Core Viewpoint - The collaboration between NVIDIA and Intel marks a significant alliance in the competitive semiconductor market, focusing on the development of AI infrastructure and personal computing products, with NVIDIA investing $5 billion in Intel at a share price of $23.28 [2][4]. Group 1: Collaboration Details - The partnership includes three main areas: utilizing NVIDIA's NVLink technology to connect CPUs and GPUs, Intel customizing x86 architecture CPUs for NVIDIA's AI platform, and Intel launching a new x86 SoC integrating NVIDIA's RTX GPU [4][5]. - Following the announcement, Intel's stock surged nearly 30%, increasing its market capitalization to $129.5 billion, with a year-to-date gain of 47.53% [4]. Group 2: Strategic Implications - NVIDIA's $5 billion investment serves as a financial boost for Intel, which has been facing market share losses to AMD in the server CPU market and significant financial pressure from its foundry plans [8]. - The collaboration allows Intel to enter the AI market more effectively, as NVIDIA's GPUs are essential in AI server markets, providing Intel with direct access to a critical segment of the AI ecosystem [8][11]. Group 3: Market Dynamics - The partnership is expected to reshape the AI computing landscape, intensifying competition for AMD, ARM, and TSMC, as both companies leverage their strengths to capture new market opportunities [6][11]. - The collaboration does not eliminate competition; instead, it creates a more complex competitive environment, particularly for AMD and ARM, as NVIDIA and Intel combine their resources [11][12]. Group 4: Future Prospects - The potential for Intel to receive custom CPU orders from NVIDIA could provide a much-needed boost to its foundry business, although challenges remain due to its current technological lag behind TSMC [9][10]. - NVIDIA's commitment to its ARM architecture products remains strong, indicating that the collaboration with Intel will not detract from its ARM development efforts [12].

Core Viewpoint - The article discusses the challenges faced by Jiumaojiu (09922.HK) and its brand Taier Suancaiyu amid the intensifying competition in the prepared food market, highlighting a significant decline in performance and market value over recent years [1][4][8]. Financial Performance - Jiumaojiu's market value has decreased by over 520 billion HKD (approximately 480 billion RMB), a 94% drop from its peak of nearly 550 billion HKD in early 2021 to just 30 billion HKD by September 2025 [5][8]. - For the first half of 2025, Jiumaojiu reported a revenue of 2.753 billion RMB, a year-on-year decline of 10.1%, and a net profit of 61 million RMB, down 16.05% [7]. - Taier Suancaiyu's revenue for the first half of 2025 was 1.949 billion RMB, a 13.3% decrease, with the number of stores reducing from 612 to 547, marking the first significant closure of stores since 2019 [9][10]. Brand Performance - The three main brands under Jiumaojiu, including Taier Suancaiyu, Song Hotpot, and Jiumaojiu (Northwest Cuisine), have all experienced declines in performance [9]. - Taier Suancaiyu's table turnover rate has dropped from 4.9 times per day in 2019 to 2.2 times per day, with the average customer spending decreasing from 80 RMB to 73 RMB [13]. Market Trends - The article notes a broader trend in the Chinese restaurant industry, with many companies facing similar challenges, including a significant increase in restaurant closures, reaching a closure rate of 61.2% in 2024 [20]. - Despite the challenges, some segments, such as tea beverage brands, have shown strong growth, indicating a shift in consumer preferences [19]. Strategic Adjustments - In response to declining performance, Taier Suancaiyu has initiated a comprehensive overhaul, introducing a new store model focused on fresh ingredients and enhancing customer experience [17]. - The company has also begun selling prepared Taier Suancaiyu dishes through channels like Sam's Club, with sales from this segment increasing by 140% year-on-year [17].

Group 1 - The former Party Secretary and Chairman of China Tower Corporation, Tong Jilu, is under investigation for serious violations of discipline and law [1] - The investigation is being conducted by the Central Commission for Discipline Inspection and the Zhejiang Provincial Commission for Discipline Inspection [1] Group 2 - The official announcement regarding the fireworks show by the brand "Origin Bird" has been made [3] - The advertisement featuring actress Jun Ji-hyun has been withdrawn [3] - The financing amount in the Hong Kong stock market has surged by 700% in the past six months [3]

