教科书告诉我们，所有权和经营权的分离，是所谓现代公司制度的胜利，但这也引出了一个不对等的关系：信息，以及决策权力。公司的实际情况，必然是 每天都在接触最关键的信息的管理者最为了解。 但教科书没有告诉我们的是，管理者更关心的是自身的薪酬、职位安稳或公司规模，而不一定关心股东财富最大化。 这是个权责不对等的买卖，承担用人成本的是公司，而中层领导决定了如何具体使用这些人力，要做的只是做好汇报，让高层相信自己的经营决策是对的。 做对了，中层领导可以获得奖励，而做错了，即便出现最差的情况，中层领导不得不引咎离开公司，那ta的简历上也多了一份管理更大团队的履历，这对于 找下一份工作反而还是一件好事。 回到开篇的问题，我们可以把中层领导看作管理者，把高层领导看作股东。股东（高层领导）虽然付出了金钱，为公司开展业务（招人）买单，但怎么开展 业务（招什么人）却由管理者（中层领导）决定，而股东（高层领导）却只能靠阅读管理者（中层领导）提供的财务报表（汇报PPT）来监督他们的工作。 金融市场存在这么一个反直觉的现象：公司业务好不等于公司赚钱，公司赚钱不等于股票会涨，股票不涨不等于高管工资低。 我们不妨先观察一个更为微观的样本。在互 ...

证券日报网讯 9月23日晚间，三六零发布公告称，2025年半年度利润分配方案为A股每股现金红利0.1元 （含税），股权登记日为2025年9月29日，除权（息）日及现金红利发放日均为2025年9月30日。 （文章来源：证券日报） ...

Core Insights - Alibaba's Gaode has announced a one-year waiver of entry fees for all restaurant merchants, along with various support services such as traffic subsidies, dedicated customer service, and smart cash register systems [2] - The initiative aims to reduce operational costs for restaurant merchants while increasing customer traffic and digital opportunities [2] Support Measures - **Support One: Waiver of Store Fees** Restaurant merchants can start with zero burden, as the first-year store fee of up to 4,800 yuan is waived [6] - **Support Two: Traffic Subsidy** A traffic subsidy worth 1,000 yuan is provided to help attract customers, with additional incentives for sharing the entry [7] - **Support Three: Consumption Subsidies** The platform will issue over 9.5 billion yuan in consumption subsidies and 2 billion yuan in travel subsidies to boost customer flow during the Golden Week [8] - **Support Four: Smart Cash Register Upgrade** Free upgrades to smart cash register systems will be provided, allowing customers to make payments easily and enjoy discounts [8] - **Support Five: Dedicated Services** Online support services will be available to assist merchants [9] Recent Initiatives - On September 10, Gaode launched the "Gaode Street Ranking" and the "Smoke Fire Good Store Support Plan," aiming to create a new offline service credit system and encourage consumer traffic to physical stores [11] - The "Gaode Street Ranking" has over 1.7 million daily active users, with more than 40 million users on its first day, becoming the largest food and lifestyle ranking in China [11] - In the first week, restaurants listed in the "Gaode Street Ranking" saw a 187% increase in traffic [11]

水皮杂谈 一家之言 兼听则明 偏听则暗 且战且退 盘面消息 A股三大指数今日宽幅震荡，截止收盘，沪指跌0.18%，收报3821.83点；深证成指跌 0.29%，收报13119.82点；创业板指涨0.21%，收报3114.55点。 沪深两市成交额达到 24944亿，较昨日放量3729亿。 老水看盘 V 字形象征着胜利，但今 天 大盘却难给人这种感受。 明确扮演了护盘角色，四大行涨幅均在 2%-3% 之间，开盘后便一路强势拉升，银行板块全 天上涨 1.28% 。 除此之外， YYDS 的 其他核心权重股亦全员发力支撑盘面。其中，中国移动上涨 1.1% ， 中国石油上涨 0.4% ，长江电力上涨 0.7% ，中国神华上涨 0.91% 。正是得益于 " 四大金 刚 " 的强势表现，上证指数全天多数时间跌幅小于深 证 指数。 "纪联海" 今 天 表现萎靡，寒武纪下跌 3.45% ，工业富联上涨 0.52% ，海光信息下跌 2.51% ； 中芯国际下跌 0.32% 。 "易中天" 则呈现高开低走态势，但尾盘时扮演了反弹先 锋角色，从平盘附近一路上涨至收盘，涨幅约 3% 。而这一时间段恰好是三大指数触底反弹 的时刻 。 因 ...

