Core Viewpoint - Lixun Precision (002475.SZ) has shown strong stock performance, with a price increase of over 50% since September, reaching a market capitalization of over 500 billion yuan [1][3]. Group 1: Stock Performance - On September 24, Lixun Precision's stock price rose to 72.29 yuan per share, with an intraday increase of 9.89%, closing at 70.20 yuan, up 6.85% [1][2]. - The total market value of Lixun Precision exceeded 500 billion yuan, marking a significant milestone for the company [1][2]. Group 2: Strategic Partnerships - Lixun Precision holds a 16.83% stake in Chery Automobile, making it the third-largest shareholder, and has established a joint venture with Chery focused on the research and manufacturing of electric vehicles [3]. - The joint venture aims to enhance Lixun Precision's capabilities in automotive core components and aims to position the company as a Tier 1 supplier in the automotive industry [3]. Group 3: AI Collaboration - There are rumors of a collaboration between Lixun Precision and OpenAI to develop consumer-grade AI devices, with initial products expected to include smart glasses and digital recording pens [4]. - This partnership could further integrate Lixun Precision into the hardware ecosystem of leading AI companies, following its role in Apple's supply chain [4]. Group 4: Financial Performance - For the first half of 2025, Lixun Precision reported revenue of 124.5 billion yuan, a year-on-year increase of 20.18%, and a net profit of 6.64 billion yuan, up 23.13% [4]. - The automotive interconnect products and precision components business saw remarkable growth, with revenue reaching 8.66 billion yuan, reflecting an 82.07% increase year-on-year [4]. Group 5: Future Growth Projections - Analysts predict that Lixun Precision will benefit from the AI wave and expand its growth potential in consumer electronics, telecommunications, and automotive sectors [5]. - Profit forecasts for Lixun Precision are estimated at 16.67 billion yuan, 20.79 billion yuan, and 25.32 billion yuan for the years 2025 to 2027, respectively [5].

Core Viewpoint - The reduction of custody fees by Tianhong Yuerbao, the largest money market fund in the public fund industry, is expected to influence other large and medium-sized money market funds to follow suit, potentially leading to an overall decrease in fee levels across the industry [1][3][7]. Fee Reduction Details - On September 23, Tianhong Fund announced a reduction in the custody fee for Tianhong Yuerbao from 0.08% to 0.07%, effective immediately [1][3]. - As of the second quarter of 2025, Tianhong Yuerbao's management scale reached 793.22 billion yuan, making it the largest money market fund in the public fund market [3]. - The average custody fee for money market funds was approximately 0.06% per year as of September 23, indicating that Tianhong Yuerbao's new fee is still slightly above the industry average [3]. Industry Impact - The fee reduction by Tianhong Yuerbao may intensify competition within the industry, compelling fund managers to enhance their management capabilities [1][6][7]. - Other fund management companies, such as E Fund and Guoxin Guozheng Fund, also announced fee reductions on the same day, indicating a broader trend in the industry [1][3]. Investor Benefits - Lower management and custody fees directly reduce investment costs for investors, which can enhance their actual returns, especially in a low-yield environment [4][7]. - The trend of fee reductions is seen as a way to strengthen the appeal of money market funds as cash management tools, particularly as bank deposit rates decline [7]. Historical Context - There has been a noticeable trend of fee reductions in money market funds this year, with approximately 16 funds lowering management fees and 11 funds reducing custody fees [6]. - The average management fee, custody fee, and sales service fee for money market funds have all decreased compared to the end of last year, reflecting a broader industry shift towards lower fees [6].

