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].

Core Insights - The 2025 Wind Wealth Management Forum and the annual Star-selected Financial Advisor Awards were successfully held in Shanghai, emphasizing the industry's evolution towards professionalism, intelligence, and sustainability [1] - The Star-selected Financial Advisor competition has been upgraded, introducing an "Outstanding Investment Advisor" category, which attracted significant industry attention and participation [2] Group 1: Awards and Recognitions - The competition concluded with several outstanding talents recognized, including Mao Keying from Bank of Beijing, Li Chuan from Ping An Bank, and Shen Qiwei from Industrial Bank, who won the top three spots in the Outstanding Investment Advisor category [2] - The top three Outstanding Financial Advisors were Miao Ning from China Postal Savings Bank, Zhang Yuming from Industrial and Commercial Bank of China, and Li Shaozhang from China Construction Bank [2] - A total of 68 institutions and 135 financial advisors received prestigious awards from the organizers and co-organizers for their exceptional wealth management capabilities [2] Group 2: Industry Development - Wind aims to collaborate with industry partners to build a resilient, customer-centric, and sustainable wealth management ecosystem, facilitating a high-quality development phase for the industry [1] - The AI-powered Wind Investment Advisor Terminal is designed to support financial advisors and wealth managers by integrating various business scenarios, enhancing their operational efficiency and professional growth [39]

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].

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 ...