1. 公开市场操作 央行公告称，9月1日以固定利率、数量招标方式开展了1827亿元7天期逆回购操作，操作利率1.40%，投标量1827亿元，中标量1827亿元。Wind数 据显示，当日2884亿元逆回购到期，据此计算，单日净回笼1057亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 月初首个交易日，央行公开市场逆回购大降并转净回笼，银行间市场周一资金面并未完全转松，但整体仍属平稳。存款类机构隔夜回购利率下行 近2个bp至1.31%位置。非银机构质押存单和信用债融入隔夜最新报价略降至1.43%附近。 海外方面，最新美国隔夜融资担保利率为4.34%。 （IMM） // 债市综述 // 3. 同业存单 4. 银行间主要利率债收益率多数下行。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 全国和主要股份制银行一年期同业存单最新成交在1.66%位置，较上日基本持平。 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 6. 国债期货收盘集体上涨。 30年期主力合约涨0.30% （*数据来源：Wind-同业存单-发行结果） 10年期主力合约涨0.17% // ...

万得信息技术股份有限公司（下称：Wind）是中国大陆领先的金融数据、信息和软件服务企业，总部位于上海陆家嘴 金融中心。精于数据分享数据价值，Wind的愿景是做一家让数据垂手可得的全球企业。我们欢迎志同道合的你加入。 数据就是未来，加入就是现在！ Click "Wind Recruitment" above to follow us 以下文章来源于Wind招聘 ，作者Wind Recruitment Wind招聘 . . AS 【 】【 】【 】 Wind 2026 Campus Recruitment Officially Launched Globally! We Are Looking For · Al-powered Futurist: Boasts a deep conviction and technical prowess to harness AI for solving complex problems and driving business innovation. · Innovative Trailblazer in AI: Never content with the status q ...

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]

Wind持续为全球用户提供优质的线上课程，每周定期直播。为了方便您安排学习计划，我们特意汇总了2025年9月即将 开展的线上课程，以及8月份的精彩回放，助您与全球金融精英共同探索无限可能！ 文末扫描专栏二维码， 预约9月课程，畅看精彩内 容！ 9月课程 预 告 Wind新洞察·主题培训 专栏 Wind Alice智能金融助手 主题：解码大消费赛道全景，Alice Chat独家视角！ [中文] 时间：9月4日（周四）16:00 Alice Agent 主题：Alice Agent：定义智能期权投研新时代 [中文] 时间：9月11日（周四）16:00 热门产业链 主题：稀土一路狂飙，如何布局下一轮"超级周期"？ [中文] 时间：9月18日（周四）16:00 银行对公获客 主题：告别传统尽调：AI精准拓客，5分钟极速报告 [中文] 时间：9月25日（周四）16:00 Wind Insights·Essential Training Series 专栏 Wind Alice 智能金融助理 主题：Wind Alice助力市场分析与投资决策[西班牙语] 时间：9月3日（周三）17:00 地区经济特色专题 主题：基于AI的 ...

Group 1: Open Market Operations - The central bank announced a reverse repurchase operation of 782.9 billion yuan for 7 days at a fixed rate of 1.40% on August 29, with the same amount being the bid and awarded [1] - On the same day, 361.2 billion yuan of reverse repos matured, resulting in a net injection of 421.7 billion yuan [1] - For the week of September 1 to 5, a total of 2,273.1 billion yuan in reverse repos will mature, with specific amounts maturing each day [1] Group 2: Funding Conditions - The central bank's net injection has improved the overall funding conditions in the interbank market, with the weighted rate of DR001 rising over 1 basis point to around 1.33% and DR007 declining over 2 basis points [2] - Overnight quotes in the anonymous click (Xrepo) system remain around 1.30% with nearly 100 billion yuan in supply [2] - The latest overnight financing rate in the US is reported at 4.36% [2] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.67%, remaining stable compared to the previous day [7] Group 4: Bond Market Overview - Major interest rate bonds in the interbank market have seen a decline in yields [9] - The closing prices for government bond futures mostly increased, with the 30-year main contract rising by 0.01% and the 5-year and 2-year contracts both increasing by 0.04% [13] Group 5: Key News and Developments - The National Development and Reform Commission plans to accelerate the construction of a unified national market and address issues such as market access barriers and local investment behaviors [14] - Fitch Ratings downgraded Vanke's long-term issuer default rating from "CCC+" to "CCC-" [14] - South Korea's debt-to-GDP ratio is projected to rise from 48.1% to 51.6%, with plans to issue a record 232 trillion won (approximately 167.2 billion USD) in bonds by 2026 [16]

