Core Viewpoint - The fund distribution industry is experiencing a recovery, with significant growth in sales commissions, particularly among the three major players: Ant Fund, China Merchants Bank, and Tiantian Fund, indicating a shift in market dynamics and competitive landscape [1][2][9]. Group 1: Performance of Major Players - In the first half of 2025, Ant Fund reported operating income of 9.251 billion yuan, a 22.46% increase from 7.554 billion yuan in the same period last year, with net profit soaring 360.36% to 434 million yuan [6]. - China Merchants Bank's agency fund commission income reached 2.438 billion yuan, up 14.35% year-on-year, driven by increased sales and holdings of equity funds [6][7]. - Tiantian Fund's revenue slightly increased by 0.49% to 1.424 billion yuan, with net profit remaining stable at 64 million yuan [7]. Group 2: Market Trends and Challenges - The fund distribution industry is undergoing significant adjustments, with a clear recovery trend in the first half of 2025, although performance varies widely among institutions, with leading firms showing strong competitive advantages [1][9]. - The industry faces challenges such as fee reductions and increased regulatory scrutiny, prompting institutions to innovate services and optimize asset allocation to enhance competitiveness [2][12][16]. - The market is witnessing a trend towards increased concentration, with top independent fund sales institutions leveraging large user bases and efficient operations to maintain leadership [10][12]. Group 3: Strategic Innovations - Ant Fund has launched a one-stop index investment service platform "Index+", enhancing user engagement and investment service offerings [6][14]. - China Merchants Bank is focusing on multi-asset and multi-strategy allocation services, aiming to improve customer experience and deepen product management [14]. - Tiantian Fund is enhancing its user operation system, targeting high-net-worth clients and utilizing AI technology to improve investment experiences [14]. Group 4: Future Outlook - The fund distribution market is expected to continue evolving, with a focus on professional services, compliance, and differentiated development among banks, brokerages, and third-party institutions [10][12]. - Institutions are encouraged to adopt a buyer-oriented advisory model, enhancing investor education and optimizing customer experiences to remain competitive in a challenging environment [16].

据新华社报道，美国总统特朗普2日在白宫新闻发布会上回应关于他"已去世"的网络传言，指 其为"虚假新闻"。 特朗普说自己这个周末"非常活跃"，并不知道相关传言。 "这是假新闻，太虚假了，这就是媒 体公信力低的原因。" 特朗普说。 上周，现年79岁的特朗普因连续数日未公开露面再次引发外界对其健康状况的关注。此前，白 宫医疗团队曾就特朗普腿部肿胀向公众做出解释，称其被诊断为"慢性静脉功能不全"。 来源丨新华社 编辑丨金珊 实习生林芷仪 SFC 在回应过程中，特朗普还不忘贬损前总统拜登。特朗普说，自己仅两天未举行记者会就引发猜 测，而拜登数月未公开露面却无人质疑。"我们知道，他的身体状况并不是很好。"特朗普补充 道。 ...

Core Viewpoint - The recent surge in gold prices, reaching a record high of $3,500 per ounce, is driven by multiple factors including expectations of interest rate cuts by the Federal Reserve, geopolitical uncertainties, and increased demand from central banks [1][2][3] Group 1: Market Dynamics - Gold prices have experienced a rollercoaster ride this year, with an overall increase of over 30%, while silver has risen more than 40% [1] - The market's anticipation of a 25 basis point rate cut by the Federal Reserve in September has significantly bolstered gold prices, with historical data indicating an average increase of 6% in the 60 days following a rate cut [1][2] - Other contributing factors to the rise in gold prices include a weakening dollar, record-high U.S. debt levels, and ongoing geopolitical uncertainties [2] Group 2: Future Outlook - Analysts remain optimistic about the continuation of the gold bull market, with firms like Morgan Stanley setting a target price of $3,800 for gold in Q4, suggesting potential for further upside [2] - The increasing skepticism towards the reliability of dollar assets due to rising U.S. fiscal deficits and trade policy uncertainties may drive more investors towards gold, enhancing its appeal as a safe-haven asset [3] - The current environment of heightened volatility in global bond markets and challenges to dollar credit further positions gold as an ideal diversification tool in asset allocation strategies [2][3]

（声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） SFC 出品 | 2 1财经客户端 南财快讯工作室 编辑 | 金珊 据中国人民银行网站9月4日公告，为保持银行体系流动性充裕，2025年9月5日，中国人民银 行将以固定数量、利率招标、多重价位中标方式开展10000亿元买断式逆回购操作，期限为3个 月（91天）。 | 中国人民银行 | 货币政策司 | THE PEOPLE'S BANK OF CHINA | Monetary Policy Department | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 银行会计 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 支付体系 | 信息公开 | 征信管理 | 金融科技 | 人民币 | 经理国库 | 国际交往 | ...

