自1991年经济自由化改革以来，印度经济实现了令人瞩目的增长，特别是在2004年至2014年的"黄金十年"期间，年均增长率超过8%，成为全球经济 增长的亮点。然而，英国记者詹姆斯·克拉布特里在《新镀金时代》一书中尖锐地指出，这场经济奇迹的背后，隐藏着深刻的制度性危机。印度并未 实现真正的普惠性增长，而是形成了一种独特的"裙带资本主义"模式，这将对其长期发展构成严重威胁。 事实上，"新镀金时代"（New Gilded Age）并非一个严格的学术定义，而是借用了美国十九世纪末的一个概念框架。彼时的美国经历了前所未有的 工业化和经济扩张，财富急剧增长，城市拔地而起，表面一片繁荣；但是，在这层"镀金"的外壳之下，是日益扩大的贫富差距、猖獗的政治腐败、 垄断资本的无序扩张以及剧烈的社会矛盾。 《新镀金时代》 [英] 詹姆斯·克拉布特里 著，邢玮 译 新经典文化 南海出版公司，2024年1月 一、神秘车祸 2013年12月初，印度的孟买街头发生了一起离奇车祸。凌晨1点半左右，一辆阿斯顿·马丁豪华跑车在路上失控，接连和两辆汽车发生碰撞。随后， 车主立刻被私人保安送上了一辆SUV逃之夭夭。很快，这件事就在印度当地媒体上被报道 ...

投资策略丨专题报告 [Table_Title] 9 月港股资金复盘：南向流入互联网，外资加码 硬件科技——"重估牛"系列之港股资金面 报告要点 [Table_Summary] 2025 年 9 月 1 日至 30 日，南向资金净流入 1454 亿港元，主要流入可选消费零售、软件服务、 有色金属、医药生物、非银金融等行业，排名前五的行业合计净流入 1152 亿港元。南向资金 净流入最多的五个行业是：可选消费零售（773 亿港元）、软件服务（115 亿港元）、有色金 属（93 亿港元）、医药生物（86 亿港元）、非银金融（85 亿港元）。主要流出电信服务（-37 亿港元）、耐用消费品（-37 亿港元）、硬件设备（-28 亿港元）、日常消费零售（-9 亿港元）、 半导体（-9 亿港元）等行业。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% 丨证券研究报告丨 %% %% research.95579.com 2025 年 9 月 1 日至 30 日，南向资金净流入 1454 亿港元，主要流入可选消费零售、软件服 ...

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][3]. Core Insights - The overall market performance for the week (September 29 to October 5, 2025) saw the Shanghai Composite Index rise by 0.76%, the Shenzhen Component Index by 0.60%, and the ChiNext Index by 0.07%. However, the telecommunications sector experienced a decline of 3.16% [2][11]. - Among the sub-sectors, the telecommunications cable and supporting industries had the lowest decline at 0.44%, while telecommunications network equipment and devices saw the highest drop at 4.56% [2][14]. - Notable individual stock performances included "Online and Offline" with a rise of 28.78%, followed by *ST Yitong at 9.77% and Sega Technology at 7.67% [2][16]. Summary by Sections Market Overview - The telecommunications sector index declined by 3.16% during the week, contrasting with the overall market's positive performance [11]. - The sub-sector analysis indicated a general downward trend, with telecommunications network equipment and devices facing the steepest decline [14][15]. Key News - The Ministry of Industry and Information Technology granted China Mobile a license for satellite mobile communication services, allowing it to engage in direct satellite communication and enhance service offerings in various applications [2][18]. Focus Areas - The report highlights the computational power supply chain and satellite internet as key areas of interest. AMD's agreement with OpenAI for a GPU supply worth up to $90 billion is expected to significantly impact the hardware market [3][4]. - The acceleration of satellite internet operations in China, with ongoing developments in satellite service licenses, is also emphasized, particularly in the manufacturing and launch segments of the satellite industry [4].

来源：环球市场播报 威瑞森董事会主席马克・贝尔托利尼（Mark Bertolini）在一份声明中表示："董事会很高兴任命丹担任 威瑞森的下一任首席执行官，开启公司增长与行业领先地位的新篇章。丹是一位经验丰富、决策果断的 领导者，拥有独特的履历，在变革型领导和卓越运营方面有着经证实的业绩。他是带领威瑞森进入下一 阶段、进一步聚焦客户与实现财务增长的合适领导者。" 周一盘前交易中，威瑞森股价最新上涨 0.5%。 威瑞森（Verizon）周一宣布，已任命公司独立首席董事丹・舒尔曼（Dan Schulman）为新任首席执行 官，任命即刻生效。 该公司表示，这位前贝宝（PayPal）首席执行官将接替自 2018 年起担任威瑞森首席执行官的汉斯・韦 斯特伯格（Hans Vestberg）。韦斯特伯格将在 2026 年 10 月 4 日之前担任特别顾问，并将继续留在公司 董事会，直至 2026 年年度股东大会。 ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Let's take a look at what these Wall Street heavyweights have to say about AT&T (T) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.AT&T currently has an average brokerage ...

