Group 1 - JD.com announced the launch of its 2026 campus recruitment, offering 35,000 positions, including 20,000 for fresh graduates and 15,000 for interns [4][5] - The company has invested 7 billion yuan to create nearly 5,000 fully furnished apartments for young talents in Beijing, with special accommodations for interns [5] - JD.com is focusing on rapid business development in sectors like food delivery and travel, while also making significant advancements in artificial intelligence [7][8] Group 2 - The company has implemented seven rounds of salary increases for employees over the past year and has raised compensation for campus recruitment positions [5] - JD.com has launched a new AI model brand called JoyAI and introduced the JoyAgent, the first fully open-source enterprise-level intelligent agent in the industry [8] - The company has made strategic investments in leading companies in the intelligent robotics sector, including Qianxun Technology and Zhujidian Power [8]

宏观流动性： 上周美元指数再度回落，中美利差"倒挂"程度有所收敛。10Y 美债名义/实际利率均回落，通胀预期继续回升。海外 流动性边际有所宽松，国内银行间资金面整体先松后紧，期限利差(10Y-1Y)走阔。 交易热度、波动与流动性： 市场交易热度继续回升，主要指数波动率均回升。行业上，建材、钢铁、建筑、医药、消费者服务、机械等板块交易 热度均处于 80%分位数以上，大多数行业的波动率均处于 40%历史分位数以下。 机构调研： 电子、计算机、商贸零售、通信、医药等板块调研热度居前，房地产、非银等板块的调研热度环比仍在上升。 分析师预测： 全 A 的 25/26 年净利润预测同时被下调。行业上，有色、轻工、钢铁、电力及公用事业、消费者服务、军工、石油石 化、银行、传媒等板块 25/26 年净利润预测均被上调。指数上，中证 500 的 25/26 年净利润预测均被上调，沪深 300、 上证 50、创业板指的 25/26 年净利润预测均被下调。风格上，大盘成长、小盘价值的 25/26 年的净利润预测均被上 调，中盘/小盘成长、大盘/中盘价值的 25/26 年的净利润预测均被下调。 北上活跃度回升，整体净买入 A 股 节 ...

家电丨市场观察 本周看点： -「百镜大战」打响，谁能赢下下一代AI入口之争？ -人形机器人「突围」2025：进化、共生与商业化； -AI重塑BAT的三种未来。 行业环境 1.「百镜大战」打响，谁能赢下下一代AI入口之争？ 关键词 ： 智能眼镜,AI技术,消费电子,可穿戴设备,市场趋势 概要 ： 智能眼镜正从极客玩具转向消费电子主流，2025年小米、Meta等巨头纷纷入场，行业 进入"百镜大战"。小米AI眼镜开售12小时销量破万，引发市场热潮。AI眼镜分为音频、拍摄和 AR三类，各有侧重。Meta、苹果等海外巨头积极布局，国内厂商如Rokid、华为也加入竞争。 IDC数据显示，2025年全球智能眼镜出货量增长迅猛，中国市场占比三分之一。业界看好其作 为下一代计算平台的潜力，但当前产品仍存在续航、生态和用户体验等问题。供应链已基本成 熟，但软件生态和杀手级应用尚待突破。隐私和社会规范问题也需关注。AI眼镜处于从"0到 1"到"1到N"的拐点，未来1-2年是关键。 2.人形机器人「突围」2025：进化、共生与商业化 关键词 ： 仿生人,机械臂,人形机器人,AI技术,商业化 概要 ： 近年来，人形机器人技术快速发展， ...

本文目录 报告正文如下 前沿资讯 （一）国内ESG政策资讯 我国首部绿色数据中心评价标准正式实施。6月1日，我国首部数据中心绿色化评价方面国家标准《绿色数据中心评价》正 式实施，该标准明确了数据中心在能源资源高效利用、绿色设计、绿色采购、绿色运维、绿色服务等五大指标上应满足的 要求，为我国数据中心的绿色低碳建设提供了明确指引。 生态环境部发布《中国适应气候变化进展报告（2024）》。6月25日，由生态环境部编制的《中国适应气候变化进展报告 （2024）》在杭州"全国低碳日"上正式发布。该报告旨在全面反映2024年我国适应气候变化工作进展与成效，持续有力推 进适应气候变化行动，分享中国实践和经验。 一 从长期来看，自2019年1月1日起，东方金诚信用行业优选指数累计收益率为30.88%，年化收益率为4.41%。同期东方金诚 信用行业劣选指数累计收益率为-22.42%，年化收益率为-3.99%，大幅低于行业优选指数和基准中证800指数。相较于基准 中证800指数，行业优选指数超额收益为-4.09%，行业劣选指数超额收益为-57.40%。 一、前沿资讯 （一）国内ESG政策资讯 （二）国际ESG动态资讯 二、ESG ...

