Core Viewpoint - The article emphasizes the recognition and commendation of the military personnel who participated in the 80th anniversary parade of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War, highlighting their dedication, discipline, and the successful execution of the parade [1][2]. Group 1 - The commendation order acknowledges the successful completion of the parade as a result of the troops' commitment to the directives of the Party and the Central Military Commission, showcasing their unity and determination [2]. - The performance of the participating troops is noted for demonstrating loyalty to the Party, a strong sense of responsibility, and a spirit of striving for excellence, reflecting the new image of the People's Army [2]. Group 2 - The order calls for all military units and personnel to learn from the parade participants, emphasizing the importance of faith, unity, and the commitment to advancing military strength and fulfilling responsibilities [3]. - It stresses the need to adhere to Xi Jinping's thoughts on socialism with Chinese characteristics for a new era, and to implement the spirit of the Party's recent congresses, enhancing the military's political integrity and operational readiness [3].

Group 1 - The core viewpoint of the article highlights the performance of various sectors in the stock market, particularly the rise of robotics and innovative drug stocks amidst a general decline in major indices [2][3][4]. - The Hang Seng Index fell by 0.6% to close at 25,343.43 points, while the Hang Seng Technology Index decreased by 0.78% to 5,683.74 points, and the Hang Seng China Enterprises Index dropped by 0.64% to 9,050.02 points [5][6]. - Notable declines were observed in major technology stocks, including BYD Electronics down 4.99%, Midea Group down 2.82%, and Xiaomi Group down 2.06% [7][8]. Group 2 - The robotics sector saw significant gains, with MicroPort Robotics rising by 13.28%, followed by Naisite and Jinli Permanent Magnet increasing by 4.76% and 4.11% respectively [11][12]. - Yushutech announced its IPO timeline, planning to submit listing application documents between October and December 2025, with sales from quadruped robots, humanoid robots, and components projected to account for approximately 65%, 30%, and 5% of revenue in 2024 [12][13]. - The innovative drug sector also performed well, with stocks like China Antibody and WuXi Biologics rising over 10%, driven by increased foreign investment in Hong Kong's innovative drug companies [15][17]. Group 3 - The international gold price reached a new high, with COMEX gold closing at $3,599.5 per ounce, leading to gains in gold and jewelry stocks, such as WanGuo Gold and Zhaojin Mining, which rose by 4.86% and 4.03% respectively [19][21]. - The financial sector, particularly brokerage stocks, continued to decline, with Guolian Minsheng leading the drop at 5.02%, and other firms like Guotai Junan International and Zhongzhou Securities also experiencing losses [22][23]. - Bank stocks also showed poor performance, with major banks like Bank of China and China Construction Bank declining between 0.50% and 1% [25][26].

Core Viewpoint - The Shanghai Gold Exchange has announced adjustments to the margin levels and price fluctuation limits for gold and silver contracts due to the recent surge in prices, emphasizing the need for enhanced risk management among members and investors [1][3][4]. Summary by Sections Margin and Price Limits Adjustment - Starting from September 5, 2025, the margin level for various gold contracts will increase from 13% to 14%, and the price fluctuation limit will rise from 12% to 13%. For silver contracts, the margin will increase from 16% to 17%, with the fluctuation limit changing from 15% to 16% [3]. Market Performance - Gold and silver prices have recently experienced significant increases, with gold reaching a peak of nearly $3547 per ounce on September 3 [5][10]. Physical Gold Prices - On September 3, domestic gold jewelry brands reported rising prices for gold jewelry, with prices reaching 1056 CNY per gram for Chow Sang Sang and 1053 CNY per gram for brands like Chow Tai Fook and Luk Fook [8]. Macro Economic Factors - The market sentiment has shifted towards a risk-averse mode, influenced by expectations of interest rate cuts by the Federal Reserve and geopolitical tensions, which have driven up the prices of safe-haven assets like gold and silver [10]. Silver Market Dynamics - Silver's industrial demand, particularly in the photovoltaic sector, has contributed to a supply deficit for five consecutive years, further driving up prices. Analysts predict that silver will outperform gold by the end of the year, with potential price increases driven by a favorable gold-silver ratio [11]. Digital Gold Initiative - The World Gold Council is exploring a digital form of gold, named the "Gold Ownership Pool," which aims to revolutionize the physical gold market by allowing fractional ownership of physical gold. This initiative is set to pilot in London in the first quarter of next year [11][12].

