基金管理人在二季报中表示，红利投资方向上，我们维持 "红利+"时代的判断，红利依然是长期有效的基本面因子，但细分红利资产的表现会出现分化。我 们以红利打底，结合各个资产自身的行业和公司具体情况，选择细分红利资产方向。传统红利资产中，我们聚焦真正长久期资产，包括银行、公用事业、通 信运营商、石油、家电。此外随着上市公司走过资本开支高峰阶段，转向重视股东回报，越来越多的资产具备红利属性，我们适当配置一些红利成长资产， 如港股互联网、出口链。 展望下半年，预计经济平稳运行，鉴于上半年诸多消费、成长领域的亮点线索已经充分表现，预计市场风格更加均衡，我们继续看好红利资产的表现。基金 运作上，我们将密切跟踪各类红利资产的基本面变化，寻找更为优质的细分领域机会。此外我们也会适度逆向，优化组合表现。 截至2025年二季度末，基金十大重仓股分别是江苏银行、招商银行、建设银行、中国移动、成都银行、杭州银行、中国海洋石油、新奥股份、国投电力、川 投能源。 前十大重仓股变化 120 - % 100 80 60 40 20 0 2025Q1 美的集团 -●- 中国移动 -●- 川投能源 -●- 阿里巴巴-W -●- 工商银行 -●- ...

Core Viewpoint - The upcoming earnings reports from major companies in technology, energy, industrial, and consumer sectors will provide significant insights into corporate health and macroeconomic conditions [1]. Group 1: Technology Sector - Tesla (NASDAQ: TSLA) and Google (NASDAQ: GOOGL) are the focal points among the "Seven Giants" in the technology sector, with other notable companies including Intel (NASDAQ: INTC), ServiceNow (NYSE: NOW), IBM (NYSE: IBM), and NXP Semiconductors (NASDAQ: NXPI) [1]. - Tesla is expected to report a 22% decline in profit and a 12% drop in revenue, with a 14% decrease in vehicle deliveries to 384,122 units [11][13]. - Google is anticipated to show strong double-digit growth in both revenue and profit, with a consensus revenue expectation of $22.36 billion and earnings per share forecasted at $0.40 [14][19]. Group 2: Telecommunications Sector - Verizon (NYSE: VZ) is set to report a 3% year-over-year increase in revenue and profit, with a consensus revenue expectation of $33.71 billion and earnings per share forecasted at $1.19 [4][5]. - Analysts maintain a cautious outlook on Verizon, with some suggesting a "hold" rating due to growth concerns, while others highlight its attractive valuation and stable dividend yield of 6.5% [4]. Group 3: Consumer Sector - Coca-Cola (NYSE: KO) is expected to report earnings with a consensus revenue of $12.56 billion and earnings per share of $0.84, having exceeded earnings expectations in the past eight quarters [7][9]. - Analysts are divided on Coca-Cola's outlook, with some expressing concerns over its reliance on price increases rather than sustainable volume growth, while others emphasize its strong fundamentals and dividend stability [7]. Group 4: Energy Sector - Phillips 66 (NYSE: PSX) is projected to see a 27% decline in profit and a 17% drop in revenue, with earnings per share expected at $0.01 and revenue forecasted at $11.88 billion [23][25]. - Analysts maintain a "buy" rating for Phillips 66, citing its diversified business strength and shareholder returns through dividends and buybacks, despite concerns over high valuations relative to peers [23].

与此同时，公募基金加速布局港股市场，上报的港股主题基金数量明显增加。据国泰海通证券测算，从 整体来看，在公募、险资等机构的推动下，南向资金仍有增配空间，全年净流入额有望超1万亿元。 展望港股后市表现，赵宪成的看法十分积极。在他看来，恒生科技指数2025年的EPS（每股收益）增速 预计为35%，ROE（净资产收益率）预计为14%。从估值来看，反弹后恒生指数的估值回到偏高的位 置，但仍能找到许多优质的投资标的，对下半年港股表现持乐观态度。从更长时间维度来看，基本面对 股价上涨的驱动力会更加明显，那些真正具备业绩支撑的企业有望脱颖而出。谈及后续看好的投资方 向，赵宪成表示，主要看好三条主线。 资金的持续流入，为上半年港股的走强提供了坚实支撑。Choice数据显示，截至7月17日，今年以来南 向资金持续净流入超7200亿元，接近去年同期的两倍。"内资外资轮番成为做多的主力。"赵宪成说。 ◎记者 赵明超 一是科技板块。港股科技板块拥有许多成熟、稳定且盈利能力强的互联网巨头。这些企业不仅在用户规 模、技术研发等方面具备深厚积淀，而且经过多年的发展，商业模式已趋于成熟，盈利能力稳定。在经 历了前期的估值调整后，其估值性价比 ...

