Group 1: Long-term Capital Inflow - The Ministry of Finance issued a notification on July 11 to guide insurance funds for long-term stable investments, introducing a new 5-year assessment cycle for state-owned commercial insurance companies [1][8] - The weight of annual indicators in the assessment has decreased from 50% to 30%, while the combined weight of 3-year and 5-year indicators has increased to 70% [1][8] - The assessment will also include long-term evaluations of "net asset return rate" and "state-owned capital preservation and appreciation rate" [1][8] Group 2: Sci-Tech Innovation Board Reforms - On July 13, the Shanghai Stock Exchange implemented new rules to deepen reforms on the Sci-Tech Innovation Board, allowing 32 unprofitable companies to enter the Sci-Tech Growth Layer [2][7] - A pre-review mechanism for IPOs has been introduced, allowing tech companies to apply for pre-review if early disclosure could harm their operations [2][7] - The new rules also establish a system for professional institutional investors, requiring them to have a significant investment history in listed tech companies [2][7] Group 3: Market Developments - The China Securities Association issued 28 measures to enhance self-regulation and promote high-quality development in the securities industry [17] - The Shenzhen Stock Exchange announced a revision to the Growth Enterprise Market Composite Index, introducing mechanisms for monthly removal of risk-warning stocks and ESG negative screening [9] - The upcoming week will see the release of important economic data, including industrial value-added and fixed asset investment [19][21] Group 4: Company-Specific Developments - The National Medical Insurance Administration has initiated adjustments to the 2025 drug directory, allowing eligible entities to apply for inclusion in the commercial health insurance innovative drug directory [13] - China National Nuclear Corporation achieved a significant breakthrough with the successful production of its first barrel of uranium at the "National Uranium No. 1" demonstration project [14] Group 5: Investment Strategies - CITIC Securities suggests that the current market transition from a stock market to an incremental market presents opportunities in low-priced manufacturing sectors [23] - Shenwan Hongyuan indicates that the market has developed a "bull market atmosphere," with the Shanghai Composite Index breaking through key levels [24] -招商证券 highlights sectors with high earnings growth potential, including TMT, midstream manufacturing, and consumer goods, while noting the need for policies to address structural industry issues [25]

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 7 月 13 日 [Table_Title] Grok 4 多模态问题分析能力增强，算力消耗倍增 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.7.7-2025.7.13）上证综指上涨 1.09%，深证成 指上涨1.78%，创业板指上涨 2.36%。本周申万通信上涨2.13%。考 虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业发 展，我们给予通信行业"推荐"评级。 国际政治环境不确定性风险、市场需求不及预期风险。 [Table_Invest]推荐|维持 资料来源：Ifind，国元证券研究所 -20% 0% 20% 40% 60% 7/13 10/13 1/13 4/13 7/13 沪深300 通信(申万) [Table_DocReport] 相关研究报告 细分行业：本周（2025.7.7-2025.7.13）通信板块三级子行业中，通 信网络设备及器件上涨幅度最高，涨幅为 4.16%，通信应用增值服务 上涨幅度最低，涨幅为 0. ...

传媒 2025 年 07 月 13 日 腾讯控股 (00700) ——25Q2 前瞻：延续高质量增长，关注 AI、游戏新品进 展 报告原因：强调原有的投资评级 事件： ⚫ 我们预计腾讯 25Q2 实现营业收入 1783 亿元，同比增长 11%；调整后归母净利润 602 亿 元，同比增长 5%。 投资要点： 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（亿元） | 6,090 | 6,603 | 7,311 | 7,955 | 8,465 | | 同比增长率（%） | 9.8 | 8.4 | 10.7 | 8.8 | 6.4 | | 调整后归母净利润（亿元） | 1,577 | 2,227 | 2,507 | 2,813 | 3,093 | | 同比增长率（%） | 36.4 | 41.2 | 12.6 | 12.2 | 10.0 | | 每股收益（元/股） | 16.68 | 24.03 | 27.35 | 30.69 | 33.74 | | 净资产收益率（%） ...

