9月27日，SALOMON GravelShanghai无固定路线挑战赛在上海新天地鸣枪开跑。 与传统马拉松及越野赛不同，本次赛事打破常规，引入多元积分点打卡机制，赋予参赛者充分的自主权，可自由规划路线与节奏——参赛者可从规定16个 积分点中灵活选择路径，既可重温日常喜爱的citywalk路线，也可打造一条个性化的咖啡探店轨迹，甚至通过策略计算找出最高效通关方案。 这种开放而富有趣味的赛事形式，不仅将萨洛蒙品牌形象与上海本土文化、都市生活深度链接，更拓宽了参与人群的范围，触达多个兴趣圈层，形成跨领 域的社交话题。 越来越多的 专业 品牌 正将 应对复杂地形的技术理念，转化为城市探索的新玩法，使户外运动 日益 走近 日常空间。 如今谈及户外，大众脑海中不再只有装备参数与极限体验的刻板印象，取而代之的还有追求低门槛、高自由度的生活方式 ——它正成为都市人对抗焦虑、 重建身心平衡的重要出口。 这种转变的认知，也正深刻重塑着行业的竞争逻辑。 上一轮户外浪潮中脱颖而出的品牌，大多从专业功能定位出发，构建高品牌势能，通过对核心圈层的精细化运营，逐步将影响力辐射至大众市场。 2024 年，市场规模突破 1500 亿元，同比 ...

Economic Indicators - The U.S. non-farm payroll report for September is crucial for assessing future interest rate paths, especially after the Fed's recent rate cut of 25 basis points [5][6] - The report is expected to confirm concerns raised by Fed Chair Powell regarding "substantial risks" in the job market, as the previous month's job addition was only 22,000, far below expectations [6][7] - The ISM manufacturing PMI for September will be released on October 1, with the previous month's index at 48.7, indicating contraction for six consecutive months [8][11] Key Events - The U.S. federal government funding is set to expire on September 30, with a potential government shutdown on October 1 if Congress does not act [16][17] - The Korean government has implemented a temporary visa waiver policy for Chinese group tourists starting September 29, lasting until June of the following year [25] - U-tree Technology plans to submit its IPO application between October and December 2025, marking a significant move in the domestic robotics sector [21] Market Implications - A government shutdown could delay the release of key economic data, including the non-farm payroll and CPI, increasing market uncertainty [17] - The upcoming Japanese Liberal Democratic Party presidential election on October 4 may lead to heightened political uncertainty, impacting market sentiment [22][24]

Core Viewpoint - Walmart is facing challenges from AI-driven workforce transformation, with executives acknowledging that AI will eliminate certain jobs and reshape the entire workforce [2][3] Group 1: AI Impact on Workforce - CEO Doug McMillon stated that AI will change every job, indicating a significant shift in corporate attitudes towards AI's impact on employment [3] - Walmart plans to maintain a global workforce of approximately 2.1 million employees over the next three years, but the composition of jobs will change significantly [3][5] - The company is actively assessing which job types will decrease, increase, or remain stable, to prepare for necessary training [5] Group 2: Job Creation and Transformation - New positions are being created, such as "agent builders," which focus on developing AI tools to assist employees [8] - Walmart expects to increase staffing in high-contact customer service roles and has added positions for in-store maintenance technicians and truck drivers [9] Group 3: Industry-Wide AI Adoption - Other companies are also embracing AI, with executives creating internal "heat maps" to identify roles that may be automated [13] - The agricultural company Syngenta has identified "lighthouse" projects suitable for AI reform in R&D and supply chain functions [14] Group 4: Future Employment Landscape - Despite concerns about job losses, many executives believe the U.S. labor market remains healthy and do not anticipate mass unemployment due to AI [17] - Historical trends suggest that technological innovation leads to skill re-acquisition and new employment opportunities in other sectors [18]

