Core Points - The 2025 China International Service Trade Fair (CIFTIS) is being held at Shougang Park, featuring participation from 85 countries and international organizations, with nearly 2,000 companies exhibiting, including around 500 Fortune Global 500 and industry-leading enterprises [13][14] - The fair emphasizes the integration of technology and services, showcasing innovations such as humanoid robots and AI applications in various sectors, including finance and healthcare [11][14] - The event aims to enhance public experience in service consumption and showcase the beauty of life through interactive exhibits and digital services [15] Industry Highlights - The fair includes nine thematic exhibitions, with a focus on how intangible services are made tangible through technology, aligning with the annual theme "Digital Intelligence Leading, Service Trade Renewed" [14] - The financial services exhibition features the humanoid robot "Gong Xiaojing" from the Industrial and Commercial Bank of China, which is already in use at bank branches for customer interaction [14] - The construction and engineering services exhibition highlights the latest cases in green and smart construction, showcasing advancements in the industry [14] Visitor Experience - The event has improved visitor experience with clear signage, ample public services, and digital tools for navigation and information, making it easier for attendees to engage with the exhibits [15] - The fair also includes unique attractions such as a candy exhibition and themed areas that enhance the overall atmosphere and enjoyment for visitors [15]

Group 1: ICT Exhibition Highlights - The ICT exhibition at the 2025 Service Trade Fair showcases cutting-edge technologies in telecommunications, digital technology, AI, humanoid robots, and low-altitude smart networks, aimed at promoting service trade development [1][3]. - Over 20 companies presented the first batch of "Beijing Solutions," which include smart city initiatives like AI-powered urban management and safety measures for gas leak detection [3][4]. - The exhibition featured immersive experiences, such as the "ULive Super Scene" showcasing a live performance with near-realistic audio-visual quality, enabled by proprietary 8K+5G technology [3]. Group 2: Smart Transportation and Logistics - The "Green Wave" traffic management system in the Yizhuang Demonstration Zone has optimized traffic light timing using real-time data, resulting in a 19.7% increase in traffic flow and a 15.1% improvement in average speed [4]. - The exhibition highlighted innovations in smart logistics, including humanoid robots capable of interacting with users and performing complex tasks, as well as autonomous delivery vehicles designed for last-mile services [14][15]. - A new intelligent helmet for delivery riders, which weighs only 550 grams and features automatic accident detection and voice communication, was also showcased, emphasizing safety in the logistics sector [17]. Group 3: Cultural and Digital Integration - The cultural exhibition area introduced a dual indoor and outdoor setup, allowing visitors to engage with historical artifacts through advanced technologies like mixed reality and interactive displays [10][12]. - The integration of technology in cultural experiences was evident, with features such as AI digital guides and holographic displays enhancing visitor engagement with museum collections [10][11]. - The exhibition also included a variety of cultural activities, such as traditional performances and interactive workshops, aimed at making cultural heritage more accessible and engaging for the public [12]. Group 4: Global Digital Economy - Beijing is positioned as a hub for digital economy innovation, attracting international resources while facilitating local companies' expansion into overseas markets [7]. - The report indicated that in 2023, China's digitally deliverable service import and export value reached $385.9 billion, accounting for 41.4% of total service trade [7]. - The establishment of a digital economy service base in Beijing aims to support local enterprises in navigating international markets and securing global orders [7].

