恒指低开0.61%，恒生科技指数跌0.75%。医药股延续调整，瀚森制药跌近5%；科网股多数下跌，小米 集团、泡泡玛特绩后均跌2%；东方甄选辟谣不实传闻后高开近5%，上个交易日午后大幅跳水。 来源：第一财经 ...

21世纪经济报道新质生产力研究院综合报道 【巨头风向标】 字节跳动否认将推手机产品 有消息称，字节跳动将在年底推出自己的手机产品，该款产品基于目前供应链成熟方案设计。对此，豆 包相关负责人表示信息不实。豆包目前没有推出自己手机产品的计划。豆包相关负责人表示，豆包在持 续探索把自己的AI能力开放给包括手机在内的各种硬件厂商，在这个过程中，我们会和一些合作伙伴 做完整解决方案尝试，但所有合作都不涉及自有手机产品的研发与推出。 新东方CEO被立案？东方甄选：已报警 一则涉及新东方教育科技集团CEO周成刚相关传言让东方甄选股价尾盘跳水。截至8月19日港股收盘， 东方甄选（1797.HK）港股报收34.32港元，跌20.89%，此前一度上探至近两年高位53.7港元，涨幅超 23.5%。随后，东方甄选发布公告称，关于周成刚老师的传闻纯属谣言，关于"东方甄选佣金率长期超 30%"的说法严重失实，东方甄选售卖产品确保高品质和高性价比，实际平均佣金率不到20%。针对上 述谣言已启动报警和司法流程，对于这样的不法行为将一追到底。 西安将全面暂停网约车"一口价""特惠单"？官方回应：属实，正督促平台落实 8月19日，一份《西安市交 ...

Group 1: Macro Strategy and Market Overview - The A-share market saw significant gains, with the ChiNext Index rising by 8.58% and the CSI 500 and Shenzhen Component Index both increasing over 3.5% [1] - The central bank injected a net of 85.1 billion yuan into the market, maintaining stable liquidity [1][28] - The U.S. dollar index fell to 97.84, down 0.43% week-on-week, while the RMB remained stable at 7.19 [1][29] - The report anticipates continued policy stability and flexibility in the second half of the year, with a focus on gold and convertible bonds [1][30] Group 2: Fixed Income Market Insights - The current market shows a divergence between stock and bond performance, driven by policy expectations and market sentiment [2][31] - The central bank's timely interventions have provided support to the bond market, especially during periods of rising interest rates [2][33] - The report suggests that the 10-year government bond yield may reach a temporary peak around 1.80% [2][34] Group 3: Banking Sector Analysis - The banking sector is experiencing a trend of "credit pre-positioning," with a focus on early-year lending [4] - There is a notable divergence in credit growth between large state-owned banks and smaller banks, with the latter facing negative growth [4] - The report indicates that 2025 may see the smallest decline in loan rates since the LPR reform, with corporate and mortgage rates stabilizing around 3.2% and 3.1% respectively [4] Group 4: Cement Industry Overview - The necessity for "anti-involution" in the cement industry remains, with average prices down 43.7 yuan/ton year-on-year [7] - The previous supply-side reforms have led to a significant recovery in industry profits, with profits rising from 51.8 billion yuan in 2016 to 186.7 billion yuan in 2019 [7] - The report anticipates a continued decline in cement demand, with a potential drop of 18%-34% from 2024 levels [7] Group 5: Oil and Gas Sector Insights - The IEA has revised down its oil demand growth forecast by 350,000 barrels per day for the year, citing weak consumer confidence [8] - The IEA has increased its supply growth forecast for 2025 by 370,000 barrels per day, driven by OPEC's easing of production cuts [8] - Oil inventories have risen for five consecutive months, reaching a 46-month high of 783.6 million barrels [8] Group 6: Semiconductor Industry Trends - The "storage instead of computing" approach is expected to significantly enhance AI inference efficiency, driving rapid growth in SSD demand [17] - The semiconductor industry is experiencing stable growth in equipment and materials, with improved orders in wafer foundries and packaging [17] - The report maintains an optimistic outlook for global semiconductor growth driven by AI applications [17] Group 7: Home Appliance Sector Performance - Ecovacs reported a revenue of 8.68 billion yuan for H1 2025, a year-on-year increase of 24.4%, with a net profit of 980 million yuan, up 60.8% [35] - The company has seen strong growth in both domestic and overseas markets, particularly in Europe, where revenue increased by 66.6% [35][36] - The report highlights the company's strategic focus on optimizing its marketing investment model to improve profitability [36]

