来源：央视财经 2025世界智能产业博览会正在重庆举行。本届展会中的一个主题就是智能网联新能源汽车，参展汽车企 业超150家。博览会正在展出的"飞行汽车"到底什么样？一睹为快↓ 轻量化设计+自动驾驶 "飞行汽车"一触即达 驾驶舱有两个独立座椅，记者身高接近一米九，坐上来也刚刚好。驾驶舱的视野特别开阔，能把外面的 环境看得很清楚。 值得注意的是，在驾驶舱找不到任何的操作设备，只有一块触控屏，所有的驾驶都通过点击屏幕完成。 为了让大家直观看到操作流程，在"飞行汽车"的展位旁就有一个触摸屏展示区，只要设置导航，一键启 动，就能自动驾驶，并且还能在实景和三维景观之间随时切换，仿佛就是在玩电子游戏一般。还能拍照 和拍视频，存在相册立即就能分享。 此前，这架"飞行汽车"在展馆外进行了试飞，飞行得很平稳，最大速度130km/h，充一次电飞行时间达 到25分钟，大约是30公里的航程。 总台记者 王磊：这个大家伙就是一家企业生产的"飞行汽车"，它其实就是一个飞行器，那为什么叫"飞 行汽车"呢？因为它的智能驾驶舱融合了汽车的智能驾驶舱。 "飞行汽车"全身采用碳纤维和铝合金材料，外形非常酷炫。最大起飞重量620千克，轻量化设计能更 ...

其中包括石墨和钨等关键材料，这些材料广泛应用于航空航天、消费电子、医疗设备和其他技术领域。 铀也被列入了豁免清单。 美国总统特朗普周五签署行政令，宣布将黄金、钨、铀等多种金属及石墨从其全球关税体系中豁免，同 时将硅产品纳入征税清单。 据央视新闻，当地时间9月5日，据白宫声明，美国总统特朗普签署行政命令，对进口关税范围进行调 整，并落实与外国贸易伙伴的贸易与安全框架协议。 新政策将于下周一正式生效。据媒体报道，此次关税调整涵盖了多个关键领域的商品。除上述金属外， 飞机零部件、仿制药以及咖啡、特殊香料等无法在美国本土种植或生产的商品也有望获得关税减免。 值得注意的是，此次政策明确了金条的豁免地位。此前美国海关边境保护局的一项裁决曾暗示金条可能 面临进口税，这一消息震惊了交易商并引发市场混乱。 关键原材料与药品获减免 除了黄金，一系列用于高科技和关键产业的矿物也获得了关税豁免。 此外，多种药品也获得了新的关税减免，例如抗生素和其他药物。值得注意的是，这些药品已是美国商 务部另一项正在进行的贸易调查的对象。 对于那些美国无法在国内种植、开采或天然生产的产品，如特色香料和咖啡，以及一些稀有金属，也有 望获得关税豁免。 ...

美股周五收盘下跌，原因是最新公布的美国8月就业报告大幅低于预期，引发市场对经济放缓的担忧，尽管数据同时强化了美联储在本月降息的预期。 当天，道琼斯工业平均指数下跌220.43点，跌幅0.48%，收于45,400.86点；标普500指数下跌0.32%，报6,481.50点；纳斯达克综合指数小幅下滑0.03%，收 于21,700.39点。 $$\begin{array}{c}{{\pm\pm\beta\Omega\pm\sum_{i=1}^{k}\tilde{\Omega}\tilde{\chi}}}\\ {{\mp\tilde{\Omega}\tilde{\chi}\tilde{\Omega}\tilde{\Omega}\tilde{\Omega}\tilde{\Omega}\tilde{\Omega}\tilde{\Omega}}}\end{array}\quad\begin{array}{c}{{\uparrow}}\\ {{\uparrow}}\end{array}$$ | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 45400.86 | 21700.39 | 6 ...

Core Viewpoint - The industrial sector is experiencing increasing cross-industry integration and collaboration, driven by electrification, supply chain fusion, and digitalization [2][3][4]. Group 1: Electrification and Industry Integration - The automotive industry is expanding into the low-altitude economy, such as eVTOL (electric vertical takeoff and landing aircraft), due to breakthroughs in battery power and automotive electronics [2]. - The boundaries between industries are being blurred, allowing for deep integration of high technology with the automotive sector [2]. Group 2: Supply Chain Fusion - eVTOL and automobiles share a common foundation as complex system integrations, with 70% of eVTOL's core components derived from the automotive supply chain [3]. - The development of flying cars involves leveraging automotive industry resources while adhering to high safety standards from the aviation sector [3]. Group 3: Digitalization and Agile Development - High-tech companies entering the automotive sector have introduced agility, enabling rapid product design, development, and iteration [4]. - Digital tools are essential for supporting the iterative process of product development, allowing for quick feedback and improvements [4]. Group 4: Software and Knowledge Digitalization - The digitalization and softwareization of industrial knowledge significantly lower the barriers for cross-industry collaboration [5]. - Dassault Systèmes is focused on "software defining industries," aiming to integrate best practices across various economic fields to create new growth opportunities [5]. Group 5: Future Development and Sustainability - The manufacturing industry is at a critical juncture of digital and intelligent integration, with a pressing need for generative innovation to drive future growth [5]. - Dassault Systèmes emphasizes the importance of AI-driven virtual twin technology to support clients in achieving digital transformation across the entire product lifecycle [5].

