当下，AI浪潮正加速从实验室走向生产生活的每一个角落。荣耀以Magic8系列为开新局之作， 用"自进化"重塑AI手机的定义。 1 0月1 5日，在荣耀Ma g i c 8系列暨Ma g i cOS1 0发布会上，荣耀Ma g i c 8正式亮相，这是首款自 进化AI原生手机，也是荣耀AI技术的集大成者。8大AI技术、8大AI体验、4大AI影像和8大 AI硬件的全面领先，让Ma g i c 8成为" 8 8 4 8巅峰旗舰"。 它不仅刷新了智能手机的性能上限，更重新定义了AI手机的边界，让手机从"使用AI "迈向"生 于AI "，让手机从工具变成"AI伙伴"。 同 时 ， 随 着 国 内 " 人 工 智 能 +" 行 动 战 略 正 在 全 面 推 进 ， 智 能 终 端 产 业 迎 来 重 构 的 关 键 时 刻 。 荣耀顺势而为，以Ma g i c 8系列真正让手机拥有自我学习与成长的能力。 Ma g i c 8不仅是一款AI旗舰手机，更承载荣耀阿尔法战略的核心愿景，是构建AI开放生态的基 石。在消费电子的新竞赛中，荣耀以AI搅动高端格局。 一、重构AI的两个支点 如 果 说 Ma g i c 8 是 最 ...

为了推动我国汽车行业质的有效提升和量的合理增长，近期我国密集出台一系列政策，行业发 展锚定方向并注入新动能。 汽车产业是我国支柱产业，产业链长、涉及面广、带动性强，发挥着工业经济稳增长的"压舱 石"作用，为宏观经济增长贡献了重要力量。但是，也要看到，我国汽车产业发展面临的内外 部环境日趋严峻复杂，海外竞争加剧，有效需求不足、无序竞争等问题仍然存在，行业高质量 发展与销量稳步增长面临一定压力。 近日，国家发展改革委等多个部门印发《电动汽车充电设施服务能力"三年倍增"行动方案 （2025—2027年）》，提出到2027年底，在全国范围内建成2800万个充电设施，提供超3亿千 瓦的公共充电容量，满足超过8000万辆电动汽车充电需求，实现充电服务能力的翻倍增长。大 幅增加充电等基础设施建设与供给，将有利于促进电动汽车消费，尤其是提出实现农村地区公 共充电设施全面覆盖，将开辟新的增量市场。 汽车行业既是国民经济支柱产业，也是推动新一轮科技革命与产业变革的关键力量。我国在电 动汽车领域已经居于世界引领地位，既要确保我国电动汽车行业在技术快速迭代的过程中确保 安全质量，又要扩大国内外销量以促进行业持续增长，为宏观经济运行做 ...

Market Overview - The US stock market experienced a collective decline, with major indices falling due to concerns over loan issues at regional banks, leading to a nearly 7% drop in the regional bank index and a market capitalization loss of over $100 billion among the 74 largest banks in the US [1] - The VIX index, known as the "Wall Street Fear Index," surged to its highest closing level since April 24 [3] Cryptocurrency Market - The cryptocurrency market faced significant turmoil, with Bitcoin's price dropping below $109,000 and approximately 210,000 individuals experiencing liquidation, amounting to $733 million in losses [5] - A notable incident occurred when Paxos mistakenly minted 300 trillion PayPal stablecoins (PYUSD) instead of 300 million, causing temporary disruption in the decentralized finance market [8] Gold Market - Gold prices continued to rise, reaching $4,380 per ounce on October 17, with institutions warning about the volatility in international precious metal prices [10][13] - Despite the bullish outlook for gold, experts advise against blindly chasing high prices, recommending a strategy of regular investment and buying on dips for ordinary investors [14]

Core Viewpoint - The Artificial Intelligence and Robotics (AIR) industry is becoming a core area of global technological competition and industrial transformation, requiring deep financial support to facilitate its development and commercialization [2][4]. Financial Support for AIR Industry - The AIR industry requires different financial needs at various stages, from basic research to commercialization and scaling [2]. - Guangdong is leading the exploration of innovative paths for the AIR industry through financial support, aiming to create a high-level cycle of "technology-industry-finance" [2]. Investment Trends in Humanoid Robotics - By mid-2025, global financing in the humanoid robotics sector exceeded 14 billion RMB, with Chinese companies accounting for 60% of this, amounting to 8.4 billion RMB [2]. - Guangdong companies, particularly in Shenzhen, are prominent in this capital frenzy, with companies like UBTECH Robotics raising over 5.5 billion HKD in the Hong Kong market [3][10]. Challenges Faced by Guangdong's Robotics Industry - Despite the initial commercialization success of leading companies, the humanoid robotics industry remains in its early stages, with mid-tier companies facing commercialization challenges [4][19]. - Guangdong still relies on imported core technologies in the upstream robotics supply chain, indicating a need for improved self-sufficiency [4][22]. Role of Major Internet Companies - Major internet companies like JD.com and Meituan are actively investing in Guangdong's humanoid robotics firms, enhancing their commercialization capabilities [15][16]. - These investments not only provide substantial funding but also help startups overcome commercial bottlenecks, facilitating rapid market validation [16][22]. Future Outlook for Guangdong's Robotics Industry - Guangdong's robotics industry is characterized by a balanced development compared to Beijing and Shanghai, with a significant number of mid-tier companies [21]. - The future of the humanoid robotics industry will depend on the synergy between capital influx and technological breakthroughs, necessitating continued policy support and capital guidance [22].

