▲向上滑动阅览【免责声明】 （原标题：重阳问答︱ 如何解读今年杰克逊霍尔会议上鲍威尔的演讲） Q：请问重阳投资，如何解读今年杰克逊霍尔会议上鲍威尔的演讲？ A：8月22日，一年一度的全球央行年会（即市场常说的杰克逊霍尔会议）举行。由于该会议举行的时 间是美联储议息会议的空档期，历任美联储主席往往会在该会议上对未来一段时间货币政策的方向进行 表态，本次会议也不例外。美联储主席鲍威尔发表了题为"货币政策与美联储框架审查"的演讲，陈述了 货币政策立场，并更新了长期货币政策框架。 鲍威尔转向鸽派，超出市场预期。一方面，鲍威尔认为在当前劳动力市场供需双弱的背景下，就业的下 行风险正在上升，且可能以失业率上升的形式迅速实现；另一方面，对于此前担心的关税对通胀的传 导，鲍威尔表态这更有可能是价格水平的一次性变化，不太可能演变为更持久的通胀动态。美联储的货 币政策目标是维护就业和通胀稳定，鲍威尔此次发言表明货币政策正更多转向关注就业下行风险，这与 7月美联储议息会议纪要中显示的更加担心通胀风险相比明显转向。鲍威尔同时明确表示"由于政策处于 限制性区域，基线前景和风险平衡的转变可能需要调整政策立场"。这也就意味着如果8月公布的 ...

Core Viewpoint - The Zhengzhou Municipal Government has issued a plan to promote sports consumption and event economy from 2025 to 2027, aiming to enhance the city's sports industry and economic growth through various initiatives [1] Group 1: Event Hosting Goals - The plan aims to host over 20 international and national comprehensive (or single-item) events by 2027 [1] - It emphasizes the organization of more than 1,200 community sports events, focusing on rapidly developing sports with a strong grassroots base [1] Group 2: Public Fitness and Infrastructure - The initiative seeks to improve the public service system for national fitness, targeting a participation rate of 45.2% in regular sports activities [1] - There is a goal to enhance sports facility construction, aiming for an average sports facility area of 3.2 square meters per person [1] Group 3: Economic Impact - The sports industry is projected to exceed a total scale of 600 billion yuan [1] - The plan anticipates an average sports service consumption of 2,200 yuan per person, positioning the event economy as a new growth point for Zhengzhou [1]

（原标题：当波斯纹样遇上东方瑞兽：窦师纶与陵阳公样传奇） 文博时空 作者 朱紫璇 公元621年，窦师纶踏上了前往蜀地益州的道路。他的新头衔是"大使"，肩负着 为初生的唐王朝监制舆服器物的重任。此时的他或许并未意识到，这段旅程将催生大唐丝绸艺术史上的 一颗明珠——陵阳公样。 从皇亲贵胄到陵阳公 窦师纶（593～671年）的一生从一开始就深深嵌入了初唐政治与文化的核心圈层。隋开皇十三年（593 年），他生于扶风窦氏家族。《新唐书·宰相世系表》记载，窦氏自称东汉名臣窦章之后，因避难流亡 于鲜卑拓跋部，改姓纥豆陵氏。这个源自鲜卑纥豆陵氏的世家，在北魏孝文帝汉化改革中改姓窦，以军 功起家，从此融入中原士族之列，在北魏至隋唐的乱世中始终立于权力核心。 窦师纶的祖父窦荣定是隋朝左武卫大将军，祖母更是隋文帝杨坚的姐姐安成长公主。这层皇亲国戚的身 份，让窦家在隋代便跻身顶级权贵圈层。其父窦抗则为唐高祖李渊的至交，自幼与李渊情谊深厚，晋阳 起兵时，他毅然率领家族子弟投奔李渊。窦师纶也随父投身军旅，起兵途中，李渊第五子李智云被隋军 捕获杀害。当众人畏祸避嫌时，窦师纶冒着生命危险收殓遗骸并将其秘密安葬。这一义举感动了李渊， 正如他诏 ...

9月2日晚间，宁波建工股份有限公司(股票代码：601789.SH, 以下简称"宁波建工")发布相关中标公告。 （原标题：宁波建工：以7.29亿元中标宁波市江北区相关地块） 建工建乐本次中标项目为江北区 JB15—06—17/20 地块三标段，中标价7.29亿元。整个地块用地面积约 2.49 万平方米；地下局部二层，地上主体建筑性质为住宅、商业、配套用房。建筑面积约 97800 平方 米。 公告称，宁波建工全资子公司宁波建工建乐工程有限公司(以下简称"建工建乐")于近日收到招标人宁波 城宏置业有限公司及招标代理人德威工程管理咨询有限公司签发的《中标通知书》。 ...

