新京报贝壳财经记者 胡萌 编辑 杨娟娟 校对 杨利 连日来，上证指数连续突破3600点、3700点关口，且一度破十年前高点，8月20日，市场主要指数持续 走强，上证指数涨1.04%报3766.21点，北证50再次刷新历史纪录。市场情绪持续高涨，"牛市"之声再 起。 站在当前这个关键节点，A股下一步将何去何从？面对如此行情，普通投资者又该如何应对？新京报贝 壳财经围绕相关热点话题直播连线国家金融与发展实验室特聘高级研究员、复旦大学管理学院特聘教授 邵宇进行深度解读。 本轮市场情绪由科技革新（如DeepSeek）、外部美联储降息预期及地缘缓和等因素推动，近期军工及 新质生产力相关预期也逐渐明晰，叙事呈现"科技牛"等多元特点。 总体而言，两轮行情在基本面托举、流动性充裕及情绪驱动上有相似之处，但政策力度、杠杆渠道和叙 事逻辑存在差异，需细致甄别。 新京报贝壳财经：哪些因素可能会影响本轮行情的走势？ 邵宇指出，当前市场出现高风险资产与避险资产齐涨，而债券等资产表现承压的独特现象，股债"跷跷 板"效应近日尤为明显，因此推荐投资者采用"杠铃策略"进行资产配置，其特征在于"进可攻退可守"。 ▲国家金融与发展实验室特聘高级研 ...

近期，A股市场持续攀升，尽管各大指数短期已经积累了不小的涨幅，但外资依旧看好中国股市。高盛最新研报指出，中 国股市尤其是中小盘股仍具备显著上涨空间。 那么，高盛为何如此看好呢？ 高盛：中国股市仍有上涨空间 外资继续唱多中国股市！ 自4月8日启动本轮反弹行情以来，沪指累计涨幅超过21%，深证成指涨超27%，创业板指涨超43%。此外，沪深300指数 涨幅超过19%，中证500、中证1000指数分别上涨26.8%、31.96%。 从Wind板块指数表现来看，4月8日至8月21日，CPO指数走势最为强劲，其间涨幅超过123%，光芯片指数涨幅也接近 100%，CRO、液冷服务器、稀土等指数涨幅均超过70%，创新药、脑机接口、军工信息化指数涨幅超过60%，人形机器 人、芯片、AI算力、AI应用、AI手机等指数涨幅均超过40%。 高盛最新研报指出，中国股市当前仍有大量"存量资金"尚未入市，为市场进一步上涨提供动力支撑，尤其看好中小盘表 现。 8月21日，据华尔街见闻消息，高盛在研报中称，目前仅有22%的家庭金融资产配置在基金和股票上，潜在资金流入规模 超过10万亿元。高盛称，这一趋势预示着中国股市尤其是中小盘股仍具备显著上 ...

Core Viewpoint - The A-share market is experiencing a significant rally, with the Shanghai Composite Index reaching a nearly ten-year high and the total market capitalization surpassing 101 trillion yuan, marking a substantial increase from the previous year [2][3]. Market Performance - The A-share market's total market capitalization increased by 15.63 trillion yuan this year, reaching 101.18 trillion yuan as of August 21 [2]. - Personal investors hold approximately 33% of the shares, resulting in a net increase of 5.16 trillion yuan in market value for individual investors, equating to an average profit of about 21,500 yuan per investor this year [3]. Fund Performance - A significant number of funds have returned to profitability, with over 1,100 active equity funds reaching historical net asset value highs in recent trading days [4][5]. - The Wind data indicates that 98% of the 4,539 active equity funds have generated positive returns this year, with an average return rate of 20.14% [6]. - The Wen index for active equity funds has risen by 21.92% this year, outperforming the CSI 300 index by approximately 15 percentage points [6]. Sector Analysis - The technology and pharmaceutical sectors have shown particularly strong performance, with ten funds achieving over 100% returns this year [7]. - Fund managers are generally optimistic about the market's medium to long-term trends, with many increasing their positions in technology stocks [13]. Fund Redemption Trends - Although there has been some redemption pressure, it has eased recently, with some funds experiencing large redemptions not due to profit-taking but because clients feel the funds are not performing quickly enough [9]. - Concerns about potential market corrections exist, as historical patterns suggest that rapid market increases can lead to significant pullbacks [10]. Investment Strategies - Fund managers are focusing on sectors with high growth potential, such as AI, semiconductors, and healthcare, while also considering value sectors like finance and insurance [14][15]. - The current market is characterized by a structural bull market, with a preference for high-dividend and high-growth assets [14].

