Economic Indicators - In August, China's CPI remained flat month-on-month and decreased by 0.4% year-on-year, while core CPI rose by 0.9%, marking the fourth consecutive month of growth [2] - The PPI in August fell by 2.9% year-on-year, but the decline narrowed by 0.7 percentage points compared to the previous month, marking the first contraction since March [2] Government Reports and Policies - The National Development and Reform Commission reported on the execution of the national economic and social development plan, emphasizing the need for stable employment, enterprises, and market expectations to promote domestic and international dual circulation [2] - The Ministry of Finance highlighted the need for a more proactive fiscal policy to support employment and foreign trade, while also improving people's livelihoods and managing risks in key areas [5] Market Performance - A-shares experienced a slight rebound with the Shanghai Composite Index rising by 0.13% to 3812.22 points, while the Shenzhen Component Index increased by 0.38% [6] - The Hong Kong Hang Seng Index closed up 1.01% at 26200.26 points, with significant net buying in Alibaba [6] Corporate Developments - Oracle's stock surged over 40%, marking its largest intraday gain since 1992, with a market cap increase of over $290 billion, driven by substantial cloud contracts with AI companies [3] - NIO announced a $1 billion equity financing round, attracting long-term investors from various countries to support its core technology development [7] Industry Trends - The AI industry chain saw collective gains, with sectors like copper-clad laminates and 6G concepts leading the rise, while lithium and sodium-ion battery concepts faced declines [6] - The automotive sector reported a decrease in the comprehensive inventory coefficient for dealers, indicating a potential improvement in market performance for September [11] IPO and Financing Activities - Zijin Mining International plans to initiate its IPO in Hong Kong next week, targeting a valuation exceeding $30 billion [8] - Several companies, including BYD and Top Group, reported significant stock transactions and financing activities, indicating ongoing market engagement [10]

1 、 国务院新闻办举行高质量完成 " 十四五 " 规划系列主题新闻发布会，工信部发布五年来工业和通信业发展成就，并针对市场高度关注的行业非理性竞 争、人工智能赋能新型工业化、 5G 新基建进展、优化中小企业发展环境等话题作出回应。 " 十四五 " 期间，我国制造业增加值增量预计达到 8 万亿元， 占全球比重接近 30% ，总体规模连续 15 年保持全球第一；我国建成全球最大、覆盖最广的网络基础设施， 5G 基站达 459.8 万个，重点工业互联网平台 设备连接数超过 1 亿台（套）；建成 3.5 万多家基础级、 230 多家卓越级智能工厂。 2 、 美国政府公布初步基准修订数据，截至今年 3 月的一年间，美国非农就业人数被下修 91.1 万，相当于每月平均少增近 7.6 万人。 这是自 2000 年以来 的最大下修幅度，比市场普遍预期的还要糟糕。更多的就业市场疲软迹象可能为美联储最早从下周开始的一系列降息奠定基础。 6 、 中国银行原党委委员、副行长林景臻涉嫌严重违纪违法，目前正接受中央纪委国家监委纪律审查和监察调查。 7 、 公安网安部门依法查处迪奥（上海）公司未依法履行个人信息保护义务案，并对其予以行政 ...

1. 公开市场操作 央行9月9日以固定利率、数量招标方式开展了2470亿元7天期逆回购操作，操作利率1.40%，投标量2470亿元，中标量2470亿元。Wind数据显示，当日 2557亿元逆回购到期，据此计算，单日净回笼87亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场周二资金面维持相对收敛的状态，存款类机构隔夜回购加权利率续升近6个基点（bp）至1.41%上方。匿名点击（X-repo）系统上，隔夜报价在 1.4%供给有限；非银机构质押存单和信用债融入隔夜资金，报价稍升至接近1.50%。 （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二级市场上最新成交在1.675%附近。 （*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全线上行。 | （*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4.42%。 1、知情人士透露，腾讯正考虑最早于本月发行离岸人民币债券。投资银行正在评估投资者对这笔潜在债券交易的兴趣。数据显示 ...

周二，国际金价在刷新历史纪录后略有回调，但整体仍稳居3600美元/盎司上方。现货黄金盘中最高触及3659.10美元，创下历史新高，随后回落。 伦敦金现价为3624.165美元/盎司，跌幅0.33%。 当前市场的关键变量仍是美联储下一步的货币政策走向。虽然降息已被高度预期，但美联储是否会释放更鸽派的前瞻指引，以及对经济前景的评估，将直 接影响黄金的中期走势。 尽管如此，整体来看，黄金自今年以来已累计上涨近39%，延续2024年27%的强劲涨势。推动金价屡创新高的背后，是多重利好因素的叠加——美元走 软、央行持续购金、宽松的货币政策预期以及全球政治经济不确定性的持续加剧。 黄金的这波强势上涨，最直接的推手是市场对美联储即将降息的高度预期。上周五公布的数据显示，美国8月新增非农就业岗位大幅下滑，进一步加深了 市场对美国经济放缓的担忧。 根据CME Group的FedWatch工具显示，市场当前认为美联储将在下周会议上有88%的概率降息25个基点，甚至还有12%的概率直接降息50个基点。这种预 期直接压低了美元指数，使其跌至近七周低点，同时也令美国10年期国债收益率徘徊在五个月低位。 美元走弱往往会增强黄金对非美元货 ...

