人民财讯9月11日电，禾赛9月11日在港交所公告，国际发售与香港公开发售的最终发售价均已确定为每 股发售股份212.80港元。发售量调整权已获悉数行使，据此，公司将按发售价发行及配发255万股额外 发售股份，占全球发售项下初步可供认购发售股份总数的15%。公司自全球发售所得款项总额(扣除包 销费及发售开支前)预计为41.6亿港元。 ...

营商环境是稳定市场预期、激发经济活力、增强发展韧性和推动高质量发展的重要基础，也是衡量国家 和地区核心竞争力的关键标尺。近日，成都重磅出台优化营商环境70条政策，持续擦亮"有需必应、无 事不扰"营商品牌。金牛区紧跟步伐，于9月5日正式发布2025年优化营商环境新举措，围绕政务、市 场、要素、法治、开放五大生态推出金牛三十条工作举措、100条具体任务。近年来，金牛区不断加码 改革力度，全方位构建更具活力、更显公平、更高效能的营商生态，为企业发展保驾护航。 值得注意的是，营商环境活起来，倾听企业用户真实的声音不可或缺。金牛创新推行企业"反向评估"机 制，以企业反向评价政府职能单位为主要手段，构建起联系服务市场主体"走访→收集→转办→解决→ 评价→反馈→提升"的"闭环"体系，让"进解优促"更加走深走实，诠释"事事关乎营商环境、处处彰显营 商环境"。 坚持"首需首应+纾困培优" 打造市场新生态 优质的市场环境，不仅是企业安心立业的"定心丸"，更是其蓬勃兴业的"助推器"。总投资超20亿元、占 地40亩的创新药项目——赛德特生物科技产业园预计今年投用，自建符合细胞治疗高标准的专业园区和 实验室曾是该项目落地的一大堵点。金 ...

Core Insights - The 2025 China International Fair for Trade in Services (CIFTIS) will be held in Beijing from September 10 to 14, emphasizing the theme "Digital Intelligence Leading, Service Trade Renewed" [1] - The fair aims to enhance international participation, technological empowerment, authoritative releases, service branding, and interactive experiences, contributing to the construction of an open world economy [1] Industry Developments - China's service trade import and export total reached 3.9 trillion yuan in the first half of the year, a year-on-year increase of 8%, with service exports growing by 15% to 1.7 trillion yuan [2] - The CIFTIS serves as a microcosm of China's commitment to high-level opening up, with measures proposed in previous fairs gradually being implemented [2] - The Ministry of Commerce has fully implemented a negative list for cross-border service trade and is advancing comprehensive pilot demonstrations for service industry opening up [2] Event Highlights - This year's CIFTIS will feature over 70 countries and international organizations, with Australia as the guest country, showcasing a large delegation including Fortune 500 and unicorn companies [2] - Nearly 2,000 companies are expected to participate, including around 500 Fortune 500 and leading international enterprises [4] - The fair will host over 170 forums and promotional activities, along with the release of the "China Service Trade Development Report" [2] Innovation and Technology - The fair will showcase over 190 new products and achievements, focusing on artificial intelligence, healthcare, and smart logistics [7] - Key exhibitors like Alibaba and Philips will present advanced solutions in cloud computing and healthcare services, respectively [7][8] - The event will also facilitate discussions on emerging service trade sectors such as technology innovation, digital services, and ecological protection [8]

Group 1: Investment Outlook - BlackRock is particularly optimistic about AI-driven large-cap tech stocks in the U.S. over the next 12 months, supported by strong expectations for interest rate cuts in the U.S. [1] - The firm predicts that the Federal Reserve will implement two rate cuts this year, contrary to the market's expectation of 5-6 cuts, due to a moderate economic slowdown rather than a recession [1][4] - BlackRock maintains a neutral view on the Chinese stock market but is optimistic about Chinese tech stocks, citing significant valuation gaps compared to global peers and the potential for further valuation recovery driven by AI [1][7] Group 2: Employment and Economic Conditions - Recent U.S. non-farm payroll data showed a significant slowdown, with only 22,000 jobs added in August, leading to a 4.3% unemployment rate, the highest in nearly four years [3] - Despite the weak employment data, BlackRock's CIO suggests that the labor supply is decreasing due to demographic changes and immigration policy adjustments, complicating the interpretation of employment statistics [3] - Wage growth remains strong, with average hourly earnings increasing by 3.7% year-over-year, indicating ongoing inflationary pressures [3][4] Group 3: AI and Technology Sector - The AI wave is seen as a major driver for large-cap tech stocks, with global enterprises investing approximately $500 billion annually in AI, which represents 0.5% of global GDP [5] - BlackRock believes that the AI-driven revenue and profit growth will exceed expectations, despite concerns about a peak in AI capital expenditure by 2026 [5][6] - The firm emphasizes that traditional mean reversion strategies may not apply in the current macroeconomic environment, as inflation rates are not yet stabilized [5][6] Group 4: Chinese Market and AI Development - Foreign investment interest in China is growing, particularly in the tech sector, as global investors recognize that AI development is not exclusive to the U.S. [7] - Chinese cloud service providers are experiencing significant capital expenditure growth, with Tencent's capital spending expected to increase by 119% year-over-year by Q2 2025 [8] - Morgan Stanley forecasts a surge in demand for AI chips and related technologies in China, with local manufacturers increasing R&D investments to reduce reliance on single suppliers like NVIDIA [8]

