1. 公开市场操作 央行公告称，9月15日以固定利率、数量招标方式开展了2800亿元7天期逆回购操作，操作利率1.40%，投标量2800亿元，中标量2800亿元。Wind数据显 示，当日1915亿元逆回购到期，据此计算，单日净投放885亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面方面，税期之际，银行间市场周一资金面略显收敛，存款类机构隔夜回购加权利率上行近5个bp至1.41%上方；匿名点击（X-repo）系统隔夜报价亦 升至1.40%上方，且供给偏少；非银机构以存单和信用债为抵押拆借隔夜资金，报价在1.46%-1.48%左右，较上个交易日走高。 海外方面，最新美国隔夜融资担保利率为4.41%。 （IMM） // 债市综述 // 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.68%附近，较上日基本持平。 6. 国债期货收盘 集体上涨 30年期主力合约涨0.21% 10年期主力合约涨0.12% 5年期主力合约涨0.07% 2年期主力合约涨0.01% （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 涨跌不一 （*数据来源：Wind-国际货币资 ...

3 、继中国商务部对美国模拟芯片等启动反倾销调查后， 市场监管总局公告宣布，因违反反垄断法及此前收购迈络思时设定的限制性条件，依法决定对英 伟达实施进一步调查。 4 、 中国 8 月经济 " 成绩单 " 公布。 8 月份，全国规模以上工业增加值同比增长 5.2% 、环比增长 0.37% ，服务业生产指数同比增长 5.6% ，社会消费品 零售总额同比增长 3.4% 、环比增长 0.17% 。 1-8 月份，全国固定资产投资同比增长 0.5% ，其中制造业投资增长 5.1% ，房地产开发投资下降 12.9% 。 1 、 《求是》杂志发表习近平总书记重要文章《纵深推进全国统一大市场建设》。 文章强调，我国作为全球第二大消费市场，必须把全国统一大市场建 设好，增强我们从容应对风险挑战的底气。文章指出，要着力整治企业低价无序竞争乱象。 2 、美方要求七国集团及北约以中国购买俄罗斯石油为由，对中国征收 50%-100% 关税。 商务部对此回应称，美方此举是典型的单边霸凌和经济胁迫行 径，中方对此坚决反对。如果任何方面损害中方利益，中方将采取一切必要措施维护自身合法权益。 3 、墨西哥总统称本周将与中国讨论对华征收 50% ...

Core Viewpoint - The economic data for August indicates a stable and improving trend in China's economy, with significant growth in industrial output and service sectors, driven by effective macroeconomic policies and expanding domestic demand [4][5][7]. Economic Performance - The industrial added value for large-scale enterprises increased by 5.2% year-on-year in August, maintaining a rapid growth rate [5][6]. - The service sector production index grew by 5.6% year-on-year, outperforming the industrial sector [5][6]. - The total retail sales of consumer goods rose by 3.4% year-on-year, with significant growth in the sales of home appliances and furniture [5][7]. Investment Trends - Fixed asset investment increased by 0.5% year-on-year from January to August, with manufacturing investment growing by 5.1%, indicating strong support for manufacturing upgrades [5][6]. - Equipment and tool investment rose by 14.4% year-on-year, contributing to a 2.1 percentage point increase in fixed asset investment [7]. Foreign Trade and Reserves - The total goods import and export value increased by 3.5% year-on-year in August, with both exports and imports achieving three consecutive months of growth [6][9]. - The export value of electromechanical products grew by 9.2% year-on-year from January to August [6]. Employment and Inflation - The urban surveyed unemployment rate was 5.3% in August, reflecting a slight increase due to the influx of new graduates into the labor market [9][10]. - The core Consumer Price Index (CPI), excluding food and energy, rose by 0.9% year-on-year, marking a continuous expansion in the inflation rate over four months [6][9]. Policy Impact - The government's policies aimed at boosting consumption and investment are showing positive effects, contributing to a virtuous cycle of stable demand and production [7][8]. - The third batch of consumption upgrade policies has been implemented, further stimulating consumer demand and related sales [7][8]. Long-term Outlook - The long-term supportive conditions for China's economy remain intact, with effective macroeconomic policies and ongoing reforms expected to sustain stable growth [9][11].

今年以来，光伏、锂电池、新能源汽车、电商平台等新兴行业"内卷式"竞争备受外界关注。针对这一问 题，多部委密集发声，强调要"加快治理部分领域无序竞争、市场失序等问题"，推动行业回归健康轨 道。政策效应正在显现。最新发布的2025年8月经济数据显示，随着市场竞争秩序逐步优化，部分行业 供需关系有所改善，工业生产者出厂价格指数（PPI）迎来积极变化：8月份PPI环比由降转平，为今年 以来首次止跌；同比下降2.9%，降幅则是自3月以来首次收窄。这一转变表明，新一轮"反内卷"正持续 发力，"反内卷"政策已初步奏效，恶性竞争有所缓解，市场正逐步走向理性与规范，为高质量发展注入 新动能。纵深推进有效治理"内卷"重灾区竞争是市场经济最基本的运行机制，但"内卷式"竞争是一种围 绕特定市场空间的低质竞争、重复竞争，具体表现是企业为争夺有限的市场份额，不断投入更多精力和 资源，但并未带来效率提升和技术进步，反而导致整个行业利润下降。"内卷式"竞争如果得不到及时有 效整治，不仅会损害企业信誉和品牌形象，阻碍企业"走出去"，也将迟滞我国技术创新、产业升级和高 质量发展。此前，有文章提到，"内卷式"竞争将各类主体禁锢在低价低质、没有效益 ...