2024年，沪深北交易所《可持续发展报告指引》与财政部《企业可持续披露准则》相继落地；2025年，A股和港股整体ESG报告披露 率应声跃升至61.33%，4,823家上市公司交出"可持续答卷"，较2024年上升3.12%。 除了披露数量，上市公司的ESG披露与管理质量也显著提升。据Wind ESG最新评级结果显示，截止至2025年9月1日，A股和港股上市公司中ESG评 级处于领先水平（AA级以上）的公司占比为7.30%，较上一年增加5.91%； 处于良好水平（A与BBB级）的公司占比为43.01%，较上一年上升 2.78%；另有49.68%的公司处于待提升阶段（BB级及以下），较上一年下降8.69%。 | 中国神华(601088.5H, 1088.HK) | AA | 能源 | | --- | --- | --- | | 中石化炼化工程(2386.HK) | AA | 能源 | | 紫金矿业(601899.SH, 2899.HK) | AAA | 材料 | | 洛阳铝业 (603993.SH, 3993.HK) | AAA | 材料 | | 宝钢股份(600019.5H) | AAA | 材料 | | 卫星化 ...

1. 公开市场操作 央行9月8日以固定利率、数量招标方式开展了1915亿元7天期逆回购操作，操作利率1.40%，投标量1915亿元，中标量1915亿元。Wind数据显示，当日 1827亿元逆回购到期，据此计算，单日净投放88亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场周一资金面延续了上日午后的收敛态势，存款类机构隔夜回购加权利率上行逾4bp至1.35%附近；匿名点击（X-repo）系统上，隔夜报价最新报 在1.4%，且供给寥寥。 海外方面，最新美国隔夜融资担保利率为4.41%。 // 债市综述 // （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 国和主要股份制银行一年期同业存单二级市场上最新成交在1.675%附近。 （*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 全线上行。 | | 1Y | 2Y | ЗУ | 54 | 7Y | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | | 国债 | 1.3550 0.50 | 17 1.4250 - ...

1 、 据海关统计， 8 月份，我国货物贸易进出口总值 3.87 万亿元，同比增长 3.5% 。 其中，出口 2.3 万亿元，增长 4.8% ；进口 1.57 万亿元，增长 1.7% ，出口、进口连续 3 个月实现双增长。今年前 8 个月，我国货物贸易进出口总值 29.57 万亿元，同比增长 3.5% 。 2 、商务部等三部门发布统计显示， 2024 年，中国对外直接投资流量 1922 亿美元，比上年增长 8.4% ，占全球份额的 11.9% ，较上年提升 0.5 个百分 点，连续 13 年列全球前三。 2024 年末，中国对外直接投资存量 3.14 万亿美元。 1 、 国家主席习近平向第二十五届中国国际投资贸易洽谈会致贺信。 习近平强调，中国将坚定不移扩大高水平对外开放，促进贸易和投资自由化便利 化，继续和世界分享自身的发展机遇，为全球发展注入更多正能量和确定性。 2 、 企业破产法修订草案提请十四届全国人大常委会第十七次会议首次审议。 草案对反映较为集中的破产程序启动难、周期长，部分重要制度缺失，配 套机制不完善等问题，深入研究论证并提出解决方案。 3 、 国家发改委等两部门发文推进 " 人工智能 +" ...

2025年苹果秋季发布会将在北京时间9月10日凌晨1点开始，目前科技界根据产业链信息，对本次发布会进行了全面的预 测！ （图源：苹果官网） 目前而言，科技界广泛预期苹果将发布四款 iPhone，更新两款 Apple Watch，同时推出 Apple TV 4K 第四代产品。 对于市场而言，苹果秋季发布会最关键的信息仍然是未知的，比如产品是否会全线涨价，期待已久的折叠机是否会有预 告等等。 苹果秋季发布会 "已泄密"和"尚未知信息" 外界猜测大概率发布的产品 iPhone 17系列:预计包括 iPhone 17 、17 Pro、17 Pro Max 三个版本 Apple Watch 11: 预计性能参数提升, 外观变化不大 Apple Watch Ultra 3: 智能手表的 "专业级", 外观预计变化不大 第四代Apple TV 4K : 大概率会在秋季 发布会亮相 · 预计不会推出新Mac "未知且重要的信息" iPhone 17系列预计涨价,但涨价幅度 // iPhone 17可能的样子 // 苹果预计将于今年9月推出四款新的iPhone17，即 iPhone17 、iPhone 17 pro，iPhon ...

