⭐星标华尔街见闻，好内容不错过 ⭐ 本文不构成个人投资建议，不代表 平台 观点，市场有风险，投资需谨慎，请独立判断和决策。 觉得好看，请点"在看" 英伟达违反反垄断法 市场监管总局依法决定实施进一步调查 9月15日，国家市场监管总局官网发布公告称，近日，经初步调查，英伟达公司违反《中华人民共和 国反垄断法》和《市场监管总局关于附加限制性条件批准英伟达公司收购迈络思科技有限公司股权案 反垄断审查决定的公告》，市场监管总局依法决定对其实施进一步调查。 ...

Core Viewpoint - The recent controversy surrounding pre-prepared dishes (pre-cooked meals) has sparked significant public interest, particularly regarding consumer rights and the quality of dining experiences. The discussion emphasizes the need for clearer definitions, reduced information asymmetry, and maintaining food quality while providing convenience [3][25]. Group 1: Definition and Classification of Pre-prepared Dishes - Pre-prepared dishes are defined as meals made from one or more food products that undergo industrial pre-processing and require heating or cooking before consumption. They do not contain preservatives [5][16]. - Foods that do not fall under the category of pre-prepared dishes include simply processed fresh vegetables, frozen staple foods, and meals prepared in central kitchens that comply with food safety regulations [6][7][10]. Group 2: Safety and Regulatory Measures - The regulatory framework emphasizes the importance of strict food safety management, including the establishment of food safety management systems and rigorous quality control of raw materials [11]. - There is a call for enhanced supervision and inspection of pre-prepared dish production, focusing on quality control throughout the supply chain [11][24]. Group 3: Consumer Rights and Transparency - The promotion of transparency regarding the use of pre-prepared dishes in restaurants is crucial to safeguard consumer rights. Consumers should be informed about the nature of the dishes they are purchasing [12][22]. - The discussion highlights the need for a clear labeling system and the establishment of a complaint mechanism for consumers to report misleading practices [24][25]. Group 4: Industry Development and Future Directions - The pre-prepared dish industry is recognized as a significant component of the food industry, with calls for standardized regulations and innovative practices to enhance quality and safety [23][24]. - Experts suggest that the future of the pre-prepared dish industry lies in standardization, transparency, and innovation, which will help build consumer trust and support industry growth [24].

9月15日下午，西贝官方微博发布致歉信，全文如下： ヘHJ/ベロ) 以外取扱手HJ心切J0 同时,请每一位顾客放心,西贝始终坚守严 格的食品安全底线,严格遵守国家相关法律 法规。 此刻西贝全体伙伴已积极行动起来,就顾客 关心的问题进行逐一改善。 为了满足广大顾客的需求,让顾客拥有更好 的体验。我们将尽可能把中央厨房前置加工 工艺调整到门店现场加工。 2025年10月1日前,西贝全国门店会陆续完成 以下调整: 1、西贝所有使用大豆油烹调的菜品,调整为 使用非转基因大豆油。 2、儿童餐吃光光牛肉焖饭牛肉酱,调整为门 店现炒。 7、酥皮肉夹馍卤肉，调整为生肉在门店现卤。 8、手撕椒麻鸡,调整为生鸡在门店现煮。 9、燕麦小米粥中的金瓜泥,调整为门店现熬 小米粥,加入新鲜金瓜片熬制。 关于广大顾客关心的保质期问题,我们正在 与上游供应商积极沟通,在保证食品安全和 库存周转的前提下，尽量缩短保质期。 但我们深知这些改善是远远不够的,我们欢 迎顾客继续提出改善建议。我们将积极持续 整改。 正如西贝餐饮创始人贾国龙向顾客所做的 承诺: 做饭的围着吃饭的转,你说昨好就咋办。顾 客虐我千百遍,我待顾客如初恋。 西贝从今以后打明牌 ...

