Core Viewpoint - Foreign capital is gradually increasing its allocation to Chinese assets, reflecting a positive outlook on the Chinese market despite recent market fluctuations [1][2]. Group 1: Market Performance and Outlook - A-shares and H-shares are expected to see an 8% and 3% increase respectively over the next 12 months, according to Goldman Sachs [2][9]. - The recent market rally is driven by liquidity and institutional investments rather than retail investors, with significant inflows from both domestic and foreign institutions [4][5]. - The active participation of foreign investors in A-shares has reached a cyclical high, with August seeing the highest monthly inflow of funds in recent years [4][6]. Group 2: Institutional Investment Trends - Domestic public funds have reduced their cash ratios to a five-year low, indicating a higher stock exposure [4]. - Insurance companies have increased their stock holdings by 26% this year, while private equity funds have grown from 5 trillion RMB to 5.9 trillion RMB [4]. - The Northbound trading activity has surged to historical highs, showcasing increased foreign institutional interest in A-shares [5]. Group 3: Future Potential and Valuation - The current valuation of MSCI China and CSI 300 is at 13.5x and 14.7x forward P/E ratios, which are below historical bull market averages of 15-20x [8]. - There is a significant potential for incremental capital inflow into the A-share market, as household asset allocation is heavily skewed towards real estate (55%) and cash deposits (27%), with only 11% in stocks [8][9]. - If institutional ownership in A-shares rises to the average levels of emerging and developed markets, it could lead to an influx of 14 trillion RMB or 30 trillion RMB into the market [9].

国家卫生健康委、财政部今天（9月18日）印发《育儿补贴制度管理规范（试行）》。《管理规范》坚持以人民为中心， 强调惠民利民、安全规范、简便易行，主要突出以下4个重点： 1 精简申请和审核流程 明确育儿补贴的申领资格，精简申领材料，优化申领程序，以线上申领为主。强调审核工作要充分发挥大数据审核作 用，切实减轻基层负担。初审和审核确认工作原则上应在30个工作日内完成。 2 明确发放时点和渠道 育儿补贴按年计算，每年一次性发放。各省份结合实际确定发放时点，原则上每季度至少集中发放一批，确保补贴及时 足额发放到位。发放渠道为申领人或婴幼儿的银行卡或其他金融账户。 3 加强信息管理 百万用户都在看 打卡！600万！ 刚刚，集体爆发！四大重磅，彻底引爆！ 利好来袭！人工智能，突传重磅！ 太突然！刚刚宣布：裁员9000人！ 创新药，突发！ A股，风云突变！发生了什么？ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 结合"高效办成一件事"，充分利用公安、民政、人力资源社会保障、卫生健康等多方面信息进行比对。要求各级信息系统 用户落实信息安全责任，不得越权处理信息，不得擅自对外提供和发布相 ...

Core Viewpoint - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking the first rate cut of 2025 and following three cuts in 2024 [1] Summary by Sections Rate Cut Expectations - Most brokerages believe the rate cut was fully priced in and expect two more cuts within the year [2][3] - Analysts suggest that if the unemployment rate remains stable, continuous rate cuts may not materialize [3] Economic Outlook - Analysts from Citic Securities view the rate cut as a risk management measure, indicating a shift in focus from inflation to employment risks [4] - The dot plot suggests a total of three rate cuts this year, with a neutral long-term rate maintained at around 3% [4] Asset Market Reactions - The dollar is expected to remain weak, while gold's outlook shows divergence among analysts [6] - Citic Securities anticipates that the rate cut will lead to a "buy the rumor, sell the news" scenario for U.S. Treasuries and a positive response in U.S. equities [6] Impact on Chinese Markets - The rate cut is seen as beneficial for Chinese stocks, bonds, and the yuan, with expectations of increased domestic monetary policy space [8] - Analysts suggest that the global liquidity easing will provide additional capital for the Chinese stock market [8]

Group 1 - The Chinese Ministry of Foreign Affairs has responded to reports that Chinese internet regulators have instructed companies like Alibaba and ByteDance to stop purchasing NVIDIA's RTX Pro 6000D chips, expressing disappointment from NVIDIA's CEO Jensen Huang [1] - The spokesperson Lin Jian emphasized that China opposes discriminatory practices in economic and technological issues against specific countries and is willing to maintain dialogue and cooperation with all parties to stabilize global supply chains [1]

