瑞芯微 20250718 摘要 瑞芯微推出 RK3,588 等旗舰芯片，采用 8 大核+4 小核 CPU 架构和 Magi GPU，NPU 算力达 32T，性能领先，主要应用于智能座舱、边缘 计算等领域，旨在提升高端市场竞争力。 瑞芯微 182X 系列芯片是全球首款 3D 堆叠协处理器，内置 DDR 内存， 支持 3B 和 7B 模型，在 AI 计算和加速方面表现高效，端到端响应延时 最低至 0.1 秒，性能优于英伟达 Orin Nano/NX。 瑞芯微计划推出下一代 1,860 系列，算力将达 60~80T，带宽超 1TB， 支持 UCIE 直连，定位于端侧跑 1.5B 到 13B 模型，进一步提升在高端 算力市场的竞争力。 兆易创新作为瑞芯微合作伙伴，提供定制化 DRAM 方案，提升终端设备 运行效率，具备广泛应用前景和较强竞争力，是重点推荐标的。 Hybrid bonding 技术通过显著增加单位面积连接点数量，提升信息传 输频宽，降低延时和功耗，成为半导体封装的重要发展方向，瑞芯微已 采用此技术。 DRAM 合约价在三季度预计上涨 70%-80%，低功耗 DRAM 涨幅达 38%-68%，兆易创新将显 ...

今天，以"穿越变革浪潮，共筑经济韧性"为主题的CFS2025第十四届财经峰会暨2025新质生产力企业家 大会在上海启幕。作为中国经济领域最具影响力的盛会之一，本届峰会汇聚了超过1200位商界、政界、 学界精英，围绕科技创新、数字经济、绿色发展等前沿议题展开深度对话，并通过"致敬盛典"表彰在新 质生产力培育与社会责任实践中表现卓越的企业与企业家。 云南大益茶业集团董事长张亚峰受邀出席并发表主题演讲，同时荣膺"2025最具社会责任企业家奖"；大 益茶获颁"2025（行业）影响力品牌奖"，成为茶行业唯一获此殊荣的企业。 全球聚焦 新质生产力时代的中国经济新动能 自2012年设立以来，CFS财经峰会已举办十三载，每年吸引超2000万人次关注，成为洞察中国经济发展 趋势的重要窗口。 大益茶作为中国茶行业领军企业，在全球经济格局深度调整、国内经济转型进入攻坚期的背景下，特别 关注本次会议中各行各业对发展新质生产力的战略与思考，聚焦破解传统产业升级瓶颈、探索新兴产业 增长路径，为企业提供战略参考。 大益解读 茶产业的新质生产力实践路径 CFS财经峰会期间，大益集团董事长张亚峰在"新动力、新活力"环节发表主旨演讲。她表示，在 ...

回顧此前相關產品表現，在 2025 年 7 月 10 日，快手股價上漲 1.24%，國君認購證（25903）2 日後升幅達 11%，滙豐牛證（54506）升幅 8%，瑞銀牛證 （54448）升幅 10%，瑞銀認購證（25723）升幅 7%，這些數據充分體現了窩輪和牛熊證的槓桿效應在股價波動中能帶來可觀回報。 窩輪方面，若看好快手繼續向上突破阻力位，瑞銀認購證（25723）槓桿 7.5 倍，行使價 72.05 元，槓桿相對較高；摩利認購證（25717）同樣槓桿 7.5 倍， 行使價 72.05 元，與瑞銀認購證表現相當。目前暫未見合適的認沽證精選，投資者若看淡需謹慎選擇。 回顧上日（14 日）港股開市，快手（01024）表現相當活躍。根據上日收市資料顯示，快手全日收報 65.25 元，單日大漲3.33%，成交額達 17.44 億元。市場 消息方面，有傳快手近期在短視頻廣告業務上有新突破，與多個大品牌達成深度合作，推動廣告收入增長預期；同時，其直播電商業務用戶粘性持續提升， 或成為股價上漲的催化劑。 從技術分析角度來看，多個技術指標綜合顯示，目前技術指標總結信號為「強力買入」，強度高達 16。多條移動平均線同樣呈 ...

