Group 1 - Hong Kong Travel (00308) saw a stock increase of over 11%, reaching a price of 1.85 HKD with a trading volume of 461 million HKD [1] - The Ministry of Commerce and nine other departments released policies on September 16 to expand service consumption, including 19 measures across five areas, such as launching a "Service Consumption Season" [1] - The tourism market is experiencing heightened activity due to the upcoming Mid-Autumn Festival and National Day holidays, with expectations for a sustained high level of tourism [1] Group 2 - China Aviation Securities believes that policy support, supply response, and demand upgrades are creating a synergistic effect that will sustain the high tourism activity during the "super long golden week," benefiting various sectors including accommodation, transportation, dining, retail, and entertainment [1] - Hong Kong Travel is the flagship of China Travel Group's tourism investment and operation business, focusing on the development and operation of tourism destinations [1] - The company operates approximately 60 domestic and international scenic spots and resorts, including 18 5A scenic spots and 18 4A scenic spots, with a commitment to high-quality and unique cultural tourism resources [1]

Group 1 - The Ministry of Commerce and eight other departments issued 19 specific measures to expand service consumption, focusing on enhancing service quality and promoting consumer activities [1] - The "Service Consumption Quality Improvement and Benefit Action" plan was introduced to strengthen policy support, build platforms, and optimize the consumption environment [1] - The initiative includes the continuous development of the "Buy in China" brand and the launch of a series of promotional activities in key service sectors [1] Group 2 - The Chinese Ministry of National Defense confirmed that the Fujian aircraft carrier is conducting sea trials, which is a normal part of its construction process [2] - The development of the aircraft carrier is aligned with national security needs and technological advancements, emphasizing China's commitment to a defensive national policy [2] - The Fujian carrier is expected to play a significant role in safeguarding national sovereignty and development interests [2] Group 3 - The China National Medical Products Administration released the first industry standard for medical devices using brain-computer interface technology, set to take effect on January 1, 2026 [4] - This standard aims to support the high-quality development of the brain-computer interface medical device industry [4] Group 4 - The Shenzhen Securities Regulatory Bureau issued a warning letter to Qianhai Hongtai Fund Management Co., Ltd. for failing to complete fund filing procedures after fundraising [5] - This action is based on violations of the Private Fund Management Regulations [5] Group 5 - Vanke A received a loan of up to 2.064 billion yuan from Shenzhen Metro Group [8] - Hengwei Technology plans to acquire 75% of Shuheng Technology's shares, leading to a stock suspension [8] - Shanghai Construction's stock has seen significant short-term gains, indicating potential market overheating [8] - Huohai Biotechnology's controlling shareholder received an administrative penalty notice [8] - Funeng Technology plans to mass-produce its third-generation semi-solid battery by 2026 [8] - Luxiao Technology signed an AI robot cooperation agreement with its subsidiary [8] - Haon Electric received a product designation notice, estimating total revenue of approximately 2.477 billion yuan over its lifecycle [8] - Haowei Group has entered NVIDIA's supply chain [8] - AVIC Optoelectronics has shipped UQD connectors and liquid cooling pipe components to overseas manufacturers [8]

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Group 1 - The core viewpoint of the article is the announcement of 19 measures by the Ministry of Commerce and nine other departments to expand service consumption in China [1] - The measures include the implementation of a service consumption quality improvement action and the continuous development of the "Buy in China" brand [1] - There is a focus on developing new consumption scenarios and supporting the integration of various sectors such as travel, culture, and sports to create innovative consumption experiences [1] Group 2 - The document emphasizes the need for high-level opening of the service industry, particularly in sectors like telecommunications, healthcare, and education [1] - It encourages the introduction of foreign sports events and supports local governments in hosting popular sports events to enhance service consumption [2] - The document also outlines the optimization of student holiday arrangements to increase service consumption opportunities during travel seasons [2]

交易提示 交易咨询：0571-85165192，85058093 2025 年 9 月 17 日星期三 16519 新世纪期货交易提示（2025-9-17） 敬请参阅文后的免责声明 期市有风险投资须谨慎 交易提示 | | | | 九部门发布《关于扩大服务消费的若干政策措施》，提出五方面 19 条举 | | --- | --- | --- | --- | | | 中证 500 | 上行 | 措，其中 8 项与"高品质服务供给"有关。文件提出，开展"服务消费季" | | | | | 系列促消费活动；支持优质消费资源与知名 IP 跨界合作；扩大电信、医 | | | | | 疗、教育等领域开放试点；有序扩大单方面免签国家范围；优化学生假期 | | | 中证 1000 | 上行 | 安排，完善配套政策等。文件还首次提出开展消费新业态新模式新场景试 | | | | | 点城市建设。近日，证监会就《公开募集证券投资基金销售费用管理规定 | | | | | （征求意见稿）》公开征求意见，拟针对不同持有期限设置基金赎回费率 | | | 2 年期国债 | 震荡 | 下限。此举或提高短期持有基金的赎回成本，进而影响短债基金等高流动 ...

