见习记者丨李益文 编辑丨叶映橙 9月25日，《辟谣财知道》注意到，市场有传闻称，字节跳动准备在中国香港上市。 对此，抖音集团副总裁@抖音集团李亮 发文辟谣称：一大早就有朋友问， 不排除有人想炒 作"字节概念股"而故意放的假消息。 请大家不要信谣传谣， 市场很多所谓"字节概念股"的信 息不实， 请大家谨慎投资。 今日盘中，字节跳动概念股集体走强，抖音概念指数（885890.TI）大幅拉升，截至13时09 分，报1744.54点，涨幅达1.2%，板块内多只成分股涨停。 事实上，字节跳动此前曾多次传出被整体或部分业务独立上市传闻。 2020年，有媒体报道称字节跳动考虑推动抖音业务单独在香港上市。报道援引知情人士消息 称，高盛等多家投行曾与字节跳动沟通承销事宜。对此，字节跳动相关负责人曾回复称，在考 虑部分业务上市计划，但还没有最后确定。 2025年4月，又有消息称其拟将沐瞳与朝夕光年打包赴美股IPO，字节方面回应称"目前没有上 市计划"。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 出品 | 2 1财经客户端 南财快讯工作室 SFC 21君荐读 创业板大涨，宁德时代总市值超贵州茅台，科技 ...

Core Viewpoint - The article discusses the unusual climate phenomena in North China, highlighting the simultaneous occurrence of extreme rainfall and high temperatures, which raises concerns about urban safety, energy stability, and climate adaptability [1][3]. Climate Anomalies - This year, North China's rainy season started over 10 days earlier than usual, with the longest duration and highest cumulative rainfall recorded historically, while the national average temperature reached the highest for the same period [3][5]. - The simultaneous occurrence of extreme weather is attributed to the abnormal activity of the subtropical high-pressure system, which has disrupted the typical seasonal patterns [3][4]. Regional Climate Variations - The subtropical high-pressure system's early northward movement has led to prolonged rainfall in North China, while areas under its influence experience high temperatures and humidity, creating a "sauna-like" environment [3][4]. - The climate differentiation within the region results in localized weather extremes, with some areas experiencing heavy rainfall while others remain hot and dry [4]. Disaster Preparedness in Mountainous Areas - Rural and mountainous areas are more vulnerable to extreme weather, with rapid rainfall leading to flash floods, especially in regions where housing is built in flood-prone areas [7][8]. - Recommendations for improving disaster preparedness include enhancing early warning systems, optimizing spatial layouts to avoid building in hazardous areas, and conducting risk drills to raise public awareness [8]. Challenges in Meteorological Forecasting - The prediction of large-scale climate anomalies is challenging, as traditional models struggle to accurately capture the systemic deviations in rainy seasons and flood periods [9]. - Mountainous regions face difficulties in monitoring extreme rainfall due to the small-scale, short-duration, and high-intensity nature of such events, which complicates timely warnings [9][10]. Energy Transition and Climate Change - The acceleration of climate change is primarily driven by human activities, particularly greenhouse gas emissions, with the potential for extreme weather to become a new norm [12][13]. - The article emphasizes the need for energy transition to mitigate climate change effects, advocating for the development of renewable energy sources and improved energy security [12][13]. Urban Climate Resilience - Urban climate resilience is hindered by planning delays, with existing cities often lacking adequate infrastructure to handle extreme weather events [15]. - Investment in rural disaster preparedness is prioritized, as rural areas face more immediate threats from extreme weather compared to urban centers [15].

Market Overview - The A-share market experienced a morning rally on September 25, with the ChiNext Index reaching a three-year high, closing with the Shanghai Composite Index up 0.16%, the Shenzhen Component Index up 1.14%, and the ChiNext Index up 2.22% [1][2] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.5 trillion yuan [1] Sector Performance - Sectors such as gaming, AI applications, and controllable nuclear fusion saw significant gains, while port shipping, precious metals, and tourism sectors faced declines [2] - The technology sector continued to strengthen, with the Sci-Tech 50 Index rising by 1.8% [8] Notable Company Developments - Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock price exceed 400 yuan, with a total market capitalization surpassing 1.83 trillion yuan, overtaking Kweichow Moutai and China Construction Bank [4][6] - Chery Automobile successfully listed on the Hong Kong Stock Exchange, with a market capitalization approaching 200 billion Hong Kong dollars, and its stock price rose by 8.55% on the first day of trading [5] Commodity Insights - A significant copper price increase was noted due to a landslide incident at Freeport McMoRan's Grasberg mine in Indonesia, which has halted production and raised supply chain concerns [10] - The London Metal Exchange (LME) copper price rose by 3.27%, reaching 10,320 USD per ton, the highest level since June 2024 [10] Robotics and AI Developments - The robotics sector is experiencing a surge in market sentiment, driven by Tesla's announcements regarding its humanoid robot and significant stock purchases by Elon Musk [8][9] - The collaboration between Alibaba Cloud and NVIDIA in the Physical AI domain is expected to enhance the development cycle for applications in embodied intelligence and autonomous driving [8]

