多个德国化工和制药领域行业协会日前表示，美国政府对进口药品滥施关税，将严重冲击德国和欧洲制 药业，并对美欧贸易关系造成负面影响。 德国制药业协会表示，美方举措"强硬粗暴，且存在问题"，是一种"不计代价的自我封锁"。该协会在一 份声明中指出，这不仅是对国际贸易和欧洲药品供应保障的严重打击，也是对德国制药业发出的危险信 号。 （文章来源：新华社） 美国政府日前宣布，自10月1日起，美国将对进口的所有品牌或专利药品征收100%关税。 德国化学工业协会就此发表声明说，对美方举措"深感担忧"。该协会首席执行官沃尔夫冈·格罗塞·恩特 鲁普表示，这是对欧盟"当头又一棒"，标志着美欧贸易关系跌至新低。 公开资料显示，美国是德国制药产业最重要的出口市场之一。2024年，德国对美药品出口额超过270亿 欧元，占德国制药出口总额约四分之一。 德国药品研发与生产者联合会指出，全球制药产业高度依赖稳定政策框架和开放市场，美国关税举措将 对德国和欧洲制药业造成沉重打击。该联合会主席施托伊特尔表示，新关税将严重冲击国际供应链，推 高药品生产成本，并危及美欧患者用药供应。"我们已经看到，在德国的制药投资计划出现冻结迹象。" ...

本周五，美联储最关注的通胀指标——美国8月核心PCE价格指数涨幅符合市场预期，显示通胀企稳，暂时缓和市场对 通胀上行的担忧。数据公布后，美债收益率短线下行，美股三大指数集体高开。截至收盘，美股在本周最后一个交易日 结束连续三天的跌势，三大股指集体上涨，其中道指涨0.65%，标普500指数涨0.59%，纳指涨0.44%。分析认为，这份 数据为美联储应对劳动力市场降温提供了更多空间，并强化了市场对未来进一步降息的预期。数据公布后，芝商所美联 储观察工具预计，美联储10月降息的可能性为89.8%，12月降息的可能性为65.1%。 26日国际油价上涨 本周国际油价大幅上涨 大宗商品方面，乌克兰对俄罗斯能源基础设施的袭击促使俄罗斯削减燃料出口，加上美国继续向多国施压，要求减少从 俄罗斯进口原油，以及强于预期的美国经济数据提振，多个因素利多油价，国际油价本周五走高。截至收盘，纽约商品 交易所11月交货的轻质原油期货价格涨1.14%；11月交货的伦敦布伦特原油期货价格涨1.02%。 本周，纽约商品交易所轻质原油期货主力合约价格累计上涨4.85%，伦敦布伦特原油期货主力合约价格累计上涨 5.17%。 26日国际金价上涨超1% ...

Britain on Friday said it was pressing the United States on pharmaceutical tariffs in hope of a beneficial outcome, after President Donald Trump said a new 100% tariff would apply to firms unless they build a manufacturing presence in the country. ...

Group 1: Tariff Announcement and Market Reaction - President Trump announced a new round of tariffs on various imported products, effective October 1, including 50% on kitchen cabinets and bathroom sinks, 30% on imported furniture, and 100% on patented and branded drugs [1] - The announcement triggered a risk-off sentiment in global markets, with major Asian stock indices declining, particularly Japan and South Korea [1][2] - The new tariffs added uncertainty to an already tense market environment, as investors were closely monitoring upcoming inflation reports for clues on future interest rate movements [1] Group 2: Impact on Asian Markets - The Nikkei 225 index in Japan fell approximately 0.6% to 45,478 points, with significant declines in pharmaceutical stocks, including a 5.2% drop for Sumitomo Pharma and a 3.9% drop for Chugai Pharmaceutical [2] - The South Korean KOSPI index dropped 2.5% to 3,384.58 points, marking its third consecutive day of decline amid growing concerns over prolonged tariff negotiations with the U.S. [4] - Other markets showed weakness, with the Indian BSE Sensex index down 0.7%, while the Australian S&P/ASX 200 index managed a slight increase of 0.2% [4] Group 3: U.S. Market Performance - U.S. stock markets experienced a three-day decline prior to Trump's tariff announcement, primarily due to stronger-than-expected economic data that raised doubts about the Federal Reserve's future rate cuts [4] - The strong economic performance has led to skepticism regarding the continuation of rate cuts, which have been a significant driver of U.S. stock market gains this year [4] - The U.S. dollar index decreased by 0.1% to 98.36, while the euro rose by 0.1% to 1.1680 [4] Group 4: Oil Market Dynamics - Despite the overall market downturn, oil prices rose, with Brent crude futures reaching $69.67 per barrel and West Texas Intermediate crude up 0.3% to $64.59 per barrel [9] - The increase in oil prices was driven by geopolitical tensions and an unexpected decline in U.S. crude oil inventories, pushing benchmark prices to their highest levels since August 1 [12]

