图为贾国龙在群里的表态截图 贾国龙还称罗永浩是"网络黑嘴""网络黑社会"。对此，罗永浩直接喊话贾国龙，那这件事我们没法揭过去了。 9月14日，西贝创始人贾国龙在某个行业群内的表态截图流出。 贾国龙表示："我应对方式有错，改。做饭的围着吃饭的转，你说咋好就咋办。"贾国龙称，西贝今后将"打明牌"，做一个 透明的西贝，彻底向胖东来学习。 券中社 券 商 中 国 × 券 中 社 扫 码 下 载 券 中 社 A P P 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 券中社APP 弊中社 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 9月13日晚，罗永浩发文宣布西贝预制菜事件告一段落。他期待预制菜相关的国家法规尽快出台，并表示"要忙正事了"。 责编： 刘珺宇 校 对： 高源 百万用户都在看 打卡！600万！ 突然，全线飙涨！美国，重大宣布！ 利好来袭 ...

Core Viewpoint - The China Communications Industry Association supports the Ministry of Commerce's investigation into U.S. products and measures, emphasizing the need to protect the rights of Chinese information and communication enterprises against unfair restrictions imposed by the U.S. government [1][2]. Group 1: Support for Investigations - The Ministry of Commerce of the People's Republic of China announced an anti-dumping investigation into imported simulation chips from the U.S. and a discrimination investigation regarding U.S. measures in the integrated circuit sector [1]. - The China Communications Industry Association strongly opposes the U.S. government's unilateral and discriminatory practices that harm the legitimate development rights of Chinese enterprises and disrupt global supply chains [1]. Group 2: Call for Fair Competition - The healthy development of the information and communication industry relies on an open, fair, and orderly market competition environment, urging global industries to oppose protectionism and unilateral sanctions [2]. - The association advocates for sustainable and win-win development through technological innovation, industry chain collaboration, and international cooperation [2]. Group 3: Principles for Global Prosperity - The belief is held that only by adhering to principles of openness, inclusiveness, and mutual benefit can the global technology industry achieve common prosperity and long-term development [3].

Core Viewpoint - The chip industry is experiencing favorable catalysts, particularly driven by AI demand and supply constraints in the storage chip market [1][2]. Group 1: Chip Company Insights - Goldman Sachs raised the target price for Chip Origin Technology (芯原股份) from 193 RMB to 220 RMB, reflecting strong growth momentum driven by AI orders [2][3]. - The company recorded an 86% year-on-year increase in new orders from July to mid-September, with 64% of these orders coming from the AI computing sector, leading to a total order backlog of 3 billion RMB [3][4]. - Despite a projected net loss of 18 million RMB in 2025 due to increased R&D expenses, net profit forecasts for 2026-2030 have been adjusted upwards by 2% to 7% [3][4]. - The stock price of Chip Origin Technology surged by 20% to close at 183.6 RMB, marking a year-to-date increase of 250.18% and a market capitalization of 96.52 billion RMB [4]. Group 2: Storage Chip Market Dynamics - Micron Technology has paused all product pricing for DDR4, DDR5, LPDDR4, and LPDDR5, indicating potential price increases of 20%-30% due to significant supply shortages [2][7]. - SanDisk has already raised storage product prices by over 10%, signaling the start of a new price increase wave in the storage chip industry [7]. - The primary drivers for the price increases are changes in supply-demand dynamics, with strong demand from AI applications and data centers, while supply has been constrained due to production cuts by leading manufacturers [8]. - The DRAM price index has increased by approximately 72% over the past six months, reflecting the tightening supply situation [8].

