Core Viewpoint - The establishment of LUXI Technology marks a significant advancement in China's brain-like artificial intelligence sector, focusing on self-developed models and energy efficiency improvements [1] Company Overview - LUXI Technology, founded in Shenzhen by Wang Bolun and Zhou Peng in 2023, is the first company in China to focus on brain-like AI large models [1] - The company has successfully launched the LUXI brain-like large model, which is the first of its kind in China utilizing brain-like technology [1] Technological Advancements - The self-developed brain-like architecture of LUXI Technology has achieved several times improvement in reasoning efficiency and over 80% reduction in energy consumption compared to traditional architectures [1] - The company adheres to a "self-developed chips + software and hardware adaptation" technical path, establishing a controllable brain-like AI technology system [1] Industry Collaboration - LUXI Technology collaborates with leading enterprises across various sectors, including healthcare, water conservancy, and finance, to develop industry-specific brain-like large models [1] - The company aims to leverage its technological advantages in brain-like computing and controllable AI to explore innovative architectures and industrialization paths in collaboration with the joint laboratory [1]

Group 1 - The core viewpoint is that several listed banks in China, including Everbright Bank and Nanjing Bank, have seen significant share buybacks by their major shareholders, indicating confidence in the banks' future development and long-term investment value [1][2] - Since September, a total of eight listed banks have experienced intensive share buybacks from shareholders or executives, reflecting a trend in the banking sector [1] - Everbright Bank's major shareholder, Everbright Group, plans to increase its stake in the bank by investing between 50 million to 100 million yuan, with a current buyback of 13.97 million shares, representing 0.02% of the total share capital [1] Group 2 - Nanjing Bank's major shareholder, Nanjing Zijin Investment Group, has increased its stake through its subsidiary, Zijin Trust, acquiring 56.78 million shares, which raised its total holding from 12.56% to 13.02% [1] - The rationale behind these buybacks is attributed to the shareholders' and management's confidence in the banks' future prospects and recognition of their long-term investment value [2] - Market analysts view the frequent buybacks by insiders as a positive signal, suggesting that they believe in the current value proposition of the banking sector [2]

记者注意到，9月以来新股发行有所提速。根据时间安排，本周将有联合动力、锦华新材、建发致新 （301584）、瑞立科密（001285）、云汉芯城（301563）等5只新股发行，这意味着单周有5只新股发 行，而今年仅有3月10日当周出现过单周5只新股发行的案例。 【深圳商报讯】（记者 陈燕青）随着上周昊创瑞通（301668）等3家IPO公司完成发行，今年以来A股 IPO募资额已超过去年全年。根据统计，截至9月14日，按照网上发行日计算，今年以来已有68家新股 完成发行，合计募资额达677.4亿元。 去年全年，共有102家新股完成发行，合计募资662.8亿元。也就是说，今年至今IPO募资额已超去年全 年。 IPO募资额超过去年全年，得益于今年有几个募资额较高的新股。其中，华电新能（600930）IPO募资 额高达181.7亿元，位居榜首。紧随其后的是中策橡胶（603049）、天有为（603202），募资额分别为 40.7亿元和37.4亿元。此外，联合动力（301656）、屹唐股份、友升股份（603418）募资额超过20亿 元。 近日，中国电建（601669）旗下电建新能沪市主板IPO申请获受理，公司拟募资90亿元， ...

Group 1 - The fund "Quanguo Xuyuan Three-Year Holding Period Mixed Fund" is set to welcome its first redemption date next month, after three years of operation, during which it has remained in a loss state, underperforming its peers by approximately 14 percentage points [1] - As of September 12, the fund's A share net value has decreased by 1.87% from October 18, 2022, while the average return of similar funds during the same period was 12.52% [1] - The fund is the first public offering launched by Quanguo Fund and is currently the largest product under the company's management [1] Group 2 - Since the second half of this year, the net value of the fund has shown a rebound, with a cumulative increase of 27.87% from July 1 to September 12, outperforming the benchmark return by nearly 18 percentage points and also surpassing the average return of similar funds by 21.23% [2] - The top holdings of the fund have performed well, with the largest holding, Keda Li, increasing nearly 35% in price, and the second largest holding, Ningde Times, rising by 41% [2] - Many investors are expressing their anticipation for the redemption, with some stating they have been waiting for three years to break even, while others feel that they would have been better off investing in an index three years ago [2]

