科技引领下的服务消费新机遇系列 20250908 摘要 当前消费受居民收入限制，但地方政府在服务消费供给侧的努力可能带 来超预期效果，尤其是在 AI、对外开放和财政金融支持方面，这些因素 可能传导至资本市场。 预计 9 月出台的文件框架可能延续《关于促进服务消费高质量发展的意 见》的思路，涵盖家政、养老托育、文旅体育等行业，并融入对外开放 和城乡均衡发展方向。 未来服务消费趋势将与科技和对外开放深度结合，数字化、智能化、绿 色化是关键方向。新质生产力改造消费者体验，如机器人 6S 店的普及， 将提升社会对新旧动能转换的认知。 对外开放方面，海南在特许医疗和跨境数据流动方面具有优势。新药可 在海南先行进入中国市场，游戏出海的数据跨境在海南成功率更高，可 能出现"来数加工"的新模式。 中国可借鉴日本和韩国经验，通过供给侧改善促进服务消费。例如，支 持动漫博览会、利用便利店嵌入消费场景等。国内城市也在简化审批流 程，提高演艺团体运营效率。 Q&A 近期服务消费政策的主要特点是什么？ 根据 8 月 27 日国新办发布会，扩大服务消费的若干政策措施将在 9 月份出台。 长期来看，服务消费政策的重视不仅是短期现象，而是整 ...

AI基金易方达红利混合A（020801）披露2025年半年报，上半年基金利润271.29万元，加权平均基金份额本期利润0.0645元。报告期内，基金净值增长率为 4.24%，截至上半年末，基金规模为4879.15万元。 该基金属于偏股混合型基金。截至9月5日，单位净值为1.19元。基金经理是包正钰，目前管理4只基金。其中，截至9月5日，易方达价值精选混合近一年复 权单位净值增长率最高，达51.25%；易方达红利混合A最低，为27.46%。 基金管理人在半年报中表示，基金将围绕"高股息+稳增长"主线，关注水泥、养殖、建筑材料、能源运输等行业的龙头集中与现金回报提升机会，并精选 AI 产业链中具备稳定现金流的环节，力争为持有人持续创造稳健的回报。 25 倍 20 1 2 10 8.24 5 0 – 2024-12-37 | 截至9月5日，易方达红利混合A近三个月复权单位净值增长率为9.18%，位于同类可比基金511/615；近半年复权单位净值增长率为12.98%，位于同类可比基 金389/615；近一年复权单位净值增长率为27.46%，位于同类可比基金471/602。 通过所选区间该基金净值增长率分位图，可以观察 ...

回望历史，香港在"一带一路"建设中贡献突出 金秋的香港，即将举办第十届"一带一路"高峰论坛，来自18个相关国家和地区的超过90位高层官员及商 界领袖将齐聚香江，共谋发展商机，共商合作前景，这必将为共建"一带一路"长卷留下浓墨重彩的一 笔，也必将成为香港参与高质量共建"一带一路"的历史性时刻。 当前，世界百年变局加速演进，但和平与发展的时代主题没有变，经济全球化的历史大势没有变，中国 坚持高水平对外开放的态度坚定不变，愿意与世界各国共享发展机遇的决心坚定不变。共建"一带一 路"正朝着高质量发展方向迈进，内涵不断丰富，领域不断拓展，这为香港带来了前所未有的新机遇。 随着"一带一路"合作的深入推进，特别是在健康、绿色、数字、创新等新领域的合作潜力持续释放，香 港在专业服务、国际规则、创新科技、人文交流等方面的经验将大有可为，也必然大有作为。 香港可打造"一带一路"综合服务平台。有中央的大力支持，香港可以不断巩固提升国际金融中心地位， 强化全球离岸人民币业务枢纽功能，推动金融产品创新，为"一带一路"建设提供更优质的金融服务。以 国际调解院落户香港为契机，加快建设国际法律及争议解决服务中心，为国际商事纠纷提供高效、公正 ...

