Core Viewpoint - The article discusses the ongoing efforts by ByteDance, the parent company of TikTok, to lobby against a potential ban on the app in the United States, highlighting the political and regulatory challenges it faces amid rising scrutiny from the U.S. government [4][5][37]. Group 1: TikTok's Regulatory Challenges - The Trump campaign launched ads calling for the ban of TikTok, citing privacy concerns and national security threats, with a total ad spend of $3,400 on July 17, 2020 [4][5]. - TikTok has faced investigations from the U.S. government, including a $5.7 million fine from the FTC in 2019 for collecting children's personal information without parental consent [5]. - The U.S. government is considering a ban on TikTok, with discussions led by key officials including Secretary of State Mike Pompeo and White House Chief of Staff Mark Meadows [5][37]. Group 2: Lobbying Efforts by ByteDance - ByteDance has employed K&L Gates, a major lobbying firm, to influence U.S. government decisions, with a team of 150 focused on corporate advocacy [7][8]. - Since 2019, ByteDance has hired five lobbying firms and 27 lobbyists, reflecting a broader trend of Chinese tech companies engaging in lobbying efforts in Washington [8][17]. - The lobbying landscape includes former government officials who leverage their connections to advocate for their clients, with many lobbyists having prior experience in Congress [10][11]. Group 3: The Role of Lobbying in U.S.-China Relations - The article notes that Chinese tech companies have significantly increased their lobbying expenditures in the U.S., with a 162% increase in 2018 and a 71% increase in 2019 compared to previous years [17]. - The lobbying industry in the U.S. has remained stable, generating approximately $3.2 to $3.5 billion annually, but Chinese companies represent a rapidly growing segment [17]. - The article highlights the unique challenges faced by Chinese companies in navigating the U.S. political landscape, particularly in light of heightened scrutiny and regulatory barriers [27][39]. Group 4: TikTok's Operational Adjustments - TikTok has made efforts to localize its operations in the U.S., including moving user data to local data centers and establishing a U.S.-based content advisory board [36]. - The company has appointed a U.S. CEO and expanded its workforce in the U.S. to demonstrate its commitment to operating independently from its Chinese parent company [36][37]. - Despite these efforts, skepticism remains regarding TikTok's independence, with U.S. officials questioning the effectiveness of its operational changes [37][38].

格隆汇9月26日丨根据联交所最新权益披露资料显示，2025年9月19日，中兴通讯(00763.HK)获UBS Group AG在场内以每股均价35.09港元增持好仓121.48万 股，涉资约4262.73万港元。 增持后，UBS Group AG最新持好仓数目为60,893,194股，持好仓比例由7.90%上升至8.06%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 京因 | 股份數目 | | | (請參閱上述*註 | 有投票權股 期 (日 / 月 / 份權益 | | | | | | | | | 份百分比 年) | | | | | | | | | ( % ) | | CS20250924E00344 | UBS Group AG | 1101(L) | | 1,214,800(L) | HKD 35.0900 | 60.893.194(L) | 8.06(L)19/ ...

华为日前发布最新算力超节点和集群。这是基于中国可获得的芯片制造工艺提出的算力解决方案， 以解决中国发展人工智能对算力的大量需求，可以说是一条有中国特色的AI算力创新之路。 发展人工智能，算力是关键基石。无论是AI模型训练，还是实时应用场景，都需要海量强大的算 力作支撑。近年来，从大模型参数呈指数级增长，到各类AI应用对实时性、稳定性要求的持续攀升， 对算力的需求呈井喷式增长。我国AI产业发展迅速，但算力基础设施受供给不足、成本高企、生态待 建等制约，仍存在算力缺口，尤其是高端算力。一个重要原因是算力芯片受制于人，不仅前期开发成本 高、研发实力存在差距，而且面临断供风险。 芯片制造工艺受限怎么办？华为给出"数学补物理、非摩尔补摩尔、群计算补单芯片"的办法。通俗 点说，就是单颗芯片的性能可能不如别人，但是"人多力量大"，多颗芯片加起来就可以做到比别人强。 这背后的战略是以系统能力替代单点优势，以互联跃迁替代线性赶超。传统摩尔路径强调一颗芯片解决 所有计算问题，非摩尔路径更强调整合优势，对产品开发、软件工程、芯片设计、网络架构、能源系 统、场景应用等全链条打通协作提出了更高要求。 由此可见，AI算力不等于单颗芯片性 ...

Group 1 - The company received a government subsidy of 11,172,725.93 yuan, which is related to income and accounts for 18.65% of the audited net profit attributable to shareholders for the fiscal year 2024, exceeding 1 million yuan [1][2] - The subsidy is classified as a government grant related to daily activities and will be directly included in other income [3] - The government subsidy will be included in the total profit for the fiscal year 2025 [4]

