湖南华曙高科技股份有限公司 湖南华曙高科技股份有限公司（以下简称"公司"）为进一步完善公司法人 治理结构，健全公司长效激励约束机制，形成良好均衡的价值分配体系，吸引和 留住优秀人才，充分调动公司核心团队的积极性，有效地将股东利益、公司利益 和核心团队个人利益结合在一起，使各方共同关注公司的长远发展，确保公司发 展战略和经营目标的实现，在充分保障股东利益的前提下，按照激励与约束对等 的原则，公司拟实施 2025 年限制性股票激励计划（以下简称"本激励计划"或 "《激励计划》"）。 为保证公司本股权激励计划的顺利实施，现根据《中华人民共和国公司法》 《中华人民共和国证券法》 《上市公司股权激励管理办法》 《上海证券交易所科创 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》 板股票上市规则》 等有关法律、行政法规、规范性文件和《湖南华曙高科技股份有限公司章程》 《激 励计划》的有关规定，并结合公司实际情况，特制订本办法。 第一条 考核目的 制定本办法的目的是加强公司股权激励计划执行的计划性，量化公司股权激 励计划设定的具体目标，促进激励对象考核管理的科学化、规范化、制度化确保 实现公司股权激励计划的各 ...

对于科技类成长股，投资者可以多一些期待，但不能忽视相关投资风险。类似寒武纪的扭亏为盈并非每 一家高科技成长股都能实现，毕竟高科技行业研发投入有风险，这也是科创板和创业板的公司风险较主 板公司更大的一个原因。 投资者买入并持有未盈利高科技公司，其实是一种风险投资。近期在二级市场上，创新药等板块估值持 续走高，其中不乏一些尚未盈利的成长股，但它们并不一定都能和寒武纪一样实现市场预期的落地。 北京商报评论员 周科竞 8月27日，寒武纪盘中创下1464.98元/股的历史新高，一度取代贵州茅台短暂登顶A股"股王"。寒武纪股 价屡创新高的"底气"来自业绩的扭亏为盈。寒武纪2024年年报以前的业绩长期亏损，2025年一季报开始 扭亏为盈，中报更是延续了业绩爆发的态势。寒武纪的业绩表现意味着高科技亏损公司从研发期进入到 业绩增长期，是成长股预期落地的典型。 寒武纪的股价长期高位运行，究其原因，是投资者对其未来高速成长给出了较高的市场预期。2024年之 前，寒武纪较高的研发投入虽然造成了业绩连续亏损，但也为公司未来业绩提供了增长的可能。2025年 正是公司业绩的转折点，寒武纪业绩开始扭亏为盈，市场对转折点的到来也给出了极大的肯 ...

第二，应对共同挑战，中日韩加快自贸协定谈判是明智之举。10年前，我们与欧盟智库研讨中欧自贸区 可行性时，欧盟有意愿提出打造中欧经贸的"明日丝路"；笔者提出，如不抓住有利时机尽快签署中欧自 贸协定，"明日丝路"就会成为"明日黄花"。从后来现实情况看，不幸言中。 中日韩三国作为亚洲至关重要的经济体，面对共同挑战，最大选项是尽快签署中日韩自贸协定。为什 么？主要基于三点判断：一是推进以自由贸易为主线的区域经济一体化，不仅是全球地缘政治格局变化 的战略选择，也是地缘经济格局演变趋势下的务实之举。二是以签署自贸协定形成中日韩经贸合作新格 局，将成为应对共同挑战下"划时代"的最大选项。三是中日韩自贸协定将促进《区域全面经济伙伴关系 协定》（RCEP）由全球最大向更高水平自贸区升级，也将为全球经济注入重要的确定性。 首先，面对共同挑战，中日韩自贸协定关乎三国未来10-20年的发展前景，关乎区域与全球经济的发展 格局。 第一，中日韩经贸合作处于"不进则退"的关键节点。今年6月，笔者在首尔召开的"2025 NEAR韩中日首 尔进程"会议发言中提出这个判断。从现实情况看，美国主导的经济全球化已经终结，单边主义、贸易 保护主义成为 ...

