来源丨 中央纪委国家监委网站 编辑丨金珊 SFC 北京大学党委常委、副校长任羽中涉嫌严重违纪违法，主动投案，目前正接受中央纪委国家监 委纪律审查和监察调查。 ...

Core Viewpoint - The article discusses the potential expansion of spring and autumn breaks in primary and secondary schools in China, emphasizing the need for flexible holiday arrangements based on local conditions to enhance student well-being and promote tourism consumption [1][2][4]. Group 1: Policy Background - The concept of spring and autumn breaks has been included in various policy agendas since 2013, with the aim of optimizing holiday arrangements for students while maintaining the total number of school days [2][4]. - Recent measures from the Ministry of Commerce and other departments encourage local governments to explore the implementation of spring and autumn breaks, considering factors like climate and local economic conditions [2][9]. Group 2: Regional Variations - In 2025, the autumn semester in Beijing will last 145 days, while in Hangzhou, it will extend to 159 days, marking the longest autumn semester in nearly a decade [1][7]. - The differences in holiday lengths between regions highlight the need for tailored approaches, as northern and southern climates significantly affect school schedules [7][9]. Group 3: Economic Impact - The extended holiday periods, such as the 11-day break in Hangzhou, are expected to boost family travel plans and stimulate consumption in the tourism sector [4][5]. - In 2024, domestic travel is projected to reach 5.615 billion trips, with total spending estimated at 5.75 trillion yuan, indicating a strong correlation between holiday arrangements and consumer behavior [4]. Group 4: Educational Considerations - The introduction of spring and autumn breaks is seen as a way to alleviate academic pressure on students, allowing for better mental health and social development [14]. - The need for parental support in taking time off work to align with children's breaks is emphasized, as without this, the effectiveness of the breaks may be diminished [5][14].

| < W | | 光刻机指数(8841237) | | | | --- | --- | --- | --- | --- | | | | 4525.95 183.95 +4.24% | | | | 资料 | 成分 | 资讯 | 相关基金 | 月度收益 | | 波长光电 | | 88.12 | 20.01% | 14.69 | | 301421.SZ | | | | | | 苏大维格 | | 38.47 | 14.66% | 4.92 | | 300331.SZ | | | | | | 奥普光电 | | 55.62 | 10.01% | 5.06 | | 002338.SZ | | | | | | 福晶科技 | | 46.40 | 10.00% | 4.22 | | 002222.SZ | | | | | | 炬光科技 | | 175.97 | 6.65% | 10.97 | | 688167.SH | | | | | | 茂莱光学 | | 433.26 | 6.60% | 26.82 | | 688502.SH | | | | | | 国林科技 | | 16.35 | 5.28% | 0.82 | | 300 ...

Core Viewpoint - The article discusses the achievements of state-owned enterprises (SOEs) during the "14th Five-Year Plan" period, highlighting strategic restructuring, optimization of asset allocation, and improvements in operational efficiency. Group 1: Restructuring and Integration Achievements - During the "14th Five-Year Plan," 10 SOEs underwent strategic restructuring, and 9 new central enterprises were established, enhancing the efficiency of state capital allocation [3][4] - The restructuring focused on three main areas: supporting national strategies, enhancing industrial collaboration, and optimizing public services [3][4][5] Group 2: Financial Performance and Growth - Since the beginning of the "14th Five-Year Plan," total assets of central enterprises increased from less than 70 trillion yuan to over 90 trillion yuan, with total profits rising from 1.9 trillion yuan to 2.6 trillion yuan, reflecting annual growth rates of 7.3% and 8.3% respectively [7] - Economic Value Added (EVA) has grown from over 380 billion yuan to approximately 1.2 trillion yuan, indicating improved value creation capabilities [7] Group 3: Investment and Market Performance - From 2021 to 2024, central enterprises are expected to complete a total fixed asset investment of 19 trillion yuan, with an average annual growth rate of 6.3% [9] - The market capitalization of centrally controlled listed companies exceeded 22 trillion yuan, marking a nearly 50% increase since the end of the "13th Five-Year Plan" [9]

