| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 1398401.37 | -75052.11 | -2.42 | | 00981 | 中芯国际 | 港股通(沪) | 1369732.59 | -34782.17 | -6.70 | | 00981 | 中芯国际 | 港股通(深) | 896551.00 | -204863.83 | -6.70 | | 09988 | 阿里巴巴-W | 港股通(深) | 791676.00 | 36.61 | -2.42 | | 01347 | 华虹半导体 | 港股通(沪) | 652640.29 | -63410.35 | -6.43 | | 02228 | 晶泰控股 | 港股通(沪) | 403775.22 | 315.28 | -13.91 | | 09880 | 优必选 | 港股通(沪) | 322779.73 | 1233.85 | -9.49 | | 01347 | 华虹半导体 | ...

来源：《理财周刊》 当你打开基金详情页，准备购买一只基金时，有没有注意过那一行看似不起眼的基金规模？ 无论是货币基金、债券基金还是权益类基金，这一数据都清晰地标注在页面的某个角落。那么，这个看 似普通的数字，到底对选择基金有没有实际意义？它会不会影响你的投资？ 中证1000指数增强C < 医药生物 移远通信 -0.40% 1.01% ↑ 0.06% 通信 晶方科技 1.58% 1.00% ↓ 0.01% 电子 乐鑫科技 5.11% 0.95% ↓0.01% 电子 查看更多 基金档案 简介、分红、净值 > 4.06亿元 2022-01-04 成立时间 基金规模 2004年 13027.73亿元 管理规模 成立时间 基金公告 产品概要 > 什么是基金规模？ 基金的资金规模，简单来说，就是基金公司通过发行基金份额所募集到的资金总额。比如一支基金有 100个人买，每人投资1000元，那么加起来的10万元就是这只基金的规模。基金规模反映了市场对一只 基金的认可程度，也是基金运作的基础。 在我国，基金规模受到严格监管。根据相关规定，普通开放式基金首次募集规模通常需达到?2亿元，存 续期间若?连续60个交易日资产净值低于5 ...

Group 1: Macro Liquidity - The US dollar index has declined, and the degree of "inversion" in the China-US interest rate spread has narrowed. The nominal and real yields of 10Y US Treasuries have both decreased, indicating a drop in inflation expectations [1][14]. - Offshore dollar liquidity has tightened, while the domestic interbank funding situation remains balanced. The term spread (10Y-1Y) has widened [1][18]. Group 2: Market Trading Activity - Overall market trading activity continues to decline, with major indices showing reduced volatility. More than half of the sectors, including real estate, automotive, electronics, and chemicals, have trading heat above the 80th percentile [2][23]. - The volatility of major indices has mostly decreased, although the communication sector remains above the 80th historical percentile [2][30]. Group 3: Institutional Research - The sectors with the highest research activity include electronics, pharmaceuticals, communications, non-ferrous metals, and food and beverages. The research activity in power and utilities, light industry, and machinery sectors has also increased [3][42]. Group 4: Analyst Forecasts - The net profit forecasts for the entire A-share market for 2025/2026 have been adjusted, with increases in sectors such as computers, machinery, banking, and consumer goods. The forecasts for the Shanghai 50, ChiNext Index, and CSI 300 have been raised, while the CSI 500 has seen a decrease [4][21]. - The proportion of stocks with upward revisions in net profit forecasts for 2025/2026 has decreased/increased, indicating a mixed outlook across different sectors [4][17]. Group 5: Northbound Trading Activity - Northbound trading activity has decreased, but there has been a net buying of A-shares overall. The buying ratio in sectors like electronics and non-banking has increased, while the ratio in communications and pharmaceuticals has decreased [5][31]. - Northbound trading primarily net bought sectors such as computers, electronics, and pharmaceuticals, with slight net selling in home appliances and transportation [5][33]. Group 6: Margin Financing Activity - Margin financing activity has approached the highest point since July 2020, with significant net buying in non-banking and consumer goods sectors, while electronics and communications saw net selling [6][35]. - The trading heat of the "Dragon and Tiger List" continues to decline, with automotive, chemicals, and computers showing relatively high trading volumes [6][41]. Group 7: Fund Positioning - Active equity funds have increased their positions in non-banking, automotive, and electronics sectors, while reducing positions in TMT, pharmaceuticals, and consumer services [7][46]. - ETFs have continued to see net subscriptions, particularly in sectors like electronics, new energy, and computers, while non-banking sectors experienced net selling [7][52].

