注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 东方证券表示，高要求支撑产品溢价，赋能电池厂开辟高毛利增量市场。对eVTOL、机器人、智 能穿戴等新兴市场而言，由于电池要求显著提升，具有技术壁垒高、附加值高的特点。半固态电池产品 是现阶段切入上述增量市场的有效途径，可以实现市场和客户资源的早期积累。而高端应用场景对价格 敏感度低，允许电池厂转移电解质/电极材料升级成本，并实现显著产品溢价，有利于毛利率结构性提 升，也可为全固态电池的材料验证和技术研发提供反哺。 半固态电池的放量将加速固态电池供应链的成熟。全固态电池面临材料体系的全面升级，半固态电 池为正负极等核心材料升级提供了规模化验证的载体。超高镍正极、锰基正极、硅碳负极、锂金属负极 等电极材料在半固态和全固态电池体系中同步迭代升级，半固态电池规模化量产的经验可迁移至全固态 体系， ...

瞭望塔财经前言：一边是累计5888万元的现金分红，一边是7000万元的"补流"募资，艾为电气带着悬而未决的股权仲裁诉讼和持续下滑的核心产品单价，叩 响了深交所创业板的大门。 瞭望塔财经获悉，2025年6月20日，深圳艾为电气技术股份有限公司正式向深交所递交创业板IPO申请，计划募资9.3亿元。这家成立于2017年10月的国家级 专精特新"小巨人"企业，在创始人梁向辉的带领下，仅用七年时间便成为国内最大的新能源汽车热管理高压控制器第三方供应商。 瞭望塔财经发现，在招股书披露的亮眼业绩背后——2022至2024年营收从2.15亿元增至4.42亿元，净利润从5737万元增至1.06亿元，隐藏着诸多监管问询与 市场质疑。2025年7月4日，深交所对艾为电气的审核状态更新为 "已问询"。 1、股权代持迷局：仲裁悬而未决的上市障碍 公司股权结构演变过程中，隐藏着一段复杂的代持往事。2017年公司设立时，实控人梁向辉委托韩光代持95%股权，双方基于信任未签订书面协议。 这种"君子协定"在后续股权调整中埋下隐患。在梁向辉指示下，韩光将部分代持股权转让给曹伟华（代持15%），自己保留15%代持股权。2021年1月，这 些代持股 ...

上半年，就业市场人才流动活跃，同比增长11.89%，就业市场求职竞争加剧。这是猎聘大数据研究院发布的《2025上半年人才供需洞察报告》所显示的。 报告同时发现，在以人工智能、新能源汽车等为代表的新兴产业的带动下，一些科技属性较强的技术岗正持续释放岗位需求，展现出强劲的发展潜力。 2025上半年全行业细分职能增长数据显示，高科技领域展现出强劲的发展动能。在同比增长最快的前二十职位中，人工智能相关岗位占据六席，且增速均超 过30%。其中，机器人工程师和算法工程师以超50%的增速位列第一和第三，数据建模、深度学习、数据标注及机器学习等岗位也呈现显著增长态势。这一 增长趋势与DeepSeek引发的AI热潮密不可分，同时上半年频繁举办的机器人赛事进一步激发了市场对具身智能的关注，推动了相关技术人才需求的快速增 长。 2025年上半年全行业人才紧缺指数TOP20榜单显示，高科技领域人才供需矛盾尤为突出。其中搜索算法工程师和主播两类岗位高居紧缺指数前两位。 在席卷全球的AI浪潮推动下，一场围绕顶尖AI技术人才的争夺战已全面爆发。Meta等科技巨头不惜重金挖角AI专家，进一步推高了市场对AI人才的需求。 数据显示，上半年AI ...

