1. 公开市场操作 央行公告称，9月24日以固定利率、数量招标方式开展了4015亿元7天期逆回购操作，操作利率1.40%，投标量4015亿元，中标量4015亿元。Wind数据显 示，当日4185亿元逆回购到期，据此计算，单日净回笼170亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 央行继周一重启14天期逆回购操作后，该期限近两日连续隐身。银行间市场周三资金面收敛态势愈发明显，资金价格亦随之上涨，跨季的七天期资金价格 涨幅偏大。存款类机构七天回购加权利率大涨约11bp，来到1.58%附近，创两个月新高。非银机构押信用债和存单融入七天资金价格则亦来到 1.92%-1.96%。匿名点击（X-repo）系统上，隔夜报价也是大涨至1.68%，且几无供给。非银机构质押存单和信用债融入隔夜资金的报价基本还在 1.62%-1.65%区间，较昨日水准亦明显上涨。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） | （*数据来源：Wind-成交统计BMW） | | --- | 海外方面，最新美国隔夜融资担保利率为4.14%。 （IMM） // 债市综述 // 3. 同业存单 全国和主要股份制银行一 ...

中概股则全线上涨，万得中概科技龙头指数上涨3%，阿里巴巴上涨8.2%。 | W | 万得中概科技龙头指数(DRAG) | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 09-24 16:00:00 | | | | | | | 4870.37 | | 昨收 | 4728.12 | | 成交额 | 78.67亿 | | +142.26 | +3.01% | 今开 | 4873.59 | | 成交量 | 1.11亿 | | 上涨 | 7 | 平盘 | | 0 下跌 | | 2 | | 最高价 | 4927.21 | 市盈率 | 0.0 | | 近20日 | 11.13% | | 最低价 | 4853.87 | 市净率 | 0.00 | | 今年来 | 51.55% | | 分时 | 五日 | 日K | 周Ｋ | 月K | 更多 | | | 叠加 设均线 | MA 5:4803.09 ↓ 10:4781.10↑ 20:4590.82↑ | | | | | | | 5033.71 | | | | | | | | | | | | | 4930.28- ...

Core Viewpoint - Alibaba has launched its largest and most powerful model, Qwen3-Max, at the 2025 Yunqi Conference, with plans to invest significantly in AI infrastructure amounting to 380 billion [2][4]. Group 1: AI Infrastructure and Investment - Alibaba is actively advancing its AI infrastructure construction with an investment of 380 billion, with intentions to increase this investment further [3][4]. - The energy consumption of Alibaba Cloud's global data centers is projected to increase tenfold by 2032 compared to 2022, indicating an exponential rise in computing power investment [4][6]. Group 2: Super Artificial Intelligence (ASI) Concept - The realization of Artificial General Intelligence (AGI) is seen as a certainty, but it is only the starting point; the ultimate goal is to develop Super Artificial Intelligence (ASI) that can self-iterate and surpass human capabilities [6][9]. - The path to ASI is divided into three stages: emergence of intelligence, autonomous action, and self-iteration [7]. Group 3: Open Source Strategy - Alibaba's initiative, Tongyi Qianwen, aims to create an open-source model, aspiring to build the "Android system of the AI era," emphasizing the value of open-source models over closed ones [9].

Market Overview - After a continuous rise, the US stock market adjusted following Federal Reserve Chairman Jerome Powell's speech, leading to investor caution regarding the sustainability of the AI hype [1][3] - The S&P 500 index fell by 0.55% to 6656.92 points, while the Nasdaq Composite index dropped nearly 1% to 22,573.47 points, primarily driven by sell-offs in AI-related stocks like Nvidia, Oracle, and Amazon [1][2] Federal Reserve Insights - Powell indicated that asset prices are at "high levels," raising concerns about overvaluation, which contributed to the decline in major stock indices [2][3] - Prior to Powell's remarks, the S&P 500 and Nasdaq had reached new highs, but the Fed's signal of high valuations led to a shift in capital flows as some investors opted to take profits [3] Nvidia and OpenAI Investment - Nvidia's stock fell by 2.8% after a previous surge due to its announcement of a potential $100 billion investment in OpenAI, with investors questioning the feasibility and risks of this investment [3] - Analysts noted that Nvidia might be the only significant financier for OpenAI, raising concerns about the sustainability of OpenAI's expansion plans [3][4] AI Sector Performance - Oracle's stock, which had risen over 50% in the past three months due to optimism about its AI cloud services, saw a decline of 4.4% on the same day [5] - The Nasdaq index's performance indicates that the leading role of AI stocks is facing challenges as investment logic shifts from speculation to fundamentals [5] Economic Outlook and Risks - The Russell 2000 index reached a new high, suggesting some investors remain optimistic about the economic outlook despite the poor performance of large tech stocks [5] - The market is closely monitoring potential risks related to the US federal government's funding issues, with concerns about a government shutdown affecting economic data and market confidence [6] Gold Market Dynamics - Gold prices reached new highs, driven by expectations of further interest rate cuts by the Federal Reserve and increased demand for safe-haven assets amid global uncertainties [8][10] - The price of gold briefly surpassed $3800 per ounce, reflecting strong investment demand and concerns over the Fed's independence amid political pressures [8][10]

