AI基金农银国企改革混合（002189）披露2025年二季报，第二季度基金利润395.92万元，加权平均基金份额本期利润0.098元。报告期内，基金净值增长率 为5.01%，截至二季度末，基金规模为8258.4万元。 该基金属于灵活配置型基金。截至7月17日，单位净值为2.062元。基金经理是张峰，目前管理5只基金近一年均为正收益。其中，截至7月17日，农银策略精 选混合近一年复权单位净值增长率最高，达1.45%；农银国企改革混合最低，为0.6%。 基金管理人在二季报中表示，二季度我们整体保持中性偏低仓位，季度末进行了加仓操作，仓位提升到中性水平。组合二季度整体配置相对稳健防御，但通 过积极的选股，二季度组合配置的新一代核心资产标的表现较好，给组合带来了较大的贡献，组合在二季度跑赢了市场。目前组合保持中性仓位，后续将适 时继续对仓位进行调整。在配置上，我们将继续保持对低波红利相关板块的配置，同时继续加大寻找新一代核心资产标的来进行配置。同时组合也适时加大 了对金融板块的配置。目前组合主要配置在公用事业、运营商、银行、非银、交运、新消费等行业。 截至7月17日，农银国企改革混合近三个月复权单位净值增长率为5.1 ...

Core Viewpoint - The California High-Speed Rail Authority has filed a lawsuit against the federal government following the announcement of the termination of funding for the high-speed rail project, claiming it is an arbitrary abuse of power [1] Group 1: Legal Actions - The California High-Speed Rail Authority has initiated legal proceedings against the federal government, alleging misuse of authority in terminating funding [1] - The lawsuit characterizes the federal government's actions as "arbitrary and capricious" [1] Group 2: Political Context - California Governor Newsom has described the funding termination as a form of political retaliation, asserting that the state will contest the federal government's illegal actions [1] - U.S. Transportation Secretary Duffy expressed confidence that the federal government will prevail in any lawsuits arising from the funding termination [1]

7月18日上午，中国—上海合作组织地方经贸合作大会在青岛·上合之珠国际博览中心开幕。大会期间，《中国—上海合作组织地方经贸合作大会青岛倡议》 （以下简称"《青岛倡议》"）正式发布，为上合组织框架下地方间的经贸合作擘画了清晰路径，贡献了坚实的"上合智慧"。 三、共同推动贸易投资提质升级。深度挖掘上合组织地方间贸易潜力，支持企业合规举办面向对方市场的展览展会，深化电子商务、服务贸易、数字贸易合 作，优化贸易结构，培育外贸新动能，扩大进出口规模。加强上合组织地方间投资促进机构交流合作，相互支持搭建投资对话平台，举办投资促进活动，优 化投资发展环境，在绿色低碳、数字经济、现代农业、基础设施等领域共享高质量发展新机遇。 《青岛倡议》立足于"上海精神"，提出了六大核心合作方向，构建一个更加紧密、高效、共赢的地方经贸合作新格局。 一、携手构建国际物流大通道。积极参与上合组织国家间国际物流大通道建设。发挥青岛在"一带一路"新亚欧大陆桥经济走廊建设和海上合作中的作用，建 设上合国际枢纽港，打造上合组织国家面向亚太市场的"出海口"。加强上合组织地方间枢纽城市互联互通，积极开展上合组织国家间的海、铁、公路联合服 务合作，打造"陆海 ...

Core Viewpoint - Lishui Airport officially commenced operations on July 18, 2025, enhancing regional connectivity and supporting local economic development [1][2]. Group 1: Airport Infrastructure - Lishui Airport is located 15 kilometers from Lishui city center, covering an area of 3,430 acres, featuring a runway of 2,800 meters in length and 45 meters in width [1]. - The airport includes a terminal building of 12,000 square meters and 8 parking positions, capable of accommodating mainstream aircraft such as Boeing 737, Airbus A320, and domestically produced C919 [1]. - The airport is designed to handle an annual passenger throughput of 1 million and a cargo throughput of 4,000 tons [1]. Group 2: Construction Milestones - The construction of the terminal area began on December 21, 2022, marking the start of the airport's development [2]. - The terminal area passed completion inspection on March 18, 2025, indicating significant progress in the airport's construction [2]. - On June 13, 2025, Lishui Airport received the Transport Airport Use License from the Civil Aviation Administration of China, confirming its readiness for operation [2]. Group 3: Flight Operations - The airport has established a route between Beijing Capital Airport and Lishui Airport, operated by Air China with Boeing 738 aircraft, with flights scheduled on Mondays, Wednesdays, Fridays, and Sundays [3]. - A daily route is also available between Shanghai Pudong Airport and Lishui Airport, operated by China Eastern Airlines using Airbus A320 aircraft [4]. - Additional routes to Shenzhen, Guiyang, and Guangzhou are planned to commence in August, with further expansions to popular cities like Chongqing, Chengdu, and Xi'an expected after the winter-spring schedule change in October 2025 [4].

