文｜雷递网 雷建平 | | | | | 报告期末表决权恢复的优先股股 | | | 持有特别表决权股 | 单位:股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 报告期未普通股股东总数 | | | 149, 017 | 东总数(如有)(参见注8) | | 0 | 份的股东总数(如 | 0 | | | | | | | | | 有) | | | | | | | 持股 5%以上的股东或前10名股东持股情况(不含通过转融通出借股份) | | | | | | 股东性 | | 持股比 | 报告期末持股 | 报告期内增减 | 持有有限售条 | 持有无限售条件的 | 质押、标记或冻结情况 | | | 股东名称 | 质 | 例 | 数量 | 变动情况 | 件的股份数量 | 股份数量 | 股份状态 | 数量 | | 新余盈瑞世纪软件研发中心(有限合 | 境内非 | | | | | | | | | 伏) | 国有法 人 | 15. 11% | 189, 744, 943 | 0 | 0 | 189.744.943 | 不适用 | 0 | | 周亚辉 | 境内自 ...

"真还传"归来整整一年，罗永浩终于又双叒叕折腾上了。 8月18日，罗永浩的微博名从"罗永浩・钮祜禄"变更为"罗永浩的十字路口"，这距离2024年8月22日他宣布回归社交媒体平台恰好约一年。8月19日，B站深 度播客《罗永浩的十字路口》上线，首期嘉宾是理想汽车创始人李想，约4小时的访谈被称为"行业冥灯"对话"最牛80后"，视频中李想落泪感谢王兴，罗 永浩再谈锤子科技失败，二人互诉童年、创业等人生经历。 作为国内互联网"红人"，即便罗永浩已年过五十，但他仍手握"流量密码"。与李想的对话视频播出后，大量视频切片立即流传于网络，截至发稿前的8月 24日，罗永浩在B站涨粉超20万，首期节目播放量超200万。 稍早前的6月，罗永浩自述：DeepSeek创始人梁文锋曾认为他"靠嘴吃饭"的能力全国顶尖。对此，罗永浩说："我认真想了想，我也不排除会去做靠嘴吃饭 这件事。"现在看来，那时罗永浩或就在为如今的新节目埋下伏笔。 这样的"听劝"，在过去的罗永浩身上并不多见。现在的罗永浩似乎正在离他曾经口中的"正常人"越来越近，但也与"罗永浩"越来越远。过去的他不计后 果、拿着800万元就敢做手机，并扬言收购苹果，为了理想毫不畏惧，后来 ...

下半年港股牛途继续， AI 浪潮持续演绎下，港股科技板块向上空间更大。国泰海通海外策略团队联合海 外科技团队，分析下半年港股科技板块的看好逻辑，并深度研究全球科技根目录公司，核心覆盖港美股半 导体及互联网板块，追寻产业边际与价值共振投资机会。 一、研究报告 （点击标题查看报告） ①今年港股明显跑赢 A 股，背后反映宏观偏弱背景下港股稀缺性资产更具吸引力，类似 2012-14 年移 动互联浪潮下港股比 A 股率先崛起。②互联网、新消费、创新药、红利等板块的稀缺资产在港股更集 中，与当前 AI 应用、新消费等产业趋势相关度更高，即港股资产的稀缺性所在。③随着外部扰动减缓， 国内政策发力驱动基本面修复、南下提供边际资金增量，下半年港股望进一步向上，结构上恒生科技更 优。 年初以来港股明显跑赢 A 股，结构上医药、科技、消费等行业更显著，借鉴历史看本轮港股占优源于部 分港股资产更具稀缺性。 今年初以来，港股相较 A 股走势表现更为亮眼，年初以来恒生指数累计上涨 19% ，跑赢沪深 300 指数 21 个百分点，结构上医药、科技、材料、日常消费等行业跑赢的幅度更大， 具体来看行情可以划分为一季度科技重估行情下恒生科技明 ...

