Core Points - President Trump criticized Chicago Mayor Johnson and Illinois Governor Pritzker, suggesting they "should be jailed" [1] - The Trump administration deployed the National Guard to Illinois, with the first 200 Texas National Guard members arriving in the Chicago area [1] - Illinois and Chicago filed a lawsuit against the Trump administration to prevent the deployment of the National Guard [1] Group 1 - Chicago has been labeled by Trump as the "worst, most dangerous" city in the world, with a focus on crime reduction through National Guard deployment [1] - Mayor Johnson described the deployment as "illegal, unconstitutional, dangerous, and wrong" [1] - Governor Pritzker highlighted that Chicago has been recognized as the "best big city in America" for nine consecutive years [1]

在美国联邦政府向伊利诺伊州芝加哥市派出国民警卫队之际，美国总统特朗普8日在社交媒体上称，民 主党籍的芝加哥市长约翰逊和伊利诺伊州州长普里茨克都应被投入监狱。 芝加哥是伊利诺伊州最大城市，也是美国第三大城市。特朗普9月初点名批评芝加哥，称其为世界上"最 糟糕、最危险"的城市，并说他将向该市部署国民警卫队"打击犯罪"。 伊利诺伊州和芝加哥市已于6日对特朗普政府提起诉讼，试图阻止其向芝加哥市部署国民警卫队。约翰 逊7日重申，向芝加哥部署国民警卫队员"违法、违宪、危险且错误"。普里茨克则在社交媒体上转帖 称，芝加哥已连续9年蝉联"全美最佳大城市"。 （文章来源：新华社） 特朗普8日一早在社交媒体上发帖："芝加哥市长因未能保护美国移民与海关执法局官员应被投入监狱！ 州长普里茨克也是！" 据美国媒体7日报道，特朗普政府已向伊利诺伊州派出国民警卫队，首批200名得克萨斯州国民警卫队员 当天抵达芝加哥地区。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 長江和記實業有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00001 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 3,830,044,500 | | 0 | | 3,830,044,500 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 3,830,044,500 | | 0 | | 3,830,044,500 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a proactive monetary policy to promote stable economic growth and maintain reasonable price levels, reflecting a more nuanced understanding of the current economic challenges [1][2]. Group 1: Monetary Policy Direction - The PBOC's recent meeting indicates a shift from "maintaining" to "promoting" economic stability, highlighting a more active approach to monetary policy [1][2]. - The meeting introduced a new requirement to "ensure the effective implementation of various monetary policy measures," indicating a focus on the execution of existing tools [2][3]. Group 2: Structural Monetary Policy Tools - The meeting reiterated the importance of structural monetary policy tools, particularly in supporting small and micro enterprises and stabilizing foreign trade [4]. - The emphasis on financing support for key areas such as technology innovation, consumption, and small businesses is crucial, especially in light of potential impacts from U.S. tariffs on Chinese exports [4]. Group 3: Future Outlook - The expectation for the fourth quarter is to maintain a moderately loose monetary policy stance, with decisions on rate cuts or reserve requirement ratio adjustments to be based on comprehensive assessments of economic performance and external conditions [4].

格隆汇9月26日丨南玻A(000012.SZ)公布，公司拟在埃及投资新建光伏玻璃生产线项目，规划建设一条 1,400T/D一窑五线光伏压延玻璃及配套四条钢化镀膜加工生产线，在项目取得政府相关审批后启动建 设，预计建设周期为三年，项目规划总投资约人民币17.55亿元，具体投资金额和建设周期以实际投入 及建设情况为准。 ...

针对莞康宇宏股东借款逾期事项，首先，公司已向莞康宇宏发出催款通知函，督促其履行还款义务，后 续将进一步加大催收力度，包括必要时通过法律手段维护公司及股东的合法权益。其次，公司已成立专 项工作小组，并委派专业团队监督莞康宇宏经营管理，监督资金使用，共管银行账户U盾及莞康宇宏公 章，优化项目成本。最后，公司将推动莞康宇宏加快推进莞康旧改项目，积极落实政府要求，组织设计 院对更新单元进行整合调整。鉴于现阶段，莞康宇宏持有莞康旧改项目地块暂不具备启动开发条件，公 司已与莞康宇宏商定，将现有旧改土地上的24.74万平方米厂房物业选择优质租户出租，预计租金收入 回款可以支付股东借款本金和利息。 格隆汇9月26日丨深康佳A(000016.SZ)公布，近日，公司对莞康宇宏的股东借款期满，鉴于莞康旧改项 目的进度不及预期，为施加压力加快项目进展，保障资金安全，公司要求莞康宇宏按合同约定归还公司 提供的股东借款本金1.96亿元及其利息，但莞康宇宏因资金不足，无法及时归还，导致股东借款逾期。 ...