Group 1 - The 2025 China International Fair for Trade in Services (CIFTIS) serves as a significant platform for global service trade cooperation, showcasing Chinese enterprises and facilitating their integration into the global industrial chain [1] - The service industry accounts for approximately two-thirds of global GDP, with service trade growth outpacing goods trade by twofold, highlighting its critical role in global economic resilience and inclusivity [2] - The digital transformation is enhancing the tradability of services, with sectors like ICT, financial services, and business services experiencing rapid growth [2] Group 2 - Chinese companies are leveraging technological breakthroughs and localized strategies to expand into global markets, creating a diverse landscape of international operations [3] - Beijing Hangjing Innovation Technology Co., Ltd. exemplifies this trend by establishing a complete supply chain for its heavy-lift drones, addressing logistical challenges in regions like Indonesia and Africa [3] - XianTu Intelligent's "packaged export" model in the autonomous driving sector demonstrates the effectiveness of combining global technology with local operations to navigate market-specific challenges [4] Group 3 - The human resources service sector is emerging as a new highlight of China's service industry going global, with Beijing Hongcheng Weixin Human Resource Management Services Co., Ltd. initiating overseas operations in Singapore [4][5] - The company aims to export not just manpower but also China's mature service products and cultural concepts to international markets [5] - Digital infrastructure is essential for supporting overseas operations, as demonstrated by Tianyi Cloud's capabilities in providing localized computing support across major global regions [6] Group 4 - CIFTIS serves as a "window of opportunity" for companies to connect with international clients, facilitating discussions and potential collaborations [7] - The fair acts as a bridge for Chinese services and technologies to meet global market demands, transforming cooperation intentions into actual projects [7] - As CIFTIS progresses, it is expected to generate more innovative service trade outcomes and opportunities for Chinese enterprises to expand internationally [7]

21世纪经济报道见习记者冉黎黎 北京报道 9月10日，2025年中国国际服务贸易交易会（以下简称"服贸会"）开幕。服贸会已成功举办11届，见证了中国服务业和服务贸易 开放创新、蓬勃发展的历程。 9月10日，2025年中国国际服务贸易交易会开幕。（冉黎黎/图） 更加注重科技化、智能化应用 "本届服贸会更加注重科技化、智能化应用，重点展示新技术应用场景、解决方案和产品背后的附加服务。"在不久前召开的发 布会上，北京市副市长司马红表示。 据了解，本届服贸会设置了九大专题展，涵盖电信、计算机和信息服务、金融服务、文旅服务、教育服务、体育服务等。 来自服贸会官方的数据显示，本届服贸会上，澳大利亚、德国、世界知识产权组织等85个国家和国际组织设展办会，其中25个 国家和国际组织在主题展设展，参展国别覆盖五大洲。近2000家企业线下参展，包括沃尔玛、阿斯利康、毕马威等近500家世界 500强和行业龙头企业，覆盖26个服务贸易前30强国家和地区，国际化率超20%。 加上今年是服贸会首次在北京首钢园"一址举办"，而且本届服贸会设置了九大专题展，记者发现，开幕当日，满载乘客的观光 车不停穿梭于首钢园的各个场馆之间。 商务部国际贸 ...

在实现《市场准入负面清单》与《外资准入负面清单》"两单衔接"的基础上，进一步压减《跨境服务负 面清单》。 近年来，各项清单内容不断缩减。《市场准入负面清单》事项数量由2022年版的117项缩减至106项。 《外资准入负面清单》限制措施由2021年版的31条缩减至29条，制造业实现向外资全面开放的"清零 式"突破。目前，《跨境服务负面清单》全国版共71条，自贸试验区版68条。清单持续更新释放了改革 信号，在金融、医疗、互联网等重点服务业逐步扩大开放，允许外资进入更多细分领域。这一制度优化 显著降低了外资服务企业进入中国市场的制度壁垒，为境外资本与技术的引入提供了制度保障。 探索"两单衔接" 面对全球经贸规则重塑与国内高质量发展的新形势，在外商准入领域，探索实现《市场准入负面清单》 与《外资准入负面清单》的"两单衔接"，是推动服务贸易制度型开放的关键路径。"两单衔接"是指通过 构建统一、协同的清单管理机制，消除过去两类清单在适用范围、管理标准、审批流程上的交叉与差 异，形成覆盖外资市场主体的"一张准入清单"。 "两单衔接"便于原有两张清单内容的进一步统一协调。在实践中，对外商准入设置官方统一服务窗口， 形成统一解 ...