Core Viewpoint - Huawei has unveiled its latest advancements in computing power and chip technology, emphasizing the importance of computing power for artificial intelligence (AI) and its critical role in China's AI development [1][4]. Group 1: Super Nodes and Clusters - Huawei introduced the Atlas 950 SuperPoD and Atlas 960 SuperPoD, which support 8192 and 15488 Ascend cards respectively, leading in key metrics such as card scale, total computing power, memory capacity, and interconnect bandwidth [3]. - The Atlas 950 SuperCluster and Atlas 960 SuperCluster were also launched, boasting computing power scales exceeding 500,000 cards and reaching one million cards, making them the strongest computing clusters globally [4]. - Huawei has developed a unified interconnect protocol called Lingqu, which will be open-sourced to encourage industry partners to create related products and components, fostering an open ecosystem [4]. Group 2: Ascend Chip Evolution - Huawei's Ascend chip roadmap includes the 950 series, 960 series, and 970 series, with the 950PR set to launch in Q1 2026 and the 970 series expected in Q4 2028 [6]. - The chips will cover various fields including smartphones, communications, servers, and AI, with a focus on full-stack self-research [6]. Group 3: AI Solutions for SMEs - Huawei has launched the "4+10+N" intelligent solution for small and medium-sized enterprises (SMEs) to facilitate their transition to intelligent operations [8][9]. - The "4" represents four core scenarios: intelligent office, intelligent commerce, intelligent education, and intelligent healthcare, while "10" refers to ten one-stop scenario solutions [10]. - The initiative aims to provide simple and effective intelligent solutions to SMEs, addressing their challenges in technology and talent [9][10].

Core Viewpoint - The recent surge in discussions about "unbinding Alipay account authorization" highlights the importance of users regularly reviewing and managing their personal information authorizations on the platform [1][4]. Group 1: User Authorization Management - A user discovered they had unknowingly authorized 121 items, with the earliest authorization dating back to the end of 2015, including sensitive information such as name, phone number, and ID number [1]. - Alipay introduced the "Personal Information Authorization Management" feature in 2021, allowing users to view and manage all authorizations, which can be accessed through "My—Settings—User Protection Center" [1][4]. - Users are encouraged to regularly check and revoke authorizations for applications and services that are no longer in use, retaining only necessary items [4]. Group 2: Privacy and Security Awareness - Alipay emphasizes that while authorization is initiated by users, it is crucial to periodically review and adjust privacy settings to enhance account security and information protection awareness [5]. - The platform also allows users to manage automatic renewal services within the "User Protection Center" [4].

倒车接人还是进入调整阶段？ 港股市场午后亦明显走弱。港股午后随A股跌幅扩大，恒生指数一度跌超400点。恒生科技指数回吐逾2%涨势转跌0.5%，AI、机器人、半导体行业冲高回落。 昨晚，美联储降息，但外围大宗商品集体大幅回落，美元指数亦反弹至97上方。分析人士认为，这可能是一次博弈美联储降息之后的兑现操作。从人民币走势来 看，虽然美元指数大幅反弹，但人民币贬值力度并不大。中国8月Swift人民币在全球支付中占比2.93%，前值2.88%。 从杀跌结构来看，红利板块大幅走弱，可能是市场杀跌主因。午后，金融科技全线走弱，加大了市场回调压力。成份股中荣科科技、银之杰、指南针、同花顺、财 富趋势等皆出现大跌行情。 消息面上，反而有利好消息传出。德国万亿欧元资产管理机构DWS首席执行官Stefan Hoops日前透露，今年10月将于欧洲推出跟踪中证A500指数的ETF，为海外投 资者提供布局中国资产的新工具，届时DWS或成为全球首家推出跟踪中证A500指数的ETF的海外机构。 今日（9月18日）午后，A股突然回调。上证指数、创业板指盘中双双跌超1%，机器人、半导体产业链大幅回落，有色行业跌幅进一步扩大，场内上涨个股 降至 ...

