Core Viewpoint - The article discusses the financial performance and strategic moves of Longpan Technology, highlighting its ongoing losses and expansion plans in the context of the lithium battery industry [4][6][10]. Financial Performance - In the first half of 2025, Longpan Technology reported revenue of approximately 3.6 billion RMB, a year-on-year increase of about 1.5%, but incurred a net loss of approximately 851.5 million RMB, significantly reducing its losses compared to previous years [5][10]. - The company has faced substantial losses over the past three years, with losses of approximately 1.2 billion RMB in 2023 and 630 million RMB in 2024, marking its third consecutive year of losses [8][10]. Expansion Plans - Longpan Technology plans to raise up to 2 billion RMB through a private placement of A-shares to fund the construction of two high-performance phosphate-based cathode material projects, with capacities of 110,000 tons and 85,000 tons, located in Shandong and Hubei respectively [5][10]. - The expansion is seen as necessary due to the pressure of fulfilling large orders despite ongoing losses [6]. Customer Relationships - Longpan Technology has secured significant long-term contracts with major players in the lithium battery sector, including a record-breaking order worth 10 billion RMB for 260,000 tons of phosphate iron lithium cathode materials from LG Energy [12][14]. - The company has also established agreements with Ford's Blue Oval and CATL, indicating strong demand for its products and potential for future revenue growth [12][14]. Technological Developments - The company has been active in technological advancements, launching new products and recycling technologies for cathode materials, which may enhance its competitive position in the market [11][14].

Core Viewpoint - The article highlights significant growth in the global lithium battery and related materials production, indicating a robust expansion in the energy storage and electric vehicle sectors. Group 1: Lithium Battery Production - In July 2025, global lithium battery production reached 186.6 GWh, a year-on-year increase of 48.9%. Cumulative production from January to July was 1175.12 GWh, reflecting a growth of 48.62% [2]. - Global energy storage battery production in July 2025 was 52.3 GWh, marking a year-on-year increase of 65.3%. The cumulative production for the first seven months was 291.28 GWh, up by 85.39% [2]. Group 2: Material Production - The production of lithium iron phosphate (LFP) in July 2025 was 30.62 million tons, showing a year-on-year growth of 61.2%. Cumulative production from January to July was 191.48 million tons, with a growth rate of 62.06% [2]. - In July 2025, the production of ternary materials was 8.62 million tons, reflecting a year-on-year increase of 10.3%. However, cumulative production from January to July saw a decline of 2.7%, totaling 54.15 million tons [2]. - The production of ternary precursors in July 2025 was 8.56 million tons, with a year-on-year increase of 8.9%. Cumulative production for the first seven months was 54.88 million tons, down by 2.4% [2]. Group 3: Other Materials - In July 2025, China's lithium manganese oxide production was 1.26 million tons, a year-on-year increase of 39.3%. Cumulative production from January to July was 7.78 million tons, up by 3.9% [3]. - The production of lithium cobalt oxide in July 2025 reached 0.99 million tons, marking a year-on-year growth of 13.7%. Cumulative production for the first seven months was 6.07 million tons, reflecting a growth of 19.49% [4]. - Global anode material production in July 2025 was 24.4 million tons, with a year-on-year increase of 38.7%. Cumulative production from January to July was 154.44 million tons, up by 34.21% [4]. - The global electrolyte production in July 2025 was 19.05 million tons, showing a year-on-year increase of 38.2%. Cumulative production for the first seven months was 118.66 million tons, reflecting a growth of 43.74% [4]. - In July 2025, global separator production reached 2.672 billion square meters, a year-on-year increase of 36.6%. Cumulative production from January to July was 16.96 billion square meters, up by 36.64% [4].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating an expectation that the industry index will outperform the market index by more than 10% in the next six months [2][54]. Core Insights - The lithium battery index has shown strong performance, with a 5.91% increase over the past two weeks, outperforming the CSI 300 index by 1.66 percentage points. Year-to-date, the lithium battery index has risen by 11.38%, also surpassing the CSI 300 index by 2.41 percentage points [4][14]. - Recent price movements in the lithium battery supply chain indicate a significant increase in lithium carbonate prices, which rose by 17.08% to 83,300 CNY/ton, and lithium hydroxide prices increased by 4.33% to 72,300 CNY/ton [6][27]. - The demand for lithium