美当地时间9月17日，美国联邦储备委员会结束为期两天的货币政策会议，宣布将联邦基金利率目标区 间下调25个基点至4.00%-4.25%之间。这是美联储自2024年12月以来的首次降息，也是2025年货币政策 调整的开端。 美联储决策机构联邦公开市场委员会（FOMC）在声明中指出，近期数据显示，美国上半年经济活动增 长放缓，就业增长显著减弱，失业率小幅上升至4.3%，但仍处于历史低位。尽管通胀率有所回升，但 整体压力较2022年峰值明显缓解。委员会认为，当前经济前景的不确定性上升，就业市场下行风险增 加，因此决定启动降息以平衡双重目标——实现充分就业与长期通胀率稳定在2%。 值得注意的是，此次降息决定以11比1的投票结果通过，仅美联储理事斯蒂芬·米兰投出反对票，主张降 息50个基点。米兰由美国总统特朗普提名，于9月15日获参议院批准出任理事，其立场凸显了美联储内 部对降息幅度的分歧。 美联储最新发布的"点阵图"显示，19名官员中有9名预计，到2025年底还将降息两次，累计幅度达50个 基点。此外，美联储预测中值显示，2026年和2027年将各降息25个基点，联邦基金利率中长期目标或降 至3.1%-3.6%区间。 ...

Market Overview - On September 18, the A-share market experienced a wide fluctuation, with the Shanghai Composite Index facing resistance around 3899 points and closing at 3831.66 points, down 1.15%[2][8] - The Shenzhen Component Index closed at 13075.66 points, down 1.06%, while the ChiNext Index fell by 1.64%[8][9] - Total trading volume for both markets reached 31,670 billion yuan, above the median of the past three years[3][14] Sector Performance - Strong performers included automotive services, tourism hotels, pharmaceutical commerce, and consumer electronics, while sectors like securities, internet services, software development, and non-ferrous metals lagged[3][8] - Over 80% of stocks declined, with notable inflows in tourism hotels, automotive services, and pharmaceuticals, while sectors like securities and internet services saw significant outflows[8][10] Valuation and Investment Strategy - The average P/E ratios for the Shanghai Composite and ChiNext are 15.80 and 50.16, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[3][14] - The government is focused on consolidating economic recovery, with supportive policies for consumption and real estate, which are expected to bolster market stability[3][14] Future Outlook - The market is anticipated to present new investment opportunities amid fluctuations, with a recommendation for investors to remain cautious and avoid blind chasing of highs[3][14] - Short-term investment opportunities are suggested in sectors such as semiconductors, consumer electronics, wind power equipment, and automotive services[3][14]

Group 1 - Shudao Equipment's subsidiary signed a construction contract worth 24.68 million yuan for a hydrogen fuel cell manufacturing base project [1] - Zhongliang Technology received a land acquisition compensation of 30 million yuan from the government [2] - Palm Holdings won a bid for a high-standard farmland construction project in Lankao County, with a contract value of 433 million yuan, accounting for 14.12% of the company's audited revenue for 2024 [3] Group 2 - Changchun Yidong's subsidiary received a government subsidy of 2.85 million yuan, which is 122.78% of the company's audited net profit for the last fiscal year [4] - Wuzhou Transportation successfully issued 200 million yuan in medium-term notes with an interest rate of 2.10% [5][6] - Tiandi Source's subsidiary plans to apply for a trust loan of up to 500 million yuan from related parties [8] Group 3 - Tiandi Source's subsidiary acquired a residential land use right in Xi'an for 2.015 billion yuan [9] - Opcon Vision received a medical device registration certificate for its ultrasonic nebulizer [11] - Jingjiawei announced the resignation of its vice president due to personal reasons [13] Group 4 - Fulinh Precision's subsidiary received a prepayment of 1.5 billion yuan from CATL for securing lithium iron phosphate material supply [15] - Yunzhu Technology's subsidiary received a government subsidy of 20.12 million yuan [16] - Kehua Bio's ferritin test kit received a medical device registration certificate [17] Group 5 - Jinghua Pharmaceutical's medical sodium alginate wound dressing received a medical device registration certificate [18] - Lingwei Technology established a wholly-owned subsidiary with a registered capital of 1 million yuan [19] - Sanwei Co. won a bid for concrete sleeper procurement projects worth 158 million yuan [20] Group 6 - Shanghai Pharmaceuticals' Nicardipine tablets passed the consistency evaluation for generic drugs [21] - Lushan New Materials increased its idle fund management limit to 750 million yuan [24] - Huayi Technology announced the retirement of a core technical staff member [25] Group 7 - Yingli Environment plans to use up to 300 million yuan of idle raised funds for cash management [30] - Yong'an Forestry plans to develop a national reserve forest project in Putian, Fujian, with an estimated investment of 154 million yuan [32] - Xinyuan Technology's shareholders plan to reduce their holdings by up to 3.18% of the company's shares [60]

