21世纪经济报道记者 杨娜娜 2025世界人工智能大会上，具身智能机器人流畅互动、AI终端设备百花齐放、大模型应用场景加速渗 透……这场全球瞩目的科技盛宴，生动诠释了AI技术正以前所未有的速度重塑千行百业。 对于财通资管基金经理李晶而言，这场盛会不仅展示了AI应用的无限可能，更强化了她的投资信念： 真正的抗周期力量，往往蕴藏在连接不同产业、支撑多元场景的"万能接口"之中。 李晶相信，如同改变世界的晶体管，那些具备跨场景通用性、掌握共性底层技术、能够定义行业而非被 客户定义的"接口型"公司，才是科技投资中抵御波动、实现长期均衡收益的"抗周期锚点"。它们可能不 总是站在舞台中央，却如同无声的引擎，驱动着整个AI生态乃至更广泛科技领域的持续创新与繁荣。 目前，李晶共执掌三只基金，展现了较强的组合管理能力和中长期超额收益挖掘能力。 "从1到100，再从100到1" 深耕TMT等科技成长领域超16年的李晶，拥有7年卖方研究经验（曾任职于申银万国、民生证券），她 所在的团队曾于2010、2012年两度摘得新财富计算机行业第一团队桂冠。 彼时，一颗转向投资的种子在她心中悄然萌发。"研究终须落脚于投资，我希望见证研究成果转化 ...

Core Insights - The software industry in China reported a revenue of 42,582 billion yuan in the first four months of the year, reflecting a year-on-year growth of 10.8% [1] - The total profit of the software industry reached 5,075 billion yuan, with a year-on-year increase of 14.2% [1] - Software exports amounted to 17.26 billion USD, showing a growth of 3.5% compared to the previous year [1] Revenue Breakdown - Software product revenue was 9,933 billion yuan, marking a year-on-year growth of 9.6%, accounting for 23.3% of the total industry revenue [1] - Basic software revenue was 536 billion yuan, with an increase of 8.6% [1] - Industrial software product revenue reached 913 billion yuan, growing by 6.3% [1] Information Technology Services - Revenue from information technology services was 28,415 billion yuan, reflecting a year-on-year growth of 11.5%, constituting 66.7% of the total industry revenue [1] - Cloud computing and big data services generated 4,658 billion yuan, with a growth of 11.4%, representing 16.4% of the information technology services revenue [1] - Integrated circuit design revenue was 1,210 billion yuan, showing an 18.0% increase [1] - E-commerce platform technology service revenue reached 3,341 billion yuan, with an 8.1% growth [1]

Core Viewpoint - The interview with Huawei's CEO Ren Zhengfei reflects a strong confidence in the company's ability to overcome challenges and focus on its own development despite external pressures and criticisms [1][2]. Group 1: Challenges and Responses - Ren emphasizes the importance of not dwelling on difficulties but rather taking action step by step to move forward [3]. - He acknowledges that while Huawei faces challenges, many Chinese chip companies are making significant efforts, particularly in compound semiconductors, and Huawei is working to improve its chip technology [4][5]. Group 2: Research and Development - Huawei invests approximately 180 billion yuan in R&D annually, with around 60 billion yuan dedicated to basic theoretical research, which is not subject to performance evaluation [11]. - The company believes that without foundational research, breakthroughs in technology cannot be achieved, which is essential to compete with the U.S. [11]. Group 3: The Role of Theoretical Research - Ren highlights the long-term nature of theoretical research, stating that it often takes decades to yield results, and stresses the need for societal understanding and support for theoretical scientists [10][12]. - He cites historical examples of scientific breakthroughs that took time to be recognized, emphasizing the importance of patience and strategic investment in research [9][10]. Group 4: Future Prospects and Advantages - Ren expresses optimism about China's future in artificial intelligence, citing the country's vast youth population and strong infrastructure as key advantages [14][16]. - He believes that the integration of AI into manufacturing will lead to the emergence of unique Chinese models, enhancing the country's manufacturing capabilities [16]. Group 5: Market and Economic Environment - The company advocates for a legal and market-oriented environment to support the development of private enterprises, which is crucial for economic vitality [17]. - Ren discusses the importance of national openness and unity in creating a large, integrated market that can overcome external barriers [18].

