公募基金二季报本周进入密集披露期，部分头部基金及知名基金经理的调仓动向也备受市场关注。 综合来看，各家基金在二季度保持了高仓位运作，新能源产业链、医药消费等成为关注重点。 此外，睿远基金傅鹏博管理的基金则对光伏行业板块个股更为关注。综合季报，通威股份、迈为股 份等新晋十大重仓股，大族激光、先导智能等退出前十大重仓股序列；由傅鹏博、朱璘管理的睿远成长 价值混合基金前十大重仓股为三安光电、中国移动、立讯精密、东方雨虹、万华化学、通威股份、吉利 汽车、沃森生物、迈为股份、国瓷材料。相比一季度，该基金新进持仓了通威股份、吉利汽车、迈为股 份，而先导智能、大族激光、卫宁健康则被调出十大重仓股序列；广发基金刘格菘持仓结构没有出现大 幅调整。其前十大重仓股当中，亿纬锂能、龙佰集团的持仓量不变，国联股份、福莱特分别新晋成为第 七大重仓股和第九大重仓股。另外，晶澳科技、隆基绿能、锦浪科技等多只个股持股数量均较一季度末 有所增长。 Wind数据显示，截至7月20日记者发稿时，已经有多家基金公司旗下1338只股票型开放式基金（未 合并A/C）发布了二季度报告，其中不乏头部基金公司和张坤、刘格菘、傅鹏博、李晓星等知名基金经 理。易方 ...

Core Insights - The electric vehicle industry is addressing "range anxiety" and "durability concerns" with the launch of the Green Source Intelligent Super Range series, which includes a "smart super range battery with a 3-year warranty and a million-kilometer performance challenge" [1] - The challenge route included various complex terrains, demonstrating the product's performance and reliability through real data and user feedback [1] Group 1: Product Performance - The Intelligent Super Range series underwent extreme testing across diverse terrains and weather conditions, showcasing its stability in critical performance areas such as acceleration, braking, and climbing [1] - The TCS safety driving system provided stable riding assurance even in adverse weather conditions, ensuring user safety [1] Group 2: Core Technology - The durability of the products is attributed to Green Source's liquid-cooled motor technology, which effectively addresses overheating and moisture issues, maintaining peak efficiency above 92% [3] - The second-generation liquid-cooled motor demonstrated consistent performance under high-intensity output, reinforcing Green Source's technological advantages [3] Group 3: Battery Technology - Green Source's digital battery maintenance system significantly extends battery life and enhances safety, with graphene batteries offering over 700 charge-discharge cycles, three times that of standard lead-acid batteries [5] - The introduction of a 3-year warranty for lead-acid batteries reflects the company's confidence in their long-lasting performance [5] Group 4: Market Impact - The "million-kilometer performance challenge" created a comprehensive product testing database, enhancing market trust in the durability of the Intelligent Super Range series [7] - This challenge signifies a new phase in the electric vehicle industry, emphasizing "technology supremacy and quality first," and redefines the standards for "reliable travel" [7] - User testimonials highlight a shift in perception, indicating that electric vehicles are now seen as capable of long-distance travel rather than just a means of transportation [7]

Group 1 - Recent heavy rainfall in multiple regions has led to water accumulation, increasing the risk of electric bicycles short-circuiting and causing battery fires [1][3] - An incident in Yichang, Hubei, involved a resident whose electric bicycle battery, after being exposed to water, exploded in the early morning, resulting in significant safety concerns [3] - Fire department advises that electric bicycle batteries, when exposed to water, should be carefully handled by drying them with a cloth and allowing them to air dry in a ventilated area before charging [5] Group 2 - It is recommended that water-damaged batteries be taken to specialized vehicle service centers for inspection and handling to prevent potential hazards [5]

