Core Viewpoint - The article discusses the recent collaboration between NVIDIA and Intel, highlighting the potential impact on the AI infrastructure and personal computing sectors, as well as the broader market trends following the Federal Reserve's interest rate cut. Group 1: NVIDIA and Intel Collaboration - NVIDIA and Intel announced a partnership to develop AI infrastructure and personal computing products, with NVIDIA investing $5 billion in Intel at a share price of $23.28 [8][10]. - The collaboration will leverage NVIDIA's NVLink technology to integrate NVIDIA's AI capabilities with Intel's CPU technology, aiming to create customized data center and client CPUs [10]. - Intel's CEO emphasized the importance of innovation in their product lineup to support future workloads, while NVIDIA's CEO highlighted the historical significance of this partnership in shaping the next computing era [10][11]. Group 2: Market Reactions and Trends - Major U.S. stock indices saw significant gains, with the Nasdaq and S&P 500 reaching all-time highs, driven by strong performances from large tech stocks like Intel and NVIDIA [1][3]. - Following the Federal Reserve's decision to cut interest rates by 25 basis points, gold prices experienced a slight decline, reflecting market adjustments to the new monetary policy [14][15]. - The Chinese stock market showed a decline in major Chinese concept stocks, indicating a mixed sentiment in the market despite the positive trends in U.S. tech stocks [11][13]. Group 3: Economic Implications - The Federal Reserve's rate cut is expected to open up further "loose" monetary policy space in China, potentially leading to lower deposit rates and bond yields, which could benefit fixed-income products [19][20]. - A weaker dollar post-rate cut may lead to increased investment in emerging markets, including A-shares and Hong Kong stocks, as investors seek opportunities [20]. - Analysts suggest that while the rate cut has been priced into some assets, there may be short-term adjustments as the market reacts to the new economic landscape [21].

当日下午4点，寒武纪召开2025年半年度业绩说明会，就投资者关心的问题进行交流。 会上，针对算力市场规模相关问题，寒武纪董事长、总经理陈天石对21世纪经济报道记者表 示："我国是全球最大的集成电路消费国家，日益增长的市场需求为集成电路行业带来了广阔 的市场空间。2025年上半年，人工智能算力需求持续增长，带动了智能服务器等算力设备进入 新一轮创新增长周期，在智能算力需求爆发的背景下，智能芯片作为算力基础设施的核心，更 是迎来了前所未有的发展机遇。公司将持续进行研发创新，做好经营管理，持续聚焦人工智能 芯片设计领域技术创新，提升核心竞争力。" 备货云端产品线 记者丨 雷晨 编辑丨倪雨晴 一家曾经长期处于亏损状态的中国AI芯片企业，正在大模型浪潮中迎来属于自己的"觉醒时 刻"。 就在不久前，寒武纪披露了令人瞩目的半年报： 2025年上半年，公司实现营业总收入28.81亿 元，同比增长4347.82%；归母净利润达到10.38亿元，成功 扭亏为盈 。 9月18日开盘，寒武纪一度大涨超5%，股价重新站上1500元关口，再次超越贵州茅台成为A 股"股王"。 截至收盘报1420.99元，市值为5945亿元。 在人工智能芯 ...

记者丨 张旭 编辑丨周上祺 当前，全球汽车产业加速向电动化、网联化、智能化转型，辅助驾驶技术不断普及。 公开数据显示，今年1至7月，我国具备组合驾驶辅助系统的乘用车新车销量为775.99万辆，同 比增长21.31%，渗透率为62.58%，较上一年增加了6.5个百分点。 在基数不断扩大的背景下，辅助驾驶系统的安全性愈发重要。9月17日，工业和信息化部对 《智能网联汽车组合驾驶辅助系统安全要求》强制性国家标准公开征求意见，主要内容涉及提 升产品能力表现、强化安全保障要求、规范系统使用方式三个维度。 在业内人士看来，该标准 填补了我国组合驾驶辅助系统产品安全基线空白 ，将为行业准入、 质量监督和事后追溯提供关键技术依据。 在使用安全方面，征求意见稿提出，系统要具备手部脱离检测以及视线脱离检测能力，一旦系 统激活期间驾驶员出现手部脱离、视线脱离，系统应发出提示以及报警，并在驾驶员未及时响 应系统报警的前提下可控地退出激活状态，并在警告无效后禁用至少30分钟。 北方工业大学汽车产业创新研究中心主任纪雪洪向21世纪经济报道记者表示，目前行业内对于 驾驶者手眼脱离方向盘的规定并不统一。征求意见稿要求多次警告后暂停辅助驾驶系 ...