每经记者｜淡忠奎 每经编辑｜刘艳美 全国统一大市场建设再度提速。 9月16日出版的第18期《求是》杂志将发表题为《纵深推进全国统一大市场建设》的重要文章。文章指出，纵深推进全国统一大市场建设，基 本要求是"五统一、一开放"。 统一要素资源市场，促进自由流动、高效配置，减少资源错配和闲置浪费，正是"五统一"之一。 日前，国务院批复同意，2年内开展北京城市副中心、苏南重点城市、杭甬温、合肥都市圈、福厦泉、郑州市、长株潭、粤港澳大湾区内地九 市、重庆市、成都市等10个要素市场化配置综合改革试点。 国家发展改革委副主任李春临此前表示，这10个地区是发展基础较好、经济增长支撑作用强的城市群、都市圈或者中心城市，改革基础条件较 好，也具有较强代表性。 值得注意的是，合肥都市圈是本次唯一以"都市圈"命名的试点单元，显得尤为特殊。为什么是合肥都市圈？这一重磅试点，又将给合肥都市圈 带来什么？ 特殊 在中国区域版图上，10个试点地区从东向西、由北及南，贯通要素流动的关键节点。它们撑起全国超1/4的经济体量，承担着"先行先试和示范 探路"的作用。 在中国宏观经济学会会长徐善长看来，试点地区覆盖京津冀、长三角、粤港澳大湾区、成渝等 ...

证券研究报告 [Table_Title] 每日复盘 2025 年 09 月 15 日 2025 年 9 月 15 日沪指全天走势震荡，创业板指走强 报告要点： 2025 年 9 月 15 日沪指全天走势震荡，创业板指走强。上证指数下跌 0.26%，深证成指上涨 0.63%，创业板指上涨 1.51%。市场成交额 23031.45 亿 元，较上一交易日减少 2451.68 亿元。全市场 1916 只个股上涨，3376 只个 股下跌。 风格上看，各指数涨跌幅排序为：成长>周期>消费>0>稳定>金融；大盘 成长>中盘成长>小盘价值>小盘成长>中盘价值>大盘价值；基金重仓股表现 优于中证全指。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：电力设备 及新能源（2.25%），汽车（1.80%），农林牧渔（1.76%）；表现相对靠后的 是：通信（-1.32%），国防军工（-1.08%），综合（-1.02%）。概念板块方 面，多数概念板块下跌，猪肉、云游戏、电子竞技等大幅上涨；军工信息 化、太赫兹、铜缆高速连接等板块走低。 资金筹码方面，主力资金 9 月 15 日净流出 597.54 亿元。其中超大单净 流出 3 ...

Group 1 - The article discusses three market hotspots: progress in US-China talks, the historical high of Ningde Times (Ning Wang), and news related to anti-involution after market hours [1][4][11] - Ningde Times reached a historical high of 371 yuan, a nearly 15% increase, marking a significant recovery since its previous peak in December 2021 [4][5] - The article highlights that Ningde Times' stock price in Hong Kong has consistently traded at a premium compared to its A-share counterpart, indicating higher foreign investment interest [7][8] Group 2 - The article mentions a "pants-snatching" market trend, where the concentration of trading volume in popular sectors leads to declines in other sectors, with over 60% of stocks experiencing declines [11][20] - The chip sector saw a brief resurgence due to the anti-dumping investigation, but quickly fell back, illustrating the volatility in the market [11][12] - The article emphasizes the importance of understanding market dynamics and the risks associated with chasing high-performing stocks during structural market shifts [16][17] Group 3 - The article discusses the bond market's reaction to anti-involution measures, with a notable rise in long-term government bonds following a publication emphasizing the need for a unified national market [20][23] - It highlights the government's focus on addressing issues like low-price competition and procurement irregularities, which are seen as detrimental to market health [25][26] - The article suggests that resolving these issues will require significant reforms, particularly in fiscal policies, to avoid negative impacts on local economies [26]