Core Viewpoint - The A-share market is experiencing a structural revaluation process driven by national governance capabilities and supportive policies, with a focus on low valuation and high prosperity sectors such as technology and energy independence [3][17]. Market Performance - On August 13, 2025, the Shanghai Composite Index closed at 3683 points, marking a nearly four-year high, with total market turnover returning to 2 trillion yuan, indicating a "eight consecutive days of gains" [2][7]. - On August 15, the Shanghai Composite Index rose by 0.83% to 3696.77 points, while the Shenzhen Component Index and the ChiNext Index increased by 1.60% and 2.61%, respectively, with market turnover exceeding 2 trillion yuan for the third consecutive trading day [3][7]. Investment Themes - Key investment themes include technology manufacturing, new energy materials, and hard technology innovation chains, reflecting a clear market logic driven by industrial policy and capital expectations [3][7]. - The market is witnessing a rotation of themes, with strong performance in sectors like military restructuring and technology-related themes such as liquid cooling servers and humanoid robots [7][14]. Capital Flow - Positive capital flow is noted, with significant net inflows into high-elasticity sectors such as brokerage, auto parts, and components, while high-dividend sectors like telecommunications are preferred by conservative investors [8][12]. - The People's Bank of China reported a rare negative growth in credit for July, with new RMB loans at -50 billion yuan, indicating a shift in capital dynamics [9][10]. Policy Impact - Recent policy measures, including interest subsidies for personal consumption loans and service industry loans, aim to stimulate market confidence and direct funds into consumption sectors [11][12]. - The central bank's liquidity injection through reverse repos reflects ongoing efforts to support the market [11]. Future Outlook - Analysts suggest that if the interest subsidy policies lead to a recovery in actual consumption, corporate earnings may enter a recovery phase, potentially benefiting the A-share market [17]. - The current market sentiment is seen as an extension of the previous rally, with a focus on structural opportunities and value differentiation amid ongoing challenges [17][18].

Core Insights - Shenzhen's tourism sector is experiencing significant growth, with a total of 90.57 million visitors and a revenue of 138.36 billion yuan in the first half of 2025, marking a year-on-year increase of 11.9% and 13.9% respectively [1] - The city aims to achieve a tourism revenue of over 300 billion yuan and receive more than 200 million visitors by the end of 2025 [1][4] - Shenzhen is positioning itself as a premier destination for weekend getaways and international tourism, with a focus on enhancing its global marketing efforts [2] Tourism Growth - The number of international and regional passengers at Shenzhen Airport reached 3.06 million in the first half of 2025, a 30.7% increase year-on-year, with over 20,000 international flights [3] - The city received 18.39 million inbound tourists, reflecting a 31.9% increase compared to the previous year [3] Marketing and Promotion - Shenzhen's tourism marketing strategy includes collaborations with social media influencers to promote the city globally, exemplified by the engagement of popular American influencer "IShowSpeed" [2] - The city plans to launch a global tourism campaign themed "2025 Amazing Shenzhen," focusing on various aspects of travel including dining, accommodation, and entertainment [2] Infrastructure and Events - Shenzhen is enhancing its tourism infrastructure, with new attractions and facilities set to open, including the Shenzhen Science and Technology Museum and the world's largest indoor ice and snow world [7][8] - Major events such as concerts and sports competitions are drawing significant visitor numbers, with over 30 large concerts held in the first half of the year [5][6] Cross-Border Tourism - Shenzhen is leveraging its geographical advantages to attract tourists from Hong Kong and other regions, with a notable increase in night-time cross-border traffic [6][9] - The city is also focusing on developing industrial tourism routes in collaboration with major tech companies like Huawei and DJI [9] Coastal and Cruise Tourism - Shenzhen's long coastline presents opportunities for coastal tourism, with plans to enhance the East Coast tourism area and develop a cruise tourism product system [12] - The city is actively promoting cruise tourism, with several international cruise ships docking at its ports [12]

