Core Viewpoint - The smartphone industry is witnessing a shift from a traditional "buyer-supplier" relationship to a collaborative model where manufacturers engage deeply in the definition, development, and production of display technologies, reshaping the competitive landscape of the display panel industry [2][4][8]. Group 1: New Collaboration Paradigm - Smartphone manufacturers are no longer passive purchasers but are becoming strategic partners with panel manufacturers, engaging in joint research and deep customization [2][4]. - OPPO has invested over 1 billion in establishing its own "display science production line," allowing it to control the entire process from design to production [4][5]. - The collaboration between Xiaomi and TCL Huaxing has evolved into a long-term partnership, creating an "innovation display joint laboratory" to streamline technology development and production [5][8]. Group 2: Industry Dynamics - The traditional supply chain structure is being transformed from a linear model to a networked "industry alliance," enhancing the bargaining power of smartphone manufacturers [8][9]. - Chinese panel manufacturers are expected to capture over 70% of the global smartphone panel market by 2025, providing manufacturers with more options and stronger negotiation capabilities [8][10]. - The shift to deep collaboration is accelerating technological iteration and redefining market competition rules, moving the focus from macro parameters to underlying technologies [10][11]. Group 3: Technological Advancements - The competition in the smartphone market is increasingly centered around display technology, with companies like OPPO and Tianma developing advanced features such as precise light control at ultra-low brightness [10][11]. - The joint development model allows manufacturers to align market needs with technological paths early in the research phase, significantly reducing the time from lab to market [10][11]. - The relationship between Apple and Samsung exemplifies a unique "co-opetition," where stringent standards and large orders from Apple drive Samsung to innovate continuously [6][10].

记 者丨麦见柔 谢茂翰 李京儒 制 作丨宋洁 尤嘉伟 韩雪 金宛怡 运 营丨丁海利 张楠 刘佳宇 编者按：他们是乡村活力的唤醒者；他们是故土情怀的践行者；他们更是时代命题的答卷人。南方财经 全媒体集团、共青团广东省委员会联合推出大型人物系列微纪录片《兴乡青年》，关于选择、勇气、热 爱与责任的故事。他们的故事，是献给故乡最深情的告白。 本期我们关注，携家带口返乡17年，使出浑身解数只为种好一颗油茶树的"深漂"骆碧群。 ...

21世纪经济报道记者倪雨晴深圳报道 前序：剑客过华强 回望九十年代的华强北，方知天下英雄如过江之鲫。 猪脚饭、人字拖、平板车从拉三来一补的外贸货到国产自主高端品牌，这里的光景是贩夫走卒鱼龙混杂 的既视感，更是国际电子产研的群雄争霸的现场感。 当1988年黄宏生在这里做遥控器生意的时候，他不曾想到未来会成为彩电大王。 但是，如果没有踏出这一步投身到开放大潮中，后面就没有创维的故事。 1988年，深圳的华强北，尘土飞扬，焊锡味弥漫。28岁的黄宏生辞去国企工作，带着3万元积蓄下海创 业，在香港成立创维实业有限公司，做的是电视遥控器。 华南理工三剑客之一黄宏生和创维的故事，也是从这里开始。 现在去任何一个AI大模型搜索"华南理工三剑客"，从来不会有多词条歧义，他们从万千网页中总结后会 明确告诉你：三剑客是谁——创维、TCL、康佳三大品牌的创始人或曾经的掌舵者。 他们是广东乃至中国家电及大电子产研的人物坐标，定义了整个行业30年，相信将继续在中文互联网世 界发挥长期影响。 银鞍照白马，飒沓如流星，是企业创新突破在新技术领域疾驰的写照；三杯吐然诺，五岳倒为轻，是经 历过商业江湖峰谷的洒脱。 2024年，创维的营收体量达到 ...

