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" ...

Core Viewpoint - In the third quarter of 2025, CATL (Contemporary Amperex Technology Co., Limited) reported significant growth in revenue and net profit, indicating strong operational performance and robust demand in the lithium battery sector [1][2]. Financial Performance - For the first three quarters of 2025, CATL achieved a revenue of 283.07 billion yuan, a year-on-year increase of 9.28%, and a net profit attributable to shareholders of 49.03 billion yuan, up 36.20% [2]. - In Q3 alone, the company recorded a revenue of 104.19 billion yuan, representing a 12.90% growth, and a net profit of 18.55 billion yuan, which is a 41.21% increase [2]. - The basic earnings per share for Q3 was 4.10 yuan, reflecting a growth of 37.23% [2]. Cash Flow and Assets - As of September 30, 2025, CATL's cash reserves were robust, with total cash and financial assets exceeding 360 billion yuan [4]. - The company's total assets reached 896.08 billion yuan, marking a 13.91% increase compared to the previous year [2]. Inventory and Orders - Inventory increased by 34.05% year-on-year to 80.21 billion yuan, attributed to the expansion of business scale [4]. - Contract liabilities surged by 46.14% to 40.68 billion yuan, indicating a strong order backlog [4]. Financial Improvements - Financial expenses saw a significant improvement, with a reduction in losses by 142.41% due to increased foreign exchange gains and net interest income [4]. - Investment income rose by 67.46%, benefiting from the profitability of associated companies [4]. Capacity Expansion - CATL is actively expanding its production capacity both domestically and internationally, with significant expansions in various locations including Shandong, Guangdong, and Hungary [5][6]. - The company is also planning a 15 GWh capacity project in Indonesia, expected to be operational by mid-2026 [6]. Market Performance - As of October 20, 2025, CATL's A-shares closed up 2.33%, with a market capitalization of 1.69 trillion yuan [7].

Core Viewpoint - The private equity fund market is experiencing significant growth, with a notable increase in the number of registered private securities products, indicating a shift in market dynamics and potential influx of capital into the stock market [1][5][6]. Summary by Categories Private Securities Product Registration - In the first three quarters of 2025, a total of 8,935 private securities products were registered, a substantial increase of 89.38% compared to 4,718 products in the same period last year [1][6]. - Among these, quantitative private equity products accounted for 3,958 registrations, representing 44.30% of the total, with a year-on-year growth of 102.66% [6][7]. Strategy Distribution - The distribution of registered products by strategy shows that stock strategy products lead with 5,849 registrations, a year-on-year increase of 99.35%, making up 65.46% of the total [3][5][6]. - Multi-asset strategy products totaled 1,278, accounting for 14.3% with an 84.68% increase, while futures and derivatives strategy products reached 913, representing 10.22% with a 66% increase [3][5][6]. Growth of Billion-Dollar Private Equity Firms - As of September 2025, the number of billion-dollar private equity firms increased to 96, up from 91 in August, with three firms newly entering the "billion-dollar club" [1][9]. - The majority of these firms are quantitative, with 45 out of 96, while subjective and mixed strategies account for 42 and 7 firms, respectively [9]. Performance of Private Equity Firms - The average return for 62 billion-dollar private equity firms in the first three quarters was 28.80%, with 61 firms achieving positive returns [10][11]. - Among these, 38 billion-dollar quantitative private equity firms had an average return of 31.90%, outperforming the 24.56% average return of 19 billion-dollar subjective private equity firms [10][11]. Market Trends and Factors - The surge in quantitative product registrations is attributed to three main factors: superior performance of quantitative strategies, advancements in technology such as AI and machine learning, and the scaling advantages of leading quantitative firms [7][10]. - The trend of billion-dollar private equity firms expanding their management scale is evident, with a significant number of these firms focusing on stock strategies [9].

Core Viewpoint - The article highlights the impressive financial performance of Cambrian (688256.SH) in Q3, with a significant revenue increase and net profit growth, while raising questions about the sustainability of this growth and the company's competitive position in the AI chip market [2][3]. Financial Performance - Cambrian reported Q3 revenue of 1.727 billion yuan, a year-on-year increase of 1332.52%, and a net profit of 566 million yuan, up 390.23% [2]. - For the first three quarters, Cambrian achieved revenue of 4.607 billion yuan, a year-on-year growth of 2386.38%, and a net profit of 1.604 billion yuan, up 320.19% [2][3]. - The company's cloud product line generated 2.871 billion yuan in revenue, becoming the main revenue driver for the first half of the year [2]. Market Drivers - Cambrian attributes its growth to continuous market expansion and support for AI application implementation [3]. - The surge in AI computing power demand is a primary driver, with major tech companies increasing their capital expenditures on AI hardware [3]. - The acceleration of domestic alternatives due to U.S. export controls on AI chips is another significant factor [4]. Competitive Position - Cambrian's product line includes various AI processors and acceleration cards, supporting diverse AI tasks across multiple industries [6]. - The company has secured 3.985 billion yuan in funding for hardware development and software ecosystem construction [6]. Risks and Concerns - High customer concentration is a major risk, with the top five customers' sales proportion increasing from 84.94% in 2022 to 94.63% in 2024 [6][7]. - The company's high valuation raises concerns, as the market has already priced in significant future growth expectations [8][10]. - Supply chain stability is also a risk, as geopolitical factors could impact production and costs [10].