特斯拉周四宣布其Robotaxi应用对公众开放。 一位X用户随后分享了他首次乘坐Robotaxi的经历："下载了Robotaxi应用程序，进入了等候名单，在两 小时内坐上了我的第一辆车。不幸的是，有人坐在驾驶座上监督，但仍然很酷！" 马斯克回应称："安全驾驶员只是在头几个月在那里确保额外的安全。到年底应该就没有安全驾驶员 了。" 责任编辑：栎树 ...

Core Viewpoint - A-shares experienced a decline on September 4, with the Shanghai and Shenzhen markets seeing a total turnover of 2.54 trillion yuan, reflecting weak market sentiment, particularly in the technology sector, while the consumer sector showed resilience [1] Group 1: Market Performance - The Shanghai Composite Index fell by 1.25%, the Shenzhen Composite Index dropped by 2.83%, and the ChiNext Index decreased by 4.25%, marking three consecutive days of market pullback [1] - A total of 2,297 stocks rose, with 43 hitting the daily limit up, indicating some pockets of strength despite the overall market decline [1] Group 2: Popular Stocks - The top ten popular stocks included: - Bubu Gao, Pacific Securities, Victory Precision, Yanshan Technology, Lingnan Holdings, Sanwei Communication, Eurasia Group, Xian Dao Intelligent, Supply and Marketing Daji, and Jishi Media [2] - Bubu Gao topped the list with a heat value of 10, driven by its focus on duty-free shops and prepared dishes, achieving a limit up on its first board [2] Group 3: Company Highlights - Bubu Gao's strong performance is attributed to the completion of judicial restructuring, with a 24.45% year-on-year revenue increase and a net profit of 201 million yuan, marking a turnaround from losses [3] - Pacific Securities saw a 76.65% year-on-year increase in net profit, with a 37% rise in investment banking revenue, benefiting from policy support for the financial sector [3] - Victory Precision's stock performance is driven by breakthroughs in copper foil technology and a recovery in the consumer electronics sector, with a net inflow of over 779 million yuan [3] Group 4: Sector Trends - Yanshan Technology's stock was influenced by AI technology hype and significant funding speculation, with a net profit increase of 81% year-on-year [4] - Lingnan Holdings reported an 8.5% revenue growth and a 24.4% net profit increase, benefiting from the recovery of outbound tourism and innovative business models [4] - Sanwei Communication's stock was boosted by favorable satellite communication policies and its expansion into multiple technology sectors, with significant net buying from deep stock connections [4] Group 5: Additional Insights - Eurasia Group's net profit increased by 39.06% year-on-year, supported by regional expansion and active retail performance [5] - Xian Dao Intelligent's stock performance is driven by breakthroughs in solid-state battery technology, with a 61.19% increase in net profit and improved cash flow [5]

斯蒂芬・米兰表示，若获得确认出任美联储理事会空缺席位，他将以白宫经济顾问委员会主席的身份休 无薪假。 周四，在参议院银行委员会的确认听证会上，特朗普总统提名的美联储理事候选人米兰表示，在担任美 联储理事期间（任期至2026年1月31日），他不会完全辞去白宫的职务。他将接替阿德里亚娜・库格 勒，库格勒于8月初意外辞职。 米兰的任命正值外界猜测特朗普将寻求提名一位 "影子主席" 并在美联储获得足够影响力之际，这引发 了人们对美联储独立性的担忧。米兰在担任美联储理事的同时保留白宫职位，可能会进一步加剧这些担 忧。 米兰在听证会上表示："律师已告知我，合法的做法是从经济顾问委员会休无薪假，停止相关工作。如 果律师有其他建议，我会遵守法律并听从律师的意见。" 他补充道："我被提名的任期为四个半月。如果我被提名并确认担任更长的任期，而不仅仅是几个月， 我绝对会辞职。" 特朗普一直力推大幅降息，批评现任美联储主席鲍威尔迟迟不采取行动。在听证会上，米兰多次承诺维 护美联储的独立性，并强调政府中没有人要求他承诺放宽货币政策。 美联储下次政策会议将于9月16日至17日举行。 责任编辑：栎树 ...

