Group 1 - Sony Group is planning to spin off its financial services division, with over 80% of the shares to be distributed to existing shareholders as a physical dividend, setting a reference price of 150 yen (approximately $1) for the listing [1][2] - The spin-off will mark the first partial spin-off listing in Japan, with the new entity, Sony Financial Group, expected to be listed on the Tokyo Stock Exchange's Prime Market on September 29 [2][3] - The spin-off aims to create clearer business boundaries, enhance capital efficiency, and improve valuation comparability, allowing Sony to focus on its core entertainment and technology sectors [3][4] Group 2 - The financial services division, which includes insurance and banking, was fully acquired by Sony in 2020 to stabilize overall operations, and this spin-off will allow it to return to the stock market [2][3] - Sony's stock has seen significant growth, with over a 30% increase in the Japanese market and a 39% rise in its ADRs in the US this year, outperforming the S&P 500 [2] - The independent listing of the financial subsidiary is expected to enhance its capital market image and shareholder returns, with a plan to repurchase approximately 100 billion yen worth of shares by March 2027 [5]

Core Points - The event titled "Dadong Mountain Water Welcomes the World, Citizens' Consumption Joyful Purchase" was held in the newly renovated Jiangbei Park in Jilin City on September 21 [1] - The event aimed to stimulate consumer market vitality and inject new momentum into the economic development of Jilin City [4] Group 1: Event Overview - The event featured a lively atmosphere with decorations such as red lanterns enhancing the festive spirit [3] - Various local delicacies and specialty products attracted citizens and tourists, encouraging them to taste, observe, and linger [3] Group 2: Exhibition Highlights - The event included four main exhibition areas: automobiles, food, specialty products, and discounted goods, providing a one-stop shopping experience [4] - Popular food offerings included over 20 types of local snacks such as Changsha stinky tofu, Wuhan hot dry noodles, and Mongolian barbecue [6] - The specialty products area showcased nearly a hundred booths featuring products from Jilin, Inner Mongolia, Xinjiang, Dalian, and Harbin, including imported goods, premium fruits, and daily necessities [6] - An entertainment area for families was set up with activities like rock climbing, small trampolines, ring toss, and flying fish games [6] Group 3: Organizers - The event was organized by the Jilin City Media Center and Jilin City Media Group, with support from the Longtan District People's Government and China Construction Bank Jilin Branch [8]

Industry Overview Upstream - Glass prices have declined significantly, and coal inventories have increased; egg prices have risen substantially [2] Midstream - The operating rates of PX and PTA have remained stable [3] Downstream - The movie box office is in the off - season, and the number of domestic and international flights has slightly decreased [4] Meso - level Event Overview Production Industry - The Minister of Science and Technology introduced that in the field of humanoid robots, breakthroughs have been made in overall machine technology, and progress has been achieved in key technologies such as multi - modal perception and brain - cerebellum models, promoting the in - depth integration with embodied intelligence and accelerating the application of humanoid robots in scenarios such as automobile manufacturing, logistics handling, and power inspection [1] Service Industry - The National Health Commission and the Ministry of Finance issued the "Administrative Specifications for the Child - Rearing Subsidy System (Trial)", streamlining the application and review processes, clarifying eligibility, optimizing the application procedures, and emphasizing the role of big - data review [1] Key Industry Price Indicators | Industry Name | Indicator Name | Price on 9/18 | Year - on - Year Change | | --- | --- | --- | --- | | Agriculture | Spot price: Corn | 2287.1 yuan/ton | - 0.87% | | | Spot price: Egg | 8.0 yuan/kg | 9.89% | | | Spot price: Palm oil | 9366.0 yuan/ton | 0.13% | | | Spot price: Cotton | 15329.5 yuan/ton | 0.45% | | | Average wholesale price: Pork | 19.6 yuan/kg | - 1.91% | | Non - ferrous Metals | Spot price: Copper | 80043.3 yuan/ton | - 0.19% | | | Spot price: Zinc | 22006.0 yuan/ton | - 0.72% | | | Spot price: Aluminum | 20906.7 yuan/ton | 0.13% | | | Spot price: Nickel | 123016.7 yuan/ton | - 0.24% | | | Spot price: Aluminum | 17062.5 yuan/ton | 1.26% | | | Spot price: Rebar | 3141.0 yuan/ton | 0.56% | | Ferrous Metals | Spot price: Iron ore | 807.6 yuan/ton | - 0.59% | | | Spot price: Wire rod | 3342.5 yuan/ton | 1.13% | | | Spot price: Glass | 14.3 yuan/square meter | 1.06% | | Non - metals | Spot price: Natural rubber | 14850.0 yuan/ton | - 1.38% | | | China Plastic City Price Index | 793.3 | - 0.24% | | | Spot price: WTI crude oil | 63.7 dollars/barrel | 0.05% | | Energy | Spot price: Brent crude oil | 67.5 dollars/barrel | - 0.04% | | | Spot price: Liquefied natural gas | 3854.0 yuan/ton | - 0.72% | | | Coal price: Coal | 781.0 yuan/ton | 0.51% | | | Spot price: PTA | 4644.0 yuan/ton | - 0.11% | | Chemical Industry | Spot price: Polyethylene | 7396.7 yuan/ton | 0.07% | | | Spot price: Urea | 1672.5 yuan/ton | - 0.07% | | | Spot price: Soda ash | 1262.5 yuan/ton | 0.00% | | | Cement price index: National | 131.5 | 0.43% | | Real Estate | Building materials composite index | 114.0 points | 0.89% | | | Concrete price index: National index | 91.8 points | - 0.62% | [38]

