Core Viewpoint - The article highlights the significant display of the "Dongfeng-5C" liquid intercontinental strategic nuclear missile during the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War, emphasizing its role in China's strategic deterrence capabilities [2]. Summary by Sections - The "Dongfeng-5C" missile is a crucial component of China's strategic counterattack system, with a global strike range and is maintained in a state of full-time readiness for effective deterrence [2]. - The missile was showcased by the second nuclear missile formation, which was the last to appear in the parade, indicating its importance in the military display [2]. - The formation was led by a certain base of the Rocket Force, underscoring the organizational structure and military readiness of China's strategic forces [2].

来源丨央视新闻 编辑丨刘雪莹 SFC 信息主导，联合制胜。信息支援部队方队首次亮相天安门广场。 作为全新打造的战略性兵种，信息支援部队抢占信息高地、聚力向新图强，为打赢信息化智能 化战争全域赋能。 9月3日上午，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在北京天安门广场隆 重举行，以盛大阅兵仪式，同世界人民一道纪念这个伟大的日子。 这次阅兵，共有45个方（梯）队受阅，首先接受检阅的是13个徒步方队，人民军队全面深化改 革后形成新型军兵种结构布局，4个军种、4个兵种方队和武警部队方队，首次擎军兵种军旗和 武警部队旗集中亮相。 ...

在纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会上的讲话 （2025年9月3日，上午） 习近平 全国同胞们， 尊敬的各位国家元首、政府首脑和国际组织代表， 尊敬的各位来宾， 全体受阅将士们， 同志们、朋友们： 今天，我们隆重集会，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年，共同铭记历 史、缅怀先烈、珍爱和平、开创未来。 同志们、朋友们！ 中华民族是不畏强暴、自立自强的伟大民族。当年，面对正义与邪恶、光明与黑暗、进步与反 动的生死较量，中国人民同仇敌忾、奋起反抗，为国家生存而战，为民族复兴而战，为人类正 义而战。今天，人类又面临和平还是战争、对话还是对抗、共赢还是零和的抉择。中国人民坚 定站在历史正确一边、站在人类文明进步一边，坚持走和平发展道路，与各国人民携手构建人 类命运共同体。 中国人民解放军始终是党和人民完全可以信赖的英雄部队。全军将士要忠实履行神圣职责，加 快建设世界一流军队，坚决维护国家主权、统一、领土完整，为实现中华民族伟大复兴提供战 略支撑，为世界和平与发展作出更大贡献！ 历史承载过去，也启迪未来。新时代新征程，全国各族人民要在中国共产党坚强领导下，坚持 马克思列宁主义、毛泽东思 ...

暨世界反法西斯战争胜利80周年大会 9月3日上午 纪念中国人民抗日战争 6 J ) 6,@新华社 PROFESS s @新华 n A. B. B. B. 6 @新华社 cs @新华社 目前，受阅部队已在长安街列阵，准备就绪！ 将在北京天安门广场 隆重举行 3日凌晨4时30分左右，记者看到受阅部队整齐列队，抵达长安街开展演练。 据新华社消息，受阅部队已集结准备，战士们身如青松挺拔，战车如钢铁长城列阵。 广场设立了观众席，今天，长安街南北两侧共有5万多名各界代表和首都群众到现场观礼。从 空中可以清晰地看到，广场上观礼区的布局呈现出三个"人"字，构成了意象化的"众"字，体现 了众志成城的意涵。 9月3日清晨拍摄的天安门广场。图源：新华社 广场众多元素体现80周年 今天，广场上许多元素都体现了80，凸显纪念抗战胜利80周年的主题。 80年，从胜利走向胜利。人民英雄纪念碑的北面，矗立着年号台，钢铁长城烽燧托举起年号。 在天安门广场两侧，有80面红旗迎风飘扬。 5万多名各界代表和首都群众 到现场观礼 这是纪念大会开始前，受阅部队在准备。图源：新华社 56门礼炮以八字形列阵 从空中视角看，天安门广场南侧的正阳门和毛主席纪念 ...

