Core Insights - The third National Skills Competition concluded in Zhengzhou, with New Oriental Culinary students achieving notable success, including one gold medal and one bronze medal [1][5]. - The event highlighted the effectiveness of vocational education in cultivating high-quality skilled talent, aligning with the national strategy of "Skill Strong Nation" [5][6]. Group 1: Awards and Achievements - Wang Zhiwei from the Anhui team won the gold medal in the Western Cuisine category [1][3]. - Wang Tianxiang from the Anhui team secured the bronze medal in the Sugar Art and Western Pastry category [1][5]. - New Oriental Culinary students collectively won six merit awards across various categories, showcasing their diverse skills [1][5]. Group 2: Educational Impact - The achievements at the competition serve as a strong validation of New Oriental Culinary's teaching standards and the effectiveness of the "competition-based education" model [5][6]. - New Oriental Culinary has trained hundreds of thousands of skilled talents over the years, embodying the value of "skills change destiny" [5][6]. - The organization aims to continue developing precise talent cultivation paths and practical teaching models to support national needs and industry upgrades [6].

Core Viewpoint - Geely's new "Dongfangyao" series has been officially launched, with a price range of 98,700 to 179,700 yuan, aiming to enhance its product matrix in the high-end fuel vehicle market [2][5]. Product Launch - The "Dongfangyao" series includes two main product lines: Xingrui and Xingyue L, with a total of six versions for Xingrui priced between 98,700 and 138,700 yuan, and three versions for Xingyue L priced between 158,700 and 179,700 yuan [2]. - The series features two power combinations: 2.0TD+8AT and 1.5TD+7DCT for Xingrui, and three 2.0TD+8AT models for Xingyue L [2]. Brand and Cultural Initiatives - Geely's "Cultural Tourism Exploration Plan" has launched its fourth season in Dunhuang, integrating traditional culture with modern technology and tourism experiences [2]. - Strategic partnerships have been established with the Dunhuang municipal government and Henan TV to promote cultural events and automotive-related cultural products [2]. Design and Technology - The series emphasizes differentiated product strength across five dimensions: design, technology, driving control, comfort, and safety [3]. - The design draws inspiration from Dunhuang Silk Road aesthetics, featuring exclusive colors and interior elements that reflect traditional culture [3]. - The vehicles are equipped with GEEA 3.0 electronic architecture and AI capabilities for enhanced performance and user experience [3]. Performance and Comfort - All models are powered by a 2.0TD engine with a maximum power of 200 kW and peak torque of 400 N·m, achieving 0-100 km/h in 6.5 seconds [4]. - The Xingyue L model includes advanced comfort features such as seat massage and adjustable rear seat backs [4]. Safety Features - The new series incorporates nine safety systems based on four core safety concepts, including high-strength materials and advanced active safety features [4]. - The vehicles are equipped with an AEB system capable of stopping at speeds up to 120 km/h, with future OTA updates planned for enhanced safety features [4]. Market Performance - Fuel vehicles still hold a 49.9% market share in China's passenger car market, with Geely maintaining a dual strategy of investing in both fuel and new energy vehicles [5]. - Geely's total sales are projected to exceed 1.4 million units by mid-2025, with a market share of 10.4%, and the "Geely China Star" series leading in fuel vehicle sales among Chinese brands [5]. - The launch of the "Dongfangyao" series further enriches Geely's product offerings, providing consumers with high-end fuel vehicle options that balance intelligence, comfort, and mechanical performance [5].

Core Viewpoint - Geely's new Dongfangyao series aims to redefine the value of fuel vehicles amidst the dominance of new energy models, emphasizing "Chinese design, intelligent technology, ultimate driving control, comfort, and Chinese-style safety" [2][13] Product Launch and Pricing - The Dongfangyao series includes the Xingrui and Xingyue L models, with prices ranging from 98,700 to 179,700 yuan, offering various power combinations [2] - The Xingrui model features two power options (2.0TD+8AT and 1.5TD+7DCT) across six versions, while the Xingyue L offers three 2.0TD+8AT models [2] Marketing Strategies - Geely is implementing user engagement activities, including a collaboration with Meizu to offer limited edition smartphones to select buyers and a test drive event with a cultural brand [4] - The "Cultural Tourism Exploration Plan" continues to promote cultural integration with automotive experiences, focusing on Dunhuang aesthetics and Silk Road culture [4] Design Philosophy - The design of the Dongfangyao series is centered around "Dunhuang aesthetics," featuring exclusive colors and materials that reflect cultural depth rather than superficial cultural symbols [7] - The shift from traditional design elements to a more refined cultural essence aims to meet consumer demand for "subtle luxury" [7] Intelligent Technology - The series incorporates the GEEA 3.0 electronic architecture and Xingrui AI model, enhancing vehicle intelligence and connectivity [8] - The architecture supports advanced features such as a central super brain for decision-making and significantly improved data transmission speeds [8] Driving Experience and Performance - The Dongfangyao series is equipped with advanced driving assistance systems and a powerful engine, achieving 0-100 km/h in 6.5 seconds [10] - The Xingyue L model features a sophisticated four-wheel-drive system, enhancing performance in various driving conditions [10] Comfort and User Experience - The Xingyue L offers premium comfort features, including a massage function for the driver and passenger seats, and advanced sound systems for an immersive experience [12] - The focus on detailed comfort enhancements aims to cater to family users and long-distance travel needs [12] Market Position and Strategy - Despite the rise of new energy vehicles, fuel vehicles still hold a significant market share in China, with Geely achieving a 10.4% market share and a 21% growth in the Dongfangyao series [13] - Geely's dual strategy of promoting both fuel and new energy vehicles reflects a commitment to meeting diverse consumer needs while leveraging intelligent technology to enhance fuel vehicle value [13][14]

