最近公募基金发行市场异常火爆，权益类产品占比超过80%。看着这些专业机构大举进场， 一、成本控制是本质 3周85个基金热销市场，投资者通过各种基金入市的状态已经非常清晰。那么在这种状态下，新基金进场一定是快的，没时间磨蹭。因为只要接老基金的 盘，让老基金有很好的收益表现，就能获取更多的基金份额，进而新钱进来把接次新基金的盘，击鼓传花、螺旋上升一幕就又重演了。在最终的买单者没耗 尽之前，大家都是赢家。历史上多次牛市就是这么做的。 而在这种做法里，越是成本控制的好，越是容易涨。你想，新基金会接老基金的盘，但哪怕是一个基金公司的基金，也要挑一挑接谁。哪个成本低，自然接 盘就更容易。否则原先已经买高了，下面一大批都是别人的筹码，那岂不是替别人打工？ 二、数据透视下的机构把戏 如何控制成本？机构就是不断的折腾、不断的洗牌，再不停的找机会参与。去年9月我跟踪过四方科技，这货在启动前三个月的振幅还不到15%，但大数据 系统显示的机构活跃度曲线却像发情的公猫一样上蹿下跳。等散户反应过来时，股价已经蹿了40%。 PS： 上文图中的橙色柱状，是我用系统观察的「机构交易特征」数据叫做「机构库存」。 如果「机构库存」数据越活跃，那就 ...

Core Points - The Sci-Tech Innovation 50 Index experienced a high of 3% intraday before closing at 1085.74 points, with a gain of 0.75% and a total trading volume of approximately 656.5 billion yuan [1] - The majority of stocks on the Sci-Tech board declined, with over 510 stocks falling, while high-priced stocks showed mixed performance and low-priced stocks mostly decreased [1] - In the detailed sector performance, certain semiconductor and biopharmaceutical stocks were active, while specialized machinery and software service stocks faced the largest declines [1] - On August 14, the average decline for 589 stocks on the Sci-Tech board was 2.26%, with an average turnover rate of 4.19% and a total trading volume of 218 billion yuan, alongside an average volatility of 5.03% [1] - Notable individual stock performances included Fang Technology and Botao Biology, which rose by 20%, while Dingyang Technology saw a decline of 12.10%, marking the largest drop [1] Trading Volume - Cambrian's trading volume reached 14.04 billion yuan, ranking first, while Delinhai's trading volume was 2.218 million yuan, ranking last [2] Turnover Rate - Longtu Light Mask had the highest turnover rate at 36.92%, while Longteng Optoelectronics had the lowest turnover rate at 0.25% [3]

（文章来源：证券日报） 证券日报网讯 8月13日晚间，石基信息发布公告称，2025年8月12日，公司全资子公司石基澳门和石基 新加坡与美高梅金殿签订《MASTER SERVICES AGREEMENT》（即《主服务协议》）， DAYLIGHTPMS 获得美高梅金殿认证为其下一代云PMS系统标准，公司以软件即服务（"SaaS"）模式 为客户及其关联公司提供新一代云架构的企业级酒店信息管理系统DAYLIGHT PMS及相关配套产品和 服务，替换客户现有PMS。 ...

消息面上，有赞此前发布中期业绩，该集团取得收益7.14亿元，同比增加3.97%；母公司拥有人应占溢 利7274.2万元，去年同期则亏损1722.4万元。公告称，收入增加主要由于商家解决方案收益增加，部分 已由订阅解决方案收益减少所抵销。据悉，2025年上半年，商家通过有赞的解决方案产生的GMV约为 人民币498亿元。 华创证券指出，有赞是头部商家服务saas平台，用AI工具为商家定向解决经营难题。华泰证券指出，腾 讯管理层表示7月生效的投流税影响较低，当前广告驱动主系eCPM增长、微信小店与小游戏的内循环 拉动显著、视频号与搜一搜流量亦有所增长。管理层表示，未来年份如果AI基建折旧成本快速上升， 公司或将考虑加快广告商业化进程。 有赞(08083)午后涨超12%，截至发稿，涨10.2%，报0.162港元，成交额6076.46万港元。 ...

智通财经APP获悉，有赞(08083)午后涨超12%，截至发稿，涨10.2%，报0.162港元，成交额6076.46万港 元。 华创证券指出，有赞是头部商家服务saas平台，用AI工具为商家定向解决经营难题。华泰证券指出，腾 讯管理层表示7月生效的投流税影响较低，当前广告驱动主系eCPM增长、微信小店与小游戏的内循环 拉动显著、视频号与搜一搜流量亦有所增长。管理层表示，未来年份如果AI基建折旧成本快速上升， 公司或将考虑加快广告商业化进程。 消息面上，有赞此前发布中期业绩，该集团取得收益7.14亿元，同比增加3.97%；母公司拥有人应占溢 利7274.2万元，去年同期则亏损1722.4万元。公告称，收入增加主要由于商家解决方案收益增加，部分 已由订阅解决方案收益减少所抵销。据悉，2025年上半年，商家通过有赞的解决方案产生的GMV约为 人民币498亿元。 ...

