● 本报记者 万宇 今年以来A股市场结构性行情突出，人工智能（AI）、人形机器人、创新药、有色等概念板块轮番表 现，涌现出大量牛股。部分公募基金经理提前埋伏，多只擒牛有方的基金产品上半年回报率超过60%。 牛股层出不穷 公募基金提前埋伏 查阅这些牛股的机构投资者名单，可以发现很多公募基金产品早已埋伏其中。如胜宏科技上半年股价涨 幅超过220%，公司从事高密度印制线路板的研发、生产和销售，主要产品为双面板、多层板等。截至 今年一季度末，共有78家基金公司旗下产品持有该股股份，其中不乏易方达基金、广发基金、南方基金 等头部公司，也有睿远基金傅鹏博、富国基金李元博等知名基金经理管理的产品。 一品红也受到机构的青睐，截至一季度末，15家基金公司旗下产品持有该股股份，其中大部分都在一季 度增持或新进一品红机构投资者名单。 今年上半年，上证指数、深证成指、创业板指均出现不同程度的上涨。在申万一级行业中，有色金属、 银行、国防军工、传媒、通信等涨幅居前。 上半年A股市场结构性行情突出，牛股层出不穷。Wind数据显示，截至6月30日，今年以来共有136家公 司股价涨幅超过100%。其中，联合化学、舒泰神上半年股价涨幅均超过4 ...

7月2日，环沪轨道交通运营有限公司董事长、上海市域铁路运营有限公司党委书记、执行董事徐敢锋带 队赴嘉兴市铁投集团交流环沪运营公司实体化运作有关事宜。 嘉兴市铁投集团党委书记、董事长徐炯，集团党委委员、副总经理孙继峰，集团运营管理部、办公室和 嘉兴市域铁路运营公司负责人参与交流。 另据杭州都市圈年初消息：第2次长三角地区合作与发展联席会议上，由沪苏嘉共同出资组建的环沪轨 道交通运营有限公司正式揭牌成立。 环沪公司作为轨道交通运营的一个全新模式，在全国具有独创性。大家"拧成一股绳"，未来可以在运营 中实现一票通达、贯通运营，确保长三角一体化更加深入、更加科学，也更加人性化，更好服务好长三 角大众出行。 在长三角一体化发展中，嘉兴扮演着重要角色，环沪轨道交通运营有限公司未来要做什么？又将如何影 响嘉兴城市发展和群众生活方式？ 据了解，该公司注册资本5000万元，其中上海申通地铁集团占比40%、嘉兴市铁投集团占比30%、苏州 城际公司占比30%，目前已落户上海市徐汇区。 作为一个合资运营平台，环沪轨道交通运营有限公司负责近沪地区、不承担国铁路网功能的跨省线路运 营管理工作，也不负责线路的建设任务。目前已规划的线路主要 ...

Group 1 - The core viewpoint of the news is the response of Jiangsu Bid Technology Co., Ltd. to the regulatory inquiry regarding its 2024 annual report, highlighting the company's acquisition of Jing Tang Dexin and its performance metrics [1][2][3] - Jiangsu Bid Technology received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response from the auditing firm [1] - The company acquired 100% equity of Jing Tang Dexin, which specializes in the design and maintenance of subway automatic door systems, with performance commitments set for 2022 to 2024 [2][3] Group 2 - Jing Tang Dexin's main business model includes the sale of spare parts and maintenance services, with a focus on subway vehicle door systems [4][5] - The revenue recognition policy involves recognizing income upon delivery and acceptance of goods, with specific conditions for installation [5] - Key financial indicators from 2021 to 2024 show a significant increase in revenue and net profit, with total revenue reaching 6,404.57 million yuan in 2024 [6][9] Group 3 - The urban rail transit industry in China has shown substantial growth, with 58 cities operating 361 lines and a total operating mileage of 12,160.77 kilometers by the end of 2024 [7] - The maintenance industry is expected to continue growing, driven by the increasing demand for safety and reliability in subway door systems [8][13] - Jing Tang Dexin's performance during the commitment period was significantly enhanced due to increased demand and a stable customer base, primarily consisting of state-owned enterprises [9][14] Group 4 - The company has a substantial order backlog of approximately 99.43 million yuan as of the end of 2024, indicating a strong future revenue stream [13][19] - The decline in revenue for 2024 is attributed to the completion of major orders, particularly from the Beijing Subway Operations Company [11][14] - The company anticipates continued growth in the maintenance sector as urban rail networks expand and enter high-frequency maintenance phases [13][19] Group 5 - The excess performance rewards for Jing Tang Dexin's original shareholders are structured to incentivize management and are calculated based on net profit exceeding set targets [15][16] - The accounting treatment for these rewards is classified as future period costs, impacting the consolidated net profit of Jiangsu Bid Technology [15][16] - The goodwill impairment testing for Jing Tang Dexin indicates that the projected revenue growth rate has been adjusted to 5%-10%, reflecting a positive outlook for future performance [16][19]

