【导读】费城半导体指数和英伟达等板块或公司创历史新高 美股震荡收涨，道琼斯指数创新高。辉瑞与特朗普达成谈判，医药制药板块走高。半导体板块延续涨势，英伟达创新高。国际金价反弹冲高，再回3800点 位上方。 美股震荡收涨 道琼斯指数创新高 因美国政府关门危机，美股9月震荡收涨。 美东9月30日（周二），美股三大指数集体收涨，道指收于历史新高。 截至收盘，道琼斯指数涨0.18%，报收于46397.89点；标普500指数涨0.41%，报收于6688.46点；纳斯达克综合指数涨0.3%，报收于22660.01点。 9月，道琼斯指数累计上涨1.87%，标普500指数累计上涨3.53%，纳斯达克指数上涨5.61%。 半导体板块延续涨势。费城半导体指数上涨0.87%，也创下新高。台积电、拉姆研究、美光科技等涨幅在2%以上。 辉瑞称与特朗普达成协议 医药制药板块受提振 有分析指出，随着美国政府停摆的可能性上升，股市震荡加剧，市场担忧停摆会持续多久，以及关键经济数据可能延迟发布将如何影响美联储即将到来的 利率决策。 尽管政府关门通常不会显著推动市场波动，但这一次可能不同，因为投资者已对劳动力市场放缓、滞胀风险和偏高的股票估值保持 ...

Core Viewpoint - The recent surge in the stock price of Yangyuan Beverage is attributed to its investment in Changjiang Storage, a semiconductor company, which has led to speculation about its potential in the semiconductor sector despite its core business facing a decline [4][11][12]. Group 1: Company Overview - Yangyuan Beverage, known for its product "Six Walnuts," has seen its revenue peak in 2015-2016 at 9.117 billion and 8.9 billion respectively, with net profits in the range of 2.6 billion to 2.8 billion during the same period [16][19]. - The company has been experiencing a continuous decline in performance over nearly a decade, with a significant drop in revenue during the pandemic [19][20]. Group 2: Investment in Changjiang Storage - In December 2023, Yangyuan Beverage announced a 1.6 billion investment in Changjiang Storage, acquiring 0.99% of its shares, which valued Changjiang Storage at approximately 161.6 billion [10][11]. - The market's enthusiasm for Yangyuan Beverage is partly due to the heightened expectations for Changjiang Storage's IPO following its recent restructuring [8][11]. Group 3: Market Dynamics and Competition - The domestic NAND Flash market is expected to grow, with predictions that local manufacturers could capture 10% of the market share by 2025, doubling from the previous year [12]. - Yangyuan Beverage faces increasing competition in the walnut beverage market, with major dairy companies entering the plant protein sector, which could impact its market share [26]. Group 4: Financial Performance and Shareholder Returns - Since its IPO in 2018, Yangyuan Beverage has distributed a total of 16.462 billion in dividends, with a significant portion benefiting the founding team and executives [32][34]. - The company's dividend strategy has resulted in payouts exceeding 131.3% of its net profits over the past three years, indicating a focus on shareholder returns despite declining operational performance [32][34].

Core Insights - Hyundai Mobis is set to produce new automotive chips in collaboration with domestic companies like Samsung and LX Semicon to reduce reliance on imports [1][2] - The company aims to launch over 10 different types of chips in the next two to three years [1] - The automotive industry faced challenges from 2021 to 2023 due to semiconductor shortages, prompting the need for a fundamental response to prevent future issues [1] Group 1 - Hyundai Mobis has developed 16 types of system semiconductors and currently produces 20 million units annually [2] - The company plans to manufacture power management ICs (PMIC) and aims to produce Si-IGBT by 2026 [2] - Hyundai Mobis is working on an integrated body control unit (IBU) chip, which combines five functions and is expected to launch in 2026 [2] Group 2 - The company collaborates with various partners, including Anatech, DB Hitek, and ASE Korea, for wafer design, manufacturing, and packaging [2] - Hyundai Mobis is developing a smart LED product that integrates LED with driver IC in partnership with Global Technology, SK Key Foundry, and East LED [2] - The company is also working on a network SoC in collaboration with Samsung Foundry, LX Semicon, Cadence, Synopsys, and ADT [2]

