美国非农就业数据"爆雷"，但美股回调只持续了一日。在疲软的就业数据和超预期的财报数据之间，交 易员似乎暂时选择了后者。 不过，这份就业报告影响深远，不仅将9月美联储降息预期迅速推升至75%，更是将影响大类资产配置 的逻辑，例如对人民币和黄金走势都产生实质性影响。 非农"爆雷"阴霾秒散 这份非农报告"爆雷"程度之大，足以让美国总统特朗普解雇劳工统计局局长。 7月美国非农就业人数仅为7.3万人，远低于预期的10.4万人。更令人大为不安的是，6月数据从14.7万人 大幅下调至1.4万人，5月数据也从14.4万人大幅削减至1.9万人。这意味着两个月里，25.8万个就业岗 位"凭空消失"。这并非小波动，而是彻底的下滑。 上周五（8月1日），美股大跌近2%。这是"对等"关税暂缓以来的首次实质性回调，标普500指数此前一 路反弹，幅度接近25%。 "美股上周无论是LO（长线多头）还是HF（对冲基金）都开始卖出，交易台总体分别净卖出45亿美元 和15亿美元。最大的卖出量发生在上周四，反映月底数据和业绩兑现。8月1日，特朗普宣布更高关税税 率，同时非农就业数据低于预期，引发市场对于9月降息概率提升的预期。由于驱赶非法移民，一些 ...

Core Viewpoint - The recent surge in mergers and acquisitions (M&A) among companies listed on the Beijing Stock Exchange (BSE) has garnered significant attention in the capital market, with a focus on avoiding the negative consequences experienced by companies on the Shanghai and Shenzhen exchanges in the past [1][2]. Group 1: Reasons for M&A Surge - The introduction of the new "National Nine Articles" and subsequent "Six Articles on M&A" by regulatory authorities has provided clear policy support, boosting the confidence of listed companies in pursuing M&A activities [2]. - Companies are increasingly recognizing that M&A is essential for growth and market competitiveness, as evidenced by the success of firms like CITIC Securities, which expanded through continuous acquisitions [2]. - The current M&A trend on the BSE is characterized by a shift towards cash payments for acquisitions, contrasting with previous practices of issuing shares for asset purchases [2]. Group 2: Characteristics of Recent M&A Activities - There is a notable increase in controlling acquisitions, with many companies acquiring 50% or more of the target company's shares, facilitating better management and oversight [3]. - The focus on cash transactions in recent M&A deals indicates a preference for liquidity and immediate financial commitment [2]. Group 3: Recommendations to Avoid Past Mistakes - Strengthening audit processes for target companies that make performance commitments is crucial to prevent discrepancies in reported earnings post-acquisition [4]. - M&A activities should align with core business operations to avoid the pitfalls associated with cross-industry acquisitions, which have historically led to challenges [4]. - Emphasizing high-tech, emerging industries, and new business models in M&A strategies is recommended, as these sectors represent future growth opportunities [4]. - Acquisitions should target companies that align with the BSE's focus on "specialized, refined, characteristic, and innovative" enterprises to maintain market integrity [4].

Core Points - Shanghai has released measures to support enterprises in enhancing basic research and promoting high-quality development, focusing on financial subsidies, funding matching, and tax incentives [1][2] - The measures aim to strengthen the role of enterprises in technological innovation and increase their investment in basic research [1][2] Financial Support - Enterprises investing over 100 million yuan annually in basic research will receive a one-time financial subsidy of 10 million yuan; those investing between 50 million and 100 million yuan will receive 5 million yuan; and those investing between 10 million and 50 million yuan will receive 2 million yuan [2] - Support for the establishment or donation to basic research public welfare funds is also included, with a matching support of 50% of the fund's investment for projects supported in Shanghai [2] National and Local Initiatives - The Shanghai State-owned Assets Supervision and Administration Commission has established the Shanghai Qiyuan National Assets Innovation Fund, the first public welfare fund for basic research initiated by national assets [3] - The fund focuses on supporting basic and applied research with disruptive potential, particularly in strategic areas like chips and quantum technology [3][4] "Explorer Program" - The Shanghai Municipal Science and Technology Commission has launched the "Explorer Program" to attract more leading technology enterprises to participate in basic research [5][6] - The program aims to convert engineering challenges faced by industries into basic scientific problems, facilitating collaboration between enterprises and research institutions [6][7] - The program has expanded from 2 to 22 cooperating enterprises, covering various fields such as integrated circuits and biomedicine [6] Collaboration and Innovation - The "Explorer Program" encourages enterprises to focus on key research issues and guide local research teams in targeted basic research, promoting a collaborative approach [7] - The measures also empower enterprises with greater decision-making authority in basic research and support the sharing of scientific instruments and facilities [7]

