近日，高性能鞋服品牌HOKA ONE ONE正式推出了全新的户外产品系列，其中包括首款动态硬壳 TRANSPORT JACKET GTX以及徒步鞋款KAHA 3 GTX的新配色。这些新品旨在为城市探险者提供全天 候的防护，帮助他们轻松应对城市与野外之间的穿梭以及多变的天气条件。 据悉，TRANSPORT JACKET GTX采用了三层GORE-TEX防水科技面料，不仅具备卓越的防水和抗风性能，还配备了五个 防水拉链口袋以及腋下双向拉链透气口，既保证了物品的妥善存放也提升了穿着者的舒适度。 同时， HOKA的经典徒步鞋款KAHA 3 GTX以全新色彩再次登场，并由HOKA的品牌大使（鞋履系列）汪顺倾 情演绎。作为HOKA首款应用GORE-TEX INVISIBLEFIT技术的徒步鞋，KAHA 3 GTX在确保贴合舒适 的脚感基础上，展现了优秀的防水透湿性能；配合更加耐磨的VIBRAM MEGAGRIP一片式抓地大底， 即使面对崎岖不平的道路或恶劣环境也能游刃有余；而其采用的双密度甘蔗EVA中底则提供了持久的缓 冲与回弹效果，再加上LWG金级认证的防水牛巴革鞋面，完美结合了耐用性和保护性两大优点。 （原标题：HO ...

Group 1 - The core point of the article is the significant progress in the acquisition plan of SMIC, which aims to buy 49% of the minority stake in SMIC North through the issuance of A-shares at a price of 74.2 yuan per share, resulting in SMIC holding 100% of SMIC North after the transaction [2][3] - The acquisition is seen as a strategic move to consolidate ownership, as most shareholders of SMIC North have state-owned backgrounds and clear exit demands, with investment durations nearing or exceeding ten years [2][3] - Post-acquisition, SMIC North's profits will be fully included in SMIC's net profit, enhancing SMIC's financial performance and market competitiveness [3] Group 2 - The acquisition involves several state-backed entities, including the National Integrated Circuit Industry Investment Fund, which holds a 32% stake and has a strong exit demand as it enters its recovery phase [3][4] - SMIC aims to enhance its capacity and technology through this acquisition, solidifying its core position in the domestic and global semiconductor supply chain [4] - The semiconductor industry is experiencing a surge in mergers and acquisitions, with companies like Chipone and Huahong Semiconductor also pursuing strategic acquisitions to enhance their competitive edge [5][6] Group 3 - The trend of mergers and acquisitions in the semiconductor sector reflects a strong demand for technological upgrades and market expansion, driven by the rapid development of emerging technologies such as 5G and AI [6] - Companies are leveraging acquisitions to quickly gain necessary technologies and market resources, thereby accelerating their development pace and avoiding competition issues [6]

（原标题：2025 年上半年：房地产服务业分化增长 头部企业引领行业重构） 2025 年上半年，中国房地产服务行业呈现结构性复苏态势。物业管理、房地产中介及代建三大细分领 域在市场调整中走出差异化路径，头部企业通过战略聚焦与运营升级实现高质量发展。多份行业研报数 据显示，房地产服务业正从规模扩张转向质效提升，服务专业化、盈利多元化与增长品质化成为行业转 型的核心方向。 物业管理：稳健增长 质效双升 物业管理行业在稳健中实现质效双升。23 家重点物管及商管公司上半年合计营收达 1158.4 亿元，同比 增长 5.0%，增速与 2024 年全年持平；归母净利润 81.9 亿元，同比大幅增长 34.9%，较 2024 年全年 - 18.8% 的增速实现由负转正的显著改善。这一业绩反弹得益于行业回归本源的战略调整，基础物管服务 营收占比提升至 70.9%，较 2024 年全年提高 1.7 个百分点，企业纷纷将增值服务转向社区刚需场景。 代建行业：行业集中度持续走高 代建行业成为房地产服务业增长黑马，新增规模实现超预期扩张。上半年代建 TOP20 企业新增签约建 面达 10,983 万平方米，同比增长 28%，增速较一 ...