【导读】谷歌、苹果迎来利好 中国基金报记者 泰勒 科技巨头谷歌迎来利好消息，股价暴涨。 谷歌在美国反垄断案中躲过最严厉处罚 从最新的判决来看，谷歌无需剥离Chrome浏览器，公司也仍然可以向其他企业支付费用以预 装其产品，但不得签订附带排他性条款的合同。 9月3日，谷歌在美国搜索市场的反垄断案件中避免了最严厉的处罚。法官裁定禁止谷歌与其 他公司签订排他性协议，但拒绝了司法部要求的强制剥离Chrome浏览器等更为严厉的措施。 美国地方法官阿米特·P·梅塔最新的裁决指出，谷歌不得再通过付费方式成为设备和浏览器上 的独家搜索引擎，但允许公司继续为产品分销支付费用。梅塔表示，全面禁止这些支付协议 将损害接受方，例如苹果公司。 这一命令延续了他去年作出的认定：谷歌在过去十多年中通过与苹果等公司的非法分销协议 垄断了搜索市场，市场份额高达90%，从而阻止竞争对手开发出有力替代品。 虽然此前的裁定对谷歌不利，但本周的决定在很大程度上采纳了谷歌的立场。梅塔表示，法 官在确定补救措施时必须保持克制，而当前市场竞争格局已经在发生变化，主要得益于人工 智能技术的崛起。 梅塔写道："有充分理由不要人为扰乱系统，而是让市场力量发挥作用 ...

Wind数据显示，本次增持后，GIC以6.37%的持股比例成为居和铂医药第二大机构股东。 和铂医药第一大机构股东为国际知名药企阿斯利康，阿斯利康目前持有约7627万股，持股比例为9.03%。 | 序号 股东名称 | | | 持股数量(万股) | 持股比例(%) | 持股市值(万元) | 持股数量变动(万股) | 持股比例变动(%) 变动方向 | 截止日期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | AstraZeneca Holdings B.V. | = | 7,627.18 | 9.03 | 62.525.61 | 7,627.18 | 9.03 新进 | 2025-04-08 | | 2 | 王劲松 | .11 | 7,029.74 | 9.19 | 57,627.98 | 0.00 | -0.00 减持 | 2025-01-28 | | 3 | 彭其前 | . 11 | 6,727,94 | 7.97 | 55,153.87 | 6,727,94 | 7.97 新进 | 2025-04-08 | | 4 | 新加坡政府投资 ...

