特朗普政府再次祭出"232大棒"。 25日，美国联邦公报出现两则公告，内容分别是特朗普政府启动对进口机器人和工业机械以及对进口医 疗设备的232调查细节。 公告称，美国商务部依据《贸易扩张法》第232条款展开调查，调查始于9月2日。根据该法律，美国总 统有权对被视为关乎国家安全的关键商品加征关税，美国商务部需在270天内提交政策建议。 此次新公布的调查扩大了美国目前可能面临关税的行业范围。第一财经采访的多位专家均表示，特朗普 政府通过提高进口成本来鼓励关键产业的国内制造。 对进口医疗设备等产品展开调查 另一项新232调查则反映出特朗普政府对美国依赖外国供应各类医疗耗材的担忧，包括注射器、缝合 线、导管和纱布。 长期在美国从事美线物流行业的罗杰对第一财经记者表示，譬如在机器人和工业设备方面的调查，若成 真，无疑增加美国制造业成本，美国本土短时间内也没办法生产这些设备，重振美国制造业的雄心掺杂 了客观事实和日益严重的民族主义情节下出现的闹剧，让投资美国的外国公司再一次面对雄心壮志下的 冷酷现实。 据第一财经记者不完全统计，目前美方出台的232调查涉及钢铝及其衍生品、汽车、铜、半导体、医药 产品、关键矿产和衍生品、 ...

中信证券指出，通过复盘2010年以来影视剧行业面临的政策，以及其对于内容制作公司和平台的业绩影 响，我们认为广电总局《进一步丰富电视大屏内容促进广电视听内容供给的若干举措》有望在多方面给 长视频行业带来实质性利好。看好后续长视频平台及优质内容制作公司提高产能、提升内容周转效率和 资金使用效率以及剧集IP商业化空间打开带来的业绩改善和增长潜力。 （文章来源：第一财经） ...

Core Viewpoint - The U.S. Department of Commerce has initiated investigations under Section 232 of the Trade Expansion Act, focusing on imports of robots, industrial machinery, and medical devices, reflecting concerns over national security and the desire to boost domestic manufacturing [1][6]. Group 1: Section 232 Investigations - The investigations began on September 2, and the Department of Commerce must submit policy recommendations within 270 days [1]. - The scope of the investigations has expanded to include 11 categories, such as steel, aluminum, automotive, semiconductors, and medical products [2]. - The investigations aim to assess the impact of imports on national security, particularly in the context of robots and industrial machinery [4]. Group 2: Robots and Industrial Machinery - The investigation covers a wide range of equipment, including CNC machining centers, lathes, milling machines, and specialized metal processing equipment [4]. - The Department of Commerce seeks input from stakeholders regarding current and expected demand for domestic production capabilities and the role of foreign supply chains [5]. - The investigation aims to explore the feasibility of increasing domestic production capacity to reduce reliance on imports [5]. Group 3: Medical Devices and Supplies - The investigation also targets imports of personal protective equipment (PPE), medical consumables, and medical devices, reflecting concerns over dependence on foreign suppliers [6][7]. - The Department of Commerce is interested in understanding the current and projected demand for these medical products and the extent to which domestic production meets this demand [8]. - Experts express skepticism about the effectiveness of tariffs in bringing manufacturing jobs back to the U.S., citing a lack of interest among Americans in low-skilled manufacturing jobs [8].

