记者丨 董鹏 编辑丨骆一帆 异常"稳重"的银河磁体，突然启动了外部并购。 9月15日，银河磁体发布停牌公告，拟购买同在成都的京都龙泰科技有限公司（下称"京都龙泰"）100%股权，并与14名交易对方已签署意向性 协议，初步达成购买资产意向。 值得注意的是，自2010年上市以来，银河磁体始终未进行过外部收购与再融资，仅有的一次并购事件还是对外出售其子公司股权，公司又为何 会选择在当前节点展开并购？ 公开资料显示，京都龙泰为银河磁体同业公司，主营产品为铁氧体永磁、烧结稀土永磁、粘结稀土永磁，在EPB（电子驻车）用稀土永磁铁氧 体材料领域具备较高市场份额。 而根据银河磁体此前判断，随着汽车向舒适化、节能化、自动化及智能化的发展，汽车电机中用到的粘结钕铁硼磁体将保持增加。 同时，过去几年银河磁体业绩增长也出现瓶颈，公司营收自2022年逼近10亿元的历史峰值后，连续回落至今。 不过，受到稀土行业政策变化的影响，相关公司估值提升非常明显，银河磁体股价亦由去年同期的不足13元升至当前的32元以上，股价升值非 常明显。 此次，银河磁体亦计划使用发行股份及支付现金的方式，来支付收购京都龙泰的交易对价。 由于主营业务的"to B" ...

Core Viewpoint - The A-share market experienced a significant rise on September 16, with the robotics sector leading the gains, indicating strong investor interest and potential growth in this industry [1]. Group 1: Market Performance - The robotics sector saw over 20 stocks hitting the daily limit up, with notable performers including Anpeilong, Hanwei Technology, and Hongchang Technology achieving a 20% increase [1]. - Other companies like Wanxiang Qianchao, Sanhua Intelligent Control, and Shiyun Circuit also recorded substantial gains, with more than 10% increases [1]. - Several stocks, including Shanghai Construction and Kangping Technology, saw increases exceeding 10% [1]. Group 2: Industry Developments - Yushu Technology announced the launch of UnifoLM-WMA-0, an open-source world model designed for general robotics learning, which could enhance the capabilities of robots in interacting with their environments [1]. - According to Minsheng Securities, the robotics sector is expected to experience significant catalysts in the fourth quarter, with the T-chain becoming a core focus [1]. - Yushu Technology plans to submit its IPO application in the fourth quarter, while Zhiyuan Robotics has taken a stake in Shuangwei New Materials, indicating a trend of increasing market activity and potential for further investment in the sector [1].

Core Viewpoint - The article discusses the introduction of a new round of policies aimed at stabilizing economic growth in ten key industries, which are expected to support 70% of the industrial base and pave the way for future industrial upgrades [1][2]. Summary by Sections Key Industries Benefiting - The ten key industries identified include steel, non-ferrous metals, petrochemicals, chemicals, building materials, machinery, automobiles, power equipment, light industry, and electronic information manufacturing, collectively representing 70% of the industrial economy [1]. Rationale for Policy Introduction - The timing of the new policies is significant as it coincides with the conclusion of the 14th Five-Year Plan and the tenth anniversary of supply-side structural reforms. Despite exceeding growth expectations in the first half of the year, the third quarter has seen increased uncertainties, prompting the need for measures to stabilize the economy and allow for growth in the fourth quarter [2]. Policy Focus and Implementation - The policies are designed to be precise rather than broad, addressing both supply and demand, as well as technology and market needs. Key initiatives include promoting innovation, improving quality, and integrating artificial intelligence into traditional industries [2]. Demand and Supply Alignment - The policies aim to stimulate consumption and expand market scenarios, with a focus on major engineering projects and large-scale equipment updates. This dual approach is intended to align supply and demand effectively [2]. Guidance for Enterprises - The policies serve as a guide for enterprises, emphasizing the importance of avoiding irrational competition and instead focusing on technology, brand differentiation, and quality. Support for XR equipment, smart grids, and first-of-a-kind equipment trials is also highlighted [2]. Market Order and Fair Competition - The government is placing a strong emphasis on regulating market order and combating low-price competition to ensure a fair environment for all businesses to thrive [2].