- The total number of quantitative funds in the market reached 604 by the end of Q2 2025, with an increase of 53 funds compared to Q1 2025. The total fund size amounted to 2854.39 billion yuan, marking a quarter-on-quarter growth of 144.46 billion yuan, or 5.33%[159] - Quantitative funds are categorized into active funds, index-enhanced funds, and hedging funds. Active funds accounted for 894.30 billion yuan, with a quarter-on-quarter growth rate of 8.48%. Index-enhanced funds reached 1908.69 billion yuan, growing by 4.29% quarter-on-quarter. Hedging funds totaled 51.39 billion yuan, showing a decline of 7.15% quarter-on-quarter[160][159] - Among active quantitative funds, the top fund by size was "招商量化精选A" (49.01 billion yuan), followed by "国金量化多因子" (43.40 billion yuan) and "信诚多策略" (34.41 billion yuan). The top 10 funds collectively accounted for 56.05% of the market[164][165] - Active quantitative funds tracking broad-based indices showed strong performance in Q2 2025. For example, "诺安多策略" achieved an excess return of 19.58% and "汇安多策略A" delivered an excess return of 14.67%[166] - Industry-themed active quantitative funds also performed well, with "东吴智慧医疗量化策略A" achieving an excess return of 20.77% and "浙商大数据智选消费A" delivering an excess return of 14.57%[169] - Smart-beta active quantitative funds tracking indices like 中证红利 and 中证国企红利 showed notable excess returns, with "富国中证红利指数增强A" achieving an excess return of 3.94%[179] - Index-enhanced funds reached a total size of 1908.69 billion yuan by the end of Q2 2025. The largest fund was "易方达上证50增强A" with a size of 183.15 billion yuan[172][175] - Among index-enhanced funds, broad-based funds tracking indices like 中证A500 and 国证2000 showed strong excess returns, with "银华中证全指医药卫生增强" achieving an excess return of 4.04%[176] - Hedging quantitative funds totaled 51.39 billion yuan by the end of Q2 2025. The largest fund was "汇添富绝对收益策略A" with a size of 28.00 billion yuan[180][181] - Absolute return rankings for hedging funds in Q2 2025 showed "中邮绝对收益策略" leading with a return of 2.70%, followed by "富国量化对冲策略三个月A" with a return of 2.65%[184] - In Q2 2025, 58 new quantitative funds were established, including 50 index-enhanced funds. The total issuance size was 241.15 billion yuan, marking an increase of 57.95 billion yuan compared to the previous quarter[185]

优化产业布局。大学科技园立足科研优势，推动12所高校与企业合作，提供源源不断的技术支撑。创新 谷立足新质生产力，规划建设3个千亩产业园，重点布局生物医药、新能源汽车及低空经济等新兴产 业。济南经济开发区立足新动能，盘活闲置土地，加快数字化转型升级，优化提升传统制造业。各街镇 立足"专精特新"，为主导产业配套服务，打造特色产业集群。 加大项目建设。长清区聚焦"3+2"产业体系，精准绘制产业招商图谱，建立"靶向式"项目谋划招引机 制，今年以来共招引谋划工业项目62个，总投资213亿元。落实"四抓四提升"要求，以全流程项目服务 推进项目落地，近三年滚动实施工业项目200余个，累计完成工业投资117亿元，年均增长42%。大力推 进新产品、新技术、新工艺研发，实施工业技改项目125个，完成技改投资65.4亿元，年均增长137%。 工业投资和技改投资在固定资产投资的比重由三年前的12.5%提升到目前的31.5%，实现了由"基建驱 动"到"工业驱动"的华丽转变。 7月24日，济南市政府新闻办召开"深入实施工业强市发展战略"主题系列新闻发布会长清区专场，介绍 长清区推进工业强市发展战略的有关情况。记者在会上获悉，长清区创新谷 ...

7月24日，济南市政府新闻办召开"深入实施工业强市发展战略"主题系列新闻发布会长清区专场，介绍 长清区推进工业强市发展战略的有关情况。记者在会上获悉，目前，长清区装备制造相关规上企业达到 128家，2024年产值规模达到210亿元，占全区规上工业总产值的83.4%，其中高端数控机床与机器人相 关企业26家，年产值约20亿元；新能源装备相关企业32家，年产值约49亿元；汽车装备及零部件相关企 业39家，年产值约102亿元。 强化政策支持，激发产业集群活力。长清区全力做好要素保障，优先保障项目用地需求，对重大装备制 造产业项目实行"点供"政策。实施"装备制造人才专项计划"，在住房补贴、子女入学等方面给予政策优 惠；同时，建立"靶向式"校企人才培养机制，开展"订单式"人才培养。联合省属国有企业成立装备制造 产业发展基金，通过参股、融资担保等方式，为企业提供融资支持；鼓励金融机构开发适合装备制造企 业的金融产品，降低企业融资成本。加大创新激励，对装备制造企业成功申报省级以上企业技术中心、 工程研究中心等创新平台，以及高新技术企业、专精特新企业的，给予政策倾斜与资金奖励，激发企业 创新活力。强化产业扶持，培育壮大一批" ...