Core Viewpoint - The low interest rate environment is testing the operational management capabilities of major banks, making precise strategies and efficient execution essential for stable growth [1] Group 1: Performance Highlights - In the first half of 2025, Bank of Communications (BoCom) showed outstanding performance among the six major state-owned banks, with a net profit attributable to shareholders increasing by 1.61% year-on-year [2][3] - The bank's total assets reached 15.44 trillion yuan, growing by 3.59% compared to the end of the previous year, indicating a steady expansion [3] - The non-performing loan (NPL) ratio decreased to 1.28%, and the provision coverage ratio improved to 209.56%, up by 7.62 percentage points from the end of the previous year [3][4] Group 2: Risk Management and Loan Recovery - The bank has emphasized risk control and significantly strengthened the disposal of non-performing loans, with a total of 37.83 billion yuan in NPLs disposed of, a year-on-year increase of 27.9% [4] - The net interest margin (NIM) decline was the smallest among the six major state-owned banks, attributed to measures such as optimizing the asset-liability structure and enhancing pricing management [4] Group 3: Strategic Focus Areas - BoCom is focusing on key sectors and regions, providing financial support for national strategies and key areas, while also reserving high-quality credit projects for itself [5] - The bank's technology finance loans exceeded 1.5 trillion yuan, supporting over 32,300 technology-based SMEs, with a year-on-year growth of 22.93% [5] - Green finance initiatives have led to a loan balance growth of 6.58% in energy-saving and carbon-reduction industries, with a total of 145 billion yuan in green bonds issued [5] Group 4: Digital Transformation - BoCom is advancing its digital transformation, establishing a digital operation center and implementing an AI framework to enhance operational efficiency [8] - The bank's core loans in the digital economy reached over 286 billion yuan, with internet loans growing by 8.52% compared to the end of the previous year [8] Group 5: Future Outlook and Dividends - The board approved a mid-term dividend policy, proposing a cash dividend of 0.1563 yuan per share, totaling 13.811 billion yuan, which accounts for 30% of the net profit attributable to shareholders [10] - The bank aims to maintain the continuity and stability of its dividend policy, sharing development results with shareholders [11]

Group 1: Gold Price Surge - The international gold price has reached a new record high, with New York futures hitting $3600 per ounce and spot gold surpassing $3530 per ounce, marking a year-to-date increase of over 30% [1][5] - Silver prices have also surged, breaking the $40 per ounce mark for the first time since 2011, with a year-to-date increase exceeding 40% [1][5] - Morgan Stanley has set a target price of $3800 per ounce for gold and $40.9 per ounce for silver by Q4 2025, indicating potential for upward surprises [5] Group 2: Catalysts for Gold Price Increase - The expectation of interest rate cuts by the Federal Reserve is a significant catalyst for the rise in gold prices, with historical data showing an average increase of 6% in gold prices within 60 days of the Fed starting a rate cut cycle [7] - The overall demand for safe-haven assets remains high due to factors such as declining dollar index, increasing U.S. national debt, and challenges to the dollar's credit system [7][9] - Despite the bullish outlook, there are short-term risks associated with U.S. economic and policy uncertainties, although any price corrections may trigger buying behavior, limiting the downside to around 10% [7][10] Group 3: Long-term Outlook for Gold - The global bond market is facing challenges, with rising yields despite many countries entering a rate-cutting cycle, leading investors to prefer non-dollar assets like gold [9] - The long-term drivers for international gold prices remain intact, with expectations of continued upward trends [9] - The limited supply of gold and increasing allocations from foreign reserve management institutions and global gold ETFs further support its investment value [9] Group 4: Foreign Investment in Chinese Assets - Foreign investment attitudes towards Chinese assets are shifting positively, with the Shanghai Composite Index reaching a 10-year high and significant inflows into A-shares observed since August [11][13] - Data indicates a net increase of $10.1 billion in foreign holdings of domestic stocks and funds in the first half of the year, reversing a two-year trend of net reductions [13] - The influx of foreign capital is expected to continue, driven by the appreciation of the RMB and strong performance of Chinese equities [13]

Core Viewpoint - The overall performance of public funds in the first half of 2025 showed positive growth, with a total net profit of 20.186 billion yuan, an increase of 30.5 billion yuan compared to the same period in 2024, indicating a recovery in market sentiment and liquidity [1][5]. Group 1: Financial Performance of Public Fund Companies - A total of 70 public fund companies disclosed their financial data for the first half of 2025, with 69 reporting net profits [1]. - Among these, 36 companies achieved positive net profit growth compared to 2024, while 23 experienced negative growth, and 7 reduced their losses [1]. - The top ten public fund companies by net profit included: - E Fund: 1.877 billion yuan (up 23.84% from 1.516 billion yuan in 2024) - ICBC Credit Suisse: 1.745 billion yuan (up 29.84% from 1.344 billion yuan) - Southern Fund: 1.194 billion yuan (up 15.24% from 1.036 billion yuan) - GF Fund: 1.180 billion yuan (up 43.54% from 0.822 billion yuan) - Huaxia Fund: 1.123 billion yuan (up 5.82% from 1.062 billion yuan) [3][5][6]. Group 2: Market Trends and Influences - The recovery of the capital market and the release of policy dividends provided support for the A-share market, with over 3,700 stocks rising in the first half of 2025 [5]. - The "ten billion club" for net profits expanded to five members, with 38 companies reporting net profits exceeding 100 million yuan [5][6]. - The performance of public funds was significantly influenced by the positive sentiment in the market, particularly in sectors like technology, innovative pharmaceuticals, and new consumption [5]. Group 3: Performance Disparities Among Fund Companies - The performance of small and medium-sized fund companies showed significant disparities, with many opting for specialized development strategies [10]. - Notable growth was observed in companies like China Europe Fund and Nuon Fund, which reported net profit increases of 42.23% and 43.75%, respectively, due to strong performance in equity investments [10][11]. - Conversely, some companies, such as Huaxia Fund and Huatai Baichuan Fund, faced challenges due to reduced profitability linked to fee rate cuts on ETFs [7][8][12].