Core Viewpoint - The article highlights the grand military parade held on September 3rd in Beijing, commemorating the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, showcasing various military units and their capabilities [5][8]. Airborne Flag Guard Team - The Airborne Flag Guard Team consisted of 45 helicopters, including the Chinese Communist Party flag, the national flag, and the military flag, with formations symbolizing the 80th anniversary of the victory [2][5]. Honor Guard Team - The Honor Guard Team was the first to pass through Tiananmen Square, formed in a "9+12×17" formation, representing the only unit responsible for national-level ceremonial duties [6][8]. Army Team - The Army Team, with 99% of its members from grassroots units, showcased a mix of traditional and new combat forces, emphasizing the legacy of the Eight Route Army and New Fourth Army [8][10]. Navy Team - The Navy Team was noted for having the youngest average age among the parade units, demonstrating the spirit and commitment of the new generation of naval officers [10][12]. Air Force Team - The Air Force Team consisted entirely of members who had participated in high-altitude parachuting, with over 70% having engaged in major training exercises [12][14]. Rocket Force Team - The Rocket Force Team displayed personnel with high-tech expertise, with over 80% having participated in significant operational tasks, representing China's strategic deterrent capabilities [14][16]. Military Space Force Team - The Military Space Force Team made its debut as a strategic unit, focusing on enhancing capabilities for space utilization and crisis management [16][18]. Cyber Space Force Team - The Cyber Space Force Team showcased its capabilities in network security and defense, emphasizing the importance of safeguarding national cyber sovereignty [18][20]. Information Support Force Team - The Information Support Force Team made its first appearance, focusing on integrating information systems to support joint operations [20][22]. Joint Logistics Support Force Team - The Joint Logistics Support Force Team included personnel from various military backgrounds, highlighting the importance of logistics in modern warfare [22][24]. Armed Police Force Team - The Armed Police Force Team performed a gun-swinging march, representing their role in national security and public safety [24][26]. Reserve Force Team - The Reserve Force Team included members from various sectors, showcasing the integration of civilian and military resources [26][28]. Militia Team - The Militia Team, composed entirely of female members, marked its first appearance in a parade commemorating the victory, reflecting the contributions of militia forces during the war [28][30]. Peacekeeping Force Team - The Peacekeeping Force Team represented China's commitment to international peacekeeping efforts, having participated in numerous UN missions [30][32]. Battle Flag Team - The Battle Flag Team featured 80 honor flags from various military units, symbolizing the historical achievements of the armed forces [32][34]. Ground Assault Team - The Ground Assault Team showcased advanced armored vehicles, emphasizing the modernization of the army's combat capabilities [34][36]. Amphibious Assault Team - The Amphibious Assault Team demonstrated new equipment designed for versatile military operations, highlighting the capabilities of the Marine Corps [36][38]. Airborne Assault Team - The Airborne Assault Team featured new airborne vehicles capable of rapid deployment and support, showcasing the army's quick response capabilities [38][40]. Long-Range Artillery Team - The Long-Range Artillery Team displayed advanced rocket artillery systems, emphasizing precision strike capabilities [40][42]. Naval Air Defense Weapons Team - The Naval Air Defense Weapons Team showcased a multi-layered defense system, highlighting advancements in naval warfare technology [42][44]. Anti-Ship Missile Team - The Anti-Ship Missile Team featured various missile systems, enhancing the navy's capabilities in maritime combat [44][46]. Underwater Weapons Team - The Underwater Weapons Team demonstrated advanced torpedoes and mines, showcasing capabilities for underwater warfare [46][47]. Early Warning Detection Team - The Early Warning Detection Team presented new radar systems, emphasizing the importance of air and space security [49][51]. Air Defense Team - The Air Defense Team showcased a range of indigenous systems designed for comprehensive air defense [51][53]. Anti-Drone Team - The Anti-Drone Team displayed systems capable of neutralizing drone threats, highlighting advancements in counter-drone technology [53][55]. Cyber Warfare Team - The Cyber Warfare Team demonstrated integrated systems for command and control, emphasizing the importance of cyber capabilities in modern warfare [55][57]. Electronic Warfare Team - The Electronic Warfare Team showcased advanced systems for electronic countermeasures, highlighting the significance of electronic warfare [57][59]. Information Support Team - The Information Support Team presented new technologies for rapid information integration, supporting joint operations [59][61]. Ground Unmanned Combat Team - The Ground Unmanned Combat Team featured various unmanned vehicles, showcasing advancements in unmanned warfare capabilities [61][63]. Naval Unmanned Combat Team - The Naval Unmanned Combat Team demonstrated new unmanned systems for maritime operations, highlighting innovations in naval warfare [63][65]. Airborne Unmanned Combat Team - The Airborne Unmanned Combat Team showcased advanced drone systems, emphasizing the future of aerial combat [65][67]. Logistics Support Team - The Logistics Support Team presented modern support equipment, enhancing the military's logistical capabilities [67][69]. Equipment Support Team - The Equipment Support Team showcased advanced repair and maintenance vehicles, emphasizing the importance of equipment readiness [69][71]. Cruise Missile Team - The Cruise Missile Team displayed various missile systems, highlighting capabilities for precision strikes across multiple domains [71][73]. Hypersonic Missile Team - The Hypersonic Missile Team showcased advanced missile systems capable of rapid response and high precision [73][75]. Nuclear Missile First Team - The Nuclear Missile First Team presented a range of strategic nuclear capabilities, emphasizing national defense [75][77]. Nuclear Missile Second Team - The Nuclear Missile Second Team featured the Dongfeng-5C missile, showcasing China's strategic deterrent capabilities [77][79]. Early Warning Command Aircraft Team - The Early Warning Command Aircraft Team demonstrated advancements in air and sea command capabilities [79][81]. Special Aircraft Team - The Special Aircraft Team showcased new support aircraft, emphasizing the importance of specialized air support [81][83]. Transport Aircraft Team - The Transport Aircraft Team demonstrated enhanced strategic airlift capabilities, showcasing the military's logistical reach [83][85]. Bomber Aircraft Team - The Bomber Aircraft Team showcased various bombers, emphasizing the military's long-range strike capabilities [85][87]. Refueling Aircraft Team - The Refueling Aircraft Team demonstrated aerial refueling capabilities, highlighting the importance of sustained air operations [87].

