在本周的最后一个交易日，美国股市迎来小幅反弹。尽管主要指数在周五止住了连续三天的下跌势头，但全周仍以下跌收场。 道琼斯工业平均指数上涨299.97点，涨幅0.65%，收于46,247.29点。标准普尔500指数上涨0.59%，报6,643.70点；纳斯达克综合指数上涨0.44%，收于 22,484.07点。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 46247.29 | 22484.07 | 6643.70 | | +299.97 +0.65% | +99.37 +0.44% | +38.98 +0.59% | | 中国金龙 | 纳指100期货 | 标普500期货 | | 8530.46 | 24726.50 | 6697.75 | | -135.12 -1.56% +97.25 +0.39% +38.00 +0.57% | | | | 美国国债 它 | | | | 3个目期 | 10年期 | 2年期 | | 3.951 | 4.179 | 3.639 | | ▼ 1.68bp | - 1.16bp | ▼ 1.43bp | | 5年美 ...

Group 1 - The U.S. will impose a 25% tariff on all imported heavy trucks starting from October 1 [2] - New tariffs will also include a 50% tariff on kitchen cabinets, bathroom sinks, and related building materials, a 30% tariff on imported furniture, and a 100% tariff on patented and branded pharmaceuticals [2]

周四美股三大指数全线收跌，市场受科技股走弱与美债收益率攀升双重压力影响。 标普500指数下跌0.50%至6604.72点，纳斯达克综合指数下挫至22384.70点，道琼斯工业平均指数则下跌173.96点，收于45947.32点。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 45947.32 | 22384.70 | 6604.72 | | -173.96 -0.38% -113.16 -0.50% -33.25 -0.50% | | | | 中国金龙 | 纳指100期货 | 标普500期货 | | 8665.58 | 24635.50 | 6662.00 | | +36.21 +0.42% -103.75 -0.42% -30.25 -0.45% | | | | 美国国债 | | | | 3个月期 | 10年期 | 2年期 | | 3.968 | 4.168 | 3.653 | | - 1.51bp | △ 1.93bp | △ 4.50bp | | 5年美债期货 | 10年美债期货 | 2年美债期货 | | 109'020 | 112'115 | 104'033 ...

3、 商务部决定对墨西哥相关涉华限制措施启动贸易投资壁垒调查。 本案的被调查措施为：墨西哥政府拟对中国等非自贸伙伴的产品提高进口关税税率的 相关措施。此外，墨西哥近年来采取的其他涉及中国的贸易投资限制措施也在本次调查范围内。 4、 商务部公告，鉴于初步证据和信息显示原产于墨西哥和美国的进口碧根果存在倾销行为， 并对中国国内产业同类产品价格造成削减和抑制，导致实质 损害， 决定自9月25日起对上述国家的进口碧根果进行反倾销立案调查。 5、国家税务总局透露，目前税务部门和各大平台围绕涉税信息首次报送的相关准备工作已经基本完成。 互联网平台企业将于今年10月份第一次报送平台 内经营者和从业人员的身份信息、收入信息。 1、 A股走势分化，创业板指连续两日创阶段新高。AI概念股重启涨势， 服务器、硅片、有色铜概念涨幅居前，黄金、机械、油气三个周期方向领跌，半 导体产业链调整。截至收盘，上证指数跌0.01%报3853.3点，深证成指涨0.67%，创业板指涨1.58%。A股全天成交2.39万亿元。 2、香港恒生指数跌0.13%报26484.68点，恒生科技指数涨0.89%，恒生中国企业指数涨0.01%。 有色板块全天强势， ...

Open Market Operations - The central bank announced a reverse repurchase operation of 483.5 billion yuan for 7 days at a fixed rate of 1.40% on September 25, with a total bid amount of 483.5 billion yuan and a successful bid amount of 483.5 billion yuan. On the same day, 487 billion yuan of reverse repos matured, resulting in a net withdrawal of 3.5 billion yuan [1]. Funding Conditions - The central bank continued to conduct MLF operations, but liquidity improvement in the interbank market was limited. The overnight repo weighted average rate for deposit institutions rose by nearly 4 basis points to around 1.47%. The rates for 7-day and 14-day repos continued to rise as the month-end and the National Day holiday approached. The overnight quotes in the anonymous click (X-repo) system hovered around the DR001 level, with supply increasing by several hundred billion compared to the previous day [3]. Bond Market Overview - The yield on major interbank rates for bonds showed mixed movements, with the latest transaction for one-year interbank certificates of deposit at around 1.69%, a slight increase from the previous day [9]. - The closing prices for government bond futures mostly declined, with the 30-year main contract up by 0.11%, while the 10-year, 5-year, and 2-year main contracts all fell by 0.01% [14]. Recent Developments in Debt Financing - The central bank has increased MLF operations for seven consecutive months, with a net injection of 300 billion yuan in September, maintaining a stable liquidity release of 600 billion yuan through MLF and reverse repos, consistent with the previous month [15]. - The China Index Academy reported that the total bond financing in the real estate sector for August 2025 was 55.31 billion yuan, a year-on-year decrease of 4.3%. The average bond financing interest rate was 2.51%, down by 0.01 percentage points year-on-year and 0.03 percentage points month-on-month [15]. Global Macro Developments - The EU aims to establish free trade agreements with Malaysia and two other ASEAN countries by 2027, as part of its strategy to diversify trade and reduce dependence on the US [17]. - The Swiss National Bank maintained its interest rate at 0%, marking the first pause since the beginning of its rate-cutting cycle in March 2024, aligning with market expectations [17]. Bond Market Events - The Shanghai Clearing House successfully held a seminar on "Yulan Bonds" in Hong Kong. The Export-Import Bank plans to auction up to 2 billion yuan of 3-year floating rate bonds on September 26. Additionally, five new ETFs for Sci-Tech Innovation Bonds were launched, each exceeding 10 billion yuan in size [19].

