北京市朝阳区人民政府党组成员、副区长张梅表示，"两区"建设以来，朝阳区推动150余项先行先试改革试点政策 实施，落地109个在全国、全市具有首创性突破性的项目和试点，累计形成87项制度创新成果，15项原创性改革举 措面向全国复制推广，数量居全市首位，9项改革举措向全市复制推广。 以"两区"建设为契机，朝阳区积极拓展金融领域开放深度，落地全国首家新设外商独资证券公司——渣打证券， 宝马(中国)保险经纪、安顾方胜保险经纪成为资管新规以来首批获批的中外合资保险经纪机构。率先落地增值电 信业务开放试点，获批业务种类和数量全国领先。推动文化领域扩大开放，率先支持英皇电影成为全国首家CEPA 电影制作开放政策受益企业。 为保障要素流动顺畅，朝阳区在全市率先开展国际收支便利化全环节改革试点工作，先后设立"北京CBD跨国企业 数据流通服务中心"和"北京朝阳国际数据跨境服务枢纽"，初步形成数据跨境流动一南一北的双平台服务体系。 此外，朝阳区还落地自贸区内企业数据出境"负面清单"制度，并率先为外籍人员提供"两证联办"一窗受理服务。 9月10日，北京商报记者从北京市朝阳区"两区"建设五周年专题新闻发布会上获悉，作为北京"两区"建设 ...

Core Insights - The event "Let the World Hear the New Sound of Song Dynasty" took place in Hangzhou, Zhejiang, featuring 12 representatives from overseas Chinese media [2][3][5][6][9] - The representatives visited the Hanggang Technology Building in the Central Innovation District (CID) to experience the vitality of technological innovation [2][3][5][6][9] Group 1 - Overseas Chinese media representatives experienced AI technology applications, including scent integration [3][6] - The media representatives engaged in activities such as playing chess with robots [5] - The event included demonstrations of digital human anchor applications [6] Group 2 - The representatives observed models of zero-carbon bases and smart community designs [6] - They also reviewed the global applications of "Hangzhou Six Little Dragons" in nuclear technology [8] - Interviews were conducted at the Hanggang Technology Building to further explore the innovations presented [9]

Core Insights - The "2025 Jinji Lake New Consumption Ecosystem Investment Promotion Conference" was held in Suzhou, aiming to attract new businesses and transform the vision of the Shanghai-Suzhou city integration into tangible development [1] - The Jinji Lake Business District is highlighted as a core area for high-quality development and innovation, showcasing a vibrant new consumption landscape with over 200 first stores launched [1] - The conference featured participation from various modern service enterprises, including metaverse companies, new dining chains, and financial institutions, emphasizing the continuous optimization of the business environment in the area [1] Summary by Categories Business Environment - The Jinji Lake Business District is recognized for its robust business environment, with significant growth in the building economy, where 35 buildings generated over 100 million yuan in tax revenue last year [1] - The district has been awarded as one of the "Top 20 Comprehensive Competitiveness Business Districts in China" [1] Services and Support - The district implements a comprehensive service mechanism, utilizing grid-based and big data analysis to provide immediate support to key sectors and enterprises [1] - Financial institutions are encouraged to collaborate with the district to provide funding support for prospective businesses and projects [1] Future Development - The park and business district will continue to support the growth of new businesses and brands through favorable commercial environments, brand policies, and resource availability [2]

Semiconductor Sector Dynamics - The world's first full-band 6G chip has been released [1] - OmniVision Technologies has launched the high-voltage isolation driver chip ORD110x [1] - AMD has officially released the Ryzen 5 9500F [1] Automotive Electronics Sector Dynamics - Hesai has secured a global exclusive lidar order from Motional [1] - Pony.ai has reached a strategic cooperation with Qatar National Transport Company [1] - Qualcomm and BMW Group have jointly launched a driver assistance system [1] AI Sector Dynamics - UBTECH has won the largest global contract for humanoid robots [1] - XianGong Intelligence has partnered with Stardust Intelligence to promote the large-scale application of humanoid robots in industrial and logistics scenarios [1] - The first large-scale reinforcement learning framework for embodied intelligence has been open-sourced [1] Metaverse Sector Dynamics - Oculens is set to unveil multiple new smart glasses [1] - Rivet has secured a $195 million contract with the U.S. Army to provide XR technology support for command systems [1] - VITRUE has raised a total of $100 million in two rounds of Series B financing [1]