财华社8月12日讯，中泰国际发布了每周策略报告称，港股市场风险偏好持续走强，推动大盘高位震 荡。7月中国出口韧性超预期，进口同比增速创一年多新高，下游物价温和修复，上游降价压力仍存， 基本面整体延续温和改善，叠加市场预期政策聚焦结构性发力，港股整体仍有上升支撑力。 中泰国际强调，当前港股盈利预期稳健，恒指2025/2026年预测盈利增速2.7%/8.5%，上游资源板块受益 反内卷政策引领改善，叠加中国债市企稳（10年期国债收益率＞1.7%）支撑盈利上修动能。然而，当 前港股估值短期已大幅修复，恒指预测PE回归2018-2019年中枢，风险溢价处历史低位与AH溢价创近六 年新低，叠加8月进入港股季节性的淡季，中报业绩期将集中验证基本面，市场有理由高位整固。 美元指数方面，中泰国际认为美元指数持续受三重压制：经济动能弱化（ISM服务业和制造业均超预期 走弱）、政策独立性风险（特朗普拟任命鸽派理事冲击美联储决策）、地缘避险溢价消退（美俄会晤推 升俄乌停火预期）。 该行指出，当前市场对9月降息概率定价已达87%。料短期美元指数保持震荡偏弱格局，仍待经济数 据、关税战终章进展、特朗普对美联储独立性影响几何等重点事件明朗 ...

Financial Data and Key Metrics Changes - In H1 2025, revenue increased by 11.2% year-over-year, reaching RMB 3,192 million [3] - The gross profit margin grew by 2.4%, reaching 65.6% [6] - Operating cash flow was significantly decreased, but the company expects it to exceed RMB 1 billion for the year [11][37] - The company reported a significant reduction in losses from RMB 280 million in the same period last year to RMB 98 million this year [9] Business Line Data and Key Metrics Changes - Cloud subscription revenue grew by 22.1% year-over-year, contributing over 50% of total revenue [4][16] - The annual recurring revenue (ARR) grew by 80.5% [13] - The contract liability of cloud subscriptions increased by 24.7% [13] - The company aims to outsource product implementation to third parties to maintain reasonable presence in overall revenue [5] Market Data and Key Metrics Changes - The company has contracted over 500 corporate clients in H1 2025, indicating strong market demand [17] - The net total retention rate for the corresponding constellation subscription was 108% [15] - The company is focusing on large enterprises, which are integrating different business lines for better supply chain management [44] Company Strategy and Development Direction - The company is adjusting its strategy to seek more opportunities while controlling internal risks, particularly in the context of persistent macroeconomic challenges [2] - The focus is on transforming from a traditional one-time license model to a cloud subscription model, with an emphasis on AI integration [16][23] - The company plans to strengthen its SaaS business and expand its AI capabilities, targeting a 30% contribution from AI revenue by 2030 [38][68] Management's Comments on Operating Environment and Future Outlook - The external environment is described as volatile, with management expressing cautious optimism about future growth [12] - The company expects to maintain a double-digit growth rate annually, aiming for 15% growth in the coming years [68] - Management is confident in achieving an operating cash flow of over RMB 3 billion by 2030 [37] Other Important Information - Employee expenses are a key component of overall expenses, and the company has reduced its team size by 9% [3][4] - The company has made significant investments in R&D, despite a decrease in overall expenses by 3.8% [7] - The introduction of AI patents is expected to enhance business efficiency and reduce costs [8] Q&A Session Summary Question: What is the trend of demand for large, medium, and small enterprises? - Management noted that large enterprises are integrating their business lines for better supply chain management, while medium-sized enterprises seek faster deployment and lower costs [42][44] Question: What is the pricing model for AI products and customer feedback? - The company received positive feedback for its AI products, including the recruitment AI assistant and Gold Key financial report analytics app, with a backlog of RMB 150 million [43][45][48] Question: How will team optimization impact project implementation? - Management clarified that team optimization aims to enhance efficiency without sacrificing customer experience, with implementation services being outsourced to certified partners [54][58] Question: What is the sustainability of the cloud business transformation? - Management expressed confidence in sustainable growth, with a target for subscription business to account for 80% to 90% of total revenue [70][72] Question: What are the plans for international business growth? - The company aims for international revenue to reach 5% to 10% of total revenue in the next three to five years, focusing on Southeast Asia and the Middle East [103]

