格隆汇9月25日｜随着大型资管机构借着人工智能和降息预期热潮冲刺年末业绩，"远离美国、转向其他 市场"的交易策略被暂时抛弃，此前资金从美国大规模涌向欧亚市场的趋势已然逆转。在4月2日美国总 统特朗普宣布实施高额对等关税后，全球基金经理曾以创纪录速度抛售美股。但此后市场逐步复苏，美 股在过去一季度涨幅达7%。华尔街的市场主导地位已然回归，由于交易员定价美联储到2026年底将降 息110个基点，加之AI巨头推动分析师上调股市目标及美国经济增长预期，投资者下一季度很可能继续 青睐美国资产。富达国际全球宏观及战略资产配置主管Salman Ahmed表示："当前无需对美国持悲观态 度。"他看好通常受益于降息的小盘股，并对欧洲和日本市场转为中性立场。 ...

（文章来源：每日经济新闻） 每经AI快讯，Wind数据显示，9月24日，共21只港股获公司回购，5只个股回购金额超千万港元。其 中，腾讯控股、安踏体育、中集集团回购金额最大，分别获公司回购5.51亿港元、1.88亿港元、4488.24 万港元。截至9月24日，今年已有231只港股获公司回购，50只个股年内累计回购金额超亿港元。其中， 腾讯控股、汇丰控股、友邦保险年内累计回购金额最大，分别获公司回购554.60亿港元、266.74亿港 元、176.93亿港元。 ...

加快发展服务贸易，是扩大高水平对外开放、培育外贸发展新动能的重要举措。9月24日，商务部等九 部门印发《关于促进服务出口的若干政策措施》(以下简称《政策措施》)，更大力度促进服务出口，推 动服务贸易高质量发展。 《政策措施》包含用好用足中央和地方现有资金渠道积极支持服务出口、增强服务贸易创新发展引导基 金撬动作用、优化服务出口零税率申报程序、加大出口信用保险支持力度、提高出口信用保险政策精准 度、完善保税监管制度、便利人员跨境往来和入境消费、优化跨境资金流动管理、提升服务贸易跨境资 金结算便利化水平、鼓励知识产权转化交易、促进和规范数据跨境流动、加快发展国际数据服务业务以 及支持企业开拓国际市场等13项具体措施。 具体来看，《政策措施》提出，深化与相关保险机构的服务贸易企业信息共享机制，加强对服务出口认 定的业务指导。加大面向中小微企业的金融服务供给，结合企业收结汇特点和需要提升保险服务便利化 水平。结合服务贸易有关特点，提升承保和理赔服务质效。鼓励银行拓展保单融资增信功能，优化业务 办理流程。 在加快发展国际数据服务业务方面，《政策措施》提出，支持在上海自贸试验区临港新片区、海南自由 贸易港等有条件的地区开 ...

消费前的准备，并不是让人"疑神疑鬼"，而是帮助自己提前识别风险。尤其是大额支出，提前查查投诉 记录，看看商家的处理态度，比事后焦虑维权更划算。越来越多消费者把黑猫投诉当作消费前的"风险 雷达"，先看一看，再决定要不要买。 很多人吃过这样的亏：花几千块报了培训班，结果上课一拖再拖，退款遥遥无期；买家电时没留心售后 政策，坏了才发现维修要自掏腰包。这些问题往往在黑猫投诉 【下载黑猫投诉客户端】上早已有人反 映过，如果消费前先查一查，就能少掉进很多坑。 保留消费凭证，留好维权"底气" 购物小票、电子发票、聊天记录，这些看似不起眼的凭证，是日后维权最直接的证据。无论是网购还是 线下消费，都要及时保存订单详情和支付凭证。如果涉及长期服务（如健身、教育培训），合同文本和 转账记录更要妥善保留。 了解商家口碑，不只看好评率 很多消费者只盯着销量和评分，却忽略了背后的负面案例。除了电商平台的评价，更重要的是查一查公 开的投诉信息。 在黑猫投诉（tousu.sina.com.cn），消费者可以输入商家名称，直接看到其他人的真实维权经历。投诉 涉及的问题类型、时间线、处理状态一目了然，企业是否积极回应、是否真正解决问题也公开展示 ...

