Core Viewpoint - The US stock market, particularly semiconductor stocks, experienced a significant sell-off, driven by concerns over high valuations and the increasing risk of a government shutdown [2][3][4]. Group 1: Semiconductor Stocks Performance - Semiconductor stocks collectively dropped, with the Philadelphia Semiconductor Index falling over 2%, and major companies like Broadcom, TSMC ADR, and Micron Technology also declining more than 2% [2][3]. - Other large tech stocks also faced declines, with Oracle dropping over 6% and Tesla down over 3% [3]. Group 2: Economic and Political Risks - The risk of a US government shutdown is rising, with a 63% probability of a shutdown by October 1, and a 76% chance of a shutdown by 2025, as political negotiations stall [4]. - The Federal Reserve Chairman Jerome Powell warned about high valuations in the stock market, contributing to a cautious sentiment among investors [3][6]. Group 3: Economic Data and Inflation Concerns - Recent macroeconomic data showed a stronger-than-expected Q2 GDP growth of 3.8%, with personal consumption expenditures contributing significantly to this growth [5]. - The core PCE price index for Q2 was revised up to 2.6%, indicating persistent inflationary pressures that may limit the Fed's ability to lower interest rates [5][6]. Group 4: Labor Market Insights - Initial jobless claims decreased to 218,000, the lowest since July, suggesting a healthy labor market despite signs of cooling [7].

Core Viewpoint - The annual speech by Lei Jun, founder and CEO of Xiaomi Group, emphasized the theme of "Change," highlighting the importance of self-developed chips and the company's venture into the automotive industry as essential for future success [2][4]. Group 1: Chip Development - Xiaomi's journey in chip development began in 2014 with the establishment of Pinecone Electronics, but after the release of the "Surge S1," the company halted SoC chip development due to challenges faced [4][5]. - Lei Jun stated that self-developed chips are crucial for Xiaomi's success, asserting that top global tech giants have become chip leaders, and Xiaomi must follow this path despite the complexities involved [5][6]. - In a pivotal meeting in 2022, Lei Jun emphasized the long-term value of investing in chip development, stating that even if the company does not succeed, it will cultivate a strong chip R&D team and transform the company's quality [6][7]. Group 2: Automotive Ventures - Xiaomi's automotive project, the SU7 Ultra, was initiated in December 2021, aiming to compete with luxury brands like Porsche and Tesla. However, the project faced challenges, leading to the temporary suspension of the Ultra variant [7]. - The YU7 model achieved remarkable sales, with over 200,000 units reserved within three minutes of its launch, showcasing the potential impact of Xiaomi's automotive ambitions on the industry [7][8]. Group 3: New Product Launch - The Xiaomi 17 series was launched during the autumn product release event, with the standard version starting at 4,499 yuan. The series features advanced technology, including the fifth-generation Snapdragon 8 processor and a 7,000mAh battery, which significantly outperforms competitors like the iPhone 17 [8][9]. - The Xiaomi 17 series is marketed as the "king of small-size endurance," with a battery capacity nearly double that of the iPhone 17, and it incorporates innovative materials to enhance energy storage [8][9].