1. Report Industry Investment Rating - The report does not explicitly mention the overall industry investment rating 2. Core Viewpoints of the Report - In Q2 2025, the overall market value of A - share holdings of active equity - oriented funds decreased, while that of H - share holdings increased. The industry concentration of the top heavy - stock holdings of equity - oriented funds decreased. The communication, non - bank finance, and media industries saw significant increases in allocation ratios, while the steel, food and beverage, and coal industries had large reduction ratios [4][6]. - The structure of the top heavy - stocks of active equity - oriented funds changed. The overall number of large - market - cap leaders decreased, and the holdings of sub - industry leaders increased. The new high - growth technology stocks related to AI emerged, while traditional large - cap white - horse stocks were significantly reduced [4]. - In terms of industry leaders, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - The report suggests focusing on four investment themes: communication and hardware upstream under AI diffusion, non - bank finance, new consumption in the Hong Kong stock market, and national defense and military industry [26] 3. Summary by Relevant Catalogs 3.1 2025Q2 Active Fund Heavy - Stock Holding Structure Overview - **A - share and H - share holdings changes**: In Q2 2025, the total market value of active equity - oriented fund heavy - stock holdings was 1736.2 billion yuan, a 1.66% QoQ decrease. A - share holdings decreased by 2.79% QoQ to 1394.8 billion yuan, while H - share holdings increased by 3.20% QoQ to 341.3 billion yuan. Due to the complex macro - economic environment and market volatility, funds faced redemption pressure and tended to reduce large - cap stocks with poor liquidity [6]. - **Industry concentration decline**: From Q1 to Q2 2025, the industry concentration of the heavy - stock holdings of equity - oriented funds decreased. CR3 decreased by 0.56 percentage points to 38.37%, and CR5 decreased by 4.18 percentage points to 51.18%. The top five industries in terms of holding market value remained the same, but the proportion of the electronics industry increased, while the other four industries decreased [4][7]. - **Structural adjustment of industry holdings**: In Q2 2025, 12 industries saw an increase in the total market value of holdings. The communication, non - bank finance, and media industries had large increases in allocation ratios, rising by 75.88%, 64.62%, and 38.37% respectively. The steel, food and beverage, and coal industries had large reduction ratios, decreasing by 46.32%, 26.16%, and 23.99% respectively [9] 3.2 Q2 Active Fund Top Heavy - Stock Tracking - **Change in the structure of top heavy - stocks**: In Q2 2025, the structure of the top 20 heavy - stocks of active equity - oriented funds changed. The large - market - cap leaders decreased, and the sub - industry leaders increased. The market value of the top 20 heavy - stocks accounted for 20.72% of all heavy - stocks, a 2% decrease from Q1 [12]. - **Changes in the top five heavy - stocks**: The top five heavy - stocks remained the same, but the overall holdings decreased. New high - growth technology stocks such as New Fiber Optic Technology and Inphi Corporation quickly rose in the rankings, while traditional large - cap white - horse stocks such as Luxshare Precision Industry, Midea Group, and Contemporary Amperex Technology were significantly reduced [4]. - **Hong Kong stock market adjustment**: In the Hong Kong stock market, AI and Internet media leaders were reduced, while the pharmaceutical and new consumption sectors that performed well in Q2 were significantly increased [18] 3.3 Q2 Industry Leader Heavy - Stock Tracking - **Industry leader allocation changes**: In Q2 2025, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - **Communication industry focus**: Driven by the booming demand for AI hardware, the communication industry became the focus of funds. The optical module sector, which benefits from the expansion of AI capital expenditure, was the main area for increasing communication heavy - stocks. The profitability of communication equipment is expected to continue to improve in the second half of the year [22]. - **Non - bank finance sector highlights**: The leaders of the non - bank finance sector attracted attention. The holdings of Ping An Insurance and CPIC increased by 55% and 41% respectively, and securities leaders such as Citic Securities and Huatai Securities also saw over 30% increases. The brokerage sector's performance is expected to continue to improve [23] 3.4 Investment Recommendations - **AI diffusion - related communication and hardware upstream**: The significant increase in the holdings of optical module leaders reflects that funds are extending from AI software to computing infrastructure. AI capital expenditure is expected to drive the performance of upstream sectors in the second half of the year [26]. - **Non - bank finance sector**: The concentrated increase in holdings of leaders such as Citic Securities and Ping An Insurance reflects the positive expectations of the market for the profitability improvement of the brokerage and insurance sectors. The non - bank finance sector is expected to achieve a resonance of valuation repair and performance recovery [26]. - **Hong Kong stock new consumption theme**: After the correction in the AI sector, funds refocused on consumption structure highlights, especially in the Hong Kong stock market. Sub - sectors such as pets, toys, and emotional consumption have become important directions for heavy - stock allocation [26]. - **National defense and military industry safety theme**: The significant increase in the holdings of core military stocks reflects the high attention of institutions to the "national security + high - end manufacturing" theme. The military industry has policy support, order growth, and mid - report performance improvement expectations, with medium - term allocation value [27]