Group 1 - The core viewpoint emphasizes the need to evaluate the fundamentals of companies from a global exposure perspective rather than a domestic economic cycle perspective, as more Chinese companies shift towards global markets [2] - The current market trend is driven by "smart money" and structural market dynamics, suggesting a strategy that minimizes volatility and avoids broadening exposure [2] - The average daily trading volume is expected to stabilize around 1.6 to 1.8 trillion yuan, indicating the digestion of recent emotional premiums [2] Group 2 - The logic supporting the rise of the Chinese stock market is sustainable, with expectations for new highs in A/H shares due to accelerated transformation and reduced uncertainties in economic development [3] - The decline in opportunity costs for the stock market, driven by a sinking risk-free return system, is leading to an explosion in asset management demand and new capital inflows [3] - Institutional changes and timely economic policies are crucial for boosting market valuations and improving perceptions of Chinese assets [3] Group 3 - The Chinese market presents broad opportunities, with a "transformation bull market" encompassing both structural and traditional sectors, including emerging technologies and valuation recovery in established companies [4] - Key sectors to watch include internet, media, innovative pharmaceuticals, electronics, semiconductors, and consumer brands, alongside cyclical sectors like non-ferrous metals and chemicals [4] - Long-term stability and monopolistic assumptions remain important, with recommendations for sectors such as brokerage, insurance, banking, and telecommunications [4] Group 4 - The market is currently experiencing a "volume peak," which historically indicates a continuation of upward trends, although the pace may slow [5][6] - The positive spiral of index profitability and incremental capital remains intact, suggesting that the liquidity-driven bull market narrative is still valid [6] - Investors are advised to maintain a "bull market mindset," as trends once established are difficult to reverse [6] Group 5 - High M1 growth and narrowing M2-M1 differentials indicate a trend of residents moving savings into equity markets, with a focus on high-prosperity sectors like software and communication equipment [7] - The expectation of three interest rate cuts by the Federal Reserve has heightened interest in the A-share market, particularly in sectors poised for recovery [7] Group 6 - The focus on high-prosperity sectors and inflation improvement is crucial as the market transitions into a slow bull phase, with a need for fundamental support [8] - Key industries to monitor include AI, pig farming, new energy, new consumption, innovative pharmaceuticals, and basic chemicals [8] Group 7 - The market is entering a phase of rotation and expansion, with a focus on sectors driven by prosperity and industrial trends [9] - September is traditionally a strong month for industry rotation, providing opportunities for new growth directions [9] Group 8 - The improvement of fundamentals is expected to spread prosperity across more sectors, moving beyond just growth versus value discussions [10] - Key areas for investment include upstream resources, capital goods, and domestic demand-related sectors like food and tourism [10] Group 9 - A-shares are likely to continue a volatile upward trend, supported by global liquidity conditions and domestic capital flows [11] - The AI sector is anticipated to be a primary driver of market performance, with significant potential for growth [11] Group 10 - The market is expected to maintain an upward trajectory, supported by reasonable valuations and emerging positive factors like the potential for a Federal Reserve rate cut [13] - Key sectors for September include power equipment, communication, computing, electronics, and automotive [13] Group 11 - The "slow bull" market in A-shares is expected to continue, with high-prosperity sectors being the primary focus [14] - The upcoming policy changes and the ongoing AI investment trends are likely to provide further market support [14]

Core Viewpoint - Multiple A-share companies, including Yushen Co., Kewah Data, *ST Weir, Jinyi Film, and Zhongxing Junye, have announced stock price fluctuations, with some companies confirming normal operational conditions and no significant changes in their internal and external environments [1][4][7]. Group 1: Yushen Co. - Yushen Co. experienced a continuous stock price increase, with a cumulative closing price increase of over 20% over three trading days [2]. - The company confirmed that it has not discovered any undisclosed significant information affecting stock prices and that its operational conditions remain normal [2]. - Yushen Co. plans to reduce its repurchased shares by up to 1% of its total share capital, in line with its previously disclosed reduction plan [2]. Group 2: Kewah Data - Kewah Data's stock has also seen significant price increases, with a reported revenue of 3.733 billion yuan in the first half of the year, a slight increase of 0.06% year-on-year, and a net profit of 244 million yuan, up 7.94% [5]. - The company stated that there are no corrections or supplements needed for previously disclosed information, and its operational conditions remain stable [5][6]. - Kewah Data focuses on providing smart energy solutions across various sectors, including AI, clean energy, and comprehensive energy services [6]. Group 3: Other Companies - Other companies such as *ST Weir, Jinyi Film, and Zhongxing Junye have also reported no significant changes in their operational conditions or undisclosed major matters [4][7]. - These companies have been part of the recent stock price surge, with *ST Weir experiencing six consecutive days of price increases [5].

Core Viewpoint - The recent recovery in the market has led to a significant increase in the issuance of equity funds, with over 10 new funds exceeding 1 billion yuan in size since September 1 [1][5]. Group 1: Fund Issuance Trends - As of September 12, more than 10 equity funds with a size exceeding 1 billion yuan have been established in September, including both broad-based and thematic index funds as well as actively managed equity funds [1]. - The issuance of large-scale index funds has been notable, with 7 funds exceeding 1 billion yuan established since September 1, including the Guotai Junan CSI 500 Dividend Low Volatility ETF with a size of 1.247 billion yuan and the Southern CSI 500 Index Enhanced Fund with 1.724 billion yuan [3]. - The popularity of index funds, particularly ETFs, has increased significantly, with investors showing a greater understanding and preference for these products in the current market environment [6][7]. Group 2: Active Equity Funds - Since July, 19 actively managed equity funds have been established with sizes exceeding 1 billion yuan, indicating strong investor interest in actively managed products as well [5]. - Notable funds include the招商均衡优选, which raised 4.955 billion yuan in just one day, and several other funds that also exceeded 1 billion yuan in size during September [5]. Group 3: Marketing Strategies and Fund Management - Fund companies have adopted more rational marketing strategies in this round of equity fund issuance, including setting fundraising caps and ending fundraising early to manage fund sizes effectively [2][8]. - This approach allows fund managers more time and flexibility for investment strategies, potentially leading to better performance in capturing excess returns in structural market conditions [8]. Group 4: Future Outlook - The technology sector is expected to play a crucial role in the transition of old and new economic drivers, with AI and robotics anticipated to create significant market opportunities in the coming years [9]. - The overall market sentiment is improving, with companies showing signs of stabilization and increasing liquidity, which bodes well for future investment in technology-related sectors [9].

