Core Viewpoint - The public fund fee reform is advancing comprehensively, with money market funds becoming a new focus for fee reductions, which is expected to lower investor costs and promote high-quality industry development [1][4]. Group 1: Fee Reduction Announcements - Multiple money market funds have announced fee reductions, including Tianhong's Yu'ebao, which lowered its custody fee from 0.08% to 0.07%, effective September 23 [2]. - Other funds, such as Guoxin Guozheng and E Fund, have also reduced their management and custody fees, indicating a trend in the industry [2][3]. - The recent fee reductions are seen as a response from leading products to the ongoing fee reform, potentially encouraging more similar products to follow suit [2][3]. Group 2: Regulatory and Market Context - The surge in fee reductions among money market funds is attributed to regulatory guidance, industry development needs, and investor demands, with expectations for more funds to follow [4]. - The China Securities Regulatory Commission (CSRC) has been actively promoting fee reductions, with new regulations suggesting that sales service fees for money market funds should not exceed 0.15% per year [4]. - Current weighted average sales service fees for money market funds are around 0.17%, slightly above the proposed regulatory cap, indicating a need for further adjustments [4]. Group 3: Broader Fee Reform Trends - The public fund fee reform has shown a diverse and widespread trend, with leading fund companies reducing fees across various fund types, including active equity funds and ETFs [5]. - Analysts suggest that the fee reform is a significant step in improving the capital market system, aiming not only to lower fees for investors but also to enhance institutional business models and service capabilities [5].

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 270,144,000, an increase of 13.7% compared to RMB 237,593,000 for the same period in 2024[8] - Gross profit decreased to RMB 42,066,000, down 2.7% from RMB 43,233,000 year-over-year[8] - The company reported a net loss of RMB 55,380,000 for the first half of 2025, compared to a net loss of RMB 16,124,000 in the same period of 2024, representing an increase in losses of 243.5%[8] - Basic and diluted loss per share was RMB 0.314, compared to RMB 0.092 for the same period in 2024[11] - The company reported a total loss from segments of RMB 12,462,000 for the six months ended June 30, 2025, with all segments reporting losses[29] - The company recorded a net other loss of approximately RMB 15,823,000, compared to a net other profit of RMB 1,291,000 in the previous year, primarily due to a fair value loss of approximately RMB 18,146,000 on its investment in Shihezi Yike[72] - The group's operating loss for the period was approximately RMB 44,689,000, an increase from RMB 3,547,000 in the same period last year, primarily due to increased administrative expenses and a shift from profit to loss in other income and expenses[75] Assets and Liabilities - Total assets as of June 30, 2025, were RMB 1,474,546,000, compared to RMB 1,514,432,000 as of December 31, 2024[14] - Current liabilities increased to RMB 739,425,000 from RMB 722,638,000 at the end of 2024, indicating a rise of 2.5%[15] - The company’s total equity decreased to RMB 600,949,000 from RMB 655,952,000, reflecting a decrease of 8.4%[15] - The company’s total liabilities as of June 30, 2025, were RMB 873,597,000, an increase from RMB 858,480,000 as of December 31, 2024[32] - Trade payables increased to RMB 254,596,000 as of June 30, 2025, compared to RMB 231,132,000 as of December 31, 2024[56] Cash Flow - Cash and cash equivalents decreased significantly to RMB 41,718,000 from RMB 89,358,000, a decline of 53.3%[14] - Operating cash generated for the six months ended June 30, 2025, was RMB 14,472,000, compared to RMB 7,952,000 for the same period in 2024, representing an increase of 81%[19] - Net cash generated from operating activities for the six months ended June 30, 2025, was RMB 7,496,000, up from RMB 5,918,000 in 2024, reflecting a growth of 26.5%[19] - The net cash used in investing activities for the six months ended June 30, 2025, was RMB 45,182,000, an improvement from RMB 69,573,000 in 2024[19] - The net cash used in financing activities for the six months ended June 30, 2025, was RMB 9,954,000, a significant decrease from RMB 57,629,000 in the previous year[19] Revenue Breakdown - Revenue from the manufacturing and trading business segment was RMB 200,102,000, while the automotive dealership and service business generated RMB 70,042,000[29] - Revenue from external customers in China for the six months ended June 30, 2025, was RMB 113,113,000, an increase from RMB 87,904,000 in 2024[34] - The manufacturing and trading business generated revenue of approximately RMB 200,102,000, up about 6.65% from RMB 187,631,000 in the previous year, driven by new customer acquisition and strong demand in the Chinese passenger car market[69] - The automotive dealership and service business saw revenue rise to approximately RMB 70,042,000, a significant increase of about 40.19% from RMB 49,962,000 in the prior year, supported by government sales promotion policies and financial subsidies[69] Investments and R&D - The company is engaged in the research and development of hydrogen fuel cells, indicating a focus on innovation and market expansion in the automotive sector[21] - The company has completed the construction of its hydrogen fuel cell business facilities and production lines, although this segment has not yet generated revenue as of June 30, 2025[68] - The company is investing RMB 298 million in a fuel cell system production line, which includes design, debugging, and training services[98] - A supplementary agreement was signed to provide an additional membrane electrode production line at no extra cost, with trial products passing third-party inspections[100] Shareholder Information - Major shareholders hold approximately 60.69% of the total issued shares, with significant stakes held by Hong Kong Daodu Industrial Co., Ltd. and its affiliates[145] - AAA Holdings Limited holds 60.69% of the total issued shares, amounting to 10,449,312,134 shares[150] - CDH Fast Two Limited and its related entities collectively own 9.38% of the total issued shares, totaling 1,614,776,043 shares[150] - The total number of issued shares as of June 30, 2025, is 17,216,948,349 shares[150] Corporate Governance - The company has faced disciplinary actions from the stock exchange for delays in disclosing unauthorized transactions totaling approximately RMB 1.76 billion[154] - The audit committee has reviewed the accounting standards and practices adopted by the group during the period[160] - The board has confirmed compliance with the corporate governance code throughout the reporting period[153]