Core Insights - Shandong Province has announced the selection of six future industry acceleration parks for 2025, including Jinan High-tech Zone AI Acceleration Park and Laoshan District AI Future Industry Acceleration Park [1][4] - The initiative aims to foster a batch of future industry acceleration parks that focus on innovation resource aggregation and efficient transformation of innovative achievements [1][4] Summary by Categories Future Industry Acceleration Parks - Six parks have been selected: Jinan High-tech Zone AI Acceleration Park, Laoshan District AI Future Industry Acceleration Park, Haiyang Aerospace Future Industry Park, Zoucheng Intelligent Robot Acceleration Park, Weifang High-tech Zone Metaverse Acceleration Park, and Weihai Lingang District Aerospace (New Materials) Industry Acceleration Park [1][3] - These parks are designed to support the development of future industries, including artificial intelligence, aerospace, and metaverse technologies [1][4] Key Focus Areas - The future industries prioritized by Shandong include artificial intelligence, "metaverse+", life sciences, future networks, quantum technology, skilled operation robots, deep-sea, deep-earth, deep-space, and low-altitude economy [4] - The goal is to cultivate a number of key technologies, application scenarios, leading enterprises, and talents with core competitiveness by 2025, forming a unique "8+X" future industry innovation system in Shandong [4]

Core Viewpoint - Shanghai is actively promoting the development of metaverse technology, aiming to establish itself as a leader in this emerging sector by integrating virtual and real-world applications [2] Group 1: Industry Development - Shanghai has gathered over 20 XR terminal manufacturing companies, with core components like optical modules and spatial computing chips accounting for over 40% of the national production [2] - The city has nurtured several unicorn companies in applications such as industrial metaverse and digital human interaction, driving collaborative innovation among over 800 upstream and downstream enterprises in the industry chain [2] Group 2: Standardization Efforts - The Shanghai Metaverse Technology and Application Assessment Committee was officially established on May 17, 2025, with 65 experts from five fields including academia, platforms, industry, standardization, and investment [2][3] - The committee's first meeting focused on reviewing management systems, work processes, and cooperation models, as well as discussing the draft standards for classifying metaverse achievements and evaluating their value potential [2][3] Group 3: Future Focus Areas - The committee will concentrate on identifying common industry needs to provide scientific basis for standard formulation, particularly in three categories: common foundations, key technologies, and industry applications [3] - A three-dimensional evaluation system combining technical indicators, application effectiveness, and safety compliance will be established to ensure the scientific and practical nature of the standards [3]

Core Viewpoint - The global capital flow is becoming increasingly complex as of 2025, influenced by expectations of a shift to accommodative monetary policy by the Federal Reserve, rising demand for safe-haven assets due to geopolitical conflicts, and a productivity revolution driven by artificial intelligence technology [1] Group 1: Stock Market Opportunities - The Hong Kong stock market has undergone a valuation repair over the past three years, with 2025 showing clear sector rotation characteristics [2] - Key sectors attracting capital include space infrastructure, quantum computing, and next-generation energy storage, characterized by disruptive technology patents and clear commercialization paths [2] - Companies like (02195.HK/MN6BZ) are building an "AI + biomedicine" innovation ecosystem, with their smart drug screening platform entering Phase III clinical trials [2] - Growth stock investments require careful attention to valuation digestion, as exemplified by (02195.HK/3VC9T), whose quarterly revenue grew by 380% but whose price-to-sales ratio has reached three times the industry average [2] - A "core + satellite" strategy is recommended, combining stable data center operators like (02195.HK/R7S2K) with more volatile frontier technology stocks like (02195.HK/F4G8H) for optimized portfolios [2] Group 2: Bond Market Insights - The macro backdrop of rising inflation has led to U.S. 10-year Treasury yields fluctuating between 3.5% and 4.2% [2] - High-quality bonds in the Asian dollar bond market are becoming attractive, with Malaysia's sovereign debt credit spreads narrowing to historical lows [2] - Vietnam's government-issued 10-year infrastructure bonds offer a 5.8% coupon rate, presenting a significant premium over similarly rated bonds [2] Group 3: Convertible Bonds and Green Bonds - The convertible bond market is undergoing a value reassessment, with flexible conversion price adjustment clauses making them attractive for institutional investors looking to capitalize on tech stock rebounds [3] - The issuance of green bonds surpassed $1 trillion in the first half of 2025, with (02195.HK/Z9Y0X) introducing carbon-neutral bonds featuring innovative designs linking coupon rates to emission reduction outcomes [3] Group 4: Gold Market Dynamics - London gold prices have established a new support level around $2,200 per ounce, with global central banks, especially in emerging markets, increasing their gold reserves from 12% in 2022 to 18% [3] - A new trend in physical gold investment is emerging, exemplified by (02195.HK/L4P6E) launching digital gold certificates that allow fractional ownership starting from 1 gram, with user growth of 270% in the first half of the year [3] - Valuation disparities among gold mining stocks are increasing, with operators like (02195.HK/K2M7N) benefiting from improved ESG ratings, while (02195.HK/9H3D5) faces a 35% discount due to delays in deploying mining robots [3] - The options market indicates a historical high in open interest for call options on gold with a strike price of $2,500 per ounce, reflecting long-term bullish sentiment [3] Group 5: Investment Strategy Recommendations - For the third quarter, a suggested asset allocation framework is 50% equity, 30% bonds, and 20% gold [4] - In the equity portion, focus on companies with high technological barriers and stable cash flows, such as (02195.HK/Q6W8U) [4] - For bonds, prioritize high-yield corporate bonds related to (02195.HK/V1B4C) [4] - In gold investments, consider (02195.HK/7N2F9) gold ETF linked funds [4]

