2025.09.26 微信编辑| 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 格里芬指出，特朗普政府与大企业达成协议，以规避关税政策的全面实施，此类协议实质上是反美。他 说，当政府参与挑选赢家和输家时，这场游戏只有一种结局：我们都输了。 格里芬发表这番言论之际，美国企业正争相与白宫达成协议，以免使自己受到损害。 最近几个月，包括苹果和英伟达在内的多家大企业亦宣布重大的本土投资计划，外界认为这是为博得特 朗普政府的欢心。 格里芬称如果美国沿着关税的道路走下去，众多企业在白宫门外排队，争辩他们应该被免除进口关税， 这种行为令人作呕。 本文字数：417，阅读时长大约1分钟 对冲基金公司Citadel创办人格里芬抨击特朗普政府实行裙带资本主义，偏袒那些大型企业和关系密切的 公司，这种挑选赢家的做法，不应发生在美国。 ...

Market Overview - The US stock market experienced a slight decline on Thursday, with major indices falling for three consecutive trading days due to economic data increasing uncertainty about the Federal Reserve's future interest rate cuts [2] - The Dow Jones Industrial Average dropped by 173.96 points to close at 45,947.32, a decrease of 0.38%; the S&P 500 fell by 33.25 points to 6,604.72, down 0.50%; and the Nasdaq Composite decreased by 113.16 points to 22,384.70, also down 0.50% [2] Sector Performance - Most sectors in the S&P 500 closed lower, with only the energy sector rising by 0.9% and the technology sector slightly increasing by 0.03% [2] - Large-cap tech stocks showed mixed performance, with Tesla down 4.38%, Meta down 1.54%, and Amazon, Microsoft, and Google all declining by up to 0.94%. In contrast, Nvidia rose by 0.41%, and Apple increased by 1.81% [2] Economic Indicators - Intel shares surged by 8.9% following reports of discussions with TSMC regarding potential investment or collaboration [3] - The Nasdaq China Golden Dragon Index rose by 0.42%, with notable gains from Kuaishou (over 6%), NIO, Xpeng Motors, and Bilibili (over 4%), while Alibaba fell by 0.55% [3] - The US Labor Department reported a decrease of 14,000 in initial jobless claims for the week ending September 20, adjusted to 218,000, indicating resilience in the labor market [3] - The Bureau of Economic Analysis revised the second quarter GDP growth rate to an annualized 3.8%, the fastest in nearly two years, driven by strong consumer spending and business investment [3] Federal Reserve Insights - Recent statements from Federal Reserve officials have added uncertainty to the policy outlook, with Chicago Fed President Austan Goolsbee expressing concerns about rapid interest rate cuts amid ongoing inflation risks [3] - Market expectations for another 25 basis point rate cut in October have decreased from approximately 92% to 83.4% [4] Investment Sentiment - Investors are looking forward to upcoming quarterly earnings reports, particularly in the context of high stock valuations [4] - Cherry Lane Investments' partner Rick Meckler noted that current valuations are historically high, but government support for large tech companies appears to be a positive factor [4] Bond and Commodity Markets - In the bond market, the yield on the 10-year US Treasury rose by 3 basis points to 4.177%, while the 2-year yield increased by 6.5 basis points to 3.663% [4] - In commodities, WTI crude oil futures fell by 0.02% to $64.98 per barrel, while Brent crude rose by 0.18% to $68.58 per barrel. COMEX gold futures increased by 0.08% to $3,771.10 per ounce [4]