Economic Overview - China's economic prosperity continues to expand, with the official manufacturing PMI at 49.4%, non-manufacturing PMI at 50.3%, and composite PMI at 50.5%, showing slight month-on-month increases of 0.1, 0.2, and 0.3 percentage points respectively [2] - The general equipment, railway, shipbuilding, and aerospace sectors have production and business activity expectation indices above 58%, indicating a high level of economic activity in these industries [2] Regulatory Changes - New regulations have been implemented, including free preschool education policies that waive fees for public kindergarten for one year, and a personal consumption loan interest subsidy policy effective from September 1, 2025, to August 31, 2026 [2] - The "Permanent Basic Farmland Protection Red Line Management Measures" will take effect on October 1, 2025, aimed at ensuring food security and promoting high-quality economic development [3] Stock Market Insights - In the upcoming week, 29 stocks in the A-share market will face a lock-up expiration, totaling 2.013 billion shares with a market value of 18.877 billion yuan, a week-on-week decrease of 73.51% [4] - The Shanghai Stock Exchange reported that in the first half of 2025, companies achieved a total operating income of 24.68 trillion yuan, a slight year-on-year decrease of 1.3%, while net profit increased by 1.1% to 2.39 trillion yuan [4] - The number of ETFs in the Shanghai market exceeded 3.7 trillion yuan, with significant inflows of over 350 billion yuan this year, indicating strong institutional interest [5] Fund Performance - Public equity funds have shown a strong performance in the first eight months of the year, with an average net value growth rate of 23.83%, and 603 funds achieving over 50% growth [8] - Insurance companies have significantly increased their allocation to stocks, with five listed insurers holding nearly 1.8 trillion yuan in stock investments as of June 30, 2025, an increase of 405.36 billion yuan from the end of 2024 [7] Market Trends - The A-share market has shown a strong upward trend, with technology sectors like communications and electronics leading the gains, while cyclical sectors like non-ferrous metals also performed well [7] - Foreign financial institutions maintain a positive outlook on the Chinese market, with Goldman Sachs and Standard Chartered Bank both recommending an "overweight" position on Chinese stocks [7] IPO Activity - Hesai Technology has passed the hearing for its IPO on the Hong Kong Stock Exchange, reporting a net income of 525.3 million yuan in Q1 2025, a year-on-year increase of 46.3% [8] - Several companies, including Hefei Chip Microelectronics Equipment Co. and Easy Health Group, have submitted IPO applications to the Hong Kong Stock Exchange [8]

1．终结茅台9年霸权，寒武纪成新"股王" 8月28日，中国资本市场迎来历史性时刻--在AI算力狂潮的推动下，芯片龙头寒武纪以1587.91元 的收盘价强势超越贵州茅台（1446.1元），终结了后者长达9年的统治，成为A股收盘价最高 的"股王"。这场新旧龙头的更迭，不仅标志着科技产业对传统消费的价值重估，更折射出中国经 济结构转型的深层逻辑。 【解读】寒武纪最新披露的半年报显示，今年上半年，其营收同比激增4347.82%至28.81亿元，净 利润扭亏为盈达10.38亿元，业绩拐点成为股价飙升的催化剂。近日国务院印发的《关于深入实 施"人工智能+"行动的意见》，更是为AI产业发展提供了强大政策支持。A股"股王"更替折射出中 国资本市场定价体系的重构，一个由科技创新与自主可控引领的时代正加速到来。 二、权益市场 1.申万宏源：时间已是牛市朋友 申万宏源证券傅静涛指出，时间已经是牛市的朋友，核心是"26年中基本面周期性改善+增量资金 正循环可能启动"的牛市条件逐步具备。市场休整幅度有限，岁末年初行情展望的下限是"复制"过 去一段时间的市场特征：少数景气方向做动量+26年拐点方向高切低+轮涨补涨普遍轮动。维持 25Q4 ...

公募基金2025年中报于8月31日公布完毕。中报数据显示，主动基金布局方向与市场热点高度吻合，大 幅增持股票全部上涨；纯债基金积极把握债牛行情，久期中位数提升至2.95。近一年公募基金持有人结 构总体趋于平稳，机构投资者偏好大盘风格基金，持仓沪深300ETF已突破9000亿元。 费率改革初显成效，2025上半年公募基金各项费用合计1149.35亿元，折算后上半年总费率为0.34%，相 比去年同期明显回落。 // 资产配置篇 // 1.1 主动基金全部持股TOP20 2025年中报，主动基金全部持股中前三大重仓股的所属行业分别为信息技术、工业和日常消费。其中， 腾讯控股的持股总市值位列第一，达640.31亿元，被1499只主动基金共同持有。 | l | 列勿宣 | LJJ.7L | | I,UOL Iロバリ | | --- | --- | --- | --- | --- | | 8 | 恒瑞医药 | 219.05 | 1.182 | 医疗保健 | | ರಿ | 中际旭创 | 208.55 | 994 | 信息技术 | | 10 | 招商银行 | 200.92 | 1,162 | 第部 | | 11 | 五粮液 ...

