"Z世代"不再是金融市场的"局外人"。这些怀揣零花钱试水、 在社交平台获取资讯的年轻投资者，带着"赚第一桶金"的梦闯 入市场，却在宏观微观突变、个股陷阱和行情震动中体味欣 喜、焦虑、幻灭、顿悟、蜕变……用真金白银换来一堂堂投资 认知课。 作者：王浩等 封图：图虫创意 当同龄人在朋友圈晒基金收益时，大学生小曾的股票账户单月亏损达到8万元，账户收益率从58% 跌至-59%。在所持个股的连续跌停中，小曾第一次读出K线图背后的残酷法则。 近两年来，在政策助力与行情推动下，新股民蜂拥开户，"跑步"入市。很多95后、00后的Z世代年 轻人，成为入新股民。 他们当中，除了小曾，还有在证券公司实习时初涉股市的冉冉，有从自诩"华尔街之狼"到回归学术 的小李，有从莽撞交易到寻求在不确定中锚定自己的李岩…… 就"Z世代股票投资与市场认知"的话题，我们在95后、00后的投资者之间开展问卷调查。回收的 286份有效问卷显示，有72%的年轻人接触股票投资仅有一年左右的时间。 平安证券与胡润研究院联合发布的2025中国金融市场投资者洞见白皮书显示， Z世代投资者大量 涌入，使得投资者结构发生了显著变化。30岁以下的投资者的占比达到30%， ...

21世纪经济报道记者 董静怡 上海报道 行业一览 商务部就中美伦敦框架有关情况答记者问 有记者问：近日，美方有关官员和媒体称，中美已就落实日内瓦共识的框架达成了补充谅解，中国将加 快向美国出口稀土，美方相应取消对华有关限制措施。请问商务部对此有何评论？ 答：在中美两国元首共识指引下，双方经贸团队于6月9日至10日在伦敦举行经贸会谈，就落实两国元首 6月5日通话重要共识和巩固日内瓦经贸会谈成果的框架达成原则一致。伦敦会谈后，中美双方团队保持 着密切沟通。近日，经批准，双方进一步确认了框架细节。中方将依法审批符合条件的管制物项出口申 请。美方将相应取消对华采取的一系列限制性措施。期望美方与中方相向而行，按照两国元首6月5日通 话重要共识和要求，进一步发挥好中美经贸磋商机制作用，不断增进共识、减少误解、加强合作，共同 推动中美经贸关系健康、稳定、可持续发展。 商务部就美与有关国家关税谈判情况答记者问 有记者问道：近日，美方官员称，正在加紧推进与有关经济体谈判，有望在7月9日"对等关税"90天暂停 期结束前与部分国家达成贸易协议。对于未达成协议的国家，可能单方面设定关税税率。请问商务部对 此有何评论？ 商务部新闻发言 ...

21世纪经济报道记者倪雨晴 深圳报道 6月24日至26日，世界经济论坛第十六届新领军者年会（夏季达沃斯论坛）正式举行。本届论坛以"新时 代企业家精神"为主题，围绕全球经济、中国发展、产业变革等五大议题，探讨应对全球挑战的开创性 解决方案。 此次，TCL创始人、董事长李东生担任联席主席，谈及全球均衡发展、产业链供应链重塑等议题。他在 现场坦言："今年是我过去40多年企业经营中最不确定、波动最大的时期，企业要坚守发展战略，在不 确定的环境中，将自己的事情做好。" 据了解，本届达沃斯论坛联席主席共14位，李东生是唯一来自科技制造领域的企业家代表。在"全球碎 片化格局下的制造业"圆桌论坛中，李东生表示："我坚信未来的全球化，无论怎么发展，一定是在坚持 效率的基础上追求公平、推动全球经济均衡发展的模式。" 需求和供应。 TCL之外，一众手机、家电企业都在向海外区域拓展。根据毕马威中国2024年发布的《中国制造业企业 出海白皮书》，在家电及消费电子制造业领域，绿地投资主要流向墨西哥和巴西等拉美新兴市场，这些 市场人口众多，消费群体规模大，同时辐射到北美和南美更多国家。同时，中东也是中国家电和消费电 子产品的主要出口地区， ...