人民网北京9月24日电 （王婧、舒克里）9月23日，马来西亚副总理兼能源及水务转型部部长法迪拉在北京召 开记者会，介绍了此次访华期间取得的多项合作成果。 他还表示，"中国在清洁能源领域的领先地位为马来西亚实现国家能源转型路线图提供了契机。我们将在太阳 能、水电、核能技术、电池储能和抽水蓄能等领域探索合作。" 马来西亚副总理兼能源及水务转型部部长法迪拉在北京召开记者会。人民网 舒克里摄 法迪拉说，中马关系建立在政治互信、经济互依和可持续发展基础上，此次访问坚定了双方在此基础上构建 更高水平、更长远双边关系的共同愿景。"我相信，此次访问成果不仅将惠及中马两国，也将为整个东盟地区带来 积极影响。" 法迪拉指出，中国—东盟博览会（东博会）历经二十余年的发展，已经成为促进贸易往来、深化区域合作的 主要平台，为东盟各国和中国民众带来了切实利益。 在回答人民网记者提问时，法迪拉表示："马来西亚每年都参加东博会。我了解到，马来西亚的产品，尤其是 美容和食品领域的产品，受到广泛欢迎。这正是东博会带来的机遇——推动双方商业交流与贸易发展。" 他强调，不应仅从产业、贸易、投资的角度看待东博会，更应重视其人文交流的价值。东博会为双方 ...

