记者丨唐唯珂 编辑丨包芳鸣 全覆盖、多元化、区域协同 根据十五运组委会的市场开发计划，赞助企业根据不同的基准价位设定四个层级，由高到低 排序分别为合作伙伴、赞助商、独家供应商、供应商。其中，最高级别合作伙伴赞助额不少 于1亿元。 随着第十五届全运会（下文简称：十五运）的脚步日益临近，一众赞助企业也陆续揭开面 纱，进入公众视野。 体育赛事以其巨大的关注度与深远的品牌商业价值，历来吸引着全球顶级赞助商的青睐。企 业之所以争相投身其中，核心动力在于可观的商业回报——借助赛事平台实现品牌曝光，依 托其传播力促进产品销量，充分释放赛事的经济功能。与此同时，赛事主办方也需借助赞助 资金保障赛事的高质量运行。顶级赛事与顶尖企业的联姻，本质上是一场互利共赢、共同成 长的战略合作。 而十五运是粤港澳三地首次联合承办的大型体育赛事，也是全运会历史上第一次走进香港、 澳门，赛事规模空前，拥有非凡的历史意义与强大的品牌影响力。 这场赛事既是展现粤港澳大湾区高质量发展成效的重要窗口，更是推动区域协同发展、惠泽 民生的重要机遇。体育赛事与城市发展的化学反应正在重塑区域发展逻辑，赛事经济正成为 撬动城市经济增长、延伸产业链条、注入持久动能 ...

Market Overview - The A-share market experienced weak fluctuations on October 22, with the three major indices showing a decline by the end of the day. The Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index decreased by 0.62%, and the ChiNext Index dropped by 0.79% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.69 trillion yuan, reflecting a decrease of 202.4 billion yuan compared to the previous trading day [1] Sector Performance - The market's focus was on sectors such as deep earth economy and Hubei state-owned assets, with stocks like ShenKai Co., Petrochemical Machinery, and CITIC Heavy Industries showing strong performance [3] - The oil and gas sector saw a surge in the afternoon, with Beiken Energy hitting the daily limit [3] - Agricultural Bank of China achieved a 14-day consecutive rise, with its stock price surpassing 8 yuan, marking a year-to-date increase of over 58% [3] Declining Stocks - Battery stocks collectively weakened, with companies like Tianji Co. and Tianci Materials experiencing significant declines [4] Company Highlights - Cambrian's market capitalization returned to over 600 billion yuan, with its stock price rising more than 4% by the end of the day [5][6] - Cambrian's third-quarter report revealed a revenue of 1.727 billion yuan, representing a year-on-year increase of 1332.52%, and a net profit of 566 million yuan, up by 390.23% [6] - On October 21, Cambrian completed a directed issuance of 3.3349 million shares at a price of 1195.02 yuan per share, raising 3.985 billion yuan, marking a record high for single financing in the domestic AI chip sector [8] Real Estate Sector - The real estate sector continued to rise, with stocks like Yingxin Development achieving a three-day consecutive limit increase, alongside other companies such as Guangming Real Estate and Jingtou Development [9] - On October 21, the Shanghai Municipal Government issued an action plan to promote high-quality development in the construction industry, proposing 21 specific measures to stabilize real estate investment and accelerate urban renewal [10] Foreign Investment Outlook - Goldman Sachs reported that the Chinese stock market is expected to enter a more sustained upward phase, predicting a potential increase of about 30% in key indices by the end of 2027, driven by a 12% growth in earnings trends and a 5%-10% further revaluation potential [11] - Analysts noted that Chinese stocks remain deeply undervalued relative to global markets, with potential asset reallocation funds reaching trillions of dollars [11]

Core Viewpoint - The trend of companies undergoing multiple rounds of financing without progressing to higher rounds is becoming increasingly common in the Chinese venture capital market, particularly in sectors like artificial intelligence, semiconductors, aerospace, and medical devices [1][5][7]. Financing Trends - Zero Gravity Aircraft Industry (Hefei) Co., Ltd. recently completed its A++++ round of financing, raising nearly 300 million yuan, marking a total of nearly 700 million yuan raised in three rounds within two months [1]. - In 2025, 571 companies received "+ round" investments totaling approximately 40.43 billion yuan, with A+ rounds being the most prominent, increasing by 35% year-on-year [3]. - The proportion of A+ rounds in the overall investment events has risen significantly from 1.21% in 2015 to 7.15% in 2024, with 407 A+ round events recorded [3]. Industry Distribution - Companies in "+ round" financing are primarily concentrated in high-tech sectors such as artificial intelligence, semiconductors, aerospace, and medical devices, which require sustained funding due to their long development cycles and high technical difficulties [5]. Reasons for Stagnation in Rounds - Companies that secure multiple A round financings often have validated business models and products, attracting investor interest [7]. - The phenomenon of prolonged financing cycles and increasing "+" signs is attributed to companies not achieving significant valuation increases, often due to insufficient technological advancement or lack of commercial orders [8]. Investor Behavior - Investors are becoming more cautious, and the decision-making processes vary significantly among different types of investors, which can lead to missed financing opportunities [8]. - The performance of the secondary market significantly influences the primary market, with a sluggish secondary market causing investors to reduce their commitments to the primary market [8]. Market Dynamics - The recent surge in IPOs has provided a much-needed exit window for VC/PE firms, boosting investor confidence and facilitating smoother transitions from A rounds to B rounds [10]. - The AI sector has seen a revaluation of companies, with many that were previously stuck in A+++ rounds now qualifying for B and C rounds due to heightened market interest and recognition of their technological value [11].

