小米集团职业道德委员会发出的邮件显示，中国区市场部员工 王腾泄露公司机密信息，且存在利益冲突等严重违规违纪行 为，公司决定给予辞退的处分。 作者：周悦 陈月芹 封图： 王腾微博 9月8日，小米集团内部通报一起重大人事处分决定。小米集团职业道德委员会发出的邮件显示， 中国区市场部员工王腾泄露公司机密信息，且存在利益冲突等严重违规违纪行为，公司决定给予辞 退的处分。该邮件强调，小米对违规违纪行为坚持"零容忍、全覆盖、无禁区"的态度。 新品发布会，雷军与卢伟冰双双出席站台。王腾晋升时，雷军曾公开称赞其为"年轻干部里面六项 全能人才，轮岗经验丰富"。 在社交媒体上，王腾以活跃和直言著称，时常提前透露Redmi新品的核心配置与发布时间，被网友 称为"爆料王"。因与网络小说角色同名，网友称他为"王腾大帝"并表示"以大帝之姿适合单干"。对 此，王腾曾公开回应称，"我没有任何单干的想法，小米的文化就是非常开放包容。即便有时候说 错话以下犯上了，雷总还是非常包容。" 9月8日晚间，王腾发布微博称："很惭愧跟大家说声抱歉，过去犯了一些错误，接受该有的代价。 感谢雷总和公司各位领导过去多年的培养和信任，非常不舍离开。未来仍然会一如 ...

依沃西单抗是康方生物的明星产品，是全球首创的PD-1/VEGF双靶点抗肿瘤药物，曾在国内试验中击败全球"药王"K药。今年，三生制药 （01530.HK）研发的同靶点药物，以12.5亿美元创下了中国创新药授权出海的首付款记录。 9月8日，康方生物股价下跌7.89%。康方生物的海外合作伙 伴Summit开盘跌17.5%。 作者： 刘晓诺 封图：图虫创意 很少有一款药物的临床数据更新，能像康方生物（09926.HK）的依沃西单抗一样牵动人心。 9月7日下午，康方生物发布了依沃西单抗一项全球临床试验最新数据："HR=0.78（P=0.0332），生存获益较此前5月分析结果呈明显改善趋势。" 9月8日，康方生物股价下跌7.89%，领跌港股创新药企，现价142.5港元，总市值1313亿港元。康方生物的海外合作伙伴Summit开盘跌17.5%。 一位美国食品药品监督管理局（FDA）前临床高级审评员认为，本次康方生物发布的数据，仍然不能说明它已经达到了总生存期（OS，指总存活时 长）的显著获益。 OS数据关乎患者的直接受益。在FDA现行的标准下，OS数据是肿瘤药物能否获批上市的最重要指标。康方生物这款药的海外商业化前景，仍然 ...

在线上线下融合以及培育第二曲线的集体选择之下，美妆企业 们的座次或面临新的排序。 作者：罗文利 封图：图虫创意 随着毛戈平（01318.HK）于9月4日公布上半年业绩，国货美妆上市企业半年报迎来收官。 从上榜十强 名单来 看，国货美妆正在经历一场"腰部"之 争。 从榜单上看，前三名分别是珀莱雅（603605.SH）、上美股份（002145.HK）和上海家化（600315.SH），与去年同期相比，座次未发生变化。但第四 至第八名之间的公司已经替换，巨子生物（002367.HK）、毛戈平（001318.HK）、水羊股份（300740.SZ）分别升至第四、五、六名，贝泰妮 （300957.SZ）及华熙生物（688363.SH）则后退至第七、八名。并且他们的营收差距并不大，如第五、六名之间相差仅0.88亿元。 在线上线下融合以及培育第二曲线的集体选择之下，美妆企业们的座次或面临新的排序。 营收排名的位次变动主要集中在腰部。 今年上半年的营收第四名为巨子生物，营收为31.13亿元，较去年同期上升2名；第五名的毛戈平营收为25.88亿 元，较去年同期上升3名；第六名的水羊股份营收为25亿元，较去年同期上升1名；第七、八名 ...

在科创金融发展的"风口"下，苏州银行在人才服务领域的布局 与实践，展现了其对市场趋势的精准把握和强大的创新能力。 随着人才服务体系的不断完善、产品与服务的持续优化以及生 态合作的深入推进，人才服务领域无疑将成为苏州银行在科创 金融赛道上实现破局发展的关键变量，为其未来的高质量发展 注入强劲动力。 封图：图片资料室 其构建的 " 一卡一贷一平台 " 立体化服务框架，为人才提供了全方位、多层次的金融服务。 " 一 卡 " 即人才卡，截至 今年 6 月末 已发放超 23 000 张，这张卡不仅是人才身份的象征，更是享 受各类金融与非金融权益的重要载体，涵盖了安家、创业、财富管理等多方面的权益。 " 一贷 " 则针对人才在创业、发展过程中的资金需求，提供定制化的信贷支持，解决人才的融资难题。 " 一平台 " 指的是 " GOAI 匠心汇 " 融资路演平台，该平台为科创人才与投资机构、产业链上下游 企业搭建了沟通桥梁，通过路演活动，帮助人才项目获得更多的资金支持与合作机会，促进科创成 果的转化与落地。 借助政策东风与自身搭建的服务体系，苏州银行的人才服务网络不断延伸，确保各类人才都能便捷 地享受到优质的金融服务。 产品 ...

