中报业绩增长超60%，博亚精工开盘3分多钟直线冲上涨停板，涨幅达20%。 港股方面，恒生科技指数一度跌超1%，随后跌幅收窄，蔚来、中芯国际、华虹半导体等跌幅居前。 | 整体市场 □ | | | | --- | --- | --- | | 恒生指数 | 恒生国企 | 恒生科技 | | 25770.22 | 9234.30 | 5814.39 | | -59.69 -0.23% | -13.70 -0.15% | -10.70 -0.18% | | 恒指期货 | 港股通50 | 恒生生物科技 | | 25790 | 3821.08 | 17281.32 | | -74 -0.29% | -10.58 -0.28% | -176.30 -1.01% | 【导读】A股三大指数集体低开，深成指率先翻红；博亚精工（300971）开盘3分多钟直线冲上涨停板，涨幅达20% 一起来看下最新的市场情况及资讯。 8月26日早盘，A股三大指数集体低开，随后震荡拉升，深成指率先翻红，沪指、创业板指跌幅收窄。截至发稿，沪指跌0.18%，深成指涨0.21%，创业板 指跌0.13%。 从板块上看，华为鲲鹏指数持续拉升，商业航天、网络游戏、石 ...

以下文章来源于投资界 ，作者刘博 投资界 . 清科创业旗下创业与投资资讯平台 创业父女档。 作者：刘博 来源：投资界 赴港上市络绎不绝。 投资界获悉，卧龙电驱近日正式向港交所递交招股书，计划在港股挂牌，实现"A+H"双重上 市。 而与众多二代的成长路径相似，陈嫣妮也是从海外学成归来，2007年进入集团工作，历练多 年后从父亲手中接班。 这里插播一条课程资讯： 报名 「吴世春·泸州出行活动」 ，9月21号-23号 ， 吴世春将亲自带队 100家企业家 ， 去四 川泸州线下游学 ， 探 访 下沉创新 ， 寻找增长新引擎。 你 在 创业路上遇到的问题和想法 ， 都可以找吴老师聊聊 。 如果你是 优质的项目，吴老师 也会果断投 你。 下半年 ， 吴老师预计要投出去的金额，应该不小于 15个亿。 （翻到底部了解详情） 扫码咨询报名 01 父女联手，缔造市值500亿 这是一个浙商白手起家的故事。 值得一提的是，卧龙电驱A股股价年内至今已翻倍，最新市值500.97亿元。 来自浙江绍兴的卧龙电驱，背后站着一对父女——陈建成、陈嫣妮。1984年，陈建成从一间 山村里的旧厂房起步，一路带领卧龙电驱成为国内电机龙头。 1959年出 ...

Group 1 - The article reports the death of former ATV executive director James Shing, who passed away on August 18, 2025, at the age of 48 due to liver cancer [2] - James Shing was married to Macau socialite Michelle Choi for 10 years and had a pair of 6-year-old twins [2] - Shing had a notable family background, being the great-grandson of Sheng Xuanhuai, and he moved to Hong Kong at the age of 2 [2] Group 2 - The article mentions that James Shing began his career at Citibank after returning from Canada in 2000 and later became an entrepreneur in various fields including e-commerce and game development [2]

Core Viewpoint - The article discusses the latest adjustments to the MSCI China Index, which will include 14 new stocks and exclude 17 stocks, effective August 26, 2025. The new additions reflect a strong focus on technology innovation and biopharmaceuticals, aligning with international capital's interest in China's growth sectors [1][5]. Group 1: New Additions and Exclusions - 14 new stocks (5 A-shares and 9 Hong Kong stocks) have been added, with a significant presence in technology and biopharmaceutical sectors, indicating a trend towards innovation [1][2]. - Notable new additions include CITIC Bank (total market value of $66.594 billion), Horizon Robotics (market value of $11.919 billion), and others, while stocks like Huaneng Water Power and Supor have been removed [1][3]. Group 2: Market Capitalization and Liquidity - The newly added stocks generally exhibit high market capitalization, with all having a market value above $6 billion, and four exceeding $10 billion, indicating robust growth potential [3][4]. - High-growth stocks such as Giant Network (137% year-to-date increase) and Jingwang Electronics (nearly 120% increase) demonstrate strong market performance and trading activity [3][4]. Group 3: Foreign Investment Preferences and Policy Alignment - Over 70% of the new constituents are from technology and pharmaceutical sectors, aligning with foreign institutional investors' recent recommendations to overweight sectors like AI and biotechnology [3][4]. - The adjustments reflect MSCI's quantitative screening standards, ensuring that included companies meet the long-term investment needs of international capital [4]. Group 4: Increase in Hong Kong Stock Representation - The inclusion of 9 Hong Kong stocks (64% of new additions) highlights a recovery in the Hong Kong market, particularly in technology and innovative pharmaceutical sectors since 2025 [4]. Group 5: Long-term Strategic Implications - The inclusion in the MSCI global index is expected to attract approximately $12.5 trillion in international capital for passive allocation, enhancing liquidity and global visibility for these companies [5]. - The common characteristics of the newly added stocks can be summarized as "driven by technological innovation, biopharmaceutical research, high market capitalization, high growth potential, high liquidity, and foreign investor favor," aligning with China's industrial upgrade trends and global capital allocation demands [5].

