资料图。本文来源：第一财经 作者 揭书宜 不久前的10月2日，据财新网报道，宗馥莉"心腹"严学峰被调查。报道称，娃哈哈集团的核心成员严学峰因涉嫌违纪，被杭州市上城区纪律检查委员会立 案审查，立案通知书已经发送给娃哈哈集团党委。未经纪检委同意，娃哈哈集团不得批准严学峰出国、辞去公职，不得批准对其交流、晋升、奖励、处 分或者办理退休手续。严学峰现为宏胜饮料集团有限公司生产中心总监，是公司的核心高管之一。工商信息显示，严学峰在与娃哈哈有关联的近190家公 司中担任监事。 ■ 宗馥莉被"带走"？知情人士回应 近日，继宗馥莉"心腹"严学峰被曝"被调查"的消息之后，杭州坊间传出宗馥莉被带走的消息。10月9日，第一财经记者从一位接近娃哈哈的知情人士了解 到，宗馥莉今日正常上班。 ...

Core Viewpoint - The intense competition in the food delivery market has led to significant financial losses for major platforms, with a recent decline in subsidy intensity indicating a shift towards a more rational market environment driven by regulatory guidance and market dynamics [3][4][20]. Group 1: Market Dynamics - The subsidy war among major food delivery platforms has cooled down, with noticeable reductions in promotional activities such as "0 yuan purchase" and large red envelopes, reflecting a return to rational competition [3][4]. - Regulatory bodies have intervened, urging platforms like Meituan, Ele.me, and JD to cease "involutionary" competition and establish a multi-win ecosystem [4][20]. - Financial pressures from continuous subsidies have led to substantial losses, with JD's new business losses expanding to approximately 14.7 billion yuan in Q2 2025, and Meituan's operating profit plummeting by 98% year-on-year [4][6]. Group 2: Competitive Landscape - The entry of JD and Alibaba into the food delivery market has forced Meituan to increase its subsidy efforts, significantly raising operational costs and squeezing profit margins [5][6]. - Meituan's market share has declined from 85% pre-competition to 65%, while Alibaba's share has risen from 11% to 28% [8][9]. - The online food delivery market in China is maturing, with growth rates slowing down, prompting Meituan to seek new growth avenues [9][17]. Group 3: Strategic Responses - Meituan is expanding into instant retail, leveraging its existing delivery network and user base to enhance its service offerings [13][15]. - The company has invested in advanced technologies such as AI and drone delivery to improve its logistics capabilities [18]. - Meituan is restructuring its business focus towards high-growth potential areas, including instant retail and partnerships with high-end hotels to enhance user engagement [19][20]. Group 4: Future Outlook - The instant retail market is projected to grow significantly, with estimates suggesting a market size exceeding 1 trillion yuan by 2025 [17]. - Competition is shifting from short-term price wars to long-term ecological capability battles, emphasizing supply chain integration, technological efficiency, and user loyalty [20].

Core Viewpoint - The semiconductor equipment sector is experiencing significant growth driven by domestic production acceleration, surging AI computing power demand, and expansion in storage chip capacity [4][7]. Market Dynamics - The semiconductor equipment sector has shown strong performance, with notable stock price increases and a significant rise in the China Securities Semiconductor Materials and Equipment Theme Index, reflecting high market interest [3][4]. - The index focuses on the upstream and midstream segments of the semiconductor industry, with semiconductor materials and equipment accounting for 97% of its weight, indicating a strong emphasis on these areas [5]. - As of September 26, the semiconductor materials and equipment index has risen over 22% in the month, outperforming other semiconductor indices, showcasing its relative strength [5][6]. Industry Drivers - The robust performance of the semiconductor equipment sector is closely linked to positive signals from the industry, including advancements in domestic computing infrastructure and significant expansion plans in the storage chip sector [8]. - The China Unicom's Sanjiangyuan Green Power Intelligent Computing Center project has gained attention, collaborating with seven domestic AI chip companies and achieving a total computing power scale of nearly 3500P, which enhances domestic computing capabilities and creates new market opportunities for semiconductor equipment manufacturers [8]. - Major companies like Huawei and Baidu are actively advancing their AI chip strategies, further driving demand for chips and semiconductor equipment [9]. Investment Outlook - The global monetary policy environment is becoming more favorable, with the Federal Reserve's interest rate cuts injecting liquidity into the market, benefiting the semiconductor equipment sector [10]. - Compared to the already fully valued AI application layer, semiconductor equipment, as an upstream infrastructure segment, benefits from both the direct boost of AI computing demand and market share gains from deepening domestic production [10]. - The semiconductor equipment ETF has seen continuous net inflows, indicating market optimism about the sector's future performance [10][11]. - The ETF has achieved a cumulative return rate of 77.92% since its inception, highlighting the strong performance of underlying assets and the strategic value of semiconductor equipment in the AI industry [11].

