具体来看，茅台酒前三季度收入1105.14亿元，系列酒178.84亿元。批发渠道依然是收入主 力，前三季度收入728.42亿元。i茅台突破百亿规模，前三季度酒类不含税收入126.92亿元。 要如何理解这一业绩？ 10月29日晚，贵州茅台披露2025年三季报：第三季度实现营业收入390.64亿元，同比增长 0.56%，实现净利润为192.24亿元，同比增长0.48%。前三季度，贵州茅台实现营收1284.54亿 元，同比增长6.36%，实现归母净利润646.27亿元，同比增长6.25%。 记者丨肖夏 编辑丨高梦阳 虽然外界始终有焦虑，管理层一直强调茅台穿越周期的能力。 从今年8月底至9月下旬，茅台集团党委副书记、总经理王莉率队前往全国16个省区进行市场调 研。与全国300余家渠道商展开了对话，调研得出的结论是"茅台酒市场整体呈现稳中向好的发 展态势"。 茅台管理层调研后认为，9月以来茅台酒终端动销增长表现更加显著，充分体现了面对行业周 期调整，茅台酒"4+6"渠道体系所展现出的渠道良好韧性，同时茅台渠道体系的存销比环比显 在一些投资者看来，这一表现与茅台往年同期有差距，与茅台原定增长目标亦有距离。 对三季报业绩， ...

Core Viewpoint - Amazon announced plans to lay off approximately 14,000 employees, representing 4% of its total workforce, to streamline operations and accelerate AI deployment, marking the largest layoffs since 2022 [1][4] Group 1: Layoff Details - The layoffs are part of a broader strategic transformation within Amazon, which has seen a total of over 27,000 employees laid off in the past two years [1][4] - Affected employees will have 90 days to find new positions within the company, and those who choose to leave will receive severance pay and additional benefits [4] - The layoffs primarily target corporate staff, as Amazon's total workforce exceeds 1.54 million, with around 350,000 in corporate roles [4] Group 2: Financial Performance - Amazon's Q2 financial results showed strong performance, with net sales reaching $167.7 billion, a 13% year-over-year increase, and operating income of $19.2 billion, up 31% [1] - Despite the layoffs, Amazon's stock price increased by 1% to $229 following the announcement, indicating market resilience [1] Group 3: AI and Automation - The layoffs are driven by the increasing adoption of AI, which is seen as a transformative technology that allows for unprecedented innovation speed [5] - CEO Andy Jassy emphasized that AI will reduce the need for certain jobs while increasing demand for new roles, with over 1,000 generative AI services and applications already developed [5][6] - Amazon is investing heavily in AI infrastructure, with plans for capital expenditures of up to $100 billion by 2025, primarily for AI-related projects [9] Group 4: AWS and Competitive Landscape - AWS remains Amazon's core profit source and a key battleground in the global AI competition, with Q2 revenue of $30.9 billion, growing 17.5% year-over-year [10] - However, AWS's profit contribution to Amazon's overall operating income has decreased from 64% to 53% year-over-year, raising concerns about its leading position [11] - Recent competitive pressures include Google's investment in AI startups and AWS's significant service outage, which may affect investor confidence in its reliability [10][11]

Core Viewpoint - QFII continues to favor A-share core assets, particularly in high-end manufacturing, while also diversifying into defensive assets and sectors aligned with domestic production trends [1][7][10]. Group 1: QFII Investment Trends - In Q3, QFII increased holdings in over 500 A-share companies, with significant investments in banking, electrical equipment, building materials, chemicals, software services, machinery, and hardware sectors [3][10]. - Notable increases include 124 million shares in Nanjing Bank by BNP Paribas and 72.85 million shares in China West Electric by JPMorgan Securities, making them the top two stocks with QFII accumulation [3][6]. Group 2: Key Stocks with Increased Holdings - Key stocks with significant QFII increases include Nanjing Bank, China West Electric, Oriental Yuhong, Baofeng Energy, and Huasheng Tiancheng, among others [3][5][6]. - Specific increases include 6.52 million shares in Huasheng Tiancheng by Morgan Stanley and 3.09 million shares in Kosen Technology by UBS [4][6]. Group 3: Sector Preferences - QFII's top sectors for increased stock counts are banking, electrical equipment, and computing, with banks attracting attention due to stable dividend rates and improving performance expectations [7][10]. - The electrical equipment sector benefits from strong policy support and demand growth driven by energy transition and grid upgrades [7][10]. Group 4: Portfolio Diversification - QFII maintains a diversified portfolio, with nearly 40 firms holding a total A-share market value of approximately 119.4 billion yuan by the end of Q3 [9][10]. - Major holdings include Ningbo Bank, Nanjing Bank, and Shengyi Technology, reflecting a focus on core assets while pursuing diversification across various industries [10]. Group 5: Future Outlook - Some foreign institutions remain optimistic about Chinese assets, with recommendations to shift from "selling high" to "buying low" as market conditions evolve [11]. - Analysts suggest focusing on growth stocks, particularly leading private enterprises, AI themes, and small-cap stocks in the A-share market [11].