Core Viewpoint - The banking sector experienced a significant drop of nearly 3% on Friday, leading the market decline, despite the AH Preferred Bank ETF (517900) achieving a year-to-date gain of 23.17%, making it the only bank ETF to surpass 20% this year [1] Group 1: Market Performance - The bank sector has seen a cumulative increase of 106% since the bull market began in November 2022, indicating a strong upward trend over the past two and a half years [1] - The recent technical correction is viewed as normal following a period of accelerated growth, compounded by the "month-end effect" due to tightening liquidity [1] Group 2: Investment Trends - Insurance companies are reportedly reallocating their investments, with China Life Insurance revealing that its high-dividend asset allocation has reached 30% in equity investments, while the overall allocation in the insurance industry remains low at 12%, leaving approximately 6 trillion yuan available for investment [1] - In 19 instances of stock purchases this year, 9 targeted bank stocks, highlighting the continued appeal of bank shares amid an asset scarcity environment [1] Group 3: ETF Insights - The AH Preferred Bank ETF (517900) is based on the "Bank AH" index, which had a dividend yield of 6.51% as of the end of May, employing a rotation strategy to select undervalued stocks [1] - Investors can access this ETF through linked funds (Class A: 016572; Class C: 016573) for market participation [1]

6月18日，银行再度走强。数据显示，唯一横跨AH两市的银行AH优选ETF(517900)近期获资金连续10日 加速净流入，年初以来累计净流入超2.6亿，年内规模增长275.96%，规模迭创历史新高。 数据显示，险资对银行股的增持持续加码。截至一季度末，险资持有银行股278.21亿股，持股市值达 2657.8亿元。前十大重仓股中有7只为银行股，包括民生银行、浦发银行、兴业银行等。今年以来，险 资举牌节奏明显加快。截至目前，险资年内已举牌16次，数量上已接近去年全年20次的水平。本轮举牌 呈现偏好港股特别是银行H股、举牌主体以头部险资为主的特征。 据中证指数公司，银行AH优选ETF(517900)标的指数"银行AH"截至5月末股息率为6.51%，该指数在AH 市场进行轮动策略，优选低估标的，反映在中证银行指数上使用AH价格优选投资策略的整体表现。场 外投资者可借助联接基金（A类：016572；C类：016573）介入。数据显示，该标的近一年累涨超 47%，成立以来年化超14%。 | 517900 | | | | --- | --- | --- | | 招商中证银行AH价格优选ETF | | दे | | 指数型 ...

Group 1 - Southbound funds continue to increase their positions in Hong Kong stocks, with a focus on the banking sector. The bank ETF (517900) has seen net inflows for seven consecutive days, with a year-to-date growth of 221.71%, reaching a historical high [1] - The banking industry is set to benefit from multiple policy advantages by May 2025. The People's Bank of China has lowered the provident fund loan interest rate by 0.25 percentage points, which supports housing demand and stabilizes the real estate market [1] - The central bank has also reduced the reserve requirement ratio for financial institutions by 0.5 percentage points, and for auto finance and financial leasing companies by 5 percentage points, which releases liquidity and alleviates pressure on bank interest margins [1] Group 2 - The LPR was first lowered in 2025, with the one-year LPR dropping to 3.0% and the five-year LPR to 3.5%. The six major banks have also lowered deposit rates, with the maximum reduction reaching 25 basis points, further easing the downward trend of bank net interest margins [1] - The China Securities Regulatory Commission has released an action plan to promote the high-quality development of public funds, guiding capital allocation towards underweighted bank stocks in broad-based indices, which brings potential incremental capital to the sector [1] - Hu Nong Commercial Bank and Yu Nong Commercial Bank have been included in the CSI 300 Index, promoting valuation recovery [1][2]