Core Viewpoint - The article highlights a significant global strategic collaboration between Innovent Biologics and Takeda Pharmaceutical, focusing on the development of innovative cancer therapies, particularly in the fields of tumor immunology and antibody-drug conjugates, with a total deal value potentially reaching $11.4 billion [1][5][19]. Summary by Sections Collaboration Details - Innovent Biologics and Takeda will co-develop the next-generation IO cornerstone therapy IBI363 and will commercialize it in the U.S. under a shared governance model, with Takeda leading the development efforts [1][9]. - Innovent will grant Takeda commercialization rights for IBI363 outside of Greater China and the U.S., while Takeda will have exclusive rights for IBI343 in regions outside Greater China [1][9][12]. Financial Aspects - Innovent will receive an upfront payment of $1.2 billion, including a $100 million premium strategic equity investment, with potential milestone payments bringing the total deal value to $11.4 billion [1][5]. - The agreement includes a revenue-sharing model, where both companies will share profits or losses from the U.S. market at a 40/60 ratio [9]. Market Context - The global oncology drug market is projected to exceed $200 billion, driven by unmet clinical needs and technological advancements, with a compound annual growth rate (CAGR) of over 20% expected for next-generation technologies like bispecific antibodies and ADCs over the next five years [5][15]. - The shift from the "PD-1 dividend period" to a "next-generation technology-driven period" is emphasized, indicating a transition in market dynamics [5][13]. Product Pipeline - IBI363 is a globally innovative PD-1/IL-2α-bias bispecific antibody that has shown promising clinical results in various cancer types, including immune-resistant lung cancer and melanoma [7][8]. - IBI343 is a novel CLDN18.2-targeting ADC that is currently undergoing Phase III clinical trials in China and Japan for gastric cancer [11][12]. - IBI3001, a first-in-class ADC targeting B7-H3 and EGFR, is in Phase I clinical trials and demonstrates multiple anti-tumor mechanisms [11][12]. Industry Trends - The article notes that multinational pharmaceutical companies are increasingly seeking partnerships with Chinese biotech firms to access innovative therapies, particularly in oncology, as they face pressures from patent expirations and competition from biosimilars [15][16]. - The trend of cross-border collaborations is on the rise, with a significant increase in the number of deals involving Chinese companies, particularly in the oncology sector [17][19].

编辑丨张星 记者丨董静怡 10月20日，社交媒体开始流传起亚马逊网页上的各类小狗图片，显示页面加载失败，亚马逊的买家和卖家们戏称，"今天是看狗的一天"。 崩掉的不只是亚马逊自己的电商网站。社交平台Snapchat、交易平台Robinhood、PayPal旗下的移动支付Venmo、加密货币平台Coinbase、人 工智能初创公司Perplexity等大量依赖AWS的互联网平台均受到波及陷入瘫痪。 根源是亚马逊云计算服务AWS遭遇大规模宕机， 美西时间10月20日下午3点，持续约15小时的服务故障得到解决。 据Downdetector数据，超 400万用户报告了这次故障引发的问题，至少一千家公司的服务受到冲击。 报告的问题始于美国东部时间凌晨3点后不久。 图/Downdetector 此次宕机波及Snapchat、Robinhood股票交易平台、加密货币平台Coinbase、等大量依赖AWS的互联网平台。 图/Downdetector 不过，尽管发生如此严重的大范围服务中断，亚马逊股价却并未受到很大影响，当日逆势收涨1.61%，截至最新收盘，亚马逊股价报222美元/ 股。 "AWS这样成熟的云厂商发生故障，暴露出 ...