Group 1 - BlackRock is particularly optimistic about AI-driven large-cap tech stocks in the U.S. over the next 12 months, supported by strong expectations for interest rate cuts and the ongoing AI bull market [1] - Despite a neutral overall view on the Chinese stock market, BlackRock is optimistic about Chinese tech stocks due to significant valuation gaps compared to global peers, especially U.S. tech stocks [1][7] - The firm expects the Federal Reserve to cut rates twice this year, contrary to market expectations of 5-6 cuts, due to a moderate economic slowdown and persistent inflation pressures [4][5] Group 2 - The U.S. job market shows signs of complexity, with recent non-farm payroll data indicating a slowdown, but this may not reflect true market weakness due to labor supply issues [3] - Inflation remains a concern, with average hourly wages rising 3.7% year-on-year, which could lead to a wage-price spiral, complicating the Fed's dual mandate of price stability and full employment [3][4] - BlackRock maintains a cautious stance on the Fed's rate cuts, predicting a more conservative approach compared to other institutions, which foresee more aggressive cuts [4] Group 3 - The AI wave is expected to benefit large-cap tech stocks, with significant capital expenditure in AI projected at $500 billion annually, indicating long-term growth potential across various sectors [5][6] - The traditional mean reversion strategy may not apply in the current macro environment, as inflation rates remain unstable and economic growth lacks long-term anchors [5][6] - Foreign investment interest in China is rising, with a focus on the country's AI development capabilities, supported by government policies and a strong engineering workforce [7][8] Group 4 - China's cloud service providers are experiencing significant capital expenditure growth, outpacing global averages, driven by increasing demand for AI capabilities [8] - Local AI chip manufacturers are ramping up R&D efforts to reduce reliance on single suppliers like NVIDIA, as domestic demand for AI technology continues to surge [8]

资金流向上，Wind数据显示，港股科技30ETF（513160）近期获资金布局明显，8月29日以来的9个交易 日中，港股科技30ETF（513160）持续获资金净流入，累计"吸金"超7亿元。截至9月10日年内新增份额 超25.76亿份，份额增长率达1659.91%。 9月11日早盘，港股开盘后持续下挫，恒生指数、恒生科技指数均跌超1%。相关ETF中，港股科技 30ETF（513160）截至发稿跌1.01%，成交额已超6500万元，溢折率0.19%，盘中频现溢价交易。 港股科技30ETF（513160）紧密跟踪恒生港股通中国科技指数，该指数跟踪可经港股通买卖，从事科技 业务并于香港上市的内地公司之表现。前十大重仓股包括中芯国际、快手-W、腾讯控股、阿里巴巴- W、小米集团-W等多只科技龙头股。 中泰证券指出，近期港股板块表现整体平稳，美元负债端出现明显好转，美国8月非农就业数据远低于 市场预期，引发美债利率大幅下探，港股流动性环境明显好转；展望未来，港股市场在美联储降息预期 和A股情绪持续回暖的支撑下，短期有望延续结构性上涨，科技、消费将是最值得期待的方向。 方正证券表示，看好港股后市表现，四大因素支撑市场向上 ...

Core Insights - The 2025 Bund Conference in Shanghai highlights the evolution of fintech from a novel concept to an integral part of daily life, focusing on Real World Assets (RWA), token economy, smart investment, and AI for good [1][3][8] Group 1: Fintech Integration - Fintech has become deeply integrated into urban life in Shanghai, moving beyond theoretical discussions to practical applications that benefit small businesses and the general public [1][3] - The financing of the Malu grape through a digital asset model at the Shanghai Data Exchange exemplifies the shift towards practical applications of fintech, where investors acquire rights across the entire agricultural value chain [2][3] Group 2: AI and Financial Services - Ant Financial's launch of the first financial reasoning large model in China signifies a major advancement in AI's role in the financial sector, enabling better understanding of complex semantics and user needs [2][4] - A Shanghai bank has implemented this AI model in its mobile banking system, enhancing customer satisfaction and increasing monthly active users by 25% [2][4] Group 3: Global Positioning - Shanghai is positioned as a global leader in fintech, with five cities in China ranking among the top 20 fintech centers worldwide, surpassing the United States [4][5] - The Shanghai Financial Technology Industry Alliance's report places Shanghai third in the global fintech center development index, indicating its competitive edge [4][5] Group 4: Policy and Innovation - The Shanghai government has introduced a comprehensive action plan with 31 policy measures to enhance the city's fintech competitiveness, reflecting a strong commitment to fostering innovation [4][6] - The city has seen significant advancements in AI applications across various financial institutions, with nine vertical large models already registered [5][6] Group 5: Grassroots Impact - Innovations like the "Dazhanque" system by MyBank demonstrate the grassroots impact of fintech, providing precise credit services to farmers, with a total credit issuance of 199 billion yuan [7][8] - The Bund Conference has evolved into one of Asia's top fintech events, showcasing the city's growing influence and attracting global attention [6][7]

