这两天很多人来问我TikTok的事情，问得我都有点纳闷，我还以为前些天中国在发布会上的表态已经很清楚了，加上字节跳动那个字少事大的一句话公 告，态度已经定调，细节利益或许还有谈判空间，但核心技术不会出让。 结果一问才知道，原来是最近几天外媒在到处散播、渲染"TikTok算法卖给了美国"，甚至连"美国大胜利"都喊出来了。接着这批美国人的自嗨开始出口转 内销，于是国内也冒出来一批博主大喊"这回TikTok真保不住了"。 这些内容的信源基本来自美国媒体，所以决定还是来讲讲这件事。 字节全资控股公司仍运营TikTok美国业务 首先：TikTok全球业务和美国业务没有被出售，字节跳动也始终握有算法控制权。这次的框架是以"委托运营+授权使用"为基础的，而且这种路径其实是 跨国企业全球化中非常常见的合规路径。 我们明确一下字节跳动是怎么控制美国TikTok的： 字节跳动全资控股TikTok美国公司，TikTok美国公司经营TikTok在美业务，包括广告，电商等等。 到了2022年，因为美国对用户数据安全的担忧，TikTok启动了一个"得州项目"，成立了一个叫做"TikTok美国数据安全（TikTok US Data Sec ...

1. 美国白宫表示，TikTok 的新美国实体将从字节跳动租赁算法的副本，甲骨文将对其进行重新训练；用户 无需重新下载应用程序。 2. GSA将Meta的Llama加入其美国联邦机构批准的AI工具名单，此前已批准微软、谷歌、Anthropic和Open AI的工具。 3.极氪回应现款001售罄 6.轴向磁通电机和无框力矩电机已进入特斯拉Optimus测试环节？卧龙电驱：该消息不实 有投资者在互动平台向卧龙电驱提问，媒体报道及Ai搜索发现，公司生产的轴向磁通电机和无框力矩电机 已进入特斯拉Optimus测试环节，并且公司已锁定20万台电机订单。请问该消息是否属实？卧龙电驱回复 称，该消息不实。 7.贵州茅台否认将下调今年业绩目标，上半年已按计划完成目标进度 日前，有消息显示现款极氪001已售罄，极氪将提前至9月23日开启焕新极氪001的预售，上市时间则按照原 计划十月中旬，届时将同步开启交付。多个门店销售均反馈消息属实。 点评：极氪001售罄即下架，新款升级引期待。 4.腾讯控股：回购86.2万股，花费5.5亿港元 腾讯控股公告，于2025年9月22日以集中竞价交易方式回购86.2万股，每股购回价格介于635至 ...

格隆汇9月23日｜沙特投资者瓦利德王子(Prince Alwaleed bin Talal Al Saud)增持社交媒体公司Snap 1520 万股股票，持股数增至4080万股，持股比例达2.8%。70岁的瓦利德王子在电邮中承认增持该股，但未 透露购买动机或成交价格，按上周五收市价计算，此次购入股份价值约1.2亿美元。 ...

美银证券发表研究报告指，Meta推出定价799美元的Meta Ray-Ban Display智能眼镜，可显示Meta AI、 预载应用程序及其他情境信息。其他新品包括379美元起的第二代Ray-Ban智能眼镜，以及定价499美 元、专为运动员而设的Oakley Meta Vanguard眼镜。 基于影音应用场景丰富，以及AI功能强化，该行认为AR眼镜有望成为AI时代的主流装置，但定价799美 元的AR眼镜短期内难以普及，因目前款式有限、价格偏高且电池续航仅6小时。不过，凭借续航时间更 长及新功能加持，该行预计第二代Ray-Ban眼镜在今年假日期间仍将保持强劲销售表现。 考虑到强劲的核心增长动力，包括AI广告功能、Reels增长加速及讯息服务变现，加上对AI的重大投 资，该行有信心Meta收入表现可超出市场预期；维持"买入"评级，目标价900美元。 ...

