Regulatory Governance - Tencent responded to the lawsuit from miHoYo, stating that the request for QQ user data can only be fulfilled through formal judicial procedures due to privacy laws [2] - A new civil lawsuit between miHoYo and Tencent is set to be heard on September 5 in Shenzhen [2] Industry Trends - The express delivery industry is experiencing a price increase in key regions such as Guangdong and Zhejiang, driven by national "anti-involution" policies [3] - Analysts predict that the average price per delivery will rise, improving company profits and enhancing the income stability of delivery personnel [3] Legal Developments - A U.S. court ruled that Google does not need to divest Chrome but must open certain search data to competitors [4][5] - This ruling is part of a significant antitrust lawsuit initiated in 2020, which accuses Google of maintaining its market dominance through high entry barriers [5] AI Developments - Meituan launched its first open-source large model, LongCat-Flash-Chat, which features a mixed expert model architecture and boasts 560 billion parameters [6] - Antom, a brand under Ant Group, introduced an AI agent payment solution that enhances payment intent recognition and transaction traceability [8] - DeepSeek is reportedly developing advanced AI agent functionalities, aiming to compete with leading tech companies like OpenAI [8] - Apple is collaborating with Google to enhance Siri with an AI search tool, integrating a new system called "World Knowledge Answers" [8]

Apple’s new iPhone 17 Air will be the star of its Sept. 9 event. But most buyers should be wary, @markgurman writes in this week’s Power On https://t.co/EImGydxL1v ...

Core Viewpoint - The article highlights key economic events and data releases for the week of September 8-14, focusing on China’s CPI, import/export data, and the U.S. CPI and PPI data, as well as significant corporate earnings reports from Oracle and Adobe [2][4][22]. Economic Data - China’s August import and export data will be released, with previous figures showing a 4.1% increase in imports and a 7.2% increase in exports in July [13]. - The U.S. will release its August CPI report on September 11, which is crucial for the Federal Reserve's policy direction, with expectations of a cooling job market impacting inflation [4][8]. - China’s August CPI is expected to drop to -0.4% due to high base effects and weak food prices, while PPI is also anticipated to show weakness [9][11]. Corporate Earnings - Oracle is set to release its earnings report on September 10, with strong future guidance expected, particularly in cloud infrastructure revenue, projected to grow over 70% by FY2026 [22]. - Adobe will also report earnings during this week, although specific details were not provided [2]. Political Events - In Japan, the deadline for the ruling Liberal Democratic Party to submit applications for an early leadership election is September 8, which could impact the yen depending on the outcome [20]. - France is facing a critical trust vote regarding its budget, which could lead to political instability and economic repercussions if the government fails to secure support [21]. Central Bank Decisions - The European Central Bank is expected to maintain its deposit rate at 2% during its upcoming meeting, reflecting a cautious approach amid ongoing trade disputes [14][15].

Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints of the Report - The expectation of the Federal Reserve to cut interest rates has significantly increased, driving up the price of gold to a new high. Weak economic data such as job vacancies, non - farm employment, ADP employment, and manufacturing PMI in the US have led to a notable rise in the expectation of interest rate cuts, which has affected various asset prices including stocks, bonds, foreign exchange, and commodities [1][2]. - The 9th Federal Open Market Committee (FOMC) meeting may see increased internal divergence, and the new dot - plot may become more dispersed as Fed officials have different stances on interest rate cuts [2][29]. - Trump's policies, including tariff adjustments and actions related to the Federal Reserve, have brought uncertainties to the market, and Trump's net satisfaction rate has declined [3][36]. Summary by Directory 1. Overseas Market One - Week Review - **Equity Market**: US stocks showed a volatile trend this week, with the three major indices having different performances. The S&P 500, Dow Jones, and NASDAQ closed up 0.33%, down 0.32%, and up 1.14% respectively. German DAX, London FTSE 100, Nikkei 225, and South Korea Composite Index also had different trends [1][11]. - **Foreign Exchange Market**: The US dollar fell slightly this week. The US dollar index closed down 0.11%. The euro and yen against the US dollar rose 0.28% and fell 0.24% respectively, and the RMB against the US dollar fell 0.05% [11]. - **Interest Rate Market**: The yield of US Treasury bonds first rose and then fell sharply. The 2Y and 10Y US Treasury bonds fell 8bp and 13bp respectively this week [12]. - **Commodity Market**: Gold rose to a new high, and the price of gold reached $3,600 per ounce. Crude oil prices fell due to the news that OPEC + was considering a new round of production increases. COMEX gold and silver rose 3.61% and 2.09% respectively, and WTI crude oil fell 3.19% [1][12]. 2. Overseas Policies and Important News 2.1 Overseas Central Bank Dynamics - Due to weak employment data, the expectation of interest rate cuts has risen significantly. After the non - farm data was released on Friday, the market began to price in a 50bp interest rate cut in September. According to the CME FedWatch tool, as of September 6, the market expected a 100% probability of an interest rate cut in September, with an 89% probability of a 25bp cut and an 11% probability of a 50bp cut. The market expects a total of 75bp in interest rate cuts in 2025 [2][31]. - Fed officials have different stances. Waller is dovish, Bostic and Musalem are hawkish, and Goolsbee, Williams, and Kashkari are neutral [29][30]. 2.2 Trump Policy Tracking - **Tariff Policies**: The Trump administration appealed to the US Supreme Court to overturn the ruling that Trump's tariffs on multiple countries were illegal. Trump signed an executive order to implement the US - Japan trade agreement, reducing the US tariff on Japanese cars from 27.5% to 15%. The US government will impose tariffs on imported products of semiconductor companies that do not transfer production to the US [3][35]. - **Federal Reserve - Related**: Trump - nominated Fed理事Milan participated in a congressional confirmation hearing this Thursday, reaffirming his commitment to the Fed's independence. The US Department of Justice has launched a criminal investigation into Fed理事Lisa Cook. The candidates for the new Fed chairman are basically locked in three people: Hassett, Warsh, and Waller [35][36]. 3. Overseas Economic Fundamental High - Frequency Tracking - **Overall Prosperity**: As of September 5, the bet on a US economic recession in 2025 on the Polymarket website was 9%, down from 10% a week ago. Bloomberg expects the US economy to grow by 1.62% in 2025, slightly higher than the previous forecast, and the eurozone economy to grow by 1.1%, the same as the previous forecast. The New York Fed and Atlanta Fed's instant forecast models have both lowered their forecasts for the US economic growth rate in Q3 2025 [40][42][44]. - **Employment**: The number of people receiving unemployment benefits exceeded expectations. The number of initial jobless claims rose to 237,000, higher than the expected 230,000 [45]. - **Demand**: Retail sales were stable, and airport security check - in numbers continued to be better than the same period last year. The real estate market activity declined slightly [51]. - **Production**: US crude steel production declined significantly, while the refinery's prosperity was relatively stable [57]. - **Shipping**: International freight rates generally fell, and the export container prices at Chinese ports also declined [59][61]. - **Prices**: The US retail gasoline price rose by 0.25% this week, and the inflation expectation in the swap market decreased. The 1 - year inflation swap rate was 3.303%, down 0.17 percentage points from a week ago [63]. - **Financial Conditions**: The US financial pressure increased, with the credit spread widening and the OFR US financial stress index rising [65]. 4. Next Week's Overseas Important Event Reminders Next week (September 8 - 12, 2025), key overseas events to watch include US inflation data (PPI and CPI growth rates), the European Central Bank's interest - rate meeting, and the US Bureau of Labor Statistics' release of non - farm annual benchmark revision data [6][69].

