Core Points - The U.S. Senate rejected both the Republican and Democratic funding bills, leading to an impending government shutdown as of October 1 [1][2] - The shutdown could result in hundreds of thousands of federal employees being placed on unpaid leave, impacting the release of U.S. economic data [1][10] - The White House has instructed federal agencies to prepare for an "orderly shutdown" [9][12] Political Dynamics - The core conflict revolves around the Democratic criticism of the Republican temporary funding bill, which they claim neglects healthcare priorities [2][5] - Both parties blame each other for the failure to reach an agreement, with Vice President Pence indicating a government shutdown is likely [2][4] - The Democratic proposal aims to extend healthcare subsidies and remove restrictions on Medicaid, but Republicans refuse to compromise [5][6] Government Operations - Approximately 750,000 federal employees may be forced to take unpaid leave, costing about $400 million in daily wages [12] - The shutdown could lead to significant disruptions in various government services, including delays in passport and visa processing [13] - Essential services like Social Security will continue, but related administrative functions may be stalled [13] Economic Impact - The government shutdown could result in an estimated economic loss of about $7 billion per week, affecting consumer spending and increasing market volatility [14] - The potential for permanent layoffs of federal employees during this shutdown marks a departure from previous practices, complicating the situation further [14] Historical Context - The U.S. government has experienced over 20 shutdowns since the 1970s, with the last significant one occurring during Trump's first term, lasting five weeks and affecting over 800,000 employees [19][21]

Core Points - The U.S. Senate rejected both the Republican and Democratic funding bills, leading to an official announcement of a government shutdown by the White House [1][4] - If Congress fails to pass a temporary funding bill by the deadline, federal agencies will begin to shut down on October 1, affecting hundreds of thousands of federal employees [1][12] - The ongoing political conflict between the two parties has made it difficult to reach an agreement on the budget, with both sides blaming each other for the impasse [4][5] Funding Bill Rejections - The Senate voted against the Republican funding bill, followed by a rejection of the Democratic proposal, which aimed to extend government operations until October 31 [1][4] - The core disagreement centers around healthcare priorities, with Democrats criticizing the Republican plan for neglecting these issues [4][12] Government Shutdown Implications - Approximately 750,000 federal employees may be forced to take unpaid leave, with a daily payroll cost of about $400 million [11] - Essential services such as passport processing and public health statistics may be delayed, impacting various sectors including transportation and healthcare [12][13] - The economic cost of the shutdown could reach approximately $7 billion per week, affecting consumer spending and increasing market volatility [13] Historical Context - The U.S. government has experienced over 20 shutdowns since the 1970s, with the last significant one occurring during Trump's first term, lasting five weeks and affecting over 800,000 employees [18][20] - Previous shutdowns have led to widespread service disruptions, including the closure of national parks and delays in government services [20]

央视记者当地时间9月30日获悉，美国参议院投票否决共和党的政府拨款法案。当天稍早前，美国参议院否决了民主党的政 府拨款法案。若国会无法在最后期限前通过临时拨款法案，部分联邦机构将于10月1日起被迫停摆，数十万联邦雇员将被迫 无薪休假，美国经济数据的发布也将受到影响。 美国联邦政府运转资金本应来自年度预算拨款。国会两党通常应在10月1日新财年开始前通过新的年度拨款法案。但由于近 年来两党争斗激烈，往往无法及时达成一致，国会便试图通过临时拨款法案以暂时维持联邦政府运转。 当地时间9月30日晚，白宫管理和预算办公室（OMB）主任沃特发布备忘录，指示各政府机构开始执行其"有序停摆"的预 案。 当地时间9月30日，美国总统特朗普表示，一旦美联邦政府"关门"，可能导致大量联邦雇员被裁。他还表示，若不满意军方 将领，将"当场解职"。 谈崩了，两党互相甩锅 当地时间9月30日，美参议院先后否决两党拨款法案，白宫随后正式宣布政府即将"关门"。 万斯：都是民主党的错 美国总统特朗普和国会两党领导人在白宫9月29日举行的会议上似乎没有取得什么进展。这次为避免政府"关门"而召开的会 议结束后，民主、共和两党均表示，如果国会未能在9月 ...