Economic Growth and Market Sentiment - The US economy showed stronger-than-expected growth in the second quarter, with a revised growth rate of 3.8 percent, up from the initial estimate of 3.3 percent, marking the fastest quarterly expansion in nearly two years [3] - Wall Street experienced a pullback, with all three main indexes ending in the red after reaching record highs earlier in the week, indicating concerns over stock valuations following a lengthy rally [4] Interest Rate Outlook and Federal Reserve Actions - The Federal Reserve recently cut interest rates due to a weakening labor market but indicated that further reductions are not guaranteed, leading to uncertainty in the market [2][3] - Decision-makers at the Federal Reserve have expressed varying views on future monetary policy in light of persistent inflation and soft job data [3] Tariff Implications on Pharmaceuticals - President Trump's announcement of new tariffs includes a 100 percent levy on "branded or patented" pharmaceuticals unless companies establish manufacturing plants in the US, which has raised concerns among Asian pharmaceutical firms [5][6] - Asian pharmaceutical companies, including Shanghai Fosun and South Korea's Daewoong, saw significant stock declines following the tariff announcement, with Fosun dropping more than four percent [6] Legislative Uncertainty - Traders are closely monitoring the ongoing negotiations in Washington regarding a funding package to prevent a government shutdown, with a deadline approaching next week [2][7] - The lack of agreement between Democrats and Republicans over spending plans is contributing to market unease, as both parties remain at an impasse [8]

9月26日，长春高新涨5.09%，截至发稿，报128.80元/股，成交7.77亿元，换手率1.53%，总市值525.42 亿元。 资料显示，长春高新技术产业(集团)股份有限公司位于吉林省长春市高新海容广场B座27层(震宇街与东 蔚山路交汇)，成立日期1993年6月10日，上市日期1996年12月18日，公司主营业务涉及生物制药及中成 药的研发、生产和销售,辅以房地产开发、物业管理和服务等业务。主营业务收入构成为：制药业 92.83%，房地产6.81%，服务业0.36%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 责任编辑：小浪快报 中信保诚中证800医药指数(LOF)A（165519）基金经理为黄稚。 截至发稿，黄稚累计任职时间7年66天，现任基金资产总规模30.1亿元，任职期间最佳基金回报 146.63%， 任职期间最差基金回报-20.24%。 数据显示，中信保诚基金旗下1只基金重仓长春高新。中信保诚中证800医药指数(LOF)A（16551 ...

Group 1: Government Bond Trading and Monetary Policy - The expectation for government bond trading is heating up, while the reality is cooling down, with liquidity management remaining a key focus [1] - If interest rate cuts occur, the extent of the cuts will significantly impact the bond market, with a likely continuation of a 10 basis point reduction seen in the first half of the year [1] - The central bank's potential reintroduction of government bond trading tools is expected to enhance banks' asset-liability management stability [5] Group 2: Innovation in Pharmaceutical Industry - The Chinese innovative drug industry is transitioning towards global commercialization, with a strong pipeline of quality projects driving industry growth [8] - Early drug development in China is significantly faster than the global average, saving 30%-50% of time from target validation to product commercialization [8] - Future innovation will further unlock commercial value, with academic and industrial collaborations playing a crucial role in successful drug development [8] Group 3: Dairy and Meat Industry Trends - The dairy sector is experiencing a strong supply contraction, with demand expected to rise due to seasonal consumption and supportive policies [11] - The meat industry is at a super cycle turning point, with reduced import volumes anticipated due to narrowing price differentials [11] - The interconnection between dairy and meat sectors is expected to enhance profitability for livestock companies [11] Group 4: Company Performance and Projections - A company reported a 44.50% year-on-year increase in revenue for the first half of 2025, driven by demand in the smart connected vehicle and edge AI hardware sectors [14] - Another company achieved a 13.55% year-on-year revenue growth in 2024, with a significant market share in the global SSD controller market [16] - A third company reported a 11.02% year-on-year revenue increase in the first half of 2025, with ongoing acquisitions to expand its product offerings [22]

