在低利率与市场波动加剧的背景下，自由现金流策略正成为投资新选择。 8月2 1 日， 金 鹰基金 绝对收益投资部基金经理孙倩倩深度解析自由现金流 " 真金白银 " 的逻辑，揭秘指数编制规则及 当前政策红利的潜在影响。 直播金句： 政策红利下，指数成份股盈利质量提升、分红能力增强，推动其长期"可持续回报"属性凸 显。对投资者而言，该指数基金可作为布局这一趋势的高效工具，尤其是在存量经济时代追 求稳健复利的配置需求中价值显著。 自由现金流资产的崛起是市场对盈利质量、政策红利和长期收益三重逻辑的共识，其生命力 将持续依赖于企业基本面的改善和投资者对"真价值"认知的深化。 直播实录： 自由现金流指数 穿透财务表象、聚焦企业真实盈利质量 从直观来看，现金流指数行业更均衡、市值更均衡，成长性比红利指数更强。 "反内卷"政策通过优化供给生态和现金流创造能力，与中证全指自由现金流指数的"高现金 流、低扩张、重回报"选股逻辑深度绑定。 主持人：请倩倩总给我们科普一下自由现金流的定义是什么？ 孙倩倩： 自由现金流其实是一个企业财务概念，它指的是企业在满足了自身运营和再投资需求之 后，还能剩下的那些可以自由支配的现金流量。换句话说， ...

Core Insights - The commercial vehicle retail sales in China for July 2025 reached 249,400 units, representing a year-on-year increase of 12.24% but a month-on-month decrease of 3.78% [2][6] - Cumulative retail sales from January to July 2025 totaled 1.7672 million units, showing a year-on-year growth of 6.47% [7][11] - The export sales of commercial vehicles in July 2025 amounted to 94,300 units, with a year-on-year increase of 28.72% and a month-on-month increase of 2.08%, generating an export value of 20.625 billion yuan [12][14] - Cumulative export sales from January to July 2025 reached 620,100 units, reflecting a year-on-year growth of 25.87%, with a total export value of 130.618 billion yuan [15][18] Retail Sales in July 2025 - The retail sales of trucks in July were 203,800 units, up 12.33% year-on-year but down 4.93% month-on-month [6] - The retail sales of buses in July were 45,500 units, increasing by 11.85% year-on-year and up 1.71% month-on-month [6] - The top five companies accounted for 37.24% of the retail sales, with Foton Motor, SAIC-GM-Wuling, FAW Jiefang, JMC, and Sinotruk as the leading players [5][11] Cumulative Retail Sales from January to July 2025 - Truck retail sales from January to July totaled 1.4907 million units, with a year-on-year increase of 7.65% [11] - Bus retail sales during the same period reached 276,400 units, showing a modest year-on-year growth of 0.50% [11] - The top five companies in cumulative retail sales accounted for 37.84%, with the same leading companies as mentioned above [11] Export Sales in July 2025 - Truck export sales in July were 84,300 units, reflecting a year-on-year increase of 27.35% and a month-on-month increase of 2.57%, with an export value of 16.226 billion yuan [14] - Bus export sales in July were 10,000 units, up 41.46% year-on-year but down 1.80% month-on-month, generating an export value of 4.399 billion yuan [14] Cumulative Export Sales from January to July 2025 - Truck export sales from January to July totaled 558,700 units, with a year-on-year increase of 25.27% [18] - Bus export sales during the same period reached 61,400 units, reflecting a year-on-year growth of 31.58% [18] - The top five export sources were Shandong, Chongqing, Beijing, Anhui, and Henan, while the top five export markets included Mexico, Vietnam, Australia, Saudi Arabia, and Chile [18]

