富时中国A50指数连续 -0.06(-1.06%) -0.09(-1.06%) -0.23(-1.97%) 光大银行 2505.23亿市值 8.02亿成交额 4.24 -0.03(-0.70%) 保险 中国太保 中国平安 中国人保 48 3705.97亿市值 3481.60亿市值 10325.20亿市值 17.65亿成交额 39.30亿成交额 7.77亿成交额 56.70 8.38 36.19 -0.47(-1.28%) -0.04(-0.48%) -0.49(-0.86%) 酿酒行业 贵州茅台 山西汾酒 五粮液 18403.05亿市值 2327.45亿市值 4872.58亿市值 61.28亿成交额 34.17亿成交额 37.85亿成交额 125.53 1464.98 190.78 +2.97(+2.42%) +21.98(+1.52%) +10.49(+5.82%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2324.57亿市值 2484.71亿市值 3145.76亿市值 22.65亿成交额 38.95亿成交额 29.95亿成交额 135.34 322.14 593.93 +2.09(+0.65% ...

7月21日晚，深康佳A(000016.SZ，下称"康佳集团")发布公告称，本次股份无偿划转已经实施完毕，公 司总股本不变，华侨城集团有限公司(下称"华侨城集团")及其一致行动人不再持有公司股份。公司控股 股东为磐石润创(深圳)信息管理有限公司(下称"磐石润创")，公司实际控制人为中国华润有限公司(下 称"中国华润")，最终实际控制人为国务院国资委。 经过104天的央企专业化整合进程，康佳集团正式完成实际控制人变更。 康佳集团成立于1980年，前身是"广东光明华侨电子工业公司"，是深圳市首家营业收入超百亿元的工业 企业，1992年于深圳证券交易所上市(深康佳A、B)。1991年改组为中外公众股份制公司后，华侨城集 团一直担任第一大股东角色。主营业务为消费电子和半导体。 康佳集团近日披露，公司预计今年上半年归母净利润为-5亿元至-3.6亿元，扣非后净利润为-11亿元 至-9.5亿元。 对上半年净利润出现亏损的原因，康佳集团表示是由于新品上市进度不及预期；清理部分非一级能效产 品导致产生一定的毛利损失，毛利获取仍未有效覆盖费用支出；公司半导体业务仍处于产业化初期，尚 未实现规模化及效益化产出，半导体业务整体经营处于 ...

国投证券宏观定期报告 周度经济观察 ————三季度供需或将趋于平衡 袁方1张端怡2 魏薇（联系人）3 2025 年 07 月 22 日 内容提要 二季度经济呈现出供应强、需求弱的特征，最终导致实际产出下滑有限，而 价格显著滑落，名义 GDP 增速跌破 4%，处于近三年低点。伴随"反内卷"政策 的推出以及实体部门信心预期的修复，三季度供需有望趋于平衡，这也将逐步推 动名义 GDP 增速触底回升。 国投证券宏观定期报告 一、三季度供需或趋于平衡 从过往经验来看，适度通胀对企业生产经营、居民资产负债表的改善影响积 极。在经济体从低通胀向适度通胀演进的过程中，流动性环境的宽松与基本面的 止跌回升往往会同时出现，权益市场在这一环境中表现会相对亮眼。 短期而言，低通胀环境叠加资金面的宽松，对债券市场依然有利，债券市场 单边向上的空间有限。不过展望至年底，我们倾向于认为基本面的修复、通胀的 回升可能会推动债券市场收益率中枢上行。 风险提示：（1）地缘政治风险 （2）政策出台超预期 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1宏观团队负责人，yuanfang@essence.com.cn，S1450520 ...

