北京同仁堂知嘛健康零号店是在互联网和物联网的时代背景下，由同仁堂健康历时四年打造出的大健康 超级概念店。零号店分为上下三层，总体面积约4700平方米，在设计风格上将东方传统艺术与现代生活 理念相结合。 步入大厅，最显眼的当数可以容纳9000个商品的亚洲最大无人售货机。"我们选择一个盲盒下单，操作 完成之后，黄色机械臂就开始工作，它在选中商品之后，还会进行二次校对，准确度达到100%。在门 外我们也设置了操作台，由机器人送货，实现了24小时服务不打烊。"工作人员说。 区别于传统零售，零号店作为同仁堂健康的新零售研究基地，将持续以人、货、场等多元化维度为核心 不断创新，打造大健康产业世界级新零售标杆。 在科技赋能上，零号店集合当前最前沿思维和尖端科技，为大健康领域注入新鲜血液。ELO屏、人脸识 别、热成像检测、太空舱、智能魔镜、间接性低氧治疗仪、AI面诊以及24小时的自动售药机等前沿科 技设备，让零号店成为一种新鲜、有趣、充满好奇的健康体验。 在通明湖环湖科技带，同样能感受到前沿科技的影子。步入"模数世界"生态雨林空间，专属数字人模型 生成、PPT智能生成、把二维图片转化为三维建模、可以实时翻译的视野AI翻译眼镜 ...

据报道，北京时间9月20日，尽管还未与火箭队续约，但杜兰特在离开球场后迎来了一笔巨额收入。消息称，他终于重新获取了多年前购 买的比特币账户访问权限。曾因丢失登录信息而苦恼的杜兰特通过Coinbase的支持工具成功重设了账户密码。 Coinbase首席执行官阿姆斯特朗在社交媒体上确认了这一消息，并表示杜兰特已经重新获得了对比特币资产的控制权。 多年来，由于无法登录账户，杜兰特的比特币资产一直处于休眠状态，但却在这波比特币牛市中累积了巨大财富。 杜兰特与Coinbase的紧密联系可以追溯至2017年，他与克莱曼共同投资了Coinbase，而自2021年以来，杜兰特也成为该交易所的品牌合作 伙伴。 杜兰特的加密货币之旅伴随着他篮球事业的高峰。自2016年加盟金州勇士队起，他迈向了个人NBA总冠军，如今身披火箭队球衣，更是 登上了NBA历史得分榜的第七位。 除了杜兰特之外，越来越多的NBA球员也开始涉足数字资产领域，比如特里斯坦-汤普森推出了Web3球迷互动项目，丁威迪曾试图将自 己的NBA合同代币化，展现了他们对新兴领域的探索与投身。 在2016年本-霍洛维茨的生日派对上，杜兰特和经纪人里奇-克莱曼第一次接触并投资 ...

Group 1: Market Overview - The recent progress in the new round of China-US trade negotiations has boosted risk appetite in the Hong Kong stock market, with the Hang Seng Index surpassing 27,000 points [3] - The Federal Reserve's interest rate cut has improved liquidity conditions, supporting the overall market [3][8] - The technology sector has shown strong performance, with the Hang Seng Technology Index reaching a new high for the year [3] Group 2: Valuation Insights - As of September 19, 2025, the price-to-earnings (P/E) ratios for the Hang Seng Index and Hang Seng Technology Index are 12.04 and 23.86, respectively [6][7] - The technology sector in Hong Kong has potential for valuation recovery, with strong earnings growth expectations driven by software services and platform economy innovations [9] Group 3: Sector Analysis Technology - Alibaba and Baidu have begun using self-developed chips for AI model training, reducing reliance on Nvidia chips, indicating significant progress in domestic AI computing power [8] - The valuation of Hong Kong's technology sector remains attractive compared to US tech giants, with a P/E ratio of 23.86 versus 42.86 for the Nasdaq [9] New Consumption - Recent policies from the Ministry of Commerce aim to boost service consumption, which may enhance the basic economic outlook for new consumption sectors [10] - Hong Kong's new consumption sector is filling gaps left by traditional A-share markets, focusing on service and experiential consumption [12] Pharmaceuticals - The recent regulatory changes are expected to benefit innovative drug companies in Hong Kong, with a P/E ratio of 36.36 for the innovative drug index, indicating potential for valuation recovery [13] Financials - The brokerage sector is experiencing a revival due to active market conditions, with low historical valuations presenting opportunities [14] - The insurance sector is expected to benefit from regulatory changes aimed at improving quality and reducing risks [14] Dividends - The low interest rate environment and economic recovery are favorable for dividend strategies, with the Hong Kong dividend index showing a P/E ratio of 8.71 and a dividend yield of 5.97% [15]