特斯拉半年净利跌去3成！马斯克急于救市，连画"大饼"。 车东西7月24日消息，就在刚刚，特斯拉发布了其2025年第二季度业绩报告，路透社指出，这是特斯拉十多年来最严重的季度销售额下滑。而从今年上半 年来看，特斯拉营收、净利润更是双双下滑。 特斯拉2025年上半年总收入为418亿美元（约合人民币2995亿元），相比去年同期的468亿美元（约合人民币3351亿元），同比下滑11%。汽车业务收入为 306亿美元（约合人民币2193亿元），同比下滑18%。 特斯拉上半年净利润更是跌去30%，上半年其归母净利润（⾮GAAP）为23.27亿美元（约合人民币167亿元），去年同期为33.48亿美元（约合人民币240 亿元）。此外，特斯拉自由现金流仅为1亿美元（约合人民币7亿元）。 | FINANCIAL SUMMARY | | --- | | Unangicea) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | ($ in millions, except percentages and per share data) | Q2-2024 | Q3-2 ...

Core Insights - Tesla plans to launch its first lithium iron phosphate battery factory in the U.S. by the end of the year [1] - The company intends to start construction of a third energy storage super factory near Houston, Texas, in 2026 [1] Company Developments - The first lithium iron phosphate battery factory is expected to be operational by the end of 2023 [1] - The new energy storage super factory in Houston is part of Tesla's expansion strategy in the energy sector [1]

1.兑现60天账期承诺！理想汽车已完成对直采供应商账期调整 自7月9日工信部开通"重点车企践行账期承诺线上问题（建议）反映窗口"后，陆续有车企调整供应商账期。 7月23日，中国证券报·中证金牛座记者从部分供应商处获悉，理想汽车对供应商账期已经调整为60天。对 此，理想汽车独家回应记者称，公司已于7月中旬完成对所有直采供应商的账期调整，合同账期为60天，按 月度支付，每月有两次统一支付期。在结算形式上，绝大部分采用电汇，仅有少量使用银行承兑。有供应 商表示："理想汽车的账期改为60天，直接付现款，没有承兑。" 点评：理想打了个样，其他车企需加速。 2.华润集团：上半年实现营业收入4376亿元，利润总额474亿元 7月22日，华润集团在深圳召开2025年半年工作会议。2025年上半年，集团营收和利润实现双增长，其中， 营业收入4376亿元，利润总额474亿元，实现"时间过半、任务过半"。 3.北京市将发放1000万元观影补贴 界面新闻7月23日在"看电影、爱生活——2025北京仲夏电影嘉年华"系列活动启动仪式上获悉，在暑期档到 国庆档期间（7月25日-10月8日），北京市各部门将投入1000万元惠民补贴，通过猫眼 ...