全球金融市场即将迎来一个"央行超级周"， 一场密集的利率决策风暴将在约36小时内席卷全球。 从美联储到日本央行，多家主要央行将相继公布利率决议，其政策走向将为全球经济的最后季度定下基调，并直接影响着全球半数交易最活跃的货币。 备受瞩目的焦点是美联储， 市场普遍预期其将宣布自特朗普第二任期以来的首次降息。 在美联储做出决定前， 周二公布的美国零售销售数据将是最后的重要参考。 经济学家预测8月零售额增长0.3%。在劳动力市场不稳和物价上涨的背景下，消费 者的持续消费能力存有疑问。 此外，周四的失业救济申请数据将揭示上周的就业数据跳升是暂时现象还是市场持续恶化的前兆。 长期以来，白宫一直敦促降低借贷成本，而美联储主席鲍威尔则对关税驱动的通胀保持警惕。 然而，近期劳动力市场的疲软迹象，为降息亮起了绿灯，多数经 济学家预计降息幅度为25个基点。 紧随其后，加拿大央行也预计将采取降息行动。而英格兰银行在8月出现罕见的三方意见分歧后，此次可能维持利率不变。周期的尾声将由日本央行画上句 号，该行虽有紧缩倾向，但预计短期内不会采取行动。 这些决策将对占全球经济总量五分之二的经济体产生影响，包括七国集团（G7）中的四个国家。 对 ...

Core Viewpoint - The article discusses the transition from the "Anything But Bonds" (ABB) trading strategy to the "Anything But The Dollar" (ABD) paradigm, indicating a shift in market dynamics and investment strategies [1]. Market Expectations - The market is closely watching the upcoming Federal Reserve meeting, with expectations of at least a 25 basis point rate cut, which is perceived as credible amid a backdrop of accelerating U.S. economic growth [2]. - The current market reaction suggests a resurgence of risk parity strategies, breaking through highs for 2024 [2]. Asset Performance - Year-to-date, asset performance has shown significant divergence, with gold leading at a 38% increase, outperforming global equities (25%) and Bitcoin (23%) [4]. - In contrast, the dollar and oil have been the biggest losers, down 10% and 13% respectively, supporting the view of a weakening dollar [5]. Economic Growth and Market Trends - Hartnett predicts that U.S. nominal GDP growth, which surged by 54% since 2020, will peak in 2025, slowing from a 6% annual growth rate to 4% due to weakening government spending and labor market conditions [9]. - The peak in nominal growth typically signals a peak in bond yields, suggesting the end of a prolonged bear market in bonds by 2025 [13]. Investment Opportunities - The end of the ABB trading cycle is expected to benefit long-neglected, interest-sensitive assets such as small-cap and value stocks, which are currently at near-historic low rolling return rates compared to large-cap stocks [14][13]. - Hartnett emphasizes the importance of embracing the ABD theme, advocating for investments in non-dollar assets, particularly in international markets, as the dollar weakens and fiscal expansions occur in Europe and Japan [16]. AI Bubble and Credit Market Risks - While AI remains a bright spot in the market, there are risks associated with the rapid increase in capital expenditures for AI, which have surged from 35% to 72% of cash flow in 2023 [18]. - The technology sector's credit spreads are at their narrowest since 1997, indicating a lack of concern among credit investors regarding the risks associated with the AI sector's spending [20]. Policy, Profits, and Political Landscape - Hartnett uses the "PPP" framework to analyze the current situation, noting that the Fed's anticipated rate cuts are seen as preemptive, which has led to a narrowing of credit spreads and a rise in interest-sensitive stocks [24]. - The labor market is weak, with an average of only 64,000 new jobs added monthly over the past six months, but this is offset by a strong "K-shaped" wealth effect [25]. - Political risks are rising due to populism, high inflation, and significant wealth disparity, which may lead to policies reminiscent of the early 1970s aimed at reducing unemployment while controlling inflation [27][28].

