Market Overview - The market experienced a turbulent adjustment with all three major indices dropping over 2% during the day. The Shanghai Composite Index fell by 1.95%, the Shenzhen Component Index decreased by 3.04%, and the ChiNext Index declined by 3.36% [1][2]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.94 trillion, an increase of 69 billion compared to the previous trading day [1][6]. Index Performance - The Shanghai Composite Index closed at 3839.76, down by 1.95% with a loss of 76.47 points [2]. - The Shenzhen Component Index ended at 12688.94, down by 3.04% with a loss of 397.47 points [2]. - The ChiNext Index closed at 2935.37, down by 3.36% with a loss of 102.07 points [2]. - The North 50 Index decreased by 3.75%, closing at 1432.87 [2]. Sector Performance - Defensive sectors showed strong performance, with the gas sector rising against the trend, and Guo Xin Energy achieving three consecutive gains in four days [1]. - The banking sector performed well, with Agricultural Bank reaching a new high [1]. - The port and shipping sector exhibited localized strength, with Hai Tong Development achieving two consecutive gains [1]. - Conversely, several heavyweight stocks weakened, with ZTE Corporation hitting the daily limit down and Sunshine Power dropping by 11% during the day [1]. - The electric grid and energy storage sectors faced significant declines, with Huaming Equipment and Igor hitting the daily limit down [1][3]. Market Sentiment - A total of 4783 stocks declined, while only 602 stocks increased, indicating a bearish market sentiment [5]. - The market saw 44 stocks hitting the daily limit up and 28 stocks hitting the daily limit down [5].

10月17日上午，"知乎崩了"毫无预兆地冲上微博热搜，成了不少人当天打开手机的"开屏小意外"。 这次故障影响覆盖全平台，网页端与移动端双双"罢工"。 用户点击问题后，要么页面卡在加载转圈界面，始终刷不出答案；要么直接弹出空白页，连基本的内容 框架都看不到。 更麻烦的是，部分账号还触发了异常退出，得反复输入密码重新登录，才能勉强进行操作。 这波突如其来的故障，反倒让许久没刷过存在感的知乎，重新回到了大众视野。 01 "摸鱼神器" 崩了，网友反应太真实 面对这场"集体断联"，网友的反应堪称"大型人间真实现场"。 有人先怀疑自己，以为是网络出了岔子。 还有人误以为手机欠费，赶紧充了话费，结果发现问题根本不在这。 更"硬核"的用户直接把问题归到手机上，连着重启好几次设备，直到刷到微博热搜才恍然大悟："原来 不是我的问题，是知乎崩了！" 最着急的要数一群"摸鱼党"，堪称这场故障的"最大受害者"。 有学生吐槽："我正上课呢，你崩了我看什么？" 有打工人直言："严重影响我'摸鱼'，正看得开心呢" 有人无奈调侃："崩了一上午，没鱼摸了，你拿什么赔？" 还有人急得反复刷新，忍不住念叨："怎么还没修好？" 更有意思的是，一些久未 ...

5年前，贝莱德基金作为中国首家外资独资的公募基金管理公司正式成立，并于2021年6月正式展业。作为全球最大的资产管理巨头贝莱德集团旗下的基金公 司，一度被市场和基民寄予厚望。然而四年过去，从近年的成绩单来看，贝莱德的表现并未达到预期。产品业绩跑输基准，管理规模不尽如人意，尤其今年 来频繁的人事动荡，更让这家资管巨头在中国公募市场显得水土不服。 业绩表现欠佳，靠新发债基拯救规模？ 贝莱德基金自2021年6月展业后首次募集规模为66.81亿元，此后便一路下滑，直至2023年底规模突破80亿元，但接下来的季度末规模却接近腰斩，仅为43.21 亿元。受2024年四季度行情推动，贝莱德基金在2024年底管理规模一度升至107.85亿元，也是首次突破百亿。不过，规模腰斩的情形又在2025年一季度重 现，一季度末规模大幅缩水至56.01亿元。截止6月30日，公司管理规模为68.6亿元。 截止2025年9月30日，贝莱德基金管理规模升至135.02亿元，凤凰网财经《投资观察》梳理iFinD数据发现，三季度规模翻倍增长主要源于9月贝莱德基金发 行的一只债基产品----贝莱德中债投资优选绿色债券指数，该产品最新规模为60亿元，抛 ...

