国际社会持续关注中国共产党二十届四中全会的举行，认为中国的发展将为世界带来积极影响，促进世界和平稳定与发展进步。 俄罗斯科学院中国与现代亚洲研究所政治研究和预测中心主任 特罗辛斯基：我们高度关注20日召开的二十届四中全会，期待看到会议成果，了解中国的发 展走向。中国的发展表现令人称赞，已成为支撑全球经济发展的关键力量。我们对中国的发展模式同样给予高度评价，中国的发展成果和发展经验为其他国 家创造了更多机遇。 美国广播公司报道说，中国共产党二十届四中全会是中国最重要的会议之一。持续四天的会议将确定中国2026年—2030年的发展蓝图。 亚太地区国际时事杂志《外交学者》刊文称，这次会议聚焦世界第二大经济体未来五年最重要的发展路线图，具有重大影响。报道说，中国的五年规划体系 是中国经济治理的重要支柱，其影响力远远超出中国自身范畴。 《哈萨克斯坦实业报》总编辑科尔茹姆巴耶夫撰文表示，第十五个五年规划也将对全球产生重大影响。中国将向世界展示，稳定与发展不是偶然，而是基于 责任、科学性与社会和谐的长期战略思维取得的成果。 (责任编辑：张紫祎) 德国外交政策专家 塞维姆·达代伦：二十届四中全会非常重要，因为世界正处于动荡时 ...

Group 1 - The core viewpoint is that the Hong Kong stock market, particularly the technology sector, is experiencing a bullish trend driven by the rise of AI and significant inflows of southbound capital [1][3] - The Hong Kong technology sector is seen as a core asset for domestic AI, benefiting directly from the ongoing development in the AI industry [1] - Morgan Stanley's chief China equity strategist suggests that further increases in Chinese asset allocations by global investors are likely, particularly in high-tech sectors such as AI, automation, and biotechnology [2] Group 2 - The Hong Kong stock market is expected to maintain a bullish pattern in Q4, with the technology sector benefiting from the AI narrative and potential improvements in market liquidity [3] - The recent adjustments in the market are viewed as normal corrections within a historical context, with positive signals such as progress in US-China negotiations and domestic policy support potentially alleviating market concerns [3] - The inflow of southbound capital is anticipated to continue, further supporting the upward trend in the Hong Kong stock market [3]

Core Insights - The public fund industry has seen a record high of 242 fund manager departures in the first eight months of 2025, indicating significant changes in talent dynamics within the industry [2] - Fund companies, such as Harvest Fund, are actively adjusting their management structures, promoting mid-generation managers to lead products previously co-managed with senior managers, reflecting a focus on sustainable talent development and value creation [2][3] Talent Development - The transition of fund managers is not merely a handover but involves the transmission and iteration of investment culture, methodologies, and discipline within the organization [3] - Harvest Fund has established a talent hierarchy that includes senior, mid-generation, and new fund managers, fostering a collaborative environment that enhances research capabilities and cultural continuity [3][4] - The dual-track talent cultivation model at Harvest Fund, which includes both external recruitment and internal training, is crucial for maintaining long-term competitiveness [3][5] Performance Metrics - As of September 30, 2025, 39 actively managed equity products from Harvest Fund have achieved over 40% performance growth in the past year, with 26 products exceeding 40% growth over the past three years [4] - Specific funds managed by Harvest Fund have shown remarkable performance, such as the "Jia Shi Mutual Selection Stock" with a net value growth rate of 145.77% over three years, ranking second in the market [4][5] Team Stability - Harvest Fund's research team consists of over 300 members, with more than 100 fund managers, showcasing a stable and vibrant talent ecosystem [5] - The average tenure of the investment team is 12 years, with an average company tenure of 7 years, indicating a solid foundation for sustained performance [5][6] Industry Perspective - The public fund industry views the "passing on of knowledge" as a long-term strategic investment in talent, with both co-managed and independently managed products serving as vehicles for systematic research and development [5][6] - The maturity of the talent ecosystem is characterized by the ability to maintain core competencies amidst personnel changes, which is essential for competitive advantage in a complex market [6]