Core Viewpoint - Huawei has launched its new foldable phone Mate XTs, which is the first to come pre-installed with HarmonyOS 5.1, starting at a price of 17,999 yuan [1] Group 1: Market Performance - According to IDC, China's foldable phone shipments are expected to reach 4.98 million units in the first half of 2025, representing a year-on-year growth of 12.6% [3] - Huawei achieved a historical high with a shipment of 3.74 million units, capturing 75% of the market share, and becoming the first Chinese brand to exceed 10 million cumulative shipments since launching its first foldable phone in 2019 [3] Group 2: Product Features - The Mate XTs is equipped with the Kirin 9020 chip, showcasing a 36% performance improvement through system-level optimization and soft-hard cloud collaboration [4] - The device also features HarmonyOS 5.1, which has surpassed 14 million installed devices, enhancing the user experience with desktop-level capabilities on mobile [4] Group 3: Ecosystem Development - The launch of the new foldable phone signifies an upgrade in Huawei's high-end product line and reinforces the HarmonyOS ecosystem, demonstrating the synergy between the foldable design and HarmonyOS 5 in terms of "large-screen interaction, cross-device collaboration, and AI" [6] - Huawei's ecosystem has made significant progress, with major internet applications adapting to HarmonyOS and a wide range of SDKs available for developers, improving application development efficiency [6][7] - The HarmonyOS ecosystem is advancing towards being "user-friendly," although there are still gaps in certain functionalities, indicating ongoing development challenges [7] Group 4: Industry Trends - The past year has seen a diversification in foldable phone designs, with new forms like tri-fold and wide-fold models emerging, injecting vitality into the market [8] - The first tri-fold product has seen impressive performance, with shipments nearing 500,000 units in the first half of the year, setting a benchmark in the high-end foldable market [8]

Core Viewpoint - The article discusses the rapid development of childcare services in China, highlighting the progress made towards achieving the target of 4.5 childcare slots per 1,000 people by the end of 2025, as outlined in the national plan [2][4][5]. Group 1: Current Status of Childcare Services - As of now, Chengdu has 2,067 childcare institutions with a total of 97,600 slots, achieving a ratio of 4.55 slots per 1,000 people, surpassing the national target [1][2]. - Other cities like Guangzhou and Suzhou have also exceeded the target, with Guangzhou reaching 107,800 slots, a 126% increase since 2019, and a ratio of 5.73 slots per 1,000 people [1][4]. - By the end of 2024, cities such as Nanjing and Sanya are projected to have ratios of 4.7 and 4.55 slots per 1,000 people, respectively, indicating a trend of early achievement of the national goals [4][5]. Group 2: Challenges and Disparities - Despite the overall progress, there are significant disparities in childcare service availability between urban and rural areas, with some regions lagging behind in meeting the targets [2][5]. - The article notes that while many cities are on track to meet the targets, structural gaps remain, particularly in rural areas where the supply of affordable childcare services is insufficient [7][10]. Group 3: Policy Support and Financial Aspects - The growth in the number of childcare slots is largely supported by government policies, including financial subsidies for new slots, with some provinces offering additional funding [7][10]. - The article highlights the varying costs of childcare services, with some high-end institutions charging up to 8,940 yuan per month, while more affordable options range from 2,200 to 3,250 yuan [9][10]. Group 4: Quality Concerns - A significant concern among parents is the quality of childcare services, with many expressing dissatisfaction due to high costs and inadequate staffing [12][13]. - The article emphasizes the need for improved standards in childcare services, including better training for staff and enhanced safety measures to address parents' concerns [12][13].

Core Viewpoint - The article highlights the rapid rise of Guangzhou High-tech Zone in the biopharmaceutical industry, showcasing its significant growth and competitive advantages compared to other major biopharmaceutical hubs in China. Summary by Sections Industry Ranking and Growth - Guangzhou High-tech Zone ranked fifth in the national biopharmaceutical industry park competition, showing a remarkable improvement from twelfth place in 2021, climbing seven positions [4][5]. - The number of biopharmaceutical enterprises in Huangpu District has increased from 1,000 to 4,800 since 2017, a growth of 3.8 times, while revenue surged from 65 billion to 240 billion yuan, also a 2.7 times increase [6]. Leading Enterprises and Innovations - Huangpu District is home to 528 high-tech enterprises in the biopharmaceutical sector and 21 listed companies, accounting for 75% of Guangzhou's total [7]. - Notable companies include Kangfang Biotech, which has developed globally innovative dual-specific antibody drugs, and Hengrui Medicine, which has seen its innovative drug sales reach 9.561 billion yuan, making up 60.66% of its total revenue [9]. Competitive Advantages - The article identifies three key advantages for Huangpu's attractiveness to biopharmaceutical giants: top-tier location, superior medical resources, and a robust talent supply [10]. - The Guangdong-Hong Kong-Macao Greater Bay Area's economic scale reached 14.8 trillion yuan in 2024, making it a strategic development zone for pharmaceutical companies [10]. Policy Support and Ecosystem - Huangpu has implemented comprehensive policies to support the biopharmaceutical industry, including significant funding for innovative drug research and development [14]. - The district has established a "white list" system for the import of research materials, significantly reducing customs clearance times for biopharmaceutical companies [14]. Infrastructure and Development Model - Huangpu's industrial layout includes the Biopharmaceutical Island for R&D, the Science City for innovation, and the Knowledge City for production, creating a complete industrial chain [17][18]. - The integration of research, funding, clinical trials, and production within a short distance enhances operational efficiency for biopharmaceutical companies [18]. Future Outlook - Huangpu's development path reflects the broader transformation of China's biopharmaceutical industry, moving from generic drug production to innovative drug development [20].