Core Viewpoint - Hesai Technology has successfully listed on the Hong Kong Stock Exchange, becoming the first laser radar company to achieve dual listing in both the US and Hong Kong, indicating strong market confidence and growth potential in the laser radar sector [5][12]. Company Overview - Hesai primarily provides 3D LiDAR solutions, including design, development, manufacturing, and sales of advanced LiDAR products, which are widely used in commercial and passenger vehicles, robotics, and other non-automotive industries [7]. Financial Performance - In Q2 2023, Hesai achieved revenue of 7.1 billion RMB, a year-on-year increase of over 50%, and net profit of 0.44 billion RMB, marking a return to profitability [7]. - The company's total LiDAR delivery volume reached approximately 548,000 units in the first half of the year, a year-on-year increase of 276.2% [11]. Business Segments - The two core business segments, Advanced Driver Assistance Systems (ADAS) and robotics, accounted for 62.7% and 34.1% of Hesai's revenue, respectively, both experiencing triple-digit growth due to booming downstream industries [10]. - In the ADAS sector, Hesai's LiDAR shipment volume reached 300,000 units in Q2 2023, a year-on-year increase of 276% [10]. - In the robotics sector, Hesai's LiDAR shipment volume reached 49,000 units in Q2 2023, a year-on-year increase of 743.6% [11]. Market Position - According to a report by the Automotive Research Institute, Hesai is projected to have a market share of 33.0% in the domestic LiDAR installation market, ranking first among competitors [10]. - The company has secured contracts with nine major domestic automakers for 20 vehicle models, with mass production scheduled for 2025-2026 [10]. Recent Developments - Just before the IPO, Hesai announced a partnership with a leading US Robotaxi company, signing a laser radar order worth over $40 million, with delivery planned by the end of 2026 [3]. - The IPO raised a total of 4.16 billion HKD, with approximately 50% allocated for R&D investment and 35% for production capacity investment [14]. Market Sentiment - Following a short-selling report from Blue Orca Capital questioning Hesai's profitability, domestic institutions have expressed optimism about the company's growth prospects, citing strong downstream demand and a solid market position [12][14]. - Multiple domestic investment institutions have issued reports favoring Hesai's future growth, highlighting the increasing demand for LiDAR in both ADAS and robotics applications [15].

孔强： 好的。所谓"非法代理退保黑灰产"，是指与保险领域相关的，利用非法手段谋取利 益，行走在法律边缘或者明显违反法律法规的一整套搅乱金融市场秩序的"产业链"。 说白了，就是存在一些机构或个人，以"帮你全额退保""退保新政策"为幌子，获得有退保需求 的消费者信任，骗签委托代理退保协议。这些黑灰产代理会诱导消费者采取非常规手段，如 虚构保险销售违规情形、虚假证明材料等，通过向监管投诉或举报、发布视频等，向保险公 司施压，以此获得超出保险合同约定范围的退保金额。 若消费者提出终止合作，黑灰产代理会以"曝光你隐私""去法院告你"，甚至骚扰消费者亲戚朋 友的方式，迫使消费者继续配合。而得手后，代理会依据协议收取占比颇高的费用，扣除这 笔所谓的"服务费"后，消费者实际获得的退保金额甚至会比正常退保少，却面临如财产受 损、失去保险保障、个人信息泄露等风险，甚至可能因参与不实投诉等行为承担相应的法律 责任，对保险市场的正常运行秩序产生极大影响。 主持人：听起来真是让人胆战心惊。那现在这些"退保黑中介"到底有多猖獗？他们是 怎么侵害消费者利益的？能不能通过有关的真实案例来说明一下被骗的后果？ 记者丨梁欣 主持人： 解读金融政 ...

Market Overview - The market experienced a strong rebound on September 17, with the three major indices recovering from earlier lows. The Shanghai and Shenzhen stock exchanges recorded a total trading volume of 2.38 trillion yuan, with over 2,500 stocks rising [1][2]. - The Shanghai Composite Index rose by 0.37%, the Shenzhen Component Index increased by 1.16%, and the ChiNext Index gained 1.95% [1][2]. Sector Performance - The semiconductor industry, particularly the photolithography equipment sector, saw significant gains, with stocks like SMIC reaching historical highs. The photolithography index rose by 4.24% [5][7]. - In the Hong Kong market, the technology sector surged, with the Hang Seng Tech Index climbing 4.3%, driven by major players like Baidu and Tencent [3][14]. Semiconductor Industry Insights - The global semiconductor equipment shipment value reached $33.07 billion in Q2 2025, marking a 24% year-on-year increase. However, sales in mainland China fell by 2% year-on-year, despite a quarterly growth of 11% [7]. - Domestic companies are increasingly focusing on self-sufficiency in semiconductor technology, with significant investments from firms like Deepseek and Alibaba in domestic computing power [9]. Robotics Sector Developments - Tesla's Optimus robot is making progress, with plans for a technical evaluation of AI chip designs. The company is expected to accelerate development in humanoid robots and autonomous driving [11][12]. - The robotics sector is seeing a focus on cost reduction and lightweight technologies, with applications in logistics and specialized industries [11]. Strategic Collaborations - Baidu and China Merchants Group signed a strategic cooperation framework to collaborate on AI technologies, which could enhance industrial intelligence in various sectors [16]. - Tencent has adapted mainstream domestic chips and is actively participating in the open-source community, indicating a commitment to local technology integration [8]. Market Sentiment - Analysts suggest that the Hong Kong market may continue to see structural growth, particularly in technology and consumer sectors, supported by expectations of monetary easing from the Federal Reserve [17].