Market Overview - The short-term index is expected to maintain an upward trend after a period of consolidation and profit-taking [1][15] - The US stock market experienced declines for two consecutive trading days, with the Dow Jones down 0.37%, Nasdaq down 0.33%, and S&P 500 down 0.28% [4] - Notable tech stocks showed mixed performance, with Tesla up 4.0% and Amazon down 0.2% [4] Economic Data - In August, new home sales in the US increased to an annualized total of 800,000 units, up 20.5% from July's 664,000 units, exceeding market expectations [4] - International oil prices reached a seven-week high, with WTI crude oil rising 2.49% to $64.99 per barrel and Brent crude oil increasing 2.48% to $69.31 per barrel [4] - Gold prices fell from record highs, with COMEX gold futures for September delivery down 1.28% to $3,732.10 per ounce [4] Policy Developments - The Ministry of Commerce and eight other departments issued guidelines to promote digital consumption, focusing on supply-demand coordination and proposing 14 specific measures [5] - A set of 13 policy measures to support service exports was announced, including the development of international data service businesses and the facilitation of cross-border data flow [6] Industry Insights - The Ministry of Industry and Information Technology released a work plan for the building materials industry, aiming for recovery and growth in profitability from 2025 to 2026, with a target of over 300 billion yuan in revenue from green building materials by 2026 [7] - A public consultation was initiated regarding mandatory national standards for automotive door handles, emphasizing safety and accessibility [8] Company Announcements - Wanhua Chemical expects a net profit increase of 69.81% to 109.77% year-on-year for the first three quarters of 2025, driven by strategic sales adjustments and increased exports [10] - Sinopec Oilfield Services signed a contract worth $359 million for a project in Iraq, expected to contribute 3.15% to the company's 2024 revenue [11] - Mengke Pharmaceutical's major shareholder opposed a proposed stock issuance plan that would lead to a change in control [12] - Shanghai Zhiyuan Hengyue plans to acquire 37% of Shangwei New Materials at a price of 7.78 yuan per share, with a total funding requirement of 1.16 billion yuan [13] - China Jushi announced a share repurchase plan not exceeding 400 million shares, with a total amount of up to 880 million yuan [14]

盈利增长能否化解潜在危机。 受美联储降息预期提振，美国三大股指本周一连续第二个交易日联袂创历史新高。然而，市场情绪在美 联储主席鲍威尔有关估值问题的表态后有所降温，股市连续两个交易日回落。 1996年12月5日，格林斯潘在一次演讲中表示："我们如何知道非理性繁荣何时会过度推高资产价值，进 而导致资产价值遭受意外且持续的下跌？""非理性繁荣" 这一说法因格林斯潘而广为人知，后来更成为 互联网泡沫的代名词。在他发表这番演讲三年多后，股市才达到当时的峰值。当前这轮牛市是否会面临 类似结局，仍有待观察。不过从以下三个指标看，潜在风险似乎值得注意。 周期调整市盈率 周期调整市盈率（CAPE）由诺贝尔经济学奖获得者、耶鲁大学经济学家罗伯特·席勒于1988年提出，其 核心逻辑是通过计算股价与过去10年经通胀调整的平均盈利之比，消除经济周期对短期盈利的干扰，提 供更稳定的估值参考。 自本轮牛市启动以来，该比率持续走高。截至8月底，CAPE 比率已经升至2021年底以来新高。当时美 股开启了一段熊市行情，随着美联储开启紧缩周期，标普500指数在9个月时间内一度下跌超过20%。 希勒团队的网站每月仅更新一次标普500指数CAPE ...

Core Viewpoint - Lithium Americas' stock price surged over 100%, reaching a new high in a year and a half, due to negotiations with the Trump administration regarding a government loan agreement and potential equity acquisition [2][3]. Group 1: Company Developments - The Trump administration is negotiating to acquire up to 10% equity in Lithium Americas while discussing a government loan exceeding $2.26 billion for the Thacker Pass lithium project [3]. - The Thacker Pass lithium project, located in northern Nevada, is claimed to be the largest known lithium resource mine globally, with an expected annual output of 40,000 tons of battery-grade lithium carbonate, aiming to be North America's largest lithium source [2][3]. - Lithium Americas holds a 62% stake in the Thacker Pass project, which is a joint venture with General Motors, which owns 38% and has agreed to purchase lithium from the mine upon production [2]. Group 2: Government Involvement - The U.S. government is pushing for renegotiation of loan terms due to unmet conditions for the first disbursement, with discussions on extending repayment timelines [3]. - The government aims to acquire a small equity stake to establish a cash buffer and mitigate risks for taxpayers [3]. Group 3: Market Impact - Following the news, Lithium Americas' stock price increased by 95.7%, closing at $6.01 [5].

