多分部协同增长，盈利韧性凸显 事件：伟仕佳杰发布 2025 年中期业绩，公司在期内实现了营收与盈利的双增长， 上半年实现收益 455.2 亿港元，同比增长 13.6%，旗下三大业务分部的共同发力， 区域方面东南亚地区高速增长，录得为 167.4 亿港元，同比增长 22.5%，占集团 总收益约 37%；期间归母净利润达 6.10 亿港元，同比增长 34.7%，业务表现超 出市场预期。 报告摘要 核心财务指标亮眼，增长动能强劲。2025H1 公司收入达约 455.2 亿港元，同比增 长 13.55%，增长势头显著。主要得益于旗下三大业务分部的共同发力，其中消费 电子分部收入约 171.9 亿港元，同比增长 7.5%；企业系统分部收入约 257.0 亿港 元，同比增长 14.1%；云计算分部收入约 26.20 亿港元，同比大幅增长 67.9%， 成为集团增长的重要引擎。盈利方面，2025H1 公司毛利率同比增加 0.32 个百分 点至 4.75%，期间录得归母净利润 6.10 亿港元，同比增长 34.7%，盈利增长幅 度超过营收增长，主要受益于盈利能力的提升。 消费电子业务稳定增长，产品多元化优势凸显。消费电子分部 ...

Core Viewpoint - The Yangtze River Delta (YRD) region, comprising 41 cities, shows a robust economic performance in the first half of the year, with significant growth in social retail sales, particularly driven by consumption policies and the "old-for-new" initiative [2][4]. Group 1: Social Retail Sales Performance - Jiangsu leads the YRD with a social retail sales total of 2.39 trillion yuan, the only region surpassing 2 trillion yuan [2][3]. - Zhejiang and Anhui also reported strong growth in social retail sales, with totals of 1.8979 trillion yuan (5.3% YoY) and 1.2051 trillion yuan (5.5% YoY) respectively [2][3]. - Shanghai's social retail sales reached 826.04 billion yuan, showing a 1.7% YoY increase, marking a recovery from negative growth in the first quarter [2][3][7]. Group 2: Impact of "Old-for-New" Policy - The "old-for-new" policy is a significant driver of consumption, with central government support increasing from 150 billion yuan in 2024 to 300 billion yuan in 2025 [4][5]. - In Shanghai, the policy contributed over 540 billion yuan to social retail sales in the first half of the year [4]. - Zhejiang's retail sales in home appliances surged by 84.5%, while Anhui's "old-for-new" subsidies totaled 8 billion yuan, boosting retail sales growth by 11.2% [4][5]. Group 3: Restaurant Sector Trends - Shanghai's restaurant income declined by 2.6% to 99.14 billion yuan, contrasting with growth in Jiangsu, Zhejiang, and Anhui, where restaurant income increased by over 5% [8]. - The disparity in restaurant performance indicates a shift in high-end dining dynamics, with resources migrating to Jiangsu and Zhejiang [8]. Group 4: Economic Activities and Events - The "Su Super" football league significantly boosted economic activity in Jiangsu, generating 37.96 billion yuan in service revenue, a 42.7% increase [9]. - The tourism and cultural sectors in Jiangsu also saw remarkable growth, with railway and air passenger transport revenues increasing by 90.7% and 46.5% respectively [10].

Core Viewpoint - Japan's exports to the United States have been significantly impacted by U.S. tariff policies, particularly in the automotive sector, leading to a continuous decline in export figures for three consecutive months [1] Export Performance - In June, Japan's automotive exports to the U.S. decreased by 26.7% year-on-year, contributing to an overall decline in exports to the U.S. of 11.4%, amounting to 1.71 trillion yen (approximately 11.55 billion USD) [1] - Japan's total exports in June fell by 0.5% year-on-year to 9.16 trillion yen, marking the second consecutive month of decline [1] Trade Balance - For the first half of the year, Japan's total exports increased by 3.6% year-on-year, driven by growth in semiconductor manufacturing equipment, automobiles, and food exports [1] - Conversely, Japan's total imports rose by 1.3% year-on-year, influenced by increased imports of pharmaceuticals, communication equipment, and computers [1] - Japan's trade deficit expanded to 2.22 trillion yen in the first half of the year, while a trade surplus of 4.13 trillion yen was recorded with the U.S. [1] Impact of Tariffs - Automotive and automotive parts account for approximately one-third of Japan's exports to the U.S., and the 25% tariff on imported vehicles has had a substantial negative impact on these exports [1] - In response to U.S. tariff policies, Japanese automakers are compelled to lower prices or prioritize the export of lower-priced models, which is likely to squeeze profit margins for manufacturers [1]

