近期，稳健医疗发生大宗交易。公司此前公告显示，部分董事、监事和高级管理人员拟通过大宗交易、 非交易过户等方式，将其间接持有的公司股份变更为直接持有。此次变动后，持股总数量及持股比例均 保持不变，不涉及向市场增减持股份的情形。相较于间接持股，法规对直接持股的董监高约束更为严 格，这一调整也体现了公司管理层对企业长期发展的信心。 9月12日，稳健医疗（300888）发布《关于上市五周年感恩股东活动的自愿性信息披露公告》。为感谢 全体股东对公司的信任和支持，使全体股东更直观地体验公司产品和服务，公司计划开展"稳健医疗上 市五周年感恩股东活动"，以实际行动回馈广大股东的长期支持。 公告显示，截至2025年9月16日收盘登记在册的全体股东，可在2025年9月17日18时至2025年10月8日24 时期间，关注公司官方微信公众号"稳健集团"并输入"股东"完成身份验证。完成验证后，可在股东回馈 专享会场领取福利券，并在专享会场购买公司产品时享受优惠。 同日，稳健医疗发布《关于首次公开发行前已发行股份上市流通提示性公告》。针对市场关注的限售股 解禁问题，稳健医疗在接受采访时表示，董事长对公司未来发展充满信心，目前并无减持公司 ...

9月11日，国家统计局四川调查总队发布数据显示，8月，四川居民消费价格指数(CPI)环比由上月上涨 0.4%转为下降0.1%；同比下降0.9%，降幅比上月扩大0.5个百分点。1—8月平均，CPI比去年同期下降 0.3%。 国家统计局四川调查总队消费价格调查处相关负责人表示，CPI环比下降主要受三方面因素影响：一是 暑期出行旺季逐步进入尾声，机票价格回落明显，8月四川机票价格环比下降11.9%；二是成品油价格 下调；三是部分服装季节性打折。CPI同比下降则主要受猪肉、鲜菜、汽油三大商品价格下降影响。 具体来看，8月猪肉价格环比下降0.4%、同比下降20.1%。由于8月部分二次育肥猪集中出栏，加之猪肉 消费仍处淡季，导致猪肉价格环比再度走弱。去年8月猪肉价格同比上涨19.1%，基数较高，影响今年 同比降幅较大。鲜菜价格环比上涨3.4%、同比下降17.2%，鲜果价格环比下降3.7%、同比下降4.6%。 消费品以旧换新等一系列扩内需、促消费政策效应持续显现，物价呈现结构性改善态势。8月，家用器 具价格同比上涨3.1%、文娱耐用消费品价格同比上涨2.4%，燃油小汽车、新能源小汽车价格虽然仍下 降，但同比指数分别较年内低 ...

9月10日，在服贸会主宾国澳大利亚国家馆的开幕式上，澳大利亚驻华大使吉斯德、澳大利亚贸易投资 委员会副首席执行官包狄以及澳大利亚驻华大使馆商务公使戴德明共同见证了15项合作协议的签署。这 些合作协议代表着澳大利亚与中国在教育、金融服务、医疗健康、文化交流以及消费品等多个领域达成 合作。 除了在澳大利亚国家馆进行商业展示和交流外，澳大利亚参展商还将在服贸会期间举办一系列主题研讨 会和商务会议，涉及金融服务、可持续消费和教育等多个领域。 作为澳大利亚主宾国参展企业，EZZ&EAORON中国区CEO单子珊向北京商报记者表示，本次 EZZ&EAORON的展台重点展示了源自澳洲本土核心品牌的护肤品与保健产品。中国消费者越来越看重 保健品、生命科学产品的品质与功效，更愿意选择有良好口碑、具备资质认证的品牌产品，对产品的安 全性以及实际发挥的作用关注度极高。目前，其产品在中国市场已实现一定范围的覆盖，线上线下销售 渠道都在持续拓展。 在2025年中国国际服务贸易交易会期间，澳大利亚担任主宾国。北京商报记者看到，澳大利亚国家馆以 绿色为主基调，澳大利亚标志性建筑"悉尼海港大桥"横跨展馆，展馆入口处则摆放着澳大利亚旅游大使 袋 ...