当地时间周三早盘交易中，美洲锂业公司（Lithium Americas）股价飙升超100%，创下近一年半新高。 报道称特朗普政府正就一项政府贷款协议的新条款与这家锂生产商进行谈判，并且希望收购其部分股 权。 上述官员表示："如果我们要将部分还款期限推迟到以后几年，那么政府希望获得一小部分股权，以建 立现金缓冲，并代表纳税人消除一些风险。"虽然交易尚未最终敲定，但特朗普政府支持该项目，相关 讨论进展积极。 美洲锂业总部在加拿大，其萨克帕斯（Thacker Pass）锂矿预计2027年投产。 特朗普政府此前已入股英特尔与稀土生产商MP材料公司（MP Materials）。若美国政府获得美洲锂业的 部分股权，将成为白宫进军其认定的"对美国经济至关重要行业" 的最新举措。 不过，美洲锂业与上述两家公司存在一个关键差异：尽管该公司正在开发的萨克帕斯（Thacker Pass） 锂矿项目位于美国内华达州北部，但公司总部却不在美国，而是设在加拿大温哥华。 美洲锂业称，萨克帕斯锂矿是 "全球已知已探明储量最大的锂资源矿"，投产后每年将产出4万吨电池级 碳酸锂，预计将成为北美最大的锂资源来源之一，项目第一阶段计划于2027年末 ...

*英特尔尾盘拉升超6%，传公司寻求苹果投资。 周三美股连续第二个交易日下跌，投资者消化美联储主席鲍威尔前一天的谨慎表态，等待本周晚些时候 发布的关键经济数据。截至收盘，道指跌171.50点，跌幅0.37%，报46121.28点，纳指跌0.34%，报 22497.86点，标普500指数跌0.28%，报6637.97点。原材料板块跌幅居前，原油大涨助推能源板块领涨 大市。 明星科技股表现分化，特斯拉涨4.0%，微软涨0.2%，亚马逊跌0.2%，苹果和英伟达跌0.8%，谷歌跌 1.8%。甲骨文跌1.7%，有报道称该公司计划通过发行公司债券筹集150亿美元资金。 纳斯达克中国金龙指数涨2.8%。阿里巴巴涨8.2%，京东、百度涨超5%，拼多多涨1.9%，网易跌1.8%。 市场概述 布油逼近70美元，黄金脱离历史高位跌逾1%。 *三大股指走弱，纳指、标普跌约0.3%； *中长期美债收益率上扬，2年期美债重返3.60%； 大山资本（Great Hill Capital）董事长海耶斯（Thomas Hayes）表示："鲍威尔关于股市估值的言论让市 场多少有些措手不及，投资者将其解读为 —— 美联储可能已对高企的资产价格感到担 ...

Wind数据显示，9月24日，4家上市公司回购股票，其中太极集团回购金额最高达1.1亿元，回购数量502 万股，兆讯传媒回购金额达4818万元，回购数量421万股，湖南海利回购金额达1743万元，回购数量249 万股。 ...

作为国内景观学界的领军人物，俞孔坚推动了海绵城市等生态领域创新政策颁布和生态公园等项目的建 设。 著名景观设计师、北京大学建筑与景观设计学院创始院长、土人设计首席设计师俞孔坚教授，9月23日 在巴西因飞机失事遇难。 作为国内景观学界的领军人物，俞孔坚推动了海绵城市等生态领域创新政策颁布和生态公园等项目的建 设，足迹遍布全国。 2006年，俞孔坚接受第一财经采访时指出，圆明园修复的最大障碍在于恢复园林水系。2010年，俞孔坚 主持上海世博园区后滩公园设计，他向第一财经表示，世博期间精心设计的景观绿地，世博后保留基本 原貌，将会为之后的城市设计、规划带来新的启迪。 关于海绵城市，俞孔坚曾在去年对第一财经谈到，若将一个城市20%~30%的土地用于海绵项目，几乎 就可以免受洪水侵袭。但如果周边地区也遭遇洪水，这些项目可能仍然难以吸收所有多余的径流。 （图片来自微博） 俞孔坚1963年生于浙江金华，1995年获哈佛大学设计学博士学位，是美国艺术与科学院外籍院士。1997 年，他回国后创办了北京土人景观规划设计研究所。 9月18日，俞孔坚刚刚获评美国《福布斯》杂志"2025全球可持续发展领航者"50人之一，是榜单上唯一 ...