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足协评议：新鹏城短暂9打11符合竞赛规则，但裁判组程序存在不足_我的网站

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    Visitors interact with a robot from Unitree Robotics during the sixth China International Consumer Products Expo (CICPE) in Haikou, south China's Hainan Province, April 14, 2026. (Xinhua/Gao Jing)Foreign financial institutions are finding a stronger investment case in China's hard-tech industries as breakthroughs in AI, semiconductors, and advanced manufacturing are driving more exports, higher earnings, and growing interest from global investors.
China's high-tech exports surged over 50 percent year on year in July, well ahead of the 17.8-percent growth in total exports, customs data showed. The export gains are being mirrored in investment flows, with foreign funds moving into Chinese technology stocks and global indices adding newly listed hard-tech companies.
Rob Subbaraman, head of global macro research and co-head of global markets research at Nomura, said China's low-cost and abundant electricity supply, growing talent pool and early lead in physical AI are driving the rapid development of its AI industry chain.
China's development of open-weight models could accelerate their adoption by businesses, allowing productivity gains from AI as a general-purpose technology to spread more quickly across the economy, he said, citing models from Chinese firms including DeepSeek and Moonshot AI.
"The lower cost of these models was another advantage," he said, adding that the benefits could extend beyond China, particularly to emerging markets that could adopt cheaper Chinese AI models.
China's strength in advanced manufacturing has also become increasingly evident, said Robin Xing, chief China economist at Morgan Stanley, pointing to China's roughly half share of global installed new energy storage capacity and the rapid growth in outbound licensing deals for innovative drugs. These trends, he said, underpin the long-term investment case for China's hard-tech sector and leading manufacturers.
These strengths are increasingly being reflected in foreign investors' allocation decisions. This year, Goldman Sachs has twice raised its 12-month target for the CSI 300 on improving earnings momentum, and retained an overweight view on Chinese equities.
Kinger Lau, chief China equity strategist for Goldman Sachs Research, said the bank's positive view reflected improving earnings momentum, favorable macroeconomic and liquidity conditions. A-share equities offered international investors diversification benefits that remained underappreciated, along with attractive exposure to hard-tech and AI themes, he added.
Individual companies are drawing overseas interest too.
ChangXin Memory Technologies surged 465.82 percent on its debut on Shanghai's STAR Market last month, reaching a market capitalization of more than 3.2 trillion yuan (about 471.28 billion U.S. dollars).
U.S.-based Tema ETFs made the chipmaker a top holding at a 10.56 percent weight on its debut day, while MSCI officially added it to its China All Shares Index on Monday under a fast-track rule for large IPOs.
Robotics is where the enthusiasm is most visible. Unitree, set to become China's first mainland-listed humanoid robot maker, priced its Shanghai IPO at 150.8 yuan a share, representing 10 percent of its post-offering share capital. The offering is expected to raise about 6.1 billion yuan in gross proceeds.
That optimism, however, exists alongside broader economic pressures. Nathan Chow, senior economist at DBS Bank, said the imbalance between relatively strong supply and weak demand remained pronounced, with household consumption and some companies' profitability still under pressure.
Investment in infrastructure could help offset the weakness in private investment in the near term, while lowering logistics and energy costs and improving the efficiency of resource allocation over the longer term, Chow said. It could also strengthen supply chains and reduce the economy's exposure to external shocks and geopolitical risks, he added.
The implementation of policy measures would be key to sustaining the recovery in the second half of this year, analysts noted.
Economic management requires both easing the brakes and stepping on the accelerator, said Song Yu, chief China economist at UBS Securities, adding that faster fiscal spending and the use of bond proceeds, additional policy support and better coordination between fiscal and financial policies are needed, alongside measures to remove barriers to household consumption and improve the business environment.
"With stronger policy support and measures taking effect, China's economy is expected to maintain a steady recovery in the second half of the year," Chow said.
。    08月26日讯 中国足协发布新一期裁判评议，对裁判组处理深圳新鹏城队替换队员事件作出说明。指出新鹏城场上9打11丢球事件符合竞赛规则，但裁判组程序处理上存在不足。【相关】新鹏城申诉函内容：四官拒绝受理换人申请，球队场上仅有9人作战                                                             【判例内容】判例七：中超联赛第24轮，深圳新鹏城vs浙江俱乐部绿城。比赛第80分钟，深圳新鹏城替换队员，因替换下场的11号队员未在10秒内离场，造成替换上场的17号队员暂时不能上场，之后深圳新鹏城15号队员受伤下场，未能作出替换。随后比赛恢复，深圳新鹏城场上队员暂时为9人，深圳新鹏城踢直接任意球恢复比赛后，浙江俱乐部绿城队得到控球权，发起进攻并取得进球。裁判员判进球有效。深圳新鹏城俱乐部申诉意见认为：本队在队员受伤后，已提交换人申请，但第四官员拒绝执行换人程序，导致本方在只有9名场上队员的情况下，被对方进球。对于此判例，经调查和了解现场情况，评议组作出如下认定和说明：第一，深圳新鹏城17号替换11号时，因后者未能在10秒限时内离开比赛场地，按照竞赛规则，替换上场的17号暂时不能上场，需在比赛恢复后再经过1分钟，之后的首次比赛停止时，得到裁判员的示意，方可上场。第二，在比赛恢复前，深圳新鹏城15号受伤倒地，随后由担架抬出场地。

B | 在此过程中，深圳新鹏城再次提出替换申请，由6号和25号，替换场上的2号和受伤的15号。第四官员未执行替换前的有关检查。此时比赛具备恢复条件，裁判员决定恢复比赛，该程序并不违反竞赛规则。

C | 球队提出替换申请，并不意味着替换程序即刻开始，第四官员必须先进行一系列检查核对程序（包括检查核对替换单据、换人牌、本场报名名单、确认队员号码和参赛资格、检查替补队员装备等），所有程序就绪后，才可通知裁判员，并在比赛停止时进行替换。

D | 在上述检查完成前，如果比赛具备继续或恢复的条件，裁判员应先允许比赛继续或恢复。

E | 第三，此判例中，在深圳新鹏城15号受伤倒地时，比赛已具备恢复条件。但裁判员因深圳新鹏城15号受伤而延迟比赛恢复，此时如果球队提出替换申请，并且递交资料齐备，从管理角度出发，第四官员应优先启动替换前的检查程序（无论是否能够在比赛恢复前完成替换），其次再兼顾（或由其他比赛官员兼顾）暂不允许上场的深圳新鹏城17号的管理与计时（如果比赛恢复）。综上，此判例中，比赛在深圳新鹏城场上暂时只有9名队员时恢复，符合竞赛规则。但裁判组在比赛管理和工作程序处理上存在不足。

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