特斯拉重点由汽车业务转向人形机器人，是实战还是画饼？一个App误判，配送承包商被迫承担天价维 修费，是亚马逊的疏忽还是挖坑？本周，这些公司都遇到点难题，也实施了相应的策略。而这些事件都 指向一个核心，企业战略部署。 转向机器人业务 马斯克在人工智能下"先手棋" 据外媒报道，美国企业家埃隆·马斯克正在淡化特斯拉公司的汽车业务，转而支持仍在开发中的人形机 器人。马斯克在其社交媒体平台回应称，特斯拉约80%的价值将来自Optimus机器人。马斯克对Optimus 商业化的进展预测道，特斯拉可能会在2026年下半年开始向其他公司交付其机器人。2日，特斯拉在其 社交媒体平台正式发布"秘密宏图第四篇章"，其中提及特斯拉在通过打造一系列产品和服务，让人工智 能深度融入到现实世界中。据悉，特斯拉全球汽车交付量在今年上半年下降了13%。尽管如此，随着公 司汽车业务失去动力，马斯克仍然强调了Optimus的潜力。 当汽车业务开始走下坡路时，特斯拉及时转变赛道，盯紧新业务方向不失为力求突破的典范。但上山之 路步履维艰，一方面机器人项目未成体系，另一方面，公司电动汽车形象根深蒂固。转型战略不要停留 在说说而已，市场不会为只会拉满情绪 ...

Group 1: Foreign Exchange Reserves and Gold Holdings - As of the end of August 2025, China's foreign exchange reserves reached $332.22 billion, an increase of $29.9 billion from the end of July, marking a rise of 0.91% [1] - The central bank has increased its gold reserves for the tenth consecutive month, with a balance of $253.843 billion as of the end of August, up by $9.858 billion, and the proportion of gold reserves to total foreign exchange reserves rose by 0.23 percentage points to 7.64%, a historical high [1] Group 2: Regulatory Developments - The China Securities Regulatory Commission (CSRC) held a meeting to support the decision of the Central Commission for Discipline Inspection regarding the investigation of former CSRC Chairman Yi Huiman for serious violations of discipline and law [2] Group 3: Real Estate Policy Changes - Shenzhen has announced new real estate policies to better meet residents' housing needs, including adjustments to purchasing policies for individuals and enterprises, effective from September 6, 2025 [3] Group 4: Fund Management Regulations - New regulations on public fund sales fees were released, which are expected to reduce annual sales fees by approximately $30 billion, a decrease of 34% [4] Group 5: Corporate Actions - Kweichow Moutai's controlling shareholder has received a loan commitment of up to 2.7 billion yuan from Agricultural Bank of China to support stock repurchase plans, with a planned repurchase amount between 3 billion and 3.3 billion yuan [4] - Tonghuashun announced that its controlling shareholder plans to reduce its stake by up to 0.26% due to personal financial needs [5] - Huada Jiutian's shareholder plans to transfer 2.64% of the company's shares through an inquiry transfer due to personal funding requirements [6] Group 6: Market Developments - Hesai Group has initiated a global offering of 17 million Class B shares, with a maximum price of HK$228 per share, aiming to raise funds for R&D and business development [7] - Tesla has unveiled a 10-year compensation plan for CEO Elon Musk, potentially worth $1 trillion in stock if all performance targets are met [8] Group 7: Economic Indicators - The U.S. non-farm payroll report for August showed an increase of only 22,000 jobs, significantly below the expected 75,000, with the unemployment rate rising to 4.3%, the highest since the end of 2021 [11]

摘要 激光焊接+高强钢如何助力钢壳电池新周期？ 近期，一则来自激光设备制造商的财务预测，揭示了消费电子供应链的重大转向。 据联赢激光透露， 仅2025年上半年，其应用于消费电子的小钢壳电池焊接设备订单已达4至5亿元人民币 ，预计下半年订单将持续增长，全年确认 收入或将达到6至8亿元。 该公司高管直接判断："后续发布的新手机，基本上会采用小钢壳电池，我们的设备是有参与的。" 这一判断的背后，是苹果公司在产品策略上的关键变革。继苹果于iPhone 16 Pro首次导入钢壳电池后，市场消息显示，2025年发布的iPhone 17 系列有望全系四款机型均采用该技术。 这标志着手机电池封装在沿着"软包卷绕→软包叠片→钢壳叠片"的路径演进。 消费电池领域，钢壳的浪潮已经蔓延开来。 三星正积极开发其"SUS CAN"不锈钢壳体方案，计划从2026年开始应用于旗舰智能手机。 与此同时，市场消息称， 豪鹏科技已获得Meta新一代AI眼镜的电池供应份额， 预计2025年三、四季度出货量占比将达到30%至40%，并随着产 能与良率爬坡，2026年其份额有望提升至50%、成为主要供应商。 豪鹏科技目前已在其潼湖工业园建成方形钢壳叠片 ...

