近期，交易员们加大了对黄金和大宗商品的押注，黄金持续走高。 Wind行情显示，北京时间周二黄金再创历史新高。伦敦现货黄金历史首次站上3680美元/盎司；COMEX黄金也创出3728美元/盎司的历史新高。 // 机构如何看？ // Wind数据显示，今年以来，黄金的累计涨幅已经超过40%。 广发证券指出，8月黄金珠宝终端零售表现较好，金价结束横盘震荡，重新进入上行周期，长期看好终端金饰消费回暖。 山西证券在研报中也表示，黄金珠宝、体育娱乐用品等限额以上商品销售增速显著，其中金银珠宝限额以上零售额同比较上一月提升36.7%。分析师还强 调，黄金价格的新一轮上涨主要受地缘政治风险提升与全球对贵金属需求增加所推动。 Wind金融终端输入命令 WBUY（万得交易快线） 一次开户，基金市场一键链接 线上批量下单，轻松多账户管理 组合资产穿透管理，实时监控底层持仓 专为机构打造 一站式基金投研、交易、管理平台 // 美联储降息预期升温 // 从8月份开始，市场对于美联储降息的预期有所升温，加上9月议息会议将至，整体8月份开启降息交易，金价走出一波突破。 这时美国的通胀数据也出现 了一定的缓和， 8月29号公布的7月核心PC ...

当地时间7月22日，特朗普通过社交媒体宣布美国与日本达成贸易协议：原定25%的对等关税税率 将下调至15%，日本将向美国投资5500亿美元并放开大米等农产品市场。特朗普当天还表示，美 国将与日本达成另一项关于液化天然气（LNG）的合作协议。他透露，日本方面正计划与美方在阿 拉斯加成立一个LNG合资企业。 Wind用户在金融终端输入 WTTS(模拟交易) 科创板、港股通、ETF、个股期权等一应俱全 组合分析指标应有尽有，更加方便路演 业绩考核精准结算，投研能力一目了然 w 万得基金 = 9 元 u F 万得精选 五星研选 指基热点 全球优配 万得基金APP 长按立即体验 -999 据央视新闻消息，当地时间15日，美国特朗普政府发布消息称， 对日本汽车的进口关税将从美国东 部时间16日0时1分（日本时间16日13时1分）起，下调至15%。 此前9月4日，白宫发表声明表示，美国总统特朗普签署行政命令，正式实施美日贸易协议。声明表 示，根据该协定，美国将对几乎所有进入美国的日本进口产品征收15%的基准关税。此前已征收较 高关税的日本进口产品不会被双重征税，而此前税率低于15%的商品将调整至新税率。同时对汽车 及汽车零 ...

Core Viewpoint - The article discusses the evolving landscape of the energy storage industry in China, highlighting the recent regulatory changes that position energy storage as an independent market entity, which is expected to drive innovation and investment in the sector [4][5]. Group 1: Macro Background of the Energy Storage Industry - The global energy transition is irreversible, driven by energy security, climate change, and declining costs of renewable energy, with "carbon neutrality" becoming a common strategy for major economies [5]. - By 2024, global new energy storage installations are expected to reach 46.8 GW/98.2 GWh, with a five-year compound growth rate of 58% [5]. - China is the largest demand and supply market for energy storage, with a target of over 30 GW of new energy storage installations by 2025 and a fully market-oriented approach by 2030 [5][6]. Group 2: Technical Routes - Current energy storage technologies are dominated by lithium-ion batteries, with lithium iron phosphate (LFP) accounting for over 90% of the power share [7]. - Sodium-ion batteries are gaining traction due to their cost advantages and performance in low-temperature scenarios, while vanadium and iron-chromium flow batteries are emerging as long-duration storage options [7][8]. - Emerging technologies like gravity storage and solid-state batteries are being developed, with the latter expected to enter large-scale applications around 2030 [8][9]. Group 3: Industry Chain Analysis - The energy storage industry chain consists of upstream raw materials, midstream system integration, and downstream applications [10]. - Upstream, the cost of raw materials like lithium and nickel remains high, but recent price declines have occurred [10][11]. - Midstream system integration is crucial for value creation, with a focus on large-capacity cells and advanced thermal management [10][11]. Group 4: Development Trends - The focus is shifting from single-point breakthroughs to system-level optimization, with lithium-ion batteries remaining dominant while sodium-ion batteries are expected to scale in cost-sensitive applications [12]. - Long-duration storage technologies are anticipated to commercialize, with flow batteries and compressed air storage becoming key players in grid-level peak shaving [12][13]. - The competition will increasingly rely on AI-driven lifecycle management and intelligent systems for maximizing asset returns [13]. Group 5: Challenges - Supply chain challenges persist, with price volatility in raw materials and geopolitical risks affecting cost control [18]. - Fragmented domestic electricity market rules complicate revenue models for energy storage, leading to higher financing costs [18][19]. - The industry faces a "trial and error" approach to scaling new technologies, with safety and certification issues impacting large-scale deployment [19].

