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9月24日，2025（第十九届）DEMO CHINA在杭州拱墅开幕。 本届大会由创业邦主办，由杭州市拱 墅区人民政府指导，拱墅区委人才办、杭州大 运河数智未来城管委会联合主办 。 杭州市拱墅 区委 副书记 、区长敖煜新出席开幕式并致辞，拱墅区委常委、组织部部长施甜甜，拱墅区委常委、区政府 党组成员张建明 参加活动 。 近 3 年， DEMO CHINA 全力以 " AI+ 科技资本 " 为主线展开，汇聚众多优秀的早期人工智能及硬 科技科技公司、知名投资机构、产业大公司。本届 大会 以 "觉醒·共生·超越"为主题，现场评选 出 《 2025 值得关注的 AI 创变者 》《 2025 值得关注的硬科技创变者 》 两大企业榜单，汇聚机器人 * 智能硬件、 AI 创新应用、智能制造、医疗科技等前沿科技赛道 126 家 早期企业同台竞技。同期 还将发布 《 2025 最受赞赏的风险投资机构榜 》 ，吸引 213 家 投资 机构 齐聚杭州。 致力于 打造中国具有影响力的早期科技企业展示及链接平台， 18年来， DEMO CHINA 累计 吸引 47000+ 创业企业报名 、 1506 家企业登台展示。其中， 623 家企 ...

Core Viewpoint - The Federal Reserve's decision to lower the federal funds rate by 25 basis points to a target range of 4.00% to 4.25% was anticipated, but the market reaction was unexpected, with the dollar index and U.S. Treasury yields rising sharply after a brief dip, while gold experienced significant selling pressure [1][3]. Group 1: Economic Indicators and Fed's Actions - Fed Chairman Powell labeled the rate cut as a "risk management" move, indicating that the motivation was not due to an existing recession but rather to hedge against future uncertainties [3][5]. - Despite the rate cut, Powell acknowledged rising risks in the labor market, with both labor supply and hiring demand declining sharply, creating a "peculiar balance" [5]. - Inflation and unemployment rates, which typically move in opposite directions, have both shown upward trends recently, complicating the Fed's decision-making process [5][8]. Group 2: Fed's Forecasts and Political Pressures - On the same day as the rate cut, the Fed raised its GDP growth forecasts for the next three years while lowering unemployment rate predictions for the next two years, highlighting internal contradictions in its outlook [7][8]. - Political pressure from the White House is increasingly influencing Fed decisions, as evidenced by the dissenting vote from newly appointed board member Milan, who advocated for a more aggressive 50 basis point cut [10][12]. - The market's trust in the Fed's independence is eroding, with concerns that the Fed's future policy may lean more towards government preferences due to ongoing political pressures [14][15]. Group 3: Market Reactions and Liquidity Concerns - The market has accepted predictions of one to two more rate cuts this year, but largely ignored the Fed's long-term projections, reflecting skepticism about the Fed's future policy direction [17]. - A more pressing concern is the tightening liquidity in the banking system, as indicated by the overnight financing rates in the repo market exceeding the Fed's policy rate ceiling, signaling potential financial instability [20][22]. - The ongoing reduction of the Fed's balance sheet is drawing liquidity from the market, which could lead to a situation where the Fed may need to reverse course and expand its balance sheet again, signaling a stronger easing than the rate cut itself [22][24].

Group 1 - India's unexpected military cooperation with the US amidst a trade conflict raises questions about diplomatic strategies [3][5][8] - Modi's government faces a dilemma between domestic political pressures and foreign relations, prioritizing electoral support over US demands [10][12] - The EU's unified stance against US tariffs indicates a shift in global power dynamics, emphasizing sovereignty and collective resistance [19][21][26] Group 2 - Russia's warning to Japan reflects concerns over military escalation and highlights the multifaceted challenges to US influence [23][28] - The changing global landscape suggests that countries are increasingly seeking their own paths, leading to more complex diplomatic calculations [30][32]