Group 1 - Nvidia and AMD agree to pay 15% of their revenue from chip sales in China to the US government in exchange for export licenses, marking an unprecedented arrangement in US export controls [4][5] - Nvidia's revenue from China was $17 billion, accounting for 13% of its total sales, while AMD's revenue from China was $6.2 billion, making up 24% of its total revenue [5] - The agreement could potentially generate over $2 billion for the US government from Nvidia and AMD's sales in China [5] Group 2 - Xiaomi's YU7 model sold 6,042 units in its first month, representing about 20% of Xiaomi's total car sales for July, with a cumulative delivery of approximately 8,276 units [7][8] - The YU7 is priced between 253,500 to 329,900 yuan and features high specifications, including laser radar and an 800V high-voltage platform [7] - Xiaomi has adjusted its purchase policy, removing standard features that now require additional payment, potentially increasing the overall cost for consumers [8] Group 3 - Reports suggest that former Honor CEO Zhao Ming has joined the Zhijie team, although Huawei has not confirmed this [9] - Zhao Ming previously led Honor to become the top internet smartphone brand in China within two years [9] - The collaboration between GAC and Huawei aims to create a new high-end automotive brand, with the first model expected to launch in 2026 [12] Group 4 - Alibaba's "扫地僧" Cai Jing has reportedly left the company, but Alibaba has not responded to these claims [10] - Cai Jing was a senior researcher at Alibaba Cloud and played a significant role in the development of the Taobao trading system [10] Group 5 - Baichuan Intelligent has released an open-source medical model, Baichuan-M2, which reportedly outperforms OpenAI's latest models in terms of deployment cost and medical capabilities [22] - The model has achieved a score of 60.1 on HealthBench, making it the top open-source model globally [22] Group 6 - Tencent, NetEase, and miHoYo saw significant increases in overseas revenue in July, with Tencent's global revenue rising by 20% due to popular titles [25][26] - The global gaming market is expected to continue its growth, with projections indicating a market size exceeding $120 billion by 2028 [26] Group 7 - DeepSeek experienced a service outage, which was resolved within hours, highlighting the rapid growth and popularity of the AI model since its launch [27] - The application has quickly gained traction, surpassing 30 million daily active users shortly after its release [27] Group 8 - Meituan has applied to register the "Meituan Borrow Money" trademark, indicating its entry into the consumer finance sector [38] - The application is currently under substantive review, reflecting Meituan's expansion into financial services [38]