华灯初上，肥东撮街内热闹喧天 上半年，全省社会消费品零售总额达12051亿元，同比增长5.5%，增速较去年同期提升1.4个百分点。在政策引导与市场创新的双轮驱动下，我省消费市场 交出一份亮眼的成绩单。 今年以来，我省深入实施提振消费专项行动，通过扩需求、优供给、补短板协同发力，持续激发消费活力。这份成绩单背后，是以旧换新政策撬动绿色消 费、线上平台赋能传统产业、实体业态创新升级三大动能的集中释放。 以旧换新 掀起消费新热潮 连日高温持续推高空调销售热度。"旧空调折价了1000元，再加上政府补贴和商场的让利活动，这台新的变频空调一下子就让我省了近2000元。"在合肥苏 宁易购门店正在办理以旧换新业务的张先生感慨道。依托国家以旧换新补贴等政策，合肥的家电市场掀起一阵阵消费热潮。 消费品以旧换新政策继续显效。相关数据显示，家用电器和音像器材类商品零售额增长21.3%、家具类增长12.8%、计算机类增长151.3%、智能手机增长 99.3%。 上半年全省以旧换新累计补贴80亿元、发放消费券6.2亿元，带动相关商品限额以上零售额增长11.2%，家电、计算机类、智能手机均增长超过20%。 这组数据的背后，是全省超千家企业 ...

Group 1 - Vietnam imported goods worth 8.8 billion USD from the United States in the first half of 2025, representing a year-on-year increase of 24.8% [1] - The largest category of imports from the U.S. was computers, electronic products, and components, totaling 2.5 billion USD, which is a 35.9% increase and accounts for 29% of total imports [1] - Cotton imports reached 799.4 million USD, showing a significant year-on-year growth of 79.3%, making up 9% of total imports [1] Group 2 - Notable month-on-month increases in import values were observed in several categories, including plastic raw materials (up 48.8%), fruits and vegetables (up 43.7%), wood and wooden products (up 75.5%), precious stones and metals (up 55.4%), and candy and confectionery products (up 690.3%) [1]

分行业看，在监测范围内13个主要行业中，经贸摩擦措施的冲突点聚焦于电子、化工和机械设备行 业，其中电子行业经贸摩擦指数居首。 在涉华经贸摩擦方面，19个国家(地区)涉华经贸摩擦指数为105，处于高位。其中，美国涉华经贸 摩擦指数最高，手机、计算机和芯片等电子行业涉华经贸摩擦指数处于高位。 19个国家(地区)涉华经贸摩擦措施涉及金额同比下降57.8%，环比下降13.5%。王琳洁说，这主要得 益于5月中美双方发布《中美日内瓦经贸会谈联合声明》，全球市场对此反应积极，相关行业企业恢复 部分订单。 中新社北京7月31日电 (记者 尹倩芸)中国贸促会7月31日发布5月份全球经贸摩擦指数。贸促会新闻 发言人王琳洁表示，5月美国的全球经贸摩擦措施涉及金额最多，连续11个月居首。 王琳洁在当日举行的例行新闻发布会上称，5月全球经贸摩擦指数为105，处于高位。受美国暂停部 分加征关税措施等综合因素影响，全球经贸摩擦措施有所缓和，涉及金额同比下降13%，环比下降 37.8%。 分国别看，在监测范围内的20个国家(地区)中，欧盟、印度和美国的全球经贸摩擦指数位居前三。 美国发布的关税措施、贸易救济措施、进出口限制措施均高居榜首，是 ...

Core Insights - The research presents a significant breakthrough in understanding quantum tunneling, specifically the newly observed phenomenon of "in-barrier collisions" of electrons, challenging traditional views that electrons only interact with atomic nuclei after tunneling [1][2] - This discovery has implications for the development of technologies reliant on quantum tunneling, such as semiconductors and quantum computers, providing new theoretical support for advancements in these fields [1][2] Group 1: Quantum Tunneling Phenomenon - The research team utilized strong laser pulses to induce quantum tunneling in electrons, leading to the unexpected finding that electrons collide with atomic nuclei within the barrier [2] - The phenomenon of "in-barrier collisions" indicates that electron interactions can occur inside the barrier, contrary to previous theories [2] - The study reveals that electrons gain energy during the tunneling process, resulting in a significantly enhanced "Freeman resonance" effect, which is independent of laser intensity variations [2] Group 2: Implications for Semiconductor Technology - This research challenges traditional theories and opens a new dimension for exploring particle behavior, potentially stimulating further research in the micro-world [3] - The findings are expected to greatly advance semiconductor technology, as precise control over electron behavior is crucial for device design [3] - The newly discovered "in-barrier collisions" and associated energy exchange mechanisms may provide new pathways for optimizing device performance and efficiency, particularly in the development of high-performance transistors and sensors [3]

