Core Viewpoint - The recent appointment of Yu Chengdong as the head of Huawei's Product Investment Review Board (IRB) is seen as a strategic move to strengthen the company's focus on artificial intelligence (AI) and core business breakthroughs [5]. Group 1: Leadership Changes - Yu Chengdong has been appointed as the director of the Product Investment Review Board, a decision personally signed by Ren Zhengfei [1]. - Yu Chengdong continues to serve as Huawei's Executive Director and Chairman of the Terminal BG, overseeing Huawei's terminal and HarmonyOS-related businesses [2]. Group 2: Strategic Focus - Analysts view the leadership change as a significant step in Huawei's AI strategy and its commitment to core business development [5]. - Huawei's report "Intelligent World 2035" predicts a rapid arrival of an intelligent world, with over 90% of Chinese households expected to own smart robots, leading to immersive technological transformations in home environments [5]. Group 3: Product Milestones - On September 29, Yu Chengdong announced that the number of HarmonyOS 5 terminal devices has surpassed 20 million, achieving the milestone of 10 million devices in just two months after reaching the first 10 million [5]. Group 4: Role of the Product Investment Review Board - The Product Investment Review Board (IRB) is a key decision-making body within Huawei, responsible for evaluating resource allocation for major strategic directions, project approvals, and budget assessments [7]. - The IRB aims to ensure efficient resource allocation towards core strategic goals, providing precise support and decision-making for business development [7].

据新华社报道，日前，中共中央决定：王伟中同志任内蒙古自治区党委委员、常委、书记，孙 绍骋同志不再担任内蒙古自治区党委书记、常委、委员职务。 来源丨新华社 编辑丨黎雨桐 SFC ...

中共中央政治局9月29日召开会议，研究制定国民经济和社会发展第十五个五年规划重大问 题。会议决定，中国共产党第二十届中央委员会第四次全体会议于10月20日至23日在北京召 开。 近日，中国人民银行货币政策委员会召开第三季度例会。例会将此前的"实施好适度宽松的货 币政策"改为"落实落细"，与7月底中央政治局会议的部署保持一致，这意味着政策着力点将转 向执行层面。 而货币政策之所以着力在存量的执行层面，应主要基于两个原因：一方面，当前经济保持平 稳，宽松必要性不强。例会对国内经济运行的描述从二季度的"呈现向好态势"调整为"稳中有 进"，将"高质量发展扎实推进"改为"取得新成效"，在困难和挑战方面删掉了此前"风险隐患较 多"的表述，仅保留"国内需求不足、物价低位运行"，显示出对经济基本面的信心有所增强。 从今年前8个月数据来看，规模以上工业增加值累计同比增长6.2%，略低于上半年的6.4%，服 务业生产指数累计同比增长5.9%，与上半年持平。当前经济增速保持在5.0%的目标水平之 上，实现全年经济社会发展目标任务可期，暂时无需政策加码。 另一方面，则由于货币宽松一定程度上受到净息差收窄的影响。央行多次表示，中国的货 ...

Core Viewpoint - The article discusses the ongoing debate of whether to hold stocks or cash during the upcoming National Day and Mid-Autumn Festival holidays, with a prevailing optimism among institutions favoring stock holdings due to historical trends indicating a higher probability of market gains post-holiday [1][4]. Group 1: Market Sentiment and Predictions - Multiple brokerages, including CITIC Securities, suggest a 60% probability of A-share gains in the five trading days following the National Day holiday, particularly in a bull market where such gains tend to be sustained [1][4]. - A survey indicates that over 65% of private equity respondents prefer to hold a heavy or full position (over 70% allocation) during the holiday, reflecting confidence in market opportunities despite recent market fluctuations [1][5]. Group 2: Historical Trends and Analysis - Historical data shows that in the last decade, the probability of the A-share market rising after the National Day holiday is significant, with 10 out of 15 years seeing gains in the five trading days following the holiday [4][5]. - The Hang Seng Technology Index has a 72.86% probability of rising in the seven trading days post-holiday, outperforming the Hang Seng Index's 65.71% [4]. Group 3: Factors Influencing Market Movements - Key factors affecting post-holiday A-share performance include policy changes, external events, liquidity conditions, and fundamental market conditions [5][6]. - The liquidity environment is expected to remain loose, which could support market gains, while tightening could lead to weakness [5][6]. Group 4: Investment Themes for Q4 - Institutions are optimistic about investment opportunities in Q4, with themes such as new sectors, AI, robotics, and "anti-involution" being highlighted as key areas of focus [1][8]. - Analysts predict that the market may challenge new highs, driven by anticipated policy changes and economic expectations related to the "14th Five-Year Plan" [8][9]. Group 5: Sector-Specific Insights - New sectors, including renewable energy, robotics, and semiconductors, are expected to maintain structural growth, presenting investment opportunities [9][10]. - Traditional sectors like innovative pharmaceuticals, consumer electronics, and metals have already seen significant gains but still hold value due to improving demand and supply dynamics [10].