Economic Outlook for August 2025 - After a slowdown in July, the stock market's rise in August may not directly translate to a rebound in the real economy, with service sector PMI and production indices expected to improve, alleviating some downward pressure[3] - The capital market's heat in August is anticipated to positively influence service sector indicators, with historical trends showing a correlation between the Shanghai Composite Index and service sector PMI[3][4] - Investor confidence appears to be stabilizing, but consumer confidence is lagging, with a decline in growth rates for automobile and home appliance sales in August[4] External Demand and Trade Challenges - Risks of declining external demand are emerging, as new tariff measures from the U.S. have led to a noticeable drop in container shipping volumes to the U.S. compared to 2024[5] - The "stabilizing foreign trade" and "anti-involution" policies are creating dual challenges for enterprises, with industrial production likely to face further downward pressure in August[5][6] Infrastructure and Investment Insights - Infrastructure investment is expected to recover, with signs of improvement in asphalt production rates and cement price indices in August, indicating potential positive signals in the construction sector[6][7] - The government bond issuance has slowed, which may limit fiscal support for infrastructure projects, necessitating more proactive macroeconomic policies[7][8] Price Trends and Employment Concerns - Industrial product prices may see a quicker rebound than expected due to the "anti-involution" policy, with the South China Industrial Index showing early signs of recovery[6][7] - The youth unemployment rate is likely to continue its seasonal rise in August, increasing the urgency for demand-side policies to stabilize employment[7][8]

（文章来源：证券时报网） Choice统计显示，8月26日，沪深两市可交易A股中，上涨个股有2727只，下跌个股有2277只，平盘个 股142只。不含当日上市新股，共有92只个股涨停，8只个股跌停。从所属行业来看，涨停个股主要集中 在计算机、机械设备、化工、电子、汽车等行业。 ...

转自：新华财经 8月25日，济南市章丘区举行庆祝章丘区第六个企业家日活动。5年前，章丘把一代儒商孟洛川的诞辰日 （8月25日）设立为企业家日，并举办庆祝活动，营造诚信明礼、互利共赢，重商亲商、安商富商的发 展氛围。如今，章丘正处在经济向好、产业向新、民生向暖的发展阶段。广大企业家正肩负起"担当作 为、勇挑大梁"的责任，为经济社会高质量发展注入新动能。 为企业家增动力 活动现场发布了2024年度章丘区民营经济制造业50强企业名单、章丘区实体经济发展100强企业名单， 为实体经济100强上榜企业负责人赠送了体检卡、爱心旅游卡、子女就学联系卡等。 广大企业家表示，章丘在工业经济、乡村振兴、服务业突破等领域拥有丰富的资源，蕴含着巨大的潜 力，将充分发挥自身优势，投身优势产业的延链、补链和强链，为现代化强区建设添砖加瓦。 明水经济技术开发区获评2024年中国十大最具投资价值产业园区。今年4月份签约的浙江丰茂汽车精密 橡胶零部件项目，从接洽到签约落地，仅用时2个多月，预计10月份可投产，提高了项目落地建设效 率。 章丘坚持把优化营商环境作为"一号工程"，聚焦项目全生命周期管理，建立完善"123456"项目服务保障 机制， ...

装备工业一司对奇瑞 的高效行动 给予高度评价，希望 奇瑞积极履行头部 企业 责任，维护公平有序竞 争秩序，为推动形成健康协同可持续的产业生态作出 积极 贡献。 以 账期 规范 化 将 "≤60 天 账期 "固化为统一 硬性规定； 以 执行全链化 推进 各 部门高效协同，畅通全链条审核体系； 以 审批 数字化 实现全流程 在线化 操作； 以 预付款机制化 对中小企业提前支付一定比例的预付款，破解前期生产启动资金不足问题。 调研期间，工信部一行还考察了奇瑞智造一工厂、龙山试验中心和奇瑞墨甲机器人。墨甲机器人是国内 首个由整车集团正向研发的具身智能机器人品牌，首款人形机器人 "墨茵"已批量交付中国香港、马来 西亚、阿联酋、南非等市场，是我国人形机器人在海外规模化应用的先行案例。 奇瑞公司将以此次工信部调研为契机，继续认真落实相关部委召开的新能源汽车行业座谈会要求，坚决 反对 "价格战"，抵制"网络水军""黑公关"等网络乱象，做产业公平有序竞争秩序的维护者。同时，发 挥重点企业的带头作用，严守"反内卷"负面清单，积极参与新能源汽车行业企业交流会商机制，为建设 汽车强国、推动中国汽车高质量发展贡献"奇瑞力量"。 8月2 ...