Core Viewpoint - Niu Technologies reported a strong financial performance for Q2 2025, achieving revenue of 1.256 billion yuan, a year-on-year increase of 33.5%, and a net profit of 5.9 million yuan, marking a return to profitability [1] Group 1: Financial Performance - The company achieved a total vehicle sales volume of 318,700 units in Q2 2025, representing a year-on-year growth of 53.6% [1] - Revenue from vehicle sales reached 1.057 billion yuan, up 45.4% year-on-year [1] - The company expects Q3 2025 revenue to be between 1.433 billion and 1.638 billion yuan, reflecting a year-on-year growth of 40% to 60% [3] Group 2: Market Strategy - Niu Technologies expanded its domestic retail network to over 4,300 stores, a 38% increase compared to the same period last year [2] - The company’s high-end product series performed exceptionally well during the "618" e-commerce promotion, achieving top sales in both volume and revenue on major platforms like Tmall and JD [2] - The overseas market saw a total vehicle sales volume of 31,371 units in Q2, with single-unit revenue of 3,288 yuan, a year-on-year increase of 22.6% [2] Group 3: Product Innovation - R&D investment increased by 35.5% year-on-year, leading to the introduction of advanced technologies such as millimeter-wave radar and full-screen navigation [2] - The newly launched "Dual Master Series" achieved sales of 228 million yuan on its first day [2] - The company is focusing on strategic collaborations with leading suppliers to enhance its product competitiveness in areas like battery life and smart driving [2]

资料显示，小牛电动有限公司(NASDAQ: NIU,又称"小牛电动"),成立于2014年,是全球领先的智能城市出 行解决方案提供商,公司致力于为全球用户提供更便捷环保的智能城市出行工具,改变出行,让城市生活更 美好。小牛电动是中国城市出行领域第一家 lifestyle 品牌公司,传播科技、潮流、自由(technology, style, freedom)的品牌理念。目前,已推出小牛电动NQi、MQi、UQi三个系列多款电动车和周边文化产品NIU POWER以及专业户外运动自行车NIU AERO等。小牛电动MQi、UQi在过去20年中是仅有的两款获得德 国红点、德国IF、美国IDEA、日本G-Mark、中国红星、台湾Golden pin、香港DFA全球7项最主要设计 奖项大满贯的出行产品。 本文源自：金融界 作者：行情君 财务数据显示，截至2025年03月31日，小牛电动收入总额6.82亿人民币，同比增长35.12%；归母净利 润-3884.47万人民币，同比增长29.11%。 大事提醒： 8月11日，小牛电动将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日 ...

8月11日，小牛电动(NIU)开盘上涨9.52%，截至21:30，报4.14美元/股，成交69.07万美元，总市值3.23亿 美元。 8月11日，小牛电动将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为准）。 资料显示，小牛电动有限公司(NASDAQ: NIU,又称"小牛电动"),成立于2014年,是全球领先的智能城市出 行解决方案提供商,公司致力于为全球用户提供更便捷环保的智能城市出行工具,改变出行,让城市生活更 美好。小牛电动是中国城市出行领域第一家 lifestyle 品牌公司,传播科技、潮流、自由(technology, style, freedom)的品牌理念。目前,已推出小牛电动NQi、MQi、UQi三个系列多款电动车和周边文化产品NIU POWER以及专业户外运动自行车NIU AERO等。小牛电动MQi、UQi在过去20年中是仅有的两款获得德 国红点、德国IF、美国IDEA、日本G-Mark、中国红星、台湾Golden pin、香港DFA全球7项最主要设计 奖项大满贯的出行产品。 财务数据显示，截至2025年03月31日，小牛电 ...

