股债跷跷板未来如何演绎？20250923 摘要 人民币汇率被动升值、中美利差收窄及居民存款转移至股市，共同构成 A 股市场长期支撑，其中 7、8 月居民存款显著减少，非银金融机构存款 增加，资金流向股市趋势明显。 9 月前三周外资净流入超 100 亿美元，看好 A 股，但对港股看法偏弱。 外资流入医药生物、金融、商品材料及消费品能源等板块，科技板块则 出现净流出。 10 年期国债收益率运行至 1.8%引发多空分歧，需关注后续政策及资金 面走向。年初收益率下限为 1.6%，上限为 1.9%，当前水平预示固收产 品面临调整压力。 下半年经济基本面内需不足、修复缓慢，6-8 月经济数据放缓，投资有 下滑趋势。政策托底下，基本面向下定价钝化，向上定价仍较强，对偏 空要素定价敏感。 短期内降准降息必要性不强，货币政策坚持以我为主，兼顾内外平衡。 若经济再度走弱，政策利率和降准仍有空间。关注央行重启国债买卖及 专项债发行高峰结束。 Q&A 如何评价近期 A 股市场的表现及其分化态势？ 上一周，A 股市场整体呈现震荡行情，并且处于分化态势。主要宽基指数，如 深圳指数、创业板指和科创板走势较好，而其他宽基指数表现相对较差。从 ...

随着国内外卖市场增速放缓、竞争日趋"内卷"，越来越多平台将目光投向海外。从美团到滴滴，中国平 台在外卖方面的国际化探索已进入实质性阶段。未来，出现在国外街头的，除了以新能源车等为代表 的"中国制造"，或许还有以外卖、即时零售为代表的"中国服务"。 然而，出海并非国内模式的简单复制——区域消费差异、文化习俗适配、政策合规风险与盈利模式重构 成为关键挑战。在未来，平台需在快速扩张与风险控制之间找到平衡，以技术效率和生态协同构建可持 续的出海路径。 布局海外 "衣食住行"四大赛道中，食由于高度非标化，成为需要被攻破的壁垒。过去，外卖市场在快速扩张，但 依然是互联网领域少有的持续增量大赛道。 2025年的中国外卖市场，上演着一场空前的混战。美团、京东、阿里等几大巨头战得如火如荼，外卖成 为互联网巨头的必争之地。然而喧嚣之外，有一些平台将目光瞄准了海外，开始探索外卖在海外市场的 可行性。 此前，巴西与美团在北京签署投资协议。根据协议，美团将在未来几个月内，正式将其旗下外卖服务 Keeta引入巴西，并计划5年内在巴西投入10亿美元支持该项目发展。 另外，据媒体报道，去年进入沙特后，Keeta就马不停蹄地开拓城市，根据美团 ...

9月23日，上海市企业联合会、市企业家协会、市经济团体联合会等召开新闻发布会，正式发布2025上 海企业100强、2025上海制造业企业100强、2025上海服务业企业100强、2025上海民营企业100强、2025 上海民营制造业企业100强、2025上海民营服务业企业100强、2025上海新兴产业企业100强、2025上海 成长企业100强排行榜和2025上海百强企业发展报告、2025上海新兴产业百强企业发展报告，揭示上海 经济发展的最新情况。 "榜单已成为上海经济发展的晴雨表，反映出整体经济的景气度。"上海市企业联合会副会长兼秘书长赵 广君表示，百强榜单持续扩容，从最初的三个主要榜单逐步增至八个，内容不断丰富，企业排名随发展 动态调整，今年多家大型企业排名较去年实现提升。 新兴产业百强营收跃升，成高质量发展风向标 从"2025上海新兴产业企业100强"榜单可以发现，新兴产业百强延续了高速增长态势，营业收入总额首 次站上2万亿元台阶，达到2.2万亿元；净利润1953.7亿元，增长率达到72.47%。相比之下，2021年首次 发布的新兴产业百强榜上，企业营业收入总额不足9000亿元。 从产业结构来看，信息技 ...