Company Overview - The company, Panjie Electronics Technology (Jiangsu) Co., Ltd., submitted its listing application to the Hong Kong Stock Exchange on September 5, 2025, aiming to be listed on the main board [1] - Established in 2015, the company focuses on the research, design, and sales of high-performance automotive wireless sensor SoCs [1] - By 2024 revenue, it has become the largest automotive wireless sensor SoC company in China and the third largest globally [2] Financial Performance - The company's revenue has shown rapid growth, with figures of 104 million yuan, 223 million yuan, and 348 million yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 83% [1] - Despite revenue growth, the company reported significant losses during the same period, with losses of approximately 205 million yuan, 356 million yuan, and 351 million yuan [1] - In the first half of 2025, the company generated revenue of 157 million yuan but incurred a loss of 143 million yuan, accumulating total losses of 1.055 billion yuan over three and a half years [1] Market Position and Product Leadership - Panjie Electronics is a leader in several sub-sectors, being the first Chinese company to achieve mass production of TPMS chips in 2018 [2] - By 2024, the company ranked first in China and third globally in TPMS SoC product shipments, with its Bluetooth tire pressure chip (BLE TPMS) being the top seller worldwide [2] - The company also leads in battery management chips, with its BPS sensing monitoring chip ranking first globally in revenue in 2024 [2] Industry Outlook - The global wireless sensor SoC industry is projected to grow from 7 billion yuan in 2025 to 50.7 billion yuan by 2030, with a CAGR of 48.7% [3] - The Chinese market is expected to grow even faster, from 2.5 billion yuan in 2025 to 26.6 billion yuan by 2030, with a CAGR of 60.2% [3] - Despite the large market potential, the company faces intense international competition, holding a 7.3% market share in the global wireless sensor SoC industry and 7.8% in the wireless TPMS SoC sector as of 2024 [3] Challenges and Considerations - The company is in a phase of rapid growth and expansion in the wireless sensor SoC industry, requiring continuous investment in research and development, which poses challenges for a non-profitable company [3] - The business may be affected by seasonal fluctuations, with higher revenue typically recognized in the second half of the year due to automotive industry procurement patterns [3] - The company's reliance on the automotive industry makes it vulnerable to cyclical fluctuations in that sector, which could directly impact its operational performance [3] Investor Sentiment - The valuation of technology companies in the Hong Kong market is becoming more rational, and the company's ability to gain investor recognition will depend not only on its market position but also on its ability to establish a clear path to profitability [4]

交通运输方面： 新兴领域方面： 安全生产方面： 此外，市场监管总局（国家标准委）还发布了高端装备、信息技术、营商环境等方面的标准。 （原标题：市场监管总局批准发布一批国家标准 涉及安全生产等方面） 经济观察网 据央视新闻，9月8日了解到，市场监管总局（国家标准委）批准发布一批国家标准，涉及 农业农村、百姓生活、交通运输、新兴领域、安全生产等方面。本批标准发布后，将在助力农业生产、 提高生活质量、保障人民群众生产生活安全等方面发挥重要作用。 农业农村方面： 百姓生活方面： 服务业方面： 发布家用制冷器具、空气净化器具质量分级、家电噪声测试方法等14项国家标准，持续提高家电 产品质量要求。 发布家具智能等级评定、智能床垫2项国家标准，助力家具产品智能化发展。 发布生活饮用水化学处理剂、一次性使用无菌注射针等9项国家标准，推动提升社会医疗卫生保障 能力。 发布中餐评价规范国家标准，引导中餐市场建立科学评价体系，促进餐饮服务高质量发展。 发布新版语言培训服务及人员评价2项国家标准，进一步完善数智化背景下语言培训服务质量要 求。 发布语言资源保护、现代汉语词类标记等5项国家标准，为汉语语料库建设、语言信息处理提供技 术 ...

（原标题：中国物流与采购联合会：我国供应链韧性整体良好，抗风险能力较强） 经济观察网 据央视新闻，最新供应链调查报告显示，目前我国供应链基础支撑韧性良好，对外部冲击 的适应能力较强，在极端情况下能实现较快恢复。从行业看，制造业与流通业韧性均良好，为保障国计 民生的稳定运行发挥了重要作用。从企业类型看，国企、民企、港澳台投资企业韧性均呈现良好态势。 中国物流与采购联合会副会长何辉表示，我国完整的产业体系和物流体系，覆盖整个原材料采购到产成 品的生产、销售、配送的全过程，为整个供应链的顺畅运行提供了重要的基础。 ...

2025年9月5日，琻捷电子科技（江苏）股份有限公司正式向港交所递交上市申请，计划在香港主板挂 牌。中金公司和国泰君安国际担任联席保荐人。这家成立于2015年的公司专注于高性能车规芯片的研 发、设计与销售，按2024年收入计，其已成为中国最大的汽车无线传感SoC公司，全球排名第三。 琻捷电子的营收呈现快速增长趋势。招股书显示，2022年至2024年，公司营收分别为1.04亿元、2.23亿 元和3.48亿元，复合年增长率达83%。然而营收增长并未带来盈利。同期公司年内亏损分别约为2.05亿 元、3.56亿元和3.51亿元。2025年上半年，公司营收1.57亿元，亏损则达到1.43亿元。三年半累计亏损额 高达10.55亿元。 琻捷电子在招股书中坦言，公司于往绩记录期间产生重大净亏损且处于净负债状态，且可能在近期无法 实现或其后维持盈利。公司的现金流状况同样不容乐观。报告期内，琻捷电子经营活动所用现金净额持 续为负。 按2024年收入计，琻捷电子是全球第三大汽车无线传感SoC企业，也是中国最大的汽车无线传感SoC公 司。公司在多个细分领域占据领先地位。2018年，琻捷电子成为中国首家实现TPMS芯片量产的企业。 2 ...