Core Viewpoint - The annual speech by Lei Jun highlighted Xiaomi's journey in chip development, emphasizing the importance of self-developed chips for the company's success and the challenges faced along the way [3][4]. Chip Development Journey - Xiaomi's chip business began in 2014 with the establishment of a chip company. In 2018, the company made a difficult decision to halt SoC chip development and focus on smaller chips due to internal challenges [3]. - Lei Jun stated that self-developed chips are essential for Xiaomi's success, committing to a ten-year plan with an investment of at least 50 billion yuan [3]. - In 2021, Xiaomi restarted its chip journey, facing significant challenges in 2022, including a 15% revenue decline, marking the first such drop in the company's 15-year history [3]. - Each chip project requires over 50 billion yuan in investment, creating immense pressure on the company. However, the successful launch of the 3nm chip was a significant milestone [3]. - The first flagship SoC, the Xuanjie O1, was officially launched on May 22, 2023, marking a step towards achieving first-tier status in the industry [3]. New Product Launch - The new Xiaomi 17 series smartphones were announced, with starting prices of 4,499 yuan for the 12GB+256GB version, 4,799 yuan for the 12GB+512GB version, and 4,999 yuan for the 16GB+512GB version [6]. - The Xiaomi 17 Pro Max features a 7,500mAh battery with advanced charging technology, supporting 100W wired and 50W wireless charging [6]. Stock Performance - On September 25, Xiaomi's stock surged by 4.48%, closing at 59.45 HKD, with a market capitalization returning to 1.5 trillion HKD, nearing its historical high. The stock has increased by 72.32% year-to-date [10].

9月25日，2025Wind财富管理论坛暨星选理财师年度颁奖盛典在上海成功举办！本届星选理 财师大赛也随之落下帷幕。Wind始终紧跟行业脉搏，致力于推动财富管理行业向更专业、更 智能的方向进化。Wind期待与更多行业伙伴携手，共建一个更具韧性、更贴近客户且可持续 发展的大财富管理新生态，助力行业迈向专业化、智能化、可持续化的高质量发展新阶段。 "喜看稻菽千重浪"，最是风流星选人 ！ 2025年，"Wind星选理财师年度评选"再度起航，赛事规格全面升级，并 创新引入"优秀投资顾 问评选"环节， 赛程丰富多元且独具匠心，引发行业广泛关注与积极参与。 经过数月的激烈角 逐，本届评选已圆满收官，一批兼具专业深度、服务温度与创新思维的标杆人才脱颖而出！ 来自北京银行的毛科英、平安银行的李川和兴业银行的沈琪玮，分别荣膺卓越投资顾问奖项的 冠、亚、季军！来自中国邮政储蓄银行的苗宁、中国工商银行的张玉铭和中国建设银行的李少 璋， 分别荣获卓越理财师奖项的前三甲 ！ 他们不仅在服务客户中展现出卓越的专业能力，更在 行业转型的浪潮中积极探索、勇于突破。 多家国有行、股份行、城商行、券商、财富管理机构亦凭借卓越的财富管理实力和强大 ...

Core Insights - Wind Credit's flagship product, Wind Enterprise Library, has received official generative AI service registration, marking a significant achievement in compliance and commercial data services in China [2][5] - The registration under the Shanghai Generative AI Service Registration Bulletin positions Wind Enterprise Library as a leader in the business information search sector [2][5] Registration Details - Wind Enterprise Library was registered on September 11, 2025, as part of the Shanghai Generative AI Service Registration Bulletin [4] - The registration process involved strict examinations to ensure compliance with data traceability, content filtering, and privacy protection [5] AI Integration and Features - Wind Enterprise Library has launched "Wind Enterprise Library Alice," an intelligent business inquiry assistant that integrates generative AI into business information search [6] - Key features of Alice include: - Semantic understanding for accurate query matching [7] - Natural language summaries for converting complex data into actionable insights [7] - Corporate relationship mapping to reveal connections within corporate networks [7] - Compared to traditional search methods, Alice enhances response speed, delivers targeted results, and improves risk alert capabilities, providing valuable decision support for finance and investment professionals [7] Company Overview - Wind Enterprise Library covers over 350 million enterprises globally, offering comprehensive profiles that include business registration, equity structure, management teams, investment records, operational data, intellectual property, and legal risks [10] - The platform is trusted by financial institutions for due diligence, risk assessment, and customer screening, helping users identify market opportunities and mitigate risks [10]

