乐山电力：上半年营业收入16.23亿元，同比增长1.94%；净利润790.31万元，同比下降14.55%。 ...

乐山电力：上半年度净利润同比下降14.55% 智通财经7月24日电，乐山电力(600644.SH)公告称，乐山电力发布业绩快报，2025年上半年营业总收入 16.23亿元，同比增长1.94%；归属于上市公司股东的净利润790.31万元，同比下降14.55%。主要原因是 自2025年5月起执行新的分时电价政策减少电力毛利以及自2025年4月起执行新购天然气合同，调整购气 结构计价结算规则使得购气成本增加。 ...

分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 -- 公募基金专题报告 证券研究报告- F 主动权益基金经理在关注哪些方向? 2025Q2主动权益型基金季报点评 分析师:王骅 执业证书编号: S0890522090001 分析师:宋逸菲 执业证书编号: S0890524080003 4 十 十 回 明 。 2025年7月24日 久巾日册: ZUZ0牛7月Z4日 ▶销售服务电话: 021-20515355 ▶ 请仔细阅读报告结尾处风险提示及免责声明 目录/CONTENTS 主动权益型基金2025二季报数据回顾 1 ALLAD RECURITED 二季报基金经理观点综述 2 风格:价值、成长、均衡风格 行业主题:消费、医药、TMT、高端制造、周 期、港股主题 业绩回顾 规模变化:截至2025年二季度末,主动权益类基金（主 动管理的股票型和混合型基金,且成立以来权益仓位均值 占比在60%以上）总计规模为3.29万亿元,较上一季度的 3.33万亿元减少0.04万亿元。 资金流变化:我们采用"本季基金规模-上季基金规模* (1+本季基金净值回报率)"来定义资 ...

Group 1 - The Shanghai Composite Index has finally surpassed the 3600-point mark, which has not been seen for nearly a decade, leading to optimism about a potential bull market [1][4] - The bull market has already begun in certain sectors, such as the banking index and innovative pharmaceutical index, which have shown significant gains [5][6] - Historical data indicates that while the overall index may rise, individual sector performance can vary greatly, with some sectors lagging behind [6][7] Group 2 - During previous bull markets, the Shanghai Composite Index's growth was less than 100%, and less than 35% of sectors experienced over 100% growth, indicating a structural bull market rather than a comprehensive one [6][10] - The performance of individual stocks during a bull market can lead to significant disparities in returns, emphasizing the importance of sector selection [7][11] - The article highlights that many investors may not benefit from the bull market if they are invested in underperforming sectors, regardless of the index's performance [11][12] Group 3 - The article suggests that the focus should not solely be on whether a bull market has arrived, but rather on whether individual accounts are positioned to benefit from it [13][14] - A diversified investment strategy is recommended to capture opportunities across different markets and asset classes, regardless of market conditions [16][24] - The All Weather Strategy, as demonstrated by Bridgewater, shows that a diversified approach can yield stable returns across various macroeconomic environments [16][19][22]

中电鑫龙：已组织相关部门关注雅江下游水电站开发项目进展 智通财经7月24日电，中电鑫龙在互动平台表示，公司深耕智慧用能（智能输配电设备及元器件）、智 慧新能源、智慧城市三大业务领域，相关产品可适用于水利工程项目，具备水利工程项目建设等方面的 经验，目前已有部分产品成功应用于葛洲坝集团水利项目、南水北调等部分国家重点水利工程；公司已 组织市场、营销等相关部门持续高度关注雅江下游水电站开发项目进展。 ...

截至7月23日，央企现代能源ETF近6月净值上涨9.06%。从收益能力看，截至2025年7月23日，央企现代能源ETF自成立以来，最高单月回报为10.03%，最长 连涨月数为7个月，最长连涨涨幅为23.43%，涨跌月数比为13/10，上涨月份平均收益率为3.05%，年盈利百分比为100.00%，历史持有1年盈利概率为 66.11%。截至2025年7月23日，央企现代能源ETF近3个月超越基准年化收益为7.18%。 回撤方面，截至2025年7月23日，央企现代能源ETF近半年最大回撤7.04%，相对基准回撤0.37%。回撤后修复天数为71天，在可比基金中回撤后修复最快。 费率方面，央企现代能源ETF管理费率为0.50%，托管费率为0.10%，费率在可比基金中最低。 截至2025年7月24日 14:39，中证国新央企现代能源指数(932037)上涨0.77%，成分股中国电建(601669)上涨10.04%，中国稀土(000831)上涨9.10%，中国能建 (601868)上涨3.79%，云南铜业(000878)上涨2.86%，当升科技(300073)上涨2.84%。央企现代能源ETF(561790)上涨0.69% ...

