今天，我们把视野重新拉回到美国广告市场。 这不仅是全球体量最大、生态最成熟的广告市场，也始终是判断产业节奏与媒介演进的一个风向标。无论是预算回暖还是平台博弈，美国市场的每一次调 整，往往都会在某些层面，提前映射出全球广告行业的未来走向。 如果说过去五年，我们谈广告更习惯从技术平台、媒介趋势和消费者触点出发，那么如今，行业本身也成了一个决定广告结构的变量。 哪些行业在持续加码、谁在主动收缩，这些策略背后映射的，是这个行业所处的周期。 从金融到电信，从快消到汽车，在美国市场，每一行业的广告支出是增长模型、用户逻辑与媒介选择的再分配。 所以，与其说我们在看广告行业的趋势，不如说是在看各个行业如何重新定义"广告"在其增长路径中的位置。 而这，正是我想在这篇文章里讨论的： 在看似全面复苏的美国广告市场下，不同行业之间，究竟呈现出怎样的分化节奏？ | | % of total media | Industry ad | | | --- | --- | --- | --- | | | ad spending | spending | % change | | Retail | 26.3% | $108.79 | 5.4% ...

全国首部反诈领域地方性法规将于今年12月起实施 中新网杭州9月28日电 (钱晨菲)28日，《浙江省实施<中华人民共和国反电信网络诈骗法>办法》(下称实 施办法)新闻发布会在浙江杭州举行。该实施办法是全国范围内第一部反诈领域的地方性法规。 2025年9月26日，浙江省第十四届人民代表大会常务委员会第十九次会议审议通过实施办法，将于2025 年12月1日起施行。 新闻发布会现场。钱晨菲 摄 浙江省人大常委会法工委主任田梦海介绍，近年来，电信网络诈骗犯罪已经成为发案最高、案损最大、 群众反映最强烈的突出犯罪。从浙江省情况来看，案件高发态势得到一定程度遏制，但涉及浙江的整体 案件数和案损价值仍处高位，打击治理电信网络诈骗形势依然严峻。制定实施办法，不仅是贯彻实施国 家法的必然要求，更是积极回应反诈工作实践需要、维护人民群众合法权益的重要举措。 反电信网络诈骗需要齐抓共管、群防群治。实施办法分别明确政府组织领导、公安机关牵头负责、金融 电信等部门行业监管以及相关经营主体风险防控等方面责任，并要求有关部门和单位加强工作协作，规 定浙江省公安机关应当推动省际合作，并会同有关部门建立和完善"96110"运行机制。 有效阻断诈 ...

Economic Overview - Dalian's economy showed stable performance in the first eight months of the year, with industrial production improving and consumer momentum continuing to release [1] - The city's industrial added value for enterprises above designated size increased by 12.8% year-on-year, maintaining the same growth rate as the previous month [1] Industrial Performance - The added value of high-tech manufacturing increased by 15.9% year-on-year, continuing a double-digit growth trend [1] - State-owned enterprises saw a significant increase in added value by 21.9%, while joint-stock enterprises grew by 16.7%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 4.2%, and private enterprises by 2.3% [2] - Mining industry added value surged by 61.5%, while manufacturing grew by 13.3% and the production and supply of electricity, heat, gas, and water increased by 6.8% [2] - Key industries such as petrochemical increased by 7.1%, equipment manufacturing by 17.8%, with notable growth in the railway and shipbuilding industry at 62.0% and the automotive industry at 27.7% [2] - Pharmaceutical manufacturing saw a remarkable increase of 42.9%, with raw material drug manufacturing skyrocketing by 536.3% [2] Service Sector - The service sector in Dalian remained stable, with most industries experiencing growth [3] - The total turnover of road, water, and air transport increased by 1.8%, 4.1%, and 2.5% respectively [3] - Retail sales for large-scale units reached 579.9 billion yuan, marking an 8.2% year-on-year increase, with significant growth in categories such as building materials (990.7%) and home appliances (285.9%) [3] Consumer Prices and Electricity Consumption - Consumer prices in Dalian continued to operate at low levels, with food and beverage prices decreasing by 1.6% [4] - Total electricity consumption in the city reached 33.79 billion kWh, a year-on-year increase of 2.7%, with industrial electricity consumption at 20.49 billion kWh, growing by 1.6% [4]