Market Overview - US stock index futures are all up, with Dow futures rising by 0.29%, S&P 500 futures up by 0.14%, and Nasdaq futures increasing by 0.05% [1] - The German DAX index is down by 0.42%, while the UK FTSE 100 index is up by 0.27%. The French CAC40 index and the European Stoxx 50 index are both down by 0.42% and 0.28%, respectively [2][3] - WTI crude oil has increased by 0.44%, priced at $64.16 per barrel, and Brent crude oil is up by 0.42%, priced at $66.87 per barrel [3][4] Economic Data and Events - The US July CPI and other economic data are set to be released this week, which may reshape the Federal Reserve's interest rate outlook. Investors are closely watching the upcoming economic indicators, including July PPI, retail sales, and consumer confidence [5] - A record proportion of fund managers believe US stocks are "too expensive," with 91% of respondents indicating that current valuations are high, the highest level since 2001 [7] Company News - Apple (AAPL.US) announced an additional $100 billion investment in the US, boosting tech stocks and pushing the US market back to historical highs [5] - C3.ai (AI.US) has cut its revenue forecast by 33% and is restructuring its global sales team after announcing preliminary revenue of approximately $70.3 million, significantly below analyst expectations [10][11] - Niu Technologies (NIU.US) reported a 33.5% increase in Q2 revenue, turning a profit with a net income of 5.9 million RMB, driven by a 53.6% surge in sales in the Chinese market [10] Regulatory and Market Reactions - The return of former FDA vaccine regulator Prasad has led to a decline in biotech stocks, with Capricor Therapeutics (CAPR.US) dropping nearly 9% and Sarepta (SRPT.US) down nearly 5% in pre-market trading [6] - Goldman Sachs reported that 64% of tariff costs are borne by US companies, with only 22% passed on to consumers, indicating a potential impact on inflation rates [8] Cryptocurrency Market - Bitcoin is poised to challenge its historical high, with a target price of $150,000 by year-end, driven by positive macroeconomic conditions and speculative buying [9] - BitMine (BMNR.US) has become a favorite among South Korean retail investors, with a significant increase in Ethereum holdings valued at $3.6 billion [13]

（文章来源：每日经济新闻） 每经AI快讯，8月11日， 小牛电动发布2025年Q2财报：报告期内，公司实现营收12.557亿元，同比增长 33.5%，毛利率为20.1%，净利润为人民币590万元，扭亏为盈。 ...

Core Insights - Niu Technologies (NIU.US) reported a revenue of 1.2557 billion RMB for Q2 2025, representing a year-over-year growth of 33.5% [1] - The company achieved a gross margin of 20.1% and a net profit of 5.9 million RMB, successfully turning a profit [1] Revenue Breakdown - Revenue from the Chinese market for complete vehicles increased by 45.4%, reaching 1.0569 billion RMB [1] - The number of domestic stores increased to 4,304 [1] - The overseas sales network has expanded to cover 53 countries [1]

Investment Rating - The report focuses on identifying investment opportunities in industries that are expected to benefit from the "anti-involution" policy, particularly in coal, steel, and building materials sectors, which are characterized by high levels of internal competition and effective policy execution [7][19]. Core Insights - The report addresses key questions regarding the existence of a clear investment theme in the market, the establishment of a systematic and quantifiable analysis framework for industry selection, and the roadmap and timeline for investments [7]. - The macroeconomic context highlights that industrial profits are under pressure, with the Producer Price Index (PPI) experiencing negative growth for 33 consecutive months as of June 2025, leading to intensified competition within industries [7][14]. - The "anti-involution" policy has emerged as a national agenda aimed at optimizing industry structures and restoring profitability, driven by strong policy guidance [7][19]. - A dual-dimensional analysis model was constructed to evaluate the impact of the "anti-involution" policy on various industries, focusing on execution efficiency and the degree of internal competition [7]. - The investment conclusion emphasizes a focus on supply-side clearing, with coal, steel, and building materials industries expected to achieve rapid supply-side clearing and a V-shaped recovery in profitability due to their characteristics of high internal competition and high execution efficiency [7][19]. Summary by Sections Current Macroeconomic Background - Industrial enterprises are facing profit pressures, with the PPI continuing to contract, indicating a challenging environment for profitability [9][14]. - The report notes a significant correlation between PPI and industrial profits, suggesting that a recovery in prices is essential for profit recovery [14]. Model and Methodology - A quantitative model was developed to screen industries that would benefit from the "anti-involution" policy, focusing on execution efficiency and internal competition levels [7]. Conclusions and Strategies - The report suggests that industries such as coal, steel, and building materials are likely to be the first to experience supply-side clearing and profitability recovery, making them core areas of focus for investment [7][19].