央行公告称，9月23日以固定利率、数量招标方式开展了2761亿元7天期逆回购操作，投标量2761亿元，中标量2761亿元。Wind数据显示，当日2870亿元 逆回购到期，据此计算，单日净回笼109亿元。 1. 公开市场操作 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场周二资金面与上日变动不大，整体仍均衡，惟跨季资金价格稍涨，因需求升温，此外央行公开市场14天期逆回购仅恢复操作一日后再次暂停。 月内资金充裕，存款类机构隔夜回购加权利率维持在1.41%附近；匿名点击（X-repo）系统上，隔夜报价亦略降至1.41%。非银机构质押存单和信用债融入 隔夜资金的报价基本还在1.50%-1.55%区间。 海外方面，最新美国隔夜融资担保利率为4.14%。 （IMM） // 债市综述 // 3. 同业存单 （*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1.68%附近，较上日微升。 （*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 普遍上行 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投 ...

1 、 A 股市场 "9.24" 行情迎来一周年，上证指数累计上涨近四成，深证成指累计上涨逾六成，创业板指、科创 50 指数、北证 50 指数则均已翻倍。 与此 同时，市场也在多个方面发生深刻变化， A 股总市值首次突破 100 万亿元，两万亿元成交额成 " 新常态 " ，两融余额频创历史新高，百元股数量大幅增 加； ETF 对 A 股的影响力越来越大，最新规模已超过 5 万亿元。 2 、 继主动权益基金、指数基金、债券基金之后，又一批货币基金加入降费潮。 9 月 23 日，规模超 7900 亿元的天弘余额宝货币基金公告，即日起托管费 由 0.08% 年费率调低为 0.07% 。这是该基金成立逾 10 年以来首次降费。同一天，包括易方达保证金收益、兴证资管金麒麟现金添利等 5 只货币基金也公 告下调管理费率或托管费率、采取阶段性开展销售服务费率优惠活动。 4 、 央行行长潘功胜会见来访的桥水基金创始人瑞 · 达利欧。 双方就国际经济形势及金融市场动态等交换了看法。会后，达利欧就债务周期等话题与央 行、外汇局工作人员进行了交流。 5 、 金融监管总局最新数据显示，截至 8 月末，全国普惠型涉农贷款余额 13.8 ...

依托万得二十余年数据与技术积累，万得企业库推出 商业查询智能助手——万得企业库Alice， 将生成式 人工智能深度融入产品与服务：智能语义理解精准匹配查询需求，自然语言生成转化数据为易懂结论，企 业关系挖掘商业深层关联。相较传统查询方式，相应速度、内容针对性与风险预警能力显著提升，为企业 决策提供高效智能支持。 "网信上海"微信公众号近日发布《上海市生成式人工智能服务登记信息公告 （9月11日）》。根据公告显示，截至9月11日，上海市 新增9款 已完成登 记的生成式人工智能服务，上海万得征信作为登记单位，" 万得企业库 "榜 上有名，成为国内商业信息查询领域率先获得此资质的平台，标志着万得征 信在AI合规应用与商业数据服务领域实现关键突破。 上海市生成式人工智能服务登记信息 | 序号 | 应用/功能 | 登记单位 | 上线编号 | 登记时间 | | --- | --- | --- | --- | --- | | 1 | 商汤大医 | 上海商汤善萃医疗科技有限公司 | Shanghai-ShangTangDaYi- | 2025/9/11 | | | | | 20250911S0106 | | | 2 | 万得 ...

