★ 宏观动态 ★ 中国炼焦行业协会：从未发布或授权任何关于"强制限产""联合提价"的通知或倡议 9月26日，中国炼焦行业协会发布严正声明：中国炼焦行业协会从未发布或授权任何关于"强制限产""联合提 价"的通知或倡议。协会始终严格遵守国家法律法规，坚决维护公平竞争的市场环境。涉事机构及个人应立即 停止侵权行为，协会保留追究其法律责任的权利。 外汇局：8月我国国际收支货物和服务贸易进出口规模42818亿元，同比增长2% 8月，我国国际收支货物和服务贸易进出口规模42818亿元，同比增长2%。其中，货物贸易出口21395亿元，进 口15202亿元，顺差6193亿元；服务贸易出口2546亿元，进口3675亿元，逆差1129亿元。服务贸易主要项目 为：旅行服务进出口规模1887亿元，运输服务进出口规模1745亿元，其他商业服务进出口规模996亿元，电 信、计算机和信息服务进出口规模583亿元。按美元计值，8月，我国国际收支货物和服务贸易出口3357亿美 元，进口2647亿美元，顺差710亿美元。 教育部等六部门印发《县域普通高中振兴行动计划》 据央视新闻报道，我国有近60%的高中学生，是在县域中学读书，县中办得好不好， ...

9月25日，国务院国资委党委书记、主任张玉卓主持召开部分国有企业经济运行座谈会，了解企业经济运 行情况、面临的困难挑战，聚焦稳电价、稳煤价、防止"内卷式"恶性竞争等，听取企业意见建议，进一步 研究夯实企业高质量发展基础的政策举措。国务院国资委党委委员、副主任李镇出席会议。 中国华电、中国移动、中航集团、中国建筑、中煤集团、保利集团等6家中央企业负责同志介绍了企业经 济运行情况，分析行业发展趋势，结合工作实际提出建议。张玉卓对企业关切的问题逐一回应。他指出， 今年以来，在以习近平同志为核心的党中央坚强领导下，中央企业沉着冷静应对各种风险挑战，价值创造 稳步提升，发展动能不断增强，基础供应保障有力，运行质效持续改善，经济运行企稳向好态势进一步巩 固。国务院国资委将进一步优化国有企业经济运行定期沟通交流机制，高度重视、认真研究企业提出的意 见建议，积极协调解决实际问题，精准助企纾困促发展。 张玉卓强调，要坚决把思想和行动统一到党中央对经济形势的科学判断和对经济工作的决策部署上来，保 持战略定力，坚定不移办好自己的事，注重提升"五个价值"，更好助力稳就业、稳企业、稳市场、稳预 期。要着力抓好稳健经营，锚定"一增一稳四 ...

此案原告是自称宗馥莉"同父异母"弟妹的宗继昌、宗婕莉、宗继盛；第一被告是宗庆后婚生女宗馥莉，第 二被告是宗馥莉控制的Jian Hao Ventures Limited（称"Jian Hao"）。 8月1日，该案件曾进行过一次聆讯，香港高等法院当时批准了资产保全令和信息披露令。前者禁止被告 提取或抵押汇丰账户内的资产。允许账户继续进行投资操作，但不得转移或设押；后者要求被告披露汇丰 账户的最新余额，披露2024年2月2日以来资产的变动、去向及交易细节，以及108.5万美元资金的具体 流向。 法庭还作出一系列其他决定，包括被告需支付原告的诉讼费用（含律师费）。保全令会持续至杭州诉讼终 结或法院进一步指令，这是为了确保杭州中院审理期间，争议资产（18亿美元）不被转移，为未来判决 执行提供保障。 据财经杂志报道，9月26日下午4点，娃哈哈创始人宗氏家族的遗产纠纷案在香港再度进行聆讯。 此次聆 讯主要围绕被告方（即宗馥莉及Jian Hao）在8月1日法庭裁决之后提出的上诉申请展开。 根据香港高等法院最新判案书，宗馥莉方不服原裁决，提出了五项上诉理由，包括法庭此前裁决所依据的 香港《高等法院条例》第21M条是否适用、原告 ...