Core Viewpoint - The article discusses the launch of the "Yun Tong Guan Zhang" payment settlement service by the Bank of Communications, aimed at enhancing financial support for the real economy and facilitating the digital transformation of enterprises in Hubei province [1][3]. Group 1: Service Overview - "Yun Tong Guan Zhang" integrates various financial services to address enterprise pain points such as complex settlement tools, low reconciliation efficiency, and difficult fund supervision [4]. - The service offers three core capabilities: smart and convenient payment settlement, precise and efficient reconciliation, and secure and visible fund supervision [4]. - It focuses on four major ecological scenarios: real economy, livelihood services, platform economy, and park economy, responding to the customized and agile financial needs of enterprises [4]. Group 2: Technological Integration - The service emphasizes the integration of financial services into various production and life scenarios, moving from consumer retail to corporate operations [3]. - It highlights three trends: scenario-based solutions, open banking technologies for collaborative ecosystems, and intelligent automation driven by AI and big data [3]. Group 3: Strategic Partnerships - During the event, the Bank of Communications awarded titles to 15 enterprises as "Technology Navigation Strategic Partners" and 12 as "Yun Tong Treasury Strategic Partners" [6]. - The collaboration with enterprises like Zhongjin Data Group showcases the bank's role in supporting financial resource management and digital upgrades for corporate clients [6]. Group 4: Comprehensive Financial Services - The bank provides a full lifecycle of financial services, including equity, debt, leasing, and trust, tailored to the needs of technology enterprises [7]. - Innovative products like "Knowledge Value Credit Loan" have been launched to convert intangible assets into quantifiable credit, with 3.3 billion yuan allocated to support nearly 1,000 technology enterprises [7].

当今年第18号台风"桦加沙"以17级狂风、60米/秒的风速袭来，"华南第一高楼"如何应对？ 位于深圳福田中心区的平安金融中心，是一座高达599米的超高层建筑 ，要确保高层楼宇在狂 风骤雨中"稳若泰山"是一个难题？ 记者丨 曹媛 编辑丨孙超逸 "桦加沙"这场超强秋季风暴，是对"风暴区"所有建筑的一场全面的"压力测试"——不仅是钢筋 水泥的物理质量，更是应急管理体系的弹性极限。 平安金融中心方面告诉21世纪经济报道记者，自开工建设以来，深圳平安金融中心共抵御大大 小小的台风不下百次。 在整个体系中，大楼外框的8根流线型巨型钢柱作为楼体支撑，每根巨柱高达580米，从地下贯 通至地上，能够在减少35%风力荷载的同时，竖向支撑起这一座68万吨的华南第一高楼。 而在大楼核心筒与8根巨柱之间，内外环还链接了7道桁架，犹如7条金腰带紧紧环抱大楼，有 力加强了大楼的架构强度。 在常被台风"光顾"的东南沿海城市，如何减少超高层建筑在风中的摆动幅度，也是台风高发地 区建筑设计的必要考量。 据介绍，在平安金融中心114层，两台合计重达1000吨的混合式阻尼器，能够实时感应大楼的 摆幅方向并反向施力，将建筑晃动减少30%，大大提高楼内 ...

Core Viewpoint - Alibaba Group's CEO, Wu Yongming, emphasized the strategic direction of Alibaba Cloud in the AI era, highlighting that large models will replace traditional operating systems and serve as the intermediary layer connecting users, software, and AI computing resources [1][3]. Summary by Sections AI Infrastructure Investment - Alibaba is actively advancing an AI infrastructure investment plan of 380 billion yuan, with intentions for further increases. By 2032, the energy consumption of Alibaba Cloud's global data centers is expected to increase tenfold compared to 2022, indicating exponential growth in computing power to prepare for the era of Super Artificial Intelligence (ASI) [1][10]. AI Model Development - The company launched its largest and most powerful model to date, Qwen3-Max, which ranks third globally on the authoritative LMArena text leaderboard, surpassing GPT-5-Chat. The revenue of Alibaba Cloud's intelligent group grew by 26% year-on-year, marking the highest growth rate in nearly three years, while the overall net profit increased by 76%, indicating the effectiveness of AI investments [3][4]. Market Response - Following these announcements, Alibaba's stock surged by 9.14% on September 24, reaching its highest price since October 2021, with a market capitalization increase of nearly 300 billion yuan in one day. The stock has risen over 40% this month and nearly doubled in value year-to-date, with a total market cap of 3.32 trillion HKD [3][4]. AI Evolution and Stages - The article outlines three stages of AI evolution: emergence of intelligence (learning from humans), autonomous action (assisting humans), and self-iteration (surpassing humans). Currently, the industry is in the autonomous action stage, where AI can perform complex tasks in the real world [5][6]. Future of AI and Computing - Large models are expected to replace current operating systems, becoming the next generation of operating systems. The computing paradigm is shifting from CPU-centric to GPU-centric AI computing, with a prediction that only 5-6 super cloud computing platforms will remain globally [7][8]. Open Source Strategy - Alibaba's open-source model, Tongyi Qianwen, has achieved over 600 million downloads and spawned over 170,000 derivative models, positioning itself as the leading open-source model matrix globally, aiming to create an "Android system" for the AI era [7][8]. Comprehensive AI Services - Alibaba plans to invest 380 billion yuan over three years in AI infrastructure, with a vision to enhance human-machine collaboration in the future [7][10].