Core Viewpoint - Guangzhou is positioning itself as a leading hub for content creation and digital economy integration through comprehensive support policies for content creators, including funding, training, platform exposure, and commercial monetization [1][6][8]. Group 1: Policy Initiatives - On October 28, the "2025 Content Creator Carnival" was held in Guangzhou, where six districts announced support policies for content creators, aiming to provide full-chain support from inspiration to commercialization [1]. - The policies include significant financial support, such as up to 40 million yuan for eligible enterprises in Huangpu District, and annual rewards of up to 3 million yuan for content creation companies in Haizhu District [7][8]. - The initiatives emphasize service guarantees, with Nansha District offering over 100 free creative locations and support for cutting-edge technologies like VR and brain-computer interfaces [7][8]. Group 2: Industry Development - Guangzhou has established three trillion-level cultural industry clusters: creative design services, cultural equipment and consumer terminal production, and animation and gaming [3]. - The city is home to numerous creative industry parks and co-working spaces that foster talent and innovation, enhancing the collaborative environment for content creators [3][4]. - The cultural industry in Guangzhou is projected to reach over 600 billion yuan in revenue in 2024, with a 4% year-on-year growth, and the cultural industry's added value is approximately 210 billion yuan, accounting for 6.44% of GDP [6]. Group 3: Ecosystem and Collaboration - The integration of culture and technology is a key trend, with various districts enhancing their support services and nurturing industry ecosystems [4][8]. - Haizhu District has attracted major companies in the digital marketing and entertainment sectors, creating a robust ecosystem from content production to monetization [4][6]. - The report suggests that Guangzhou should consolidate cultural industry resources to create "blockbuster" cultural IPs and promote the global reach of Lingnan culture [6].

Core Viewpoint - The article discusses the recent proposal by the Central Committee of the Communist Party of China to explore the extension of compulsory education years, highlighting the need for balanced and equitable education as the country strengthens its educational framework [1][3]. Group 1: Extension of Compulsory Education - The proposal to extend compulsory education years is a response to international trends, with a significant increase in countries extending their compulsory education beyond nine years [2][3]. - Statistics from UNESCO show that in 2018, 55.6% of countries had compulsory education years greater than nine, indicating a global shift towards longer educational commitments [3]. Group 2: Implementation and Financial Support - The implementation of free education policies has been gradually expanding, with examples from various regions in China, such as Zhuhai and Shaanxi, where high school tuition has been waived [6][7]. - A significant change in financial support for free preschool education is noted, with the central government covering 50% to 80% of costs, ensuring sustainability across the nation [5][7]. Group 3: Educational Quality and Equity - The article emphasizes the importance of balancing educational quality and equity, with a focus on improving the overall educational environment from preschool to high school [10][11]. - The shift in public expectations from merely having access to education ("having school") to seeking quality education ("having good school") is highlighted as a new demand for the education system [10][11]. Group 4: Diverse Educational Development - The article mentions the need for diverse and specialized development in high school education, rather than solely focusing on university preparation, to reduce academic pressure [11][12]. - Examples from Finland illustrate how extending compulsory education can lead to a more flexible educational pathway, allowing students to choose between general high school and vocational training [11].

Core Viewpoint - The article highlights the impressive financial performance of Kingsoft Office, driven by AI product launches and refined operations, resulting in a significant increase in net profit and market capitalization [1][2]. Financial Performance - For the period from July to September, Kingsoft Office reported a net profit of 430 million yuan, a year-on-year increase of 35.42% [1][2]. - The total revenue for the same period was approximately 1.52 billion yuan, reflecting a growth of 25.33% compared to the previous year [2]. - Year-to-date revenue reached approximately 4.18 billion yuan, with a growth of 15.21% [2]. Business Strategy and Market Position - Kingsoft Office maintains a gross margin above 85% and has stable annual operating cash flow around 2 billion yuan, with no interest-bearing debt [3]. - The company is focusing on AI strategies and expanding into the government and enterprise markets, with over 18,000 clients in these sectors [7][10]. - The launch of WPS 365, which includes various AI features, aims to compete with Microsoft 365 in the enterprise software market [7][10]. Leadership and Management - Lei Jun, the founder and actual controller, has a low-profile role as honorary chairman, focusing on providing guidance without a salary [4]. - The management team, led by CEO Zhang Qingyuan, is actively pursuing a platform strategy, transitioning from a tool-based approach to a more integrated ecosystem [12][10]. AI Integration and Product Development - The introduction of WPS AI 3.0 marks a shift towards collaborative intelligent applications, enhancing user engagement with features like AI document editing and voice assistance [12]. - The company plans to invest heavily in R&D, with a budget of approximately 1.5 billion yuan for the first nine months of the year, reflecting an 18.5% increase year-on-year [13][12]. Membership and Pricing Strategy - Kingsoft Office has adjusted its membership model, introducing two tiers: Super Member and Big Member, with promotional prices of 138 yuan and 188 yuan per year, respectively [16]. - The company is exploring new pricing strategies to balance costs and user experience, particularly in response to increased token consumption for AI features [18][16].

