近日，商务部等8部门联合印发《关于大力发展数字消费共创数字时代美好生活的指导意 见》，提出"丰富数字消费领域供给"，鼓励企业加速研发创新，增加人工智能终端产品有效 供给，释放人工智能手机、电脑、智能机器人、可穿戴设备、桌面级3D打印设备等新产品消 费潜力。 进入AI时代，数字消费正突出地表现为三大颠覆性特征。首先是智能化与个性化。传统消费 市场受限于生产体系的刚性，容易出现供需错配问题。而AI通过深度学习用户行为数据，能 够实现消费供给的精准化与个性化。一些平台基于深度学习的推荐系统分析用户偏好，实 现"千人千面"的购物体验，不仅深入到商品匹配，更延伸到用户的生活方式与价值观层面。 其次是场景化与沉浸式。AI与VR、AR、数字孪生等技术融合，创造出超越物理限制的消费 场景。泰山景区的登山助力机器人让八旬老人攀登6000级台阶；敦煌研究院的"数字藏经 电成为标配，提供便捷、舒适、安全的居住环境；智能网联汽车、无人驾驶技术改变出行方 式，使出行更加高效、环保。在教育、医疗等公共服务领域，AI提供更公平、优质、高效的 服务。 总之，人工智能时代的数字消费已不仅是技术变革的产物，更是经济转型升级的载体。当AI 深度融 ...

记者丨唐婧 编辑丨曾芳 2025年9月26日，中国人民银行、中国证监会、国家外汇局联合发布公告，支持可在中国债券 市场开展债券现券交易的境外机构投资者开展债券回购业务。 债券回购是金融机构之间以债券为标的的短期资金融通行为，是国际上应用最广泛的流动性 管理工具之一。近年来，随着境外机构投资者持债规模不断扩大，开展债券回购业务提高资 金使用效率的需求持续增加。 截至2025年8月末，共有来自80个国家和地区的1170家境外机构进入中国债券市场，持债总量 约4万亿元人民币。中国债券已先后被纳入彭博巴克莱、摩根大通、富时罗素三大国际债券指 数。自2015年起，境外主权类机构、境外人民币业务清算行和境外参加行三类机构可以在银 行间债券市场开展债券回购业务。 随着金融市场对外开放程度不断深化，其他境外机构投资者对于通过债券回购开展流动性管 理的需求也在与日俱增。为进一步满足境外机构投资者通过债券回购开展流动性管理的需 求，促进在岸和离岸金融市场互联互通，推动中国债券市场高水平对外开放， 本次《公告》 宣布，银行间债券市场的境外机构投资者均可参与债券回购业务，包括通过直接入市和"债券 通"渠道入市的全部境外机构投资者 。 ...

目前，甘肃省地震局已派出现场工作队赶赴震区，协助地方政府开展应急处置工作。据了解， 甘肃定西、兰州等地有明显震感 。 来源丨央视新闻 编辑丨金珊 SFC 据央视新闻报道，中国地震台网正式测定， 9月27日5时49分在甘肃省定西市陇西县（北纬 34.91度，东经104.58度）发生5.6级地震，震源深度10公里 。 地震发生后， 中国地震局迅速启动三级应急服务响应 ，要求有关单位开展联合会商，加强震 情监测和震后趋势研判，及时报告有关情况。 ...

Group 1 - The Hong Kong High Court is hearing a case regarding the offshore assets of Wahaha Group founder Zong Qinghou, valued at approximately $1.8 billion (around 12.8 billion RMB) [1][5] - The court rejected the appeal from the defendant, Zong Fuli, and her associated company JIANHAO Investment Limited, but allowed a temporary suspension of the disclosure order pending a new appeal to the appellate court [1][4] - The plaintiffs in the case are Zong Jichang, Zong Jieli, and Zong Jisheng, who are seeking to confirm their trust rights over the assets controlled by the defendant [3][7] Group 2 - The assets frozen by the Hong Kong High Court are believed to be related to a proposed offshore trust set up by Zong Qinghou, and the freezing order will remain until the final ruling from the Hangzhou Intermediate People's Court and Zhejiang High People's Court [5][7] - Following Zong Qinghou's death in February 2024, disputes over the distribution of his estate, particularly the offshore assets, have arisen within the family [6][7] - Concurrently, a separate case is being heard in Hangzhou regarding a 24.6% stake in Wahaha held by the employee stock ownership plan, with former employees contesting a buyback agreement signed in 2018 [7]