Core Viewpoint - OYO, a leading budget hotel chain, is preparing for an IPO with a target valuation of $8 billion (approximately 57.2 billion RMB), highlighting the potential profitability of low-cost accommodations in the global market [7][9][12]. Group 1: Company Overview - OYO currently operates over 22,700 hotels with a total of 119,000 rooms, maintaining an average price of around 50 RMB per night [9]. - The company achieved a net profit of 6.23 billion INR (approximately 500 million RMB) in the fiscal year 2024, with nearly 80% of this profit coming from markets outside India, including China [9][10]. Group 2: Financial Performance - OYO's aggressive pricing strategy has led to a high occupancy rate of 90% in its first month of operation, despite facing criticism from competitors for its "predatory pricing" [9][11]. - The company has successfully reduced its expenses by 16% in the fiscal year 2024 by repaying 165 billion INR (approximately 13.4 billion RMB) of debt accumulated during its rapid expansion [11][14]. Group 3: IPO Plans - OYO's IPO is anticipated to take place in November 2023, with significant interest from major investment banks and investors, indicating a favorable market outlook [12][13]. - The IPO is seen as a strategic move to improve OYO's brand image and shed its "budget hotel" label, aligning with its plans to expand its high-end hotel brand, SUNDAY, into 30 countries by 2026 [13][16]. Group 4: Historical Context - OYO was founded by Ritesh Agarwal, who dropped out of college to pursue entrepreneurship, initially starting with a concept similar to Airbnb before pivoting to a budget hotel model [20][22]. - The company quickly gained traction, becoming a unicorn by 2018 with a valuation of $5 billion, and later reaching a peak valuation of $10 billion in 2019 [23][26].

WSCN Economic Calendar 华尔街见闻 02·30 | 事件 | 待定 | / 寒武纪将举行2025年半年度业绩说明会 | | | | --- | --- | --- | --- | --- | | 待定 | | Meta发布首款消费级智能眼镜 | | | | 9月19日 周五 | | | | | | 数据 | 待定 | 日本 央行目标利率 (上限) | 0.5% | 0.5% | | 事件 | 14:30 | 日本央行行长植田和男召开货币政策新闻发布会 | | | | 9月20日 周六 | | | | | | 数据 | | 无 | | | | 事件 | | 无 | | | | 9月21日 周日 | | | | | | 数据 | | 无 | | | | 事件 | | 无 | | | | 制表: 华尔街见闻 | | | | | 09月15日 - 09月21日当周重磅财经事件一览，以下均为北京时间： 下周重点关注：美、日、英、加央行将公布利率决议。中国密集发布8月经济数据，包含社零、工业增加值、70城房价等。中美在西班牙举行会谈。特朗普将 访问英国，预计OpenAI和英伟达等公司高管一同随行。M ...

Core Viewpoint - American investors' interest in the Chinese stock market has reached its highest level since 2021, with significant capital inflow expected as the reallocation of funds has just begun [1][2]. Group 1: Drivers of Increased Investor Interest - Four key drivers have been identified for the surge in investor interest: technological leadership, improving policy environment, enhanced liquidity conditions, and rising demand for diversification [3]. - Technological leadership: American investors recognize China's global dominance in specific technology sectors such as humanoid robotics and biomedicine, making participation in the Chinese market a necessary choice [3]. - Improving policy environment: Chinese policymakers are taking gradual measures to stabilize the economy and have expressed intentions to support the stock market, boosting investor confidence as the worst period may be over [3][4]. - Enhanced liquidity conditions: The liquidity situation in the Chinese market is significantly improving, which supports a longer-lasting stock market rebound and provides better entry and exit mechanisms for investors [4]. - Rising demand for diversification: American investors' asset allocation is overly concentrated in the U.S. market, leading to an increased demand for diversified investments, presenting new opportunities in the Chinese stock market [5]. Group 2: Investment Scope and Trends - The investment focus is expanding to the A-share market, although the reallocation of funds is still in its early stages [6]. - Historically, American investors primarily focused on ADRs due to trading time and timezone limitations, but this is changing as more themes and sectors gain attention in the Hong Kong and A-share markets, including AI, semiconductors, humanoid robotics, and new consumption [6]. - A recent survey indicates that quantitative and macro funds view trading the Chinese market through A-share ETFs and index futures as a quick and direct way to participate when lacking sufficient time or resources for bottom-up stock selection [6]. - Despite the heightened interest, the reallocation of funds by American investors to China is just beginning, with many needing time to conduct research on specific stocks, particularly in humanoid robotics and new consumption themes [6].

