Core Viewpoint - Alibaba's CEO emphasizes that large models will serve as the next generation operating system, while AI cloud will represent the next generation of computing [1][5]. Group 1: AI Infrastructure and Investment - Alibaba is actively advancing its AI infrastructure construction with an investment of 380 billion [1]. - The energy consumption of Alibaba Cloud's global data centers is expected to increase tenfold by 2032 compared to 2022, indicating an exponential increase in computing power investment [2]. Group 2: Path to Superintelligence - The transition from AGI (Artificial General Intelligence) to ASI (Artificial Superintelligence) is seen as a certainty, with the ultimate goal being the development of self-iterating AI that can surpass human capabilities [4]. - The journey to ASI consists of three stages: emergence of intelligence, autonomous action, and self-iteration [4]. Group 3: Role of Large Models - Large models are positioned as the next generation operating system, facilitating interactions between the physical and digital worlds [5]. - Future applications will be created using natural language through large models, potentially replacing traditional software development methods [5]. Group 4: Market Reaction and Investment Activity - Following the announcements, Alibaba's stock in Hong Kong surged over 6% [2]. - Notably, Cathie Wood's Ark Invest has re-entered positions in Alibaba, purchasing American Depositary Receipts valued at approximately 16.3 million USD [6].

Core Viewpoint - China will not seek new special and differential treatment in current and future WTO negotiations, emphasizing its commitment to multilateral trade systems and global governance initiatives [2][3]. Group 1: China's Position in WTO - China's stance reflects its dual focus on international and domestic issues, aiming to support multilateral trade systems and promote global trade and investment liberalization [2]. - The announcement is seen as a significant commitment to maintaining the multilateral trade framework amidst rising unilateralism and protectionism [3][4]. Group 2: Key Principles - China will adhere to three key principles in WTO negotiations: its status as a developing member will not change, its determination to defend the rights of developing members will not change, and its position to promote global trade and investment liberalization will not change [4]. - The country aims to work collaboratively with other members to strengthen communication and cooperation in building an open world economy [4]. Group 3: Implications of the Announcement - The decision to not seek new special and differential treatment is expected to provide new opportunities and momentum for global economic cooperation [4][6]. - This move is intended to guide the direction of international trade, boost confidence in multilateralism, and lead development discussions within the WTO [5][6].

Core Viewpoint - The wealth management business of brokerages has undergone significant changes over the past year, driven by a shift in investor behavior towards more rational asset allocation and the increasing popularity of ETFs as investment tools [1][2]. Group 1: Changes in Investor Behavior - Investors have shown a marked increase in enthusiasm for equity asset allocation, transitioning from a "chasing gains" mentality to a more structured "asset allocation" approach [2]. - The proportion of new investors under 30 years old has increased by 10 percentage points compared to the previous year, with over 25% of new investors participating in ETF trading, which is 10 percentage points higher than older investors [3]. - New investors are more focused on financial planning, with a higher allocation to fixed-income products compared to older clients, indicating a preference for stability and diversification in asset structure [3]. Group 2: Evolving Service Models - The growth in investor numbers has posed challenges for brokerages in terms of meeting diverse and sophisticated service demands, necessitating a shift towards more intelligent, personalized, and scenario-based services [4]. - Social media has raised client expectations for service, leading to a demand for both convenient online services and deeper offline trust relationships [5]. - Brokerages are transitioning from merely providing product sales to offering comprehensive advisory services that include asset selection and long-term client engagement [5][6]. Group 3: New Growth Opportunities - Brokerages are exploring new profit growth points by focusing on client service and engagement, moving away from reliance on commission income [6][7]. - Future growth areas are identified as including the scaling of buy-side advisory models, refined client segmentation, comprehensive services for corporate finance and family trusts, ecological layouts for retirement finance, and cross-border wealth services [7].

据中央纪委国家监委驻应急管理部纪检监察组、浙江省纪委监委9月23日消息：上海市消防救援总队副政 治委员兼纪委书记包延平涉嫌严重违纪违法，主动投案，目前正接受中央纪委国家监委驻应急管理部纪检 监察组纪律审查和浙江省监委监察调查。 公开资料显示， 包延平 出生于1970年1月，浙江 金华人，曾任 浙江省消防救援总队副政治委员等职。 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 F 来源： 中央纪委国家监委 责编：王璐璐 校 对： 廖胜超 百万用户都在看 见证历史！集体大涨！ 突发！A股公司董事长，被留置！ 突然！尾盘，多只牛股异动！发生了 ...