结构化深度了解李想核心把握两条主线，李想个人与公司。 李想个人线： 最重要且唯一的主线是挑战成长的极限，这条主线由关注人而不是事/不断学习这两条根基支线组 成，不断学习有两条支线，一是学众人之长，做think different之事；二是通过惨痛教训，反思学习。 公司线： 泡泡网时期： 曾经不善和员工沟通(关注人，而不是事)，一夜90%编辑离职(惨痛教训1)，李想选择学 习更好的沟通。做成了一家赚钱的公司，但很关注竞争对手怎么做(惨痛教训2)，且时机也错过了(惨 痛教训3)，持续行业第三。李想已经知道了自己就是喜欢不断成长，持续第三是其很难受的一件事。 即下一份创业前，李想提前知道了要和员工好好沟通，要关注用户怎么想而不是竞争对手，时机也很 重要。(基于惨痛教训123后的反思结果) 汽车之家时期： 融资不顺，导致两个惨痛结果，1.睡一张床上的人谋求把李想赶走 2.股权出让太多，导致后续人事任 命权丧失。 李想2024年12月自述2008年被赶走这次是其人生最大的一次成长，学到了两个特别重要的能力， 第 一要对自己好，要接受自己的优点，也能接纳自己的不足。很多不足是优点造成的。 第二个重要变化是，很多事不死扛了 ...

子行业周度核心观点： 光伏&储能：新能源为代表的新兴制造业是本轮"反内卷"的核心聚焦领域，光伏则是核心领域中的标杆示范行业， 当前"依法依规"进行干预的价格端已初显成效，继续关注终端价格传导能力、产业链对涨价趋势一致预期的形成、 以及供给侧自上而下的潜在动作；此外，继续重申推荐受益于美国政策不确定性消除、国内新能源全面市场化+反内 卷驱动格局改善、Q2 业绩同环比展望乐观的大储龙头：阳光电源。 风电：大金重工披露半年报业绩预告，Q2 业绩超预期，看好公司中长期盈利提升，继续坚定重点推荐；海南省发布 "136 号文"细则征求意见稿，增量海风项目获明显政策倾斜；浙江海风、日月、东缆等成立母港装备公司，关注浙 江深远海示范项目推进带来的订单机会。 电网：1）思源电气发布 25 中报业绩快报，25Q2 实现营收 53 亿元，同比+50%；归母净利润 8.5 亿元，同比+62%，大 超预期，上调公司 25 年盈利预测至 27.5 亿元，yoy+34%，当前股价对应 PE 仅 20 倍，维持重点推荐；2）国网输变电 设备 3 批中标金额 211.9 亿元，同比+38%，再创单批次中标金额新高，前 3 批累计中标同比+25 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]

从年度涨幅表现上看， 答案是否定的 ，目前北交所具有互联网金融概念标签的公司一共7家，相较于北 证50年度36.9%的涨幅，其中国源科技、同辉信息、志晟信息、联迪信息 表现明显优于北证50指数 ，而 华信永道、艾融软件、汉鑫科技涨幅则明显低于北证50指数。影响收益的因素中市值是一大原因，从跑 输指数的公司年初总市值看，华信永道、艾融软件市值是7家公司中最大的。 那么北交所现在的公司又该如何挑选呢？以最近暴涨的互金股国源科技为例，公司是6月26日被添加互 联网金融的标签。次日冲高后回调，最低市值跌至21.93亿元， 公司此前具有互联网保险的标签，但没 有被爆炒，资金对其具有金融相关概念有一定认知 。剔除"互联网金融"标签外公司还有11个标签，过往 公司并未被任何一个标签概念强绑定。总结来说就是 （ 1）新增概念，互金概念股新面孔；（2）小市 微观的看，北证50自年初以来共有四段指数上涨期。 对比指数与当时具备互金标签的公司表现可见， 互金标签的公司并非在每一阶段都具有超额 ，从平均 数对比看，互金公司在第二、第三阶段的平均涨幅均低于指数的涨幅。由此可见，在北交所预判一段持 续性上升行情来临，通过平铺买入互金股并 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 07 月 13 日 [Table_Title] 明确加强国有险企长周期考核，引导长期稳 健投资 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 7.6-2 025.7 .12）A 股日均交易额 14,96 1 亿 元，环比增加 3.8%，同比增加 1 38.2%。2025 年二季度日均成 交额 1 2 ,886 亿元,较 20 24 年二季度日均交易额增加 55.7%。 2025 年至今日均成交额 13,9 44 亿元,较 2024 年日均交易额增 加 6 0 . 4%。投行：本周发行新股 1 家，募集资金 181.7 亿元； 本周上市新股 2 家，募集资金 33. 4 亿元。202 5 年至今，A 股 IPO 上市 54 家，募集金额 413. 3 亿元。202 4 年，A 股 IPO 上 市 100 家，募集金额 67 3.5 亿元。两融：截至 202 5 年 7 月 10 日，两市两融余额 1 8,737 .06 亿元，环比增加 0 .78%，较 2024 年日均水平增加 19. ...

