SERES(SH:601127) Xin Lang Cai Jing·2025-09-26 00:38Market Overview - A-shares showed mixed performance on September 25, 2025, with the Shanghai Composite Index closing at 3,853.3 points, down 0.01%, while the Shenzhen Component Index rose 0.67% to 13,445.9 points, and the ChiNext Index increased by 1.58% to 3,235.76 points. Over 3,800 stocks declined, with total trading volume reaching 2.37 trillion yuan, an increase of 443 billion yuan from the previous trading day [1] - Hong Kong's Hang Seng Index fell by 0.13% to 26,484.68 points, with a total trading volume of 314.89 billion HKD. The Hang Seng Tech Index rose by 0.89% to 6,379.19 points [1] - U.S. stock markets continued to decline for the third consecutive day, with the Dow Jones Industrial Average down 0.38% to 45,947.32 points, the S&P 500 down 0.50% to 6,604.72 points, and the Nasdaq down 0.50% to 22,384.70 points [1] Public Fund Market - As of the end of August 2025, the total scale of public funds in China reached 36.25 trillion yuan, marking the fifth historical high this year. Notably, stock funds increased by over 620 billion yuan, mixed funds by over 330 billion yuan, and money market funds by over 190 billion yuan, while bond funds decreased by over 28 billion yuan [2] Bond Market - The People's Bank of China announced support for foreign institutional investors to engage in bond repurchase transactions in the Chinese bond market, aiming to enhance the efficiency of RMB bonds. The daily trading net limit will be raised from 20 billion yuan to 45 billion yuan to facilitate interest rate risk management for investors [2] Copper Smelting Industry - The China Nonferrous Metals Industry Association is addressing the issue of "involution" competition in the copper smelting industry, which has led to persistently low processing fees for copper concentrate. The association emphasizes the need for regulatory measures to control the expansion of copper smelting capacity and is working with relevant national departments to develop specific management measures [3] - The association's vice president highlighted the significant impact of "involution" competition on the industry, urging copper enterprises to oppose such practices to align with high-quality development goals. The association is committed to strengthening capacity monitoring and providing support for policy implementation [3]