业内专家受访时表示，2024年以来A股呈现激烈波动、趋势收敛的特征，显示资金博弈激烈，市场情绪 主导短期定价。从中期的维度看，A股定价的有效性逐步显现。展望后市，市场乐观趋势预计仍将延 续。 多个指数创阶段新高 A股市场主要指数近期连续上行，并不断创出阶段新高。上证指数7月23日一度突破3600点整数关口， 盘中创出近9个多月新高；深证成指不仅创出年内新高，还创出近8个多月新高；创业板指数则创出近7 个多月新高。 A股市场强势格局持续演绎。7月23日尾盘虽出现一定波动，但当天盘中多个主要市场指数仍然创出阶 段新高。市场热度回暖，不仅主要市场指数频创阶段新高，市场成交额"水涨船高"，两融交易也趋向活 跃。不过值得注意的是，在市场整体上行的同时，结构性分化也比较明显。 此外，中证系列指数中，中证2000指数7月22日盘中创出该指数自2023年8月11日发布以来的新高；中证 1000指数7月23日盘中创出最近两年新高；中证500指数7月23日盘中不仅创出年内新高，还创出最近8个 多月新高。 在指数上涨的同时，市场成交额也"水涨船高"，呈现走高之势。数据显示，沪深京三市合计成交额日前 不断攀升，7月22日已突破1.9 ...

Ribbon Communications (RBBN) came out with quarterly earnings of $0.05 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.05 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this maker of technology for telephone services over internet networks would post earnings of $0.01 per share when it actually produced a loss of $0.03, delivering a surprise of -400%.Over the last four quarters, the company has surpassed co ...

4月以来融资余额变化情况 | 融资余额(亿元) 19500 19000 18500 18000 17500 17000 4月1日 7月1日 7月22日 5月1日 6月1日 | | | | 7月以来融资净流入额居前的个股 | | | | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 行业 | 融资净流入额 (17元) | 7月以来 涨跌幅(%) | 总市值 ( ( 7 ) | | 300502 | 新易盛 | 通信 | 19.33 | 37.14 | 1731.05 | | 300308 | 中际旭创 | 通信 | 14.89 | 27.64 | 2068.68 | | 600111 | 北方稀土 | 有色金属 | 13.02 | 40.52 | 1264.91 | | 002594 | 比亚迪 | 汽车 | 12.57 | 1.86 | 10593.54 | | 002384 | 东山精密 | 电子 | 11.76 | 41.89 | 981.56 | | 600930 | 花电新能 | 公用事业 | 11.52 | 5.15 | 3093.16 | | 30 ...

公募基金二季报披露落下帷幕，权益类基金（股票型+混合型）的持仓结构呈现出科技成长赛道强化布局和防御性资产配 置升级的特征。公募排排网数据显示，截至二季度末，权益类基金（不含QDII基金）重仓持股总市值达2.621万亿元，较一季 度末增长2.55%，在市场波动中彰显出结构性配置的活力。 科技主线持续强化 本报记者 彭衍菘 深圳市前海排排网基金销售有限责任公司公募产品运营曾方芳表示，权益类基金管理人对港股创新药、互联网、消费等领 域的配置比例提升，主要源于对港股市场估值信心，认为这些领域具有较高的成长潜力和市场空间。 曾方芳认为，随着港股市场的逐步回暖，这些优质企业有望获得更多资金的青睐，从而带动其股价进一步上涨。此外，权 益类基金通过增配这些领域，也能进一步优化投资组合，降低整体风险，提升收益水平。 孙珩表示，二季度权益类基金对港股相关领域配置提升，可能是对估值修复机会及消费复苏预期的布局。整体来看，这样 的调整既兼顾了成长空间，也在寻求估值与业绩的平衡，反映出基金对高景气度领域和潜在修复机会的双重关注。 防御性资产配置升级 除此之外，权益类基金也开启"防御模式"。二季度，权益类基金的管理人对银行板块配置比例提 ...