Core Insights - The WNBA is experiencing unprecedented interest and demand for women's basketball, leading to plans for expansion to 18 teams by 2030, following a recent increase from 12 to 13 teams in 2025 [1][2] - Significant growth in viewership, merchandise sales, and attendance has been reported for the 2024 season, with ESPN's audience increasing by 170%, merchandise sales soaring over 600%, and total attendance reaching a 22-year high with a 48% year-over-year increase [1][2] Sponsorship Growth - In the 2024 season, WNBA teams secured 450 sponsors across 531 deals, generating a total sponsorship revenue of $76 million, with an average of 44 deals per team, marking a 52% increase from 2022 [2][3] - The financial sector dominates sponsorship revenue, accounting for over 40% of total sponsorships, with notable sponsors including Ally Financial, Gainbridge, and Robinhood [6][3] - The healthcare sector is also active, with over 40 healthcare systems investing in the league, exemplified by a significant sponsorship deal between Symetra and the Seattle Storm [6][3] Emerging Opportunities - The gaming sector, despite only 11 sponsorship deals, shows substantial untapped revenue potential, while technology and automotive sectors are still in early stages of collaboration with the WNBA [8][3] - New partnerships have emerged, including Ally Financial as the official banking partner and multi-year agreements with brands like Coach, Evernorth, and Booking.com [8][3] Social Media Engagement - WNBA players and teams benefit from high social media engagement, with a reported media value of $136 million during the regular season, driven by a unique fan demographic that engages more on social platforms compared to other leagues [9][10] - Young fans aged 18-34 spend over 2.3 hours weekly interacting with player content on social media, leading brands to invest in partnerships with popular players [13][10] Player Influence - The most engaged players on social media include Paige Bueckers and Angel Reese, with significant brand interactions, indicating the rising commercial value of new stars [10][14] - Teams with high sponsorship numbers often correlate with player popularity, as seen with the Indiana Fever, which has the most sponsors and social media followers, largely due to star player Caitlin Clark [17][19] Brand Perception - WNBA fans show a higher likelihood of noticing and supporting sponsors compared to NBA fans, with 71% of WNBA fans more likely to notice sponsors and 70% willing to purchase from them [19][21] - New brands are increasingly choosing the WNBA for their first foray into sports sponsorship, recognizing the league's potential to reach targeted audiences effectively [21][19]

Group 1 - The establishment of Zhizhu Space (Tianjin) Technology Co., Ltd. has been reported, with Jiang Haoran as the legal representative and a registered capital of 1 million yuan [1] - The company's business scope includes technology services, development, consulting, exchange, transfer, promotion, enterprise management, information consulting services (excluding licensed information consulting services), commercial complex management services, and non-residential real estate leasing [1] - The company is jointly held by Hengyin Technology and Jiang Haoran according to the equity penetration data from Tianyancha APP [1]

