记者丨刘雪莹 编辑丨陈思颖 视频 丨王学权 北京时间9月17日晚，美股三大指数接近平开，截至22:09，纳斯达克、标普500指数下跌。 纳斯达克中国金龙指数盘初大幅上涨，其中百度、小牛电动、金山云等涨幅居前。 | 小牛电动 | 4.410 | 6.78% | | --- | --- | --- | | NIU.O | | | | 金山云 | 17.090 | 6.41% | | KC.O | | | | 万国数据 | 39.425 | 5.64% | | GDS.O | | | | 老虎证券 | 11.410 | 5.16% | | TIGR.O | | | | 世纪互联 | 10.020 | 4.48% | | VNET.O | | | | 贝壳 | 20.839 | 4.25% | | BEKE.N | | | | 蔚来 | 7.285 | 3.77% | | NIO.N | | | | 极気 | 30.945 | 3.56% | | ZK.N | | | | 声网 | 3.850 | 3.49% | | APIO | | | 消息面上，据央视新闻报道， 加拿大银行（央行）当地时间9月17日宣布， 将政策 ...

继金山、青浦之后， 上海嘉定区于近期正式加入房票安置试点阵营 ，马陆镇彭赵村（北片 区）城中村改造项目成为该区首个落地项目，涉及268户居民。这一举措不仅为动迁居民提供 了多元选择，也为上海远郊楼市注入新活力。 此前召开的彭赵村城中村改造项目居住房屋协议置换动员会中提及，嘉定此次房票安置遵 循"现房+房票"模式，动迁居民需先选购一套安置房，剩余安置面积按30590元/平方米的评估 价计算基本额度，再叠加8%奖励， 综合房票单价约3.3万元/平方米。 以嘉定此次动迁居民大 多约200平方米核定面积，在选购首套安置房后，剩余约100平方米安置面积， 可兑换约330万 元房票（基本额度+奖励额度） 。 嘉定区房票政策适用的商品房类型为存量商品房等，区域限制为本区范围，目前不支持跨区使 用。 嘉定搭建"房源超市" 在房票安置试点中，为保障选择空间，嘉定区还搭建了 "房源超市" 。据了解，动迁居民嘉 定"房源超市"由区住房保障和房屋管理局会同相关部门组织建设、管理，参与房票安置的房地 产开发企业入驻。目前，嘉定区纳入房源超市的楼盘共14个。截至2025年7月，共有3139套商 品住房可供选择，备案单价区间在2.67万元 ...

Group 1 - The Zhengzhou Market Supervision Administration conducted an administrative interview with Ctrip Travel Network for violating the Electronic Commerce Law and regulations against unfair competition, specifically regarding unreasonable restrictions on transactions and pricing for platform operators [1] - The administration issued a "Notice of Correction" on September 4, 2025, requiring Ctrip to rectify its practices and ensure compliance with market regulations [1] - Ctrip is mandated to revise contract terms, optimize pricing tools, and establish a long-term compliance mechanism to prevent similar issues in the future [1] Group 2 - The meeting emphasized that fair competition is central to a market economy, urging internet platform companies to enhance legal awareness and actively cooperate with regulatory authorities [2] - Companies are encouraged to correct unreasonable restrictions, respect merchants' autonomy, and address issues like "mandatory activation and inability to exit" [2] - The Zhengzhou Market Supervision Administration will continue to monitor the progress of corrections and conduct inspections to ensure companies fulfill their responsibilities in maintaining a fair and orderly market [2]

Core Viewpoint - The article discusses the recent policies introduced by the Chinese government to expand service consumption, highlighting a shift towards service-oriented consumption as the economy matures, with a focus on attracting quality service resources through both domestic and international openings [1][10]. Group 1: Policy Measures - The Ministry of Commerce has announced over 30 policy documents aimed at establishing a "1+N" policy system for service consumption, which includes high-quality development in the accommodation industry and integration of railways and tourism [1][5]. - The measures include 19 specific tasks across various sectors such as cultural venues, sports events, education, high-end medical services, and leisure tourism, indicating a broad scope of policy support for service consumption industries [1][6]. Group 2: Economic Context - China's per capita GDP has surpassed $13,000, indicating that the country is entering a rapid growth phase in service consumption, which typically accelerates when GDP reaches around $15,000 [1][9]. - The proportion of per capita service consumption expenditure is projected to reach 46.1% by 2024, suggesting significant room for growth compared to developed countries [9]. Group 3: Technological Integration - The article emphasizes the rise of "AI + consumption" applications, showcasing the market potential for new service consumption models driven by technology such as 5G, IoT, and big data [6][7]. - Notable examples include the sales of over 19,000 robots and related products during a recent event, indicating a strong market for AI-driven services in hospitality and events [6][7]. Group 4: International and Domestic Opening - The government aims to balance international openness with domestic deregulation, proposing to ease restrictions in high-end medical and leisure sectors to attract foreign investment and private capital [10][11]. - The measures also include enhancing the convenience of services for inbound tourists, with projections of 1.3 billion inbound visitors and $94.2 billion in total spending by 2024, reflecting a significant increase from 2023 [10][11].

