1 、 财政部、税务总局发布通知，明确 4 项免税举措，以支持划转充实社保基金国有股权及现金收益运作管理。 4 项免税举措自 2024 年 4 月 1 日起执 行。通知发布前已缴税款，符合条件的可予以退回。此次税收优惠通过降低承接主体的运营成本，直接提升了社保基金的投资回报率。 2 、 黄金期货价格在美联储降息东风的推动下向上突破，伦敦现货黄金突破 3500 美元 / 盎司关口，再创历史新高。 COMEX 黄金期货收涨 1.51% 报 3599.5 美元 / 盎司，盘中突破 3600 美元，再创历史新高； COMEX 白银期货收涨 0.01% 报 41.73 美元 / 盎司。多家机构预测，在横盘 4 个月之后，贵金属 有望开启新一轮上涨趋势。摩根士丹利已经将黄金年底目标价设定为 3800 美元 / 盎司。 1 、 国家主席习近平同俄罗斯总统普京举行会谈。 习近平强调，中俄两国要增强合作韧性，提升合作默契，全力巩固和维护合作大局。双方签署能源、 航天、人工智能、农业、检验检疫、卫生、科研、教育、媒体等领域 20 余份双边合作文件。 2 、 中国将对俄罗斯试行免签政策。 自 2025 年 9 月 15 日至 20 ...

Group 1: Open Market Operations - The central bank announced a 7-day reverse repurchase operation of 255.7 billion yuan at a fixed rate of 1.40% on September 2, with a total bid amount of 255.7 billion yuan and a successful bid amount of 255.7 billion yuan [1] - On the same day, 405.8 billion yuan of reverse repos matured, resulting in a net withdrawal of 150.1 billion yuan [1] Group 2: Funding Conditions - The central bank's reverse repos continued to net withdraw, maintaining an overall balanced funding condition in the interbank market, with overnight repurchase rates for deposit institutions slightly rising to around 1.31% [3] - The latest overnight financing rate in the U.S. was reported at 4.34% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit was approximately 1.66%, showing a slight decrease from the previous day [10] Group 4: Bond Market Overview - The yields on major interbank bonds mostly declined, with the 30-year main contract down by 0.18%, the 10-year down by 0.03%, the 5-year down by 0.02%, and the 2-year down by 0.02% [14] Group 5: Government Debt Issuance - The Ministry of Finance announced the issuance of 20 billion yuan in 63-day and 30 billion yuan in 91-day discount treasury bonds on September 3 [19] - Agricultural Development Bank will issue up to 32.5 billion yuan in financial bonds on the same day [19] Group 6: Global Macro Insights - The Deputy Governor of the Bank of Japan commented on the appropriateness of recent Japanese government bond yield movements, suggesting that a predictable reduction in bond purchases is suitable [17] - The European Central Bank's Executive Board member stated there is no reason for further rate cuts, indicating that rates are already moderately accommodative [18]

Core Viewpoint - The laparoscopic surgical robot developed by Weijing Medical has officially entered mass production, marking a significant advancement in China's medical robotics industry, which has been rapidly evolving due to supportive policies and capital investments [3][8]. Group 1: Laparoscopic Surgical Robots - Laparoscopic surgical robots are intelligent medical devices designed for minimally invasive surgeries, enhancing precision, reducing tremors, and providing a 10-15 times magnified 3D view, which significantly lowers patient blood loss and recovery time [4][5]. - The core advantages of laparoscopic surgical robots include superior precision control, immersive surgical visualization, and ergonomic operation, which collectively redefine surgical standards [4][5]. - Compared to traditional open and laparoscopic surgeries, robotic systems offer higher precision, greater flexibility, improved visualization, and reduced operator fatigue, leading to better clinical outcomes for patients [7]. Group 2: Commercialization Progress - The global laparoscopic surgical robot market has been historically dominated by Intuitive Surgical's da Vinci system, which has undergone several upgrades since its FDA approval in 2000, with the latest version (dV5) showing significant technological advancements [9][10]. - The da Vinci system's business model, which combines equipment sales with high-margin consumables and services, has created a strong competitive moat, ensuring long-term revenue stability [10]. - In China, the market for laparoscopic surgical robots is experiencing rapid growth, with domestic companies successfully launching products and capturing market share previously held by foreign brands [11][12]. Group 3: Capital Dynamics - The investment landscape for laparoscopic surgical robots in China is shifting from an early-stage boom to a more rational phase, with capital increasingly favoring companies that have demonstrated successful product approvals and clinical usage [14]. - Recent financing activities indicate a slowdown in investment heat, with a focus on companies that have proven their commercialization potential and have established hospital installations [14][16].

