越南副总理：加强东盟与中国铁路公路互联互通 他说，包括越南在内的东盟各国始终认可中国在促进区域合作与共同繁荣方面作出的重要贡献。越南目 前是中国第四大贸易伙伴，近年来中国对越南直接投资快速增长，战略对接、交通互联，尤其是铁路合 作正加快推进，为未来越中两国及东盟与中国之间的货物贸易、人员往来提供便利。 梅文政表示，21年来，中国—东盟博览会为推动取得上述重要成果作出了积极贡献，已成为东盟与中国 经济、贸易、投资合作的象征。本届展会，越南继续组织大规模企业参展，约200个展位展示了越南优 质产品，包括农产品、加工食品、消费品、家居用品、木制品和手工艺品等。 当前世界和地区经济面临贸易壁垒加剧等困难，梅文政表示，推动科技创新成为合作新亮点。"我们必 须将合作范围从传统领域扩展至数字经济、绿色经济、科技创新等前沿领域；发展人工智能，充分利用 第四次工业革命的成果与机遇。"(完) 来源：中国新闻网 编辑：张嘉怡 本文为转载内容，授权事宜请联系原著作权人 中新网南宁9月17日电(黄令妍)第22届中国—东盟博览会、中国—东盟商务与投资峰会17日在南宁开 幕，越南副总理梅文政在开幕式上致辞时表示，越南加快推进与中国、老挝和 ...

9月16日，全球激光雷达企业禾赛科技（02525.HK）正式在香港联交所挂牌上市。 禾赛科技此次IPO，是迄今为止全球激光雷达行业规模最大IPO，也是近四年来融资规模最大的中概股回港IPO。 △禾赛科技港股上市 图源：禾赛科技官方网站 回溯其资本化历程，2023年2月禾赛科技已成功登陆美国纳斯达克市场，而此次港股上市则使其成为全球激光雷达行业内首 家实现"美股+港股"双重主要上市的企业，以全球资本布局。 对于企业发展成果，禾赛科技联合创始人及首席科学家孙恺表示："过去十年，凭借芯片化架构与自动化生产体系，禾赛科 技将原本10万美元、仅限科研机构使用的激光雷达降至200美元，实现百万辆汽车搭载。" 上市首日，禾赛科技收报234.00港元/股，上涨9.96%，市值超350亿港元。 激光雷达总交付量攀升 成立于2014年的禾赛科技，是一家面向全球的激光雷达研发与制造企业。目前，其产品已经广泛应用于支持高级辅助驾驶 系统（ADAS）的乘用车和商用车、自动驾驶汽车，以及无人配送车、AGV等各类智能机器人应用。 招股书显示，2022-2024年，禾赛科技营收分别为12.03亿元、18.77亿元和20.77亿元，净亏损分别 ...

9 月16日，全球激光雷达领先企业禾赛科技(HSAI.US,02525)正式于香港交易所主板挂牌上市，成为首家实现"美股+港 股"双重主要上市的激光雷达企业。 禾赛联合创始人及首席科学家孙恺博士在致辞中表示："过去十年，凭借芯片化架构与自动化生产体系，禾赛将原本 10万美元、仅限科研机构使用的激光雷达降至200美元，实现百万辆汽车搭载，让先进的安全和智能技术惠及大众。 面向未来十年，以AI为核心的第四次工业革命已悄然来临，社会生产力的飞跃将显著改善人类生活，禾赛将为这个新 时代提供新的核心技术与产品。伟大的科技应该提升所有人的生活。禾赛港股代码2525，我们希望公司对新时代的贡 献能如这串数字所寓意的那样，被500年后的人们铭记，以此激励所有禾赛人前进、前进再前进。" 禾赛科技联合创始人及CEO李一帆、联合创始人及首席科学家孙恺、联合创始人及CTO向少卿带领的公司核心创始团 队一起，共同见证了这一里程碑时刻。 禾赛科技于2014年成立，作为全球领先的激光雷达研发与制造企业，产品广泛应用于支持高级辅助驾驶系统(ADAS) 的乘用车和商用车、自动驾驶汽车，以及无人配送车、AGV等各类智能机器人应用。目前，禾赛科技 ...