Meeting Overview - The company held the 14th meeting of the 9th Board of Directors on August 4, 2025, to approve the proposal for the 2025 third extraordinary general meeting of shareholders [1] - The meeting will take place on August 20, 2025, at 14:30, with online voting available from 9:15 to 15:00 on the same day [1] Shareholder Rights - All ordinary shareholders registered by the close of business on August 15, 2025, are entitled to attend the meeting and may appoint proxies to vote [2] - The meeting will also include company directors, supervisors, senior management, and appointed lawyers [2] Agenda Items - The meeting will discuss several proposals, including the authorization for the company and its subsidiaries to provide external guarantees [3] - Proposals affecting minority investors will be counted separately, and certain items require special resolutions [3] Registration Process - Shareholders can register for the meeting in person or via mail or fax, providing necessary documentation [3][4] - Personal shareholders must present their ID, stock account card, and proof of shareholding [3] - Corporate shareholders must provide additional documentation, including a business license and authorization letters [3] Voting Procedures - The company will provide a network voting platform for shareholders to participate in the voting process [5] - Detailed voting procedures are outlined for both the Shenzhen Stock Exchange trading system and the internet voting system [6] Proxy Authorization - Shareholders can authorize representatives to vote on their behalf, with specific formats for authorization letters provided [9]

智通财经APP讯，元征科技(02488)发布公告，将于2025年9月12日派发截至2025年6月30日止六个月的中 期股息每股0.31元。 ...

Group 1 - Goldman Sachs maintains a "Buy" rating for Li Auto-W with a target price of HKD 138, expecting monthly sales of 6,000 units for its new electric SUV i8 [1] - China Biologic Products is rated "Outperform" by CMBI, highlighting its strong innovation pipeline and growth in biosimilars and generics [1] - JPMorgan upgrades Hang Lung Properties to "Overweight" with a target price of HKD 10, citing attractive dividend yield and improved sales outlook [2] Group 2 - Citi maintains a "Outperform" rating for China Overseas Property but lowers the target price to HKD 6.1, focusing on service quality improvement [3] - UBS maintains a "Buy" rating for Ping An Insurance, raising the target price to HKD 66, driven by improved macro conditions and growth in asset management [4] - UBS maintains a "Buy" rating for GCL-Poly Energy with a target price of HKD 1.9, benefiting from supply cuts and strong product quality [5] Group 3 - Macquarie maintains a "Outperform" rating for Prada but lowers the target price to HKD 60, citing lower-than-expected sales growth [6] - Goldman Sachs maintains a "Neutral" rating for CATL, adjusting the target price to HKD 436 due to expected declines in battery gross margins [7] - Goldman Sachs maintains a "Buy" rating for Kuaishou-W with a target price of HKD 68, anticipating significant revenue growth in the AI sector [8] Group 4 - Morgan Stanley maintains an "Overweight" rating for HSBC, raising the target price to HKD 107.1 due to improved earnings forecasts [9]

Core Viewpoint - The article emphasizes the importance of standardizing enterprise-related law enforcement to enhance government effectiveness and improve the business environment for companies [1] Group 1: Regulatory Changes - The central government initiated a special action to standardize enterprise-related law enforcement, aiming for a more effective and less intrusive regulatory environment [1] - The State Council issued guidelines to systematically regulate administrative inspections related to enterprises, leading to local governments implementing practical measures for more efficient inspections [1][2] Group 2: Implementation of Preventive Measures - Anhui Province is advancing "preventive law enforcement," shifting from post-event supervision to preemptive measures, thereby minimizing disruptions to normal business operations [2] - The introduction of a "high-frequency violation risk alert list" aims to enhance preemptive oversight and reduce unnecessary penalties [2] Group 3: Technology in Enforcement - The implementation of a "QR code inspection" system in various regions, including Henan and Beijing, allows for better tracking of enforcement actions and reduces unnecessary enterprise disturbances [3] - This system also facilitates reverse supervision, enabling companies to provide feedback on enforcement actions, thus promoting more standardized practices [3] Group 4: Addressing Inconsistencies - Beijing has conducted in-depth research to identify inconsistencies in inspection standards, allowing enterprises to report issues through a dedicated app for unified regulatory standards [4]

驴迹科技公告，公司正与一科研团队洽谈，该团队拥有一项已应用于工业级捕蚊机装置的二氧化碳捕获 技术，旨在解决户外蚊患问题。公司管理层认为该技术可提升旅游景区及其他户外场所的用户体验。目 前，该团队已有两款工业级捕蚊机产品在中国多个蚊患高发地区进行试点运营。 ...