Core Viewpoint - The "Science Exploration Award," funded by Tencent, is one of the highest monetary awards for young scientific talent in China, providing 300 million yuan over five years to each of the 50 awardees, with a notable increase in younger recipients this year [1][6][9]. Group 1: Award Overview - The "Science Exploration Award" has funded 347 scientists over seven years, with each awardee receiving a total of 300 million yuan over five years [5][9]. - This year's awardees include 13 young scientists and 6 recipients from the "90s generation," reflecting a focus on nurturing younger talent [6][8]. - The award aims to support original research in cutting-edge fields, aligning with national scientific needs [8]. Group 2: Funding Landscape - China's basic research funding is projected to reach 249.7 billion yuan in 2024, a 70% increase from 2020, but is primarily sourced from government funding, with corporate and social contributions being relatively low [3][11][13]. - Various private awards, such as the "Future Science Prize" and "Damo Academy Orange Prize," have been established by entrepreneurs to support scientific research, indicating a growing trend of private sector involvement in basic research funding [3][13][14]. - The introduction of tax incentives for corporate contributions to basic research aims to encourage more private investment in this area [14][15]. Group 3: Research Focus and Challenges - Awardees' research spans diverse fields, including artificial retinal light sensitivity repair and the search for life indicators in Martian rocks, emphasizing the need for innovative approaches in basic research [8][9]. - Young scientists face challenges in pursuing original research due to the inherent uncertainties and long return cycles associated with basic research [8][9]. - The "Science Exploration Award" aims to provide a supportive environment for young researchers, allowing them to focus on innovative projects without the pressure of immediate commercial returns [8][9].

记者丨贺泓源 刘瑾睿 李晴 首先，我们来看看，安踏反腐重点在哪。这家公司明确提到，采购、工程、营销是高敏感、高风险领域。 为此，安踏推出了定期轮岗制度，并构建了相应配套措施。 背后是，在营销、采购等领域，确实水很深。 以安踏今年2月披露的首批"永不合作主体"清单为例，在10家黑名单企业中，高达6家为文化传媒类公司。 编辑丨高梦阳 安踏集团正在掀起一场反腐风暴。 据安踏披露，截至8月，安踏因严重舞弊触犯集团红线被辞退的员工74人；涉嫌违法犯罪移交司法机关处理的内外部人 员46人（内部21人，外部25人），其中包含总裁级1人，总监级14人、经理级4人；追诉离职人员3人（因在职期间职务 犯罪）；违反诚信廉洁责任条款的舞弊供应商及合作伙伴45家，查处案件涉及违法犯罪金额约3千万元。 更关键的是，安踏正在前所未有的强化自己的反腐体系。这意味，安踏反腐风暴只会越刮越猛烈。 今天，我们就来聊下，安踏为什么要刮起如此强势的反腐风暴。 回到安踏，这家公司在多品牌战略下保住了增长。 原因是，在营销市场，基于成本的不透明，确实容易滋生腐败空间。 安踏集团似乎还在从运营体系上做调整以规避相关风险。据我了解，安踏旗下某知名品牌的营销活 ...

记者丨 毕凤至 刘婧汐 编辑丨 黎雨桐 高梦阳 视频丨张迎 9月21日，@ARCTERYX始祖鸟 发布致歉信，" 感谢大家对青藏高原生态环境的关切与监督，并诚恳接受所有的批评和建议。 向各位表达最诚 挚的歉意。"始祖鸟承诺将依据评估结果和社会各界反馈，展开及时有效的补救行动。 说明中称，将主动配合第三方机构及相关部门，就此事对自然生态造成的影响进行多方面的评估，并将以实际行动保护青藏高原生态环 境。"如确有环境影响，我们愿意尽全力采取补救恢复措施，并将以实际行动支持江孜县的生态和文旅，保护青藏高原生态环境。" 同日，蔡国强在短视频平台发布关于《升龙》艺术项目的说明："虚心接受大家对于在雪域高原实施艺术创作的所有批评，并诚挚地感谢大家 对我们的关心和提醒。我们确实存在很多考虑不周之处，我深表歉意。" 根据品牌此前发出的相关宣传物料显示，"本次艺术创作所有活动均在科学评估和严格指导下进行，秉持对自然最大的敬畏。创作使用的是环 保材料，所选用的彩色粉为生物可降解材料"，会最大化减少烟花爆破对区域环境造成的负面影响。 图源：现场流出视频 但有质疑声音认为，在高山草甸大规模燃放烟花对环境造成的负面影响事实上较难被控制。 ...

