此次会面将是资金截止日期临近前，特朗普与民主党领袖的首次碰面。参议院民主党领袖查克?舒 默及其众议院民主党领袖哈基姆?杰弗里斯，原本预计本周与总统会面，但白宫在最后一刻取消了此次 会面。 上周，特朗普向记者表示："我很愿意和他们见面，但我认为这不会产生任何影响。" 据两名知情人士透露，鉴于10月1日美国政府停摆的风险日益逼近，美国国会四大领袖将于周一在 白宫与总统特朗普举行会面。 特朗普此前表示，民主党必须放弃延长医保补贴、终止医疗补助计划削减的诉求，他才会同意与民 主党人会面。他还预测，政府停摆的可能性很大。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：宋政 HN002） ...

Group 1 - In August, corporate profits turned positive year-on-year, primarily due to a low base from the previous year, with a year-to-date growth rate of 0.9% compared to -1.7% in July, and an August growth rate of 20.4% compared to -1.5% in July [2][9] - The profit distribution has become more reasonable, with upstream industries showing overall improvement supported by anti-involution and price increases, while midstream and downstream industries continue to experience profit differentiation [6][7] - The industrial product inventory continued to decrease, indicating a passive destocking trend, with cumulative revenue growth of 2.3% year-on-year for the first eight months, and August's revenue growth also at 2.3%, both higher than the previous month [9][10] Group 2 - The profit margin showed marginal improvement, with the cumulative profit margin for August at 5.8% and the monthly value at 5.2%, both higher than the previous month, benefiting from a reduction in costs despite a slight increase in raw material prices [4][6] - Upstream industries benefited from price increases and margin improvements, particularly in the steel, coal, and non-ferrous sectors, while midstream industries saw profit growth driven by demand recovery [7][8] - The overall profit structure has improved, with upstream profits maintaining around 25%, midstream at 50%, and downstream slightly recovering to 25%, indicating a more balanced distribution compared to the previous month [6][7]

Core Insights - The transportation industry serves as a clear window into the progress of urban intelligence, with China's urban passenger volume reaching 1,067.97 billion trips by the end of 2024 [1] - The demand for smarter and more efficient solutions is driven by persistent issues such as congestion and safety hazards, prompting urban managers to seek advanced technologies [1] - JiaDu Technology Group Co., Ltd. has established itself as a leader in AI-driven transportation solutions, focusing on "smart rail transit + smart urban transportation" [1][3] Industry Overview - The Chinese urban transportation system is entering a new phase of digital intelligence upgrade, with "smart rail transit and smart urban transportation" at its core [2] - National policies, such as the "14th Five-Year Plan" and the "Guidelines for the Development of Smart Urban Rail Transit," support the acceleration of smart rail transit system construction [2] - The market for smart urban transportation systems has grown from 62.8 billion yuan in 2020 to an estimated 83.6 billion yuan in 2024, with projections to reach 147.1 billion yuan by 2029 [2] Company Positioning - JiaDu Technology has over 30 years of experience in the smart transportation sector, leveraging proprietary AI models and industrial control technologies [3] - The company has developed a comprehensive product ecosystem covering the entire lifecycle of rail transit systems, including core products like AFC, PSD, ISCS, and communication systems [4] - JiaDu Technology's solutions have been implemented in 45 cities, covering over 110 metro lines and more than 2,200 stations, accounting for one-third of the total metro mileage in China [5] Technological Advancements - The company has created the world's first AI smart station in collaboration with Guangzhou Metro, enhancing operational efficiency and passenger experience [4] - JiaDu Technology's IDPS urban traffic brain solution integrates AI, digital twins, and big data, providing comprehensive governance capabilities across major urban areas [5] - The company's revenue from smart urban transportation solutions reached 2.321 billion yuan by the end of 2024, reflecting a year-on-year growth of 16.75% [6] Competitive Edge - JiaDu Technology's dual-core technology system includes the "Traffic JiaHong" operating system and the "JiaDu ZhiXing" large model, addressing industry challenges such as data silos and operational inefficiencies [7] - The company has a robust R&D team exceeding 2,700 personnel and has filed over 2,000 patents, establishing a strong technological barrier [7] - JiaDu Technology has been recognized in the "2024 Hurun China AI Top 50" and won a silver medal at the 50th Geneva International Exhibition of Inventions, highlighting its innovative capabilities [8] Future Outlook - The company aims to solidify its leading position in the smart transportation industry through its differentiated strategic positioning and advanced technological strength, especially following its anticipated listing on the Hong Kong Stock Exchange [9]