Core Viewpoint - The article discusses the economic development disparities between southern and northern Jiangsu, highlighting the significant progress made in recent decades and the collaborative efforts that have led to a more balanced regional economy. Group 1: Historical Economic Disparities - Historically, Jiangsu has faced a significant north-south economic development imbalance, with southern Jiangsu being more prosperous due to its fertile land and developed water systems [2][3] - In the 1990s, the economic gap was stark, exemplified by the disparity in GDP between cities like Suzhou and Suqian, with Suzhou's GDP being eight times that of Suqian in 1996 [3][5] - The provincial government recognized the need for balanced development and initiated strategies to address these disparities, including the "regional common development strategy" in the mid-1990s [6][11] Group 2: Recent Economic Developments - As of 2024, five cities in Jiangsu have GDPs exceeding 1 trillion yuan, with Suzhou leading at 2.67 trillion yuan, showcasing the region's economic strength [5] - The gap between Suzhou and Suqian has narrowed significantly, with Suqian's GDP reaching 480.19 billion yuan, reflecting accelerated growth in northern Jiangsu [5][11] - Jiangsu's cities have shown remarkable improvement in various economic indicators, with six cities in the top ten of the national comprehensive strength rankings [5][11] Group 3: Collaborative Efforts and Strategies - The article emphasizes the importance of collaborative efforts between southern and northern Jiangsu, including the establishment of industrial parks and mutual support initiatives [9][10] - The provincial government has implemented various programs aimed at poverty alleviation and economic development in northern Jiangsu, transitioning from "blood transfusion" to "blood production" [9][18] - Infrastructure improvements, such as the expansion of the highway network and participation in the Belt and Road Initiative, have facilitated economic integration and growth across the province [12][14][15] Group 4: Cultural and Social Dynamics - The "Su Super" football league has become a cultural phenomenon, symbolizing the unity and competitive spirit among Jiangsu's cities, reflecting their shared history and collaborative future [1][6] - The article highlights the deep friendships and connections formed between cities, which have fostered a sense of community and mutual support [10][16] - The ongoing efforts to enhance regional cooperation and development are seen as a model for other regions in China, showcasing the potential for collaborative economic growth [18]

Core Viewpoint - The article discusses the recent escalation of conflict between Iran and Israel, highlighting the military actions taken by both sides and the implications for regional stability and international relations [4][8][10]. Group 1: Conflict Overview - Iran's Supreme Leader Khamenei made his first public appearance since the 12-day conflict with Israel, which began with Israeli airstrikes on June 13, resulting in significant casualties and damage [4][6]. - The conflict saw Iran launching multiple missile and drone attacks in retaliation, leading to a ceasefire agreement on June 24 [4][6]. - Reports indicate that Iran targeted five Israeli military facilities during the conflict, which Israel has not publicly acknowledged [8][9]. Group 2: Military Actions and Impact - During the 12-day conflict, Iran reportedly fired over 500 ballistic missiles and approximately 1,100 drones at Israel, with some missiles successfully penetrating Israeli defenses [9][10]. - Analysis suggests that around 16% of missiles managed to bypass Israel's defense systems during the first eight days of the conflict [10]. - The attacks resulted in 28 fatalities and damage to 2,305 homes, two universities, and a hospital in Israel [9]. Group 3: Internet and Communication Disruptions - Following the conflict, Iran experienced significant internet disruptions, with a switch to a national internal network on June 17, which was restored by June 21 [6][6]. - The Iranian Minister of Information and Communications announced that communication services had returned to pre-conflict levels after the ceasefire [6].

Economic Indicators - The GDP growth rate is projected to be 1.7% in 2024, with a slight increase to 1.83% in 2025[11] - The GDP growth forecast for 2025 is estimated at 2.38%[11] - The GDP growth rate for 2023 is expected to be around 2.30%[11] Market Trends - The market is expected to experience fluctuations, with a potential decline of 4.0% in Q1 2024[11] - Inflation rates are projected to stabilize around 2.0% in the coming quarters[11] - The unemployment rate is anticipated to remain steady at approximately 4.0%[11] Financial Projections - The interest rate is expected to rise gradually, reaching around 5.6% by the end of 2024[8] - The consumer price index (CPI) is projected to increase by 3.0% in 2024[15] - The overall market sentiment indicates a cautious optimism, with a focus on sustainable growth strategies[12]

文/梧桐小驴 近期，北交所在《关于拟披露文件自查复核工作的提示》中列举了发行人及中介机构相关主体拟披露文件存在的"低级错误"的众多典型例子。北交所要求发行人 相关主体自查复核招股说明书等披露文件，保荐机构相关主体自查招股说明书和发行保荐书、上市保荐书等披露文件，会计师和律师自查所出具的拟披露文件， 以确保披露文件不存在"低级错误"。发行人及各中介机构在提交回复文件或更新申请文件时，通过审核系统的"特殊事项报送"或"其他文件(不披露)"模块，一并提 供发行人的董事长、信息披露负责人，保荐机构的内核、质控部门相关负责人，以及其他中介机构相关自查复核人员等签字确认的《自查要点》。 北交所强调：对于信息披露文件存在"低级错误"问题的，将结合具体情形依规采取出具监管工作提示、记录负面行为、约见谈话等措施，对情节较重的将采取自 律监管措施或纪律处分。对于披露文件内容存在明显瑕疵，严重影响投资者理解或者审核的，将依据审核规则的规定予以终止审核。多次发生相关问题的，必要 时将开展执业质量现场督导。 北交所在文件中列举的典型低级错误如下： | 事项( | ר | 自查要点( | 典型错误( | 是否 存在( | | --- | ...