AI基金农银国企改革混合（002189）披露2025年二季报，第二季度基金利润395.92万元，加权平均基金份额本期利润0.098元。报告期内，基金净值增长率 为5.01%，截至二季度末，基金规模为8258.4万元。 该基金属于灵活配置型基金。截至7月17日，单位净值为2.062元。基金经理是张峰，目前管理5只基金近一年均为正收益。其中，截至7月17日，农银策略精 选混合近一年复权单位净值增长率最高，达1.45%；农银国企改革混合最低，为0.6%。 基金管理人在二季报中表示，二季度我们整体保持中性偏低仓位，季度末进行了加仓操作，仓位提升到中性水平。组合二季度整体配置相对稳健防御，但通 过积极的选股，二季度组合配置的新一代核心资产标的表现较好，给组合带来了较大的贡献，组合在二季度跑赢了市场。目前组合保持中性仓位，后续将适 时继续对仓位进行调整。在配置上，我们将继续保持对低波红利相关板块的配置，同时继续加大寻找新一代核心资产标的来进行配置。同时组合也适时加大 了对金融板块的配置。目前组合主要配置在公用事业、运营商、银行、非银、交运、新消费等行业。 截至7月17日，农银国企改革混合近三个月复权单位净值增长率为5.1 ...

总而言之，就是大家别再忧心大盘会调到什么位置，调下来看你的这个票是不是机会就行了，也别呢太 激动的就去追那些券商，多元金融啊呃没有呈现板块行情，他们一呈现板块行情，那不又重现去年924 的那波走法吗？那样的走法的话显然是不太符合市场的节奏的，因为你看924就涨到国庆节前，然后后 面就是长期的这种震荡，显然是不太合适的，所以震荡的这种慢牛爬升调一调，比如下半个月把3500点 夯实，震荡之后，然后后面慢慢走高，这就是比较明朗的。 第二个方面就是资金，昨天大家看到央行提前发布预告，15号进行了14,000亿的买断式逆回购，同时当 天进行了7天逆回购的补充流动性，今天继续补充流动性。这个时间点如果朋友们说只是税息，那实际 上这个时候市场的资金面上利率水平并没有显示出稍微高起来的一个状态，只是大盘好像要调的意思， 资金就给了，有了资金那你说大盘往下跌跌哪去，所以看懂这点就行了。 第三一点就是现在这个时候的策略，这个怎么办？就调下来，个股调下来板块有机会的该抓就抓就行 了。哪几个方向？第一个从长期而言还是继续要抓好大家高股息的大央企，比如说类似三桶油三大运营 商等这些，还是要做长期的这样一个跟踪布局。第二一个就是各大行业 ...

Group 1 - The core viewpoint is that capital market reforms will enhance mechanisms supporting the development of technology growth enterprises, with a focus on sectors like biomedicine, artificial intelligence, commercial aerospace, and low-altitude economy [1] - Reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, such as the establishment of a growth tier, the resumption of listing standards for unprofitable companies, and the introduction of a third set of standards for the Growth Enterprise Market, will significantly increase market support for technology companies, creating more investment opportunities in related fields [1] - The AI computing power industry chain is expected to recover continuously, presenting new investment opportunities, particularly in sub-sectors like operators, optical communications, satellite internet, and quantum technology [1] Group 2 - The ChiNext 50 ETF tracks the ChiNext 50 Index, which can experience daily fluctuations of up to 20%. This index, published by the Shenzhen Stock Exchange, selects 50 stocks with larger market capitalization and better liquidity from the ChiNext market, aiming to reflect the performance of the most representative and influential companies in the market, especially focusing on technology innovation sectors like information technology and healthcare [1]

Core Viewpoint - Ukraine's largest mobile operator, Kyivstar, announced that Ukraine will become the first European country to provide mobile satellite internet services through Starlink by the second quarter of 2026 [1] Group 1 - Kyivstar is leading the initiative to implement Starlink's mobile satellite internet services in Ukraine [1] - The launch is expected to enhance internet connectivity in Ukraine, particularly in areas with limited access [1] - This development positions Ukraine as a pioneer in Europe for mobile satellite internet services [1]

技术手段的升级同样关键。运营商应主动作为，推动智能拦截技术迭代，完善骚扰号码黑名单系统，提 升对骚扰电话、短信的识别与拦截能力，同时做好溯源核查工作，从源头减少骚扰信息的传播，还公众 一个"耳根清净"的通讯环境。 对于企业来说，电话或短信的"狂轰滥炸"或许能短期筛选出少量客户，但这种模式本质上是对消费者的 不尊重，不仅难以建立客户信任，反而会引发反感、损害品牌形象。真正的竞争优势，应源于对用户需 求的精准把握与服务创新。企业需强化自律，树立正确的营销观念，在合法合规的前提下开展营销，将 尊重消费者意愿、维护用户权益作为经营的基本准则。 (责任编辑：谭梦桐) 近日，上海市民胡先生因不堪忍受某银行信用卡中心持续的电话、短信推销骚扰，将其告上法庭。经调 解，银行当庭向原告道歉，并支付精神损害抚慰金5000元。此案例不仅能对银行等企业起到一定警示作 用，也能鼓励公民依法依规维护个人权益。 电话营销因成本低、覆盖范围广，被不少企业视为拓客"捷径"，却也因频繁侵扰私人生活，成为群众反 映强烈的"电子牛皮癣"。我国相关法律法规已对电话营销扰民及个人信息保护作出明确规定。民法典明 确指出，除法律另有规定或者权利人明确同意外， ...