Group 1: Economic Sentiment - A significant 76.3% of respondents in a survey believe that "making money is becoming increasingly difficult," which is an increase of 8.7 percentage points compared to the same period in 2024 [1] - The growth rate of residents' income has noticeably slowed, with the per capita disposable income in Q1 2025 being 11,782 yuan, reflecting a real growth of only 3.2% after adjusting for price factors [3] - The Gini coefficient stands at 0.468, indicating a substantial disparity in wealth distribution, with lower-income individuals experiencing slow or even declining income growth [3] Group 2: Financial Industry - The financial sector is currently the most profitable, with the six major state-owned banks reporting a combined net profit of 682.524 billion yuan in the first half of 2025, averaging about 3.77 billion yuan per day [5] - The securities industry achieved a total operating revenue of approximately 251.9 billion yuan, marking a year-on-year growth of 31%, and a net profit of 104 billion yuan, up 65% [5] - The insurance industry reported premium income of 3.74 trillion yuan, reflecting a year-on-year increase of 5.3% [5] Group 3: Monopoly Industries - Monopoly industries such as oil, telecommunications, tobacco, and electricity have fewer competitors, making it easier for these companies to generate profits [6] - The three major oil companies in China—PetroChina, Sinopec, and CNOOC—collectively achieved a net profit of 175.009 billion yuan in the first half of 2025 [8] - The domestic tobacco industry reported a total tax and profit amount of approximately 624.24 billion yuan, showing a year-on-year growth of about 7.58% [8] Group 4: Real Estate Industry - Despite a decline in both sales volume and area in the real estate sector during the first half of 2025, it remains a primary avenue for wealth accumulation [10] - Homebuyers often exhaust their savings and incur bank loans to purchase properties, leading to significant capital inflow into real estate companies [10] - The real estate sector has historically produced some of the wealthiest individuals in China, indicating its role in wealth concentration [10] Group 5: Wealth Distribution Insights - The primary sectors where wealth is flowing include the financial industry, monopoly industries, and real estate, as highlighted by entrepreneur Cao Dewang [12] - These sectors benefit from either monopolistic conditions or supportive government policies that stimulate market activity, contributing to the perception that earning money is increasingly challenging for the average resident [12]

第三，低空经济是香港新增长引擎之一，而流动通讯网络是当中不可或缺的基础设施。通讯事务管理局 (通讯局)将于2025年年底前推出无人机专用频谱及相关发牌制度，提供额外流动网络确保无人机安全高 效运作，在通讯方面全力支持低空活动发展。 政府亦致力维持香港通讯系统的高效运作。香港正全面检视电话智能卡实名登记制的整体运作，并已于 七月向资讯科技及广播事务委员会介绍初步建议的加强措施，包括降低个人用户可登记电话储值卡的数 量上限，以及订立新罪行打击不当使用已登记的电话智能卡的行为。 9月19日，香港商务及经济发展局(商经局)局长丘应桦介绍2025年《施政报告》中与电信及广播事务相 关的政策项目和进展。他表示，香港积极推动电信业持续发展，通过维持香港通讯系统的高效运作，以 扩展未来6G应用及商业服务，支持低空活动发展等。同时鼓励市场竞争和创新科技的应用，务求为市 民带来更优质、更多元化的服务。 丘应桦指，首先，在推动航天科技（000901）发展建设方面，商经局正研究简化申请营办低轨卫星牌照 的审批流程，目标于2025年内完成相关研究工作，并于2026年公布相关结果。当局希望透过简化的申请 制度，能吸引相关企业、人才及投资 ...

Group 1 - The U.S. Trade Representative (USTR) will initiate public consultation for the USMCA in the coming weeks, marking the first formal step towards renegotiation [1] - The consultation process must be completed by October 4, 2023, as mandated by the law governing the agreement [1] - The USMCA includes a mandatory six-year review clause, with the first trilateral review meeting scheduled for no later than July 1, 2026 [1] Group 2 - The USMCA is considered a significant trade achievement of the Trump administration, replacing NAFTA, which was criticized for causing job losses in the U.S. [2] - Tariffs imposed by the Trump administration on Canada and Mexico have undermined the effectiveness of the USMCA, particularly affecting the automotive, steel, aluminum, and lumber industries [2] Group 3 - The tariffs serve to increase leverage for the U.S. in the renegotiation process, disrupting North America's complex supply chains, especially in the automotive sector [3] - Recent discussions between U.S. Secretary of State Rubio and Mexican President Claudia Sheinbaum focused on cross-border security, which is seen as a prerequisite for USMCA renegotiation [3] - Mexico is highly sensitive to the negotiation outcomes, as 80% of its exports go to the U.S., and the U.S. has extended tariffs on Mexican goods for an additional 90 days [3] Group 4 - The U.S. has criticized Mexico's policies in energy, telecommunications, agriculture, and intellectual property, highlighting issues such as state-owned enterprise bias and lack of fair competition [4] - Mexico's Economy Minister Marcelo Ebrard acknowledged that the upcoming reviews and negotiations will be challenging but emphasized the need for cooperation among the three countries to maintain North America's competitiveness [4]

