就国内期货市场具体来看，能源化工板块，燃油周下跌0.61%、原油上涨2.16、碳酸锂上涨3.93%；黑色 系板块，焦炭周上涨6.95%、焦煤上涨7.65%、铁矿石上涨1.24%；基本金属板块，沪银周下跌0.89%、 沪铜下跌1.42%、沪铅上涨0.65%；农产品板块，生猪周下跌3.24%、豆粕下跌2.11%、棕榈油上涨 0.22%；航运板块，集运欧线周下跌9.25%。 交易行情热点 热点一：焦煤、焦炭领涨黑色系，供需紧平衡与政策预期双驱动 21世纪经济报道记者 翁榕涛 实习生 胡剑铭 周内（9月15日至9月19日），美联储降息落地，国际金价再创新高。国内大宗商品涨跌分化，能源化工 板块内部分化明显，黑色系表现强势，基本金属走势不一，农产品板块多数下跌，航运板块的集运欧线 大幅下探。 热点二：国际黄金上涨，宏观与供需共振 上周焦煤、焦炭主力合约均实现2连阳，周涨幅均超6%，成为拉动国内期货市场的核心品种。 在供给方面，停产煤矿陆续复产，但中央生态环保督察要求山西"严格落实煤炭总量控制"，叠加部分煤 矿停产，煤矿产量回升幅度有限，进一步强化下半年减产预期。据钢联数据统计，523家样本矿山炼精 煤开工率环比增1.9 ...

Group 1: China-Cambodia Relations - The "Diamond Six Corners" cooperation framework is enhancing China-Cambodia relations and serves as a model for China-ASEAN cooperation [1][8] - Cambodia views China as a reliable partner and aims to deepen cooperation across various fields to build a Cambodia-China community of shared destiny [1][6] - The two countries oppose unilateral bullying by certain nations and are committed to accelerating the implementation of cooperation projects [1][4] Group 2: Investment Opportunities - Cambodia is one of the most open countries in ASEAN for foreign investment, allowing 100% ownership by foreign investors, making it an ideal destination for Chinese enterprises [2][3] - In the first eight months of this year, Cambodia approved 491 new investment projects, a 71% increase year-on-year, with a total investment amount of $7.2 billion, up 50% [3] - China remains the largest source of investment in Cambodia, accounting for 52.82% of total investments [3] Group 3: Economic Strategies - Cambodia's "Pentagon Strategy" aims for the country to become a high-income nation by 2050, with a target of 7% annual economic growth and reducing the poverty rate to below 10% [2][3] - The "Belt and Road" initiative is seen as a lifeline for Cambodia's development, providing essential infrastructure and resources for economic growth [6][8] Group 4: Trade Dynamics - The China-Cambodia Free Trade Agreement has led to significant trade growth, with bilateral trade expected to reach $17.834 billion in 2024, a 20.3% increase [10][12] - Cambodia's exports to China include 16 agricultural products, with a total import value of $9.8 billion in the first quarter of this year, reflecting a 12.2% increase [10][11] Group 5: Infrastructure Development - The construction of the Phnom Penh-Sihanoukville Expressway and the Sihanoukville Special Economic Zone are key projects enhancing Cambodia's infrastructure and economic competitiveness [7][13] - The Sihanoukville Port is being developed as a significant logistics hub, with plans to improve its capacity and efficiency to support regional trade [14][15]

长安汽车朱华荣：阿维塔敢要更多的资源，我就敢给 原创 21记者 记者丨易思琳 编辑丨张明艳 视频丨柳润瑛 9月20日，阿维塔07上市。发布会后，阿维塔举行了一次小范围的媒体沟通会，新上任的阿维塔董事长王辉首次亮相。在沟通会上，长安汽车集团董事长朱华荣首次回应了为什么要卸任阿维塔董 朱华荣称，中国长安成立以后，按照中央一级企业对领导任职的要求，原则上是不能兼任三级企业的职务。"长安福特、阿维塔的董事长我都辞任了，后续其他的董事长我都要辞去的。我的重心 阿维塔在海外可以自己定价，无须看竞对的脸色 会上朱华荣还表示："王辉（阿维塔董事长）接手阿维塔之后，公司会有更好的发展，2027年做到74万台，这个目标完全可行。我一直期许阿维塔在全球的销量占比是中国市场销量占50%、海外 在长安大的战略里，阿维塔作为豪华品牌，坚定25万-70万元的价格区间，最近激烈的竞争短期内会下放到25万元以下，从中长期我们的目标是它还是应该在25万到70万元，当然未来不排除他 阿维塔敢要更多的资源，我就敢给 在阿维塔07上市发布会后的群访上，长安汽车董事长朱华荣称，会在原来要钱给钱、要人给人、要技术给技术的基础上，还会对阿维塔增加更多的资源 ...

