Core Viewpoint - A federal court in Marshall, Texas, has ruled that Samsung Electronics has infringed on patents in the wireless communication technology sector, requiring the company to pay $445.5 million in damages to Collision Communications [1] Group 1: Legal Judgment - The jury found that Samsung's devices, including laptops and Galaxy series smartphones with wireless connectivity, violated four key patents held by Collision Communications [1] - The patents in question cover essential areas such as 4G, 5G mobile communication standards, and Wi-Fi technology [1]

公众号记得加星标⭐️，第一时间看推送不会错过。 Unified Bus 的协议文档终于发布了。协议最初的设计大多数是四五年前的工作了，我也有两年 多没有继续做网络互联方面的工作，但今天读到这本 500 多页的文档，还是倍感亲切。 与大多数协议文档一样，UB 文档介绍了 Unified Bus 协议的大量细节，但很少涉及它设计背后 的思考。作为曾在早期参与 UB 项目的一名小兵，介绍一些我个人的思考。今天产品化的 UB 可 能与我们当年的设计有诸多不同，因此不要把本文作为权威指南。当成段子看就行了。 为什么要做 UB 要理解 Unified Bus (UB) 诞生的必然性，我们必须回到一个计算机体系结构中的根本性矛盾：总线 （Bus）与网络（Network）的割裂。 长久以来，计算机世界被这两种截然不同的互联范式划分为一个个孤岛。 在孤岛内部（例如一台服务器或一个机箱内），我们使用总线技术，如 PCIe 或 NVLink。它们是为 紧耦合系统设计的，设备间共享着统一的物理地址空间，通信延迟可以做到纳秒级，带宽极高。这是 性能的天堂，但这个天堂的疆域极其有限——总线的物理距离和可连接的设备数量都受到严格限制。 在 ...

Core Insights - The article highlights the significant growth in overseas business for companies, driven by policies and technological innovations, particularly in the energy storage and consumer electronics sectors [1][3][4]. Group 1: Economic Dynamics - In September 2025, the Xinhua Outbound Series Index saw increases, with the Electric Outbound Index rising by 19.58% and the TMT Outbound Index by 11.36%, indicating strong performance in outbound strategies [1]. - The Xinhua Changyan Index closed at 1892.61 points, up 13.23% from the previous month, reflecting a strong capital flow towards new energy sectors such as batteries and photovoltaics, aligned with government policies and technological advancements [1]. Group 2: Overseas Business Growth - Despite challenges like tariffs and cash flow pressures, representative companies have seen substantial revenue and profit margin boosts from their overseas operations, with some companies reporting nearly doubled overseas revenue [3]. - For instance, Sunshine Power's overseas revenue accounted for nearly 60% of total revenue, significantly contributing to its growth in both revenue and net profit [3]. Group 3: Energy Storage Market - The global energy storage market is experiencing unexpected growth, with domestic projects and policies driving strong demand. In August 2025, the domestic storage market completed a bidding scale of 25.8 GW/69.4 GWh [4]. - Chinese companies secured over 160 GWh of new overseas energy storage orders in the first half of 2025, a 220% increase year-on-year, indicating a robust international demand [4]. Group 4: Consumer Electronics Innovation - The global consumer electronics industry is entering a recovery phase driven by innovation, with major companies like Apple and Meta launching new products that enhance AI capabilities and AR/VR applications [5][7]. - The consumer electronics sector in China has grown from 1.6587 trillion yuan in 2018 to an estimated 1.9772 trillion yuan in 2024, contributing over 40% to the global market [7]. Group 5: Investment Trends - Investment is increasingly flowing into sectors encouraged by national industrial policies, such as new energy and high-end manufacturing, while traditional industries face capital outflow pressures [10][17]. - The Ministry of Industry and Information Technology is promoting solid-state battery subsidies, and the Ministry of Finance has extended the tax exemption policy for new energy vehicles until 2027, indicating a favorable policy environment for targeted industries [17].

2025年，四川九洲电器股份有限公司实施股份回购。公司于4月通过相关议案，回购资金1 - 2亿元，价 格不超26.27元/股。6月13日首次回购，截至10月11日公告披露日，累计回购6,481,887股，占总股本 0.6337%，成交金额100,173,246.23元，资金达下限且未超上限。本次回购用于注销减资，对公司经营等 无重大影响，相关主体无违规买卖情况，回购合规。后续将办理注销及工商变更，投资者需注意风险。 ...