Group 1 - U.S. stock market experienced a significant drop on September 23, with major indices closing lower: Dow Jones down 0.19%, Nasdaq down 0.95%, and S&P 500 down 0.55% [1] - Major tech stocks saw declines, with Oracle down over 4%, Amazon down over 3%, Nvidia down over 2%, and Microsoft down over 1% [1] - The Nasdaq Golden Dragon China Index fell by 2.22%, with notable declines in Chinese concept stocks: Baidu down over 8%, Zhihu down over 5%, Bilibili down over 4%, and New Oriental and JD down nearly 3% [1] Group 2 - Federal Reserve Chairman Jerome Powell indicated increased risks in the job market, which influenced the Fed's recent decision to lower interest rates [1] - Powell described the Fed's policy shift as moving towards a "neutral" stance, emphasizing that there is no preset direction for future policies [1] - Current inflation levels remain slightly above target, with the August core PCE inflation rate expected to be 2.3%, primarily driven by tariff impacts rather than widespread inflationary pressures [1] Group 3 - Powell noted that some asset prices are relatively high compared to historical levels, with stock price valuations appearing quite elevated based on various indicators [1] - Signs of slowing consumer spending and weakened business confidence were highlighted, alongside a decrease in labor market vitality [1] - Powell anticipates that tariffs may lead to a temporary rise in inflation over the next few quarters, but the Fed aims to prevent transient price increases from becoming a persistent issue [1] Group 4 - International gold prices increased, with COMEX gold futures rising by 0.58% to $3796.9 per ounce, and COMEX silver futures up by 0.12% to $44.265 per ounce [2]

Market Overview - The market is expected to maintain a range-bound movement between 3700 and 3900 in the short term [1][16] - Major U.S. stock indices experienced a collective decline, with the Dow Jones down 0.19%, S&P 500 down 0.55%, and Nasdaq down 0.95% [4][3] - Large tech stocks faced pressure, with notable declines in Amazon (down 3.04%), Nvidia (down 2.82%), and Tesla (down 1.93%) [4] Economic Indicators - The preliminary Purchasing Managers' Index (PMI) for the U.S. showed a slowdown in both manufacturing and services, with the manufacturing PMI at 52.0, down from 53.0 in August [4] - The OECD projected a global economic growth rate of 3.2% for 2025, an increase of 0.3 percentage points from its June forecast [7] Corporate Actions - Lakala announced that Legend Holdings reduced its stake by 807.81 million shares, bringing its holding to 23.97% [11] - Xinhuajin is at risk of being subject to other risk warnings and potential delisting due to non-operational fund occupation amounting to 406 million yuan [12] - Weixinno plans to invest 5 billion yuan in a new display industry innovation center in collaboration with Kunshan Weixin [13] - Ganli Pharmaceutical signed a supply framework agreement worth no less than 3 billion yuan related to insulin products [14]

Core Viewpoint - The announcement details a correction and apology from the largest shareholder of New Oriental New Materials Co., Ltd., regarding inaccuracies in a previously disclosed report related to equity changes [2][3]. Group 1: Correction of Report - The largest shareholder, Jiangsu Teliang New Materials Technology Co., Ltd. (Teliang), and its action-in-concert party, Wuxi Hongsheng Dingrong Investment Management Partnership (Limited Partnership), received an administrative regulatory decision from the China Securities Regulatory Commission [2]. - The correction pertains to the "Brief Report on Equity Changes" disclosed on May 30, 2025, which contained violations of the regulations outlined in the "Measures for the Administration of the Acquisition of Listed Companies" [2]. - Other contents of the report remain unchanged despite the corrections [2]. Group 2: Apology Statement - Teliang expressed sincere apologies to the company and investors for the inaccuracies in the report [3]. - The company and its action-in-concert party committed to strictly adhering to relevant laws and regulations in future disclosures related to equity changes and acquisitions [3]. - They emphasized the importance of ensuring that all announcements are truthful, accurate, and complete moving forward [3].