Core Viewpoint - The article discusses the recent statements made by US President Trump regarding Ukraine's potential to regain its territory with the support of the EU and NATO, alongside the implications of his declining approval ratings due to economic concerns in the US [1][2][4]. Group 1: Trump's Position on Ukraine - Trump expressed optimism that Ukraine could "win back all of Ukraine" with EU and NATO support, suggesting that the ongoing conflict has created economic difficulties for Russia [2]. - He indicated that returning to the original borders before the war is a feasible option, contingent on continued military and financial support from NATO and the EU [2]. - Trump's recent comments mark a shift from his previous stance, where he pressured Ukraine to make concessions in negotiations with Russia [2]. Group 2: EU's Sanctions Against Russia - On the same day, EU Commission President von der Leyen announced the 19th round of sanctions against Russia, which includes a ban on importing Russian liquefied natural gas and expanding sanctions to third-country refineries and oil traders [3]. - The EU reiterated its commitment to completely eliminate dependence on Russian fossil fuels by 2027 [3]. Group 3: Trump's Approval Ratings - Recent polling data indicates a slight decline in Trump's approval ratings, with only 41% of respondents approving of his performance, down from 42% in early September [4]. - Concerns about the US economy and inflation management have contributed to this decline, with 54% of respondents believing the economy is on the wrong track, an increase from previous months [4]. - Only 35% of respondents approved of Trump's economic management, and 28% expressed satisfaction with his handling of living costs, both figures showing a decrease from earlier polls [5]. Group 4: CEO Opinions on Trump's Policies - A survey of over 70 CEOs revealed that approximately 70% believe Trump's tariffs have harmed their businesses, and 82% oppose using tariffs to influence foreign political events [5][6]. - The majority of CEOs disapprove of Trump's pressure on the Federal Reserve, with 80% stating that his actions do not serve the nation's best interests [6].

鲍威尔的最新表态重创美股。 北京时间9月24日凌晨，美联储主席鲍威尔在公开演讲中表示，在上周降息后，美联储的政策立场仍然略有限制。美联储的政策将根据未来数据、不 断变化的前景和风险平衡来确定适当的立场。在问答环节，他警告称，从许多指标看，目前美股的估值相当高。 鲍威尔发表讲话后，美股三大指数全线跳水，纳指一度大跌超1%，美股大型科技股集体重挫，甲骨文大跌超4%，英伟达跌近3%。有分析指出，投 资者正在重新审视英伟达与OpenAI之间的交易，认为其与互联网泡沫时期的交易类似。 鲍威尔重磅发声 北京时间9月24日凌晨，鲍威尔在罗德岛州普罗维登斯商会发表经济前景演讲，他表示，当前正面临通胀上行和就业下行的两面风险，这是一个有挑 战的局面。假如降息幅度过大或速度过快，可能无法有效控制高通胀、让通胀持续高于美联储2%的目标，而假如货币紧缩维持太久，则可能无谓地 拖累劳动力市场。 这是美联储上周降息后鲍威尔的首次公开讲话，据美联储官网发布的讲话稿，鲍威尔表示，总体而言，受关税消息影响，今年通胀预期的短期指标 有所上升。然而，在未来一年左右的时间里，大多数长期预期指标仍与美联储2%的通胀目标一致。 号称"美联储传声筒"的财 ...

在韩美关税谈判陷入僵局的情况下，22日，大韩商工会议所牵头协商对策，三星电子、现代汽车、SK、 LG等涵盖半导体、核电、造船、航空等领域的主要企业参会。企业方面提出三大紧迫诉求， 分别为缓解 造船等战略产业的关税负担、降低出口主力产品的关税冲击以及解决对美投资过程中的人员签证问题 。韩 国产业通商资源部也在昨天，与受美国关税影响的钢铝及衍生产品领域企业举行座谈会，表示当前出口环 境高度不确定，将新增一对一咨询服务，确保政府资金与扶持政策落实到位。 与此同时，韩美贸易谈判的博弈还在继续。今天，韩国负责贸易谈判的通商交涉本部长启程前往马来西亚 参加国际经济会议，计划再次与美国贸易代表进行关税谈判。 韩国总统李在明近期多次在外媒采访中表示，如果按照美方要求让步，可能导致韩国经济陷入危机，甚至 导致其本人遭到弹劾。韩联社评论称，相关表态可能意在借助国际舆论向美方施压，以在谈判中争取有利 空间。 来源：央视财经 韩国关税厅最新数据显示， 本月前20天，韩国日均出口总额同比下降超一成 。面对韩美关税不确定 性可能长期化， 韩国政府、企业与经济团体纷纷组织座谈会，研讨对策 。 韩国关税厅22日发布的数据显示， 本月1日至2 ...

