Core Insights - The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority reported record highs in sales and market participation of non-exchange traded investment products in 2024 [2][4]. Group 1: Sales and Market Participation - Total trading volume of non-exchange traded investment products surged by 40% year-on-year, reaching a record HKD 6.07 trillion [4]. - The number of companies engaged in investment product sales increased by 9% to a new high of 414, with 46% of these companies reporting over 100% year-on-year sales growth [4][5]. - The number of large companies rose by 12% to 101, and the personnel responsible for distributing investment products increased by 4% to over 19,000 [5]. Group 2: Product Categories and Performance - All major investment product categories experienced significant sales growth in 2024, with recognized collective investment schemes sales rising by 96% to HKD 1.4 trillion, and non-recognized collective investment schemes increasing by 50% to HKD 844 billion [7]. - Sales of structured products and debt securities grew by 30% and 29% respectively [7]. Group 3: Structural Products - Stock-linked products emerged as the best-selling category of structured products, with sales reaching HKD 1.73 trillion, a 43% increase year-on-year, accounting for 67% of total structured product sales [9]. - The top five products reported by large companies were primarily in the technology (42%), automotive (23%), and internet (22%) sectors [9]. Group 4: Online Sales and Distribution - Online sales accounted for 17% of total trading volume reported by surveyed companies, up from 12% in 2023, with the number of companies distributing investment products online increasing by 13% to 104 [13]. - Collective investment schemes remained the most sold product type on online platforms, making up 77% of online sales, followed by debt securities at 21% [13]. Group 5: Regulatory Perspective - The Hong Kong Securities and Futures Commission emphasized the importance of a robust regulatory framework to support market development while protecting investor interests [15]. - The strong growth in investment transactions reflects investor confidence in the vitality of the Hong Kong investment market [15].

Core Viewpoint - The "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry 2025-2026" emphasizes the strategic importance of the electronic information manufacturing sector for China's economy and aims for significant growth in this industry over the next few years [2]. Summary by Sections Main Goals - The expected average growth rate of the value-added output in the computer, communication, and other electronic equipment manufacturing industries is around 7% from 2025 to 2026, with an overall annual revenue growth rate of over 5% when including related fields such as lithium batteries and photovoltaics [3]. Revenue and Market Position - By 2026, the electronic information manufacturing industry is expected to maintain the highest revenue scale and export ratio among 41 industrial categories, with five provinces achieving over 1 trillion yuan in revenue. The server industry is projected to exceed 400 billion yuan, and the domestic market penetration rate for color TVs of 75 inches and above is expected to surpass 40% [4]. Key Initiatives 1. **AI Terminal Innovation**: Encourage local governments to promote innovation in AI terminals, focusing on key sectors and consumer scenarios to enhance the supply level of electronic products [5]. 2. **Integration with Beidou and AI**: Promote deep integration of Beidou technology with AI, smart connected vehicles, and low-altitude economy, enhancing the supply of quality terminal products for smart health and elderly care [6]. 3. **Data Management and Digital Transformation**: Encourage enterprises to assess their data management capabilities and enhance the construction of high-quality AI datasets, facilitating digital transformation across various industries [7]. 4. **Mergers and Acquisitions**: Support reasonable mergers, acquisitions, and upgrades among enterprises to promote a virtuous cycle of fundraising, investment, management, and exit [8]. 5. **Support for Domestic Products**: Firmly promote the use of domestic products and provide policy support for key enterprises in the industrial chain, enhancing resilience and safety in supply chains [9][10]. 6. **Advancements in CPU and AI Servers**: Strengthen efforts in CPU and high-performance AI server development, and conduct adaptability tests for AI chips and large models [11]. 7. **International Influence**: Create internationally influential electronic information exhibitions and support events like the RISC-V industry conference to enhance global engagement [12]. 8. **Trade Stability**: Assist enterprises in effectively responding to international trade barriers and stabilizing trade levels for key products like mobile phones and computers [13]. 9. **Quality Development in Photovoltaics**: Achieve high-quality development in the photovoltaic sector by addressing low-price competition and guiding local industry layout [14].

