融通基金李进： 聚焦趋势向上的行业 ◎记者 何漪 近年来，新生代基金经理逐渐崭露头角，融通基金李进就是一个例子。他拥有清华大学工学博士学位， 于2017年7月加入融通基金，从行业研究员起步，覆盖电子、计算机、新能源领域，积累了丰富的研究 经验。 2021年升任基金经理助理后，李进陆续管理融通产业趋势臻选、融通价值趋势、融通产业趋势等多只基 金，逐渐形成了系统的投资框架。以其代表作融通产业趋势臻选为例，截至7月17日，任职以来回报为 51.48%，远超同期业绩比较基准，任职年化回报率为19.15%。 保持均衡持仓 在组合管理上，李进表示，根据市场环境的风险偏好及产业趋势判断，调整价值类资产、成长类资产的 权重比例，控制组合风险；从看好的产业中挑选趋势方向更好的二级或三级子行业，均衡配置分散风 险。同时，持股相对集中，并适度采取逆向投资，在涨幅过高、估值透支时果断减仓。 在操作上，李进表示，基于行业比较时，选出景气度较高的资产，再评估资产的性价比。具体来看，通 过判断行业景气的周期位置、商业模式与壁垒、中长期空间、估值等四个维度进行综合考量，选择合适 的资产进入基金组合。 李进介绍，他的投资目标并非争夺第一，而是 ...

2025年8月3日，第九届立秋演讲「新物种爆炸·吴声商业方法发布2025」在北京798·751园区79罐举行，主题为「刹那涌现」。 场景实验室创始人、场景方法论提出者吴声表示：AI场景革命正在让商业开启哲学生活方式周期，关键是在每个具体场景重建意义坐标。演讲以四个篇 章展开「意义重建」的创新方法：NOW是此刻的连接，FLOW是流畅的人机通感，HERE是超越在场的叙事，EGO是「我」的共识。大会还发布了新物 种爆炸2025「意义重建」的八个预测。 以下为吴声造物特别呈现的「吴声2025年度演讲」全文： ▍01 场景造物，十年刻度 「没有谁在这个世界上拥有自己固定的住所，以及固定不变的外观，没有谁不在盛衰沉浮之中，没有谁不与敌人和邻居交易品性，没有谁不是韶华易逝却 仍未能成熟，没有谁不是在漫长的生存之旅的起点便已筋疲力尽。」本雅明在《弗兰茨·卡夫卡纪念》中深刻写道。这也是新物种爆炸2025汇报的起点。 此刻即此刻，无可置疑。「今天是今天，带着过去所有时间的重量，带着将成为明天一切事物的翅膀。」我们惯常谈论的过去、现在与未来，唯有在刹那 的聚焦中，方能领悟聂鲁达诗篇的真意：诉说情感，也道尽万物缘起。它分明昭示，新物 ...

Group 1 - JD.com announced rewards for children of frontline employees who were admitted to universities, including cash gifts, free campus delivery, and priority employment opportunities [1][2] - Many listed companies have introduced family-oriented benefits, such as flexible working arrangements, maternity subsidies, and educational allowances [2][4] - The sustainability of these benefits, their effectiveness, and fairness to other employees are questioned [3][12] Group 2 - Companies like Haidilao and Ctrip have developed comprehensive welfare systems for employees' families, which include housing subsidies and educational allowances [6][10] - Ctrip has implemented various maternity benefits since 2015, including transportation costs during pregnancy and subsidies for childbirth, with a total investment expected to reach 1 billion yuan [10] - The welfare policies are seen as a way to enhance talent attraction and employee loyalty, contributing to long-term business growth [7][12] Group 3 - The extension of welfare policies to employees' families is part of ESG (Environmental, Social, and Governance) considerations, with a focus on employee well-being [9] - Companies are moving towards multi-layered and diversified welfare systems rather than one-time benefits, aiming to provide comprehensive support [10] - The effectiveness of these welfare policies in retaining employees and enhancing productivity remains uncertain, with some concerns about potential negative effects on employee motivation [12][13] Group 4 - There are concerns about the fairness of welfare policies, particularly if benefits are concentrated on employees with children, potentially alienating those without [12][14] - Companies like Ctrip emphasize inclusivity in their welfare policies, ensuring that all employees have equal opportunities for career development regardless of their parental status [14]

