Group 1 - The Federal Reserve is expected to initiate a new round of interest rate cuts, which may lead to a reallocation of international funds, particularly towards emerging markets like China [1] - The Chinese stock market has shown an upward trend, with various indices reaching new highs for the year [1] - Kirsty Desson, head of global small-cap stock investment at Aberdeen Investment, believes that the weak dollar cycle will benefit RMB assets, highlighting potential global investment targets in sectors like biotechnology, consumer applications, and AI in healthcare [1] Group 2 - Since 2025, small-cap stocks have outperformed large-cap stocks, with the Russell 2000 index rising 4.83% in the past month, compared to the S&P 500's 2.1% increase [2] - The MSCI global small-cap index has seen a cumulative increase of 3.67% over the past month and over 11% in three months [2] - Small-cap stocks represent about 15% of the global market capitalization but account for approximately 70% of the total number of listed companies globally [2] Group 3 - The large number of small-cap stocks across various industries provides abundant opportunities for global investors, but selecting quality stocks remains a challenge [3] - The investment philosophy focuses on three key aspects: quality, growth, and momentum [3] - High-quality small-cap stocks can be assessed based on competitive advantages, management capabilities, and financial stability [3] Group 4 - Small-cap stocks are generally more sensitive to interest rate changes, with historical data indicating that they tend to outperform large-cap stocks during the early stages of a rate-cutting cycle [4] Group 5 - There has been a continuous increase in net inflows into emerging market equity funds this year, with a significant rise in funds allocated to Chinese stocks [5] - The A-share market has shown a strong upward trend, with high trading volumes and record inflows from foreign investors [5] Group 6 - The current scale of the Chinese market is relatively small, and many foreign investors are still unfamiliar with it [6] - The shift in global investment patterns from dollar-dominated assets to emerging markets, particularly China, is expected to continue [6] - The "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" have provided effective platforms for foreign investors, enhancing their understanding of the Asian market [6] Group 7 - External factors such as the weakening dollar and geopolitical tensions are prompting investors to reassess their asset allocation strategies [7] - Internal factors like policy adjustments, liquidity improvements, and stronger economic fundamentals are expected to support the Chinese market [7] - The valuation of the A-share market remains attractive, with the CSI 300 index's price-to-earnings ratio around 14 times, still below its five-year average [7] Group 8 - The Chinese capital market is witnessing a revaluation in sectors such as biotechnology, consumer applications, and AI in healthcare [7] - The focus on domestic demand and self-sufficiency is becoming increasingly clear, with innovative Chinese companies, including promising small-cap firms, emerging in the capital market [7] Group 9 - There is an expectation for further favorable policies that will provide more signals regarding growth priorities and consumer orientation, which will bolster market confidence and predictability of corporate earnings [8]

（原标题：农业农村部：让老百姓不仅能吃饱，还能吃得更好、更营养健康） 在食物开发来源途径不断拓展的同时，我国居民食物营养健康水平更加均衡。据专家测算，城乡居民摄 入的蛋白质、脂肪、碳水化合物三大营养素接近发达国家水平。可以讲，现在老百姓不仅能吃得饱，还 能吃得更好、更健康营养。 9月16日，农业农村部副部长麦尔丹·木盖提在国新办举行的"十四五"规划系列主题新闻发布会上表示， 推动从传统农作物和畜禽资源向更丰富的生物资源拓展，加快发展生物科技和生物产业，成功突破关键 核心技术，新型食品不断涌现。藻类养殖技术居世界前列，不少品种已经摆上了百姓的餐桌。 ...