信阳毛尖茶制作技艺吸引海外游客参与。 8月21日，中国（河南）-日本经贸合作与文化交流对接会在大阪世博会中国馆举行。 由国家文化出口基地（开封）带来的古乐表演吸引众人围观。 "这是我第一次接触河南，它历史悠久、充满活力，令人向往。"前来中国馆参观的匈牙利游客佩克感叹。 "我一定会去河南，走进殷墟博物馆，亲眼感受那个时代的历史与文化。"日本世博协会国际局执行主任永野 光说。 "河南活动周内容丰富、精彩纷呈，将帮助越来越多的海内外朋友走进河南、了解河南，深刻感受河南的独特 魅力。"大阪世博会中国馆馆长章书靖表示。 8月21日至23日，日本大阪世博园中国馆内游人如织、热闹非凡，2025年大阪世博会中国馆河南活动周在这里 举行。3天时间里，中国馆内涌动着中原热潮，独具特色的文化展演、密集举办的地市推介和经贸交流、沉浸 式的非遗互动，河南以世博为窗口，向世界递出了一张开放创新的亮丽名片。 向全球展示多姿河南 一曲悠扬的古乐合奏《编花篮》吸引观众层层围观；神奇的开封木版年画收获无数国际粉丝打卡体验；小小 的盾构机模型用创新逆袭故事打动五湖四海的聆听者……活动周上，河南展现给世界游客的精彩，不止一 面。 文化灿烂的河南—— ...

Core Viewpoint - The proposal by U.S. Treasury Secretary Best to impose a 200% tariff on Chinese goods was met with silence from G7 leaders, indicating a lack of support from European nations due to economic considerations [3][6][14] Economic Impact on Europe - China has been the largest trading partner for the EU for several years, with trade volume exceeding several hundred billion euros in 2024 [3] - European industries such as automotive, luxury goods, and machinery heavily rely on the Chinese market, and following the U.S. proposal could result in over 100 billion euros in annual losses for Europe [3][5] - Imposing high tariffs on Chinese goods would increase living costs and trigger inflation in Europe, creating a dual challenge for governments in terms of fiscal and social stability [5] European Trade Policy - The EU's decision-making process requires consensus among multiple countries, making it more cautious in trade policy compared to the U.S. [5] - Previous debates within the EU regarding tariffs on Chinese electric vehicles highlight the complexity and challenges of reaching agreements on trade measures [5] U.S. and European Relations - Best's criticism of Europe as "lagging" is seen as politically charged and does not reflect the reality of recent EU actions, such as significant sanctions against Russia [6][12] - The EU maintains a more rational approach to trade with China, emphasizing cooperation and dialogue while asserting its strategic autonomy [12] Shift in U.S. Strategy - With the failure of the trade war against China and lack of European support, the U.S. is now turning its focus to India, attempting to impose high tariffs on Indian goods [13] - India's increasing emphasis on independence in international relations may hinder the effectiveness of U.S. pressure tactics [13]

Core Viewpoint - The article discusses the contrasting economic situations in the US and China, highlighting the credibility crisis of US economic data and the strategic measures China is taking to combat deflation and stimulate consumption [2][4][6]. Group 1: US Economic Situation - The US labor statistics have been significantly revised downwards, with May and June's job additions cut by 258,000, marking the largest downward revision since 1968 during non-recession periods [4]. - The market's reaction to the employment data was atypical, with a drop in stock prices despite increased expectations for a Federal Reserve rate cut, indicating a crisis of trust in the data's authenticity [4][5]. - The US economy is facing a potential increase in federal deficit by $4.1 trillion from 2025 to 2034 due to tax cuts, with the debt-to-GDP ratio projected to rise from 117% to 130% [5]. Group 2: China's Economic Measures - China is implementing systemic measures to combat deflation, including anti-involution policies and direct financial incentives for childbirth, aiming to stimulate consumption [6][7]. - The national child-rearing subsidy is set at 3,600 yuan per child per year, with an estimated total expenditure exceeding 100 billion yuan annually, targeting young families to boost consumer spending [7]. - The revised Price Law aims to address "involution" in competitive practices, helping to stabilize profit margins for businesses and potentially enhancing stock market performance [7][8]. Group 3: Comparative Analysis of US and China - The 2025 Fortune Global 500 list shows a stark contrast in profitability, with US companies averaging $9.7 billion in profit compared to $4.2 billion for Chinese companies, indicating a significant competitive gap [2][9]. - The article emphasizes the importance of productivity as the ultimate determinant in the ongoing economic competition between the US and China, with the US leading in AI and China dominating in electric vehicle batteries and solar components [10][11].

