7月9日，华富基金旗下华富中证A500指数基金开启发售。该基金为被动指数型股票基金，拟任基金经 理张娅、李孝华。 华富中证人工智能产业ETF为张娅、李孝华目前共同管理的规模较大的产品。截至7月8日数据（下 同），该基金今年以来净值上涨6.96%，小幅跑赢业绩比较基准。 年费率0.5% 7月4日，华富基金旗下华富中证A500指数基金发布发售公告。该基金运作方式为契约型开放式，于 2025年7月9日至2025年9月30日公开发售，基金最低募集份额总额为2亿份。 基金投资标的为中证A500指数及其未来可能发生的变更。中证A500指数从各行业选取市值较大、流动 性较好的500只证券作为指数样本，以反映各行业最具代表性上市公司证券的整体表现。基金力争将日 均跟踪偏离度的绝对值控制在0.35%以内，年化跟踪误差控制在4%以内。 拟任基金经理张娅、李孝华 基金拟任基金经理为张娅、李孝华。 公开资料显示，张娅于2017年4月加入华富基金管理有限公司，曾先后任职于华泰柏瑞基金管理有限公 司指数投资部总监兼基金经理、上海同安投资管理有限公司副总经理兼宏观量化中心总经理。 李孝华于2019年10月加入公司，曾先后任职于金瑞期货研究 ...

Core Viewpoint - Baoji City, as the second largest city in Shaanxi Province and a significant industrial base in the western region, has achieved remarkable progress in economic development and industrial transformation through innovation-driven strategies, particularly in the titanium industry, which is globally leading in scale [1][16]. Group 1: Economic Performance - In 2024, Baoji's GDP grew by 5.6% year-on-year, with the primary industry increasing by 2.7%, the secondary industry by 5.4%, and the tertiary industry by 5.8%, indicating a stable and positive economic trend [4][5]. - The industrial economy maintained strong growth in early 2025, with a 9.4% year-on-year increase in industrial added value, driven significantly by mining (+13.7%) and manufacturing (+10.7%) [8][10]. Group 2: Industrial Development - Baoji has established a modern industrial system characterized by the "45511" framework, focusing on four trillion-level advantageous industries and five hundred billion-level emerging industries [1][16]. - The "Baohan Tian Industrial Mother Machine Cluster" was recognized as a national advanced manufacturing cluster, contributing to Baoji's entry into the "Top 100 Advanced Manufacturing Cities" in China, ranking 84th [1][16]. Group 3: New Quality Productive Forces - The concept of New Quality Productive Forces emphasizes innovation as the main driving force, aiming to break away from traditional economic growth models and enhance productivity with high-tech, high-efficiency, and high-quality characteristics [3][12]. - Baoji's policies have been aligned with the New Quality Productive Forces framework, promoting high-quality development through various measures and initiatives [12][14]. Group 4: Industry Space Layout - Baoji's industrial spatial layout is designed around a "core leading, three belts coordinating, and multi-point supporting" model, integrating urban development with ecological protection and industrial cluster development [18][20]. - The city is focusing on strategic emerging industries such as high-end equipment manufacturing, automotive parts, and new materials, while also enhancing its agricultural and ecological sectors [22][20]. Group 5: Future Development Trends - The future development of Baoji's new quality productive forces will focus on the deep integration of high-end and intelligent manufacturing, enhancing the value chain and core competitiveness [25]. - There is an emphasis on cultivating strategic emerging industries and future industries, such as artificial intelligence and hydrogen energy equipment, to create new economic growth points [26]. - Baoji aims to promote green low-carbon development and strengthen regional cooperation to achieve sustainable economic, social, and environmental development [27].