智通财经APP获悉，周一，纳微半导体(NVTS.US)股价走高，截至发稿，该股涨超10%，报7.1美元。消 息面上，Meridian基金管理公司ArrowMark Partners发布了旗下"Meridian Contrarian Fund"2025年第二季 度投资者信。信中重点提到纳微半导体，该公司成立于2013年，专注于氮化镓功率芯片的设计与制造， 在高效能能源半导体领域拥有技术优势。过去52周其股价累计上涨152.33%。基金表示，在与英伟达 (NVDA.US)等潜在客户达成技术合作消息推动下，纳微半导体股价表现亮眼。尽管二季度减持部分仓 位进行风险管理，基金仍看好其长期前景。 ...

周一，纳微半导体(NVTS.US)股价走高，截至发稿，该股涨超10%，报7.1美元。消息面上，Meridian基 金管理公司ArrowMark Partners发布了旗下"Meridian Contrarian Fund"2025年第二季度投资者信。信中重 点提到纳微半导体，该公司成立于2013年，专注于氮化镓功率芯片的设计与制造，在高效能能源半导体 领域拥有技术优势。过去52周其股价累计上涨152.33%。基金表示，在与英伟达(NVDA.US)等潜在客户 达成技术合作消息推动下，纳微半导体股价表现亮眼。尽管二季度减持部分仓位进行风险管理，基金仍 看好其长期前景。 ...

Core Viewpoint - WI Harper Fund VII plans to reduce its stake in Meixin Sheng by up to 1.1154 million shares, representing no more than 1% of the company's total share capital [1] Group 1: Shareholder Actions - As of the announcement date, WI Harper Fund VII holds 6.24 million shares, accounting for 5.59% of the total share capital [1] - The reduction will be executed through centralized bidding and block trading methods, with a timeframe of three months starting from 15 trading days after the announcement [1] - The selling price will be determined based on market prices, and any changes in share capital during this period will adjust the number and proportion of shares to be sold accordingly [1] Group 2: Compliance and Rationale - The reduction is attributed to the shareholder's personal needs and complies with relevant laws and regulations [1]

江苏长电科技股份有限公司公告收购晟碟半导体（上海）有限公司80%股权进展。2024年3月，公司审 议通过收购议案，交易对价约62400万美元。交易获相关部门审批同意，2024年9月完成工商变更登记与 交割。收购方于2024年9月30日支付首笔收购款26219万美元，2025年1月6日支付第二笔20973.5万美 元。2025年9月27日，双方签署补充协议，因原材料采购模式调整可调减收购对价。9月29日，收购方调 减1003.56万美元后，支付第三笔2740.44万美元。公司提醒投资者关注指定媒体公告及投资风险。 ...

