"这对德国工业来说无疑又泼了一盆冷水。"德国商业银行首席经济学家约尔格·克雷默表示，预计要到 明年才会出现显著好转。专家此前预计，继7月下降 2.7% 之后，8月订单将增长1.1%。若不计入通常波 动较大的大额订单，8月的增幅或将达到3.3%。 【环球时报驻德国特约记者 青木】"德国工业订单的低迷仍在持续，再次浇灭了德国经济复苏的希 望。"德国《经济周刊》7日报道称，德国联邦统计局周二公布的数据显示，德国工业8月的新订单环比 下降0.8%，为连续第四个月下降。 8月，德国国内需求环比增长4.7%。然而，海外订单连续第三个月下降，环比下降4.1%。来自欧元区的 订单下降了2.9%，来自欧元区以外的新订单环比下降了5.0%。具体到各个领域来看，当月汽车行业新 订单环比降幅达6.4%。此外，计算机、电子及光学产品制造业新订单环比下降11.5%，制药业下降 13.5%。 德国联邦经济和能源部当天发表声明称，国内工业需求的回升显示出工业领域可能正在触底企稳，但近 期疲弱的海外需求仍对复苏势头形成抑制。德国工商大会专家朱普·曾贞对此表示："尤其令人震惊的 是，在年初略有回升之后，来自海外的订单现在又开始下降。" 尽管最新 ...

"世界其他地区之间的贸易持续增长，尤其是南南贸易。由于成员国之间大多保持着正常的贸易往来， 供应链正朝着需求所在的地方流动。我们的初步计算表明，2025年上半年南南贸易额同比增长8%，而 同期全球贸易总额同比增长6%。" 不过，奥孔乔-伊维拉7号也警告称，受全球经济复苏乏力和美国关税政策等因素影响，2026年全球货物 贸易增速预计将大幅下降至0.5%。 奥孔乔-伊维拉： 当地时间10月7号，世界贸易组织发布最新《全球贸易展望报告》，世贸组织总干事奥孔乔-伊维拉当天 表示，尽管美国政府单边主义政策带来了严峻挑战，但全球贸易依然显现出强大的韧性。 奥孔乔-伊维拉： "众所周知，自今年年初以来，我们目睹了我们最重要的成员国之一采取的单边行动，贸易政策的不确 定性空前上升。尽管面临严峻挑战，贸易仍表现出韧性，这在很大程度上得益于基于规则的多边贸易体 系所提供的稳定性，以及成员国对关税变化的审慎应对。我们目前预计今年全球货物贸易额将增长 2.4%。这远高于我们8月份预测的0.9%。" 世贸组织认为，推高今年全球货物贸易增速的原因包括美国进口商为应对关税影响或报复措施而提前下 单，以及全球对半导体、计算机、服务器和制造设 ...

WTO总干事：明年关税措施仍对对贸易构成压力 其次，对半导体、计算机、服务器和制造设备等交易量较大的人工智能相关产品的需求飙升，以满足持 续增长的人工智能相关资本投资。 第三，世界其他地区之间的贸易持续增长，尤其是南南贸易。2025年上半年南南贸易额同比增长8%， 而同期全球贸易总额仅为6%。（第一财经记者 冯迪凡 ） 7日，世贸组织总干事伊维拉在记者会上表示，尽管前期加征关税以及4月至8月期间暂停多项加税措施 已将其影响推迟到今年下半年，尤其是明年，但关税措施仍在对贸易构成压力。 她还解释了2025年上半年，世界商品贸易额增长强于预期，同比增长4.9%的原因。她表示，首先，进 口商提前下单，以应对未来的关税上调或报复性措施。美国的库存以美元价值计算已达到创纪录水平。 第一季度，北美进口额同比增长13.2%，主要受药品和贵金属（主要是黄金）的推动。 ...