申万宏源证券承销保荐有限责任公司 关于杭州华星创业通信技术股份有限公司 解除限售并上市流通的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上 市规则》《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规 范运作》等有关法律、法规的规定，申万宏源证券承销保荐有限责任公司（以 下简称"申万宏源承销保荐"或"保荐人"）作为杭州华星创业通信技术股 份有限公司（以下简称"华星创业"或"公司"）2022年向特定对象发行股 票的保荐人，对华星创业2022年向特定对象发行股票限售股份解除限售并上市 流通的事项进行了审慎核查，并出具核查意见如下： 一、本次解除限售股份的基本情况及公司股本变动情况 （一）本次申请解除限售股份的基本情况 根据中国证券监督管理委员会《关于同意杭州华星创业通信技术股份有 限公司向特定对象发行股票注册的批复》（证监许可20212506号）的核准， 公司向特定对象发行人民币普通股（A股）75,120,000股，并于2022年7月26日 在深圳证券交易所创业板上市交易。公司向特定对象发行股票前总股本为 （二）本次股份发行后公司股本变动情况 二十次会议，审议通过了《关于20 ...

证券代码：300025 证券简称：华星创业 公告编号：2025-033 股票限售期为自本次发行股份上市之日起 36 个月。本次发行后，公司总股本由 年年年年年年2022年年年年年年年年年年年年年年年年年年年年年年年年年年年年年年年年年年年年 年年年年2022年年年年年年年年年年年年年年年年年年年年年年年年年年年年年年年年年年 此 次 归 属的限制性股票 5,142,360 股已于 2023 年 7 月 28 日上市流通，具体情况请见公司 于 2023 年 7 月 26 日披露的《关于 2022 年限制性股票激励计划首次授予部分第一 个归属期归属结果暨股份上市的公告》（公告编号：2023-036）。 本次归属后公司总股本由 503,650,562 股增加至 508,792,922 股。 杭州华星创业通信技术股份有限公司 关于向特定对象发行股票限售股份解除限售 并上市流通的提示性公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： "公司"）于 2022 年 7 月 26 日在深圳证券交易所创业板上市的向特定对象发行 的股票。 司（曾用名：杭州兆享网络科 ...

ST路通 （维权）（300555）近日发布公告，公司因证券纠纷和损害公司利益责任纠纷，分别向北京市 昌平区人民法院提起诉讼，两案均已立案受理，ST路通在两案中均为原告，涉案金额合计人民币250万 元（暂计）及所涉案件的诉讼费。 案件一：证券纠纷 诉讼当事人： 原告为无 锡 路通视信网络股份有限公司，被告包括吴世春、顾纪明、尹冠民、庄小正、蒋秀军以及萍 乡汇德企业管理中心（有限合伙）。 主要事实与理由：2025年3月起，被告一吴世春通过司法拍卖、二级市场增持及签订协议等方式，取得 路通视信公司相关股份及表决权。但原告认为吴世春在拥有表决权股份比例增加过程中，未按《证券 法》规定进行报告和公告，违规增持部分股份表决权，且在未履行权益变动报告及公告义务情况下，通 过二级市场违规增持股份。 案件二：损害公司利益责任纠纷 诉讼当事人： 原告为无锡路通视信网络股份有限公司，被告为吴世春、曾庆川、符玉霞。 主要事实与理由：2025年3月起，吴世春通过多种方式谋求上市公司控制权，但未依法履行信息披露义 务、履行收购协议，多次违法要求改选董事会。曾庆川、符玉霞配合召开监事会，拟违法召开股东大会 改选董事会，还擅自在媒体披露公司 ...