Market Overview - The U.S. stock market opened higher on September 26, with the Dow Jones up 0.49% and the S&P 500 up 0.26%, while the Nasdaq experienced a slight decline of 0.02% [1] - The Nasdaq China Golden Dragon Index fell by 1.72%, indicating a general pullback in Chinese concept stocks [2] Key Stock Movements - Major Chinese concept stocks saw significant declines, with Kingsoft Cloud down over 11%, Daqo New Energy down more than 8%, Bilibili down over 5%, and NIO down over 6% [2] - Among the tech giants, Tesla rose by 0.43%, Amazon by 0.37%, while Nvidia fell by 0.9% [3] Gold and Silver Market - Gold prices surged, reaching approximately $3,780 per ounce, with a rise of about 0.8%. By 23:00, London gold was up 0.79% at $3,778.475 per ounce, and silver increased by over 1% [3] - Deutsche Bank noted that gold prices reached record highs due to heightened risk aversion among investors, who are concerned about significant downside risks in the stock market [5] - Goldman Sachs projected that gold prices could soar to $4,000 per ounce by 2026 under baseline scenarios, and potentially reach $4,500 per ounce in tail risk scenarios. If just 1% of U.S. Treasury holdings were to flow into gold, prices could approach $5,000 per ounce [5] Long-term Outlook for Gold - Analysts from Huatai Securities indicated that despite short-term pressures from interest rate cuts, the long-term trend for gold prices remains bullish due to potential shifts in U.S. monetary policy after the current Fed Chair's term ends [5]

记者丨 张伟泽 | HKEX HKD 16:08:12 | | | | | | | | 通 / 口 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 委比 | 90.91% 委差 | | 1.00万 | 交生 | | 0.00% 120日 | | 0.00% | | 卖工 | 144.500 | | - ) | 5日 | | -4.47% 250日 | | 0.00% | | 卖四 | 144.400 | - | - ) | 20日 | | 164.45% 52周高 | | 679.50 | | 英三 | 144.300 | - | - ) | 60日 | | 321.80% 52周低 | | 20.20 | | 卖二 | 144.200 | - | - ) | | | 2023 | 2024 | 2025H1 | | 享一 | 144.100 | 500 | 1) | EbS | | -0.90 | -0.72 | -0.32 | | 蓝一 | 143.100 | 1000 | 2) | BPS | | | | 1.47 | | 买二 | ...

Group 1 - Ralph Lauren achieved a significant victory in the field of intellectual property rights in China, with the Beijing High Court confirming the "POLO" trademark as a well-known trademark in the category of clothing goods [2][3] - The case, which lasted for eight years and involved over 600 lawsuits, concluded with Ralph Lauren's final victory, reinforcing the recognition and protection of its trademark [2][3] - The Beijing High Court upheld the previous ruling by the Guangzhou Intellectual Property Court, reiterating that the existence and use of the contested trademark could mislead the public and harm Ralph Lauren's interests [3][4] Group 2 - The core controversy surrounding the "POLO" trademark involved its common usage in the clothing category, with discussions on whether it could be considered a generic term [3][4] - Legal experts emphasized that while "POLO" is a common English word, its application in marketing and sales could constitute trademark infringement if it leads consumers to associate it with Ralph Lauren [4]