Core Insights - The conference emphasized the role of gaming technology as a key testing ground for AI, showcasing NetEase's achievements in enhancing new productivity through AI integration in game development [2] - AI is positioned not as a replacement for human labor but as a means to unlock creative and technical potential, significantly improving efficiency across various stages of game production [2][3] Group 1: AI Integration in Game Development - AI assists in creative design by generating story outlines, character settings, and dynamic adjustments, freeing up creators' time [2] - In art production, NetEase has established over 1,000 new production pipelines, achieving a 70% increase in scene design efficiency and a 30% overall improvement in animation production, with some scenes seeing efficiency gains of up to 300% [2] - AI code generation tools have improved development efficiency by 50%, with the quality of AI-generated logic reaching expert levels [2] Group 2: User-Generated Content and Community Engagement - The "Director Mode" in the game "Nirvana in Fire" allows players to take on roles such as director and screenwriter, supported by AI technologies, transforming millions of players from content consumers to creators [3] - Over 10 million UGC animations have been created, with video views reaching billions, revitalizing the gaming ecosystem [3] Group 3: AI Solutions in Traditional Industries - NetEase's "Mining Innovation Solution" addresses challenges in the mining industry through a three-step approach: game technology transformation, data collection, and gradual automation [3] - In a test at an open-pit mine in Inner Mongolia, the solution achieved 80% efficiency compared to manual labor, with 70% of processes requiring no human intervention, resulting in a 20% overall efficiency increase and a 30% cost reduction [3] Group 4: Collaborative AI Ecosystem - The "NetEase Youling Platform" aims to democratize technological benefits across industries, focusing on empowering individuals and fostering collective intelligence [4] - The AOP (Agent-Oriented Programming) paradigm promotes continuous evolution of intelligent agents to enhance human-machine collaboration [4] Group 5: Supportive AI Infrastructure - The NetEase Youling·Yisheng Zhuxiang model service platform provides integrated AIGC services, covering large language models, speech models, video models, and image models, offering cost-effective solutions for both NetEase and external users [5]

证券代码：300070 证券简称：碧水源 水厂，是我们技术落地的典型案例之一。 问：公司近期提出聚焦海水资源综合利用，此前海水淡化业务占比较小， 当前该领域的技术优势、产能情况如何，是否有重点推进的项目？ 答：之前公司确实以污水资源化及高品质饮用水业务为主，海水淡化业务 占比较小。但随着国家海经济的兴起和公司技术持续研发精进，公司近几年也 在积极拓展海水淡化领域业务。现在我们海淡相关膜产品的技术指标已与国际 龙头看齐，处理成本下降、处理效能快速提升，逐步实现国产化应用替代。技 术优势上，我们有各系列反渗透膜产品、苦咸水膜产品，能针对不同水质要求 和用途适配相应产品，"UF-RO"双膜集成技术的反渗透膜脱盐率达 99.8%，产 能稳居世界前三，还开发出超纯水反渗透膜 SC 系列，打破了半导体膜国际垄断， 加快了高端膜材料国产化替代进程。产能方面，当前年产能达 300 万平方米， 极限产能可至 700 万平方米，既能满足自身项目需求，还能实现"自产转外销"。 重点推进的"渤海新区黄骅市海水综合利用一体化工程项目"，总投资超 5 亿 元，涵盖取排水、预处理、海水淡化及光伏储能系统，未来将实现"绿电制绿 水"，会成为 ...

广发银行南京分行党委委员、副行长赵磊代表南京分行致辞，对镇江市政府长期以来的关心与支持表示感谢。赵磊表示，南京分行将以此次金融服务合作协 议的签署为契机，紧密围绕江苏省委省政府关于发展新质生产力、强化科技创新引领、推动产业转型升级、促进绿色低碳转型、构建区域协调发展新格局等 重点部署，与镇江市政府深化合作，引导更多优质金融资源汇聚镇江、服务镇江。 江南时报讯 9月23日，广发银行南京分行与镇江市政府签署金融服务合作协议。镇江市市长徐曙海，广发银行南京分行行长王保洲出席签约仪式。 镇江作为长三角重要的先进制造业基地和区域中心城市，历史悠久、文化厚重、产业兴盛、创新活跃、生态宜居。广发银行是经国务院批准最早设立的具有 央企背景的全国性股份制商业银行，2016年，中央金融企业中国人寿集团增持广发银行股份，成为广发银行单一最大股东，实现强强联合，战略互补。 作为广发银行在江苏的直属省级分行，广发银行南京分行将进一步发挥"银行+保险+投资"协同的综合金融优势和股份制银行的创新优势，做好金融"五篇大 文章"，紧密围绕镇江市"四群八链"主导产业和"876"创新工程，精准支持民生项目、城市基建、实体产业与普惠金融发展，推动更 ...

虽然市场总量去化的趋势进一步加快，市场需求侧出现明显改善，但各子市场表现依然冷热不均。继中 关村连续四个季度累计去化总量创有历史记录以来的最快速度之后，本季度该子市场净吸纳量再度超过 6.3万平米，这是连续五个季度以来第二次实现单季度净吸纳量超过6万平米。市场空置率大幅回落至 15.1%，环比降幅达到3.9个百分点，同比降幅达到4.6个百分点，与两年前相比大幅回落5.9%。在高力 国际监控的24个甲级写字楼项目中，有14个项目空置率不到10%，其中甚至还有10个项目空置率已低于 5%。 高力国际分析认为，随着北京加快建设国际科技创新中心，得益于过去十年以来逐步积累的科创产业聚 集优势、长期服务于科创企业的先发优势和产业办公产品的高性价比优势，中关村市场已经开始受益于 新质生产力企业成长壮大所带来的产业红利。随着整个中关村子市场新增需求的持续放量，未来中关村 将有希望成为北京写字楼市场第一个实现租金企稳回升的子市场。但科创类企业释放出的新增办公空间 需求规模尚不足以拉动整体市场企稳，整体上北京写字楼市场的需求侧仍将持续承压。 持续下行的北京写字楼市场，在部分区域可能将迎来拐点。 据高力国际统计数据，今年第三季度 ...