9月10日至14日，2025年中国国际服务贸易交易会在北京举办。本届服贸会吸引了80余个国家和国际组织设展办会，覆盖20多个服务贸易前30强国家和 地区，整体国际化率超20%。澳大利亚首次担任主宾国，并组建了历届最大规模展团，新华社记者带您近距离聚焦澳大利亚主宾国展团的亮眼表现。 记者：危颖、王普 新华社音视频部制作 【纠错】 【责任编辑:邱丽芳】 作为主宾国，澳大利亚在本届服贸会上全面展示其在绿色经济、教育、旅游、食品、消费品和健康等众多领域的最新成果。 ...

（原标题：当出海成为必选项，中国企业的"链"路突围将走向何方？） 中国企业出海，是继续"一窝蜂"式地抢滩登陆，还是该冷静思考如何真正扎根世界？ 在全球供应链深度重构的今天，产品出海已成过去时，品牌出海亦非终点。真正的挑战在于：如何构建一条兼具韧性、协同与本土融合的全球"生 命链"？ 9月9日，由建发股份主办的全球供应链CEO圆桌对话，汇聚政、产、学、研顶尖力量，在厦门这座"丝路枢纽"上，共同探讨从战略拓荒到生态融 合的进阶之路——其背后，不仅是一场商业远征，更是一次关于全球化文明对话的深层叩问。 厦门市委常委、常务副市长黄燕添出席并致辞，建发集团党委书记、董事长许晓曦代表主办方致欢迎辞。活动由中国物流与采购联合会副会长胡 大剑主持，邀请到著名经营管理专家宋志平、经济学家周其仁、海尔集团总裁梁海山、格林美董事长许开华、罗兰贝格全球联席总裁戴璞等数十 位企业领袖与专家学者，围绕全球供应链协同、本土化生态建设等议题展开深度对话。 供应链出海重塑全球角色 中国企业的全球化进程已迈入新阶段。胡大剑指出，出海正从单一的产品输出，升级为涵盖品牌、技术、资本与标准的全链条输出，从追求规模 速度转向注重质量与可持续性。"我们正 ...

Core Viewpoint - The implementation of the "double interest subsidy" policy for personal consumption loans and service industry loans aims to stimulate consumption and expand domestic demand, which is a key focus of current economic work [1][2]. Group 1: Policy Implementation and Impact - The "double interest subsidy" policy is designed to effectively release the potential of domestic demand and support various consumer expenditures, including home renovations and essential services [1][2]. - For example, a consumer taking a loan of 200,000 yuan for home improvement could save approximately 2,000 yuan in interest payments due to a 1% subsidy, while a restaurant upgrading its facilities with a 1,000,000 yuan loan could save around 10,000 yuan [1]. - The policy covers a wide range of consumer needs, from essential items to discretionary spending, indicating a comprehensive approach to stimulating consumption [1][2]. Group 2: Consumer Loan Statistics - As of the end of 2024, the balance of consumer loans (excluding housing loans) in China is projected to reach 21.01 trillion yuan, reflecting a year-on-year growth of 6.2% [2]. - Empirical studies show that the introduction of consumer financial products can increase borrowing consumers' spending by 16% to 30%, while merchant sales can rise by approximately 40% [2]. - There is a notable supply-demand gap in consumer credit services, with the demand rate exceeding actual participation by 5.3 percentage points in 2021, up from 2.5 percentage points in 2019 [2]. Group 3: Broader Economic Policies - The "double interest subsidy" policy is part of a broader set of measures aimed at enhancing consumer confidence and spending, including free preschool education and childcare subsidies [2]. - The government has initiated various policies, including a 500 billion yuan service consumption and elderly care re-loan program, to create a cohesive framework for stimulating consumption [2]. - The "national subsidy" program for replacing old consumer goods has already driven over 2.9 trillion yuan in consumption, benefiting around 400 million people [3]. Group 4: Innovation and Consumer Engagement - Understanding consumer psychology and preferences is crucial for creating demand and enhancing consumption, emphasizing the importance of innovation [4]. - Innovative products and services, such as cultural souvenirs and drone delivery systems, are emerging as effective ways to engage consumers and meet new demands [3][4]. - The market's capacity is significant, and businesses are encouraged to leverage policy benefits while focusing on genuine innovation to boost consumption [5].