Core Viewpoint - Japan Display Inc. (JDI) is selling part of its liquid crystal panel manufacturing equipment from the Mobara factory to China's HKC, marking a significant shift in its operations as it ceases production for Apple, which previously accounted for 60% of its sales [1][2]. Group 1: Equipment Sale and Production Changes - JDI will stop production at the Mobara factory, which was originally scheduled to operate until March 2026, but is likely to cease operations by 2025 to reduce fixed costs [1]. - The equipment being sold includes manufacturing tools for liquid crystal and OLED panels, with the sale amount expected to be in the billions of yen [1]. - JDI's production for Apple peaked at approximately 380 billion yen in the fiscal year 2019, but is projected to drop to zero in the future [1][2]. Group 2: Company Background and Financials - JDI was established in 2012 under the leadership of the Japan Innovation Network (INCJ), which invested a total of 462 billion yen and plans to sell all its shares by March 2025 [2]. - The company has faced long-term operational difficulties, leading to a necessary scale reduction to maintain financial balance [1]. Group 3: Market Position and Collaborations - HKC ranks fifth globally in the market share for large-size liquid crystal panels used in televisions and personal computers [1]. - JDI and HKC had previously reached a collaboration agreement in 2023 regarding OLED business, but the mass production plans have since been shelved [1].

Investment Rating - The report maintains a strong positive outlook on the AI application-driven demand for computing power, indicating a sustained high growth trajectory in the industry [2]. Core Insights - The computing power industry is experiencing a resurgence in interest, particularly in the domestic market, as the supply chain begins to address critical bottlenecks such as advanced process capacity and supply of high-bandwidth memory (HBM) [2][3]. - The report highlights the ongoing tight balance in domestic computing power supply, with expectations that key challenges will gradually be overcome, leading to continuous positive news for the industry [2]. - The report suggests that the second half of the year and into next year will present significant investment opportunities in domestic computing power [2]. Summary by Sections Domestic Developments - Domestic AI applications are launching new products, with notable advancements such as Alibaba's Tongyi Qianwen 3 achieving significant breakthroughs in programming capabilities, comparable to top-tier closed-source models [3]. - Tencent's CodeBuddy IDE is set to enhance software development efficiency by allowing users to create applications through natural language dialogue, eliminating the need for coding knowledge [3]. Overseas Developments - The report recommends focusing on high-end PCB, optical modules, and server ODM sectors within the overseas computing power supply chain, anticipating sustained high demand and profitability [3]. - The supply of key materials for AI servers, such as fiberglass cloth and M8 CCL materials, is expected to remain tight, leading to potential price and profit margin increases [3]. Investment Recommendations - Key domestic computing power hardware companies, such as Cambricon and SMIC, are highlighted as potential investment opportunities [4]. - The report also suggests monitoring traditional analog chips, which are benefiting from domestic substitution and local demand, with wafer fab utilization rates remaining high and terminal prices increasing by 10-20% [6]. - The report identifies potential investment opportunities in the Apple supply chain, particularly with the upcoming iPhone 17 and 18 models, which may lead to upward revisions in market expectations [9].

Core Viewpoint - The article discusses the recent performance of the A-share market, particularly the Shanghai Composite Index, and highlights the impact of bank stocks on the index's movements, suggesting that the market is currently in a "slow bull" phase with potential for further growth if certain conditions are met [3][4][12]. Market Performance - The Shanghai Composite Index reached a high of 3613.02 points recently, with 3700 points being the next target [3]. - The banking sector has been a significant drag on the index, with the China Securities Banking Index falling by 6.25% from July 11 to July 25, while the Shanghai Composite Index only saw a 2.39% increase during the same period [5][8]. Impact of Dividends - The decline in bank stocks is partially attributed to the dividend distribution season, which causes a "virtual decline" in price indices due to ex-dividend adjustments [6][8]. - The Shanghai Composite Index's performance was negatively impacted by bank stock adjustments, with a loss of 28.81 points attributed to banks during the observed period [8]. Sector Contributions - The article provides a breakdown of sector contributions to the Shanghai Composite Index, indicating that while banks detracted from performance, sectors like electronics and pharmaceuticals contributed positively [10]. - The electronics sector, particularly semiconductors, has been a key driver of the index's recent gains, alongside pharmaceuticals [10]. Market Sentiment - Despite the structural bull market, there is a lack of consensus among retail investors, particularly those heavily invested in previously popular sectors like food and beverage, solar energy, and automotive [11]. - The overall A-share market, represented by the Wind All A Index, has only increased by 11.93% this year, which does not raise significant concerns among regulators about a rapid market surge [11]. Technical Indicators - The 14-day RSI for the China Securities Banking Index has adjusted to 40, suggesting a potential bottoming out and a possible rebound if other strong sectors experience corrections [12]. - The article emphasizes the importance of maintaining market stability and avoiding excessive volatility, which could lead to a rapid rise followed by a sharp decline [17][20]. Liquidity and Investor Behavior - The article notes that retail investor margin balances have exceeded previous highs, indicating a steady inflow of retail funds into the market, albeit at a measured pace [18][19]. - The current market environment is characterized by a race between fundamental recovery and liquidity, with the potential for rapid changes in sentiment among investors [19][20].

