Group 1 - The core viewpoint of the article emphasizes the significance of the upcoming September 3rd military parade, highlighting its role in showcasing China's military modernization and historical legacy [3]. - The parade will feature multiple "firsts," including the first display of new military equipment and the first participation of militia units in a parade commemorating the Anti-Japanese War [3]. - The air formation will include a modular and systematic grouping of various aircraft types, covering the current main battle aircraft of the military, with many star equipment making their debut [3]. Group 2 - The event marks a new chapter in the comprehensive promotion of Chinese-style modernization, representing a fresh appearance of the People's Army as it approaches its centenary [3]. - The selection of weapons and equipment for the parade is entirely based on domestically produced active main battle equipment, with a significant proportion of new equipment making its first public appearance [3]. - The parade will also showcase a mix of land, sea, and air-based strategic assets, including hypersonic precision strike capabilities and unmanned systems, which will be displayed for the first time [3].

Core Viewpoint - The A-share market is experiencing a rapid recovery, with significant inflows into stock ETFs, totaling over 58 billion yuan in the last ten trading days, indicating strong investor interest and confidence in the market [2][4][6]. Fund Inflows - On September 1, the total net inflow into stock ETFs reached 4.527 billion yuan, with a total market size of 4.11 trillion yuan across 1,188 stock ETFs [4][6]. - The inflows are primarily directed towards industry-themed ETFs and Hong Kong market ETFs, with net inflows of 9.697 billion yuan and 5.697 billion yuan respectively, while broad-based ETFs saw a net outflow of 10.947 billion yuan [6][12]. Sector Performance - ETFs tracking the Hang Seng Technology Index saw the highest inflows, totaling 2.238 billion yuan, while those tracking the CSI 300 Index experienced the largest outflows, amounting to 3.429 billion yuan [6][12]. - Specific sectors such as chemicals and non-ferrous metals are gaining traction, with the Penghua Chemical ETF seeing a net inflow of over 1.201 billion yuan [12]. Major Fund Companies - Major fund companies like E Fund and Huaxia Fund are witnessing continued inflows into their ETFs, with E Fund's ETFs reaching a total size of 776.82 billion yuan, increasing by 8.63 billion yuan recently [7][9]. - The top-performing ETFs include the Fuguo Hong Kong Internet ETF with a net inflow of 1.541 billion yuan, and the Huaxia Hang Seng Technology Index ETF with a net inflow of 0.948 billion yuan [9][11]. Future Outlook - The outlook for the Hong Kong internet sector is positive, with expectations of a rebound following the Federal Reserve's confirmation of potential interest rate cuts, which may lead to a catch-up rally [11]. - The chemical industry is also expected to benefit from a new wave of "anti-involution" initiatives, potentially leading to a significant revaluation of the sector [12].

双方签署能源、航天、人工智能、农业、检验检疫、卫生、科研、教育、媒体等领域20余份 双边合作文件。 9月2日上午，国家主席习近平在北京人民大会堂同来华出席2025年上海合作组织峰会和纪念 中国人民抗日战争暨世界反法西斯战争胜利80周年活动的俄罗斯总统普京举行会谈。 习近平指出，中俄关系经受住了国际风云变幻的考验，树立了永久睦邻友好、全面战略协作、 互利合作共赢的大国关系典范。双方坚守初心、保持定力，各领域合作取得积极成果。中方愿 同俄方密切高层交往，支持彼此发展振兴，在涉及两国核心利益和重大关切问题上及时协调立 场，推动中俄关系取得更大发展。 习近平强调，中俄两国各自发展振兴都有强大动力，双方要以大项目引领合作，打造标杆合作 项目，促进深层次利益融合。要增强合作韧性，提升合作默契，全力巩固和维护合作大局。 习近平指出，中俄两国元首相互出席对方国家举办的纪念世界反法西斯战争胜利庆典，充分彰 显了作为第二次世界大战主要战胜国和联合国安理会常任理事国的大国担当，展示了维护二战 胜利成果、捍卫正确二战史观的坚定决心。我提出全球治理倡议，就是要会同所有志同道合国 家，坚定捍卫联合国宪章宗旨和原则，推动建设更加公正合理的 ...

Market Overview - On September 2, A-shares experienced a collective pullback, with the ChiNext index dropping nearly 3%. The Shanghai Composite Index fell to 3844.84 points, down 0.79%, while the Shenzhen Component Index decreased by 2.21% [1] - The trading volume reached 2.08 billion hands with a turnover of 529.16 billion yuan, reflecting a turnover rate of 3.91% [2][4] Sector Performance - The brokerage sector saw a sudden surge in the morning, with notable stocks such as Pacific Securities hitting the daily limit, and Guosheng Financial Holdings rising by 5.82% [5][6] - Financial stocks generally performed well, with China Merchants Bank increasing by nearly 3%, and other major banks like Construction Bank and Industrial and Commercial Bank of China rising over 1% [6][7] Consumer Sector - Several large consumer stocks rose against the trend, including BeiGene, which increased by 9.84%, and Midea Group, which also saw gains [9] - The food and beverage sector experienced a broad increase, with Kweichow Moutai's stock price briefly returning to 1500 yuan, currently reported at 1488.07 yuan per share [10] Gold and Silver Market - The gold and jewelry sector saw significant gains, with stocks like Mankalon rising by 16% and several others hitting the daily limit. Gold futures and spot prices both surpassed the 3500 USD mark, marking a historical high [17][20] - Silver also saw a notable increase, with Hunan Silver rising by 6.48% [18]