美国通货膨胀数据与预期大致吻合，与之前就业数据的意外形成对照，市场聚焦在美联储9月降息力度 上，不过对大码降息预期有所收敛，两年期国债收益率回升。上周股市在流动性推动下继续向好，港 股、日股和韩股表现突出。美元指数小幅浮动，金价一度突破每盎司3700美元，创历史新高，能源和大 宗商品也表现良好。 市场已经定价了100%的概率，美联储将在本周会议上作出降息一码的决定，争论在于会不会有大码 （甚至超大码）降息。从目前联邦基金利率4.25%~4.5%水平下调并非政策宽松，而是从偏紧走向中 性。过去由于通货膨胀，政策利率被加到偏收缩水平，如今由于就业市场出现问题，利率回归中性区间 合情合理，关键是时机和力度。 本周的焦点在美联储议息，预计降息一码但不完全排除大码降息的可能。 笔者认为美国劳工市场的确在明显下滑，但是失业情况的扩散不严重，公司大多秉持"少雇少炒"的原 则，工资仍在上涨，消费情绪也不算太差。同时，关税政策和移民政策带来的最终冲击尚未显现，货币 政策的调整也只能边走边看。米兰空降美联储（如果参议院完成听证）可以令鸽派声音强一点，但改不 了本届按数据决策的基调。 笔者预期今年最后三次议息会议，每次降息一码，明 ...

Group 1 - The third Asia Vision Forum, themed "Opportunities in the Era of Change," opened in Singapore with over 400 participants from 12 countries and regions, including government representatives, UN officials, scholars, and business leaders [1] - The three-day forum features more than 30 activities, including keynote speeches, roundtable discussions, and site visits, focusing on Asia's new positioning in the global economy [1] - Key topics of discussion include geopolitical issues, financial markets, corporate internationalization, and critical growth drivers such as artificial intelligence, biotechnology, energy transition, and advanced manufacturing [1] Group 2 - The Asia Vision Forum, initiated by Caixin International and supported strategically by the Singapore government, has become an influential international exchange platform in the region since its inception in 2023 [1]

来源：中国新闻网 编辑：张澍楠 上半年粤台贸易额达578亿美元 同比增24.7% 中新社广州9月11日电 (记者 许青青)记者从11日在广东东莞举行的2025第十六届东莞台湾名品博览会(下 称"东莞台博会")开幕式上获悉，截至今年6月底，广东累计引进台资企业约3.6万家，实际使用台资(含 增资)累计约730亿美元；今年上半年粤台贸易额达578亿美元(同比增长24.7%)，占两岸贸易额(1477.8亿 美元)约39%。 本届东莞台博会以"强链融合，智创未来"为主题，汇聚来自两岸及港澳地区的展商，展览面积达3.3万 平方米，共设8大主题馆、25个省(市)专馆。其中，首次设立的"亚洲台商主题馆"，汇集印度、马来西 亚、泰国、越南等国家和地区的十多家实力台企。参展企业超过670家，展位超1880个，重点呈现AI、 电子信息、智能制造、生物科技等领域的台企名品。 据介绍，7月下旬，台风"丹娜丝"在台南、嘉义等台湾中南部地区造成重大灾情，文旦柚、香蕉等农作 物种植业损失惨重。为帮助受灾农户渡过难关，东莞市台商投资企业协会采购的相关地区滞销农产品登 上东莞台博会展销平台，受到大陆民众的欢迎。 本届东莞台博会由广东省人民政府 ...

Group 1 - The European Commission is advancing a new round of sanctions against Russia while increasing military and financial support for Ukraine [1] - The recent tariff agreement with the United States is defended as ensuring the best possible outcome for Europe and avoiding a trade war [1] - The establishment of a "European Scale Fund" is announced to facilitate billions of euros in investments in rapidly growing sectors such as artificial intelligence and biotechnology, in collaboration with private investors [1]

Core Insights - International investment banks are showing increased interest in Chinese assets, with U.S. investor attention reaching its highest level since 2021 [1] - Over 90% of investors surveyed by Morgan Stanley expressed willingness to increase exposure to the Chinese market, a significant rise not seen since early 2021 [1] Group 1: Market Trends - Multiple factors are driving this trend, including China's leadership in advanced fields such as humanoid robots, biotechnology, and drug development, positioning the market as a strategic investment choice [1] - Gradual economic stabilization measures and supportive signals from policymakers are enhancing investor confidence [1] - Improved liquidity conditions and the need for diversified global asset allocation are further supporting investment intentions [1] Group 2: Investment Preferences - Investor interest is expanding beyond internet and ADR sectors to include Hong Kong stocks and onshore A-shares, focusing on areas like artificial intelligence, semiconductors, robotics, and new consumption [1] - Quantitative and macro funds are increasingly favoring entry into the market through A-share ETFs and stock index futures for more efficient participation [1] - U.S. investors' trading preferences remain primarily with ADRs, followed by Hong Kong stocks and then A-shares [1]