Core Viewpoint - Yushu Technology has announced a new product that is likely a quadruped robot, emphasizing its compact size and industry-leading performance, with power performance approximately twice that of the Go2 model [1]. Group 1 - Yushu Technology officially released a product preview on October 29, highlighting the new product's compact design and advanced capabilities [1]. - The promotional material suggests that the new product's power performance is comparable to 2x that of the Go2, indicating significant advancements in technology [1].

作者丨倪雨晴 编辑丨张伟贤 视频编辑 丨 杨浩凯 10月29日美股盘前，英伟达股价涨超3%， 若保持至开盘后，将成为首家市值突破5万亿美元的公司 。 消息面上，在当地时间周二举行的GTC华盛顿大会上，英伟达创始人兼CEO黄仁勋放出多个大招。 GPU支柱上，Rubin和Blackwell芯片的预期销量超过5000亿美元； 6G领域，英伟达投资入股诺基亚，还联合电信公司推AI-RAN； 在量子计算界，英伟达推新互联技术NVQLink，将GPU计算与量子处理器联合，以构建加速量子超级计算机； 面向物理AI，英伟达与Uber合作无人驾驶，机器人、AI工厂稳步前行。 算力印钞机： GP U可见收入超5 0 0 0亿美元 目前，Blackwell是英伟达最核心的算力印钞机。按照规划，英伟达将在2026年上市下一代Vera Rubin芯片，后继版本Rubin Ultra预计2027年 推出，更远期架构是2028年的Feynman。 在这次GTC上，黄仁勋透露了惊人的销售数据。他表示， 截至2026年的未来五个季度，Blackwell与Rubin的可见收入已经超过5000亿美元， 订单量约为2000万颗GPU 。 此次，黄仁 ...

中国证监会国际顾问委员会委员高度赞赏近年来中国资本市场改革开放取得的成就，看好中国 经济和资本市场发展前景，愿继续深耕中国市场，持续扩大对华投资合作。 中共中央政治局委员、国务院副总理何立峰29日在钓鱼台国宾馆会见中国证监会国际顾问委员 会委员时表示，中国正全面贯彻落实中共二十届四中全会精神，进一步深化资本市场改革，坚 定不移扩大金融领域高水平对外开放，以金融高质量发展服务中国式现代化，欢迎更多外资金 融机构和长期资本来华投资兴业。 来源丨新华社 编辑丨金珊 实习生关晓桐 A股市值稳居全球第二 证监会发布23条措施保护投资者，解读来了 SFC 21君荐读 ...

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has issued a notification to further facilitate foreign exchange fund settlement and support stable development of foreign trade through nine policy measures aimed at optimizing convenience policies, supporting new trade business models, and enhancing the efficiency of fund usage for trade enterprises [1]. Group 1: Optimization of Convenience Policies - The expansion of cross-border trade high-level open pilot areas will cover more regions with genuine needs and compliant business entities, building on the success of the pilot program that has processed approximately $1.7 trillion in transactions since 2022 [3][15]. - The types of net settlement for cross-border trade will be broadened to include service fees related to transportation, warehousing, maintenance, and compensation, thereby reducing settlement costs [4][16]. - Simplification of procedures for multinational companies regarding the centralized collection and payment of current account funds will be implemented, allowing banks to facilitate foreign exchange business more efficiently [5][17]. - Enhanced convenience for quality enterprises in handling foreign employee salary payments will be provided, allowing banks to determine salary exchange amounts based on company-provided materials, significantly improving processing efficiency [6][18]. Group 2: Support for New Trade Business Models - Encouragement for more new trade business entities to be included in the convenience policy framework, leveraging reputable e-commerce platforms and foreign trade service companies to facilitate bank inclusion of small and medium-sized enterprises [7][21]. - Optimization of foreign exchange fund settlement for foreign trade service enterprises will be achieved by allowing banks to process transactions based on electronic trading information provided by these service companies, thus improving efficiency [8][22]. - Establishment of a mechanism for handling special foreign exchange business for current accounts will be directed, ensuring that banks efficiently process complex and innovative foreign exchange transactions with legitimate backgrounds [9][24]. Group 3: Enhancing Fund Usage Efficiency for Trade Enterprises - Relaxation of management for service trade advance payment business will allow domestic enterprises to directly handle payments for transportation, warehousing, and maintenance services at banks [11][26]. - Support for overseas project funding management for contracting enterprises will be provided, enabling centralized management of funds across different countries and projects, which will help reduce financial costs and enhance competitiveness [12][27]. - The new policies are expected to reduce overseas fund occupation by approximately 500 million RMB and decrease foreign exchange losses by around 30 million RMB annually, thereby strengthening the overall competitiveness of enterprises in overseas markets [13].