教育部等6部门印发《县域普通高中振兴行动计划》。《行动计划》明确五大任务：一要扩资源，适应 学龄人口变化，科学优化资源配置，加快扩大公办学位供给；二要提质量，健全德智体美劳全面培养体 系，推进"五育"融合发展，深化课程教学改革，健全师资队伍建设机制；三要强保障，健全经费投入机 制，加大省、市两级对教育基础薄弱地区县中的投入支持力度，优化教师工资待遇保障，按标准足额拨 付生均公用经费；四要优生态，树立科学教育理念，坚决纠正片面追求升学率倾向，严格规范县中办学 行为，深化评价改革，整治违规跨区域掐尖招生，禁止抢挖县中优秀校长和教师；五要促融通，推动高 中特色多样发展，持续优化职普结构，推进职普协调发展。 （文章来源：第一财经） ...

Core Viewpoint - A coalition of former U.S. Federal Reserve chairs, Treasury Secretaries, and economists urges the Supreme Court not to allow President Trump to dismiss Fed Governor Lisa Cook, warning that such an action could jeopardize the health of the U.S. economy and undermine the independence of the Federal Reserve, potentially leading to increased inflation [1][2][3]. Group 1: Concerns Over Fed Independence - The coalition argues that allowing Trump to dismiss Cook during her legal challenge would weaken public trust in the Fed and disrupt its efforts to stabilize prices, increase employment, and regulate long-term interest rates [1][2]. - Economists have reached a consensus that greater independence for central banks correlates with lower and more stable inflation without increasing unemployment, thus supporting the Fed's dual mandate of price stability and maximum employment [1][3]. Group 2: Historical Context and Warnings - The document references former Fed Chair Arthur Burns, who faced political pressure from President Nixon in the 1970s, leading to a period of high inflation and economic instability due to a lack of independence [2][3]. - The former officials emphasize that a non-independent central bank tends to pursue short-term gains, which can result in long-term economic damage [3]. Group 3: Legal Proceedings and Implications - Cook's legal team argues that Trump's request to dismiss her before the conclusion of the lawsuit would severely undermine the Fed's independence and could create chaos in financial markets [8][10]. - The Supreme Court's decision will hinge on whether Trump has "just cause" under the Federal Reserve Act to dismiss Cook, with her lawyers asserting that the allegations against her are unsubstantiated and politically motivated [9][11]. Group 4: Support from High-Profile Officials - The coalition includes prominent figures from both political parties, such as former Fed Chairs Alan Greenspan, Ben Bernanke, and Janet Yellen, as well as former Treasury Secretaries like Robert Rubin and Larry Summers [4][6]. - Alan Blinder, a former Fed Vice Chair, noted that there is a strong bipartisan consensus against undermining the Fed's independence, warning that if Trump can dismiss Cook, he could do so to any Fed official, eroding the institution's credibility [6].