Core Viewpoint - The 25th China International Investment and Trade Fair has commenced in Xiamen, highlighting the strong partnership between Jiangsu province and the UK, with a focus on mutual investment and cooperation in key sectors. Group 1: Cooperation Directions - Jiangsu and the UK aim to deepen cooperation in three key areas: green low-carbon development, biomedicine, and consumer services [2][3] - In the green low-carbon sector, Jiangsu is building zero-carbon industrial parks and factories to support multinational companies [2] - The biomedicine sector is set for breakthroughs, with Jiangsu welcoming more UK companies to share in the policy benefits of its open innovation in the biopharmaceutical industry [2] Group 2: Trade and Investment Data - From January to July this year, the trade volume between Jiangsu and the UK reached $7.57 billion, marking an 8.2% year-on-year increase [4] - As of July, the UK has established 1,532 foreign investment projects in Jiangsu, with actual foreign investment totaling $4.97 billion [4] - Jiangsu has set up 139 overseas investment projects in the UK, with a total investment amount of $1.6 billion [4] Group 3: Successful Projects - The Jaguar Land Rover production base in Changshu is a benchmark for Sino-British manufacturing cooperation, with plans to produce electric vehicles for the European market [4] - AstraZeneca has invested over $5 billion in Jiangsu over 30 years, with recent investments including $475 million for a new small molecule drug factory in Wuxi [4][5] - GSK and Jiangsu Hengrui Medicine have signed an agreement to jointly develop 12 innovative drugs, enhancing both companies' global strategies [5] Group 4: Future Prospects - Over 100 UK SMEs are attending the fair, seeking to establish diverse collaborations with Jiangsu [6] - Jiangsu's policies and local government support are crucial for fostering a conducive environment for bilateral cooperation [6] - The establishment of the Sino-European (Wuxi) Life Science Innovation Industrial Park is a significant step in promoting open innovation in the biopharmaceutical sector [6]

Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) as of September 2, 2025, is 1.04, a decrease of 0.04 from August 26 [1][3] - The coastal coal freight index fell by 0.11 to 0.87, and the 30-city commodity housing sales index dropped by 0.05 to 0.48, contributing to the decline in YHEI [1][3] Manufacturing Sector - The manufacturing PMI for August is 49.4%, up 0.1 percentage points from the previous month, indicating continued contraction for five consecutive months [23] - Large and small enterprises' PMIs increased by 0.5 and 0.2 percentage points to 50.8% and 46.6%, respectively, while the medium-sized enterprises' PMI decreased by 0.6 percentage points to 48.9% [23] - The consumer goods sector's PMI fell by 0.3 percentage points to 49.2%, while high-tech manufacturing and equipment manufacturing PMIs rose to 51.9% and 50.5%, respectively, indicating expansion [23] Demand and Supply Indicators - New orders and new export orders indices are at 49.5% and 47.2%, respectively, both in contraction territory [2][23] - The production index increased from 50.5% to 50.8%, indicating a rise in production activity [2][23] - The purchasing price index for major raw materials rose to 53.3%, while the ex-factory price index increased to 49.1% [2][23] Non-Manufacturing Sector - The non-manufacturing business activity index is at 50.3%, up 0.2 percentage points from the previous month [24] - The construction PMI fell to 49.1%, marking its first contraction since February, with the new orders index dropping to 40.6% [24] - The service sector PMI increased by 0.5 percentage points to 50.5%, indicating renewed expansion [24] Monetary Policy - The central bank's net fund injection was 92.9 billion yuan, with a reverse repurchase operation of 201.73 billion yuan and 19.244 billion yuan maturing [5][6] - The overnight interbank rate decreased by 2 basis points to 1.36%, while the seven-day repo rate fell by 7 basis points to 1.46% [10][11] Real Estate Market - New home transaction volumes in first and third-tier cities increased by 22.84% and 6.65%, respectively, while second-tier cities saw a decline of 11.03% [37] - Second-hand home transaction volumes decreased across all city tiers, with first, second, and third-tier cities down by 5.09%, 9.65%, and 20.21%, respectively [40]

