诺安积极回报混合A（001706）基金经理为刘慧影。 资料显示，昆仑万维科技股份有限公司位于北京市东城区西总布胡同46号明阳国际中心B座，成立日期 2008年3月27日，上市日期2015年1月21日，公司主营业务涉及综合性互联网增值服务;新能源投资业 务。主营业务收入构成为：广告业务37.89%，Opera搜索业务23.43%，海外社交网络业务19.13%，游戏 业务7.85%，闲徕社交娱乐平台业务6.75%，短剧平台业务2.96%，其他(补充)1.31%，AI软件技术业务 0.68%。 从基金十大重仓股角度 数据显示，诺安基金旗下1只基金重仓昆仑万维。诺安积极回报混合A（001706）二季度持有股数345.7 万股，占基金净值比例为3.9%，位居第十大重仓股。根据测算，今日浮亏损失约909.19万元。 诺安积极回报混合A（001706）成立日期2016年9月22日，最新规模14.87亿。今年以来亏损0.24%，同 类排名7985/8178；近一年收益33.02%，同类排名3859/7978；成立以来收益109.1%。 9月5日，昆仑万维跌6.05%，截至发稿，报40.87元/股，成交8.66亿元，换手率1. ...

Group 1 - The Hong Kong stock market opened higher on September 5, with sectors such as power equipment and semiconductors leading the gains. The Hong Kong Stock Connect Technology ETF (513860) rose by 1.03%, with a premium trading rate of 0.23% [1] - The Hong Kong Stock Connect Technology ETF (513860) saw a net subscription of 35.4 million shares, with a net inflow of over 277 million yuan, reaching a historical high of 4.03 billion yuan as of September 4 [1] - The ETF closely tracks the CSI Hong Kong Stock Connect Technology Index, which selects 50 large-cap, high R&D investment, and fast-growing technology companies to reflect the overall performance of technology leaders in the Hong Kong Stock Connect [1] Group 2 - The Ministry of Industry and Information Technology and the State Administration for Market Regulation jointly released the "Action Plan for Stable Growth in the Electronic Information Manufacturing Industry 2025-2026," promoting higher-level intelligent innovation in AI terminals [2] - Dongfang Securities noted that technology is a certain main line, with increasing confidence in the industry, and the capital market is expected to have growing confidence in domestic technology industries [2] - Guotai Junan Securities indicated that the recent shift in the Federal Reserve's policy could provide a favorable macro environment for foreign capital to return to the Hong Kong market, particularly favoring technology and finance sectors [2] Group 3 -招商证券 expressed optimism about the Hong Kong stock market, suggesting a focus on industries with differentiation from A-shares, recommending a sequence of innovative drugs, internet, and new consumption [3]

Core Insights - The article emphasizes the importance of making correct and difficult decisions in business, highlighting that such choices lead to long-term benefits and competitive advantages [1][5][12] - It contrasts different entrepreneurial philosophies, particularly between Ren Zhengfei of Huawei and Liu Chuanzhi of Legend Holdings, showcasing the varying approaches to research and development investments [7][9][13] Group 1: Importance of Difficult Decisions - Making correct and difficult decisions is essential for creating a competitive edge and long-term value, as demonstrated by Huawei's commitment to invest over 10% of its sales revenue in R&D from an early stage [5][12] - The willingness to take risks and invest in innovation is crucial for success in the technology sector, as seen in Huawei's approach during its formative years [12][13] Group 2: Entrepreneurial Philosophies - Ren Zhengfei is portrayed as a transformative entrepreneur who shifted from traditional business practices to innovative strategies, which is rare among Chinese entrepreneurs [3][5] - Liu Chuanzhi's more cautious approach to R&D emphasizes careful planning and gradual growth, contrasting with Ren's bold strategies [7][9] - The article suggests that while both approaches have their merits, the success of Huawei's aggressive R&D strategy has validated its risk-taking philosophy [9][12]