Core Viewpoint - The current innovation drug market is driven by the "local innovation - global monetization" model, with expectations for the Hang Seng Biotechnology Index and leading innovative drug companies to reach new highs since 2021 [1][2]. Group 1: Market Dynamics - The innovation drug market has shifted from a focus on domestic sales to business development (BD) and international expansion, allowing Chinese companies to enter mature markets like Europe and the US [2][4]. - As of the end of 2024, China is projected to have 3,575 active innovative drugs in development, surpassing the US and becoming the second-largest source of quality innovative drug pipelines globally [2][3]. Group 2: Competitive Landscape - The number of first-in-class (FIC) drugs developed by Chinese companies has significantly increased, with 716 drug candidates leading in their respective development tracks, indicating a narrowing gap with the US [3]. - The global innovative drug market is expected to grow from $1.1 trillion in 2024 to $1.5 trillion by 2030, with Chinese companies potentially capturing a 30% market share, equating to $450 billion [4]. Group 3: Investment Outlook - The Hang Seng Biotechnology Index has room to grow approximately 50% to reach its 2021 peak, with leading innovative drug companies expected to achieve similar heights [4][5]. - Short-term outlook remains positive for the innovative drug sector, with significant potential for growth driven by fundamental changes in leading companies and upcoming academic conferences expected to boost business development activities [6].

Core Points - The new Thai Prime Minister Anutin emphasized the remarkable development achievements of China over the past decades and its significant role in global peace, prosperity, and sustainable development [1] - Anutin expressed pride in the close relationship between Thailand and China, highlighting the cultural and historical connections that serve as the foundation of their friendship [1] - This year marks the 50th anniversary of diplomatic relations between Thailand and China, with both sides planning to hold commemorative events and inviting Chinese tourists and investors to Thailand [1][2] Summary by Sections - **Thailand-China Relations**: Anutin stated that the relationship between Thailand and China is akin to family, with millions of Thai people having cultural ties to their Chinese ancestors, which strengthens their friendship [1] - **Future Cooperation**: The Thai government is eager to continue the steady and prosperous development of Thailand-China relations, with plans to invite Chinese tourists and investors, indicating readiness to welcome them [1] - **Chinese Ambassador's Remarks**: The Chinese Ambassador to Thailand reiterated the importance of developing Thailand-China relations as a priority in foreign diplomacy and expressed a commitment to deepening cooperation across various fields [2]

Core Viewpoint - Postal Savings Bank of China (PSBC) is merging its wholly-owned subsidiary, Postal Huinong Bank, to optimize management and business structure, reflecting a broader trend in the banking industry towards digital transformation and integration [1][2]. Group 1: Merger Announcement - PSBC announced the absorption and merger of Postal Huinong Bank, which will lead to the cancellation of the latter's independent legal status [1]. - The merger will not affect the rights and obligations of Postal Huinong Bank's customers, and existing contracts will remain valid [1]. Group 2: Cost Reduction and Efficiency Improvement - The merger aims to reduce operational costs and enhance efficiency by integrating Postal Huinong Bank's online operational experience into PSBC [2]. - It will optimize resource allocation, injecting new momentum into PSBC's development through the integration of Postal Huinong Bank's business resources and talent [2]. - Management costs are expected to decrease, allowing PSBC to focus resources on more complementary areas, thereby improving overall operational efficiency [2]. Group 3: Market Analysis and Trends - The establishment of Postal Huinong Bank was part of the banking sector's exploration of online and offline collaborative development, but its independent value has diminished due to increasing competition from mobile banking [3]. - Over 20 banks have closed or integrated their direct banks, indicating a shift towards integrated operations in the banking industry [3]. - The termination of Postal Huinong Bank is seen as beneficial for PSBC, as it can leverage the talent and experience accumulated by the subsidiary to enhance its online business [3]. Group 4: Business Performance and User Base - Postal Huinong Bank, established in January 2022 with a registered capital of 5 billion yuan, has accumulated over 20 million registered users by mid-2023 [4]. - As of June 2023, Postal Huinong Bank's total assets reached 12.005 billion yuan, with significant growth in its financial products and services [4]. - The bank's micro-loan balance accounted for 81.6% of its total loans, with a nearly fourfold increase in agricultural loans compared to 2023 [4]. Group 5: Financial Impact of the Merger - The merger will not adversely affect PSBC's financial status or operational results, as the financial statements of Postal Huinong Bank have already been fully consolidated into PSBC's reports [5]. - The impact on PSBC's future performance is expected to be minimal, as the scale of the loans and deposits being absorbed is relatively small [5].