记者丨 吴霜 编辑丨方海平 8月份央行金融数据中，"8月新增居民存款1100亿元，同比大降6000亿元；新增非银存款 11800亿元，同比多增5500亿元"的数据使得居民"存款搬家"成为了市场热议的话题。 尽管对于存款是否真的"搬家"还存在分歧，但由于存款利率的下降，以及权益市场的回暖等因 素，资管产品以其相对存款较高的收益，吸引力逐渐上升是不争的事实。 而这一资产配置的趋势则更为明显的体现在了上市公司的理财偏好上。 近日，记者统计了连续5年上市公司理财数据发现，从整体规模来看，上市公司理财规模（包 括购买存款以及各类理财产品在内）呈现下降趋势，截至9月17日，最近一年的认购金额合计 1.10万亿元，较高点，也就是2022年的1.49万亿元下降了26.17%，降幅超过四分之一。 中信证券首席经济学家明明认为，上市公司理财规模自2022年高点持续回落，主要源于对资金 空转的严控，由此银行结构性存款额度存在管控要求。 但是从近三年的数据来看，现金类占比尽管最大，在70%以上，但呈现明显的下滑趋势；而银 行理财、券商资管、信托等产品占比则是在不断上涨，最近一年占比分别为9.93%，仅次于现 金，6.87%和2.07 ...

Core Viewpoint - The article highlights Liu Qiangdong's unique approach to leadership and corporate responsibility, emphasizing his commitment to employee welfare and social responsibility over profit maximization [5][6][9]. Group 1: Liu Qiangdong's Leadership Style - Liu Qiangdong's first live cooking session showcased his nervousness, likening it to other entrepreneurs' first experiences, but he quickly adapted due to his passion for cooking at home [3]. - His informal interactions with local workers, such as sharing meals and drinks, reflect his down-to-earth nature and connection with grassroots laborers [5]. Group 2: Employee Welfare Initiatives - JD.com was one of the first internet companies to provide full social insurance benefits to its delivery personnel, a decision made in 2007 despite investor skepticism [5][6]. - Liu Qiangdong announced plans to provide full social insurance for all full-time delivery riders by 2025, indicating a long-term commitment to employee welfare [5][6]. - Over the past 18 years, JD.com has invested over 100 billion yuan in social insurance for its employees, demonstrating a significant financial commitment to their well-being [6]. Group 3: Corporate Philosophy - Liu Qiangdong emphasizes that the core of JD.com's business logic is the importance of people, stating that the success of the company translates to hope and dignity for its employees' families [6]. - The "Three Mao Five Theory" illustrates JD.com's profit-sharing model, where 70% of profits are reinvested into the team and company development, rather than solely focusing on profit maximization [7]. - During the pandemic, JD.com maintained stable prices for essential goods, prioritizing consumer welfare over potential profit increases [7]. Group 4: Social Responsibility and Market Positioning - Liu Qiangdong advocates for quality and fair pricing in a competitive market, encouraging a focus on higher standards rather than cost-cutting [9]. - The company's commitment to providing dignified living conditions for its employees is seen as a fundamental principle, with plans to implement a 20% salary increase for all employees over two years [9]. - The article concludes that true entrepreneurial spirit lies in respecting people and taking responsibility for societal issues, rather than merely pursuing profit [9].

