( 图片来源：《澳华财经在线》) 【财经要闻及评论】 IMARC 2025 全球矿业盛会本月将于悉尼盛大启幕 五大洲部长级阵容齐聚 聚焦能源转型与投资新机遇 作者：ACB News 澳村牛哥（David Niu） 在能源转型与供应链重塑的关键周期中，IMARC 2025 的意义早已超越矿业本身。它所折射的是全球资 本、资源与技术力量的新一轮重组与竞合。 悉尼国际会议中心的聚光灯下，全球矿业的格局与合作趋势正在被重新定义。 与此同时，中澳新能源领域的合作，以及融合了关键矿产资源优势和坚定的减排目标的澳大利亚，向 其"未来超级资源强国"的梦想迈进的路径，也更为清晰。 新南威尔士州财政与自然资源部长 Courtney Houssos 亦将出席相关环节，介绍新州在能源安全、基础设 施建设及制造业复兴方面的最新举措。 这一高规格的政府阵容，凸显了澳大利亚在全球关键矿产与清洁能源供应链体系中不断提升的战略地 位。 IMARC首席运营官Anita Richards表示： 来自全球五大洲的能源与矿业部长、央行代表、国际投资机构及产业领袖将于2025年10月21日至23日齐 聚澳大利亚悉尼，出席2025国际矿业与资源大会暨博览 ...

Group 1: Impact of U.S. Government Shutdown - The U.S. government shutdown, which began on October 1, is the first full shutdown since 2013, with no immediate signs of reopening [1][2] - The economic impact of the shutdown will depend on its duration; a short shutdown may only delay income, while a prolonged one could alter economic activity and market expectations [2][3] - The White House predicts a weekly loss of $15 billion due to the shutdown, although this figure is considered exaggerated; the last shutdown in 2018 resulted in a GDP loss of $11 billion over five weeks [3] Group 2: Political Dynamics and Government Restructuring - The shutdown provides an opportunity for the White House to restructure government agencies and shift blame onto the Democratic Party [2] - The Office of Management and Budget (OMB) is expected to implement significant cuts, including reducing the federal workforce and pressuring Democratic-controlled states [2][3] - The ongoing political struggle between Republicans and Democrats is highlighted, with potential compromises on funding and tax credits being discussed [3] Group 3: Economic Performance of Spain - Spain's economy is growing at approximately 3%, outperforming other Eurozone countries, and has recently received an upgraded credit rating from S&P [4] - The service sector, particularly tourism and IT, has become a key driver of Spain's economic success, aided by EU funds for infrastructure development [4] - Spain's labor reforms have increased flexibility in employment contracts, leading to higher productivity and more full-time job opportunities [4] Group 4: Immigration Policy and Economic Growth in Spain - Spain's immigration policy has attracted a significant number of Spanish-speaking immigrants, contributing to economic growth and addressing labor shortages [5] - The influx of 600,000 new immigrants annually has expanded the tax base and improved government finances, although political stability remains a concern [5] - Spain faces challenges such as high unemployment rates and regulatory burdens that could hinder long-term growth [5] Group 5: Market Focus and Economic Indicators - Upcoming focus includes the Federal Reserve's FOMC meeting minutes, OPEC+ production decisions, and U.S. consumer confidence indicators [6] - The impact of the government shutdown on U.S. statistical data is noted, with implications for economic analysis and forecasting [6]

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% ...

路透社9月18日报道，阿联酋央行表示，由于石油产量增加和非碳氢化合物部门的强劲增长，阿拉 伯联合酋长国经济预计2025年将增长4.9%，高于此前预测的4.4%。该银行表示，碳氢化合物行业预计 将在 2025年增长5.8%，明年将增长6.5%，原因是根据欧佩克+配额增加石油产量。作为最大的石油出口 国之一，加快经济多元化计划，第一季度非碳氢化合物行业占 GDP 总量的 77.1%。央行预计，非碳氢 化合物 GDP 预计将在 2025 年增长4.5%，在 2026年增长4.8%，这可能受益于碳氢化合物增长加快的间 接影响，包括更多投资、政府支出和对经济的信心。阿联酋第一季度经济同比增长3.9%，受制造业、 金融服务业、建筑业和房地产业领涨的5.3%的非碳氢化合物增长的推动。 （原标题：阿联酋经济预计2025年将增长4.9%） ...