记者 陈植 5月14日起，中美相互调整后的关税正式实施。美国取消对中国商品加征的共计91%关税，并修改对中 国商品加征的34%对等关税，其中24%关税暂停加征90天，保留剩余10%关税。 于是，众多外贸企业纷纷抓住90天窗口期，开启拼生产、争船期舱位，抢出口的"竞速赛"。 过去三周，刘荣坦言自己的工作强度骤然增加。 作为江浙地区一家消费电子产品出口企业负责人，他除了快马加鞭安排生产出货，还忙着四处寻找货代 公司订船期舱位，力争在90天窗口期内完成美国客户的积压订单。 "累并快乐着。"刘荣向记者感慨，若能在90天窗口期完成美国客户积压订单的交付，企业不但收获可观 的外贸利润，还有效解决此前因订单积压所造成的供应链贷款难以按时偿还问题。 在接受本报记者采访前，他刚向一家货代公司预订新的船期舱位，确保一批产品能在8月中旬前运抵美 国港口完成清关。 "尽管最新的美西线20尺集装箱运价又比几天前涨了50美元，但我们咬咬牙仍要先提前订好船期舱 位。"刘荣告诉记者，能否在90天窗口期内将产品运抵美国港口完成清关，不但关系到企业能否按时拿 到剩余70%货款，还影响银行的新一笔外贸贷款发放态度。 与此同时，银行也在密切关注外贸 ...

而立讯精密则借此实现了一次重大突破。通过此次收购，立讯精密一举获得闻泰科技在手机、平板、笔 电、 IoT 等领域的完整 ODM 研发制造体系，补足了其长期以来 " 只有代工组装能力，缺乏系统研发集 成能力 " 的核心短板。这意味着立讯精密不仅将闻泰科技高达 500 多亿营业额的 ODM 集成业务纳入麾 下，更一举获得了闻泰科技二十年积累的深厚技术与生产实力。从主板集成到芯片研发与生产，从软件 研发与适配到整机的研发、生产、代工，闻泰科技在消费电子产品领域的全链条能力，都成为了立讯精 密的 " 新武器 " 。 立讯精密的业务版图由此发生了翻天覆地的变化。在横向维度上，其业务范围一举扩展到手机、平板、 电脑、服务器、车机等全品类算力终端产品。这意味着，未来无论是人们日常使用的智能设备，还是数 据中心的核心服务器，亦或是汽车中的智能车机系统，立讯精密都有能力参与制造。而在纵向层面，立 讯精密能够实现从元器件研发，到主板集成，再到软硬件一体化方案的全线贯通。至此，立讯精密距离 打造一个涵盖终端品牌的大电子制造业航母平台，仅一步之遥。此次收购，标志着立讯精密在制造业完 成了一次华丽的蜕变。 近日，一则重磅消息在消费电子 ...

Core Viewpoint - The company is aggressively expanding its computing power leasing business, making significant investments that raise financial risks and pressures, while also facing procurement and performance challenges [1][2][7]. Financial Pressure - The company plans to purchase servers worth up to 40 billion yuan, following a previous procurement of 30 billion yuan, totaling nearly 70 billion yuan in three months, which is over 50% of its latest audited net assets [1][8][9]. - The asset-liability ratio increased from 55.66% at the end of 2024 to 65.80% by the end of Q1 2025, indicating a significant rise in financial leverage [1][9]. - The company reported a sharp increase in short-term and long-term borrowings, with short-term loans rising over 50% to 19.74 billion yuan and long-term loans skyrocketing from 0.20 billion yuan to 17.80 billion yuan [9][12]. Business Expansion and Market Demand - The company is experiencing high demand for its computing power services, with a full order book prompting the second batch of server procurement [2][19]. - The company aims to build a large-scale intelligent computing center, indicating a long-term vision for growth in the computing power sector [6][17]. - The computing power leasing business is expected to contribute to revenue in the second half of the year, with existing contracts already generating income [2][19]. Procurement Challenges - The company faces potential procurement risks due to international trade disputes, which could affect the supply of high-performance servers [1][15]. - The company has established partnerships with multiple suppliers, including NVIDIA, to mitigate procurement risks and ensure a steady supply of servers [16][18]. Management and Market Sentiment - The company's stock price has risen by 12.29% recently, reflecting positive market sentiment towards its computing power expansion [2]. - However, there are concerns regarding insider selling, as several executives have announced plans to reduce their holdings, which may signal a lack of confidence in the company's future performance [23].