据介绍，深信服于2008年在香港设立了首个境外办事处，是中国网络安全企业出海的先行者之一。目 前，深信服已在全球设立18个办事处和子公司，并发布了国内首个安全垂域大模型，正式迈入"人工智 能+网络安全"新阶段。 姚成志指出，依托人工智能安全发展联合实验室，深信服将进一步拓展港澳地区业务，加强技术交流与 产业协同。"期待未来与实验室在生成式AI安全防御、AI驱动的自动化响应及AI安全人才生态等方面开 展深度合作，共同推动AI技术的创新与产业落地。" 【深圳商报讯】（首席记者 王海荣）9月15日，粤港澳大湾区生成式人工智能安全发展联合实验室理 事、深信服公司亚太区总裁、深信服（香港）总经理姚成志接受记者采访时表示，作为共建单位，深信 服将充分发挥在网络安全领域的技术积累与实践经验，全力为实验室提供安全可靠的运行环境与技术支 撑，助力构建自主可控、安全可信的人工智能基础设施。 ...

Core Viewpoint - JPMorgan has downgraded Pop Mart's stock rating to "Neutral" due to a lack of clear growth catalysts and unattractive current valuation [1][3] Group 1: Stock Performance - Following the downgrade, Pop Mart's stock opened with a significant drop, falling over 8% on September 15, with a trading volume exceeding 1.5 billion HKD, and its total market capitalization dropping below 350 billion HKD [1] - As of the report, Pop Mart's stock price was 259.2 HKD per share, reflecting a decline of over 6% [1] Group 2: Market Concerns - Concerns have arisen regarding the potential decline of Pop Mart's product craze, particularly with the fluctuating prices of its flagship product, Labubu, in the secondary market [3] - The average transaction price for Labubu has shown a downward trend, with more sellers expressing bearish sentiment [3] Group 3: Product Sales and Consumer Interest - The recent launch of the SKULLPANDA new product series saw minimal consumer interest, with only 10 people queuing for the release, contrasting sharply with previous launches that attracted thousands [6] - Sales data from Pop Mart's official flagship store indicated a volatile sales pattern for the new blind boxes, with initial sales of 93,000 units dropping to only 809 shortly after, likely due to high return rates [6]

Core Viewpoint - The price of 2025 53-degree 500ml Feitian Moutai has reached a record low, indicating a significant decline in the market for Moutai products, which is impacting the company's stock performance and raising concerns among investors [1][2]. Price Trends - On September 14, the wholesale reference price for 2025 53-degree 500ml Feitian Moutai dropped to 1770 yuan, a decrease of 10 yuan from the previous day, marking the lowest price since its launch [1] - The original box price remained at 1790 yuan, also a historical low, with both prices showing a cumulative decline of over 20% compared to their initial prices of 2220 yuan and 2255 yuan [1] - The wholesale price for the 1L "Kilo Moutai" is reported at 3300 yuan, down 18.92% year-to-date from the initial price of 3700 yuan, indicating a significant market adjustment [2] Stock Performance - Guizhou Moutai's stock price has been under pressure, with a slight decline of 0.49% on September 12, closing at 1516 yuan per share [2] - The stock has experienced a downward trend since the wholesale price first fell below 2000 yuan on June 11, with a series of price drops occurring over the following months [2] Retail Market Dynamics - Retail prices are showing aggressive trends, with some platforms listing the 2025 Feitian Moutai double bottle at 3400 yuan, equating to 1700 yuan per bottle, while "overseas versions" are priced as low as 1490 yuan [2] - Despite some listings above 2000 yuan, there is a noticeable increase in bargaining space for consumers [2] Company Response - During a performance briefing on September 12, an investor questioned the company's ability to accept prices below 1800 yuan ahead of the Mid-Autumn Festival and inquired about potential adjustments to the previously announced 9% growth target [3] - The company's deputy general manager, Wang Li, stated that they are addressing market challenges through precise distribution strategies and maintaining a healthy channel inventory, expressing cautious optimism about future market conditions [3]