batteries is expected to rise as the traditional peak season for new energy vehicles approaches, driven by the growth in renewable energy and new data center storage needs [7][48]. Summary by Sections Market Review - As of August 21, 2025, the lithium battery index has outperformed the CSI 300 index over various time frames, including a 6.46% increase this month and an 11.38% increase year-to-date [4][14]. Price Changes in the Lithium Battery Supply Chain - Key price changes include: - Lithium carbonate: 83,300 CNY/ton, up 17.08% in two weeks - Lithium hydroxide: 72,300 CNY/ton, up 4.33% - Phosphate lithium: 34,300 CNY/ton, up 5.05% - Electrolyte lithium hexafluorophosphate: 55,800 CNY/ton, up 10.93% [6][25][33]. Industry News - In July 2025, new energy vehicle production and sales reached 1.243 million and 1.262 million units, respectively, marking a year-on-year growth of 26.3% and 27.4% [7][44]. - The report highlights the ongoing industrialization of solid-state batteries, which is expected to create structural demand for materials and equipment in the supply chain [7][48]. Recommended Companies - Key companies to watch include: - CATL (300750): Achieved revenue of 178.886 billion CNY in H1 2025, a 7.27% increase year-on-year - Kodali (002850): Revenue of 6.645 billion CNY in H1 2025, up 22.01% - Enjie (002812): Focused on semi-solid battery separator production [49][50].

Core Viewpoint - The article discusses the recent announcements of new electric vehicle (EV) models by various automakers in anticipation of the peak sales season in September and October, highlighting the competitive landscape and advancements in battery technology [2][3][4]. Group 1: New Vehicle Announcements - In August, the Ministry of Industry and Information Technology released the 398th batch of vehicle production announcements, featuring 128 new models, including popular ones like the AITO M7, Xpeng X9, and Geely's Zeekr 9 [2]. - Among the new models, 67 are Battery Electric Vehicles (BEV) and 61 are Plug-in Hybrid Electric Vehicles (PHEV) or Hybrid Electric Vehicles (HEV), indicating a narrowing gap between pure electric and hybrid models [2]. - The majority of new models (104) are equipped with Lithium Iron Phosphate (LFP) batteries, while 24 models use ternary batteries, showing LFP's dominance in the market [2]. Group 2: Battery Suppliers and Technologies - CATL leads the announcement with 50 new models, providing 33 LFP and 17 ternary battery models, including support for mid-to-high-end electric SUVs like the Zeekr 7X/9X and AITO M7 [2]. - BYD follows with 17 new models, including the high-end electric supercar, the Yangwang U9, which showcases LFP battery performance breakthroughs [2]. - China Innovation Aviation ranks third with 11 new models, including the Xpeng X9, which is the company's first hybrid model with a pure electric range of 450 km and a total range of 1500 km [3][4]. Group 3: Emerging Battery Technologies - The MG4 from SAIC is equipped with a new manganese-based semi-solid-state battery, which has reduced electrolyte content from 5%-15% to 5%, potentially accelerating the commercialization of this technology [4]. - The MG4 has already become the best-selling Chinese model in Europe, and its domestic price is expected to be half of its European counterpart, enhancing its market competitiveness [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the next 1 - 2 weeks, the lithium carbonate market may present a wide - range oscillatory pattern. The upward resistance mainly comes from the insufficient follow - up of the spot market and high inventory pressure, while the downward support stems from raw material - end disturbance risks and the demand expectation for the peak season in September. It is recommended to pay attention to policy changes at the mine end and the restocking rhythm of downstream battery cell enterprises [3]. Summary According to Relevant Catalogs 1. Daily Market Summary a. Analysis of Lithium Carbonate Futures Market Data Changes - On August 21, the main lithium carbonate contract closed at 82,760 yuan/ton, up 2.2% from the previous day, showing signs of a stable rebound. The basis weakened significantly to 540 yuan/ton, with the spot price struggling to follow the increase, indicating a weakening market expectation for the forward price [1]. - The open interest decreased slightly by 1.3% to 390,000 lots, and the trading volume decreased by 7.3% month - on - month. Market sentiment became more cautious, and some funds took profits at high levels and exited [1]. b. Analysis of Industrial Chain Supply - Demand and Inventory Changes - Supply side: The prices of spodumene/mica concentrate remained stable. The suspension of Ningde Times' Yichun mica mine due to the expiration of the mining license may cause regional supply disruptions. Currently, the capacity utilization rate of lithium carbonate remained stable at 63.9%, but raw material suppliers were reluctant to