TFA形成累积的一部分原因是，其碳-氟键非常强大，无法被自然破坏。根据某些定义，TFA是全氟及多氟烷基物质（PFAS）中极小之例，此类物质因能 存在极长时间而不分解，被科学家称为"永久性化学品（forever chemicals）"（见下图："TFA：引发争议的分子"和"日益上升的TFA含量"）。 只要天降雨雪，就有一种名为三氟乙酸（TFA）的人造化学物质随之降下。纵观全球，从湖泊到河流，从瓶装水到啤酒，从谷物庄稼到动物肝脏，甚至是 人类血液和尿液中，都出现了TFA的踪影[1]。而且，无论研究人员在哪里检测TFA含量的变化，都发现其浓度在增加。 过去40年间，德国多种树种的叶片和针叶中，TFA含量增长了5~10倍[2，3]。不仅如此，据研究人员记录，TFA在加拿大北极冰芯[4]和丹麦地下水[5]中的含 量也在上升。 人造化学物质"三氟乙酸"（TFA）在雨水中的含量日渐上升。来源：Ali Majdfar/Getty 部分PFAS已确认会加剧健康风险，并在国际上被禁用。许多国家还对特定的PFAS在饮用水中的含量做了限制，并斥巨资采取措施，清除此类物质。 但是，TFA对健康的影响并不如PFAS明确。在这方面，目前只 ...

Export Performance - From January to August 2025, China's total export reached $2,451.8 billion, with a year-on-year growth of 5.9%, outperforming the -5.7% and 4.7% growth rates in the same periods of 2023 and 2024 respectively[14] - Exports to ASEAN, Africa, and the EU were the main contributors, while exports to the US were a significant drag, decreasing by 12.6%[16] Drivers of Non-US Export Growth - The high growth in non-US exports is driven by three main factors: indirect exports to the US through third-party countries, active market expansion in non-US regions, and accelerated transfer of low-value industries due to tariffs[28] - Exports to the EU are primarily driven by a rebound in consumer spending, with a notable increase in consumer goods exports due to eight interest rate cuts since June 2024[42] - For ASEAN, the export growth is fueled by capacity relocation, particularly in consumer electronics, with significant contributions from intermediate products like phone parts and integrated circuits[63] Future Outlook - Two main factors are expected to sustain export resilience: competitive product advantages and an upturn in global capital expenditure driven by developed countries' industrial policies and rising domestic demand[5] - The global manufacturing PMI recovery and the restructuring of global supply chains by emerging economies are also anticipated to support China's export growth[5] Risks - Potential risks include unexpected increases in US inflation, a sharper-than-expected downturn in the US economy, and escalating international trade conflicts[6]

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%。 从长春高新十大流通股东角度 数据显示，华泰柏瑞基金旗下1只基金位居长春高新十大流通股东。华泰柏瑞沪深300ETF（510300）二 季度增持73.16万股，持有股数576.21万股，占流通股的比例为1.44%。根据测算，今日浮盈赚取约 3699.27万元。 华泰柏瑞沪深300ETF（510300）成立日期2012年5月4日，最新规模3747.04亿。今年以来收益18.19%， 同类排名2916/4222；近一年收益47.33%，同类排名2296/3804；成立以来收益111.48%。 9月18日，长春高新涨5.18%，截至发稿，报130.30元/股，成交15.27亿元，换手率3.00%，总市值531.54 亿元。 华泰柏瑞沪深300ETF（510300）基金经理为柳军。 ...

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on Merck (MRK), and highlights the potential misalignment of interests between brokerage analysts and retail investors [1][5][10]. Group 1: Brokerage Recommendations for Merck - Merck has an average brokerage recommendation (ABR) of 1.96, indicating a consensus between Strong Buy and Buy based on 26 brokerage firms [2]. - Out of the 26 recommendations, 13 are Strong Buy and one is Buy, representing 50% and 3.9% of all recommendations respectively [2]. Group 2: Limitations of Brokerage Recommendations - Solely relying on brokerage recommendations for investment decisions may not be advisable, as studies indicate they often fail to guide investors effectively towards stocks with high price appreciation potential [5][10]. - Brokerage analysts tend to exhibit a strong positive bias in their ratings due to vested interests, leading to a disproportionate number of favorable ratings compared to negative ones [6][10]. Group 3: Zacks Rank as an Alternative - The Zacks Rank, a proprietary stock rating tool, categorizes stocks into five groups and is considered an effective indicator of near-term stock price performance [8][11]. - Unlike the ABR, the Zacks Rank is based on earnings estimate revisions, which have shown a strong correlation with stock price movements [11][13]. - The Zacks Rank is updated more frequently than the ABR, making it a more timely tool for predicting future stock prices [13]. Group 4: Current Status of Merck - The Zacks Consensus Estimate for Merck's earnings remains unchanged at $8.93, suggesting stable analyst views on the company's earnings prospects [14]. - Due to the unchanged consensus estimate and other factors, Merck currently holds a Zacks Rank of 3 (Hold), indicating a cautious approach despite the Buy-equivalent ABR [15].

