Core Viewpoint - Recently, Luolinna International Industrial Investment (Guangdong) Co., Ltd. was established with a registered capital of 33.33 million RMB, focusing on various investment activities and technology services [1] Group 1: Company Overview - The registered capital of Luolinna International Industrial Investment is 33.33 million RMB [1] - The company is engaged in a wide range of activities including investment, technology services, and agricultural machinery services [1] Group 2: Business Scope - The business scope includes investment activities using self-owned funds, technology development, consulting, and promotion [1] - The company also provides digital technology services, smart agriculture management, and offshore trade operations [1] - Additional services include big data services, food processing equipment sales, and various agricultural product sales [1]

Group 1: Global Economic Environment - The global economy is entering a new phase characterized by high volatility and low growth, with significant uncertainties impacting traditional pricing logic [2][4] - Key structural contradictions include population aging, national debt issues, and geopolitical tensions, which are constraining economic growth [2][4] - The rise of artificial intelligence and technological innovations is expected to take decades to fully impact economic vitality, despite their potential to drive growth [2][4] Group 2: Asset Pricing and Investment Strategies - Asset prices are experiencing significant fluctuations, necessitating heightened risk awareness among investors [3][4] - Gold and silver are highlighted as crucial components of the global monetary system, with gold prices having increased approximately sevenfold since 2005 [5][11] - The current geopolitical landscape is reshaping the G2 dynamics between the US and China, influencing capital flows and asset allocation strategies [5][6] Group 3: US Policy Impact - The Trump administration's tariff policies have evolved from targeted measures to a broader global trade conflict, impacting market dynamics and investor sentiment [7][8] - The combination of tax reforms and tariff policies is expected to generate significant government revenue, but the long-term economic implications remain uncertain [9][10] Group 4: Currency and Commodity Trends - The weakening of the US dollar is anticipated, driven by structural issues and a decline in trust among global investors [11][12] - Central banks are increasingly diversifying their reserves by accumulating gold, reflecting a shift in confidence away from the dollar [11][12] - The price of gold is projected to continue rising, with significant increases expected from 2024 onwards, driven by geopolitical tensions and inflation concerns [11][12] Group 5: Technological Revolution and Asset Valuation - The advent of artificial intelligence is expected to fundamentally reshape economic theories and asset valuation models [15][16] - The emergence of Web3 and tokenization technologies is poised to transform financial infrastructures and redefine value creation mechanisms [16][17] - Traditional asset pricing frameworks are under pressure, with significant disparities expected between sectors and asset classes [17] Group 6: Investment Outlook - Chinese assets are seen as undervalued, with potential for systemic revaluation supported by policy changes and economic fundamentals [18][19] - Growth sectors such as technology and innovative pharmaceuticals are highlighted as areas of opportunity, while traditional markets face challenges [19][20] - Gold is recommended as a hedge against inflation and economic uncertainty, with its role as a safe-haven asset becoming increasingly relevant [19][21]

Group 1 - Southbound funds net bought Hong Kong stocks worth 9.838 billion HKD on September 19 [1] - Notable net purchases included 2.24 billion HKD in Shankou Holdings, 1.727 billion HKD in Alibaba-W, and 1.07 billion HKD in the Tracker Fund [1] - Southbound funds have continuously net bought Alibaba for 21 days, totaling 57.82789 billion HKD, and have net sold Tencent for 5 days, totaling 1.62824 billion HKD [1] Group 2 - Shankou Holdings announced a share buyback plan of up to 100 million USD, with a maximum buyback price of 17 HKD per share [3] - Citigroup reported that the recent price drop of Pop Mart (9992.HK) is due to concerns over LABUBU resale prices, but does not indicate a decline in IP popularity [3] - Meituan will provide larger subsidies for the "Bright Kitchen" initiative, increasing the subsidy amount to 500 million HKD to enhance kitchen transparency for merchants [3]