9月27日，国家统计局公布1-8月份全国规模以上工业企业利润。 数据显示，1-8月份，全国规模以上工业企业实现利润总额46929.7亿元，同比增长0.9%。8月份，规模以上工业企业利润同比由上月下降1.5%转为增长 20.4%。 1-8月全国规模以上工业企业利润增长0.9% 1—8月份，全国规模以上工业企业实现利润总额46929.7亿元，同比增长0.9%。 1—8月份，规模以上工业企业中，国有控股企业实现利润总额15156.5亿元，同比下降1.7%;股份制企业实现利润总额34931.9亿元，增长1.1%;外商及港澳台 投资企业实现利润总额11723.6亿元，增长0.9%;私营企业实现利润总额13076.1亿元，增长3.3%。 | | | | | 营业收入 | 每日元营业 收入中的 | 每日元营V 收入中的 | 每自元贷产 实现的 | 人均营业 | 资产 | 产成品 存货 | 应收账款 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 利润率 | | | | 收入 | 负债率 | | 平均回收期 | | 分 组 | | 成本 | 豊用 | ...

格隆汇9月28日｜传统能源龙头携手新能源巨头发力"零碳新基建"已成为新趋势。9月26日，中国石化与 宁德时代合作的首座骐骥重卡换电站——福清渔溪景虹站正式投入运营。据介绍，该站位于G15沈海高 速与324国道交会枢纽，也是骐骥换电全国组网中的关键站点，主要服务G15沈海高速来往重卡车辆， 连接长三角和珠三角交通大动脉，同时有效辐射江阴港、莆田港等重要物流集散地，成为南北电动重卡 货运网络的重要能源补给节点。此次投入运营的换电站将打通沿海绿色货运走廊，大幅提升沿海公路货 运的电动重卡补能效率。 ...

格隆汇9月28日｜经济日报：国办近日印发《关于进一步加强旅游市场综合监管的通知》，提出要提升 旅游标准化水平。旅游是典型的服务行业，标准是衡量服务的一把尺，可以量出发展的短板，也可以标 出提升的方向。标准化水平的不断提高，能更好助推旅游业高质量发展。近年来，我国旅游业欣欣向 荣，旅游日益成为人民群众美好生活的重要组成部分。不过，一些成长的烦恼逐渐显现：从业者"看心 情服务、凭经验做事"，游客体验像"开盲盒"，一不小心还可能碰到强迫购物、大数据杀熟等陷阱…… 这些乱象，严重影响着旅游业健康发展。治理乱象、规范发展，需要进一步提升旅游标准化水平。 ...

Group 1 - The company plans to repurchase up to HKD 100 million of its H shares in the open market, reflecting confidence in its performance and commitment to shareholder returns [1] - The company has announced three repurchase plans since 2024, each not exceeding HKD 100 million, with the first two already completed [1] - The company has prioritized shareholder returns, distributing dividends of RMB 200 million at the end of 2024 and RMB 190 million in mid-2025, indicating strong management confidence [1] Group 2 - The company opened 250 new stores in H1 2025, with a net increase of 270 stores in rural areas, aligning with the trend of expanding into lower-tier markets [1] - The company is expected to successfully achieve its goal of adding 1,000 new stores this year, with strong demand anticipated in Q4 [1] - The company has demonstrated improved operational capabilities, with same-store revenue growth and a significant turnaround of loss-making stores, validating positive operational trends [2] Group 3 - The company's core operating profit margin reached 5.9% in H1 2025, an increase of 1.2 percentage points year-on-year, while the net profit margin also improved to 5.9%, up by 2.7 percentage points [2] - The company is currently valued at less than 20 times earnings for 2025, suggesting a favorable investment opportunity [2] - Revenue projections for 2025-2027 are estimated at RMB 7.29 billion, RMB 8.39 billion, and RMB 9.55 billion, with corresponding net profits of RMB 420 million, RMB 500 million, and RMB 580 million, indicating strong growth [2]