证券之星消息，10月9日，深证民企价值（970072）指数报收于3567.74点，涨2.57%，成交866.77亿元， 换手率3.08%。当日该指数成份股中，上涨的有37家，中兴通讯以9.51%的涨幅领涨，下跌的有13家，申 通快递以2.12%的跌幅领跌。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 资金流向方面，深证民企价值（970072）指数成份股当日主力资金净流入合计31.65亿元，游资资金净流 出合计24.1亿元，散户资金净流出合计7.55亿元。成份股资金流向详情见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000063 | 中兴通讯 | 30.28 Z | 13.69% | -21.81 Z | -9.86% | -8.47 Z | -3.83% | | 002594 | 比亚迪 | 8.94 乙 | 7.98% ...

在2025苹果秋季新品发布会上，苹果首次发布了5G智能手表，包括Apple Watch Series 11和Apple Watch Ultra 3两款产 品，这两款产品均采用了5G RedCap技术，作为全球知名品牌，苹果对RedCap的采用，无疑给RedCap的应用推广提供 了强有力的背书，将撬动和刺激其他相关厂商的采用。不过，在笔者看来，RedCap的规模化应用涵盖行业很广，仅仅 苹果的采用不足以形成整体的、大范围推进力量，还需要更多行业领域的持续突破，寻找各行业类似"苹果"的角色。 苹果一小步，RedCap一大步 公开信息显示，苹果在秋季发布的Apple Watch Series 11和Apple Watch Ultra 3两款产品作为其首次采用5G技术的智能 手表，使用的是联发科的5G RedCap芯片，验证了RedCap在网络质量、功耗等方面适合智能穿戴。当然，RedCap只是 苹果本次发布的智能手表众多亮点中的其中一个，不过，从多个角度来看，苹果走出的这一小步，对于RedCap应用发 展来说却是一大步。 首先，体现苹果对RedCap应用于穿戴设备的坚决态度 虽然苹果并非全球首家在智能穿戴设备上采用 ...

"石头、剪刀、布"是规则简单的博弈游戏。它在生活中用于快速决断、及时分配，但没人会用它来解决 相对复杂的问题。原因是，简单机制解决不了复杂系统的博弈。一旦我们把复杂性问题交给此种方式解 决，结果就会失去稳定预期，进而扰乱产业生态平衡发展。 ·费率模型与计价口径（基带/整机、单模/多模、区域差异、历史交易） ·双方谈判过程与FRAND行为审查 ·长期许可的可执行性与跨境协调 近期，我们注意到，通信NPE（非专利实施主体）在国内通过专利侵权行政裁决程序，申请对蜂窝标准 必要专利（SEP）颁发禁令。表面上，这是一条"快车道、超车道"；实质上，却可能是把复杂的全球许 可与产业协同，交给"随意出拳"的决策机制来处理，对于关乎中国科技创新发展，以及战略性产业链的 稳健运行、平稳发展有着极高的风险。 首先，SEP的本质不是"侵不侵权"，而是"FRAND是否到位"。 说的直白一点，就是"钱到不到位，是不是大家出的钱和出的力都一样或者接近一样。"换言之，SEP纠 纷的本质是衡量双方是否充分履行FRAND义务、如何界定合理费率与条件；即便出现侵权主张，其功 能多为促进最终达成许可安排。这与一般专利侵权纠纷截然不同，难以用"快审快 ...

沪指今日收盘上涨1.32%。资金面上看，沪深两市全天特大单净流出115.50亿元，共计2084股特大单净流入，2741股特大单净流出。 从申万一级行业来看，今日有12个行业特大单资金净流入，有色金属特大单净流入规模居首，净流入资金54.28亿元，该行业指数今日上涨 7.60%，其次是建筑装饰，今日上涨2.17%，净流入资金为19.27亿元，净流入资金居前的还有通信、公用事业等行业。 特大单资金净流出的行业共有19个，净流出资金最多的是非银金融，特大单净流出资金61.61亿元，其次是电子，特大单净流出资金35.76亿元，净 流出资金居前的还有汽车、银行等行业。 （原标题：主力动向：10月9日特大单净流出115.50亿元） 两市全天特大单净流出115.50亿元，其中57股特大单净流入超2亿元，中兴通讯特大单净流入42.62亿元，特大单净流入资金居首。 具体到个股来看，57股特大单净流入超2亿元，中兴通讯特大单净流入42.62亿元，净流入资金规模居首；北方稀土特大单净流入资金31.07亿元， 位列第二；净流入资金居前的还有海康威视、上海电气、工业富联等。特大单净流出股中，中信证券特大单净流出资金26.25亿元，净流 ...