（来源：真灼财经） 2025年9月7日，$奇点国峰(HK1280)与卖方订立收购协议，以每股4.89港元发行9406.95万股代价股份 （占现有已发行股本约5.19%、扩大后约4.94%，源自一般授权），总代价4.6亿港元收购一家深耕兴趣 电商的AI技术公司。此次收购是其总部迁至深圳后的首个关键战略动作，核心目标为整合技术、渠道 与客户资源，推动AI在OMO新消费平台的深度落地，实现从业务合作到技术内化的跃迁。 来源：市场资讯 在白酒业务方面，AI赋能实现精准营销与生产提效。基于高净值客群消费数据（品鉴偏好、收藏习 惯、社交场景），AI助力开发高端定制酒，通过动态内容推荐生成个性化品鉴短视频，提升"胜酒"品牌 转化效率，缩短产品开发周期。 酱酒垂直AI大模型覆盖原料溯源、智能酿造全链路：AI品评系统将酿酒大师经验数字化，构建风味图 谱；智能营销决策系统通过用户画像提升转化。 一、三大业务闭环：奠定AI赋能基础 此前，奇点国峰已构建"白酒+教培+品质家电"三位一体业务生态，形成强协同效应。 白酒业务作为传统核心引擎，旗下"国峰酒业"取得"ISGC2023国际烈酒大赛金奖"、"中国酱香型白酒十 大性价比品牌"，获 ...

智通财经APP讯，枫叶教育(01317)发布公告，该公司于2025年9月5日斥资51.32万港元回购126.4万股股 份，每股回购价格为0.405-0.41港元。 ...

Core Viewpoint - The "Zhang Jian Story Multimedia Presentation" held in Hong Kong highlights the contributions of Zhang Jian, a prominent entrepreneur and educator, to China's modern industrial, educational, and social welfare development [1][2] Group 1: Event Overview - The event was organized by the United Front Work Department of Nantong Municipal Committee and the Nantong Overseas Friendship Association, featuring speeches and readings to share Zhang Jian's stories [1] - Hundreds of participants included representatives from Hong Kong community organizations, business leaders, and Nantong natives living in Hong Kong [1] Group 2: Contributions of Zhang Jian - Zhang Jian founded numerous enterprises and hundreds of schools, significantly contributing to the rise of modern national industry and the development of education in China [2] - He established the Dazheng Cotton Mill in Nantong in the late 19th century, marking the beginning of modern national machine textile industry in China [1] Group 3: Cultural and Economic Impact - The presentation serves as a commemoration of Zhang Jian and aims to promote the understanding and recognition of Chinese culture among Hong Kong compatriots [1] - It encourages Hong Kong's business community to inherit and promote excellent traditional Chinese culture, enhancing cooperation between Hong Kong and the mainland [2]

Core Insights - The comprehensive economic partnership agreement (CEPA) between the UAE and Angola aims to enhance economic cooperation and expand ties with emerging markets in Africa [1] - The bilateral non-oil trade between the UAE and Angola is projected to reach $2.17 billion in 2024, reflecting a year-on-year growth of 2.6%, and has already reached $1.4 billion in the first half of 2025, marking a significant increase of 29.7% [1] - The agreement is a crucial step towards achieving the UAE's goal of a total foreign trade volume of 4 trillion dirhams by 2031, with expectations that non-oil trade will exceed $10 billion by 2033, contributing approximately $1 billion to each country's GDP and creating around 30,000 jobs [1] Trade and Economic Impact - Angola primarily exports diamonds and gold to the UAE, while the UAE's exports include light oil fractions, steel, machinery, and consumer goods [1] - The agreement will also enhance cooperation in various service sectors, including logistics, construction, healthcare, education, finance, and tourism [2] Implementation and Benefits - The agreement will take effect immediately after the approval process is completed, with benefits such as tariff reductions, simplified procedures, and improved market access expected to manifest quickly [3]

Core Viewpoint - The article discusses the optimization of the business environment in Baisha, Hainan, through the implementation of various regulatory reforms aimed at reducing the burden on enterprises and enhancing market vitality [2][8]. Group 1: Regulatory Reforms - Baisha has introduced a "comprehensive check once" system, reducing the frequency of inspections from monthly to biannual, significantly alleviating the pressure on enterprises [2]. - The "approval and regulation" mechanism has been strengthened, ensuring seamless integration between approval processes and regulatory oversight through the "Hainan Internet + Regulation" system [3]. - The "bright code check" system has been fully implemented, allowing businesses to easily access information about inspections, thereby increasing transparency and reducing arbitrary checks [4]. Group 2: Joint Inspections - The "comprehensive check once" model has been applied across various sectors, including elderly care and healthcare, allowing multiple regulatory bodies to conduct joint inspections, thus minimizing disruptions to business operations [5][6]. - Since the implementation of the "comprehensive check once" model, over 110 joint inspections have been conducted, reducing the number of inspections by 270 and cutting the time enterprises spend preparing for inspections by over 60% [6]. Group 3: Innovative Application Scenarios - The regulatory framework has been tailored to local industries, such as tea production, creating personalized inspection scenarios that enhance the quality and safety of products while supporting local economic development [7]. - The reforms aim to shift from traditional single-department inspections to collaborative multi-department inspections, fostering a more efficient regulatory environment [7][8].