Core Viewpoint - The article discusses the preparations and thematic elements of the grand military parade at Tiananmen Square, emphasizing the design and symbolism behind the event's layout and decorations [2][3]. Group 1: Event Design and Symbolism - The layout of Tiananmen Square follows the principle of "Shang Zhong," featuring a symmetrical arrangement along Beijing's central axis, with a unified and solemn color scheme of red, gold, and green [2]. - The two year-number platforms symbolize the years 1945 and 2025, representing the theme of "Unity in Strength" for the commemorative event [3]. - The design incorporates the Great Wall as a cultural symbol, with the lower green floral area representing the earth and the rising golden sun symbolizing the dawn of progress for the Chinese nation [2]. Group 2: Peace Dove Symbolism - The design features 14 peace dove sculptures, symbolizing the glorious history of the Chinese nation's 14 years of resistance during wartime [3]. - The peace doves are modeled after the native "Beijing White" doves, with a focus on accurately depicting their structure through a combination of round and relief sculpture techniques [3][4]. - The 14 doves also represent the collective pursuit of peace by millions of Chinese people and global peace advocates [4].

Core Viewpoint - The management of China Merchants Bank (CMB) expressed confidence in achieving steady progress and completing the annual budget goals despite recent challenges in the banking sector [2][4]. Group 1: Annual Performance Outlook - CMB's net profit growth turned positive in the first half of the year, with the second quarter performing better than the first, which faced significant pressure due to loan repricing [3][4]. - The bank aims to implement strategic development, enhance cost management, promote non-interest income, and strengthen asset quality to maintain a positive growth trajectory [4]. Group 2: Retail Business Strengths - CMB's retail business is supported by three key factors: technological capabilities, a dedicated workforce, and a customer-centric value system [5][6][7]. - Retail assets under management (AUM) reached 16.03 trillion yuan, with the highest growth in recent years, and retail wealth management income increased by 6% year-on-year [5]. Group 3: Balancing Short-term and Long-term Goals - The bank emphasizes the importance of balancing short-term performance with long-term sustainability, likening banking operations to a marathon rather than a sprint [8]. - CMB aims to solidify its foundational aspects, including customer base and management, while focusing on long-term strategic goals [8]. Group 4: Changes in Customer Risk Preferences - There has been a shift in retail customers' risk preferences, with a gradual improvement in their inclination towards equity assets, although a conservative approach remains predominant [9]. - CMB is committed to providing a stable and comprehensive wealth management experience to meet evolving customer needs [9]. Group 5: Return on Equity (ROE) Management - CMB has established a financial management system focused on ROE, which currently stands at 13.85%, significantly higher than the industry average of around 9% [10][11]. - The bank aims to balance profit growth, net asset accumulation, and dividends to maintain a competitive ROE and meet investor expectations [11][12]. Group 6: Internationalization Strategy - CMB is accelerating its internationalization efforts, recognizing it as a new growth point amid increasing global integration and domestic market saturation [13]. - The bank has already established a network of overseas branches and is enhancing the capabilities of its international operations [13].

【导读】美联储 9 月降息预期升至 90% ，现货黄金站上 3500 美元 / 盎司关口，再创历史 新高 中国基金报记者 张舟 9 月 2 日上午，现货黄金站上 3500 美元 / 盎司关口，最高触及 3508.69 美元 / 盎司，创 历史新高。 | TARGET RATE (BPS) | | | PROBABILITY(%) | | | --- | --- | --- | --- | --- | | | NOW * | 1 DAY 29 8月 2025 | 1 WEEK 25 8月 2025 | 1 MONTH 18月 2025 | | 400-425 | 89.7% | 86.4% | 83.7% | 80.3% | | 425-450 (Current) | 10.3% | 13.6% | 16.3% | 19.7% | | 1 | | * Data as of 1 9月 2025 08:45:29 CT | | | 近几个月来，特朗普一直针对美联储及其主席鲍威尔没有降息进行批评。 本周，投资者重点将关注周五公布的美国 8 月非农就业报告，以进一步推断美联储 9 月议息 会议是否降息。 今年以来，现货 ...