日前，美国总统唐纳德·特朗普主持了一场晚宴，参加晚宴的包括Meta首席执行官马克·扎克伯格、苹果 掌门人蒂姆·库克，微软公司掌权人比尔·盖茨等，可以说，科技界的半壁江山都坐在这张餐桌旁。 来源：万全 还有苹果公司首席执行官蒂姆·库克，也承诺追加1000亿美元用于美国国内制造业，使其在美投资总额 达到6000亿美元。另外，日立能源也在不久前宣布投资10多亿美元加强电网建设。 显而易见，这整场宴会就是瞄准美企巨头们的一场实打实的"鸿门宴"。 要理解这场"鸿门宴"的背后逻辑，必须回到对华关税问题。众所周知，特朗普在其政治生涯中，一直 把"对华强硬"作为标志性政策。在此次重返白宫之后，他以让美国制造业重现辉煌为借口，大肆对他国 加征关税，尤其是对中国关税率更是一度飙升到了300%。 然而这种荒谬的关税政策，并没有对中国造成太大的伤害，反而让那些与中国有着密切往来的美国本土 民众们叫苦不迭， 今年5月，美国国内12个州联合对特朗普政府提起诉讼，控诉其滥用权利非法加征关税，侵犯了宪法赋 予国会的权力，要求其对华关税立即归零，随后，美联邦巡回上诉法院裁定特朗普对多国征收关税违 法。这意味着，一旦判决最终落地，美国对华关税将 ...

其间，张国清还来到四川天味食品集团调研食品安全工作。他强调，要将"四个最严"要求贯穿于食品生 产、流通、储存、消费各环节，抓在日常、严在平时，强化全链条监管，筑牢食品安全防线。 资讯编辑：沈一冰 021-26093395 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 在成都市和绵阳市，张国清先后来到中国东方电气集团、四川凌空天行科技有限公司、长虹智能制造产 业园等企业，深入实验室、工厂车间，详细了解生产经营、研发创新、转型升级等情况。他强调，要强 化企业创新主体地位，促进各类创新要素向企业集聚，引导企业不断加大技术研发投入，完善激励保障 措施，着力打造原创技术策源地、产业创新生力军。要健全梯度培育体系，培育一批核心技术能力突 出、集成创新能力强的产业领军企业，发展壮大专精特新中小企业，打造更多制造业单项冠军企业、独 角兽企业，形成大中小企业融通创新、协同发展的良好生态。 张国清强调，要以科技创新为引领、以实体经济为根基，持续推进产业创新。要面向产业需求加强应用 基础研究和前沿研究，推进关键共性技术、现代工程技术、颠覆性技术创新，筑牢产业发展科技底座。 要一体推进软硬件 ...

Core Viewpoint - The article discusses the recent performance of the A-share and Hong Kong stock markets, highlighting the growth in technology stocks and the overall market trends, while also addressing the bond market's fluctuations and the significance of various indices in reflecting market conditions. Group 1: Market Performance - The A-share market saw a slight increase, closing at a rating of 4.3 stars [1] - Both large, medium, and small-cap stocks experienced minor gains with low volatility [2] - Growth style stocks slightly declined while value style stocks saw a minor increase [3] - Hong Kong stocks have continued to rise, particularly in the technology sector, with significant year-on-year profit growth in Q2 [4][5] Group 2: Bond Market Insights - The stock market remains robust, but the pure bond market has shown volatility [7] - Long-term pure bonds have continued to decline, with the 10-year government bond down 3% and the 30-year bond down 5% from their highs this year [9] - The current yield for the 10-year government bond is around 1.8%, which is not considered attractive at this time [11] Group 3: Historical Context of A-share Market - The Shanghai Composite Index reached a 10-year high in August, peaking at 3888 points, but has not surpassed the 2015 high of 5178 points or the 2007 high of 6124 points [14][15][17] - The bull market from 2005 to 2007 saw the index rise from under 1000 points to 6124 points, a sixfold increase, which has impacted long-term returns [18][20][22] - The index has shown long-term growth, particularly at the bottom points of bear markets, which are influenced by the fundamentals of listed companies [26][34] Group 4: Index Fund Dynamics - The number of index funds linked to the Shanghai Composite Index is significantly lower compared to those linked to the CSI 300 and CSI 500, with only 16 funds totaling 8.9 billion compared to 285 funds for CSI 300 totaling 1.3 trillion [38][39] - The underrepresentation of the Shanghai Composite Index in the fund market is attributed to its limited scope, only including stocks from the Shanghai Stock Exchange [42][44] - The majority of recent investments by state-owned entities have been in CSI 300 and CSI 500 index funds rather than the Shanghai Composite Index [45] Group 5: Future Outlook and Features - The article mentions the launch of new features for investment strategies, including an "automatic profit-taking" function for actively managed and enhanced index portfolios [53][54] - A new feature in the "Today Star" mini-program allows users to access core data and real-time valuations of mainstream ETFs, helping investors identify undervalued ETFs [57][60]