Core Viewpoint - State-owned enterprises (SOEs) play a crucial role in China's economic and social development, serving as a significant foundation for socialism with Chinese characteristics and a vital support for the ruling party [1][2]. Group 1: Achievements of State-Owned Enterprises - Since the founding of New China, especially after the reform and opening up, SOEs have made historic contributions to economic development, technological progress, social construction, national defense, and improving people's livelihoods [1]. - The Jining Energy Development Group, under the leadership of Zhang Guangyu, has successfully transformed from a coal-dependent enterprise to a comprehensive energy group, achieving a revenue of over 90 billion yuan in 2024 and ranking 18th among China's logistics companies [6][4]. Group 2: Entrepreneurial Spirit and Cultural Influence - The entrepreneurial spirit is essential for the growth of SOEs, and the leaders of these enterprises embody this spirit, which is deeply influenced by Confucian culture [2][3]. - The city of Jining, as a significant birthplace of Confucian thought, fosters a unique entrepreneurial charm among its business leaders, who are recognized as modern Confucian merchants [2]. Group 3: Infrastructure and Urban Development - The construction of the Jining Inner Ring Expressway, led by Li Lu, has significantly improved urban traffic flow, with a daily traffic volume of 180,000 vehicles, enhancing the city's infrastructure and connectivity [7][9]. - The Jining Public Utilities Company has transformed from a traditional water supply enterprise into a comprehensive urban service provider with assets totaling 76.848 billion yuan, contributing to urban construction and public services [6][8]. Group 4: Social Responsibility and Community Development - The "Mujie" project, initiated by the Jining State-owned Assets Investment Holding Company, has revitalized a former grain depot into a vibrant commercial area, enhancing the local economy and community life [10][11]. - The establishment of the first state-owned childcare group in Shandong Province demonstrates the commitment of Jining National Investment to social responsibility, providing quality care for infants and toddlers [11][12]. Group 5: Innovation and Technological Advancement - The Shandong Lutai Holding Group, under the leadership of Li Hejun, has focused on technological innovation, establishing a graphene research center and achieving significant breakthroughs in high-performance materials [13][14]. - The company's strategic acquisitions and emphasis on research and development have positioned it among the top 50 coal producers in China, showcasing its commitment to modernizing and diversifying its operations [14].

智通财经APP讯，时富投资(01049)发布公告，于2025年9月19日，该公司注销2.2万股已购回股份。 ...

9月10日，由36氪主办的2025年36氪产业未来大会在中国厦门盛大启幕。本次大会重磅携手商务部主办的"中国国际投资贸易洽谈会"，以"精耕时代，潮涌嘉 禾"为核心主题，倾力打造一场兼具国家高度、产业深度与市场热度的高规格、高价值、高影响力产业盛典。 大会紧密锚定国家战略导向与产业发展前沿，聚焦人工智能、低空经济、先进制造、新能源、大消费五大核心赛道，汇聚行业顶尖力量共商发展路径、擘画 产业未来。在为期两天的议程中，大会以"产业协作链条"为逻辑主线，重点聚焦"政、资、产"三方协同机制，深入探讨如何打破壁垒、整合资源，精准破解 产业发展中的痛点堵点与瓶颈制约。 36氪在产业未来大会策划了一场"医疗、医药科技创新及产业趋势"的圆桌对话，龙鼎投资合伙人赵聪，华映资本管理合伙人章高男，顺创产投管理合伙人杨 阳，合创资本管理合伙人唐祖佳，盛宇投资管理合伙人梁峰参与讨论。 以下为圆桌内容，经36氪整理编辑： 赵聪：首先感谢主办方的邀请，也很荣幸能够跟四位非常资深的嘉宾一起开展相关的讨论。我先做个简单的介绍，我是来自龙鼎投资的赵聪，龙鼎投资是一 家长期深耕精耕半导体全产业链，逐步延伸到新能源、汽车电子和工业软件领域的投资机构 ...

| 2 天眼查 都在用的商业查询工具 TianYanCha.com | 国家中小企业发展子基金旗下机构 ■ 赵晗 | 鱼公司 | (×) 天眼一下 | 船 应用 ▼ | 商务合作 企业级j | | --- | --- | --- | --- | --- | --- | | VIP 任职信息 42 ② | 曾任职信息 26 | 所属集团/族群 控制企业3 | 风险信息 | 历史信息 | 合作伙伴 20 | 据报道，9月19日，知名云南菜品牌"云海肴"创始人赵晗先生，因突发心梗去世，年仅40岁。 天眼查任职信息显示，赵晗名下关联40余家企业，其中21家为存续状态，包括云海肴南京餐饮管理有限公司、上海联馔餐饮集团有限公司、滇境（北京）餐 饮管理有限公司、苏州互襄投资中心（有限合伙）、上海不以己悲品牌咨询有限公司等。赵晗在上述企业中担任执行董事、总经理等职务，版图涉及餐饮、 投资、企业管理等领域。 | 序号 | 企业名称 | 职位 | 注册资本 | 成立日期 | | --- | --- | --- | --- | --- | | 1 | 苏州互襄投资中心 (有限合伙) 投资 | 股东 | 5000万人民币 | 201 ...