Core Viewpoint - The Swiss National Bank (SNB) has decided to maintain its benchmark interest rate at 0%, marking the end of a series of six consecutive rate cuts since March 2024, amidst stable inflation pressures and economic support needs [1][3][5]. Group 1: Interest Rate Decisions - The SNB's decision to hold the interest rate at 0% is the lowest among major global central banks [3]. - The central bank has indicated readiness to lower rates below zero if mid-term inflation exceeds the price stability range [2][4]. - The SNB has cumulatively cut rates by 175 basis points over the past year, with the last cut occurring on June 19, 2024 [3][4]. Group 2: Economic Outlook - The SNB expects Switzerland's GDP growth for 2025 to be between 1% and 1.5%, slightly up from previous forecasts [4][7]. - The central bank has noted that the Swiss economy is facing challenges due to U.S. tariffs and high uncertainty, which may suppress exports and investments [6][7]. - The inflation rate in Switzerland has returned to the SNB's target range of 0% to 2% after a period of decline [4]. Group 3: Currency Performance - The Swiss Franc has appreciated significantly this year, gaining over 12% against the U.S. dollar and nearly 1% against the euro, making it one of the best-performing currencies among G-10 [4][5]. - Following the announcement to pause rate cuts, the Swiss Franc's exchange rates remained stable against the euro and the dollar [4]. Group 4: Public Sentiment and Trade Relations - A recent poll indicated that a majority of Swiss citizens oppose making concessions to the U.S. regarding tariffs, with many preferring to rely more on domestic products [7]. - The imposition of high tariffs by the U.S. on Swiss goods has raised concerns about significant economic pressure on Switzerland, particularly affecting its export-driven economy [7].

Core Viewpoint - The Chinese bond market has experienced healthy and rapid development, significantly enhancing its international influence and attractiveness, while playing a crucial role in serving the real economy and optimizing financing structures [1][2]. Group 1: Market Development and Performance - The People's Bank of China (PBOC) emphasizes the substantial potential for further opening of the bond market, with ongoing support for the construction of Hong Kong as an international financial center [2][3]. - The net financing scale of bonds has increased from approximately 30% of total social financing five years ago to over 40% currently, indicating a more active bond trading environment [3]. - As of August 2025, the total balance of the Chinese bond market reached 192 trillion RMB, ranking second globally, with bond issuance exceeding 59 trillion RMB in the first eight months of the year, a 14% year-on-year increase [3]. Group 2: Investment Value and Yield - Chinese bonds offer high nominal and real yields, ranking among the top globally, with a 70% return on investment over the past decade, regardless of foreign exchange hedging [4]. - The actual yield of RMB bonds remains relatively high, providing a solid avenue for value preservation and appreciation for global RMB holders [4]. - RMB bonds exhibit low correlation with G7 and other emerging market bonds, highlighting their diversification benefits [4]. Group 3: Foreign Investment and Market Access - Currently, foreign investors hold only 2% of the bond market, indicating significant room for growth compared to developed and some emerging markets [5]. - As of August 2025, nearly 1,170 foreign institutional investors have entered the Chinese bond market, with total holdings around 3.9 trillion RMB, a nearly fourfold increase since the Bond Connect was launched [6]. - The trading volume of bonds by foreign institutional investors reached approximately 11.8 trillion RMB in the first eight months of the year, with the Northbound Bond Connect accounting for about 7.2 trillion RMB [6]. Group 4: Future Initiatives and Market Integration - The PBOC plans to enhance cross-border investment and financing convenience, focusing on four key initiatives to support the offshore RMB market and improve market openness [8][9]. - These initiatives include supporting foreign investors in bond repurchase transactions, expanding the "Swap Connect" trading limits, and increasing the availability of high-quality offshore RMB assets in Hong Kong [8][9].

大牛股，明起停牌！ 9月25日晚，上纬新材公告称，公司股票自2025年7月9日至9月25日期间多次触及股票交易异常波动及严重异常波动情形，最近两个交易日连续涨停。公司已关注到近 期市场存在部分媒体关于上纬新材与实际控制人邓泰华及其控制的智元创新相关资产进行整合的讨论与报道。公司发函向公司收购人暨控股股东上海智元恒岳科技合 伙企业（有限合伙）及实际控制人邓泰华核实，截至目前，收购方智元恒岳及其一致行动人上海致远新创科技设备合伙企业（有限合伙）不存在在未来12个月内对上 市公司及其子公司的资产和业务进行出售、合并、与他人合资或合作的明确计划，或上市公司拟购买或置换资产的明确重组计划。截至目前，未来36个月内，智元创 新不存在通过上市公司借壳上市的计划或安排。 为维护投资者利益，公司将就上述股票交易波动情况进行核查。经向上海证券交易所申请，本公司股票将于2025年9月26日（星期五）开市起停牌，自披露核查公告后 复牌。公司提醒广大投资者注意二级市场交易风险。 | 上纬新材园 17 Q | | | --- | --- | | 688585 科创板 融 L1 ▼ | | | 两融开户不用等! 下班后、周六、周日照常办理 ...