*美股三大指数小幅收跌； 热门中概股多数上涨，纳斯达克中国金龙指数收涨0.42%。其中，金山云涨超6%，蔚来、小鹏汽车、哔 哩哔哩涨逾4%，百度、理想汽车涨超1%，阿里巴巴跌0.55%。 美国劳工部公布的数据显示，截至9月20日当周，初请失业金人数减少1.4万人，经季调后为21.8万人， 显示劳动力市场仍具一定韧性。与此同时，美国经济分析局将第二季度GDP增速上修至年化3.8%，为 近两年来最快，主要受消费者支出和企业投资强劲带动。第一季度GDP则出现萎缩。 美联储官员的表态增加了政策前景的不确定性。芝加哥联储主席古尔斯比（Austan Goolsbee）表示，在 通胀风险仍存的背景下，他对过快降息感到不安。 *美国二季度GDP增速上修至3.8%； *英特尔涨8.9%，被曝与台积电探讨投资或合作 美国股市周四收盘小幅下跌，经济数据加剧了美联储未来降息路径的不确定性，主要股指连续三个交易 日收跌。 截至收盘，道琼斯工业平均指数下跌173.96点，收于45947.32点，跌幅0.38%；标准普尔500指数下跌 33.25点，收于6604.72点，跌幅0.50%；纳斯达克综合指数下跌113.16点，收于22384. ...

2025.09.25 本文字数：2897，阅读时长大约4.5分钟 作者 |第一财经 王方然 盘中一度突破400元整数关口，总市值超过1.83万亿元，获得"宁王"之称数年后，宁德时代的市值，终 于在9月25日超过了贵州茅台。 9月25日开盘后，宁德时代A、H股强劲拉升，最大涨幅均接近6%，总市值超过贵州茅台数百亿元。收 盘时虽有回落，但市值仍然略高于贵州茅台。 过去短短9天时间里，宁德时代总市值激增了约3100亿元。公开信息显示在整个A股，市值2800亿元以 上的公司，总共也只有45家。分析认为，该股近期大涨，是市场、政策、业绩共同催化的结果。 在业内人士看来，宁德时代市值追上贵州茅台，并非一般意义上的股价波动，而在一定程度上预示着以 新能源、硬科技为核心的"新经济"力量，正在资本舞台上挑战以消费和传统制造为代表的"传统势力"。 盘中市值超越贵州茅台 9月25日早上开盘后，宁德时代A、H股先后开始拉升，A股盘中上涨近6%，突破400元整数关口，触及 402.59元/股高点；H股盘中最大涨幅接近6%，一度上摸535.5港元，双双创下历史新高。 这让宁德时代的市值，一举超过贵州茅台。按盘中最高价计算，该股仅A股的市 ...

稍早前，有关"基金经理赌博被抓"的传言，在网络广为流传，事件主角被指为西部利得基金旗下的基金 经理解文增。对此，西部利得基金回应第一财经称，经与本人确认及审慎核查，解文增因实施赌博违法 行为，该公司已于9月25日做出问责决定，免去其基金经理职务并解除其劳动合同。 市场此前流传消息称，"沪上某基金经理去KTV被带走""某债券基金经理因打德州扑克被查"等，引发 广泛关注。上海市公安局长宁分局发布的一则行政处罚信息显示，一名名为"解某增"的人员，因参与赌 博被处以行政拘留十日、罚款500元，涉案筹码被当场收缴。 | 处罚决定书文号: | 沪公长(长华)行罚决字 〔2025〕 00196号 | | --- | --- | | 案件名称: | 解*增賭博室 | | 被处罚人姓名: | 解*增 | | 处罚事由: | 赌博 | | 处罚结果: | 行政拘留十日并处罚款五百元对涉案筹码予以收缴 | | 处罚依据: | 《中华人民共和国治安管理处罚法》第七十条、第十一条第一款 | | 行政执法单位名称: | 上海市公安局长宁分局 | | 处罚日期: | 2025-09-08 | 2025.09.25 本文字数：1059，阅读 ...