Core Viewpoint - MSCI's latest quarterly index review includes the addition of 14 Chinese stocks and the removal of 17 existing constituents, effective after market close on August 26, 2025, reflecting a growing international interest in Chinese assets [1][3] Group 1: New Constituents - The new additions consist of 9 Hong Kong-listed companies and 5 A-share companies, with sectors including technology, innovative pharmaceuticals, and emerging consumer goods [1] - Notable Hong Kong additions include Horizon Robotics, Lao Pu Gold, NetEase Cloud Music, 3SBio, and Meitu, while A-share additions include Zhinan, CITIC Bank, Giant Network, Ailisi, and Jingwang Electronics [1] - Over 70% of the new constituents are from technology innovation and pharmaceutical research sectors, aligning with the strong performance of these sectors in the Hong Kong market [1] Group 2: Market Capitalization and Index Inclusion - CITIC Bank (A-share) and Lao Pu Gold (H-share) rank among the top three by market capitalization in the new MSCI Emerging Markets Index constituents [2] - CITIC Bank is included in both the MSCI China Index and the MSCI Emerging Markets Index, highlighting the allocation value of large-cap financial stocks in global index systems [2] - The selection process for the new constituents is based on MSCI's standardized quantitative screening methods, focusing on free float market capitalization, liquidity, and investability for foreign investors [2] Group 3: International Attention and Future Implications - The adjustment reflects a rising international focus on Chinese assets, with several foreign institutions upgrading their ratings for the Chinese stock market in 2025 [3] - Goldman Sachs maintains an overweight rating and raises the MSCI China Index target to 84 points, while Nomura Securities upgrades its rating to tactical overweight, particularly favoring technology sectors like AI and electric vehicles [3] - The inclusion of new constituents into global standard indices connects to approximately $12.5 trillion in international capital allocation needs, indicating a structural shift in market dynamics [3]

专家解读 AI 生成"游戏 3D"20250807 摘要 高斯分割技术在建模效率上显著优于神经辐射场（NERF），生成同等 质量场景仅需约 38 分钟，而 NERF 则需 48 小时，大幅缩短开发周期。 高斯分割通过使用椭球形代替传统三角形构建 3D 模型，并调整椭球形 的长度、透明度和颜色，确保从各角度观察效果与照片一致，实现高效 精细模拟。 新兴 AI 模型如高斯建设显著提升游戏前期玩法测试效率，开发者能更早、 更频繁地进行测试，加速迭代过程，并降低人力和成本投入。 动态视频模型生成通过选取关键帧进行训练，例如从 1,004 帧视频中选 择 100-200 帧，训练后导出为 PLY 文件，可在 Blender 等软件中编辑。 高斯建设技术生成的模型需转换为 Mesh 格式，以便与游戏元素交互， 如碰撞体积、光照和纹理贴图，部分软件已能实现此转换。 为解决高斯建设模型与游戏引擎兼容性问题，可使用专门软件或开源算 法将椭球形模型转换为带 Mesh 结构的通用 3D 模型，提升互动效果。 利用无人机拍摄结合高斯建设技术，能高效复原大型场景，尤其适用于 高精度还原需求，降低对拍摄质量的要求，加速游戏场景制作。 高 ...

Market Overview - US stock indices rebounded, influenced positively by Trump's market support, leading to a 0.68% rise in Hong Kong stocks [1] - San Francisco Fed President Daly indicated that the timing for interest rate cuts is approaching, with expectations for two 25 basis point cuts this year [1] - Goldman Sachs predicts three consecutive 25 basis point cuts starting in September, with a potential 50 basis point cut if unemployment rises further [1] Domestic Market Sentiment - A-share new account openings in July reached 1.96 million, a 71% year-on-year increase, indicating rising domestic confidence [2] - The stock of Upwind New Materials surged 20% after resuming trading, reigniting market enthusiasm [2] - The steel sector saw a significant rise, with Maanshan Iron & Steel's stock increasing over 15% due to improved loss forecasts and supportive policies [2] Industry Trends - The paper industry is experiencing a price increase, with major companies like Nine Dragons Paper and Lee & Man Paper announcing price hikes [2] - The eleventh batch of centralized drug procurement in China saw a record 45 companies applying for the same drug, intensifying competition in the generic drug market [3] - Investment is shifting towards innovative drugs, with companies like Junshi Biosciences seeing stock increases of nearly 34% due to promising clinical trials [3] Financial Support for Key Industries - A joint guideline from the central bank and seven departments aims to support financing for key manufacturing sectors, including integrated circuits and medical equipment [4] - AI-related companies like Longi Green Energy and Lenovo's server business are seeing stock increases due to new orders and market interest [4] Gaming Industry Performance - The domestic gaming market is projected to reach RMB 168 billion in sales by the first half of 2025, a 14.08% year-on-year increase [4] - Heartbeat Games anticipates a revenue increase of approximately 37% for the first half of 2025, driven by strong performance from self-developed games [4] Individual Company Highlights - Tencent's mobile game "Valorant: Source Action" is set to launch on August 19, with projected annual revenue exceeding RMB 6 billion [5] - Oriental Selection's stock surged nearly 17% ahead of its upcoming financial report, reflecting strong market performance [6] - The Macau gaming sector is experiencing a positive trend, with Morgan Stanley raising its revenue growth forecast for the year from 5% to 10% [6] Technological Advancements - Apple's breakthrough in brain-computer interface (BCI) technology allows users to control devices through thought, indicating a significant market opportunity [7] - The Chinese BCI market is expected to exceed RMB 3.8 billion by 2025, with a CAGR of approximately 20% [7] Investment Opportunities - Kelun-Bio has become a top holding in a major fund, indicating strong market confidence in its innovative drug pipeline [8] - The company has established multiple technology platforms and is expected to accelerate commercialization in 2025 [8]