sell due to cost - price inversion, which may suppress the enthusiasm for future lithium salt production [2]. - Demand side: The retail sales of new energy vehicles increased by 9% year - on - year, but the current terminal demand was still in the off - season, and vehicle manufacturers were cautious in stocking. The price of ternary materials rose driven by nickel and cobalt costs, and combined with the fact that the lithium extraction coefficient of manufacturers was linked to the settlement price, it supported the rigid - demand procurement of lithium carbonate. The price of lithium iron phosphate battery cells decreased slightly by 0.2%, and the cost transmission was not fully realized, so the stocking intensity of power battery enterprises was limited [2]. - Inventory and warehouse receipts: The total lithium carbonate inventory decreased slightly by 0.1% month - on - month to 142,300 tons, and the inventory reduction speed was still slow [2]. c. Market Summary - In the short term, lithium carbonate futures may enter a wide - range oscillatory pattern. The upward resistance mainly comes from the insufficient follow - up of the spot market and high inventory pressure, while the downward support comes from raw material - end disturbance risks and the demand expectation for the peak season in September [3]. 2. Industrial Chain Price Monitoring - On August 21, the main lithium carbonate contract was 82,760 yuan/ton, up 2.2% from the previous day; the basis was 540 yuan/ton, down 83.73% from the previous day; the open interest of the main contract was 390,069 lots, down 1.27%; the trading volume of the main contract was 777,827 lots, down 7.28%. The market price of battery - grade lithium carbonate was 83,300 yuan/ton, down 1.19% [5]. - From August 15 to August 21, the capacity utilization rate of lithium carbonate remained unchanged at 63.92%. The lithium carbonate inventory decreased by 0.11% to 142,256 tons [5]. 3. Industry Dynamics and Interpretations a. Spot Market Quotations - On August 21, the SMM battery - grade lithium carbonate index price was 85,224 yuan/ton, down 528 yuan/ton from the previous working day. The price of battery - grade lithium carbonate was in the range of 83,500 - 86,900 yuan/ton, with an average price of 85,200 yuan/ton, down 500 yuan/ton from the previous working day. The price of industrial - grade lithium carbonate was in the range of 82,300 - 83,500 yuan/ton, with an average price of 82,900 yuan/ton, down 500 yuan/ton from the previous working day. The significant correction of the lithium carbonate futures price greatly boosted the procurement and price - fixing enthusiasm of downstream buyers, and the trading volume increased significantly. In the short term, the spot price of lithium carbonate will still remain at a relatively high level [6]. b. Downstream Consumption Situation - From August 1 - 17, the retail sales of the national new energy passenger vehicle market were 502,000 units, up 9% year - on - year and 12% from the same period last month, with a penetration rate of 58.0%. The cumulative retail sales this year were 6.958 million units, up 28% year - on - year. The wholesale volume of the national new energy passenger vehicle market was 474,000 units, up 18% year - on - year and 10% from the same period last month, with a penetration rate of 56.4%. The cumulative wholesale volume this year was 8.108 million units, up 34% year - on - year [6]. c. Industry News - On August 18, Lanxiao Technology won the bid for the adsorption system of the expansion and renovation project for the comprehensive utilization of old brine lithium extraction from the Lop Nur Salt Lake of SDIC Xinjiang Lithium Industry Co., Ltd., with a bid amount of 35.7712 million yuan. The implementation of this project will help the company provide full - life - cycle, one - stop technical optimization and upgrading services, improve its market share and technical control ability in the salt - lake lithium extraction industry, and have a positive impact on the development of its resources and new energy business [7][8]. - On August 15, Ningde Times' Jianxiashan mining area, one of the largest lithium mica mines in Yichun, suspended production due to the expiration of the mining license, which would directly affect the price of lithium carbonate. Yichun local mines mainly mine ceramic soil and tantalum - niobium ore, but the new mining law revision tends to determine the ore type based on actual economic activities. There are a total of eight mines in a similar situation, and local authorities require them to re - apply before September 30 this year [8]. - On August 12, the Lithium Industry Branch of the China Non - Ferrous Metals Industry Association issued an initiative for the healthy development of the lithium industry, calling on the entire industrial chain to jointly resist vicious competition and promote the high - quality development of the lithium industry [9].