Core Viewpoint - JD.com is positioning itself as a leader in the AI ecosystem, aiming to create a trillion-dollar industry by integrating AI deeply into its operations and addressing real business needs rather than merely pursuing technological trends [3][4][19]. Group 1: AI Product Launch and Strategy - On September 25, JD.com unveiled its comprehensive AI landscape, including three major AI products and four application scenarios, indicating a shift towards mass production in AI applications [3][4]. - JD.com emphasizes a practical approach to AI, focusing on solving genuine industry problems rather than chasing fleeting trends [5][19]. - The company has iterated its AI value formula to highlight the importance of "industry depth" as a core variable in measuring AI's value, alongside models and user experience [6][8]. Group 2: User-Centric AI Solutions - JD.com's AI products are designed to enhance user experience by addressing specific shopping and service needs, moving away from generic entertainment-focused AI [9][10]. - The upcoming JD Xi APP aims to redefine the shopping experience by providing personalized recommendations through deep interaction and understanding of user preferences [10][19]. - JD.com is leveraging its extensive data and insights to create a seamless connection between users and relevant services, potentially transforming the e-commerce landscape [10][21]. Group 3: Supply Chain and Industry Empowerment - JD.com is utilizing its AI capabilities to enhance supply chain efficiency and empower various industries, acting as a "brain" that accelerates digital transformation [12][16]. - The company has demonstrated the practical application of AI in real-world scenarios, such as automating coffee orders through its digital assistant, showcasing the potential for AI to integrate into business operations [14][21]. - JD.com’s Joy Inside platform provides standardized AI capabilities to hardware manufacturers, significantly improving user interaction metrics [16][17]. Group 4: Sustainable and Scalable AI Applications - JD.com’s AI initiatives are characterized by their practicality, creating closed-loop systems that enhance both consumer and business experiences [19][20]. - The company’s logistics and retail environments serve as natural testing grounds for AI applications, yielding replicable results that can guide traditional industries in their digital transformation [19][21]. - JD.com’s industrial AI model, Joy Industrial, has achieved significant efficiency improvements, demonstrating the transformative potential of AI in supply chain management [20][21].

Core Viewpoint - The ongoing legal dispute over the Wahaha family's inheritance has seen new developments, with the Hong Kong High Court rejecting the appeal application from the defendant, represented by Zong Fuli [1][2]. Group 1: Legal Proceedings - The Hong Kong High Court ruled that Zong Fuli cannot withdraw funds from Jian Hao Ventures Limited's HSBC account until the case in Hangzhou is resolved, unless ordered otherwise by the court [1]. - The defendants, led by Zong Fuli, have filed an appeal against the asset freeze imposed by the Hong Kong court, which was intended to support the litigation in Hangzhou [2]. - A "temporary stay of disclosure order" has been granted, allowing the defendants to withhold information about the HSBC account balance and asset movements while they seek to appeal [3][4]. Group 2: Business Implications - Zong Fuli's side is under pressure as the company plans to rebrand to "Wawaixiong" starting from the 2026 sales year, indicating potential challenges in brand acceptance amid ongoing disputes [5]. - The Wahaha Group's 29.4% equity has been confirmed to be inherited solely by Zong Fuli, which has been registered, but the family inheritance dispute continues to create uncertainty [5].

记者丨 张伟泽 编辑丨和佳 9月26日，香港金融管理局与中国人民银行、中国证券监督管理委员会和国家外汇管理局共同 推动的跨境债券回购业务正式推出。 资料图 中国人民银行、中国证监会、国家外汇管理局于9月26日联合发布了《关于进一步支持境外机 构投资者在中国债券市场开展债券回购业务的公告》（下称《公告》），支持所有已进入内地 在岸债券市场的境外机构（包括债券通投资者）参与在岸债券回购业务，从在岸市场获得人民 币流动性，并汇出境外使用。【详见： 三部门：进一步支持境外机构投资者在中国债券市场 开展债券回购业务 】 香港金管局表示，该措施是继香港金管局于今年2月推出离岸人民币债券回购业务之后的又一 项重要政策，将为香港离岸人民币市场提供更稳定的流动性，有效降低人民币融资成本。跨境 回购和离岸人民币回购业务相辅相成，能满足离岸投资者的资产配置和流动性管理需求，盘活 人民币债券持仓，从而进一步提升在岸债券的国际吸引力，增强人民币在国际市场的投融资功 能。 目前，我国质押式债券回购与国际市场债券回购在操作上存在一定差异。中国人民银行、国家 外汇管理局有关负责人指出，《公告》发布后，境外机构投资者在银行间债券市场开展债券回 ...