南方财经9月22日电，南财投研通数据显示，9月15日至9月21日，券商给予上市公司目标价共223次，按 最新收盘价计算，目标价涨幅排名居前的公司有贵州茅台、汉王科技、春立医疗，目标价涨幅分别为 77.12%、72.37%、64.90%，分别属于白酒、软件开发、医疗器械行业。评级调低方面，9月15日至9月 21日，券商调低上市公司评级达到15家次，最新数据包括了中泰证券对今世缘的评级从"买入"调低 至"增持"，华创证券对诺瓦星云的评级从"强推"调低至"推荐"，中邮证券对千里科技的评级从"买入"调 低至"增持"。查看原文：贵州茅台目标价涨幅超77%；今世缘评级被调低丨券商评级观察刚刚 ...

见习记者丨刘夏菲 编辑丨叶映橙 随着市场行情回暖、资金活跃度提升，权益类基金的赚钱效应正在凸显。Wind数据显示，截至9月18 日，超97%的权益类基金今年实现正收益，其中81只基金实现业绩翻番。偏股基金指数、股票基金指数 均创近三年新高，年内涨幅超过26%，近一年来涨幅超过55%。 不过，全市场权益类基金众多，不妨看看机构、基金管理公司和公司内部员工的"作业"怎么做。 21财经·南财快讯记者梳理上半年公募基金持有人结构发现，以上三类主体基金各有不同布局偏好。具 体来看，机构资金重金"押注"沪深300ETF，同时大量加仓港股通科技主题ETF；基金公司真金白银加仓 旗下养老FOF，以自有资金自购传递对长期布局的信心；基金公司员工持仓则兼顾价值与成长风格，对 行业ETF联接产品关注升温。 2025年上半年 机构投资者持有权益基金情况 看机构投资者持有金额： 机构重金"押注"沪深300ETF 2025年上半年，宽基ETF成为机构们重金持有的主流。截至上半年末，机构投资者持有金额最高的20只 权益类基金均为ETF产品，且宽基ETF占据绝大多数。 2025年上半年机构投资者持有金额TOP20权益基金 | | 机构投资者 ...

Core Viewpoint - The strategic investment by Shanghai Fengwang in Bingji Technology and the ongoing acquisition of Zhong'en Cloud by *ST Yushun highlight the company's efforts to expand its presence in the data center and AI computing sectors, raising questions about potential competition and future asset integration [1][2][5]. Group 1: Investment Details - Shanghai Fengwang plans to invest 300 million yuan in Bingji Technology, a leading AI computing service provider in Southwest China, which has established a computing cluster of no less than 20,000 P and aims for 50,000 P [5][6]. - The investment is expected to be completed within 30 days, indicating a swift move to enhance capabilities in the AI sector [1][2]. Group 2: Business Operations and Competition - Bingji Technology focuses on intelligent computing, primarily for AI training and inference, while Zhong'en Cloud operates in the data center sector, which involves data storage and management [5][6]. - The chairman of Shanghai Fengwang, Ji Min, clarified that the two businesses serve different customer needs and do not constitute direct competition [5][6]. Group 3: Acquisition of Zhong'en Cloud - *ST Yushun intends to acquire 100% equity of Zhong'en Cloud's related assets for 3.35 billion yuan, which will allow the company to diversify into the data center business [9][10]. - The acquisition is crucial for *ST Yushun to reverse its declining performance, as it has reported losses for five consecutive years, with a significant drop in net profits [10]. Group 4: Future Prospects - There is a possibility that Bingji Technology may be integrated into *ST Yushun in the future, as indicated by Ji Min, although no definitive plans have been announced [6][7]. - The acquisition of Zhong'en Cloud is pending approval at the upcoming shareholder meeting on September 29, 2025, marking a critical step in *ST Yushun's restructuring efforts [10].