8月12日，公司以每股0.142-0.144港元回购1838万股,回购金额262.3万港元。 本文源自：金融界 作者：行情君 8月14日，有赞(08083)盘中上涨5.44%，截至13:40，报0.155元/股，成交2760.69万元。 有赞科技有限公司主要提供SaaS产品和服务，帮助商家通过在线卖货、社交营销及全渠道新零售拓展业 务，包括有赞微商城、有赞零售等。公司已进入电商SaaS的第三阶段，并持续推进行业深耕与生态建 设，提供定制化和增值服务，满足商家多样化需求。 截至2025年中报，有赞营业总收入7.14亿元、净利润7274.2万元。 ...

Group 1 - The core viewpoint of the article highlights the recent stock performance of Kingdee International, which saw a decline of 2.03% to HKD 15.47 per share, with a trading volume of HKD 5.37 billion [1] - Kingdee International Software Group Limited is recognized as a leading global enterprise management cloud SaaS company, primarily offering cloud services for enterprise resource management (ERP) and AI management platforms [1] - According to IDC research data, Kingdee ranks first in the Chinese enterprise resource management cloud service market and has maintained the top position in the Chinese growth-oriented enterprise application software market for 19 consecutive years, serving over 7.4 million enterprises and government organizations globally [1] Group 2 - As of the mid-year report in 2025, Kingdee International reported total operating revenue of HKD 3.192 billion and a net profit of negative HKD 97.738 million [2] - On August 13, CMB International maintained a buy rating for Kingdee, while adjusting the target price to HKD 19.2 [3]

本文源自：金融界 8月14日，微盟集团(02013)盘中下跌2.85%，截至13:08，报2.39元/股，成交3.0亿元。 微盟集团是中国的云端商业及营销解决方案提供商，主要为商家提供去中心化的数字化转型SaaS产品及 全链路增长服务，以助力商家经营可持续增长。微盟构建了WOS新商业操作系统，为企业数字化转型 打造出一整套去中心化的商业基础设施，并为开发者群体提供强大的PaaS平台，共同打造云端商业生态 体系。 截至2024年年报，微盟集团营业总收入13.39亿元、净利润-17.28亿元。 8月20日，微盟集团将披露2025财年中报。 作者：行情君 ...

中软国际(00354)早盘涨超6%，截至发稿，涨5.5%，报6.12港元，成交额4.96亿港元。 此外，网信办近日就H20芯片安全风险约谈英伟达，金元证券表示，中长期看应坚定布局国产替代核心 赛道，重点关注昇腾产业链等。中航证券指出，中国软件国际与华为长期保持从基础软硬件、AI平 台、智能体到行业应用的全栈合作，系华为云连续七年的"同舟共济"合作伙伴，双方在协同创新、生态 共建与行业赋能等方面多维度深度合作。 消息面上，8月5日，在昇腾计算产业发展峰会上，华为轮值董事长徐直军宣布，华为昇腾硬件使能 CANN全面开源开放。据悉，昇腾生态的商业化进程加速，尤其在金融、能源、制造等行业。截至2025 年5月，昇腾已发展超过665万开发者、8800多家合作伙伴，完成23900多个解决方案认证。 ...

Core Viewpoint - Bridgewater Associates significantly increased its holdings in major US tech companies during Q2, particularly Nvidia, Microsoft, Alphabet, and Meta, while reducing its positions in Amazon and AMD, and completely exiting Alibaba, Baidu, and JD.com [3][4][10]. Group 1: Major Increases in Holdings - Nvidia (NVDA) saw a 154% increase in shares, totaling approximately 7.23 million, making it the third-largest holding at 4.61% of the portfolio [4][6]. - Microsoft (MSFT) was increased by 111.9%, reaching 1.72 million shares, now the sixth-largest holding at 3.44% [4][6]. - Alphabet (GOOGL) was increased by 84.1%, totaling 5.6 million shares, ranking as the fifth-largest holding at 3.98% [5][6]. - Meta (META) was increased by 89.6%, reaching 807,073 shares, now the seventh-largest holding at 2.4% [5][6]. - Uber (UBER) saw a massive increase of 531%, totaling 314,000 shares, becoming the twelfth-largest holding [5]. Group 2: Reductions in Holdings - Amazon (AMZN) was reduced by approximately 79,550 shares, a decrease of about 6%, now the twentieth-largest holding at 1.10% [7][9]. - AMD was reduced by nearly 40,890 shares, a decrease of about 18.9%, with a holding percentage of 1.0% [7][9]. - PayPal (PVPI) was reduced by over 12%, with a decrease of approximately 447,790 shares [8]. Group 3: New Positions - Bridgewater initiated a position in Arm (ARM) with approximately 474,000 shares, representing 0.31% of the total portfolio [11]. - New positions were also taken in Intuit (INTU), EQT (EQT), Lyft (LYFT), and Ulta Beauty (ULTA), with respective holdings of 59,000, 787,000, 247,900, and 58,000 shares [11]. Group 4: Overall Portfolio Changes - The SPDR S&P 500 ETF (SPY) remains the largest holding, despite a reduction of 731,882 shares, now at 6.51% of the portfolio [12][13]. - The iShares Core S&P 500 ETF (IVV) increased by nearly 6.2%, totaling approximately 2.31 million shares [12][13]. - The iShares Core MSCI Emerging Markets ETF (IEMG) saw a reduction of 9.4%, now holding 17.18 million shares [12].