Core Viewpoint - The global AI sector continues to thrive, with significant capital expenditures planned by North American and Chinese cloud service providers (CSPs) for 2025, indicating strong growth potential in AI infrastructure and related technologies [1][3]. Group 1: North American CSPs - North American CSPs, including Amazon, Google, Meta, Microsoft, and Oracle, plan to spend over $370 billion on capital expenditures in the 2025 fiscal year, representing a 40% year-on-year increase [1]. - Oracle's latest quarterly report shows a remaining performance obligation (RPO) of $455 billion at the end of FY26Q1, an increase of $317 billion from the previous quarter, with expectations of $35 billion in capital expenditures for FY26 [1]. - Benefiting from AI development, Hon Hai Precision Industry (Foxconn), a major manufacturer for NVIDIA, reported September revenue of NT$837.1 billion, a significant increase of 38.01% month-on-month and 14.19% year-on-year, marking a historical high for the same period [1]. Group 2: Chinese CSPs - Chinese CSPs, including ByteDance, Alibaba, Tencent, and Baidu, are expected to invest over 450 billion yuan in AI computing power by 2025, with a rapid industrialization process for domestic super-node computing clusters [3]. - In September, Alibaba unveiled its next-generation Panjiu 128 super-node AI server at its Cloud Summit, while ZTE showcased a super-node server supporting 64 GPUs and advanced CPU and large-capacity switch chip plans [3]. - Huawei announced a super-large computing cluster capable of supporting 520,000 NPUs, potentially reaching nearly one million NPUs at its 2025 Fully Connected Conference [3]. Group 3: Technology and Infrastructure - The demand for optical modules is strong, with the industrialization of new technologies like CPO and OCS accelerating [4]. - Major chip manufacturers such as NVIDIA, AMD, and Broadcom are expanding their collaborations with CSPs, leading to increased demand for high-end chips [4]. - TSMC, a key supplier of advanced packaging technology (CoWoS), is enhancing its CoWoS capacity in response to the rising demand for optical modules [4]. Group 4: Investment Recommendations - The upcoming Q3 earnings season is expected to validate the high demand for computing power infrastructure, with recommendations to focus on optical devices, communication equipment, liquid cooling, and edge computing [5]. - Specific investment targets include China Mobile, Zhongji Xuchuang, ZTE, and Guanghetong, with a suggestion for long-term allocation in major telecom operators due to their stable operations and increasing dividend payouts [5].

Core Insights - The communication services sector experienced a 1.1% increase on October 9, with Chaoxun Communication leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Sector Performance - Chaoxun Communication (603322) closed at 58.18, with a rise of 7.94% and a trading volume of 291,500 shares, totaling a transaction value of 1.647 billion yuan [1] - Yuandao Communication (301139) saw a 4.70% increase, closing at 21.84 with a trading volume of 121,800 shares, amounting to 265 million yuan [1] - Lian Technology (300603) increased by 2.84%, closing at 11.58 with a trading volume of 223,900 shares, totaling 259 million yuan [1] - Other notable performers include Sanwei Communication (002115) with a 2.05% increase and a transaction value of 1.724 billion yuan, and Runhua Branch (300442) with a 1.74% increase and a transaction value of 1.716 billion yuan [1] Fund Flow Analysis - The communication services sector saw a net outflow of 376 million yuan from institutional investors, while retail investors contributed a net inflow of 264 million yuan [2] - Notable net inflows from retail investors were observed in Dream Network Technology (002123) with 20.17 million yuan and China Mobile (600941) with 19.20 million yuan [3] - Conversely, China Unicom (600050) experienced a net outflow of 73.05 million yuan from institutional investors [3]

2000年时，美国的GDP占全球经济的30.4%，而中国仅占3.5%。那个时期，全球经济的主导地位几乎完全由美国掌握，其他国家只能远远追随。然而，过去 20多年里，中国经济的崛起改变了这一局面。那么，中国如今的经济地位是什么样的？美国依然处于全球经济的领跑位置，还是已经被中国赶超了？我们来 看一下这段时间内的变化，数字背后的意义到底是什么？ 中国制造的崛起 2000年时，美国凭借10.25万亿美元的GDP稳居世界经济的首位。而此时的中国，尽管GDP达到了1.21万亿美元，但其全球经济占比仅为3.5%。当时，中国 的产业结构相对单一，出口产品大多集中在纺织、服装、鞋类和玩具等劳动密集型产品，附加值普遍较低。 然而，加入世贸组织后，中国加快了融入全球产业分工的步伐。凭借着完整的产业链和高效的生产体系，中国迅速崛起为世界制造业中心。沿海地区率先建 立了专门化的产业集群，如深圳的电子产业带、温州的轻工业带、东莞的加工制造基地等，这些都为中国的产业优势奠定了基础。 随着基础设施的大力投资，中国修建了大量的公路、港口和工业园区，为制造业的发展提供了坚实的支撑。地方政府也通过优惠政策吸引外资，推动技术转 移和产业升级。正是 ...