Investment Rating - The industry rating is maintained at "Outperform the Market" [6] Core Viewpoints - The construction index decreased by 1.67%, while the CSI 300 index increased by 0.74%, indicating that the construction sector underperformed the market by 2.42 percentage points. The cleanroom sector is expected to benefit from the rising production expectations in the U.S. and the upcoming third-quarter reports, which may exceed expectations [1][2][3] - The cleanroom sector is experiencing renewed benefits due to U.S. policies that may require semiconductor companies to match domestic production with imports, potentially benefiting companies like TSMC and Micron Technology [2][13] - The construction sector in Sichuan is seeing a significant increase in new bids, with a total of 218 new projects worth approximately 72.2 billion yuan, a year-on-year increase of 22.20% [3][23] - The cement shipment rate and asphalt operating rate have rebounded, indicating a positive outlook for the conversion of physical workloads in construction projects [4][24] Summary by Sections Market Overview - The construction index fell by 1.67% from September 22 to September 26, while the CSI 300 index rose by 0.74%, with only the architectural design sub-sector recording a positive return of 1.02% [5][32] Investment Recommendations - Focus on infrastructure investment opportunities in regions with high growth potential, such as Sichuan, Xinjiang, and Tibet, as well as sectors like hydropower, coal chemical, and nuclear power [1][36] - Emphasize the cleanroom sector, particularly companies like Baicheng Co., Shenghui Integration, and Yaxiang Integration, which are expected to benefit from the ongoing semiconductor industry developments [17][38] Key Projects and Orders - Sichuan Road and Bridge has seen a significant increase in new bids, with a focus on major provincial projects and government special bond projects to accelerate construction progress [3][23] - The cleanroom sector's order volume remains robust, with Baicheng Co. and Shenghui Integration reporting significant year-on-year growth in new orders [18][19] Sector Performance - The cleanroom sector is expected to maintain a high level of activity, driven by domestic demand for new semiconductor production facilities and the ongoing transition of the semiconductor industry [17][21] - The construction sector is experiencing a structural recovery, with a focus on major transportation infrastructure projects and regional opportunities in high-demand areas [36][39]

石破茂的突然辞职，让日本首相宝座成了烫手山芋。 从上任不到一年就匆忙下台，这位本就不被看好的首相最终还是没能"撑过去"。 但牵一发而动全身，鹰派、温和派纷纷下场角逐，日本内政也出现了强烈的变化。 不仅影响到了日元汇率，就连普通百姓的钱袋子也受到了波及。 但有人却在这场政治风暴中嗅到机遇。 我们普通人究竟该如何应对，发现新的商机呢？ 石破茂辞职后自民党几大派系根本没给市场反应时间，直接进入"抢位模式"。 最受关注的鹰派代表高市早苗，不仅频繁参拜靖国神社拉拢保守派选票，还公开提出要强化 "经济安保"：计划对半导体、稀土等关键领域加严出口限制， 甚至扬言要提高中国汽车零部件的进口关税。 众所周知中国是日本汽车零部件的最大进口国，长三角地区有上千家配套企业，一旦关税壁垒竖起，这些企业的订单量很可能直接腰斩。 温和派的林芳正也是丝毫没闲着，他拿着自己多年的外交履历，天天泡在日本商工会议所，反复强调 "不能跟中国市场脱钩"。 从数据来看2024年日本丰田、本田在中国市场的销量占比分别达到35%和40%，如果贸易关系恶化，这些车企的季度利润可能暴跌20% 以上，连带日本本土 的零部件工厂都可能裁员。 在野党更懂 "民生牌" ...

前言 站在2025年的门槛回望，新能源汽车与AI机器人的浪潮正席卷全球。 但将时针拨回30年前的1995年，中国企业界正经历着一场静水深流的变革。 这一年有人在传统商业的废墟上悲壮落幕，有人在新兴领域的迷雾中摸索前行，更有人在时代的裂缝中 埋下改变世界的种子。 这些故事交织成一幅独特的商业图景，既带着计划经济的余温，又隐隐透出市场经济的曙光。 传统商业的黄昏 1995年的郑州二七广场，亚细亚商场的霓虹招牌依然闪耀，但背后的危机已如暗流涌动。 作为中国第一家引入"顾客就是上帝"理念的民营商场，王遂舟的亚细亚曾以微笑服务、人工瀑布、仪仗 队升旗等创新举措，彻底颠覆了国营商场的僵化模式。 那句"中原之行哪里去？郑州亚细亚"的广告语，通过央视传遍大江南北，甚至引发了全国范围内的"商 业观摩潮"。 然而这位企业家的野心远不止于此，他的心中还藏着更大的商业帝国。 1993年制定的"500亿销售额、25家大型商场、100家中型商场"的扩张计划，在今天看来更像是一场商业 狂想。 短短三年内，亚细亚在全国15个城市铺开连锁店，甚至将触角伸向房地产、航运等陌生领域。 这种"航母式"发展模式，最终因资金链断裂和管理失控而崩塌。 1 ...