Group 1 - High-quality development is the primary task for building a modern socialist country, emphasizing the need for a solid material and technological foundation [1] - During the "14th Five-Year Plan" period, China has effectively responded to various risks and challenges, leading to significant enhancements in economic, technological, and comprehensive national strength [1] - The successful launch of the world's first shield tunneling machine capable of continuous diameter changes marks a major breakthrough in urban rail transit construction [1] Group 2 - Emphasis on high-quality development tailored to local conditions, promoting new industries, models, and driving forces based on local resources and industrial foundations [2] - China has the largest R&D workforce globally, with 26 top technology innovation clusters and over 460,000 high-tech enterprises, with R&D investment expected to exceed 3.6 trillion yuan in 2024, a 48% increase from 2020 [2] - The national innovation capability ranking improved from 14th in 2020 to 10th in 2024 [2] Group 3 - The deep integration of technological and industrial innovation is transforming innovation potential into economic momentum, with high-tech manufacturing value added increasing by 42% since the end of the "13th Five-Year Plan" [3] - Domestic demand is the main driver of economic growth, contributing an average of 86.4% to economic growth during the first four years of the "14th Five-Year Plan" [3] - China's economy is projected to reach approximately 140 trillion yuan this year, with a consistent contribution of around 30% to global economic growth [3] Group 4 - The journey towards building a modern socialist country is marked by significant steps in economic development, fostering a spirit of hard work and unity [4]

Group 1: United States - The United States maintains its core hegemony primarily through its financial system, with the dollar being a robust protective barrier [3] - Despite discussions around "de-dollarization," the dollar's dominance in international payments, foreign exchange reserves, and global commodity pricing is expected to remain unchallenged in the foreseeable future [3] - The U.S. possesses a unique "exceptional" power, allowing it to transfer crises globally through monetary policy and utilize financial sanctions as a form of "financial weapon" against adversaries [3] - New York and Wall Street continue to be the ultimate destinations for global capital, supported by unparalleled market depth, liquidity, and complexity [3] Group 2: China - China's economic transformation is fundamental to its status as a superpower, characterized by both scale and quality improvements [5] - Predictions suggest that China may become the world's largest economy by around 2030, with its economic lead expected to widen thereafter [6] - China is advancing up the industrial and value chains, transitioning from basic manufacturing to leading in sectors like new energy vehicles, photovoltaic products, and lithium batteries [6] - The country aims to dominate core supply nodes in the global economy through sustained investments in cutting-edge fields such as artificial intelligence, biotechnology, and quantum computing [8] - With a unified market of 1.4 billion people and over 400 million in the middle-income group, China has a vast internal consumption market that provides significant opportunities for businesses [8] Group 3: Brazil - Brazil's inclusion alongside the U.S. and China as a superpower is surprising but supported by several advantages [10] - The country is experiencing a demographic dividend with a population of 215 million and a median age of only 32, with over 68% of the population being of working age [10] - Brazil holds a dominant position in strategic resources, ranking fifth globally in iron ore reserves, with 8% of the world's uranium and 12% of freshwater reserves [10] - The nation has successfully transitioned from being a "coffee kingdom" to the world's leading exporter of soybeans and the second-largest exporter of chicken, with modern agricultural technology doubling production in a decade [10] - Brazil is also a leader in clean energy, with hydropower meeting two-thirds of its electricity needs and top-tier biofuel technology [10] Group 4: Changing Definition of Superpowers - The definition of superpowers is evolving from military dominance and ideological influence to a focus on comprehensive national strength, sustainable development, and resilience [12] - Brazil's rise highlights that countries with young populations, abundant resources, and a foundation in clean energy may emerge as future winners in the context of climate change and energy transition [12]

Core Viewpoint - The biotechnology stocks in Hong Kong are rising against the trend, with Kangning Jereh Pharmaceutical-B (9966.HK) experiencing a significant increase of over 11%, currently priced at HKD 15.26, with a total market capitalization of HKD 14.8 billion [1] Company Summary - Kangning Jereh Pharmaceutical repurchased 400,000 shares for HKD 5.483 million on October 16, indicating confidence in its financial resources to support the buyback plan of up to HKD 20 million [1] - The company announced the clinical approval of JSKN022 for advanced solid tumors, which is a positive development for its product pipeline [1] - Kangning Jereh's research KN026 is among 23 studies from China selected for presentation at the European Society for Medical Oncology (ESMO) conference scheduled from October 17 to 21 in Berlin, highlighting its research significance [1]