Core Viewpoint - Hesai Technology has officially listed on the Hong Kong Stock Exchange on September 16, 2023, becoming the first lidar company to achieve a dual primary listing in both the US and Hong Kong markets [1][12]. Group 1: IPO Details - The IPO is the largest in the global lidar industry to date and the largest financing scale for a Chinese company returning to Hong Kong in nearly four years, with a total financing amount exceeding HKD 41.6 billion (USD 5.33 billion) [7]. - The company received enthusiastic subscriptions from global investors, including top sovereign and long-term funds, showcasing the capital market's strategic consensus on the lidar sector and recognition of Hesai's commercialization capabilities and technological value [7]. - Upon opening, the stock reached HKD 244.0 per share, giving the company a market capitalization exceeding HKD 36 billion [7]. Group 2: Company Achievements - Over the past decade, Hesai has reduced the cost of lidar from USD 100,000 to USD 200, making advanced safety and intelligent technology accessible to the public, with plans to deliver lidar for over 1 million vehicles [9]. - The company has achieved the number one global market share in three categories: vehicle-mounted lidar, ADAS lidar, and L4 autonomous driving lidar, maintaining its leadership in the global market for four consecutive years [9]. - In 2024, the company is projected to achieve revenue of CNY 2.08 billion, with annual delivery volumes doubling for four consecutive years, making it the first and only publicly listed lidar company to achieve full-year profitability and positive operating and net cash flow [10]. Group 3: Market Position and Future Plans - Hesai's lidar has become a standard safety feature for many popular models in the ADAS sector, with over 120 models from 24 major manufacturers set for mass production between 2025 and 2027 [10]. - The company has established itself as the preferred lidar supplier for nine of the top ten Robotaxi companies globally, with significant clients including Motional, Baidu, and Didi [10]. - Since 2017, Hesai has focused on developing lidar-specific chips (ASIC), significantly enhancing performance, quality, and cost-effectiveness, creating a strong technological barrier [11]. - The listing on the Hong Kong Stock Exchange marks a new milestone for Hesai, reflecting international capital market recognition of Chinese lidar technology and initiating a new chapter in the company's global strategic layout [11].

首家实现"美股+港股"双重主要上市的激光雷达企业。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， Hesai Group（以下简称"禾赛"） 于 2025年 9月16日正式以"2525"为股票 代码在 港交所主板挂牌上市， 成为首家实现 "美股+港股"双重主要上市的激光雷达企业。 值得一提的是， 本次 IPO是迄今为止全球激光雷达行业规模最大IPO，也是近四年来融资规模最大 的中概股回港IPO ，绿鞋前融资总额超过 41.6亿港元(5.33 亿美元)。 同时， 禾赛本次发行还获得全球投资人火热认购，成功引入全球顶级主权及长线基金、中资意见领 袖、多策略基金和知名产业投资者 ，彰显资本市场对于激光雷达赛道的战略共识，以及对禾赛商业 化能力和技术价值的认可。 截至11:40，禾赛报于每股232.4港元，较发行价上涨9.21%，市值超350亿港元。 成立于 2014年 的禾赛现已成为 全球领先的激光雷达研发与制造企业，产品广泛应用于支持高级辅 助驾驶系统 (ADAS)的乘用车和商用车、自动驾驶汽车，以及无人配送车、AGV 等各类智能机器人 应用。 ...

