每经编辑｜张益铭 |2025年9月8日 星期一| NO.1 央行连续第10个月增持黄金 中国央行公布数据显示，中国8月末黄金储备7402万盎司，7月末黄金储备报7396万盎司，为连续第10个 月增持黄金。 点评：东方金诚首席宏观分析师王青分析认为，2025年8月末官方黄金储备连续第十个月增加，但增量 连续第六个月处于低位，符合市场预期。近期央行继续增持黄金，主要原因是全球政治、经济形势出现 新变化，国际金价有可能在相当长一段时间内易涨难跌。这意味着从控制成本角度出发暂停增持黄金的 必要性下降，而从优化国际储备结构角度增持黄金的需求上升。 NO.2 8月份新增信贷、社融或环比回升 据证券日报报道，今年三季度以来，货币政策继续保持适度宽松，为实体经济提供了适宜的货币金融环 境。7月份，社会融资规模、广义货币（M2）增速均维持在较高水平，新增信贷减少500亿元，社融增 量1.16万亿元。当前，8月份金融数据发布在即。综合记者对分析人士的采访及多家机构的前瞻数据来 看，业界普遍预计8月份新增信贷及社融环比回升。 点评：8月份新增信贷和社融环比回升预示着中国经济和货币政策的积极调整。适度宽松的货币政策为 实体经济提供了 ...

Core Insights - The current supply and inventory levels in the photovoltaic glass industry are relatively low, indicating a potential for price and profit recovery [1] - There is a need to monitor the potential release of supply increments, as policies and various stakeholders are actively promoting the photovoltaic industry to avoid internal competition [1] - The expectation is for further policies related to capacity and price competition mechanisms to be introduced, which may benefit leading companies with scale and profit advantages [1]

Group 1 - Dongfang Electric Heat expects significant growth in silicon-carbon anode material equipment next year, with a manufacturing cycle of approximately 3-4 months and installation taking about 2 months [1] - The company currently has a stable order of around 2,000 tons per month for pre-plated nickel materials, primarily supplying an international battery enterprise, with plans for increased procurement by 2026 [1] - The positive developments in the silicon-carbon anode material sector and stable orders indicate substantial growth potential for Dongfang Electric Heat in the new energy market [1] Group 2 - Robotech plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its "clean energy + semiconductor" dual-driven development strategy [2] - The company is in discussions with intermediaries regarding the specifics of the H-share issuance, aiming to accelerate capacity and global service capabilities [2] - This strategic move reflects Robotech's proactive response to the rapid growth of domestic and international business, indicating promising future prospects [2] Group 3 - ST Pava and its director Zhang Bao are under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [3] - The company asserts that its daily operations remain normal and that the investigation will not significantly impact its production and business activities [3] - Despite the regulatory scrutiny, ST Pava's basic business operations continue, and the situation warrants close monitoring for potential legal and financial repercussions [3]

Group 1: Deep Space Economy - The concept framework of "Deep Space Economy" was introduced at the first Deep Space Economy and Industry Development Conference, predicting a global scale of $1 trillion by 2040 [1] - In the next 1 to 5 years, the aerospace industry is expected to complete large-scale low-orbit internet, navigation enhancement, and high-resolution Earth observation satellite constellations, providing convenient and precise space application services to the public [1] - Over the next 5 to 10 years, the space industry will gradually expand from low orbit to medium-high orbit and deep space, promoting the sustainable growth of the space economy through efficient utilization of the space environment and large-scale development of space resources and energy [1] Group 2: AI Computing and Market Trends - CITIC Securities stated that the current "slow bull" market has entered a consolidation phase, with mild index corrections and a trend of oscillation recovery [2] - The core logic of the current AI computing theme has not been disproven, suggesting that investors should rationally view market fluctuations and focus on high-quality stocks with strong performance certainty that align with industry trends [2] - The first AI computing open architecture in China was launched by Inspur, in collaboration with over 20 industry chain enterprises, which is a significant step towards promoting the collaborative development of AI industry technologies and ecosystem [3]