1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - The commodity futures market has seen significant capital inflows due to positive domestic fundamentals and increased trading themes, with the total capital amount reaching a record high of 4736.5 billion yuan on September 16 [2]. - The precious metals market is in a bull - run, potentially accelerating due to factors such as expectations of a Fed policy shift, increased避险 demand, and supply - demand imbalances [4][5]. - The bond market is affected by multiple factors, with short - term fluctuations and a possible gradual recovery in an oscillatory manner. Long - term bond yields may decline more smoothly in the latter half of the fourth quarter [25]. 3. Summary by Directory 3.1 Macro Data - GDP in the second quarter of 2025 had a year - on - year growth rate of 5.2%, slightly lower than the previous quarter but higher than the same period last year [1]. - In August 2025, the manufacturing PMI was 49.4%, slightly up from the previous month; the non - manufacturing PMI for business activities was 50.3%, also slightly up [1]. - In August 2025, the year - on - year growth rates of M0, M1, and M2 were 11.7%, 6.0%, and 8.8% respectively. The financial institution's RMB loan increased by 590 billion yuan in the month [1]. - In August 2025, CPI decreased by 0.4% year - on - year, and PPI decreased by 2.9% year - on - year [1]. - In August 2025, the cumulative year - on - year growth rate of fixed - asset investment (excluding rural households) was 0.5%, and that of total retail sales of consumer goods was 4.64% [1]. - In August 2025, the year - on - year growth rates of export and import values were 4.4% and 1.3% respectively [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - Nine departments including the Ministry of Commerce issued policies to expand service consumption, proposing 19 measures in five aspects [2]. - On September 16, the total capital in the commodity futures market reached a record high of 4736.5 billion yuan, with 11 varieties having over 10 billion yuan in capital, and the capital in Shanghai gold futures reaching 106 billion yuan [2]. 3.2.2 Metals - On September 16, COMEX gold futures reached a new high, and Shanghai gold futures had a cumulative increase of 7.37% since September. Silver prices also continued to rise [4][5]. - On September 15, zinc, copper, and aluminum inventories decreased, while lead and nickel inventories increased. Tin, aluminum alloy, and cobalt inventories remained stable [5]. - As of September 16, the position of SPDR Gold Trust increased by 0.32% (3.15 tons) to 979.95 tons [5]. 3.2.3 Coal, Coke, Steel, and Minerals - The US government is discussing setting up a $5 billion mining investment fund, and plans to expand the strategic uranium reserve [6]. 3.2.4 Energy and Chemicals - On September 16, international oil prices rose due to geopolitical conflicts and a larger - than - expected decline in US crude oil inventories [7]. - Two wells in Sinopec's Ziyang shale gas field in the Sichuan Basin set a new record for shale gas production, with one well having a daily output of 1.407 million cubic meters [7]. - OPEC + representatives will discuss production capacity this week, and the EU is about to propose the 19th round of sanctions targeting cryptocurrencies, banks, and energy [7][8]. 3.2.5 Agricultural Products - On September 18, 15,000 tons of central reserve frozen pork will be put up for auction [9]. - During the 14th Five - Year Plan period, China's grain output exceeded 1.4 trillion catties in 2024, and the high - standard farmland area exceeded 1 billion mu. The agricultural science and technology progress contribution rate reached 63.2% [9]. - Coffee futures prices rose due to concerns about drought in Brazil, and the price of Arabica coffee beans reached $4.21 per pound [9]. 3.3 Financial News 3.3.1 Open Market - On September 16, the central bank conducted 287 billion yuan of 7 - day reverse repurchase operations, with a net investment of 40 billion yuan [11]. 3.3.2 Important News - Nine departments including the Ministry of Commerce issued policies to expand service consumption [12]. - The central bank governor proposed to adjust the share ratio of the International Monetary Fund [12]. - The so - called "cancellation of the overseas individual housing purchase limit" is a misinterpretation [13]. - The CSRC is soliciting opinions on the regulations for the management of public offering fund sales fees, which may affect short - term bond funds [13]. - Some local governments are accelerating the resolution of implicit debts, and 82 districts and counties have completed the zero - clearing of implicit debts [14]. - The Beijing Financial Court has explored a dispute - resolution model to help enterprises in debt crises [14]. - The Fed is expected to restart the interest - rate cut process, but there are internal differences [15]. - The World Bank issued $1.75 billion of sustainable development bonds [16]. - Alibaba issued $3.2 billion of zero - coupon convertible preferred notes [16]. - Tencent issued bonds worth about 9 billion yuan [16]. 3.3.3 Bond Market Summary - The bond market first declined and then rose. The yield of the 30 - year treasury bond "25 Super Long Special Treasury Bond 02" decreased by 1.5bp [18]. - The CSI Convertible Bond Index decreased by 0.18%, and the Wind Convertible Bond Equal - Weighted Index increased by 0.18% [19]. - Most money market interest rates and bond - related rates increased [19][20]. - European bond yields rose, and US bond yields fell [21][22]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose by 65 points, and the RMB central parity rate against the US dollar was raised by 29 points [23]. - The US dollar index fell by 0.73%, and most non - US currencies rose [23]. 3.3.5 Research Report Highlights - Yangtze River Fixed Income believes that the timing for restarting treasury bond trading may be approaching [24]. - CITIC Securities believes that the scale of bank wealth management has continued to grow, and the new regulations on fund redemption fees may change the investment logic of wealth management funds [24]. - Guosheng Fixed Income believes that the bond market may recover gradually in an oscillatory manner [25]. - Guoxin Fixed Income suggests paying attention to structural opportunities in the equity market and individual convertible bonds [26]. - Huatai Fixed Income believes that the bond market may take a short - term break [26]. - CITIC Construction Investment believes that the economic data in August is generally stable but still under pressure [26]. 3.4 Stock Market - A - share indices fluctuated and closed higher, with robot concept stocks leading the rise and rare earth, breeding, and insurance stocks falling [29]. - The Hong Kong Hang Seng Index fell slightly, with robot concept stocks performing strongly and pharmaceutical stocks generally falling [29].