Core Viewpoint - The article highlights the significant rise in gold prices, which have reached a historical high of $3,800 per ounce, marking a 45% increase this year, the largest annual gain since 1979. This surge is expected to influence the jewelry market as brands adjust their prices ahead of the upcoming holiday season [1][4]. Price Adjustments by Jewelry Brands - Multiple jewelry brands have raised their "one-price" product prices due to the rising gold prices. For instance, Chow Tai Fook announced that price adjustments would begin in October, with some popular items seeing increases of 30% to 40% [4][3]. - Chao Hong Ji has also started changing price tags, with certain items seeing price hikes between 200 to 500 yuan. The adjustments are based on gold market trends and the company's marketing strategies [4]. - On September 24, Chow Sang Sang increased the prices of its gold jewelry by 100 to 500 yuan, with variations depending on the style [4]. Market Dynamics and Investment Trends - The recent surge in gold prices has attracted significant global investment, with SPDR increasing its holdings by 18.9 tons on September 19 and reaching a total of 1,005.72 tons [8]. - Bank of America reported a record inflow of $17.6 billion into the gold market over the past four weeks, indicating strong investor interest despite warnings of an "overbought" status [8]. - Analysts suggest that the current gold price increase is driven by lower opportunity costs due to declining dollar asset yields and heightened geopolitical tensions, particularly in the Middle East [9].

Core Viewpoint - The article highlights the successful launch of the "Star People Delicious Moments Series" by Pop Mart, which has generated significant consumer interest and high resale prices on secondary markets, indicating strong demand and potential for the brand to diversify beyond its reliance on the Labubu series [1][4][8]. Group 1: Product Launch and Market Response - The "Star People Delicious Moments Series" blind boxes were set to launch on September 29, and even before the official sale, products were being pre-ordered on second-hand platforms [1]. - Upon official release, the products sold out within minutes, with over 360,000 people adding the plush cookie keychain to their carts, while only 20,000 units were available on Tmall [1]. - The resale prices on second-hand platforms have surged, with the original price of 69 yuan for the figurine rising to 119 yuan, and the hidden variant "Little Bear Cookie" reaching a peak price of 689 yuan, reflecting a nearly 10-fold premium [4]. Group 2: Financial Performance and IP Diversification - Concerns had previously been raised about Pop Mart's heavy reliance on the Labubu series, which accounted for 34.7% of the company's total revenue of 138.76 billion yuan in the first half of 2025 [8]. - The introduction of the Star People series has shown promising results, generating over 100 million yuan in its first year and 390 million yuan in the first half of 2025, making it one of the fastest-growing new IPs for Pop Mart [8]. - The Star People series emphasizes themes of warmth and healing, resonating with the emotional consumption trends among younger consumers [8]. Group 3: Market Position and Stock Performance - As of September 29, Pop Mart's stock closed at 261.8 HKD per share, with a total market capitalization of 351.6 billion HKD, reflecting a 19.3% decline over the past month [8].

Core Viewpoint - The Nanjing metropolitan area is entering a new phase of development planning, with a projected GDP exceeding 5.4 trillion yuan in 2024, positioning it among the top metropolitan areas in China [1][3]. Group 1: Development Planning - The modern metropolitan area planning began in 2019, with the National Development and Reform Commission (NDRC) issuing guidelines for the cultivation and development of modern metropolitan areas [3]. - As of now, there are 17 national-level metropolitan areas approved by the NDRC, including Nanjing, Fuzhou, Chengdu, and others, with many initiating new planning cycles [3][4]. - The focus of the new planning includes spatial layout, cooperation mechanisms, and urban integration [3]. Group 2: Urban Integration and Collaboration - Nanjing is transitioning from "geographical proximity" to "functional enhancement," emphasizing integrated transportation, industrial collaboration, public service co-construction, and cross-provincial governance [4][6]. - The metropolitan area is recognized for its advanced urban integration, with efficient transportation links allowing for 30-minute commutes to core cities like Zhenjiang and Yangzhou, and 1-hour commutes to cities like Chuzhou and Ma'anshan [6]. - However, there are identified shortcomings in transportation efficiency, industrial homogeneity, and public service availability that need to be addressed in the new planning [6][8]. Group 3: Key Focus Areas for New Planning - The new planning emphasizes transportation integration through "railway metropolitan areas," aiming for a one-hour commute and improved connectivity [8]. - In terms of industry, the focus is on strengthening the "headquarters + base" model to promote cross-regional industrial chain integration [8][9]. - Public service improvements are also a priority, including the distribution of educational and healthcare resources, as well as social security integration [8][9]. Group 4: Policy and Market Dynamics - The central government has shifted its urban development focus from "incremental expansion" to "quality enhancement," emphasizing coordinated development across various sectors [9]. - The effectiveness of the new metropolitan area planning will depend on the establishment of an "effective market" and the practical implementation of policies that support sustainable industry [9][12]. - The recent approval of the Hefei metropolitan area as a pilot for market-oriented reform highlights the potential for broader regional coordination and resource optimization [11][12]. Group 5: Lessons from Existing Metropolitan Areas - Existing metropolitan areas provide valuable lessons for new and future metropolitan areas, particularly in addressing industrial imbalances and administrative barriers [13]. - The relationship between central and surrounding cities is crucial, with successful examples demonstrating the importance of resource sharing and collaborative development [13][14]. - The dual circulation of public services, as seen in Wuhan, showcases effective strategies for talent distribution and service enhancement across metropolitan areas [14].