Core Viewpoint - The article discusses the "One-Quarter Hour Convenience Living Circle" initiative aimed at enhancing urban living conditions in China by 2030, with specific targets for community services and infrastructure development [1][2][4]. Group 1: Goals and Objectives - The initiative aims to establish 100 pilot cities for the convenience living circle by 2030, creating 10,000 well-structured and high-quality service areas, achieving over 90% resident satisfaction, and a 30% chain store rate [1][2]. - The plan includes integrating various service circles such as elderly care, shopping, fitness, and cultural activities to create a comprehensive living environment [2]. Group 2: Key Tasks and Innovations - The initiative emphasizes upgrading facilities, services, and management within the convenience living circles, extending coverage from cities to eligible county communities over three years [2]. - New planning strategies will incorporate convenience living circles into urban land use planning, focusing on community needs and resource allocation [3]. Group 3: Policy Integration and Support - The initiative includes policies to expand supply of essential facilities like supermarkets and pharmacies, and to integrate smart logistics services into public infrastructure [4]. - Financial incentives, tax benefits, and support for long-term care insurance are part of the policy framework to encourage the development of convenience living circles [4].

Core Points - Hainan Province will exempt the cultural industry construction fee, which is a government fund based on 3% of the sales revenue from advertising and entertainment services, starting from October 1, 2023 [1][2] - The exemption applies to the entire Hainan Island, excluding Sansha City, and is aimed at supporting the development of the cultural industry in the region [1][2] - The policy does not set an expiration date, providing long-term stability for market participants [2] Summary by Sections - **Policy Background**: The exemption is in accordance with the Hainan Free Trade Port Law, allowing for the reduction or exemption of government funds based on development needs [1] - **Implementation Details**: The tax authority will implement an automated system for the exemption, allowing taxpayers to easily apply and confirm their exemption status [2] - **Cultural Industry Development**: The policy aims to enhance the cultural industry in Hainan, which currently lags behind other advanced regions in terms of scale and quality [2]

Company Performance - Workday experienced a significant gain of 6.9% after Elliott Investment Management disclosed a stake of over USD 2 billion and expressed support for its management [1][11] - General Mills reported better-than-expected profits for the latest quarter, but its revenue only matched forecasts, leading to a 1.9% drop in its stock [2][11] - RCI Hospitality Holdings saw a sharp decline of 10.2% following accusations of bribery and tax evasion by New York's attorney general [8][12] Market Overview - The S&P 500 remained virtually unchanged, hovering near its record set earlier in the week, while the Dow Jones Industrial Average rose by 211 points, or 0.5% [1][11] - The upcoming Federal Reserve interest rate decision is anticipated to be a key event, with expectations of a quarter-point cut [5][12] - International markets showed mixed results, with Japan's Nikkei 225 slipping 0.2% due to a 13.8% drop in exports to the US [9][10][12] Investment Activities - Workday announced an increase in its stock buyback program, allowing for up to USD 4 billion in purchases to return cash to investors [1][11] - StubHub is set to debut on the New York Stock Exchange with an initial public offering price of USD 23.50 per share [9][12]

