研究所日报-20251016

Report Summary 1. Macroeconomic Data - Price Data: In September 2025, the CPI was -0.3% year-on-year and +0.1% month-on-month. The PPI was -2.3% year-on-year and flat month-on-month. The overall price situation remained weak, indicating that domestic demand was still sluggish, and policy support was needed for price recovery [2]. - Financial Data: In September 2025, new social financing was 3.5 trillion yuan, new RMB loans were 1.3 trillion yuan, and M2 increased by 8.4% year-on-year. The downward pressure on financial data began to emerge, and attention should be paid to the implementation of incremental policies [3]. 2. Policy and International Relations - Foreign Policy Response: The US stated that whether to impose a 100% tariff on China depends on China's actions. The Chinese Foreign Ministry responded, urging the US to correct its wrong practices and resolve issues through dialogue and negotiation [4]. 3. Industry News - Lithium Battery Industry: In September 2025, China's total power battery production reached 151,200 MWh, with a month-on-month increase of 8.31% and a year-on-year increase of 35.85%. The lithium battery industry maintained rapid growth, and investment opportunities in the lithium battery industry chain were worthy of attention [5]. - Intelligent Driving Industry: The Ministry of Housing and Urban - Rural Development and other departments issued an action plan to promote the construction of vehicle - road collaborative facilities, and opportunities in the intelligent driving field were worth noting [5]. - Semiconductor Industry: The 2025 Bay Area Semiconductor Industry Ecosystem Expo was held in Shenzhen. Domestic semiconductor equipment manufacturers continued to break through technological blockades, and investment opportunities in the semiconductor equipment industry chain were worthy of attention [6]. 4. Market Data - Interest Rates and Exchange Rates: The latest 10 - year Treasury bond yield was 1.838, with a change of 1.05BP. DR007 was 1.417, with a change of -1.44BP. USDCNH was 7.1301, with a decline of 0.14%. The US dollar index was 98.67, with a decline of 0.38% [7][9]. - A - share Market: The total A - share market capitalization was 105.62 trillion yuan, an increase of 19.76 trillion yuan compared to the beginning of the year. The daily average trading volume was 1670.952 billion yuan. Most major A - share indices showed positive growth on the day [16]. - Industry Performance: The top three rising industries were power equipment, automobiles, and electronics. The top three industries with net capital inflows on the day were pharmaceutical biology, household appliances, and power equipment. The top three industries with net capital inflows at the end of the session were power equipment, electronics, and machinery [24].