招银国际研究部 2025 年 10 月 10 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业及公司点评 全球市场观察 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 26,753 | -0.29 | 33.36 | | 恒生国企 | 9,530 | 0.07 | 30.73 | | 恒生科技 | 6,471 | -0.66 | 44.83 | | 上证综指 | 3,934 | 1.32 | 17.37 | | 深证综指 | 2,550 | 1.21 | 30.27 | | 深圳创业板 | 3,262 | 0.73 | 52.31 | | 美国道琼斯 | 46,358 | -0.52 | 8.97 | | 美国标普 500 | 6,735 | -0.28 | 14.51 | | 美国纳斯达克 | 23,025 | -0.08 | 19.23 | | 德国 DAX | 24,611 | 0.06 | 23.62 ...

Group 1 - The company Black Sesame (SZ 000716) held its seventh temporary board meeting on September 14, 2025, to discuss the proposal for the fourth temporary shareholders' meeting of 2025 [1] - For the first half of 2025, Black Sesame's revenue composition was as follows: 65.6% from the food industry, 31.97% from e-commerce, and 2.43% from other businesses [1] - As of the report date, Black Sesame's market capitalization was 5 billion yuan [1]

Group 1 - The Shanghai Cooperation Organization (SCO) summit held in Tianjin from August 31 to September 1 aims to enhance regional development and improve the well-being of the people [1] - Kyrgyzstan has seen significant improvements in infrastructure, with projects like the modernization of the southern power grid and the construction of the New North-South Road enhancing energy security and transportation efficiency [1] - The SCO is facilitating regional economic integration, transforming Kyrgyzstan into a hub connecting Asia and Europe, which is creating more job opportunities and boosting the local tourism industry [1] Group 2 - The construction of the China-Kyrgyzstan-Uzbekistan railway is expected to drive economic growth along its route, providing new growth opportunities for Kyrgyzstan [2] - Tajikistan is experiencing modernization in urban construction and increased income for its citizens, with a growing presence of goods from SCO member countries [2] - The SCO framework is enhancing exchanges in various fields, including healthcare, with initiatives like sending local doctors to China for training [2] Group 3 - Pakistan has improved its infrastructure significantly since joining the SCO, with the completion of the Karachi to Peshawar highway enhancing logistics efficiency and reducing costs [3] - The SCO members are committed to advancing e-commerce cooperation and developing digital trade infrastructure, which presents opportunities for the digital economy in Pakistan [3] - The SCO aims to expand mutually beneficial cooperation in tourism, with Iran looking to leverage its rich cultural heritage to attract more tourists and enhance multilateral trade [3]

Core Viewpoint - The 2025 "Yungang International E-commerce Week" aims to promote the integration of agriculture, tourism, and e-commerce in Datong, enhancing the sales channels for agricultural products and driving the transformation of traditional industries [1][3]. Group 1: Event Overview - The event is organized by various local authorities and supported by major companies and media outlets, focusing on the development of Datong's agricultural and e-commerce sectors [3][4]. - The e-commerce week lasts for five days and includes participation from over 1,000 industry professionals, featuring numerous forums and development conferences [3][4]. Group 2: Objectives and Goals - The initiative seeks to enhance the competitiveness of regional products, foster talent, and create an entrepreneurial environment to attract young people back to their hometowns [3][4]. - It aims to build a northern e-commerce industrial belt centered on Datong's unique agricultural products, leveraging a comprehensive supply chain to connect local producers with trade enterprises [4]. Group 3: Digital Transformation and Innovation - The event promotes the integration of traditional industries with e-commerce, enhancing the vitality of these sectors and driving high-quality digital transformation [4]. - The use of a "warehousing + broadcasting + distribution" service model is intended to explore new business formats and pathways in live-streaming e-commerce [4].

