中国经济网北京9月12日讯（记者华青剑）由经济日报社主办、中国经济网承办，主题为"尚德守法 共 享食安"的第十六届中国食品安全论坛9月11日在京举办。国家食品安全风险评估中心主任、国务院食品 安全委员会专家委员会委员李宁发表了主题为"不断完善食品安全国家标准体系，保安全促发展"的演 讲。李宁指出，食品安全标准是食品安全法律法规的重要组成部分，是保障食品安全、促进行业发展和 保障公平贸易的重要手段，是食品安全监管的重要技术依据。 在李宁看来，随着新版《预包装食品标签通则》的发布，数字标签正式成为食品标签载体，这一创新举 措实现食品标签信息"可听""可播""可放大"等功能，将有效解决长期以来困扰消费者的食品标签信 息"看不见""找不到"的问题。 本周国家卫生健康委会同市场监管总局联合发布了《关于实施预包装食品数字标签有关事项的公告》， 进一步规范数字标签应用的同时，通过鼓励多码合一、食品标签地址简化、通过数字标签展示更多食品 信息等措施，为消费者和食品行业享受数字标签"红利"提供依据，同时也将为市场监管工作提供技术保 障。 今年是国家卫生健康委"食品数字标签推广年"，截至目前，已有数百家企业、超千款产品应用数字标 ...

Group 1 - The takeaway from the news is that the competition in the food delivery sector has intensified since April, with major players like Alibaba, Meituan, and JD.com entering the market, leading to increased concerns about profitability among Hong Kong internet giants due to the impact of subsidy wars [1] - As of September 11, Alibaba has seen net purchases from southbound funds for 15 consecutive trading days, totaling HKD 37.143 billion, indicating strong investor interest despite the competitive pressures [1] - The second quarter results show that the food delivery subsidy wars have significantly impacted the retail sector, while other segments such as technology hardware, software services, and biomedicine continue to report high growth [1] Group 2 - The launch of the Hong Kong Stock Connect Technology ETF (159101) provides investors with a convenient tool to invest in the Hong Kong technology sector, tracking the National Index of Hong Kong Stock Connect Technology [2] - The ETF includes 30 large-cap technology companies with high R&D investment and revenue growth, focusing on major players like Alibaba, Xiaomi, Tencent, Meituan, BYD, SMIC, and BeiGene, with the top ten constituents accounting for 77% of the fund [2] - Other related ETFs include the Hang Seng Technology Index ETF (513180) and the Hang Seng Internet ETF (513330), which focus on the entire technology supply chain and internet leaders, respectively [3]

高盛指出，蔚来-SW增发10亿美元股份所得资金将用于汽车技术研发、扩充换电及充电网络投资，以及 强化资产负债表，预期今次大规模股权融资将进一步支持蔚来执行其产品战略，估算蔚来2025及2026年 研发开支将达110亿元人民币，通过今次配售可使负债比率从98%降至92%。 消息面上，9月10日，蔚来-SW发布公告，该公司宣布10亿美元发行的定价，涉及合计1.82亿股本公司A 类普通股的发行(股权发行)，其中包括发行美国存托股，每股美国存托股代表本公司一股A类普通股(美 国存托股发行)，及发行本公司A类普通股。美国存托股以每股美国存托股5.57美元的公开发行价发行。 A类普通股以每股A类普通股43.36港元的发行价发行。 蔚来-SW(09866)涨近5%，截至发稿，涨3.57%，报47.54港元，成交额2936.95万港元。 ...