Summary of the Conference Call for 深城交 Industry and Company Overview - The conference call focuses on 深城交, a company actively involved in the low-altitude economy and urban logistics, with a strong emphasis on technological innovation and digital transformation [2][4][32]. Key Points and Arguments Low-altitude Economy Projects - 深城交 is advancing low-altitude economy projects, including a low-altitude meteorological warning project valued at 30 million RMB [2][4]. - The company launched the "One Network Unified Flight" platform, integrating government data through drone algorithms for urban governance [2][4]. - The company is involved in low-altitude facility planning and regulatory platform construction in multiple cities, including Shenzhen, Chengdu, and Suzhou [4][10]. Core Product Development - Three core products are under development: 1. Integrated low-altitude tower, currently in the key component assembly stage [6]. 2. Indoor inspection drones, suitable for enclosed environments, have completed prototype testing [6]. 3. Station mobility robots, currently being tested at Bao'an Airport, intended for use in airports and high-speed rail stations [6][21]. International Market Expansion - The company has formed an overseas business team and is pursuing low-altitude planning consulting projects in Saudi Arabia and the UAE, valued at approximately 7-8 million RMB each [7]. - Tracking projects in Hong Kong worth around 60-70 million RMB related to low-altitude platform construction [7]. Digital Transformation Initiatives - 深城交 is actively pursuing digital transformation, applying for the establishment of a national technology innovation center focused on transportation and energy integration [8]. - The company is leading national key R&D plans, including an integrated emergency medical supply dispatch platform [8]. Infrastructure and Investment Plans - A joint venture with 福田区 aims to promote low-altitude aviation operations in the region [5][10]. - Plans to construct hub take-off and landing facilities in 大鹏新区 and pilot medical supply transport projects in 佛山, valued at 2-3 million RMB [10]. Smart City and Transportation Development - The company is involved in the development of smart city projects, including urban intelligent power grids and virtual power plants [14][15]. - The Shenzhen government is promoting smart roads and unmanned logistics, with plans to evaluate and upgrade existing road networks [18][19]. Future Growth and Market Potential - The company anticipates significant growth opportunities in the low-altitude economy, supported by national policies and urban infrastructure development [29][32]. - The expected order volume from smart city projects is substantial, with ongoing infrastructure projects in various districts [22]. Challenges and Strategic Adjustments - The company has undergone personnel optimization to adapt to product line transformations and aims to enter industrial production for its core products [17]. - The impact of smart road construction on business growth is expected to be significant, with numerous projects underway [20]. Other Important Insights - The company is collaborating with Huawei on a digital twin platform project, expected to be completed in 2025 [28]. - The low-altitude economy is anticipated to receive policy support, including a 15th Five-Year Plan and specific guidelines for urban low-altitude operations [29][30]. - The company has a strong foundation in low-altitude planning consulting, having provided services since 2018, which positions it well for future opportunities [30]. This summary encapsulates the key developments and strategic directions of 深城交 as discussed in the conference call, highlighting its focus on innovation, market expansion, and infrastructure development in the low-altitude economy and smart city initiatives.

重大项目对于投资平稳增长发挥了"压舱石"的作用。伴随项目建设专项债发行规模扩大，以及项目落地速度加快，后期基建投资有望提速。第一财经整理发 现，大部分机构预计，全年基础设施建设投资增速有望扩大至6%，继续发挥托底经济作用。 "软建设"方面，在重点领域加快推出一批改革创新举措，包括优化长江沿线铁路投融资模式，建立健全城市地下管网运行维护管理机制，完善国家物流枢纽 规划布局，完善人才培养与经济社会发展需要适配机制，探索"风电光伏+治沙"新模式等。 作为今年扩大有效投资的重要抓手，"两重"（国家重大战略实施和重点领域安全能力建设）迎来新进展。 国家发展和改革委员会（下称"国家发改委"）近日安排超3000亿元支持2025年第三批"两重"建设项目。至此，今年8000亿元"两重"建设项目清单已全部下达 完毕。 近期，交通运输部、水利部等部门也通报了一批重大工程项目进展。前五月，交通固定资产投资1.2万亿元，水利建设投资达4089.7亿元。为提供充足的项目 资金，财政政策和货币政策正协同发力，超长期特别国债、专项债券等早发行早使用，新型政策性金融工具也在加紧谋划。 业内分析，重大项目对于投资平稳增长发挥了"压舱石"的作用。 ...