每经记者｜宋美璐 每经编辑｜张海妮 丨 2025年9月8日 星期一 丨 NO.1 中国演员辛芷蕾获第82届威尼斯国际电影节最佳女演员奖 第82届威尼斯国际电影节6日晚揭晓主要奖项，中国演员辛芷蕾凭借在影片《日掛中天》中的精彩表现 荣获最佳女演员奖。 点评：辛芷蕾作为第三位获此殊荣的华人女演员，继承了巩俐、叶德娴的荣耀，为中国电影注入了新的 活力。这不仅是对演员个体的肯定，更是中国故事通过电影艺术走向世界的有力证明。 NO.2 抖音电商公布话费充值欺诈案例 点评：此次事件暴露出部分商家供应链管理漏洞及用户信息泄露的严重风险，不法分子借此实施精准诈 骗，极具迷惑性。数字经济时代，信息安全是生命线。平台须持续强化风控，压实主体责任，同时加强 用户教育，共筑反诈防线，才能真正守护消费信任与生态健康。 NO.3 泡泡玛特：联合多国执法机构严打侵权行为 9月5日消息，今年1月至8月中旬，国内海关共拦截泡泡玛特侵权货品总数183万件，涉及237批次，拟运 往61个国家和地区。另外，泡泡玛特已在27个国家和地区完成海关备案，逐步开启境外海关拦截侵权产 品。英国、荷兰、法国、意大利等地海关高频出手，仅荷兰就查获逾26万件假货； ...

每经记者｜陈利 每经编辑｜魏文艺 NO.2 中海地产联合招商蛇口等近155亿元获上海东安项目 9月5日，中国海外发展有限公司宣布，中海地产、招商蛇口、中旅投资于9月5日联合竞得上海新东安企 业发展有限公司90%股权及相关债权、上海新百安经济发展有限公司90%股权。根据公告，新东安公司 与新百安公司此次转让的资产由徐汇区C030301单元127b-24、125-31两宗地块组成。而这两宗地块在此 前协议出让时的总金额高达439.5亿元，曾一举刷新全国涉宅用地出让总价纪录。 点评：此次交易对涉事房企而言，有助于巩固上海市场地位，整合各方资源打造多元项目。从行业板块 看，或带动上海房地产开发、建筑等上下游协同发展，也彰显头部房企对核心城市价值的认可，为行业 注入信心 。 NO.3 吴秉琪被提名为华侨城集团总经理人选 ｜2025年9月8日 星期一｜ NO.1 深圳优化8区住房限购政策 9月5日，深圳市住房和建设局、中国人民银行深圳市分行联合印发《关于进一步优化调整本市房地产政 策措施的通知》，从9月6日起深圳分区优化调整居民购买商品住房政策，符合条件的家庭在罗湖等6区 购房不限套数，无社保等证明的非深户家庭在上述区域 ...

Group 1 - Junshi Biosciences' anti-IL-17A monoclonal antibody (JS005) achieved positive results in a Phase III clinical trial for moderate to severe plaque psoriasis, with both primary and key secondary endpoints showing statistical significance and clinical relevance. The company plans to submit a marketing authorization application soon [1] - Warner Pharmaceuticals announced that its subsidiary, Shanghai Zhigen Pharmaceutical Technology Co., Ltd., will introduce strategic investors for a capital increase not exceeding 70 million yuan, which will support the clinical trials of its innovative drugs, including ZG-001 and ZG-002 [2] - Sunflower is planning a major asset restructuring to acquire controlling stakes in Zhangzhou Xipu Material Technology Co., Ltd. and 40% of Zhejiang Beid Pharmaceutical Co., Ltd., aiming to enhance its competitiveness in the pharmaceutical sector and enter the new materials field [3] Group 2 - Huaxi Biological's controlling shareholder, Huaxi Xinyu Investment Co., Ltd., plans to increase its stake in the company with an investment of no less than 200 million yuan and no more than 300 million yuan, having already exceeded the lower limit of the planned increase. This move reflects confidence in the company's long-term development [4] - Eli Lilly has initiated a Phase I clinical trial for its weight loss drug LY4064912, which has no disclosed mechanism target yet. This step underscores the company's commitment to the metabolic field and aims to solidify its leading position in the obesity treatment market [5]