Core Viewpoint - The recent volatility in the stock price of the Hong Kong innovative drug company, Yaojie Ankang, has raised significant market attention, particularly due to its inclusion in multiple indices, leading to passive buying by related ETFs and subsequent investor backlash on social media [1][2]. Company Overview - Yaojie Ankang was listed on the Hong Kong stock market on June 23, 2025, focusing on discovering and developing small molecule innovative therapies for tumors, inflammation, and cardiovascular metabolic diseases [3]. - Since its listing, the stock price had been on a slight upward trend until its inclusion in the Hong Kong Stock Connect on September 8, which triggered a surge in buying activity [3]. Stock Price Movement - Following its inclusion in the indices, Yaojie Ankang's stock price saw a dramatic increase, with a 77.09% rise on September 12 and a staggering 115.58% increase by September 15 [3][4]. - However, on September 16, the stock experienced a sharp decline, dropping 53.73% from a peak of 679.5 HKD to 192 HKD, illustrating extreme volatility [3][4]. Index Inclusion and ETF Impact - The inclusion of Yaojie Ankang in the National Index of Hong Kong Innovative Drugs on September 15 led to significant passive buying, with one of the largest ETFs purchasing 3 million shares, amounting to approximately 578 million HKD, which represented about 2.62% of the fund's net value [4]. - The total scale of the five ETFs tracking this index is approximately 35.963 billion HKD, indicating a passive buying impact of around 940 million HKD [4]. Index Adjustment Controversy - The adjustment process for the National Index of Hong Kong Innovative Drugs has come under scrutiny due to a lack of prior announcement regarding Yaojie Ankang's inclusion, which left many investors unaware [8][9]. - The index's sample selection criteria have been criticized for potential loopholes, as Yaojie Ankang had been listed for less than three months and did not fully meet the requirement of having a significant trading volume [9]. Passive Investment Dynamics - The incident with Yaojie Ankang is not isolated, as the influence of ETFs on individual stock volatility has been noted, especially with the ETF market surpassing 5 trillion HKD in scale [10]. - The expansion of ETF holdings is believed to enhance market liquidity, but it also increases the potential for short-term price volatility due to passive fund inflows and outflows [12].

Core Viewpoint - The article emphasizes the imminent arrival of a typhoon in Shenzhen, urging residents to prepare for severe weather conditions and take necessary precautions for safety [4][9]. Weather Forecast - A white typhoon warning signal has been issued for Shenzhen, with expectations of a tropical depression strengthening into a typhoon, likely to make landfall on September 19 [4]. - The forecast predicts heavy to extremely heavy rainfall in the coming days, with localized areas experiencing torrential downpours [7]. - The weather outlook for the next seven days indicates a mix of cloudy and rainy conditions, with significant rainfall expected on September 19 and 20 [8]. Safety Guidelines - Residents are advised to secure windows and outdoor structures, and to use protective measures such as applying film to glass windows to prevent shattering [10][13]. - It is recommended to check electrical safety and be cautious with gas appliances to prevent fire hazards during the storm [11]. - For those in high-rise buildings, it is suggested to seek shelter in windowless areas like bathrooms or stairwells [13]. - In low-rise or older buildings, residents should move to safer locations, reinforce doors and windows, and elevate essential supplies [14]. - Public spaces are advised to follow emergency management guidelines and avoid areas with glass ceilings or advertising structures [15]. - If going outside is unavoidable, wearing waterproof clothing and being cautious of surroundings is recommended [16].

Core Viewpoint - The robotics industry is experiencing significant growth, with multiple stocks in the sector reaching new highs and showing strong performance in the market [1][2][4]. Group 1: Market Performance - As of September 18, the humanoid robot index rose over 2%, while the Yushu robot index surged by 3.77%, both reaching historical highs [1]. - Several stocks, including Jilun Intelligent and Heertai, hit the daily limit up, contributing to a vibrant market atmosphere [2]. - Industrial Fulian's market capitalization surpassed 1.3 trillion yuan, marking a year-to-date increase of over 200% [1]. Group 2: Stock Highlights - More than 30 stocks in the robotics industry either hit the daily limit or increased by over 10% in a single trading day [2]. - Notable performers include Lihexing, which has seen a consecutive 20% limit up for two trading days, and Wanxiang Qianchao, which has achieved a limit up for four consecutive days [2]. Group 3: Investment and Financing - Figure, a U.S. humanoid robot startup, completed a Series C funding round exceeding $1 billion, achieving a post-money valuation of $39 billion, reflecting a 1400% increase in just over a year [4]. - Dyna Robotics announced a $120 million Series A funding round, with a valuation exceeding $600 million, indicating a fivefold increase in just six months [4]. Group 4: Industry Applications and Trends - The application of robots is expanding into various sectors, including energy, transportation, and entertainment, with a focus on automating complex tasks [4]. - Yu Shu Technology is preparing for an IPO, with plans to submit listing documents between October and December, revealing operational data [5]. Group 5: Tesla's Influence - Tesla's recent announcements regarding its robotics initiatives have significantly impacted related stocks, with plans to deploy up to 10,000 humanoid robots in pharmaceutical and agricultural settings [6][7]. - Elon Musk's recent stock purchase and the introduction of a new compensation plan for Tesla's operations indicate strong confidence in the company's future growth in robotics [6][7].