Core Viewpoint - A well-known fund manager, Xie Wenzeng from Western Lide Fund, has been dismissed due to involvement in illegal gambling activities, which has raised significant concerns in the market [1][2]. Group 1: Incident Details - The incident involving Xie Wenzeng was confirmed by Western Lide Fund, stating that he was involved in illegal gambling, leading to his dismissal on September 25 [1]. - Xie Wenzeng was administratively detained for ten days and fined 500 yuan for his gambling activities, with the involved chips confiscated [2]. - The Shanghai Public Security Bureau issued an administrative punishment notice regarding Xie Wenzeng's gambling activities, which has been linked to the rumors circulating in the market [1][2]. Group 2: Background Information - Xie Wenzeng holds a PhD in Management Science and Engineering from Fudan University and joined Western Lide Fund in October 2022 [2]. - He managed two pure bond products with a total asset size of 3.522 billion yuan as of the end of the second quarter [2]. - Following the incident, Xie Wenzeng had already taken a two-week leave starting September 7, and upon his return, his fund management authority was frozen pending investigation [3]. Group 3: Regulatory and Company Response - According to the China Securities Regulatory Commission, if investment management personnel are suspected of illegal activities, the company must report to regulatory authorities within three working days [3]. - Western Lide Fund has initiated an internal investigation and confirmed the dismissal of Xie Wenzeng based on the findings [3]. - As of the latest update, Xie Wenzeng's fund qualification status remains "normal," and no formal personnel change announcement has been made by Western Lide Fund [3].

Core Viewpoint - The ChiNext Index continues to rise, reaching a new high since early 2022, driven by strong performances from key stocks like CATL and the overall growth in technology sectors such as AI and solid-state batteries [1][2][4]. Group 1: ChiNext Index Performance - On September 25, the ChiNext Index broke through 3200 points, peaking at 3266 points, closing at 3235.76 points with a 1.58% increase and a year-to-date gain of 51.09% [1]. - The trading volume reached 6630.53 billion yuan, significantly outperforming the Shanghai Composite Index and CSI 300, which had year-to-date gains of 14.96% and 16.74%, respectively [1]. - CATL's market capitalization surpassed Kweichow Moutai, marking a significant milestone as CATL's stock rose over 50% this year while Kweichow Moutai fell by 3.7% [1][2]. Group 2: Key Stocks and Sector Performance - CATL, as the largest weight in the ChiNext Index, saw its stock price reach a historical high of 402.59 yuan, closing with a 3.4% increase and a total market cap of 1.8066 trillion yuan [2]. - Other notable stocks included EVE Energy, which surged by 6.47% with a year-to-date increase of 76.41%, and Kunlun Wanwei, which rose by 7.4% [3]. - Among the 1388 stocks in the ChiNext Index, 132 stocks have doubled in value this year, with 31 stocks increasing by more than 200% [3]. Group 3: Market Trends and Future Outlook - The current bull market in the ChiNext Index is characterized by a shift towards large-cap stocks with strong profitability and growth certainty, similar to previous bull markets [4][5]. - Analysts suggest that the solid-state battery sector is poised for significant growth due to its advantages in safety and energy density, indicating a robust market potential [2][4]. - The ongoing influx of capital into the ChiNext Index is supported by favorable policies and a high demand for growth stocks, with expectations of continued upward momentum in the technology and new energy sectors [6].