Core Points - The Ministry of Commerce, Ministry of Industry and Information Technology, General Administration of Customs, and State Administration for Market Regulation announced the implementation of export license management for pure electric passenger vehicles to promote healthy development of new energy vehicle trade [1][2] Group 1 - Export license management will apply to vehicles equipped solely with electric drive motors and possessing a Vehicle Identification Number (VIN), classified under customs code 8703801090 [1] - The conditions for enterprises to declare export qualifications, management methods, declaration procedures, and the application and issuance of export licenses will follow the relevant regulations outlined in the notice regarding the further regulation of automobile and motorcycle product export order [1] - Customs will conduct inspections of exported pure electric passenger vehicles according to the current effective catalog of goods that must be inspected for import and export [1] Group 2 - This announcement will officially take effect on January 1, 2026 [2]

中国人民银行货币政策委员会召开2025年第三季度例会 中国人民银行货币政策委员会2025年第三季度（总第110次）例会于9月23日召开。 会议认为，今年以来宏观调控力度加大，货币政策适度宽松，持续发力、适时加力，强化逆周期调节，综合运 用多种货币政策工具，服务实体经济高质量发展，为经济回升向好创造适宜的货币金融环境。贷款市场报价利 率改革效能持续释放，存款利率市场化调整机制作用有效发挥，货币政策传导效率增强，社会融资成本处于历 史较低水平。外汇市场供求基本平衡，经常账户顺差稳定，外汇储备充足，人民币汇率双向浮动，在合理均衡 水平上保持基本稳定。金融市场总体运行平稳。 会议分析了国内外经济金融形势，认为当前外部环境更趋复杂严峻，世界经济增长动能减弱，贸易壁垒增多， 主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。我国经济运行稳中有进，社会信心持 续提振，高质量发展取得新成效，但仍面临国内需求不足、物价低位运行等困难和挑战。要落实落细适度宽松 的货币政策，加强逆周期调节，更好发挥货币政策工具的总量和结构双重功能，加大货币财政政策协同配合， 促进经济稳定增长和物价处于合理水平。 会议研究了下阶段货币 ...

Core Viewpoint - The IPO of Moore Threads has been approved, positioning the company as a potential leader in the domestic GPU market, focusing on AI and high-performance computing solutions [2][3]. Company Overview - Moore Threads specializes in the research, design, and sales of full-function GPUs, aiming to provide computing acceleration platforms for AI, digital twins, and scientific computing [5]. - Since its establishment in 2020, the company has developed a complete product matrix covering AI computing, high-performance computing, and graphics rendering, achieving a full-stack AI product line [5]. - The company is one of the few domestic GPU manufacturers capable of supporting full computational precision from FP8 to FP64 and has launched four generations of GPU architectures [5]. IPO Details - The IPO is expected to raise 8 billion yuan, with funds allocated for the development of new AI chips, graphics chips, and AI SoC chips, as well as to supplement working capital [6]. - The review process for the IPO took only 88 days, reflecting improved efficiency in the Sci-Tech Innovation Board's review process [8]. Financial Performance - In the first half of 2025, Moore Threads reported revenue of 702 million yuan, with a net loss of 271 million yuan. Revenue has shown a consistent increase from 46 million yuan in 2022 to 4.38 billion yuan in 2024 [9]. - The company anticipates significant revenue growth in AI computing products starting in 2024, with projected orders amounting to approximately 2 billion yuan [9][10]. - Moore Threads expects to achieve profitability by 2027, with revenue primarily driven by AI computing products during the forecast period [10]. Leadership and Shareholding - The founder and CEO, Zhang Jianzhong, holds 11.06% of the company shares and has a significant influence over the company through various holding platforms, controlling a total of 36.36% of the shares [10]. - Zhang Jianzhong has extensive experience in the GPU industry, having previously served as NVIDIA's global vice president and general manager for China [11].