Core Insights - The article highlights the successful signing of 40 alumni projects in Jinan, with a total investment exceeding 1.22 billion yuan, showcasing the city's efforts to leverage its extensive alumni network for economic development [1][4]. Group 1: Alumni Economic Development - Jinan is exploring a unique path to transform its global alumni network into a driving force for high-quality development, supported by a comprehensive policy framework [2][3]. - The city has established a "1+1+4+N" mechanism, which includes a policy system, alumni gatherings, and various organizational structures to facilitate alumni economic development [2][3]. Group 2: Project Outcomes and Investments - Over the past year, 40 alumni projects have been signed in Jinan, with 35 already implemented, resulting in an actual investment of 1.22 billion yuan [4]. - The projects cover diverse sectors, including industrial welding robots, new energy vehicle components, and independent energy storage stations, reflecting the multifaceted nature of the alumni economy [4]. Group 3: Collaborative Initiatives - A significant milestone was reached with the establishment of the "Alumni Economic Development Organization Alliance" by 19 alumni organizations from 12 cities, promoting regional collaboration [3]. - The alliance aims to enhance cooperation between cities, leveraging advantages such as the short travel time between Jinan and Tianjin [3]. Group 4: Community Engagement and Support - Jinan has appointed 170 "Alumni Dual Recruitment Ambassadors" to foster a positive cycle of attracting talent, emphasizing the city's commitment to creating a welcoming environment for alumni [3]. - The city offers exclusive benefits through the "泉城校友卡," which provides services in transportation, tourism, and healthcare, enhancing the overall appeal for alumni [3].

Group 1 - The core viewpoint of the article highlights the growth and success of Lens Technology, which recently listed on the Hong Kong Stock Exchange, achieving a market capitalization of 104 billion HKD [1] - Lens Technology was founded by Zhou Qunfei, who overcame significant personal challenges to establish the company, which has become a leader in the glass manufacturing industry for consumer electronics [2][3][4] - The company has evolved significantly since its inception, particularly after securing key contracts with major clients like Apple and Motorola, which propelled its growth in the smartphone glass market [4][5] Group 2 - Lens Technology's product range includes components for high-end smartphones, smart wearables, tablets, laptops, and electric vehicles, with a focus on achieving a balance between aesthetics and functionality [8] - In the first half of 2024, the company's revenue reached 240.2 billion CNY, accounting for 83.21% of its total revenue, with significant contributions from the smart automotive sector [9] - The company has established partnerships with over 30 domestic and international automotive brands, indicating a strong presence in the electric vehicle market [9] Group 3 - Apple remains the most significant client for Lens Technology, contributing 315.12 billion CNY in revenue in 2023, which represents 57.83% of the company's total revenue [10] - The company has shown consistent revenue growth, with 2022 revenue at 466.99 billion CNY and 2023 revenue at 544.91 billion CNY, reflecting a 16.69% year-on-year increase [10][11] - Lens Technology's international sales accounted for 67.55% of its revenue in 2023, highlighting its global market presence [11] Group 4 - The consumer electronics components and assembly industry is projected to grow from 1.05 trillion USD in 2024 to 1.18 trillion USD by 2028, with a compound annual growth rate of approximately 3% to 7.63% [12] - Despite facing challenges such as rapid technological changes and high capital costs, Lens Technology maintains a competitive edge through its unique product offerings and strong client relationships [13][14] - The company is recognized as a leader in the ultra-thin glass market, holding 70% of the orders for 0.1mm UTG glass, and has a significant market share in the global glass cover market [14]

责编：叶舒筠 校对：刘榕枝 版权声明 从螺丝钉到发动机，从传统机械部件到智能化电子电气系统，功能各异的汽车零部件，共同支撑 起整车这个复杂的"移动机器"。中国汽车零部件产业的强势崛起，正在加速融入并重塑全球汽车 工业体系。 最新发布的2025年度全球汽车零部件配套供应商百强榜显示，中国有15家企业强势上榜。新能源赛道"手握 王牌"，宁德时代、蜂巢能源、国轩高科等集体入榜，验证了中国对全球动力电池产能与技术方面的掌控力。 此外，智能座舱、密封件、汽车内饰等细分领域也有中国企业上榜，显示出中国零部件产业从单一优势向多 领域协同发展迈进的新趋势。 中国汽车产业链供应商的崛起，与新能源汽车产业的蓬勃发展同频共振。中国作为全球最大新能源汽车产销 国，为本土零部件企业提供了快速迭代的应用场景和政策沃土。加上我国强大的规模化制造与成本控制力， 共同夯实了汽车零部件产业在全球竞逐中的相对优势。 "硬币的另一面"同样值得警醒。多数中国企业集中于中游制造和特定细分领域，在基础材料、底层软件、原 创性技术积累方面，有待补齐差距。相对于德日美巨头仍然占据榜单头部，中国企业在发动机管理系统、高 端变速箱、高端芯片等核心部件领域，仍有待 ...