（原标题：上任一年，雀巢CEO因"办公室恋情"被解雇） 9月第一天，全球食品巨头雀巢在清晨丢下了一枚重磅"炸弹"。一则简短的声明写明：因违反公司行为 规范，首席执行官傅乐宏（Laurent Freixe）即刻去职。这一消息迅速登上财经与消费新闻的首页，也在 社交媒体上掀起舆论波澜。 不同于普通的企业人事调整，这一事件的敏感之处在于触及了"道德规范"与"信任"这两大关键词。内部 调查发现傅乐宏与一名直接下属存在未披露的恋情，触犯了公司《商业行为准则》。在全球范围内，消 费者与投资者愈发看重企业的价值观与道德基准，这样的事件不可避免地刺痛了雀巢赖以为生的信任基 础。 雀巢的回应速度相当迅速。董事会在消息公布的同时，立即宣布任命 Philipp Navratil 接任 CEO。这位 曾执掌 Nespresso 的高管，被认为是具有包容性和激励力的领导者。 品牌传播从来不是单一事件的切割，而是长线叙事的累积。对于雀巢而言，这场风波既是一次挑战，也 是一次重申自身承诺的契机。消费者和投资者期待看到的，不仅是 CEO 的名字更换，更是雀巢如何在 危机中展现治理韧性，以及如何通过传播，让"诚信与价值观"再次成为品牌的核心标 ...

Core Insights - In the AI era, major internet companies have integrated AI into various business segments, leading to significant changes in market valuations and company rankings [2][4] - The capital expenditure on AI has surged, with Alibaba and Tencent leading the investment race, indicating a shift towards long-term AI-driven narratives in the capital markets [5][7] Company Performance - Tencent remains the top company with a market value increase of approximately 90% to 5 trillion yuan, while Alibaba has regained a market value of over 2 trillion yuan [2] - Xiaomi's market value skyrocketed by 439% due to new business ventures, placing it in the "2 trillion club" [2] - Kuaishou reported a revenue of over 250 million yuan from its AI video generation model, reflecting its strategic importance [8][9] AI Investment Strategies - Alibaba's capital expenditure reached 38 billion yuan, a 220% increase year-on-year, while Tencent's was 19.1 billion yuan, up 119% [5] - Baidu's non-advertising core revenue surpassed 10 billion yuan, growing 34% year-on-year, but faced cash flow challenges due to heavy AI investments [6][10] Market Trends - The fastest monetization of AI applications is seen in image and video generation, particularly in advertising and content creation [8] - Companies like Kuaishou and Baidu are actively developing AI tools for video generation and search integration, indicating a competitive landscape [8][10] Emerging Companies - Mid-sized companies are focusing on vertical markets and increasing R&D investments, with many allocating over 20% of revenue to R&D [11][12] - Companies like Kingsoft Office and Kunlun Wanwei are successfully integrating AI into their core business models, showing promising growth [11][12]

记者 周菊 距上一次换届尚不足两年，一汽奥迪销售公司中方一把手职位再度易主。据一汽奥迪的消息，根据工作 需要，经中国一汽研究决定，自2025年9月1日起，郭永锋接替李凤刚担任一汽奥迪销售有限责任公司执 行副总经理，全面负责一汽奥迪在华所有国产及进口车的销售、售后服务、网络及品牌营销工作。李凤 刚调任一汽富华生态有限公司党委书记、总经理。 当前，奥迪正处于电动化转型的关键时期，中国市场是其转型的前沿阵地。但一汽奥迪在新能源转型方 面进展较为缓慢，90%以上销量仍来自燃油车，这导致奥迪整体转型速度偏慢。2025年上半年，奔驰全 球新能源车销量18.08万辆，占总销量的20.1%；宝马新能源车销量占比超过26%；而奥迪电动汽车占比 仅12.8%。 相比之下，上汽奥迪表现较为亮眼。2024年上汽奥迪全年累计销量为4.3万辆，同比增长70%。虽然总 体量相对较小，但增长势头和市场声量均呈上行趋势，且在电动车型方面动作不断。 在此形势下，奥迪和一汽奥迪期望通过管理层调整为企业带来新的改变和增长动力。郭永锋能否带领一 汽奥迪走出销量下滑的困境，尚需市场检验。 2024年底，奥迪与中国一汽合资的奥迪一汽新能源长春生产基地正式 ...