Core Viewpoint - The A-share IPO market has demonstrated strong resilience and vitality in 2023, with significant fundraising achievements despite a complex global macroeconomic environment. Group 1: IPO Market Performance - In the first three quarters of 2023, A-shares issued 75 new stocks, an increase from 69 in the same period last year, indicating a steady upward trend [1][2] - The total fundraising amount for IPOs reached 743.72 billion yuan, a year-on-year increase of 265 billion yuan, primarily driven by Huadian New Energy's 181.71 billion yuan fundraising [1][2] - The average first-day increase for the 75 new stocks was 244%, nearly 100 percentage points higher than the same period last year, with no new stock experiencing a decline on its debut [1][2][10] Group 2: Fundraising Structure - The fundraising structure showed a pattern of "one company dominating, with smaller averages," where the average and median fundraising amounts were 9.92 million yuan and 5.5 million yuan, respectively [2][3] - Huadian New Energy was the only large-scale IPO this year, accounting for 24.4% of the total fundraising amount [2][3] Group 3: Sector Analysis - The ChiNext board led in the number of IPOs with 27 new stocks raising a total of 195.34 billion yuan, while the Shanghai Stock Exchange's main board led in total fundraising with 372.84 billion yuan [5] - The Hong Kong Stock Exchange ranked first globally in IPO fundraising, with 66 new stocks raising over 180 billion HKD, and four of the top five fundraising companies were A-share listed companies going public in Hong Kong [6] Group 4: Investor Sentiment and Market Trends - The significant increase in the "money-making effect" of new stocks is attributed to an overall market recovery, increased risk appetite, and the high quality of new stocks [10] - Major indices in the A-share market have rebounded, with the ChiNext 50, ChiNext Index, and North Exchange 50 rising over 50% this year, boosting investor confidence [10]

今年，是第一财经"绿点中国"可持续实践案例征集的第四年，自4月启动以来，本届"绿点中国"吸引了 各界广泛关注，最终33个标杆案例从341个申报项目中脱颖而出，展现了中国商业可持续发展的新高 度。 9月25日，第四届"绿点中国·可持续实践案例"颁奖典礼隆重举行。经过专家评审团严格筛选、面访调研 和多维度考评，最终共有25个"2025绿点中国·可持续实践年度案例"、5个"2025绿点中国·可持续实践年 度绿贝案例"、3个"2025绿点中国·绿色先锋案例"脱颖而出。 本届案例征集以"绿野新踪"为主题，寓意在广袤的绿色大地上探索可持续发展的新路径与新可能。从参 选情况来看，341个申报案例中涌现出大量富有探索精神和创新价值的实践，正是印证了此次主题。相 较于往年，本届评选呈现出明显升级趋势：参评企业中百亿元以上规模企业占比高达70.69%，跨国公 司占比46.55%，ToB企业占比达到24.14%，这些数据均创历史新高，充分体现了龙头企业对可持续发展 战略的深度布局和坚定投入。 1 可持续实践年度案例： 多元实践展现行业广度与深度 从获奖情况来看，25个"2025绿点中国·可持续实践年度案例"中，绿色共创和绿色设计赛 ...

Core Insights - The rise of "doctors in short videos" has become a significant channel for the public to access health knowledge, with 92.1% of 1.074 billion online viewers having encountered health content through short video platforms [2][4] - Many doctors are utilizing their spare time to create content, while some are supported by companies that specialize in managing doctor IPs, allowing doctors to focus solely on appearing in videos [2][5] - The health content ecosystem on social media is evolving, with a notable focus on respiratory diseases, which have become a "traffic center" in the algorithm-driven environment [4][6] Doctor Video Account Operations - A report indicated that 22.4% of doctor accounts have over 100,000 followers, and 3.9% exceed 1 million followers [4] - Some doctors manage their accounts independently, while others rely on external companies for content creation and management [5][6] - These companies offer comprehensive services, including content planning, video production, and account management, charging around 16,000 yuan per month [6][8] Monetization Strategies - Doctors can monetize their presence through online consultations, which serve as a form of knowledge payment, allowing for more precise medical advice [9][10] - The integration of doctor accounts with internet hospital services is becoming more common, facilitating patient appointments and consultations directly through social media platforms [10][11] - Revenue streams for doctors include video creation subsidies, multi-site practice conversions, and paid consultations during live streams [10][11] Regulatory and Ethical Concerns - The rise of health content has led to issues such as content homogenization and the potential for misinformation, with some doctors straying from professional standards [12][13] - Regulatory bodies are increasing oversight of medical content on social media, emphasizing the need for accurate and responsible health communication [16][17] - There are concerns about the ethical implications of doctors using their professional status for personal gain, with calls for stricter regulations to protect public trust in medical information [17][18]