本文来自微信公众号：爱范儿 （ID：ifanr），作者：发现明日产品的，原文标题：《iPhone 17 Air 配高密度电池、官方电池背夹？韩国运营商最新泄 露》，题图来自：AI生成 周末，韩国运营商 KT（韩国电信）内部的一份 iPhone 17 系列发布细节海报遭到曝光。 对于下周三凌晨即将正式发布的苹果新机，这份海报泄露了大量的技术细节，其中包括一些此前未知或者未经确认的信息。下面我们逐一来看： 17 Air：电池细节 很多消费者期待超薄款 iPhone 17 Air，但最担心的点就是电池太小续航不够。 从 KT 泄露的信息来看，对于续航问题苹果有两手准备：高能量密度电池、背夹电池。 根据上图，iPhone 17 Air 的电池容量为 2800 毫安时，但另一张图里显示为 2900mAh，大差不差。 最下一栏则显示，iPhone 17 Air 将采用高能量密度的电芯，并且提供苹果原装电池背夹。 此前传闻指出，苹果可能会在 17 Air 上使用硅负极电池——对于苹果可能是个新玩意，但对于国产智能手机品牌来说已经不陌生了。 2015 年，苹果首次发布了适用于 iPhone 6 系列的智能电池壳（Smart ...

Core Viewpoint - The Vanguard Growth ETF has demonstrated long-term market-beating performance, primarily driven by growth stocks, particularly in the technology sector [1][8]. Group 1: ETF Performance - The Vanguard Growth ETF has averaged close to 12% annual total returns since its inception in January 2004, outperforming the S&P 500, which averaged around 10.4% during the same period [8]. - In the past decade, the ETF's returns have been even more impressive, indicating strong growth potential [8]. - The ETF is well-equipped to continue being a market beater, with projections suggesting that consistent investments could yield significant returns over 20 years [11]. Group 2: Investment Strategy - Investing in a growth-focused ETF like the Vanguard Growth ETF can help hedge risks associated with individual growth stocks while providing exposure to high-growth companies [3][5]. - The ETF's low expense ratio of 0.04% allows investors to retain more of their returns, making it one of the cheapest growth ETFs available [12]. Group 3: Sector Allocation and Holdings - The Vanguard Growth ETF is heavily weighted towards technology, which accounts for 61.8% of the ETF, with top holdings including Nvidia (12.64%), Microsoft (12.18%), and Apple (9.48%) [6][10]. - The ETF's concentration in a few large-cap tech companies, while not ideal for diversification, has proven effective from a growth perspective [7].

如果把当下最让人迷惑的科技产品拉个清单，AI 硬件网红们绝对榜上有名。 从 699 美元的 Humane Ai Pin 到 200 美元的 Rabbit R1，这些 AI 创业公司都在兜售同一个美丽的谎言：你需要专门的硬件才能体验真正的 AI。 今天，这个名单上又多了一个新成员——AI Key。 这是一款定位于「AI 助手」的外接硬件，厂商宣传它可随插随拔，通过 iPhone 的 USB 接口连接后，能够帮助你动动嘴操作手机上的应用和功能，从消 息、地图到拍照、社交软件，几乎覆盖常见任务。 类似于手机 Agent，它的用法也并不复杂。 只需提出你的需求，确认它调用的应用，接着设备会自动模拟点击、滑动和输入操作。用户既可以盯着它执行，也可以完全交给它处理，并在需要时随时 中止或修改。 值得注意的是，虽然苹果提供了如「快捷指令」这类系统级自动化工具，但第三方应用无法深度调用或控制其他应用的行为，这也解释了为什么市场上会 出现这类试图填补空白的外接硬件。 外观小巧的它拥有三种配色：午夜黑、蛋奶白和达维粉，售价 89 美元，厂商承诺圣诞节前全球发货。创始人 Adam Cohen Hillel 在 X 平台表示，首批产 ...