与美联储降息形成对比，欧洲央行（ECB）在9月议息会议上维持利率不变，并对欧元区经济增长和通 胀持乐观态度。欧洲央行行长拉加德表示，欧元区经济"仍处于良好状态"，通胀水平已达目标。Pimco 投资组合经理康斯坦丁·维特指出，预计欧洲央行政策利率将长期保持不变。他表示，"这种稳健的货币 政策，在全球流动性泛滥时，赋予欧元区相对稳定性。" 尽管面临美国关税威胁，欧元区经济近期展现温和复苏。据欧盟统计局数据，欧元区工业生产7月环比 增长0.3%，扭转6月跌势，德国工业生产强劲增长1.5%。德国ZEW经济研究所月度情绪调查显示，德国 9月投资者信心小幅上升，出口导向型行业前景改善。在通胀方面，欧洲央行预计2027年通胀率为 1.9%，核心通胀率为1.8%，均低于2%目标。 新华财经法兰克福9月18日电（记者马悦然）美联储宣布降息25个基点前后，欧元兑美元一度升至四年 高点1.1893，随后小幅回调至1.1815附近。自15日以来，美联储降息氛围酝酿下，欧元兑美元持续上 涨，欧元为何能持续走强？ 为何欧元受益？ 美联储于17日下调联邦基金利率目标区间25个基点，以应对就业市场疲软，符合市场预期，交易员此前 已完全消化降 ...

新华财经北京9月18日电 18日，全球公共安全合作论坛（连云港）2025年大会移民管理合作分论坛在江 苏省连云港市召开。记者从该分论坛上获悉，2025年1至8月，全国边检机关累计查验出入境人员4.6亿 人次，同比上升14.9%；其中内地居民2.2亿人次、港澳台居民1.8亿人次，同比分别上升15.4%、 11.2%；外国人5126.8万人次、同比上升27.8%，其中免签入境外国人1589万人次，占入境外国人 62.1%，同比上升52.1%。累计查验出入境交通运输工具2448.2万（列、艘、辆）次，同比上升16.2%， 其中飞机66.2万架次、列车7.1万列次、船舶29.4万艘次、机动车2345.2万辆次，同比分别上升17.1%、 4.9%、3.8%、16.4%。 今年以来，随着中国不断扩大开放，越来越多的中国公民走出国门、走向世界，更多外国人来华商贸、 旅游、工作、学习和生活，全国口岸出入境人员持续增长。为更好地促进中外人员往来和合作交流，国 家移民管理局先后出台一系列便利外籍人员来华和服务保障中国公民出入境管理措施，同时部署全国边 检机关在各口岸现场备足执勤警力、开足查验通道，确保口岸通关高效顺畅。 国家移民 ...

Core Insights - Lenovo Group has been recognized in Forbes China's 2025 "Top 30 Chinese Enterprises in International Operations" list due to its scalable overseas revenue, technology-driven growth model, and global collaboration capabilities [2][3] - The average overseas revenue growth for the listed companies is 63.2%, with a median contribution of 45.5% from overseas revenue, while Lenovo's overseas revenue for the fiscal year 2024 reached 381.67 billion RMB, accounting for 77% of its total revenue, significantly higher than most listed companies [2] - Lenovo maintains a leading position in the global PC market with a 23.7% market share and has achieved the highest sales in the AI PC category within the Windows AI PC segment, which is a key driver for overseas consumer revenue growth [2] Business Strategy - Lenovo's international operations are not reliant on a single product but are based on a "hybrid AI" strategy that encompasses a global business ecosystem covering consumer terminals and enterprise services, distinguishing it from other companies on the list [3] - By deepening its presence in overseas markets, Lenovo effectively integrates global resources to benefit the domestic market, with approximately 80% of its manufacturing, 70% of its R&D personnel, and 60% of its employees based in China, while over 70% of its revenue comes from overseas [3] Future Outlook - As global AI technology transitions from a "competition phase" to a "implementation phase," Lenovo's international operations have significant expansion potential [3] - The demand for AI PCs is expected to continue growing, with IDC predicting that by 2025, AI PC shipments will account for over 40% of total PC shipments, allowing Lenovo to further increase its overseas market share [3] - The application scenarios for hybrid AI in industries such as manufacturing, healthcare, and education are expected to diversify, enabling Lenovo to leverage its global R&D and supply chain network to replicate its domestic technological experiences in international markets, forming a new growth logic of "global technology collaboration and regional market customization" [3]

