标题点睛： 国际金价走高，现货黄金涨2.22%，报3362.64美元/盎司；，COMEX黄金期货涨2.01%，报3416.00美元/盎司；COMEX白银期货涨1.07%，报37.11美元/盎 司。 8月1日，"宗家三兄妹"与娃哈哈现任董事长、宗庆后之女宗馥莉在香港的诉讼案件迎来判决结果。判决书显示，宗庆后与宗馥莉曾签订一份委托协议。根 据协议内容，宗庆后委托宗馥莉设立三个境外信托（"信托A""信托B""信托C"，合称为宗氏境外家族信托），信托A以宗继昌及其子女作为信托受益人； 信托B以宗婕莉及其子女作为信托受益人；信托C以宗继盛及其子女作为信托受益人。该宗氏家族信托受益人仅包括宗继昌、宗婕莉、宗继盛及其子女， 信托利益为他们的婚前个人财产，受益人不包括该等人士的配偶。该信托总金额21亿美元。 1 隔夜市场 美股三大指数集体收跌，道指跌1.23%，纳指跌2.24%，标普500指数跌1.6%，美国股市市值蒸发逾1万亿美元；热门科技股普跌，亚马逊跌超8%，Meta 跌超3%，苹果、英伟达跌超2%，特斯拉、微软、谷歌跌超1%；加密货币、计算机硬件板块跌幅居前，Coinbase跌超16%，Strategy、Circle ...

上半年中国经济运行态势如何？下半年宏观调控政策如何发力？针对当前经济形势和经济工作，国 家发展改革委8月1日举行新闻发布会，有关负责人就部分经济热点问题进行了分析解读。 经济稳中有进、好于预期 今年上半年，我国经济在顶住外部压力、消化累积风险的情况下，稳中有进、好于预期，高质量发 展取得新成效，发展的"含金量"不断提高。 主要宏观指标表现良好。上半年国内生产总值（GDP）同比增长5.3%，比去年同期和全年均提高 0.3个百分点。"近期多家国际机构上调今年全年我国经济增速预测，国际货币基金组织前几天大幅上调 了预测，表明对我经济发展前景充满信心。"国家发展改革委国民经济综合司司长周陈介绍，7月份，生 产经营活动预期指数为52.6%，在荣枯线上持续保持扩张，说明制造业企业市场信心较为稳定乐观。 围绕纵深推进全国统一大市场建设，要更好统筹有效市场和有为政府，更好统筹做优增量和盘活存 量。"在做优增量方面，着力推动科技创新和产业创新深度融合。推进关键核心技术攻关，开展人形机 器人、未来能源等重点领域产业创新工程。"周陈介绍，在盘活存量方面，重点是推进重点行业产能治 理。在新兴领域坚持鼓励创新、适度竞争，同时坚决制止盲 ...

■ "3600点A股攻守道"系列报道之政策红利篇 步入2025年下半年，A股市场震荡上行，交投活跃度提升，投资者情绪随政策预期升温持续回暖。伴 随"十四五"规划进入收官之年，财政政策提效与产业转型升级协同推进，一系列尚未被市场充分定价的 政策红利正步入兑现阶段。 接受中国证券报记者采访的资深分析师认为，在"两新"政策扩围与"反内卷"产能出清的双轮驱动下，下 沉市场消费升级、银发经济产业链以及"专精特新"企业成为被低估的价值洼地。伴随四季度中美降息共 振预期强化，红利资产防御属性与科技成长板块弹性或将共同主导市场结构性机会，政策与市场的动态 博弈正步入关键阶段。 财政政策"上下半场"接力稳增长 上半年，我国财政政策延续了更加积极的基调，加大支出强度，加快支出进度，优化支出结构。展望下 半年，我国财政政策仍具备较大操作空间。 方正证券研究所副所长、首席经济学家燕翔对记者表示，从政策优先方向看，城市更新、"投资于 人"、"反内卷"、"两重两新"及产业升级等领域成为重点支持对象。城市更新已进入2.0阶段，内容从单 纯的老旧小区改造扩展至建筑节能、地下管网建设及智慧治理等方面，体现出政策的系统性和前瞻 性。"投资于人" ...