Core Viewpoint - The article emphasizes the increasing importance of R&D investment among Chinese listed companies, indicating a structural shift in the growth engine of the Chinese economy from traditional drivers to innovation-driven growth [1][4]. Group 1: R&D Investment Trends - In the first half of the year, the total operating revenue of listed companies reached 35.01 trillion yuan, with a slight year-on-year growth of 0.16%, while R&D investment amounted to 745.69 billion yuan, growing by 2.68% [1]. - Many leading companies, especially in strategic emerging industries, have maintained double-digit growth in R&D expenses despite challenges such as demand fluctuations and rising costs [1][2]. - The focus on R&D is seen as a necessary shift for companies to build a "technological moat" and remain competitive globally, moving away from reliance on scale expansion and cost advantages [1][3]. Group 2: Market and Investor Perspectives - The article notes a change in investor valuation models, where traditional PE ratios are becoming less effective for evaluating high R&D investment tech companies. Investors are increasingly willing to pay a premium for companies that prioritize long-term technological leadership over short-term profits [2][3]. - This shift in perspective encourages a positive cycle for companies that commit to long-term R&D, providing them with essential capital support [3]. Group 3: Implications for the Chinese Economy - The collective increase in R&D investment among A-share listed companies is not just a strategy for individual growth but also contributes to national industrial upgrading and economic transformation [4]. - The article highlights the transition from "Made in China" to "Created in China," aiming for a more advantageous position in the global value chain [4].

Core Viewpoint - The article discusses the contrasting performance of gold jewelry brands amid rising gold prices, highlighting the success of Lao Pu Gold and the struggles of other brands like Chow Tai Fook and Chow Hong Ki [3][8]. Group 1: Gold Price Trends - On September 2, spot gold prices surpassed $3,500 per ounce, reaching a record high of $3,508 per ounce [1]. - The high gold prices have led to a decline in consumer demand, with gold jewelry consumption in China dropping by 26% year-on-year [8]. Group 2: Performance of Lao Pu Gold - Lao Pu Gold has seen significant growth, with a revenue of 12.354 billion yuan in the first half of the year, a 251% increase year-on-year [5]. - The company's gross profit reached 4.705 billion yuan, up 223.4% year-on-year, with a gross margin of approximately 38.1% [5][6]. - Lao Pu Gold's consumer overlap with luxury brands like Louis Vuitton and Hermes is 77.3%, indicating its positioning as a high-end brand [6]. Group 3: Challenges Faced by Other Brands - Chow Tai Fook closed 896 stores in mainland China, while Chow Hong Ki closed 272 stores due to high gold prices and market competition [8][9]. - Chow Hong Ki's online sales grew by 34% year-on-year, accounting for 52% of total revenue, indicating a shift towards e-commerce [9]. - Other brands are adopting strategies like IP collaborations and unique craftsmanship to enhance product pricing and margins [9][10]. Group 4: Market Dynamics - The article notes that the high gold prices and competitive pressures are forcing many gold jewelry brands to adapt or face closure [8][9]. - The trend of "one-price" sales and the incorporation of cultural craftsmanship are becoming more prevalent in the industry, driven by Lao Pu Gold's success [10].

Core Viewpoint - Datong has gained attention not only for its cultural significance but also for its remarkably low-priced international flights, attracting a surge of young travelers for outbound tourism [1][5][11]. Group 1: Flight Pricing and Routes - Datong Yungang International Airport has opened four international direct flight routes, including destinations like Seoul, Ulaanbaatar, Bangkok, and Moscow, with competitive pricing compared to major cities [5][6]. - For instance, a round-trip flight from Datong to Bangkok can cost as low as 600 to 700 yuan, significantly lower than the 2300 to 2400 yuan from Beijing [5][6]. - The lowest price for a direct flight to Seoul has dropped to 251 yuan, marking a recent low [2][4]. Group 2: Government Support and Operational Model - The local government has implemented policies and provided financial subsidies to airlines, reducing operational costs and making ticket prices more competitive [6][10]. - A unique operational model allows travel agencies to pre-book most seats, leading to leftover tickets being sold at lower prices when group bookings are insufficient [6][7]. Group 3: Market Trends and Young Travelers - The average seat occupancy rate for international routes from Datong has reached nearly 90%, indicating strong demand [7]. - The recent extension of visa-free transit for foreign visitors to 240 hours in Datong has further facilitated inbound tourism, indirectly benefiting outbound flight pricing [9][10]. - Young travelers, particularly university students, are highly price-sensitive and are increasingly choosing Datong for its affordable travel options, aligning with their desire for cost-effective travel experiences [10][11].