1. Report Industry Investment Rating No relevant content provided in the report. 2. Report's Core View - From July 14 to July 19, 2025, the convertible bond market continued its gentle recovery, with steadily rising trading activity. The focus of capital allocation shifted towards mid - cap individual bonds with fundamental support and elasticity expectations. The equity market continued its structural differentiation, with the growth style relatively dominant. The science - and - technology innovation sector performed prominently, and there was also capital inflow in the cyclical manufacturing direction. The valuation structure of convertible bonds stretched overall, and the impetus for valuation repair of medium - and high - parity bonds increased. Since 2025, the proportion of convertible bonds held by insurance funds has been continuously rising compared to 2024, reflecting the enhanced preference of stable long - term funds for assets that combine increased returns and high safety margins. It is recommended to balance the layout of high - quality medium - and low - priced convertible bonds with coupon advantages and credit support while paying attention to high - prosperity directions [2][6]. 3. Summary by Relevant Catalogs 3.1 Insurance Funds' Allocation in the Convertible Bond Market - As of June 2025, the proportion of convertible bonds held by insurance funds had steadily increased to 8.1%. Although the absolute face value of holdings decreased slightly due to market shrinkage, it showed an enhanced preference for convertible bond assets with safety margins and stable returns. It is recommended to focus on varieties with low valuations, high coupons, and good credit qualifications as an important supplement to the bottom - position defensive allocation [9]. - From the overall perspective of the two markets, the proportion of convertible bonds held by insurance funds in the market showed a marginal upward trend. Although the face value of convertible bonds held by insurance institutions decreased from 64.58 billion yuan in June 2024 to 57.64 billion yuan in June 2025, mainly due to the simultaneous decline in the overall scale of the convertible bond market, the proportion increased from 7.8% to 8.1%, indicating an enhanced relative allocation willingness [16]. - In the Shenzhen Stock Exchange, the proportion of insurance funds increased significantly, while in the Shanghai Stock Exchange, it was relatively stable. In June 2025, in the Shenzhen Stock Exchange, the proportion of insurance funds increased by 1.2 percentage points year - on - year to 6.7%. In the Shanghai Stock Exchange, the proportion of insurance funds decreased by 0.2 percentage points year - on - year to 9.1%, possibly due to the conversion or maturity of some bank convertible bonds [18][21]. 3.2 Market Theme Weekly Review 3.2.1 Equity Theme Weekly Review - During the week from July 14 to July 19, 2025, the trading themes in the equity market were active. The rare - earth index led the market with a 17.5% cross - week increase, and the first - board index followed with a 15.3% increase. The pharmaceutical technology theme performed well, and the new - energy sector recovered slightly. The digital economy sector showed structural differentiation. Some trading - related indexes showed significant increases, but there were risks of short - term volatility amplification [26]. 3.2.2 Convertible Bond Weekly Review - During the week, the convertible bond market continued to rise, with the increase moderately converging. The trading activity reached a new stage high, and the market style shifted towards small - cap bonds. The valuation structure showed that the low - parity range was repaired, and the high - parity range was compressed. The implied volatility rose, and the market sentiment stabilized and recovered. At the industry level, the home appliance, computer, and communication sectors led the increase. It is recommended to focus on medium - priced bonds with safety margins and catalytic expectations and seize the rotation and repair window [29]. 3.3 Market Weekly Tracking 3.3.1 Main Stock Indexes Strengthened, with High - Prosperity Sectors as the Main Theme of the Week - The main A - share stock indexes continued to strengthen. The ChiNext Index led the rise with a 3.2% cross - week increase. The science - and - technology innovation small - and - medium - cap stocks performed prominently. However, the main funds continued to flow out, and the outflow pressure increased. The average daily trading volume of the whole market was about 1.5 trillion yuan, the same as last week [30]. - The A - share market continued its structural differentiation. The communication sector led the rise with a 7.5% increase, while the bank sector led the decline with a 3.4% decrease. The trading volume of leading sectors expanded with the increase in prices. The market funds continued to concentrate on high - prosperity sectors, and attention should be paid to the sustainability of the high - prosperity sector market [34]. - The market sector congestion showed a differentiated pattern, with funds concentrating on high - elasticity sectors. It is recommended to pay attention to the risk of increased volatility in sectors with continuously high congestion [40]. 3.3.2 Convertible Bond Market Followed and Strengthened, with Small - Cap Convertible Bonds Performing Well - The convertible bond market continued to rise, with small - cap convertible bonds leading the increase. The valuation stretched in each parity range, and the implied volatility continued to rise. The median price of convertible bonds oscillated upward, indicating high market trading sentiment [44][50][53]. - The performance of convertible bonds in each sector was generally strong, with funds becoming more concentrated. The home appliance, computer, and communication sectors led the increase, and the pharmaceutical, basic chemical, and power equipment sectors ranked among the top in terms of trading volume [56]. - Individual convertible bonds generally strengthened. The top - rising convertible bonds were mostly driven by the underlying stocks, while the top - falling ones were dragged down by the underlying stocks [62][63]. 3.4 Primary Market Tracking and Clause Game - During the week from July 14 to July 19, 2025, two convertible bonds were listed, and seven listed companies updated their convertible bond issuance plans. The current total scale of projects in the exchange - acceptance stage and later was 64.96 billion yuan [68][69][71]. - Regarding the downward - revision of convertible bonds, eight convertible bonds announced that they were expected to trigger downward - revision, four announced no downward - revision, and one proposed downward - revision [75][78]. - Regarding the early redemption of convertible bonds, five convertible bonds announced that they were expected to trigger redemption, three announced no early redemption, and five announced early redemption [83].