市场强化降息预期！ 隔夜，现货黄金价格收跌0.4%，最终收报于3545.63美元，盘中最低曾触及3511.44美元。今日欧市盘中，黄金小幅上涨，目前在3548美元附近徘徊。 隔夜，美国三大股指全线收涨，截至收盘，道指涨350.06点，涨幅为0.77%，报45621.29点；纳指涨209.96点，涨幅为0.98%，报21707.69点；标普500指数 涨53.82点，涨幅为0.83%，报6502.08点。 消息面上，美国8月ADP就业人数增加5.4万，低于预期的6.5万，前值从10.4万修正为10.6万。8月企业招聘活动放缓，增幅不及预期，支持了劳动力市场 需求降温的观点，并加强了市场对美联储降息的预期。 周四发布的失业救济申请报告进一步印证了劳动力市场的放缓趋势。美国上周首次申请失业救济的人数上升至23.7万，这一数字超出了预期，并比前一 周增加了8000人。 对此，交易员加大了对央行9月17日降息的押注，据CME"美联储观察"：美联储9月维持利率不变的概率为0.6%，降息25个基点的概率为99.4%。美联储 10月维持利率不变的概率为0.3%，累计降息25个基点的概率为44.5%，累计降息50个基点的概率为 ...

基金中报发布后，我们再次邀请田经理来到直播间，就大家比较感兴趣的中报相关问题进行集中解答。 提问 你管理时间最长的基金中报显示，基金前十大持仓占比超过70%，主要集中在四个行业：芯片、航 空、化工、白酒。其中有9只股票集中在三个行业，这是否过于集中？ 田瑀 有这个问题说明提问者对我们的关注时间很长。前十大持仓在七成多，这个（数据）和过去比较看 并不算高，大概维持在类似水平。我们强调的是组合中标的业务层面的不相关性，因此不需要太多的标的 来实现不相关。 另外，关于"只有四个行业"的说法是一个误解。如果大家简单看，可能会有这种感觉，主要行业是白酒行 业、模拟半导体，航空、化工。但这和行情软件不那么准确的归类有关。行情软件将某个前十大标的归 为"化工"，但将玻纤归为化工其实并不准确，称之为新材料更合适。它的业务与化工没有关系，它的下游 可能包括电子、汽车、新能源和建筑等。玻纤行业大部分的收入和产能，也和持仓中其他领域不那么相 关。 其次，化工是非常宽泛的领域。半年报前十大中能看到的化工标的，各自的相关性并不高，影响它们收入 或利润比较主要的产品，如氨纶、尿素、MDI（二苯基甲烷二异氰酸酯）等都不太相关，应用领域和行 ...

交运ETF（561320）跟踪的是内地运输指数（000945），该指数由中证指数有限公司编制，从A股市场 中选取涵盖航空、海运、公路及铁路运输等交通运输行业的代表性上市公司证券作为指数样本，以反映 内地运输行业上市公司证券的整体表现。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 航空：量增推动收入增长，2025H1航空板块营收同比增长7%，叠加油价下降、周转提升成本改善，归 母净利润同比增长71%；2025Q2行业国内裸票同比提升，叠加油价维持低位，航空板块营收同比增长 10%，归母净利润同比扭亏为盈。 机场：量增推动航空性收入和非航收入增长，叠加成本相对刚性，机场利润增速高于收入增速， 2025H1机场板块营收同比增长6%，归母净利润同比增长26%；2025Q2机场板块营收同比增长8%，归母 净利润同比增长34%。航空业未来供给增长放缓确定性 ...