Core Viewpoint - The article discusses the dramatic fluctuations in the stock price of the biopharmaceutical company Yaojie Ankang-B, highlighting the volatility and the disconnect between its stock performance and fundamental business metrics [1][6][8]. Stock Performance Summary - On September 16, Yaojie Ankang-B's stock price surged to a peak of 679.5 HKD per share, representing a 63.73% increase, with a market capitalization nearing 270 billion HKD [1]. - However, the stock experienced a sharp decline, dropping to a low of 165 HKD per share, resulting in a maximum intraday loss of over 75%, and closing at 192 HKD, down 53.73% from the previous day [1][3]. - The stock's price had increased over 50 times since its IPO at 13.15 HKD per share just three months prior [6][8]. Company Background and Financials - Yaojie Ankang, established in 2014, focuses on developing innovative therapies for cancer, inflammation, and cardiovascular diseases, currently in the registration phase [6][8]. - The company has not achieved commercial profitability, reporting losses of 252 million CNY, 343 million CNY, and 275 million CNY for the years 2022, 2023, and 2024 respectively, totaling 870 million CNY in losses over three years [8]. - As of mid-2025, the company had cash and cash equivalents of only 449 million CNY, with a significant drop in revenue of 90.4% year-on-year [8]. Market Dynamics and Investor Sentiment - The stock's volatility is attributed to speculative trading, particularly following the announcement of a clinical trial for its core product, Tinengotinib, which is the first FGFR inhibitor for certain cancer patients [7][8]. - The inclusion of Yaojie Ankang in the Hong Kong Stock Connect program has also contributed to increased trading volume and market activity [7]. - Analysts suggest that the current market sentiment towards innovative drugs is high, but caution against making investment decisions based solely on market emotions without considering the company's fundamentals [10][11]. Industry Outlook - The innovative drug sector in China has seen significant activity, with many collaborations and milestones achieved, leading to a 50% increase in the sector's stock performance this year [10]. - The future of China's innovative drug industry is viewed positively, with expectations for enhanced support from capital markets to foster research and international expansion [11].

Core Viewpoint - The new round of ten key industries' steady growth plans aims to stabilize the industrial economy amidst external uncertainties and internal structural adjustments, focusing on maintaining reasonable growth rates to support the overall economy [1][2]. Group 1: Key Industries and Their Importance - The ten key industries targeted include steel, non-ferrous metals, petrochemicals, chemicals, building materials, machinery, automobiles, power equipment, light industry, and electronic information manufacturing, which collectively account for about 70% of the industrial economy [4][6]. - These industries are characterized by long industrial chains, high interconnectivity, and strong driving effects, making them crucial for the overall stability of the industrial economy [6]. Group 2: Policy Differences and Focus - The current steady growth policies differ fundamentally from those in 2023, shifting from "quantitative growth" to "quality and efficiency" [2][10]. - The new policies emphasize structural optimization and long-term high-quality development, focusing on both supply and demand sides [2][11]. - On the supply side, the emphasis is on technological innovation to optimize supply, while on the demand side, the focus is on creating new demand and exploring new markets [11][12]. Group 3: Specific Industry Goals - The automotive sector aims for annual sales of approximately 32.3 million vehicles by 2025, with a 3% year-on-year growth, and a target of 15.5 million new energy vehicles, representing a 20% increase [6]. - The power equipment sector targets an average revenue growth of around 6% for traditional power equipment and aims to enhance the export volume of new energy equipment [7]. - The electronic information manufacturing sector aims for an average growth rate of 7% in value-added output, with a revenue growth target of over 5% for the sector as a whole [7][8].