Market News - The personal consumption loan interest subsidy policy will officially start on September 1, marking the first time the central government has implemented such a policy in this area. This policy aims to provide precise support for the portion of consumption loans actually used for consumption, which is expected to significantly impact the consumption finance industry by accelerating the expansion of institutions into various consumption scenarios through direct cooperation with merchants [3]. - The Ministry of Commerce announced that in September, several policies will be introduced to expand service consumption, utilizing fiscal and financial measures to optimize and enhance service supply capacity [4]. - The Ministry of Housing and Urban-Rural Development and the People's Bank of China issued the "Anti-Money Laundering Work Management Measures for Real Estate Practitioners," effective from September 1, requiring real estate practitioners to fulfill anti-money laundering obligations [3]. Sector Matters - SAIC and Huawei's HarmonyOS have launched their first model, the Shangjie H5, with a pre-sale price starting at 169,800 yuan, set to officially launch on September 23. This model is currently the cheapest equipped with Huawei's ADS 4 intelligent driving assistance system [6]. - The Guangzhou Municipal Bureau of Commerce announced adjustments to the city's automobile "replacement and upgrade" policy, suspending the subsidy policy from August 30, 2025 [6]. Individual Company Events - Hesai Technology, the world's largest manufacturer of automotive lidar sensors, is preparing for an IPO in Hong Kong as early as September, aiming to raise approximately $300 million [10]. - NIO's founder and CEO Li Bin has set a goal to achieve quarterly profitability in Q4 of this year [11]. - SANY Heavy Industry plans to issue shares in Hong Kong in September or October, raising between $1 billion to $1.5 billion [12]. Restricted Stock Unlocking - A total of 28 companies will have restricted shares unlocked during the week of September 1-5, amounting to 2.013 billion shares with a total market value of 18.866 billion yuan based on the closing price on August 29 [14]. - The peak unlocking day is September 3, with six companies unlocking shares worth a total of 7.634 billion yuan, accounting for 40.46% of the week's total unlocking scale [14]. New Stock Calendar - One new stock is scheduled for issuance during the week of September 1-5, with a total issuance of approximately 21.67 million shares, expected to raise 719 million yuan [18]. Institutional Outlook - Guojin Securities suggests that the next investment focus should be on sectors with the greatest marginal improvement in fundamentals, particularly in manufacturing, as the market reaches a 10-year high [21]. - Dongwu Securities emphasizes the importance of liquidity-driven market movements, predicting a potential slowdown in market upward momentum due to diminishing marginal effects of new capital inflows [22]. - Xinda Securities highlights the historical correlation between capacity surplus resolution and market bull runs, recommending attention to sectors like non-ferrous metals and photovoltaics [23].

1、 商务部国际贸易谈判代表兼副部长李成钢访问美国，与美国财政部、商务部和贸易代表办公室相关官员举行会谈。 双方围绕落实中美两国元首 通话共识，就中美经贸关系、落实中美经贸会谈共识等问题进行了交流沟通。李成钢强调，中美双方应秉持相互尊重、和平共处、合作共赢原则， 继续发挥好中美经贸磋商机制作用，通过平等对话协商管控分歧、拓展合作，共同推动中美经贸关系健康、稳定、可持续发展。 1、 60天账期的节点已经到来，但多家车企供应商对于回款情况大多语焉不详，甚至刻意回避。 工信部此前公布的《践行支付账期承诺，重点车企 在行动！》显示，目前真正率先兑现承诺的，仅有广汽集团、中国一汽以及赛力斯三家。换言之，17家承诺车企中，目前只有不足两成交出了"及时 履约"的答卷。 2、 中国汽车工业协会透露，国产开源车用操作系统初步形成了自身的产业生态。 目前，该系统已与长安、一汽等10余家整车企业及近30家芯片公司构建 了"产学研用"融合的生态矩阵。此举旨在推动智能网联汽车核心技术环节自主可控，减少重复投入，加快技术迭代。 1、 俄罗斯总统普京接受新华社采访表示，俄中经济关系达到了前所未有的高水平，自2021年以来，贸易额增长约10 ...