Core Insights - DeepSeek has launched the new DeepSeek-V3.2-Exp model, which significantly reduces API costs by over 50% [2][3][4] Group 1: Model Release and Features - The DeepSeek-V3.2-Exp model is an experimental version that builds on the previous V3.1-Terminus, introducing the DeepSeek Sparse Attention mechanism to enhance training and inference efficiency for long texts [3][4] - The new model maintains performance levels comparable to V3.1-Terminus across various public evaluation datasets, despite the introduction of the sparse attention mechanism [4] Group 2: Cost Reduction and Pricing - The introduction of the new model has led to a substantial decrease in service costs, with API pricing dropping by more than 50%. Specific price changes include input cache hits reduced from 0.5 yuan to 0.2 yuan per million tokens, cache misses from 4 yuan to 2 yuan per million tokens, and output costs from 12 yuan to 3 yuan per million tokens [4] Group 3: Research and Development - The development of the DeepSeek-V3.2-Exp model involved designing new GPU operators and utilizing the TileLang programming language for rapid prototyping, which supports deeper exploration of model capabilities [4] - DeepSeek's research on the DeepSeek-R1 model, which focuses on incentivizing reasoning capabilities in large language models through reinforcement learning, was featured on the cover of the prestigious journal Nature [7]

资料图。本文来源：第一财 经 作者：陆涵之 第四次递交招股书，京东工业再次冲击IPO 京东工业再次冲击IPO。9月28日，京东工业在港交所递交招股书。 招股书显示，京东工业的整体业绩呈上升趋势。京东工业2022年、2023年、2024年以及截至 2025年6月30日止六个月的经营业务总收入分别为141亿元、173亿元、204亿元和103亿元。 这是京东工业第四次递交招股书，可见其冲击上市的决心。招股书显示，京东工业在2023年转 亏为盈，业绩上扬。另一方面，公司也面临着多重挑战。 第四次递交招股书 京东工业上市路一波三折。2023年3月30日，京东在港交所发布公告，拟分拆京东工业和京东产 发并于香港联合交易所有限公司主板独立上市，同时递交了招股书。 本次为京东工业第四次递交招股书。博通分析金融行业资深分析师王蓬博对第一财经记者表 示，京东工业屡次冲击IPO主要是为了获得融资以支持其在工业品供应链技术升级、仓储物流网 利润表现上，2022年京东工业净亏损为13亿元，在2023年实现扭亏为盈。2023、2024年以及截 至2025年6月30日止六个月的净利润分别为480万元、7.6亿元以及4.5亿元。 从业务看， ...

Group 1 - The restriction on Wang Jianlin, chairman of Wanda Group, has been lifted [2][3] - There is no longer any "limit height" information regarding Wang Jianlin on the China Execution Information Public Network [3] - The incident was related to economic disputes involving Wanda's subsidiary project company, potentially due to information asymmetry in the execution process [3]

Core Viewpoint - The leadership transition at Bosera Fund marks the end of the Jiang Xiangyang era, with Zhang Dong set to take over as chairman, raising questions about how he will address the company's structural challenges in equity and fixed income investments [4][5][10]. Leadership Change - Jiang Xiangyang, who led Bosera Fund for over a decade, is stepping down as chairman to join China Merchants Jinling Leasing Co., while Zhang Dong, the current general manager, is expected to be appointed as the new chairman pending board approval [4][5]. - Jiang's tenure saw significant reforms that restored the fund's management scale to the top ten in the industry, primarily through a focus on fixed income products, but the equity segment faced ongoing challenges [5][6]. Performance and Challenges - Under Jiang's leadership, Bosera Fund's asset management scale doubled from 2015 to 2017, and by the end of 2019, the total assets exceeded 620 billion yuan, ranking third in the industry [6]. - Despite growth in fixed income, the active equity business has struggled, with the fund's ranking in this area dropping to 19th by 2020, prompting efforts to revitalize it through key personnel changes [7][8]. Zhang Dong's Background - Zhang Dong, with over 30 years of experience in the banking sector, is expected to leverage his background to enhance Bosera's collaboration with banks and improve the fund's distribution channels [10][11]. - His appointment is seen as a strategic move to deepen the integration of resources within the group, particularly in areas like "fixed income+" and retirement-targeted funds [11]. Market Conditions - The public fund market has shown a stark contrast in performance, with equity assets recovering significantly while the bond market faces pressure due to interest rate fluctuations [13][18]. - Bosera's equity products have recently performed well, with over 95% of its equity funds recording positive returns in the last three months, largely due to strategic investments in technology sectors [13][14]. Fixed Income Performance - Conversely, Bosera's fixed income products have encountered challenges, with 65% of its bond funds reporting negative returns recently, primarily due to rising government bond yields [18]. - The company has also faced talent attrition, with five fund managers leaving in 2025, raising concerns about the stability of its investment research team [18].

