而东京，位于关东地区，长期以来在日本的历史上似乎一直处于"边缘"地位。五百年前，这里只是一个不起眼的小渔村。四百多年前，德川家族在这里建立 了江户幕府，江户才正式步入了日本历史的中央舞台。 写作是一项不容易的工作，作者每天都在辛勤写作，目的只是为了养家糊口。所以，希望大家能多一些理解和支持。为了能让大家更好地享受这篇文章，我 们加入了5秒钟的广告。只需要观看五秒钟，文章内容就可以免费解锁啦！感谢大家的支持与理解！ 文 | 张润晨 编辑 | t 如今，日本首都东京的GDP排名全球城市第二，仅次于纽约。而在亚洲，东京以其超强的经济实力稳居首位，成为名副其实的"亚洲第一城"。东京的商业用 地投资更是达到193亿美元（约2万亿日元），位居全球之首。 纽约用了两百年的时间才登上全球经济的顶峰，而东京却只用了短短八十年的时间，从一片废墟崛起，迅速成为世界第二大经济中心。那么，东京到底是凭 什么在这么短的时间内，完成这样的蜕变呢？ 日本有着两千多年的悠久历史，但东京这座城市，实际上并不算古老。日本的经济和政治中心一直以来都集中在关西地区的大都市圈，神户、京都、奈良等 城市曾是日本的文化与经济重镇。 在江户时代的前两百年，东 ...

Manufacturing Sector - The manufacturing PMI for September 2025 is 49.8%, an increase of 0.4 percentage points from the previous month, aligning with seasonal recovery trends[2][5] - The production index rose to 51.9%, up 1.1 percentage points from last month, indicating accelerated production activities as extreme weather impacts dissipate[5][14] - The new orders index increased slightly to 49.7%, suggesting persistent demand insufficiency, with a widening production-demand gap of 2.2 percentage points[5][14] Industry Performance - Equipment manufacturing PMI rose significantly to 51.9%, up 1.4 percentage points, while high-tech manufacturing PMI remains stable at 51.6%[5][15] - Consumer goods manufacturing PMI reached its highest level of the year at 50.6%, driven by seasonal factors like the upcoming holiday[5][15] - Traditional high-energy-consuming industries saw a decline in PMI to 47.5%, influenced by weak demand from real estate and infrastructure investments[5][15] Economic Outlook - The fourth quarter is expected to show a positive trend in manufacturing PMI due to the end of extreme weather and the onset of the traditional production peak season[5] - Recent economic stimulus measures, including policy adjustments and new financial tools, are anticipated to support economic growth in the fourth quarter[5] Service Sector - The service sector business activity index for September is 50.1%, a decrease of 0.4 percentage points from the previous month, reflecting a cooling in service consumption post-summer[31] - Financial services continue to show strength, with the business activity index rising above 60%, indicating robust support for the real economy[31] Construction Sector - The construction sector's business activity index increased slightly to 49.3%, ending a two-month decline but remaining at historically low levels due to reduced demand from real estate and infrastructure[35] - Anticipated government projects and new financial tools are expected to bolster construction activity in the upcoming quarter[35]

三季度中国非制造业经营活动保持平稳运行 中新社北京9月30日电 (记者 阮煜琳)中国物流与采购联合会9月30日发布数据显示，9月份，中国非制造 业商务活动指数为50%，与去年同期持平，显示中国非制造业经营活动整体仍保持平稳。 由于非制造业没有综合指数，通常以商务活动指数来反映非制造业经济的总体变化。中国物流与采购联 合会副会长何辉认为，9月份，商务活动指数较上月下降，但仍稳定在50%，与去年同期持平，显示非 制造业经营活动保持平稳。金融业商务活动指数升至60%以上，货币金融服务业和资本市场服务业均有 良好表现，为经济继续向好回升奠定了较好的金融环境。 分析称，总体来看，三季度，中国非制造业经营活动保持平稳运行，商务活动指数均值为50.1%，各月 指数保持在50%及50%以上。服务业表现相对稳定，三季度服务业商务活动指数均值为50.2%，高于去 年同期均值水平；三季度建筑业商务活动指数均值为49.7%，低于去年同期均值水平。从预期看，中国 非制造业企业乐观预期相对稳定，业务活动预期指数连续12个月稳定在55%以上，三季度均值为 55.9%，高于去年同期。 分析认为，展望四季度，中国非制造业运行具备趋稳回升的基础 ...