Core Viewpoint - Robotech Intelligent Technology Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to advance its "clean energy + semiconductor" dual strategy and global expansion, despite facing significant operational challenges and regulatory scrutiny [1] Group 1: Financial Performance - The company's core business in photovoltaic automation equipment has been severely impacted by industry cycles, with a 65.53% year-on-year revenue drop to 249 million yuan and a net loss of 33.33 million yuan, a 161.47% decline [2] - Historical data shows extreme volatility in profitability, with net profits fluctuating from 100 million yuan in 2019 to losses of 67 million yuan in 2020 and 47 million yuan in 2021, followed by a brief recovery to 77 million yuan in 2023, before falling again to 64 million yuan in 2024 [2] Group 2: M&A and Goodwill Risks - To expand its semiconductor business, the company acquired German photonics equipment manufacturer ficonTEC for 1.012 billion yuan, resulting in a significant increase in goodwill to 971 million yuan, a rise of approximately 1270 times from the previous balance [3] - The company faces potential goodwill impairment risks if the acquired company's actual performance does not meet expected profitability levels, which could negatively impact its financial results [3] Group 3: Regulatory and Governance Issues - The company has faced multiple information disclosure violations, including a significant earnings forecast revision in 2022 that led to regulatory warnings, and issues related to undisclosed agreements in the 2025 acquisition [4] - These governance deficiencies highlight the need for improved investor protection mechanisms, and the company's announcement of H-share listing aims to enhance its dual strategy, but skepticism remains regarding its operational quality and transparency [4]

（原标题：上汽总裁贾健旭亲自督战四款新车开发） 上汽集团2025年1-8月累计实现整车批售275.3万辆，同比增长17.9%，终端零售交付达到294.3万辆。其 中自主品牌表现亮眼，1-8月上汽乘用车公司累计销量达50.23万辆，同比增长17.65%。 9月9日讯，据多方报道，上汽集团总裁贾健旭打破了集团总裁以往更关注宏观业务的惯例，深度参与旗 下新车的开发过程。他每周都会密切关注名爵MG4、尚界H5、荣威M7与智己LS9这四款产品的进展和 状态。 一位接近大乘用车板块的知情人士透露，贾健旭对新车提出了很多细节方面的建议，包括座椅增加调节 角度等内饰改动，这些建议都能迅速得到落实。为了确保产品质量，名爵MG4与荣威M7的上市时间甚 至因此有所推迟。 贾健旭于2023年7月正式接任上汽集团总裁一职，是上汽历来最年轻的总裁之一。上汽内部人士认为， 在改革探索期内，"总裁亲自下场是短期内最有效的方法"。目前上汽正在向华为学习IPD（集成产品开 发）与IPMS（集成产品营销与销售）流程，但从引入到真正吸收、内化还需要时间。这种亲自督战的 做法已经初见成效。名爵MG4成为行业内首个批量装载半固态电池的车型，并将半固态电 ...

Core Insights - BYD's vehicle offerings in Europe have expanded from 6 models two years ago to 13 models, significantly enhancing its product lineup [2] - The number of BYD stores in Europe has grown from 3 to over 400, covering major cities like London, Paris, and Milan [2] - BYD's new car registrations in Europe reached 13,503 units in July 2025, marking a substantial year-on-year increase of 225% and increasing its market share to 1.2% [2] - BYD's monthly sales in Europe have surpassed Tesla's since April 2025, indicating a successful global strategy [2] Sales Performance - In Germany, BYD's monthly sales have increased from under 100 units to over 3,000 units in several traditional automotive markets, achieving growth by several multiples [3] - BYD plans to establish over 1,000 stores across 32 European countries by the end of the year, enhancing its local presence [3] - The company is negotiating with hundreds of local suppliers to strengthen its supply chain in Europe [3] Production Expansion - BYD's European headquarters was established in Hungary in May 2025, serving as a new base for market development [3] - A large factory is being constructed in Szeged, Hungary, expected to start production by the end of 2025, with an annual output of 150,000 compact electric vehicles suitable for European streets starting in 2026, projected to increase to 300,000 by 2030 [3]