Group 1: Industry News - The Sichuan Super League has officially launched, with local liquor companies like Langjiu and Shede participating as sponsors and partners [1][3] - Langjiu has become the chief partner of the Sichuan Super League, planning to launch over 20 co-branded products and engage in extensive marketing across 21 cities in Sichuan [3] - Shede has named itself the sponsor of the Suining team, while Luzhou Laojiao has sponsored the Luzhou team, which will compete under the name "Luzhou Laojiao Team" [3] Group 2: Company Developments - Zhenjiu Li Du Group announced that its new product "Dazhen Zhenjiu" has achieved a revenue of 370 million yuan through a group purchasing model [6][8] - The company has attracted over 7,000 clients to its "Wanshang Alliance," with more than 2,860 clients signing contracts and sales exceeding 100,000 boxes [8] - Baijiu company Yingjia Gongjiu has set a revenue target of 7.6 billion yuan for 2025, reflecting a year-on-year growth of 3.49%, despite facing a decline in the first half of the year [10][11] Group 3: Market Outlook - The general manager of Laobai Ganjiu expressed optimism about improved market demand during the upcoming Mid-Autumn Festival and National Day holidays, highlighting significant market potential for family gatherings and celebrations [12] - Xiaohutuxian reported a 15% growth in the third quarter, focusing on banquet and group purchase channels, with banquet sales showing nearly 20% growth year-on-year [14] - Guizhou Moutai's deputy general manager is under investigation for serious violations, which may impact the company's operations [15]

Market Overview - The market experienced a slight fluctuation in early trading, with the ChiNext Index dropping over 1% at one point. By the end of the morning session, the Shanghai Composite Index rose by 0.07%, the Shenzhen Component Index increased by 0.17%, while the ChiNext Index fell by 0.09% [1] Sector Performance - The consumer electronics sector saw a rapid increase due to positive news, with Luxshare Precision hitting the daily limit [1] - The robotics sector continued its strong performance, with stocks like Yokogawa Precision and Wanma Co. also reaching the daily limit [1] - The chip industry chain remained active, with Demingli achieving a two-day consecutive limit increase and setting a new historical high [1] - Liquid cooling server concept stocks experienced fluctuations but ultimately surged, with Industrial Fulian also reaching a new historical high [1] Declines - The tourism and film industry sectors collectively faced significant declines, with Jinyi Film hitting the daily limit down [2] Trading Volume - The total trading volume for the Shanghai and Shenzhen markets reached 1.34 trillion yuan, a decrease of 151.1 billion yuan compared to the previous trading day [3] Individual Stock Performance - Industrial Fulian led in trading volume with over 12 billion yuan, followed by Zhongji Xuchuang, Hanwujing, and Xinyi Sheng [4] - Specific stock performances included: - Industrial Fulian: +8.25%, closing at 71.55 yuan, with a trading volume of 12.08 billion yuan [5] - Zhongji Xuchuang: -1.30%, closing at 416.04 yuan, with a trading volume of 10.73 billion yuan [5] - Hanwujing: +2.10%, closing at 1377.64 yuan, with a trading volume of 10.64 billion yuan [5] - Xinyi Sheng: -2.35%, closing at 341.77 yuan, with a trading volume of 9.38 billion yuan [5]