5月27日，三大指数震荡调整，截至收盘，沪指跌0.18%，深成指跌0.61%，创业板跌0.68%，科创50指数跌0.95%，两市超2500只个股上涨，沪深两市今日成 交额约9989亿元。 消息面上，百川资讯数据显示，草甘膦最新价格23297元/吨，环比上周涨100元/吨；烯草酮价格继续上涨，最新报价14万/吨，周涨幅7.7%。 作者：飞鱼 地产股亦有所表现，光明地产（600708.SH）涨超9%，万科A（000002.SZ）、保利发展（600048.SH）上涨。 开源证券地产建筑首席分析师表示，2024年以来房地产政策宽松力度已经非常大，货币政策宽松力度已和前两轮周期相当，财政政策支持力度也相对更大。 随着后续更多积极的财政及货币政策出台，同时叠加"好房子"系列新政，将能进一步挖掘和释放改善型需求，助力行业稳健发展。 草甘膦、农化制品板块涨幅居前，中旗股份（300575.SZ）涨20%，雅本化学（300261.SZ）涨超12%，海利尔（603639.SH）、中农联合（003042.SZ）、利 尔化学（002258.SZ）涨10%。 跌幅榜上，贵金属、有色等板块走弱，西部黄金（601069.SH）、云铝股份（0 ...