Group 1 - The Federal Reserve is expected to lower interest rates in September, with a high probability of three rate cuts throughout the year, driven by unexpected declines in U.S. employment data and economic uncertainty [1][3] - The U.S. stock market reacted positively to the Fed's signals, with the Nasdaq reaching new highs, as Wall Street investment banks began to promote a new bull market for U.S. stocks [3] - Seven countries have announced a suspension of package services to the U.S., which is a significant response to U.S. unilateralism and could impact the U.S. logistics and e-commerce sectors [1][5] Group 2 - The suspension of package services is a direct consequence of the U.S. changing its low-value tax exemption policy, which previously allowed for a significant volume of imports without tariffs [5] - The U.S. Treasury has imposed sanctions on two Chinese companies for allegedly facilitating oil transport for Iran, which has drawn strong opposition from China, emphasizing the illegitimacy of unilateral sanctions [5][7] - The U.S. strategy of using financial dominance and sanctions to control global trade is facing resistance, as Chinese companies are adapting and strengthening their risk management capabilities in response to U.S. pressures [7]

Group 1 - The global pet industry achieved a total sales of $66 billion in 2025, with a year-on-year growth of 2.1% [1] - North America accounts for over half of the market share, but more than half of the growth is driven by the European market, which saw a 52% increase, while North America grew by 33% [1] - The total number of pets globally reached 1 billion, with pet-owning households and cat-owning households at their highest proportions in a decade, where one in four pet households owns a cat [1] Group 2 - Pet product shoppers globally purchase items every 2-3 weeks, spending an average of $17 per transaction, buying 3-4 items each time [1] - In Europe, 36% of pet food is sold online, with significant growth in certain categories, and Generation Z shows a strong preference for online shopping [1] - In China, comprehensive e-commerce is the mainstream, with Douyin rapidly rising, and live streaming and short videos driving the pet food market [1] Group 3 - The trend of humanization in pet food is evident, with a focus on scientific formulas, craftsmanship, and specific needs, while snacks emphasize fur care and interaction [1] - Concepts like "airy" and "flowing heart" are gaining popularity, driving iterations in pet food and increasing consumer demand [1]

Group 1 - The core viewpoint of the article highlights that while AI is perceived as a tool for efficiency, it has paradoxically led to increased workloads and faster-paced work environments for employees [4][6][8] - A study by the National Bureau of Economic Research (NBER) indicates that for every 1 percentile increase in AI exposure, weekly working hours increase by 0.063 hours, while leisure time decreases by 0.064 hours [4] - The article discusses the phenomenon of employees feeling overwhelmed and trapped in a relentless "acceleration race," where project timelines are shortened and competition intensifies [6][7] Group 2 - The article features the experiences of mid-level employees like Leon, who find themselves cleaning up the mess left by AI-generated outputs, leading to a shift in their roles from creative contributors to quality controllers [10][15] - Leon's observations reveal that the influx of AI-generated content has resulted in a significant increase in the time required for creative review, transforming his job into one of filtering and correcting AI outputs [17][18] - The article also notes that the advertising industry is facing a decline in creative standards and professional barriers due to the reliance on AI, which threatens the foundational skills of new entrants [20][26] Group 3 - The article presents the case of Zhang Xinxin, an algorithm manager at an AI medical startup, who embraces the increased workload brought on by AI, viewing it as an opportunity for personal and professional growth [30][33] - Xinxin's experience illustrates how AI has allowed her to significantly accelerate project timelines, enabling her to take on more responsibilities and achieve higher performance metrics [35][39] - The narrative emphasizes that those who effectively leverage AI tools are likely to outperform their peers who do not, highlighting a competitive edge in the workforce [40] Group 4 - The article discusses the perspective of Tang Chengjia, an e-commerce entrepreneur who invested heavily in building an AI team to survive in a declining market, emphasizing the necessity of AI for business sustainability [42][44] - Tang's company underwent a significant reduction in workforce while maintaining operational efficiency, showcasing the transformative impact of AI on business structures and labor costs [50] - The shift towards hiring fresh graduates who can quickly adapt to AI tools reflects a broader trend in the industry, where traditional skills are being overshadowed by the ability to utilize AI effectively [53][55]

