Core Viewpoint - The 22nd China-ASEAN Expo is expected to enhance the relationship between China and ASEAN, with high-tech cooperation emerging as a new growth point [1]. Group 1: Event Overview - The 22nd China-ASEAN Expo and the China-ASEAN Business and Investment Summit took place from September 17 to 21 in Nanning, Guangxi, focusing on "Digital Intelligence Empowering Development, Innovation Leading the Future" [1]. - The event highlighted ASEAN's economic potential and the new directions for future cooperation with China [1]. Group 2: Economic Data - From January to July this year, trade between China and ASEAN reached $597 billion, marking an 8.2% year-on-year increase and accounting for 16.7% of China's total foreign trade during the same period [1]. Group 3: Investment Opportunities - High-tech investments from China in ASEAN countries, particularly in information technology and semiconductor industries, are expected to yield significant benefits [1]. - Indonesia is identified as a promising market for innovation and entrepreneurship, with a young population that is receptive to technology [1].

Core Viewpoint - *ST Gaohong faces the risk of being delisted due to its stock price falling below par value, with a closing price of 0.48 yuan as of September 19, 2025, and has been below 1 yuan for 15 consecutive trading days [1][5]. Group 1: Delisting Risks - The company announced that its stock may be terminated from listing if it continues to trade below 1 yuan for 20 consecutive trading days, as per the Shenzhen Stock Exchange regulations [1]. - The company is also at risk of being subject to mandatory delisting due to significant legal violations, as indicated by a notice from the China Securities Regulatory Commission (CSRC) regarding fraudulent issuance of shares and false financial reporting from 2015 to 2023 [2]. Group 2: Financial Misreporting - The CSRC's notice revealed that the company inflated its reported revenue and costs significantly over several years, with inflated revenues ranging from 6.94 million yuan to 56.34 million yuan, constituting up to 49.38% of reported revenues in certain years [3]. - The inflated profits reported by the company also showed substantial discrepancies, with inflated profit totals reaching as high as 2,190.52 million yuan, representing 64.88% of the reported profit in one year [3]. Group 3: Recent Developments - The company’s non-public stock issuance in 2020 was found to contain false data, leading to accusations of fraudulent issuance, with a total fundraising amount of 1.25 billion yuan approved by the CSRC [4]. - The stock has experienced significant volatility, with a cumulative price drop exceeding 12% over three consecutive trading days in September 2025 [4].

Core Viewpoint - The financial fraud methods of four companies highlight deep-rooted issues in corporate governance and information disclosure among listed companies [3][4][5] Group 1: Financial Fraud Cases - Fudan Fuhua inflated profits by over 81 million yuan through understated operating costs and asset impairment losses from 2019 to 2023, revealing a long-term lack of financial compliance [3] - Absolute Food concealed revenue from franchise store renovation services from 2017 to 2021, leading to understated annual revenue, with the highest impact reaching 5.48% [3] - Sike Rui fabricated sales and prematurely recognized revenue in 2022, inflating profits by over 7 million yuan [3] - Chuangyi Information violated revenue recognition rules in 2022 and 2023, overstating revenue by over 390 million yuan, with a peak impact of 15.84% [3] Group 2: Regulatory Actions - Regulatory actions featured "precise strikes and layered handling," with fines ranging from 2 million to 4 million yuan for the four companies and related responsible individuals [4] - The change of stock names to include "ST" (Special Treatment) publicly labels the companies' violations, pressuring them to enhance compliance management [4] - The adjustment of daily price limits for ST stocks on the main board to 5% reduces speculative trading space, while the STAR and ChiNext boards maintain a 20% limit but impose a restriction on single-day purchases of 500,000 shares [4] Group 3: Market Implications - The concentrated penalties break the "law does not punish the crowd" mentality, indicating that financial compliance is mandatory across all sectors [5] - This regulatory overhaul encourages companies to shift from "passive compliance" to "active governance," focusing resources on core business development rather than financial manipulation [5] - The consequences of financial fraud are clearer than ever, with the market's resource allocation function expected to favor genuinely valuable and honest companies [5]