Group 1: Industry Insights - SQM reported a 28% decline in adjusted earnings to $307.9 million in Q2 due to falling lithium prices, which hit a multi-year low, but expects a price recovery driven by reduced production in China [1] - The global tablet shipment volume reached 39 million units in Q2 2025, marking a 9% year-on-year increase, supported by stable demand in China and EMEA regions [4] - The domestic lithium carbonate market experienced fluctuations, with a recent announcement from Jiangte Electric regarding the resumption of production at its subsidiary [6] Group 2: Market Prices - As of August 21, the price for battery-grade lithium carbonate is between 81,000 to 83,000 yuan per ton, while industrial-grade is between 78,500 to 79,500 yuan per ton [7] - The price for ternary materials ranges from 128,000 to 134,000 yuan per ton for single crystal 5 series and 146,000 to 151,000 yuan per ton for 8 series 811 type [8] - Phosphate lithium prices are stable, with power-type priced at 33,600 to 35,000 yuan per ton and energy storage-type at 32,600 to 33,200 yuan per ton [9] Group 3: Company Developments - BYD has launched a new line of lithium batteries for electric two and three-wheelers in partnership with JD Auto, offering eight products priced between 1,298 to 6,998 yuan [2] - Zhongwei New Materials signed a cooperation agreement with POSCO Future M to advance the production of lithium iron phosphate cathode materials [3] - Tianqi Lithium reported a net profit of 267 million yuan in the first half of the year, reflecting a year-on-year growth of 12.79% [13] Group 4: Battery and Energy Storage Market - The domestic lithium battery market remains stable, with global production expected to reach 2,100 GWh this year, and a slight increase in orders from second-tier battery manufacturers [15] - The domestic energy storage battery prices are stable, with a notable project in Inner Mongolia achieving a system price of 0.389 yuan per Wh [17] - New energy vehicle sales reached 244,000 units last week, showing a year-on-year increase of 13.10% [16]

Core Insights - Chengdu High-tech Zone Angel Fund has been recognized in the "2025 China Government Guidance Fund Top 50" and "2025 China County-level Government Guidance Fund Top 30" lists, being the only county-level fund from Western China to achieve this [1][3] - The fund, established in 2022 with a planned scale of 10 billion yuan, focuses on non-profit objectives and aims to support project incubation, technology transformation, and industrial cluster upgrades [1][4] Fund Performance and Recognition - The Chengdu High-tech Zone Angel Fund has received over 20 national awards, including "Top 3 Best Angel Funds of 2023" and "Best Government Guidance Fund of 2024" [3] - The fund has partnered with 30 sub-funds, surpassing 20 billion yuan in investments, and has attracted nearly 80 local projects [1][6] Investment Strategy and Mechanism - The fund employs a classification selection mechanism for sub-funds, emphasizing high investment ratios, flexible regional limits, and strong incentives [4] - It allows for a maximum investment ratio of 50% in sub-funds, which is higher than the industry average, and supports investments in projects outside the region [4][6] Collaboration and Ecosystem Development - The fund collaborates with renowned universities and research institutions to enhance innovation and has released six batches of angel sub-fund lists to attract quality early-stage institutions [3][4] - It plays a pivotal role in integrating resources from state-owned enterprises and research institutes to accelerate technology commercialization [4][5] Future Outlook - The Chengdu High-tech Zone Angel Fund aims to continue its leading role in nurturing high-growth technology companies and promoting regional industrial upgrades [6]