Core Viewpoint - Asia-Pacific Co., Ltd. (002284.SZ) is experiencing significant growth, with a projected net profit increase of 81.97% to 101.13% year-on-year for the first half of 2025, driven by market expansion and operational efficiency improvements [1][3]. Financial Performance - The company expects a net profit of 190 million to 210 million yuan for the first half of 2025, reflecting a year-on-year growth of 81.97% to 101.13%. The net profit excluding non-recurring items is projected to be 170 million to 190 million yuan, with a growth of 84.56% to 106.28% [3]. - The gross profit margin has steadily increased from 12.88% in 2020 to 19.11% in Q1 2025, while the net profit margin rose from 0.59% in 2020 to 7.99% in Q1 2025 [3]. Market Expansion - Asia-Pacific Co., Ltd. has received six fixed-point notifications in 2025, with a total lifecycle sales amount of approximately 3.68 billion yuan, indicating strong market demand and future revenue potential [5][7]. - The company is actively expanding both domestic and international markets, with significant contracts for integrated brake control modules and other products from major automotive groups [5][6][7]. Technological Advancements - The company holds 766 valid patents, including 134 invention patents, which underscores its commitment to innovation and technological leadership in the automotive brake system industry [4]. - Research and development expenditures have increased significantly, with a total of 732.6 million yuan in Q1 2025, representing a year-on-year growth of 5.43% and accounting for 5.82% of revenue [4]. Production Capacity - Asia-Pacific Co., Ltd. operates three main production bases and is expanding its capacity to meet increasing customer demands, maintaining a high utilization rate of its production facilities [7]. - The company has a positive cash flow from operating activities, with a net cash flow of 208 million yuan at the end of Q1 2025, marking a substantial year-on-year increase of 502.45% [7].

从螺丝钉到发动机，从传统机械部件到智能化电子电气系统，功能各异的汽车零部件，共同支撑起整车 这个复杂的"移动机器"。中国汽车零部件产业的强势崛起，正在加速融入并重塑全球汽车工业体系。 （文章来源：证券时报） "硬币的另一面"同样值得警醒。多数中国企业集中于中游制造和特定细分领域，在基础材料、底层软 件、原创性技术积累方面，有待补齐差距。相对于德日美巨头仍然占据榜单头部，中国企业在发动机管 理系统、高端变速箱、高端芯片等核心部件领域，仍有待赢得更强的存在感。此外，在"反内卷"背景 下，面对全球竞争，产业链协同亦应重视，如何通过整合提升规模效应和技术合力，也值得思考。 产业竞争不仅是营收排名的角逐，更是技术话语权与产业链主导权的争夺。只有诞生更多的"隐形冠 军"，才能支撑中国汽车零部件产业在全球舞台领跑。也只有不断突破"隐形天花板"，统筹两个市场、 两种资源，实现高质量发展，中国才能从零部件大国迈向零部件强国。 中国汽车零部件产业、新能源汽车产业的崛起，直接改变了全球竞合格局。这是我们为世界汽车产业发 展和绿色转型贡献的"中国力量"与"中国方案"。这种新的发展范式，值得为更多中国其他产业所借鉴。 最新发布的202 ...