"山西日报"消息，9月25日，山西省省长卢东亮在太原会见来晋考察访问的韩国电力公社社长金东喆一 行。 省委常委、统战部部长、副省长赵红严 参加。 上述消息显示， 山西省副省长赵红严已同时任山西省委常委、统战部部长。 公开信息显示，赵红严，女，汉族，1970年5月生，大学，法学硕士，中共党员。 她曾长期在国资委工作，曾任考核分配局局长等职。 2023年1月， 赵红严 任山西省副省长，至此番调整。 来源：政事儿 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 责编：汪云鹏 校 对： 杨舒欣 百万用户都在看 大爆发！两大利好来袭！ 盘中，集体异动！刚刚，见证历史！ 见证历史！集体大涨！ 杀疯了！9万亿元！ 突然！尾盘，多只牛股异动！发生了什么？ 违 ...

Core Viewpoint - The article highlights the significant advancements and strategic direction of JD.com in the AI and supply chain sectors, emphasizing the company's commitment to sustainable AI development and its potential to reshape various industries through innovative applications and models [1][3]. Group 1: AI Strategy and Developments - JD.com is focusing on a sustainable AI strategy that integrates technology with practical business applications, prioritizing real-world scenarios and data utilization [3][4]. - The company has introduced the JoyAI model, showcasing deep applications across four key areas: logistics, retail, industrial, and healthcare [4][5]. Group 2: Logistics and Supply Chain Innovations - In logistics, JD.com has upgraded its logistics model to enhance decision-making and collaboration among smart devices, significantly improving supply chain efficiency [5]. - The "Wolf Pack" series of products has been developed to cover all logistics supply chain scenarios, with over 500 warehouses globally utilizing these solutions [5]. Group 3: Retail and Consumer Applications - JD.com has implemented various AI products in retail, including AI search and customer service assistants, and is developing a new AI architecture called Oxygen to enhance the shopping experience [5][7]. - The company is set to launch the "Jingxi" app, which aims to integrate AI into shopping processes, allowing users to make purchases and reservations through voice commands [8]. Group 4: Industrial and Healthcare AI Solutions - The JoyIndustrial model targets inefficiencies in industrial supply chains, leveraging extensive SKU data to assist numerous key industrial enterprises in digital transformation [5][11]. - JD.com has also introduced the "Jingyi Qianxun 2.0" medical model, which focuses on reliable reasoning and multimodal capabilities, contributing to the healthcare sector [5]. Group 5: Future Directions and Collaborations - JD.com plans to open its various industry scenarios and supply chain data to enterprises for model training and application testing, potentially accelerating AI advancements across sectors [10][11]. - The company is actively recruiting top scientists globally to enhance its AI research capabilities, with founder Liu Qiangdong taking a direct role in these efforts [12].

当地时间9月25日，美国媒体阿克西奥斯新闻网播出了一段乌克兰总统泽连斯基的采访视频片段。泽连斯基在 视频中明确表示，已准备好在俄乌冲突结束后离任。 来源：央视新闻 泽连斯基在采访中称，其责任是"结束"俄乌冲突，而非竞选。此外，泽连斯基表示，如果达成与俄罗斯的停火 协议，他将会要求议会组织总统选举。在结束与俄罗斯冲突的情况下，他愿不提名自己为新一届总统候选人。 泽连斯基2019年5月就任乌克兰总统，任期至2024年5月。乌克兰危机于2022年春全面升级后，乌克兰因国家进 入战时状态未如期举行原定于2024年3月的新一届总统选举。 在9月底的这次表态之前，乌克兰总统泽连斯基曾在今年的2月23日"乌克兰2025年"论坛以及总统新闻发布会上 表示，如果能带来和平，他愿意辞去总统职务，或者用他的辞职换取乌克兰加入北约。 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 ...