该报道配发的新闻图片，是9月3日中国大阅兵上的女民兵方阵，似在暗示美国国防战略的调整， 受到了此次大阅兵的影响。 对此，笔者简评如下： 第 一 ， 如 果美国军队真的将保卫国土和西半球作为排第一的优先任务，这不是美国国防战略的 大反转，而是美国国防战略的应有之义，是正本清源。 一个国家的军队，排第一位的任务，当然保护自己的国土和人民免受外敌的侵犯，这是军队、军人 的第一天职，否则就是渎职。这是再正常不过的事情。 从这个 角度 分 析， 美国军队长期以来将万里之外、远隔太平洋的中国当作第一对手，反而是不 正常的。 特朗普政府此次如果真的做了调整，是回归正常。 面对中国军力的增长，美国只做了战术调整，没有做战略调 整。其战术调整体现在岛链的兵力部署上，美国将部署在第一 岛链（日本）的大部分兵力后撤到第二岛链（关岛)。但是美 军并不了解放军军力发展的全貌。 作者：王义伟 封图：东方IC 9月3日，中国大阅兵。 两天之后的9月5日，美国知名媒体政治新闻网（Politico）发出一篇独家报道，题目是"五角大楼计 划优先保卫国土而不是应对中国威胁"（Pentagon plan prioritizes homeland o ...

上半年，9 家股份行的信用卡规模类指标普遍承压，仅少数银 行实现客户数量增长。告别"规模崇拜"成为信用卡行业的集体 选择。 作者：刘颖 封图：图虫创意 一边是规模阵痛，一边是质量突围。 当信用卡行业整体承压，9家A股上市股份制商业银行（下称"股份行"）正在经历一场"挤泡沫 式"的转型，且"分化剧本"愈加清晰——2025年上半年，多家银行的信用卡贷款余额、交易规模等 存在不同程度的收缩，同时部分转型先行的银行已显现出逆周期韧性。 告别"规模崇拜" 上半年，9 家股份行的信用卡规模类指标普遍承压，仅少数银行实现客户数量增长。告别"规模崇 拜"成为信用卡行业的集体选择。 从贷款余额来看，除浙商银行、浦发银行外，其他7家股份行出现不同程度的收缩。其中，招商银 行的信用卡贷款余额为9244.89亿元，较年初减少2.46%，但仍远高于其他股份行；平安银行的信 用卡贷款余额为3948.66亿元，较年初减少9.23%，在股份行中的降幅最大。 从交易规模来看，招商银行是目前市场上唯一一家信用卡交易规模超2万亿元的银行，上半年交易 规模同比下降8.54%。光大银行、中信银行交易规模同样下降超8%。 从流通卡量来看，股份行的信用卡 ...

这家上市公司名为启迪药业集团股份公司（000590.SZ，下称"启迪药业"）。启迪药业的拳头产品 叫古汉养生精，源自长沙马王堆汉墓出土的《养生方》，是古代秘方的"现代改进版"。 2025年9月6日，启迪药业发布公告称，经董事会决议，公司名称将从"启迪药业集团股份有限公 司"变更为"古汉养生健康产业集团股份公司"。这是该公司上市以来的第六次更名。此前，其证券 简称分别为：湘中药A、古汉集团、紫光生物、紫光古汉、启迪古汉、启迪药业。 9月8日，经济观察报从启迪药业证券部获悉，该公司的实际控制人最近变更为江琎；公司本次改 名是为了更聚焦主业和主要产品——古汉养生精。记者问：改名后的证券简称是什么？证券部工作 人员称，目前还不清楚，要等工商名称变更之后，才能知晓。 9月8日，经济观察报从启迪药业证券部获悉，该公司的实际控 制人最近变更为江琎；公司本次改名是为了更聚焦主业和主要 产品——古汉养生精。 作者：张晓晖 封图：图虫创意 一座古墓，"养活"了一家上市公司。 新的实际控制人：江琎 2025年8月，启迪药业经历了实际控制人变更、半年报业绩亏损、董事长和董事辞职等诸多事件。 8月9日，启迪药业发布公告称：7月15日， ...