Economic Outlook - The overall economic performance in China for the first half of the year shows a steady improvement, with GDP growth reaching 5.3% [4][5] - The nominal GDP growth was only 3.9%, indicating ongoing deflationary pressures [5][6] - Consumer spending has shown signs of weakness, particularly in July, despite a 5% growth in the first half of the year [6][7] Stock Market Analysis - A-shares and H-shares are currently undervalued compared to major overseas markets, suggesting significant room for valuation improvement [1][22] - The recent bull market in A-shares is primarily driven by declining interest rates and increased policy focus on stabilizing the stock market [1][6] - The financing balance in the stock market is currently at 2.49% of the circulating market value, which is not excessively high compared to the 4.7% peak in 2015 [20][21] Sector-Specific Insights - The valuation of the STAR Market's Sci-Tech 50 index has surged to a PE ratio of approximately 177, marking a new high since its inception [1][31] - The core drivers of the tech sector's performance are concentrated in the AI computing hardware supply chain [31] Currency and Market Correlation - The H-share market's performance is closely linked to the US dollar index, with a weaker dollar benefiting H-shares [34][40] - There is a potential for A-shares to drive H-shares upward, reversing the previous trend where H-shares led A-shares [41][42] Gold Market Perspective - Gold prices have recently surpassed $3,600 per ounce, with expectations of further increases due to global debt expansion and potential interest rate cuts [43][48] - The logic supporting gold's value remains intact, as global debt levels continue to rise, leading to currency overproduction [48][49]

Core Viewpoint - The key to maintaining output growth in the face of accelerating population aging is to improve labor productivity through technological advancement, increasing labor participation rates, and expanding overseas operations [2]. Group 1: Global Population Trends - The global population is transitioning through four stages of demographic transformation, with most countries having completed industrialization or being in its middle stages, leading to a decline in the demographic dividend and an increase in aging and low birth rates [5][10]. - By 2024, the global population aged 65 and older is projected to reach 10.2%, with this figure expected to rise to 13.1% by 2035, indicating a shift towards moderate aging societies [10]. - The total fertility rate globally has decreased from a peak of 5.32 in the 1960s to 2.25 in 2024, nearing the replacement level of 2.1, with developed economies facing significant challenges related to low birth rates [11]. Group 2: China's Population Challenges - China is entering a phase of accelerated aging, with the proportion of the population aged 65 and older expected to reach 15.6% by 2024, transitioning to a moderately aged society [16]. - The total fertility rate in China has fallen below the replacement level since 1991, reaching 1.0 in 2023, necessitating comprehensive policies to support childbearing and reduce the burden of child-rearing [18]. - The phenomenon of "aging before becoming rich" poses challenges for total demand and the social security system, as the elderly population's consumption capacity may be weaker than that of developed economies [20]. Group 3: Macroeconomic Impacts of Population Structure Changes - The aging population is expected to exert downward pressure on potential growth rates due to a shrinking labor force, with China's labor force participation rate declining from a peak of 74.5% in 2010 to 68.3% by 2024 [31][34]. - The aging process can lead to a negative output gap, as seen in Japan, where actual economic growth has consistently lagged behind potential growth due to demographic shifts [36]. - Population aging is associated with a shift in consumption patterns, increasing demand for services such as healthcare and elder care, which may enhance service consumption's share of total consumption [39]. Group 4: Strategies to Address Aging Challenges - Improving labor productivity is crucial to counter the negative impacts of an aging population, with technology playing a key role in enhancing productivity through automation and innovation [46][51]. - Increasing labor participation rates, particularly among women, and extending working hours can help mitigate the labor supply challenges posed by an aging population [57]. - Expanding overseas operations and attracting foreign labor can serve as effective strategies to address domestic labor shortages and enhance productivity [59][60].

