Core Insights - The asset management industry is undergoing structural changes in the era of index-based investment, focusing on achieving stable excess returns with controllable risks [2] - Index investing provides passive investors with low-cost, high-transparency allocation channels and opens new paradigms for traditional active investors through systematic, replicable, and verifiable research methodologies [2] - Wind is committed to reconstructing the investment research process using technology and data, launching the 2025 ALPHA Evolution - Alice AI Index Enhancement Competition to foster a professional platform for strategy development [2] Competition Overview - The competition runs from September 16, 2025, to December 31, 2025, and is open to all users of the Wind financial terminal [5] - Participants will focus on the CSI 800 Index, utilizing the Wind Alice AI Index Strategy Platform for index enhancement strategy research [6][8] - The competition will evaluate strategies based on their performance in a simulated trading environment, with awards based on annualized excess returns [9] Participation Details - Participants must use CSI 800 Index constituent stocks as the sample space for their enhancement strategies, and strategies based on other stock selections will not be eligible [8] - Once a strategy is submitted, it will be shared with other participants for modification and iteration [8] - The Wind Alice AI Index Strategy Platform offers a comprehensive solution for strategy generation, modeling, backtesting, result analysis, report output, and strategy optimization [11]

1. 公开市场操作 央行公告称，9月15日以固定利率、数量招标方式开展了2800亿元7天期逆回购操作，操作利率1.40%，投标量2800亿元，中标量2800亿元。Wind数据显 示，当日1915亿元逆回购到期，据此计算，单日净投放885亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面方面，税期之际，银行间市场周一资金面略显收敛，存款类机构隔夜回购加权利率上行近5个bp至1.41%上方；匿名点击（X-repo）系统隔夜报价亦 升至1.40%上方，且供给偏少；非银机构以存单和信用债为抵押拆借隔夜资金，报价在1.46%-1.48%左右，较上个交易日走高。 海外方面，最新美国隔夜融资担保利率为4.41%。 （IMM） // 债市综述 // 3. 同业存单 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，较上日基本持平。 6. 国债期货收盘 集体上涨 30年期主力合约涨0.21% 10年期主力合约涨0.12% 5年期主力合约涨0.07% 2年期主力合约涨0.01% （*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 涨跌不一 （*数据来源：Wind-国际货币资 ...

3 、继中国商务部对美国模拟芯片等启动反倾销调查后， 市场监管总局公告宣布，因违反反垄断法及此前收购迈络思时设定的限制性条件，依法决定对英 伟达实施进一步调查。 4 、 中国 8 月经济 " 成绩单 " 公布。 8 月份，全国规模以上工业增加值同比增长 5.2% 、环比增长 0.37% ，服务业生产指数同比增长 5.6% ，社会消费品 零售总额同比增长 3.4% 、环比增长 0.17% 。 1-8 月份，全国固定资产投资同比增长 0.5% ，其中制造业投资增长 5.1% ，房地产开发投资下降 12.9% 。 1 、 《求是》杂志发表习近平总书记重要文章《纵深推进全国统一大市场建设》。 文章强调，我国作为全球第二大消费市场，必须把全国统一大市场建 设好，增强我们从容应对风险挑战的底气。文章指出，要着力整治企业低价无序竞争乱象。 2 、美方要求七国集团及北约以中国购买俄罗斯石油为由，对中国征收 50%-100% 关税。 商务部对此回应称，美方此举是典型的单边霸凌和经济胁迫行 径，中方对此坚决反对。如果任何方面损害中方利益，中方将采取一切必要措施维护自身合法权益。 3 、墨西哥总统称本周将与中国讨论对华征收 50% ...