Group 1 - The banking sector has shown strong performance recently, with the only cross-AH bank ETF (517900) rising by 0.59% and accumulating an 18.27% increase year-to-date [1] - The ETF has seen active trading with a turnover rate of 14.54% and a trading volume of approximately 40 million, which is nearly a 100% increase compared to the previous day [1] - As of June 10, the fund has experienced a continuous net inflow of funds for five days, totaling around 57 million, with both scale and shares reaching historical highs [1] Group 2 - According to Huatai Securities, the performance of AH banks is expected to stabilize in 2025, with a decline in deposit rates alleviating pressure on interest margins [1] - The first quarter of 2025 is anticipated to be the low point for AH bank performance, with gradual recovery expected thereafter due to the impact of repricing and bond market fluctuations [1] - CITIC Securities highlights that the long-term investment logic in the banking sector is supported by an increase in insurance fund equity asset allocation and the high-quality development of public funds [2] Group 3 - The core logic for bank stock investment in 2025 is the revaluation of net assets, driven by macro policies aimed at reducing systemic risks in the banking sector [2] - The dividend yield for the "Bank AH" index was reported at 6.51% as of the end of May, reflecting a rotation strategy in the AH market that favors undervalued stocks [2] - Investors can access the banking sector through connection funds (Class A: 016572; Class C: 016573) [2]

中國人壽漲勢如虹漲 ！強力買入信號下，輪證投資暗藏哪些驚喜？ 港股市場， 5 月 27 日，中國人壽（02628）股價報 16.04 元，截至10點53分，單日漲幅達 1.78%，成交額 3.2 億元！技術指標毫不含糊，21 項指標齊發「強 力買入」信號，雖處超買狀態，漲勢依舊銳不可當！窩輪和牛熊證市場究竟藏著哪些「寶藏機會」？一起來深入探究！ 從技術分析角度來看，中國人壽的技術指標呈現強勢多頭格局，但超買隱患也不容忽視。多條移動平均線發出「強力買入」信號，MA10 為 15.79 元、 MA30 為 14.72 元、MA60 為 15.08 元，現價 16.04 元高於多條均線，中短線上升趨勢明顯。RSI 指數 66，處於超買區間，威廉指標發出買入信號，部分震 盪指標中立，但 ADX 指標、心理線指標、動量震盪指標等均支持買入，MACD 信號同保利加通道也堅定看多。這表明中國人壽多頭力量強勁，但超買狀態 下，短線或有回調風險。 牛熊證方面，花旗牛證(54112)收回價13.5元，槓桿最高，實際槓桿效應強，適合博取中國人壽短期反彈。瑞銀牛證(暫無合適代碼補充)收回價14元，溢價 低，適合穩健型投資者。相反，若 ...

Group 1 - The article highlights the mixed performance of ETFs at the market opening, with gold stock ETFs leading the gains [1] - Gold stock ETF (159321) increased by 4.08%, while another gold stock ETF (517400) rose by 3.04%, and gold ETF fund (159937) gained 2.52% [1] - Conversely, the National Certificate 2000 ETF fund (159543) experienced a decline of 1.07%, and the medical ETF fund (159891) fell by 0.71%, with the ChiNext 200 ETF (159572) down by 0.6% [1]

Core Viewpoint - Zymeworks Inc. is advancing its clinical-stage pipeline with the presentation of new preclinical data for ZW1528, a bispecific molecule targeting IL-4Rα and IL-33, aimed at treating respiratory inflammation, particularly chronic obstructive pulmonary disease (COPD) [1][2]. Group 1: Product Development - ZW1528 demonstrates high affinity binding to IL-4Rα and IL-33, effectively blocking IL-4, IL-13, and IL-33 signaling pathways, which are critical in respiratory inflammation [5][6]. - The bispecific design of ZW1528 shows promising manufacturability and stability, supporting high dosing concentrations and subcutaneous administration [5][7]. - Zymeworks is also developing ZW1572, another bispecific inhibitor targeting IL-4Rα and IL-31 for atopic dermatitis, as part of its expanding IL-4Rα program portfolio [3][5]. Group 2: Preclinical Data and Findings - Preclinical data presented at the ATS conference indicate that ZW1528 can suppress both Type 2 and non-Type 2 immune responses in primary human immune cells from COPD patients [6][7]. - In vivo studies in murine models of lung inflammation show efficacy for ZW1528, with extended pharmacokinetics observed in rodent and non-human primate models [6][7]. - The bispecific antibody's blockade of cytokine-driven activation in human epithelial cells is superior to that achieved with monoclonal antibodies targeting either IL-4Rα or IL-33 [7]. Group 3: Company Overview - Zymeworks is a global biotechnology company focused on developing multifunctional biotherapeutics for difficult-to-treat conditions, including cancer and autoimmune diseases [8]. - The company has a robust pipeline of product candidates and has entered into strategic partnerships to enhance its therapeutic platforms [8].