Group 1: Broadcom's AI Chip Revenue - Broadcom reported third-quarter AI chip semiconductor revenue of $5.2 billion, exceeding the expected $5.11 billion [1] - CEO Hock Tan noted that the record revenue was driven by strong growth in custom AI accelerators, networking, and VMware businesses [1] - The company anticipates accelerated revenue growth to $6.2 billion in the current quarter, marking 11 consecutive quarters of growth [1] Group 2: Novo Nordisk's Research on Ozempic - Novo Nordisk is researching the efficacy of its drug Ozempic for treating Alzheimer's disease, with trial results expected this fall [2] - Ozempic, a diabetes medication, shares its active ingredient with Wegovy, a weight loss drug, both containing semaglutide [2] - Successful results could expand the application of GLP-1 drugs, offering new hope for Alzheimer's treatment [2] Group 3: OpenAI's Job Platform - OpenAI plans to launch an AI-driven job platform called "OpenAI Jobs Platform" next year to connect businesses and government agencies with AI-skilled talent [3] - The company aims to provide AI certification to 10 million Americans by 2030 [3] - This initiative may reshape the recruitment landscape, offering new channels for job seekers and employers [3] Group 4: Amazon's Satellite Internet Business - Amazon's satellite internet project, Project Kuiper, has signed its first airline customer, JetBlue Airways [4] - JetBlue will introduce the Kuiper satellite network on about a quarter of its fleet, with some passengers experiencing the service starting in 2027 [4] - This partnership marks a significant breakthrough for Amazon's satellite internet business [4] Group 5: Microsoft's Antitrust Strategy - Microsoft is likely to avoid hefty antitrust fines from the EU by committing to unbundle its Teams collaboration tool from the Office suite [5] - Market tests showed no serious objections from competitors and customers regarding this decision [5] - The unbundling strategy reflects Microsoft's adjustment to antitrust pressures [5]

六年前，新加坡外交官马凯硕抛出一句 "警告"，称中国最大的战略失误是冷落了美国商界，此言论一出，瞬间引发无数讨 论。如今六年时光匆匆而过，中美经贸格局早已发生巨大变化，马凯硕当年的观点究竟是洞见还是误判？这场关于中美经 贸的 "大戏"，真相究竟如何？让我们一同揭开神秘面纱。 六年前，新加坡外交官马凯硕抛出的那句 "警告"，当年着实引起了不少热议。可放在当下审视，这更像是一个没摸透中美 经贸本质的 "误判"。 墨西哥那边更有意思。美国政府天天吹 "近岸外包"，说让企业搬去墨西哥就能 "远离中国"，结果呢？墨西哥的家电组装 厂，60% 以上的压缩机、电机，还得从中国进口，就像缺了关键零件的机器，根本无法正常运转；当地做玩具、家具的工 厂，塑料粒子、五金配件，十有八九来自中国供应商，这哪里是 "远离中国"，分明是离不开中国。 美国商务部去年统计过，从墨西哥进口的商品里，35% 都包含中国生产的零件或原料。说白了，就是绕了个远路，该依赖 中国还是依赖，就像绕了一圈又回到原点。 更关键的是，美国商界自己也不想 "离开中国"。中国有全球最完整的工业体系，企业当天下单，三天就能拿到货，这效率 就像闪电一样快；中国有 14 ...

Economic Overview - Jiangxi's GDP reached 1,671.96 billion yuan in the first half of the year, growing by 5.6% year-on-year, marking the third consecutive quarter of outperforming the national average [1][4] - Nanchang, the provincial capital, has not yet caught up with the provincial and national growth rates, experiencing a slowdown in economic growth for over two years [1][4] Industrial Performance - The key to Jiangxi's economic turnaround lies in the second industry, with industrial value-added growth at 6.5%, which is the largest contributor to economic growth [3][4] - Jiangxi's industrial growth is projected to benefit from rising prices in the non-ferrous metals sector and the "1269" action plan, with an expected industrial value-added growth of 8.5% in 2024, surpassing the national average by 2.7 percentage points [4][6] - The non-ferrous metal industry is expected to grow by 22.2%, while electrical machinery, automotive, and electronic information sectors are projected to grow by 18.2%, 13.1%, and 10.6%, respectively [4][6] Nanchang's Industrial Challenges - Nanchang's industrial revenue in 2023 was 664 billion yuan, a decline of 15.7% year-on-year, falling below 2019 levels [10][11] - The city's automotive manufacturing sector has also faced challenges, with revenue dropping significantly from its peak in 2019 [10][11] - Nanchang's industrial growth has been hampered by a transition period, with the city aiming to strengthen its key industrial chains through the "8810" action plan [10][11] Consumer Market Dynamics - Nanchang's retail sales of consumer goods totaled 320.24 billion yuan in 2023, growing by 6.3%, but the growth rate has been lagging behind the provincial average in 2024 [15][18] - The main reason for the slowdown in consumer growth is attributed to the wholesale and retail sectors, with automotive goods showing minimal growth [15][18] - Despite the challenges, Nanchang's tourism sector has thrived, contributing to a 9.2% increase in accommodation and dining revenue in 2024 [18][20] Population Growth and Future Outlook - Nanchang's permanent population increased by 102,200 in 2024, ranking sixth nationally in population growth, indicating a positive outlook for the city's future [20] - The city is recognized for its strategic advantages, including being a major aviation manufacturing base and a high-speed rail hub, which are expected to support its economic recovery [20]