Core Viewpoint - TCL Technology has been awarded the China Quality Award for its quality management model of "Extremity, Leadership, and Collaboration," highlighting its commitment to high-quality development in the semiconductor field [3][5][22]. Group 1: Quality Management Model - The "Extremity, Leadership, and Collaboration" quality management model was developed by TCL Technology under the national quality strategy, aiming to become synonymous with high-quality development in the semiconductor sector [9][11]. - "Extremity" encompasses extreme operations, innovation, and management, focusing on strategic-driven operations, comprehensive quality management, and collaborative improvements across the supply chain [11][12]. - "Leadership" is the goal of high-quality development, with TCL achieving industry-leading performance in 19 key quality indicators and optimizing operational efficiency [11][12]. - "Collaboration" involves customer, supply chain, and environmental cooperation, enhancing responsiveness and promoting green development through ESG strategies [12][22]. Group 2: AI Integration and Manufacturing Efficiency - AI is increasingly integrated into TCL's manufacturing processes, significantly improving production efficiency and product quality, with examples including a 70% increase in production efficiency and an 11% improvement in process capability index [12][14]. - The company has achieved a high level of smart manufacturing maturity in the semiconductor display industry, with production capacity exceeding original designs by 60% [14]. - TCL's AI strategy includes partnerships with industry leaders like Alibaba Cloud to build an intelligent hub for the semiconductor display industry [15]. Group 3: Innovation and Competitive Advantage - Under the quality management model, TCL is expanding into semiconductor displays, renewable energy, and semiconductor materials, positioning itself as a leading semiconductor manufacturing group [17]. - The company has achieved global leadership in several product categories, including gaming displays and photovoltaic silicon wafers, with significant improvements in production metrics post-implementation of the quality model [17][18]. - TCL has filed nearly 80,000 patents, with a strong focus on quantum dot electroluminescence technology, leading the global patent landscape in this field [18][20]. Group 4: Investment in Quality Infrastructure - TCL has invested over 8 billion in quality infrastructure, establishing 80 laboratories, with several receiving national accreditation [22]. - The quality management model has been extended to over 2,000 enterprises within the ecosystem, facilitating cross-industry upgrades and enhancing overall manufacturing quality [22].

Core Viewpoint - The article discusses the achievements and policies of China's agricultural and rural development during the "14th Five-Year Plan" period, emphasizing the implementation of strong agricultural support policies and the importance of maintaining stability in rural land and property rights [1][3]. Group 1: Strong Agricultural Support Policies - The government has introduced a series of policies categorized into four main areas to support agriculture and rural development [1]. - The first focus is on ensuring stable and safe supply of grain and important agricultural products, with a comprehensive support policy system including subsidies, prices, and insurance [1]. - Key measures include increasing the minimum purchase prices for major grain crops and enhancing the central subsidy standards for high-standard farmland construction from around 1000 yuan per mu to over 2000 yuan per mu [1]. Group 2: Infrastructure and Public Services - The second focus is on improving rural infrastructure and public service levels, with agriculture and rural areas prioritized in the general public budget [2]. - Increased financial support is allocated for projects such as rural toilet renovations, water supply security, and the construction of rural sewage treatment facilities [2]. - The government employs a "reward instead of subsidy" approach to support the construction and maintenance of ordinary provincial roads and rural roads [2]. Group 3: Industrial Revitalization - The third focus is on enhancing quality and efficiency to promote rural industrial revitalization, with a three-year action plan for the development of the agricultural product processing industry [2]. - By 2024, revenue from large-scale agricultural processing enterprises is expected to reach around 1.8 trillion yuan, with numerous agricultural industry integration projects being implemented [2]. - The government supports the establishment of various agricultural industry clusters and promotes new industries such as rural e-commerce and leisure agriculture, which generated approximately 900 billion yuan in revenue last year [2]. Group 4: Stability and Rights Protection - The fourth focus is on maintaining stability and protecting farmers' legitimate rights, ensuring that rural land contracts remain stable and are extended appropriately [3]. - The government emphasizes the principle of voluntary and compensated land transfer, prohibiting forced land circulation and respecting farmers' wishes [3]. - Policies are reiterated to prevent urban residents from purchasing rural housing and land, and to ensure that farmers can utilize their idle properties through legal means [3]. Group 5: Financial Investments - Since the beginning of the "14th Five-Year Plan," total fiscal expenditure on agriculture, forestry, and water affairs has reached 10.8 trillion yuan, with 2.7 trillion yuan allocated for 2024 [4]. - Fixed asset investment in the primary industry amounts to 5.47 trillion yuan, and the balance of agricultural loans is 53.19 trillion yuan [4][5]. - The proportion of land transfer income used for agriculture and rural development has exceeded 10% nationwide [5].