Core Viewpoint - The current market trend, referred to as the "water buffalo" market, is driven not only by liquidity but also by strong policy expectations and fundamental improvements, distinguishing it from the previous "leverage bull" market in 2015 [1][12]. Market Performance - In the first eight months of the year, the Chinese A-share market performed well, reaching a nearly 10-year high, but faced a decline in September, with the Shanghai Composite Index experiencing a weekly drop of 1.18% [2]. - The financing balance, a key indicator of "leveraged funds," reached a historical high of 2.28 trillion yuan on September 1, surpassing the previous record set in June 2015 [2][9]. Financing Balance Analysis - Experts suggest that the new high in financing balance does not necessarily indicate a "leverage bubble," as the total market value has significantly increased compared to ten years ago [3][11]. - The current financing balance of 2.28 trillion yuan represents only 2.40% of the circulating market value, compared to 4.26% in 2015, indicating a lower leverage level [10][11]. Market Sentiment and Trends - The rapid influx of leveraged funds has created market hotspots, with significant net buying in stocks like Xinyi Technology and Shenghong Technology, which are closely tied to the movements of leveraged funds [7]. - Despite some individual stocks showing signs of bubble, the overall A-share market is still considered undervalued, and the current market structure is more mature and regulated compared to 2015 [10][11]. Historical Context and Future Outlook - Historical data shows that the previous "leverage bull" market in 2015 led to a market crash shortly after reaching a high, while the current market dynamics are different, with more robust economic indicators and regulatory frameworks [9][12]. - Analysts believe that the current market is supported by favorable policies, liquidity, and valuation, suggesting a long-term positive trend for the Chinese stock market [16][17].

Core Viewpoint - The Chinese commercial space industry is facing a significant bottleneck in rocket launch capacity, which is hindering the deployment of satellite constellations despite a growing demand for satellite services [2][4][10]. Group 1: Market Demand and Challenges - A major rocket launch order worth 616 million RMB from Shanghai Yuanxin Satellite Technology Co. has repeatedly failed to attract enough bidders, highlighting the shortage of capable private rocket companies [2][4]. - The total number of satellites planned by Yuanxin's "Qianfan Constellation" and China Star Network's "GW Constellation" has exceeded 30,000, indicating a substantial demand for launch services [3][4]. - The urgency of satellite launches is emphasized by the International Telecommunication Union (ITU) rules, which impose strict deadlines for satellite deployment to retain orbital and frequency resources [7][8]. Group 2: Current Launch Capacity - As of mid-2025, the Chinese commercial space sector has not produced a liquid rocket that can match the capabilities of SpaceX's Falcon 9, which poses a challenge for satellite companies needing reliable and cost-effective launch options [4][10]. - The recent bidding process by Yuanxin Satellite revealed that there are not enough qualified suppliers to meet the demand for large-capacity launch services, underscoring the industry's operational limitations [12][18]. Group 3: Potential Solutions and Developments - The market is looking towards several upcoming rockets, such as Tianbing Technology's "Tianlong-3," Blue Arrow Aerospace's "Zhuque-3," and CAS Space's "Lijian-2," which are expected to meet the large-scale constellation deployment needs but have yet to complete their first flights [5][23]. - The infrastructure for high-density launches is being developed, with new launch sites and production capabilities being established to support the anticipated increase in launch frequency [24][25]. - The capital market is becoming more accessible for companies in the commercial space sector, with firms like Blue Arrow Aerospace and CAS Space entering the IPO preparatory phase to secure funding for future growth [25].

Core Viewpoint - The article discusses the emergence of new car manufacturers in China, despite the ongoing industry consolidation and the failure of many previous entrants. It highlights the diverse backgrounds of these new players and their strategies to capture market share, particularly in overseas markets. Group 1: New Entrants in the Automotive Industry - Numerous new car manufacturers have emerged in 2023, including companies from various sectors such as robotics, real estate, and battery production [2][4] - Notable new entrants include Chasing Technology, which aims to produce a luxury electric vehicle comparable to Bugatti, and Jin Yu Automobile, which plans to launch electric sports cars [4][5] - The automotive industry has seen significant failures, with over 30 brands like Singulato and Byton ceasing operations, yet new companies continue to enter the market [2][4] Group 2: Market Focus and Strategies - Many of the new automotive companies are targeting international markets rather than focusing solely on China, with Chasing Technology aiming for Europe and others looking at underdeveloped regions in Asia, Africa, and Latin America [8][9] - Chasing Technology has established a presence in over 100 countries with 6,000 offline channels, leveraging China's supply chain and technology to position itself as a high-end brand globally [9][10] Group 3: Collaboration and Production - New entrants like Jin Yu Automobile and Craftsmanship are linked to local governments and existing automotive production capacities, aiming to utilize idle manufacturing resources [12][14] - Craftsmanship's SC01 model is produced by Jiangxi Jiangling Group, which has significant electric vehicle production capacity, while Jin Yu Automobile is also exploring partnerships to enhance its production capabilities [12][14] Group 4: Cross-Industry Involvement - Companies from various sectors, including battery production and real estate, are entering the automotive space, indicating a trend of cross-industry collaboration [15][18] - For instance, the second-largest shareholder of Jin Yu Automobile is a company that has previously sought to enter the electric vehicle battery market, showcasing the blending of different industry expertise [16][18] Group 5: Local Government Support - Local governments are actively supporting the emergence of new automotive companies to revitalize idle production capacities, with significant portions of the automotive industry facing underutilization [12][14] - The article notes that nearly 20 million vehicles' worth of production capacity is currently idle in China, prompting initiatives to stimulate new automotive ventures [12][14]