Core Insights - The article highlights the transformation of Transsion Holdings from exporting smartphones to providing comprehensive digital solutions in emerging markets, reflecting a strategic shift from product export to ecosystem building [2][7]. Group 1: Market Opportunity - Transsion identified a significant opportunity in the African market, characterized by a large, young population and a growing demand for mobile communication [3]. - The company developed specific features tailored to local needs, such as deep skin tone photography and multi-language support, which allowed it to capture structural opportunities in Africa's digitalization process [3][4]. Group 2: Localization Strategy - Transsion's localization strategy includes establishing training academies and production bases in countries like Nigeria and Ethiopia, which enhances local employment and skill development [5][6]. - The ISMARTU factory in Bangladesh represents a significant investment of approximately $22 million, creating over 2,000 local jobs and improving local manufacturing standards [6]. Group 3: Ecosystem Development - Transsion is building a digital ecosystem that integrates smart devices and mobile internet services, moving beyond mere product sales to create a comprehensive service platform [7][8]. - The company has developed various software services, including Boomplay and Phoenix, which have over 10 million active users, showcasing its commitment to a robust digital service framework [7][8]. Group 4: AI Integration - Transsion is integrating AI services tailored to local languages in Africa and South Asia, enhancing the functionality of its diverse product range, including smartphones and wearables [8]. - This integration aims to create a sustainable development model that supports local market growth while advancing Transsion's global presence [8].

新华财经北京9月18日电（记者安娜）当前我国能源市场化改革正在加速推进。中国经济信息社董事长 潘海平18日表示，上海石油天然气交易中心作为我国能源市场化改革的重要成果，是我国能源市场化改 革的战略支点。 潘海平是在当日于北京举办的2025天然气产业发展大会（秋季）上作出上述表述的。此次会议由中国经 济信息社（简称"中经社"）、上海石油天然气交易中心主办。 刚刚过去的这个夏天，全国平均气温创下1961年以来历史同期新高，用电负荷屡破纪录。"推动能源转 型、建设韧性能源体系，已成为我们必须共同面对的现实课题。"潘海平在会上说。 上海石油天然气交易中心是在国家发展改革委、国家能源局指导下，由新华社联合中国石油、中国石 化、中国海油等十家单位共同组建的国内首家油气交易中心。"它既是我国能源市场化改革的重要成 果，也是进一步深化改革的战略支点，对于维护国家经济安全和能源安全具有重要意义。"潘海平表 示。 作为上海石油天然气交易中心的主要股东单位之一，中经社是其发展的亲历者、见证者，也是积极参与 者和坚定推动者。"中经社始终围绕国家战略，聚焦天然气价格机制改革、产供储销体系建设、基础设 施公平开放等重大议题，开展深度政策 ...

新华财经北京9月18日电（马萌伟）美联储宣布降息25个基点后，美元指数短线跳水，但在随后的新闻 发布会上，鲍威尔称这是"风险管理" 的降息，美元指数随即反弹并收复97关口，人民币兑美元整体交 投于7.10关口下方。 17日北美交易时段，在岸人民币兑美元震荡走高，盘中升破7.11关口，最高升至7.1034；离岸人民币兑 美元先涨后跌，盘中一度?破7.09关口。18日，人民币兑美元中间价调降72点至7.1085，降幅创2025年4 月7日以来最大。 消息显示，美联储如期降息25基点，强调就业下行风险，认为通胀有所上升，预计年内还降息两次、明 年降息一次，米兰投下唯一反对票、主张降息50基点。美联储主席鲍威尔表示，本次属风险管理型降 息，50基点降息呼声不高，就业下行成为实质性风险。 "美联储传声筒"NickTimiraos称，这是鲍威尔领导下的美联储第三次在经济未面临明显下滑的情况下开 始降息。但考虑到通胀形势（更加棘手）和政治因素（白宫的对抗性），2019年和2024年的利害关系与 现在有所不同。 前海开源基金首席经济学家杨德龙说："美联储此次降息后，预计年底可能还会降息两次，10月份12月 份各降息25个基点 ...

新华财经上海9月18日电（葛佳明）在北京时间18日凌晨结束的9月议息会议上，美国联邦储备委员会 （Fed）宣布将联邦基金利率目标区间下调25个基点至4.0%-4.25%，为时隔9个月后首次降息。 从美联储的政策措辞以及最新经济数据来看，通胀风险相对缓解，政策重心逐步偏向劳动力市场。 中金公司研究部董事总经理刘刚表示，鲍威尔本次讲话与其在8月杰克逊霍尔央行年会上的表态基本一 致，把此次降息描绘为"风险管理式"降息：一方面，其认可就业市场弱化的趋势，并新增"就业下行风 险已经上升"的判断；另一方面，鲍威尔依然提示通胀风险，措辞上加上"通胀走高"，并认为关税对通 胀的传导还会持续一直到明年。 虽然鲍威尔整体表态偏"鸽派"，但其同时表示点阵图不是政策预设路径，未来利率路径仍取决于数据。 9月公布的"点阵图"显示，美联储年内还有2次降息，2026年1次降息，但在未来降息路径上，分歧明显 加大。 一方面，"点阵图"预计2025年年内还有两次降息，但从19个票委的投票分布显示，9人预计年内再降息1 次甚至更少，9人预计再降息2次，另有1人预期再降息125个基点。 刘刚认为，市场判断特朗普的经济顾问斯蒂芬·米兰（Stephe ...