Core Viewpoint - REITs have gained significant attention from investors, with high demand leading to substantial price increases on their listing days, driven by a low-interest-rate environment and a search for stable income-generating assets [1][2]. Summary by Sections What are REITs? - REITs represent the listing of assets, allowing investors to own or manage income-generating projects, such as rental properties, and mandating that 90% of distributable income be returned to investors [1]. Recent Performance of REITs - In 2023, 15 new REITs were listed, with 9 experiencing a 30% increase on their first day, and 14 achieving a rise of 20% or more [2]. - The average subscription multiple for new REITs has been exceptionally high, with 67% of new issuances since June seeing over 200 times the demand [2]. How to Participate in REITs - Investors can participate in REITs by opening trading permissions through their brokerage apps, with a minimum investment requirement of 1,000 yuan [5][8]. Understanding Subscription and Allocation - The allocation process for REITs differs between exchanges, with the Shenzhen Stock Exchange using a "last day proportion confirmation" method, while the Shanghai Stock Exchange employs "full proportion allocation" [6][7]. Popularity and Institutional Interest - The interest in REITs is reflected in the low percentage of listings that fall below their issue price, currently at only 5.3% [7]. - Various institutional investors, including insurance and asset management firms, have shown strong interest in REITs [7]. Types of REITs - REITs can be categorized into two main types: ownership-based REITs, which focus on asset value and dividends, and concession-based REITs, which rely on cash distributions from operational income [8]. Advantages and Disadvantages of REITs - Advantages include low entry barriers and stable dividends, with many REITs distributing dividends multiple times a year [9]. - Disadvantages involve potential low allocation rates during high demand periods, liquidity issues, and risks associated with market fluctuations [9].

Core Insights - Alibaba's recent cloud conference highlighted significant investments in AI and cloud infrastructure, igniting market enthusiasm for the company and its role in the AI industry [1][3] - Cathie Wood's Ark Investment disclosed a $21 million investment in Chinese tech stocks, including $16.13 million in Alibaba, further boosting investor confidence [1] - Following these developments, Alibaba's stock surged over 9% in both Hong Kong and U.S. pre-market trading [1] Investment and Strategic Direction - Alibaba plans to increase its capital expenditure from 380 billion yuan, aiming to enhance its global data center energy capacity by tenfold by 2032 [3] - The introduction of the "Super Artificial Intelligence" (ASI) concept positions Alibaba to create an "Android system for the AI era," emphasizing an open-source approach [3] - The company showcased advanced capabilities in large-scale clusters and high-density AI servers, indicating a substantial increase in computational power [3] Market Reactions and Stock Performance - The stock performance of Alibaba's related companies, such as Hangzhou Steel and China Electric Power, saw significant gains, reflecting the positive market sentiment [4] - Southbound capital has consistently increased its holdings in Alibaba, reaching 2.013 billion shares, marking the 26th consecutive trading day of net buying [4] - Goldman Sachs raised its price target for Alibaba's U.S. stock from $163 to $179 and its Hong Kong stock target from 158 HKD to 174 HKD, maintaining a "buy" rating based on optimistic AI-driven growth expectations [4]