Core Viewpoint - The article emphasizes the urgent need for diversified and multi-layered elderly care insurance products in response to China's aging population, highlighting recent policy developments aimed at enhancing the insurance framework for elderly care institutions [1][5]. Group 1: Policy Developments - The Beijing Civil Affairs Bureau issued guidelines to improve comprehensive liability insurance for elderly care institutions, covering various liabilities such as accidental injury, legal fees, and third-party responsibilities [1][3]. - The implementation of these guidelines is seen as a move towards ensuring comprehensive insurance coverage for elderly care facilities, with similar initiatives reported in regions like Xinjiang, Hebei, and Shanghai [1][5]. Group 2: Insurance Products - Elderly care liability insurance is designed to compensate for economic liabilities incurred by care institutions due to accidents involving residents, including personal injury and legal costs [3]. - The development of long-term care insurance (LTCI) is crucial, especially as the population of elderly individuals requiring long-term care grows, with over 1.8 billion people expected to be insured by the end of 2024 [5]. Group 3: Challenges and Innovations - Despite advancements, LTCI faces challenges such as low coordination levels, inconsistent benefits, and insufficient coverage for rural areas and dementia patients [6]. - The market is witnessing innovations like dedicated commercial elderly insurance products and inclusive health insurance options that cater to the needs of the elderly population [8]. Group 4: Future Outlook - The Chinese government is pushing for the development of a robust elderly care financial system, emphasizing the need for innovation in pension insurance products and improved financial services for the elderly [8][9]. - Experts suggest leveraging financial technology to reconstruct the elderly care ecosystem, focusing on personalized asset allocation and integrating AI and big data for better service delivery [9].

Core Viewpoint - The PCB (Printed Circuit Board) industry is a crucial component of modern electronic products, with China leading the global market in production value and growth rate [1][3]. Industry Overview - The global PCB market is projected to reach $73.565 billion in 2024, with a year-on-year growth of 5.8%, while China's market is expected to reach $41.213 billion, growing at 9.0% [1]. - Guangdong province accounts for approximately 60% of China's PCB production capacity, housing a cluster of listed companies with a combined market value exceeding one trillion yuan [3][6]. Historical Development - China's PCB industry has evolved from limited production capabilities in the 1950s to becoming the world's largest producer by the mid-2000s, with significant contributions from Taiwan and Japan [5][6]. - The industry is concentrated in the Pearl River Delta and Yangtze River Delta regions, with Guangdong being the primary production base [5]. Market Dynamics - As of September 2025, there are 43 listed PCB companies in China's A-share market, with a total market capitalization of 1.46 trillion yuan, representing 1.27% of the total A-share market [6]. - Major cities for PCB companies include Shenzhen, Huizhou, Changzhou, and Shanghai, with Guangdong's listed companies valued at 1.03 trillion yuan [6]. Regional Development - The PCB industry is experiencing a shift towards midwestern cities, with regions like Jiangxi and Anhui emerging as new hubs due to favorable policies and cost advantages [8][10]. - Xinfeng County in Jiangxi has attracted over 200 electronic enterprises, achieving a production value of 22.887 billion yuan in 2024, marking a 23.2% increase [9]. - Guangde County in Anhui has developed into a significant PCB production area, with over 92 electronic circuit companies and an annual output exceeding 10 billion yuan [10]. Technological Advancements - The rise of AI technology is driving demand for high-performance PCBs, particularly for applications in AI servers and smart driving, necessitating advanced manufacturing processes [12]. - Leading companies in the PCB sector are increasing investments in high-end production capabilities, particularly in Zhuhai, which is becoming a new center for high-end PCB manufacturing [12][14]. Investment Trends - Major PCB manufacturers are planning significant expansions, with investments in advanced PCB production facilities across various cities, including Zhuhai and Huizhou [13][14]. - For instance, Jingwang Electronics is investing 5 billion yuan in a high-end HDI production project in Zhuhai, while Dongshan Precision has a total investment plan of $1 billion for its operations [13][14].