Core Viewpoint - NIO-SW announced a $1 billion equity offering, which includes the issuance of 182 million Class A ordinary shares, aimed at funding technology development, expanding battery swap and charging networks, and strengthening its balance sheet [1] Group 1: Financial Details - The equity offering includes American Depositary Shares (ADS) priced at $5.57 per ADS and Class A ordinary shares priced at HKD 43.36 per share [1] - The total transaction volume for NIO-SW shares increased by nearly 5%, with a current price of HKD 47.54 and a trading volume of HKD 29.3695 million [1] Group 2: Use of Proceeds - Proceeds from the $1 billion equity issuance will be allocated to automotive technology research and development, as well as investments in battery swap and charging infrastructure [1] - Goldman Sachs estimates that NIO's R&D spending will reach RMB 11 billion in 2025 and 2026, and the equity placement will reduce the debt ratio from 98% to 92% [1]

宋海良感谢广州给予中交集团的大力支持，并介绍企业业务布局及发展情况。他说，中交集团与广州的 合作成果丰硕，对双方下一步合作发展充满信心。集团将紧密对接广州城市发展战略和产业规划，充分 发挥在全交通、全城市、全水域、全绿色、全数字等领域系统集成优势，广泛深入参与广州交通基础设 施建设、海洋经济发展、城市更新、生态环境保护、智慧城市建设等重点工作，为广州高质量发展作出 更大贡献。 中交集团副总经理陈重、副总裁杨志超，市领导陈杰、赖志鸿参加。 相关附件 9月11日，广州市委书记郭永航在穗会见中国交通建设集团党委书记、董事长宋海良一行，就深化央地 务实合作进行深入交流。 郭永航对宋海良一行表示欢迎，并对中交集团长期以来为广州发展作出的贡献表示感谢。他说，当前广 州正紧紧围绕实现习近平总书记、党中央赋予的使命任务，巩固提升"6+4"城市性质和核心功能，充分 发挥粤港澳大湾区核心引擎作用，加快建设"12218"现代化产业体系，大力推进南沙、东部中心、北部 增长极等重点片区建设，有力有序推进城市更新和城中村改造，持续增强城市综合功能和发展能级，推 动超大城市内涵式高质量发展，为双方进一步深化战略合作提供了广阔空间。希望双方 ...

Core Insights - 康方生物's stock rose over 4%, specifically 4.39%, reaching 133.3 HKD with a trading volume of 288 million HKD [1] Group 1: Clinical Research Results - 康方生物's overseas partner, Summit Therapeutics, presented updated data from the global multicenter Phase III HARMONi study at the 2025 WCLC Presidential Symposium, indicating an improvement in overall survival (OS) with a hazard ratio (HR) of 0.78 (P=0.0332) [1] - The updated OS data shows a positive trend compared to the analysis from May, particularly highlighting a significant benefit in the North American population with an HR of 0.70 [1] Group 2: Clinical Performance and Market Value - 中信建投 noted that both the international Phase III HARMONi study and the Phase III HARMONi-A study conducted in China demonstrated excellent clinical performance in progression-free survival (PFS) and OS [1] - The results confirm that the依沃西 therapy not only has rapid efficacy and effective disease control but also exhibits a favorable tail effect in tumor immunotherapy, emphasizing its consistent benefits and safety across different regions and ethnicities [1]

格隆汇9月12日｜阿里巴巴旗下通义千问发布了下一代基础模型架构Qwen3-Next，并开源了基于该架构 的Qwen3-Next-80B-A3B系列模型。该结构相比Qwen3的MoE模型结构,进行了以下核心改进：混合注意 力机制、高稀疏度MoE结构、一系列训练稳定友好的优化，以及提升推理效率的多token预测机制。基 于Qwen3-Next的模型结构，阿里训练了Qwen3-Next-80B-A3B-Base模型，该模型拥有800亿参数仅激活 30亿参数。该Base模型实现了与Qwen3-32B dense模型相近甚至略好的性能，而它的训练成本(GPU hours) 仅为Qwen3-32B的十分之一不到，在32k以上的上下文下的推理吞吐则是Qwen3-32B的十倍以 上，实现了极致的训练和推理性价比。 ...