Core Insights - The first Aggregated Intelligent Industry Development Conference (2025) was held in Wuhan, focusing on the theme of "Collaborative Integration of Innovation Chains and Industry Chains to Promote the Development of Aggregated Intelligent Industries" [1] - The conference highlighted the potential of smart vehicles, smart robots, and low-altitude flying vehicles as key components of the aggregated intelligent industry, with a projected global market size of nearly $240 billion by 2030, and China's market expected to exceed $120 billion [1] Group 1: Industry Development and Trends - Zhang Yongwei, Chairman of the Car Hundred Association, emphasized the interconnectedness of smart vehicles, robots, and low-altitude flying vehicles, suggesting they could become new engines for China's industrial exports [1] - The conference featured a forum on the aggregated intelligent industry chain, discussing the need for efficient collaboration and addressing technological bottlenecks in the development of smart robots, low-altitude flying vehicles, and smart vehicles [3] - The low-altitude economy is projected to reach a market size of trillions by 2030, with the need for widespread adoption of personal flying vehicles to achieve market breakthroughs [10] Group 2: Technological Innovations and Applications - Experts discussed the importance of integrating AI capabilities in smart vehicles and robots, highlighting the need for advancements in both physical and cognitive functionalities [5][11] - The development of low-altitude transportation is seen as a crucial solution to urban traffic challenges, with electric flying vehicles expected to significantly reduce manufacturing costs and improve efficiency [4] - The conference underscored the necessity of cross-disciplinary collaboration and the establishment of innovation platforms to drive the aggregated intelligent industry's growth [1][9] Group 3: Policy and Market Dynamics - The former deputy director of the National Postal Bureau proposed six directions for promoting the aggregated intelligent industry, including focusing on practical applications and overcoming key challenges such as cost and safety [10] - The integration of the automotive and aviation industries is expected to facilitate rapid cost reduction and efficiency improvements in low-altitude flying vehicles [11] - The conference also highlighted the importance of developing standards and regulations to keep pace with technological advancements in the aggregated intelligent sector [10][12]

Group 1 - The first Aggregated Intelligent Industry Development Conference was held in Wuhan, focusing on the theme of "Collaborative Integration of Innovation Chains and Industry Chains to Promote the Development of Aggregated Intelligent Industries" [1] - The three main components of aggregated intelligence are smart cars, smart robots, and low-altitude flying vehicles, which are expected to drive China's industrial exports, with a projected global market size of nearly $240 billion by 2030 and over $120 billion for China [1][2] - The conference emphasized the importance of building a collaborative innovation platform across various fields and disciplines to accelerate the development of the aggregated intelligent industry in Wuhan [1] Group 2 - The morning session of the conference included a forum focused on creating an efficient collaborative aggregated intelligent industry chain, discussing common electric and intelligent components for smart robots, low-altitude flying vehicles, and smart cars [2] - Zhang Yongwei, Chairman of the Car Hundred Association, proposed four recommendations to enhance the aggregated intelligent industry, including cost reduction in manufacturing, expanding into international markets, and improving the development mechanism [2] - The afternoon session addressed the application and industrialization of innovative technologies, highlighting the need for collaboration among government, industry, academia, and finance to overcome key challenges [6] Group 3 - Experts discussed the potential of low-altitude transportation as a solution to urban traffic issues, with electric flying cars expected to significantly reduce manufacturing costs and improve efficiency [3] - The integration of electric and intelligent technologies is driving the automotive industry towards low-altitude flying vehicles and humanoid robots, emphasizing the need for ecological reconstruction rather than simple technological overlap [7] - The market for intelligent robots is projected to grow rapidly, with a compound annual growth rate of 23% over the next four years, potentially reaching a market size of $100 billion by 2028 [9]

Group 1 - The 2025 "Global POD Ecosystem + Cross-Border E-commerce Trend Selection Conference" was held in Shenzhen from September 19, organized by Miduo Technology [1] - CEO of Miduo Technology, Deng Hai, emphasized that digitalization and new globalization driven by digital technology present significant opportunities [1] - Deng Hai outlined the evolution of China's cross-border e-commerce in three stages: the "Wild Era" focused on "selling out," the "Chaotic Era" with intensified competition, and the current "Awakening Era" aimed at "brand globalization" [1] Group 2 - According to data from the General Administration of Customs, China's cross-border e-commerce export value is projected to reach approximately 2.15 trillion yuan in 2024, representing a year-on-year growth of 16.9% and accounting for 8.5% of total goods trade exports [1] - Major export destinations include the United States, the United Kingdom, and Germany, with consumer goods dominating exports across categories such as apparel, digital products, and home appliances [1] - The report highlighted that the sources of goods remain concentrated in coastal provinces such as Guangdong, Zhejiang, and Fujian [1] Group 3 - The founder of Global Custom Network, Liu Hong, released the "2025 Global POD Customization Trends Report" during the conference [2] - POD (Print on Demand) is expanding its categories and application scenarios, extending from clothing and footwear to home goods, jewelry, pet supplies, and digital accessories [2] - The integration of POD into various channels such as TikTok Shop, Amazon, Temu, and independent sites has garnered significant attention during the conference [2]