今年财政支出在民生领域的另一个显著特点是注重中央与地方的协同配合，通过合理的财政事权和支出 责任划分，确保民生政策有效落地。中央财政通过转移支付支持地方民生保障，今年转移支付预算超过 10万亿元，重点加大对教育、卫生健康、社保、就业等重点民生领域的支持，强化各地基本民生财力保 障。特别是对中西部地区的倾斜支持力度加大，持续促进基本公共服务均等化，彰显了财政政策的公平 性和普惠性。 其次，民生补贴政策精准投放、直抵目标群体，展现出显著的针对性和实效性。通过育儿补贴、消费贴 息、公共服务减免等"真金白银"的方式，政策直接惠及育儿家庭、老年人及青年群体等特定对象，有效 减轻家庭在生育、养育、教育及日常生活方面的成本压力。这一系列举措增强了民生政策的靶向性与民 众获得感，也深刻体现了财政政策坚决兜牢民生底线的政策导向。 今年以来多项民生补贴政策相继落地。今年开始实施育儿补贴制度，为3岁以下婴幼儿家庭提供每年 3600元/孩的免税补贴，中央财政首年安排资金约900亿元，直接减轻生育负担。免费学前教育从2025年 秋季学期起实施，惠及约1200万儿童，覆盖公、民办及城乡幼儿园。青年就业支持政策力度加大，对吸 纳16~24 ...

Core Viewpoint - The domestic service consumption market is undergoing structural changes by 2025, with offline retail, AI applications, and experiential consumption becoming the focal points for investment. The overall growth rate of commodity consumption is slowing, while the service consumption sector shows greater resilience and vitality [1]. Group 1: Offline Retail Restructuring - Instant retail and local life platforms are rapidly developing, leading to accelerated industry consolidation. Major platforms like Meituan, Alibaba, and JD.com are heavily investing in offline retail and delivery channels, creating a new ecosystem of online and offline integration. By 2024, Meituan's instant retail orders are expected to exceed 150 million, with both rider volume and revenue experiencing growth [2]. - The restaurant industry's chain rate continues to rise, with leading companies expanding their market share. By 2024, China's restaurant chain rate is projected to reach 23%, with the mass convenience restaurant market size around 4 trillion yuan. The segment with a customer price of 50-100 yuan is expected to surpass 3.4 trillion yuan by 2028 [2]. - The hotel sector is also undergoing a brand reshuffle, with Huazhu Group operating 12,137 stores and Atour Hotels exceeding 1,800 stores. Mid-to-high-end brands are increasing their market share through continuous upgrades and expansion into lower-tier markets [3]. Group 2: Acceleration of AI Applications - The application of artificial intelligence in the social service industry is advancing. For instance, Keri International's "He Wa" platform operated over 37,000 job postings in the first half of the year, with more than 200,000 recommendations, continuously upgrading its AI recruitment functions [4]. - In the education sector, policies are becoming clearer, with Tianli International Education developing AI companion products deployed in 107 schools nationwide, serving over 250,000 teachers and students, thus promoting digital transformation in K12 and vocational education [4]. - The exhibition industry is also benefiting from AI, with companies like Miao Exhibition leading the way with comprehensive AI exhibition solutions, surpassing pre-pandemic levels in terms of the number of countries, exhibitions, and booth sizes [4]. Group 3: High Prosperity of Experiential Consumption - The cultural tourism and sports industries are core beneficiaries of experiential consumption. In the first half of 2025, domestic travel reached 3.285 billion trips, a year-on-year increase of 20.6%, with total tourism expenditure at 3.15 trillion yuan. Scenic spots like Changbai Mountain and Jiuhua Mountain have seen revenues recover and exceed 2019 levels [5]. - The sports industry is experiencing significant spending increases, with high demand for events, training, and fitness services. Companies like Keep, Inpai, and Lisheng Sports are performing exceptionally well. Emerging demands from lower-tier markets and the elderly population are creating new growth points for service-oriented consumption in cultural tourism and sports [5]. - The report highlights three investment lines in the service consumption sector: offline retail restructuring, AI applications enhancing service efficiency, and the high prosperity of experiential consumption, with companies like Meituan, Alibaba, JD.com, Huazhu Group, and Keep being key focuses [5].