Core Points - The article discusses the achievements in technological innovation during the "14th Five-Year Plan" period in China, highlighting the restructuring of the technology management system and the establishment of a unified leadership under the Central Committee [2][5]. Group 1: Major Technological Infrastructure Developments - Significant progress has been made in the construction of major technological infrastructure, with a focus on national needs and global technological frontiers, resulting in numerous original achievements [5][6]. - The "China Sky Eye" has discovered over 1,000 pulsars, surpassing the total number discovered by other countries, contributing to the exploration of the universe [6]. - The construction of facilities like nuclear fusion and light sources has bolstered the development of the superconducting industry [6]. Group 2: National Scientific Data Centers - The National Scientific Data Centers have strengthened data integration and sharing capabilities, with a total data volume exceeding 270PB, a fivefold increase from the end of the "13th Five-Year Plan" [6]. - The National Microbial Science Data Center has led the development of the first international standard for microbial data, enhancing its international influence [6]. Group 3: Biological Resources and Research Stations - The National Biological Germplasm and Experimental Materials Resource Bank has preserved over 5.5 million plant and animal germplasm resources, with microbial strains exceeding 600,000, ranking among the top globally [6][7]. - A total of 167 National Field Scientific Observation and Research Stations have been established, providing long-term observational data to support ecological civilization construction and sustainable development [7]. - The Ningxia Shapotou Desert Ecosystem National Field Station has accumulated 70 years of observational data, aiding in desertification control efforts [7].

记者丨 陈洁 实习生张星雨 编辑丨周上祺 9月18日，国家卫生健康委、财政部发布通知，印发《育儿补贴制度管理规范（试行）》（以 下简称《规范》）。这是育儿补贴的又一项新规，针对补贴的申领、发放、管理等工作进行规 范。 | 关于印发育儿补贴制度管理规范（试行）的通知 | | --- | | 发布时间： 2025-09-18 来源: 人口监测与家庭发展司 A A E | | 国卫办人口发(2025)24号 | | 各省、自治区、直辖市及计划单列市、新疆生产建设兵团卫生健康委、财政厅(局): | | 为贯彻落实中共中央办公厅、国务院办公厅印发的《育儿补贴制度实施方案》,进一步健全工作机制,规范服务 | 《规范》提出， 育儿补贴具体申请程序包括申请、初审和审核确认 。其中，申请是由申领人 填写婴幼儿及申领人有关信息。 初审是由婴幼儿户籍所在地乡镇政府（街道办事处）收到申领人申请后应及时进行，符合条件 的予以通过，并报县级卫生健康部门审核；不符合条件的，应当及时告知申领人并做好政策解 释。 审核确认是由县级卫生健康部门对乡镇政府（街道办事处）提交的申请材料进行审核，确认补 贴发放对象名单，并将相关信息提供给同级财政部门 ...

Core Viewpoint - Recent changes in credit card foreign currency transactions by several banks, including China Merchants Bank and Ping An Bank, have shifted from USD to RMB for cross-border transactions, potentially reducing currency exchange friction costs and enhancing card usage willingness [1][3]. Group 1: Currency Upgrade Details - China Merchants Bank announced that starting from October 28, 2025, certain Mastercard credit cards will switch cross-border transaction settlements from USD to RMB, streamlining the process [3]. - Ping An Bank will also support RMB settlements for foreign currency transactions starting September 25, allowing customers to choose between RMB and USD for their transactions [3][5]. - The upgrade primarily affects Mastercard products, including standard, platinum, and world credit cards issued by China Merchants Bank [3]. Group 2: Market Reactions and Implications - Market interpretations of the currency upgrade vary, with some viewing it as a marketing strategy under pressure in the credit card business, while others link it to the internationalization of the RMB [1]. - The upgrade is seen as a response to requirements from card organizations like Mastercard, rather than a purely market-driven initiative [1][5]. - The shift may enhance customer experience and potentially expand the issuance scale of Mastercard in mainland China [7][8]. Group 3: Industry Context and Challenges - The credit card industry is facing challenges, with a reported decline in the number of credit cards and transaction volumes across major banks [11]. - Data from the People's Bank of China indicates a decrease of 6 million credit cards in the second quarter of 2025, marking a continuous decline over 11 quarters [11]. - Major banks, including China Merchants Bank and CITIC Bank, reported year-on-year declines in credit card consumption, contributing to pressure on fee income from card services [11]. Group 4: Competitive Landscape - The competition among card organizations is highlighted, with Mastercard and American Express having established local operations in China, while UnionPay remains a dominant player [7]. - The currency upgrade may influence market share dynamics among card organizations, although the immediate impact on consumer experience is considered limited [12].