Group 1 - Tencent Holdings announced a share buyback of 550 million HKD to repurchase 867,000 shares on September 23, 2025 [1] - On the same date, the company issued 29,300 shares due to the exercise of stock options [1]

Core Viewpoint - The article emphasizes the importance of the Black Cat Complaint platform as a neutral and efficient tool for consumer rights protection in the digital age, addressing various consumer disputes and enhancing communication between consumers and businesses [1][2]. Group 1: Black Cat Complaint Platform - Black Cat Complaint, a public service platform under Sina, has processed over 25 million effective complaints by April 2025, covering various sectors such as finance, e-commerce, travel, and education [1]. - The platform's neutrality is highlighted, as it does not favor either consumers or businesses, instead facilitating communication and resolution through a transparent mechanism [2]. - The introduction of the "Red and Black List" system allows for the recognition of companies with high complaint resolution efficiency and the exposure of those with poor responses, thereby increasing corporate accountability [2]. Group 2: Technological Empowerment - The platform offers multiple complaint submission channels, including an app, web portal, and mini-program, allowing users to submit complaints easily from anywhere [3]. - Real-time notifications and a visual complaint progress timeline enhance user experience, ensuring transparency throughout the complaint handling process [5]. - The platform supports collective complaints, enabling multiple users to join forces in addressing common issues, thereby increasing pressure on businesses to resolve disputes [5]. Group 3: Traditional Complaint Channels - The article outlines the role of traditional complaint channels, such as the national 12315 platform, which provides legal backing for consumer complaints related to product quality and pricing fraud [6]. - Industry-specific hotlines, like 12378 for financial disputes and 12300 for communication services, offer specialized support for various consumer issues [6]. - The integration of government service platforms allows for the handling of complex complaints that span multiple departments, ensuring comprehensive resolution [6]. Group 4: Best Practices for Consumer Rights Protection - Consumers are advised to preserve original documents and evidence, such as contracts and payment receipts, to support their claims effectively [7]. - A structured approach to expressing grievances is recommended, combining factual descriptions, legal references, and specific requests [7]. - Utilizing multiple channels for complaints, such as Black Cat Complaint and the 12315 hotline, can enhance the effectiveness of consumer rights protection efforts [7].

Group 1: Top Net Buy/Sell Companies - Alibaba-W (9988.HK) had the highest net buy amount of ¥22.247 billion with a holding change of 139,830,551 shares[8] - BeiGene (6160.HK) ranked second with a net buy of ¥2.019 billion and a holding change of 10,056,137 shares[8] - Xiaomi Group-W (1810.HK) was the top net sell company with a net sell amount of -¥1.948 billion and a holding change of -34,353,051 shares[9] Group 2: Industry Distribution - The financial sector saw a net buy of ¥1.630 billion, primarily driven by China Pacific Insurance (2601.HK) and Industrial and Commercial Bank of China (1398.HK)[8][9] - The healthcare industry had a total net buy of ¥3.046 billion, with significant contributions from BeiGene (6160.HK) and Innovent Biologics (9606.HK)[8][9] - The technology sector experienced a net sell of -¥12.94 billion, largely due to Tencent Holdings (0700.HK) and Xiaomi Group-W (1810.HK)[9] Group 3: Active Stocks - Alibaba-W (9988.HK) was the most active stock with a total trading volume of ¥70.25 billion and a net buy of ¥4.73 billion on the Shanghai Stock Connect[18] - Semiconductor Manufacturing International Corporation (0981.HK) had a trading volume of ¥62.79 billion with a net sell of -¥3.08 billion on the Shenzhen Stock Connect[18] - Meituan-W (3690.HK) recorded a trading volume of ¥44.40 billion with a net buy of ¥5.68 billion on the Shanghai Stock Connect[19]