Core Insights - The city of Luohe in Henan Province focuses on high-quality supply and high-level transformation, achieving a GDP of 96.1 billion yuan with a growth rate of 7.3%, the highest in the province [1] Group 1: Talent and Innovation - Luohe has implemented a "flexible introduction of scientists and rigid cultivation of teams" mechanism, attracting 25 academicians and 147 scientific teams, establishing innovation platforms like the Central Plains Food Laboratory and Fluorosilicon New Materials Research Institute [1] - The city has created a talent ecosystem that includes policies for attracting talent, integrating education and industry, and tailored support for entrepreneurship [1] Group 2: Technology and Industry Development - A technology achievement transformation company has been established to deepen reforms in ownership and long-term usage rights of scientific achievements, exploring various payment mechanisms to enhance the enthusiasm of researchers and the conversion rate of results [1] - Luohe promotes collaboration among food technology, biotechnology, and information technology, developing new food sectors such as "probiotics+", "tagatose+", and "natural pigments+" [1] Group 3: Financial Support for Innovation - To address the challenges faced by tech innovation enterprises, Luohe has set up a 50 million yuan risk compensation fund and introduced technology insurance to support R&D efforts [2] - The city aims to create a fusion ecosystem of technological innovation, industrial innovation, and financial innovation, guided by the transformation of scientific achievements and the implementation of new productivity projects [2]

A-Share Market Analysis - The A-share market experienced a volatile trend, with the ChiNext Index rising by 2.34% and the Shenzhen Component Index increasing by 1.14%, while the Shanghai Composite Index and the SSE 50 Index declined overall [5][6] - The average daily trading volume reached 2.52 trillion, reflecting an increase of 8.23% week-on-week [5] - The market's overall risk appetite remains high, driven by expectations surrounding the upcoming talks between Chinese and U.S. leaders, which are anticipated to enhance bilateral relations and economic cooperation [5][6] Hong Kong Market Analysis - The Hong Kong market showed an overall upward trend, with the Hang Seng Tech Index rising by 5.09%, the Hang Seng Index increasing by 1.15%, and the Hang Seng China Enterprises Index up by 0.59% [7] - The consumer discretionary and information technology sectors performed well, while the financial sector faced declines [7] - The market is expected to continue its structural upward trend, supported by improving sentiment in the A-share market and ongoing discussions between Chinese and U.S. leaders [7]

天眼查App显示，近日，甘肃昱晨丰安科技有限公司成立，法定代表人为乔国程，注册资本50万人民 币，经营范围为许可项目：I类放射源销售；II、皿I类射线装置销售；I类射线装置销售；第三类医疗设 备租赁；第三类医疗器械经营（依法须经批准的项目，经相关部门批准后方可开展经营活动）一般项 目：信息技术咨询服务；家用电器销售；计算机软硬件及辅助设备零售；软件开发；计算机系统服务； 信息咨询服务（不含许可类信息咨询服务）；市场营销策划；广告设计、代理；会议及展览服务；广告 制作；企业管理咨询；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；计算机软硬 件及辅助设备批发；互联网安全服务；对外承包工程；办公设备销售；办公设备耗材销售；办公用品销 售；第一类医疗器械销售；第二类医疗器械销售；销售代理；智能无人飞行器销售；智能机器人销售； 卫生用品和一次性使用医疗用品销售；第二类非药品类易制毒化学品经营；第三类非药品类易制毒化学 品经营；第一类医疗设备租赁；第二类医疗设备租赁；计算器设备销售；软件销售；云计算设备销售； 自动售货机销售；商用密码产品销售；工业互联网数据服务；区块链技术相关软件和服务；物联网应用 服务； ...

就业市场方面，截至2025年8月31日，就业总人数为54.19万人，较7月底减少3097人。就业下降主 要集中在教育领域，而煤炭开采、医疗卫生、物流运输、信息技术及安保调查等行业呈现增长态势。从 年龄结构看，35岁以下员工占比31.60%（17.13万人），36岁以上员工占比68.40%（37.07万人）；性别 分布显示男性雇员占55.82%（30.25万人），女性雇员占44.18%（23.94万人）。（驻波黑使馆经商处） 波黑媒体《新闻报》9月16日报道。波黑联邦税务局最新数据显示，2025年1月至8月期间共征收公 共收入59.02亿马克，同比增加6.57亿可兑换马克，增幅达12.54%。 （原标题：2025年1-8月波黑联邦公共收入同比增长12.54%） ...