Group 1: Core Insights - A-share companies are experiencing significant overseas expansion, with notable achievements in infrastructure, biomedicine, and equipment manufacturing, leading to large overseas orders [2][3] - The shift in Chinese enterprises' overseas strategy is moving from cost-driven to innovation-driven, leveraging advanced supply chains, international talent, and digital technologies [2] Group 2: Large Orders and Competitive Strength - A-share companies have secured substantial overseas contracts, particularly in the infrastructure sector, with notable projects including a $1.6 billion contract for a gas processing plant in Iraq and contracts totaling approximately 5.34 billion yuan for the China-Kyrgyzstan-Uzbekistan railway [3][4] - In the biomedicine sector, companies like Rongchang Bio are accelerating internationalization, exemplified by a licensing agreement with Vor Bio worth up to $4.1 billion [4] - Equipment manufacturing firms are also making strides, with agreements such as a $406 million contract for a conveyor system in Guinea, enhancing their international market presence [4] Group 3: Accelerated Overseas Capacity Layout - Several A-share companies are intensifying their overseas production capacity, viewing local production as a key driver for global competitiveness [6] - Companies like Linglong Tire are investing $1.193 billion in a production base in Brazil, aiming for an annual output of 14.7 million high-performance tires [6] - Other firms, such as North Special Technology and Zhongke Electric, are also establishing production bases in Thailand and Oman, respectively, to enhance their global supply chain [7] Group 4: Rising Trend of Overseas Mergers and Acquisitions - The number of disclosed overseas mergers and acquisitions by A-share companies has surpassed 60 in the first half of the year, with a focus on electronics, automotive parts, and machinery [9] - Companies are pursuing overseas acquisitions to enter emerging markets and enhance their technological capabilities, as seen with Dongshan Precision's dual acquisitions in the optical communication sector [9][10] - The strategy of overseas mergers and acquisitions is aimed at resource and market integration, with firms like Luoyang Molybdenum consolidating their overseas mineral resource reserves [10]

Overview - Wuxi Zhenhua Auto Parts Co., Ltd. is issuing convertible bonds totaling 520 million yuan (52,000,000,000) with a bond code of 111022 and a listing date of July 14, 2025 [2][6] - The bonds will be convertible from December 24, 2025, to June 17, 2031, and will not be secured [3][12] - The company has a credit rating of AA- for the bonds, with a stable outlook [4] Company Profile - Wuxi Zhenhua was established on June 8, 2006, and listed on June 7, 2021, with a registered capital of 250.06 million yuan [7][8] - The company specializes in manufacturing, processing, and R&D of automotive parts, fasteners, and electronic instruments [7] - The main business segments include stamping parts, assembly processing, precision electroplating, and mold manufacturing [13][18] Business Operations - The company produces over 3,500 types of automotive stamping parts, including body parts, chassis parts, powertrain components, and electronic components, with some specifically designed for new energy vehicles [13][18] - Wuxi Zhenhua has established stable strategic partnerships with major automotive manufacturers such as SAIC Motor, Tesla, and others, positioning itself as a leader in the domestic passenger vehicle supply chain [18][23] Market Position - The company has a strong competitive advantage in the precision electroplating sector, being the only qualified supplier for a major client in this field [19] - Wuxi Zhenhua has a comprehensive technical system for stamping and welding parts, which enhances production efficiency and product quality [22][25] - The automotive parts industry is characterized by high production volumes and strict quality requirements, necessitating advanced manufacturing equipment [22] Financial Information - The total issuance of convertible bonds is 520 million yuan, with a face value of 100 yuan per bond [2][6] - The bonds will be offered to existing shareholders first, with any remaining bonds available to the public [6][25]

Group 1 - The company held an investor briefing regarding the termination of a major asset restructuring plan on July 2025, which was conducted online [1][2] - The chairman, independent director, CFO, and board secretary addressed investor concerns and provided responses within the limits of information disclosure [1] - The company confirmed that the second quarter operating performance and mid-year report details would be available in August 2025 [1] Group 2 - The reason for terminating the major asset restructuring was due to the inability of the parties involved to reach a consensus on the final transaction plan after multiple negotiations [1] - The company emphasized that it conducted thorough research and friendly negotiations with relevant parties before deciding to terminate the restructuring [1] - The company reassured investors that its current production and operational status is normal and there are no indications of delisting risks [1]