Core Viewpoint - The recent leadership changes at China Merchants Shekou are seen as a strategic move to enhance management effectiveness and adapt to the evolving real estate market dynamics, with a focus on quality and profitability rather than just scale [1][8]. Group 1: Leadership Changes - China Merchants Shekou announced the resignation of former Chairman Jiang Tiefeng and the appointment of Zhu Wenkai as Chairman and Nie Liming as General Manager, indicating a shift in management [1]. - Zhu Wenkai and Nie Liming are both seasoned veterans within the China Merchants system, with extensive experience in various leadership roles [1][7]. - This leadership transition is viewed as a continuation of the company's conservative talent selection approach, favoring internal promotions [7]. Group 2: Performance and Strategy - Under Jiang Tiefeng's leadership, the company aimed to rank among the top five in the industry, focusing on enhancing internal management and transitioning towards quality-driven growth [8]. - In 2024, China Merchants Shekou reported a revenue of 178.95 billion yuan, a year-on-year increase of 2.25%, while net profit attributable to shareholders fell by 36.09% to 4.04 billion yuan [8]. - The company has adopted a strategy to concentrate investments in "core 10 cities," with 90% of its investment in these cities and 59% in first-tier cities [9]. Group 3: Market Adaptation - The company has made organizational adjustments, including the establishment of an asset management department and the reduction of management layers by eliminating several regional companies [9]. - The leadership changes and strategic focus on core cities reflect the company's response to market challenges and its aim to improve performance in a competitive environment [9].

对于黄金仓储，施政报告中提到，要推动香港机场管理局及金融机构在港拓展黄金仓储，以三 年超越2000吨为目标，建造区域黄金储备枢纽；推动金商在港建立或扩建精炼厂，并与内地研 究在内地进行来料加工，精炼黄金后出口至香港作交易及交割用途。 香港立法会议员李惟宏对21世纪经济报道记者表示，此次施政报告在去年提出建设黄金交易中 心的基础上，进一步明确了具体推进方向。包括 加强仓储等基础设施建设，以及建立中央清 算系统——这是实现中长期互联互通目标的重要基础。 参考股票、债券及基金市场互联互通 机制的发展经验，黄金市场的互联互通也需逐步推进，率先构建完善的清算系统将为后续合作 奠定坚实基础。 9月17日，香港特区政府行政长官李家超发表2025年施政报告，宣布香港将加速建立国际黄金 交易市场，并已接纳 "推动黄金市场发展工作小组" 的建议，由香港财库局落实。特区政府将 建立香港黄金中央清算系统，为国际标准黄金交易提供高效可信的清算服务，并邀请上海黄金 交易所参与，为未来与内地市场互联互通做好预备。 李家超表示，香港要丰富黄金投资工具，协助发行人发行黄金基金，支持开发新产品，如代币 化黄金投资产品。特区政府会支持业界成立黄金 ...

Core Viewpoint - The controversy surrounding pre-prepared meals is not about their inherent quality but rather about consumer transparency and choice, with many consumers feeling misled when they pay for freshly cooked meals but receive pre-prepared options instead [1][2] Market Overview - The pre-prepared meal market in China is projected to reach 485 billion yuan in 2024 and is expected to exceed 617.3 billion yuan by 2025, indicating a rapidly growing trillion-yuan industry [2] - Over 30 publicly listed companies in the A-share market are involved in the pre-prepared meal sector, with significant investments in industrial parks in regions like Guangdong, Fujian, and Shandong [2] Consumer Sentiment - Research indicates that more than 50% of consumers in fast-food chains are open to pre-prepared meals, while only 8.8% of consumers in high-end restaurants accept them, highlighting a mismatch between consumer expectations and dining contexts [1][2] Industry Challenges - The primary issue facing the pre-prepared meal industry is a lack of transparency, with no established standards or regulatory frameworks governing the sourcing, processing, and logistics of these products [2] - Many restaurants are hesitant to disclose their use of pre-prepared meals, further eroding consumer trust [2] Regulatory Developments - A draft national standard for food safety regarding pre-prepared meals has passed review and is set to solicit public opinion, which will help standardize the identity of pre-prepared meals and require restaurants to disclose their usage [2] - The implementation of new national standards is expected to lead to a significant industry shake-up, potentially eliminating substandard small operations [2] Future Outlook - The pre-prepared meal sector is seen as a necessary evolution in modern dining, addressing efficiency issues while needing to build consumer trust [2] - The ongoing discussions about consumer rights, standardization, and industry transparency will likely shape the future trajectory of the restaurant industry [2][3]