Core Insights - The 22nd ChinaJoy, the largest gaming and entertainment industry event, opened in Shanghai, attracting 743 exhibitors and featuring a total exhibition area of 110,000 square meters with over 280 companies participating [1] Group 1: Baidu's Innovations - Baidu's participation at ChinaJoy showcased its new AI capabilities, including GenFlow, which allows for rapid content creation, significantly reducing the time needed for tasks like scriptwriting [1] - Baidu Wenku (Baidu Library) has transformed into a one-stop AI content acquisition and creation platform, boasting 1.4 billion authoritative documents and 97 million monthly active AI users [2] - The upcoming GenFlow 2.0 version, set to launch in August, will enhance multi-model capabilities and improve user interaction experiences [2] Group 2: Baidu Wangpan's Features - Baidu Wangpan (Baidu Cloud) offers a comprehensive suite of AI features, including an AI camera that allows users to take, edit, and store photos seamlessly, addressing 99% of user needs related to photo management [3] - The "AI Notes" feature has gained popularity among students, automatically generating structured notes and mind maps from learning videos [3] - Baidu Wangpan currently serves over 1 billion users, with total storage exceeding 1,000 billion GB and over 80 million monthly active AI users [3] Group 3: Other Exhibitors and Trends - Other exhibitors like Yike Album and Chengpian are also leveraging AI technology, with Yike Album providing unlimited cloud storage and AI management for images, and Chengpian enabling easy creation of anime-related content [4] - The event highlights the trend of integrating AI into various consumer applications, appealing particularly to younger demographics [4]

Market Overview - The Shanghai Composite Index closed at 3593.66 points with a weekly increase of +1.67% [1] - The Shenzhen Component Index closed at 11168.14 points with a weekly increase of +2.33% [1] - The ChiNext Index closed at 2340.06 points with a weekly increase of +2.76% [1] - The CSI 300 Index closed at 4127.16 points with a weekly increase of +1.69% [1] - The CSI Artificial Intelligence Index closed at 1479.24 points with a weekly increase of +1.72%, aligning with the overall market trend [1] Technology Sector Insights - Dongshan Precision announced an investment of up to $1 billion for a high-end printed circuit board (PCB) project to meet long-term demand in high-performance servers and AI applications [1] - The investment aims to enhance existing capacity and build new capacity, focusing on high-density interconnect and advanced technology products [1] - The PCB industry is shifting towards high-value products, and this investment is expected to strengthen the company's leading position in the PCB sector [1] Alphabet Financial Performance - Alphabet reported Q2 2025 revenue of $96.428 billion, a 14% year-over-year increase, exceeding market expectations [2] - Non-GAAP net profit for the quarter was $28.196 billion, up 19% year-over-year [2] - The search business generated $54.190 billion in revenue, a 12% increase, with AI Overviews reaching over 2 billion monthly active users [2] - Cloud business revenue was $13.624 billion, a 32% increase, with OpenAI utilizing Google Cloud for ChatGPT services [2] - Capital expenditures are projected to rise from $75 billion to $85 billion in 2025, with further increases expected in 2026 [2] Microsoft Financial Performance - Microsoft reported Q4 FY2025 revenue of $76.441 billion, an 18% year-over-year increase, surpassing market expectations [3] - Net profit increased by 24% to $27.233 billion [3] - Azure cloud revenue exceeded $75 billion for the first time, growing 34% year-over-year [3] - Capital expenditures for the quarter totaled $24.2 billion, a 27% increase, with full-year capital expenditures around $81.4 billion [3] Meta Financial Performance - Meta's Q2 2025 revenue reached $47.52 billion, a 22% year-over-year increase, with net profit of $18.34 billion, up 36% [4] - The company is enhancing advertising efficiency through generative AI, with nearly 2 million advertisers using its AI tools [4] - Capital expenditures for 2025 are projected between $66 billion and $72 billion, focusing on talent, infrastructure, and AI development [4] Investment Recommendations - Focus on PCB, ODM, AIOT, and AIDC sectors for potential investment opportunities [5] - PCB sector is expected to benefit from increased AI server shipments; recommended companies include Shenghong Technology, Huitian Technology, and Shengyi Technology [5] - The semiconductor sector is poised for growth due to trade barriers; recommended companies include Chipone Technology, Aojie Technology, and North Huachuang [5] - AI new consumption scenarios are anticipated to explode; recommended companies include Tailin Micro and Hengxuan Technology [5] - AIDC sector is expected to benefit from major capital expenditures; recommended company is Weichai Heavy Machinery [7] - ODM sector is expected to benefit from domestic AI and Xiaomi's supply chain; recommended companies include Huaqin Technology and Longqi Technology [8]