Core Insights - SK Hynix maintained its leading position in the global DRAM market in Q2, widening the gap with competitor Samsung Electronics [1] - Global DRAM sales reached $30.9 billion from April to June, a 17.3% increase quarter-over-quarter, driven by rising contract prices and increased shipments of high bandwidth memory (HBM) [1] - SK Hynix's market share rose from 36.9% in Q1 to 39.5% in Q2, while Samsung's share decreased from 34.4% to 33.3%, expanding the gap between the two companies from 2.5 percentage points to 6.2 percentage points [1] Company Performance - SK Hynix's DRAM sales amounted to $12.2 billion in Q2, while Samsung's sales were $10.3 billion [1] - This marks the first time SK Hynix surpassed Samsung in global DRAM market share since Samsung has held the top position since 1992 [1] - According to TrendForce, SK Hynix's global DRAM market share increased from 36% in Q1 to 38.7% in Q2, confirming its first-place ranking [1] Market Outlook - SK Hynix is expected to maintain its leading position in the annual rankings due to its dominance in the HBM market [1] - The company has indicated that its HBM supply for 2025 is already sold out [1]

Core Viewpoint - The Chinese government aims to significantly enhance the sports industry, targeting a total scale exceeding 7 trillion yuan by 2030, driven by policy support, consumption upgrades, and industry integration [1][2]. Group 1: Policy Initiatives - The State Council has issued an opinion outlining six key measures with 20 specific actions to stimulate sports consumption and support industry growth, including expanding the supply of sports products and increasing financial support [1]. - Financial institutions are encouraged to optimize investment and financing services, develop diverse credit products, and support qualified sports companies in listing and refinancing [2]. Group 2: Industry Growth and Economic Impact - The sports industry in China reached nearly 3.7 trillion yuan in 2023, with a year-on-year growth of 11.3%, and a compound annual growth rate (CAGR) of 6.69% from 2018 to 2023 [1]. - The sports events sector has evolved into a multi-dimensional economic ecosystem, integrating culture, tourism, and technology, thus becoming a key driver for consumer activation and urban branding [2]. Group 3: Market Trends and Opportunities - The outdoor economy is boosting sales in the sports apparel sector, with high certainty opportunities and high-growth segments being highlighted for investment [3]. - Domestic consumption stimulus policies are expected to improve macro consumption conditions, leading to increased penetration rates for sports footwear and apparel, with promising growth for domestic brands [3].

Core Insights - The summer travel season in 2025 is expected to see significant growth in both civil aviation and railway transportation, indicating a strong recovery in travel demand [1] - The upcoming National Day and Mid-Autumn Festival holidays are anticipated to further boost travel plans, with an increase in outbound travel and staggered travel intentions [1] - The tourism market is likely to maintain its momentum, supported by a rational decline in summer travel prices and an early surge in bookings for the National Day holiday [1] Group 1 - The demand for summer tourism is driven by a rise in mid-to-high-end accommodation and an expanding "first-time" traveler demographic, highlighting a trend in consumption upgrades [1] - Data from Qunar indicates that hotel bookings in popular outbound destinations have doubled year-on-year, with Chinese tourists booking flights to 599 cities globally [1] - The report from Lingnan Holdings Guozhi Travel shows that tourists are planning and registering for National Day trips earlier than usual, reflecting a proactive approach to travel planning [1] Group 2 - The cultural and tourism sector plays a crucial role in leading, promoting, and optimizing consumption, contributing significantly to high-quality economic development and the construction of a unified national market [1] - As the economy and living standards continue to improve, the cultural and tourism consumption market is poised for greater development opportunities [1]

Group 1 - The core viewpoint of the article highlights Apple's significant upward revision of its foldable iPhone shipment forecasts, indicating strong expectations for the new product's potential popularity [1] - Apple's revised shipment estimates for foldable iPhones are now projected to be 8-10 million units in 2026 and 20-25 million units in 2027, up from previous estimates of 6-8 million and 10-15 million units respectively [1] - Foldable smartphones are emerging as a key innovation in consumer electronics, gradually penetrating from the high-end market to mainstream consumer groups [1] Group 2 - According to TrendForce, global shipments of foldable smartphones are expected to reach 17.8 million units in 2024, with projections of growth to 70 million units by 2027, representing a CAGR of 57.8% from 2024 to 2027 [1] - Analysts believe that Apple's accelerated entry into the foldable smartphone market is likely to drive rapid growth in foldable smartphone shipments and lead to innovation upgrades in the foldable supply chain [1] - There is optimism regarding core incremental segments such as foldable UTG cover glass and hinges, as well as new technologies like liquid metal and 3D printing [1]