Core Viewpoint - The 2025 Sustainable Global Leaders Conference was held from October 16 to 18 in Shanghai, highlighting the importance of innovation in various sectors, particularly in biotechnology and digital technology [1] Group 1: Company Initiatives - The company, Guizhou Moutai Distillery, is actively expanding into new areas such as biotechnology and digital technology [1] - In the realm of biotechnology, the company is conducting cutting-edge research on high-tolerance chassis cell construction and intelligent design of synthetic pathways [1] - The company is exploring new materials from natural products and carbon neutrality technologies [1] Group 2: Digital Transformation - The company is advancing industrial digitization and digital industrialization [1] - There is a systematic construction of digital technology scenarios across the supply side, consumption side, and foundational side [1] - The aim is to shape new business models and growth curves through these digital initiatives [1]

天眼查App显示，近日，深圳市博翔生物科技有限公司成立，法定代表人为余小峰，注册资本500万人 民币，经营范围为一般经营项目是：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推 广；生物基材料销售；生物质成型燃料销售；生物饲料研发；生物有机肥料研发；生物质能技术服务； 信息咨询服务（不含许可类信息咨询服务）；物联网技术服务；信息技术咨询服务；互联网销售（除销 售需要许可的商品）；销售代理；国内贸易代理；个人卫生用品销售；卫生用品和一次性使用医疗用品 销售；第一类医疗器械销售；人工智能行业应用系统集成服务；互联网数据服务；大数据服务；远程健 康管理服务；软件开发；企业管理；企业管理咨询；自然科学研究和试验发展；工程和技术研究和试验 发展；医学研究和试验发展；养生保健服务（非医疗）；中医养生保健服务（非医疗）；科技中介服 务；健康咨询服务（不含诊疗服务）；化工产品销售（不含许可类化工产品）；专用化学产品销售（不 含危险化学品）；日用化学产品销售；供应链管理服务；新材料技术研发；新材料技术推广服务。（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动），许可经营项目是：无。 ...

Core Viewpoint - The establishment of the Gobi-Redbird Innovation Fund (Gobi-RIF) aims to support early-stage startups incubated by the Hong Kong University of Science and Technology, focusing on the commercialization of cutting-edge academic research and accelerating the global market entry of university research outcomes [1][2]. Group 1: Fund Details - Gobi-RIF is a strategic fund with a duration of 7 to 8 years, targeting the commercialization of research outcomes in four key areas: biotechnology, Industry 4.0, artificial intelligence (AI) and robotics, and fintech [1]. - The fund aims to invest in 15 to 20 startups, having already invested in 3 companies, including Lai Mou Technology (robotic lawnmowers), Atom Semiconductor (waferless design), and Starry Sky Cloud Knowledge (satellite solutions) [1]. - Gobi-RIF will invest in companies at the A to C funding stages, with individual investments amounting to several million dollars, and is seeking additional patient capital investors [1]. Group 2: Objectives and Impact - The primary goal of Gobi-RIF is to support the development of tech startups and create a lasting impact, while also ensuring financial returns to sustain further investments in other startups [2]. - The fund is expected to drive a flywheel effect of talent, capital, and opportunities, with a focus on discovering the next generation of talent and companies [2]. - The fund aims to attract more patient capital, promote deep integration of industry, academia, and research, and leverage Hong Kong's international market advantages to connect invested companies with global markets and resources [3].

# " 当期热文 NO.1 兴业银行 兴业银行养老资产配置策略月报（9月） NO.2 鹏扬基金 鹏扬周度观点：资源和科技引领节后A股开门红，结构修复轮动也精彩 NO.3 天风证券投教基地 投教进校园 | 金融素养习题册（16） （点击文章标题跳转原文，下同） # " 热转好文 NO.1 招商证券投教基地 一图了解北交所存量上市公司股票代码切换规则与影响丨投资一点通 NO.2 景顺投资 景观宏图 | 高市早苗当选自民党总裁利好日本股市 NO.3 华夏基金 磨底4年，化工行业要"翻身"了？ #理财师不会告诉你的事# 去年10.8日到现在，你跑赢基金了吗？ # " 热门直播 # " 趣投教 NO.1： 中国基金报 #曹小曹来了# 黄金涨疯了! 还能上车吗? NO.2： 中国基金报 NO.1： 国新办新闻发布会 介绍2025年前三季度进出口情况 NO.2： 博时基金 乐观其势 力展其长——博时基金2025年第四季度投资联席会 NO.3： X-Day"西丽湖路演社 模力营AI项目专场 | # | 媒体号名称 | | --- | --- | | 1 | 兴业银行 | | 2 | 鹏扬基金 | | 3 | 天风证券投教基地 ...