Global Market Overview - The global stock market experienced a slight decline this week, with US and global stock indices down by 0.4-0.5% [2] - The A-share market remained resilient, with the CSI 300 index rising by 1%, leading global gains [3] - European and Asia-Pacific stock markets generally saw declines, with notable volatility in markets like India, which dropped by 2.6% [5][6] Tariff Concerns - Increased volatility in global stock markets was noted in the latter half of the week, linked to Trump's renewed tariff discussions [7] - Starting October 1, tariffs of 50% will be imposed on kitchen cabinets, bathrooms, and building materials, 30% on imported furniture, and 100% on patented and branded pharmaceuticals [8] - These tariff announcements have raised short-term market concerns, particularly affecting markets with high export ratios [9][10] Historical Context - A previous tariff crisis in April led to a significant undervaluation of the global stock market, which was later seen as a good investment opportunity [14][15] - The global stock market indices recovered from the April lows, with A-shares and Hong Kong stocks leading the recovery from May to August [19][20] Impact of Tariffs on the Dollar - The increase in tariffs is viewed as a double-edged sword for the dollar, potentially hindering inflation reduction and affecting the Federal Reserve's interest rate decisions [21][22] - High tariffs are primarily seen as negotiation tools rather than final objectives, with limited actual implementation expected [24][25] Investment Opportunities - The current market fluctuations may present opportunities for undervalued assets, similar to the investment phase following the April tariff crisis [28][29] - A global stock market star rating chart indicates previous undervaluation phases in 2018, 2020, and 2022, with the market currently around 3.0 stars [30][31] Global Index Investment Options - There are substantial global stock index funds available in overseas markets, totaling over a trillion dollars, but such options are limited in mainland China [33] - The company has launched a "Global Index Advisory Portfolio" that diversifies investments across US, UK, Hong Kong, and A-share indices [34] Book Release - A new edition of "The Long-Term Investment Secret" has been released, which has gained significant popularity, ranking first in sales on major platforms [39] - The book emphasizes the long-term benefits of stock investments and provides comprehensive insights into market knowledge and strategies [40]

Group 1 - The 24th Amman International Book Fair opened on September 25 and will last until October 4, showcasing significant publications including works by President Xi Jinping and bilingual collections related to the Belt and Road Initiative [1][2] - Jordanian cultural officials, including the Minister of Culture and the Ambassador of Oman, visited the Chinese exhibition booth and recognized the cultural value of the displayed books, highlighting the potential for Sino-Arab publishing cooperation [2] - The Amman International Book Fair is one of the most influential book fairs in Arab countries, co-hosted by the Amman Publishers Association, the Greater Amman Municipality, and the Jordanian Ministry of Culture, with Beijing Normal University Press representing the Chinese publishing sector for several years [2] Group 2 - A promotional event for foreign language editions of Xi Jinping's important works was held at the Chinese exhibition booth by the Chinese Embassy in Jordan on September 26 [3]

Core Insights - The children's book market is currently facing challenges, with a significant decline in sales volume and revenue, particularly in the literature category, where the sales volume has dropped by over 10% in May and June compared to the previous year [1] - Despite the overall downturn, there is a positive growth trend in the sales of early childhood reading materials through traditional e-commerce channels, indicating a sustained demand for children's books [1] - The potential for the children's book market remains substantial due to the large population of children in the country, coupled with the increasing demand from parents for high-quality and innovative content [1] Industry Analysis - The children's book market is experiencing negative growth in terms of sales volume, with the overall market being impacted by high pricing and low discount practices that are squeezing profit margins for publishing institutions [1] - The market is characterized by a need for regulatory measures to combat price disorder and promote fair competition, as well as a call for publishing institutions to focus on quality content creation and leverage new technologies for innovation [2] - Parents play a crucial role in the market by selecting high-quality children's books that align with their children's developmental needs, which can help foster a healthier market environment [2]

公司公告汇总：新华文轩建议派发中期股息每股人民币0.19元（含税）。 业绩披露要点：主营业务收入54.39亿元，同比下降4.72%。 公司公告汇总：出版业务市场实洋占有率位居全国第9，地方集团第6。 公司公告汇总：教育信息化业务覆盖超6,000所学校，服务学生逾495万人。 公司公告汇总 新华文轩H股公告显示，2025年中期报告期为1月1日至6月30日，建议派发中期股息每股人民币0.19元 （含税），总计约23,442.98万元，待股东大会批准后实施。报告期内主营业务收入54.39亿元，同比下 降4.72%；毛利率38.34%，同比上升0.61个百分点。出版业务市场实洋占有率为全国第9，地方集团第 6。公司持有皖新传媒6.37%股份，确认分红收益1,246.40万元，公允价值亏损6,400万元。教育信息化业 务覆盖超6,000所学校，服务学生逾495万人。财务报表未经审计。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年9月26日收盘，新华文轩（601811）报收于14.83元，较上周的14.87元下跌0.27%。本 ...