Core Viewpoint - The National Internet Information Office (NIIO) has taken disciplinary actions against Kuaishou and Weibo for failing to manage harmful content on their platforms, emphasizing the need for a cleaner online environment [1][3]. Group 1: Regulatory Actions - NIIO has conducted interviews and imposed penalties on Kuaishou and Weibo for not fulfilling their responsibilities in managing content, particularly regarding the promotion of celebrity gossip and trivial information [3]. - Both platforms are required to rectify their practices within a specified timeframe and face strict consequences for responsible personnel [3]. Group 2: Company Responses - Weibo has acknowledged the criticism from regulatory authorities and has established a special team to address the issues related to its trending topics management, committing to improve its governance mechanisms [4]. - Kuaishou has also accepted the regulatory feedback and is forming a dedicated team to enhance its trending topics management and ensure compliance with the NIIO's requirements [5].

Group 1: Huawei's Strategic Investment - Huawei's Executive Director Wang Tao announced an investment of 15 billion yuan for ecosystem development, emphasizing the importance of ecosystem as a core strategy [2] - Over 1,300 software and hardware products have passed compatibility testing with the open-source HarmonyOS, and the number of devices running HarmonyOS 5 has exceeded 17 million [2] - Huawei Cloud has reached 8.5 million developers, showcasing significant growth in its developer community [2] Group 2: Neuralink's Brain-Computer Interface Trial - Neuralink plans to start a brain-computer interface implantation trial in October, targeting individuals who have lost the ability to speak, aiming to convert thoughts into text without a keyboard [3] Group 3: Xiaomi and Apple Collaboration - Xiaomi's automotive division reported that over 50% of its SU7 vehicle owners use Apple phones, leading to a deep collaboration with Apple to integrate Apple CarPlay into its vehicles [4] - The new feature allows Apple CarPlay to function like a native app on Xiaomi's interface, enhancing user experience [4] Group 4: Regulatory Responses from Social Media Platforms - Weibo responded to a government meeting regarding the management of trending topics, stating it will establish a special team for rectification and improve its content management responsibilities [5] - Kuaishou also announced it will comply with regulatory requirements and enhance its trending topic management mechanisms following a similar government meeting [6] Group 5: TikTok's Operational Environment - The Chinese government expressed its support for TikTok's operations in the U.S., urging for a fair business environment for Chinese companies [7] - ByteDance announced it will comply with Chinese laws to ensure TikTok's continued service in the U.S. [7] Group 6: New Business Initiatives - Taobao launched a flash purchase group buying service in select cities, including Shanghai and Shenzhen, covering various food categories [8] - Midea Group and Huawei signed a strategic cooperation agreement to leverage their strengths in technology and communication, focusing on areas like AI and green technology [9] Group 7: Corporate Investments and Partnerships - Ankai Micro plans to invest 20 million yuan in Vision Future to acquire a 4% stake, focusing on smart vision technology [11] - Huadian Electric announced plans for an H-share listing to optimize its overseas business and diversify financing channels [12] - Longfly Fiber reported a 5% stake reduction by Draka Comteq B.V. through a block trade [13] Group 8: Funding and Acquisitions - Zhejiang Shikong Daoyu received a 2 billion yuan investment for its global headquarters project and business development in satellite communications [14] - Baoli International plans to invest in semiconductor testing equipment company Hongtai Technology, indicating confidence in the semiconductor industry [15] - Sunflower announced a cross-industry acquisition of 100% equity in Xipu Materials, aiming to enter the high-end semiconductor materials sector [16] - Saide Semiconductor completed a B+ round of financing to support its development in ultra-thin flexible glass technology [17]