Core Insights - The "2025 China Manufacturing Enterprises Top 500" list was released, highlighting the strong performance of Guangdong enterprises, with 47 companies making the list, including Huawei, BYD, Midea, and GAC [1][4] - Guangdong enterprises excel in R&D intensity, with five companies ranking in the top ten for R&D intensity, indicating a strong focus on technological innovation [4][5] Group 1: Company Performance - Huawei Investment Holding Co., Ltd. leads with a revenue of 862.07 billion yuan, followed by BYD Co., Ltd. at 777.10 billion yuan, and Midea Group Co., Ltd. at 409.08 billion yuan [2] - The top ten companies in R&D intensity include Huawei (20.84%), ZTE Corporation (19.81%), and Xiaopeng Motors (13.31%), showcasing significant investment in innovation [5][6] Group 2: Industry Trends - The overall revenue growth rate for the top 500 manufacturing enterprises shows strong performance in sectors like material handling equipment manufacturing (51.29%) and motorcycle and parts manufacturing (19.67%) [8] - The average overseas revenue share for manufacturing enterprises increased to 19.10%, indicating enhanced export resilience and global competitiveness [9][10] Group 3: Innovation and R&D - The top 500 manufacturing enterprises collectively hold 1.6632 million effective patents, with 803,800 being invention patents, reflecting a 12.07% increase from the previous year [6] - Guangdong enterprises are recognized as innovation leaders, contributing significantly to high-value invention patents, which support industrial transformation and upgrading [6][9]

Group 1 - The Korean drama "The Storm Circle," starring Jun Ji-hyun and Kang Dong-won, has sparked controversy due to certain dialogues and scenes, including a line questioning why China prefers war and depicting "Dalian, China" as dilapidated slums, leading to a strong backlash from Chinese netizens [1] - The drama's Douban rating has plummeted to 4.2 as a result of the controversy, indicating significant viewer discontent [1] - The brand "La Mer" has deleted all related posts featuring Jun Ji-hyun from its official Weibo account, and another brand she endorses, Piaget, has also removed its advertising content [1] Group 2 - Chinese netizens have flooded the comment sections of brands associated with Jun Ji-hyun, demanding contract terminations and emphasizing that "anti-China artists should not be accepted in the Chinese market" [1]

Core Viewpoint - The recent fireworks show "Ascension Dragon" by artist Cai Guoqiang in the Himalayas has sparked significant environmental concerns, leading to an investigation by local authorities [1][3]. Group 1: Event Overview - The fireworks event took place on September 19 in the Jiangzi region of Tibet, at an altitude of approximately 5,500 meters, and was organized by outdoor brand Arc'teryx in collaboration with Cai Guoqiang [3]. - The event featured 145 fan-shaped colored smoke devices, creating a 3,000-meter-long rainbow display [5]. Group 2: Environmental Concerns - The event has raised controversies regarding its environmental impact, particularly in fragile high-altitude ecosystems [7]. - Despite claims that the materials used were biodegradable and that the event was conducted under scientific assessment, critics argue that large-scale fireworks in such sensitive areas could cause irreparable damage to the local ecology [7]. - The location of the event falls under ecological protection zones, where regulations prohibit the use of fireworks due to fire hazards and ecological preservation efforts [7]. Group 3: Brand Reputation - Arc'teryx has built its brand identity around environmental protection and a love for nature, making the decision to host such an event particularly controversial given its past initiatives in promoting sustainability [7].

Group 1 - The core viewpoint of the article highlights the rising attractiveness of Hong Kong's capital market and its growing appeal to venture capital institutions, driven by supportive policies and a robust innovation ecosystem [1][5][9] - In 2023, Hong Kong's stock market financing exceeded 100 billion HKD, marking a 700% year-on-year increase, with over 200 companies currently in the IPO queue, reflecting a significant shift in attitudes towards Hong Kong listings [3][5] - The establishment of new venture capital offices in Hong Kong by firms like Foton International and Chenyi Fund indicates a strategic move to support portfolio companies in their internationalization efforts [1][11] Group 2 - The Hong Kong government plans to launch a 10 billion HKD "Innovation and Technology Industry Guidance Fund" to attract investments in strategic emerging industries, enhancing the early-stage investment ecosystem [8][9] - Hong Kong is evolving from a traditional trade hub to a "super value creator," providing comprehensive support for innovation, talent, and capital, with over 20,000 high-end talents attracted through various programs [9][10] - Companies like Tianxing Medical are leveraging Hong Kong's capital market for global expansion, with a reported 50% annual compound growth rate in revenue over the past three years, emphasizing the importance of Hong Kong as a financing platform [6][12]