2025北京文化论坛日前在北京举办，以"文化和科技融合发展"为年度主题。这令三联书店(香港)有限公 司总编辑于克凌打开了话匣子，近日在香港接受中新社"东西问"专访时，他谈起近年来香港出版界在应 用创新科技方面的诸多尝试与累累硕果。面向电子时代，香港出版界选择拥抱人工智能(AI)，将冲击转 化为助力，也继续肩负着促进中外文化出版交流的重任。 现将访谈实录摘要如下： 中新社香港9月27日电 题：香港出版界如何拥抱人工智能？ ——专访三联书店(香港)有限公司总编辑于克凌 中新社记者 韩星童 中新社记者：您如何看当今香港市民的阅读习惯？电子时代的到来对实体书店带来了哪些冲击？ 于克凌：香港出版学会连续几年进行香港全民阅读调查，报告中可以看到一个趋势——纸质书阅读量逐 年渐趋下跌。2022年至2025年间，纸本书年均阅读量中位数从8本下降至5本。同时，电子阅读时间显著 增长。 但有趣的是，大部分受访者表示，平时使用电子阅读只是因为携带方便，可以利用碎片化时间阅读；当 遇到比较严肃或自己喜欢的内容，即便已阅读了电子书，也会再去买实体书。这对我们来说是一个可喜 的现象，说明香港读者没有抛弃实体书。 至于冲击，从销售层面而言 ...

Core Points - The company's profit distribution plan was approved at the second extraordinary general meeting of shareholders on September 16, 2025 [1] - The distribution will be based on a total share capital of 2,086,900,000 shares, with a cash dividend of 0.06 RMB per share, totaling 125,214,000 RMB [2] Distribution Plan - The distribution is for the first half of 2025 [1] - Eligible shareholders are those registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [1] Implementation Method - Cash dividends for unrestricted circulating shares will be distributed through the clearing system of China Securities Depository and Clearing Corporation Limited, Shanghai Branch [3] - Shareholders who have completed designated transactions can collect cash dividends on the payment date at their designated securities business department [3] - For shareholders who have not completed designated transactions, dividends will be held by China Securities Depository and Clearing Corporation Limited until the transaction is completed [3] Taxation Details - Individual shareholders and securities investment funds will not have income tax withheld at the time of cash dividend distribution, with an actual distribution of 0.06 RMB per share [6] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.054 RMB per share [7] - For Hong Kong market investors through the Shanghai-Hong Kong Stock Connect, a 10% tax will also apply, leading to a net cash dividend of 0.054 RMB per share [7] - Other institutional investors and corporate shareholders will be responsible for their own tax payments, with an actual distribution of 0.06 RMB per share [8] Contact Information - Shareholders with questions regarding the distribution can contact the Securities Legal Department of Shandong Publishing Media Co., Ltd. during business days [9][10]

Core Viewpoint - The company held its 31st temporary board meeting, where several resolutions regarding the revision of internal governance documents were passed, including the removal of the supervisory board and the establishment of a value management system [2][3][47]. Group 1: Board Meeting Details - The board meeting was convened on September 26, 2025, with all 9 directors present, and the meeting complied with relevant laws and regulations [2]. - The meeting resulted in unanimous approval of all resolutions, with 9 votes in favor and no opposition or abstentions [4][7][10][13][16][19][22][25][28][31][34][35][36][37][38][39][40][41][42][43][44][48][49]. Group 2: Resolutions Passed - The company approved the revision of the Articles of Association, eliminating the supervisory board and transferring its powers to the audit committee of the board [3]. - The company also approved revisions to the rules governing shareholder meetings, board meetings, independent director work systems, fundraising management, related party transactions, external guarantees, information disclosure, external investment, cumulative voting, and various internal governance documents [6][9][12][15][18][21][24][27][30][33]. - A new value management system was established to enhance the company's market value management and protect the rights of investors, particularly minority shareholders [47]. - The company approved the establishment of a management system for the departure of directors and senior management to ensure governance stability and protect shareholder rights [49].

Core Points - The company announced a cash dividend of CNY 0.06 per share for the first half of 2025, totaling CNY 125,214,000 [2][3] - The dividend distribution plan was approved at the second extraordinary general meeting of shareholders held on September 16, 2025 [2] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the day before the dividend record date [2][3] Distribution Plan - The total share capital used for the dividend calculation is 2,086,900,000 shares [3] - The cash dividend will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited [4] - Shareholders who have not completed designated trading will have their dividends held by the China Securities Depository and Clearing Corporation Limited until they complete the necessary trading [4] Taxation Details - Individual shareholders and securities investment funds will not have income tax withheld at the time of dividend distribution, with the actual cash dividend being CNY 0.06 per share [8] - Tax liabilities will be calculated based on the holding period of the shares, with different tax rates applicable depending on the duration of the holding [8][9] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of CNY 0.054 per share [9] - Hong Kong market investors will also have a 10% tax withheld, leading to a net cash dividend of CNY 0.054 per share [9] Contact Information - Shareholders with inquiries regarding the dividend distribution can contact the Securities Legal Department of Shandong Publishing Media Co., Ltd. during working days [11][12]

（文章来源：证券日报） 证券日报网讯 9月26日晚间，山东出版发布公告称，2025年半年度利润分配方案为A股每股现金红利 0.06元（含税），股权登记日为2025年10月10日，除权（息）日为2025年10月13日。 ...

Core Insights - The article discusses the perspective of economist Tyler Cowen on the food industry, emphasizing the availability of affordable and high-quality food options globally [1][4] - Cowen's book "What to Eat at Noon" explores the economics behind food choices and consumption patterns, aiming to reshape decision-making regarding food [1][3] Group 1: Economic Perspective on Food - Cowen believes that good food is often inexpensive and can be found nearby, challenging the notion that quality food must be expensive [4] - He argues that understanding the economics of food can empower consumers to make better choices and positively impact both national and international economies [4] Group 2: Food as a Market Product - Cowen views food as a result of market supply and demand, highlighting the commercialization and entrepreneurial spirit within the food industry [4] - He suggests that the best food options are found in places where suppliers are creative and consumers are well-informed [4]