Core Viewpoint - The concert economy in Hong Kong is thriving, driven by a combination of local and international artists, creating significant economic benefits and showcasing the city's cultural soft power [2][4][12]. Group 1: Concert Market Dynamics - The concert market in Hong Kong has seen a surge in demand, with tickets for major events selling out quickly, indicating a robust audience interest [1][2]. - The Hong Kong Cultural, Sports and Tourism Bureau reported that over 285 large concerts will be held from 2024 to the first half of 2025, attracting more than 3.9 million attendees, including over 1.4 million tourists, generating approximately HKD 3.4 billion in consumer spending [2][9]. - The opening of the Kai Tak Sports Park, which can accommodate around 50,000 spectators, enhances Hong Kong's capacity to host large-scale international concerts, addressing previous venue limitations [6][8]. Group 2: Cultural and Economic Impact - The concert industry in Hong Kong has established a high standard of production quality and audience engagement, making it a benchmark for live performances in the Chinese-speaking world [4][6]. - Concerts not only boost local tourism but also contribute to the economy by increasing hotel prices during major events, with rates rising by 20% to 50% [15]. - The government aims to solidify Hong Kong's status as a cultural hub by promoting more diverse and innovative cultural events, which could further enhance the local economy [17][18]. Group 3: Enhancing Audience Experience - Suggestions have been made to extend concert end times to improve the overall experience for attendees, potentially increasing post-concert spending in the area [11][12]. - Initiatives like "Concert Night Extravaganza" could provide additional attractions such as food and shopping markets after concerts, encouraging visitors to stay longer and explore the city [12][13]. - The integration of concert-related merchandise and collaborations with local brands can enhance the cultural impact and commercial value of events, particularly among younger audiences [15][16]. Group 4: Competitive Landscape - Other Asian cities, such as Singapore and Bangkok, are actively competing for the title of "Concert Capital," with governments providing financial incentives to attract major artists [17][18]. - Legislative suggestions have been made to lower taxes on event-related activities and streamline approval processes to enhance Hong Kong's competitiveness in hosting large-scale events [17][18].

Market Overview - The market opened lower on October 22, with the Shanghai Composite Index down 0.44% and the Shenzhen Component down 0.81% [1][2] - Small-cap stocks showed active performance, while the North China 50 index increased by 1.19% [1] Gold Sector - Gold-related stocks experienced a significant decline, with Hunan Silver hitting a trading limit down and other companies like Western Gold and Sichuan Gold dropping over 5% [2][3] - The recent surge in gold prices, which increased over 60% this year, has led to profit-taking by institutions, contributing to the current price volatility [3][4] Lithium Battery and Storage Chip Sectors - Lithium battery-related concepts saw significant declines, with storage chip concepts also adjusting, as companies like Tongyou Technology and Huatians Technology fell over 5% [5] - The lithium electrolyte index dropped by 4.31%, while the storage index decreased by 2.62% [6] Pharmaceutical Sector - The anti-influenza concept stocks surged, with companies like Te Yi Pharmaceutical hitting the daily limit and others like Chenxin Pharmaceutical gaining over 10% [7] - The rise in flu activity in southern provinces of China has been linked to the increased performance of these stocks [7] Banking Sector - Bank stocks continued to strengthen, with Agricultural Bank rising over 1% and reaching a historical high after 13 consecutive days of gains [7] Hong Kong Market - The Hang Seng Index fell by 1.27%, with major technology stocks like NetEase and Alibaba experiencing declines of over 5% [8] Market Style Shift - There are differing opinions among institutions regarding a potential style shift in the A-share market for the fourth quarter, with some suggesting a rotation between growth and value stocks [9][10] - The focus for investment in the fourth quarter may include sectors like technology, dividends, non-bank financials, pharmaceuticals, and consumer goods [10][11]

来源丨新华国际头条 编辑丨刘雪莹 SFC 泰国前总理佩通坦22日在社交媒体上发文，宣布辞去为泰党党首职务。 ...

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Core Viewpoint - The article discusses the recent significant fluctuations in gold prices, highlighting a sharp decline after a period of substantial increases, and the subsequent impact on the gold jewelry market, particularly the pricing strategies of major brands like Chow Tai Fook and Chow Sang Sang [3][5][12]. Price Fluctuations - On October 21, gold prices experienced their largest single-day drop in 12 years, with COMEX gold prices exceeding $4200 per ounce earlier in the year, marking a 60.57% increase year-to-date [3][5]. - As of October 22, domestic gold prices for jewelry saw a notable decline, with prices for major brands like Chow Tai Fook and Chow Sang Sang dropping by 57 to 83 yuan per gram [3][5]. Price Increase Trends - In response to rising gold prices, several jewelry brands have initiated price hikes for their "one-price" gold products, with expected increases ranging from 12% to 40% [5][7]. - Chow Tai Fook's "Fu" series gold necklace, currently priced at 12,600 yuan, is projected to rise to 16,600 yuan, reflecting a 31.75% increase [5][11]. - Chow Sang Sang has already implemented price increases of 20% to 30% for its products, with further hikes anticipated for labor costs associated with gold products [7][11]. Consumer Behavior - The market exhibits a "buy high, not low" mentality among consumers, with increased purchasing activity when gold prices rise, contrary to expectations during price drops [8][12]. - Consumers are increasingly valuing the design and craftsmanship of gold jewelry, viewing purchases as both investments and personal gifts [12]. Financial Performance - Chow Tai Fook reported a 105.5% year-on-year increase in revenue from its priced gold products for the fiscal year 2025, with these products accounting for 29% of total revenue, up from 19% the previous year [11][12]. - The gross margin for Chow Tai Fook improved by 550 basis points to 29.5% in fiscal year 2025, driven by the rising gold prices and the higher proportion of priced products in their portfolio [12].