Core Viewpoint - Wang Jianlin has been restricted from high consumption, and the total amount executed against Wanda Group exceeds 7 billion yuan, indicating significant financial distress within the company [2][5][6]. Group 1: Legal and Financial Issues - As of now, Dalian Wanda Group has 10 entries of being executed, totaling 5.262 billion yuan, along with one restriction on high consumption and 38 entries related to "equity freeze" [5]. - Wanda Commercial Management Group has one entry of being executed for a total of 2.959 million yuan, while Wanda Real Estate Group has 423 entries with a total execution amount of 1.84 billion yuan [5]. - The total amount executed against all Wanda-related companies has surpassed 7 billion yuan [6]. Group 2: Debt and Cash Flow Concerns - The frequent occurrence of equity freezes is attributed to debt issues, with each freeze corresponding to unpaid debts, including bank loans and trust plans [7]. - A significant factor is the "gambling agreement" signed during the Pre-IPO financing of Zhuhai Wanda Commercial Management, which requires a buyback of approximately 38 billion yuan in equity if the company does not go public by the end of 2023 [7]. - As of September 2024, Wanda Commercial Management has over 43.9 billion yuan in short-term debts due within a year, while cash reserves are only 15.1 billion yuan, indicating a substantial cash flow gap [7].

Core Viewpoint - The ongoing inheritance dispute within the Wahaha family has seen a significant development, with the Hong Kong High Court rejecting the appeal application from Zong Fuli, representing the defendants, against the freezing of assets in a Hong Kong bank account [2][4]. Group 1: Court Rulings and Legal Proceedings - On September 26, the Hong Kong High Court announced the rejection of the appeal application made by Zong Fuli and Jian Hao Ventures Limited, which was filed in response to the original plaintiffs, Zong Jichang, Zong Jieli, and Zong Jisheng [2]. - The court previously ruled that Zong Fuli could not withdraw any funds from the HSBC account of Jian Hao Ventures Limited until the conclusion of the litigation in Hangzhou, unless ordered otherwise by the court [2]. - The defendants have raised five reasons for their appeal, including objections to the asset freeze, which the Hong Kong High Court addressed in detail, emphasizing the case's complexity and the need for thorough examination [4]. Group 2: Financial Disclosure and Brand Strategy - The latest ruling included a temporary suspension of the disclosure order, allowing Zong Fuli to refrain from revealing the HSBC account's balance and asset details while seeking to appeal [5]. - Despite the ongoing legal challenges, Wahaha has indicated plans to transition to a new brand, "Wawa Xiaozong," starting from the 2026 sales year, suggesting potential challenges in brand acceptance and compliance amid the inheritance dispute [7]. - The company has faced pressure from various stakeholders, including complaints to higher judicial authorities, indicating a push for expedited resolution of the ongoing legal matters [7].

Core Viewpoint - The article discusses the backlash faced by Anta Sports and its high-end outdoor brand Arc'teryx (始祖鸟) due to an art fireworks show held at high altitude, which sparked environmental concerns and led to a crisis in brand trust and market value [4][5][6]. Group 1: Event Overview - The fireworks show, intended to celebrate nature and high mountain culture, instead resulted in widespread criticism regarding its environmental impact [5][6]. - Following the event, local authorities initiated an investigation, and both the artist Cai Guoqiang and Arc'teryx issued apologies, acknowledging the need for better environmental assessments [6][7]. Group 2: Market Reaction - The stock price of Anta Sports dropped significantly, with a decline of 2.22% and 0.95% on September 22 and 23, respectively, leading to a market value loss of over 10 billion HKD [7]. - As of September 25, Anta Sports' market capitalization was 260.6 billion HKD, down from its value prior to the event [7]. Group 3: Brand Performance - Arc'teryx has become the largest brand under Amer Sports, contributing 42.3% of revenue in 2024, surpassing Salomon's 35.4% [10]. - Despite revenue growth, Arc'teryx faces challenges, including a slowdown in growth rates and quality issues reported by consumers [10][12]. Group 4: Strategic Challenges - Anta's multi-brand strategy has been effective in driving financial performance, with a projected profit increase of 52.4% in 2024, but the recent crisis highlights the need for better management of brand values and consumer trust [13][14]. - The incident raises questions about Anta's commitment to ESG principles, as the fireworks show contradicted the brand's sustainability messaging [14][15].