Group 1: Report Information - Report Date: October 10, 2025 [1] - Report Title: Shenwan Hongyuan Gold ETF Portfolio 202510 [1] - Analysts: Shen Siyi, Deng Hu [3] - Research Support: Bai Haotian [3] - Contact: Shen Enyi [3] Group 2: Investment Ratings - No industry investment ratings are provided in the report. Group 3: Core Views - The report constructs four ETF portfolios, including the macro industry portfolio, macro + momentum industry portfolio, core - satellite portfolio, and trinity style rotation ETF portfolio, based on macro - sensitivity and momentum analysis, aiming to capture investment opportunities in different market environments [5][8]. - The current economic leading indicators are rising, liquidity indicators are slightly tight, and credit indicators remain positive. The portfolios are shifting towards a more balanced allocation, with an increased proportion of consumer sectors [5]. - The trinity style rotation model combines macro - liquidity, fundamental, and market sentiment factors to construct a medium - to long - term style rotation model, providing insights into market style preferences [5][9]. Group 4: ETF Portfolio Construction Methods 4.1 Based on Macro - Method - Calculate macro - sensitivity for broad - based, industry - theme, and Smart Beta ETFs based on economic, liquidity, and credit variables. Traditional cyclical industries are sensitive to the economy, TMT to liquidity, and consumption to credit [8]. - Construct three ETF portfolios (macro industry, macro + momentum industry, and core - satellite) using macro - sensitivity and momentum, and rebalance monthly [8]. 4.2 Trinity Style Rotation ETF Portfolio - Build a medium - to long - term style rotation model centered on macro - liquidity, comparing with the CSI 300 index. Screen macro, fundamental, and market sentiment factors to construct three types of models (growth/value, market - cap, and quality) [9]. Group 5: Portfolio Details 5.1 Macro Industry Portfolio - Select the top 6 industry - theme indices based on macro - sensitivity scores, and equally weight the largest - scale corresponding ETFs. Currently, the portfolio is more balanced with an increased consumer proportion [5][10]. - October 2025 holdings include ETFs related to tourism, home appliances, chemicals, etc. [14]. - In 2025, the portfolio had varying monthly excess returns, with positive excess returns in September [15]. 5.2 Macro + Momentum Industry Portfolio - Combine macro and momentum methods. The pharmaceutical sector's weight is further reduced, and rare earth and battery sectors are selected on the momentum side [5][16]. - October 2025 holdings include multiple industry - themed ETFs [18]. - The portfolio performed well in 2025, with positive excess returns in September after a drawdown in August [19]. 5.3 Core - Satellite Portfolio - Use the CSI 300 as the core and combine broad - based, industry, and Smart Beta portfolios. Weight them at 50%, 30%, and 20% respectively [20][21]. - October 2025 holdings include a mix of broad - based and industry - themed ETFs [24][25]. - The portfolio performed steadily in 2025, outperforming the index almost every month [25]. 5.4 Trinity Style Rotation ETF Portfolio - The model currently favors small - cap growth and high - quality styles. The portfolio's factor exposure and historical performance are presented [26][27]. - October 2025 holdings include ETFs related to small - cap indices and high - growth sectors [31]. - The portfolio has shown certain performance since 2021, with positive excess returns in September 2025 [30].

Core Viewpoint - The company received a warning letter from the Jiangsu Securities Regulatory Bureau for incomplete disclosure in its 2024 performance forecast, specifically regarding the expected income after deductions [1] Group 1: Regulatory Actions - The company failed to disclose the expected situation of income after deductions in its 2024 annual performance forecast, leading to incomplete disclosure of relevant information [1] - The company did not issue a risk warning announcement regarding the potential delisting risk within one month after the end of the 2024 accounting year, indicating a delay in risk disclosure [1] - The Jiangsu Securities Regulatory Bureau decided to issue a warning letter to the company and the responsible individuals, which will be recorded in the integrity archives of the securities and futures market [1] Group 2: Responsible Individuals - The chairman, Huang Wang, the general manager, Sun Peng, the financial director, Cha Qingwen, and the board secretary, Zhou Xuming, are primarily responsible for the information disclosure violations [1]

格隆汇10月10日丨剑桥科技(603083.SH)公布，公司正在进行申请发行境外上市外资股(H股)股票并在香 港联合交易所有限公司(以下简称"香港联交所")主板挂牌上市(以下简称"本次发行上市")的相关工作。 香港联交所上市委员会于2025年10月9日举行上市聆讯，审议公司本次发行上市的申请。 公司本次发行上市的独家保荐人已于2025年10月2日收到香港联交所向其发出的信函，其中指出香港联 交所上市委员会已审阅公司的上市申请，但该信函不构成正式的上市批准，香港联交所仍有对公司的上 市申请提出进一步意见的权力。 ...

智通财经APP讯，剑桥科技(603083.SH)发布公告，公司正在进行申请发行境外上市外资股(H股)股票并 在香港联合交易所有限公司(简称"香港联交所")主板挂牌上市的相关工作。香港联交所上市委员会于 2025年10月9日举行上市聆讯，审议公司本次发行上市的申请。公司本次发行上市的独家保荐人已于 2025年10月2日收到香港联交所向其发出的信函，其中指出香港联交所上市委员会已审阅公司的上市申 请，但该信函不构成正式的上市批准，香港联交所仍有对公司的上市申请提出进一步意见的权力。 ...

剑桥科技：香港联交所审议公司发行境外上市外资股（H股）。 ...

Core Viewpoint - Cambridge Technology (603083) is in the process of applying for the issuance of overseas listed foreign shares (H shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The company announced on October 10 that it is working on the application for H shares [1] - The listing hearing by the Hong Kong Stock Exchange Listing Committee took place on October 9, 2025, to review the company's application for issuance and listing [1]