Core Viewpoint - China's new drug research and development capabilities have risen to the second position globally, with multiple domestic innovative drugs receiving approval for market entry, filling gaps in relevant fields [4][5]. Industry Developments - The National Health Commission announced that the number of new drugs under research in China accounts for over 20% of the global total, marking a significant achievement in the country's pharmaceutical sector [4]. - Several innovative drugs, including Sugliatin, Ensartinib, and Gilteritinib, have been approved and are now available in the market, addressing unmet medical needs [4]. - The self-developed anti-tumor drug, Zebutinib, has also received approval in multiple countries, indicating a successful international expansion [5]. Market Performance - The A-share and Hong Kong stock markets saw a collective downturn in the innovative drug sector, with significant declines in leading stocks [6][7]. - The Hong Kong CRO index dropped by 4.11%, with notable stocks like Gilead Sciences experiencing a decline of over 16% [8]. - By midday, several stocks, including Tigermed and BeiGene, reported declines of over 10% and 6%, respectively, reflecting a broader market weakness [9][11]. Investment Outlook - Despite the current market adjustments, institutions maintain a medium to long-term optimistic outlook for the innovative drug sector [12]. - Reports from Guotai Junan Securities suggest that the quality of financial reports in the innovative drug sector will improve by 2025, with more products entering the national medical insurance system [12]. - Analysts recommend focusing on sectors with strong domestic demand and performance certainty, particularly in innovative-driven and internationalization strategies [12].

美股中概股近期连续创下阶段收盘新高。当地时间9月9日收盘，纳斯达克金龙中国指数上涨1.5%至 8230.86点，续创近半年收盘新高。阿里巴巴美国存托凭证（ADR）收涨4.18%，今年以来累计涨幅已接 近75%。 与此同时，花旗在最新报告中预计，到2025年底恒指有望达到26800点，2026年上半年末升至27500点， 年底进一步上看28800点。花旗认为，随着美联储进入降息周期，H股市场将比A股更直接受益，因此配 置上更倾向于H股。 展望中长期，花旗强调，"十五五"规划（2026年至2030年）的重点，将围绕经济发展、科技创新、社会 与民生、绿色发展以及改革开放展开。对应的重点行业包括人工智能、数据中心、半导体、旅游、医 疗、保险和可再生能源。 多重因素推动了这种趋势。中国在类人形机器人、生物科技和药物研发等前沿领域保持全球领先，使得 投资者越发将中国市场视为战略性配置的必然选择。同时，政策制定者以渐进方式出台稳定经济的举 措，并释放呵护资本市场的信号。流动性状况的改善以及全球资产配置多元化的需求，也为投资意愿提 供了进一步支撑。 摩根士丹利补充称，投资者兴趣已不再局限于互联网和ADR板块，而是逐步延伸至港 ...

獨家保薦人、獨家保薦人兼整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 勁方醫藥科技 ( 上海 ) 股份有限公司 GenFleet Therapeutics (Shanghai) Inc. 股份代號 : 2595 （於中華人民共和國註冊成立的股份有限公司） 全球發售 重要提示 重要提示：閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 GenFleet Therapeutics (Shanghai) Inc. 勁 方 醫 藥 科 技（ 上 海 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售的發售股份數目 | ： | 77,600,000股H股（視乎發售量調整權 | | --- | --- | --- | | | | 及超額配股權行使與否而定） | | 香港發售股份數目 | ： | 7,760,000股H股（可予重新分配） | | 國際發售股份數目 | ： | 69,840,000股H股（可予重新分配及 | | | | 視乎發售量調整權及超額配股權 | | | | 行使與否而定） | | 發售價 | ： | 每股發售股份20.39港元，另加 ...