特朗普又在社交平台喊话"开除"鲍威尔，或进一步引发市场对央行独立性的担忧。 特朗普又威胁"开掉"鲍威尔 特朗普此前将鲍威尔称为"无能"和"太慢"，不断抨击美联储主席在降息问题上的犹豫态度。分析指出，这一最新举动反映出特朗普对美联储货币政策的持续不 满。 尽管美联储本月进行了今年首次降息，并暗示可能在10月和12月继续降息，但特朗普仍认为央行行动过于迟缓。 值得注意的是，解雇美联储主席面临重大法律障碍。美国历史上从未有总统试图罢免美联储主席，尽管此前有总统批评过央行负责人。 当地时间周六（9月27日），美国总统特朗普在其社交平台Truth Social发布了一张卡通图片，画面显示 他对美联储主席鲍威尔喊出标志性的"你被解雇了！ （You're fired）" ，后者手持装有个人物品的纸箱。 这张图片显示 他用手指着鲍威尔，背景是美联储的官方印章 。据视觉分析， 该图像为AI生成或数字插图 。分析指出，特朗普这一举动再次升级了其与美联储 之间的公开冲突。 尽管美联储本月首次降息，特朗普仍对鲍威尔谨慎的货币政策表达强烈不满。他 此前多次批评鲍威尔降息过于缓慢，并给其起绰号"太迟鲍威尔" 。鲍威尔的 美联储主席任期将 ...

Core Viewpoint - Gaode has announced a series of supportive measures for the restaurant industry, including waiving the first-year opening fee and providing various services to help merchants increase their business opportunities, especially ahead of the National Day holiday [1][3][12]. Group 1: Supportive Measures - As of September 23, Gaode has waived the first-year opening fee for all restaurant merchants and is offering support services such as traffic subsidies, dedicated customer service, and smart cash registers [3][12]. - The initiative has already attracted over 150,000 inquiries from restaurant merchants, indicating high interest and engagement from the industry [1][3]. Group 2: Industry Challenges - The restaurant industry is facing significant pressures, including rising operational costs and declining average spending per customer, which have made it difficult for many merchants [4][12]. - There is a lack of effective connection between consumers and restaurants, leading to high decision-making costs for consumers when choosing where to eat [4]. Group 3: "Street Ranking" Initiative - Gaode launched the "Street Ranking" product on September 10, which uses real user behavior, reviews, and credit scores to create rankings that help consumers discover restaurants [4][5]. - The rankings include various categories such as "Tire Wear Ranking" for long-distance visits and "Repeat Customer Ranking," which are updated daily based on dynamic data [4]. Group 4: Impact on Merchants - Many merchants have reported significant increases in customer traffic after being featured on the "Street Ranking," with some experiencing traffic growth of over 300% [5]. - Restaurant owners have noted a 20-30% increase in business due to more reservations coming through Gaode's platform [5][12]. Group 5: Digital Transformation - The supportive policies from Gaode are seen as a new trend in the restaurant industry, focusing on digital empowerment and reducing operational costs for merchants [12]. - The "Street Ranking" initiative is expected to help build consumer trust in offline dining by addressing issues related to fake reviews and promoting genuine customer feedback [12].