编辑丨 李莹亮 曾芳 曾静娇 10月16日，美股三大指数集体高开，截至北京时间22：55，道指涨0.21%，纳指涨0.81%，标普500指数涨0.42%。 美股大型科技股集体走强，谷歌一度大涨超2%，创出历史新高；半导体板块普涨，费城半导体指数涨1.41%，台积电盘初一度创出历史新高， 随后涨幅迅速收窄；美光科技大涨超6%，亦创出历史新高；纳微半导体大涨超7%，日月光半导体大涨超6%，博通、甲骨文涨超2%，英伟 达、阿斯麦、英特尔、高通、安森美半导体均涨超1%。 | < W | 纳斯达克中国金龙指数(HXC) | | | | --- | --- | --- | --- | | | 8242.03 -10.38 -0.13% | | | | 祭教 | 成分 资讯 | 相关基金 月度收益 | | | 亿鹏能源 | | 0.337 -10.01% | | | ELPW.O | | | | | EPSIUM ENTERPF | | 32.320 -6.26% | | | EPSM.O | | | | | 中令科工业 | | 2.900 -5.84% | | | ZJK.O | | | | | 文远知行 | | 10. ...

Core Viewpoint - Northbound capital has shown a positive trend towards A-shares, with significant increases in holdings and a focus on technology growth and high-dividend assets [1][6][7]. Group 1: Northbound Capital Holdings - As of the end of Q3, Northbound capital held A-shares worth 2.58 trillion yuan, marking an increase of over 380 billion yuan year-to-date, with continuous growth for three consecutive quarters [3][4]. - The top five industries by Northbound capital holdings are: Electric Equipment (443.80 billion yuan), Electronics (391.53 billion yuan), Pharmaceutical Biology (183.94 billion yuan), Banking (173.69 billion yuan), and Food & Beverage (162.31 billion yuan) [3][4]. - In Q3, Northbound capital increased holdings in nine industries, with the Electronics sector seeing the largest increase of 1.82 billion shares, followed by Basic Chemicals (370 million shares) and Automotive (287 million shares) [3][4]. Group 2: Industry Trends and Foreign Investment - Northbound capital reduced holdings in 22 industries, with the largest decreases in Banking (6.97 billion shares), Construction Decoration (2.31 billion shares), and Non-Bank Financials (2.04 billion shares) [4]. - Foreign investment in Chinese stocks has rebounded, with a net inflow of 4.6 billion USD in September, the highest since November 2024, and a total of 18 billion USD net inflow in the first nine months of 2025 [6][7]. - Major global asset management firms have expressed optimism about the A-share market, with Goldman Sachs predicting an 8% potential upside for A-shares over the next 12 months [7][8]. Group 3: Focus on Technology Stocks - The attractiveness of Chinese technology stocks is increasing, with strong fundamentals and favorable management teams noted as key factors [8]. - The Chinese government's macro policies and rapid development in high-tech sectors are boosting market confidence, with AI technology driving traditional manufacturing towards "China R&D" [8]. - Foreign capital is particularly drawn to A-shares due to economic recovery, low valuations, and policy support, indicating a trend of increasing foreign investment in the Chinese stock market [8].

Core Viewpoint - The article discusses the investment opportunities and market positioning of Leshu Shi, a leading player in the African diaper and sanitary napkin market, as it prepares for its IPO and expands its operations in Africa [1][4]. Company Overview - Leshu Shi, known as the "King of Diapers in Africa," is seeking to list on the Hong Kong Stock Exchange after a previous application lapsed. The company holds the largest market shares in the African baby diaper and sanitary napkin markets, with 20.3% and 15.6% respectively [1][4]. - The company is controlled by a couple who graduated from Harbin Engineering University, holding 64.42% of the shares through Century BVI [2]. Financial Performance - From 2022 to 2024, Leshu Shi's revenue increased from approximately $320 million to $454 million, with a compound annual growth rate exceeding double digits. Net profit surged from $18 million to $95.1 million, reflecting a growth rate of over five times [4]. - In the first four months of 2025, the company reported revenue of $161 million, a year-on-year increase of 15.5%, and net profit of $31.1 million, up 12.5% [4]. - The gross profit margin improved significantly from 23.0% in 2022 to 35.2% in 2024, attributed to scale effects, product structure optimization, and improved foreign exchange risk management [4]. Market Strategy - Leshu Shi has adopted a "volume-driven" strategy, with its Softcare brand diapers priced at only 8.78 cents per piece in 2024, allowing it to maintain competitive pricing while achieving high gross margins [6][5]. - The company has established local production lines in Ghana since 2018, which has helped reduce costs and enhance competitiveness [5]. Industry Context - The African market is experiencing strong population growth, with a compound annual growth rate of 1.8% for newborns from 2020 to 2024, indicating significant economic potential [9]. - China has maintained its position as Africa's largest trading partner for 16 consecutive years, with trade volume reaching $295.6 billion in 2024, reflecting a growing trend of Chinese companies investing in Africa [9][10]. Challenges and Opportunities - Despite its success, Leshu Shi faces challenges such as foreign exchange losses, which amounted to $18.3 million from 2022 to 2024, and the absence of a currency hedging policy [7]. - The Ghanaian government has initiated a "24-hour economy and export plan" to improve the business environment, which could benefit local manufacturers like Leshu Shi [12].