Core Viewpoint - The document outlines the investor relations management framework for Jiangsu Jingyan Technology Co., Ltd., emphasizing the importance of effective communication between the company and its investors to enhance corporate governance and maximize shareholder value [1][2]. Group 1: Principles of Investor Relations Management - The basic principles of investor relations management include compliance, equality, proactivity, and honesty [3][4]. - Compliance requires adherence to laws, regulations, and industry standards while ensuring fair treatment of all investors, especially minority shareholders [4][6]. - Proactive engagement with investors is essential for addressing their concerns and suggestions in a timely manner [3][4]. Group 2: Content and Methods of Communication - Key communication topics with investors include the company's development strategy, legal disclosures, operational management information, environmental, social, and governance (ESG) information, and shareholder rights [7][8]. - The company should utilize multiple channels for investor relations, including its official website, new media platforms, and direct communication methods such as meetings and presentations [8][9]. Group 3: Responsibilities and Organization - The board secretary is responsible for organizing and coordinating investor relations activities, while the securities department manages daily operations [15][16]. - The company must maintain comprehensive records of investor relations activities, including participant details and communication content, for at least three years [7][18]. Group 4: Investor Engagement Activities - The company is required to hold investor briefings and meetings to discuss performance, respond to inquiries, and gather feedback [22][23]. - Investor meetings should be accessible, with provisions for online participation and prior announcements regarding the event details [22][23]. Group 5: Handling Investor Queries and Feedback - The company must establish a system for addressing investor inquiries and complaints, ensuring timely responses and support for investor rights [5][6]. - All communications must be carefully reviewed to prevent the disclosure of undisclosed material information [14][16].

Group 1 - The overall Hong Kong stock market is under pressure due to a strong US dollar index, with the technology sector experiencing deeper adjustments, yet investor interest remains strong as evidenced by significant inflows into the Hang Seng Tech ETF [1] - The Hang Seng Tech ETF (513130) has seen a net inflow of 2.476 billion yuan over five consecutive trading days from July 25 to July 31, making it the only ETF tracking the Hang Seng Tech Index with cumulative net inflows exceeding 2.4 billion yuan during this period [1] - On July 31, the Hang Seng Tech ETF recorded a single-day net subscription of 1.492 billion shares, setting a new record for daily net subscriptions since its inception, with total shares surpassing 40.521 billion and total assets exceeding 29.265 billion yuan [1][2] Group 2 - The Hang Seng Tech ETF closely tracks the Hang Seng Tech Index, which includes 30 leading companies in the Hong Kong internet and technology manufacturing sectors, with top five weighted stocks being Tencent, Netease, Alibaba, Xiaomi, and Kuaishou [2] - The current price-to-earnings ratio of the Hang Seng Tech Index is 21.46, within a historical range of 20.31% over the past five years, indicating potential valuation relief [2] - Despite a slight downward adjustment in earnings expectations for some internet platforms, other sub-sectors like new energy vehicles, semiconductors, and consumer electronics show positive earnings revisions, suggesting a favorable investment window [2]

Core Viewpoint - The 2025 Zhongguancun Forum, themed "New Quality Productivity and Global Technology Cooperation," serves as a national platform for global technological innovation exchange and collaboration, promoting efficient transformation of scientific achievements and contributing to the development of the global innovation chain [1][15]. Group 1: Collaborative Development - The Zhongguancun Forum acts as an innovative magnet, attracting numerous partners to create a deep collaborative model [2][8]. - Partners are moving beyond traditional funding models, leveraging their technological expertise to integrate cutting-edge technologies into diverse scenarios at the forum [2][8]. - Key partners like Zhongguancun Development Group and BOE are showcasing new technologies and products, enhancing the synergy between technology and industry [2][4]. Group 2: Financial Support and Innovation - Financial institutions like Beijing Bank and Junlian Capital are providing essential support for technological innovation, creating a robust ecosystem for the development of new quality productivity [4][12]. - Beijing Rural Commercial Bank is offering tailored financial products to support the entire chain from R&D to industrialization [4][12]. - The "Patient Capital+" initiative aims to accelerate the industrialization of technological achievements and support innovative enterprises in overcoming growth bottlenecks [4][12]. Group 3: Value Creation and Regional Cooperation - The forum facilitates communication and collaboration between enterprises and regional economies, creating ample development opportunities [9][11]. - Zhongguancun Development Group has engaged nearly 2,000 innovative entities and facilitated over 80 cooperation intentions through its project reservoir mechanism [9][11]. - Shanxi Province is actively participating in discussions on industrial digital transformation, integrating regional innovation resources [9][11]. Group 4: Strategic Technological Advancements - Companies like BOE and Tern Explorer are leveraging the forum's global network to contribute to national strategic technological initiatives [12][14]. - BOE is focusing on integrating display technology with IoT and digital technology, showcasing numerous innovative products [14]. - Tern Explorer is transforming extreme environment protection technologies into solutions for smart cities and emergency rescue, establishing a pathway for innovation in strategic emerging fields [14]. Group 5: Future Outlook - The Zhongguancun Forum is reshaping the underlying logic of technological collaboration, driven by market forces and ecological co-construction [15]. - The acceleration of globalization is expected to provide broader development space for the forum, enhancing its role as a continuous innovation ecosystem [15].