9月上半月，越南出口额超过10亿美元的商品类别有4类，其中，出口额最高的是计算机、电子产品 及零部件，出口额达48.5亿美元；其次是机械、设备、工具及其零部件，出口额达25.2亿美元；手机及 其零配件，出口额达23.7亿美元；纺织品，出口额达15亿美元。进口方面，进口额过10亿美元的商品有 两大类：计算机、电子产品及零部件70.7亿美元；机械、设备、工具及配件27.4亿美元。 （原标题：截至9月15日，越南进出口总额突破6370亿美元） （驻胡志明市总领馆经商处） 《投资报》9月21日报道称，据越南海关总署统计，9月1日至15日，越南进出口总额达390多亿美 元，其中出口额达192亿美元，进口额达198.5亿美元。 截至9月15日，越南全国进出口总额超过6370亿美元，其中出口额达3252.6亿美元，进口额达3119.5 亿美元，贸易顺差133.1亿美元。 ...

Group 1 - The article draws a comparison between the brain and a computer, suggesting that the brain has complex configurations similar to both supercomputers and older machines [1]

消费市场稳步回暖，升级态势持续显现。8月全省社会消费品零售总额同比增长1.7%，较上月加快1.1个 百分点；1—8月累计同比增长4.1%。升级改善类商品表现亮眼，8月限上智能手机、计算机零售额同比 分别增长31.5%、19%，较上月分别加快13.6个、14.9个百分点，合计拉动当月限上零售额增长0.7个百 分点。 投资结构持续优化，设备投资占比提升。1—8月，全省设备工器具购置投资同比增长4.1%，占全部投 资比重达19.3%，较1—7月提高0.5个百分点，反映出经营主体扩大生产、升级装备的积极信号。 本报讯(记者李晞)9月19日，省统计局发布我省前8个月经济运行情况。整体来看，全省上下着力稳就 业、稳企业、稳市场、稳预期，推动存量政策落地与增量政策加力并举，经济运行呈现总体平稳、稳中 有进的良好态势。 工业经济韧性凸显，新兴动能引领增长。1—8月全省规模以上工业增加值同比增长6.8%。8月当月，规 上工业增加值同比增长4.6%，全省列统的40个大类行业中，26个行业增加值实现同比增长，增长面达 65%。先进制造业发挥强劲引领作用，高技术制造业以10.7%的增速领跑，数字核心产品制造业增长 9.9%，医药制造 ...

Economic Performance - In August, the industrial production growth rate was 5.2%, a decrease of 0.5 percentage points compared to the previous month[10] - Fixed asset investment from January to August was 326,111 billion CNY, with a year-on-year growth of 0.5%, down from 1.6%[10] - Retail sales of consumer goods in August totaled 39,668 billion CNY, growing by 3.4% year-on-year, a decline of 0.3 percentage points from the previous month[10] Investment Trends - Infrastructure investment decreased by 1.2 percentage points, while manufacturing investment growth fell by 1.1 percentage points[18] - Real estate development investment from January to August was 60,309 billion CNY, down 12.9% year-on-year, with the decline expanding by 0.9 percentage points[19] - The first industry investment grew by 5.5%, while the second industry saw a growth of 7.6%[18] Consumption Patterns - Urban retail sales grew by 3.2%, while rural retail sales increased by 4.6% in August[21] - Jewelry sales saw a significant increase, and automotive consumption turned positive after previous declines[22] - The decline in retail sales growth was primarily influenced by a drop in commodity retail sales, despite a rebound in dining consumption[25] Policy Outlook - The macroeconomic policy is expected to remain proactive, with continued support for infrastructure and real estate investments to stabilize the economy[29] - The government aims to effectively release domestic demand potential, which is crucial for economic recovery[29] Risk Factors - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in US-China policies[30]