Group 1: Huawei's Strategic Investment - Huawei's Executive Director Wang Tao announced an investment of 15 billion yuan for ecosystem development, emphasizing the importance of ecosystem as a core strategy [2] - Over 1,300 software and hardware products have passed compatibility testing with the open-source HarmonyOS, and the number of devices running HarmonyOS 5 has exceeded 17 million [2] - Huawei Cloud has reached 8.5 million developers, showcasing significant growth in its developer community [2] Group 2: Neuralink's Brain-Computer Interface Trial - Neuralink plans to start a brain-computer interface implantation trial in October, targeting individuals who have lost the ability to speak, aiming to convert thoughts into text without a keyboard [3] Group 3: Xiaomi and Apple Collaboration - Xiaomi's automotive division reported that over 50% of its SU7 vehicle owners use Apple phones, leading to a deep collaboration with Apple to integrate Apple CarPlay into its vehicles [4] - The new feature allows Apple CarPlay to function like a native app on Xiaomi's interface, enhancing user experience [4] Group 4: Regulatory Responses from Social Media Platforms - Weibo responded to a government meeting regarding the management of trending topics, stating it will establish a special team for rectification and improve its content management responsibilities [5] - Kuaishou also announced it will comply with regulatory requirements and enhance its trending topic management mechanisms following a similar government meeting [6] Group 5: TikTok's Operational Environment - The Chinese government expressed its support for TikTok's operations in the U.S., urging for a fair business environment for Chinese companies [7] - ByteDance announced it will comply with Chinese laws to ensure TikTok's continued service in the U.S. [7] Group 6: New Business Initiatives - Taobao launched a flash purchase group buying service in select cities, including Shanghai and Shenzhen, covering various food categories [8] - Midea Group and Huawei signed a strategic cooperation agreement to leverage their strengths in technology and communication, focusing on areas like AI and green technology [9] Group 7: Corporate Investments and Partnerships - Ankai Micro plans to invest 20 million yuan in Vision Future to acquire a 4% stake, focusing on smart vision technology [11] - Huadian Electric announced plans for an H-share listing to optimize its overseas business and diversify financing channels [12] - Longfly Fiber reported a 5% stake reduction by Draka Comteq B.V. through a block trade [13] Group 8: Funding and Acquisitions - Zhejiang Shikong Daoyu received a 2 billion yuan investment for its global headquarters project and business development in satellite communications [14] - Baoli International plans to invest in semiconductor testing equipment company Hongtai Technology, indicating confidence in the semiconductor industry [15] - Sunflower announced a cross-industry acquisition of 100% equity in Xipu Materials, aiming to enter the high-end semiconductor materials sector [16] - Saide Semiconductor completed a B+ round of financing to support its development in ultra-thin flexible glass technology [17]

| 代码 | 基金名称 | 融资融券余额 | | --- | --- | --- | | 518880.SH | 华安易富黄金ETF | 71.78亿元 | | 159934.SZ | 易方达黄金ETF | 59.51亿元 | | 159920.SZ | 华夏恒生(QDII-ETF) | 41.45亿元 | | 510300.SH | 华泰柏瑞沪深300ETF | 39.51亿元 | | 512880.SH | 国泰中证全指证券公司ETF | 36.67亿元 | | 159937.SZ | 博时黄金ETF | 35.62亿元 | | 510500.SH | 南方中证500ETF | 32.49亿元 | | 510900.SH | 易方达恒生中国企业(QDII-ETF) | 29.96亿元 | | 512100.SH | 南方中证1000ETF | 28.63亿元 | | 511520.SH | 富国中债7-10年政策性金融债ETF | 27.59亿元 | ETF融资买入额 9月19日ETF融资买入额前三位分别为：海富通中证短融ETF(17.74亿元)、华泰柏瑞南方东英恒生科技指 数(QDII-ETF)(15. ...

Group 1: Marketing and Sponsorship Activities - Sichuan liquor companies, including Langjiu and Shede, have joined the sponsorship of the Sichuan Super League, marking a new marketing strategy as the peak season approaches [1][2] - Shede has become the naming sponsor for the Suining team and announced its status as an official supporter of the inaugural Sichuan Super League [2] - Langjiu has launched over 20 "Sichuan Super League co-branded city versions" and plans to implement a comprehensive marketing strategy across 21 cities in Sichuan [2] Group 2: Financial Performance and Business Models - Zhenjiu Li Du Group announced that its new product "Dazhen Zhenjiu" has achieved a revenue of 3.7 billion yuan through a group purchasing model [4][6] - The company has attracted over 7,000 clients to its "Wanshang Alliance," with more than 2,860 clients signing contracts, resulting in sales exceeding 100,000 boxes [6] - Yingjia Gongjiu reported a decline in revenue and profit for the first half of the year, with a target of 7.6 billion yuan in revenue for 2025, reflecting a 3.49% year-on-year growth [8][9] Group 3: Industry Developments and Changes - The China Alcohol Industry ESG Rating Platform 2.0 has been launched, expanding its coverage to include over ten categories of alcoholic beverages [3] - The appointment of Haiying Cheng to the board of Water Jiufang indicates a strategic move to enhance financial oversight, given her background in major beverage companies [12] - The investigation of Zhou Zhenqian from Kweichow Moutai for serious violations highlights ongoing regulatory scrutiny within the industry [13]