记者丨李益文 编辑丨叶映橙 "宇宙行"桂冠变更。9月4日，银行板块探底回升，截至收盘，农业银行（601288.SH，01288.HK） A股涨超5%再创历史新高，A+H总市值约 2.55万亿元，首次反超工商银行 （601398.SH，01398.HK） 的2.49万亿元 。这也是继8月6日农行A股流通市值登顶后，不到一个月内完成的 第二次超越。 | 证券代码 | 证券简称 | 区间涨跌幅 [起始交易日期] 本年初 | | | --- | --- | --- | --- | | | | [截止交易日期] 2025-9-4 | | | | | [单位] % | | | 601288.SH | 农业银行 | | 47.1530 | | 002948.SZ | 青岛银行 | | 39.8793 | | 600000.SH | 浦发银行 | | 37.8774 | | 002142.SZ | 宁波银行 | | 20.0369 | | 002807.SZ | 江阴银行 | | 17.9822 | | 601166.SH | 兴业银行 | | 19.7379 | | 601187.SH | 厦门银行 | | 19.0650 ...

作者丨 吴斌 黄欣然 实习生曾晓莹 编辑丨 包芳鸣 叶映橙 9月以来，黄金价格迎来"开门红"。 9月3日，Comex黄金期货最高升至3640.1美元/盎司，伦敦金现货最高价亦达3578.375美元/盎 司，双双再创历史新高。金价行情带动A股相关黄金股上涨。 如果在2025年开年各花1万元买黄金和黄金股，哪个更赚钱？ 21数读梳理数据发现，截至9月3日收盘，今年以来紫金矿业、山东黄金等头部黄金股的涨幅已 超50%，跑赢黄金涨幅。无论是买黄金和黄金股，均大幅跑赢上证指数。 金价缘何再创新高 长城证券首席经济学家汪毅对21世纪经济报道记者表示，鲍威尔8月暗示美联储可能即将降 息，美联储政策"偏鸽"预期成为本轮金价上涨的核心驱动力。鲍威尔表示，当前形势暗示就业 增长面临下行风险，风险平衡点的变化可能要求调整政策，美联储对降息持开放态度。其态度 暗示了，尽管当前通胀上行风险依然存在，但美联储仍可能在未来数月降息。 从近期美国的经济数据来看，非农就业数据低于预期，失业率有所升高，核心通胀数据显示通 胀压力仍存。目前市场对于美联储9月降息的预期较高，根据CME美联储观察工具，市场对美 联储9月降息25个基点的概率已超过85 ...

Core Viewpoint - The strategic investment of $1.5 billion from Abu Dhabi Investment Authority (ADIA) into GLP Group signifies a new phase of collaboration, enhancing GLP's financial strength and accelerating its expansion in the new economy sector [1][2][3] Group 1: Investment Details - GLP Group received a strategic investment of $1.5 billion, with an initial deployment of $500 million [2] - This investment is seen as a recognition of GLP's past performance and business model, marking an important step for further expansion in the new economy [2][4] - ADIA's investment will optimize GLP's capital structure and enhance its investment and expansion capabilities [3] Group 2: Business Focus and Growth - GLP focuses on new economic sectors, including logistics supply chain, big data infrastructure, and renewable energy, aiming to create differentiated and scalable business platforms [2][4] - The company has established a strong professional barrier in these sectors, which are seen as high-potential markets with significant growth opportunities [4] - GLP's revenue for the first half of the year reached 4.224 billion yuan, a 10% increase year-on-year, indicating stable growth in its new infrastructure operations [4] Group 3: Market Trends and Future Prospects - The investment aligns with the growing demand for new economic infrastructure driven by domestic consumption and the recovery of the economy [8][9] - The data center market in China is projected to grow significantly, with an estimated market size increase of $274 billion from 2025 to 2029, reflecting a compound annual growth rate (CAGR) of over 38% [9] - GLP is expected to explore opportunities for asset securitization and potential IPOs as it continues to develop its business model [10]