Market Overview - On October 21, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index up 1.36%, Shenzhen Component Index up 2.06%, and ChiNext Index up 3.02% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.8927 trillion yuan, an increase of 141.4 billion yuan compared to the previous day, with over 4,600 stocks rising across the market [1][2] Sector Performance - The shale gas, Apple concept, engineering machinery, CPO, real estate, and storage chip sectors showed significant gains, while coal, gas, and precious metals sectors lagged behind [2][4] - The shale gas sector experienced a collective surge, with stocks like Zhongyu Technology and Deshi Co. hitting the daily limit [3] Consumer Electronics Sector - The consumer electronics sector saw a resurgence, with stocks such as Huanxu Electronics and Wentai Technology hitting the daily limit, and Industrial Fulian rising over 9% [6][7] - Recent product launches in the consumer electronics space, including AI smart glasses from Meta, are driving growth in the sector [8] Smart Glasses Market - IDC data indicates that shipments of smart glasses in China are expected to exceed 1 million units in the first half of 2025, representing a year-on-year growth of 64.2% [8] - The global smart glasses market is projected to surpass 40 million units by 2029, with a compound annual growth rate of 55.6% from 2024 to 2029, making it the fastest-growing market globally [8] Smartphone Market - The global smartphone market showed notable growth in Q3, with shipments expected to reach 320 million units, a 2.6% increase [9] - The iPhone 17 series has seen a 14% increase in sales compared to the iPhone 16 during the first ten days of its release [9]

编辑丨巫燕玲 国际金价的上涨，成为了紫金矿业盈利、市值提升最好的催化剂。 紫金矿业上周末披露的三季报显示， 当期归母净利润增长55.5%至378.6亿元， 其中第三季度 净利润达到145.7亿元 ， 再次刷新历史最好成绩。 而就公司两大主营产品铜、金价格走势来看，年内金价涨幅明显大于铜价，这使得今年公司黄 金业务利润占比不断提升。"2025前三季度矿产金占集团毛利比例已提升至40.4%，成为公司 第一大盈利来源。"西部证券指出。 记者丨董鹏 10月以来，国际金价仍在不断走高，使紫金矿业的上述业绩驱动逻辑得以持续，甚至不排除四 季度盈利进一步增长的可能。 三季报披露后，包括西部证券在内的机构亦将紫金矿业全年盈利预期上调至510亿元， 预计公 司今年净利润甚至有望杀入A股上市公司前20。 强劲的业绩增长，也刺激着紫金矿业等黄金企业股价不断走高。自然资源部近期转发的文章显 示，在全球最大的50家矿企中，今年涨幅居前的企业大多为金银企业，紫金矿业年内涨幅也远 超必和必拓、力拓。 利润"含金量"提升 作为今年"最拥挤的投资赛道"，国际金价的涨幅显著大于铜价。 据统计，前三季度，伦敦金现货由2624美元/盎司上涨至385 ...

Core Viewpoint - Apple's stock price reached an all-time high, leading to significant gains in its supply chain stocks in both A-shares and Hong Kong markets [1][3]. Group 1: Market Performance - As of October 21, A-share Apple supply chain stocks showed strong performance, with companies like Lianxu Electronics hitting the daily limit [1]. - In the Hong Kong market, Apple-related stocks surged, with Foxconn Index rising nearly 6% and Apple Index increasing by about 5% [1]. - The FTSE China A50 Index futures rose over 2% in the afternoon [1]. Group 2: Sales Data - Counterpoint Research reported that iPhone 17 series sales in the first 10 days post-launch increased by 14% compared to the iPhone 16 series, with the standard version in China nearly doubling in sales [3]. - On October 20, during the Tmall Double 11 pre-sale, Apple's iPhone series achieved sales exceeding the total for the previous year within the first hour [3]. Group 3: Analyst Insights - Analysts believe that the long-term investment value of Hong Kong stocks is becoming apparent, presenting a good entry point for investors [4]. - The Chief Investment Officer of DBS Bank noted that Chinese tech companies are still significantly undervalued compared to their U.S. counterparts, indicating potential for substantial capital inflow into the Chinese stock market [4]. - A 1% reallocation of U.S. market funds to China could increase the market capitalization of Chinese stocks by 21% [4].

