研究所日报-20250919

Group 1: Technology Innovation and Investment - During the "14th Five-Year Plan" period, China's R&D investment is expected to exceed 3.6 trillion yuan in 2024, a 48% increase from 2020[2] - R&D intensity is projected to reach 2.68%, surpassing the average level of EU countries[2] - The total number of R&D personnel in China ranks first in the world, indicating a solid foundation for becoming a technology powerhouse[2] Group 2: A-Share Market Developments - In 2025, 780 A-share listed companies announced semi-annual cash dividend plans, totaling 644.6 billion yuan, significantly higher than the previous year[2] - The increase in dividend levels is expected to enhance investor confidence and promote long-term capital market health[2] Group 3: Market Trends and Economic Policies - Multiple cities are implementing cash subsidies and housing fairs to stimulate housing consumption, particularly in second and third-tier cities[3] - The recent signing of a historic technology agreement between the US and UK aims to lead the world in artificial intelligence[3] Group 4: Commodity Market Insights - International precious metal futures saw a decline, with COMEX gold futures down 1.07% to $3678.2 per ounce, and silver futures down 0.12% to $42.1 per ounce[4] - The Federal Reserve's hawkish stance and a rebound in the dollar index have pressured gold and silver prices[4] Group 5: Financial Market Indicators - The latest 10-year government bond yield is 1.852%, with a change of 1.52 basis points[5] - The latest value of the USDCNH is 7.1087, reflecting a 0.09% increase[7]