Core Viewpoint - The most valuable business model for product creation is the "long tail on both ends," where buyers are small and medium-sized enterprises (SMEs) and sellers are long-tail suppliers. This model maximizes value, as exemplified by Alibaba. Conversely, the least valuable model is "big on both ends," serving only large clients [1]. Group 1: Product Innovation and Market Insights - The success of Japanese manufacturing since the 1980s serves as a model for emerging economies, emphasizing the transformation of technology into user-perceived value. For instance, Sony's Walkman addressed the need for portable music, while Uniqlo's success stemmed from comfortable basics and innovative materials [6]. - AI is reshaping the essence of consumption by redefining product value through algorithms. Future champions in consumption will be those who perfectly integrate demand with algorithms, as seen in products like Plaud's recording card and Haivivi's toys [6]. - The course will explore how to innovate products and manage supply chains by learning from companies like Sony, Uniqlo, and Muji, focusing on turning technology into user-friendly products [7]. Group 2: Strategies for Market Competition - In a saturated market, the course will analyze how to become a new leader in niche segments amidst brand competition. The rise of AI algorithms will be discussed in the context of creating new product categories [8]. - Globalization requires Chinese brands to deeply integrate local market needs with Chinese supply chain capabilities, moving from simple exportation to localized coexistence [9][10]. - The course will highlight the importance of balancing localization and standardization in global markets, emphasizing that successful overseas expansion involves understanding and addressing local consumer needs [10][11]. Group 3: Course Structure and Expert Insights - The course spans three days, focusing on product innovation, market strategies, and global expansion. It features insights from industry leaders like 牛文文, 朱啸虎, and 前田悟, who will share their expertise on leveraging AI and consumer insights for growth [12][13][17]. - Participants will learn about the importance of rapid market testing and the need to avoid the illusion of technical perfection, emphasizing the necessity of validating demand quickly [14]. - The course will also cover how to maintain product quality while ensuring affordability, as demonstrated by Muji's product development philosophy [22].

9月17日，华勤技术宣布已正式向港交所递交上市申请，联席保荐人为中金公司与美银证券。 华勤技术回应称，公司计划通过港股上市优化股东结构，增加一些外资股东；港股上市对公司资金面也 有所助益。 回溯其资本化历程来看，早在2020年11月，华勤技术就完成了股份制改造；2023年8月登陆上交所主板 上市，彼时，发行价为80.8元/股，募集资金约58.5亿元。今日收盘（18日），公司最新市值约957.7亿 元。 公开资料显示，华勤技术依托"3+N+3"的智能产品布局，构建了智能手机、笔记本电脑和数据中心三大 核心业务，在多个智能产品品类实现了全球第一，在消费电子行业中的市场份额为22.5%，公司客户包 括联想、OPPO、vivo、三星、小米等。并拓展了汽车电子、软件业务、机器人三大创新业务。 不仅如此，华勤技术近年仍在通过持续并购开拓新增长曲线。分别在2024年斥资28.5亿港元收购易路达 控股，切入声学模块领域并拓展北美客户；今年7月，又以24亿元取得了晶合集成6%股份，布局晶圆制 造环节，形成"ODMM"全链条能力。 受益于公司业务不断拓展，以及智能终端产品爆发式增长，产品出货量大幅增加，华勤技术的增长势头 也较为 ...

格隆汇9月18日｜在上周苹果产品发布后，该公司股价下跌，随后该股迎来了连续五天的上涨。此次发 布的产品包括一款更轻薄的iPhone，但并未引起太大反响。股价反弹的背后是投资者的乐观情绪，他们 认为即使客户不急于升级设备，价格更高的手机——比如零售价高达1999美元的顶级Pro型号——也能 支撑苹果的收入增长。管理着330亿美元资产的加贝利基金的投资组合经理John Belton表示："这是几年 来价格首次真正上涨，所以如果我们看到一个典型的价格上涨的更换周期，再加上在人工智能方面取得 一些进展，这对股票来说可能不是一个令人兴奋的局面，但也是一个不错的局面。" ...