Core Viewpoint - The article emphasizes the importance of using the Black Cat Complaint platform as a proactive tool for consumers to identify potential risks before making purchases, thereby enhancing consumer protection and informed decision-making [1][2][3]. Group 1: Consumer Protection - Black Cat Complaint serves as a "consumer sentinel," aggregating real consumer complaints that reflect the true performance of businesses in terms of product quality and after-sales service [1][2]. - The platform provides a comprehensive view of consumer experiences, allowing users to see not only the complaints but also how businesses respond to them, which can indicate the reliability of the brand [2][3]. Group 2: Application and Usage - Consumers can efficiently utilize the Black Cat Complaint platform by searching for specific brands or products to access relevant complaint information, focusing on complaint types, business responses, and resolution outcomes [3]. - The platform covers a wide range of consumer sectors, from low-cost daily necessities to high-value items like home appliances and financial services, making it a versatile tool for various purchasing decisions [2]. Group 3: Real-Time Data - The data on Black Cat Complaint is updated in real-time, allowing consumers to stay informed about the latest consumer risk information, such as sudden increases in complaints against a business [2]. - A high complaint volume with low response rates from a business may signal declining service quality, while businesses with fewer complaints and effective resolutions are generally more trustworthy [2].

在黑猫投诉，消费者只需在搜索栏输入关键字，就能跳出相关投诉页面。每条记录都包含时间、金额、 问题类型和处理状态。企业若积极回应，能在平台上留下正面印象；反之，如果大量投诉长期未解决， 就说明这家商家存在明显风险。对消费者来说，这种"先看到底子"的透明感，比事后吵架、跑监管更划 算。 提前避坑的意义 为什么消费前要查投诉？ 黑猫投诉：真实案例的风险参考 在黑猫投诉（tousu.sina.com.cn），消费者可以通过搜索商家名称或产品类别，直接查看该品牌的投诉 量、投诉类型以及企业是否回应。比如，同一类商品是否频繁被投诉"货不对板"，某个培训机构是否普 遍存在"退费难"。这些记录不止告诉你"有人抱怨"，还会显示企业是否积极沟通、问题是否解决。这比 单纯的好评率更有参考价值，因为它展示的是真实矛盾和处理结果。 查询并不复杂 "花了大价钱报培训，结果开课延期连退款都拖着不办。""网购家电，售后说好保修一年，真坏了却没 人管。"——这些并不是少数人的遭遇。很多消费者事后才发现，如果能在下单或付款前查查商家的投 诉记录，也许就能避开陷阱。 在购物决策里，绝大多数人只会看销量和评价，却很少关注背后的负面案例。问题在于，评 ...

Core Viewpoint - The company reported a decline in revenue across several business segments for the first half of 2025, with notable growth in the environmental sector, indicating a mixed performance overall [1][2][3] Group 1: Financial Performance - For the first half of 2025, the company achieved revenue of HKD 277 million and gross profit of HKD 64.85 million [1] - Rental income from investment properties decreased to HKD 16.9 million, down from HKD 22.2 million in the same period of 2024, primarily due to a reduction in tenants at the Weilu Yayuan shopping center [1] - Financial services revenue fell to HKD 43.1 million, a decrease of HKD 44.2 million compared to HKD 87.3 million in the first half of 2024, with net profit from this segment at HKD 18.5 million, down from HKD 30.6 million [1] Group 2: Business Segments - The environmental business segment reported revenue of HKD 212 million, a significant increase of HKD 75.1 million from HKD 137 million in the first half of 2024, driven by an expanded customer network in mainland China [2] - Revenue from the Latin America and Caribbean segment decreased to HKD 3.7 million from HKD 11.4 million in the same period of 2024, attributed to a reduction in approved citizenship application cases [2] Group 3: Strategic Developments - The company has been granted "Citizenship by Investment Program Approval" by the Grenada government, allowing it to utilize foreign investor funds for project development [3] - The successful implementation of the Grenada project marks a significant milestone for the company in diversifying its operations in the Caribbean and Latin America, with plans to explore further investment opportunities in these regions [3]