Core Viewpoint - The meeting held by the State Administration for Market Regulation emphasizes the importance of promoting the healthy development of the online food delivery industry, which is closely related to daily life and plays a significant role in consumption, livelihood, and employment stability [1] Group 1: Industry Development - The online food delivery industry in China is showing strong growth momentum and has a broad market outlook, but it also faces higher demands regarding market competition order, food safety, and the protection of relevant stakeholders' rights [1] Group 2: Regulatory Measures - The market regulatory authorities will enhance the regular supervision level in the online food delivery sector, increase enforcement efforts, and urge relevant parties to engage in rational competition and fulfill food safety responsibilities [1] - A long-term mechanism will be established to promote the introduction of national standards for "Basic Requirements for Delivery Platform Services," creating a stable and predictable policy environment to facilitate the healthy development of the industry [1]

Core Viewpoint - The significant drop in Xiaomi's stock price on September 26 is attributed to market participants cashing out after the company's product launch event, despite a generally optimistic outlook for the Hong Kong stock market due to expected liquidity easing [2][3][6]. Group 1: Xiaomi's Stock Performance - On September 26, Xiaomi's stock price fell sharply, closing down 8.07% at HKD 54.65 per share, with a total trading volume of HKD 23.35 billion [3]. - Analysts noted that the stock's decline was primarily due to short-term investors taking profits following the product launch [6]. Group 2: Product Launch and Company Strategy - Xiaomi's chairman Lei Jun announced the launch of the Xiaomi 17 series, along with other products, during his annual speech on September 25, emphasizing the importance of self-developed chips and committing to invest at least HKD 50 billion over the next decade [5][6]. - The Xiaomi 17 series is expected to perform well in sales, particularly the Pro and ProMax models, which feature innovative designs [6]. Group 3: Market Outlook for Hong Kong Stocks - The Hang Seng Technology Index dropped over 3%, with other tech stocks also experiencing declines, indicating a broader market pullback [2][7]. - Analysts from CITIC Securities suggest that the current phase of the long-term bull market for Hong Kong stocks is in the middle stage, with expectations of continued liquidity easing over the next 1-2 years [7]. - UBS maintains a positive outlook on Chinese stocks, forecasting further growth potential, particularly in the technology sector, despite challenges faced by internet companies [8].

Core Viewpoint - The six major state-owned banks in China have collectively announced the abolition of their supervisory boards, transitioning the responsibilities to the audit committees under the board of directors, which is seen as a move to enhance governance efficiency and effectiveness [3][4][6]. Group 1: Announcement of Abolishment - On September 25, major banks including Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Bank of Communications announced that they will no longer establish supervisory boards following regulatory approval for their articles of association [1][4]. - Postal Savings Bank is set to discuss a similar proposal at its upcoming shareholder meeting on October 9, indicating a trend among banks to eliminate supervisory boards [2][6]. Group 2: Implementation Details - The reform steps taken by the banks are consistent, with all five major banks approving the abolishment of supervisory boards during their 2024 annual shareholder meetings held on June 27, 2025 [4]. - The new governance structure will take effect immediately for Bank of China and Agricultural Bank, while China Construction Bank and Bank of Communications will implement it on September 23 and September 25, 2025, respectively [4]. Group 3: Personnel Changes - With the abolishment of the supervisory boards, the positions of existing supervisors will be terminated, including notable figures from each bank [5]. - The announcement from ICBC also indicated updates to various governance documents, including the abolishment of the supervisory meeting rules [5]. Group 4: Broader Industry Trends - Analysts suggest that the simultaneous cancellation of supervisory boards by major banks aligns with modern corporate governance trends, aiming to enhance decision-making efficiency and strengthen board accountability [6]. - Other banks, including China Merchants Bank and Huaxia Bank, have also moved to abolish their supervisory boards, indicating a wider industry shift [7]. Group 5: Regulatory Context - The new provisions in the Company Law, effective from July 2024, allow companies to establish audit committees within the board of directors to perform the functions of supervisory boards, reflecting a regulatory shift towards more flexible governance structures [8]. - The China Banking and Insurance Regulatory Commission has stated that these changes will help financial institutions create governance frameworks that suit their specific needs, reduce management costs, and enhance operational flexibility [8].

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