Group 1 - The Vietnamese government recognizes digital transformation and e-commerce as key drivers for international integration, competitiveness, and export market expansion [1] - The National E-commerce Development Master Plan (2021-2025) aims to modernize production systems and distribution models, enhancing operational efficiency and creating new momentum for sustainable export growth [1] - A unified e-commerce ecosystem is essential, addressing various challenges such as technology, logistics, finance, policy, and international market access [1] Group 2 - The Deputy Director of eComDX emphasizes that global e-commerce is not just about setting up online stores but involves mastering the digital value chain as a long-term strategy [2] - Many Vietnamese enterprises are still in the "product listing" phase, lacking systematic strategies for database construction, operational management, marketing, and cross-border after-sales service [2] - To support export enterprises, several international e-commerce partners are collaborating with eComDX to pilot various e-commerce export models, gradually expanding Vietnamese participation [2] Group 3 - The E-commerce and Digital Economy Bureau will continue to promote measures favorable to e-commerce development, including the "2025 Vietnam International Commodity Supply Chain Connection" series of activities [3] - The Vietnam E-commerce and Digital Technology Application Forum, scheduled for September 4-6 in Ho Chi Minh City, will focus on four key areas: e-commerce and cross-border e-commerce, e-commerce operations and logistics, digital technology solutions, and digital finance solutions [3] - The forum is expected to attract over 300 international business delegations, providing opportunities for Vietnamese enterprises to expand export markets and enhance overall competitiveness [3]

Core Insights - The "Titanium Praise" list is a monthly selection of outstanding works from the Titanium Media APP, based on article popularity, quality, and editorial recommendations [1][8] Group 1: Retail Industry - The article titled "The Store Closure Wave Sweeps the U.S. Retail Industry, 15,000 Stores May Close in 2025" discusses how changing lifestyles and work habits are reshaping in-store experiences, emphasizing that adapting to these changes is crucial for maintaining market share [2][9] - The focus on profit as the primary goal for retail giants is highlighted, indicating a shift in priorities within the industry [2][9] Group 2: Hospitality Sector - The piece "New World Development Receives 88.2 Billion Rescue Funds, Will It Sell Its Hotel Business?" raises concerns about the potential sale of hotel assets by New World Development, the only loss-making member among the four major families in the industry [2][10] Group 3: Cultural Commentary - The article "Dong Yuhui Talks About 'Four Sentences of Hongqu', Sparking a Cultural Storm" explores the impact of cultural figures on public discourse, noting that cultural transmission is a complex process involving debate and reconstruction [2][19] Group 4: Financial Legislation - The "Big and Beautiful" bill is discussed in the context of its potential to reshape the U.S. economy, highlighting the complexities of government debt and the diverse interests involved [2][16][17] Group 5: Banking Sector - The analysis titled "After a Day of Shock, How to View the Current Bank Stock Market?" suggests that the A-share banking sector has undergone a valuation recovery and is entering a phase of increased volatility and divergence [2][18] Group 6: Semiconductor Industry - The article "Domestic Analog Chips, on the Eve of Rise" indicates that China's economic transformation is shifting from a "demographic dividend" to an "engineer dividend," with the analog chip sector being a key area for innovation [2][21] Group 7: Delivery Services - The piece "An 'Epic' Delivery Coupon War" describes a surge in orders leading to unprecedented pressure on the delivery industry, affecting all participants in the supply chain [2][22] Group 8: Cryptocurrency Market - The article "2025 Stablecoin Midfield Battle: Trump, Wall Street, National Team, Who's on the Table?" discusses the strategic implications of stablecoins in the cryptocurrency market, emphasizing their role as a bridge between dollars and cryptocurrencies [2][23]

Core Viewpoint - The article emphasizes the importance of resisting malicious competition in the food delivery industry, advocating for a fair and orderly market environment to promote mutual benefits among all parties involved [1][3]. Group 1: Company Initiatives - Meituan has committed to regulating promotional activities and eliminating unfair competition, aiming to establish a healthy and sustainable development in the catering service industry [1]. - The company plans to issue subsidies based on consumer and merchant needs, ensuring transparency and protecting merchants' rights [5]. - Meituan will actively resist irrational promotional activities, such as large-scale "0 yuan purchases," to safeguard merchants' earnings and operational integrity [5][6]. Group 2: Industry Collaboration - Meituan and Ele.me have jointly announced their commitment to resist malicious competition and promote ecological win-win cooperation within the industry [3]. - The companies are focusing on enhancing service quality, providing diverse consumption scenarios, and improving delivery network efficiency to better serve consumers [6]. - A feedback system has been established to address core issues such as merchant participation, product quality, and rider rights, with ongoing discussions taking place across various regions [6].