Economic Performance - In the first half of 2025, Yunnan Province's GDP reached 1.553744 trillion yuan, marking a year-on-year growth of 4.4% [1] - The growth rate of GDP improved by 1.1 percentage points compared to the previous year and by 0.1 percentage points compared to the first quarter of this year [1] - The province's industrial added value and retail sales of consumer goods also showed growth rates higher than those of the first quarter and the previous year [1] Energy and Industrial Growth - Yunnan Province added 13.7701 million kilowatts of new installed renewable energy capacity, with total power generation increasing by 9.3% year-on-year [1] - The crude oil processing volume grew by 6.7%, and raw coal production increased by 5.9% [1] - The non-ferrous metal industry saw an added value growth of 16.9%, while the new energy battery industry experienced a significant increase of 72.1% [1] Investment and Consumption - The province's fixed asset investment has been consistently growing, with energy, transportation, and water conservancy investments increasing by 30.7%, 17%, and 5.6% respectively [2] - The opening rate of major industrial projects reached 85.13%, with 529 projects attracting over 100 million yuan, a growth of 43.4% [2] - The introduction of 10 billion yuan in consumer vouchers and 30 billion yuan in subsidies stimulated consumption exceeding 30 billion yuan [2] Employment and Income - In the first half of the year, Yunnan Province created 280,400 new urban jobs, and 15.1493 million rural laborers were employed [2] - The per capita disposable income of residents grew by 5.3%, with rural residents' income increasing by 6.2%, surpassing the national average by 0.3 percentage points [2] - The proportion of public spending on people's livelihoods reached 74.8% [2]

Economic Overview - Anhui Province's GDP reached 25,723 billion yuan in the first half of the year, with a year-on-year growth of 5.6% at constant prices [1] - The province's industrial added value for large-scale enterprises grew by 8.4%, maintaining above 8% for 18 consecutive months [1] - The province's economic performance is characterized by a solid foundation, accelerated momentum, and strong support [1] Consumption Trends - Retail sales of consumer goods in Anhui totaled 12,051 billion yuan, with a year-on-year increase of 5.5% [2] - The "old-for-new" policy contributed significantly to consumption growth, with subsidies totaling 8 billion yuan and consumption vouchers of 620 million yuan, leading to an 11.2% increase in retail sales of related goods [2] - The penetration rate of new energy vehicles reached 49.1%, indicating a shift towards green and intelligent consumption [2] Trade and Export Performance - Anhui's total goods import and export volume reached 4,585.4 billion yuan, a year-on-year increase of 15.2% [2] - Exports amounted to 3,098.5 billion yuan, growing by 15.4%, with mechanical and electrical products seeing an 18.5% increase [2] - The export of "new three items" including lithium-ion batteries, photovoltaic products, and electric vehicles reached 371.3 billion yuan, marking a 67.8% increase [2]

Core Viewpoint - The article emphasizes the concept of "super performance stocks," which are defined as stocks that experience strong and sustained price increases, often resulting in significant capital gains for investors. The identification and investment in these stocks are crucial for achieving substantial returns in the stock market [1][2]. Group 1: Characteristics of Super Performance Stocks - Super performance stocks can emerge from various categories, including well-known growth stocks, large stable companies, and small lesser-known firms. Common triggers for their price increases include unexpected earnings announcements or mergers, but they often rebound from oversold conditions [2][6]. - A total of 589 instances of super performance price movements were identified, with 407 of these starting from bear market rebounds in 1962, 1966, and 1970. Notably, 57 stocks experienced price increases exceeding 1000% during their super performance phases [2][3]. - The duration of super performance phases varies significantly, ranging from 3 months to 63 months, with most lasting between 8 to 33 months. A detailed analysis shows that 142 instances lasted 6 to 12 months, while 282 instances lasted 12 to 24 months [3][4]. Group 2: Relationship with Company Earnings - Approximately 38% of super performance price movements coincide with significant quarterly earnings growth, while 28% occur with moderate earnings growth. In 34% of cases, there is no correlation between price movements and earnings growth, with some stocks starting to rise even as earnings decline [6][10]. - An analysis of the price-to-earnings (P/E) ratios during 589 super performance instances revealed that in 464 cases, the P/E ratio increased, with 86 instances seeing a quadrupling of the ratio. This indicates a strong relationship between stock price movements and P/E ratio expansion [6][7]. Group 3: Company Size and Stock Characteristics - Most super performance stocks originate from companies with relatively low float, with 481 instances starting from companies with fewer than 5 million shares outstanding. Only 2 instances involved companies with more than 30 million shares [8][9]. - The majority of stocks tend to decline after the super performance phase, with 504 instances experiencing significant price corrections. Only 85 instances did not see severe price declines, indicating a common trend of price retraction following strong performance [9][10]. Group 4: Investment Strategy - To successfully invest in super performance stocks, investors must make three critical decisions: when to buy, which stocks to buy, and when to sell. The potential for high returns is significant for those who can navigate these decisions effectively [5][6]. - The ideal characteristics of potential super performance stocks include rapid earnings growth, low float, low P/E ratios, and promising product prospects. This combination is essential for identifying stocks with the potential for substantial price appreciation [13].