Core Viewpoint - Mingchen Health's subsidiary "93913.com" is a leading XR and Metaverse information and industry service provider in China, having established close partnerships with nearly a thousand core enterprises in the industry [2] Group 1: Company Activities - The company has hosted several influential industry events, including the XRIC Industry Annual Conference and the Golden V Award Ceremony for seven consecutive years [2] - It co-hosted the 2022-2023 World Metaverse Conference and Ecological Conference, and has collaborated with Huawei for three consecutive years on the Huawei Cloud VR Application Development Competition [2] - The company also partnered with OPPO to hold the AR Application Innovation Competition, enhancing its visibility and influence in the industry [2] Group 2: Services Offered - 93913.com provides a comprehensive range of services for Metaverse and AI companies, including brand communication, press conferences, developer ecosystem construction, business project linking, and FA investment advisory [2] - The company aims to focus on serving the Metaverse and AI industries, contributing to their development [2]

Core Insights - Suzhou has successfully listed 7 companies in July, matching the total number of new listings in the first half of the year, positioning the city among the top in the nation [1][2] - The total number of listed companies in Suzhou has reached 254, with 210 on A-shares, ranking fifth nationally, and 51 on the Sci-Tech Innovation Board, ranking third among cities [1][2] - The city aims to exceed 300 listed companies by 2025, with a target of over 100 new technology listings and the creation of more than five companies with a market value of over 100 billion [2][4] Company Listings - Notable companies listed in July include Langwei Electronics, Haofan Bio, Yinghuate, and Guangge Technology, contributing to the surge in new listings [2][3] - Haofan Bio, a leader in peptide synthesis reagents, raised 1.827 billion yuan in its IPO, while Guangge Technology focuses on fiber optic sensing networks [2][3] - Yinghuate has become the largest domestic manufacturer of refrigeration scroll compressors, breaking foreign monopolies, and expanding its product range post-listing [3] Financial Ecosystem - The growth of listed companies is supported by a robust financial ecosystem, with policies aimed at integrating finance with innovation and supporting industrial clusters [4][5] - Suzhou has established a comprehensive financial service system to facilitate direct financing and attract capital, including the launch of a 100 billion yuan fund cluster [5][6] - Recent initiatives include the establishment of service bases for major national capital market platforms to enhance support for innovative enterprises [6]

Group 1 - The core viewpoint of the article highlights that the current valuation of the technology sector is at approximately 50% or below historical levels, with certain segments like semiconductor materials and emerging technologies showing higher valuations compared to their three-year history [1] - The Pacific Securities report indicates that the PB-ROE values for the Sci-Tech 50 and growth style are the lowest, suggesting that investors are paying the least growth premium for these sectors, which implies a higher margin of safety [1] - Recent performance shows that industries such as pharmaceuticals, communications, and media have seen significant gains, while the computer industry has experienced the largest downward adjustment in profit expectations [1] Group 2 - The Sci-Tech 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which includes 100 securities with larger market capitalization and better liquidity from the Sci-Tech board, covering strategic emerging industries like new-generation information technology and biomedicine [1] - The index can experience daily fluctuations of up to 20%, reflecting the overall performance of leading technology innovation companies in the Sci-Tech board market [1] - Investors without stock accounts are advised to consider the Guotai CSI Sci-Tech 100 ETF Initiated Link A (019866) and Guotai CSI Sci-Tech 100 ETF Initiated Link C (019867) [1]