Market Overview - On September 25, A-shares experienced a volatile upward trend, with the ChiNext Index rising over 2% at one point, reaching a three-year high [1] - The Shanghai Composite Index closed at 3853.30 points, down 0.01%; the Shenzhen Component Index closed at 13445.90 points, up 0.67%; and the ChiNext Index closed at 3235.76 points, up 1.58% [1] - The total trading volume in the Shanghai and Shenzhen markets was 239.18 billion yuan, an increase of 44.6 billion yuan compared to the previous trading day [1] International Indices - The Nikkei 225 Index closed up 0.27% at 45754.93 points, while the Korean Composite Index fell 0.03% to 3471.11 points on the same day [2] - Domestic commodity futures saw most main contracts rise, particularly in copper [2] Bond Market - On September 25, the performance of government bond futures was mixed, with the 30-year bond futures (TL2512) closing at 114.110 yuan, up 0.120 yuan (0.11% increase) [2] - The 10-year bond futures (T2512) closed at 107.610 yuan, down 0.010 yuan (0.01% decrease) [2] - The 5-year bond futures (TF2512) closed at 105.525 yuan, down 0.015 yuan (0.01% decrease) [2] - The 2-year bond futures (TS2512) closed at 102.314 yuan, down 0.010 yuan (0.01% decrease) [2] ETF Performance - On September 25, various ETFs showed mixed results, with the Cloud 50 ETF (560660) rising 4.02%, and the Big Data Industry ETF (516700) increasing by 3.60% [3] - Conversely, the Hong Kong Dividend ETF (513690) fell by 1.77%, and the Hong Kong Dividend Low Volatility ETF (520890) decreased by 1.64% [3] Institutional Insights - Guohai Securities' strategy team released a report indicating that A-shares are expected to advance further in Q4 2025, driven by policy and liquidity, with a more balanced style [4] - Barclays' research team noted that the Federal Reserve's loose monetary policy, global economic slowdown, and reduced market volatility create favorable conditions for emerging market assets [4] - UBS Wealth Management's CIO office suggested that gold prices may have further upside potential due to expected declines in U.S. real interest rates amid continued high inflation [4] - Luo Zhiheng, Chief Economist at Yuekai Securities, stated that the current A-share rally is based on a more solid foundation, with sustainability likely to exceed most historical trends [4]

Summary of BOSS Zhipin (BZ) Conference Call Company Overview - **Company**: BOSS Zhipin (BZ) - **Stock Codes**: BZ (US), 2076.HK (H-shares) - **Market Capitalization**: $11.0 billion - **Enterprise Value**: $8.4 billion Key Industry Insights - **Industry**: Online Recruitment in China - **Growth Drivers**: User engagement, AI-driven monetization, and expansion into overseas markets Core Points and Arguments 1. **Target Price and Rating**: - The target price for BOSS Zhipin is raised to $28.00 (15.3% upside) and HK$111.00 for H-shares (19.9% upside) [1][2] 2. **Revenue and Profit Growth**: - Expected revenue and net profit CAGR from 2024 to 2030 is 13% and 16% respectively [1] - Cash billings growth is projected to re-accelerate to +13% YoY in 2H25E [14] 3. **User Growth**: - Monthly Active Users (MAU) expected to grow at a CAGR of 11%, reaching a penetration rate of 40% by 2027 and 50% by 2030 in the Chinese labor market [1] - The job seeker-to-enterprise (C/B) ratio is expected to stabilize around 7.6x [1] 4. **AI Initiatives**: - AI-driven technology upgrades are anticipated to enhance user experience and increase value-added services (VAS) revenue, with ARPPU expected to grow by 2-3% annually from 2026 to 2030 [1][36] - AI recruitment agent "Hammer" is in testing, aiming to automate the hiring process [41] 5. **Overseas Expansion**: - The Hong Kong subsidiary, OfferToday, is the first step in overseas expansion, with a potential revenue scale of $150 million [2] - OfferToday has quickly become a leading online recruitment platform in its first year [2] 6. **Financial Forecasts**: - Main business revenue projections for 2024-2027 are Rmb 7,355.7 million, Rmb 8,234.1 million, Rmb 9,311.1 million, and Rmb 10,566.8 million respectively [10] - EBITDA is projected to grow from Rmb 2,818.5 million in 2024 to Rmb 5,057.4 million in 2027 [10] 7. **Market Position**: - BOSS Zhipin leads the online recruitment industry in China in terms of user scale and engagement [17] - The company is focusing on blue-collar job segments, which are expected to drive revenue growth [31] 8. **Risks**: - Potential risks include macroeconomic downturns, execution challenges in AI initiatives, and increased competition [13] Additional Important Insights - **R&D Investment**: The company plans to allocate 21% of its revenue to R&D in 2025, indicating a strong commitment to innovation [2] - **Customer Mix**: The internet/AI sector is a significant revenue contributor, accounting for 30% of total revenue [21] - **Sales and Marketing Efficiency**: Sales and marketing expenses have decreased both in absolute terms and as a percentage of revenue, indicating improved operational efficiency [19] This summary encapsulates the key insights and projections regarding BOSS Zhipin's performance and strategic direction, highlighting its growth potential and the impact of AI on its business model.