Core Viewpoint - The total trading volume of the Shanghai and Shenzhen stock markets on September 3 was 2.36 trillion yuan, a decrease of approximately 510.09 billion yuan compared to the previous trading day [1] Trading Volume Summary - The trading volume of the Shanghai Stock Exchange was 1.01 trillion yuan, while the Shenzhen Stock Exchange had a trading volume of 1.35 trillion yuan [1] Top Performing Stocks - The stock with the highest trading volume was Zhongji Xuchuang, with a volume of 28.717 billion yuan [1] - Following Zhongji Xuchuang, the next highest trading volumes were recorded by Xinyi Sheng (26.539 billion yuan), Dongfang Caifu (21.737 billion yuan), Hanwujing-U (19.901 billion yuan), and Yanshan Technology (16.057 billion yuan) [1]

Group 1 - The stock of Tianjin Qiyi Communication Broadcasting Co., Ltd. (七一二) fell by 5.07% on September 3, closing at 21.36 yuan per share, with a trading volume of 385 million yuan and a turnover rate of 2.28%, resulting in a total market capitalization of 16.49 billion yuan [1] - The company, established on October 28, 2004, and listed on February 26, 2018, specializes in the research, production, and sales of military and civilian wireless communication terminal and system products [1] - The revenue composition of the company includes 56.74% from specialized wireless communication terminal products, 37.18% from system integration products, and 4.23% from other sources [1] Group 2 - Changjiang Asset Management holds a significant position in Qiyi, with its Changjiang Balanced Growth Mixed A Fund (010663) holding 70,000 shares, accounting for 2.71% of the fund's net value, ranking as the tenth largest holding [2] - The fund has experienced a floating loss of approximately 79,800 yuan today [2] - The Changjiang Balanced Growth Mixed A Fund was established on December 30, 2020, with a current scale of 50.4473 million yuan, yielding 14.7% year-to-date and 40.03% over the past year [2]

Core Viewpoint - The market capitalization of Zhongji Xuchuang has surpassed 470 billion yuan, making it the second-largest company on the ChiNext board, overtaking Dongfang Caifu [1] Group 1: Company Performance - Zhongji Xuchuang's stock price has increased by 10%, leading to a total market capitalization exceeding 470 billion yuan [1] - New Yisheng's stock has also risen nearly 5%, bringing its market capitalization close to 380 billion yuan [1] - Since the lowest point on April 9, Zhongji Xuchuang and New Yisheng have experienced significant increases of 490% and 648%, respectively [1]

Core Viewpoint - The market capitalization of Zhongji Xuchuang has surpassed 470 billion yuan, making it the second-largest company on the ChiNext board, overtaking Dongfang Caifu [3] Group 1 - Zhongji Xuchuang's stock price increased by 10%, leading to a total market value exceeding 470 billion yuan [3] - New Yisheng also saw a nearly 5% increase in its stock price, with its market capitalization approaching 380 billion yuan [3] - Since the lowest point on April 9, Zhongji Xuchuang and New Yisheng have experienced significant stock price increases of 490% and 648%, respectively [3]

作者 | 蓝血创作组 投稿 | lanxueziben（微信） 培训咨询顾问招募 | lanxueziben（微信） 2011年，在英国兰开斯特大学管理学院的一次学术交流中，一位教授对华为的评价引发了深刻的思考。当中国人民大学商学院EMBA学生们自豪地谈论华 为的成就时，这位研究过华为的英国教授平静地说："华为的成功不过是走在西方公司走过的路上。"这句话后来传达给任正非，令人意外的是，这位华为 的创始人并没有反驳，反而赞同地说："这个教授很有洞察力，他看得很准，华为的成功就是这样，就是因为走上了西方公司走过的成功之路。" 这个看似简单的对话，实际上蕴含着深刻的历史观和哲学观。它不仅揭示了华为成功的真正密码，更反映了一个后发企业、一个发展中国家的企业如何在 全球化浪潮中找到自己的发展道路。从历史的维度来看，华为向西方学习的历程体现了人类文明发展的普遍规律；从哲学的角度来审视，这一过程展现了 认识与实践、继承与创新、民族性与世界性的辩证统一。 01 后发企业的追赶逻辑 理性认识阶段的标志是华为系统性地引入西方管理理论和工具。通过与IBM、PwC、Hay等国际顶级咨询公司的深度合作，华为不仅学习了具体的管理方 法， ...