Market Overview - The market rebounded yesterday, with the Shanghai Composite Index, Shenzhen Component Index, and STAR Market Index reaching new highs for the year. The total trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, a decrease of 180.1 billion yuan from the previous trading day, marking the sixth consecutive day of trading volume exceeding 2 trillion yuan. The Shanghai Composite Index rose by 1.04%, the Shenzhen Component Index increased by 0.89%, and the ChiNext Index gained 0.23% [1]. Fund Flow Insights - Huatai Securities noted that the trading activity remains high, with foreign and insurance capital likely to be the main sources of incremental capital moving forward. The trading volume in the A-share market exceeded 2 trillion yuan last week, with active trading by retail investors reaching a year-to-date high. The number of private fund registrations was also high, with 666 new products registered in early August, a 6% increase from July. Insurance capital's market entry ratio is expected to rise by the second quarter of 2025, with equity assets in life insurance exceeding the previous high in Q3 2024, although still below policy limits. Additionally, foreign capital trading activity has rebounded, but net inflows from foreign institutional investors have not yet formed a trend [2]. Technology Sector Developments - China International Capital Corporation (CICC) highlighted the rise of liquid cooling technology in server cooling solutions, driven by increasing computational power demands and chip power consumption. The global AI liquid cooling market is projected to reach $8.6 billion by 2026. Among the various liquid cooling methods, cold plate liquid cooling is currently the most mature due to its minimal impact on equipment and infrastructure while providing significant cooling efficiency. The market for liquid-cooled servers in China is expected to grow by 67% year-on-year in 2024, according to IDC [3]. Strategic Focus on Manufacturing - Guojin Securities emphasized the importance of developing new quality productivity tailored to local conditions, leveraging the advantages of a new type of national system. This includes enhancing basic research intensity and addressing key technology bottlenecks in integrated circuits, industrial mother machines, medical equipment, servers, instruments, basic software, industrial software, and advanced materials. The goal is to modernize the industrial system, upgrade traditional industries, and foster emerging industries while maintaining a reasonable share of manufacturing. The focus will be on technological innovation to drive high value-added and high-tech manufacturing, attracting quality resources to the sector, and enhancing brand development and protection to increase the manufacturing sector's value [4].

Core Viewpoint - The 2025 China Security "Artificial Intelligence +" Action Conference aims to promote the integration of artificial intelligence with the security industry, focusing on innovation, policy direction, and technological advancements to enhance national security capabilities [1][2]. Conference Overview - The conference will be held on September 26, 2025, in Beijing, with a main forum for 300 participants and a sub-forum for 150 participants [1]. - The theme is "Digital Intelligence World, All-Domain Security," emphasizing the innovative development of "Artificial Intelligence + Security" [1]. Main Forum Content - The main forum will focus on the innovative application of AI large models in public safety, exploring key areas such as computing power algorithms, data supply, AI chips, and the systemic reconstruction of the security industry [2]. Sub-Forum Topics - The first sub-forum will address low-altitude safety and its applications in various sectors, including public safety and civil aviation [3]. - The second sub-forum will discuss the innovative applications of intelligent robots in public safety, exploring challenges and opportunities in the integration of AI and robotics [4]. Invited Speakers - The conference will feature representatives from government departments, research institutions, leading enterprises in the AI and security sectors, and typical user units from various industries [5][9]. Product Technology Showcase - The event will showcase the latest technologies and products in AI and security, including core algorithms, AI large models, and innovations in public safety applications [6]. Release Activities - Key initiatives to be launched include the "Artificial Intelligence + Security Action Initiative," public safety large model applications, and the 2026 China International Public Safety Products Expo [7]. Target Audience - The conference aims to gather authoritative figures and industry elites to foster collaboration and innovation in the AI and security sectors [8]. Registration and Business Cooperation - Interested parties are encouraged to register for the conference, with various sponsorship and exhibition opportunities available for businesses [10][11].

Group 1 - The first application of specialized AI models in China's space station [1] - The Tianyi 2.0 humanoid robot from Beijing Humanoid Robot Innovation Center won both first and second place in the humanoid robot sports competition [1] - The "White Rhino" robot set a Guinness World Record with a 100-meter run time of 16.33 seconds [1] Group 2 - Meta is planning a comprehensive restructuring of its artificial intelligence work team [1]

Core Viewpoint - The article discusses the increasing challenges in neonatal care due to rising rates of premature births and the complexity of conditions faced by newborns, emphasizing the need for advanced medical interventions and multidisciplinary approaches in neonatal intensive care units (NICUs) [3][4][5]. Group 1: Challenges in Neonatal Care - The proportion of older mothers and the prevalence of twin pregnancies and assisted reproductive technologies have led to an increase in the incidence of severe neonatal conditions [3]. - The survival rate of premature infants has improved significantly, but they often face long-term complications, particularly neurological issues [4][5]. - The costs associated with treating premature infants are high, necessitating a collaborative approach among various medical specialties to enhance survival rates [4][5]. Group 2: NICU Developments and Investments - Major children's hospitals in Shanghai have made significant investments to enhance neonatal care, including the establishment of new neonatal treatment centers that integrate various specialties for comprehensive care [5][6]. - The use of artificial intelligence in neonatal care is being explored, with AI models being developed to predict risks and recommend personalized treatment plans [6]. Group 3: Staffing and Resource Allocation - There is a disparity in nurse-to-patient ratios between neonatal and adult ICUs, with neonatal care requiring more intensive and frequent attention [6][7]. - Despite increased investments in pediatric care, the overall scale of pediatric departments in public hospitals has been shrinking, leading to a decrease in patient admissions [7][8]. Group 4: Future Directions - The ideal future for pediatric care involves improving the tiered medical system and leveraging private hospitals to complement public hospital resources, focusing on complex cases in public facilities [8].