早盘速递 2025/9/17 热点资讯 1. 周一，美国一家上诉法院拒绝了美国总统特朗普解雇美联储理事丽莎·库克的请求，这是自1913年美联储成立以来， 总统首次尝试采取此类行动。哥伦比亚特区巡回上诉法院的裁决意味着，美联储在当地时间周二和周三的议息会议期间， 库克暂时可以继续留在美联储。 -2.00 -1.50 -1.00 -0.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00 板块涨跌幅（%） 非金属建材, 2.61% 贵金属, 30.39% 油脂油料, 10.93% 有色 软商品, 2.27% , 20.67% 煤焦钢矿, 14.67% 能源, 2.93% 化工, 11.46% 谷物, 1.03% 农副产品, 3.05% 商 品 各 板 块 资 金 占 比 第 1 页，共 3 页 重点关注 铁矿石、螺纹、菜油、豆二、沪金 夜盘表现 -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50% 2.00% 商品期货主力合约夜盘涨跌幅 涨跌幅 增仓比率（右轴） 板块表现 类 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On Tuesday, the major indices of the two markets showed strong oscillations, with growth - type indices being relatively strong and the robot sector leading the gains. The total trading volume of the two markets was 2.34 trillion yuan, showing little change. The inflow of international and domestic funds into the A - share market is continuous, and mid - cap growth stocks represented by the CSI 500 Index are expected to lead the rise. The anti - involution market has entered the second wave, and before the Fed cuts interest rates, commodity prices will restart their upward trend [1][2] 3. Summary According to Relevant Catalogs 3.1 Market Review - The CSI 500 Index closed at 7190 points, up 53 points or 0.75%; the CSI 1000 Index closed at 7483 points, up 68 points or 0.92%; the SSE 300 Index closed at 4523 points, down 9 points or - 0.21%; the SSE 50 Index closed at 2947 points, down 14 points or - 0.50%. Among industry and theme ETFs, those with the highest gains were auto parts ETF, robot 50ETF, computer ETF, big data ETF, and intelligent driving ETF, while those with the highest losses were rare metal ETF, rare earth ETF, and industrial non - ferrous ETF. Among the sector indices of the two markets, those with the highest gains were home appliance parts, motor manufacturing, reducers, industrial Internet, and humanoid robot indices, while those with the highest losses were marine equipment, rare metals, aquaculture, oil and gas extraction, and commercial vehicle indices. The futures settlement funds of the CSI 1000, CSI 500, SSE 300, and SSE 50 Index futures had net inflows of 970 million, 510 million, 270 million, and 30 million yuan respectively [1] 3.2 Important Information - Nine departments including the Ministry of Commerce issued policies to support financial institutions in expanding credit in the service consumption field. Since the low point in April, the CSI Non - Ferrous Metals Index and the CSI Sub - chemical Index have rebounded by 57% and 32% respectively, and a large amount of funds has flowed out of science - innovation ETFs and into chemical and non - ferrous ETFs. There are new changes in the application rules for public bond funds. Yushu Technology has open - sourced a world model - action architecture for multi - type robot bodies. The energy storage action plan has set a goal to double the domestic energy storage installed capacity by 2027. In early September, CATL's sodium - ion battery passed the new national standard certification. JPMorgan predicts that the gold price will break through $4000 per ounce in the first quarter of next year. US retail sales in August increased by 0.6% month - on - month for the third consecutive month. The US Federal Appellate Court in the District of Columbia rejected the Department of Justice's emergency application and maintained the ban on Trump from replacing Cook [1][2] 3.3 Market Logic - The major indices of the two markets showed strong oscillations on Tuesday, with growth - type indices being relatively strong and the robot sector leading the gains. By the end of June 2025, the total scale of other equity instrument investment OCI assets held by the five listed insurance companies reached about 1.1 trillion yuan, a record high. In August, a total of $3.9 billion flowed into Chinese bonds and stocks. According to EPFR data for the first week of September, foreign capital had a net inflow of $5.02 billion into Chinese mainland market stock funds [2] 3.4 Market Outlook - The inflow of international and domestic funds into the A - share market is continuous, and mid - cap growth stocks represented by the CSI 500 Index are expected to lead the rise. The anti - involution market has entered the second wave, and before the Fed cuts interest rates, commodity prices will restart their upward trend. The total scale of domestic ETFs has historically exceeded 5 trillion yuan, and a new investment era defined by ETFs has arrived. Global financial assets are being re - allocated away from the US, and international funds are accelerating their inflow into the A - share market [2] 3.5 Trading Strategies - For futures index directional trading, as commodity prices restart their upward trend and the anti - involution market enters the second wave, with continuous inflow of domestic and international funds into the A - share market, mid - cap growth stocks represented by the CSI 500 Index are expected to lead the rise. For index option trading, as the major indices oscillate upward, one can buy out - of - the - money long - term index call options at an appropriate time [2]