Core Viewpoint - The "anti-involution" policy has led to an upward turning point in the PPI year-on-year growth rate, indicating that the worst phase of the industry supply-demand structure has passed, which is expected to improve corporate profitability and market risk appetite [1][3]. Group 1: Economic Indicators - In August, the PPI turned from a month-on-month decline of 0.2% to flat, with a year-on-year decrease of 2.9%, narrowing the decline by 0.7 percentage points compared to the previous month [3]. - The core CPI, excluding food and energy prices, rose by 0.9% year-on-year, marking the fourth consecutive month of expansion [3]. Group 2: Equity Market Insights - CITIC Securities noted that under the trend of "anti-involution," the attractiveness of RMB assets continues to rise, with the manufacturing sector expected to convert its share advantage into pricing power and subsequently into long-term profit recovery [5]. - Morgan Stanley indicated that A-shares are likely to continue outperforming offshore markets due to improved liquidity and a shift of funds from the bond market and savings into equities, alongside expectations of policy easing [6]. - Guohai Securities highlighted that small-cap and growth styles are likely to benefit more from the upcoming "14th Five-Year Plan," with small-cap indices averaging an 8.6% increase and growth styles averaging a 7.0% increase in the month following the release of the plan [7]. Group 3: Industry Research - Kaiyuan Securities suggested that the gaming industry is transitioning from short-term "one-hit" products to long-cycle projects, with significant long-term growth potential as consumer trends shift towards emotional consumption [12]. - Penghua Fund expressed optimism about AI and robotics, predicting that leading companies in these sectors will emerge as the market seeks new growth drivers, with a potential trillion-dollar market opportunity [13]. - Western Li De Fund emphasized three investment opportunities: AI hardware and applications, sectors benefiting from the "anti-involution" policy such as new energy and aquaculture, and consumer sectors expected to recover due to domestic stimulus policies [14].

Group 1 - The US and China held talks in Madrid regarding trade issues on September 14 [2] - China initiated an anti-dumping investigation into imported simulation chips from the US, with evidence showing a dumping margin exceeding 300% and a market share of 41% in China [2] - The People's Bank of China will conduct a 600 billion yuan reverse repurchase operation on September 15 to maintain liquidity in the banking system, following a previous operation of 1 trillion yuan [2] Group 2 - A new policy document aimed at promoting private investment is being developed, which will set minimum shareholding requirements for private investments in major projects in sectors like railways and nuclear power [3] - The Chinese government has launched a series of growth stabilization plans for ten key industries, including the automotive sector, to enhance supply capacity and optimize the development ecosystem [3][4] - The Housing Rental Regulations, the first administrative regulations specifically governing housing rental activities in China, will take effect on September 15 [4] Group 3 - The China Securities Regulatory Commission has imposed strict penalties on several listed companies for financial fraud, signaling a "zero tolerance" approach to such practices [5] - Citic Securities noted that as more companies shift from domestic to global exposure, traditional economic analyses based on domestic inventory cycles may no longer be sufficient [5] - The Hong Kong stock market has shown strong performance, with the Hang Seng Index reaching a four-year high and increasing over 31% year-to-date, attracting both domestic and foreign investments [6] Group 4 - AI has become a core driver of performance for public funds, with many top-performing funds heavily invested in AI-related stocks [6] - There is a notable trend of foreign investment in Chinese assets, with hedge funds showing significant net buying activity in August [7] - The Shanghai Airport reported an increase in passenger throughput at both Pudong and Hongqiao airports in August [9] Group 5 - The Shenzhen Technology Sports Industry Fund has been established to invest in cutting-edge fields such as AI, high-end sports equipment, and digital entertainment [10] - The National Grain and Material Reserve Bureau reported that over 100 million tons of wheat have been purchased during the summer grain procurement season [10] - The China Securities Regulatory Commission has seen a surge in bond issuance by brokerages, with a total of 1.06 trillion yuan raised this year, significantly higher than the previous year [18]