Group 1 - The core argument of the article emphasizes the challenges faced by latecomer economies in achieving leapfrog development, highlighting the need for innovative strategies to overcome obstacles such as capability failure and scale failure [2][4][6] - The author identifies three viable "bends" or strategies for latecomer economies to achieve leapfrog development, which include promoting imitation innovation under relaxed intellectual property protection, engaging with global value chains, and focusing on short-cycle high-tech sectors before transitioning to long-cycle industries [4][5][6] - The concept of "crossing over" is defined as the final stage of catching up, allowing latecomer economies to bypass existing intellectual property and enter new technological fields, which can be achieved through both inter-industry and intra-industry transitions [6][7] Group 2 - The article discusses the importance of a comprehensive theory of economic catch-up that integrates the sequence of "late entry → bend strategy → leapfrog development," which is crucial for overcoming the identified failures and barriers [7] - The author presents three paradoxes that underpin the catch-up theory: "different paths lead to the same goal," "bends are faster than straight roads," and "only well-prepared firms can attempt to leap," emphasizing the need for unique strategies to surpass leading economies [8]

大公司： 国泰航空恢复西雅图航线每周五对直航往返航班 36氪获悉，国泰航空宣布，将于2026年3月30日起，重启直航往返西雅图航线。西雅图将成为国泰在北 美地区的第九个客运航点，进一步提升香港枢纽的环球网络联系。在2026年夏季，国泰每周将提供超过 110对往返北美的航班，目的地包括波士顿、芝加哥、达拉斯、洛杉矶、纽约、旧金山、西雅图、多伦 多和温哥华。 马斯克称明年SpaceX可能将全球总有效载荷的95%送入轨道 一位X用户援引最新的火箭发射市场份额报告称："SpaceX在第二季度发射了88.5%的卫星，2025年剩余 时间有望达到埃隆·马斯克90%的份额遇刺。按送入轨道的重量计算，SpaceX占全球总量的86%。"马斯 克回应称："一旦星舰飞船明年带着真正的有效载荷频繁飞行，那么SpaceX可能会将全球总有效载荷的 95%送入轨道，尽管其他国家，尤其是中国，仍在继续增长。到2027年，这一比例可能高达 98%。"（新浪财经） 百度文库：智能PPT能力月访问量超3400万 36氪获悉，近日，国家工业信息安全发展研究中心（简称"国家工信安全中心"）发布《大模型赋能智慧 办公评测报告——PPT生成》，选取8个常 ...

【资讯导读】 ·美参议院否决临时拨款法案政府"停摆"风险升高 ·冯德莱恩提交欧盟第19轮对俄制裁措施 ·多国宣布承认巴勒斯坦国 ·日本央行维持利率不变将出售资产缩减宽松规模 ·日本央行19日在结束为期两天的货币政策会议后宣布，维持现行利率水平不变，未来将择机出售其持 有的金融资产，缩减宽松规模，推动货币政策正常化。 ·日本总务省19日公布的报告显示，今年8月日本去除生鲜食品后的核心消费价格指数（CPI）同比上升 2.7%至111.6，自去年11月以来涨幅首次降至3%以下。报告显示，食品价格上涨仍是拉动日本物价上涨 的最主要原因。 ·美国国会参议院19日否决众议院通过的一项临时拨款法案，推高部分联邦政府机构因资金耗尽而"停 摆"的风险。 ·欧盟审计机构欧洲审计团发布报告指出，由于供应链脆弱、内部市场分割等结构性问题，欧盟至今未 能找到有效解决方案，常用抗生素、疫苗等药品短缺现象仍将持续存在。 ·欧盟委员会主席冯德莱恩19日发表声明，宣布向成员国提交第19轮对俄罗斯制裁措施，主要涉及能 源、金融等领域。 ·英国、加拿大和澳大利亚21日分别发表声明，宣布承认巴勒斯坦国。葡萄牙外交部长保罗·兰热尔21日 也宣布，葡萄 ...