Market Overview - The US stock market experienced a slight decline on Thursday, with major indices falling for three consecutive trading days due to economic data increasing uncertainty about the Federal Reserve's future interest rate cuts [2] - The Dow Jones Industrial Average dropped by 173.96 points to close at 45,947.32, a decrease of 0.38%; the S&P 500 fell by 33.25 points to 6,604.72, down 0.50%; and the Nasdaq Composite decreased by 113.16 points to 22,384.70, also down 0.50% [2] Sector Performance - Most sectors in the S&P 500 closed lower, with only the energy sector rising by 0.9% and the technology sector slightly increasing by 0.03% [2] - Large-cap tech stocks showed mixed performance, with Tesla down 4.38%, Meta down 1.54%, and Amazon, Microsoft, and Google all declining by up to 0.94%. In contrast, Nvidia rose by 0.41%, and Apple increased by 1.81% [2] Economic Indicators - Intel shares surged by 8.9% following reports of discussions with TSMC regarding potential investment or collaboration [3] - The Nasdaq China Golden Dragon Index rose by 0.42%, with notable gains from Kuaishou (over 6%), NIO, Xpeng Motors, and Bilibili (over 4%), while Alibaba fell by 0.55% [3] - The US Labor Department reported a decrease of 14,000 in initial jobless claims for the week ending September 20, adjusted to 218,000, indicating resilience in the labor market [3] - The Bureau of Economic Analysis revised the second quarter GDP growth rate to an annualized 3.8%, the fastest in nearly two years, driven by strong consumer spending and business investment [3] Federal Reserve Insights - Recent statements from Federal Reserve officials have added uncertainty to the policy outlook, with Chicago Fed President Austan Goolsbee expressing concerns about rapid interest rate cuts amid ongoing inflation risks [3] - Market expectations for another 25 basis point rate cut in October have decreased from approximately 92% to 83.4% [4] Investment Sentiment - Investors are looking forward to upcoming quarterly earnings reports, particularly in the context of high stock valuations [4] - Cherry Lane Investments' partner Rick Meckler noted that current valuations are historically high, but government support for large tech companies appears to be a positive factor [4] Bond and Commodity Markets - In the bond market, the yield on the 10-year US Treasury rose by 3 basis points to 4.177%, while the 2-year yield increased by 6.5 basis points to 3.663% [4] - In commodities, WTI crude oil futures fell by 0.02% to $64.98 per barrel, while Brent crude rose by 0.18% to $68.58 per barrel. COMEX gold futures increased by 0.08% to $3,771.10 per ounce [4]

摩尔线程科创板IPO上会； 2025人工智能计算大会在北京举办； 2025·青岛创投风投大会举办。 机构预计，节前上证指数围绕3800点进行窄幅震荡。 【财经日历】 COMEX黄金期货上涨0.08%，报3771.1美元/盎司。 ►►商务部获得的初步证据和信息显示，根据墨西哥《国会公报》2025年9月9日刊登的关于调整多项进口税的提案，墨西哥政府拟对中国等非自贸伙伴的产 品提高进口关税税率，该措施将严重损害中国企业的贸易投资利益。依据《中华人民共和国对外贸易法》第三十六条、第三十七条及《对外贸易壁垒调查规 则》第十二条、第三十五条的规定，商务部决定自2025年9月25日起对墨西哥相关涉华限制措施启动贸易投资壁垒调查。 ►►9月25日，农业农村部召开全国粮油作物大面积单产提升暨"三秋"生产视频会，部党组书记、部长韩俊出席会议并讲话。会议要求，要抓实抓好"三 秋"生产重点工作，毫不放松抓好秋粮收获，确保"颗粒归仓"，着力抓好冬小麦生产，持续巩固冬油菜扩种成果，确保冬小麦、冬油菜种足种满。要稳定"菜 篮子"产品生产供给，抓好冬春蔬菜稳产保供，强化生猪产能综合调控，持续抓好肉牛奶牛产业纾困，切实做好保供稳价工作。要严抓 ...