人民财讯9月18日电，科森科技（603626）9月18日发布股票交易风险提示公告称，公司股票于2025年9 月16日、9月17日、9月18日连续3个交易日以涨停价收盘，股票价格近期涨幅较大，可能存在短期涨幅 较大后的下跌风险。公司主营业务为消费电子结构件的生产，近期关注到公司被媒体列入AI眼镜概念 股。经公司自查，公司不生产AI眼镜，也不生产AI眼镜的结构件。近期关注到公司被媒体列入折叠屏 概念股。经公司自查，公司的折叠屏铰链组装业务客户单一，目前公司通过外购结构件用于折叠屏手机 铰链的组装，经初步核算，该业务在2025年上半年产生的收入占总营收比例仅2.10%，对公司业绩不产 生重大影响。科森科技股价连续三涨停。 ...

在这场世界级的较量中，韶音全球精英运动员的表现尤为瞩目：Tom Evans(汤姆·埃文斯)以19:18:58的成 绩打破英国人UTMB纪录，夺得2025年UTMB(175km组)冠军！韶音精英运动员申加升荣获第8名，Lucy Bartholomew亦斩获UTMB女子组第8名。 除赛事支持外，韶音今年在UTMB期间首次融入播客栏目，冠名播出法国知名越野播客《Dans la tête d'un coureur(跑者之心)》，邀请韶音精英运动员——法国越野名将Mathieu Blanchard与加拿大运动员 Marianne Hogan，分享赛前减压心得。同时，活动还特别邀约听众到场参与了一场别开生面的5公里 跑。 近日，UTMB环勃朗峰超级越野赛在法国霞慕尼圆满落幕。作为这项世界顶级越野赛事的官方唯一指定 运动耳机，Shokz韶音以创新科技陪伴跑者穿越险峻赛道，在开放聆听中平衡环境感知与音乐动力，重 塑山野奔跑的安全与自由。这不仅是一次产品实力的验证，更是一场关于运动精神、人与自然深度联结 的品牌宣言。 联袂世界顶级赛事，深化品牌与用户联结 UTMB环勃朗峰超级越野赛始于2003年，赛事路线环绕勃朗峰，穿越法国、 ...

Meta Ray-Ban Display起售价799美元，将于9月30日登陆美国部分实体店，并将于2026年初在加拿大、 法国、意大利和英国等地开售。 据群智咨询数据，2025年全球AI智能眼镜销量有望达到570万台，同比增长超过200%，而Meta作为业内 引领者，预计在新品发布的带动下全年AI眼镜市场份额将超过65%。美银报告指出，智能眼镜组件的市 场规模会从2024年的不到10亿美元，飙升至2030年的超140亿美元。而这一波浪潮中，80%以上的供应 链供应商来自中国。 MetaCEO扎克伯格表示，眼镜是唯一一种能够让AI"见你所见、听你所听，并最终生成你想要的内容"的 形态："AI应该为人类服务，而不仅仅是存在于数据中心里，自动化地接管社会中的大部分事务。" 尽管现场演示出现了"翻车"，但这款产品的强大功能和性能还是获得了不少分析师的好评。 "APPLE WATCH"时刻？ 带显示屏的Meta Ray-Ban Display眼镜是Meta预告已久的一大项目，也是公司旗下首款以"Meta"作为名 称开头的眼镜。 作为一大创新点，该眼镜能够在右镜片内侧为用户投射一块彩色显示屏，从外部无法看到。这款 600 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 871857 | 泓禧科技 | 27.58 | -9.75% | 9.64万 | 2.89亿 | | 688007 | 光峰科技 | 22.63 | -5.35% | 24.61万 | · 5.64亿 | | 600130 | *ST波导 | 3.69 | -4.90% | 34.38万 | 1.30亿 | | 300787 | 与能实业 | 14.00 | -4.50% | 11.29万 | 1.61亿 | | 600203 | 福日电子 | 15.22 | -4.22% | 97.35万 | 14.94亿 | | 300868 | 杰美特 | 31.63 | -3.57% | 3.86万 | 1.25亿 | | 300679 | 电连技术 | 57.36 | -3.52% | 21.00万 | 12.23亿 | | 002981 | 朝阳科技 | 33.55 | -3.48% | 5.97万 | 2.04亿 | | 300951 | 博硕科技 ...