从"单向灌输"到"双向互动" 理财产品多样化、数字金融普及化、诈骗手段高科技化……随着金融环境日趋复杂，群众的金融决策难 问题愈加凸显。近年来，宁夏金融监管局探索"金融+"教育宣传跨界模式，融合文旅资源、联动基层部 门、紧扣地域特色，持续增强金融消费者权益保护教育宣传的穿透力，真正让群众对金融教育可感可 及。 "金融消保"真人秀表演，"文旅+消保"沉浸式体验金融知识游园会，大学生权益保护金融知识争霸 赛……日前，2025年宁夏金融教育宣传周活动正式启动。 "通过整合银行、保险、证券等多方资源，引导广大群众参与沉浸式学习、互动性强的活动，可有效普 及金融知识，切实提升金融素养和风险防范能力。"宁夏金融监管局消保处处长于小勇对上海证券报记 者说，通过不断推动金融知识普及从"说教式"向"体验式"、从"单一性"向"综合性"的转变，真正让金融 教育接地气、聚人气、润民心。 记者在此次宣传周集中宣教活动现场看到，宁夏辖区内53家银行保险机构都设置了各具特色的宣教区 域，颇有趣味性的形式和沉浸式的体验，吸引了很多人驻足观看、参与体验。 "我们专门打造了打击金融黑灰产专区，将金融知识与非遗文化相结合，通过非遗传承人做糖画、捏 ...

Core Viewpoint - The easing of external constraints on China's monetary policy is expected due to the Federal Reserve's interest rate cuts, which will provide more room for policy adjustments [1][2]. Group 1: Monetary Policy Environment - The Federal Reserve's interest rate cuts have led to a decline in the US dollar index, reducing pressure on the RMB exchange rate [1]. - Analysts suggest that the attractiveness of RMB assets is increasing, leading to more foreign capital inflows and higher demand for RMB, which supports its appreciation [1][2]. - The potential for further interest rate cuts by the Federal Reserve may continue to alleviate pressure on the China-US interest rate differential and the RMB exchange rate, allowing for a more accommodative monetary policy environment in China [1][2]. Group 2: Internal Constraints on Monetary Policy - Internal factors, such as maintaining necessary policy space and ensuring reasonable net interest margins, pose greater constraints on China's monetary policy compared to external factors [2]. - The net interest margin of commercial banks has fallen to a new low of 1.42%, which may limit the space for further interest rate cuts [2][3]. - The need to avoid excessive liquidity that could lead to inefficient allocation of financial resources is emphasized, suggesting a preference for targeted monetary policy measures [2]. Group 3: Future Outlook for Monetary Policy - There is still room for further interest rate cuts and reserve requirement ratio (RRR) reductions, as the macroeconomic environment remains challenging [4][5]. - Analysts predict that the People's Bank of China may lower the RRR by 0.25 to 0.5 percentage points in the third and fourth quarters to enhance liquidity [6]. - The coordination between fiscal and monetary policies is expected to strengthen, focusing on optimizing the structure of financial support to key sectors [6].

◎记者 汪友若 北京时间9月18日凌晨，美联储将联邦基金利率目标区间下调25个基点到4.00%至4.25%之间。根据美联 储主席鲍威尔在新闻发布会上的发言，机构普遍认为，此次降息为"预防式"降息，即美联储并不会进入 持续性的降息周期，而是为了预防潜在风险，前瞻性实施相对温和的降息举措。从历史经验看，"预防 式"降息开启后，全球各类核心资产中，股票资产走势最为强劲，新兴市场有望迎来配置窗口。 利好股票资产表现 对于以中国市场为代表的新兴市场而言，美联储开启降息周期也意味着配置窗口的打开。在全球风险偏 好改善的情况下，降息有望推动部分国际资本流入新兴市场。 景顺亚太区全球市场策略师赵耀庭在研报中表示，当前新兴市场股票具有较好的投资价值。"投资者不 妨保持多元化投资组合，并有选择性地增加对新兴市场股票及新兴市场本币债券的配置。"赵耀庭称。 在美股市场，"降息交易"已演绎近一个月。 自美联储主席鲍威尔8月22日在全球央行年会上意外"转鸽"后，投资者便开始大幅押注美联储9月降息。 一段时间以来，"宽松交易"持续主导美国市场：美债利率和美元回落，黄金上涨，美股回调后反弹。 当地时间9月17日，美股三大指数收盘时涨跌互现— ...