Market News - The National Bureau of Statistics will release August economic data on September 15, including industrial added value, fixed asset investment, and retail sales [3] - The Federal Reserve is expected to announce a rate decision on September 18, with a 92% probability of a 25 basis point cut and an 8% probability of a 50 basis point cut [4] - China will implement a visa-free policy for Russian passport holders from September 15, 2025, to September 14, 2026, allowing stays of up to 30 days for business, tourism, and family visits [5] - Various economies will release important data next week, including the U.S. retail sales data for August and the U.K. employment data [6] Sector Events - Tencent's Global Digital Ecosystem Conference will be held from September 16 to 17, 2025, focusing on advancements in AI and cloud technology [10] - Huawei will hold a global product launch event in Paris on September 19, introducing new wearable products and smartphones [11] - Meta is expected to unveil its first consumer-grade smart glasses at the Connect conference on September 18 [12] Company-Specific News - Suhao Huihong announced plans for its subsidiary to increase capital in a related company in Changzhou, with a transaction value of approximately 98.84 million yuan [14] - Kehua Data reported a stock price deviation exceeding 20% over three consecutive trading days, confirming no undisclosed significant information affecting the stock price [15][17] - Tongpu Co. will hold a meeting on September 16 to discuss the transfer of control with investors [18] - *ST Guandao will face mandatory delisting due to significant violations of information disclosure regulations, with trading suspended from September 15 [19] - Bo Rui Data announced plans for shareholders to reduce their holdings by up to 5.4% of the company's shares [20] Lock-up Expiration - A total of 47 companies will have lock-up shares released from September 15 to 19, amounting to 3.073 billion shares with a total market value of approximately 79.75 billion yuan [22] - The peak lock-up expiration day is September 17, with eight companies releasing shares worth a total of 28.078 billion yuan, accounting for 35.21% of the total for the week [22] New Stock Calendar - Four new stocks will be available for subscription from September 15 to 19, including United Power on September 15 and Jianfa Zhixin on September 16 [27] Market Outlook - Huajin Securities suggests a potential short-term rotation between high and low-performing sectors, while maintaining a long-term bullish trend for strong sectors like technology [30] - AVIC Securities indicates that current market fluctuations may benefit the return to a slow bull market trend [31] - Zhongyou Securities emphasizes that recent market adjustments are not indicative of the end of the bull market, but rather a consolidation phase [32]

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on September 12, with a fixed rate and a total amount of 230 billion yuan, at an interest rate of 1.40% [1] - The total amount of reverse repos maturing on the same day was 188.3 billion yuan, resulting in a net injection of 41.7 billion yuan [1] Group 2: Funding Conditions - The overnight repurchase weighted average rate for deposit institutions slightly decreased by less than 1 basis point, remaining at 1.35% [3] - Non-bank institutions borrowed overnight funds using certificates of deposit and credit bonds as collateral, with rates dropping to around 1.40% [3] - The latest overnight financing rate in the US was reported at 4.39% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit in the secondary market was approximately 1.6764% [7] Group 4: Treasury Futures Closing - The 30-year main contract rose by 0.38%, while the 10-year main contract increased by 0.06% [13] - The 5-year main contract saw a slight increase of 0.01%, whereas the 2-year main contract fell by 0.03% [13] Group 5: Fiscal Policy and Economic Indicators - The Minister of Finance announced that the general public budget expenditure is expected to exceed 136 trillion yuan over the "14th Five-Year Plan" period, an increase of 24% compared to the previous plan [14] - The central bank reported that the social financing scale increased by 26.56 trillion yuan in the first eight months of 2025, which is 4.66 trillion yuan more than the same period last year [15] - The broad money (M2) balance reached 331.98 trillion yuan, with a year-on-year growth of 8.8% [15] Group 6: Global Macro - The European Central Bank decided to maintain its current policy, indicating that inflation pressures have been effectively contained and the Eurozone economy remains stable [17] Group 7: Bond Market Events - Recent negative events in the bond market include significant lawsuits and downgrades in implied ratings for various companies, such as Suning and Zhonghai [19]

Market Overview - The A-share market showed structural activity driven by policy expectations and technology themes, with the Wind All A index rising by 2.12% and the Sci-Tech 50 leading with a 5.48% increase, indicating strong market preference for technology growth sectors [2] - The communication sector performed exceptionally well due to increased demand for optical devices and higher capital expenditures from operators, while the pharmaceutical and biotechnology sector declined by 0.64%, reflecting market concerns over deepening centralized procurement policies and risks in innovative drug development [2] - The weekly performance of major indices included a 1.52% increase in the Shanghai Composite Index, a 2.65% rise in the Shenzhen Index, and a 2.10% gain in the ChiNext Index [2] Fund Issuance - A total of 39 funds were issued last week, including 18 equity funds, 13 mixed funds, 5 bond funds, and 3 FOF funds, with a total issuance of 21.794 billion units [3][17] Fund Performance - The Wind All Fund Index rose by 1.17% last week, with the ordinary equity fund index increasing by 2.13% and the mixed equity fund index rising by 2.40% [3][7] Global Asset Review - Global major asset classes performed well, with U.S. stock indices reaching historical highs, and European and Asian markets also showing positive performance [4] - The commodity market saw active trading, with COMEX gold reaching new historical highs amid expectations of multiple interest rate cuts by the Federal Reserve [4] Domestic Bond Market Review - The national bond futures index fell by 0.32%, while medium to long-term interest rates remained low after a phase of recovery [13] Industry Performance - The Wind first-level average increase was 2.05%, with 90% of the Wind top 100 concept indices rising. All sectors except biomedicine saw gains, with communication, agriculture, and electronics performing relatively well, increasing by 5.24%, 5.00%, and 4.93% respectively [2][15]