临近中秋国庆"双节"，飞天茅台酒再度成为关注焦点，尤其是其价格。不少消费者注意到，部分自媒 体比价平台显示的飞天茅台酒价格，与自己在终端门店实际购买的价格并不一致；在电商平台，飞天 茅台酒的价格也是"五花八门"，甚至不乏"超低价"。 多地酒商告诉笔者，现在网络平台涌现一些专门发布酒类行情价格的自媒体平台，每天发 布茅台、五粮液、泸州老窖等名酒产品实时行情价格。 笔者查阅这些平台账号每天的报价发现，同款产品的报价存在差异，在5 3度5 0 0ml飞天茅 台酒这款产品上尤为明显。以9月2 3日- 2 4日飞天茅台酒散瓶价格为例，报价从1 7 6 0 - 1 8 5 0 不等，相关信息标题直接点出"飞天茅台价格持续上涨"，但涨幅也存在差异，有2 0元、3 0 元、4 0元不等。 为何会出现这种状况？带着这个疑问，笔者9月2 3日分别调研了多省市酒商以及部分电商平 台，尝试揭开飞天茅台酒终端零售价格背后的"真实"与"幻象"。 市场实探： "飞天"终端零售价总体平稳 笔者发现，各地飞天茅台酒终端零售价格仍维持在1 9 0 0元左右，近期价格随着双节需求增 长，呈现小幅波动上升态势，总体较为稳定。 存在价格区间的主要原因 ...

Core Viewpoint - Huawei has transitioned from a technology provider to a significant player in the automotive industry, establishing a comprehensive sales and service network while maintaining control over its brand and operations [7][28][30]. Group 1: Huawei's Automotive Strategy - Huawei's automotive business has evolved from initial skepticism to becoming a key partner for various car manufacturers, now collaborating with eight major state-owned car companies [7][8]. - The company has developed a structured sales model called "Hongmeng Zhixing," which integrates sales, delivery, and service functions under a unified management system [14][22]. - The sales strategy has shifted from a dual-channel approach to a more centralized model, allowing Huawei to exert greater control over the customer experience and operational standards [12][14][17]. Group 2: Sales and Distribution Channels - The establishment of "Hongmeng Zhixing" user centers has allowed Huawei to rapidly expand its service network by converting existing luxury brand showrooms into its own centers [18][19]. - Different types of stores, such as direct stores, authorized experience stores, and user centers, have been created to cater to various sales and service needs [21][22]. - The sales process emphasizes a standardized approach, with strict adherence to Huawei's operational guidelines to ensure a consistent customer experience across all locations [24][25]. Group 3: Product Development and Market Positioning - Huawei's product development strategy is heavily influenced by user feedback, allowing it to create vehicles that resonate with consumer needs, particularly in the high-end market [26][30]. - The company aims to position itself as a "super supplier" rather than a traditional car manufacturer, focusing on providing comprehensive solutions for smart vehicles [30][32]. - Huawei's approach to automotive sales reflects its broader strategy of leveraging its technological expertise while avoiding the pitfalls of direct vehicle manufacturing [28][32].

你还在谈论出口"新三样"吗？中国经济的新"新三样"已经来了！最近大家有没有注意到，A股 流传起了"纪联海""易中天"这样的代码暗语，北交所机器人概念股年内翻倍，恒瑞医药市值逼 近5000亿……这些看似分散的市场热点，背后其实串联着一条清晰的主线。 在近期的一次重要发布会上，证监会主席吴清透露了一个关键信号：A股科技板块市值占比已 经突破1/4，超越了金融和地产的总和！ 这信号再明显不过了： 机器人、人工智能和创新药正接过经济增长的接力棒，成为中国经济 高质量发展的新"新三样" ！今天，我们就来聊聊，这场关乎国运的产业跃迁背后，究竟藏着 怎样的逻辑与机遇。 我们先回答一个核心问题：新"新三样"为什么是它们？为什么是现在？ 机器人领域，特别是人形机器人，被很多人看作是继电脑、手机、新能源车之后，下一个可能 改变世界的智能终端。A股龙头汇川技术市值超2000亿，三协电机首日涨幅惊人地超过 785%，宇树科技、智元机器人这些还没上市的"潜力股"也成为了资本追逐的"香饽饽"。 AI更不用说了，市值千亿以上的公司已有好几家，"纪联海"，寒武纪、工业富联、海光信息， 搞的是AI算力芯片和基础设施这块的硬骨头，今年上半年订单 ...