Core Viewpoint - The article discusses the current state of the A-share market, highlighting a lack of direction and the recent weak economic data for August, particularly in infrastructure investment and consumer spending [1][2][4]. Economic Data Summary - August economic data shows a significant decline in infrastructure investment, with a year-on-year decrease expanding [1]. - Consumer spending on durable goods continues to decline, and overall retail sales are weaker than expected [2]. - Industrial production remains weak, with industrial added value falling short of expectations [4]. - Exports are under pressure, particularly to the U.S., with a notable increase in the decline rate [3]. Investment and Policy Outlook - Morgan Stanley predicts that economic growth will slow to around 4.5% in Q3 and Q4, which may trigger additional policy support, including a stimulus package of 0.5 to 1 trillion yuan [6]. - The focus remains on structural reforms to achieve sustainable recovery, as indicated by the signals from the 20th Central Committee's Fourth Plenary Session [6]. Market Performance - On September 15, A-shares showed mixed performance, with the Shanghai Composite Index down 0.26% and the Shenzhen Component Index up 0.63% [12]. - The automotive sector saw significant gains due to new policies aimed at boosting sales, including subsidies for car purchases [12]. - The gaming sector experienced fluctuations, with companies like Xinghui Entertainment and Perfect World seeing notable stock movements [13]. Sector Analysis - The automotive sector is expected to benefit from government support, with a target of achieving approximately 32.3 million vehicle sales by 2025 [12]. - The agricultural sector, particularly pig farming, is under regulatory focus to manage production capacity effectively [13]. - The energy storage sector is projected to grow significantly, with a target of 180 GW of new storage capacity by 2027, leading to substantial investment opportunities [13]. Capital Flow and Market Sentiment - There was a net outflow of 41.49 billion yuan from major funds, with the non-ferrous metals sector experiencing the largest outflow [22]. - The overall sentiment in the market remains cautious, with some sectors showing signs of early bubble characteristics, particularly in technology [10][11].

大公司： 东方甄选：将推广更多优质地标农产品 36氪获悉，近日，东方甄选受邀参加第十四届中国知识产权年会。会议上东方甄选公布，已有近800款 以上的自营产品上市，农产品的数量占一半以上，其中包括多款地理标志产品。未来，东方甄选表示将 继续与各地政府、行业协会等加强合作，探索电商助力地理标志产品发展的新路径。 顺丰同城"SoFast"登陆澳门 36氪获悉，9月15日，美的与天猫继续深化即时零售合作，品牌首批近90家线下门店仓接入淘宝闪购， 为消费者提供"小时送达"服务，现已覆盖北京、上海、广州、杭州等全国19个城市。 36氪获悉，近日，顺丰同城"SoFast"品牌正式登陆澳门。据了解，此次"SoFast"登陆澳门，顺丰同城已 与澳门本地生活服务平台"澳觅App"达成战略合作，双方为澳门商户和用户提供高效便捷的同城即配一 站式服务。顺丰同城"SoFast"将在澳门构建起面向商家与消费者的业务矩阵，提供快至1小时送达的即 时配送服务，配送范围包括文件、鲜花、餐食、茶饮、珠宝、数码产品等。 北汽集团：持续优化订单确认、交付验收、支付结算等机制，坚决反对任何形式的不合理付款行为和恶 性竞争 36氪获悉，北京汽车集团发布 ...

Core Viewpoint - The article discusses the implementation of a comprehensive reform pilot for market-oriented allocation of factors in ten regions across China, emphasizing its significance in building a unified national market and promoting high-quality economic development [2][10]. Summary by Sections Highlights of the Reform Pilot - The ten pilot regions are representative, with a combined economic output exceeding 25% of the national total in 2024, providing a strong foundation for exploring efficient allocation of various resources [4]. - The reform covers a wide range of factors, including traditional elements like land and labor, as well as new factors such as data and computing power, promoting the cultivation of new productive forces [4]. - The pilot emphasizes systematic integration and collaborative efficiency, proposing specific measures for coordinated allocation of factors around key projects and development areas [4]. - The implementation plans are tailored to local conditions, allowing regions to explore their strengths and summarize replicable experiences for national application [5]. Building a Unified National Market - The construction of a unified national market is deemed essential for the development of a socialist market economy, as highlighted in various governmental reports and meetings [10][12]. - The strategy aims to enhance domestic circulation and promote high-quality economic development, addressing challenges such as market segmentation and local protectionism [10][12]. - The article outlines the need for improved market infrastructure, regulatory frameworks, and the promotion of factor market reforms to facilitate the establishment of a unified market [12][13]. Data Factor Market Development - The article emphasizes the importance of developing a national unified data market, which is crucial for promoting the cross-regional collaboration and value release of data factors [17]. - It discusses the challenges faced in the current data market, including difficulties in public data circulation and the need for effective trading mechanisms [17]. - The establishment of a data market is seen as a key driver for economic transformation and modernization of governance capabilities [17]. Financial Support and Mechanisms - The People's Bank of China supports the market-oriented allocation of factors, focusing on enhancing the financial sector's ability to serve the real economy and ensuring risk management [8]. - The article mentions the need for a unified technical market system, with specific measures to improve market access, competition, and intellectual property protection [6][8]. Conclusion - The article concludes that the construction of a unified national market is a dynamic historical process that requires continuous reform and adaptation to reduce transaction costs and enhance market integration [16].