来源：环球网 在智能制造工程技术赛场，选手们需要综合运用电气、机械、网络等多方面知识，完成从原材料出库到 传输装配入库的全流程自动化产线操作。人工智能工程技术赛项则要求选手综合运用机器学习、深度学 习、自然语言处理等知识。 大赛还首次设置了乡村振兴专项赛项，直接服务国家乡村振兴战略。与此同时，养老护理、育婴、劳动 关系协调师等社会服务类赛项，反映出技能人才培养正朝着更加多元化的方向发展。 9月19日至23日，第三届全国技能大赛在河南郑州航空港区举行。首次落户中部地区的综合性国家职业 技能赛事，吸引了全国35个代表团的3420名选手参赛。 图为全国 技能大赛比赛现场。 大赛以"技能照亮前程"为主题，106个赛项覆盖智能制造、数字技术、新能源等前沿技术领域，其中先 进制造赛项占比超过50%。这一数字折射出中国产业结构的深刻变革，也照见了郑州航空港区作为国家 级航空港经济发展先行区的产业升级路径。 大赛规模与特色：前沿技术赛项占比超50% 全国技能大赛作为国内技能领域的最高赛事，本届共设置106个竞赛项目，包括66个世界技能大赛选拔 项目和40个国赛精选项目。参赛的3420名选手平均年龄仅24岁，年轻选手成为主体。 ...

Core Viewpoint - The forum highlighted the significant opportunities for investment in the Middle East real estate market, particularly in light of evolving international trade dynamics and the strengthening of China-Arab cooperation [1][2][3]. Group 1: Trends in Trade and Investment - Global trade is undergoing notable adjustments, providing a macro environment that supports China-Arab cooperation [2]. - Seven key trends in trade were identified, including the rising importance of regional trade, emphasis on fair trade (highlighting ESG and labor protection), and increased focus on green and value-based trade, aligning with the cooperation needs in energy and environmental sectors [3]. - In the investment domain, six adjustment directions were noted, such as increased supply chain investment and risk-averse investment strategies, creating opportunities for collaboration in industrial and supply chains [3]. Group 2: Unique Advantages of China-Arab Cooperation - China possesses "three new" advantages: "new three items" (electric vehicles, photovoltaics, lithium batteries) that meet the energy transition needs of Arab countries, "new quality productivity" (represented by digital economy and AI capabilities) that can enhance digital cooperation, and "new channels" (trade and investment pathways through third countries) that can help overcome international trade barriers [3]. - The cooperation has already established diverse pathways and representative cases, with significant future potential [3]. Group 3: Free Trade Agreement Negotiations - The free trade agreement negotiations between China and the Gulf Cooperation Council (including the UAE) have been ongoing for 21 years, currently in the 11th round, indicating a strong commitment to enhancing economic ties [3]. - The Gulf Cooperation Council's robust economic strength and energy reserves make it an attractive investment destination for China, with previous free trade agreements with countries like Singapore, Japan, and South Korea serving as valuable references for ongoing negotiations [3].

Core Viewpoint - The release of the "2025 Shanghai Top 100 Enterprises" lists reflects the latest developments in Shanghai's economy, indicating a growing trend in various sectors, including emerging industries and growth enterprises [1][7]. Group 1: Shanghai Top 100 Enterprises - The 2025 Shanghai Top 100 Enterprises list has expanded from three main lists to eight, showcasing a dynamic adjustment in rankings as large enterprises improve their standings compared to the previous year [1]. - The total revenue of the top 100 emerging industry enterprises reached 2.2 trillion yuan, with a net profit of 195.37 billion yuan, marking a significant growth compared to previous years [7]. Group 2: Emerging Industries - The emerging industries' top 100 list shows a strong growth trend, with the information technology sector leading, contributing nearly 70% of the total revenue [7]. - Notable companies in the emerging industries include Pinduoduo, Meituan, and Jiufang Intelligent Investment, which have maintained rapid growth and significantly contributed to Shanghai's economic performance [7][10]. Group 3: Growth Enterprises - The "2025 Shanghai Growth Enterprises 100" list highlights both established companies and innovative newcomers, emphasizing the importance of growth speed, innovation capability, and future potential [9]. - Companies like Midea Group and NIO are recognized for their strong market presence, while firms like Jiufang Intelligent Investment are noted for their rapid ascent in the competitive landscape [9]. Group 4: Jiufang Intelligent Investment - Jiufang Intelligent Investment's inclusion in both the "2025 Shanghai Emerging Industries 100" and "2025 Shanghai Growth Enterprises 100" lists is attributed to its dual-driven strategy of technology and investment research, particularly in AI [10]. - The company is actively developing a financial service technology system and expanding its ecosystem in financial technology, reflecting its significant contributions to Shanghai's economic growth [10].