公告称，营业额减少乃主要由于半导体业务营业额减少所致。 智通财经APP讯，脑洞科技(02203)发布截至2025年6月30日止6个月的中期业绩，该集团取得营业额 5217.3万港元，同比减少37.2%;净亏损1724.4万港元，去年同期溢利65.2万港元;每股基本亏损2.16港 仙。 ...

第一、 还没正式宣布有针对性的半导体关税？豁免条件会不会从美国制造变成美国制造加美国持有？ 第二、先分割制造把美国客户及台积电（2330）拉来入股及提供技转？还是不计代价加码资本开支，跟 台积电力拼18A及以上更先进制程？ 第三、还是来个美国版国产替代比例提升政策，要求美国客户提高使用「美国持有公司在美国制造」的 半导体产品比例？第四、更狠的是限制英特尔非美竞争者采购美国设备，材料，EDA tool等美国技术。 第五、反托拉斯大刀出手？但他认为，这大概要等到英特尔扶不起来才会出手。 陆行之脸书连结：https://www.facebook.com/share/p/16PZ42m3Ve/ 陆行之指出，美国政府从无偿补助变有偿入股，拿了英特尔9.9%股份，之后一定会想尽办法救英特 尔，英特尔会华丽转身变成美国半导体制造的唯一希望吗？而其他以为拿了无偿补助的公司，是否也被 会被要求比照办理？ 陆行之表示，可以从美国政府的角度，想想会怎么救英特尔。 美国商务部长卢特尼克（Howard Lutnick）22日正式宣布，美国政府已取得英特尔（Intel）10%股权， 对此，前外资知名分析师陆行之表示，美国政府拿了英特尔股 ...

Core Points - Intel has reached a historic agreement with the U.S. government, which will invest $8.9 billion in Intel common stock, acquiring approximately 9.9% of the company at a price of $20.47 per share [1][4][5] - The investment is part of a broader strategy to enhance the resilience of the semiconductor supply chain, with Intel committing over $100 billion to this expansion [4][5] - The U.S. government will act as a passive investor, not participating in board decisions, and will vote in alignment with the board on shareholder matters [5][6] Investment Details - The total investment from the U.S. government in Intel will amount to $11.1 billion, including previous allocations from the CHIPS and Science Act and the Secure Enclave project [5] - The agreement includes a five-year warrant priced at $20 per share, which can be exercised if Intel's stake in its foundry business falls below 51% [5] Strategic Implications - Intel is committed to fulfilling its obligations under the Secure Enclave project, supplying reliable and secure semiconductor products to the U.S. Department of Defense [6] - The company is investing over $100 billion in domestic production, with large-scale manufacturing set to begin this year using advanced semiconductor manufacturing processes [6] - Major tech companies, including Microsoft, Dell, HP, and AWS, have publicly supported the agreement, highlighting its potential to strengthen the U.S. semiconductor supply chain and drive advancements in AI and cloud computing [6]

Group 1 - Shanghai Securities Regulatory Bureau has implemented a regular visiting mechanism to enhance the quality and efficiency of listed companies, resulting in significant improvements in investment returns and corporate governance [1][4] - Since 2024, the bureau has visited 286 listed companies, achieving a coverage rate of two-thirds, and has established a multi-level visiting system to address company needs effectively [1][2] - The bureau has collected over 500 issues and suggestions from companies, with more than half resolved, focusing on areas such as capital markets, industrial policies, and financial support [2][3] Group 2 - The bureau has guided 87 major index constituent companies to develop market value management systems and urged 23 long-term undervalued companies to create valuation enhancement plans [3] - In 2024, over 760 companies announced cash dividends exceeding 280 billion yuan, with more than 110 companies declaring mid-term dividends of over 36 billion yuan [3] - The bureau has supported the issuance of over 118 billion yuan in special loans for share buybacks and has facilitated more than 20 major asset restructuring announcements with a total disclosed amount exceeding 270 billion yuan [3] Group 3 - The bureau aims to continue implementing regular visits to listed companies, focusing on the new "National Nine Articles" and the capital market "1+N" policy system to enhance company quality and investment value [4]

| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | 目 录 | | 每日报告精选（2025-08-21 09:00——2025-08-22 15:00） 2 | | | --- | --- | --- | |  | 行业跟踪报告：物流仓储《快递单价降幅收窄，反内卷持续扩散》2025-08-22 | 2 | |  | 行业策略：新能源发电《光伏行业研究方法》2025-08-22 | 3 | |  | 行业策略：建材《回归常识，探寻本源》2025-08-21 | 3 | |  | 行业跟踪报告：机器人《Figure 人形机器人实现无遮挡行走，能力边界持续突破》2025-08-21 | 3 | |  | 行业跟踪报告：乳制品《肉奶共振，弹性可期》2025-08-21 | 4 | |  | 海外报告：富途控股（FUTU.O）《净入金强劲，Crypto 持续开拓》2025-08-22 | 5 | |  | 公司半年报点评：巴比食品（605338）《经营势能向上，业绩超预期》2025-08-22 | 5 | |  | 海外报告：北森控股（9669）《HCM S ...

Core Viewpoint - The recent bullish trend in A-shares is driven by a combination of global favorable factors and domestic resilience, with significant capital inflow and policy support playing crucial roles [1][2]. Group 1: Global Factors - The A-share market has been positively influenced by a decrease in policy uncertainty following trade agreements between the U.S. and several countries, which has improved market sentiment [1]. - The U.S. fiscal policy has shifted dramatically, with the "Big and Beautiful" plan expected to result in a tax reduction of up to $4 trillion over the next decade, supporting global risk assets [1]. - A nearly 10% decline in the U.S. dollar index since the beginning of the year has facilitated capital outflow from the U.S. to A-shares and other emerging markets [1][2]. Group 2: Domestic Factors - China's GDP growth of 5.3% in the first half of the year has outpaced other major economies, enhancing the attractiveness of A-shares [2]. - The Chinese government's proactive measures, including debt reduction and reforms, have effectively lowered systemic risks, providing a solid foundation for a long-term market reversal [2]. - There has been a significant increase in margin trading balances, indicating accelerated entry of leveraged funds into the market, alongside substantial foreign investment from global hedge funds [2]. Group 3: Market Outlook - The sustainability of the current bullish trend in A-shares will depend on external factors, particularly any changes in U.S. policy or a strengthening of the dollar, which could tighten global liquidity [3]. - The relatively stable and loose domestic environment is expected to support financing and active thematic trading in the short term, as long as there are no major fluctuations in the macroeconomic landscape [3].

Core Views - The report emphasizes the importance of monitoring two key variables: the performance of the brokerage sector and trading volume, which should remain above 2 trillion to maintain market strength [2][10] - The overall market trend remains positive, supported by macroeconomic recovery and favorable policies, despite potential short-term volatility [4][10] Market Overview - On Wednesday, the market experienced fluctuations, with major indices initially declining before rebounding, leading to a V-shaped recovery, and the Shanghai Composite Index reaching a ten-year high [1][9] - The trading volume exceeded 2 trillion for the sixth consecutive day, indicating strong market activity, although there was a decrease of 300 billion from the peak on Monday [1][9] Sector Performance - The semiconductor sector showed significant gains, with a long-term positive outlook supported by national policy and increasing global demand for AI and high-performance computing [6][7] - Consumer sectors, particularly liquor and food, also saw upward movement, driven by domestic consumption recovery and supportive policies [7][8] Investment Strategy - Investors are advised to adopt a rational and cautious approach, focusing on stocks with strong fundamentals and good technical patterns while being wary of overvalued stocks [2][10] - Attention should be directed towards undervalued sectors with earnings support, maintaining flexibility in trading strategies [10]

