Group 1 - The core viewpoint is that structural recovery continues, with AI and overseas expansion being the key indicators for the second quarter report [1] - The performance growth rate of the non-financial oil and petrochemical sectors in the A-share market has slowed down in Q2 2025, but the structural recovery characteristics persist [1][2] - The internal economic indicators of technology growth are accelerating, driven by global AI industry resonance and overseas expansion [1][3] Group 2 - Total performance recovery is slowing, with mid-cap growth showing outstanding performance; net profit for non-financial sectors in Q2 2025 increased by 1.59% year-on-year, while revenue grew by 0.66% [2] - The growth rate of various sectors is diverging, with the main board, ChiNext, and North Exchange experiencing a slowdown, while the growth rate of the Sci-Tech Innovation Board has rebounded significantly [2] - The return on equity (ROE) for non-financial sectors in Q2 2025 has marginally declined, primarily due to a decrease in gross profit margin [2] Group 3 - Hard technology and non-bank sectors are showing superior performance, while cyclical consumption is experiencing significant divergence [3] - The technology sector, including optical electronics, semiconductors, and communication equipment, continues to thrive due to overseas AI investment and domestic demand for replacement [3] - In the cyclical sector, upstream growth is under pressure, but precious and minor metals are still growing rapidly due to rising expectations of overseas interest rate cuts [3] Group 4 - Capacity operation shows that traditional cyclical resources and equipment manufacturing are still undergoing capacity clearance, while emerging industries and new materials are expanding [4] - In Q2 2025, traditional cyclical industries are showing strong willingness to reduce capacity, while emerging technology hardware and certain consumer sectors are experiencing high capacity utilization rates [4] - The capacity cycle is entering an expansion phase in emerging technology industries and new consumption sectors, indicating a positive outlook for these areas [4]

2025 年 08 月 28 日 A 股大牛市：波动与应对 回顾历史上 A 股的大牛市，尽管成因、持续时间和涨幅存在较大差异，但 每轮牛市都会经历两轮比较明显的波动，期间大盘指数震荡调整，平均持 续 20-40 个交易日（均值 33 个交易日），期间回撤在 10%-20%之间（均 值 14%）。而这些牛市中的调整大多数时候与资金面、情绪面相关，而和基 本面关联性不大，尤其是对于市场过热、监管收紧、外围风险的担忧会暂 时打断牛市进程。对于波动调整期间的市场特征，如果是基本面驱动牛市， 风格切换并不显著，市场交易主线依旧清晰；而流动性驱动牛市，在震荡 调整区间往往有剧烈的风格切换，例如大盘切换至小盘，价值切换至成长 等等。 具体而言，牛市中的波动根据牛市自身特征，可分为四种类型： 第一类是制度红利+盈利驱动牛（2005–2007），股改、汇改与宏观繁荣带 来"戴维斯双击"，波动主要来自对泡沫和货币收紧的担忧，拐点常见于政 策转向或市场估值过热时，风格先从大盘价值转向中小盘成长，后在"530 股灾"后切换至再次大盘权重和防御板块，这一类型的波动行情往往兼具基 本面支撑以及估值拔升（制度红利），市场风格的切换是大小盘 ...

8月7日，A股共10家上市公司披露2025年半年报，其中10家公司全部盈利。从净利润来看，当日披露半 年报公司中，1家净利润超10亿元。杰瑞股份、盛美上海、塔牌集团排名居前，上半年净利润分别为 12.41亿元、6.96亿元、4.35亿元。 截至8月7日，A股已累计有113家上市公司披露2025年半年报，其中100家盈利，13家亏损。从净利润来 看，12家公司净利润超10亿元，宁德时代、华能国际、药明康德排名居前，上半年净利润分别为304.85 亿元、92.62亿元、85.61亿元。从净利润增幅来看，31家公司净利润增幅超50%，智明达、仕佳光子、 南极光排名居前，上半年净利润增幅分别为2147.93%、1712.00%、982.43%。 ...