2025 年 08 月 03 日 莫愁前路 本周上证指数跌 0.94%，沪深 300 跌 1.75%，中证 500 跌 1.37%，创业板指跌 0.74%，恒生指数跌 3.47%。价值风格表现弱于成长风格。本周全 A 日均交易额 18096 亿，环比上周有所下降。本周市场虽然有所回调，但偏股混合型基金指数回 撤仅有 0.39%，机构重仓板块和反杠铃策略继续跑赢市场，符合我们在此前周报《最 佳的选择："创"》和《首次向杠铃超额发起挑战！》的判断：当前以银行-微盘为 代表的极致杠铃策略虽尚存一定绝对收益空间，但超额有效性在下滑，同时以低估 值大盘成长为代表"中间资产"正在出现绝对收益和超额收益的回摆，这点暗示尤其 在今年三季度创业板指+科技科创的占优表现是大概率且可持续的。 对于本周大盘见顶小幅回调，我们认为主要源于海内外重要事件落地后资金止盈的 影响，但科技成长板块的赚钱效应仍存：一方面是 7 月政治局会议的召开对"反内 卷"进行了纠偏，大宗商品和反内卷品种的定价回归理性；另一方面是创新药和光 模块等产业趋势板块，受到海外需求的进一步提振，在本周继续保持强势表现。中 期来看，在中长期资金持续流入稳定市场的背景下 ...

Domestic Finance - The People's Bank of China continues to implement a moderately loose monetary policy, aiming to support economic growth by lowering reserve requirements and interest rates [1] - The Ministry of Finance and the State Taxation Administration will resume VAT collection on interest income from newly issued government bonds starting August 8, 2025, while previously issued bonds will remain exempt until maturity [1] Industry Development - Eight departments, including the Ministry of Industry and Information Technology, have issued a plan for the digital transformation of the machinery industry, targeting the establishment of at least 200 exemplary smart factories by 2027 [2] - By 2030, the plan aims for significant digital upgrades across major enterprises in the machinery sector, with a target of 60% of companies achieving a maturity level of two or above in intelligent manufacturing [2] Capital Market - CITIC Securities emphasizes a focus on AI, innovative pharmaceuticals, resources, and the STAR Market, indicating a trend towards concentrated investment in high-consensus sectors rather than low-positioned stocks [5] Energy Sector - Leshan Electric announced a price adjustment for residential gas sales, effective September 1, 2025, with increases ranging from 0.10 to 0.15 yuan per cubic meter across different pricing tiers, expected to boost the company's gas business revenue by approximately 2.7 million yuan in 2025 [6] Technology Development - Zhejiang University has made a breakthrough in neuromorphic computing with the launch of the Darwin Monkey, a brain-like computer with over 2 billion neurons, marking a significant advancement in the field [7] Legal and Regulatory - A Shanghai court sentenced 14 individuals for infringing on Huawei's trade secrets, with penalties including prison terms and fines totaling 13.5 million yuan [8] International Finance - President Trump has demanded that 17 major pharmaceutical companies reduce drug prices within 60 days, threatening regulatory action if they fail to comply [10]