Market Performance - A-shares showed mixed performance from September 15 to September 19, with the Shanghai Composite Index down 1.3% to 3820.09 points, while the Shenzhen Component Index rose 1.14% to 13070.86 points, and the ChiNext Index increased by 2.34% to 3091 points [2][3] - Over 32% of stocks in the A-share market experienced gains during the week, with 122 stocks rising over 15% and 16 stocks declining more than 15% [2] International Market Overview - The U.S. stock market indices rose on September 19, with the Dow Jones Industrial Average up 0.37% to 46315.27 points, the S&P 500 up 0.49% to 6664.36 points, and the Nasdaq Composite up 0.72% to 22631.48 points [3][5] - In contrast, European stock indices fell on the same day, with the FTSE 100 down 0.12%, the CAC 40 down 0.01%, and the DAX down 0.15% [4] Oil Prices - International oil prices decreased on September 19, with WTI crude oil down 1.4% to $62.68 per barrel and Brent crude down 1.13% to $66.68 per barrel [4] Industry Developments - The Chinese government is set to launch a "Cultural and Tourism Consumption Month" with over 330 million yuan in subsidies to boost tourism during the National Day holiday [6] - Several express delivery companies in Shanghai will raise their collection prices starting September 22, primarily targeting low-priced e-commerce shipments [7] - Huawei has initiated the "Tian Gong Plan," committing 1 billion yuan to support the HarmonyOS AI ecosystem [8] Logistics and Supply Chain - China's pharmaceutical logistics costs exceeded 50 billion yuan in the first half of 2025, with cold chain logistics costs alone surpassing 13.5 billion yuan [9] - Southbound capital saw a net inflow of 36.85 billion HKD over the week, marking 18 consecutive weeks of inflows, with notable trading activity in Alibaba and other major stocks [9] Regulatory and Policy Updates - The Chinese government is accelerating the establishment of national standards for pre-prepared dishes to enhance consumer rights [10] - The National Development and Reform Commission emphasizes the importance of investing in data resources and the development of high-quality data sets to support the "Artificial Intelligence +" initiative [8]

南方财经9月22日电，据人民财讯，达瑞电子近日在业绩说明会上表示，Meta是公司重要的终端客户， 公司与Meta客户的各项目合作正有序推进，有望成为公司明年业务增量的新机会点。公司正积极推进 复合材料在AI眼镜、AR/VR设备等新兴端侧AI硬件的研发应用。 ...

Group 1 - The upcoming week (September 22 to September 28) will see the release of key economic data in China, including the September LPR rates and the unlocking of nearly 60 billion yuan in market value from restricted stocks in the Shanghai and Shenzhen markets [1][12] - A total of 44 stocks will face the unlocking of restricted shares, amounting to 2.821 billion shares, with a total market value of 596.86 billion yuan based on the closing price on September 19 [1][3] - The top three stocks by unlocking market value are Hehe Information (10.835 billion yuan), Ziyan Food (7.126 billion yuan), and Wireless Media (5.521 billion yuan) [1][4] Group 2 - The "High-Quality Completion of the 14th Five-Year Plan" press conference will be held, featuring key financial leaders discussing achievements in the financial sector during the 14th Five-Year Plan period [6] - A new round of fuel price adjustments will take place, with potential increases in gasoline and diesel prices based on recent crude oil price trends [6] - The National Day cultural tourism consumption month will be launched, with over 330 million yuan in consumption subsidies to stimulate tourism during the holiday period [7] Group 3 - The 2025 Eurasian Economic Forum will be held from September 23 to 25 in Xi'an, focusing on sustainable development and cooperation among Eurasian countries [8] - The Fourth Global Digital Trade Expo will take place from September 25 to 29 in Hangzhou, showcasing advancements in digital trade [9] - The 2025 World New Energy Vehicle Conference will be held from September 27 to 29 in Haikou, discussing future transportation and sustainable development [10]

Policy Developments - The National Healthcare Security Administration (NHSA) released the 11th batch of national drug centralized procurement documents, emphasizing principles of "stabilizing clinical use, ensuring quality, preventing collusion, and countering internal competition" [2] - The new procurement strategy optimizes "anchor prices" by not simply selecting the lowest bid but using the higher value between the average of "comparable unit prices" and the lowest "comparable unit price" at 50% [2] Drug and Device Approvals - Fosun Pharma announced that its subsidiary, Fuhong Hanlin, received EU approval for two drugs, BILDYOS® and BILPREVDA®, for treating osteoporosis in high-risk patients [4] - Renfu Pharma's subsidiary received a tentative FDA approval for Oxcarbazepine extended-release tablets, aimed at treating partial seizures in patients aged 6 and above, with a total R&D investment of approximately 15 million RMB [5] Capital Markets - LuKang Pharmaceutical plans to acquire a 1.9231% stake in Shandong Lukang Hecheng Pharmaceutical Co., with the final amount to be determined through bidding [7] - GE Healthcare responded to rumors about selling its Chinese business, stating its commitment to providing high-quality medical services in China [8] Industry Events - The NHSA announced the interim results of expert reviews for the 2025 National Basic Medical Insurance Directory and commercial insurance innovative drug directory adjustments [10][11] - In the first half of 2025, China's innovative drug licensing transactions reached nearly $66 billion, indicating a significant increase in international recognition and commercial value of Chinese innovative drugs [12] - The National Medical Products Administration established a review center in the Beijing-Tianjin-Hebei region to enhance drug and medical device evaluation services [13] - Approximately 100 rare disease drugs have been included in the basic medical insurance directory, covering 42 types of rare diseases [14]