Financial Sector - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally; the stock and bond market sizes are second in the world [2] - The total assets of the banking and insurance sectors exceed 500 trillion yuan, with an average annual growth of 9% over the past five years [2] - The A-share technology sector now accounts for over 25% of the total market capitalization, with long-term funds holding approximately 21.4 trillion yuan in A-share market value, a 32% increase since the end of the 13th Five-Year Plan [2] Military and Defense - The Chinese Navy's J-15T, J-35, and KJ-600 carrier-based aircraft have successfully completed their first catapult launches and landings on the Fujian aircraft carrier, marking a significant milestone in naval development [3] Economic Policy and Regulation - The People's Bank of China has maintained the 1-year LPR at 3% and the 5-year LPR at 3.5% for four consecutive months, with potential for new interest rate cuts in the fourth quarter [4] - The Ministry of Finance is guiding local governments to implement a series of policies to support debt management and financing platform reforms [4] Capital Markets - The China Securities Regulatory Commission is accelerating the implementation of comprehensive capital market reforms, including improvements to the Sci-Tech Innovation Board and the Growth Enterprise Market [5] - A-shares saw collective gains, with the Shanghai Composite Index rising 0.22% to 3828.58 points, and the ChiNext Index increasing by 0.55% [5] Real Estate - The real estate sector is experiencing a decline in inventory value, with a total of 8.14 trillion yuan reported for major developers in the first half of 2025, down 4.6% from the end of 2024 [9] Steel Industry - The steel industry aims for an average annual growth of around 4% over the next two years, focusing on precise capacity control and prohibiting new capacity additions [8] Technology and Innovation - OpenAI is reportedly collaborating with companies like Luxshare Precision to develop consumer-grade AI devices, although specific details remain unconfirmed [11] - Media reports indicate that MediaTek has launched the Dimensity 9500 chip, which boasts a 33% performance increase and a 42% reduction in power consumption compared to its predecessor [11] International Relations - The U.S. and China are maintaining close communication between their leaders, with discussions ongoing regarding various issues [4]

Group 1: Open Market Operations - The central bank announced a 240.5 billion yuan 7-day reverse repurchase operation on September 22, with a fixed interest rate of 1.40% and a bid amount of 240.5 billion yuan, fully subscribed [1] - Additionally, a 300 billion yuan 14-day reverse repurchase operation was conducted using a fixed quantity and multi-price bidding method, marking the first such operation in nearly eight months [1] Group 2: Funding Conditions - The interbank market saw a continued improvement in funding conditions, with the overnight repo weighted average rate falling to around 1.42% [2] - The overnight funding quotes on the anonymous X-repo system also decreased to 1.43%, although supply remained at several hundred billion yuan [2] Group 3: Interest Rates and Debt Market - The latest one-year Loan Prime Rate (LPR) remained stable at 3.0%, while the five-year LPR also held steady at 3.5% [13] - The yield on major interbank bonds generally declined, with the 30-year futures contract rising by 0.22% and the 10-year contract increasing by 0.20% [12] Group 4: Financial Market Developments - The central bank successfully issued 60 billion yuan of 6-month central bank bills in Hong Kong at a winning rate of 1.72% [14] - The total scale of domestic bond ETFs surpassed 600 billion yuan, setting a new record [18]

9月22日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，中国人民银行行长 潘功胜，金融监管总局局长李云泽，中国证监会主席吴清，中国人民银行副行长、国家外汇局局长朱鹤 新介绍"十四五"时期金融业发展成就，并答记者问。以下为要点汇总： // 中国人民银行行长潘功胜 // ①今天新闻发布会的主题是介绍"十四五"时期金融业发展成就，主要是从中长期视角回顾和总结"十四 五"，不涉及短期政策的调整。关于"十五五"及下一步金融改革内容，将在中央统一部署后与大家进一 步沟通。 ②十四五"以来，金融运行总体稳健，不良贷款、资本充足、偿付能力等主要监管指标稳中向好，均处 于健康区间。五年来，处置不良资产较"十三五"时期增加超过40%，行业抵御风险的资本和拨备总规模 超过50万亿元，应对各类挑战的基础更牢、韧性更强、底气更足。 ③十四五"时期，我们始终把防范化解金融风险作为监管部门的首位主责，把稳妥处置中小金融机构风 险作为重中之重。稳妥处置高风险机构。当前，不论是高风险机构数量还是高风险资产规模，都较峰值 大幅压降，在金融体系中占比较小，风险完全可控，相当一部分省份已经实现高风险中小机构动态清 零。 ④十 ...