央行：继续实施好适度宽松的货币政策 8月1日，中国人民银行召开2025年下半年工作会议暨常态长效推动中央巡视整改工作推进会。总结2025年以来工作，分析当前金融形 势，部署下一阶段工作。 会议要求，一是继续实施好适度宽松的货币政策。综合运用多种货币政策工具，保持流动性充裕，引导金融机构保持信贷合理增长，使 社会融资规模、货币供应量增长同经济增长和价格总水平预期目标相匹配。抓好各项货币政策措施的执行，畅通货币政策传导，提升货 币政策实施效果。盘活存量，用好增量，提高资金使用效率。强化利率政策执行和监督。保持汇率弹性，强化预期引导，防范汇率超调 风险。 二是突出服务实体经济重点方向。做好金融"五篇大文章"，指导金融机构提升金融服务专业化精细化水平。用好科技创新和技术改造再 贷款政策，推动科技型中小企业贷款较快增长，加大"两重""两新"等重点领域的融资支持力度。支持化解重点产业结构性矛盾，促进产 业提质升级。合理保障外贸企业融资需求。加强应收账款电子凭证业务监管与风险防范。 三是防范化解重点领域金融风险。持续做好金融支持地方政府融资平台化债工作。有序推进重点地区和机构风险处置。进一步加强风险 监测评估和宏观审慎管理 ...

证券研究报告 | 行业周报 gszqdatemark 2025 08 03 年 月 日 电子 周观点：从巨头财报周看最新 Capex CSP 相继上调资本开支指引，高度重视 AI 产业链变革及业绩爆发机遇。 谷歌、Meta、亚马逊相继上调全年资本开支预期，谷歌上调 25 年 100 亿美元资本开支至 850 亿美元，Meta 上调 25 年资本开支预期至 660- 720 亿美元，亚马逊表示目前需求已经超过了供给，上调 25 年资本开 支至 1200 亿美元左右，商业模式角度，微软 Azure 连续大幅超预期， 未来资本开支更多投向短周期资产，我们认为主要系看到了 AI 大范围 的需求以及商务模式正逐步跑通。我们认为目前 AI 大时代已至，大趋 势下，把握行业大 beta，高度重视 AI 产业链变革及业绩爆发机遇。 具体来看： 1）Meta 再次上调资本开支预期至 660-720 亿美元，2026 年预计 Capex 继续大幅增长：本季度资本开支 170 亿美元，2025 年 Capex 指引 660-720 亿美元（前值 640-720 亿），连续上调资本开支，2026 年预计 Capex 继续大幅增长，以 ...

在投资领域，沃伦·巴菲特的名字几乎家喻户晓。他被广泛尊称为"股神"，其每一条投资决策和发言都能够引发金融界的广泛关注。在接受《日本经济新 闻》的采访时，巴菲特发表了一番令人深思的言论："你会有一种非常强烈的感觉，20年后、50年后，日本和美国仍然会变得更大。"这番话不仅反映了他对 未来的信心，也展现了他对这两个国家经济基本面的深刻洞察。巴菲特是价值投资的坚定支持者，他更加注重企业的长期成长潜力与国家经济的稳健基础。 在巴菲特的眼中，美国和日本都有着一些独特的优势，能够在未来几十年继续保持全球经济的强大影响力。首先是美国，作为世界上最大经济体的美国，其 雄厚的经济实力不容小觑。美国的创新能力尤为突出，特别是在科技领域，一直处于全球领先地位。硅谷被誉为全球科技创新的中心，像谷歌、苹果、亚马 逊这些全球知名的大公司都源自这里。它们不仅推动了美国经济的繁荣，还在全球范围内产生了巨大影响，巩固了美国在全球市场的统治地位。巴菲特曾多 次表示，美国的创新能力是其经济持续增长的重要支撑。 与美国不同的是，日本的经济形势在过去几十年中显得有些低迷。自1990年代初泡沫经济破裂以来，日本经济一直陷入长期的通货紧缩和增长停滞。但巴 ...