Core Viewpoint - The latest draft regulation from the State Administration for Market Regulation focuses on enhancing food safety responsibilities in the online food delivery industry, addressing issues such as platform accountability, merchant management, and transparency in food safety information [1][2]. Group 1: Regulatory Changes - The new draft regulation includes 45 articles that clarify the responsibilities of three main entities: online food providers, platform providers, and delivery personnel, covering the entire chain from pre-audit to post-publication [2]. - A significant change is the requirement for merchants to provide monitoring footage of key food processing stages, while platforms must upload and display "Internet + Bright Kitchen" video information prominently [1][2]. Group 2: Industry Context - The new regulations come amid intense competition in the food delivery sector, marked by a large-scale subsidy war initiated by major players like JD, Ele.me, and Meituan since April [4]. - The surge in traffic has brought merchant qualification audits and food safety issues back into the spotlight, with platforms facing warnings and penalties for inadequate merchant audits [5]. Group 3: Enforcement and Penalties - Specific penalties are outlined in the draft, including fines ranging from 5,000 to 50,000 yuan for platforms failing to conduct on-site audits of merchant qualifications, and fines from 5,000 to 30,000 yuan for approving non-compliant merchants [6]. - The draft is currently open for public feedback, with a deadline set for November 16 [6].

视频丨 许婷婷 10月16日，2025世界智能网联汽车大会在北京亦庄开幕。小米集团创始人、董事长兼CEO雷军在大会上表示，智能网 联汽车的发展处于历史的机遇期，不是零和博弈，需要全行业团结一致，共建共享智能网联汽车的新生态，共同来推 进行业的发展。 "小米宣布造车四年半时间，产品上市也有一年半，截至目前，交付了大概40万辆。" 雷军表示。他注意到，智能网联 汽车上半场电动化已初步完成，下半场智能化正在逐步深入，一系列创新技术正在重塑汽车产品的定义、生产模式、 商业模式和用户体验，其中组合辅助驾驶系统是行业共同关注的焦点，发展非常快，体验和安全性也正在大幅度提 升，随着一系列新的政策法规逐步落地，L3、L4试点也会越来越多，大众出行也将会变得越来越便利，越来越安全。 同时，雷军提到，AI大模型将给智能网联汽车无限的想象空间。首先端侧的模型不需要联网，就可以大幅度改善整个 人工自研的体验。比如语音控车的体验，通过整合情绪识别计算、优化算法多模态的交互能力，车内外的摄像头、麦 克风、屏幕和各类整车传感器的信号，都能被模型识别，并且纳入思考的范畴，就能做到认识人、看世界、懂屏幕。 语音合成也更拟人，有语气和情绪，而且 ...

4220美元！10月16日，国际现货黄金又创历史新高。截至当天中午，本周内已经累计涨了200 美元！大家都在问：这是高点了吗？ 那么，为什么全球资金会大规模且共时性地涌入黄金市场呢？首先，美联储的"鸽声"是核心推 动力，也就是货币宽松，放水。美联储主席鲍威尔近期明确释放了关键信号：货币市场流动性 正在趋紧，缩表计划可能在未来几个月就宣告结束。 这相当于告诉市场，美国这一轮的货币紧缩要落幕了，全球金融体系的"水龙头"又要拧开了。 他同时还特别强调了对就业市场下行风险的担忧，甚至直言"行动太慢可能会打压就业"。 这些偏鸽派的言论，再叠加上其他官员关于"年底前再降息两次"的预期，让市场对宽松政策的 到来信心大增。降息预期会直接降低美元的吸引力，这对于黄金来说，是最直接的利好。 其次，地缘政治风险和贸易形势的不确定性升高了。上周五，美国政府又声称要加码关税政 策，这对全球投资者来说，又是一个惊雷呀！保护主义倾向再度抬头，增加全球经济不确定 性，投资者又再一次不约而同地选择涌入黄金市场，图的是什么？图的就是一个"避险"！ 就在这个时候，美国银行发布了一个10月全球基金经理调查，有43%的投资者认为"做多黄 金"已经成为 ...