Core Viewpoint - Konka Group has officially completed the change of its actual controller after a 104-day process of professional integration among state-owned enterprises, with China Resources becoming the new actual controller [1][3][4] Group 1: Share Transfer Completion - The share transfer involved approximately 29.999997% of Konka Group's total share capital, with Panshi Run Chuang holding about 5.24 billion A-shares, accounting for 21.76% of the total share capital [3] - Hemaotong Limited, through CITIC Securities Brokerage (Hong Kong) Co., Ltd., holds approximately 1.98 billion B-shares, representing 8.24% of the total share capital [3] - Following the completion of the B-share transfer, Overseas Chinese Town Group and its action-in-concert party no longer hold any shares in Konka Group [3] Group 2: Background and Significance of State-Owned Enterprise Integration - Konka Group, established in 1980, was the first Sino-foreign joint venture electronics company after China's reform and opening up, with Overseas Chinese Town Group as the largest shareholder since its restructuring in 1991 [4] - The professional integration process began on April 8, initiated by Overseas Chinese Town Group to optimize resource allocation among state-owned enterprises [4] - The approval process for the share transfer was supported by regulatory authorities, with the National Market Supervision Administration issuing a non-prohibition decision on June 27 and the State-owned Assets Supervision and Administration Commission formally approving the transfer on June 30 [4]

Group 1 - Apple is set to add a second front-facing camera to the upcoming M5 iPad Pro for improved facial recognition, selfies, and video calls in portrait mode [1] - As the September Apple event approaches, investment interest in the supply chain has been increasing, with the CSI Consumer Electronics Theme Index rising by 0.30% [1] - Key stocks in the consumer electronics sector have shown significant gains, including Xiamen Intretech Inc. up 8.51% and Dongshan Precision up 4.97% [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index account for 51.02% of the index, including Luxshare Precision, SMIC, and BOE Technology Group [2] - The Consumer Electronics ETF closely tracks the CSI Consumer Electronics Theme Index, which includes 50 listed companies involved in component production and brand design [2]

兄弟们，大家中午好。 最近这段时间，小米 YU 7 也算是从宣传期进入了稳定交付期，只要生产力跟得上， 那 YU 7 的交付量是完全不用担心的 。 已经安排好两个好大儿的小米汽车，也开始忙不迭的测试自家的"老三"了。 没错，小米的第三款车，已经开始陆陆续续有路透消息了。 7 月 21 日，博主 @德卤爱开车 分享了一组照片。 并且配文称： "小米昆仑 N3 伪装车出现在北京工厂超充站"。 充电口放在车身左侧，那加油口应该在右侧，时间亮相节点来看应该还是在今年底 - 明年初。 至于配置信息，目前大多数还是猜测。 不过小米之前的两款车型，价格已经在逐渐往上探，（顶配）过30W大关的YU 7 依旧火爆异常。 这次的新车型，不知道会不会奔着豪华大型SUV去。 但是市面上的友商，增程车的定价都是比纯电的便宜一些的。 不知道小米这次的定位是否也会延续这个风格。 咳咳，据说这是小米的第三款车型定位呢，是属于大型增程SUV。 从 2024 年开始，就有多个博主爆料： 除了YU 7之外， 小米还有一款中大型增程 SUV，主打家庭市场，采用三排 6 座 / 7 座布局，内部代号"昆仑"。 虽然这款车最近又被爆了出来。 但是小米的 ...

Core Viewpoint - The A-share market is expected to enter a phase characterized by the convergence of policy implementation and mid-term performance verification, with structural trends likely dominating the market [1][2] Group 1: Market Performance and Trends - The Shanghai Composite Index closed at 3559 points, marking a new high for the year, with the market showing signs of structural differentiation and volatility in Q2 [1] - High dividend and defensive sectors performed strongly, reflecting market preference for stable cash flow and high dividends amid uncertain macroeconomic recovery [1][2] - The technology sector experienced internal differentiation, with the AI-related communication industry leading, while semiconductor and hardware sectors showed limited growth [2][3] Group 2: Investment Strategy - The investment strategy emphasizes a balanced approach, focusing on high-quality growth stocks with long-term industry trends and performance stability, while also considering defensive value sectors [3] - The fund has maintained a high allocation to the AI industry while adjusting the internal composition to increase exposure to AI infrastructure and leading application companies with stronger performance [4] - As of the end of Q2 2025, the fund achieved a net value growth rate of 59.27% over the past year, significantly outperforming the benchmark return of 10.93% by 48.34% [4]