Core Viewpoint - Hong Kong ALMAD Group aims to reshape the global economic landscape over the next two decades by focusing on nine innovative industries and expanding its business network across emerging markets, including ASEAN and the Middle East [2][8] Group 1: Investment in Emerging Markets - ALMAD Group is focusing on innovative industries such as culture, entertainment, sports, media, globalization of traditional Chinese medicine, business management, and the large cultural tourism sector, which are expected to have high market feasibility and significant commercial potential [3][8] - The group aims to serve the future market demands of Generation Z and Generation Alpha through its diverse business portfolio [3] Group 2: Innovation and Financial Breakthroughs - ALMAD Group is committed to being at the forefront of Web3 financial innovation, exploring potential opportunities in the digital realm while adapting to market and regulatory changes [4] - The group has a history of supporting early-stage technology startups, including successful investments in Xiaohongshu, XPeng Motors, and Micro Connect, aiming to design breakthrough strategies for commercial success [4] Group 3: Global Expansion of K11 by AC Cultural Ecosystem - K11 by AC, a cultural brand under ALMAD Group, is focused on reshaping the retail and cultural market landscape, managing retail assets and cultural art districts [5] - The brand is rapidly expanding its anime IP business "Experience 11" in mainland China and the Middle East, targeting the growing ACGN (Animation, Comics, Games, Novels) and second-dimensional industries [5] Group 4: Continuous Business Innovation - ALMAD Group represents the latest direction in business model innovation and ecosystem development initiated by its founder, who previously launched K11 and introduced the "cultural and commercial integration" concept [6] - The group is actively attracting like-minded business partners and strategic investors to co-create future business opportunities [6] Group 5: About the Founder - Dr. Zheng Zhigang, founder and executive chairman of ALMAD Group, is recognized for his visionary leadership and cultural entrepreneurship, having initiated landmark projects such as Victoria Dockside and Kai Tak Sports Park [7] - He is also dedicated to creating shared value for society through various non-profit initiatives focused on contemporary art and traditional craftsmanship [7]

北京时间9月20日，尽管杜兰特尚未与火箭队续约，但在场外他已经赚得盆满钵满。据CNBC报道，杜兰特成功重新登录了自己一直被尘 封的Coinbase账户。此前，他因忘记登录信息而备受困扰，如今不仅解决了这一问题，还重新获得了近十年前购入比特币的控制权。 Coinbase首席执行官阿姆斯特朗在社交媒体上确认，杜兰特通过Coinbase支持工具成功重设了账户密码。 2016年，杜兰特与经纪人里奇-克莱曼参加了风险投资家本-霍洛维茨的生日派对，随后首次购入了比特币。克莱曼回忆道，在那个晚上 至少提到了25次"比特币"这个词，第二天他们就开始投资比特币了。然而，克莱曼没有透露当时购入比特币的数量。据美国媒体报道， 杜兰特首次购买比特币时，价格约为每枚600美元；而现在，比特币的价格已经接近11.7万美元，涨幅达到了近200倍。 由于多年无法登录账户，这些比特币资产一直保持原状，并完整经历了金融市场史上最庞大的一轮牛市。根源于遗失的登录凭证，克莱 曼在之前的谈话中甚至开玩笑地说："不过，比特币的价格一直在上涨……所以，其实这对我们反而有利。"如今，这个问题终于解决 了。 多年来，杜兰特与Coinbase一直保持密切联系。 ...

北京时间9月20日，杜兰特尚未与火箭达成续约，但球场外他已经大赚一笔。据CNBC报道，杜兰特已重新登录上自己尘封许久的Coinbase账户。此前，他因 登录信息遗失而备受困扰，如今不仅解决了这一问题，更重新获得了对近十年前购入比特币的控制权。 Coinbase首席执行官阿姆斯特朗在社媒上证实，杜兰特在Coinbase支持工具的帮助下成功重置了账户。 2016年，杜兰特与经纪人里奇-克莱曼参加了风险投资家本-霍洛维茨举办的生日派对，此后便首次购入了比特币。克莱曼本周在洛杉矶举行的 CNBC"GamePlan"会议上回忆了这段经历。 多年来，杜兰特与Coinbase的联系一直十分紧密。2017年，他与克莱曼通过二人旗下的风投公司"Thirty Five Ventures"对Coinbase进行了投资；自2021年起， 杜兰特还成为了该交易所的品牌合作伙伴。 美媒报道称，杜兰特首次买入比特币时，其单价约为600美元；如今，比特币价格已徘徊在11.7万美元附近，涨幅接近200倍。 由于多年无法登录账户，这些比特币资产一直处于"未动状态"，也正因如此，它们完整经历了金融史上最为波澜壮阔的一轮牛市。 账户问题的根源是登录 ...