Core Viewpoint - Bank of America has resumed coverage of the three major U.S. telecom operators—AT&T, Verizon, and T-Mobile US—highlighting their unique business strategies and potential advantages in the market, particularly in relation to the AI boom [1] Group 1: Company Ratings and Target Prices - AT&T has been rated as "Buy" with a target price of $32, reflecting its balanced strategy and strong operational momentum [2] - Verizon has been rated as "Neutral" with a target price of $45, indicating a solid user base but facing short-term competitive pressures [3] - T-Mobile US has also been rated as "Neutral" with a target price of $255, showcasing strong execution in user growth but potential risks from increased competition [4] Group 2: Business Strategies - AT&T focuses on a "wireless + fiber dual engine" strategy, leveraging fiber and 5G to enhance bandwidth capabilities in the AI data surge era [2] - Verizon emphasizes "Premium Network" and private 5G, with aggressive C-band and millimeter-wave deployments to ensure network quality [2] - T-Mobile US targets "user growth + network efficiency," utilizing a combination of 600MHz and 2.5GHz to gain spectrum advantages [2] Group 3: Competitive Landscape - AT&T's fiber business is seen as a key long-term growth driver, positioning the company favorably in a competitive environment [3] - Verizon's strategy includes maintaining network quality and cautious promotional spending, which may resonate with investors in the long term despite short-term challenges [3] - T-Mobile's growth model heavily relies on user acquisition, making it vulnerable to intensified competition from cable operators entering the wireless market [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - The global AI sector remains highly prosperous, with continuous application development. Domestic telecom operators are experiencing a recovery in growth rates, and satellite internet is beginning to contribute to performance elasticity [4] - Telecom operators benefit from the ongoing promotion of the Digital China strategy, leading to stable overall business growth. Innovative businesses are growing faster and increasing their share, while new growth drivers continue to strengthen. Additionally, the reduction in capital expenditure as a percentage of revenue is favorable for profit release [4] Summary by Relevant Sections Telecom Operators - China Mobile's Q2 revenue is projected to be between 285.85 billion and 288.70 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is expected to be between 52.20 billion and 52.55 billion yuan, growing by 3.2%-3.9% [2] - China Telecom's Q2 revenue is expected to be between 132.80 billion and 134.10 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is projected to be between 13.57 billion and 13.66 billion yuan, growing by 2.7%-3.4% [2] - China Unicom's Q2 revenue is expected to be between 101.30 billion and 102.00 billion yuan, with a year-on-year growth of 3.5%-4.2%. The net profit attributable to shareholders is projected to be between 3.795 billion and 3.855 billion yuan, growing by 5.6%-7.3% [2] - China Tower's Q2 revenue is projected to be between 24.88 billion and 25.03 billion yuan, with a year-on-year growth of 2.5%-3.1%. The net profit attributable to shareholders is expected to be between 2.72 billion and 2.76 billion yuan, growing by 6.8%-8.4% [3] AI and Network Connection - The AI optical module sector is experiencing significant growth, with 800G optical modules continuing to ramp up production and 1.6T products entering mass production. Domestic companies are leading the industry and deeply participating in the global supply chain [3] - Zhongji Xuchuang's Q2 revenue is expected to be between 7 billion and 8 billion yuan, with a year-on-year growth of 18%-34%. The net profit attributable to shareholders is projected to be between 1.75 billion and 2 billion yuan, growing by 30%-48% [3] AI Liquid Cooling - The trend towards liquid cooling in data centers is becoming more pronounced due to the increasing power consumption of AI servers. Yingwei's Q2 revenue is expected to be between 12 billion and 14 billion yuan, with a year-on-year growth of 24%-45% [6] - Oulu Tong's Q2 revenue is projected to be between 11 billion and 12 billion yuan, with a year-on-year growth of 22%-33% [7] AI Applications - The demand for AI servers is expected to grow steadily, benefiting from the development of the digital economy and AI computing power. Huqin Technology's Q2 revenue is projected to be between 350 billion and 365 billion yuan, with a year-on-year growth of 51%-58% [8] Military Communication & Satellite Internet - Increased regional tensions are likely to lead to sustained investment in national defense construction, with communication and information technology being key investment areas. The domestic low-orbit satellite network is expected to continue advancing [11] - Changjiang Communication's Q2 revenue is expected to be between 2.3 billion and 3.4 billion yuan, with a year-on-year growth of 10%-63% [12]