Group 1 - The Vice President of Douyin stated that many so-called "Byte concept stocks" contain false information and urged caution among investors [1] - Douyin's management emphasizes the importance of rational and cautious investment principles, focusing on value and fundamentals rather than speculative hype [1] Group 2 - Chasing Technology denied rumors of "mandatory employee co-investment," clarifying that no such policy exists [2] - The company advocates for market-oriented, professional, and compliant practices in investment and management [2] Group 3 - XPeng Motors and Alibaba Cloud signed a cooperation agreement to promote post-quantum security technology in the automotive sector [3] - The collaboration aims to enhance safety algorithms in vehicles and expand applications to AI, V2X, chips, robots, and flying cars [3] - This partnership is expected to alleviate consumer concerns regarding the safety of smart vehicles and foster innovation within the automotive industry [3]

作者 / 张霖郁 编辑 / 黄大路 设计 / 土 豆 9月中旬，在一家德系豪华品牌新车型的发布会上，《汽车商业评论》了解到他们已开始削减商超店的数量。 "新店的开店比例上，我们将把商超店控制在20%以下，尽管我们需要商超店曝光，但成本太高，效率又太低。"该品牌的营销负责人告诉《汽车商业 评论》。 2013年，特斯拉在北京侨福芳草地开设了国内首家购物中心直营店，这种线上下单、线下体验的新零售方式，引发"造车新势力"品牌如蔚来、小鹏、 理想等纷纷跟进，在城市核心商圈的购物中心设立体验店或展厅。 然而进入2023年后，这一趋势出现了明显下滑。 头部新能源车企开始收缩商场门店，中小品牌因资金压力缩减网点，消费者的新鲜感也有所下降。 一些高端购物中心发现，"车越来越多，客流却不增反降"，曾经炙手可热的汽车体验店模式正在经历降温和转型。 《汽车商业评论》研究了从2019年至2024年各大车企公开的渠道信息，基本的结论是，商超店以及传统车企之前运营的直营模式，其规模正在缩减， 但即便传统车企更多回归到4S店模式，但整个的流程路径也已经发生变化。直面消费者，是本质。 新势力关闭部分商超店 新能源汽车和豪华品牌在购物中心开设门 ...

Group 1 - Cyres has received approval from the China Securities Regulatory Commission for its issuance of H-shares, planning to issue up to 331 million shares for listing on the Hong Kong Stock Exchange, which is expected to enhance its financing channels and accelerate its electric vehicle business expansion [1] - GAC Group's chairman expressed optimism that 3 to 5 Chinese companies will be among the top ten global automakers in the next decade, highlighting China's leadership in the fields of new energy, low carbon, and smart technology [2] - XPeng Motors and Alibaba Cloud have signed a cooperation agreement on post-quantum security technology, aiming to enhance data security in smart connected vehicles and expand applications to AI, V2X, chips, and more [3] Group 2 - Mercedes-Benz and Momenta announced a collaboration to develop an intelligent driving assistance system based on Momenta's model, which will first be featured in the new electric CLA model, marking a significant step in the localization of smart technology by a global luxury automaker [4]

大型科技股表现分化。特斯拉下跌4.38%，Meta跌1.54%，亚马逊、微软、谷歌A至多跌0.94%，英伟达 逆势上涨0.41%，苹果上涨1.81%。 英特尔大涨8.9%，此前有消息称该公司正与台积电接触，探讨投资生产或合作事宜。 热门中概股多数上涨，纳斯达克中国金龙指数收涨0.42%。其中，金山云涨超6%，蔚来、小鹏汽车、哔 哩哔哩涨逾4%，百度、理想汽车涨超1%，阿里巴巴跌0.55%。 *美股三大指数小幅收跌； *美国二季度GDP增速上修至3.8%； *英特尔涨8.9%，被曝与台积电探讨投资或合作 美国股市周四收盘小幅下跌，经济数据加剧了美联储未来降息路径的不确定性，主要股指连续三个交易 日收跌。 截至收盘，道琼斯工业平均指数下跌173.96点，收于45947.32点，跌幅0.38%；标准普尔500指数下跌 33.25点，收于6604.72点，跌幅0.50%；纳斯达克综合指数下跌113.16点，收于22384.70点，跌幅 0.50%。 标普500指数多数板块收低，仅能源板块上涨0.9%，科技板块微涨0.03%。 投资者普遍期待企业即将公布的季度财报，尤其是在美股频频创新高、估值水平被认为偏高的背景下。 ...