Group 1 - The Ministry of Finance and the State Taxation Administration announced the resumption of VAT on interest income from newly issued government bonds, local government bonds, and financial bonds starting August 8 [1] - The Hong Kong High Court ruled that Zong Fuli cannot withdraw or transfer any assets from the Hong Kong HSBC account of Jianhao Venture Capital until the litigation results are determined [1] - The U.S. non-farm payrolls increased by only 73,000 in July, the lowest in nine months, significantly below the expected 110,000, indicating a rapid slowdown in the labor market [1] Group 2 - The People's Bank of China emphasized the implementation of a moderately loose monetary policy and support for key sectors in financing [2] - The National Development and Reform Commission plans to accelerate the establishment of new policy financial tools to encourage private enterprises to participate in major national projects [2] - The Supreme Court clarified that agreements not to participate in social insurance are invalid and that non-confidential personnel's non-compete agreements are not enforceable [2] Group 3 - The Ministry of Finance reported six cases of local government hidden debt, with Xiamen, Chengdu, and Wuhan East Lake New Technology Development Zone incurring hidden debts of 68.396 billion, 61.408 billion, and 10.385 billion respectively [3] Group 4 - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.37% to 3559.95 points, and the total trading volume for the day was 1.62 trillion [4] - The Hong Kong Hang Seng Index closed down 1.07% at 24507.81 points, marking four consecutive days of decline [5] Group 5 - The Hong Kong Stock Exchange published a consultation summary on optimizing IPO pricing and public market regulations, allowing a reduction in the minimum allocation ratio for IPO book-building from 50% to 40% [5] - The Shanghai Stock Exchange clarified that pre-application consultation is not a mandatory procedure for project acceptance [5] Group 6 - In the electric vehicle sector, July delivery figures showed Leap Motor exceeding 50,000 units for the first time, while Xpeng and Xiaomi also reported record monthly deliveries [9] - BYD's July sales were 344,296 vehicles, a month-on-month decrease of 8.8% [9] Group 7 - The Ministry of Industry and Information Technology aims for 50% of enterprises to reach a maturity level of two or above in intelligent manufacturing by 2027 [10] - The National Development and Reform Commission and the National Energy Administration are improving the pricing mechanism for natural gas pipeline transportation [10] Group 8 - The State Administration of Foreign Exchange is focusing on monitoring and managing cross-border capital flows to maintain market stability [21] - The onshore RMB closed at 7.2106 against the USD, down 176 basis points from the previous trading day [21]

Group 1 - The National Development and Reform Commission (NDRC) has completed the allocation of 800 billion yuan for "two重" construction projects and 735 billion yuan of central budget investment, with plans to distribute an additional 690 billion yuan in special bonds for consumer goods by October [1] - In the first half of the year, China's economy showed resilience, with major macroeconomic indicators performing well and contributing to a solid foundation for achieving annual economic and social development goals [1] - Retail sales of consumer goods increased by 5% year-on-year in the first half of the year, with final consumption contributing 52% to economic growth [1] Group 2 - The NDRC emphasizes the importance of enhancing consumer capacity and willingness, alongside high-quality supply to stimulate new demand [2] - The national unified market construction is progressing, with logistics costs as a percentage of GDP dropping to 14%, the lowest on record, saving over 130 billion yuan in logistics expenses [2] - The NDRC plans to strengthen domestic circulation by stabilizing employment, boosting consumption, and expanding effective investment [3] Group 3 - The NDRC is addressing "involution" competition issues through legal revisions, policy introductions, and industry self-regulation [4] - The NDRC aims to maintain policy continuity and stability while enhancing flexibility and foresight to convert external pressures into internal momentum [4] - Continuous monitoring and forecasting of the economy will be conducted to ensure stability in employment, enterprises, markets, and expectations [4]

Economic Performance Overview - All 31 provinces in China have reported their economic data for the first half of the year, showing resilience and steady growth despite a complex environment, with 22 provinces achieving growth rates at or above the national average of 5.3% [1][2] - Tibet led the growth with a rate of 7.2%, while several provinces such as Gansu (6.3%), Hubei (6.2%), and Zhejiang (5.8%) also showed strong performance [2] Regional Economic Contributions - The top ten provinces by GDP in the first half of the year included Guangdong (68,725.4 billion), Jiangsu (66,967.8 billion), and Shandong (50,046 billion), with Guangdong maintaining its position as the largest economy [3] - The total import and export value of Guangdong, Jiangsu, Zhejiang, Shanghai, and Shandong accounted for 64.1% of the national total, reflecting a year-on-year growth of 4.8% [3] Policy and Investment Trends - Policies aimed at boosting domestic demand and technological upgrades have been implemented, with significant increases in equipment investment in Beijing (99% growth) and retail sales in Zhejiang showing over 60% growth in certain categories [4][5] - The manufacturing sector has seen robust growth, with provinces like Anhui and Hunan reporting increases in industrial output and profits exceeding national averages [4][5] Emerging Industries and Innovations - In the eastern region, industries such as artificial intelligence and high-tech manufacturing in provinces like Zhejiang and Fujian have shown double-digit growth [5] - The western provinces are also advancing, with Sichuan reporting substantial increases in the production of new energy vehicles and solar batteries [5] Future Economic Strategies - Provinces are focusing on expanding domestic demand, enhancing new productivity, and deepening reforms to ensure sustainable economic growth in the second half of the year [7][8] - Specific strategies include Guangdong's emphasis on consumption, investment, and exports, while Jiangsu aims to enhance its market and innovation capabilities [8][9]

特别声明：以上内容仅代表作者本人的观点或立场，不代表新浪财经头条的观点或立场。如因作品内容、版权或其他问题需要与新浪财经头条联系的，请于上述内容发布后的30天内进行。 来源：中访网财观 中访网数据 比亚迪股份有限公司（以下简称"比亚迪"）宣布完成境外上市外资股（H股）增发及送转股方案，总股本由290,926.5855万股增至911,719.7565万股。此次增发12,980万股H 比亚迪此次资本运作旨在优化股权结构，增强市场流动性。公司同时更新了《公司章程》，明确股东权利、利润分配政策及公司治理规则，强调现金分红比例不低于可分配利润的10%，连续三年 公司注册于广东省深圳市，主营业务涵盖新能源汽车、电池及电子设备制造。此次增发及送转股方案已获股东会批准，并依法完成工商变更登记。 ...