Core Viewpoint - The article highlights the rapid rise in international gold prices and the subsequent increase in domestic gold jewelry prices, leading to a shift in consumer preferences towards "hard gold" products, particularly among younger generations [1][5][12]. Market Trends - Since September, international gold prices surged from $3,400 to over $3,700 per ounce, prompting domestic gold jewelry prices to rise above 1,100 RMB per gram [1]. - The hard gold category has captured over 20% of China's gold jewelry retail market in 2024, especially favored by Generation Z and millennials [1][5]. Product Characteristics - Hard gold is defined by a minimum hardness of 60HV and a gold content of at least 990‰, achieved through advanced manufacturing techniques [3][11]. - The product is characterized by being harder, lighter, and shinier compared to traditional gold, making it suitable for intricate designs and enhancing comfort for wearers [3][8][11]. Consumer Behavior - Despite a decline in gold jewelry demand, the total expenditure on gold jewelry remained stable at 137 billion RMB (approximately $19 billion), indicating consumers are spending more for less gold due to rising prices [5]. - Hard gold products address consumer pain points by offering a variety of attractive designs at fixed price points, appealing particularly to young female consumers [5][12]. International Expansion - The World Gold Council launched the "New Silk Road Innovative Gold Jewelry Export Plan" to promote the internationalization of China's gold jewelry industry, showcasing hard gold at international exhibitions [12][14]. - There is growing interest from overseas buyers, particularly from Southeast Asia and the Middle East, in hard gold products, with many buyers expressing significant interest during exhibitions [14][16]. Cultural Adaptation - Different regions exhibit unique aesthetic preferences, with Western markets favoring simpler designs while Middle Eastern consumers prefer larger, more intricate pieces [15][16]. - The article emphasizes the importance of understanding local market demands and cultural differences for successful international expansion of hard gold products [16].

Core Viewpoint - The article discusses the potential listing of Wancheng Biotechnology Group Co., Ltd. on the Hong Kong Stock Exchange, which could make it the first A+H share listed company in the bulk snack industry, amidst competition with its rival Mingming Hen Mang [1][15]. Group 1: Company Overview - Wancheng Group submitted its prospectus to the Hong Kong Stock Exchange on September 23, 2025, aiming for a listing on the main board [1]. - The company has experienced rapid growth, with revenues of RMB 5.49 billion, RMB 9.29 billion, and RMB 32.33 billion for the years 2022, 2023, and 2024 respectively, and a net profit of RMB 0.68 billion, -RMB 1.76 billion, and RMB 6.11 billion for the same years [4]. - In the first half of 2025, Wancheng Group achieved a net profit of RMB 4.72 billion, a year-on-year increase of 50,358.8%, with total revenue reaching RMB 225.83 billion, up 106.89% [4]. Group 2: Business Model and Strategy - Wancheng Group's business model focuses on bulk snack retail, leveraging a unified procurement strategy to eliminate intermediaries, thus enhancing profit margins and pricing advantages for downstream operations [10][11]. - The company operates a franchise model with 99.4% of its 15,365 stores being franchise outlets, allowing it to maintain a competitive pricing strategy that is 20-30% lower than traditional supermarkets [12][13]. - The company does not charge franchise fees, instead requiring a deposit and a one-time opening fee, which contributes to stable cash flow [13]. Group 3: Competitive Landscape - The bulk snack industry is evolving into a "two super, many strong" market structure, with Wancheng Group and Mingming Hen Mang as the leading players [15]. - In 2024, Wancheng Group reported revenues of RMB 32.33 billion, while Mingming Hen Mang reported RMB 39.34 billion, indicating a competitive revenue landscape [16]. - Both companies are expanding their own brand products to improve profit margins, with Wancheng Group's gross profit margin at 11.49% for the first half of 2025, while Mingming Hen Mang's was 7.62% as of the end of 2024 [17]. Group 4: Financial Health and Future Plans - Wancheng Group's liabilities increased to RMB 5.14 billion, with a debt-to-asset ratio of approximately 68.95%, indicating a high level of debt [17]. - The company plans to use the funds raised from its IPO to expand and upgrade its store network, enhance product offerings, improve logistics efficiency, and upgrade digital infrastructure [17].