 points, with a peak of 2296.91 points [1] - In global markets, the Nasdaq Composite Index increased by 1.51%, while the Dow Jones Industrial Average fell by 0.07% and the S&P 500 rose by 0.59% [1] - The Hang Seng Index in the Asia-Pacific region rose by 2.84%, and the Nikkei 225 Index increased by 0.63% [1] ETF Market Performance - The median weekly return for stock ETFs was 1.32% [2] - The highest weekly return among scale index ETFs was 5.35% for the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Enhanced Strategy ETF [2] - The highest return in industry index ETFs was 7.15% for the Guangfa National Communication ETF [2] - The top-performing thematic index ETF was the Fuguo ChiNext Artificial Intelligence ETF, with a return of 10.95% [2] ETF Liquidity - Average daily trading volume for stock ETFs increased by 4.9%, while average daily turnover rose by 13.6% [7] ETF Fund Flows - The top five stock ETFs with the highest inflows included the Huaxia CSI Animation Game ETF with an inflow of 690 million yuan [10] - The top five stock ETFs with the highest outflows included the Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 Component ETF, which saw an outflow of 391 million yuan [11] ETF Financing and Margin Trading - The financing balance for stock ETFs decreased from 41.396 billion yuan to 41.057 billion yuan [12] - The highest financing buy amount was 646 million yuan for the Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 Component ETF [12] ETF Market Size - The total market size for ETFs reached 45,347.71 billion yuan, with stock ETFs accounting for 30,953.21 billion yuan [15] - Stock ETFs represented 80.4% of the total number of ETFs and 68.3% of the total market size [17] ETF Issuance and Establishment - No new ETFs were issued last week, but ten new ETFs were established, including the Jiashi CSI All-Index Securities Company ETF and the Huaxia Shanghai Stock Exchange Intelligent Selection Science and Technology Innovation Board Value 50 Strategy ETF [18] Institutional Insights - Everbright Securities highlighted the explosive growth potential for computing chips and data centers driven by rapid advancements in artificial intelligence [18] - Industrial Securities expressed optimism regarding the surge in demand for computing power and innovations in edge AI hardware [18]