Core Viewpoint - The article emphasizes the importance of regular visits and communication between regulatory bodies and listed companies to facilitate high-quality development in the capital market [3][4][5][6][7][8][15][16]. Group 1: Shanxi Securities Regulatory Bureau Initiatives - Shanxi Securities Regulatory Bureau has implemented a regular visiting mechanism to listen to market voices and address challenges faced by listed companies [3]. - The bureau has collaborated with local government and financial authorities to enhance the effectiveness of the visiting program, focusing on understanding business models and operational difficulties [3][4]. - As of now, 22 listed companies have been visited, covering 57.89% of the region, with 29 issues raised and 13 effectively resolved, representing 44.83% of the total [4][5]. Group 2: Financial Performance and Corporate Actions - In 2024, listed companies in Shanxi have distributed cash dividends 47 times, totaling 48.227 billion yuan, with an average dividend per company of 11.76 million yuan, ranking fifth nationally [5]. - The companies have also engaged in share buybacks totaling 1.602 billion yuan and announced 13 rounds of shareholding increases amounting to 265 million yuan [5]. Group 3: Liaoning Securities Regulatory Bureau Initiatives - Liaoning Securities Regulatory Bureau has conducted in-depth visits to understand the actual difficulties faced by listed companies, promoting high-quality development [7][8]. - The bureau has reported over 62 restructuring plans since the implementation of the "merger and acquisition six guidelines," with 5 major asset restructuring cases [8][10]. - In 2024, the total dividends (including buybacks) reached 3.789 billion yuan, marking a 24.03% increase from the previous year [8]. Group 4: Inner Mongolia Securities Regulatory Bureau Initiatives - Inner Mongolia Securities Regulatory Bureau has been actively visiting companies to address urgent issues and promote high-quality development since 2024 [15][16]. - The bureau has facilitated 3 companies in conducting mergers and acquisitions, with 2 being major asset restructurings, and supported 10 companies in buybacks totaling 2.102 billion yuan [16]. - A total of 22 listed companies have announced cash dividends of 20.562 billion yuan, with 81% of the companies in the region participating in dividend distribution [16].

Group 1: New State-Owned Enterprise and Energy Project - The establishment of China Yajiang Group and the commencement of the Yarlung Tsangpo River downstream hydropower project will significantly promote national energy transition, regional economic development, and create long-term employment opportunities [6][7] - The hydropower project has a total investment of approximately 1.2 trillion yuan, with an annual contribution of over 20 billion yuan to Tibet's fiscal revenue, which is about 70% of Tibet's expected fiscal income in 2024 [7][8] - The project is expected to create hundreds of thousands of jobs during the construction phase and support the development of green mining, data centers, and specialty agricultural processing industries in Tibet [8] Group 2: Central Urban Work Conference - The Central Urban Work Conference, held from July 14 to 15, 2025, is a milestone event marking the transition of China's urban development paradigm from "incremental expansion" to "quality improvement of existing stock" [9] - The conference emphasizes urban renewal as a national strategic tool, indicating a shift in focus from construction to sustainable operation of cities [9] - It introduces a new model for real estate development, aiming to detach real estate from its financial attributes and return to its roles in livelihood and industrial chain functions [9] Group 3: Foreign Investment Policies - The National Development and Reform Commission and seven other departments issued a notice to encourage foreign investment enterprises to reinvest domestically, outlining 12 measures to facilitate this process [10] - The measures include enhancing project service guarantees, optimizing land allocation, simplifying processes for establishing new enterprises, and improving access to financing [10] - This initiative reflects China's commitment to attracting long-term foreign investment and addressing the concerns of foreign investors in the Chinese market [10] Group 4: Economic Indicators - In the first half of 2025, the total social financing increased by 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year, marking a record high for this timeframe [14] - The increase in social financing is primarily driven by government bond issuance, which contributed 90% of the total increase, while credit growth remained modest [14] - The structure of financing shows a significant reliance on government bonds, with a notable decrease in corporate bond financing, indicating a shift in the financing landscape [14]