机构：交银国际 研究员：陈庆/李柳晓 定价超预期，顶配版本不超30 万元。乐道L90 正式登陆市场，整车起售价为26.58 万元（Pro 版；人民 币，下同），而Max 与Ultra 版则分别为27.98万元与29.98 万元；七座车型在此基础上加价6000 元（即 27.18 万元起）。BaaS（电池租赁）方案的起步价为17.98 万元（Pro 版），Max 与Ultra 版分别是19.38 万元及21.38 万元，七座版BaaS 方案则从18.58 万元起售。相较于7 月10 日公布的预售价（整车购买 27.99 万元起，BaaS 方案19.39 万元起），正式售价降低了约1.41 万元。在权益方面，新车全系标配 85kWh 电池、L2 级别智能驾驶辅助系统以及Orin-X 芯片等高端配置，并推出2000 元预订金抵扣5000 元购车款及5000 元选装基金的优惠，复购用户还可享受积分奖励。总体来看，即便是顶配的Ultra 版 （相较于Pro、Max 版，其核心亮点在于"四驱性能+零重力座椅+全套空气悬挂系统"）也未突破30 万元 大关，这反映出管理层背水一战的决心。综合考虑定价策略和渠道反馈，预计每月稳 ...

Company Overview - On July 31, NIO's sub-brand, Ladao Auto, held a product launch for the Ladao L90, which offers configurations for six and seven seats, with a starting price of 265,800 yuan for the vehicle and 179,800 yuan for the BaaS battery rental option [1] - The L90's pricing exceeds market expectations, and its product capabilities are considered industry-leading [1] Product Delivery and Market Strategy - The company plans to officially start deliveries on August 1, addressing previous market concerns regarding the ramp-up of new product deliveries [1] - Based on pre-sale order numbers, the company is expected to deliver over 10,000 units in September, capitalizing on the initial buzz surrounding the new product launch [1] Product Highlights - The L90 features significant competitive advantages in space, energy consumption, and safety [1] - It offers a spacious interior, which is a core demand for large three-row SUV users, achieved through 36 technical innovations in lightweight design and high integration [1] - Safety features include 45 active and intelligent safety assistance functions, with a focus on reducing accidents and enhancing user experience [1] Future Product Pipeline - The company plans to launch the Ladao L80 and a new ES8 in the second half of the year, with expectations for monthly deliveries to gradually exceed 30,000 to 40,000 units in Q3 and Q4 [2] - The new models are priced competitively, and shared technology from the NIO NT3.0 platform is expected to drive cost reductions [2] Financial Outlook - The company anticipates achieving a gross margin of over 15% for the NIO brand and 10% for the Ladao brand, supported by overall sales growth [2] - In Q2, the company incurred one-time expenses due to personnel adjustments, but these are expected to diminish in Q3 and Q4, leading to a decrease in quarterly Non-GAAP R&D expenses to around 2 billion yuan [2] - The company aims for profitability and positive free cash flow in Q4 2025 [2] Smart Driving Developments - The company continues to invest in smart driving technology, with the first version of the NIO World Model (NWM) launched on May 30 [2] - The focus remains on safety, with upgrades in four key scenarios: active safety, highway navigation, urban navigation, and smart parking [2] - The company has ensured sufficient space for updates and iterations in its smart driving technology architecture, allowing all vehicle owners to benefit from the latest advancements [2] Profit Forecast and Valuation - Current valuations for U.S. and Hong Kong stocks correspond to 0.8x P/S for 2025, with Non-GAAP net profit estimates maintained [3] - The company has raised target prices for Hong Kong and U.S. stocks by 10% and 9% to 45 HKD and 5.8 USD, respectively, indicating a potential upside of 29% for both markets [3]

Core Viewpoint - Chongqing Qianli Technology Co., Ltd. reported significant growth in production and sales of new energy vehicles for July 2025, indicating a strong performance in the market [1]. Production and Sales Data Summary - Total production for July 2025 reached 9,172 units, representing a year-on-year increase of 392.85% [1]. - Cumulative production for the year reached 35,578 units, showing a year-on-year increase of 109.99% [1]. - Total sales for July 2025 amounted to 10,222 units, reflecting a year-on-year increase of 142.34% [1]. - Cumulative sales for the year reached 48,950 units, with a year-on-year increase of 73.70% [1].