今年的"外卖大战"成为全民参与的活动，热闹背后，潜藏着诸多问题——平台收费如何计算， 成了一笔"糊涂账"；平台"烧钱"内卷，成本转嫁到商户身上；热门店铺是否真实，是否存 在"幽灵门店"；配送员的配送时间，被系统算法锁死…… 市场监管总局组织起草的《外卖平台服务管理基本要求（征求意见稿）》（以下简称《要 求》），今日起（24日）正式面向社会公开征求意见。困扰外卖行业已久的核心痛点，如今有 望迎来统一的解决标准。 文件有四方面亮点：明确收费规则以保障商户权益；厘清促销责任并叫停"内卷"；引入一镜到 底视频严审商户核资质，守护公众"舌尖上的安全"；首次在国家层面提出限制配送员接单时 长、优化算法，系统性保障其基本劳动权益。 商户减负：平台抽成、收费透明化 平台收费项目多、计算规则复杂，是许多外卖商户特别是中小商户的痛点。《要求》的亮点之 一，就是对平台收费进行了细致规范。 文件明确，平台面向商户的收费项目主要限于三类： 技术服务费、配送服务费和推广服务 费。 且不能随意变更或新设收费项目，这从源头上遏制了平台通过创造新收费项目来增加商 户负担的可能性。 值得注意的是，文件要求平台持续、显著地公示所有收费规则，甚至将 ...

Core Viewpoint - *ST Jinke has undergone a significant restructuring process, resulting in a change of control from Jinke Holdings to new investors, marking a pivotal moment in the company's history and the broader real estate industry [1][5][6]. Group 1: Restructuring Details - On September 22, *ST Jinke announced the transfer of 3 billion shares to restructuring investors, changing its controlling shareholder to Jingyu Xingzhu and Jingyu Xingcan, with no actual controller [1]. - The restructuring plan, approved in May, involves a debt scale of 147 billion yuan, making it the largest restructuring case in the real estate sector to date [1][7]. - The restructuring investors include Shanghai Pinqi Consortium, China Great Wall Asset, and Sichuan Development Securities Fund, who will become the new controlling shareholders and implement comprehensive adjustments to the company [6][8]. Group 2: Historical Context - Founded in 1998, Jinke quickly grew to become the largest real estate company in Southwest China, achieving sales of 184 billion yuan in 2021 [3]. - The company faced a debt crisis at the end of 2022, leading to its decision to enter restructuring as a solution to its financial problems [5][9]. - Jinke became the first large-scale national listed real estate company in A-shares to enter restructuring, highlighting its significance in the industry [5][7]. Group 3: Management Changes - The upcoming board of directors' election will allow the Shanghai Pinqi Consortium to nominate seven board members, indicating a shift in governance [1][10]. - Founder Huang Hongyun, who has led the company for 27 years, is likely to lose control, marking a significant transition in leadership [1][9]. - The existing management team, appointed by Huang, has maintained stability during the crisis, which may influence the restructuring's success [9][10].

记者 | 朱芷葵 编辑 | 叶映橙 9月24日，21财经·南财快讯记者发现张雪峰账号在微博、小红书、抖音和B站平台均被禁止关 注。 张雪峰微博账号 ： 张雪峰小红书账号 ： 张雪峰抖音账号 ： 张雪峰B站账号 ： 同日，据 《正在新闻》报道， 张雪峰（本名张子彪）告诉 记者，"禁止关注是账号问题"，随 后便挂断了电话。 出品 | 2 1财经客户端 南财快讯工作室 编辑 | 金珊 实习生林芷仪 2%大额存单一上架秒没 蜜雪冰城柠檬水陷入供应危机 SFC 21君荐读 ...