Core Viewpoint - Tengshi Automotive has officially launched the pre-sale of its new luxury SUV, Tengshi N8L, with a price range of 319,800 to 349,800 yuan, targeting family-oriented consumers while emphasizing safety and luxury [2] Design and Aesthetics - The Tengshi N8L features a design language called "Elegant Momentum," showcasing a spacious and dignified appearance typical of large SUVs, available in six colors inspired by Chinese civilization [3] - The interior design incorporates soothing lines, gentle tones, and skin-friendly materials, creating an elegant living room-like atmosphere [3] Family-Oriented Features - The Tengshi N8L excels in space, offering superior legroom, shoulder room, and headroom compared to competitors, particularly in the third row, which includes heated seats and independent air conditioning [5] - The vehicle includes electric seats across all three rows, allowing for flexible seating arrangements and a total of 49 storage spaces, leading its class in storage capacity [7] Performance and Handling - The N8L is equipped with a 2.0T efficient engine and three electric motors, achieving a 0-100 km/h acceleration in just 3.9 seconds, surpassing many luxury SUVs [8] - It features advanced braking capabilities with a stopping distance of 35.4 meters and a sophisticated suspension system for enhanced driving comfort [8] Safety Features - The N8L includes a comprehensive safety system with features like high-speed blowout stability control and a robust body structure made from high-strength materials, ensuring maximum safety for passengers [11] - The vehicle's design incorporates multiple safety technologies, including a wind stability control system that reduces lateral drift by 40% during high winds [11] Intelligent Features - The N8L is equipped with a 17.3-inch entertainment screen and a 20-speaker sound system, providing an immersive audio-visual experience, along with AI capabilities for interactive learning [13] - It features advanced driver assistance technologies, including a laser-assisted driving system, enhancing safety and convenience during travel [15] Market Positioning - As a strategic model in Tengshi's luxury SUV lineup, the N8L aims to redefine the high-end family SUV experience, focusing on safety, comfort, and intelligent features to cater to modern family needs [15]

格隆汇9月26日丨美的集团(000333.SZ)公布，截至2025年9月25日，公司50-100亿A股回购方案通过回购 专用证券账户，以集中竞价交易方式累计回购公司A股股份数量为71,678,446股，占公司A股股本的 1.0193%，最高成交价为77.99元/股，最低成交价为69.91元/股，支付的总金额为5,224,149,037元（不含 交易费用），本次回购符合相关法律法规的要求，符合公司既定的回购方案。 ...

机构：申万宏源研究 研究员：屠亦婷/张海涛 别-3%、-2%），牛卡纸均价逆势提升，预计系原料带动下，公司高端牛卡纸占比提升，产品结构升级 所致。行业层面，伴随进口纸和国内供给逐渐缩量，及箱瓦纸需求自然增长，箱板瓦楞纸供需有望逐渐 改善，且箱板瓦楞纸下游主要为消费相关，后续具备顺周期向上弹性。国废成本驱动，叠加下半年为箱 瓦纸需求传统旺季，25H2 以来纸价逐渐企稳回升，截至2025 年9 月24 日，箱板纸、瓦楞纸均价分别为 3585、2811 元，较7 月底部上涨139/303 元/吨，处于过去10 年的24%/15%分位，随着行业供需改善，后 续纸价有望逐渐向上，贡献beta 弹性。 投资要点： 公司造纸产能超2000 万吨，规模效应显著，向上弹性充足。Beta 端，下游需求逐渐复苏，进口纸冲击 趋缓，头部纸厂新增产能放缓，行业供需有望得到改善；中长期维度，头部企业为产能投放主力，凭借 原料、规模及管理优势，持续整合市场。Alpha 端，随着公司的原料产能逐渐投产，产业链一体化优势 重新建立，产品结构和成本有望得到优化；前期为产能高速扩张期，后续精益管理提升运营效率，同时 资本开支放缓减轻财务压力。上调 ...