中国基金报 晨曦 9 月 4 日下午，农业银行股价直线走高，盘中最高达到 7.52 元 / 股，涨幅达 5.59% 。 | 最高: 7.55 | 今开:7.12 | 涨停:7.87 | 成交量: 887.03万手 | | --- | --- | --- | --- | | 最低: 7.05 | 昨收:7.15 | 跌停: 6.44 | 成交额：64.62亿 | | 量比：1.87 | 换手: 0.28% | 市盈率(动): 9.43 | 市盈率(TTM): 9.21 | | 委比: -58.72% | 振幅: 6.99% | 市盈率(静): 9.33 | 市净率：0.98 | | 每股收益: 0.82 | 股息(TTM): 0.24 | 总股本:3499.83亿 | 总市值: 2.63万亿 | | 每股净资产：7.65 | 股息率(TTM): 3.22% | 流通股:3192.44亿 | 流通值: 2.40万亿 | | 52周最高: 7.55 | 52周最低: 4.20 | 注册制: 否 | 货币单位:CNY | 编辑：黄梅 校对：王玥 制作：舰长 版权声明 《中国基金报》对本平台所刊载的原创内容享有著作权， ...

Market Overview - The A-share market experienced a significant decline, with major indices continuing to drop on September 4th [2] - The Shanghai Composite Index closed at 3734.20, down 79.36 points or 2.08% [3] - The Shenzhen Component Index fell by 493.1 points, a decrease of 3.95%, closing at 11978.81 [3] - The ChiNext Index saw a decline of 5.36%, closing at 2744.03 [3] Sector Performance - The STAR 50 Index (科创50) dropped over 7%, with major constituent stocks like Cambrian (寒武纪) falling more than 15% [3][6] - The overall trading volume in the A-share market was reported at 418.2 billion [3] Key Stock Movements - Cambrian (688256) saw a significant drop of 15.37%, closing at 1189.02 [6] - Other notable declines included Baillie Gifford (688506) down 7.22% and Huatai Medical (688617) down 4.31% [6] - The STAR 50 Index's performance reflects broader market trends, with a year-to-date decline of 14.54% [4]

来源： @CCTV国际 、 中国新闻网 据@CCTV国际时讯，当地时间9月3日下午，葡萄牙首都里斯本的热门旅游项目"荣耀升降机缆车"发生侧 翻出轨事故，目前已造成15人死亡、18人受伤，其中5人伤势严重。 死者中包含外国公民，但具体身份国籍尚未公布。 葡萄牙总统德索萨发表声明，对这起事故表示哀悼，敦促尽快查明事故原因。 这条缆车线路于1885年开通，连接里斯本市中心的罗西奥广场和上城区，是市公共交通公司运营的三条 缆车线路之一，游客和当地居民都会乘坐。该线路两节车厢各可容纳大约40人。 另据中国新闻网 报道称，事故发生在当地时间3日下午18时15分左右。事故原因尚未确认。 一位目击者称，缆车在全速情况下撞上了一座建筑物，"然后像一个纸板箱一样翻过去，它没有刹车。"葡 萄牙政府已宣布9月4日为全国哀悼日，里斯本市也宣布哀悼三天。 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 ...

Core Viewpoint - Apple is reportedly collaborating with Google on the Gemini model to enhance Siri's capabilities, aiming to compete with AI-driven search technologies from OpenAI and others [2]. Group 1: Collaboration and Product Development - Apple is preparing to integrate an AI-driven web search feature into Siri, which is part of a new system called "World Knowledge Answers" [2]. - A formal agreement has been reached between Apple and Google to test the Gemini model, which is expected to improve Siri's performance [2]. - The recent court ruling allows Google to continue paying Apple for pre-installed products, removing potential barriers to their collaboration [2]. Group 2: Leadership Engagement - Apple CEO Tim Cook has been invited to a White House dinner hosted by President Trump, highlighting the complex relationship between the tech industry and the U.S. government [3]. Group 3: Product Launch Expectations - Analysts predict that Apple will launch the Vision Air in 2027, which is expected to reduce the weight by over 40% and the price by over 50% compared to the Vision Pro [5]. - Apple has significantly raised its shipment forecasts for foldable iPhones, expecting 8-10 million units in 2026 and 20-25 million units in 2027, up from previous estimates [5]. Group 4: Market Reaction - Following positive news, Apple's stock rose nearly 4% on September 3, with various Apple-related stocks in both A-shares and Hong Kong stocks also experiencing gains [6][9]. - Notable increases in A-shares included Zhengye Technology and Shengli Precision, both reaching their daily limit up [9]. - In Hong Kong, stocks such as Gao Wei Electronics and BYD Electronics saw increases of over 5% [12].