Market Overview - US stock market rose again on the last trading day of the Federal Reserve's interest rate meeting, with tech stocks benefiting from the continued impact of interest rate cuts, while small-cap stocks retreated from record highs, leading the three major US stock indices to close at historical highs [1] - "Triple Witching Day" resulted in massive trading volume, marking the third-largest trading day on record [1] Stock Performance - The S&P 500 index rose by 32.40 points, or 0.49%, closing at 6664.36 points, marking a weekly increase of 1.22% [8] - The Dow Jones Industrial Average increased by 172.85 points, or 0.37%, closing at 46315.27 points, with a weekly gain of 1.05% [8] - The Nasdaq Composite rose by 160.751 points, or 0.72%, closing at 22631.476 points, with a weekly increase of 2.21% [8] - The Russell 2000 index fell by 0.77%, closing at 2448.769 points, but still recorded a weekly gain of 2.16% [8] Sector Performance - The oil and gas ETF fell by 2.13%, while the S&P energy sector declined by 1.34% [6] - The solar energy sector rose by 1%, and utilities increased by 0.64% [6] Notable Stocks - Xiaoma Zhixing surged by 18.4% after announcing plans to achieve key profitability targets by early 2026, with expected Robotaxi production of 1000 units this year [4][12] - WeRide's stock rose over 10% following the receipt of a Level 4 license for its autonomous minibuses in Belgium [4] - Infosys dropped by 4% due to news of a proposed $100,000 fee increase for H-1B visas [7] Commodity and Currency Markets - Gold regained momentum, rising over 1% and marking its fifth consecutive week of gains [1][30] - Silver reached $43 per ounce for the first time in 14 years, with a year-to-date increase of nearly 49% [7][30] - WTI crude oil fell for the third consecutive day, closing at $62.68 per barrel, with a weekly decline of over 0.01% [30][31]

Group 1 - The Nasdaq China Golden Dragon Index increased by 2% on Wednesday, indicating a positive trend for popular Chinese concept stocks [1] - Baidu (BIDU.US) and NIO (NIU.US) both rose over 6%, reflecting strong market performance [1] - GDS Holdings (GDS.US) saw an increase of nearly 4%, while Pinduoduo (PDD.US) and New Oriental (EDU.US) both rose by 3%, showcasing a broad-based rally among these stocks [1]

Summary of Conference Call Records Industry Overview - The service consumption in China is significantly lower than in developed countries, currently at approximately 30% compared to 70% in the US, indicating substantial growth potential [1][2] - The new policies aim to enhance service consumption, particularly in the cultural and tourism sectors, with local governments actively improving service quality [1][2] Key Policy Insights - Five major increments in the new policy include: 1. Optimizing student holiday arrangements to explore spring and autumn breaks, benefiting tourism [1][4] 2. Encouraging IP collaborations to promote cross-industry partnerships [1][4] 3. Linking sports events with cultural tourism to boost consumer engagement [1][4] 4. Promoting AI applications in various sectors such as e-commerce and education [1][4] 5. Regulating non-academic training institutions to encourage market-oriented vocational training [1][4] Impact on Specific Sectors - **Tourism and Hospitality**: - The expansion of the visa-free entry policy is expected to significantly boost inbound tourism, particularly benefiting major cities like Beijing and Shanghai, as well as OTA platforms and hotels [3][9][12] - **Cultural and Sports Events**: - The policy encourages the introduction of international sports events and supports local sports activities, which will benefit event organizers and related industries, enhancing investor expectations [1][6] - **Education and Training**: - The new regulations for non-academic training institutions will favor companies like New Oriental and others in the vocational training sector [7][8] Financial and Economic Support - The government plans to utilize central budget investments and local special bonds to support cultural tourism and elderly care facilities, which will attract social capital investment [13] - Financial tools will be employed to increase credit availability, directly benefiting companies involved in consumer lending, such as Chongqing Department Store [13] Additional Considerations - The adjustment of student holiday schedules is anticipated to increase tourism frequency while alleviating congestion during peak seasons [11][12] - The integration of AI in service sectors is expected to enhance operational efficiency and reduce costs, indicating a significant trend in future consumption development [10]

Group 1 - New Oriental (EDU.US) shares rose by 2.21% to $54 in pre-market trading following the announcement of policies aimed at expanding service consumption by the Ministry of Commerce and eight other departments on September 16 [1] - The policies encourage institutions to conduct vocational skills training in a market-oriented manner and improve training evaluation mechanisms [1] - The initiative includes the development of community colleges, citizen night schools, and senior training programs, providing quality skills and cultural arts training [1] Group 2 - The policies also promote the cultivation of a diversified education and training market, regulating the development of non-academic education and training in cultural arts, technology, and sports [1] - Eligible online and offline non-academic training institutions can apply for administrative licenses in accordance with the law [1]