Market Overview - On September 4, Hong Kong's three major indices declined, with the Hang Seng Index falling by 1.12% to 25,058.51 points, the Hang Seng Tech Index down 1.85% to 5,578.86 points, and the National Enterprises Index decreasing by 1.25% to 8,937.09 points [1] - The market saw significant weakness in sectors such as metals and pharmaceuticals, while semiconductor and robotics concepts also experienced declines [1] Southbound Capital - On September 4, southbound capital recorded a net inflow of 706 million HKD, with Alibaba seeing net inflows for 10 consecutive days [2] - Year-to-date, the cumulative net inflow of southbound capital has reached 1,006.435 billion HKD, significantly surpassing the total net inflow for the entire previous year [2] U.S. Market Performance - Following disappointing "small non-farm" data, U.S. stock indices closed higher, with the Dow Jones up 0.77%, S&P 500 rising 0.83%, and Nasdaq increasing by 0.98% [3] - Notable performers included Amazon, which rose over 4%, and Goldman Sachs, which gained more than 2% [3] Economic Indicators - U.S. ADP employment data for August showed an increase of 54,000 jobs, falling short of the expected 65,000, while initial jobless claims rose by 8,000 to 237,000, the highest since June [4] - The probability of a 25 basis point rate cut by the Federal Reserve in September is currently at 99.4% according to CME FedWatch Tool [4] Hong Kong Stock Exchange Data - As of the end of August, the total market capitalization of the Hong Kong stock market was 46.6 trillion HKD, a year-on-year increase of 47% [4] - The average daily trading volume in August was 279.1 billion HKD, reflecting a year-on-year increase of 192% [4] Short Selling Data - On September 4, a total of 641 Hong Kong stocks were short-sold, with total short selling amounting to 31.093 billion HKD [5] - The top three stocks by short selling amount were Alibaba (32.9 billion HKD), Tencent Holdings (10.12 billion HKD), and Xiaomi Group (9.78 billion HKD) [5] Institutional Insights - UBS highlighted two key trends in China's AI development: significant progress in AI monetization and accelerated localization of chip production [6] - The firm believes that the valuation of stocks related to AI investment opportunities in the Chinese market remains attractive, with the Hang Seng Tech Index currently trading at a price-to-earnings ratio of approximately 17 times, while expected earnings growth for the next three years could reach 20% to 25% [6] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) encompasses core AI assets in China, including leading technology firms that are also relatively scarce in A-shares [8]

Market Overview - On September 4, Hong Kong's three major indices declined, with the Hang Seng Index falling by 1.12% to 25,058.51 points, the Hang Seng Tech Index down by 1.85% to 5,578.86 points, and the National Enterprises Index decreasing by 1.25% to 8,937.09 points [1] - The market saw significant weakness in sectors such as metals and pharmaceuticals, while semiconductor and robotics concepts also experienced declines [1] Southbound Capital - On September 4, southbound capital recorded a net inflow of 706 million HKD, with Alibaba receiving net inflows for ten consecutive days [2] - Year-to-date, the cumulative net inflow of southbound capital has reached 1,006.435 billion HKD, significantly exceeding the total net inflow for the entire previous year [2] U.S. Market Performance - U.S. stock indices closed higher, with the Dow Jones up by 0.77%, the S&P 500 rising by 0.83%, and the Nasdaq increasing by 0.98% [3] - Notable performers included Amazon, which rose over 4%, and Goldman Sachs, which gained more than 2% [3] Economic Data - The latest data showed that U.S. ADP employment increased by 54,000 in August, falling short of the market expectation of 65,000 [4] - Initial jobless claims rose by 8,000 to 237,000, marking the highest level since June, with expectations set at 230,000 [4] - The probability of a 25 basis point rate cut by the Federal Reserve in September is currently at 99.4% according to CME FedWatch Tool [4] Hong Kong Stock Exchange Insights - The Hong Kong Stock Exchange reported that the total market capitalization of Hong Kong stocks reached 46.6 trillion HKD at the end of August, a year-on-year increase of 47% [4] - The average daily trading volume in August was 279.1 billion HKD, reflecting a year-on-year increase of 192% [4] Company Developments - Huawei launched its first foldable smartphone equipped with HarmonyOS 5, priced at 17,999 RMB, during its "Mate XTs Extraordinary Master and All-Scenario New Product Launch" event [4] - The device features the Kirin 9020 chip, marking the return of Kirin chips to Huawei's product lineup after four years [4] Short Selling Data - On September 4, a total of 641 Hong Kong stocks were short-sold, with total short selling amounting to 31.093 billion HKD [5] - Alibaba, Tencent, and Xiaomi were the top three stocks by short selling amounts, with 3.29 billion HKD, 1.012 billion HKD, and 978 million HKD respectively [5] Institutional Insights - UBS highlighted two key trends in China's AI development: significant progress in AI monetization and accelerated localization of chip production [6] - The firm believes that certain internet companies in China have achieved breakthroughs in AI monetization, and sees attractive valuation opportunities in AI-related stocks [6] - The Hang Seng Tech Index currently has a price-to-earnings ratio of approximately 17 times, with expected earnings growth rates of 20% to 25% over the next three years, indicating strong investment value [6] ETF Insights - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) encompasses core AI assets in China, representing a unique opportunity in the tech sector [8]