Group 1 - President Xi Jinping announced China's new round of Nationally Determined Contributions at the UN Climate Change Summit, aiming for a 7%-10% reduction in greenhouse gas emissions by 2035, with non-fossil energy consumption exceeding 30% of total energy consumption [3] - The total installed capacity of wind and solar power is targeted to reach over 360 million kilowatts, six times that of 2020, and forest stock is expected to exceed 24 billion cubic meters [3] - The national carbon emissions trading market will cover major high-emission industries, and a climate-adaptive society is to be fundamentally established [3] Group 2 - Premier Li Qiang emphasized China's commitment to maintaining an open trade and investment market during a meeting with the President of the European Commission, urging fair competition and adherence to WTO rules [5] - The Chinese government will not seek new special and differential treatment in current and future WTO negotiations, reinforcing its role as a responsible developing country [5] - The People's Bank of China announced a 600 billion yuan MLF operation on September 25, marking a net injection of 300 billion yuan for the month, continuing a trend of high liquidity [5][6] Group 3 - Alibaba announced a collaboration with NVIDIA on Physical AI, with plans to invest 380 billion yuan in AI infrastructure and the launch of seven large model products, including Qwen3-Max, the largest and most capable model to date [4] - The Chinese Ministry of Commerce introduced 14 measures to promote digital consumption, including trials for smart connected vehicles and drone delivery services [6] Group 4 - The A-share market saw significant gains, with the Shanghai Composite Index rising 0.83% to 3853.64 points, and the ChiNext Index increasing by 2.28% [8] - The Hong Kong Hang Seng Index rose 1.37%, with notable gains in tech stocks like Alibaba and SMIC, while medical stocks faced declines [8] - Chery Automobile announced its H-share final offering price at 30.75 HKD per share, set to officially list on September 25 [8] Group 5 - The State Administration for Market Regulation is seeking public opinion on new standards for food delivery platforms, addressing issues like competition and delivery personnel rights [11] - The National Press and Publication Administration approved 145 domestic games and 11 imported games in September, indicating a positive trend in the gaming industry [12] Group 6 - The global crude steel production in August was 145.3 million tons, a year-on-year increase of 0.3%, while the cumulative production from January to August saw a decline of 1.7% [23] - The UK government faced challenges in issuing new bonds, with the latest five-year bond auction seeing the lowest oversubscription rate in nearly two years [20]

Core Viewpoint - The upcoming long holiday during the Mid-Autumn Festival and National Day presents a unique opportunity for financial management, where proper investment strategies can yield significant returns from money market funds, interbank certificate funds, and short-term bond funds [1]. Group 1: Money Market Funds - Money market funds primarily invest in low-risk, high-liquidity assets and do not charge subscription or redemption fees, making them an attractive option for short-term investments [3]. - To benefit from the 8-day holiday returns, investors must successfully subscribe to money market funds before 3 PM on September 29; otherwise, they will miss out on the holiday earnings [3]. - Some money market funds may suspend subscriptions before long holidays to protect existing investors' returns, emphasizing the need for timely investment [3]. Group 2: Bond Funds - Although bond funds do not trade during the holiday, they continue to accrue interest, allowing investors to enjoy returns that will be reflected in the fund's net asset value on the first trading day after the holiday [8]. - Investors who miss the money market fund subscription deadline can still invest in bond funds before 3 PM on September 30 to benefit from holiday earnings [8]. - Given the current low yield in the bond market, it is advisable to prioritize short-term bond funds and interbank certificate funds to mitigate interest rate risks [8]. Group 3: Interbank Certificate Funds - Interbank certificate funds, which do not charge subscription or redemption fees, have a minimum holding period of 7 days and track interbank certificate indices [9]. - The leading interbank certificate fund has achieved a cumulative return of 8.91% from December 2021 to September 2025, outperforming the money market fund index [9][10]. - While interbank certificate funds offer higher returns than money market funds, they carry slightly higher risks [10]. Group 4: Short-term Bond Funds - Short-term bond funds invest in high-liquidity, near-term bonds and have low interest rate risk, making them a stable investment option [11]. - Some short-term bond funds have waived subscription fees, enhancing their attractiveness for investors [11]. - Historical performance shows that a specific short-term bond fund has achieved an annualized return of 3.41% since inception, ranking in the top 1% of its category [14]. Group 5: Equity Funds - Historical data indicates a strong pattern in A/H share performance around the National Day holiday, typically showing a decline before the holiday and an increase afterward, known as the holiday effect [16]. - Over the past decade, the probability of the technology media communication index rising after the holiday is 90%, with a median increase of 2.31% [18]. - Investors are encouraged to complete subscriptions for equity index funds before the holiday, as these funds generally do not suspend subscriptions [18].