A股减速器板块震荡走强，八一钢铁、国统股份、天山股份、西部建设涨停，青松建化、雪峰科技、新 疆交建、特变电工等纷纷上涨。 ...

| FREE FREE | 4月产量 | 4月同比 | 4月环比 | 1-4月产量 | 1-4月同比 | | --- | --- | --- | --- | --- | --- | | * (万吨) | 8602 | 0.0% | -48.3% | 34535 | 0.4% | | 生铁 (万吨) | 7258 | 0.7% | -48.4% | 28885 | 0.8% | | 钢材 (万吨) | 12509 | 6.6% | -44.2% | 48021 | 6.0% | | 原油 (万吨) | 1772 | 1.5% | -49.4% | 7181 | 1.2% | | 天然气 (亿立方米) | 215 | 8.1% == | -50.3% | 874 | 5.3% | | 原油加工量 (万吨) | 5803 | -1.4% | -51.3% | 24027 | 0.8% | | 发电量 (亿千瓦时) | 7111 | 0.9% | -52.3% | 29840 | 0.1% | | 十种有色金属产量 (万吨) | 676 | 3.1% | -47.8% | 2660 | 2.3% | | 平板玻璃 ( ...

工业和信息化部日前印发《智能制造典型场景参考指引（2025年版）》（以下简称《参考指引》），作 为智能工厂梯度培育、智能制造系统解决方案"揭榜挂帅"、智能制造标准体系建设等工作的参考指引， 加快推进制造业数字化转型、智能化升级。 专家表示，智能制造典型场景是智能工厂建设的基础，也是推进智能制造的基本业务单元。当前，通过 新一代信息技术与制造技术深度融合，我国制造业以数字化、网络化、智能化方式进行业务重构，转型 升级步伐加快，为经济高质量发展提供有力支撑。 以大模型为核心的智能体正成为人工智能赋能行业的重要形式。国际数据公司IDC数据显示，到2026 年，中国50%的500强企业将部署AI智能体进行数据治理，40%的中国500强企业也将构建数据智能与模 型智能的双轮驱动体系。联想集团执行副总裁兼中国区总裁刘军表示，日前发布的联想乐享超级智能体 是业内第一个企业超级智能体，联想将从计算基础设施、数据模型、智能体开发服务等方面，帮助每家 企业开发超级智能体，赋能千行百业。 全面加快技术改造 赛智产业研究院院长赵刚认为，《参考指引》的亮点在于突出智能化升级，围绕大模型、智能体、机器 人、数字孪生等人工智能技术在智能制 ...

导读： 5月份新实施的标准中，涉及大量的色谱、质谱、光谱等仪器检测，三大谱仪器检测占近百项标准，除此之外还有元素分析、 环境监测仪、生物检测仪器等 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 2 0 2 5年5月，我们将迎来一大批新的国家标准、行业标准及地方标准的实施，涵盖多个领域，旨在推动行业规范化发 展，提升产品质量和安全水平。这些新标准的实施将对相关行业产生深远影响，促进技术创新和质量提升。 在 农林牧渔食品领域 ，共有 114份 标准将实施。这些标准涉及纸吸管、优质小麦、粮油检验、饲料检测、葡萄酒产 地识别等多个方面。在这些标准中涉及液质联用仪器、气质联用仪器、液相色谱、离子色谱、红外与近红外、紫外分 光、元素分析以及生物检测仪器。 环境环保 领域有 20份 新标准实施，涵盖了固定污染源废气、水质、温室气体排放等多个方面。其中HJ 1361— 2024、HJ 1362—2024、HJ 1363—2024、HJ 1364—2024行标需要我们重点关注，涉及到气体及水质检测。 医药卫生 领域有 17份 标准将实施，涉及分子体 ...