Group 1: Market Performance - Major U.S. stock indices opened higher with mixed performance, while large tech stocks saw gains, including Micron Technology up over 4% and Nvidia up about 3% [1] - Chinese concept stocks collectively rose, with the Nasdaq Golden Dragon China Index increasing by over 2%, and notable gains from companies like Xiaoma Zhixing up nearly 10% and Alibaba up over 4% [3][4] Group 2: Gold Market - Gold prices reached a new historical high, surpassing $3,820 per ounce, with a year-to-date increase of approximately 45%, marking the largest annual gain since 1979 [5][7] - The inflow of funds into the gold market reached a record of $17.6 billion over the past four weeks, indicating strong investor interest despite warnings of an "overbought" status [7] - Deutsche Bank raised its 2026 gold price forecast by $300 to $4,000 per ounce, while Barclays strategists noted that gold prices do not appear overvalued compared to the dollar and U.S. Treasuries [11] Group 3: Commodity Market Trends - Basic metal futures showed collective strength, contrasting with a significant drop in international oil prices, with WTI crude oil falling over 3% [9][10]

Core Viewpoint - The article highlights the evolving landscape of vocational skills and the increasing importance of skilled labor in various industries, particularly in the context of the Third National Skills Competition, where younger generations are stepping into roles traditionally dominated by higher education graduates [2][3][13]. Group 1: Skills Competition and Youth Participation - The Third National Skills Competition took place in Zhengzhou, attracting 3,420 participants across 106 projects, with an average age of 24, and 70% of participants being under 25 [2][3]. - Young talents like Huang Junhao and Qiu Shubin have achieved significant success in their respective fields, winning gold medals in industrial design and jewelry processing, showcasing the potential of vocational education [2][5]. Group 2: Industry Demand for Skilled Labor - The demand for skilled labor is driven by the rapid transformation of industries, particularly in intelligent manufacturing, where companies are facing a severe shortage of skilled workers [11][12]. - The total number of skilled workers in China has surpassed 220 million, with over 72 million being high-skilled, indicating a growing recognition of vocational training [3][11]. Group 3: Policy Initiatives and Talent Development - Various provinces, including Guangdong and Jiangsu, are implementing policies to attract skilled talent, such as lowering residency requirements and enhancing vocational training programs [11][12]. - Guangdong's recent initiatives aim to strengthen the high-skilled talent pool, with a focus on improving compensation and establishing a skills-based incentive system [12][13]. Group 4: Future Prospects and Industry Trends - The article emphasizes the shift in career paths for young individuals, moving away from traditional academic routes towards skill-based professions, which are increasingly valued in the job market [3][13]. - The automotive industry, particularly in the context of electric vehicles, is experiencing a surge in demand for skilled technicians, with companies like Guangzhou Wind God Automotive Co. expanding their workforce to meet these needs [9][11].

记者丨 吴佳霖 每2000人拥有一家咖啡店，10余位国家级冠军诞生于此 ，2025年迎来一位新的冲煮世界冠军 ——这些耀眼的数据并非来自某座一线消费都市或以盛产咖啡而闻名的云南或海南，而是偏于 西南一隅的 贵阳 。 2025年，贵阳因咖啡火速"出圈"，打卡一杯网红咖啡成为大量游客来贵阳旅游的新选择；小红 书上与贵阳咖啡有关的话题浏览量接近2000万人次；甚至代表贵阳参加"2025年城市足球邀请 赛"的球队名称，也被命名为"贵阳咖啡队"，他们打败了北海公仔饭店队、醉美泸州队、菏泽 牡丹队等其他15支来自国内其他城市的球队，夺得冠军。 跳出这些热度，值得追问的是：在缺乏产地优势、品牌积淀与资本加持的前提下，"咖啡之 城"这张贵阳文旅新名片如何能打得更响？另一方面， 以盛产咖啡豆闻名的云南和海南，为何 在这一轮的城市营销竞争中败下阵来？ 编辑丨蒋韵 图：受访者供图，下同 贵阳的成功并非偶然 对于很多咖啡师而言，贵阳目前是国内独立咖啡店的一方净土——连锁咖啡品牌还未如其他城 市一样在贵阳遍地开花，独立咖啡店在贵阳肆意生长，从咖啡店的装潢、咖啡豆选择到成品命 名，都带着鲜明的"主理人"审美特色与本地味觉记忆，如本地人每 ...