截至发稿，长春高新市值为517亿元。 2025年1至6月份，长春高新的营业收入构成为：制药业占比92.83%，房地产占比6.81%，服务业占比 0.36%。 （记者 王晓波） 每经AI快讯，长春高新（SZ 000661，收盘价：126.81元）9月15日晚间发布公告称，公司第十一届第十 二次董事会会议于2025年9月15日以现场结合通讯方式召开。会议审议了《关于聘任公司副总经理的议 案》等文件。 每经头条（nbdtoutiao）——重大突破！中国这款新药，中美官方都认定有突破性疗效！世界肺癌大会 沸腾了 ...

★ 宏观动态 ★ 八部门：推进智能网联汽车准入和上路通行试点，有条件批准L3级车型生产准入 9月12日，工业和信息化部等八部门印发《汽车行业稳增长工作方案（2025—2026年）》。方案提出，推动智能网联技术 产业化应用。深入开展智能网联汽车"车路云一体化"应用试点，加快网联基础设施和云控平台建设，鼓励汽车前装 V2X、5G等高性能通信模块，加快推进北斗系统规模化应用，促进物流、环卫、出行服务等多场景应用，鼓励重点地区 逐步拓展跨区域协同应用。推进智能网联汽车准入和上路通行试点，有条件批准L3级车型生产准入，推动道路交通安 全、保险等法律法规完善。支持汽车、信息通信、交通等行业企业以数据为纽带探索新型商业模式，加快多元化价值链 培育。 商务部：截至9月10日，今年以来汽车"以旧换新"申请量已达830万份 9月13日，商务部市场运行和消费促进司一级巡视员耿洪洲在2025中国汽车产业发展（泰达）国际论坛上表示，深入实施 汽车"以旧换新"政策，有效促进了汽车消费增长、产业升级和资源管理。截至9月10日，今年以来的汽车"以旧换新"申请 量已经达到830万份。 新疆库尔勒取消借道通行政策？官方辟谣 上海浦东发展银行股份 ...

Group 1 - The core trend indicates that mainland investors are increasingly channeling record amounts of funds into local ETFs tracking Hong Kong stocks, driven by sectors like artificial intelligence and biotechnology [1][4] - As of now, inflows into onshore Hong Kong stock ETFs have exceeded $26 billion this year, with a notable surge in investor enthusiasm since June [1][4] - The Hang Seng Index has risen by 30% this year, outperforming the CSI 300 Index by more than double, with key contributors being tech companies like Alibaba and Xiaomi [4] Group 2 - Individual investors are favoring sector-specific ETFs for tactical trading, while institutional investors are primarily purchasing broad index tracking products [4] - Strong growth momentum is attributed to unique industry and thematic stories in the Hong Kong market, with ETF issuers rapidly launching specialized products to cater to mainland retail investors [4] - A total of 17 new Hong Kong stock ETFs have been launched this year in mainland China, with an additional 16 applications pending with regulatory authorities [4] Group 3 - Despite Hong Kong stock funds accounting for only 10% of the mainland ETF market, they are projected to capture over 50% of total inflows by 2025 [5] - The higher investment returns in Hong Kong make it an attractive option for mainland investors, especially since onshore ETFs provide a more convenient alternative due to lower account balance requirements [5]