Market Overview - Hong Kong stocks experienced a strong start in May, with all three major indices rising collectively. The Hang Seng Index increased by 1.74% to close at 22,504.68 points, with a total trading volume of HKD 133.73 billion. The Hang Seng China Enterprises Index rose by 1.92%, and the Hang Seng Tech Index surged by 3.08% [1] - For the week, the Hang Seng Index gained 2.38%, the China Enterprises Index rose by 1.86%, and the Tech Index increased by 5.24% [1] Blue-Chip Stocks Performance - Xiaomi Group-W (01810) continued its upward trend, closing up 6.31% at HKD 53.1, contributing 91.5 points to the Hang Seng Index. The company is expected to report strong revenue growth and significant margin expansion in Q1, with adjusted net profit projected to increase by 43% year-on-year to RMB 9.3 billion [2] - Other blue-chip stocks included WuXi AppTec (02359) up 7.07%, WuXi Biologics (02269) up 5.7%, while China National Pharmaceutical Group (01099) and Bank of China Hong Kong (02388) saw declines [2] Sector Performance - Major technology stocks saw significant gains, with Xiaomi up over 6%, Alibaba rising nearly 4%, and Tencent increasing over 2%. The automotive sector also performed well, with several companies reporting high year-on-year sales growth in April [3][4] - The AI sector remained active, with companies like GDS Holdings (09698) and Kingsoft (03888) seeing substantial increases in their stock prices [4][5] - Consumer electronics stocks generally rose, with companies like Hong Teng Precision (06088) and KANAT (02276) experiencing notable gains [6] Automotive Sector Highlights - Several automotive companies reported impressive April delivery figures, with Li Auto delivering 33,939 vehicles (up 31.6% year-on-year), Xiaopeng Motors delivering 35,045 vehicles (up 273%), and NIO delivering 23,900 vehicles (up 53%) [4] - The overall retail sales of new energy vehicles in China reached 728,000 units in April, marking a 24% increase year-on-year [4] AI Industry Developments - The domestic AI large model sector is witnessing rapid advancements, with several companies releasing new models. For instance, Xiaomi launched its inference-focused open-source model, Xiaomi MiMo, while Alibaba introduced its Qwen3 model [5] - Analysts predict that the AI industry in China is poised for significant growth, with expectations for a "golden development period" by 2025 [5] Gold Sector Performance - The gold sector faced pressure, with several gold stocks declining as international gold prices fluctuated. The price of gold fell below USD 3,230 per ounce, influenced by reduced market risk appetite and profit-taking by investors [7] - Analysts suggest that the market's focus may shift from "credit logic" to "interest rate logic," indicating potential for gold prices to stabilize in the short term [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 40.30 [6][4]. Core Insights - The company's revenue for Q1 2025 reached RMB 36.9 billion, a year-on-year increase of 1%, with a notable decline in mobile metal frame revenue, while automotive business revenue nearly doubled [1]. - The gross margin was reported at 6.3%, down by 0.6 percentage points, primarily due to the reduced contribution from high-margin mobile metal frame revenue [1]. - The net profit attributable to shareholders was RMB 620 million, reflecting a 2% increase year-on-year [1]. Summary by Sections Financial Performance - Revenue projections for 2025, 2026, and 2027 have been adjusted downwards by 13%, 11%, and 11% respectively, leading to expected net profits of RMB 50.3 billion, RMB 60.7 billion, and RMB 69.4 billion [4][11]. - The company anticipates revenue growth driven by North American major clients and the automotive sector, with expected profit contributions of RMB 5 billion and RMB 6 billion respectively from these segments [2]. New Growth Drivers - The new intelligent product segment, particularly the "data center + robotics" business, is expected to become a significant growth driver, with projected revenue contributions of RMB 30-50 billion from the data center business in 2025 [3]. - The robotics business is positioned to enhance the company's "intelligent ecosystem," leveraging its capabilities in robotic components and assembly [3]. Valuation Metrics - The company’s estimated PE ratio for 2025 is 13.24, which is below the industry average of 14.9, indicating potential undervaluation [14]. - The report highlights a market capitalization of HKD 71.7 billion and a closing price of HKD 31.80 as of April 28 [7][6]. Earnings Forecast - The earnings per share (EPS) is projected to increase from RMB 1.79 in 2023 to RMB 3.08 in 2027, reflecting a positive growth trajectory [5][18]. - The return on equity (ROE) is expected to stabilize around 14.67% in 2025, with a gradual increase to 16.04% by 2027 [5][18].

以下文章来源于正心泰山 ，作者宋锡滨 正心泰山 . 新材料产业、技术创新、认知相关、人生点悟等知识和见解。 【 新材料对产业的贡献率 】 通过对第4个课题的研究发现， 新材料对各个产业的贡献率可以拆解成新材料自身贡献率 （实部） 和交叉贡献率 （虚部） ，实部+虚部的耦合作用 最终实现新材料对 各个产业 贡献率的综合分析和计算 （ 新材料 对 各个产业 贡献率通过 技术、产业、需求、政策、资源、环境、社会、安全 八大维度融合影响，这种影 响我们把它们定义为自身贡献率，也被称为实部，这方面的影响在后面会有详细的阐述；但除了自身贡献率以外，其实有时同一种材料对各个产业的细分领域都有支撑，而各个新材料有时 对同一个产业 的细分领域 又有影响，这就造成了很多交叉影响， 这种交叉影响我们把它们定义为交叉贡献率，而交叉贡献率进行维度拆解，就与自身的热力图和动力图直接相关，与各个 产业 细分领域的 热力图和动力图间接相关，所以通过对各个产业 细分领域的 热力和动力的底层逻辑关联，以新材料为核心，进行 热力图与动力图的耦合机制就能够有效的反映交叉贡献 率，而交叉贡献率就是贡献率最关键的修正因子，也被称为虚部。所以上一篇我要着 ...