Group 1: Deep Space Economy - The concept framework of "Deep Space Economy" was introduced at the first Deep Space Economy and Industry Development Conference, predicting a global scale of $1 trillion by 2040 [1] - In the next 1-5 years, the aerospace industry is expected to complete large-scale low-orbit internet, navigation enhancement, and high-resolution Earth observation satellite constellations, providing convenient and stable space application services [1] - Over the next 5-10 years, the space industry will gradually expand from low-orbit to medium-high orbit and deep space, promoting the sustainable growth of the space economy through efficient utilization of space resources and energy [1] Group 2: AI Computing Architecture - The first domestic AI computing open architecture was launched at the 2025 World Intelligent Industry Expo, involving over 20 companies in the AI industry chain [3] - The AI supercluster system supports 96 acceleration cards per cabinet, achieving a hundred P-level AI computing power, with the potential for large-scale expansion up to one million cards [3] - This initiative aims to break down computing silos, lower development barriers, and accelerate the innovation and industrialization of applications like large models, enhancing China's autonomous AI computing infrastructure [3] Group 3: AI Market Trends - CITIC Securities indicated that the current "slow bull" market has entered a consolidation phase, with mild index corrections and a long consolidation period observed in previous bull markets [2] - The core logic of the current AI computing theme has not been disproven despite recent market fluctuations, suggesting continued investor interest in high-quality stocks aligned with industry trends [2] - Investors are advised to approach market volatility rationally and focus on opportunities during the consolidation phase [2]

Group 1 - Dongfang Electric Heat expects significant growth in silicon-carbon anode material equipment in 2026, with a manufacturing cycle of 3-4 months and installation taking about 2 months [1] - The company currently has a stable order of approximately 2,000 tons per month for pre-plated nickel materials, primarily supplying an international battery company [1] - The international battery company plans to significantly increase its procurement volume in 2026, and a leading domestic battery company is also expected to make breakthroughs in purchasing pre-plated nickel materials from Dongfang Electric Heat [1] Group 2 - Robotech plans to issue H-shares and list on the Hong Kong Stock Exchange to support its "clean energy + semiconductor" dual-driven development strategy [2] - This move aims to accelerate capacity enhancement and global service capabilities, enhancing the company's competitiveness and ability to raise funds abroad [2] - The details of the H-share issuance and listing are still under discussion with relevant intermediaries [2] Group 3 - ST Pava and its director Zhang Bao are under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [3] - The company asserts that its daily operations remain normal and that the investigation will not have a significant impact on its production and operations [3] - The company will cooperate with the regulatory authority and adhere to information disclosure obligations [3]

Group 1 - On September 7, Shenyang Disease Control Center reported a gastroenteritis outbreak at Shenyang Normal University, with 2,087 cases reported and 1,817 recovered as of September 7 [8] - The outbreak was determined to be caused by norovirus contamination from a self-supplied well water tank in the school's third living area [8] - The peak of the outbreak has passed, with a significant decline in daily new cases, reporting only 25 new cases from September 6 to September 7 [8] Group 2 - CATL launched the NP3.0 technology platform in Munich, Germany, which is the highest safety level in the battery field, and introduced the first lithium iron phosphate battery product, the Shenzhou Pro [12] - The NP3.0 technology can prevent fire and smoke during thermal runaway, reducing the risk of secondary accidents due to visibility obstruction [12] - This innovation is expected to enhance CATL's market share in the electric vehicle sector and promote the development of the electric vehicle industry [12] Group 3 - Xiaomi's automotive division responded to concerns regarding the delivery of "test vehicles" to users, clarifying that quality assurance measures are in place, including random inspections and the use of static stickers for identification [13] - The company apologized for any confusion caused by the static stickers and has improved the process to prevent similar issues in the future [13] Group 4 - Chery Automobile passed the listing hearing at the Hong Kong Stock Exchange, marking a significant step in its IPO process after multiple attempts over the past two decades [15] - The successful hearing indicates a smoother progress towards the company's initial public offering, which could enhance its brand recognition and attractiveness [15] Group 5 - NIO confirmed its technical collaboration with McLaren, with revenue from this partnership starting in the first quarter of this year [17] - The collaboration is expected to contribute to NIO's business expansion and profitability, although the income from this partnership may fluctuate [17] Group 6 - Douyin e-commerce has initiated a crackdown on fraudulent behavior related to phone bill recharges, resulting in the removal of 25 non-compliant merchants and freezing their funds [18] - This action aims to enhance user trust and maintain platform order, positively impacting the overall reputation and user experience in the e-commerce industry [18] Group 7 - Tesla launched an official Weibo account named "TeslaAI" to showcase its humanoid robot, highlighting the company's advancements in artificial intelligence [20] - The introduction of the humanoid robot reflects Tesla's commitment to innovation and may positively influence future product development [20]