Group 1 - AI is becoming the first point of contact for patients, with models like Quark Health achieving a diagnostic accuracy of 90.78% [3] - The refrigerator market is experiencing a dual pressure of price wars and structural upgrades, with low-end models competing on price and high-end models focusing on technology and scenarios [4] - The average air conditioner ownership in China is 145.9 units per 100 households, with significant growth in regions like Yunnan and Qinghai due to climate changes [5] Group 2 - The smart bathroom industry is rapidly growing, with the production of smart toilets expected to reach 13.72 million units in 2024, despite a slight decline in domestic sales revenue [6] - Companies like Zhiyuan and Magic Atom are launching quadruped robots to compete for market dominance, with the quadruped robot market projected to reach 850 million yuan by 2025 [7][8] - The AI toy market is booming, with products like AI plush toys achieving significant sales, but challenges such as homogenization and data privacy remain [18] Group 3 - The demand for window-cleaning robots surged during the 618 shopping festival, with online sales growth exceeding 90% [19][20] - Meituan's founder Wang Xing has invested over 10 billion yuan in more than 30 robotics companies, focusing on embodied intelligence [21] - WeChat and Alipay are competing for dominance in the AI payment space, with new protocols being developed to simplify integration [22] Group 4 - Google's Q2 2025 earnings report shows growth in search and cloud services, but faces challenges from AI competition and antitrust lawsuits [23] - JD and Meituan are shifting their focus to embodied intelligence, with JD adopting a vertical integration strategy and Meituan pursuing a broad investment approach [24] - Haier Group and Changan Automobile have signed a strategic cooperation agreement to develop interconnected systems for vehicles and home appliances [25] Group 5 - Honor is accelerating its market presence with new AI smartphones and plans for an IPO by 2025-2026 [26][27] - Yushu Technology is initiating its A-share listing process, aiming to become a leading player in the humanoid robot market [28] - Lingyun Smart Mining has completed a funding round to expand its AI-driven mineral exploration technology globally [29]

Group 1: Core Characteristics of NASDAQ Market - NASDAQ is the largest electronic stock trading market globally and is the fastest-growing among major stock markets [1] - The market allows unprofitable companies to list, focusing on growth potential, market space, and technological barriers, particularly valuing tech innovation firms [1][2] - Institutional investors dominate, showing a willingness to pay premiums for long-term growth narratives [1] Group 2: Challenges for Chinese Companies - Chinese companies face unique challenges such as geopolitical risks, stringent audit regulations, and potential valuation discounts [3][4] Group 3: IPO Strategy Analysis - Two main strategies exist: "develop strong before listing" and "list before developing" [5] - The first option is suitable for capital-intensive sectors requiring significant funding for R&D or infrastructure, allowing companies to capitalize on market opportunities [5][6] - The second option is ideal for companies with validated technology and clear profitability paths, leading to higher valuations and reduced risks of stock price drops [8][9] Group 4: Key Decision Factors for NASDAQ Listing - Companies must assess if their business data supports a growth narrative, focusing on revenue growth, gross margins, and customer retention rates [12][13] - The ability to bear compliance costs, estimated at $2-5 million annually, is crucial [14] - Companies should prepare to counter short-selling risks, especially if their business models have flaws [15] - Contingency plans for geopolitical issues, such as potential secondary listings in Hong Kong or Singapore, are recommended [16] Group 5: Practical Recommendations for NASDAQ Pathway - Companies should adopt phased strategies based on their growth stages, from focusing on private financing in early stages to considering IPOs when growth metrics are met [17][18] - The conclusion emphasizes that unless in capital-intensive sectors with high technological barriers, "develop strong before listing" is generally the better choice [18] Group 6: Foundations for Chinese Companies Listing in the U.S. - Essential foundations include robust financial systems compliant with US GAAP, strong corporate governance, risk isolation through compliant VIE structures, and clear investor narratives [19][20]

Group 1 - The Hong Kong stock market has shown strong performance since the beginning of the year, with the Hang Seng Index rising 23.5%, reaching a nearly four-year high. Key sectors include Technology AI, New Consumption, Biomedicine, and High Dividend stocks [1][12][13] - The market is expected to benefit from the easing of monetary policies in both the US and China, with anticipated interest rate cuts by the Federal Reserve, which could enhance liquidity in the Hong Kong market [2][24] - The earnings forecast for Hong Kong stocks in 2025 has been slightly revised downwards, particularly for the Hang Seng Technology Index, which saw a significant reduction of 9.9% [3][30] Group 2 - In the past month, the Hong Kong stock market has generally risen, with small and mid-cap stocks outperforming large-cap stocks. The Hang Seng Index increased by 4.2%, while the Hang Seng Technology Index rose by 6.1% [4][35] - There has been a substantial inflow of southbound funds into the non-bank and pharmaceutical sectors, with a total net inflow of 135.6 billion HKD in July alone [5][39] - A selected portfolio of "golden stocks" for August includes companies such as 康耐特光学 (Kangnate Optical), 泡泡玛特 (Pop Mart), and 信达生物 (Sinopharm), reflecting a focus on growth potential in various sectors [7][50]