Core Viewpoint - The announcement from the Hong Kong Securities and Futures Commission (SFC) regarding the concentrated shareholding of Shandong High-Speed Holdings has led to a significant drop in the company's stock price, highlighting the risks associated with high share concentration [1][3]. Shareholding Structure - As of September 1, 2025, 92.46% of Shandong High-Speed Holdings' shares are held by a small number of shareholders, with only 7.54% held by other investors [1][3]. - The company has 20 shareholders collectively holding 1.444 billion shares, which is 24.00% of the total issued shares, alongside two major shareholders holding 4.121 billion shares, representing 68.46% [3][4]. Stock Price Movement - Following the SFC's announcement, the stock price of Shandong High-Speed Holdings fell to a low of HKD 5.18 per share, marking a decline of over 60% [1]. - The stock price had previously increased from HKD 5.82 per share on April 16, 2025, to HKD 17.09 per share by September 1, 2025, reflecting a rise of 193.6% [4]. Company Performance - In the first half of the year, Shandong High-Speed Holdings reported revenue of CNY 2.503 billion, a decrease of 13.03% year-on-year, while net profit rose by 506% to CNY 476 million [5]. - The company is focusing on synergistic effects from its dual-driven strategy of "green electricity + computing power," aiming to build a sustainable competitive advantage [5]. Industry Context - The phenomenon of stock price drops due to concentrated shareholding is not uncommon in the Hong Kong market, as seen in similar cases like China Star Group and Zhong An Smart Life [7][8]. - Market analysts suggest that concentrated shareholding can lead to panic selling among retail investors and facilitate short-selling by hedge funds, exacerbating stock price declines [8][9]. Governance and Market Implications - High share concentration may result in a lack of broad participation and oversight in company decision-making, potentially leading to governance issues [9]. - Companies with concentrated shareholding should consider optimizing their ownership structure by attracting more strategic investors and implementing equity incentive plans to improve governance and market competitiveness [9].

消息人士表示，虽然基金仍将进行新的投资，但剩余员工将把更多资源投入到孙正义雄心勃勃的人工智 能计划中。据悉，愿景基金的一位发言人证实了裁员的消息，但没有透露细节。 一份备忘录显示，软银将在全球范围内裁减近20%的愿景基金团队，以将资源转向创始人孙正义在美国 的大规模人工智能投资。此次裁员是这家日本投资集团旗舰基金自2022年以来的第三轮裁员。愿景基金 网站显示，该基金目前有44名员工。与此前因巨额亏损而进行的裁员不同，本轮裁员发生在基金上个月 公布自 2021年6月以来最强季度业绩之后。这一举措显示出基金正从广泛的初创投资组合转向。 ...

Group 1 - The Federal Reserve's recent interest rate cut has led to a short-term spike in gold prices, reaching a historical high of $3744 per ounce before a quick decline [1] - As of September 18, COMEX gold futures were fluctuating around $3670 per ounce, reflecting market adjustments to the rate cut [1] - Since August, gold prices have increased nearly 10%, with a year-to-date rise of almost 40%, driven by concerns over the U.S. economy and inflation [1] Group 2 - Historical trends suggest that gold prices typically experience small gains or remain stable in the week following a Fed rate cut, with higher average returns observed one to three months later [2] - The market is currently cautious, with indicators showing that speculative net long positions in COMEX gold have decreased, indicating a cooling sentiment among institutional investors [2] - There is a notable divergence in ETF flows, with U.S. gold ETFs seeing net inflows while Chinese gold ETFs have recorded net outflows, marking China as the only significant region reducing gold holdings [2] Group 3 - Despite short-term risks, institutions maintain a positive long-term outlook for gold, with Deutsche Bank raising its 2026 gold price forecast from $3700 to $4000 per ounce [3] - The demand from central banks, particularly from China, is expected to support gold prices, with projections of 900 tons of gold purchases next year [3] - Long-term factors such as the U.S. fiscal deficit and ongoing central bank purchases are seen as key drivers for gold price support [3]