Core Insights - The event in Guangzhou focused on exploring opportunities and challenges for technology companies expanding into Mexico, aiming to provide a platform for understanding the market and sharing experiences [1][3][9] Group 1: Event Overview - The "Technology Going Global" event attracted over 120 representatives from technology-related industries in Guangzhou to discuss strategies for entering the Mexican market [1] - The event was co-hosted by the Guangzhou International Trade Promotion Committee and the Guangzhou Science and Technology Enterprises Association, with support from various organizations [1] Group 2: Market Opportunities - Mexico is becoming a key entry point for Chinese companies into the North American market, with foreign direct investment projected to reach $36.8 billion in 2024, marking a historical high [3] - Key investment sectors in Mexico include technology manufacturing, clean energy, cross-border e-commerce, automotive parts, and medical devices [3] Group 3: Expert Insights - Victor Cadeno from the China-Mexico Chamber of Commerce highlighted Mexico's strong demand for infrastructure, technology innovation, and manufacturing, along with government incentives for foreign investment [5] - The event featured practical advice from industry leaders on navigating the Mexican market, including understanding local laws and building localized teams [5][6] Group 4: Discussion and Solutions - A roundtable discussion addressed critical topics such as legal risk mitigation, cost reduction, and establishing brand trust in Mexico [8] - The event concluded with personalized consultations for companies to address specific challenges they face in entering the Mexican market [8][9]

Group 1 - Recent trends show that bank wealth management subsidiaries are deeply participating as cornerstone investors in the Hong Kong IPO market, providing long-term funding support for technology companies while enhancing their own equity investment capabilities [2] - In the case of Sanhua Intelligent Control's Hong Kong listing, China Post Wealth Management and ICBC Wealth Management secured a $20 million cornerstone investment share, joining a list of 18 top global institutions, indicating strong international capital confidence with over 747 times subscription for the public offering [2] - China Post Wealth Management previously set an industry record with a $50 million cornerstone investment in CATL's Hong Kong IPO, showcasing its professional research and execution capabilities during market volatility [2][3] Group 2 - Bank wealth management funds are reshaping the Hong Kong stock ecosystem by bringing not only capital but also value investment concepts and long-term capital support [3] - China Post Wealth Management has formed a full-cycle support strategy for CATL through a combination of A-share private placements and Hong Kong IPOs, achieving significant returns such as a 16.43% increase on the first day of CATL's listing [3] - ICBC Wealth Management has innovatively launched "fixed income + Hong Kong IPO" strategy products, targeting technology innovation and advanced manufacturing sectors, thereby enhancing product returns and meeting the equity financing needs of technology companies [3] Group 3 - The transformation of wealth management funds into patient capital is a key leap, with products having a duration of one year or more now accounting for 27% of the total, and three-year products making up 13% [4] - As the construction of Hong Kong as an international financial center accelerates, bank wealth management subsidiaries are expected to encounter three major development opportunities: deepening strategic collaboration with technology companies through cornerstone investments, optimizing asset allocation via the Hong Kong Stock Connect, and enhancing research capabilities to create distinctive equity products [4] - This dual-directional movement of capital and industry is contributing to financial innovation in the Guangdong-Hong Kong-Macao Greater Bay Area [4]