Market Overview - The A-share market experienced a collective increase, with the Shanghai Composite Index rising by 0.13%, the Shenzhen Component Index by 0.38%, and the ChiNext Index by 1.27%, while the North Stock 50 fell by 0.16% [1] - The total trading volume in the Shanghai and Shenzhen markets was 20,040 billion yuan, a decrease of 1,481 billion yuan compared to the previous day, marking the first time in 20 trading days that the volume fell below 20,000 billion yuan [1] - Over 2,400 stocks in the market saw an increase [1] Sector Performance - AI hardware showed strong performance, with key sectors such as copper-clad laminates, CPO, and fiberglass leading the gains, while major infrastructure, short dramas, 6G, and tourism sectors were active during the day [1] - The new energy industry chain experienced a collective decline, with gold, PEEK materials, and chemical sectors also retreating [1] ETF Performance - AI computing ETFs saw significant gains, with the Bosera 5G50 ETF, Guotai 50 ETF, and Southern AI ETF rising by 4.58%, 4.52%, and 4.14% respectively [1] - The gaming sector saw a midday surge, with the Puyin Ansheng Gaming Media ETF increasing by 4.05%, currently at a premium/discount rate of 1.92% [1] - The telecommunications sector performed well, with Penghua Telecom ETF, Huatai-PineBridge Telecom 50 ETF, and E Fund Telecom ETF all rising over 3% [1] Declines in Specific Sectors - The new energy sector faced a broad decline, with leading ETFs in photovoltaic and lithium battery sectors falling by 1.97%, 1.92%, and 1.86% respectively [1] - Gold stocks weakened, with the gold stock ETF declining by 1.94% [1]

Group 1 - The 2025 China International Service Trade Fair opened on September 10 in Beijing, with the theme "Digital Intelligence Leading, Service Trade Renewed" [1][5] - This year's fair features 85 countries and international organizations, with nearly 2,000 enterprises participating in offline exhibitions [1] - AI plays a significant role in the fair, highlighted in nine service trade thematic exhibitions, particularly in telecommunications, computing, and information services [5][11] Group 2 - The financial services exhibition area showcases cutting-edge technologies such as AI risk control, AI intelligent agents, and digital employees, with 97 participating companies, including 71 from the Fortune Global 500 [7] - The internationalization rate of the financial services exhibition reached 47.4%, demonstrating the global engagement of the sector [7] - Various AI solutions are presented in the supply chain and business services thematic exhibition, including autonomous delivery vehicles and intelligent sorting robots [9] Group 3 - The fair reflects the practical application of advanced technologies like AI large models in service trade scenarios, indicating a shift towards new lifestyles and economic dynamics [11]

