万联晨会-20250925

Core Viewpoints - The A-share market saw all three major indices rise on Wednesday, with the Shanghai Composite Index up by 0.83%, the Shenzhen Component Index up by 1.8%, and the ChiNext Index up by 2.28%. The total trading volume in the Shanghai and Shenzhen markets reached 23,264.67 billion yuan [1][6] - In terms of industry performance, the leading sectors included power equipment, electronics, and media, while banking, coal, and telecommunications lagged behind [1][6] - Concept stocks such as SMIC, National Big Fund holdings, and BC battery concepts showed significant gains [1][6] - The Hong Kong market also experienced gains, with the Hang Seng Index rising by 1.37% and the Hang Seng Tech Index up by 2.53% [1][6] - In contrast, the overseas markets saw declines, with the Dow Jones down by 0.37%, the S&P 500 down by 0.28%, and the Nasdaq down by 0.33% [1][6] Important News - Eight departments, including the Ministry of Commerce, jointly issued guidelines to vigorously develop digital consumption, focusing on supply and demand collaboration, proposing 14 tasks across four areas: enriching digital consumption supply, cultivating digital consumption entities, optimizing support systems, and creating a favorable environment for digital consumption [2][7] - Nine departments, including the Ministry of Commerce, released 13 policy measures to promote service exports, which include utilizing existing funding channels, enhancing the role of innovation development funds, optimizing zero tax rate declaration procedures, increasing support for export credit insurance, and facilitating cross-border personnel and capital flow [2][7]