Group 1: China Petroleum & Chemical Corporation (Sinopec) - The company plans to repurchase shares worth between 500 million to 1 billion yuan using its own funds and special loans, with a maximum repurchase price of 8.72 yuan per share [1] - The estimated number of shares to be repurchased is between approximately 57.34 million to 114.68 million shares, representing 0.05% to 0.09% of the total share capital [1] - The repurchased shares will be fully canceled, reducing the registered capital, and the repurchase period will not exceed three months from the board's approval [1] Group 2: Zhenzhitong (True Vision) - The controlling shareholder plans to reduce its stake by 3%, selling 6.2928 million shares from September 15, 2025, to December 14, 2025 [3] - The company specializes in multimedia video system construction and data center system services [3] Group 3: Junya Technology - The company reported a net profit of 38.13 million yuan for the first half of 2025, recovering from a loss of 16.34 million yuan in the same period last year [4] - Revenue for the first half of 2025 reached 1.264 billion yuan, a year-on-year increase of 13.54% [4] - The basic earnings per share were 0.12 yuan [4] Group 4: Highling Information - The company reported a net loss of 33.07 million yuan for the first half of 2025, compared to a loss of 22.50 million yuan in the same period last year [5] - Revenue for the first half of 2025 was 95.20 million yuan, a year-on-year increase of 15.55% [5] - The basic loss per share was 0.26 yuan [5] Group 5: Laisentongling - The company achieved a net profit of 60.61 million yuan in the first half of 2025, turning around from a loss in the previous year [6] - Revenue increased by 37.00% year-on-year, reaching 870 million yuan [6] - The basic earnings per share were 0.18 yuan [6] Group 6: Kanglong Huacheng - The company reported a net profit of 701 million yuan for the first half of 2025, a decrease of 37% year-on-year [9] - Revenue was 6.441 billion yuan, reflecting a year-on-year growth of 14.93% [9] - The basic earnings per share were 0.3984 yuan [9] Group 7: Ganeng Co., Ltd. - The company reported a net profit of 438 million yuan for the first half of 2025, a year-on-year increase of 29.39% [10] - Revenue decreased by 1.53% to 3.031 billion yuan [10] - The basic earnings per share were 0.45 yuan [10] Group 8: Jidian Co., Ltd. - The company reported a net profit of 726 million yuan for the first half of 2025, a decrease of 33.72% year-on-year [11] - Revenue was 6.569 billion yuan, down 4.63% from the previous year [11] - The company plans to distribute a cash dividend of 0.20 yuan per 10 shares [11] Group 9: Yunmei Energy - The company reported a net loss of 163 million yuan for the first half of 2025, compared to a loss of 233 million yuan in the same period last year [13] - Revenue was 2.568 billion yuan, a year-on-year decrease of 28.14% [13] - The basic loss per share was 0.15 yuan [13] Group 10: Yiwang Co., Ltd. - The company reported a net profit of 104 million yuan for the first half of 2025, a decrease of 8.33% year-on-year [15] - Revenue was 2.972 billion yuan, down 0.87% from the previous year [15] - The company plans to distribute a cash dividend of 0.15 yuan per 10 shares [15] Group 11: Aerospace Power - The company reported a net loss of 731 million yuan for the first half of 2025, compared to a loss of 569 million yuan in the same period last year [17] - Revenue was 328 million yuan, a year-on-year decrease of 12.88% [17] - The basic loss per share was 0.12 yuan [17] Group 12: Dongbei Group - The company reported a net profit of 682 million yuan for the first half of 2025, a decrease of 31.60% year-on-year [18] - Revenue was 3.187 billion yuan, reflecting a year-on-year increase of 4.05% [18] - The basic earnings per share were 0.1102 yuan [18] Group 13: Artis - The company reported a net profit of 731 million yuan for the first half of 2025, a decrease of 41.01% year-on-year [19] - Revenue was 21.052 billion yuan, down 4.13% from the previous year [19] - The basic earnings per share were 0.20 yuan [19] Group 14: Taihe Intelligent - The company reported a net profit of 10.58 million yuan for the first half of 2025, a year-on-year increase of 61.24% [20] - Revenue was 249 million yuan, reflecting a year-on-year growth of 10.92% [20] - The basic earnings per share were 0.06 yuan [20] Group 15: Fusa Technology - The company reported a net profit of 63.30 million yuan for the first half of 2025, a year-on-year increase of 36.40% [21] - Revenue was 820 million yuan, reflecting a year-on-year growth of 35.41% [21] - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares [21] Group 16: iFlytek - The company reported a net loss of 239 million yuan for the first half of 2025, compared to a loss of 401 million yuan in the same period last