Group 1: Technology Sector Developments - Huawei plans to invest 15 billion yuan in ecosystem development, with over 1,300 software and hardware products compatible with HarmonyOS and 17 million devices running HarmonyOS 5 [2] - Neuralink aims to start brain-computer interface trials in October for individuals who have lost their ability to speak, allowing them to convert thoughts into text without a keyboard [3] - Xiaomi's collaboration with Apple allows for deeper integration of Apple CarPlay in Xiaomi vehicles, with over 50% of Xiaomi SU7 owners using Apple phones [4] Group 2: Regulatory and Compliance Responses - Weibo has established a special rectification team to address issues raised by regulatory authorities regarding the management of trending topics and information content [5] - Kuaishou has also formed a special team to improve its trending topic management mechanisms in response to regulatory feedback [6] - TikTok's parent company, ByteDance, is committed to complying with Chinese laws while ensuring TikTok's continued operation in the U.S. [7] Group 3: Business Collaborations and Investments - Midea Group and Huawei have signed a strategic cooperation agreement to leverage their strengths in technology and information communication across various sectors [9] - Zhejiang Shikong Daoyu has secured 2 billion yuan in investments for its global headquarters project and business development in satellite communications [15] - Baoli International plans to invest in semiconductor testing equipment company Hongtai Technology, reflecting confidence in the semiconductor testing industry [16] Group 4: Market and Product Launches - Taobao has launched a trial for its flash purchase group buying service in cities like Shanghai and Shenzhen, covering various food categories [8] - Microsoft will increase the prices of several Xbox consoles in the U.S. starting in October due to changes in the macroeconomic environment [10]

Macro and Market News - President Xi Jinping and US President Trump had a phone call discussing the current state of US-China relations and strategic guidance for future development [2] - The Chinese government emphasizes the importance of mutual respect and cooperation in resolving issues, particularly regarding TikTok [2][4] - The State Council held a meeting to discuss the implementation of domestic product standards in government procurement, aiming to ensure fair competition [2] Company News - The IPO of Moer Thread will be reviewed on September 26, 2025, focusing on the development of GPU chips and related products [14] - Sunflower plans to acquire 100% equity of Xipu Materials and 40% equity of Beid Pharmaceutical, with its stock resuming trading on September 22, 2025 [17] - Absolute Food reported that it failed to disclose revenue accurately from 2017 to 2021, leading to a change in its stock name to "ST Absolute" starting September 23, 2025 [18][19] - ST New Power is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [20] - Fudan Fuhua reported inflated profits in its annual reports from 2019 to 2023, leading to a name change to "ST Fuhua" starting September 23, 2025 [20] - Creative Information reported overstatement of revenue in its 2022 and 2023 reports, resulting in a name change to "ST Creative" starting September 23, 2025 [21] Industry News - The National Medical Insurance Administration released the 11th batch of centralized drug procurement, emphasizing principles of clinical stability and quality assurance [10] - The Ministry of Industry and Information Technology is preparing a development plan for the new battery industry to prevent low-level redundant construction [11] - Some banks are experiencing tight supply of large-denomination certificates of deposit with interest rates exceeding 2% [12]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The Fed's next - stage core challenge is to balance the demands of different stakeholders and formulate monetary policies that align with economic fundamentals and market expectations while maintaining central bank independence. Over - betting on loose policies currently may pose potential risks. The market may continue to focus on interest - rate cut trading for the US dollar index, but the room for further development is limited, and it may shift from trading on strong expectations to trading on reality. The rebound space of the US dollar index may be limited without a significant improvement in the US labor market. The USD/CNY spot exchange rate has formed a "three - price unity" pattern around 7.10, and it may fluctuate around this level in the short term. There is no clear sign of a trend appreciation of the RMB for now [1]. 