一、证券市场回顾 二、新股申购情况 上周有5只新股发行,详情见下表： | 股票代码 | 股票简称 | 申购日期 | | --- | --- | --- | | 001285.SZ | 瑞立科密 | 20250919 | | 301563.SZ | 云汉芯城 | 20250919 | | 301584.SZ | 建发致新 | 20250916 | | 301656.SZ | 联合动力 | 20250915 | | 920015.BJ | 锦华新材 | 20250916 | 三、融资融券情况 南财金融终端数据显示，上周(9月15日-9月19日,下同)，上证综指周内下跌1.3%，收于3820.09点，最高 3899.96点；深证成指周内上涨1.14%，收于13070.86点，最高13328.1点；创业板指周内上涨2.34%，收 于3091.0点，最高3168.68点。在全球市场中，主要指数均上涨。纳斯达克综指上涨2.21%，道琼斯工业 指数上涨1.05%，标普500上涨1.22%。亚太地区，恒生指数上涨0.59%，日经225指数上涨0.62%。 上周有23只新基金发行,分别为:信澳信利6个月持有期债券C、信澳月月盈 ...

Market Overview - The Shanghai Composite Index fell by 1.3% to 3820.09 points, with a weekly high of 3899.96 points [1] - The Shenzhen Component Index rose by 1.14% to 13070.86 points, reaching a high of 13328.1 points [1] - The ChiNext Index increased by 2.34% to 3091.0 points, with a peak of 3168.68 points [1] - Global markets saw major indices rise, with the Nasdaq Composite up by 2.21%, the Dow Jones Industrial Average up by 1.05%, and the S&P 500 up by 1.22% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 0.59% and the Nikkei 225 Index increased by 0.62% [1] ETF Market Performance - The median weekly return for stock ETFs was 0.08% [2] - The highest weekly return among scale index ETFs was 2.92% for the Jiashi ChiNext 50 ETF [2] - The highest weekly return among industry index ETFs was 4.28% for the China Tai Zhongzheng 800 Automotive and Parts ETF [2] - The highest weekly return among thematic index ETFs was 7.83% for the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials Equipment Theme ETF [2] ETF Liquidity and Fund Flow - Average daily trading volume for stock ETFs increased by 26.0%, while average daily turnover remained unchanged [6] - The top five stock ETFs with the highest fund inflows included the Southern Zhongzheng 500 ETF with an inflow of 728 million yuan [8] - The top five stock ETFs with the highest fund outflows included the E Fund ChiNext ETF with an outflow of 658 million yuan [9] ETF Financing and Margin Trading - The financing balance for stock ETFs decreased from 45.329 billion yuan to 43.734 billion yuan [10] - The highest financing buy amount was 764 million yuan for the Huaxia Shanghai Stock Exchange ChiNext 50 Component ETF [10] ETF Market Size - The total market size for ETFs reached 5267.037 billion yuan, an increase of 23.954 billion yuan from the previous week [14] - Stock ETFs accounted for 66.9% of the total ETF market size, with a total size of 3526.187 billion yuan [16] New ETF Issuance - No new ETFs were issued last week, but 19 new ETFs were established, including various thematic and bond ETFs [17] Industry Insights - The advanced packaging industry is expected to see significant growth opportunities due to the slowdown of Moore's Law and limitations in advanced process technology [17] - The semiconductor industry is projected to experience a bottom reversal in its economic cycle, with Q2 2025 revenues reaching 1700.23 billion yuan, a year-on-year increase of 15.2% [19]