Core Viewpoint - The article discusses the ongoing crisis faced by the company Xibei, led by CEO Jia Guolong, due to public criticism from influencer Luo Yonghao, which has significantly impacted the company's revenue and customer traffic [5][6][9][12]. Group 1: Company Background - Xibei was founded in 1988 by Jia Guolong in Inner Mongolia and currently operates over 370 stores with more than 18,000 employees, generating a revenue of 6.2 billion yuan in 2023 [5]. - Jia Guolong returned to the CEO position in September 2024, initiating frontline reforms [6][38]. Group 2: Crisis Overview - The crisis began on September 10, 2023, when Luo Yonghao criticized Xibei on social media, leading to a rapid decline in sales and customer visits [9][12]. - Xibei's daily revenue dropped by 1 million yuan on September 11 and is estimated to fall by 2 to 3 million yuan on September 12 due to the backlash [10][12]. Group 3: Response to Criticism - Jia Guolong expressed frustration over the situation, stating that he feels trapped in a cycle of self-justification and is determined to clarify the truth, even if it means pursuing legal action against Luo Yonghao [11][17][18]. - Despite suggestions to adopt a more conciliatory approach, Jia insists on addressing the issue head-on, emphasizing the importance of integrity and truth [17][22]. Group 4: Product and Quality Discussion - Jia clarified that Xibei does not serve pre-prepared dishes as defined by national standards, although they utilize pre-preparation techniques in their cooking processes [40][49]. - The company has faced misconceptions about its food quality, with Jia asserting that the focus should be on the quality of ingredients rather than the method of preparation [54][55]. Group 5: Future Outlook - Jia believes that overcoming this crisis will lead to significant improvements in the company's organizational capabilities [36]. - The company aims to enhance customer experience and rectify any issues identified during this challenging period [57].

Core Viewpoint - The influx of incremental funds into the mutual fund industry is significant, with the top 100 fund sales institutions' non-monetary fund holdings reaching 10.199 trillion yuan by mid-2025, reflecting a monthly investment of approximately 110 billion yuan [2][3]. Group 1: Equity Funds - Equity funds are highlighted as one of the most popular mutual fund types in 2025, with Ant Fund leading in equity fund holdings at 822.9 billion yuan, followed by China Merchants Bank at 492 billion yuan [3][4]. - The competition among major sales institutions is intense, with institutions like Ant Fund, China Merchants Bank, and others vying for market share in equity fund sales [2][3]. Group 2: Non-Monetary Market Funds - Ant Fund also leads in non-monetary market fund holdings with 15.675 trillion yuan, while China Merchants Bank follows with 10.419 trillion yuan, indicating the presence of two major distribution channels [5][6]. - The growth in non-monetary market fund holdings is notable, with Ant Fund and China Merchants Bank showing significant increases of 1.146 trillion yuan and 915 billion yuan, respectively [10]. Group 3: Stock Index Funds - In the stock index fund category, Ant Fund again leads with 391 billion yuan, followed by CITIC Securities and Huatai Securities, both exceeding 100 billion yuan in holdings [7][8]. - The competitive landscape for stock index funds is expanding, with several institutions entering the top ranks, indicating a robust market for index fund investments [7][8]. Group 4: Growth Trends - The growth momentum of institutions like Ant Fund and China Merchants Bank is noteworthy, with both showing substantial increases in equity fund holdings, indicating a strong competitive environment [10][11]. - Other institutions such as China Life and CITIC Securities also reported significant growth in their equity fund holdings, exceeding 10 billion yuan [10].