凤凰网财经讯 10月17日，市场早盘震荡下挫，深成指、创业板指一度跌逾2%。截至午间收盘，沪指跌 1%，深成指跌1.99%，创业板指跌2.37%。沪深两市半日成交额1.18万亿，较上个交易日缩量326亿。 | | 沪深京重要指数 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 名称 *● | 最新 涨跌 涨跌家数 涨速% | | | | 电子 | 现手机 金额 | | 上证指数 | 3877.20 | -1.00 | -39.03 | 498/1743 | -0.21 3.72 乙 | 3.35万 5298.58亿 | | 深证成指 | 12825.85 -1.99 -260.56 | | | 597/2225 | -0.14 4.00 7. | 1627 6497.02 乙 | | 北证50 | 1461.81 | -1.81 | -26.90 | 47/224 | -0.14 415万 | 1193 95.17 亿 | | 创业板指 | 2965.47 | -2.37 | -71.97 | 221/1157 | -0.15 1.107 | ...

Core Viewpoint - The company, Wenyan Zhixing, is making significant progress towards its listing in Hong Kong, having received approval from the China Securities Regulatory Commission for its overseas issuance plan, aiming to issue up to 102 million ordinary shares on the Hong Kong Stock Exchange [2][4]. Financial Performance - Wenyan Zhixing has experienced a decline in revenue and continued losses, with total losses exceeding 6.8 billion yuan over four years. Revenue peaked in 2022 at 528 million yuan but has since declined for two consecutive years, with decreases of 23.86% and 10.2% [5][6]. - The company's net losses have expanded over the years, with figures of 1.007 billion, 1.298 billion, 1.982 billion, and 2.517 billion yuan from 2021 to 2024, respectively. Although the net loss narrowed to 791 million yuan in the first half of 2025, profitability remains in question [5][6]. Revenue Breakdown - Revenue is categorized into product income and service income, with product income's gross margin at 17.3% and service income's gross margin at 47.6%. However, the contribution of service income has been decreasing, from 86.51% in 2022 to 65.29% in the first half of 2025 [7][9]. - The company relies heavily on specific large clients for revenue, with the top two clients accounting for 52.4% of total revenue as of June 30, 2024. This high client concentration poses risks to revenue stability [11][12]. Competitive Landscape - The competition in the autonomous driving sector is intensifying, with pressure from both peer companies and major automotive manufacturers accelerating their self-research efforts. Wenyan Zhixing faces challenges from competitors like Xiaoma Zhixing and Baidu's Apollo, which have made significant advancements in commercializing autonomous driving [13][17]. - Despite having a higher gross margin compared to Xiaoma Zhixing, Wenyan Zhixing's revenue scale is smaller, with a market capitalization significantly lower than its competitors, reflecting differing market confidence in their future prospects [15][17].

自动播放 今年是《巴黎协定》签署十周年，也是中国提出"双碳"目标五周年，标志着全球气候行动迈入更加关键 的阶段。凤凰卫视集团联合多家国际机构将于10月23日至24日在北京凤凰中心隆重举办第五届"零碳使 命国际气候峰会"，峰会以"十年共识·五年同行"为主题，旨在汇聚各方智慧，共同探讨在气候治理新格 局下应对气候变化的战略与行动，助力中国碳中和愿景及全球减排目标的实现。 ...

Market Overview - The three major indices in China opened lower, with the Shanghai Composite Index down 0.11%, the Shenzhen Component down 0.20%, and the ChiNext Index down 0.36% [1][2] - The liquid metal, HBM, and cultivated diamond sectors experienced significant declines [1] External Market - U.S. stock indices closed lower, with the Dow Jones down 301.07 points (0.65%) at 45,952.24 points, the Nasdaq down 107.54 points (0.47%) at 22,562.54 points, and the S&P 500 down 41.99 points (0.63%) at 6,629.07 points [3] - The Nasdaq Golden Dragon China Index fell by 0.91%, with most popular Chinese concept stocks declining, including Century Internet down over 5% and Kingsoft Cloud down over 2% [3] Industry Insights - CITIC Securities highlighted the "Three-Year Doubling" plan for electric vehicle charging infrastructure, aiming to establish 28 million charging facilities by the end of 2027, which will significantly boost demand for high-power fast charging equipment [4] - CITIC Jiantou noted that the capital market may see a rotation of sectors in the short to medium term (2025-2026), focusing on opportunities in elderly care, infrastructure, and new consumption sectors [5] - Huatai Securities indicated that the aviation sector is expected to maintain a positive outlook, with passenger load factors improving and ticket prices showing signs of recovery [6] - China Galaxy Securities suggested that monetary easing in the fourth quarter may exceed expectations, driven by economic data showing signs of weakness and the need for lower interest rates to support growth [7]