美联储为何选择在这一时刻重启降息？东方金诚研究发展部高级副总监白雪对上海证券报记者表示，这 一决策同时反映了美国就业市场下行的压力，以及对政治干预与通胀风险的权衡。会议释放的信号清晰 表明，就业已取代通胀成为当前政策的首要关注点。 选择下调25个基点而非50个基点，也显现出美联储正试图平衡其双重使命：一方面须防范美国就业市场 疲软的风险；另一方面警惕过早降息重新点燃通胀。 "当前美国就业市场出现明显的恶化信号，美联储9月降息存在必要性，降息25个基点符合预期。"中信 证券首席经济学家明明对上海证券报记者表示，美国新增非农就业人数3个月均值仍在3万人左右，处于 历史低位，并且8月失业率走高、职位空缺数下降也显示就业市场的走弱态势。 从经济预测来看，美联储对美国经济前景的预期有所改善，但通胀仍面临上行风险。美联储将今年和明 年美国GDP增速预测均上调了0.2个百分点，分别为1.6%和1.8%，同时上调通胀预期，并将通胀达标时 间推迟至2028年。"这表明美联储准备在短期内容忍适度通胀，以换取就业市场的稳定。"白雪说。 ◎记者 黄冰玉 陈佳怡 时隔9个月，美联储再度降息——北京时间9月18日凌晨，美联储在议息会议上 ...

Core Viewpoint - The Federal Reserve has restarted interest rate cuts, lowering the federal funds rate target range by 25 basis points to between 4.00% and 4.25%, which reduces external constraints on China's monetary policy and enhances its operational space and autonomy [2][3][4]. External Constraints - The Fed's rate cut alleviates external pressures on China's monetary policy, allowing for a more "self-directed" approach [3][4]. - The alignment of monetary policy cycles between China and the U.S. is expected to broaden China's policy space and enhance its autonomy [4]. - The depreciation of the dollar and the decline in U.S. Treasury yields following the Fed's decision have reduced pressure on the RMB exchange rate, further easing external constraints [4][5]. Internal Constraints - Internal factors, particularly the pressure on bank interest margins, pose a greater constraint on China's monetary policy than external factors [6]. - The narrowing of net interest margins for commercial banks, which fell to a new low of 1.42%, limits the space for further interest rate cuts [6][7]. - The need to maintain a reasonable net interest margin and avoid excessive liquidity that could lead to financial risks is crucial for the stability of the banking sector [6][7]. Future Outlook - There remains potential for further cuts in reserve requirements and interest rates, as the current economic environment still faces challenges [9][10]. - Analysts suggest that the People's Bank of China may lower the reserve requirement ratio by 0.25 to 0.5 percentage points in the latter half of the year to optimize liquidity [9][10]. - The focus of monetary policy will likely shift towards structural adjustments to stimulate effective demand and support key sectors, rather than relying solely on broad interest rate cuts [10].

Group 1: Federal Reserve Rate Cut Impact - The Federal Reserve's interest rate cut has been anticipated by the market, confirming a global easing cycle [1] - Following the rate cut, the US dollar index fell, leading to potential support for commodities priced in dollars, such as gold and copper [1][4] - The rate cut is expected to lower the interest income on dollar-denominated assets, prompting international capital to seek higher-yielding investments [4] Group 2: Gold Market Outlook - As of September 18, 2023, gold prices showed slight increases, with London spot gold at $3,654.58 per ounce and COMEX futures at $3,691.60 per ounce, both with daily gains of less than 1% [2] - Experts predict that gold prices may experience short-term fluctuations between $3,500 and $3,900 per ounce, with long-term support factors remaining intact [3] - The ongoing easing cycle by the Federal Reserve, combined with other factors, suggests that gold remains in a bull market [3] Group 3: Oil Market Dynamics - On the day of the Federal Reserve's rate cut, WTI crude oil futures closed at $64.05 per barrel, down 0.73%, while Brent crude futures closed at $67.95 per barrel, down 0.76% [5] - Analysts forecast that international oil prices are likely to experience a downward trend due to a supply surplus, with geopolitical factors providing limited support [6] - Seasonal demand fluctuations are expected to further impact oil prices, as the end of summer travel reduces gasoline consumption and the upcoming maintenance season in major markets will lead to decreased demand [7]

Core Viewpoint - The Shenzhen Bao'an District People's Court is set to conduct an online judicial auction on October 28, 2025, for 3,276,000 shares of Xinhau Optoelectronics stock (stock code: 301051) held by Liang Guohao, as part of a civil dispute involving multiple parties [1]. Group 1 - The auction will take place on the Taobao judicial auction platform [1]. - The case involves Shenzhen Dehao Microfinance Co., Ltd. as the applicant and Liang Guohao along with several companies as the respondents [1]. - The execution case number is (2024) Yue 0306 Zhi Huan 3355 [1].