Manufacturing PMI Insights - In September 2025, China's Manufacturing PMI rose to 49.8%, an increase of 0.4 percentage points from August, exceeding market expectations[1] - The New Orders Index increased by 0.2 percentage points to 49.7%, while the Production Index surged by 1.1 percentage points to 51.9%, marking a six-month high[2] - Seasonal recovery, improved consumer demand due to policy incentives, and positive outcomes from the China-US trade talks contributed to the PMI increase[2] Price and Economic Trends - The Producer Price Index (PPI) is expected to narrow its year-on-year decline to approximately -2.3% in September, influenced by last year's lower base[3] - The Manufacturing PMI for high-tech sectors stood at 51.6%, while the Equipment Manufacturing PMI rose significantly by 1.4 percentage points to 51.9%[4][5] - The Consumer Goods Manufacturing PMI also increased by 1.4 percentage points to 50.6%, supported by government subsidies and stable export growth[5] Service and Construction PMI - The Services PMI decreased to 50.1%, down 0.4 percentage points from August, reflecting seasonal trends and the impact of the upcoming Mid-Autumn Festival[6] - The Construction PMI was at 49.3%, up 0.2 percentage points, but remained in contraction territory due to a cooling real estate market and weak infrastructure investment[7] Economic Outlook - The overall macroeconomic environment shows slight improvement, with a projected GDP growth rate of around 4.7% year-on-year for Q3, a decrease of 0.5 percentage points from Q2[7] - Looking ahead, the Manufacturing PMI is expected to slightly decline to approximately 49.6% in October, influenced by high tariffs and ongoing adjustments in the real estate market[8]

Economic Outlook - The overall policy tone remains "seeking progress while maintaining stability," with signals of policy adjustments indicating increased economic downward pressure in the second half of the year [2][3] - Short-term economic pressures exist, but long-term benefits are expected for high-quality development, with "anti-involution" potentially influencing economic trends [2][3] Supply Side - In August 2025, China's industrial added value for large-scale industries grew by 5.2% year-on-year, a slowdown of 0.5 percentage points from July, with cumulative growth at 6.2% [3][9] - The slowdown is attributed to supply chain disruptions due to extreme summer heat, seasonal fluctuations in export orders, and continued weakness in real estate investment [3][9] - High-tech industries show resilience, indicating a shift towards high-quality industrial transformation [3][9] Demand Side - Retail sales of consumer goods in August 2025 increased by 3.4% year-on-year, a decrease of 0.3 percentage points from the previous month, reflecting policy adjustments and a slowdown in consumption growth [4][16] - Fixed asset investment from January to August 2025 grew by 0.5% year-on-year, a decline of 1.1 percentage points from the previous period, indicating a phase of adjustment in investment growth [4][20] - Exports totaled $321.81 billion in August, up 4.4% year-on-year, but down 2.8 percentage points from the previous month, with structural changes in exports continuing [4][23] Price Trends - In August 2025, the Consumer Price Index (CPI) decreased by 0.4% year-on-year, while the Producer Price Index (PPI) fell by 2.9%, with both indices showing signs of narrowing the gap due to base effects [7][34][47] - The CPI's decline is influenced by high base effects in food prices, while the PPI's decrease reflects external uncertainties and domestic market adjustments [7][34][47] Monetary and Financial Conditions - In August 2025, the new social financing scale was 25.693 billion yuan, a decrease of 15.3% year-on-year, indicating seasonal adjustments in credit and off-balance-sheet financing [8][51] - The M1 money supply grew by 6% year-on-year, reflecting an acceleration in corporate demand for liquidity, while M2 remained stable at 8.8% [8][70] - The overall financing environment shows signs of improvement, but structural challenges in economic recovery persist [8][70]

（文章来源：中国新闻网） 区域企业信用水平普遍向好。8月，信用指数排名前五的省份分别为福建、安徽、重庆、陕西、北京。 各区域信用指数普遍实现环比正增长，其中，福建、广东环比增幅尤为显著，两地企业合规意识和诚信 经营水平不断增强，消费环境与市场秩序持续优化。 中新社北京9月29日电(记者刘亮)中国国家市场监管总局29日披露，今年8月中国企业信用水平保持总体 平稳发展态势。从行业看，金融业信用指数上升明显，达历史最高水平。 数据显示，8月，中国企业信用指数为162.60，较7月上升2.50点。可靠性分指标、经营性分指标、合规 性分指标、关联性分指标总体稳定，受经营异常情况好转、信用风险低企业占比提升等因素影响，监管 性分指标增幅明显，全国企业信用水平整体有所提升。 8月，信用指数排名前五的行业分别为金融业，电力、热力、燃气及水生产和供应业，水利、环境和公 共设施管理业，制造业及教育。8月多数行业门类信用指数上升明显，其中，金融业信用指数首次突破 170点，达到历史最高水平，租赁和商务服务业、住宿和餐饮业指数排名上升至今年以来最高位。(完) ...