美东时间周四(9月4日)，美股集体收高，三大指数均涨近1%，其中标普500指数再创收盘新高。疲软的ADP私营企业就业人数使投资者认为足以让美联储在9 月降息，但又不足以预示衰退，而市场焦点将转移到今晚将公布的8月非农就业数据。 截至收盘，标普500指数涨0.83%，报6502.08点，刷新了上周四录得的收盘纪录，这也是该指数年内第21次收于新高；道琼斯指数涨0.77%，报45621.29点； 纳斯达克指数涨0.98%，报21707.69点，两者也均处于历史高位附近。 来源：市场资讯 （来源：要闻君） 【市场点评】 隔夜美股盘前公布的"小非农"，8月私营企业就业人数增幅为5.4万人，低于市场预估。加上初请失业金人数高于预期，共同指向美国劳动力市场正在降温， 这令交易员认为，疲软的数据足以让美联储在9月降息，但又不足以预示衰退。 有分析师指出，美联储已经无法无视劳动力市场的变化，因为ADP数据强化了显著放缓的说法，"可以预期央行9月降低利率，以平衡风险。" 而今晚即将公布的非农就业数据或将"拍板"美联储9月利率决议。交易员们希望该报告能够增强未来进一步降息的可能性，同时又不至于引发市场对经济衰 退的恐慌。 | 取 ...

Market Overview - The three major U.S. stock indices closed higher, with the Dow Jones up by 350.06 points (0.77%) to 45621.29, the Nasdaq rising by 209.96 points (0.98%) to 21707.69, and the S&P 500 increasing by 53.82 points (0.83%) to 6502.08 [4][5]. Employment Data - The ADP employment report indicated an increase of 54,000 jobs in August, which was below the expected 65,000, and the previous value was revised from 104,000 to 106,000. This slowdown in hiring supports the view of cooling labor market demand and strengthens expectations for a Federal Reserve rate cut [6]. - Initial jobless claims rose to 237,000, exceeding expectations and increasing by 8,000 from the previous week, further confirming the trend of a slowing labor market [6]. Federal Reserve Insights - Federal Reserve official Williams predicted that rate cuts will become "appropriate over time," although he did not specify the timing or pace of such actions [7]. - Fed official Harker reiterated that there is currently no reason to lower rates, as inflation remains above the Fed's 2% target and continues to rise [8]. - According to CME Group's FedWatch tool, traders increased bets on a rate cut by the central bank on September 17 following the ADP report [9]. Technology Sector Performance - Major technology stocks collectively rose, with Amazon increasing over 4%, Facebook up more than 1%, Tesla rising over 1%, Google up 0.71%, Nvidia up 0.61%, Apple up 0.55%, and Microsoft up 0.52% [11]. Oil and Gold Market Trends - Oil prices fell due to concerns that OPEC+ may increase supply in the upcoming meeting. WTI crude oil for October delivery decreased by 0.8% to settle at $63.48 per barrel, while Brent crude for November delivery fell by 0.9% to $66.99 per barrel [15]. - U.S. crude oil inventories rose by 2.4 million barrels, exceeding expectations, which added pressure to oil prices [15]. - Gold prices experienced a slight decline, with spot gold down 0.4% to $3545.85 per ounce and COMEX gold futures down 0.95% to $3601.00 per ounce [17].