（文章来源：每日经济新闻） 今日，通信ETF（515880）震荡下探后强势反弹，当前涨超2%，盘中成交额超22亿元。 资金逢低买入，昨日下跌后净流入超13亿元，近5日吸金超38亿元，当前规模超115亿元位居同类首位。 通信ETF（515880）光模块占比近50%，"光模块+服务器+光纤+铜连接"占比超75%，一键布局算力核 心引擎，感兴趣的投资者可以关注相关布局机会。 没有股票账户的投资者可以关注通信ETF联接基金（联接 A：007817；联接 C：007818）。 注：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。文中提及个股仅供参考，不构成股 票推荐，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。 ...

Group 1 - The overall net inflow of stock ETFs exceeded 14.27 billion yuan on September 2, with the latest scale reaching 4.27 trillion yuan [3][4] - The top five sectors for net inflow were artificial intelligence (23.2 billion yuan), communication (19.7 billion yuan), securities (16.3 billion yuan), robotics (13.8 billion yuan), and national defense and military industry (13.6 billion yuan) [3][5] - Major companies like E Fund and Huaxia Fund saw significant inflows in their ETF products, with E Fund's total ETF scale reaching 770.35 billion yuan, an increase of 169.7 billion yuan this year [4][5] Group 2 - On the same day, the A-share market experienced a collective pullback, with the Shanghai Composite Index down 0.45%, Shenzhen Component Index down 2.14%, and ChiNext Index down 2.85% [2][3] - The banking and jewelry sectors showed resilience, while communication equipment, semiconductors, power equipment, and electronic components faced declines [2][3] - The most significant outflows were observed in broad-based ETFs such as the Sci-Tech 50 ETF and CSI 300 ETF, indicating a shift in investor sentiment [5][6] Group 3 - Analysts from Industrial Bank believe that the long-term logic of the A-share market remains unchanged, with the AI sector's decline viewed as a short-term technical adjustment rather than a trend reversal [7] - The demand for computing power and the deepening of domestic substitution in the AI industry are expected to continue supporting its growth trajectory [7] - The market may see a shift towards undervalued, stable growth sectors such as finance and consumption, as well as emerging segments like robotics [7]

Group 1 - Puhua Technology (002544.SZ) experienced a decline of 5.13%, trading at 25.14 yuan, with a total transaction volume of 380 million yuan and a market capitalization of 17.1 billion yuan [1] - The company announced that its industrial investment fund will reduce its shareholding by a total of 5,965,600 shares, which represents 0.8766% of the company's current total share capital, through centralized bidding on the stock exchange from August 23 to September 1, 2025 [1]

近期，A股市场展现出强劲的活力，自8月5日两融余额突破2万亿元后，已连续20多个交易日稳定在该水 平之上。 截至9月1日收盘，A股两融余额高达2.29699万亿元，逼近2.3万亿元大关，创下历史新高。这一数据超过 了2015年6月2.27万亿元的前历史峰值。次日，9月2日收盘，A股两融余额为2.288万亿元，虽有所下滑， 但仍处于高位。在此背景下，市场板块分化明显，科技板块成为"领涨先锋"，半导体、电子、计算机等 核心赛道受杠杆资金扎堆追捧。 格雷资产总经理张可兴对《华夏时报》记者表示，当前A股两融余额创新高的现象，与2015年存在一定 相似性。不仅面临相似的产业背景，且均处于经济相对弱复苏阶段，更核心的是，股市上涨带来的赚钱 效应凸显，这是推动融资余额攀升的根本原因。 近期，A股市场交投活跃度显著提升。自8月5日两融余额突破2万亿元后，已连续21个交易日稳定在这一 水平之上。同时，A股还出现了成交额与两融余额连续"双双破2万亿"的现象。例如，8月27日，A股总交 易量高达3万亿，这显示出资金对A股市场的热情高涨。 | 扇 | 证券代码 | 证券简称 | ↓ 融资净买入额(万元) | | --- | --- ...

早盘，通信ETF（515880）震荡下探后翻红，当前涨超1.4%，盘中成交额近15亿元。 资金逢低买入，昨日下跌后净流入超13亿元，近5日吸金超38亿元，当前规模超115亿元位居同类首位。 长城证券表示，当前全球AI浪潮持续加速，催生算力需求指数级提升，同时国产诸如DeepSeek等大模 型加速推进，考虑地缘政治及产业链稳定等因素，必定带来国产算力需求的持续攀升，在国产算力基础 设施逐步建设充分AI芯片技术上逐步提升，将带来充分的算力国产自主化空间，持续看好算力自主化 相关投资机会。 通信ETF（515880）光模块占比近50%，"光模块+服务器+光纤+铜连接"占比超75%，一键布局算力核 心引擎，感兴趣的投资者可以关注相关布局机会。 没有股票账户的投资者可以关注通信ETF联接基金（联接 A：007817；联接 C：007818）。 注：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。文中提及个股仅供参考，不构成股 票推荐，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。 （文章来源：每日经济新闻） ...