Group 1: Industry Index Pool Construction - The report outlines the construction of an industry index pool that combines investability and representativeness, focusing on passive products tracking strong industry attributes [10][12]. - Since 2020, the scale of industry ETFs has experienced explosive growth, increasing from 85.8 billion yuan at the end of 2019 to over 310 billion yuan by the end of 2020, and approaching 900 billion yuan by August 2025 [10]. - The report categorizes various industry ETFs, highlighting that TMT, financial real estate, and pharmaceutical sectors have surpassed 100 billion yuan in ETF scale [10]. Group 2: Economic Prosperity Investment Practices - The report discusses the calculation of expected ROE growth for industries based on analysts' profit forecasts, comparing two fiscal years (FY1 and FY2) [20][21]. - It emphasizes that the FY2 grouping shows stronger monotonicity in performance compared to FY1, indicating better returns for the former [23][24]. - The backtesting period for the economic prosperity factor spans from January 1, 2018, to September 12, 2025, with a focus on marginal changes in industry index prosperity [27]. Group 3: Economic Trend Resonance Strategy - The economic trend resonance strategy combines fundamental marginal improvements with capital consensus, utilizing trend factors to quantify market sentiment [36][38]. - The constructed economic trend resonance portfolio has achieved an annualized return of 12.33% since 2018, outperforming the CSI 800 index by 11.13% [40][42]. - The portfolio's monthly excess return rate stands at 64%, with a profit-loss ratio of 1.30 [45]. Group 4: Economic Trend and Crowding Avoidance Strategy - The strategy integrates economic trend analysis with crowding avoidance to mitigate risks associated with overheated trading [49]. - The three-dimensional strategy has yielded an annualized return of 12.80% since 2018, exceeding the CSI 800 index by 11.60% [52][54]. - The portfolio's monthly excess return rate is 62%, with a profit-loss ratio of 1.47 [57]. Group 5: Current Industry Characteristics - As of August 2025, the report identifies industries that align with the economic trend resonance and crowding avoidance strategy, including the transportation index, home appliances, livestock, media, and oil and gas sectors [60]. - The expected growth rates for these sectors range from 1.1% to 9.6%, with varying levels of crowding and valuation metrics [60].

Group 1 - The core viewpoint of the article emphasizes China's proactive efforts in applying artificial intelligence (AI) in the field of intellectual property (IP) amidst the challenges posed by rapid technological advancements [1][3]. - The Eurasian Patent Office, as an intergovernmental organization, plays a crucial role in processing and granting patents across its member states, highlighting the importance of international cooperation in IP [1][4]. Group 2 - The main challenge in the IP field due to AI development is the complexity of patent examination for AI-related applications, which requires enhanced evaluation capabilities [2]. - Each AI-related patent case serves as a benchmark for assessing patent value, indicating the need for updated standards in patent activities [2]. - China has demonstrated foresight in addressing digital age IP issues, actively promoting AI technology in patent examination and office automation, leading to improved examination quality [3]. Group 3 - The collaboration between the Eurasian Patent Office and China's National Intellectual Property Administration has been strengthened, with a focus on sharing expertise and enhancing patent examination processes [3][4]. - The "patent examination fast track" mechanism is advocated to leverage initial examination results across different departments, which is significant for the development of the IP system [4]. - There is an expectation for more Chinese manufacturers and inventors to submit patent applications, particularly in advanced technology fields, reflecting the growing global value of Chinese designs [4][5].

Group 1 - The core theme of the 14th China Intellectual Property Annual Conference is "Intellectual Property in the Digital Age," focusing on the challenges posed by rapidly developing artificial intelligence in the field of intellectual property [1] - The Eurasian Patent Office emphasizes that each artificial intelligence-related patent application presents a new challenge in terms of approval, innovation, and compliance with new patent activity requirements [2] - Artificial intelligence has significantly increased the scale of patent data, complicating the patent examination process [2] Group 2 - China is actively promoting the application of artificial intelligence technology in the field of intellectual property, including AI patent examination and intelligent office construction, achieving notable results [3] - The China National Intellectual Property Administration has improved examination quality through specialized division of labor, providing a reference for global patent institutions [3] - The Eurasian Patent Office plans to deepen cooperation with China, particularly in academic conferences and practical training activities, to address challenges posed by rapid technological advancements [4] Group 3 - The "patent examination expressway" mechanism is advocated to effectively utilize the examination results of initial applications, enhancing the decision-making process in other departments [4] - There is an expectation for more Chinese manufacturers and inventors to submit patent applications, especially in fields like ultra-thin displays and computing technology [4] - The collaboration has yielded significant results in the field of design, with Chinese applicants bringing product designs that possess global protection value, contributing to the emergence of Chinese design as a world-class brand [4]