Core Viewpoint - Guosen Securities maintains an "outperform" rating for Shanghai Industrial Holdings (00363), highlighting the stability of its infrastructure and environmental protection sectors, strong growth in consumer and health segments, increased dividend rate, and reduced financial costs as key supports for future investment value [1] Infrastructure and Environmental Protection Sector - The infrastructure and environmental protection sector generated revenue of HKD 44.33 billion and net profit of HKD 9.33 billion in the first half of the year, indicating stable core business performance [1] - The expressway segment reported revenue of HKD 10.19 billion, a year-on-year increase of 5.1%, with traffic volume rising by 2.1% [1] - Shanghai Industrial Environment achieved a net profit of RMB 3.44 billion, up 7.1% year-on-year, demonstrating strong resilience in solid waste and water treatment [1] Consumer and Health Sector Highlights - The consumer segment saw revenue and net profit growth of 11% and 26%, reaching HKD 19 billion and HKD 4.33 billion, respectively [2] - Nanyang Tobacco performed strongly with revenue of HKD 12.73 billion, a 16.4% increase, and net profit of HKD 3.37 billion, up 20%, with sales volume surging by 31% and successful overseas market expansion [2] - The health segment reported a net profit of HKD 1.41 billion, a significant year-on-year increase of 118.4%, primarily due to a one-time gain recognized by Shanghai Pharmaceuticals [2] Financial Improvement and Dividend Policy - The company improved its financial situation by selling Yuefeng Environmental, using part of the proceeds to repay bank loans, resulting in interest-bearing liabilities decreasing to HKD 585.13 billion and the debt-to-asset ratio falling to 51.5% [3] - Financial costs decreased by 15% year-on-year, and the company announced an interim dividend of HKD 0.42 per share for 2025, totaling HKD 4.57 billion, maintaining the same level as the previous year, while the payout ratio increased from 38% to 43.8% [3]

Group 1 - HSBC raised its year-end target for the S&P 500 index to 6,500 points for 2025, following strong Q2 earnings performance [1] - The S&P 500 index saw a 12% year-over-year increase in earnings per share (EPS) for Q2, marking the third consecutive quarter of double-digit growth [1] - Technology stocks, particularly the "Big Seven" in the U.S. market, drove most of the growth with a 25% year-over-year increase in EPS, while other sectors saw a 6% increase [1] Group 2 - HSBC analysts expect a 12% year-over-year increase in S&P 500 EPS for 2025, up from a previous estimate of 9% and above the market consensus of 11% [1] - The net profit margin for the S&P 500 index reached a four-year high, despite concerns over tariffs, which are currently at nearly 19% [1] - Companies in the consumer staples sector are facing pressure, with profit margins declining by approximately 20 basis points [1] Group 3 - Artificial Intelligence (AI) remains a key growth driver, with major companies like Amazon, Alphabet, Meta, and Microsoft maintaining capital expenditure guidance, expected to reach $410 billion by 2026 [1] - The top 10 companies in the S&P 500 contribute about 32% of earnings, 38% of market capitalization, and 44% of market returns, indicating increasing market concentration [2] - Potential risks include inflation resurgence due to tariffs or labor supply constraints, while positive factors include easing geopolitical concerns, resilient economic growth, and productivity gains from AI [2]