央行：新增支农支小再贷款额度1000亿元支持防汛救灾及灾后重建 个人养老金领取"降门槛" 新增3种领取情形 9月1日起实施 当地时间2025年8月18日，中共中央政治局委员、外交部长王毅在新德里同印度外交部长苏杰生举行会谈。双方就共同关心的双边、地区和国际问题进行了 积极、建设性、前瞻性讨论，达成10项成果。双方认为，要认真落实两国领导人达成的重要共识，推动中印关系持续健康稳定发展。（新华社） 为做好金融支持防汛救灾及灾后重建工作，近日中国人民银行新增支农支小再贷款额度1000亿元，引导和鼓励金融机构加大对北京、河北、吉林、山东、甘 肃等受灾地区的经营主体特别是小微企业、个体工商户，以及农业、养殖企业和农户的信贷支持力度。（新华社） 广东省人民政府办公厅印发《广东省推动商业航天高质量发展若干政策措施（2025—2028年）》，其中提出，支持卫星星座建设。支持企业投资建设针对民 商用领域的卫星星座，为项目申报核准提供"绿色通道"服务，给予卫星频轨资源协调保障支持。支持企业在粤发展卫星网络、星座建设，鼓励各地市加大对 卫星星座建设的支持和投入。（新华财经） 截至8月19日16时，今年上半年末社保基金共现身89股前 ...

Group 1 - The Greater Bay Area is accelerating the implementation of satellite internet services in emerging fields such as low-altitude economy, space mining, and space tourism [1] - The U.S. stock market showed mixed results, with the Nasdaq down 1.46% and AMD falling over 5% [1] - Nvidia is reportedly developing a new AI chip in China that surpasses the performance of H20 [1] - Meta is considering a comprehensive reduction of its artificial intelligence department [1] - Apple has arranged for all four iPhone 17 models to be manufactured in India for the first time [1] Group 2 - Xiaomi Group reported Q2 revenue of 116 billion yuan and a net profit of 10.8 billion yuan, both reaching historical highs [2] - The stock price of Dongfang Zhenxuan experienced a significant drop, and the company has initiated legal processes in response to rumors [1] - Pengding Holdings plans to invest a total of 8 billion yuan in the Huai'an Industrial Park [2]

Group 1 - The recent market has shown a strong performance, with public funds demonstrating significant profit-making ability and excess returns, particularly in themes like Hong Kong securities, innovative pharmaceuticals, and new consumption [1][2] - As of August 18, over 130 funds have achieved returns exceeding 100% in the past year, with three North Exchange theme funds reporting returns over 200% [1][2] - Notably, the top-performing North Exchange funds include those managed by Citic Securities and Huaxia, with returns of 249.27% and 225.42% respectively [1][2] Group 2 - Active management equity funds in the North Exchange have shown significant excess returns compared to their benchmarks, with one fund reporting a return of 190.48% against a benchmark return of 28.64% [2] - Hong Kong-related funds, especially in the securities and innovative pharmaceuticals sectors, have also performed well, with the E Fund Hong Kong Securities Investment Theme ETF achieving a return of 176% [2][3] - The performance of the E Fund ETF has been bolstered by a surge in trading volume, reaching nearly 120 billion yuan in a week, marking a record high since its launch [2] Group 3 - Several technology-themed funds have also reported impressive returns, such as the Yongying Advanced Manufacturing Fund, which focuses on humanoid robots and has a return of 172.28% [3] - The China Europe Digital Economy Fund, which targets artificial intelligence sectors, has achieved a return of 174.11% [3] - The growth of new consumption stocks has significantly contributed to the performance of funds like the GF Growth Navigator, which has a return of 162.55% [4]

8月18日，美股小幅震荡。多只中概股大涨。 鼎锋优配作为一家专注于港股和A股交易的券商，鼎锋优配为投资者提供一站式的投资服务。其交易平台功能强大、操作便捷，能够满足不同投资者的需 求 美股几乎平收 周一美股三大指数小幅震荡，至收盘几乎持平，纳指涨0.03%，标普500指数跌0.01%，道指跌0.08%。 大型科技股涨跌不一，英特尔跌超3%，结束此前连续六个交易日上涨的趋势；Meta跌逾2%，苹果、微软、谷歌小幅下跌；特斯拉涨超1%，奈飞、英伟 达、亚马逊小幅上涨。 Goodrx涨超37%，创2020年9月份以来最佳单日表现。该公司与诺和诺德合作，在美国医药市场供应后者的药品。诺和诺德宣布，下调Ozempic的价格。 美联储动向仍是本周焦点。美联储官员将赴怀俄明州杰克逊霍尔参加年度经济政策研讨会。美联储主席鲍威尔的讲话将受到重点关注。根据CME FedWatch工具，联邦基金合约定价显示美联储9月政策会议降息概率近85%。 多只中概股大涨 热门中概股多数上涨，纳斯达克中国金龙指数收涨0.12%。迅雷涨超37%，知乎、爱奇艺涨超17%，金山云涨逾5%，微博涨超3%。 | 代码 | 名称 | 现价 | 涨跌 | 涨 ...