Market Overview - The US stock market opened lower on the first trading day of September, with all three major indices declining, indicating increased caution among investors after the summer holiday [1][3] - Gold prices surged by 1.6% to $3,532 per ounce, reflecting strong market risk aversion amid multiple uncertainties, including trade policy changes and rising long-term Treasury yields [1] Index Performance - The Dow Jones Industrial Average fell by 249.07 points, a decrease of 0.55%, closing at 45,295.81 points [3][4] - The S&P 500 index dropped by 0.69%, closing at 6,415.54 points [3][4] - The Nasdaq Composite Index experienced the largest decline, down 0.82% to 21,279.63 points [3][4] Treasury Yields - US Treasury yields rose, with the 2-year yield increasing by 2 basis points and the 10-year yield rising by 4 basis points [5] - The 10-year US Treasury yield reached 4.27%, while the 30-year yield briefly surpassed 4.97%, creating significant headwinds for the stock market [7] Sector Analysis - The recent market pullback has primarily affected previously leading technology stocks, with Nvidia down approximately 2%, and Amazon and Apple each declining nearly 1% [7] - Investors are choosing to take profits amid weakening economic data and unclear Federal Reserve interest rate paths, as well as high valuations [7] Legal and Policy Uncertainty - A recent court ruling declared many tariffs imposed during the Trump administration as illegal, prompting concerns about potential refunds of billions in tariff revenue, which could worsen the already strained fiscal situation [7] - This legal uncertainty has led investors to reassess the US government's fiscal capacity and policy stability, contributing to a shift of funds into the bond market [7] Seasonal Trends - Historically, September has been a weak month for the S&P 500, with an average decline of 4.2% over the past five years and over 2% in the last decade [8] - Despite a strong performance in August, where the S&P 500 reached five historical highs, the optimism did not fully carry into September [8] Employment Data and Fed Policy - Investors are closely watching the upcoming non-farm payroll report for August, which will assess the resilience of the US labor market and may influence the Federal Reserve's policy decisions [9] - Current market expectations suggest a 90% probability of a 25 basis point rate cut by the Federal Reserve in September [11][12] Commodity Outlook - Most institutions remain bullish on gold, with forecasts suggesting prices could reach $3,600 per ounce by the end of next year [15] - In contrast, the outlook for oil prices appears limited, with expectations that OPEC+ will maintain current production levels amid concerns of oversupply [15]

16:00-16:45 圆桌论坛一 16:45-17:30 圆桌论坛二 2025 年 9 月 2 日至 9 月 12 日，在香港交易所的支持下，万得 3C 会议将推出点金香江之 " 穹象大衍， 稽 微开物 —— 香港金融市场前沿投资探索 系列 " 线上与线下会议。 本系列的四场 线上会议 将于 9 月 2 日至 9 月 10 日 举行，分别以"从数字化到智能化，探索认知与应用的新维度"、"自生产端到消费端，技术革新与需求 升级激发价值链重构"、"由个体到社会，科技与制度共塑未来福祉"、"从效率工具到方法论跃迁， AI 驱动投资研究及资产管理革新"为主题。用户可通过 进入 Wind 金融终端，输入命令 " 3C " 进入万得 3C 会议板块，搜索"点金香江" 栏目进行观看；也可扫描本文附带海报中的直播二维码预约。 本系列的 线下专场 会议将于 9 月 12 日 在万得大厦举行，聚焦"探索 AI 技术在前沿领域投资研究中的辅助作用与应用"。我们诚挚邀请您莅临参与现场交 流及互动， 扫描海报中的报名二维码即可锁定席位。 · 驭势科技联合创始人、董事长、CEO | 吴甘沙 · 主持人:华泰证券海外科技首席 | 何翩翩 ...

