证券代码：688220 证券简称：翱捷科技 公告编号：2025-031 翱捷科技股份有限公司 ? 关联交易情况：海望合纵的有限合伙人上海浦东科创集团有限公司（以 下简称"浦东科创"）属于公司股东，持有公司股份604,731股，持股比例为 上海浦东新兴产业投资有限公司为一致行动人，共持有公司股份31,833,531股， 合计持股比例为7.61%。 由于浦东科创及其一致行动人属于持有上市公司5%以上股份的法人或其他 组织，根据《上海证券交易所科创板股票上市规则》规定，浦东科创属于公司 关联方。公司本次交易涉及与关联方共同投资，构成关联交易。本次交易不构 成《上市公司重大资产重组管理办法》规定的重大资产重组，交易实施不存在 重大法律障碍。 ? 审议情况：本次交易已经第二届董事会独立董事专门会议2025年第一次 会议、第二届董事会第十六次会议审议通过，关联董事黄晨已回避表决，保荐 机构国泰海通证券股份有限公司(以下简称"保荐机构")已出具无异议的核查 意见，本事项无需提交公司股东会审议。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责 ...

智通财经APP讯，翱捷科技(688220.SH)公告，公司拟作为有限合伙人(LP)以自有资金出资4000万元，参 与投资上海海望合纵私募基金合伙企业(有限合伙)(简称"海望合纵")，拟出资金额占基金总认缴出资额 的1.8957%。 公告称，公司本次投资是为了借助专业投资机构的经验和资源，拓宽投资方式和渠道，把握公司所在行 业的投资机会，优化公司投资结构，把握产业的投资机会，实现产业协同。 据悉，海望合纵将主要通过直接或间接方式投资于包括集成电路、高端制造、生物医药以及其 他"3+6"重点产业等领域的成长期、成熟期的企业。 ...

公告称，公司本次投资是为了借助专业投资机构的经验和资源，拓宽投资方式和渠道，把握公司所在行 业的投资机会，优化公司投资结构，把握产业的投资机会，实现产业协同。 据悉，海望合纵将主要通过直接或间接方式投资于包括集成电路、高端制造、生物医药以及其 他"3+6"重点产业等领域的成长期、成熟期的企业。 翱捷科技(688220.SH)公告，公司拟作为有限合伙人(LP)以自有资金出资4000万元，参与投资上海海望 合纵私募基金合伙企业(有限合伙)(简称"海望合纵")，拟出资金额占基金总认缴出资额的1.8957%。 ...

Group 1 - The report outlines a grid trading strategy, which is essentially a high buy low sell trading approach that capitalizes on price fluctuations without predicting market trends, making it suitable for volatile markets [4][14] - Characteristics of suitable grid trading targets include selecting on-market assets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly appropriate for this strategy [4][14] - The report highlights key ETFs for grid trading, including the New Economy ETF, which benefits from policy incentives and industrial upgrades, capturing new economic growth drivers in China [4][15] Group 2 - The report discusses the Germany ETF, which tracks the DAX index and benefits from Germany's economic stimulus policies, focusing on high-end manufacturing and technology leaders [5][18] - The Chip ETF is noted for its short-term easing of overseas pressures and long-term focus on domestic substitution, with significant investments in the semiconductor industry to enhance self-sufficiency [6][19] - The Robot ETF is emphasized as a strategic core area for technological innovation and high-end manufacturing in China, supported by government policies aimed at advancing intelligent manufacturing [8][24]

中国经济则呈现 "稳中向新" 特征，二季度实际 GDP 增速连续三季度稳定在5%以上，出口韧性、消费 升级与新动能壮大形成核心支撑，但物价持续低迷与名义增长偏慢成为突出制约，国际货币体系变革为 人民币国际化带来新机遇。 报告核心结论显示，中国经济亮点与挑战并存：外贸多元化对冲对美出口下滑，耐用品消费短期发力但 服务消费潜力待释放，高端制造等新动能加速成长；物价低迷源于核心服务疲软与中游化工品拖累。基 于此，建议以供需协同为核心，通过财政货币协同、稳楼市、释消费、推进城镇化、整治内卷五大举 措，促进物价合理回升，最终提振名义增长（按当前市场价格计算的国内生产总值（GDP）增长，未剔 除价格变动因素），实现高质量复苏。 为了从根本上缓解"供强需弱"矛盾，北京大学国家发展研究院卢锋教授建议从以下三个方面系统发力： 一是适度调整公共资源配置，将部分公共部门投入从供给领域转向支持居民收入与消费，形成更为平衡 的供求格局；二是加快推进户籍、土地及现代财政体制的综合改革，以提升公共服务均等化水平，营造 有利于居民消费的优质环境；三是短期刺激和长期改革并举，在保持生产力赶超力度的同时，大幅提升 居民消费率和最终消费率5至10 ...