| | | | Wind热门概念指数 | | | | | --- | --- | --- | --- | --- | --- | --- | | 高送转 | 华鲲振宇 | 鸡产业 | 消费电子代丁 | 智能音箱 | 磷化工 | 元线充电 | | 3.73% | 3.41% | 3.37% | 3.12% | 2.76% | 2.64% | 2.07% | | 猪产业 | 网络游戏 | 修改名所 | 饲料 | 创业板低价股 | 生物育种 | Al穿戴设备 | | 1.88% | 1.86% | 1.73% | 1.68% | 1.65% | 1.64% | 1.63% | | 射频及天线 | 数字字生 | 6G | 医保支付改革 | 微软合作商 | 化学纤维 | 脑机接口 | | 1.58% | 1.58% | 1.57% | 1.56% | 1.52% | 1.48% | -1.18% | | 宇树机器人 | 金特估 | 中航系 | 覆铜板 | 玻璃纤维 | 生物科技等权 | 减肥药 | | -1.20% | -1.25% | -1.25% | -1.26% | -1.49% | -1.49% | -1.50 ...

新华财经东京8月26日电（记者刘春燕）日本东京股市两大股指26日显著下跌。日经225种股票平均价格 指数收盘下跌0.97%，东京证券交易所股票价格指数下跌1.08%。 受隔夜纽约股市三大股指全面回落影响，东京股市两大股指26日低开。特朗普宣布解除美联储理事库克 职务令市场对美元走软、日元走强的预期进一步升温，出口类股票因此承压。丰田、本田等汽车相关股 票普遍下跌。早盘期间日经股指一度下跌670多点。午盘时段大盘跌幅有所缩小，保持低位徘徊。 （文章来源：新华财经） 至收盘时，日经指数下跌413.42点，收于42394.40点；东证指数下跌33.50点，收于3071.99点。 从板块来看，东京证券交易所33个行业板块几乎全面下跌，医药品、电力及燃气业、服务业等板块跌幅 靠前；仅仓库及运输相关行业1个板块小幅上涨。 ...

格隆汇8月26日｜港股三大指数午后跳水，恒生指数跌1.18%，国企指数跌1.07%，恒生科技指数跌 0.74%盘中一度刷新阶段新高，市场未能延续昨日强势行情，连创阶段新高后市场情绪趋于谨慎。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00422 | (FLL),MIREW | 0.435 | 6.10% | | 02333 | 长城汽车 | 18.670 | 3.15% | | 09868 | 小鹏汽车-W | 94.150 | 2.90% | | 00805 | 新吉奥房车 | 1.190 | 1.71% | | 01211 | 比亚迪股份 | 117.600 | 1.55% | | 00860 | APOLLO出行 | 0.670 | 1.52% | | 01585 | 雅迪控股 | 12.820 | 1.34% | | 02451 | 绿源集团控股 | 8.480 | 1.19% | | 02473 | 喜相逢集团 | 8.130 | 0.87% | | 02238 | 广汽集团 | 3.750 | 0.81% | | 09863 | 零 ...

点 击 蓝 字 关 注 我 们 本文全文共 3574 字，阅读全文约需 12 分钟 目录 国内新闻 1.今年前7个月我国机械工业保持增长态势 2.工信部:将有序引导算力设施建设 3.我国建成全球最大的电动汽车充电网络 4.杭州1-7月全市规模以上工业增加值达2613亿元 5.上汽奥迪AUDI智造基地落成 6.奇瑞集团将供应商平均支付账期压缩至47天 7.东风汽车集团(武汉)投资有限公司取得东风汽车55%股份 8.零跑全球化战略车型零跑B10正式启航欧洲 国外新闻 1.泰国7月汽车产量下降 2.英伟达DRIVE AGX Thor汽车辅助驾驶开发者套件发布 3.现代汽车集团将对美投资增至260亿美元 4.自动驾驶技术公司Nuro完成2.03亿美元融资 商用车 国内新闻 1 1. 东风汽车:与华为的合作或延展至商用车领域 2. 南非ESI公司第10000台北奔重卡正式下线 3. 开沃集团青海总部正式揭牌 4. 欣旺达发布兆瓦重卡超充场站 今年前7个月我国机械工业保持增长态势 时间:2025.8.26 来源:财联社 8月26日电，国家发展改革委党组成员、国家能源局局长王宏志8月26日在国新办举行的"高质量完成'十四 ...