3. Summary by Related Catalogs 3.1 One - Week Market Review and Outlook 3.1.1 Foreign Exchange Market Review - Last week, the overall trend of the international foreign exchange market was mainly affected by the monetary policy adjustment directions of major global central banks. The key logic was centered on the expected differences in monetary policies and the repricing of interest - rate paths. By September 19th, 16:30, the US dollar index slightly appreciated compared to the previous Friday. The on - shore RMB, offshore RMB, Japanese yen, and euro all appreciated against the US dollar, while the British pound depreciated against the US dollar [3]. - The Fed cut the benchmark interest rate by 25 basis points in September, with the rate range dropping to 4.75% - 5.00%. Fed Chairman Powell defined this as a "risk - management interest - rate cut" to prevent deterioration in the employment market. The dot - plot indicated two more rate cuts were likely this year [3]. - The Bank of Japan maintained its policy rate but had internal differences, with two of nine members advocating for a rate hike. It also announced an ETF reduction plan, signaling a move towards policy normalization [3]. - The Bank of Canada cut the benchmark interest rate by 25 basis points to 2.5% for the first time since March due to slow economic growth and reduced inflation risks, without providing clear forward - looking guidance [3]. - The Bank of England kept the benchmark interest rate at 4% and adjusted its quantitative tightening plan, reducing the scale from £100 billion to £70 billion in the next 12 months and cutting long - term bond sales to minimize the impact on the bond market [3]. 3.1.2 Weekly Review of USD/CNY Spot Exchange Rate - **Market Trading Logic** - **US dollar index trading logic**: At the beginning of the week, the market's high - consensus expectation of a Fed rate cut in September drove the US dollar index into a downward channel. After the official rate cut, Powell's "cautiously dovish" statement and the decline in US initial jobless claims led to a V - shaped rebound of the US dollar index [11]. - **USD/CNY spot exchange rate trading logic**: It moved in tandem with the US dollar index. It adjusted moderately when the US dollar index declined and strengthened when it rebounded. The "three - price unity" expectation also influenced market sentiment, with no one - sided speculation [11]. - **Weekly Market Review** - **Before the FOMC meeting**: The market's strong expectation of a Fed rate cut led to a downward movement of the US dollar index and a moderate adjustment of the USD/CNY spot exchange rate. The exchange rate converged towards the "three - price unity" target, and there was no obvious one - sided speculation [12]. - **After the FOMC meeting**: Powell's statement and the decline in initial jobless claims led to a rebound of the US dollar index. The USD/CNY spot exchange rate achieved "three - price unity" and entered an upward channel [12]. 3.1.3 Market Outlook - The Fed cut the federal funds rate target range by 25 basis points to 4.00% - 4.25% on September 18th. The core issues for the market now are the Fed's future interest - rate cut rhythm and amplitude, which depend on the actual severity of the weakening US labor market, the speed of interest - rate adjustment to the neutral level, and the reasonable anchoring of the "neutral interest rate" [17][19]. - It is expected that the conditions for the Fed to implement large - scale consecutive interest - rate cuts this year are not yet mature. Such a policy is more likely to be implemented in 2026, which may face challenges. Economic factors such as the slowdown (but not a stall) in the US employment market and inflation pressure, as well as the cooling real - estate market, limit the scope for large - scale easing. Politically, although there is uncertainty, the "gradual adjustment" policy line is difficult to change in the short term [19]. 3.1.4 Strategy Recommendations - For enterprises with import and foreign - exchange purchase needs, it is advisable to use forward contracts to lock in exchange - rate costs. Export - oriented enterprises can conduct spot foreign - exchange settlement at the upper end of the exchange - rate range and carry out hedging operations for forward foreign - exchange settlement. Currently, the spread between spot and forward exchange rates is narrowing, reducing the profit - making space. Cross - market volatility arbitrage and short - straddle option combinations have better risk - return characteristics. For low - risk - preference participants, iron - condor option combinations or covered - call strategies can be preferred [27]. 3.1.5 Weekly Risk Warnings and Key Events - China will hold a press conference on the "14th Five - Year Plan" achievements in the financial industry, with PBOC Governor Pan Gongsheng attending. The US will release the September Markit manufacturing PMI preliminary value, August PCE data. Attention should also be paid to the speeches of overseas central - bank officials [28]. 3.2 RMB Market Observation 3.2.1 Policy Tool Tracking - Counter - Cyclical Factor - As of last Friday, the central parity rate of the USD/CNY was 7.1128, up 109 basis points from the previous Friday. The current trend of the counter - cyclical factor indicates that the central bank's attitude towards the exchange rate is generally neutral [30]. 