Group 1 - The report highlights that the interbank leverage ratio has slightly increased to 106.88% as of August, which is still lower than historical levels [2] - The total custody scale of bonds reached 174.54 trillion yuan, with a month-on-month increase of 1.51 trillion yuan [2] - Commercial banks are the main force in increasing holdings of government bonds, with an increase of 1.3 trillion yuan in August [2] Group 2 - The company has obtained the China Classification Society (CCS) certification for its ship coatings, which is expected to expand its market space and enhance sales [3] - The company is also pursuing certification from the American Bureau of Shipping (ABS) to further penetrate the ship coatings market [3] - The business scope is expanding with a strategic focus on industrial coatings, including new segments such as marine, offshore, and photovoltaic coatings [3] Group 3 - The report indicates that the ready-to-eat food sector is performing well, driven by the pre-made dish concept, especially in the context of the upcoming double festival [4] - The liquor industry is experiencing pressure on consumption, with high-end liquor prices slightly declining, which may stimulate sales [4] - The report suggests monitoring the recovery of banquet markets during the double festival, as it may impact overall performance in Q3 [4] Group 4 - The report discusses the rapid expansion of new energy installations under the "dual carbon" goals, with significant growth in wind and solar power [7] - Huayin Power is focusing on both thermal power investment and new energy transition, with a total installed capacity of 7.16 million kilowatts as of mid-2025 [7] - The company is actively seeking quality project indicators for thermal power, with ongoing upgrades to existing facilities [7] Group 5 - The semiconductor business of the company is experiencing growth, with a focus on high-margin products and a strategic shift away from product integration [14] - The company reported a revenue of 25.34 billion yuan in the first half of 2025, despite a decline in overall revenue due to the divestment of its product integration business [14] - The semiconductor segment is expected to benefit from strong demand in automotive and AI infrastructure markets, with projected revenues of 35.64 billion yuan in 2025 [14] Group 6 - The report indicates that Tongrentang's revenue remained stable with a slight increase, while net profit showed a decline due to external pressures [16] - The company is focusing on enhancing its product quality and expanding its international market presence, with new product registrations in Canada and Hong Kong [16] - The forecast for net profit in 2025-2027 has been adjusted downwards, reflecting the impact of rising raw material costs [16]

Market Performance - A-shares showed strong performance on September 25, with the ChiNext Index rising over 2% at one point, driven by a significant increase in the stock price of CATL [1][3] - The overall market sentiment remains cautious, with a slight increase in trading volume to 2.39 trillion yuan [1][3] Sector Performance - There is a clear divergence among sectors, with technology stocks favored over consumer stocks [1][11] - The technology sector, particularly AI hardware and renewable energy, continues to attract investor interest, while the consumer sector, including food and beverage, remains weak due to disappointing retail data [11][12] Individual Stock Highlights - CATL's stock price surged, reaching a peak increase of over 4%, and its market capitalization surpassed that of Kweichow Moutai [5] - Among individual stocks, 3,877 stocks declined while 1,477 stocks rose, indicating a predominance of declines [5] Trading Strategies - Investors are advised to control positions and reduce trading activity ahead of the National Day holiday due to potential market uncertainties [2][14] - The market is expected to maintain a localized trend in the coming days, with a focus on sectors like new energy and robotics [14] Investment Recommendations - Analysts suggest switching from high-priced technology stocks to lower-priced ones, and consider adding cyclical resource stocks [13] - The market is anticipated to remain in a narrow range between 3,750 and 3,900 points before the holiday, with potential adjustments post-holiday [12][14]

Market Performance - A-shares showed strong performance on September 25, with major indices rising, particularly driven by the significant increase in the stock price of CATL, which led the ChiNext Index to rise over 2% at one point [1][3] - The overall market sentiment remains cautious, with a slight increase in trading volume to 2.39 trillion yuan [1][3] Sector Performance - There is a clear divergence among sectors, with technology stocks favored over consumer stocks [1][10] - The semiconductor, electronic devices, communication equipment, and consumer electronics sectors saw notable trading activity, with 23 stocks exceeding 10 billion yuan in trading volume [5] Individual Stock Highlights - CATL's stock price rose over 4% during the day, briefly surpassing Kweichow Moutai in market capitalization [5] - Other notable stocks include Luxshare Precision, which saw a slight decline of 2.08%, and Zhongji Xuchuang, which increased by 2.62% [6] Investment Sentiment - Investors are expected to adopt a cautious approach ahead of the National Day holiday, with many likely to reduce positions to avoid potential uncertainties [2][12] - The market is anticipated to maintain a localized trend in the coming days, with a focus on sectors like new energy and robotics [12][13] Future Outlook - Analysts suggest that the market may experience volatility as it approaches the holiday, with expectations of a narrow trading range between 3,750 and 3,900 points [12][13] - The long-term outlook remains positive, with structural trends favoring technology and high-end manufacturing sectors [12]

Group 1 - The core point of the news is that Kangxi Communication experienced a significant block trade on September 25, with a transaction volume of 1.13 million shares and a transaction amount of 12.31 million yuan, at a price of 10.90 yuan, which represents a discount of 19.38% compared to the closing price of the day [2][3] - The buyer of the block trade was HuLong Securities Co., Ltd., Hangzhou Yugu Road Securities Business Department, while the seller was Dongfang Caifang Securities Co., Ltd., Lhasa Tuanjie Road First Securities Business Department [2][3] - In the last three months, Kangxi Communication has recorded a total of six block trades, with a cumulative transaction amount of 65.67 million yuan [2][3] Group 2 - The closing price of Kangxi Communication on the day of the block trade was 13.52 yuan, reflecting a decrease of 0.73%, with a daily turnover rate of 2.94% and a total transaction amount of 124 million yuan [2][3] - The net outflow of main funds for the day was 4.70 million yuan, and over the past five days, the stock has increased by 2.04%, with a total net outflow of funds amounting to 31.77 million yuan [2][3] - The latest margin financing balance for the stock is 19.4 million yuan, which has increased by 744.44 thousand yuan over the past five days, representing a growth rate of 3.98% [3]

Group 1 - The company has been focusing on a balanced development strategy between domestic and international markets this year [2] - The company is gradually increasing resource investment in international markets to enhance its overseas business expansion [2] - The company is strengthening the construction of its international cooperation ecosystem [2]

Group 1 - The company announced that its wholly-owned subsidiary, Saike Technology, received a government subsidy of 11.1727 million yuan on September 24 [1] - This government subsidy is related to revenue and accounts for 18.65% of the company's audited net profit for the fiscal year 2024 [1]