Group 1: Shanghai Cooperation Organization Summit Outcomes - The Shanghai Cooperation Organization (SCO) summit in Tianjin resulted in eight key outcomes, with at least five related to the automotive sector [1] - The summit approved the "SCO Future Development Strategy" for 2026-2035, emphasizing "mutual cooperation and mutual achievement" [3][4] - A political decision was made to establish the SCO Development Bank, which will support automotive infrastructure development among member states [3][4] Group 2: China's Automotive Export Growth - China's automotive exports have ranked first globally for two consecutive years, with expectations for continued growth in the coming years [2] - The transition from "product export" to "industry empowerment" is anticipated, with an increasing share of new energy vehicle exports [2] Group 3: Political and Economic Relations - Strong political and economic ties between China and SCO member states provide a favorable environment for automotive exports, supported by policy coordination and resource integration [3][4] - The summit's declarations against unilateralism and trade barriers will facilitate trade and investment cooperation in the automotive sector [3][4] Group 4: Market Potential and Policy Research - The automotive market in the SCO region is projected to exceed 17 million units by 2024, with China expected to export 2.73 million vehicles to 26 countries, accounting for 43% of total exports [5] - Countries within the SCO have varying automotive policies that directly impact China's automotive export strategies, necessitating in-depth research on these regulations [5][6] Group 5: Local Production and Investment Policies - Several SCO countries have established policies to encourage local automotive production and investment, particularly in electric vehicles [7] - Countries like Kazakhstan and Uzbekistan are prioritizing the development of electric vehicles and charging infrastructure, creating opportunities for Chinese automotive companies [7]

从市场结构看，2025年7月新能源批发销量万辆以上厂商的销量占比达91.7%。基于月初数据汇总，上 述头部厂商8月销量合计为119万辆。尽管部分企业因高温假因素影响生产节奏，但目前绝大多数厂商销 量已基本锁定。乘联分会参照上月结构占比并结合本月数据，综合测算得出8月全国新能源乘用车批发 销量为130万辆的预估值。 免责声明：本文观点仅代表作者本人，供参考、交流，不构成任何建议。 经观汽车 9月2日，乘联分会发布最新预估数据：8月全国新能源乘用车厂商批发销量130万辆，同比增长24%，环 比增长10%；今年1-8月累计批发销量达893万辆，同比增长34%。8月新能源车市场促销力度维持在 10.7%的中高位水平，较去年同期提升2.5个百分点。 ...

Core Viewpoint - The 2025 World Intelligent Industry Expo highlighted the importance of open-source models in addressing challenges in the development of foundational software for intelligent vehicles, aiming to promote high-quality upgrades in the industry [1][2]. Group 1: Open Source as a Core Engine - The Chongqing High-tech Zone is leveraging open-source initiatives to drive the development of intelligent connected new energy vehicles, including the establishment of the Tiangong Kaiwu Open Source Foundation [2]. - The Open Atom Open Source Foundation emphasizes the transition from "single-point R&D" to "platform collaboration and ecosystem co-construction" as a key benefit of open-source practices [3]. - The China Automotive Industry Association has initiated the "China Automotive Operating System Open Source Co-construction Plan," which has already engaged over 400 enterprises and 175 universities [4]. Group 2: Challenges and Pathways - Despite progress in open-source automotive software, challenges remain, including gaps in core technology stacks and a shortage of interdisciplinary talent [5]. - The Open Atom Open Source Foundation aims to facilitate collaboration and technological innovation among enterprises, enhancing resource sharing and reducing costs [6]. - The development stages for enterprises in the open-source ecosystem include building foundational capabilities, promoting technology applications, and defining clear development goals [7]. Group 3: Achievements and Future Directions - The event showcased significant achievements in the open-source automotive sector, including the release of the EasyAda operating system and the EasyXMen safety control operating system, which is set to be installed in over 20 million vehicles by the end of 2024 [9]. - Experts from various organizations discussed the importance of building a neutral and open vehicle operating system platform, emphasizing the need for industry collaboration [11]. - The Open Atom "Park Tour" in Chongqing not only displayed the progress in open-source automotive software but also clarified the future development path focused on collaborative construction [18].