2025 年 CPU 行业的发展现状和未来趋势如何？ 2025 年，CPU 行业实现了显著的突破。英伟达在 2025 年 3 月 19 日的 GTC 大会上推出了两款 CPU 交换机——Quantum x 和 Spectrum x，预计分别在 2025 年下半年和 2026 年下半年发布。此外，博通等公司也积极布局 CPU 交 换机领域。因此，2025 年被认为是 CPU 交换机的元年，而 2026 年可能成为 小规模出货的元年。随着 AI 技术的持续升级迭代，光通信速率将从 1.6 向 3.2 及更高速率发展。短期来看，可插拔和 CPU 将共存，但长期来看，CPU 可能 成为产业发展的重要方向之一。 底层硅基工艺提升，龙头企业布局，AI 算力对高带宽低功耗低成本解决 方案的需求，使得通信计算集成并突破传统架构瓶颈，高性能计算领域 得到突破。海外企业主导，国内厂商合作机会增加，推动国内企业切入 全球市场份额。 CPU 行业投资机会包括光引擎（中际旭创、新易盛等）、光器件（天孚 通信、太辰光等）、封装（通富微电、长电科技等）及交换机芯片（盛 科通信、紫光股份等）领域。 CPU 行业有哪些具体投资机会？ CPU ...

2025 年第二季度各类公募基金的产品发行和存量规模情况如何？ 2025 年第二季度，公募基金在产品发行和存量规模方面表现出色。主动权益 基金方面，新发普通股票、偏股混合和灵活配置型的基金数量分别为 10 只、 60 只和 1 只，发行份额分别为 14.9 亿份、348.5 亿份和 2.5 亿份，平均募资 规模达到 5.2 亿元，相较于第一季度的 3.1 亿元有显著提升。红利价值和科技 成长是基金公司布局的重点方向，新发产品分别为 16 只和 15 只，占比过半。 截止到二季度末，主动权益基金数量达 4,260 只，同比增幅 3.5%，环比增幅 1.2%。尽管市场整体温和反弹，但部分老产品被赎回导致整体份额环比下降 2.2%，规模基本持平于 3.33 万亿元。 固收加产品方面，总量规模已超越 2023 年下半年水平，全市场共有约 2,200 只固收加基金，存量规模达 2.16 万亿元。偏债混合 FOF 扩容幅度领先，其次是一级债基单季度扩容超过 10%。前十大机构排名相对稳定，其中易方达与招商长期居前两位，而景顺长 主动权益基金股票仓位微降，重仓持有港股比例提升至 17%。通信、金 融等行业获增配，消费和制造 ...