Core Viewpoint - Dongfeng Group is establishing a joint venture with Xiangyang State-owned Assets to focus on the research, manufacturing, and sales of smart off-road vehicles, leveraging its existing brand and technology assets [4][6]. Group 1: Joint Venture and Market Focus - The new company will utilize Dongfeng's intangible asset rights, including vehicle platforms and smart driving technologies, and will produce vehicles under the "Mans" brand, targeting the light off-road market [4][6]. - The light off-road market is experiencing significant growth, with domestic sales of boxy vehicles expected to exceed 769,000 units in 2024, growing at over three times the industry average [6]. Group 2: Strategic Partnerships and Technology Integration - Huawei plays a crucial role in this partnership, with plans for deeper collaboration in smart vehicle product development, marketing, and ecosystem services [7]. - The collaboration will involve integrating Huawei's product development and marketing methodologies with Dongfeng's existing processes to enhance innovation and efficiency [7]. Group 3: Organizational Restructuring and Market Strategy - Dongfeng Group is undergoing significant internal reforms to consolidate resources and improve efficiency, including the establishment of Dongfeng Yipai Automotive Technology Co., which integrates various brands under one management structure [8][9]. - The annual sales target for the newly formed company is set at 1.5 million vehicles, with the Yipai brand expected to contribute two-thirds of this volume [8]. Group 4: International Expansion and Future Outlook - The new company aims to accelerate the internationalization of the Mans brand, promoting Chinese smart off-road vehicles in global markets [7][9]. - Dongfeng's recent actions, including privatization and plans for Lantu Automotive's listing in Hong Kong, are seen as steps to enhance capital support and international presence [8].

Core Viewpoint - Zhao Jingliang, the Vice President of Caida Securities, has resigned due to job changes, confirming no disagreements with the company or board, and is set to become the General Manager of the newly merged Guosheng Securities [1][6][10]. Group 1: Zhao Jingliang's Background and Departure - Zhao Jingliang has been with Caida Securities for six years, playing a significant role in the company's initial public offering [3][6]. - His tenure included overseeing proprietary trading, with revenue from this segment showing fluctuations over the years [3][10]. - The proprietary trading revenue was 4.89 billion yuan in 2021, a 70.16% increase year-on-year, but faced a loss of 54.21 million yuan in 2022, before rebounding to 6.29 billion yuan in 2023 [3][10]. Group 2: Transition to Guosheng Securities - Zhao Jingliang was publicly announced as the candidate for the General Manager position at Guosheng Securities on August 27, 2023, with the public notice period ending on September 3, 2023 [6][10]. - The current acting General Manager, Tang Wenfeng, will continue in this role until the end of September, when Zhao is expected to officially take over [10]. - The transition comes after the resignation of Guosheng Securities' former president Xu Lifeng due to age, and the recent resignation of Guosheng Financial's General Manager Lu Zhenkan [9][10].

Core Viewpoint - The wealth management needs of high-net-worth individuals in China are undergoing a profound transformation, focusing on wealth preservation and inheritance, diversified asset allocation, customized services, and social impact considerations [1][2]. Group 1: Trends in Wealth Management - The asset allocation of high-net-worth individuals is becoming increasingly diversified, moving away from a heavy reliance on domestic real estate and A-shares to include cross-border investments such as foreign dollar bonds, Asia-Pacific REITs, and private equity funds in Europe and the U.S. [3] - Globalization is a significant trend, with clients seeking investment opportunities worldwide and reducing local asset allocations, indicating a shift from chasing high returns to pursuing stable growth and security [3][4]. - The investment needs of clients are becoming more complex and mature, particularly among entrepreneurs in mainland China, who require deeper insights and tailored products due to their experience with various economic cycles [4]. Group 2: Wealth Planning and Inheritance - Comprehensive wealth planning is increasingly important, with a focus on family welfare and long-term development strategies for wealth transfer [4][5]. - High-net-worth individuals are not only concerned with financial asset transfer but also with the transmission of values across generations, emphasizing a multi-generational perspective on family legacy [5]. Group 3: Integrated Services - There is a growing need for integrated solutions that consider personal, family, and business aspects, requiring service providers to act as strategic partners [7]. - HSBC Global Private Banking aims to go beyond traditional private banking by collaborating with corporate and institutional banking to support clients' business and personal wealth journeys [7][8]. Group 4: Hong Kong as a Wealth Management Hub - Hong Kong is increasingly favored by mainland high-net-worth individuals due to its unique geographical advantages, financial expertise, and robust legal framework, serving as a gateway to global markets [10]. - HSBC provides over 800 carefully selected local and global fund products to clients in mainland China, focusing on diversified asset allocation and tailored investment strategies [10].