【今日新股】 今日无新股申购，无新股上市。 【重要新闻】 【隔夜行情】 【9部门：推动互联网、文化等领域有序开放 扩大电信、医疗、教育等领域开放试点】9月16日，商务 部等9部门发布《关于扩大服务消费的若干政策措施》，扩大服务业高水平对外开放。推动互联网、文 化等领域有序开放，扩大电信、医疗、教育等领域开放试点。加快推进服务业扩大开放综合试点示范。 支持将更多服务消费领域纳入《鼓励外商投资产业目录》，提供差异化服务供给。 •周二（2025年9月16日），A股市场三大指数集体收涨，截至收盘，沪指报3861.86点，涨0.04%；深证 成指报13063.97点，涨0.45%；创业板指报3087.04点，涨0.68%。沪深两市全天成交额2.34万亿元，较上 个交易日放量600亿元。 【现货黄金升破3700美元/盎司 续创历史新高】9月16日，现货黄金短线拉升，升破3700美元/盎司，日 内上涨0.56%，再创历史新高，全年累计大涨1076美元/盎司。市场分析认为，美国就业数据加快走弱， 支持美联储9月重启降息，降息预期是近期金价上涨的关键动力。高盛集团在9月4日表示，如果美联储 公信力受损，而投资者将一小部分美债持 ...

商务部等9部门发布《关于扩大服务消费的若干政策措施》：实施服务消费提质惠民行动开展消费新业态新模式新场景试点城市建设扩大服务业高水平对外 开放 未来两天华西、黄淮等地有强降雨国家防总对山东、四川启动防汛四级应急响应 美元指数跌破97 现货黄金首次突破3700美元/盎司 中共中央政治局常委、国务院总理李强9月15日至16日在甘肃、青海调研。他强调，要坚持创新驱动，推进绿色发展，因地制宜培育壮大新质生产力，加快 构建体现本地特色和优势的现代化产业体系，更好造福人民群众。（新华社） 商务部等9部门16日发布《关于扩大服务消费的若干政策措施》，提出五方面19条举措进一步扩大服务消费。文件提出，实施服务消费提质惠民行动，持续 深化"购在中国"品牌打造，开展"服务消费季"系列促消费活动。开展消费新业态新模式新场景试点城市建设。积极发展首发经济，推动创新和丰富服务消费 场景，支持优质消费资源与知名IP跨界合作，打造一批商旅文体健融合的消费新场景，培育一批新型消费龙头企业。此外，扩大服务业高水平对外开放。推 动互联网、文化等领域有序开放，扩大电信、医疗、教育等领域开放试点。支持将更多服务消费领域纳入《鼓励外商投资产业目录》， ...