【导读】 A 股收复 3600 点，军工股彻底沸腾，游戏概念连涨 3 日，钢铁板块拉升 港股上午三大指数全线上涨。恒生指数涨 0.27% ，恒生科技指数涨 0.33% ，恒生国企指数 涨 0.19% 。联想集团、中银香港、银河娱乐、理想汽车、药明康德领涨恒指成份股，哔哩哔 哩、小鹏汽车、网易、农业银行跟涨。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 1 | HSI | 恒生指数 | 24799.67 | 66.22 | 0.27% | | 2 | HSTECH | | 5499.31 | 18.06 | 0.33% | | ന | HSCEI | 恒生中国企业指数 | 8910.44 | 16.96 | 0.19% | | ব | HSCCI | 恒生香港中资企业指数 | 4218.77 | 12.42 | 0.30% | 军工板块彻底沸腾 中国基金报记者 张舟 8 月 5 日上午， A 股三大股指走势分化，上证指数再度收复 3600 点。截至午间收盘，上证 指数涨 0.53% ，报 3602.13 点，深 ...

Group 1 - Xindong Company (02400) reported a positive earnings forecast, expecting revenue of at least RMB 3.05 billion for the first half of 2025, a year-on-year increase of approximately 37%, and a net profit of at least RMB 790 million, a year-on-year increase of about 215% [1] - Yimai Sunshine (02522) also announced a positive earnings forecast, expecting revenue between RMB 450 million to 480 million for the first half of the year, a year-on-year increase of approximately 8.77% to 16.03%, and a net profit of RMB 14.5 million to 16.5 million, a year-on-year increase of about 1350% to 1550% [1] - Tianli International Holdings (01773) plans to repurchase shares up to a total of HKD 200 million based on market conditions, believing that the share buyback plan is in the best interest of the company and its shareholders [2] Group 2 - Liaogang Co., Ltd. (02880) reported a total operating revenue of RMB 5.693 billion for the first half of 2025, a year-on-year increase of 5.93%, and a net profit attributable to shareholders of RMB 956 million, a year-on-year increase of 110.78% [2] - Yuan Zheng Technology (02488) reported a revenue of RMB 982 million for the first half of 2025, a year-on-year increase of 9.75%, and a net profit of RMB 195 million, a year-on-year increase of 27.74% [2] - Geekplus Technology (02590) expects revenue between RMB 995 million to 1.03 billion for the first half of the year, a year-on-year increase of 27% to 32%, while the net loss is expected to narrow significantly [3] Group 3 - Lee & Man Paper Manufacturing (02314) and other leading companies in the paper industry have initiated a price increase for various products starting August 1, indicating a significant acceleration in price adjustment frequency within the industry [3] - Xinda Biopharmaceutical (01801) announced that its innovative oral small molecule GLP-1R agonist IBI3032 has received IND approval from the FDA [4] - Heyu-B (02256) reported a revenue of RMB 612 million for the first half of the year, a year-on-year increase of 23.1%, and a net profit of RMB 328 million, a year-on-year increase of 58.84% [4] Group 4 - Bilibili (BILI.US) is expected to achieve a revenue growth of 20% year-on-year to RMB 7.3 billion in the second quarter, driven by stable performance in mobile games [5][6] - Li Auto (LI.US) launched the Li Xiang i8, with deliveries starting on August 20, and received positive outlooks from multiple institutions [6] - Xpeng Motors (XPEV.US) achieved a new monthly delivery record in July, delivering 36,717 smart electric vehicles, a year-on-year increase of 229% [7]