Group 1 - The event "Bay Area Unity, Sports Together" marks the countdown to the 15th National Games and the 12th National Paralympic Games, showcasing Guangdong's innovation in the "Technology + Sports" sector [1] - The technology exhibition features 43 high-tech products from 31 enterprises in Guangdong, emphasizing the province's strength in technological innovation [1] - The exhibition is divided into five themes, including "Intelligent Creation and New Departure" and "Technology Assisting the Disabled," highlighting the integration of technology in sports and support for the disabled [1] Group 2 - A preparatory photo exhibition illustrates the behind-the-scenes efforts for the upcoming games, focusing on key milestones, venue construction, event schedules, and staff stories [1] - The exhibition aims to enhance public understanding of the challenges faced during the preparation and to promote the values of simplicity, safety, excitement, and technology in organizing the events [1]

Group 1 - The majority of investment advisors maintain a neutral to optimistic outlook on the macroeconomic situation for Q3 2025, with over 70% holding this view [22][23][24] - Nearly 80% of advisors are bullish on the A-share market for Q3, with a structural market trend expected, favoring sectors like technology, new consumption, real estate, and finance [22][28][29] - The anticipated upper limit for the Shanghai Composite Index is projected to be around 3500 points, with 42% of advisors expecting it to be near this level [4][18][29] Group 2 - Advisors suggest that the highest value for asset allocation in Q3 2025 lies in equities, with 59% favoring this category, marking a significant increase [10][35][36] - A flexible thematic investment strategy is preferred by 44% of advisors, indicating a shift towards more dynamic investment approaches [6][37] - The expectation for liquidity in Q3 is leaning towards a relaxed environment, with 57% of advisors predicting a loose or neutral liquidity stance [26][27] Group 3 - High-net-worth clients have shown a strong inclination to increase their equity positions, with 70% reporting profits in Q2 2025 and a rising willingness to add to their investments [40][41][43] - The preference for high-dividend stocks remains strong, with 36% of advisors believing these stocks have reached reasonable valuations [32][39] - The innovative pharmaceutical sector is gaining attention, with 38% of advisors viewing it positively, driven by policy optimization and valuation recovery [34]

Group 1 - Antai Technology has experienced a continuous decline for six trading days, with a cumulative drop of -7.06% [1] - Antai Technology Co., Ltd. was established with the main initiator being China Iron & Steel Research Institute Group, along with Tsinghua Unigroup and other entities [1] - In the second quarter of this year, Southern Fund's Southern CSI 1000 ETF reduced its holdings in Antai Technology [1] Group 2 - The Southern CSI 1000 ETF has achieved a year-to-date return of 13.09%, ranking 941 out of 3420 in its category [1][2] - The fund's performance over various periods includes a near-term return of -0.53% over the past week and a 15.19% return over the past six months [2] - The average return for similar funds is 10.57% year-to-date, indicating that the Southern CSI 1000 ETF has outperformed its peers [2] Group 3 - The fund manager of Southern CSI 1000 ETF is Ms. Cui Lei, who holds a Master's degree in Financial Engineering from Cornell University and has various financial certifications [3][4] - Ms. Cui Lei has extensive experience in fund management, having managed multiple funds since joining Southern Fund in February 2015 [3][4] - As of now, Ms. Cui Lei has been managing the Southern CSI 1000 ETF since November 8, 2018, with a cumulative management period of over six years [4]

Core Viewpoint - Hong Kong-listed companies are actively distributing dividends to reward investors, with over 70 companies announcing interim dividend plans totaling more than 500 billion HKD, enhancing the attractiveness of the Hong Kong stock market in a low-interest-rate environment [1][3][5]. Dividend Distribution - As of now, 74 Hong Kong-listed companies have distributed interim dividends, amounting to approximately 563.60 billion HKD, with a slight decrease in total dividend amount compared to the previous year [3]. - HSBC Holdings announced a significant dividend plan, distributing 138.39 billion HKD in the first quarter and an additional 136.75 billion HKD for the fiscal year ending December 31, 2025, ranking first in dividend distribution [3]. - Other notable companies include Brilliance China and CATL, with dividends exceeding 50 billion HKD, and several companies like Hong Kong Telecom and Hang Seng Bank distributing no less than 20 billion HKD [4]. Market Attractiveness - The trend of high dividends is expected to enhance the market's appeal, especially in the context of a low-interest-rate environment and increasing asset allocation difficulties [1][5]. - Insurance companies have been actively acquiring shares in Hong Kong banks and public utility companies, with 21 acquisitions recorded this year, surpassing the total from the previous three years [6]. - High dividends from Hong Kong-listed companies are attracting significant attention from institutional investors, particularly in light of the ongoing low-interest-rate environment [6][8]. Future Projections - Goldman Sachs projects that by the end of 2025, the total dividend distribution from onshore and offshore Chinese companies will reach 3 trillion RMB, marking a historical high [1][6]. - In 2024, over 4,300 Chinese companies listed in mainland China, Hong Kong, and the U.S. are expected to distribute 2.7 trillion RMB in dividends, reflecting a 10% increase from the previous year [7]. - The trend of increasing dividends is supported by national policies aimed at enhancing cash dividend regulations, with a notable rise in the dividend payout ratio [7].