Core Viewpoint - The article discusses the rapid changes in the Chinese sports consumption market, highlighting the paradox of growing demand alongside increasing differentiation among consumer groups. Brands must find their niche to survive in this competitive landscape [1][2]. Market Dynamics - The sports consumption market in China is experiencing significant fluctuations, with trends rising and falling quickly. For instance, camping and trail running have seen brief periods of popularity [2]. - The overall market size is expanding, with the sports consumption market expected to reach approximately 1.5 trillion yuan in 2023 and grow to 2.8 trillion yuan by 2025. Online consumption in outdoor sports has surpassed 300 billion yuan, with over 200 million participants [2][3]. Consumer Segmentation - The market is increasingly stratified, with one segment of consumers focused on low prices and immediate gratification, while another segment views sports equipment as an extension of their lifestyle and identity [3][4]. - Brands targeting elite consumers face unique challenges due to the limited size of this demographic and their strong emphasis on perceived value and cultural significance associated with sports [4][6]. Brand Strategy - Descente is highlighted as a brand that understands the differentiated market landscape. Instead of pursuing mass visibility, it focuses on a structured approach to engage with its target audience through high-density touchpoints in their daily lives [8][9]. - The brand's store locations are strategically chosen in areas with high concentrations of affluent consumers, emphasizing alignment with their daily routines rather than sheer foot traffic [9][11]. Product and Service Integration - Descente's product strategy is not about catering to everyone but rather serving those who know exactly what they want. The brand has established a connection with elite sports lifestyles through specialized offerings in skiing, triathlons, and golf [12][14]. - The brand enhances its presence through membership services and events, creating a deeper integration into consumers' lives by being present throughout their sports journey [18][20]. Long-term Relationship Building - Descente's approach emphasizes long-term relationships with consumers, focusing on consistent engagement through training camps, events, and professional partnerships in high-level competitions [20][22]. - The brand's commitment to quality service and attention to detail, such as offering equipment care and temperature matching guidance, builds trust among elite consumers who expect high standards [22][24]. Conclusion - The article concludes that in a fragmented sports consumption market, the key to success lies not in speed but in understanding and embedding oneself into the established lifestyles of target consumers. Descente exemplifies this approach by fostering sustainable trust rather than chasing fleeting trends [26][27].

Core Viewpoint - The AI competition is more intense than ever, evolving from simple GPU markets to complex AI factories that require significant capital investment to support exponential growth in workloads and inference tasks [2][4][6]. Group 1: AI Market Dynamics - The collaboration between Nvidia and OpenAI is expected to create a trillion-dollar company, with Nvidia expressing regret for not investing more earlier [3][21]. - Nvidia anticipates that AI-driven revenue will grow from $100 billion to $1 trillion in the next five years, indicating a high probability of this growth [4][40]. - The global demand for AI infrastructure is projected to require annual capital expenditures of around $5 trillion to support the anticipated $10 trillion increase in global GDP from AI [6][36]. Group 2: Competitive Landscape - Nvidia claims that even if competitors offer chips for free, customers will still prefer Nvidia systems due to lower total operating costs [7][4]. - The company emphasizes that the AI industry is not a zero-sum game, suggesting that AI will create more jobs and opportunities rather than simply displacing existing ones [8]. - Nvidia's competitive advantage lies in its total cost of ownership (TCO) and the ability to provide superior performance per watt compared to other chips [13][7]. Group 3: Future Projections - The integration of AI with robotics is expected to yield significant advancements in the next five years, enhancing productivity across various sectors [14]. - Nvidia predicts that AI will account for approximately 55-65% of global GDP, translating to about $50 trillion, as AI technologies become integral to business operations [13][34]. - The transition from traditional computing to accelerated computing is seen as a fundamental shift, with AI expected to drive substantial changes in how tasks are performed [32][34]. Group 4: Infrastructure and Investment - Nvidia is actively involved in building AI infrastructure in collaboration with OpenAI, which includes significant investments in data centers and AI factories [24][26]. - The company is preparing for a massive increase in demand for AI capabilities, with a focus on ensuring that its supply chain can meet future needs [43][44]. - Nvidia's strategy includes a commitment to continuous innovation and collaboration with partners to enhance AI capabilities and infrastructure [56][58].

狼可能真要来了。一些迹象显示，如果民主党不对共和党的威胁让步，美国联邦政府将近七年来首次关门的危险就将成真。 距离10月1日这个政府运转资金到期日仅剩四天时间，两党还在医疗保健议题上僵持不下，谈判陷入僵局。美国总统特朗普取消了与民主党领袖的预定会面， 进一步加剧了关门风险。 美东时间26日周五，特朗普直接离开首都华盛顿，本周末大部分时间都花在高尔夫球赛事上，没有参与调解两党矛盾的迹象。他当天放出放任政府关门的狠 话，将责任完全推给民主党。评论认为，特朗普的表态反映，共和党领导层相信，能在和民主党的关门博弈中占上风。 参议院共和党领袖John Thune周五坚持民主党必须"收回"医疗保健要求，包括延长即将到期的奥巴马执政时所出台医保补贴。众议院甚至要到10月1日——政 府关门开始日——才恢复会期。 若联邦政府关门，数十万联邦雇员将面临无薪休假，国家公园等"非必要"服务将关闭，非农就业报告等关键经济数据可能推迟发布。特朗普政府最近还发出了 政府关门期间进行大规模永久性裁员的史无前例威胁。 特朗普离开华盛顿 推卸关门责任 两党领袖各执己见 谈判大门紧闭 参议院共和党的领袖Thune表示，民主党必须"收回"他们的要求 ...