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Core Viewpoint - Huaxin Securities is actively recruiting for key management and business positions, signaling a strategic shift towards enhancing its wealth management capabilities and building a professional talent pipeline [2][3][6]. Group 1: Recruitment Strategy - Huaxin Securities is publicly recruiting for positions such as Co-General Manager/Vice General Manager of Wealth Management Headquarters, emphasizing the need for candidates with proven wealth management success and a blend of financial expertise and internet thinking [2][3]. - The recruitment of multiple wealth management-related positions is seen as a significant move to strengthen the company's wealth management business and improve its comprehensive financial service capabilities [3][6]. - The company aims to design and implement a strategic roadmap for wealth management over the next two to three years, focusing on team structure and talent development [3][5]. Group 2: Business Performance - In the first half of 2025, Huaxin Securities reported revenue of 1.1 billion yuan, a year-on-year increase of 26.05%, and a net profit of 224 million yuan, up 48.68% [6]. - The securities brokerage business, primarily conducted by Huaxin Securities, generated 621 million yuan in revenue, indicating its significant contribution to the overall revenue of Huaxin Holdings [6]. Group 3: Market Trends - The trend of market-oriented recruitment for senior executives is growing among securities firms, allowing them to attract specialized talent with successful experience in specific fields such as wealth management and investment banking [8][9]. - This shift is driven by the complex market environment, which demands high professional capabilities from business leaders, and aims to introduce new ideas and break existing paradigms within firms [8].

Core Viewpoint - Tencent has reduced its stake in ZhongAn Online to below 5%, indicating a strategic shift in its investment approach towards the company [3][5]. Group 1: Tencent's Shareholding Changes - On August 13, Tencent sold 1.1652 million shares of ZhongAn Online, cashing out approximately 20.88 million HKD, reducing its stake to 4.99% of the H-shares and 4.84% of the total share capital [1][5]. - Prior to this, Tencent had already reduced its holdings multiple times throughout the year, including a sale of 1.4788 million shares on June 27 for about 29.13 million HKD and 4.1592 million shares on July 31 for approximately 87.66 million HKD [4][7]. - Overall, Tencent has sold over 30 million shares of ZhongAn Online this year, estimating a total cash-out of around 600 million HKD [7]. Group 2: ZhongAn Online's Performance - ZhongAn Online's insurance business has shown growth this year, with its stock price rising over 50% since the beginning of the year, peaking at over 21 HKD per share in May [2]. - As of September 12, the stock price closed at 18.02 HKD per share [2]. Group 3: Shareholder Structure and Fundraising - Following the share reductions by original shareholders, ZhongAn Online completed a new round of fundraising by issuing 215 million new H-shares, raising approximately 3.896 billion HKD [10]. - The shareholding structure has changed, with Hong Kong Central Clearing Limited now holding 61.72% of the shares, while other major shareholders include China Ping An (8.9%), Shenzhen Gadesin Investment (7.93%), Ant Group (6.43%), Tencent (4.84%), and Shenzhen Xunxin Network (4.81%) [11]. - In the first half of 2025, ZhongAn Online reported insurance service revenue of 15.041 billion CNY, a slight decrease of 0.3%, while net profit attributable to shareholders surged by 1103.5% to 668 million CNY [11].

Group 1 - The Chinese and US sides will hold talks in Spain from September 14 to 17 to discuss unilateral tariff measures, export controls, and TikTok issues [2] - The Chinese government emphasizes its commitment to protecting the legitimate rights and interests of its companies, particularly regarding data privacy and security [2] - The Ministry of Finance indicates that there is still ample room for fiscal policy to exert influence, with a government debt ratio of 68.7% and total debt amounting to 92.6 trillion yuan [3] Group 2 - The Ministry of Commerce has initiated an anti-dumping investigation into imported analog chips from the US, responding to domestic industry requests [4] - The semiconductor industry in China supports the investigation, advocating for a fair environment for healthy development [4] - Preliminary evidence shows that the price of the investigated products from the US has significantly decreased, with a dumping margin exceeding 300% [5] Group 3 - The China Securities Regulatory Commission (CSRC) has announced penalties against Beijing Oriental Tong Technology Co., Ltd. for serious financial fraud, proposing fines totaling 229 million yuan [6] - The CSRC plans to initiate delisting procedures for the company due to significant violations of securities laws [6] Group 4 - The State Internet Information Office is drafting regulations to promote and standardize the application of electronic documents, encouraging the use of digital currency for cross-border payments [7] - The automotive industry is set to receive support from eight departments, focusing on technological innovation and the development of smart and connected vehicles [9] Group 5 - The Nasdaq Composite Index reached a new high, with significant gains in major tech stocks, including Tesla, which rose over 7% [10] - Upcoming economic data releases include industrial value-added and fixed asset investment figures, with expectations of a 92% probability of a 25 basis point rate cut by the Federal Reserve [11] Group 6 - The CSRC has approved the IPO registration of Xiamen Hengkun New Materials Technology Co., Ltd. and five new stocks are set to be issued this week [12] - A total of 54 companies will have their restricted shares released this week, amounting to 6.275 billion shares and a total market value of approximately 195.03 billion yuan [14]