天眼查App显示，近日，济源坤随商贸有限公司成立，法定代表人为李卫东，注册资本3万人民币，经 营范围为一般项目：有色金属合金销售；金属材料销售；金属材料制造；有色金属合金制造；新材料技 术研发；贵金属冶炼；非金属矿及制品销售；技术服务、技术开发、技术咨询、技术交流、技术转让、 技术推广；再生资源回收（除生产性废旧金属）；再生资源销售；化工产品销售（不含许可类化工产 品）；化工产品生产（不含许可类化工产品）；建筑材料销售；普通货物仓储服务（不含危险化学品等 需许可审批的项目）；供应链管理服务；租赁服务（不含许可类租赁服务）（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动）。 ...

Group 1 - The report indicates a decrease in market trading activity ahead of the National Day holiday, suggesting a shift towards defensive strategies as risk appetite declines [2][5][6] - The macroeconomic environment lacks clear catalysts, leading to expectations of market fluctuations rather than significant upward breakthroughs in the short term [2][6] - The report anticipates a continued upward trend in the A-share market in the fourth quarter, supported by improved liquidity from household savings entering the market and foreign capital inflows due to the Federal Reserve's interest rate cuts [2][6][11] Group 2 - Investment recommendations include focusing on high-yield sectors such as coal, banking, public utilities, and transportation during market corrections [2][11] - The report highlights sectors experiencing stagnation, particularly in technology, such as AI applications, consumer electronics, humanoid robots, semiconductor equipment, and Hang Seng Technology [2][11] - The "anti-involution" direction is emphasized, with potential in steel, building materials, photovoltaics, and lithium batteries, as well as sectors aligned with the "14th Five-Year Plan" like clean energy and environmental protection [2][11][12] Group 3 - The report notes significant overseas uncertainties, including US-China tariff negotiations and geopolitical conflicts, which could impact market sentiment [5][11] - It also points out the risk of a "style drift" among institutions as they adjust their holdings at the end of the quarter, potentially leading to a short-term loosening of tech sector concentration [5][11] - The report emphasizes the importance of monitoring trading volumes, as a significant drop could indicate reduced liquidity support for previously concentrated tech sectors [6][11]

近日，山西省工业和信息化厅公布2025年专精特新中小企业名单，其中，长治市有51家企业上榜。 按照《工业和信息化部关于印发<优质中小企业梯度培育管理暂行办法>的通知》和《山西省工业和信息 化厅关于组织开展2025年专精特新中小企业申报、复核及相关优惠政策落实工作的通知》要求，经相关 程序，确定了2025年山西省专精特新中小企业名单和通过复核的山西省专精特新中小企业名单。 一、授予山西众信通信息科技有限公司等452家企业山西省专精特新中小企业称号（名单见附件1）。 二、继续授予通过复核的山西森软科技股份有限公司等458家企业山西省专精特新中小企业称号（名单 见附件2）。 2025年山西省专精特新中小企业复核通过名单 | 114 | 长治市 | 山西北正农生物工程有限公司 | 91140424741079721A | | --- | --- | --- | --- | | 115 | 长治市 | 长治市三耐铸业有限公司 | 911404247810479190 | | 116 | 长治市 | 山西鑫磁科技有限公司 | 91140427344459253J | | 117 | 长治市 | 武乡县温晨万聚环保科技有限 ...

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 ( ...