Core Viewpoint - The overall industry and non-financial sector prosperity index rebounded in July, with improvements noted in major financial, midstream manufacturing, and TMT sectors [1] Group 1: Sector Insights - The rebound in the prosperity index is supported by policies aimed at reducing competition and stabilizing ROE [1] - Various sectors are entering a bottoming or climbing phase, including industrial metals, energy metals, steel, certain chemicals, wind power, automotive, aquaculture, and logistics [1] - Overseas AI capital expenditure continued to rise in Q2, driving improvements or maintaining high levels in AI-related components such as storage, software, and gaming [1] Group 2: Investment Recommendations - Tactical focus should be on sectors showing signs of improvement and potential for catch-up, including storage, software, general automation, chemicals, insurance, and coal [1] - Strategic allocation should continue to favor major financials, military industry, and pharmaceuticals, with the pharmaceutical market potentially expanding from innovative drugs to medical devices [1]

有关增加乃主要由于研发及销售效率提高推动ICV仿真测试软件及平台的收入大幅增长所致。 赛目科技(02571)发布公告，预期(i)集团于2025年首6个月取得收入将约为人民币8800万元至人民币9200 万元，较2024年同期增加约58.4%至65.6%;(ii)集团于2025年首6个月取得净利润将约为人民币20万元至 人民币80万元，较截至2024年6月30日止首6个月的净亏损人民币460万元实现扭亏为盈。 ...

进一步统计，近3个月内该股累计发生25笔大宗交易，合计成交金额为1.10亿元。 证券时报·数据宝统计显示，浩辰软件今日收盘价为49.17元，上涨0.22%，日换手率为3.37%，成交额为 6707.22万元，全天主力资金净流入305.03万元，近5日该股累计上涨1.55%，近5日资金合计净流入 357.12万元。 浩辰软件8月11日大宗交易平台出现一笔成交，成交量10.00万股，成交金额487.80万元，大宗交易成交 价为48.78元，相对今日收盘价折价0.79%。该笔交易的买方营业部为东兴证券股份有限公司上海陆家嘴 证券营业部，卖方营业部为中信证券股份有限公司苏州分公司。 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 10.00 | 487.80 | 48.78 | -0.79 | 东兴证券股份有限公司上海 | 中信证券股份有限公 | | | | | | 陆家嘴证券营业部 | 司苏州分公司 | （文章来源：证券时 ...

Market Overview - Major U.S. stock index futures are showing slight gains, with Dow futures up 0.23%, S&P 500 futures up 0.10%, and Nasdaq futures up 0.05% [1] Cryptocurrency Sector - Cryptocurrency-related stocks are experiencing a pre-market rally, with BMNR surging over 14%, SBET and BTCS rising over 10%, and Coinbase and Strategy increasing over 4% [2] Semiconductor Industry - Most semiconductor stocks are declining, with AMD down 1.97%, Nvidia down 0.95%, and TSMC down 0.21% [3] - Intel's CEO, Chen Lifeng, is scheduled to visit the White House, leading to a 1.4% increase in Intel's stock price [3] Investor Sentiment - A recent Bank of America survey indicates that approximately 91% of respondents believe U.S. stocks are overvalued, marking the highest level of concern since 2001 [3] Automotive Sector - Tesla plans to launch Robotaxi services in select Asian markets, resulting in a 1.33% increase in its stock price [4] AI Sector - C3.ai has significantly reduced its revenue forecast for Q1 FY2025 to between $70.2 million and $70.4 million, a decrease of about 33% from previous expectations, leading to a drop of over 28% in its stock price [4] - Baidu's AI search has reached over 322 million monthly active users, maintaining its position as the leader in the domestic AI search industry, with a slight stock increase of 0.15% [4]

Group 1 - Hedge funds significantly reduced their positions in the U.S. stock market, with a net sell of $1 billion, primarily focused on macro products such as indices and ETFs [1][2][3] - The short-selling ratio for macro products reached approximately 4:1, with U.S. listed ETFs seeing a 4% increase in short positions, marking a monthly increase of 5.7% [3][5] - Technology stocks have become the main target for hedge fund short-selling, with the information technology sector experiencing net selling for the third consecutive week at the fastest pace in over four months, with a short-to-long selling ratio of 3.9:1 [5][6] Group 2 - Retail investors showed a decrease in market participation, with a net buy of $4.9 billion, below the year-to-date average of $6.6 billion per week [2][8] - Retail investors preferred ETFs, with $4.7 billion in net purchases, compared to $276 million in individual stocks, indicating a contrasting strategy to hedge funds [10] - The current earnings season has exhibited unusually high volatility, with the average stock price movement on earnings day reaching ±5.3%, the highest in 15 years, despite 60% of companies exceeding EPS expectations [11]