Market Overview - On September 5, Hong Kong's three major indices rose collectively, with the Hang Seng Index up 1.43% to 25,417.98 points, the Hang Seng Tech Index up 1.95% to 5,687.45 points, and the National Enterprises Index up 1.34% to 9,057.22 points [1] - The weekly performance showed the Hang Seng Index increased by 1.36%, the Hang Seng Tech Index by 0.23%, and the National Enterprises Index by 1.22% [1] - Notable stocks included Kuaishou rising over 4%, Tencent Holdings up over 2%, and Alibaba and Meituan both up over 1.5% [1] - The Hang Seng Tech Index ETF (513180) closed up 2.39% [1] Southbound Capital - On September 5, southbound capital recorded a net inflow of HKD 56.23 billion, with a cumulative net inflow of HKD 10,120.58 billion year-to-date, significantly exceeding last year's total [2] U.S. Market Performance - Overnight, U.S. stock indices experienced slight declines, with the Dow Jones down 0.48%, S&P 500 down 0.32%, and Nasdaq down 0.03% [3] - Notable declines included JPMorgan down over 3% and Nvidia down over 2% [3] - Chinese concept stocks mostly rose, with Canadian Solar up over 15% and SOTY Biotech up over 11% [3] Key Economic Data - The U.S. Labor Department reported that non-farm employment grew by only 22,000 in August, significantly below the market expectation of 75,000 [4] - The unemployment rate rose to 4.3%, the highest since 2021, leading to increased expectations for interest rate cuts [4] Company Developments - Alibaba's subsidiary Tongyi Qianwen launched Qwen3-Max-Preview, its largest model to date with over 1 trillion parameters, enhancing capabilities in Chinese and English understanding and instruction compliance [4] - On September 8, adjustments to the Hang Seng Index constituents will take effect, increasing the number from 85 to 88, with additions including China Telecom, JD Logistics, and Pop Mart [4] Short Selling Data - On September 5, 637 Hong Kong stocks were short-sold, with a total short-selling amount of HKD 33.389 billion [5] - The top three stocks by short-selling amount were Alibaba at HKD 35.72 billion, Pop Mart at HKD 19.34 billion, and Horizon Robotics at HKD 19.31 billion [5] Institutional Insights - Haitong International noted that most Hong Kong companies have reported earnings, with short-term performance affected by disruptions, particularly in retail and automotive sectors, while hardware, materials, finance, and pharmaceuticals showed high growth [6] - EPS growth expectations for Hong Kong stocks in 2025 have been notably revised down due to consumer discretionary pressures, while materials, pharmaceuticals, technology, and finance are seeing upward revisions [6] - The implementation of anti-involution policies may shift the narrative for Hong Kong internet stocks towards AI empowerment, potentially boosting earnings expectations and attracting incremental capital inflows [6] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Technology Index ETF (513180) includes core AI assets and leading technology firms, also relatively scarce compared to A-shares [8]

Group 1 - The core viewpoint is that the AI's contribution to the growth of the computer sector will further increase in the second half of 2025, driven by factors such as CAPEX acceleration, technological upgrades, and supply improvements [1] - The computing industry is expected to see a significant acceleration in revenue and a notable improvement in net profit in the first half of 2025, with the computing power sector experiencing high growth [1] - The growth of the "Xinchuang" (信创) sector is expected to continue its positive trend and accelerate in the second half of the year, with potential expansion into industrial software and other areas [1] Group 2 - The A-share market is likely to continue a volatile upward trend, with a focus on short-term fluctuation risks and marginal changes in market volume [2] - Growth sectors have shown high levels of prosperity in the first half of the year, with potential for rotation among sectors such as machinery and electrical equipment, which have rebound potential [2] - Low-position sectors, particularly certain consumer segments, may strengthen under policy support, while mid-to-long-term focus should be on supply-demand dynamics and industry profit recovery [2] Group 3 - The report emphasizes the importance of investing in industries with solid industrial logic, such as communication equipment, semiconductors, and innovative pharmaceuticals [3] - There is a highlighted focus on sectors benefiting from China's manufacturing advantages and trade growth with non-US economies, including white goods and engineering machinery [3] - The financial sector is expected to benefit from improved market sentiment, with attention on insurance and brokerage firms [3]

Group 1 - The report from CICC suggests that liquidity expectations are improving, highlighting mid to long-term advantages in sectors such as communication equipment, semiconductors, electronic hardware, solid-state batteries, innovative pharmaceuticals, national defense and military industry, and robotics [1] - China's manufacturing advantages are becoming more prominent, with a focus on foreign trade growth and companies that have established overseas production capacity in sectors like white goods, construction machinery, and power grid equipment [1] - The recovery in capital market sentiment is expected to boost financial performance, with attention on insurance and brokerage firms [1] Group 2 - The "anti-involution" trend is guiding supply contraction in industries, with policy efforts expected to catalyze demand stabilization, particularly in the photovoltaic sector [1] - There may be differentiation within dividend sectors, with a focus on quality cash flow, volatility, and dividend certainty, particularly in telecommunications and banking [1]