Group 1: AIDC Power Equipment Industry - The AIDC power equipment sector has seen significant growth, with the top three performers being uninterruptible power supplies (UPS) at +21.0%, high voltage direct current (HVDC) at +20.7%, and battery backup power (BBU) at +15.9% [7] - Key companies in the sector include Kehua Data (+34.6%), Zhongheng Electric (+27.2%), and Xinwangda (+24.3%) [7] - The industry is expected to benefit from the ongoing domestic replacement of computing chips, with a shift in the data center value chain towards Chinese companies anticipated in 2025 [7][8] - Investment in national power engineering reached 653 billion yuan in July 2025, a year-on-year decrease of 8.9%, while cumulative investment for the first seven months was 4.288 trillion yuan, up 3.1% [9] Group 2: Wind Power Industry - As of September 2025, the cumulative public tender capacity for wind turbines in China is 68.6 GW, a decrease of 13% year-on-year, with onshore wind accounting for 64.3 GW [13] - The average winning bid price for onshore wind turbines (excluding towers) in 2025 is 1,533 yuan/kW [13] - The wind power sector has shown strong performance recently, with the top three segments being bearings (+14.9%), complete machines (+12.5%), and blades (+11.7%) [13] - The industry is expected to see significant growth in offshore wind projects, with annual installations projected to exceed 20 GW during the 14th Five-Year Plan period [13] Group 3: Home Appliance Industry - In August 2025, the production and sales of air conditioners exceeded expectations, with domestic sales increasing by 1% and exports declining by 4% [17] - The overall home appliance export value decreased by 6.2% year-on-year, with air conditioner exports under pressure while refrigerator exports saw a rebound [18] - The U.S. home appliance retail sales grew by 2.6% year-on-year in August, indicating stable demand despite tariff impacts [19] - The home appliance sector's relative performance increased by 2.04% recently, with key recommendations including Midea Group, Gree Electric, and Haier Smart Home [20] Group 4: Public Utilities and Environmental Protection - In August 2025, the industrial power generation volume increased by 1.6% year-on-year, with significant developments in renewable energy projects [21] - The Guangdong provincial government has released a plan to promote high-quality development in renewable energy, with specific pricing mechanisms for offshore wind and solar projects [21][22] - The public utilities sector is expected to benefit from ongoing policy support for renewable energy, with recommendations for leading companies in the sector [22] Group 5: Gold Mining Industry - The company operates in the gold mining sector, with a focus on resource expansion and strategic partnerships, including a long-term gold stream agreement with Zijin Mining [24][25] - The average gold resource grade is 8.26 grams per ton, with a total resource volume of 55 tons, and projected revenues of 1.6 billion HKD in 2024 [24] - The company anticipates a significant increase in net profit over the next three years, with a projected growth rate of 269% in 2025 [26]

Group 1 - The article emphasizes the importance of selecting the right complaint platform to efficiently protect consumer rights in various scenarios of disputes [1][9] - Official platforms like the national 12315 hotline are recommended for serious violations such as counterfeit goods and fraud, as they have regulatory power to enforce compliance [2][5] - For everyday issues like delivery problems or refund disputes, the third-party platform Black Cat Complaints is highlighted for its quick response and user-friendly interface [3][4] Group 2 - Black Cat Complaints allows consumers to submit complaints easily without complex registration, enabling quick resolution of issues like delivery errors and refund requests [3][4] - The platform provides a transparent process where consumers can track the status of their complaints, enhancing accountability and reducing anxiety about unresolved issues [4] - Industry-specific hotlines, such as the 12381 for telecommunications and 12378 for insurance, are suggested for specialized disputes, ensuring professional handling of sector-specific problems [6][7] Group 3 - The article advises consumers to prepare adequate evidence, such as contracts and communication records, to increase the success rate of their complaints [8] - It suggests a strategic approach to choosing complaint channels based on the nature of the issue, combining different platforms for more complex disputes to ensure effective resolution [8][9] - The article concludes that understanding the strengths of each complaint channel can help consumers efficiently safeguard their rights and enhance their overall shopping experience [9]

Investment Rating - The report maintains an "Outperform" rating for the industry [3][4][30]. Core Views - The AI sector has shown significant impact on the advertising business, cloud computing scenarios, and enterprise efficiency for internet giants, evidenced by Tencent's advertising growth of 20% in Q2 and Alibaba Cloud's acceleration to 26% [2][27]. - Recent developments include the launch of self-developed chips by companies like Baidu and Alibaba, which is expected to enhance market share for cloud service providers [2][27]. - The report recommends focusing on the AI theme, highlighting companies such as Tencent Holdings, Alibaba, Kuaishou, Baidu Group, Meitu, and Tencent Music, which are less correlated with macroeconomic fluctuations [2][27]. Company Dynamics - Baidu AI search has reached 365 million monthly active users, leading the domestic AI search industry [15]. - Tencent has launched a professional-grade AI 3D workspace called Mix Yuan 3D Studio, aimed at 3D designers and game developers [15]. - Meitu's first AI Agent product, "Xiao Mei," has entered public testing, enhancing local life service experiences [21]. Underlying Technology - Tongyi's DeepResearch model has been fully open-sourced, achieving state-of-the-art results with 30 billion parameters [22]. - ByteDance has released the Seedream 4.0 image creation model, allowing various creative modes [22]. - Alibaba has introduced the Wan2.2-Animate model for motion generation, enabling dynamic expressions in images [23]. Industry Policy - Guangdong province is supporting AI integration in the toy industry, aiming to create new market opportunities [25]. - Sichuan province plans to establish a "computing power supermarket" by 2027, aiming for unified scheduling and efficient use of computing resources [26].