Group 1 - The core theme of the global digital economy conference is the integration and application of AI technology across various industries, highlighting its potential for innovation and transformation [1] - The "Artificial Intelligence Integration Application Development Forum" emphasized a focus on practical applications and scenario-driven approaches [1] - The LBE (Large Space Theater) experience project showcased at the conference demonstrated the immersive capabilities of AI and VR, transforming traditional gaming into an open universe for players [1] Group 2 - The gaming industry is rapidly adopting AI technology, with companies like China Film Year Year Technology Co., Ltd. presenting a 3D content creation tool that allows users to generate realistic 3D characters based on verbal descriptions [5][8] - AI is revolutionizing traditional industries, such as manufacturing, by integrating with IoT and big data to create customizable digital solutions for various sectors [8] - The MogoMind AI model from Mushroom Car Union Information Technology Co., Ltd. is enhancing real-time traffic management and decision-making capabilities for autonomous vehicles through a cloud-based system [9]

Core Viewpoint - The 17th International Transportation Technology and Equipment Exhibition showcases cutting-edge technologies and innovations in the transportation sector, highlighting advancements in smart transportation, autonomous driving, and logistics efficiency [1][3]. Group 1: Innovations in Transportation - The exhibition features a unique SUV designed for rural road inspection, capable of assessing road conditions using a "visual system" that identifies surface defects and generates a 3D "health record" of the road [1]. - A L4 autonomous vehicle developed by Didi and GAC Aion is equipped with 33 sensors, including infrared cameras, enabling it to recognize pedestrians even in low light conditions. This model is set for delivery by the end of this year and aims for demonstration operations in select areas by 2026 [2]. - The exhibition also showcases a silver autonomous truck from Pony.ai, which has safely traveled 6 million kilometers and transported over 9.4 billion ton-kilometers of goods, significantly reducing logistics costs and improving efficiency [2]. Group 2: Broader Trends in Transportation - The event highlights various advanced technologies, including flying cars, intelligent delivery vehicles, and underwater drones, reflecting breakthroughs in autonomous driving, low-altitude economy, and energy integration [3]. - The International Transportation Exhibition, organized by the Ministry of Transport of China, has been held since 1992 and has increasingly contributed to the integration of transportation technology innovation and industry development [3].

7月3日，A股市场整体上涨。 今日沪深两市主力资金开盘净流出48.18亿元，尾盘净流入4.1亿元，全天净流出24.75亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 人提供随圆 | 超大单净买入 | | 2025-7-3 | -24. 75 | -48. 18 | 4. 10 | 36. 21 | | 2025-7-2 | -331.90 | -120. 22 | -18.91 | -157.53 | | 2025-7-1 | -231. 12 | -105.84 | -1.95 | -90. 80 | | 2025-6-30 | -39.95 | -29.38 | 12. 66 | 17.18 | | 2025-6-27 | -154. 13 | -87.80 | -22.52 | -36. 69 | 2. 沪深300主力资金净流出超60亿元 沪深300今日主力资金净流出66.99亿元，创业板净流出12.37亿元。 | | | 各板块最近五个交易日主力资金净流入数据( ...

Group 1 - The article emphasizes the importance of labor and the spirit of hard work, highlighting the announcement of the "Most Beautiful Workers" for 2025 by the Central Propaganda Department and the All-China Federation of Trade Unions [1][4][25] - Zhang Tengjiao from ShenGu Group is recognized for his contributions in welding for major national projects, completing over 20 key projects without any quality accidents [4][10] - Hu Xiping, head of the soybean research institute at Beidahuang Seed Industry Co., has developed 68 new soybean varieties and promoted soybean cultivation over 1.9 million hectares [7][9] Group 2 - Luo Minghao, chief technician at Ningbo Jiangfeng Electronic Materials Co., has nearly 20 years of experience in semiconductor materials, contributing to the design of key equipment for China's first large-scale integrated circuit target material production line [9][10] - Yang Yanfeng, a bus driver in Yinchuan, has achieved a record of one million kilometers driven without accidents, implementing a "Five Heart Work Method" to enhance service quality [13][14] - Yang Jun, director of the Gannan Art Creation Research Institute, has dedicated decades to promoting traditional Gannan tea-picking opera and has established a fund to train young actors [17][19] Group 3 - Wang Rongrong, a trainer at Shaanxi Kangsao Home Service Co., transformed from a struggling worker to a "gold medal" maternity nurse, training over 800 home service talents and creating over 2000 job opportunities [20][22] - Bin Shoupeng, a firefighter in Tibet, participated in over 1000 rescue operations, including a significant response to a 6.8 magnitude earthquake, demonstrating commitment to public safety [22][23] - Liu Yuhui, an expert in aircraft systems at China Southern Airlines, developed a remote diagnosis system that saved approximately 1 billion yuan in maintenance costs [25][27] Group 4 - Wu Jianan, an engineer at State Grid Qinghai Electric Power Company, has independently identified 376 defects and conducted extensive equipment inspections, ensuring reliable power supply in high-altitude areas [27][28]

欧盟委员会已选定94个交通项目，将获得近28亿欧元的欧盟拨款，这些项目将通过现代化改造泛欧交通 网络（TEN-T）中的铁路、内陆水道和海上航线，不仅有助于更好地连接欧洲各区域和城市，还将提升 欧盟内部市场的竞争力和抗冲击能力。 ...