编辑丨孙超逸 近两年，新型研究型大学犹如风乍起，吹皱高等教育一池春水。 表面看，鲶鱼作用体现于分数线——深圳理工大学今年的本科批次投档线超过传统名牌高校， 居广东省本土高校第二；福耀科技大学首年招生，在部分省份的分数线也力压老牌大学跑 出"开门红"。 记者丨陈思琦 10月19日，第一届新型研究型大学建设发展圆桌论坛在深圳理工大学举行。多位"新大学"校长 谈到，新型研究型大学与传统大学并非单纯的竞争关系，它们是教育体制改革的"尖刀班"，背 负着相似又各有侧重的使命。 例如，福耀科技大学、宁波东方理工大学等探索社会力量办学，福耀科技大学校长王树国认 为"民办高校机制更灵活，对社会需求的敏感度更高"；深圳理工大学、大湾区大学等探索与城 市创新生态共生共荣，大湾区大学校长田刚表示"周围有华为研发总部，又临近深圳，对通信 技术、机器人等新兴学科建设非常有利。" "我们探索、实践、积累以后，就能给传统高校提供创新经验，整个国家的教育改革就可以持 续往前走。"正如深圳理工大学校长樊建平所言，新型研究型大学旨在通过小规模、局部性的 试点先行，积累具有普适性和可推广性的经验做法，降低大规模改革的风险，引领中国高等教 育走出"象 ...

Group 1 - The core viewpoint of the article highlights the election of Sanna Takichi as Japan's first female Prime Minister, emphasizing her support for expansionary fiscal policies and increased defense spending [1] - The article notes that the House of Representatives has priority in legislative decisions and the appointment of the Prime Minister, which could influence future political dynamics in Japan [1] - The article mentions the historical context of Takichi's election, marking a significant milestone in Japan's political landscape [1] Group 2 - The article indicates that the Japanese stock market has reached new historical highs, suggesting potential for further growth [1] - It discusses the implications of Takichi's election on the Japanese yen, with analysts predicting a possible depreciation [1] - The article reports on the resignation of the entire cabinet led by Shigeru Ishiba, indicating a significant political shift in Japan [1]

记者丨贺泓源 编辑丨高梦阳 始祖鸟中国换帅了。 据中国新闻周刊，10月17日，始祖鸟母公司亚玛芬体育内部公告宣布始祖鸟大中华区总经理 Ivan She（佘移峰）离职，其职务暂由亚玛芬大中华区总裁Jeffery Ma（马磊）代理。在过渡 期间，马磊将直接向始祖鸟全球首席执行官Stuart Haselden汇报。 佘移峰是来自亚玛芬大股东安踏的高管。在最新财季，安踏体育持有Amer Sports股份约 41.97%。在安踏收购亚玛芬后，他曾担任始祖鸟中国市场首任总经理徐阳的副手，负责零售 业务，并于今年初升任大中华区总经理。 马磊则是"空降兵"。他此前担任中乔体育总经理，于今年7月由中乔体育加入亚玛芬，出任大 中华区总裁。马磊曾先后任职于百丽、滔搏及阿迪达斯中国等企业。此次调整为亚玛芬体育大 中华区一年内的第二次高管更替。 10月15日，西藏日喀则市通报《蔡国强：升龙》烟花秀调查结果，认定始祖鸟作为赞助方需依 法承担相应生态环境损害赔偿与生态修复责任，北京蔡国强艺术工作室被立案调查，江孜县多 名干部被追责。 "最大市场" 需要注意的是，某种程度上，中国市场决定着始祖鸟的走向。 在渠道上，2020年，始祖鸟收回了在 ...