Core Viewpoint - The recent performance of the ChiNext AI ETF (159388) indicates a positive outlook for the AI industry, with expectations of significant marginal changes in the coming months due to the launch of new models and ongoing policy support for domestic computing power [1] Group 1: AI Industry Outlook - The AI sector is anticipated to experience substantial growth driven by the introduction of new models, which will likely enhance the sustainability of its upward trend [1] - Domestic computing power is viewed as a cornerstone for national development, expected to receive continuous policy support, including procurement by central state-owned enterprises and backing for major technology projects [1] - The AI application sector has seen relatively modest gains previously, but with the release of new models and the proliferation of technology, a qualitative change is expected to emerge from the accumulated quantitative growth [1] Group 2: Investment Focus Areas - Robotics, as a significant application area of AI, is projected to accelerate in growth [1] - The technology sector is expected to become the main focus of future market trends, while interest in cyclical sectors is anticipated to decline [1] - The overall rise in the AI industry chain is particularly optimistic for domestic computing power, AI applications, PCB-related sectors, and specific areas within robotics [1] Group 3: ETF and Index Information - The ChiNext AI ETF (159388) tracks the ChiNext AI Index (970070), which can experience daily fluctuations of up to 20% [1] - The index comprises securities from companies involved in the development and application of AI technologies, covering various fields such as software and hardware R&D, and intelligent services [1] - The index aims to reflect the overall performance of publicly listed companies related to AI and highlights the potential for technological innovation and growth, especially in the information technology and high-end manufacturing sectors [1]

Group 1 - The report highlights the establishment of a dual-index era for the Beijing Stock Exchange (BSE), with the launch of the Bei Zheng 50 Index and the Bei Zheng Specialized New Index, reflecting the overall performance of representative companies and specialized "little giant" firms respectively [2][22][31] - In the first half of 2025, the Bei Zheng 50 Index increased by 39.45%, while the Bei Zheng Specialized New Index rose by 48.54%, significantly outperforming other major indices such as the CSI 300 and ChiNext [31][34] - The report notes a substantial growth in the scale of passive index funds tracking the Bei Zheng 50 Index, with assets increasing from 29.40 million yuan in 2022 to 111.62 million yuan by July 2025 [34][35] Group 2 - The report draws parallels with the successful multi-tier index system of the Sci-Tech Innovation Board (STAR Market), which has been instrumental in driving high-quality development and attracting innovative companies [3][37] - The STAR Market has developed a comprehensive index system that includes broad-based indices, thematic indices, and strategy indices, which collectively enhance the investment ecosystem and facilitate capital flow into key sectors [3][39] - The report emphasizes the importance of index-based investment as a bridge connecting technological innovation with capital markets, with the domestic index product scale surpassing 5.4 trillion yuan by mid-2025 [4][48] Group 3 - The Bei Zheng index system is expected to gradually improve, with a focus on diversified investment strategies and industry positioning, particularly for "specialized and innovative" small and medium-sized enterprises [4][55] - The report identifies five major industry indices, including high-end manufacturing and TMT (Technology, Media, and Telecommunications), which have shown significant growth in the first half of 2025, with high-end manufacturing achieving a 86.43% increase [4][26][59] - The report highlights the increasing participation of public funds in the BSE, with the number of institutions investing in BSE stocks reaching a record high in the first half of 2025, indicating growing institutional interest [49][51]