Core Viewpoint - Postal Savings Bank of China (PSBC) is demonstrating resilience and balanced growth through its retail and corporate business strategies, achieving revenue and net profit increases despite challenging economic conditions [1][3][4]. Financial Performance - In the first half of the year, PSBC reported operating income of 179.446 billion yuan and net profit attributable to shareholders of 49.228 billion yuan, with growth rates of 1.50% and 0.85% respectively [1][5]. - The bank's net profit growth outperformed the industry average by 0.98 percentage points, indicating strong performance relative to peers [5][7]. - PSBC's net interest margin stood at 1.7%, significantly higher than the average levels of state-owned banks, reflecting effective asset-liability management [12][24]. Business Structure and Strategy - The bank is transitioning from a single growth model to a dual-driven approach, integrating retail and corporate banking to enhance overall performance [2][18]. - PSBC's corporate loans increased by nearly 15% year-to-date, with corporate loans now accounting for 44% of total loans, showcasing a stable and growing business structure [20][23]. - The bank's strategy emphasizes integrated, high-efficiency, differentiated services, and a "finance plus" approach to expand its service offerings [22][28]. Risk Management and Credit Quality - PSBC increased its credit impairment losses by over 30% in the first half of the year, indicating a cautious approach to risk management while maintaining high-quality performance [9][24]. - The bank's non-performing loan ratio is low at 0.92%, further demonstrating its effective risk management practices [24][25]. Growth Drivers - The bank's retail segment continues to thrive, with nearly 900 billion yuan in revenue growth, surpassing the industry average [18][20]. - PSBC is actively enhancing its wealth management capabilities, with retail assets under management (AUM) growing by 6% to 17.7 trillion yuan [20][28]. - The bank's focus on inclusive finance and rural revitalization has led to significant growth in agricultural loans and loans to small and micro enterprises, positioning it as a leader in these sectors [26][27]. Technological Advancements - PSBC is investing in digital transformation, achieving significant improvements in operational efficiency and customer service through technology [27][28]. - The bank has implemented a fully domestic technology stack for its core systems, enhancing its operational capabilities and responsiveness [27][28].

以下文章来源于资本深潜号 ，作者资本深潜号 资本深潜号 . 专注资本背后的硬核故事 作者徐行 编辑袁畅 一年前的国庆之前，中证 A500ETF 恰是当时最火的基金。 怎么说呢？ 建仓期就是在股市暴涨中度过的 。 对于基民而言，这是传说中的 " 中国版标普 500" ，走过路过不可错过的指数品种。 对于机构而言， A500 可能是最后一个"宽基指数"，前期错过了沪深 300 ，上证 50 ，创业板指数盛宴的大型中型基金公司全部扎堆在这个指数里。 所以， A500ETF 在当时所有的"待遇"都是顶级的，首批 10 只基金更是个个都成为了当时基金管理公司的"重点发行标的"。几乎所有的宣传都"剑指"沪 深 300 ，而后者是 A 股市场上挂钩 ETF 规模最大的指数。 一年后，目标实现了多少？ 收益，跑赢沪深 300ETF 了么？ 收益跑赢，回撤也跑赢，初舞台很完美了。 原因，中小盘股和新兴板块表现不错 据基金公司总结，从编制方案看，相比沪深 300 ，中证 A500 有三个主要特点： 一是行业相对均衡，新兴行业的权重更高，不会存在极端的行业超配； 二是选取各行业龙头，龙头荟萃； 三是市值分布更广，既有大盘风格底色， ...