Core Viewpoint - The "Shunyi Livable Life Festival" will take place from September 19 to 21, aiming to enhance the local housing market and promote the area's economic vitality through various activities and services [1] Group 1: Event Overview - The festival is organized by the Shunyi District Commerce Bureau, Housing and Urban-Rural Development Committee, and the Culture and Tourism Bureau [1] - A dedicated "Livable Life Exhibition Area" will feature quality real estate companies, financial institutions, and intermediary service providers to offer one-stop home buying consultation services [1] - The event will also include a Chinchin music party and craft beer section to create a new consumption scene focused on "music + food + leisure," boosting the night and holiday economy in Shunyi [1] Group 2: Economic Impact - The Shunyi District Commerce Bureau will collaborate with various merchants to provide consumer benefits, enhancing the local consumption environment [1] - The venue, Guomen No. 1, is a significant project for urban renewal and revitalization of existing spaces, previously serving as the main venue for the 7th China Flower Expo [1] - The partnership between Shunxin Group and Shouchuang Langyuan aims to develop Guomen No. 1 into a "city organic living center" integrating culture, commerce, and leisure [1] Group 3: Collaborative Efforts - The festival will be held concurrently with the Shunyi District Commodity Housing Exhibition and the Urban-Rural Quality Living Industry Demonstration Platform Launch, showcasing multi-department collaboration [1] - The initiative aims to allow citizens to experience the vibrant development of livable construction in Shunyi [1]

Market Movements - US stock index futures are all up, with Dow futures rising by 0.02%, S&P 500 futures up by 0.18%, and Nasdaq futures increasing by 0.22% [1] - European indices show declines, with Germany's DAX down by 0.54%, UK's FTSE 100 down by 0.26%, France's CAC 40 down by 0.15%, and the Euro Stoxx 50 down by 0.16% [2][3] - WTI crude oil prices increased by 0.54% to $63.64 per barrel, while Brent crude rose by 0.34% to $67.67 per barrel [3][4] Economic Insights - US retail sales for August are expected to show a month-on-month increase of 0.2%, with core retail sales projected to rise by 0.4% when excluding automobiles and gasoline [5] - The S&P 500 index, excluding technology stocks, has risen by 13% over the past year, while profits have only grown by 6.4%, indicating potential overvaluation in non-tech sectors [5] Company News - Oracle (ORCL.US) shares rose over 5% in pre-market trading as it is reportedly involved in a consortium to maintain TikTok's operations in the US [7] - Tesla (TSLA.US) is under investigation by the National Highway Traffic Safety Administration regarding potential issues with the electronic door handles of certain Model Y vehicles [8][9] - Nvidia's (NVDA.US) new RTX6000D chip for the Chinese market is facing low demand, with major tech companies showing little interest due to high pricing and perceived low value [9] - TSMC (TSM.US) saw its market share in the semiconductor foundry sector rise to 38% in Q2 2025, driven by strong AI demand and Chinese subsidies [10] - Google (GOOGL.US) faces challenges as the DOJ rejects its proposal to divest part of its advertising technology business, insisting on a complete separation of its AdX platform [10] - Corteva (CTVA.US) is reportedly considering splitting its seed and pesticide businesses, but this potential move has raised concerns among Wall Street analysts [11] - Disney (DIS.US) has acquired a 2% stake in Webtoon (WBTN.US) and will collaborate to develop a digital platform for classic comic content, leading to a pre-market surge of over 39% in Webtoon shares [11]

Group 1 - The core demographic of KTV consumers is shifting, with individuals aged 60 and above now accounting for 35% of the total consumer base [1] - The frequency of KTV visits among the elderly is 1.8 times higher than that of younger consumers, indicating a significant engagement from this age group [1] - Social media platforms, such as Xiaohongshu, show a growing trend of middle-aged and elderly individuals actively participating in KTV, with numerous posts highlighting their enthusiasm for singing [1]

Core Points - The 22nd China-ASEAN Expo will be held from September 17 to 21 in Nanning, Guangxi, with various measures to enhance the experience for domestic and international guests [1] Group 1: Accommodation and Dining - Discounts on accommodation and dining are offered during the expo period, with a 10% discount at 126 hotels and a 20% discount on dining (excluding beverages) [1][2] - Special discounts of 30% on accommodation are available for three days before and seven days after the expo [1] Group 2: Tourism and Cultural Experiences - Various scenic spots and cultural institutions will offer 50% off the first ticket for attendees from September 14 to 28 [2][3] - Local cuisine will be available at a 50% discount at designated restaurants for attendees [2] Group 3: Shopping and Entertainment - Attendees can enjoy a 10% discount on department store purchases and 5% off on specific electronics from September 14 to 28 [3] - Movie tickets will be available at 40% off, along with 50% off on selected snacks at participating cinemas during the same period [3] Group 4: Transportation and Promotions - The expo will encourage promotional activities in commercial areas and enhance public transport services, including extended metro hours and special bus routes [4]