Core Insights - The conference "Going Global with Craftsmanship" aims to provide a platform for Chinese companies to explore globalization opportunities and challenges, focusing on sustainable overseas expansion strategies [1] - Zhang Wei from the Globalization Think Tank (CCG) presented a framework termed "344 formation," highlighting three major opportunities, four significant challenges, and four core capabilities for Chinese enterprises going global [2] Opportunities - The era of Globalization 3.0 presents three strategic windows for Chinese enterprises, characterized by digital technology reshaping production relationships and creating unique opportunities for overseas expansion [3] - Regional economic integration is accelerating, with initiatives like RCEP enhancing trade facilitation and reducing costs for Chinese products entering markets like ASEAN and the Middle East [4] - Chinese companies are transitioning from OEM to brand and technology exporters, achieving breakthroughs in high-end manufacturing and electric vehicles, supported by improved infrastructure connectivity [5] - Digital technology is driving a paradigm shift, enabling companies like SHEIN and TikTok to reach global users rapidly, although it also intensifies international competition [6] Challenges - Companies face a dual challenge of traditional and new risks, including heightened geopolitical tensions that label various sectors as "national security" concerns [7] - Regulatory compliance presents significant hurdles due to vast differences in laws across countries, which can lead to severe penalties for non-compliance [8] - There is a structural shortage of talent capable of managing cross-cultural operations, necessitating the development of local teams [9] - Supply chain resilience is tested as companies may overlook local industry support and policy fluctuations when expanding into new regions [10] Success Strategies - Successful overseas enterprises must shift from being followers to co-creators of international standards, as demonstrated by companies like Huawei and CATL [11] - Localization goes beyond mere market entry; it requires deep cultural integration, as seen with Transsion's adaptations for African consumers [12] - Companies should establish intelligent risk management systems using AI to monitor policy changes and public sentiment, ensuring proactive compliance [13] - Building sustainable development models through local partnerships and community engagement can create a protective "soft power" for companies [14] Regional Focus: Yangtze River Delta - Companies in the Yangtze River Delta should leverage their strengths in high-end manufacturing and digital economy to pursue differentiated paths in global markets [15] - Emphasizing a "win-win" approach with local governments, communities, and partners is crucial for successful overseas ventures [16]

Group 1 - The core viewpoint of the report indicates a weakening momentum in manufacturing investment demand, with a need for consumer support for endogenous recovery, and service consumption is expected to become a new growth point [1] - The Politburo meeting at the end of April highlighted that "endogenous power is still weak, and demand remains insufficient," setting higher quality requirements for future economic development [1][5] - The report suggests that total policy is entering a wait-and-see period, while industrial policy is expected to be more proactive, indicating potential support for new growth drivers through "cross-cycle" adjustments [1][5] Group 2 - In March, the revenue of industrial enterprises above designated size showed a cumulative year-on-year decline of 0.5%, while total profits fell by 21.4% year-on-year, indicating slow improvement in industrial enterprise efficiency [4] - The official manufacturing PMI dropped to 49.2 in April, indicating a contraction, while the non-manufacturing PMI recorded 56.4, showing a decline in new orders and new export orders [4] - High-frequency data points to a mild recovery, with structural changes being more significant than total changes, as investment demand is weakening [4] Group 3 - The Politburo meeting emphasized a positive tone for various sectors, acknowledging that the "three pressures" on the economy have eased, while also calling for stronger endogenous growth and demand [5] - The government is expected to enhance fiscal and monetary policies to boost consumption and stimulate private investment, particularly in high-end manufacturing and artificial intelligence [5] - Employment stabilization measures are being implemented, with support for industries that can absorb more employment and increased recruitment in state-owned enterprises [5][6] Group 4 - The U.S. Q1 GDP growth rate was significantly lower than expected at 1.1%, with personal consumption expenditures contributing mainly from durable goods [7] - Employment data showed resilience, with non-farm payrolls increasing by 253,000 in April, but signs of cooling demand were also present [7] - The Fed's recent rate hike of 25 basis points may be the last, but market expectations for a September rate cut may not materialize, leading to potential volatility in U.S. assets [7]

AI and Market Trends - AI applications are entering a rapid growth phase, supported by mature infrastructure and decreasing costs of large model calls, enhancing commercial potential[3] - China possesses significant data reserves and a broad demand scale, providing a competitive advantage for AI development[3] Market Performance - The A-share market experienced a general rise, with the Shanghai Composite Index up by 1.67% and the Shenzhen Component Index up by 2.33% during the week[15] - Mid-cap indices such as the CSI 500 and CSI 1000 outperformed large-cap indices, with increases of 3.28% and 2.38% respectively[17] Dietary Supplements Industry - The global dietary supplement market is projected to reach $223 billion by 2026, driven by population growth and increasing health awareness[5] - HMB, a key nutrient for muscle health, is expected to see global production reach 3,572 tons by 2030, indicating strong market potential[5] Investment Recommendations - Recommended stocks include Toris (拓尔思), which has a robust open-source intelligence data resource, and Songlin Technology (松霖科技), focusing on health robots[3] - Other notable mentions are Rongxin Culture (荣信文化), which is expanding into AI+ education scenarios[3] Corporate Actions - This week, two companies listed on the A-share market, with C Shanda and C Jiyuan seeing first-day gains of 356% and 274% respectively[33] - There were six new public offerings announced, with an average discount rate of 18.9% and an average return of 40.7% on recent fundraising projects[34][40]