国家电网中国电力科学研究院首席技术专家惠东分析称，预计未来十年，储能市场中的主体需求是日间 调节（8小时储能），而锂电池很可能继续在这个市场中保持领先地位。其判断依据是，目前锂电池储 能经济性是所有新型储能技术中最好的，并且它已经历了产业应用中的大量试错过程，而且技术还在快 速进步。 对于更长时间的储能，比如跨周、跨季节的储能，惠东则认为，储电是不是最好的形式还值得研究，可 能其他类型的储能形式更为合适。 国际可再生能源署在大会上发布的《光伏与储能助力能源转型》完整版报告称，锂电池仍是当前最具经 济性且已实现规模化应用的储能技术。 ◎记者王玉晴 9月17日至18日，在2025世界储能大会现场，业界围绕新型储能的技术路线演绎展开探讨。当前占据绝 对主流的锂电池，被部分嘉宾认为可能继续是未来十年储能市场的"主角"。而与锂电池技术相近的钠电 池，依然有较高的市场化预期，钠电池头部企业之一的中科海钠目标是在未来2至3年做到比肩磷酸铁锂 电池。 从更大的视角看，锂电池之所以能够占据绝大部分市场，主要是其擅长的8小时以内储能，是未来一段 时期的主要储能需求。而随着储能需求向跨季节、跨年度等更长时长扩展，谁将是长时储能市场 ...

《关于推动脑机接口产业创新发展的实施意见》的落地实施，为康复医疗赛道注入技术突破新动能。在 此机遇下，深耕康复领域20余年的翔宇医疗，正以脑机接口为核心，推动康复医疗从被动治疗向主动康 复跨越。 近日，翔宇医疗董事长、总经理、技术总监何永正接受上海证券报记者专访，详解公司"无创理念"的实 践、脑机接口技术的产业化进展，以及对康复医疗万亿级蓝海市场的布局与展望。 锚定康复赛道：以"无创理念"守护患者健康 2002年，何永正带领团队成立翔宇医疗，选择了在当年还非常"冷门"的康复赛道。"患者只要做手术， 就会对血管、神经、皮肤组织、骨骼造成损伤。我们希望用非手术、非药物的疗法给患者的健康保驾护 航。"何永正表示。 基于这样的"无创理念"，翔宇医疗开始了康复器械领域的探索。 目前，翔宇医疗已成为国内康复医疗器械行业中，少数能够提供康复医疗器械产品、一体化临床康复解 决方案及专业技术支持服务的综合型企业，构建了覆盖康复理疗、康复训练、康复护理等10大门类、55 大系列、上千种产品的全产业链布局，在康复医疗器械领域拥有相对完整的产品体系。 之所以成为康复器械领域的"全能型选手"，离不开翔宇医疗团队的深入调研和"搭建专班" ...

Core Insights - The company plans to accelerate the development of innovative businesses such as smart DR solutions and AI grassroots healthcare through investments, mergers, strategic partnerships, and business synergies in 2025 and beyond [1] Group 1: Industry Trends - The medical device industry in China showed characteristics of deepening technology internally and extending markets externally in the first half of 2025, with continuous innovation and growth momentum [1] - Many listed companies are focusing on AI and robotics technologies, leading to significant breakthroughs and innovations [2] Group 2: Company Developments - Xiangsheng Medical has launched the Sono AI solution, achieving a full-chain intelligent upgrade in ultrasound examinations across various fields [2] - Tianchen Medical is developing an integrated intelligent surgical platform and plans to initiate registration for innovative medical devices [2] - Sanyou Medical has received approval for its spinal surgery robot and related intelligent products, continuing to deepen its surgical robot business layout [2] Group 3: International Expansion - Several medical device companies have made progress in expanding overseas markets, with notable achievements in global layout [3] - Tianchen Medical reported obtaining market access in three new countries and 14 overseas product registration certificates, with overseas revenue reaching 53.47 million yuan, accounting for 34.24% of total revenue [3] - Yirui Technology has made significant strides in the overseas dental market, focusing on localizing manufacturing in developing countries [3] - Microelectrophysiology reported over 40% year-on-year growth in international market revenue, with successful operations in multiple countries [3] - Tianzhihang has received EU CE certification for its orthopedic surgical navigation system and plans to develop differentiated strategies for various overseas markets [3]