Macro Dynamics - The Digital Renminbi International Operation Center has officially commenced operations in Shanghai, launching three major business platforms: cross-border digital payment, blockchain service, and digital asset platform [2] Market Regulation - The State Administration for Market Regulation is soliciting public opinions on the revised "Food Recall Management Measures (Draft for Comments)" to enhance food safety regulation [3] Real Estate Policy - Guangzhou has introduced new policies allowing real estate companies to sell self-owned housing after paying the necessary fees, aimed at alleviating financial pressure on developers [5] Natural Disasters - The impact of Typhoon "Haikui" has diminished, with orderly resumption of maritime operations and project work in Guangdong, Hainan, and Fujian [6] Defense Industry - The Ministry of National Defense emphasized that the development of aircraft carriers will proceed based on national security needs and technological advancements [7] Copper Industry - The China Nonferrous Metals Industry Association's Copper Industry Branch expressed strong opposition to "involution" competition in the copper smelting industry, which has led to persistently low processing fees [8] Financial Institutions - Two major state-owned banks, Bank of China and Agricultural Bank of China, announced the abolition of their supervisory boards, transferring responsibilities to the audit committee of the board [10] Market Data - The ChiNext Index rose by 1.58%, reaching a three-year high, with significant gains in sectors such as controlled nuclear fusion and AI [9] - The total margin financing balance across both stock exchanges increased by 141.21 billion yuan, reaching approximately 24,063.72 billion yuan [10] Company Developments - Over 70% of China's energy state-owned enterprises have integrated with Alibaba Cloud AI, covering the entire energy spectrum [12] - iQIYI plans to launch China's first AI theater, with the first batch of AI narrative films expected to be released in Q1 2026 [13] - China Railway has recently won bids for 11 major projects, with a total bid amount of approximately 502.15 billion yuan, accounting for 4.34% of its projected 2024 revenue [15] - SIRIS has received approval from the China Securities Regulatory Commission for its H-share issuance [16] - Gaode has reported that over 2,000 restaurants have displayed "Street Ranking" signs within two weeks of its launch, significantly increasing online traffic for local eateries [17]

Core Viewpoint - The global copper supply is expected to tighten significantly due to the suspension of production at a major copper mine in Indonesia, leading to increased market expectations for copper prices and demand [1][2]. Group 1: Supply Dynamics - The suspension of production at Freeport-McMoRan's Indonesian copper mine is projected to result in a 50,000-ton loss in copper supply over the next 12-15 months, which is characterized as a "black swan" event by analysts [2]. - Analysts predict a significant reduction in global copper mine production growth, with an estimated increase of only 500,000 tons from 2024 to 2027, which is about one-third of the increase from 2021 to 2024 [4]. - The copper smelting industry has issued a clear signal against "involution" competition, which has kept copper concentrate processing fees at low levels, further tightening the supply-demand situation [5]. Group 2: Market Reactions - On September 25, the Shanghai copper market saw a substantial inflow of 7.871 billion yuan, with trading volume increasing significantly, indicating strong investor interest in copper [2][3]. - The A-share non-ferrous metal sector experienced a surge, with companies like Northern Copper and Luoyang Molybdenum hitting their daily price limits, reflecting positive market sentiment towards the copper industry [3]. Group 3: Demand Factors - The demand for copper is expected to rise significantly due to its increasing association with semiconductor technology and AI applications, with projections indicating that global data centers will consume over 4.3 million tons of copper in the next decade [6]. - The demand for high-performance copper foil, particularly for AI servers, is driving up copper prices, as the copper usage in AI server PCBs is 2.5 times that of regular servers [7].