在指数化投资深入发展的新时代，资管行业正经历结构性的变革。如何在可控风险下实现稳定超额收益， 成为行业高质量发展的核心课题。指数化投资不仅为被动投资者提供了低成本、高透明度的配置渠道，也 为传统主观投资者开启了"系统性、可复制、可验证"的投研新范式。主观判断与量化逻辑的结合、数据驱 动的投资决策，正成为越来越多专业人士的选择。 Wind 始终致力于用科技与数据重构投研流程。基于对指数策略发展趋势的深刻洞察， Wind 重磅推出 2025 ALPHA 进化论 ·Alice AI 指数增强擂台赛 ，依托全球首个自然语言生成指数策略增强平台 —— Wind Alice AI 指数策略平台 ，旨在打造一个人人可参与、高手齐竞技、思想与策略共振的专业舞台。 本次大赛面向 Wind 金融终端全部用户 开放，不设门槛、鼓励探索。你可以用最天马行空的想法、最独特 的策略视角，在这个没有代码壁垒的平台上，尽情展现你的策略创造力与投资洞察力。风起于青萍之末， 浪成于微澜之间。在技术跃迁与理念变革的交汇点上，让我们共同见证，谁将引领 ALPHA 进化新浪潮。 【评选规则】 Alice Al 指 数 增 强 擂 台 正 / 式 / ...

1. 公开市场操作 央行公告称，9月15日以固定利率、数量招标方式开展了2800亿元7天期逆回购操作，操作利率1.40%，投标量2800亿元，中标量2800亿元。Wind数据显 示，当日1915亿元逆回购到期，据此计算，单日净投放885亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面方面，税期之际，银行间市场周一资金面略显收敛，存款类机构隔夜回购加权利率上行近5个bp至1.41%上方；匿名点击（X-repo）系统隔夜报价亦 升至1.40%上方，且供给偏少；非银机构以存单和信用债为抵押拆借隔夜资金，报价在1.46%-1.48%左右，较上个交易日走高。 海外方面，最新美国隔夜融资担保利率为4.41%。 （IMM） // 债市综述 // 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.68%附近，较上日基本持平。 6. 国债期货收盘 集体上涨 30年期主力合约涨0.21% 10年期主力合约涨0.12% 5年期主力合约涨0.07% 2年期主力合约涨0.01% （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 涨跌不一 （*数据来源：Wind-国际货币资 ...