3.2.2 Investor Expectations and Sentiment Tracking - **Enterprise Sector Expectations**: In August, China's foreign - exchange market was stable, with active trading and a general balance between supply and demand. The cross - border receipts and payments of non - bank sectors increased by 8% year - on - year, and the cross - border capital inflow was $3.2 billion, with a bank settlement - sale surplus of $14.6 billion [35]. - **Overseas Investor Expectations**: As of last Friday, the narrowing spread between offshore and on - shore RMB indicated a slight decline in overseas investors' appreciation sentiment towards the RMB [40]. - **Professional Investor Expectations**: As of last Friday, the one - year NDF closing price of USD/CNH slightly decreased. The USDCNY risk - reversal option indicators (25Delta) showed little change in market sentiment [43]. 3.2.3 Derivatives Market Tracking - **Hong Kong RMB Futures Market**: Relevant charts show the price trends and basis differences of the HKEX USDCNH futures contracts [46][48]. - **Singapore RMB Futures Market**: Charts present the price trends and basis differences of the SGX USDCNH futures contracts, as well as the basis comparison between SGX and HKEX contracts [50][52]. 3.3 Key Data and Events to Watch 3.3.1 One - Week Global Key Events Review - **China**: High - level Sino - US economic and trade talks were held in Madrid. China's economic data in August showed growth in industrial added value, service production, and consumer spending. Policy measures were introduced to expand service consumption, and relevant economic data and policy statements were released [57]. - **US**: The September New York Fed manufacturing index dropped sharply. The Fed cut interest rates as expected, and the new - home construction and initial jobless claims data were released [59]. - **UK**: The UK CPI remained high in August. The Bank of England kept the interest rate unchanged and adjusted the quantitative tightening plan. The UK budget deficit reached a five - year high [61]. - **Eurozone**: The EU proposed a new round of sanctions against Russia [62]. - **Japan**: Japan's exports and imports declined in August. The Bank of Japan maintained the benchmark interest rate and announced an ETF and REIT reduction plan [63]. 3.3.2 One - Week Global Central - Bank Key Speeches - Speeches from central - bank officials in various countries covered topics such as the TikTok issue, Sino - US relations, and exchange - rate policies [63][65]. 3.3.3 This Week's Key Financial and Economic Data and Events - Key data to be released this week include China's central - bank loan prime rate, US economic data such as GDP deflator, PCE price index, and initial jobless claims, as well as speeches by central - bank officials from different countries [68][69]. 3.4 International Market Conditions 3.4.1 Major Countries' Exchange - Rate Quotes - Charts show the exchange - rate trends of the US dollar against major currencies such as the euro, yen, pound, and others [71][73]. 3.4.2 Correlation of Major Asset Classes - Charts display the trends of major assets including London gold, VIX, crude oil prices, stock - market indices such as S&P 500 and CSI 300, and the price differences of gold [93][100]. 3.4.3 Capital Flows - Charts present the central - bank's open - market operations, Shibor quotes, and SOFR quotes [105][107]. 3.4.4 Sino - US Interest - Rate Spread - Charts show the trends of the Sino - US interest - rate spread, 10 - year US Treasury yields, and 10 - year Chinese Treasury yields [109][110]. 3.4.5 RMB Exchange - Rate Index - The chart shows the trends of three major RMB exchange - rate indices [112]. 3.4.6 Global Economic and Trade Friction Tracking - In June 2025, the global economic and trade friction index was at a medium - high level but showed a significant easing trend. The US's tariff policies and trade - negotiation progress will mainly determine future developments. The index is high for countries like India, the US, and Brazil, and in industries such as electronics. The 19 - country (region) index for China - related economic and trade frictions is also high, but the amount involved has decreased [113][115].

转自：新华财经 【重点关注】 •习近平同美国总统特朗普通电话 •8月份国民经济运行总体平稳 规模以上工业增加值同比增长5.2% 社会消费品零售总额同比增长3.4% •财政部：1-8月证券交易印花税同比增长81.7% •商务部等9部门发布《关于扩大服务消费的若干政策措施》提出五方面19条举措 •网信部门依法整治快手、微博热搜炒作明星乱象 快手、微博回应：诚恳接受 第一时间组织团队整改 •第十一批国家组织药品集中采购文件公布 细化完善药品集采规则 坚持"稳临床、保质量、防围标、反 内卷"原则 •美联储宣布降息25个基点 市场预期10月降息可能性超过90% •现货黄金历史上首次突破3700美元／盎司 【国内要闻】 •9月19日晚，国家主席习近平同美国总统特朗普通电话，就当前中美关系和共同关心的问题坦诚深入交 换意见，就下阶段中美关系稳定发展作出战略指引。通话是务实、积极、建设性的。 •中共中央政治局常委、国务院总理李强9月15日至16日在甘肃、青海调研。他强调，要坚持创新驱动， 推进绿色发展，因地制宜培育壮大新质生产力，加快构建体现本地特色和优势的现代化产业体系，更好 造福人民群众。 •国务院总理李强9月19日主持 ...