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index closing flat at 26,545.1 points and a total turnover of HKD 37.68 billion. The Hang Seng China Enterprises Index rose by 0.17% to 9,472.35 points, while the Hang Seng Tech Index increased by 0.37% to 6,294.42 points. For the week, the Hang Seng Index gained 0.59%, the China Enterprises Index rose by 1.15%, and the Tech Index increased by 5.09% [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks with a rise of 6.19% to HKD 21.6, contributing 4.77 points to the Hang Seng Index. The upcoming National Day and Mid-Autumn Festival boosted demand for gaming stocks, with strong expectations for the Golden Week based on nearly full hotel bookings [2][4] - Other notable blue-chip performances included China Hongqiao (01378) up 4.67% to HKD 26.46, and Galaxy Entertainment (00027) up 4.22% to HKD 42.46 [2] Sector Highlights Gaming Sector - The gaming sector saw significant gains, with Melco International Development (00200) up 6.6% and Wynn Macau (01128) up 6.02%. Macau's gaming revenue reached MOP 22.16 billion in August, marking a 12.2% year-on-year increase [3][4] Gold Stocks - Gold stocks rebounded, with Shandong Gold (01787) rising 6.13% to HKD 35.68. The price of spot gold rose above USD 3,650 following the Federal Reserve's interest rate cut, with long-term gold investment still seen as valuable due to ongoing economic concerns [4] Coal Sector - The coal sector performed well, with Yanzhou Coal Mining (01171) up 6.51% to HKD 10.63. Recent investigations into overproduction in Inner Mongolia are expected to stabilize coal production levels [5][6] Robotics Sector - The robotics sector showed mixed results, with Sanhua Intelligent Control (02050) down 6.21% while Delta Electronics (00179) rose 5.78%. Recent news regarding Tesla's plans for humanoid robots has created volatility in this sector [6] Notable Stock Movements - Jinfang Pharmaceutical-B (02595) debuted with a remarkable increase of 106.47% to HKD 42.1, focusing on cancer and autoimmune disease treatments [7] - Hongteng Precision (06088) surged 21.44% to HKD 5.89, benefiting from Nvidia's investment in Intel for AI infrastructure [8] - Cloud Financial (00376) rose 10.55% to HKD 6.39 after appointing a former Ant Group executive to lead its Web3 development [9] - Weimob Group (02013) increased by 10% to HKD 2.86, announcing a share placement to raise approximately HKD 1.555 billion [10] - Ganfeng Lithium (01772) saw a rise of 9.51% to HKD 37.3, with full production capacity in energy storage cells and ongoing developments in solid-state batteries [11] - Yangtze Optical Fibre and Cable (06869) reached a new high, increasing by 8.55% to HKD 61.6, driven by interest in hollow-core fiber optics [12]

Group 1 - The hiring pace in the U.S. slowed down in August, indicating a weakening labor demand [1][2] - ADP reported an increase of 54,000 jobs in the private sector for August, which is about half of the previous month's increase and significantly below market expectations [1] - The construction sector added 16,000 jobs in August, while manufacturing and trade/transportation/utilities sectors saw job losses of 7,000 and 17,000 respectively [1] Group 2 - Challenger reported that U.S. companies announced only 1,494 new jobs in August, the lowest level for that month since 2009 [2] - Year-to-date, companies have announced 892,362 layoffs, the highest for the same period since 2020, with retail being heavily impacted [2] - The pharmaceutical sector announced 19,112 layoffs in August due to increased competition and a focus on high-margin products [2] Group 3 - The slowdown in hiring may influence the Federal Reserve's monetary policy expectations, potentially leading to a more dovish stance if the labor market remains weak [3]

Core Insights - The Chinese M&A market saw a significant increase in transaction value, with over $170 billion in disclosed deals in the first half of 2025, representing a 45% year-on-year growth [1] - Domestic strategic investments have been the primary driver of this growth, with transaction volumes more than doubling compared to the previous year [1] - The report anticipates a high double-digit growth in total M&A transaction value for the entire year of 2025, supported by various factors including state-owned enterprise reforms and cross-border asset optimization [1][3] Group 1: Domestic Strategic Investments - Domestic strategic investors have significantly increased their M&A activities, with transaction values surpassing $100 billion, marking a year-on-year growth of over 100% [1] - A total of 20 mega M&A deals (each exceeding $1 billion) were completed, far exceeding the number from the previous year [1] - Key sectors for these mega deals include high technology, particularly semiconductors, health care, and industrial sectors, aligning with national strategic directions [1] Group 2: Financial Investor Activity - Venture capital remains a highlight in the first half of 2025, driven by investment hotspots in emerging technologies such as AI and robotics, maintaining high transaction volumes [2] - Private equity funds have shown strong exit activity, with M&A transactions being the primary exit method, reflecting a growing trend in capital appreciation through these deals [2] Group 3: Outlook for the Second Half of 2025 - Several positive factors are expected to sustain the momentum in the M&A market, including A-share listed companies seeking growth through acquisitions and signs of economic recovery reflected in rising capital market valuations [3] - The Hong Kong capital market's strong performance is anticipated to enhance valuations and create more exit opportunities [3] - Increased overseas investment demand, particularly in Southeast Asia, and ongoing state-owned enterprise reforms are expected to drive large-scale M&A restructuring activities [3]