本届旅博会首设入境旅游展区，展示大湾区入境旅游发展成果：边检及出入境部门详细解读签证与通关 创新举措，机场、公交、客轮及邮轮母港等展示高效智慧的运输服务，头部文旅企业推出入境旅游主题 线路和岭南特色文创产品，一系列智能交互创新场景吸引外国观众体验。 本届旅博会科技氛围浓厚，机器人英歌舞、古筝演奏，机械狗方阵表演热辣登场，中国电信（601728） AI伴游助手、广东移动"粤游粤AI"主题应用、邦彦技术NuwaAI智能体数字人、华誉文旅智游车、肯綮 科技外骨骼辅助机器人、派宝智能导览机器人等"黑科技"集中亮相，引来众多围观。深圳展区以VR穿 越+AI交互打造沉浸式奇幻之旅，御光新材料、元象科技等多家深圳企业带来前沿文旅科技产品与应用 场景，为观众带来一场身临其境的科技幻游，展现深圳"未来之城"的文旅新形态。 同期举办的新质生产力资源对接活动邀请20余家景区、博物馆及旅游集团负责人参会，开展近200场洽 谈。邦彦技术NuwaAI市场品牌负责人表示："旅博会不仅为我们提供了展示核心技术的舞台，有效提升 了品牌影响力，还搭建了科技企业与文旅企业直接对接的高效平台。" 【深圳商报讯】（驻穗记者 姚嘉莉）一展逛遍全球，优惠 ...

Core Insights - The Meilong High-Speed Railway has transported a total of 8.8 million passengers in its first year of operation, averaging over 24,000 passengers daily [1] - The railway has significantly enhanced the flow of people, goods, and capital between the eastern Guangdong region and the Greater Bay Area, serving as a "golden channel" for regional collaborative development [1] - In the first half of 2025, Meizhou city received 5.72 million tourists, generating a tourism revenue of 4.99 billion yuan, reflecting a year-on-year growth of 13.4% and 15.3% respectively, indicating the railway's positive impact on local economic development [1] - The Meilong High-Speed Railway is a crucial part of the national "eight vertical and eight horizontal" high-speed rail network, reducing travel times from Meizhou to Guangzhou and Shenzhen to 91 minutes and 108 minutes respectively, facilitating a "two-hour economic living circle" [1] Industry Development - Leveraging the advantages of high-speed rail, regions like Meizhou and Heyuan are actively developing the "high-speed rail + cultural tourism" industry, further promoting intangible cultural heritage, red tourism, and hot spring resources [2] - Meizhou West Station has improved "last mile" services by coordinating with local attractions to provide direct bus services to sites such as the Chinese Hakka Museum and Ye Jianying's former residence, enhancing the travel experience for passengers [2] - Travelers from Hong Kong have found it convenient to visit Meizhou, with travel times from Hong Kong West Kowloon Station to Meizhou taking just over two hours [2]

近日，市人社局发布《关于进一步明确高技能人才引进入户若干事项的通告》，通告明确，持经人力资 源保障部门备案的评价机构核发且符合《深圳市技能人才引进紧缺职业目录(职业技能等级类)》的一 级、二级、三级职业技能等级证书的，可分别参照持高级技师、技师、高级工职业资格证书的高技能人 才申请办理人才引进入户。特级技师、首席技师可参照高级技师申请办理人才引进入户。上述证书须在 人力资源和社会保障部职业技能鉴定中心技能人才评价工作网可核查，通过市外评价机构评价取得的证 书无须参加相应等级的综合水平测试。 【深圳商报讯】（记者 魏薇）记者从深圳市人力资源和社会保障局获悉，我市调整高技能人才引进入 户政策，持有相关职业技能等级证书的高技能人才，符合相关条件的可申请办理人才引进入户。特级技 师、首席技师可参照高级技师申请办理人才引进入户。目前系统已经上线并接受申请。 ...