Group 1 - Switzerland is proposing to establish a gold refining facility in the U.S. or increase its processing capacity as part of a plan to reduce trade tariffs imposed by the U.S. [1] - The U.S. imposed a 39% tariff on Swiss goods due to trade deficits, particularly in chemicals, pharmaceuticals, and gold exports [1][2] - The Swiss government and private sector are collaborating to mitigate the impact of these tariffs, with discussions ongoing at various levels [1][2] Group 2 - The Swiss gold industry is exploring ways to prevent trade deficits by potentially meeting U.S. demand domestically [1] - Switzerland aims to reduce the trade deficit caused by the pharmaceutical sector by increasing local production to satisfy U.S. needs [2] - The Swiss pharmaceutical industry association argues that eliminating the trade deficit at the expense of the pharmaceutical sector could harm the Swiss economy [2] Group 3 - Switzerland plans to increase procurement of military supplies from the U.S. and facilitate more liquefied natural gas sales [3] - The initiative includes encouraging Swiss companies to register more energy transactions through Switzerland rather than London [3]

Group 1: Automotive Industry - The shift in consumer preference towards SUVs among the "post-85" and "post-90" generations necessitates that sedans adapt through electrification and smart technology to meet diverse usage scenarios [1] Group 2: Group Buying Market - The group buying market is projected to reach a scale of 15 billion yuan by 2025, but practitioners face challenges such as rapid updates, high workload, low salaries, and difficulty in contract termination [2] - The industry is expected to enter a 2.0 era through platform regulation and self-discipline [2] Group 3: Banking Sector - By September 2025, Agricultural Bank of China’s A+H share total market value is expected to surpass that of Industrial and Commercial Bank of China for the first time, although ICBC still leads in core indicators [3] - The banking industry is becoming increasingly competitive, entering a new development phase [3] Group 4: Pharmaceutical Industry - Domestic players are rapidly increasing the number of similar drugs to semaglutide, which previously required overseas purchasing [4] - Future competition among related pharmaceutical companies will focus on production capacity and commercialization capabilities [4]

Company Movements - Kweichow Moutai announced that its controlling shareholder, Moutai Group, has received a commitment letter for a loan of up to 2.7 billion yuan from Agricultural Bank, with plans to increase its holdings by no less than 3 billion yuan and no more than 3.3 billion yuan within six months starting from September 5 [6] - Tesla announced a new compensation plan for CEO Elon Musk, potentially worth a record 1 trillion dollars, linked to performance targets. The plan could grant Musk up to 12% of Tesla's stock if the company reaches a market value of 8.6 trillion dollars, requiring an increase of nearly eight times its current valuation [6] - Geely Automobile announced that its shareholders approved the privatization proposal for Zeekr Intelligent Technology with a high vote rate of 95.14%. The merger between Geely and Zeekr is expected to be completed by the end of 2025 [6] - In response to the controversy over its advertising, Tao Li Bread officially apologized, stating that the decision was made by leadership, and the subsequent promotional efforts will be managed by younger team members [6] - Baillie Gifford announced that its self-developed global first EGFR×HER3 dual-target ADC drug, iza-bren, has been included in the priority review process [6] - Kuangda Technology announced that the Zhuzhou State-owned Assets Supervision and Administration Commission will become the actual controller of the company, with its stock resuming trading on September 8 [7] Investment News - On Friday, the Shanghai Composite Index closed at 3,812.51 points, up 1.24%, with a trading volume of 979.06 billion yuan. The Shenzhen Component Index rose 3.89% to 12,590.56 points, with a trading volume of 1,325.6 billion yuan. The ChiNext Index increased by 6.55% to 2,958.18 points, with a trading volume of 676.09 billion yuan. Overall, more than 4,800 stocks rose, while fewer than 500 fell, with total market turnover at 2.3 trillion yuan, a decrease of 239.6 billion yuan from the previous trading day [4] - On September 5, the China Securities Regulatory Commission approved the official launch of the direct sales service platform for public fund industry institutional investors. The FISP platform is authorized by the CSRC and operated by China Securities Depository and Clearing Corporation, requiring fund managers and custodians to connect to the platform for direct sales [4] - The Shanghai Stock Exchange took self-regulatory measures against 174 cases of abnormal trading behavior, including price manipulation and false declarations, and is closely monitoring stocks with abnormal fluctuations [4] - After adjustments in the A-share market, the margin trading balance significantly decreased. As of September 4, the margin trading balance was 2.2795 trillion yuan, a reduction of 10.317 billion yuan from September 3, marking the largest decrease in consecutive days since August [4]