year [22] - Revenue was 10.911 billion yuan, a year-on-year increase of 17.01% [22] - The basic loss per share was 0.1034 yuan [22] Group 17: Guomai Technology - The company reported a net profit of 151 million yuan for the first half of 2025, a year-on-year increase of 94.39% [22] - Revenue was 250 million yuan, reflecting a year-on-year growth of 11.78% [22] - The company plans to distribute a cash dividend of 0.40 yuan per 10 shares [22] Group 18: EVE Energy - The company reported a net profit of 1.605 billion yuan for the first half of 2025, a year-on-year decrease of 24.90% [23] - Revenue was 28.169 billion yuan, reflecting a year-on-year growth of 30.06% [23] - The company plans to distribute a cash dividend of 2.45 yuan per 10 shares [23] Group 19: Guomai Technology (Share Buyback) - The company plans to sell all repurchased shares totaling 15.5367 million shares, representing 1.54% of the total share capital [23] - The purpose of the sale is to concentrate resources on developing the main business and promoting mergers and acquisitions [23] Group 20: EVE Energy (Equity Transfer) - The company plans to transfer 49% of its stake in Qinghai Chaidamu Xinghua Lithium Salt Co., Ltd. for 600 million yuan [23] - After the transfer, the company will no longer hold any equity in Xinghua Lithium Salt [23] Group 21: Yongtaiyun - The company has received acceptance from the Shenzhen Stock Exchange for its application to issue shares to specific objects [24] - The application is subject to review and approval by the China Securities Regulatory Commission [24]

Core Viewpoint - The article discusses the establishment of a bull market in A-shares, characterizing it as a "slow bull" driven by structural improvements in the economy and long-term capital inflows [2][6]. Historical Bull Markets - The article reviews past bull markets in A-shares: - 1999-2001: A leveraged bull market followed by adjustments, driven by speculative trading and lessons learned [4]. - 2005-2007: A comprehensive bull market supported by institutional reforms and macroeconomic prosperity, with blue-chip stocks leading the rally [4]. - 2008-2009: A fundamental bull market driven by economic recovery post-global financial crisis, led by cyclical industries [4]. - 2014-2015: A liquidity-driven bull market characterized by high expectations for reforms but lacking fundamental support, leading to significant corrections [5]. Current Bull Market Characteristics - The current bull market is described as a "systematic slow bull" due to several factors: - The macroeconomic environment has changed, with a focus on structural improvements rather than rapid stimulus [6]. - The nature of capital has shifted from speculative to long-term investments, with state-owned and institutional investors providing stability [7]. - There is a significant reallocation of household assets, with a large amount of savings seeking new investment avenues, particularly in the stock market [7]. - Ongoing industrial upgrades are evident, with advancements in AI, innovative pharmaceuticals, and renewable energy sectors contributing to economic growth [8]. Investment Directions - The article identifies two main investment directions: - **Hardcore High Technology**: Focus on new economy sectors such as AI, innovative pharmaceuticals, robotics, renewable energy, and semiconductors, which are expected to be core assets for the next decade [11]. - **Super High Dividends**: Investment in traditional sectors like finance, machinery, and cyclical industries, which have potential for valuation recovery as long as the economy remains stable [12]. - The overall market logic suggests a "systematic bull market" driven by China's rise and advantages, emphasizing the importance of finding personal wealth opportunities within this "slow bull" environment [12].

| 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-21 | 120.72万 | 1.07亿 | 5.39% | | 2025-08-20 | 30.18万 | 1.06亿 | 5.26% | | 2025-08-19 | 216.17万 | 1.06亿 | 5.23% | | 2025-08-18 | 18.45万 | 1.04亿 | 5.16% | | 2025-08-15 | -202.95万 | 1.04亿 | 5.17% | 证券之星消息，8月21日，天力锂能（301152）融资买入594.68万元，融资偿还473.96万元，融资净买入 120.72万元，融资余额1.07亿元，近3个交易日已连续净买入累计367.07万元。 融券方面，当日无融券交易。 融资融券余额1.07亿元，较昨日上涨1.14%。 小知识 融资融券：目前，个人投资者参与融资融券主要需要具备2个条件：1、从事证券交易至少6个月；2、账 户资产满足前20个交易日日均资产50万。融资融券标的：上交所将主板标的股票数量由现有的800只扩 大到1 ...