Core Viewpoint - China Shipbuilding Industry Corporation (CSIC) plans to absorb China Shipbuilding Heavy Industry Company (CSHC) through a share swap, with the share exchange ratio set at 1:0.1339, effective from September 5, 2025, when CSHC will cease to be listed [4][12][18]. Group 1: Transaction Details - The share swap will allow shareholders of CSHC to exchange each share for 0.1339 shares of CSIC [4][11]. - Following the completion of the transaction, CSHC will terminate its corporate status, and all assets and liabilities will be inherited by CSIC [18][12]. - The transaction has received approval from the China Securities Regulatory Commission and the Shanghai Stock Exchange [12]. Group 2: Financial Data - As of June 30, 2025, CSHC and CSIC reported total assets of CNY 2214.65 billion and CNY 1819.77 billion, respectively [19]. - The net profit for CSHC and CSIC in the first half of 2025 was CNY 17.45 billion and CNY 29.46 billion, reflecting year-on-year growth of 227.07% and 108.59% [23]. - After the merger, CSIC's total assets will reach CNY 4034.42 billion, with net assets of CNY 1384.04 billion [22]. Group 3: Strategic Implications - The merger aims to enhance focus on national strategic priorities and improve the quality of operations within the shipbuilding industry [25]. - Both companies emphasize the importance of this transaction in accelerating high-quality development in shipbuilding and reducing competition within the industry [25].

# " 当期热文 NO.1 景顺 华安基金：特朗普罢免美联储理事，独立性危机损害美元信用 （点击文章标题跳转原文，下同） # " 热转好文 NO.1 兴业基金 兴业基金：债市整体上行空间有限，目前仍处于上有顶、下有底的箱体震荡区间 NO.2 华夏基金 树屋来信| 定投止盈指南，如何在行情高点逐步锁住收益？ NO.3 德邦基金 投研视界 | 德邦基金：寻找下一个主线（8月） 市场洞察｜解读美联储下一步信号 NO.2 长城基金投教基地 全球长城投研速递：关注科技成长内部的高低切 NO.3 华安基金 # " 趣投教 NO.1： 中国基金报 #理财师不会告诉你的事# 固收+六问六答 NO.2： 中国基金报 #FUND财经说# 十年一遇大机会？全面AI时代来了！ NO.3： 中国基金报 #投资热点说# 军工"智"造新机遇，如何把握投资机会？ NO.3：瑞银证券 #瑞银证券# 第22届瑞银证券A股研讨会媒体交流会 #访谈录# 香港投资推广署梁瀚璟：详解香港金融创新与金融科技新机遇 # " 热门直播 NO.1：博时基金 博时基金带你云逛AI展，直击2025AGIC大会 NO.2： 中国基金报 | # | 媒体号名称 | | ...

Core Viewpoint - FTSE Russell announced significant adjustments to the FTSE China A50 Index, which will take effect after the market closes on September 19, 2025, impacting key stocks in the innovative drug and CPO sectors while removing traditional dividend stocks [2]. Group 1: Index Adjustments - The FTSE China A50 Index will include stocks such as BeiGene-U, Xinyi Solar, WuXi AppTec, and Zhongji Xuchuang, while excluding China Nuclear Power, China Unicom, Guodian NARI, and Wanhua Chemical [2][4]. - The FTSE China A150 Index will add stocks like China Nuclear Power and China Unicom, while removing BeiGene-U and WuXi AppTec [8]. - The FTSE China A200 and A400 indices will also undergo adjustments, with various stocks being added and removed [8]. Group 2: Stock Performance - Zhongji Xuchuang's stock price reached 426.19 CNY per share with a year-to-date increase of 246.45%, making it the second-largest company by market capitalization on the ChiNext board at 473.5 billion CNY [5]. - Xinyi Solar's stock price increased nearly 350% year-to-date, with a total market capitalization of 367.4 billion CNY; WuXi AppTec's stock rose over 100% with a market cap of 325.5 billion CNY; BeiGene-U also saw a similar increase with a market cap of 280.7 billion CNY [7]. - The stocks being removed from the index, such as China Nuclear Power and China Unicom, experienced declines in stock prices of 14.55% and 2.14% respectively, with their latest market capitalizations at 180.2 billion CNY and 171.6 billion CNY [7].

【导读】 新加坡政府投资公司、挪威央行、外资巨头集体出手！ 中国基金报记者 吴娟娟 当前 ，新加坡政府投资公司 （GIC ） 、挪威央行、外资巨头纷纷瞄准中国生物制药或医药服务公司，不少机构大幅加仓，亦有机构在上 涨后减持重仓股。 新加坡、挪威主权投资机构出手 据港交所披露易 信息 ，8月29日， GIC 加仓和铂医药控股，占拥有投票权股份的6.37%，涉及金额5.11亿港元。 除主权投资机构之外，8月29日，英国资产管理巨头施罗德投资集团加仓凯莱英，涉及金额为715.71万港元，加仓之后持股占有投票权的 股份比例为17.32%。 对冲基金大鳄出手 此外，华尔街大鳄Steve Cohen 旗下Point 72 加仓上海复宏汉霖生物技术股份突破5%，多头仓位持股比例占有投票权的股份比例为 5.04%，斥资2037.44万港元。 Steve Cohen 为美剧《亿万》的原型，被称为 华尔街 " 对冲基金之王 " 。他于1994年创办的SAC一度为华尔街收益最高的对冲基金之 一，近21年创造了29%的年收益率，管理规模一度达160亿美元。不过，SAC 后续被爆出内幕交易，8名员工被判定犯有内幕交易罪。 2018年禁 ...

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].