一级发行环比增加441亿元新增发行主体已超去年 一级市场方面，城投债发行量环比增加441亿元至3080亿元，净融资连续第6个月为负。1-8月累计，城投债发行量2.35万亿元，同比下降16.2%；净融资-3447 亿元，同比减少1005亿元。1-8月各月，城投债净融资均处于2020年以来的同期较低水平。8月城投债转为净融资额为-51.73亿元，融出额环比有所缩窄。 数据来源：Odin、新华财经 从区域来看，据东方证券统计，2025年8月，全国11个省份的城投债为净融资，16个省份为净偿还，4个省份没有新发或兑付，净融资省份数量较上月增加5 个，全国城投债净偿还189.64亿元，净偿还水平继续有所下降。陕西为当月净融资规模最大的省份，净融资规模为44.01亿元，其次为湖北、广东、山东和重 庆，净融资规模在20亿元-30亿元区间，北京、云南等其余省份净融资规模在10亿元以下。从净偿还规模上来看，当月江苏净偿还128.98亿元，仍为净偿还 规模最大的省份，安徽净偿还95.04亿元，规模也较大，四川和湖南分别净偿还61.04亿元和56.83亿元，江西等其余省份净偿还规模在50亿元以下。8月，西 藏、辽宁、青海和海南没有 ...

美联储议息前，黄金市场已发出超买信号，但降息未落地甚至存在50个基点的降息可能，同时市场不确 定性仍存，黄金仍旧保持上涨趋势。但降息落地后，市场预期支撑减弱，美元指数当天上涨0.25%，金 价冲高回落。 鲍威尔认为，特朗普政府的关税措施可能会在今年剩余时间乃至2026年"继续推高"商品价格，关税对经 济活动和通胀的总体影响仍有待观察。对于政策制定者来说，在不断上升的通胀和疲软的劳动力市场之 间取得平衡是一个困境。 虽然美联储目前面临很多艰难的抉择以及分歧，但基于点阵图的预计，黄金市场仍偏利多。 新华财经北京9月18日电（郭洲洋）美联储17日结束为期两天的货币政策会议，宣布将联邦基金利率目 标区间下调25个基点到4.00%至4.25%之间。这是美联储2025年第一次降息，也是继2024年三次降息后 再次降息。 不过，鲍威尔表示，此次降息是一项"风险管理举措"，没有必要快速调整利率。尽管近期通胀数据偏 高，特别是商品价格受关税影响上行，但鲍威尔认为这更可能是一次性的价格调整，而非引发持久通胀 过程的信号。 现货黄金此前不断刷新历史新高，国际原油期价也连续三个交易日上涨，市场已充分计价本次25个基点 的降息，而美联 ...

Group 1: Federal Reserve Rate Cut - The Federal Reserve announced a 25 basis point cut to the federal funds rate, bringing it to a target range of 4.00% to 4.25% [2][3] - This marks the first rate cut since 2025 and follows a series of cuts totaling 100 basis points in 2024 [2] - The decision was largely driven by a weak labor market overshadowing mild inflation, prompting the Fed to take "preventive" measures [2][3] Group 2: Market Reactions - Financial markets had already priced in the rate cut, leading to a relatively calm response with mixed performances in major U.S. stock indices [3] - The 10-year U.S. Treasury yield and the dollar index experienced slight rebounds post-announcement, while gold futures saw a decline of over 0.8% [3] Group 3: Impact on China's Monetary Policy - The Fed's rate cut reduces external constraints on China's monetary policy, providing greater operational space [4] - Experts suggest that China's monetary policy will remain focused on domestic economic conditions, with no immediate urgency for rate cuts [4][5] Group 4: Currency and Capital Flows - The narrowing interest rate differential between China and the U.S. is expected to alleviate capital outflow pressures, creating a better environment for supportive monetary policies in China [4][5] - The Fed's actions may also facilitate foreign exchange management policies aimed at attracting cross-border capital inflows [5] Group 5: Stock and Bond Market Outlook - The impact of the Fed's rate cut on China's stock market is viewed as neutral, with A-shares expected to maintain an upward trend due to improved sentiment and policy support [6][7] - The bond market is anticipated to show limited reaction, with domestic policies likely to dictate market movements rather than following the Fed's lead [7] Group 6: Gold Market Prospects - Despite short-term fluctuations, gold is expected to maintain a long-term upward trend, driven by its status as a safe-haven asset amid geopolitical tensions [6][7] - Year-to-date, gold prices have surged approximately 40%, reflecting strong market interest [7]