- The total number of quantitative funds in the market reached 604 by the end of Q2 2025, with an increase of 53 funds compared to Q1 2025. The total fund size amounted to 2854.39 billion yuan, marking a quarter-on-quarter growth of 144.46 billion yuan, or 5.33%[159] - Quantitative funds are categorized into active funds, index-enhanced funds, and hedging funds. Active funds accounted for 894.30 billion yuan, with a quarter-on-quarter growth rate of 8.48%. Index-enhanced funds reached 1908.69 billion yuan, growing by 4.29% quarter-on-quarter. Hedging funds totaled 51.39 billion yuan, showing a decline of 7.15% quarter-on-quarter[160][159] - Among active quantitative funds, the top fund by size was "招商量化精选A" (49.01 billion yuan), followed by "国金量化多因子" (43.40 billion yuan) and "信诚多策略" (34.41 billion yuan). The top 10 funds collectively accounted for 56.05% of the market[164][165] - Active quantitative funds tracking broad-based indices showed strong performance in Q2 2025. For example, "诺安多策略" achieved an excess return of 19.58% and "汇安多策略A" delivered an excess return of 14.67%[166] - Industry-themed active quantitative funds also performed well, with "东吴智慧医疗量化策略A" achieving an excess return of 20.77% and "浙商大数据智选消费A" delivering an excess return of 14.57%[169] - Smart-beta active quantitative funds tracking indices like 中证红利 and 中证国企红利 showed notable excess returns, with "富国中证红利指数增强A" achieving an excess return of 3.94%[179] - Index-enhanced funds reached a total size of 1908.69 billion yuan by the end of Q2 2025. The largest fund was "易方达上证50增强A" with a size of 183.15 billion yuan[172][175] - Among index-enhanced funds, broad-based funds tracking indices like 中证A500 and 国证2000 showed strong excess returns, with "银华中证全指医药卫生增强" achieving an excess return of 4.04%[176] - Hedging quantitative funds totaled 51.39 billion yuan by the end of Q2 2025. The largest fund was "汇添富绝对收益策略A" with a size of 28.00 billion yuan[180][181] - Absolute return rankings for hedging funds in Q2 2025 showed "中邮绝对收益策略" leading with a return of 2.70%, followed by "富国量化对冲策略三个月A" with a return of 2.65%[184] - In Q2 2025, 58 new quantitative funds were established, including 50 index-enhanced funds. The total issuance size was 241.15 billion yuan, marking an increase of 57.95 billion yuan compared to the previous quarter[185]

人工智能正在从通用叙事走向细分场景，产业的需求不再抽象，应用的痛点也愈加具象。可越是在这样 的"落地前夜"，技术方与需求方之间的"最后一公里"却常常断联：模型可用，却难找场景；能力在线， 却不知谁买单；秀得精彩，却止步展会。 "如果没有真实的落地，一切技术只是想象。"这句话，正在WAIC CONNECT的每一次精准撮合、每一 笔真实成交中被不断验证。 在 2024 年的实践中，WAIC CONNECT 共组织 132 个实名采购团组，现场对接 210 家上下游企业，累 计促成 150 亿元意向采购金额，这一系列成果，正是 CONNECT"从看见到采用"的机制效能的集中体 现。 它所连接的，从来不只是"买家"和"卖家"，更是"需求"与"趋势"，"能力"与"生态"。 一、机制创新：搭建"365天不落幕"的对接平台 2025 WAIC CONNECT构建了"调研—释放—对接"的产业闭环，涵盖200亿订单池、150+实名采购团、 365天全年机制运营，致力于打通AI从技术可用到场景可落的关键通道。 采购方阵容横跨中广核、宁德时代、瑞穗银行、阳狮广告、顾家家居、上汽集团、申康医疗、海尔、美 的等行业龙头，并涵盖来自德国 ...

Summary of Key Points Core Viewpoint - As of July 23, the total market financing balance reached 1.92 trillion yuan, marking an increase of 2.6 billion yuan from the previous trading day, with a continuous rise over three consecutive trading days [1]. Financing Balances - The financing balance for the Shanghai Stock Exchange was 970.69 billion yuan, up by 1.12 billion yuan; for the Shenzhen Stock Exchange, it was 945.40 billion yuan, an increase of 1.53 billion yuan; and for the Beijing Stock Exchange, it stood at 6.19 billion yuan, rising by 11.38 million yuan [1]. Individual Stock Performance - On July 23, 1,841 stocks received net financing purchases, with 509 stocks having net purchases exceeding 10 million yuan. The top net purchase was for TBEA Co., Ltd. at 320 million yuan, followed by Shenghe Resources and Baosteel at 287 million yuan and 278 million yuan, respectively [1][2]. Industry Analysis - The industries with the highest concentration of stocks receiving net financing purchases over 100 million yuan included construction decoration, electrical equipment, and non-ferrous metals, with 4, 3, and 3 stocks respectively [1]. Stock Market Distribution - Among the stocks with significant net purchases, 27 were from the main board and 3 from the ChiNext board [1]. Financing Balance to Market Value Ratio - The average ratio of financing balance to circulating market value for the stocks with large net purchases was 3.80%. Jianghuai Automobile had the highest ratio at 9.33%, followed by Dongfang Zirconium, Zhina Compass, and Tianfeng Securities with ratios of 7.16%, 6.48%, and 6.13% respectively [2][3].

中国通信工业协会数字平台分会副会长高泽龙告诉《证券日报》记者，可控核聚变被视为终极能源形 式，其燃料来源广泛、安全性高、几乎不产生碳排放。一旦实现商业化，将成为解决能源短缺与环境污 染的关键途径，具有重大市场潜力。近年来全球对可控核聚变的投入持续加大，带动技术不断取得突 破，市场对其商业化前景的预期逐步增强。各国政策支持也在同步推进，为企业和资本提供了良好的发 展环境与风险缓冲。 中关村物联网产业联盟副秘书长袁帅对记者表示，尽管核聚变仍处于投入高、回报周期长的初期阶段， 但作为清洁且近乎无限的能源，正吸引越来越多企业和资本进入。在化石能源趋紧、可再生能源波动性 强的背景下，聚变被视为未来能源结构的关键一环。 事实上，浙能电力也在探索从传统能源向清洁能源的多元化转型。2024年年报显示，在巩固火电业务基 础上，公司推动六横二期、镇联电迁建等重点机组投产，嘉兴四期、台二二期、滨海四期等项目稳步推 进，完成14个节能降碳"三改联动"项目。公司布局新型电力系统，"火电+储能"联合AGC调频项目入选 浙江省2024年储能计划，首座虚拟电厂已投运，聚合165个可调资源，规模104.6兆瓦，显著提升源网荷 储协同调节能力。 ...