《松花江上》《在太行山上》《保卫黄河》《没有共产党就没有新中国》，一首首诞 生于抗战烽火中的经典歌曲连唱，让大家重温中华民族那段艰苦卓绝、气壮山河的峥嵘 岁月。 8时55分，习近平等中外领导人来到天安门城楼主席台，全场爆发出雷鸣般的掌声。 纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在京隆重举行 天安门广场举行盛大阅兵仪式 习近平发表重要讲话并检阅受阅部队 习近平强调，隆重纪念中国人民抗日战争暨世界反法西斯战争胜利80周年，目的是铭记 历史、缅怀先烈、珍爱和平、开创未来。中华民族是不畏强暴、自立自强的伟大民族。 中国人民解放军始终是党和人民完全可以信赖的英雄部队。要坚定不移走中国特色社会 主义道路，传承和弘扬伟大抗战精神，踔厉奋发、勇毅前行。中华民族伟大复兴势不可 挡！人类和平与发展的崇高事业必将胜利！ 李强主持 赵乐际王沪宁蔡奇丁薛祥李希韩正出席 62位外国领导人及有关国家高级别代表、国际组织负责人、前政要等应邀出席大会 铭记伟大历史胜利，凝聚正义和平力量。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 ...

Core Viewpoint - The article emphasizes the importance of long-term investment strategies in the technology sector, highlighting that successful investors are those who focus on deep industry research and sustainable growth rather than chasing short-term trends [2]. Performance Summary - In the past year, several funds under the company have shown remarkable performance, with four funds doubling their net value and ten funds increasing by over 50% [2]. - Specific fund performance includes: - 汇添富北交所创新精选两年定开A: 219.37% increase - 汇添富科技创新A: 120.28% increase - 汇添富自主核心科技一年持有A: 117.47% increase - 汇添富中证芯片产业指数增强A: 102.27% increase [3]. Long-term Performance - 汇添富全球移动互联A has ranked first among similar products over the past seven years, and third over the past five and three years [4][5]. - 汇添富科技创新A has also performed well, ranking in the top 10% for the past five and three years, and in the top 5% for the past year [7]. Research Approach - The company emphasizes a comprehensive research approach that spans the entire technology industry chain, including both domestic and international companies [9]. - Since 2011, the company has conducted annual field research in technology hubs like Silicon Valley, allowing for direct engagement with numerous tech firms [9][10]. Investment Philosophy - The investment philosophy is rooted in deep fundamental analysis and long-term engagement with companies, requiring extensive tracking and understanding of management and industry dynamics [11][12]. - The team believes that successful investment requires building various touchpoints within industries to remain sensitive to changes [12]. Team Structure - The company has developed a well-structured team with nearly 20 members in the technology investment sector, including experienced fund managers and emerging talents [14]. - The team employs a detailed division of labor across six major sub-industries, ensuring a broad and deep understanding of the technology landscape [15]. Global Presence - The establishment of subsidiaries in Hong Kong, the United States, and Singapore enhances the team's ability to understand local market trends and identify global investment opportunities [15]. Long-term Commitment - The company maintains a long-term perspective in performance evaluation and talent development, ensuring stability and coordination within the team [20]. - The investment strategy emphasizes clear product positioning and effective matching of fund managers' capabilities with investment goals [21]. Conclusion - The company's deep-rooted investment philosophy, comprehensive research approach, and structured team dynamics contribute to its ability to navigate the volatile technology sector and capture innovative value over time [22].