余承东透露，搭载HarmonyOS5的终端设备数量已突破1400万。华为Mate70系列、华为MateX6系列等50 余款设备已支持升级HarmonyOS 5.1。Mate XTs非凡大师分三个版本，价格分别为17999元、19999元、 21999元，将于9月12日正式开售。 IDC发布的报告显示，2025年上半年，中国折叠屏手机出货量达到498万台，同比增长12.6%。期间内， 华为以374万台的出货量占据75%的市场份额，创下历史新高。自2019年发布首款折叠屏手机以来，华 为成为首个累计出货量突破1000万台的中国品牌。 责任编辑：栎树 9月4日，华为Mate XTs非凡大师及全场景新品发布会在深圳举行。会上，华为常务董事、终端BG董事 长余承东正式发布了华为新款三折叠手机华为MateXTs非凡大师。 余承东说，该款手机搭载麒麟9020芯片和鸿蒙操作系统，软硬芯云协同，整机性能提升36%。值得注意 的是，时隔四年后，麒麟芯片重现华为发布会，引发全场欢呼。 ...

Group 1 - The U.S. Treasury market has shown remarkable resilience despite various pressures, including rising debt and aggressive tariff policies, unlike other countries' bond markets which have suffered due to fiscal concerns [1] - Year-to-date, the yield on 10-year U.S. Treasuries has decreased by over 0.3 percentage points, making it the only major bond market with a decline in 10-year yields [1][3] - The volatility of the U.S. bond market has been decreasing since April, with key volatility indicators nearing their lowest levels in three years [1] Group 2 - Recent data indicates a slowdown in job growth, which has contributed to a decline in 10-year Treasury yields, falling below 4.17% for the first time since early May [3] - Concerns regarding the independence of the Federal Reserve are reflected in rising inflation swap rates, which have reached a two-year high [5] - Despite concerns about the Fed's independence, U.S. bond investors have not shown significant alarm, allowing the Trump administration to breathe easier regarding the 10-year yield target [5] Group 3 - The U.S. Treasury Secretary hinted at limiting long-term bond issuance if buyer demand weakens, while data does not support claims of foreign capital fleeing U.S. assets, indicating strong demand for U.S. Treasuries [7] - The perception of the U.S. as a safe haven persists, with 5% being seen as a ceiling for 30-year Treasury yields, despite various challenges [8] - Market participants remain skeptical about the potential political influence on the Fed, with expectations that any new appointments will not drastically alter monetary policy [9] Group 4 - There is speculation that the White House may push the Fed to resume bond purchases, particularly long-term bonds, as a means to lower borrowing costs [10] - The current balance in the U.S. bond market is fragile, and without fiscal discipline from politicians, investors may express dissatisfaction through market actions [10] - The emergence of "bond vigilantes" in Europe and Japan could soon be mirrored in the U.S. if fiscal issues are not addressed [10]

Group 1 - China Shipbuilding Industry Corporation is set to absorb China Shipbuilding Industry Corporation through a share swap, with the A-shares of China Shipbuilding Industry Corporation terminating listing on September 5 [1] - Yutong Bus reported sales of 4,260 units in August, representing a year-on-year increase of 16.78% [1] Group 2 - Shanghai Raist plans for some directors and all senior management to increase their shareholding by no less than 6 million yuan within six months [2] - Bowei Alloy's upcoming high-end AI smartphone will fully utilize the company's VC cooling materials [2] - Guoxin Technology has successfully tested a new generation of automotive electronic BLDC motor drive control high-performance chip [2] - Junsheng Electronics is collaborating with leading clients like Zhiyuan Robotics, with customized main control boards already in mass production [2] - Fuliwang has begun shipping metal components such as robot reducers [2] - Beijing Lier has signed strategic cooperation agreements with SenseTime and Xiwang Technology to explore AI computing power collaboration [2] - Xiandai Intelligent has successfully completed the entire process for mass production of all-solid-state batteries [2] - Tongguan Copper Foil has developed copper foil products suitable for solid-state and semi-solid-state batteries [2] - Heng Rui Pharmaceutical has received a clinical trial approval notice for HRS-4729 injection [2] - Ningbo Construction's subsidiary has won construction projects totaling 1.117 billion yuan [2] - Zhongwei Company has launched six new semiconductor equipment products [2] - China Construction Bank's CCB Financial Leasing plans to increase capital by 3 billion yuan to CCB Shipping and Aviation [2]