Q&A 近期股市和债市表现如何？市场是否存在"股债跷跷板"现象？ 现在市场走到哪个阶段？20250819 最近，股市和债市的走势非常鲜明。自 7 月以来，权益市场表现强劲，而债券 市场则相对较弱，尤其是最近几个交易日表现更为疲软。然而，不应简单地将 当前市场划归为"股债跷跷板"逻辑，因为这种关系并不稳定。 如何看待当前的债券市场？是否存在季节性规律？ 摘要 债券市场存在季节性规律，通常 12 月至次年 2 月初利率下行概率较高， 1 月底或 2 月中旬至 3 月或 4 月中下旬可能出现阶段性调整。二季度利 率下行概率较高，三季度九十月份或八月份可能出现年内第二次调整。 这种规律与机构年度总结和宏观经济变化有关。 当前债券市场并非熊市，仍处于牛市中期位置。基本面偏弱、流动性充 裕的大环境未变，但静态收益不足、动态久期问题及机构行为叠加导致 波动增加。宏观经济类似于 2019 年和 2020 年的结合体，基本面偏弱 但票息极低是挑战。 国内基本面有所转弱，消费端社零下滑，地产投资数据不佳，非地产投 资也明显下滑。但生产端仍有韧性，7 月工业增加值同比增长 5.7%，GDP 增速约为 4.9%，经济压力加大，需关注 ...

今日港股震荡调整，南向资金全天净买入超185亿港元。截至收盘，中证港股通消费主题指数上涨 0.1%，中证港股通互联网指数下跌0.6%，恒生科技指数下跌0.7%，恒生港股通新经济指数下跌0.8%， 中证港股通医药卫生综合指数下跌1.7%。相关产品近期持续获资金布局，Wind数据显示，截至昨日， 港股通互联网ETF（513040）、恒生科技ETF易方达（513010）近一个月分别"吸金"18亿元、9亿元，规 模均创下历史新高。 港股新经济指数基本情况跟踪 (2025年8月19日) | 恒生新经济ETF | | | 513320 | | --- | --- | --- | --- | | 跟踪恒生港股通新经济指数 | | | | | 该指数由港股通范围内、属于 | 今日 | 该指数 | 该指数自2018年 | | "新经济"行业中市值最大的 | 该指数涨跌 | 我动市盆辈 | 以来估值分位 | | 50只股票组成,主要包括信息 | | | | | 技术、可选消费、医疗保健行 | -0. 8% | 24.1倍 | 50. 8% | | 11 | | | | | 恒生科技ETF易方达 | | | 513010 | | ...

展望后市，国内降息周期下的低利率环境、经济弱复苏的背景均利好红利策略，市值管理指挥棒下央国 企的分红意愿和能力均较强，港股通央企红利的股息率优势显著，配置价值较高。 港股通央企红利ETF（代码：513920）简介 华安港股通央企红利ETF跟踪恒生港股通中国央企红利指数，旨在反映可通过港股通买卖并且第一大股 东为内地央企的香港上市且拥有高股息的证券的整体表现。随着央企改革持续推进，该产品将有助于投 资者把握央企估值重塑的投资机遇。 行情回顾及主要观点： 港股红利板块上周延续上涨：恒生港股通中国央企红利全收益指数上涨1.08%，恒生指数上涨1.73%， 恒生科技指数上涨1.52%。恒生一级行业中，全部行业均上涨，医疗保健业领涨，公用事业领跌。（数 据来源：Wind，截至2025/8/15） 资金面上，上周外资流入港股，南向仍保持高额净流入。外资方面，截至周三 EPFR 口径下，主动型外 资流出港股1亿美元，被动型外资流入8.3亿美元；南向方面，南向资金上周净流入381亿港元。 今年保险举牌延续了去年的火热势头，且从板块及行业特征上看，举牌港股及银行的数量甚于往期。8 月份以来，保险举牌再度进入密集阶段，两周内举牌 ...