Core Viewpoint - 康方生物's stock rose over 4%, reaching 133.3 HKD with a trading volume of 288 million HKD, following the release of updated data from the HARMONi study at the 2025 WCLC conference [1] Group 1: Clinical Study Results - 康方生物's partner, Summit Therapeutics, presented updated data from the global multicenter Phase III HARMONi study, showing an improvement in overall survival (OS) with a hazard ratio (HR) of 0.78 (P=0.0332) [1] - The updated OS data indicates a positive trend compared to the analysis from May, particularly highlighting a significant benefit in the North American population with an HR of 0.70 [1] Group 2: Treatment Efficacy - 中信建投 noted that the HARMONi study results, along with the Phase III HARMONi-A study conducted in China, demonstrated excellent clinical performance in both progression-free survival (PFS) and OS [1] - The findings confirm that the依沃西 therapy offers rapid efficacy and effective disease control, along with a favorable tail effect in tumor immunotherapy [1] Group 3: Global Market Potential - The consistent benefit trends and safety profiles observed in both global and Chinese clinical settings further emphasize the global market value of 依沃西 [1]

Core Viewpoint - Chinese assets have experienced a significant surge, with the Nasdaq Golden Dragon China Index rising nearly 3% and Alibaba's US stock increasing by 8% [1] Market Performance - The US Labor Department reported that the Consumer Price Index (CPI) for August rose by 2.9% year-on-year, while the core CPI increased by 3.1%, both in line with expectations [1] - The Hang Seng Index opened 1.74% higher on September 12, with the Hang Seng Tech Index rising by 1.97% [1] - Notable gains were seen in major Chinese stocks, including Alibaba-W leading with a 6% increase, Tencent Holdings and Kuaishou-W both rising nearly 3%, and Xiaomi Group-W up over 1% [1] Foreign Investment Trends - Foreign investors net bought a total of $39 billion in Chinese bonds and stocks in August, indicating increased foreign capital allocation to Chinese assets [2] - Global hedge funds recorded the highest net buying of Chinese stocks since September 2024 [2] Sector Analysis - The Hong Kong tech sector is viewed as undervalued globally, with high-growth and high-volatility stocks expected to benefit from increased foreign investment [3] - The Hong Kong Internet ETF (513770) has seen a continuous inflow of funds, with a net inflow of 2.792 billion yuan over the past 20 days [4] ETF Performance - The Hong Kong Internet ETF (513770) has outperformed the Hang Seng Tech Index by over 10 percentage points in terms of cumulative returns this year [8] - The ETF's latest scale has surpassed 10 billion yuan, achieving a historical high, with an average daily trading volume of nearly 600 million yuan [10] Top Holdings - The top four holdings in the Hong Kong Internet ETF include Xiaomi Group-W, Tencent Holdings, Alibaba-W, and Meituan-W, collectively accounting for 54.74% of the fund [6]

Core Viewpoint - Company maintains a "buy" rating for MINISO (09896), projecting significant revenue and profit growth from 2025 to 2027, driven by its global expansion and optimization of operations [1][2] Group 1: Financial Performance - For the first half of 2025, MINISO achieved revenue of 9.39 billion yuan, representing a year-on-year increase of 21.1%, with adjusted net profit of 1.279 billion yuan, up 3.0% [2] - In Q2 2025, MINISO's revenue reached 4.97 billion yuan, reflecting a year-on-year growth of 23.1%, and adjusted net profit was 690 million yuan, an increase of 10.6% [2] Group 2: Store Expansion and Performance - In Q2 2025, MINISO's domestic store count increased by 30, with a total of 4,305 stores, marking a year-on-year growth of 190 stores [2] - The same-store sales in Q2 2025 showed a low single-digit growth, indicating a positive trend in performance, with an estimated average revenue per store of 611,000 yuan, up 7.87% year-on-year [2] Group 3: Future Projections - Revenue projections for MINISO are set at 21.32 billion yuan for 2025, 25.45 billion yuan for 2026, and 30.00 billion yuan for 2027, with net profits expected to reach 2.59 billion yuan, 3.40 billion yuan, and 4.12 billion yuan respectively [1] - Adjusted net profit forecasts for the same years are 2.91 billion yuan, 3.53 billion yuan, and 4.20 billion yuan [1]