Core Viewpoint - The article discusses the recent historical highs in Japanese and South Korean stock markets, driven by political changes in Japan and ongoing economic reforms that support inflation and corporate governance improvements [1][3][4]. Political Developments - The resignation of the Shinto Abe Cabinet and the anticipated election of Sanna Takashi as Japan's first female Prime Minister is expected to positively impact the Japanese stock market while posing risks to the yen [3][4]. - Despite the political changes, the fundamental policies supporting Japan's economic growth are expected to remain intact, reducing the likelihood of a return to deflation [4]. Economic Outlook - Japan is transitioning from a deflationary environment to a moderate inflation scenario, with core inflation projected to exceed 3% by early 2025 and decline to around 2% by the end of next year [4][5]. - The monetary policy of the Bank of Japan is gradually normalizing, which is expected to maintain a favorable financial environment and support stock market performance [5][6]. Corporate Governance and Investment Opportunities - Corporate governance reforms are reshaping capital allocation and shareholder return attitudes among Japanese companies, with a significant increase in share buybacks expected in the upcoming fiscal years [8][9]. - The banking sector is benefiting from rising net interest margins and improved capital efficiency, enhancing expectations for shareholder returns [10]. - The construction industry is also showing promising investment prospects due to selective bidding strategies and improved profit margins [10][11]. Digital Transformation - Digital transformation remains a key structural growth theme, with Japanese companies accelerating automation to address labor shortages caused by an aging population [11]. - Companies that can capitalize on domestic system integration and cloud migration demands are emerging as attractive investment opportunities [11].

Group 1 - The core viewpoint of the article highlights a significant surge in the A-share storage chip sector, with multiple companies experiencing substantial stock price increases on October 21 [1][6]. - Notable stock performances include Yachuang Electronics rising over 12%, Xiangnong Chip Innovation increasing by 9.3%, and Taiji Industry gaining 10% [1][2]. - The overall market sentiment is positive, with the ChiNext Index rising over 3% and more than 4,100 stocks in the Shanghai and Shenzhen markets experiencing gains [2][3]. Group 2 - The Hong Kong Hang Seng Index rose nearly 2%, with the Hang Seng Technology Index increasing over 3%, indicating strong performance in tech stocks [4]. - Key stocks in Hong Kong include Bilibili rising over 10%, SMIC increasing over 6%, and BYD Electronics gaining about 5% [4][5]. - The global price surge in storage products is expected to create business opportunities for domestic manufacturers, with a notable increase in stock prices for storage chip companies [6]. Group 3 - DDR4 memory prices have reportedly surged over twofold, with 16GB modules exceeding 500 yuan, leading to industry commentary that they are among the best investment products of the year [5][6]. - Dongxin Co. has seen a year-to-date stock price increase of 298%, reflecting the bullish market expectations for the storage chip sector [6].

来源丨新华社 编辑丨刘雪莹 日本或迎首位女首相，分析称日元可能贬值 日本前首相村山富市去世，享年101岁 SFC 21君荐读 日本石破茂内阁21日全体辞职。新内阁将于当天下午经临时国会首相指名选举后，由新当选的 首相重新组建。 ...

在天津举办的上海合作组织峰会，正为全球数字经济合作写下新的注脚。会议期间，上合组织成 员国提出创新和数字经济是实现中长期经济增长和全球可持续发展的重要因素，并通过了《上海 合作组织成员国元首理事会关于数字经济领域合作的声明》《上海合作组织成员国数字化转型行 动计划》等多项纲领性文件。这不仅标志着上合组织从传统安全同盟向数字经济共同体的深度转 型，更释放出清晰信号——以数字信任为基石的区域合作，正成为全球经济合作的新主场。 然 而 ， 当 数 字 经 济 成 为 驱 动 全 球 经 济 增 长 的 关 键 力 量 ， 当 发 展 数 字 经 济 成 为 各 国 的 共 同 愿 景，一个关键命题浮出水面：如何让数字时代的"身份互认"不再成为区域合作的"绊脚石"？ LEI数字证书 破解"全球身份互认"难题 呼应政策"国际视野" 工业和信息化部党组9月1日开展理论学习中心组学习，会议强调要积极参与数字经济全球治 理，而全球法人识别编码（LEI）的实施与应用，也正是这一要求的前沿实践。作为数字身份 认证的有效工具，LEI在经济全球化发展浪潮中显示出愈发关键的作用，LEI编码与数字证书 深度融合，相当于为企业颁发电子版" ...