Market Overview - The three major U.S. stock indices opened higher, with the Dow Jones up 0.29%, the Nasdaq up 0.38%, and the S&P 500 up 0.31% [1] - Critical Metals, a rare earth concept stock, surged over 14%, while the semiconductor sector saw gains, with ASE Technology rising over 5% and Nanya Technology up over 2% [1] - NIO's stock fell more than 7% [1] Company News - A NIO executive responded to allegations of securities fraud from Singapore's GIC, stating that the claims are a continuation of past short-selling activities and expressing confusion over the recent attention to the matter [2] - Oracle announced the launch of its new AI supercomputer, OCI Zettascale10, which connects tens of thousands of NVIDIA GPUs across multiple data centers, achieving peak performance of 16 zettaFLOPS [2] Long-term Goals - Salesforce set a long-term revenue target of over $60 billion by the fiscal year 2030, aiming for a compound annual growth rate (CAGR) of over 10% from fiscal years 2026 to 2030 [3] Innovation Recognition - The U.S. Mint announced that Steve Jobs, co-founder of Apple, will be featured on a commemorative $1 coin as part of the "American Innovation" series, which honors significant contributions to innovation [4] Operational Changes - JD.com announced a pilot program in 25 cities to eliminate penalties for delivery riders exceeding time limits, replacing it with a "service score" management system to encourage positive performance [5] Future Plans - Xiaopeng Motors' CEO He Xiaopeng stated that the company plans to mass-produce flying cars next year, predicting that the growth rate and market share of flying cars will surpass that of traditional automobiles in the coming years [6] Restructuring Efforts - Nestlé plans to cut 16,000 jobs as part of a restructuring effort led by new CEO Philipp Navratil, aiming to increase cost-saving targets from 2.5 billion Swiss francs to 3 billion Swiss francs (approximately $3.7 billion) by the end of 2027 [7] Analyst Upgrades - Morgan Stanley upgraded Micron's rating from "Equal-weight" to "Overweight" and raised its price target from $160 to $220, citing stronger-than-expected price momentum in core DRAM products [8]

当前，我国房地产市场正处在周期低谷，面临严峻挑战。无论是政府还是市场主体，都未曾经历过如此剧烈的周期波动。当前政策建议莫衷一是，其根源 在于尚未就房地产资产定价的核心基准达成共识。本文基于对国际房地产周期的微观研究，并结合作者的实践经验，从微观层面和实操视角，探讨中国房 地产市场实现均衡重塑所需的核心条件。究其根本，周期均衡重塑最终通过价格形成机制得以实现，而价格形成机制的核心在于供需双方微观主体的博弈 行为。因此，厘清价格形成的关键机制，是破解中国当前周期性难题的关键所在。 一、国际考察：资产管理机构在市场重组中占重要地位 观察成熟经济体的房地产市场发展轨迹，房价周期具有必然性，资产价格普遍会在深度回调后，逐步重返上行周期高点。美国近期经历了两次较大的危 机：一次是20世纪80年代储贷危机，一次是2008年国际金融危机（图1）。 图1 美国房地产周期与危机 数据来源：Irrational Exuberance, Robert Shiller, Yale University 周期重塑的过程也是微观主体重构的过程。低谷时一部分主体淘汰，同时有新兴力量入场，多空双方的转换塑造了行业新格局。这一重塑过程往往伴随着 ...

01 关于凤凰网K说联盟：已聚顶流，再启新篇 "K说联盟"是由凤凰网打造的一个创作者联盟。聚焦财经科技领域，聚合头部意见领袖（KOL）与垂类 核心创作者（KOC），依托凤凰全球化的媒体资源与品牌公信力，打造 "专业媒体 + 社交创作者"的内 容共创新生态。 目前"K说联盟"已集结20余位财经科技领域知名KOL，成员覆盖抖音、微博、视频号等全域平台，粉丝 总量超过1.5亿。 核心成员包括： 邵宇：东方证券首席经济学家 02 即日起，"K说联盟"KOC成员招募计划正式启动！ 在KOL矩阵基础上，凤凰网"K说联盟"现正式面向全球发起 KOC （垂类核心创作者）成员招募，构建 一个更加多元、充满活力的内容生态圈。 成为"K说联盟"KOC成员，你将获得六大核心权益： 借势顶尖影响力：与马光远、储殷等凤凰网K说联盟头部大V联动。 企业探访与游学成长：定期组织 KOC 成员开展 "标杆企业探访" 行动，深入互联网大厂（如腾讯、阿里 等）、先进制造企业（如新能源、高端装备领域龙头企业）、产业园区。 流量资源曝光和加持：优质内容将有机会通过凤凰网财经全平台强势分发，覆盖2.3亿高净值用户，最 大化您的思想影响力。 专属授誉认证 ...