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 ...

近日，人民网领导留言板收到一条投诉，一位自称北京市丰台区某房地产项目的业主，投诉该项目存在违建现象。具体表现为，开 发商将原始规划时的阳台封闭，变成卧室，并以超出产权承载的面积进行交付。 投诉人指出，这种情况"严重危害业主住房安全性"。 将阳台封闭改建成卧室，能够增加房屋使用面积，提高得房率。但按照规定，开放式阳台只算一半面积，封闭式阳台则需按全面积 计算。此外，封闭阳台还需满足承重、消防、保温等审批要求。因此常见的做法是，按照开放式阳台报规，待验收后再封上。 封闭阳台只是增加使用面积的办法之一。由于不完全计入面积，开发商还会在飘窗、挑高、花池、风雨连廊上面做文章，在不改变 产权面积的情况下，增加使用面积，进而实现开发商卖"好房"、购房者获赠面积的"双赢"结果。 由于不具备合规性，这类做法也被称为"偷面积"。 近年来，随着住房从数量发展转向质量提升，监管部门大力倡导"好房子"建设。但在实际操作中，以"好房子"为名而行"偷面积"之 实的情况时有发生。专家指出，一些房地产项目以超过100%，甚至超过120%的得房率为卖点，不仅有悖常规，亦存在诸多隐患。 如今，这种情况正在得到整治。 今年以来，广州、北京、上海、成 ...

记者丨余纪昕 编辑丨曾芳 今年以来，我国中小银行合并重组步伐显著加快，行业整合"浪潮"正加速推进。 企业预警通数据显示，截至2025年10月15日，全国今年以来已有超过300家银行通过解散、合 并或注销等方式退出市场，其中主要为地方农商行和村镇银行。 值得关注的是，仅今年前三个季度，中小银行合并解散的数量就已大幅超过去年全年198家的 退出总量。业内普遍认为，中小金融机构风险防范化解工作正在深入推进，地方银行的合并可 被视为地方银行业提质增效、加速行业出清的重要信号。 天津某农商行总行人士向21世纪经济报道记者表示，近期部分中小银行的解散、合并或注销更 多是出于防范和化解中小金融机构风险的考虑，本质上更多属于"技术整合"。 "总体而言，来自方方面面的挑战仍需持续关注。" 他直言，这类中小银行"合并潮"在积极重 构地方金融生态的同时，也面临多项考验：一是员工薪酬的调整；二是组织架构的变化；三是 企业文化的融合；四是经营方式及理念的转变；五是信息系统的整合；六是权责的重新划分； 七是人员的重新安排。 国有大行加快入场，村镇银行化险提速 21世纪经济报道记者梳理发现， 截至十月中旬，各地监管部门批复解散的银行达18 ...

Core Viewpoint - The article discusses the unprecedented wave of delistings in the A-share market due to major violations, highlighting the challenges faced by brokerage investment banks in fulfilling their role as gatekeepers in the capital market [1][3]. Group 1: Regulatory Changes and Impact - As of October 15, 2023, a record number of 13 companies have triggered mandatory delisting indicators due to major violations, marking a significant increase in regulatory scrutiny [3][4]. - Among the 13 companies, 8 have already been delisted, with the first being Zhuolang Technology in March and the latest being Zitian Technology in October [4]. Group 2: Role of Brokerage Investment Banks - The article emphasizes the complex responsibilities of brokerage investment banks, noting that many of them issued "no objection" or "no issues found" reports during the supervision period for companies later confirmed to have committed fraud [1][5]. - Notably, only Guorong Securities issued a risk warning for Jiuyou Co., while most other involved investment banks failed to identify issues during their oversight [7][8]. Group 3: Case Studies of Fraudulent Companies - ST Dongtong, involved in financial fraud from 2019 to 2022, had First Capital as its sponsor, which was implicated in the fraudulent issuance of shares [5]. - Guangdao Digital, under the sponsorship of Wukuang Securities, inflated its revenue by 1.465 billion yuan through fraudulent contracts and invoices from 2018 to mid-2024 [5][6]. Group 4: Changes in Oversight Practices - The article notes that some investment banks frequently changed during the fraud periods, such as Gaohong Data, which switched its sponsoring banks multiple times, indicating a lack of consistent oversight [6][7]. - Investment banks are reportedly increasing their diligence in due diligence processes, especially during the continuous supervision phase, which had previously received less attention [10].