Core Insights - The article highlights the surge in demand for train and flight tickets as the National Day and Mid-Autumn Festival approach, with many travelers facing challenges in securing tickets due to high competition [1][4][7]. Ticket Purchase Trends - Train ticket sales peaked on September 15 and 16, with multiple routes sold out shortly after ticket release [1][6]. - Domestic flight searches for the holiday period increased by over 30% compared to the previous year, indicating a strong interest in travel [4][7]. - Popular train routes from major cities like Beijing to Wuhan and Changsha are experiencing high demand, with many tickets already sold out [6][7]. Travel Destination Preferences - There is a noticeable shift towards lesser-known travel destinations, with small cities seeing significant increases in hotel bookings [4][11]. - Travelers are opting for unique experiences in smaller towns to avoid crowded tourist spots, with a focus on relaxation and cultural immersion [5][11][12]. - Popular lesser-known destinations include cities like Luzhou, Ma'anshan, and Baoji, which have seen a rise in hotel reservations [4][12]. Hotel and Activity Trends - High-quality hotels and scenic accommodations are in demand, with a 20% increase in bookings for premium hotels during the holiday [9]. - Keywords related to "viewing" and "moon appreciation" have seen a 117% increase in search interest, reflecting travelers' desires for unique experiences [9]. - Popular tourist attractions for the holiday include Universal Studios Beijing, Jiuzhaigou, and the Terracotta Army, indicating a mix of cultural and entertainment options [8]. Emerging Travel Patterns - The trend of long-distance travel is on the rise, with domestic group tours seeing a spending increase of over 20% compared to last year [12]. - There is a growing interest in international travel, particularly to countries with visa-free policies for Chinese tourists, such as Morocco and Serbia [12]. - The article notes that county-level tourism remains popular, with high booking volumes in regions like Yanbian and Wuyuan [13].

记者丨周炎炎 编辑丨方海平 "从全球的视角看待财富机遇，穿越变局的迷雾，以'恒量'对冲'变量'。"在提到汇丰如何协助 客户规划适合自己的财富管理路径时，张凯如是说道。 8月31日，第三届"汇丰中国投资者高峰会"在深圳顺利举办，21世纪经济报道在会议现场独家 专访了汇丰国际财富管理及卓越理财业务亚洲地区董事总经理张凯。今年5月开始，她从新加 坡派驻到上海，兼任汇丰中国财富管理业务负责人。 张凯所说的"变量"的含义有两方面。从全球来看，目前经济格局正在经历重构，政策及地缘政 治风险的不确定性明显提升，世界经济增长在未来也可能温和放缓；而聚焦中国，当下的中国 正处于经济转型与结构升级的关键时期，如何在中国经济长期向好的大背景下，把握机遇并实 现家庭与事业的繁荣发展，是财富管理客户共同关注的话题。 而"恒量"是什么？是作为160年植根中国的国际主流银行，汇丰一如既往地重视亚洲业务，看 好中国市场，并持之以恒地通过全球化的多元配置，将链接全球的能力赋能给中国客户，以助 其穿越周期，把握结构性增长的潜在机遇。 "源于"亚洲，"押注"亚洲 波士顿咨询的报告预计，2023-2028年，全球将创造92万亿美元的金融财富，其中近 ...

Core Viewpoint - The article emphasizes the importance of service consumption in improving people's livelihoods and driving economic transformation, outlining measures to boost consumption and expand domestic demand [4]. Group 1: Measures to Promote Service Consumption - The government has proposed 19 measures across five areas to enhance service consumption, including launching "Service Consumption Season" activities and supporting collaborations between quality consumption resources and well-known IPs [5][6]. - There is a focus on extending operating hours for popular cultural and tourist venues and optimizing reservation methods to encourage more visitors [5][6]. Group 2: Enhancing Quality Service Supply - The initiative aims to expand high-level opening of the service industry, particularly in sectors like telecommunications, healthcare, and education, to attract foreign investment [5][6]. - It encourages the development of cultural and artistic projects, enhancing the supply of cultural products and services through various venues [5][6]. Group 3: Stimulating New Service Consumption - The plan includes attracting more foreign visitors by optimizing visa policies and promoting China's cultural resources, such as cuisine and traditional medicine [6][7]. - There is an emphasis on expanding digital service consumption and encouraging e-commerce platforms to innovate in online and offline integration [6][7]. Group 4: Financial Support for Service Consumption - The government will utilize various funding channels to support the construction of service facilities in culture, tourism, and sports [7][8]. - There is a focus on increasing credit support for service consumption sectors, encouraging financial institutions to develop tailored financial products [7][8]. Group 5: Statistical Monitoring and Implementation - The article highlights the need to optimize service consumption statistics and innovate monitoring methods using big data to reflect regional consumption development accurately [8]. - Various departments are tasked with ensuring the implementation of these policies to better meet the diverse service consumption needs of the public [8].