｜2025年9月30日星期二｜ NO.1 国家发改委：正积极推进规模5000亿元的新型政策性金融工具 国家发展改革委政策研究室副主任、新闻发言人李超9月29日在新闻发布会上表示，为促进金融更好地 服务实体经济，推动扩大有效投资。国家发展改革委会同有关方面积极推进新型政策性金融工具相关工 作，新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。国家发展改革委正在会同有关方 面，抓紧把新型政策性金融工具资金投入到具体项目上，后续将督促各个地方推动项目加快开工建设， 促进经济平稳健康发展。 NO.2 六部门：在工业母机、机器人等领域培育一批高新技术企业 工业和信息化部等六部门9月29日联合发布《机械行业稳增长工作方案（2025—2026年）》。其中提 出，梯度培育优质企业。利用国家产融合作平台、产业发展基金等现有政策渠道资源，支持企业做强做 优做大。在工程机械、轨道交通装备等领域培育若干世界一流企业，在工业母机、机器人、医疗装备、 基础零部件与基础制造工艺等领域，培育一批高新技术企业、单项冠军企业和专精特新"小巨人"企业， 发展一批瞪羚企业、独角兽企业。支持行业组织开展机械工业百强和零部件百强企业培育。 ...

据曼谷邮报9月29日报道,澳大利亚电信巨头Optus周一表示，其网络出现了故障，导致用户无法拨 打紧急求助电话。就在一周前，该公司的网络也曾出现过类似故障，那次故障曾导致四人丧生。澳大利 亚领先的电信服务提供商之一Optus表示，周日的这次网络中断影响了新南威尔士州的数千名用户，持 续时间超过了九个小时。该公司表示，他们已与警方确认："所有试图联系紧急服务机构的来电者都安 然无恙。"该公司仍在继续调查事故原因。本月，Optus公司表示其网络出现了故障，导致南澳大利亚 州、西澳大利亚州和北领地的600名用户至少在10个小时内无法正常使用网络服务。这次电信故障导致 人们无法拨打紧急求助电话，目前已有四人因此丧生。该公司上周还被处以6600万美元的罚款，原因是 其在2019年至2023年间向那些根本不需要也不想要这些产品的弱势消费者销售了相关产品，导致许多人 因此负债累累。联邦法院法官帕特里克称该公司的行为"极其严重"，甚至"令人发指"。 （原标题：陷入困境的澳大利亚电信巨头再次遭遇 重大网络故障） ...

Core Viewpoint - KT Corp. has been upgraded to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [3][5]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [3]. Business Improvement Indicators - The increase in earnings estimates for KT Corp. indicates an improvement in the company's underlying business, which is expected to positively influence its stock price [4][9]. - For the fiscal year ending December 2025, KT Corp. is projected to earn $2.80 per share, with a 5.3% increase in the Zacks Consensus Estimate over the past three months [7]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [6][8]. - KT Corp.'s upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating a strong potential for near-term price appreciation [9].

Core Viewpoint - The Tokyo stock market experienced a slight increase on September 24, with the Nikkei 225 index rising by 0.30% and the Tokyo Stock Exchange Price Index increasing by 0.23% despite a decline in the New York stock market the previous night [1] Market Performance - The Nikkei index closed up by 136.65 points at 45630.31 points, while the Tokyo Stock Exchange index rose by 7.28 points to close at 3170.45 points [1] - Early trading saw a downward trend in both indices, influenced by the previous night's performance in New York [1] Company Developments - SoftBank Group announced a collaboration with OpenAI and Oracle to establish five new data centers, which positively impacted its stock price and provided support to the overall market [1] Sector Performance - Among the 33 industry sectors on the Tokyo Stock Exchange, there were mixed results, with mining, other products, and machinery sectors showing the most significant gains, while glass and ceramic products, services, and rubber products sectors experienced declines [1]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, indicating a positive outlook due to sustained high demand driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the telecommunications sector shows resilience, with the industry index rising by 0.52% during the week of September 15-21, 2025, while the Shanghai Composite Index fell by 1.30% [2][12]. - The report highlights that the telecommunications cable and supporting sectors experienced the highest increase, with a rise of 5.77%, while the telecommunications application value-added services saw the largest decline at 2.01% [2][14]. - Notable individual stock performances include Dekeli with a 59.09% increase, followed by Online and Offline at 50.59%, and Changfei Optical Fiber at 35.07% [2][16]. Summary by Sections Market Overview - The telecommunications sector's index increased by 0.52% during the specified week, contrasting with the broader market trends where the Shanghai Composite Index decreased [2][12]. - The telecommunications cable and supporting sector led the gains with a 5.77% increase, while telecommunications application value-added services faced a decline of 2.01% [2][14]. Key Developments - The successful launch of a satellite internet technology test satellite on September 16, 2025, marks a significant advancement in satellite networking capabilities [2][18]. - Huawei's announcement of the "Intelligent World 2035" report predicts a tenfold increase in total computing power by 2035, emphasizing the transformative potential of AI and communication technologies [2][21]. Company Announcements - Key announcements from telecommunications companies during the week include dividend declarations and stock reduction activities, reflecting ongoing corporate governance and shareholder engagement [2][25]. - Upcoming announcements for the following week include stock incentive plans and the release of restricted shares, indicating active corporate actions within the sector [2][25].