Core Viewpoint - The A-share market is experiencing increased volatility, but there is still potential for upward movement, as indicated by Goldman Sachs' optimism regarding the Chinese stock market [11][12]. Market Performance - As of September 3, the Shanghai Composite Index fell by 1.16%, while the Shenzhen Component Index decreased by 0.65%, and the ChiNext Index rose by 0.95 [1]. - A total of 823 stocks rose, with 40 hitting the daily limit, while 4,560 stocks declined [2][3]. - The total trading volume reached approximately 23,956.82 billion [3]. Sector Highlights - Gold stocks continued to perform strongly, with Western Gold hitting the daily limit, driven by record-high gold prices and increased demand for safe-haven assets [3][4]. - The photovoltaic equipment sector also showed strength, with companies like Shangneng Electric and others reaching their daily limits [5]. - The semiconductor industry saw a rebound, particularly in photolithography machines and materials, with companies like Zhongji Xuchuang rising over 10% [6]. Investor Sentiment - Goldman Sachs' Asia Pacific President noted that investor sentiment around the Chinese stock market is improving, despite ongoing macroeconomic challenges [12]. - The Shanghai and Shenzhen 300 Index has risen approximately 10% since the end of July, contrasting with a mere 1.6% increase in the MSCI global index [12]. - Retail investors, holding around $23 trillion in cash reserves, are expected to play a significant role in driving the current market rally [13].

二人同乘一辆车前往会谈地点。 据俄罗斯卫星通讯社记者报道，俄罗斯总统普京与朝鲜劳动党总书记、国务委员长金正恩开始 在北京举行会谈。 普京表示： 很高兴有机会与朝鲜领导人单独会晤。 二人将有机会讨论双边关系的各个方面和各个领域。 最近，两国关系呈现出一种特殊的信任、友好和同盟关系。 强调了朝鲜军人在解放库尔斯克州的过程中发挥的作用。 俄朝参加了共同反对纳粹主义、法西斯主义和军国主义的斗争。 请金正恩向全体朝鲜人民转达他最热切的谢意。 北京举行的 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 精彩纷呈，水平很 高。 普京说："我们永远不会忘记贵国军队和军人家属所做的牺牲。我谨代表俄罗斯人民感谢参与 共同打击现代新纳粹主义的斗争。... 请向全体朝鲜民主主义人民共和国人民转达最热切的谢 意。" 金正恩表示： 今天早些时候，两国领导人已在纪念中国抗日战争暨世界反法西斯战争胜利80周年大会上碰 面。此外，二人还与应邀参加纪念活动的其他国家领导人一起出席了招待会。 来源： 俄罗斯卫星通讯社、环球每日热搜、中国新闻社 俄朝关系在全方位发展。 若朝鲜能够帮助俄罗斯，就一定会帮助，这是兄弟间的义务。 ...