Market News - Southbound trading of Hong Kong Stock Connect has been active this year, with average daily trading volume of ETFs reaching a new high since the launch of the mutual market access [2] - The CEO of Hang Seng Index Company stated that the demand from mainland investors for Hong Kong stocks remains strong, leading to the launch of cross-market products [2] - On September 5, former US President Trump criticized the EU's $3.5 billion fine on Google, warning of potential retaliatory measures if similar actions continue against US tech giants [2] Employment and Recruitment - The Ministry of Human Resources and Social Security announced the launch of a nationwide joint recruitment event for college graduates in Urumqi, Xinjiang, attracting over 20,000 participants and offering more than 15,000 job positions [4] Sector Developments - The World Nuclear Association reported a significant increase in global uranium demand due to the expansion of nuclear power, projecting a rise to 86,000 tons by 2030 and 150,000 tons by 2040 [6] - Spot uranium prices have surged from $30 per pound in 2020 to around $80 per pound currently, driven by supply-demand imbalances [6][7] Industrial Policy - The Ministry of Industry and Information Technology outlined key tasks for the "14th Five-Year Plan" period, focusing on maintaining a reasonable proportion of manufacturing, promoting technological innovation, and fostering emerging industries [8] Environmental Initiatives - The Ministry of Ecology and Environment reported that during the "14th Five-Year Plan" period, significant investments have been made in water pollution prevention, with a total of 124.5 billion yuan allocated to support over 6,000 key projects [9] Real Estate Market Insights - Recent reports from listed real estate companies indicate a recovery in market confidence, with most firms believing the market has bottomed out, although the rebound is expected to be weak [10] Company-Specific News - Jilin Electric Power received 1.271 billion yuan in renewable energy subsidies from January to August 2025, a 154.2% increase year-on-year, significantly improving cash flow [12] - Hongchuan Wisdom announced a conditional redemption of its convertible bonds due to stock price performance, allowing bondholders to redeem at 100.312 yuan per bond [13] - Jiangtian Chemical plans to reduce its stake by up to 3% due to funding needs [14] - Runhe Materials and Xiangshan Co. also announced plans to reduce their stakes by up to 3% for similar reasons [15][16] Lock-up Expiration - A total of 40 companies will have lock-up shares released this week, with a total of 4.054 billion shares and a market value of approximately 95.021 billion yuan based on the closing price on September 5 [19][20] New Stock Calendar - Three new stocks are scheduled for subscription this week, including Shichang Co. on September 9 and Haocreat on September 11 [22] Market Outlook - CITIC Securities noted a divergence in ETF fund flows, with a shift towards industry/theme funds and increased interest in Hong Kong stocks [25] - Galaxy Securities expects A-shares to continue a trend of oscillating upward, supported by recent policy expectations and market conditions [26] - Zhongtai Securities indicated that despite short-term adjustments, the mid-term trend remains intact, with potential catalysts from upcoming policy events [27]

Core Viewpoint - The article discusses the potential for a macroeconomic cycle shift, with expectations for PPI to turn positive by 2026, indicating a favorable environment for cyclical investments and a bullish outlook on gold prices [1][11]. Group 1: Employment Data and Monetary Policy - Weak employment data in the U.S. reinforces expectations for a Federal Reserve rate cut in September, with ADP employment numbers significantly below forecasts [3]. - Morgan Stanley highlights that the Fed's decision on rate cuts will depend on the labor market's performance relative to inflation risks, suggesting a focus on cyclical sectors and commodities [3]. Group 2: Equity Market Insights - Guotai Junan Securities believes that the upward momentum in the Chinese stock market is sustainable, supported by low valuations and potential monetary policy adjustments from the central bank [5]. - CITIC Securities predicts an upward trend for gold prices, forecasting that gold could exceed $3730 per ounce by year-end due to various macroeconomic factors [6]. - Industrial sectors such as internet, innovative pharmaceuticals, new consumption, and new energy are expected to perform well in the current market environment [8]. Group 3: Industry Research - Morgan Asset Management maintains a positive outlook on Chinese equities, emphasizing "Artificial Intelligence+" as a key investment direction, supported by recent government policies [10]. - China Europe Fund anticipates a significant growth phase for domestic chip manufacturing, driven by advancements in technology and increased demand from major internet companies [13]. Group 4: Macroeconomic and Fixed Income Insights - Galaxy Securities notes that the shift towards new productivity drivers in China's economy will reshape the fixed income market, with a focus on tech-related bonds and REITs [17]. - Zhongtai Securities suggests that "anti-involution" policies may lead to higher interest rates over the long term, impacting inflation and growth dynamics [18]. - Bosera Fund indicates that monetary policy will remain accommodative, with potential adjustments based on domestic economic pressures and global monetary trends [19]. Group 5: Asset Allocation Strategies - Bosera Fund recommends a "barbell strategy" to navigate market uncertainties, suggesting that despite short-term volatility, the long-term outlook for A-shares remains positive [21].