Core Points - The three major U.S. stock indices achieved gains for both the month and the quarter, with the S&P 500 index rising 3.53% in September, marking the largest September increase since 2010 [4] - The healthcare sector led the gains with a 2.45% increase, driven by Pfizer's 6.8% surge following announcements regarding prescription drug price reductions for low-income populations [3] - Nvidia's stock rose 2.6%, reaching a historic high with a market capitalization exceeding $4.5 trillion [2] Market Performance - The Dow Jones Industrial Average increased by 0.18% to close at 46,397.89 points, the S&P 500 rose by 0.41% to 6,688.46 points, and the Nasdaq Composite gained 0.3% to 22,660.01 points [2] - The S&P 500 index saw seven of its eleven sectors rise, with notable declines in the transportation sector, particularly among airline stocks [3] Economic Indicators - Job openings in the U.S. slightly increased to 7.23 million in August, while hiring and layoffs showed a slowdown [4] - The consumer confidence index fell to 94.2 in September, a decline of 3.6 points from August, marking the lowest level since April [4] Federal Reserve Outlook - Investors generally expect further interest rate cuts from the Federal Reserve, although some officials have expressed caution regarding the economic outlook [4] Commodity Market - WTI crude oil futures fell by 1.70% to $62.37 per barrel, while Brent crude oil futures decreased by 1.58% to $66.03 per barrel [4] - International gold prices reached a new high, with COMEX gold futures rising by 0.47% to $3,873.2 per ounce [4]

*美股三大指数季度与月度均实现上涨 数据层面，美国8月职位空缺小幅增加，但招聘和裁员均放缓；9月消费者信心下滑幅度超预期。 美国劳工统计局周二公布的数据显示，8月份职位空缺从7月份修正后的721万个小幅增至723万个。与此 同时，美国谘商会当日发布的消费者信心指数9月降至94.2，较8月回落3.6点，远低于市场普遍预期的 96。这一读数为4月以来最低。 大型科技股表现分化。英伟达上涨2.59%，再创历史新高，市值突破4.5万亿美元。微软涨0.65%，特斯 拉涨0.34%，苹果涨0.08%；谷歌跌0.39%，亚马逊跌1.17%，Meta跌1.21%。 热门中概股多数下跌，纳斯达克中国金龙指数跌0.42%。百度跌超8%，知乎跌超5%，哔哩哔哩跌超 4%，新东方、好未来跌超3%，京东跌近3%。 标普500指数11个板块中有七个收高，医疗保健板块领涨，涨幅2.45%。辉瑞大涨6.8%，此前美国总统 特朗普表示，该公司将在低收入人群的Medicaid项目中下调处方药价格，并以"最惠国价格"出售新药， 以换取关税减免。他预期其他制药商也将跟进。 道琼斯运输指数收跌0.4%，航空股领跌。西南航空跌2.6%，联合航空跌2.2 ...

Core Viewpoint - The Nasdaq China Golden Dragon Index experienced a decline of 0.78% on October 1, with most popular Chinese concept stocks also falling, indicating a bearish trend in the market [1]. Group 1: Stock Performance - Baidu, iQIYI, and Kingsoft Cloud each dropped over 2% [1]. - JD.com, Zhihu, and Yum China saw declines exceeding 1% [1]. - In contrast, NIO rose by more than 5%, and Bilibili increased by over 2% [1].

Core Points - Zhihu-W (02390.HK) announced the issuance of 5,291,400 Class A ordinary shares to a custodian for future issuance of American Depositary Shares based on the 2012 and 2022 share incentive plans [1] Summary by Category - **Company Actions** - The company will issue 5,291,400 Class A ordinary shares on September 26, 2025 [1] - These shares are intended for future issuance of American Depositary Shares as part of the 2012 and 2022 share incentive plans [1]

Core Viewpoint - Zhihu-W (02390) announced the issuance of 5.2914 million Class A ordinary shares to a custodian for future issuance of American Depositary Shares (ADS) related to the 2012 and 2022 share incentive plans [1] Group 1 - The company will issue 5.2914 million Class A ordinary shares on September 26, 2025 [1] - The shares are intended for future awards granted under the 2012 and 2022 share incentive plans [1]

智通财经APP讯，知乎-W(02390)发布公告，于2025年9月26日发行529.14万股A类普通股予以存托人用 作日后因根据2012年股份激励计划及 2022年股份激励计划授出的奖励获行使或归属而发行的美国存托 股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) FF305 備註： 上述 "已發行股份（不包括庫存股份）變動佔有關事件前的現有已發行股份（不包括庫存股份）數目百分比"一欄中的百分比是根據公司已發行股份總數264,571,454股 （包括249,124,676股 A 類普通股和15,446,778股 B 類普通股）計算得出。 為免生疑問，已發行和流通的 A 類普通股期初和期末餘額（即不包括為批量發行美國存託股票而向託管人發行的 A 類普通股，該等美國存託股預留用於根據股權激勵計畫 授予的獎勵行使或歸屬時的未來發行）分別為248,340,194股和248,757,056股。 第 2 頁 共 6 頁 v 1.3.0 表格類別： 股票 狀態： 新提交 公司名稱： 知乎 呈交日期： 2025年9月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第 ...