Core Viewpoint - The article emphasizes that cities aiming to attract and retain the younger generation, particularly Generation Z, should leverage their culinary offerings as a key component of their "soft power" alongside industrial development [1]. Group 1: Importance of Culinary Culture - Culinary offerings are crucial for cities to appeal to Generation Z, who prioritize emotional value and social experiences over traditional consumption patterns [1]. - The Michelin Guide's Bib Gourmand list highlights affordable yet delicious dining options, aligning with Generation Z's desire for high emotional value at lower costs [3][5]. Group 2: City Rankings and Culinary Diversity - As of August 2025, Guangzhou leads with 45 Bib Gourmand restaurants, followed by Shanghai with 30, and Hangzhou and Xiamen with 26 each [4]. - Guangzhou's culinary scene is diverse, featuring various cuisines such as Cantonese, Teochew, and Southeast Asian, with 34 out of 45 Bib Gourmand restaurants having an average cost of under 100 yuan [5][4]. Group 3: Regional Culinary Developments - Hangzhou has improved its culinary reputation, now ranking among the top cities for Bib Gourmand selections, showcasing local Zhejiang cuisine [7]. - Nanjing is recognized for its duck dishes and has 16 Bib Gourmand restaurants, reflecting a rich culinary diversity [7]. Group 4: Challenges and Opportunities for Traditional Brands - Traditional brands, or "laozihao," are essential for showcasing a city's culinary culture and attracting Generation Z talent, but they face challenges in modernization [9]. - As of August 2025, there are 216 traditional dining brands across various cities, with Beijing and Shanghai having the most [10]. Group 5: Policy Support for Culinary Innovation - Cities are implementing policies to revitalize traditional dining brands, focusing on innovation and cultural integration to enhance their appeal to younger consumers [11]. - The shift in policy focus aims to improve the "self-sustaining" capabilities of traditional brands, making them more competitive in the modern market [11]. Group 6: Emotional and Cultural Value of Food - Food serves as a social connector for Generation Z, who engage with culinary experiences through social media, enhancing their connection to the city [14]. - Culinary experiences provide emotional comfort and cultural understanding, fostering a sense of belonging among young people [14]. Group 7: Future Implications for Urban Development - The article suggests that cities can enhance their attractiveness to global young talent by developing diverse and culturally rich culinary industries, which may significantly influence urban growth [15].

Core Viewpoint - The article discusses a food safety incident involving Shanghai Lujie Industrial Development Co., Ltd., the supplier of student meals in Shanghai, where shrimp and egg dishes were reported to have an unpleasant odor, leading to their withdrawal from schools [1]. Group 1: Incident Overview - Several schools in Shanghai reported issues with shrimp and egg dishes, prompting the supplier to replace them with biscuits and bread [1]. - The supplier acknowledged complaints about the shrimp containing fine sand but stated that not all batches were problematic and committed to enhancing food safety oversight [1]. - The Minhang District Market Supervision Administration is investigating the incident, but attempts to reach the Shanghai Market Supervision Administration for updates were unsuccessful [1]. Group 2: Supplier Background - Shanghai Lujie has been facing long-standing dissatisfaction from parents regarding its meal offerings, including high proportions of fried foods, poor taste, and insufficient portions [1]. - In 2025, Shanghai Lujie had 101 winning bids for school meal contracts, with 70 contracts awarded in August alone [2]. - The company has been operational for over 20 years, serving more than 500 schools and kindergartens in Shanghai, providing over 500,000 meals daily [3]. - The founder of Shanghai Lujie, Zhang Guohua, has held significant positions in the local culinary industry, although he is no longer the general manager [3]. - The company has faced multiple lawsuits related to health and safety issues, and several of its wholly-owned subsidiaries have been deregistered recently [3].