证券研究报告—公募基金周报 撰写日期：2025 年 07 月 28 日 公募基金周报（20250721-20250725） 投资要点 本周受"反内卷"和雅下水电站利好提振，顺周期板块集体爆发，指 数持续上行，上证指数实现周线四连阳，两市周度日均成交额较上周大幅增 加 19.56%，融资余额持续走高至 1.9 万亿之上，内资热钱加速流入，短期 内市场情绪出现过热的迹象。商品期货市场本周多数大涨，受权益市场影响 债市回调幅度较大。本周杠杆因子和账面市值比因子涨幅居前，残差波动率 因子跌幅较大。IH 合约仍为升水，投资者对大盘股更加乐观，IM 合约贴水 持续收敛，中性对冲基金本周收益的平均值和中位数分别为 0.10%和0.17%。 主动权益产品根据本周涨幅排序：深度低估策略中排名前三的分别为 万家精选 A（10.93%）、华宝资源优选 A（7.57%）、富国研究精选 A（7.09%）； 高成长策略中排名前三的分别为金信行业优选 A（11.66%）、前海开源沪港 深核心资源 A（9.51%）、东方人工智能主题 A（6.83%）；高质量策略中排名 前三的分别为诺德新享（5.82%）、银华乐享 A（5.46%）、大摩优悦 ...

Core Viewpoint - Amazon is expected to report strong second-quarter earnings, with revenue projected at $162 billion, reflecting a 9.5% year-over-year growth, despite previous strong performance [1] Group 1: Financial Performance Expectations - Analysts anticipate operating income of $16.7 billion, a 13.8% increase from the previous year, with operating margin rising from 9.9% to 10.6% [1] - Earnings per share are expected to be $1.33, representing an 8.1% year-over-year growth [1] - Amazon's own guidance suggests revenue between $159 billion and $164 billion, with operating income expected between $13 billion and $17.5 billion, indicating ongoing uncertainty [1] Group 2: AWS and Advertising Growth - Amazon Web Services (AWS) and advertising are projected to be key growth drivers, with both sectors expected to grow by 17% year-over-year, significantly outpacing overall company growth [1] - AWS is crucial for profitability, contributing 19% of total revenue, with a projected 17.4% year-over-year growth in the second quarter [2] Group 3: Competitive Landscape - AWS faces increasing competition from Microsoft Azure and Google Cloud, with its market share expected to decline from 33% in Q1 2022 to 29% by Q1 2025 [2] - Recent layoffs in the AWS division indicate a strategic shift towards automation through AI to enhance operational profitability [2] Group 4: Trade Policy Challenges - Amazon is impacted by changing trade policies, with 60% of its revenue coming from North America, making it vulnerable to tariff changes [3] - The company faces difficult decisions regarding cost absorption versus passing costs to consumers, which could affect sales and profit margins [3] Group 5: AI Opportunities Beyond AWS - Amazon has significant opportunities to commercialize AI beyond AWS, leveraging its customer database to improve advertising algorithms and logistics [6] - The introduction of Alexa+ highlights the company's focus on AI consumer products, which could create new revenue streams beyond traditional e-commerce and cloud services [6] Group 6: Analyst Sentiment - Overall analyst sentiment remains optimistic, with 69 out of 73 analysts rating the stock as "buy" or "strong buy" [7] - The average target price for the stock has increased from $240 to $251.34, indicating approximately 10% upside potential from recent trading levels [7]

通过天眼查大数据分析，鹏鼎控股(深圳)股份有限公司共对外投资了15家企业，参与招投标项目37次， 知识产权方面有商标信息15条，专利信息1503条，此外企业还拥有行政许可331个。 金融界消息 截至2025年7月28日收盘，鹏鼎控股（002938）报收于49.25元，上涨10.01%，换手率 2.6%，成交量60.06万手，成交金额28.59亿元。 鹏鼎控股最新一期业绩显示，截至2025一季报，公司营业总收入80.87亿元、同比增长20.94%，归属净 利润4.88亿元，同比减少1.83%，扣非净利润4.78亿元，同比减少5.19%，流动比率2.176、速动比率 1.871、资产负债率25.83%。 天眼查商业履历信息显示，鹏鼎控股(深圳)股份有限公司，成立于1999年，位于深圳市，是一家以从事 计算机、通信和其他电子设备制造业为主的企业。企业注册资本231805.1016万人民币，实缴资本 231143.0814万人民币。公司法定代表人为沈庆芳。 资金流向方面，今日主力资金净流入4.74亿元，占比成交额16.57%。其中，超大单净流入3.88亿元、占 成交额13.59%，大单净流入8545.17万元、占成交 ...