工业增加值：2025年8月，中国规模以上工业增加值同比实际增长5.2%，较7月放缓0.5个百分点，累计 增长6.2%，较7月放缓0.1个百分点。这一增速主要受夏季高温加剧供应链中断、出口订单季节性波动及 房地产投资持续低迷拖累，但较7月放缓幅度收窄，显示政策传导效应渐显。制造业和高技术产业表现 更稳，凸显中国工业向高质量转型的韧性。然而，全球需求不确定性和极端天气对后续增长构成更大制 约。 （原标题：未名宏观｜2025年8月经济数据点评：重"质"稳"量"，经济阶段性回调） 要点： 内容提要 "稳中求进"总基调不变，政策调整信号释放，重"质"稳"量"，经济下行压力阶段性增加。"反内卷"或成 为影响下半年经济走势的主要因素，短期内经济下行压力存在，但长期利好高质量发展。8月，无论是 供给端还是需求端均有不同程度的回调，货币供应稳健扩张，狭义货币M1同比有所上升，反映出企业 活期存款增长加速，经济活跃度有所提升。 供给端 需求端 消费方面：2025年8月，社会消费品零售总额同比增长3.4%，较前月下降0.3个百分点，政策调整，消费 额增速阶段性回调。居民收入增速依然相对不高，消费额增速难以长期可持续大幅上涨。8月全 ...

Group 1 - As of August 31, 2025, there are 5,435 listed companies in China's domestic stock market, with 2,286 on the Shanghai Stock Exchange, 2,875 on the Shenzhen Stock Exchange, and 274 on the Beijing Stock Exchange [2] - Among the listed companies, 5,195 are A-share companies, 8 are B-share companies, and 232 have multiple share types such as A+B and A+H [2] - State-controlled companies account for 27% of the total, while non-state-controlled companies make up 73% [2] Group 2 - The total market capitalization of listed companies in the domestic market reached 104.16 trillion yuan, the highest point in nearly four years [3] - The electrical, electronic, and communication sectors have a total market capitalization of 22.19 trillion yuan, surpassing the financial sector since July [3] - There are 160 companies with a market capitalization exceeding 100 billion yuan, representing nearly 3% of the total number of companies and over 40% of the total market capitalization [3] Group 3 - In August, 8 new companies were listed, raising a total of 6.463 billion yuan, with no companies delisted [3] - Since the beginning of the year, 11 A+H share companies have been added, and over 70 domestic companies have listed overseas [3] - There are 1,831 Chinese concept companies listed in major overseas markets [3]

Core Viewpoint - Zheng Zhigang, a member of the Zheng family, is establishing a new investment company named "Hong Kong Shanghe Development," focusing on digital sectors and emerging markets, while continuing to operate and develop the K11 brand [1][5]. Group 1: Business Developments - Zheng Zhigang's new investment company will cover various industries, including culture, entertainment, sports, traditional Chinese medicine globalization, and finance [1]. - The concept for this new business has been in development for two years, with plans to announce more projects soon [3]. - Zheng Zhigang has prior experience in investment, having co-founded a private investment platform in 2017 and invested in companies like SenseTime, SHEIN, Xiaopeng Motors, and NIO [3]. Group 2: K11 Brand Management - Zheng Zhigang has retained control over the K11 brand, having signed an agreement for the sale of shares related to K11 operations for HKD 209 million, while also establishing a 30-year trademark licensing agreement [5]. - K11 by AC Group, under Hong Kong Shanghe Development, will manage retail assets and cultural art districts, serving multiple stakeholders [5]. Group 3: Corporate Restructuring - Zheng Zhigang has stepped down from various positions within the Zheng family’s companies, including New World Development and Chow Tai Fook, marking a significant shift in his career focus [4][6]. - Following his resignation as CEO of New World Development in September 2024, he has gradually distanced himself from family business roles, culminating in his departure from all positions within the family enterprises [6].

Group 1 - Growth style shows strong resilience, with growth and cyclical indices rising by 0.29% and 0.04% respectively, while other styles adjusted downwards, particularly the financial sector [3][5] - In August, the industrial added value increased by 5.2% year-on-year, with significant growth in high-tech manufacturing at 9.3% and equipment manufacturing at 8.1% [6][10] - The service sector's production index grew by 5.6% year-on-year in August, with information transmission and software services growing by 12.1% [6][10] Group 2 - The Federal Reserve cut interest rates by 25 basis points, marking the first rate cut in nine months, primarily due to a weakening labor market and economic slowdown [4][8] - The market is expected to continue steady operation in the medium to long term, despite recent adjustments caused by significant declines in the financial sector [10][11] - Investment opportunities are identified in technology and advanced manufacturing sectors, with a projected increase in R&D investment to over 3.6 trillion yuan in 2024, a 48% increase from 2020 [5][11] Group 3 - The "anti-involution" policy is promoting high-quality industrial development, with positive price changes observed in some sectors [5][11] - Domestic demand policies are expected to create opportunities in industries such as machinery, home appliances, and consumer electronics [5][11] - Fixed asset investment from January to August grew by 0.5%, with infrastructure investment increasing by 2.0% [6][10]