Group 1 - The Shanghai Cooperation Organization (SCO) leaders signed the Tianjin Declaration and approved the development strategy for the next decade (2026-2035) [2] - The SCO emphasized the importance of digital economy cooperation to bridge the digital divide and promote economic growth [3] - The implementation of the "Personal Consumption Loan Financial Subsidy Policy" began on September 1, with banks optimistic about its impact on consumer credit [3] Group 2 - During the summer transportation period from July 1 to August 31, the total cross-regional passenger flow reached 11.697 billion, a year-on-year increase of 7% [4] - The National Medical Insurance Bureau reported that 20 provinces have fully implemented direct payment of maternity allowances to individuals [4] Group 3 - A-share market showed strong performance with the Shanghai Composite Index closing up 0.46% at 3875.53 points, and the Shenzhen Component Index rising 1.05% [5] - The Hong Kong Hang Seng Index increased by 2.15% to 25617.42 points, with significant inflows from southbound funds [5][6] - UBS Securities noted that there are no signs of large-scale retail investor entry into the A-share market, indicating that market sentiment is not overheated [6] Group 4 - The Hong Kong stock market has performed well this year, with the Hang Seng Index and Hang Seng Tech Index up 27.70% and 29.79% respectively [7] - Securities firms have recommended 120 monthly "gold stocks" covering 26 industries, with the automotive sector having the most recommendations [7] Group 5 - The China Securities Association reported that securities firms achieved operating income of 251.036 billion, a year-on-year increase of 23.47% [6] - The total commission from split accounts decreased by 33.98% to 4.472 billion [6] Group 6 - The Shanghai housing loan policy implemented on September 1 set the minimum interest rate for new first-home loans at 3.05% [10] - The land market in August saw a significant drop in transaction volume and prices, with 30 typical enterprises' land acquisition amounts halved compared to the previous month [11] Group 7 - The Hong Kong Monetary Authority received 77 applications for stablecoin issuance, indicating growing interest in digital currencies [12] - Tencent announced the open-sourcing of its translation model, Hunyuan-MT-7B, which supports 33 languages [13] Group 8 - The international precious metals market saw a general rise, with COMEX gold futures up 0.84% [19] - Brent crude oil futures increased by 1.01% to $68.16 per barrel, driven by supply concerns [19] Group 9 - The onshore RMB closed at 7.1332 against the USD, with a slight decrease of 2 basis points [20] - The CFETS RMB exchange rate index remained stable at 96.57, while the BIS currency basket index rose by 0.03% [21]

Group 1: Open Market Operations - The central bank announced a reverse repurchase operation of 182.7 billion yuan for 7 days at a fixed rate of 1.40% on September 1, with the same amount being the bid and awarded [1] - On the same day, 288.4 billion yuan of reverse repos matured, resulting in a net withdrawal of 105.7 billion yuan [1] Group 2: Funding Conditions - On the first trading day of the month, the central bank's reverse repos decreased significantly, leading to a net withdrawal, while the interbank market remained stable overall [3] - The overnight repo rate for deposit-taking institutions fell by nearly 2 basis points to 1.31% [3] - The latest quotes for overnight financing of non-bank institutions using pledged certificates and credit bonds slightly decreased to around 1.43% [3] - The latest overnight financing rate in the U.S. was reported at 4.34% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major national and joint-stock banks remained stable at 1.66% [10] Group 4: Bond Market Overview - The yields on major interbank bonds mostly declined [9] - The closing prices for government bond futures collectively increased, with the 30-year main contract rising by 0.30%, the 10-year by 0.17%, the 5-year by 0.08%, the 2-year by 0.02% [13] Group 5: Global Macro Insights - The European Central Bank President Lagarde expressed concerns about any government changes in the Eurozone, stating that the French banking system is in a better condition than during the 2008 crisis [16] - South Korea's exports in August increased by 1.3% year-on-year, marking the third consecutive month of growth, with semiconductor exports reaching a record high of 15.1 billion USD, up 27.1% year-on-year [18]