Core Insights - The Central Bank of Bosnia and Herzegovina released the 2024 Foreign Direct Investment (FDI) survey report, indicating a decrease in FDI inflow to 1.76 billion marks, down by 301 million marks compared to 2023 [1] Investment Sources - The largest FDI inflow in 2024 comes from Croatia at 391.1 million marks, followed by Germany at 255.3 million marks and Slovenia at 247.1 million marks [1] Investment Sectors - The financial services sector attracted the highest investment totaling 503.8 million marks, followed by retail trade at 219.8 million marks and wholesale trade at 205.1 million marks [1] Total FDI Stock - By the end of 2024, the total FDI stock in Bosnia and Herzegovina is projected to be 21.22 billion marks, which includes both the 2024 FDI and previous investments along with the operational results of foreign enterprises [1] FDI Stock by Source - The largest share of FDI stock comes from Croatia at 3.22 billion marks (15.2% of total stock), followed by Austria at 2.9 billion marks (13.7%) and Serbia at 2.8 billion marks (13.3%) [1] FDI Stock by Sector - The financial services sector also holds the largest FDI stock at 4.27 billion marks, followed by telecommunications at 2.02 billion marks and wholesale trade at 2.01 billion marks [1]

Group 1: Urban Renewal and Construction - In the first seven months of this year, 19,800 old urban residential communities have started renovation across the country, with six provinces showing an opening rate exceeding 90% [1] - The national plan for this year aims to initiate the renovation of 25,000 old urban residential communities, with a focus on improving property service quality and addressing issues such as elevator installation, parking, and charging facilities [1] Group 2: Industrial Production Growth - The production of industrial robots reached 447,000 units in the first seven months, marking a year-on-year increase of 32.9% [2] - The cumulative production of metal cutting machine tools was 480,000 units, reflecting a year-on-year growth of 13.9% [2] - The solar cell production totaled 47,396 million kilowatts, with a year-on-year increase of 19.6% [2] Group 3: Telecommunications Sector Performance - The telecommunications business revenue reached 1,043.1 billion yuan in the first seven months, showing a year-on-year growth of 0.7% [3] - The total telecommunications business volume, adjusted for last year's prices, increased by 8.9% year-on-year [3] - By the end of July, the number of fixed internet broadband access users reached 686 million, with one-third being gigabit broadband users, and 5G mobile phone users totaled 1.137 billion [3]

Group 1: Urban Renewal and Housing - In the first seven months of the year, 19,800 old urban residential communities were newly started for renovation across the country, with six provinces showing an opening rate exceeding 90% [1] - The national plan for this year aims to start the renovation of 25,000 old urban residential communities, with a focus on improving property service quality and addressing issues such as elevator installation, parking, and charging facilities [1] Group 2: Machinery and Equipment Manufacturing - In the first seven months, the production of industrial robots reached 447,000 units, marking a year-on-year increase of 32.9% [2] - The overall value added in five major machinery industry categories maintained a growth trend, with general equipment manufacturing growing by 8.3% and automotive manufacturing by 10.9% [2] - Fixed asset investment in the machinery sector also showed positive growth, with automotive manufacturing investment increasing by 21.7% [2] Group 3: Telecommunications Industry - The telecommunications business revenue reached 1,043.1 billion yuan in the first seven months, reflecting a year-on-year growth of 0.7% [3] - The number of fixed internet broadband access users reached 686 million, with one-third being gigabit broadband users, while 5G mobile phone users totaled 1.137 billion [3] - The total number of 5G base stations reached 4.598 million, accounting for 36% of all mobile base stations [3]

Market Overview - The FTSE 100 index in London closed at 9255.50 points, down by 10.30 points, representing a decline of 0.11% [1] - European major stock indices showed mixed results on the same day [1] Sector Performance - Service sector stocks led the gains in the London stock market, with notable performers including: - John David Sportswear Company, up by 3.55% - African Telecom Company, up by 3.05% - Sports Betting Company Entain, up by 1.84% - Restaurant and Hotel Group Whitbread, up by 1.72% - Beazley Insurance Company, up by 1.35% [1] - Conversely, airline stocks experienced the largest declines, with significant drops including: - easyJet, down by 3.12% - National Westminster Bank Group, down by 2.54% - International Airlines Group, down by 2.04% - Sainsbury's, down by 2.03% - Houghton Mifflin Harcourt Group, down by 1.79% [1] Other European Indices - The CAC40 index in Paris closed at 7743.93 points, up by 34.12 points, a rise of 0.44% [1] - The DAX index in Frankfurt closed at 24046.21 points, down by 106.66 points, a decline of 0.44% [1]