Core Viewpoint - The "Golden Enterprise Project" aims to enhance inbound consumption in Xi'an by integrating digital technology with cultural tourism, focusing on financial education for small and micro enterprises, and optimizing cross-border payment capabilities [1][12]. Group 1: Event Overview - The event was organized by the China Financial Education Development Foundation and Visa, with support from various financial and data industry associations [3]. - Experts from Xi'an, industry associations, financial institutions, and small and micro enterprises participated in the event [3]. Group 2: AI and Cultural Tourism - The General Manager of Chuangmao Group in Xi'an presented on how AI can empower new experiences in cultural tourism consumption, emphasizing its role in enhancing visitor experiences and reducing costs [5]. - The presentation highlighted a core logic of "technology output—service implementation—challenge response—future innovation" [5]. Group 3: Globalization of Cultural Tourism - The General Manager of Yinuo Jinqi Cross-border Logistics Management Co., Ltd. discussed the role of logistics in supporting the globalization of cultural tourism consumption, noting trends towards diversified products, high-end services, and convenient payments [8]. - A dual strategy of "green logistics + cultural export" was proposed to activate innovation in the cultural tourism sector [8]. Group 4: Payment Facilitation - A representative from Visa focused on optimizing the foreign card acceptance system to enhance payment convenience for inbound tourists, aiming to attract more foreign visitors and expand domestic demand [10]. - The discussion included practical experiences and innovative directions for improving international business for cultural tourism enterprises [10]. Group 5: Xi'an's Strategic Position - Xi'an is positioned as a key node in the "Belt and Road" initiative and has implemented four major actions to boost consumption, enhancing international payment convenience and digital services [12]. - The "Golden Enterprise Project" aims to elevate cultural tourism consumption capabilities through digital infrastructure, cross-border ecosystem reconstruction, and smart logistics collaboration [12].

Economic Recovery - The retail industry prosperity index in China for August is 50.1%, an increase of 0.5 percentage points month-on-month, indicating continuous improvement in the retail sector [1] - The commodity operation index rose by 1.0 percentage points, while the leasing operation index stands at 52.1%, maintaining a high prosperity level [1] - The retail industry prosperity index has remained above 50.0% for seven months this year, reflecting a positive trend in industry development [1] Futures Market Activity - In July, the national futures market saw a year-on-year increase of 48.89% in trading volume and a 36.03% increase in trading value [3] - As of the end of July, there are 152 listed futures and options varieties in China, indicating a vibrant futures market [3] - The increased activity in the futures market reflects the deepening structural transformation of the real economy and the enhanced ability of the capital market to support national strategies and macroeconomic goals [3] Support for Small and Micro Enterprises - As of June 30, the loan balance for small and micro enterprises in China reached 87.74 trillion yuan, a year-on-year increase of 12.49% [5] - The average interest rate for newly issued inclusive loans to small and micro enterprises decreased by 0.46 percentage points compared to last year [5] - Financial regulatory authorities have implemented multiple measures this year to support financing for small and micro enterprises [5] Robotics Industry Growth - The robotics industry in China is experiencing robust growth, with industrial robot production increasing by 35.6% and service robot production by 25.5% year-on-year in the first half of the year [7] - There are over 930,000 robotics-related companies in China, with more than 100,000 new companies added in the first half of this year, representing a growth of approximately 45% compared to the same period in 2024 [7] - Improvements in the stability and flexibility of robots reflect the overall advancement of China's technological capabilities [9]

Core Insights - The ADP report indicates a mixed employment growth across various sectors in July, with notable increases in construction, trade, and financial services, while manufacturing and professional services showed varied results [1]. Employment Changes by Sector - In July, the construction industry added 15,000 jobs, an increase from 9,000 jobs in June [1]. - The manufacturing sector saw an increase of 7,000 jobs in July, down from 15,000 jobs added in June [1]. - The trade, transportation, and utilities sector added 18,000 jobs in July, compared to 14,000 jobs in June [1]. - The financial services sector experienced a significant increase of 28,000 jobs in July, reversing a decline of 14,000 jobs in June [1]. - The professional and business services sector added 9,000 jobs in July, following a decrease of 56,000 jobs in June [1].