Group 1: US-Japan Trade Agreement - The US has implemented a trade agreement with Japan, imposing a 15% baseline tariff on nearly all Japanese imports, with specific treatments for certain industries like automotive and aerospace [1] - Japan will increase its annual purchase of US agricultural products to $8 billion, including a 75% increase in US rice imports [1] - Japan will allow the sale of US-manufactured cars with US safety certifications without additional testing and will invest $550 billion in the US [1] Group 2: US Tariff and Legal Challenges - The Trump administration is seeking a swift Supreme Court ruling to overturn a previous court decision that deemed the imposition of tariffs on multiple countries illegal [2] - The Treasury Secretary stated that delaying the ruling could lead to $750 billion to $1 trillion in tariffs collected, which may cause significant disruption if refunded [2] - As of August 24, US companies have paid over $210 billion in tariffs that may be deemed illegal if the court ruling is upheld [2] Group 3: Trade Deficit and Economic Indicators - The US trade deficit widened to $78.3 billion in July, significantly higher than the adjusted $59.1 billion in June, driven by increased imports ahead of new tariffs [3] - Analysts attribute the trade deficit increase to businesses importing goods before the announcement of new tariffs, leading to a four-month high in the trade deficit [3] Group 4: Stock Market Performance - On September 4, US stock indices closed higher, with the S&P 500 reaching a new record high, marking the 21st time this year it has closed at a new high [4] - Major tech stocks also saw gains, with Amazon rising 4.29% and other companies like Nvidia and Microsoft also experiencing increases [5] Group 5: Employment Data and Economic Outlook - The ADP report indicated a slowdown in private sector job growth, with only 54,000 new jobs added in August, below market expectations [8] - The upcoming non-farm payroll report is anticipated to show a modest increase in employment, with economists predicting around 75,000 new jobs [8] - The Federal Reserve is expected to maintain its current path unless significant deviations in economic data occur [8]

Key Points - Usmile, a leading electric toothbrush brand, has established a subsidiary to explore AI hardware, indicating a strategic shift towards smart technology [4] - Midea Group reported a total revenue of 252.3 billion yuan for the first half of 2025, a year-on-year increase of 15.7%, and a net profit of 26 billion yuan, up 25% [6] - Xiaohongshu's valuation has surged by 19% in three months, reaching 31 billion USD, reflecting strong investor interest [7] - NIO's CEO Li Bin confirmed internal restructuring efforts, including personnel adjustments and organizational optimization [8] - Chasing Technology's revenue for the first half of 2025 has already surpassed its total for the entire year, with over 20 billion yuan in intended orders for home appliances [9] - ByteDance reported the dismissal of 100 employees for violating company policies, with 8 individuals facing criminal charges [10] - Five Chinese new energy vehicle companies are facing potential fines of approximately 47 million yuan for alleged maintenance monopolies [12] - Amazon's strict return-to-office policy has reportedly led to the loss of top tech talent [19] - Hyundai's union in South Korea is planning limited strikes to demand a four-and-a-half-day workweek and wage increases [20] - Nvidia's new chip for China, B30A, is expected to have six times the performance of the H20 model, with a price potentially double that of H20 [21] - Apple is developing an AI-based web search tool to enhance competition with OpenAI and others, integrating it with Siri [22] - Google has been fined 325 million euros by France for inserting ads into Gmail without user consent [23] - Shein has been fined 150 million euros by France for improper use of cookies, and plans to appeal the decision [24][25] - European automotive executives are urging the EU to adopt a more flexible approach to emissions regulations, learning from China's policies [26]

Market Performance - The three major U.S. stock indices rose collectively, with the S&P 500 index reaching a new closing high. The Dow Jones increased by 350.06 points (0.77%) to 45621.29 points, the Nasdaq rose by 209.97 points (0.98%) to 21707.69 points, and the S&P 500 gained 53.82 points (0.83%) to close at 6502.08 points [2][3]. Federal Reserve Insights - New York Fed President John Williams indicated that the policy interest rate will gradually decrease over time, although he did not specify a timeline for rate adjustments. He mentioned that if progress continues as per his baseline forecast, it would be appropriate to adjust rates to a more neutral level [5][6]. Earnings Reports - Lululemon reported Q2 net revenue of $2.53 billion, slightly below the expected $2.54 billion, and an EPS of $3.10, exceeding the forecast of $2.87. However, the company lowered its full-year EPS guidance to $12.77-$12.97 from a previous range of $14.58-$14.78, leading to a post-market drop of over 15% [7][8]. - Broadcom's Q3 adjusted EPS was $1.69, above the expected $1.67, with net revenue of $15.95 billion, surpassing the forecast of $15.84 billion. The company expects Q4 revenue of approximately $17.4 billion, exceeding analyst expectations of $17.05 billion, resulting in a post-market increase of over 4% [7][8]. Trade Policy Developments - President Trump signed an executive order to implement a U.S.-Japan trade agreement, imposing a 15% baseline tariff on nearly all Japanese imports. Japan will provide significant market access for U.S. manufacturers and commit to purchasing $8 billion worth of U.S. agricultural products annually [10].