按行业分析，在不少涵盖行业中，受访者总体而言预期2025年第三季的业务状况较2025年第二季为差。 尤其在运输、仓库及速递服务业中，有显著较多的受访者预期2025年第三季其业务状况较2025年第二季 为差。 智通财经APP获悉，7月18日，香港政府统计处发表2025年第三季业务展望按季统计调查的结果。综合 是项统计调查所涵盖的行业而言，预期2025年第三季的业务状况较上一季为佳的受访者（10%）比预期 较差者（18%）所占的比例为低。 与2025年第二季统计调查的结果比较，预期2025年第三季的业务状况较上一季为佳的受访者的比例为 10%，较2025年第二季的相应比例（9%）略高。同时，预期业务状况较上一季为差的受访者的比例与 2025年第二季的相应比例（18%）大致相同。 在大部分涵盖行业中，受访者总体而言预期2025年第三季的货品售价／服务收费较2025年第二季大致维 持不变。然而，在建造业中，有显著较多的受访者预期2025年第三季其投标价格较2025年第二季下降。 香港政府发言人表示，大型企业就2025年第三季的整体短期业务前景与上一季的展望相比有轻微改善， 而招聘意欲保持平稳。展望未来，发言人指出外围 ...

《中国民航报》、中国民航网 记者张丰繁 通讯员冯薪博、郭佳琦 报道：自2025年7月15日起，北京大兴国际机场国内快速中转区服务迎来重要升级。北京 首新航空地面服务有限公司（以下简称"首新地服"）正式全面负责该区域国内转国内非通程旅客的再值机业务（以下简称"D-D"再值机业务），旨在为旅客 打造更高效、更优质的中转体验。 √值机手续 转乘春秋、九元献空的旅客调至81层值机 � 转架 4114 17 40 未来，首新地服将持续以旅客需求为核心，依托成熟的业务体系和精益求精的服务精神，为大兴机场中转旅客提供"省时、省事、省心"的地面服务体验，助 力大兴机场建设成为国际一流航空枢纽。（编辑：金杰妮 校对：王亚玲 审核：韩磊） （大兴机场供图） 自2021年启用以来，大兴机场国内快速中转区凭借"一站式"服务模式，实现了旅客无需转换楼层即可在该区域办理后续航班的值机、行李托运手续并通过安 检，平均节省约20分钟中转时间，在提升旅客中转效率方面发挥了关键作用。然而，此前由多家地服代理共同运营的模式，在高峰时段存在资源分散、协同 不足等问题，难以完全满足旅客对高效服务的需求。 此次首新地服全面负责"D-D"再值机业务，将充 ...