Core Viewpoint - The ongoing dispute between internet celebrity Luo Yonghao and Xibei founder Jia Guolong regarding the use of pre-prepared dishes in restaurants highlights consumer rights and the need for regulatory clarity in the pre-prepared food industry. The market for pre-prepared dishes is projected to reach 617.3 billion yuan by 2025, indicating significant growth potential [1][6][17]. Industry Growth - The pre-prepared food market is expected to grow significantly, with a projected market size of 617.3 billion yuan by 2025, reflecting a year-on-year growth of 27.3% [6]. - The increasing pace of urban life and consumer demand for convenience are driving the popularity of pre-prepared dishes, which are becoming an essential part of the convenient food segment [6]. Pricing and Consumer Options - Pre-prepared dishes are generally affordable, with prices ranging from a few yuan to several dozen yuan per serving, making them accessible to a wide range of consumers [7]. - Various cuisines are available in pre-prepared formats, including popular regional dishes, catering to diverse consumer preferences [7]. Market Performance - The total market capitalization of the A-share pre-prepared food sector has surpassed 500 billion yuan, with 30 listed companies in this space. However, the sector has only seen a cumulative increase of 5.66% this year, underperforming compared to the Shanghai Composite Index's 15.48% rise [13]. Regulatory Developments - A national standard for pre-prepared food safety has been approved and is set to be publicly solicited for opinions. This standard will establish uniform definitions and safety requirements, marking a significant shift towards regulatory compliance in the industry [17].

Core Insights - The article provides an overview of the financing events in the primary market, highlighting a total of 143 financing events this week, with a total amount of approximately 6.747 billion yuan, a decrease of 9.145 billion yuan compared to the previous week [4] - The article emphasizes the increasing participation of investment institutions, with 191 institutions involved this week, an increase of 21 from last week [4] Financing Overview - This week, there were 71 disclosed financing events, an increase of 12 from last week, with the financing amount distribution showing no significant changes compared to the previous week [5] - Notable financing events include: - Self-variable Robotics completed nearly 1 billion yuan in A+ round financing led by Alibaba Cloud and other investors [7] - Hongzhen Aerospace raised 350 million yuan in A round financing to enhance its 3D printing services [7] - Aishi Technology secured over 60 million USD in B round financing for AI video generation technology [8] - Tianqing Aerospace raised nearly 100 million yuan in C+ round financing for capacity expansion [8] Industry Distribution - The financing events involved 14 industries, with the top five being Information Technology, Electronics, Equipment Manufacturing, Healthcare, and Materials, accounting for 75.52% of total events [11] - In terms of financing amount, Electronics led with 5.507 billion yuan, followed by Equipment Manufacturing and Healthcare [13] Hot Sectors - The article notes high interest in Artificial Intelligence and Commercial Aerospace sectors, with significant funding and policy support observed [14][15] - Since 2025, over 50 billion yuan has been raised in the Commercial Aerospace sector, indicating a growing trend [15] Regional Distribution - The top five regions for financing events were Guangdong, Jiangsu, Beijing, Zhejiang, and Shanghai, accounting for 79.02% of total events [18] - In terms of financing amount, Shanghai, Beijing, and Shandong were the leading regions, collectively accounting for 86.03% of the total financing [18] Financing Rounds - Angel and A rounds were the most active, totaling 98 events, with A rounds leading in financing amount due to significant contributions from major companies [23] Investment Institutions - A total of 191 investment institutions participated this week, with notable activity from Yida Capital and Yuanhe Holdings [25] Exit Situation - There were 40 public exit cases this week, an increase of 17 from last week, with the Electronics and Equipment Manufacturing sectors having the highest number of exits [30]