编者按：高考落幕后，相关消费升温，准大学生拉动"后高考经济"。手机、电脑等入学装备销量激增，商家推出 学生专享折扣，叠加以旧换新国补政策，吸引家长和学生扎堆下单；旅游市场同样火热，毕业生们结伴奔赴热门 城市打卡，甚至为追星、抢周边专程规划行程。此外，驾校报名迎来"学生党大军"，牙齿矫正、美容健身咨询量 翻倍……随着高考落幕，"后高考经济"迅速升温，准大学生们成为消费市场的新主力，在这个夏天掀起一波消费 热潮。北京青年报就此深入调查，从电子消费、毕业旅行、"个人提升"消费三个层面揭示今年夏天的"后高考经 济"呈现的新趋势和新特点。 随着高考录取结果陆续揭晓，毕业生群体正掀起电子设备升级消费高峰。连锁经营协会数据显示，高考结束后的 两周内，3C产品销售额同比激增172%。笔记本电脑销量同比增长200%，数码相机增长190%，印证着消费市场的 强劲动能。 家长支持平台推优惠 刚考完高考的小云说："高考结束后入手了Switch2，之后又陆续配齐了保护壳、手柄、游戏卡带等全套配件。"选 择大疆Pocket3的小苏更看重实用价值："高考一结束就买了这款便携相机，既能记录暑期旅行，也能满足大学校 园生活的拍摄需求。"数据显 ...

一、展出时间及地点： 2026年4月7日至10日，4天展期 二、展出地点：季米里亚泽夫中心（Timiryazev Centre） 三、组展单位：禾纯展览(上海)有限公司 四.2025年展会情况 俄罗斯国际通信及消费电子展是由俄罗斯国家杜马、俄罗斯联邦通信与大众传媒部、俄罗斯联邦工业和 贸易部、俄罗斯联邦通信局共同主办和指导的东欧地区最大最专业的通讯设备展览会。本届展览会克服 了地缘政治带来的影响吸引了来自中国、俄罗斯、古巴、白俄罗斯共6个国家690家企业参展，集中展示 了通信领域最高精尖以及针对俄罗斯地区研发的产品和服务。FIBO、IP MATIKA、Satel、欧乐风等都 有规模较大的展台。该展览会共有两个展馆进行展示交易分别为Hall 2-1、Hall 2-2，Hall2-2，展出面积 33000多平方米。展会共有来自32个国家及地区14000+商业领袖、企业领导者、专业买家以及学者组成 的专业观众观展。 俄罗斯工贸部部长安东·阿利克汉诺夫向大会致亲笔信，他表示本届展会是普京总统的科技十年战略的 重要组成部分。工信部国际经济技术合作中心（中国贸促会电子信息行业分会）主任郑红女士也向所有 展商进行了书面致辞 ...

Core Insights - TSMC has raised its revenue growth forecast for 2025 from approximately 25% to 30%, driven by strong AI demand and a moderate recovery in non-AI demand [2][3] - TSMC's Q2 2025 revenue reached $30.07 billion, exceeding guidance, with a year-over-year increase of 44.4% and a quarter-over-quarter increase of 17.8% [3] Financial Performance - TSMC's Q2 2025 revenue was $30.07 billion, surpassing the guidance range of $28.4 billion to $29.2 billion [3] - Revenue breakdown: HPC revenue increased by 14% quarter-over-quarter, accounting for 60% of total revenue; IoT and smartphone revenues increased by 14% and 7%, respectively, accounting for 5% and 27% of total revenue [3] - Q3 2025 revenue is projected to be between $31.8 billion and $33 billion, with a year-over-year growth of 35%-40% and a quarter-over-quarter growth of 6%-10% [3] Market Trends - The semiconductor sector is experiencing high demand, particularly in AI and domestic growth opportunities due to localization [3] - The approval of H20 chip exports to China is expected to benefit the computing power supply chain, with companies like NVIDIA and AMD planning to resume exports [4] Investment Recommendations - Continued recommendations for companies in the semiconductor and PCB sectors, including Industrial Fulian, Huada Semiconductor, and others, based on favorable market conditions and growth potential [2][4] - Focus on companies involved in end-side AI applications and storage solutions, such as Rockchip and related firms, as they are expected to benefit from advancements in AI technology [6][8]