Group 1 - The Hang Seng Index closed down 0.13% on September 25, while the Hang Seng Tech Index rose by 0.89% [1] - Automotive stocks led the gains, with Li Auto increasing nearly 7%, Chery Automobile rising nearly 4% on its first trading day, and Xpeng Motors up over 3% [1] - Technology stocks also performed well, with Xiaomi Group rising over 4% and JD.com increasing over 3% [1] Group 2 - Shanghai Electric surged over 10%, while Hua Hong Semiconductor rose over 4% [1]

Group 1 - The majority of popular Chinese concept stocks rose on Thursday, with the Nasdaq Golden Dragon China Index increasing by 0.4% [1] - JD.com saw an increase of nearly 1%, while Baidu and Li Auto rose over 1% [1] - Xpeng and NIO experienced gains of over 4%, whereas Trip.com fell by more than 1% [1]

记者丨 张嘉钰 周蕊 编辑丨曾静娇 和佳 9月25日，美股三大指数低开，截至北京时间22:46，道指跌0.1%，纳指跌0.48%，标普跌 0.4%。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 46077.31 | 22390.73 | 6611.20 | | -43.97 -0.10% -107.13 -0.48% | | -26.77 -0.40% | | 中国金龙 | 纳指100期货 | 标普500期货 | | 8673.64 | 24611.25 | 6663.50 | | +44.27 +0.51% -128.00 -0.52% -28.75 -0.43% | | | 中国资产拉升 中概股新能源汽车股走高 美股科技七巨头跌多涨少，特斯拉跌超3%，其8月在欧盟的新注册量同比下降超36%至8220 辆。 谷歌、Meta跌逾1%。 苹果、英伟达分别上涨0.34%、0.35%。 明星个股方面，英特尔涨超5%，盘中一度涨至8%，触及2024年7月以来的最高水平。消息面 上，英特尔寻求让苹果提供投资，作为提振业务的后备计划。 自由港麦克莫兰 ...

Group 1: Market Movements - Nasdaq China Golden Dragon Index turned from decline to increase, with significant gains in several Chinese electric vehicle stocks: Xpeng Motors up over 6%, NIO up over 6%, Li Auto up over 2%, Bilibili up over 3%, and others like Zhihu, Baozun, and Niu Technologies rising over 1% [2][7] - Oracle Corporation experienced a drop of over 4% after announcing an $18 billion investment-grade bond issuance for general corporate purposes, including stock buybacks and debt repayment [4][5] - Tesla's stock fell over 4% as its new car registrations in the EU decreased by nearly 37% in August, while BYD's registrations surged by 201%, increasing its market share to 1.3% [6] Group 2: Company Developments - Xpeng Motors signed a quantum security technology cooperation agreement with Alibaba Cloud, aiming to enhance safety algorithms in vehicles [7] - Bilibili's stock rose over 3% following the approval of 156 new game licenses, including 145 domestic and 11 imported games, marking the third month this year with over 150 approvals [9] - JD.com saw its stock increase over 2% after hosting the JD Discovery 2025 global technology exploration conference, where it unveiled its AI strategy and plans for significant investment in AI over the next three years [9] Group 3: Semiconductor Industry - Intel's stock rose nearly 3% amid reports of discussions with Apple for potential investment and collaboration, while the company secured a total of $15.9 billion in recent investments from various sources [6]