Core Viewpoint - The article emphasizes the importance of commemorating the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War, highlighting the historical significance and the sacrifices made by the Chinese people, including those from Taiwan, in achieving national liberation and peace [2][3]. Group 1 - The spokesperson from the State Council criticized Lai Ching-te's remarks on the anniversary, accusing him of distorting history and promoting division, which undermines the sacrifices made by the Chinese people during the war [2]. - The article reiterates that Taiwan is an integral part of China and that all Chinese people, including those from Taiwan, fought against Japanese fascism for national survival and revival [3]. - It calls for unity among all Chinese people to oppose "Taiwan independence" and to work towards national reunification and rejuvenation [3].

来源：中国新闻网综合 9月3日上午，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在北京天安门广场 隆重举行，以盛大阅兵仪式，同世界人民一道纪念这个伟大的日子。 美国总统特朗普还在社交媒体上发文称，愿中国人民度过一个美好的庆祝日。 当地时间9月3日，特朗普在白宫接待波兰总统时忍不住谈到了九三阅兵：这是一个精彩的阅 兵仪式，非常非常令人印象深刻，他们希望我在看，我也确实在看。 ...

Core Viewpoint - The A-share market experienced a turbulent adjustment on September 3, with the Shanghai Composite Index falling over 1% to close at 3813.56 points, and total trading volume decreasing to 2.36 trillion yuan. The stock ETF market saw a significant net outflow of 9.5 billion yuan, indicating a shift in investor sentiment [2][4][9]. Fund Flow Summary - On September 3, stock ETFs recorded a net outflow of 9.5 billion yuan, with broad-based ETFs and industry-specific ETFs such as semiconductor and artificial intelligence experiencing the largest losses. Conversely, sector-themed ETFs like securities, Hong Kong technology, and robotics saw net inflows [2][5][9]. - Despite the outflow on September 3, the stock ETF market had a net inflow for the week, totaling less than 5 billion yuan since the beginning of September [3][10]. Top Fund Performers - As of September 3, the total scale of 1195 stock ETFs in the market reached 4.23 trillion yuan. The top three ETFs by net inflow were the Guotai Securities ETF, Huabao Securities ETF, and E Fund Hengsheng Technology ETF, each with inflows exceeding 3 billion yuan [5][6]. - The E Fund's Hengsheng Technology ETF and Robotics ETF saw net inflows of 3.6 billion yuan and 3.57 billion yuan, respectively, indicating strong investor interest in these sectors [6]. Sector Performance - The sectors with the highest net inflows included securities (24.2 billion yuan), Hong Kong technology (9.3 billion yuan), and robotics (7.5 billion yuan). In contrast, broad-based ETFs such as the ChiNext and the CSI 300 experienced significant outflows, with some ETFs losing over 10 billion yuan [5][9]. - The performance of the Guangfa Hong Kong Innovative Medicine ETF was notable, with a cumulative increase of 8.82% over four trading days, reflecting strong investor confidence in the biotech sector [6][10]. Market Outlook - Fund managers express optimism for the A-share and Hong Kong markets, citing reasonable liquidity, supportive policies, and rapid development in emerging industries. They highlight sectors such as innovative medicine, AI, and robotics as having significant growth potential [10].

Core Viewpoint - A-shares experienced a collective pullback, with major indices declining significantly, while the new energy sector saw a robust performance, indicating a divergence in market trends [1][8][21]. Market Overview - As of September 4, the Shanghai Composite Index fell by 1.97% to 3738.32 points, the Shenzhen Component Index dropped by 2.37%, and the ChiNext Index decreased by 3.2% [1]. - The total market capitalization reached 60.03 trillion yuan, with a trading volume of 1.59 trillion yuan, an increase of 142.7 billion yuan from the previous trading day [2][8]. New Energy Sector Performance - The new energy sector experienced a significant surge, with multiple ETFs and stocks hitting the daily limit. The power battery index rose by 2.65%, the energy storage index by 2.32%, and the lithium battery index by 1.43% [10]. - Notable stocks included Yiwei Lithium Energy, which increased by 6.17% to 67.96 yuan per share, with a market capitalization of 139 billion yuan [10][14]. CPO Concept Stocks - CPO concept stocks faced a sharp decline, with the sector dropping by 10% after a previous increase of 7.04% on September 1. Key stocks like New Yisheng and Tianfu Communication saw declines exceeding 11% [16][19]. - The CPO sector's downturn reflects broader market volatility, contrasting with the strong performance of the new energy sector [16][19]. Consumer Sector Activity - The consumer sector showed signs of vitality, with the restaurant and tourism sectors rising by 2.85% and nearly 2%, respectively. This was supported by positive tourism data and anticipated government policies to stimulate consumption [21][23]. - The Ministry of Culture and Tourism projected that domestic tourism will reach 1.43 billion trips by 2025, surpassing pre-pandemic levels [23].