Core Viewpoint - Tianrongxin (002212.SZ) is actively expanding its offerings in the intelligent computing sector, focusing on the development and deployment of integrated computing machines and cloud platforms to meet the growing domestic demand for intelligent cloud solutions [1] Group 1: Product Development - In February 2025, the company plans to launch its integrated intelligent computing machine, having already released the intelligent computing cloud platform and 17 models of integrated machines catering to various performance needs [1] - The integrated machines are designed to provide full-stack cloud capabilities for clients in government, finance, and telecommunications sectors [1] Group 2: Market Application - Tianrongxin's intelligent computing cloud has been successfully implemented in various fields, including government services, education, and healthcare, with current business opportunities nearing 100 million [1] Group 3: Strategic Partnerships - Recently, the company partnered with Huawei to launch a new model of integrated intelligent computing machine based on the Kunpeng and Ascend architecture, addressing the domestic demand for intelligent cloud construction [1] - The revenue from this collaboration is currently at a million-level, representing a small proportion of the overall revenue [1]

Core Insights - The event "2025 Global HCIE Night" successfully gathered over 200 HCIE experts, industry clients, ecosystem partners, and Huawei industry leaders from various regions including China, Europe, Asia-Pacific, Africa, Latin America, and the Middle East [1] - Huawei announced that the number of certified engineers has surpassed one million, marking a significant milestone in the industry [4] - The event highlighted the importance of AI skills in the ICT sector, with a focus on the integration of industry knowledge and AI technology [6][8] Group 1 - The event featured discussions on industry trends in intelligent computing, networking, and data storage, emphasizing the need for high-quality service capabilities [3] - Huawei and the Ministry of Industry and Information Technology jointly released the "ICT Talent Evaluation Action Plan," aiming to enhance talent standards and evaluation systems in key areas like AI [8] - The demand for talent is shifting towards a combination of industry knowledge and AI technology, with an increasing need for professionals who can integrate systems and ensure security and sustainability [6] Group 2 - Awards were presented to 40 HCIE experts and 4 partners, recognizing their contributions to the industry, including the "HCIE Ten-Year Special Contribution Award" for experts with over a decade of certification [12][25] - The event included testimonials from professionals who shared their experiences with HCIE certification, highlighting its impact on their careers and the importance of continuous learning [25][29][31] - Huawei's training and certification department reported that the number of HCIE experts has reached 37,000 globally, with ongoing efforts to expand certification offerings and enhance career development pathways [35]

Core Insights - The Hang Seng Technology Index increased by 5.1% this week, while the Hang Seng New Economy Index rose by 3.6% [1] - The ChiNext Hong Kong Stock Connect Internet Index and the Consumption Theme Index saw increases of 2.8% and 1.5%, respectively, while the ChiNext Hong Kong Stock Connect Healthcare Index decreased by 2.2% [1] - The E Fund Hang Seng Technology ETF (513010) experienced a net inflow of over 500 million yuan this week, bringing its total size to over 20 billion yuan [1] - CITIC Securities indicated that after entering September, the A-share market has entered a consolidation phase with increasing volatility, while external and internal funds are showing heightened interest in Hong Kong stocks [1] Index Performance - The weekly performance of various indices is as follows: - Hang Seng Technology Index: +5.1% - Hang Seng New Economy Index: +3.6% - ChiNext Hong Kong Stock Connect Internet Index: +2.8% - ChiNext Hong Kong Stock Connect Consumption Theme Index: +1.5% - ChiNext Hong Kong Stock Connect Healthcare Index: -2.2% [3] Valuation Metrics - The rolling price-to-earnings (P/E) ratios and their respective percentiles are: - Hang Seng Technology Index: 23.8x, 34.0% percentile - ChiNext Hong Kong Stock Connect Internet Index: 25.5x, 28.9% percentile - ChiNext Hong Kong Stock Connect Consumption Theme Index: 22.3x, 25.1% percentile - ChiNext Hong Kong Stock Connect Healthcare Index: 31.8x, 49.1% percentile [3][5] Historical Performance - Year-to-date performance for various indices shows significant growth: - Hang Seng New Economy Index: +48.3% - Hang Seng Technology Index: +40.9% - ChiNext Hong Kong Stock Connect Healthcare Index: +94.9% - ChiNext Hong Kong Stock Connect Internet Index: +54.1% - ChiNext Hong Kong Stock Connect Consumption Theme Index: +33.0% [8]