3 、继中国商务部对美国模拟芯片等启动反倾销调查后， 市场监管总局公告宣布，因违反反垄断法及此前收购迈络思时设定的限制性条件，依法决定对英 伟达实施进一步调查。 4 、 中国 8 月经济 " 成绩单 " 公布。 8 月份，全国规模以上工业增加值同比增长 5.2% 、环比增长 0.37% ，服务业生产指数同比增长 5.6% ，社会消费品 零售总额同比增长 3.4% 、环比增长 0.17% 。 1-8 月份，全国固定资产投资同比增长 0.5% ，其中制造业投资增长 5.1% ，房地产开发投资下降 12.9% 。 1 、 《求是》杂志发表习近平总书记重要文章《纵深推进全国统一大市场建设》。 文章强调，我国作为全球第二大消费市场，必须把全国统一大市场建 设好，增强我们从容应对风险挑战的底气。文章指出，要着力整治企业低价无序竞争乱象。 2 、美方要求七国集团及北约以中国购买俄罗斯石油为由，对中国征收 50%-100% 关税。 商务部对此回应称，美方此举是典型的单边霸凌和经济胁迫行 径，中方对此坚决反对。如果任何方面损害中方利益，中方将采取一切必要措施维护自身合法权益。 3 、墨西哥总统称本周将与中国讨论对华征收 50% ...

Core Viewpoint - The "anti-involution" policy has led to an upward turning point in the PPI year-on-year growth rate, indicating that the worst phase of the industry supply-demand structure has passed, which is expected to improve corporate profitability and market risk appetite [1][3]. Group 1: Economic Indicators - In August, the PPI turned from a month-on-month decline of 0.2% to flat, with a year-on-year decrease of 2.9%, narrowing the decline by 0.7 percentage points compared to the previous month [3]. - The core CPI, excluding food and energy prices, rose by 0.9% year-on-year, marking the fourth consecutive month of expansion [3]. Group 2: Equity Market Insights - CITIC Securities noted that under the trend of "anti-involution," the attractiveness of RMB assets continues to rise, with the manufacturing sector expected to convert its share advantage into pricing power and subsequently into long-term profit recovery [5]. - Morgan Stanley indicated that A-shares are likely to continue outperforming offshore markets due to improved liquidity and a shift of funds from the bond market and savings into equities, alongside expectations of policy easing [6]. - Guohai Securities highlighted that small-cap and growth styles are likely to benefit more from the upcoming "14th Five-Year Plan," with small-cap indices averaging an 8.6% increase and growth styles averaging a 7.0% increase in the month following the release of the plan [7]. Group 3: Industry Research - Kaiyuan Securities suggested that the gaming industry is transitioning from short-term "one-hit" products to long-cycle projects, with significant long-term growth potential as consumer trends shift towards emotional consumption [12]. - Penghua Fund expressed optimism about AI and robotics, predicting that leading companies in these sectors will emerge as the market seeks new growth drivers, with a potential trillion-dollar market opportunity [13]. - Western Li De Fund emphasized three investment opportunities: AI hardware and applications, sectors benefiting from the "anti-involution" policy such as new energy and aquaculture, and consumer sectors expected to recover due to domestic stimulus policies [14].

1 、 当地时间 9 月 14 日，中美双方在西班牙马德里就有关经贸问题举行会谈。 2 、 商务部公告对原产于美国的进口相关模拟芯片发起反倾销立案调查。 据江苏省半导体行业协会提 交的申请文件，相关美国生产商分别是德州仪器、 ADI 、博通、安森美，初步证据显示，申请调查期 内，原产于美国的申请调查产品的价格持续大幅下降，对华出口的倾销幅度高达 300% 以上，申请调查 产品占中国市场份额年均高达 41% 。 3 、 为保持银行体系流动性充裕，中国人民银行将在 9 月 15 日以固定数量、利率招标、多重价位中标 方式开展 6000 亿元 6 个月期限买断式逆回购操作。 在此之前，央行在 9 月 5 日已开展 1 万亿元 3 个月 期限买断式逆回购操作。鉴于 9 月有 1.3 万亿元到期量，本月买断式逆回购实现净投放 3000 亿元，为 连续 4 个月加量续作。 1 、据经济参考报， 进一步促进民间投资发展的政策文件正酝酿出台，若干措施将进一步拓宽民间投资 空间，破除限制民间投资的各种隐性壁垒。 其中，将对铁路、核电、油气管道等领域重大项目设定民 间投资参股比例的最低要求，这将是打破行业准入壁垒和隐性垄断的关键 ...