Core Viewpoint - The Trump administration is pushing the concept of "moderate long-term interest rates" into the core of monetary policy, potentially disrupting decades of investment norms on Wall Street [1][2] Group 1: Policy Implications - The reference to "moderate long-term interest rates" by the Trump-nominated Federal Reserve nominee, Milan, has sparked significant discussion among bond traders, highlighting a previously overlooked "third mandate" of the Federal Reserve [1][2] - This shift indicates the Trump administration's willingness to leverage Federal Reserve regulations to justify intervention in the long-term bond market, which could undermine the Fed's long-standing independence [2][3] Group 2: Market Reactions - Analysts are exploring various potential methods the Trump administration and the Federal Reserve might employ to control long-term interest rates, prompting adjustments in investment strategies [3] - Possible policy options include the Treasury selling more short-term Treasury bills while repurchasing longer-term bonds, or more aggressive measures like quantitative easing (QE) to purchase bonds [3][4] Group 3: Historical Context and Risks - Historical precedents for Federal Reserve intervention in long-term rates include actions taken during World War II and the post-war period, as well as during the global financial crisis and the COVID-19 pandemic [5][6] - Concerns about inflation risks are prevalent, with warnings that attempts to suppress long-term rates could backfire if inflation remains above target levels [6][8] Group 4: Debt and Interest Rate Dynamics - The ambiguity surrounding the term "moderate long-term interest rates" allows for broad interpretations, which could justify various policy actions [7] - The current level of 10-year Treasury yields around 4% is significantly lower than the historical average of 5.8% since the early 1960s, suggesting that unconventional policies may not be necessary [7] - The U.S. national debt has reached $37.4 trillion, with expectations that lower interest rates will help reduce the cost of financing this substantial debt [7][8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 NEW FOCUS AUTO TECH HOLDINGS LIMITED 新焦點汽車技術控股有限公司* 天津中財商業保理有限公司保理合同之最新進展 本公告乃新焦點汽車技術控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱 為「本 集 團」）自 願 刊 登。茲 提 述 本 公 司 日 期 為 二 零 二 五 年 七 月 十 七 日 及 二 零 二 五 年 七 月二十三日的公告（「該等公告」），內 容 有 關 批 准 與 天 津 中 財 商 業 保 理 有 限 公 司 訂 立 保 理 合 同 事 項。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 匯 與 該 等 公 告 所 界 定 者 具 有 相 同 涵 義。 董 事 會 謹 此 宣 佈，截 至 二 零 二 五 年 九 月 十 六 日，紐 福 克 斯 光 電（上 海）已向天津 中 財 ...

Group 1 - Short-term futures traders engaged in profit-taking after recent gold price increases, leading to pressure on prices [1] - December gold futures rose by $17 to $3703.4 per ounce during trading [1] Group 2 - U.S. and Chinese trade officials held high-level talks in Madrid, focusing on trade issues and global economic conditions [3] - China announced an investigation into the U.S. semiconductor industry, citing NVIDIA for potential antitrust violations [3] - Fitch Ratings downgraded France's credit rating from AA- to A+ due to rising public debt and political instability [3] - Fitch warned that France's fiscal consolidation policy space will be constrained as the 2027 presidential election approaches, predicting a fiscal deficit above 5% of GDP from 2026 to 2027 [3] Group 3 - Global financial markets are focused on the upcoming FOMC meeting, with expectations of a 25 basis point rate cut [4] - This would mark the first easing of monetary policy since November 2024, in response to signs of economic weakness [4] - The latest economic outlook report is expected to show weakening growth momentum and rising unemployment [4] Group 4 - From a technical perspective, December gold futures bulls have a strong advantage, with the next target above $3750 per ounce [6] - The first resistance level is at $3700 per ounce, followed by a weekly contract high of $3715.2 per ounce [6] - The first support level is at the overnight low of $3662.8 per ounce, then $3650 per ounce [6]

智通财经APP讯，新焦点(00360)发布公告，公司已向联交所提供完全遵守指示的书面证明，确认佟飞已 完成培训。公司亦确认佟飞已全面遵守声明所述的培训规定。 ...