Core Viewpoint - Spring Airlines celebrates its 20th anniversary and receives the first domestically produced Airbus A320 Level 5 flight training device from domestic aviation technology company Lite Technology, enhancing pilot training resources and ensuring safety operations [1][6]. Group 1: Equipment Details - The delivered Airbus A320 Level 5 flight training device is the first domestically produced product that meets high-standard configurations and is certified to the Airbus A320 Flight Training Device (FTD) Level 5 standard [3]. - The device features a modular design with separate layouts for the simulated cockpit, rear cabin, and visual system, utilizing Airbus's original data package to replicate the real cockpit environment 1:1 [3]. - It is equipped with a wide-angle visual system capable of simulating 300 system failure scenarios, meeting various training needs for crew members under normal procedures, emergency handling, and night flying conditions [3]. Group 2: Training and Cost Efficiency - The Airbus A320 Level 5 flight training device serves as an effective link and supplement to full-motion simulators and initial training devices, enhancing pilot proficiency while reducing training costs [5]. - Spring Airlines has invested 800 million yuan in establishing a flight training base in the Shanghai Free Trade Zone, which includes six full-motion simulators for the Airbus A320, with a seventh simulator expected by the end of the year [5]. Group 3: Collaboration and Development - The development of the flight training device involved the participation of Spring Airlines' pilots, who contributed their insights and experiences to ensure the training device closely resembles real flight scenarios [6]. - This collaboration signifies a new milestone for domestic flight training equipment and injects technological momentum into Spring Airlines' foundational training initiatives [6]. Group 4: Company Growth and Safety Commitment - Over the past 20 years, Spring Airlines has expanded from leasing to owning a fleet of 133 Airbus aircraft and has developed over 250 domestic and international routes, safely transporting 240 million passengers [6]. - The company emphasizes the importance of enhancing the professional capabilities and conduct of its pilot workforce as part of its talent strategy, committing to safety-first principles and rigorous training standards [7].

Core Viewpoint - The China Securities Index Transportation Industry Index has shown a slight decline over the past month but has increased over the last three months and year-to-date, indicating a mixed performance in the transportation sector [2]. Group 1: Index Performance - The China Securities Index Transportation Industry Index reported a decrease of 0.91% over the past month, an increase of 3.46% over the last three months, and a year-to-date increase of 0.05% [2]. - The index is designed to reflect the overall performance of different industry companies within the China Securities Index sample, categorized into various industry levels [2]. Group 2: Index Composition - The top ten weighted companies in the China Securities Index Transportation Industry Index are: SF Express (9.92%), Beijing-Shanghai High-Speed Railway (9.56%), COSCO Shipping Holdings (9.55%), Datong Railway (9.49%), Spring Airlines (4.07%), YTO Express (3.58%), China Merchants Energy Shipping (3.05%), Jianfa Holdings (2.8%), Wuzhou International (2.71%), and Blue Lithium (2.49%) [2]. - The index's holdings are primarily listed on the Shanghai Stock Exchange (73.43%) and the Shenzhen Stock Exchange (26.57%) [2]. Group 3: Industry Breakdown - The industry composition of the index includes: logistics (23.54%), shipping (23.29%), railway transportation (22.73%), express delivery (16.98%), air transportation (10.96%), road transportation (2.16%), and public transport (0.33%) [3]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3].

Core Points - The opening of the direct flight route from Shenzhen to Siem Reap, Cambodia, enhances connectivity between the Guangdong-Hong Kong-Macao Greater Bay Area and Siem Reap, facilitating cultural and economic exchanges [1][6] - The route is part of the "China-Cambodia Tourism Year" initiative, aimed at promoting tourism cooperation and cultural exchange between the two countries [3][6] - The new flight route operates one round trip per week, significantly improving travel convenience for tourists heading to Angkor Wat and other attractions in Cambodia [6] Industry Developments - Shenzhen Airport has expanded its flight network to Southeast Asia, now reaching 8 countries, 16 cities, and 17 destinations, with over 200 weekly flights [7][8] - The airport's Southeast Asia routes saw a passenger volume exceeding 1.5 million in the first half of the year, accounting for over 50% of international and regional passenger traffic [8] - The direct flights reduce travel time to Southeast Asia from over 10 hours to just 3-5 hours, enhancing the attractiveness of Shenzhen as a transit hub for domestic travelers [8]

Group 1 - The core index, the CN Industrial Composite Index, has shown a significant increase of 5.77% over the past month, 11.65% over the past three months, and 6.12% year-to-date, reaching 2538.90 points [1] - The index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, categorized according to the China Securities Index industry classification standards [1] - The top ten weighted stocks in the index include CATL (6.36%), China Railway Shanghai Group (1.49%), China State Construction Engineering (1.15%), and others, indicating a diverse representation of key sectors [1] Group 2 - The market capitalization distribution of the index shows that Shenzhen Stock Exchange accounts for 47.12%, Shanghai Stock Exchange for 44.98%, and other exchanges like Hong Kong and New York have smaller shares [2] - In terms of industry representation, the index is heavily weighted towards electric power equipment (29.21%) and machinery manufacturing (28.67%), with transportation and construction also holding significant portions [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring the index remains relevant to current market conditions [3]