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on September 12, with a fixed rate and a total amount of 230 billion yuan, at an interest rate of 1.40% [1] - The total amount of reverse repos maturing on the same day was 188.3 billion yuan, resulting in a net injection of 41.7 billion yuan [1] Group 2: Funding Conditions - The overnight repurchase weighted average rate for deposit institutions slightly decreased by less than 1 basis point, remaining at 1.35% [3] - Non-bank institutions borrowed overnight funds using certificates of deposit and credit bonds as collateral, with rates dropping to around 1.40% [3] - The latest overnight financing rate in the US was reported at 4.39% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit in the secondary market was approximately 1.6764% [7] Group 4: Treasury Futures Closing - The 30-year main contract rose by 0.38%, while the 10-year main contract increased by 0.06% [13] - The 5-year main contract saw a slight increase of 0.01%, whereas the 2-year main contract fell by 0.03% [13] Group 5: Fiscal Policy and Economic Indicators - The Minister of Finance announced that the general public budget expenditure is expected to exceed 136 trillion yuan over the "14th Five-Year Plan" period, an increase of 24% compared to the previous plan [14] - The central bank reported that the social financing scale increased by 26.56 trillion yuan in the first eight months of 2025, which is 4.66 trillion yuan more than the same period last year [15] - The broad money (M2) balance reached 331.98 trillion yuan, with a year-on-year growth of 8.8% [15] Group 6: Global Macro - The European Central Bank decided to maintain its current policy, indicating that inflation pressures have been effectively contained and the Eurozone economy remains stable [17] Group 7: Bond Market Events - Recent negative events in the bond market include significant lawsuits and downgrades in implied ratings for various companies, such as Suning and Zhonghai [19]

Market News - The National Bureau of Statistics will release August economic data on September 15, including industrial added value, fixed asset investment, and retail sales [3] - The Federal Reserve is expected to announce a rate decision on September 18, with a 92% probability of a 25 basis point cut and an 8% probability of a 50 basis point cut [4] - China will implement a visa-free policy for Russian passport holders from September 15, 2025, to September 14, 2026, allowing stays of up to 30 days for business, tourism, and family visits [5] - Various economies will release important data next week, including the U.S. retail sales data for August and the U.K. employment data [6] Sector Events - Tencent's Global Digital Ecosystem Conference will be held from September 16 to 17, 2025, focusing on advancements in AI and cloud technology [10] - Huawei will hold a global product launch event in Paris on September 19, introducing new wearable products and smartphones [11] - Meta is expected to unveil its first consumer-grade smart glasses at the Connect conference on September 18 [12] Company-Specific News - Suhao Huihong announced plans for its subsidiary to increase capital in a related company in Changzhou, with a transaction value of approximately 98.84 million yuan [14] - Kehua Data reported a stock price deviation exceeding 20% over three consecutive trading days, confirming no undisclosed significant information affecting the stock price [15][17] - Tongpu Co. will hold a meeting on September 16 to discuss the transfer of control with investors [18] - *ST Guandao will face mandatory delisting due to significant violations of information disclosure regulations, with trading suspended from September 15 [19] - Bo Rui Data announced plans for shareholders to reduce their holdings by up to 5.4% of the company's shares [20] Lock-up Expiration - A total of 47 companies will have lock-up shares released from September 15 to 19, amounting to 3.073 billion shares with a total market value of approximately 79.75 billion yuan [22] - The peak lock-up expiration day is September 17, with eight companies releasing shares worth a total of 28.078 billion yuan, accounting for 35.21% of the total for the week [22] New Stock Calendar - Four new stocks will be available for subscription from September 15 to 19, including United Power on September 15 and Jianfa Zhixin on September 16 [27] Market Outlook - Huajin Securities suggests a potential short-term rotation between high and low-performing sectors, while maintaining a long-term bullish trend for strong sectors like technology [30] - AVIC Securities indicates that current market fluctuations may benefit the return to a slow bull market trend [31] - Zhongyou Securities emphasizes that recent market adjustments are not indicative of the end of the bull market, but rather a consolidation phase [32]