Core Viewpoint - The article discusses the ongoing speculation regarding the potential merger between Guoyuan Securities and Huazhong Securities, both of which are controlled by the Anhui Provincial State-owned Assets Supervision and Administration Commission, highlighting their historical ties and competitive dynamics in the market [1][4]. Group 1: Background and Historical Context - Guoyuan Securities was established in 2001, while Huazhong Securities has a history dating back to 1991, making it ten years older [9]. - Guoyuan Securities became the first listed securities firm in Anhui Province in 2007, while Huazhong Securities went public in 2016, nine years later [9]. - The merger rumors have persisted for over a decade, with initial speculation arising as early as 2007 when Guoyuan Securities was listed [7][9]. Group 2: Recent Developments - On September 15, Huazhong Securities addressed the merger rumors during an earnings briefing, emphasizing a focus on "internal development" while also seeking "external expansion opportunities," which has fueled market speculation [1][4]. - The response from Huazhong Securities did not confirm or deny the merger but indicated a standard operational approach to handling such rumors [2][5]. Group 3: Market Trends and Comparisons - The article notes that the trend of mergers among securities firms is increasing, with several mergers already occurring in 2023, such as Guotai Junan and Guolian Minsheng [1][4]. - In terms of performance, Guoyuan Securities has historically led in revenue rankings, but Huazhong Securities has shown rapid growth, moving from 43rd place in 2021 to 28th in the first half of 2024, narrowing the gap with Guoyuan Securities [10][11].

Core Viewpoint - The offshore RMB has appreciated against the USD, breaking the 7.10 mark for the first time since November last year, driven by expectations of interest rate cuts by the Federal Reserve and strong support from China's exports to various markets [1][5][6]. Group 1: RMB Exchange Rate Movements - On September 17, the offshore RMB/USD exchange rate reached a high of 7.0995, while the onshore rate closed at 7.1163, marking a significant increase of 65 points from the previous day [1]. - As of September 17, the offshore RMB was quoted at 7.1036 and the onshore at 7.1079 [1]. - The RMB has shown notable volatility, depreciating earlier in the year but appreciating significantly since April, nearing the critical "7" level [3]. Group 2: Factors Driving RMB Appreciation - The appreciation of the RMB is attributed to three main factors: short-term expectations of interest rate cuts in the US, medium-term support from exports to the EU, ASEAN, Africa, and other emerging markets, and long-term economic stabilization policies in China [5]. - The key driver for the recent RMB appreciation is the market's anticipation of the Federal Reserve's interest rate cuts, which has led to a decline in the USD index and provided upward momentum for non-USD currencies, including the RMB [6]. Group 3: Future Outlook for RMB - Analysts predict that the RMB will continue to appreciate against the USD in the short to medium term, with potential to break the "7" level [8]. - Key indicators for future RMB movements include changes in the Federal Reserve's interest rates and the flow of cross-border capital in China [8]. - Historical trends suggest that there is no definitive pattern for RMB exchange rate movements following Fed rate cuts, but the overall economic recovery in China and strong demand from emerging markets are expected to support the RMB [9].

记者丨杨乔羽 编辑丨叶映橙 9月16日，华为举办智能世界2035系列报告发布会，正式发布智能世界2035系列报告，包括《智 能世界2035》和《全球数智化指数2025》报告。 报告指出，2035年全社会的算力总量将增长10万倍。数据将成为推动人工智能发展的"新燃料"， AI存储容量需求将比2025年增长500倍，占比超过70%，Agentic AI驱动存储范式改变。通信网络 的连接对象将从90亿人扩展到9000亿智能体，实现移动互联网至智能体互联网的跃迁。到2035 年，人工智能将助力预防超过 80% 的慢性病，超过90%的中国家庭将拥有智能机器人，人工智能 应用率超过85%，AI 提升劳动生产率60%。 报告指出通往智能世界2035的十大技术趋势，具体如下： 趋势一： AGI将是未来十年最具变革性的驱动力量，但仍需克服诸多核心挑战，方能实现 AGI奇点突破。因此，走向物理世界是AGI形成的必由之路。 趋势二： 随着大模型的发展，AI智能体将从执行工具演进为决策伙伴，驱动产业革命。 趋势五： 手机App正从独立的功能实体，转变为由AI智能体驱动的服务节点。用户只需给出 指令，AI智能体将调用相关服务节点，为用 ...