Group 1: Tariff Strategy - Tariffs are a key tool in Trump's economic policy, evolving from targeted strikes to a comprehensive strategy in his second term[2] - The tariff strategy consists of four main components: reciprocal tariffs, punitive tariffs, transshipment tariffs, and industry protection barriers[6] - The average effective tariff rate in the U.S. has increased by 16.2 percentage points, reaching 18.6%, the highest level since the Great Depression[29] Group 2: Trade Relations and Impact - The U.S. is transitioning to a more decentralized trade structure, moving away from reliance on the U.S.-China economic relationship[3] - The imposition of tariffs has led to a significant increase in import costs, with specific tariffs reaching as high as 50% on steel and aluminum products[21] - The U.S. government is using tariffs as a diplomatic tool, with punitive tariffs being applied to countries like Canada and Mexico, and targeting third-party nations involved in trade with adversaries[11] Group 3: Economic Consequences - Pre-tariff import surges led to a 4.67% month-on-month increase in imports in March, followed by a 1.39% year-on-year decline in June, indicating a demand pullback[29] - U.S. businesses are entering a de-inventory phase, with durable goods inventory growth slowing from 1.52% in March to 0.17% in June[29] - The uncertainty surrounding new tariff tools and potential trade negotiations post-midterm elections poses risks to global supply chains and capital markets[4]

Core Viewpoint - Beijing Yizhuang Comprehensive Bonded Zone has successfully passed pre-acceptance, marking the establishment of Beijing's fourth comprehensive bonded zone and the first in the country themed around new quality productivity [1] Group 1: Overview of the Bonded Zone - The Yizhuang Comprehensive Bonded Zone is located in the southern part of Yizhuang New Town, covering an area of 0.61 square kilometers, and was approved by the State Council on September 7, 2024 [1] - The zone is adjacent to the Beijing Economic and Technological Development Zone, which is a key industrial cluster in Beijing, and has completed approximately 100,000 square meters of high-standard industrial space in its first phase [1] Group 2: Features and Focus Areas - The Yizhuang Bonded Zone focuses on the integration of advanced manufacturing and modern service industries, emphasizing industrial and technological innovation to cultivate new quality productivity [1] - Currently, there are 80 intended enterprises for the zone, with 30 confirmed projects post-acceptance, covering areas such as automotive SKD assembly export, semiconductor product testing and assembly, innovative drug formulation research and development, as well as bonded logistics, supply chain management, and cross-border e-commerce [1] Group 3: Future Development and Support - The Beijing Customs will support the development of new business formats such as bonded maintenance and bonded training, while exploring corresponding customs supervision models to enrich and expand the bonded business landscape in the Yizhuang Comprehensive Bonded Zone [2]

Group 1 - The G7 summit revealed a significant tension regarding U.S. tariffs on China, with U.S. Treasury Secretary Mnuchin's proposal for a 200% secondary tariff on China met with silence from allies [1][3] - The U.S. is attempting to rally allies against China by proposing extreme tariffs on countries engaging in energy trade with Russia, specifically targeting China [3] - China's response to U.S. tariffs has been assertive, implementing countermeasures such as tariffs on U.S. agricultural products and technology, indicating a readiness to retaliate against perceived threats [5][7] Group 2 - European economies are heavily reliant on Chinese supply chains, with over 60% of industrial imports coming from China, making them vulnerable to U.S. tariff policies [7][8] - The U.S. has also imposed tariffs on European goods, causing distress among European manufacturers and prompting calls for unity to protect European interests [8][10] - Trust between the U.S. and its European allies has deteriorated due to inconsistent U.S. trade policies and threats, leading to concerns about the impact of tariffs on employment and competitiveness in Europe [10][12] Group 3 - The silence from G7 members during the tariff discussions indicates a shift in European attitudes towards U.S. unilateralism, with some countries seeking closer ties with China [12][14] - The current geopolitical landscape suggests that economic rationality may prevail over political coercion, as countries prioritize their economic survival and strategic dignity [14][15] - Analysts suggest that the self-damage from U.S. tariffs may outweigh any benefits, highlighting the unsustainable nature of aggressive tariff policies [15]