Core Viewpoint - The article outlines the Henan Provincial Government's comprehensive policy measures aimed at reducing operational costs for enterprises across various dimensions, including R&D, transformation, human resources, funding, energy, logistics, land use, import/export, and operational costs, to promote high-quality development [2][5][6]. Group 1: R&D Cost Reduction - The policy encourages key industry chain enterprises to collaborate with research institutions to establish provincial manufacturing innovation centers, providing a subsidy of 30% of actual investment in technology introduction and research equipment, capped at 5 million yuan [2][7]. - For the first set of major technical equipment and new materials developed by enterprises, a reward based on a certain percentage of sales is available, with a maximum of 5 million yuan per enterprise annually [2][7]. - Support for key core technology projects includes a subsidy of 30% of the approved total investment, with a maximum of 20 million yuan per project [2][7]. Group 2: Transformation and Upgrade Cost Reduction - The policy includes loan interest subsidies for equipment updates and financing leasing support, with a 15% subsidy for major technical transformation projects exceeding 50 million yuan, capped at 10 million yuan [3][7]. - Digital transformation initiatives are supported, including subsidies for industrial internet platform construction, with a maximum of 5 million yuan [3][7]. - Green transformation projects recognized as national-level green factories can receive a subsidy of 20% of actual investment in equipment and software, up to 5 million yuan [3][7]. Group 3: Human Resource Cost Reduction - Social insurance subsidies are available for enterprises hiring unemployed individuals, covering the actual social insurance contributions made by the employer [8]. - A stable employment return policy allows enterprises that maintain employment levels to receive a return of 30% for large enterprises and 60% for small and micro enterprises on their unemployment insurance contributions [8]. - A one-time expansion subsidy of 1,500 yuan per person is available for enterprises hiring recent graduates or unemployed youth [8]. Group 4: Funding Cost Reduction - The policy aims to enhance credit services for small and micro enterprises, with a target of 160 billion yuan in new loans for technology enterprises in 2025 [9][10]. - Tax incentives include VAT refunds and deductions for R&D expenses, as well as exemptions from certain taxes for small loans to micro enterprises [10]. - Measures to clear overdue payments to small and medium enterprises are emphasized, ensuring timely payments from state-owned enterprises [10][11]. Group 5: Energy and Logistics Cost Reduction - The policy promotes the use of renewable energy sources and aims to reduce electricity and water costs through various measures, including direct supply trials for large users [11]. - Logistics cost reductions include toll exemptions for hydrogen and electric trucks and subsidies for updating older vehicles [11][12]. Group 6: Land Use and Import/Export Cost Reduction - The policy encourages the use of standard land supply for industrial use and supports flexible land leasing arrangements [12][13]. - Measures to enhance customs efficiency and support for import/export enterprises are outlined, including simplified procedures and financial support for certifications [13][14]. Group 7: Operational Cost Reduction - The article emphasizes improving service quality for enterprises through streamlined administrative processes and enhanced support for industrial parks [13][14]. - Initiatives to establish modern enterprise systems and training programs for private enterprises are also highlighted [14].

Group 1 - The Federal Reserve's unexpected announcement of interest rate cuts, supported by two board members, signals a shift in monetary policy, which is rare and indicates a potential easing of financial conditions [1] - The U.S. July CPI data shows a month-on-month increase of 0.2% and a year-on-year increase of 2.7%, with core CPI exceeding expectations, leading to heightened expectations for a rate cut in September [1] - The anticipation of lower interest rates is expected to enhance global liquidity, positively impacting global stock markets, including A-shares and Hong Kong stocks [1] Group 2 - The A-share market experienced a high of 3704.77 points but closed down 0.46% at 3666.44 points, ending an eight-day winning streak, indicating short-term technical adjustment pressure [2] - The Shanghai Composite Index is approaching historical highs, with the market showing an overall upward trend, suggesting potential for continued upward movement next week [5] - Despite potential adjustments, the market remains strong, with limited downside expected, indicating resilience in the face of short-term fluctuations [7]

Core Viewpoint - The article emphasizes the importance of technological innovation as a pathway to modernize and enhance the quality of development in Hangzhou, with various districts outlining their strategies to implement the decisions made during the recent municipal conference [2]. Group 1: Innovation and Development Strategies - The districts are focusing on innovation as the primary driving force for development, with specific plans to enhance urban productivity and establish innovation zones [3][4][5][6][8]. - Each district is encouraged to integrate education, technology, and talent reforms to support innovation and industrial integration, particularly in artificial intelligence [4][5][6][8][9]. Group 2: Economic Growth and Industrial Focus - Emphasis is placed on creating new industrial landmarks and enhancing the local economy through initiatives like the "China Calculation Valley" and the development of cultural and creative industries [4][5][8]. - The districts aim to attract high-quality projects and enhance local enterprises' investment potential to stimulate economic growth [10][11][12][14]. Group 3: Urban and Rural Integration - There is a strong focus on urban-rural integration, with plans to improve public services and infrastructure to enhance the quality of life for residents [10][12][13][14]. - The districts are working on projects that promote ecological and cultural development, ensuring sustainable growth while preserving local heritage [13][14].