Core Viewpoint - Wind Information Technology Co., Ltd. aims to become a global enterprise that makes data easily accessible, emphasizing the importance of data in the future [2]. Group 1: Recruitment Overview - Wind has officially launched its 2026 Campus Recruitment globally, seeking candidates who are innovative and skilled in AI [6][7]. - Target candidates include fresh graduates (bachelor's, master's, PhD, postdoctoral researchers) graduating between September 2025 and August 2026 [9]. Group 2: Job Openings - Available positions include roles in Artificial Intelligence, Software Development, Data Analysis, and various functional roles such as HR and Customer Service [10][11]. Group 3: Company Culture and Benefits - The company promotes a culture of professionalism, integrity, pragmatism, and agility, focusing on continuous learning and efficient action [8][9]. - Benefits include access to advanced AI technology, mentorship by tech experts, competitive compensation, and opportunities for dual advancement in technical skills and leadership [17][18]. Group 4: Application Process - The application process consists of five steps: online application, coding test, technical interview, HR interview, and offer [19]. - Candidates can apply through the official website or by scanning a QR code for resume submission [20][21].

Group 1 - The article highlights a series of upcoming online courses offered by Wind, focusing on various financial topics and strategies, aimed at global financial elites [2][3][5] - Courses include themes such as AI-powered market analysis, economic fundamentals of different countries, and investment strategies in sectors like rare earths and U.S. Treasuries [3][4][5] - The courses are scheduled throughout September 2025, with specific dates and times provided for each session, emphasizing the importance of timely registration [2][3][4] Group 2 - The article promotes the use of AI in financial analysis and investment strategies, indicating a trend towards integrating technology in traditional financial practices [3][5] - It mentions the significance of understanding global economic recovery trends, particularly in regions like Portugal and France, which may influence investment decisions [4][5] - The content aims to equip participants with practical insights and strategies to navigate the evolving financial landscape [6]

Core Insights - Wind continues to provide high-quality online courses for global users, with regular live sessions scheduled weekly [2] - The article highlights upcoming courses in September 2025 and exciting replays from August, aimed at helping users explore opportunities with global financial elites [2] Upcoming Courses - Theme: Decoding the Big Consumption Sector Landscape, exclusive insights from Alice Chat [3] - Theme: Alice Agent: Defining a New Era of Intelligent Options Research [3] - Theme: Rare Earths Surge: How to Position for the Next "Super Cycle" [3] - Theme: Goodbye Traditional Due Diligence: AI Precision Client Acquisition, 5-Minute Rapid Reports [3] Regional Economic Insights - Theme: AI-Based Analysis of the Russian Economic Fundamentals [4] - Theme: The Road to Economic Recovery in Portugal: Macroeconomic Drivers and Trend Analysis [4] - Theme: AI Insights into the French Financial Market: Data Overview and In-Depth Analysis [4] Additional Training Series - Theme: AI Credit Bond Research, Practical Verification of Data to Strategy [5] - Theme: Wealth Management Yield Indicators: Who is Leading? [5] - Theme: Institutional-Level Fundamental Dissection: Wind's In-Depth Resource Practical Guide [5] - Theme: How US Treasuries Influence Global Assets? Let Alice EDB Analyze for You [5]