今天（9月2日）上午，塞尔维亚总统武契奇乘机抵达北京，他将出席中国人民抗日战争暨世界反法 西斯战争胜利80周年纪念活动。 武契奇总统曾多次来华访问并表示，中国是塞尔维亚最为宝贵的朋友，一直为塞提供无私支持帮 助，助力塞发展经济、改善民生。塞尔维亚是中国在欧洲的重要合作伙伴，也是最早响应、参与和 推进共建"一带一路"倡议的欧洲国家之一。2024年，中塞两国元首共同签署了构建新时代中塞命 运共同体的联合声明，开启中塞关系历史新篇章。 来源： 央视新闻微信公众 号 9月1日 晚间 ，多国领导人乘高铁抵达北京， 将出席中国人民抗日战争暨世界反法西斯战争胜利 80周年纪念活动。此前，他们应邀出席在天津举行的上合组织峰会。 乌兹别克斯坦总统米尔济约耶夫抵达北京 乌兹别克斯坦是上合组织创始成员国之一。2024年1月，中乌两国元首共同宣布发展中乌新时代全 天候全面战略伙伴关系，在更高起点上构建中乌命运共同体。 哈萨克斯坦总统托卡耶夫抵达北京 哈萨克斯坦是上合组织创始成员国之一，也是共建"一带一路"首倡之地。在两国元首亲自擘画下， 中哈关系正处于历史最好时期。中哈永久全面战略伙伴关系不断深化，在涉及彼此核心利益问题上 坚定相互 ...

Market Overview - On September 2, the A-share market showed mixed performance with the ChiNext index experiencing a notable rise [2] - The Shanghai Composite Index closed at 3878.22, up by 0.07%, while the Shenzhen Component Index fell by 0.05% to 12822.45 [3] - The Hong Kong stock market saw all three major indices decline, with notable drops in stocks like Hua Hong Semiconductor and Kuaishou [5] Sector Performance - Precious metals concept stocks led the gains, with significant increases in industrial mother machine stocks, while sectors like internet and diversified finance faced adjustments [3][4] - The industrial mother machine sector saw stocks like Huadong CNC and Ningbo Jingda hit the daily limit up, with Hengjin Induction rising over 15% [10][14] - Precious metals stocks also surged, with West Mining hitting the daily limit up and other stocks like Hunan Silver and Shengda Resources following suit [16][17] Company Specifics - Dechuan Environmental experienced extreme volatility, opening at a limit up before plummeting to a limit down, showcasing a "天地板" phenomenon [7][8] - The stock opened at ¥17.55, reached a high of ¥17.55, and then fell to a low of ¥14.36, closing at ¥14.42, down 9.59% [8] - The company issued a notice regarding abnormal stock fluctuations, indicating high P/E and P/B ratios and warning of speculative risks [8] Gold Market Insights - Spot gold prices reached a historic high, surpassing $3500 per ounce, with a year-to-date increase of over 33% [15][18] - Analysts predict that the next target for gold could be between $3900 and $4000 per ounce, driven by expectations of a Federal Reserve rate cut [18]

Core Viewpoint - The article emphasizes the importance of proactive preparation in investment, highlighting that significant opportunities are rare and should be seized when they arise, particularly during market downturns when quality assets are undervalued [1]. Group 1: Investment Philosophy - The investment approach is defined as "value-oriented management," focusing on buying companies as businesses rather than merely trading stocks, with a long-term shareholder perspective [3]. - The distinction between "buying businesses" and "trading stocks" is crucial, as true value investors seek returns through business growth rather than price fluctuations [3]. - A high standard is set for the quality of target companies, emphasizing the importance of their ability to outperform peers over time, which is essential for creating shareholder value [3]. Group 2: Research Methodology - The primary source of information for understanding companies and industries is the prospectus, which helps in building a foundational understanding of the business model and competitive advantages [4]. - A detailed analysis of competitive advantages is necessary, focusing on specific business issues and comparing with peers to identify sustainable advantages [4]. Group 3: Industry Insights - The characteristics of a good business are summarized as "long slope, thick snow, slow change," indicating a stable industry with substantial profits and minimal volatility in competitive advantages [6]. - The analog chip industry is identified as a sector meeting these criteria, with widespread downstream demand and high customer loyalty due to low cost impact and significant quality influence [6][7]. - The shift in global trade dynamics presents an opportunity for domestic semiconductor companies to capture market share previously held by foreign firms, benefiting established players in the analog chip sector [7]. Group 4: Investment Strategy - The strategy involves waiting patiently for undervalued opportunities, as demonstrated by a significant investment in a leading domestic analog chip design company when its market value dropped substantially [7]. - The focus is not on trending sectors but on businesses with solid fundamentals that may take time to yield results, emphasizing a long-term perspective [8]. Group 5: Case Study - High-End Liquor - The investment in high-end liquor stocks is highlighted, where the manager initially sold off holdings due to high valuations despite the sector's strong performance [10][11]. - The decision to re-enter the high-end liquor market was based on improved valuation attractiveness, demonstrating a disciplined approach to buying low and selling high [11][12]. - The long-term value of high-end liquor is attributed to its unique business model and scarcity, which are critical for maintaining a competitive edge [12].