Group 1: Federal Reserve and Interest Rates - The Federal Reserve has lowered the federal funds rate ceiling by 25 basis points to 4.25%, aligning with market expectations, down from 4.50% [1] - Most officials anticipate at least three more rate cuts by the end of the year, with only one member advocating for a 50 basis point cut [1] Group 2: Virtual Currency and Legal Developments - Shanghai court successfully disposed of over 90,000 FIL coins in a criminal case, marking the first successful handling of virtual currency in a criminal asset execution case [1] - The disposal process involved a "domestic entrustment, overseas disposal, closed-loop return" model, ensuring compliance with foreign exchange management procedures [1] Group 3: Digital Assets and Regulatory Frameworks - Hong Kong's 2025 Policy Address includes initiatives to promote tokenized deposits and asset trading, as well as the establishment of a regulatory framework for stablecoin issuers [2] - The UK and US are enhancing cooperation on crypto asset regulation, focusing on stablecoins and digital securities sandboxes to facilitate market access for UK firms [4] - The UK's FCA plans to exempt certain traditional financial rules for crypto companies to better regulate the industry, adapting to the high volatility of crypto assets [5] Group 4: Blockchain and AI Initiatives - The UNDP is launching a "Government Blockchain Academy" in collaboration with Exponential Science Foundation to provide education on blockchain and AI for government departments [3] - Ethereum founder Vitalik Buterin announced a roadmap focusing on increasing Ethereum's mainnet gas limits and enhancing privacy features for various applications [6][7] Group 5: Industry Challenges and Market Dynamics - Standard Chartered warns of a market collapse in digital asset treasury (DAT) companies, with many facing valuation crises and smaller firms potentially entering a "death spiral" [9] - Larger, low-cost DAT companies are expected to gain an advantage, with potential acquisitions of struggling peers to maintain expansion [9] Group 6: Funding Events - Brera is rebranding to Solmate and has completed a $300 million PIPE financing with support from the Solana Foundation [10] - GRVT has raised $19 million in Series A funding led by ZKsync and Further Ventures [10] - Kredete has announced a $22 million Series A funding round [10]

2025 年 9 月 19 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观及行业点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 26,545 | -1.35 | 32.33 | | 恒生国企 | 9,457 | -1.46 | 29.72 | | 恒生科技 | 6,271 | -0.99 | 40.36 | | 上证综指 | 3,832 | -1.15 | 14.32 | | 深证综指 | 2,480 | -1.21 | 26.71 | | 深圳创业板 | 3,096 | -1.64 | 44.56 | | 美国道琼斯 | 46,142 | 0.27 | 8.46 | | 美国标普 500 | 6,632 | 0.48 | 12.76 | | 美国纳斯达克 | 22,471 | 0.94 | 16.36 | | 德国 DAX | 23,675 | 1.35 | 18.91 ...

Group 1 - The SEC has approved three exchanges to expedite the listing process for exchange-traded products (ETPs) that hold physical commodities like Bitcoin and gold, aiming to enhance investor choice and promote innovation [1][2] - The U.S. Congress is advancing a Bitcoin Strategic Reserve bill, proposing the purchase of 1 million Bitcoins over the next five years, positioning Bitcoin alongside gold as a national strategic reserve asset [1][2] - The SEC has approved a universal listing standard for commodity-based trust shares, which includes digital assets, allowing eligible products to be listed without individual rule change applications [2][5] Group 2 - The New York State Department of Financial Services (NYDFS) has issued guidance requiring banks to adopt blockchain analysis tools to combat illegal activities such as money laundering and terrorist financing [4][5] - The UK's Financial Conduct Authority (FCA) plans to include crypto asset companies in a comprehensive regulatory framework while exempting some traditional financial rules to better suit the crypto industry's characteristics [3] - Standard Chartered Bank, Qatar National Bank, and DMZ Finance have launched a regulated tokenized money market fund in the Dubai International Financial Centre [3] Group 3 - The supply of Bitcoin on centralized exchanges has reached a seven-year low, indicating significant institutional investment in Bitcoin [4] - Gemini's stock has fallen below its IPO price of $28, with a current market capitalization of $2.9 billion, following a significant drop in share price shortly after its market debut [4] - Bitfinex analysts report that Bitcoin has formed a new resistance level around $116,000, with potential catalysts needed for a price increase [5] Group 4 - The total open interest in BNB contracts has approached $2 billion, marking a new historical high, with Binance leading in contract volume [6]

刚刚登陆纽交所的加密货币交易所Bullish，在交出一份扭亏为盈的财报同时，获批了一张关键的美国监 管牌照为它打开了全球最大市场的大门，其打造"加密货币领域MSCI"的雄心也浮出水面。 9月17日，由前纽交所总裁Tom Farley领导的加密货币交易所Bullish，交出了作为上市公司的首份成绩 单。截至6月30日的第二季度，公司实现净利润1.083亿美元，与去年同期1.164亿美元的净亏损形成鲜明 对比。这标志着公司在上市后出现的一个重要转折。 尽管实现了净利润层面的大幅逆转，但财报细节也揭示了复杂的一面。若剔除一次性项目，公司该季度 的调整后亏损为600万美元，而去年同期为调整后利润480万美元。调整后营收为5700万美元，同比去年 的6070万美元有所下滑。这可能引发市场对其核心业务持续增长能力的关注。 尽管调整后数据承压，但Bullish管理层仍对未来表达了乐观预期。公司首席执行官Tom Farley表示，第 二季度的工作正为当前第三季度带来强劲动力。Bullish预计，第三季度调整后收益将在1200万美元至 1700万美元之间，调整后收入将在6900万美元至7600万美元之间，预示着增长有望恢复。 ...