Group 1: Investment Advisory Industry Overview - The second "Golden Unicorn Best Investment Advisor Selection" event is being held, highlighting the growth of China's wealth management industry as residents' financial awareness increases [1] - Investment advisors play a crucial role in wealth management, impacting asset allocation trends among the public [1] - The event aims to provide a platform for investment advisors to showcase their capabilities and enhance communication with investors, promoting healthy development in the wealth management sector [1] Group 2: Performance of Investment Advisor - Bai Jiangbo from Zhongjin Wealth Securities achieved the 10th position in the August stock simulation portfolio ranking, with a total return rate exceeding 26% [2] - Bai's trading strategies include a core and satellite strategy, with the core portfolio focusing on macro, industry, and fundamental analysis, while the satellite portfolio emphasizes sentiment, capital, and technical analysis [2] - Bai views the current market as a structural bull market rather than a comprehensive bull market, noting significant inflows of external capital since last year [2] Group 3: Future Investment Opportunities - Promising sectors include artificial intelligence, which is seen as a key area for growth, particularly in AI hardware and robotics applications [3] - Other sectors of interest include solid-state batteries, innovative pharmaceuticals, cyclical stocks, and anti-involution themes [4] Group 4: Enhancing Advisory Services - Bai plans to strengthen advisory services by enhancing brand IP, improving professional capabilities, and utilizing AI tools for research efficiency [4] - The stock 50 advisory service launched by Zhongjin Wealth has generated over 100 million yuan in revenue this year, indicating significant growth potential [4]

Group 1 - The 10th Africa Tech Challenge (ATC) concluded successfully in Kenya, co-hosted by China Aviation Industry Corporation, the Kenyan Ministry of Education, and the China Education International Exchange Association [1] - The ATC project has benefited 14 African countries and has established a comprehensive talent training model that integrates training, competition, and further education [2][3] - The event attracted 142 teams and 568 participants from 12 African countries, showcasing the confidence and capabilities of African youth in the face of the Fourth Industrial Revolution [3] Group 2 - China Aviation Industry Corporation has upgraded 144 vocational schools in Kenya and has trained over 20,000 teachers and students annually, contributing to the improvement of vocational education in Africa [2] - The awards ceremony recognized winners in CNC turning, mechanical CAD, and mobile application development, with champions receiving training opportunities in China for the World Skills Competition [3] - The release of the "ATC 10th Anniversary Report" highlighted the achievements and experiences of the ATC project in vocational education cooperation and talent development between China and Africa [4]

Core Viewpoint - The AI industry is experiencing a significant transformation, with capital increasingly concentrating on leading players. The global AI financing is expected to exceed $100 billion in 2024, with 69% of investments being over $100 million, indicating a pronounced head effect in the market [3][10]. Group 1: Investment Opportunities and Market Dynamics - The valuation of companies like Nvidia reflects high expectations for the future of AI, with price-to-earnings ratios reaching 40-50 times, similar to Apple [5]. - The AI sector is characterized by a clear distinction between foundational models and application layers. While foundational models require substantial resources and are dominated by large players, application layers present opportunities for smaller companies to innovate and create value [12][10]. - The potential for AI applications spans various sectors, with significant opportunities in areas that can leverage data to enhance efficiency and create value [12][10]. Group 2: AI as a Revolutionary Force - AI is viewed as the core of the Fourth Industrial Revolution due to its ability to replicate human decision-making and significantly enhance productivity across various sectors [9]. - The efficiency gains from AI applications can drastically reduce costs and time in processes such as drug development, which traditionally took years and millions of dollars [9]. - The rapid adoption of AI technologies is expected to outpace previous technological revolutions, with applications emerging quickly across different industries [15]. Group 3: Market Trends and Future Outlook - The current investment landscape reflects a "fear of missing out" mentality, leading to inflated valuations and a rush to invest in emerging AI companies [24]. - The AI industry is still in its early stages, akin to the mobile internet phase a decade ago, with foundational technologies in place and a forthcoming explosion in application development [14][15]. - The next wave of significant applications is anticipated to emerge in consumer-facing sectors, particularly in content generation and social platforms [32]. Group 4: Challenges and Considerations - The AI industry may face a bubble, but this is seen as a necessary phase for technological advancement, distinguishing between asset bubbles and technology bubbles [18][19]. - The ability to identify genuine innovation versus mere hype is crucial for investors, focusing on projects that demonstrate a clear application and data-driven business model [21]. - The competitive landscape suggests that while foundational models may dominate, application-layer companies can thrive by creating unique data advantages and addressing specific market needs [28][29].