Core Viewpoint - The court ruled that the ride-sharing platform is not liable for the loss of the pet dog during transport, placing primary responsibility on the actual carrier, while the plaintiff also bears some responsibility for the loss [1][3]. Group 1: Case Details - The plaintiff, Chen, used a ride-sharing platform to transport a pet dog from Beijing to Hebei, paying a fare of 198.1 yuan [2]. - The actual carrier, Hu, was involved in an accident that resulted in the loss of the dog during transport [2]. - Chen sought compensation from both Hu and the ride-sharing platform, claiming they should be jointly liable for the loss [2]. Group 2: Court's Ruling - The court determined that the ride-sharing platform merely provided intermediary services and had clearly stated in its user agreement that transporting pets alone is prohibited [3]. - The court found that Chen and Hu had formed a new transport agreement outside the platform's terms, thus the platform was not liable for the loss [3]. - Hu was deemed responsible for the loss of the dog as he failed to prove that the loss was due to a legally recognized exempting circumstance [3]. Group 3: Responsibilities and Liabilities - The court emphasized that both the carrier and the shipper share responsibility in cases of loss or damage during transport, with the carrier bearing strict liability unless exempted by law [4]. - The shipper, Chen, was found to have made a choice regarding the transport method that contributed to the loss, thus he also bears some responsibility [3][4]. - The court highlighted the importance of clear communication between the shipper and carrier regarding the pet's characteristics and transport conditions to avoid disputes [4][5]. Group 4: Valuation of Pets - In cases of loss or death of pets during transport, the carrier is responsible for compensating the pet's value, search costs, treatment fees, and related expenses [6]. - The valuation of the pet can be contentious; if not agreed upon, it should be determined based on market prices at the time of delivery [6]. - The platform, when acting as a non-vehicle carrier, must fulfill its obligations as stipulated in the transport contract with the shipper [6][7].

本文来自格隆汇专栏：国泰海通证券研究 作者：吴信坤、余培仪、陆嘉瑞 核心结论：①宏观流动性宽松和量化资金活跃可能均非小盘占优的本质原因，同时仅基于交易拥挤度难起到择时效果。②近期小盘占优或源于散户资金相 较机构更大规模入市，本轮小盘行情背后是924以来市场风偏迅速修复但基本面未跟上。③大盘风格的整体回归需待基本面拐点出现、机构资金重返增 量，下半年契机是AI产业周期确认景气向上，或宏观政策超预期加码。 2025年已过半，回顾年初以来权益市场表现，可以发现无论是港股还是A股，小盘股均有不错的表现。截至7/11，年内A股申万小盘指数已跑赢申万大盘 指数5.9个百分点，同时二季度以来港股恒生综合小型股指数也明显跑赢恒生指数14.5个百分点，小盘股强势表现引发投资者的广泛关注和讨论。本文将对 大、小盘风格占优的驱动因素，以及后续风格切换的关键变量进行分析。 上半年小盘风格表现突出，投资者对风格分化现状及成因讨论较多，国泰海通发现当前对小盘风格占优的理解存在一些偏误。 误区一：宏观流动性宽松有利于小盘？年初以来央行实施适度宽松的货币政策，叠加近期美联储降息预期持续发酵，市场流动性较为充沛，部分投资者认 为，近期AH股小 ...