Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On September 23, the current - month contracts of the four major index futures showed mixed trends. IF rose 0.28%, IH rose 0.21%, IC fell 0.58%, and IM fell 0.92% [1] - On the trading day, the total trading volume of index futures rebounded, indicating an increase in investors' trading enthusiasm. The total trading volume of IF, IH, IC, and IM increased by 60,842 lots, 20,358 lots, 67,179 lots, and 115,729 lots respectively. In terms of positions, the total positions of IF, IH, IC, and IM increased by 20,632 lots, 2,169 lots, 23,060 lots, and 39,228 lots respectively [1][2] - The Shanghai Composite Index fell 0.18% to 3,821.83 points, the Shenzhen Component Index fell 0.29%, and the ChiNext Index rose 0.21%. A - shares traded 2.52 trillion yuan throughout the day, up from 2.14 trillion yuan the previous day [7] 3. Summary by Related Catalogs 3.1 Index Futures Data - **CSI 300 and Its Futures**: The closing price of CSI 300 was 4,519.78, down 0.06%. Among its futures, IF2510 closed at 4,510.2, up 0.28%, with a basis of - 9.58, and its trading volume was 69.63 billion yuan [1] - **SSE 50 and Its Futures**: The closing price of SSE 50 was 2,919.51, down 0.09%. IH2510 closed at 2,923.2, up 0.21%, with a basis of 3.69, and its trading volume was 19.14 billion yuan [1] - **CSI 500 and Its Futures**: The closing price of CSI 500 was 7,180.71, down 0.61%. IC2510 closed at 7,083.2, down 0.58%, with a basis of - 97.51, and its trading volume was 73.63 billion yuan [1] - **CSI 1000 and Its Futures**: The closing price of CSI 1000 was 7,408.07, down 1.09%. IM2510 closed at 7,305.6, down 0.92%, with a basis of - 102.47, and its trading volume was 120.76 billion yuan [1] 3.2 Top 20 Member Positions in Index Futures - **IF Contracts**: For IF2510, long - order increase was 6,429, and short - order increase was 6,445. For IF2511, the net change in long orders was 17,161, and the net change in short orders was 18,567 [5] - **IH Contracts**: For IH2510, long - order increase was 1,447, and short - order increase was 840. For IH2512, the net change in long orders was 2,390, and the net change in short orders was 1,128 [5] - **IC Contracts**: For IC2510, long - order increase was 8,153, and short - order increase was 7,619. For IC2512, the net change in long orders was 17,770, and the net change in short orders was 17,433 [5] - **IM Contracts**: For IM2510, long - order increase was 8,337, and short - order increase was 8,376. For IM2512, the net change in long orders was 24,250, and the net change in short orders was 24,467 [5] 3.3 Trend Strength - The trend strength of IF and IH is 1, and the trend strength of IC and IM is 1. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6] 3.4 Important Drivers - The Minister of Industry and Information Technology, Li Lecheng, said that during the "15th Five - Year Plan" period, the Ministry of Industry and Information Technology will focus on new industrialization, implement actions to cultivate emerging industries, and open up new tracks such as humanoid robots, brain - computer interfaces, the metaverse, and quantum information [7] - In August, the total social electricity consumption reached 1.0154 trillion kWh, a year - on - year increase of 5.0%. Industrial electricity consumption was 590.9 billion kWh, accounting for nearly 60%, and the electricity consumption of the manufacturing industry increased by 5.5% year - on - year, the highest this year [7]

Group 1 - The total revenue of the top 100 companies in Shanghai reached 10.03 trillion yuan in 2024, marking the third consecutive year of surpassing 10 trillion yuan, with a net profit of 665.57 billion yuan, reflecting a strong growth of 24.84% [1] - The top two positions in the ranking are held by China Baowu and SAIC Motor, while China State Construction Engineering and COSCO Shipping have risen to third and fourth places respectively [1] - Notably, Pinduoduo and Meituan have entered the top ten for the first time, ranking seventh and ninth, indicating the rise of new economy enterprises [1] Group 2 - The private sector has shown remarkable performance, with the total revenue of the top 100 private enterprises exceeding 3 trillion yuan for the first time, reaching 3.3 trillion yuan, an increase of 277.1 billion yuan, with a growth rate of 9.26% [1] - The net profit of private enterprises totaled 224.55 billion yuan, an increase of 92.07 billion yuan, with a growth rate of 69.50%, driven primarily by emerging industries [1] - The new emerging industries top 100 have also maintained a high growth trend, with total revenue reaching 2.2 trillion yuan and net profit of 195.37 billion yuan, reflecting a growth rate of 72.47% [2] Group 3 - The service industry top 100 achieved a total revenue of 4.7 trillion yuan, growing by 7.57%, with net profit increasing by 41.14% to 583.49 billion yuan, driven by strong performances in retail e-commerce, marine transportation, and insurance [3] - The manufacturing sector faced challenges due to the economic conditions in black metallurgy and automotive industries, but sectors such as smart terminals, pharmaceuticals, integrated circuits, new energy vehicles, and high-end equipment showed positive performance [3]

Group 1 - The 2025 Shanghai Top 100 Enterprises list shows a total revenue of 10.03 trillion yuan for the listed companies in 2024, marking the third consecutive year of surpassing 10 trillion yuan; net profit reached 665.57 billion yuan, reflecting a strong growth of 24.84% [1] - The top two positions are held by China Baowu and SAIC Motor, while China State Construction Engineering and COSCO Shipping have risen to third and fourth place respectively; notable entries include Pinduoduo and Meituan, which have made their debut in the top ten at seventh and ninth positions [1] Group 2 - The private sector has shown remarkable performance, with the total revenue of the top 100 private enterprises exceeding 3 trillion yuan for the first time, reaching 3.3 trillion yuan, an increase of 277.1 billion yuan, representing a growth rate of 9.26%; net profit totaled 224.55 billion yuan, up by 92.07 billion yuan, with a growth rate of 69.50% [2] - The new emerging industries have driven the strong growth of private enterprises, with eight out of the top ten companies in net profit increase being from emerging industries, indicating the vitality of Shanghai's private sector [2] - The top 100 emerging industries achieved a total revenue of 2.2 trillion yuan, with net profit of 195.37 billion yuan, reflecting a growth rate of 72.47%; compared to 2021, when the total revenue was less than 900 billion yuan, this shows significant growth over five years [2] Group 3 - In terms of industry structure, the information technology sector is the absolute leader among emerging industries, with 47 listed IT companies achieving a total revenue of 1.5 trillion yuan, a year-on-year growth of 19.14%, contributing nearly 70% of the revenue for the emerging industries; net profit reached 191.84 billion yuan, with a growth rate of 88.25% [3] - The service sector's top 100 companies achieved a total revenue of 4.7 trillion yuan, growing by 7.57%, and net profit of 583.49 billion yuan, a significant increase of 41.14%, driven by strong performances in retail e-commerce, marine transportation, and insurance [3] - The manufacturing sector faced challenges due to the economic conditions in black metallurgy and automotive industries, but companies in smart terminals, pharmaceuticals, integrated circuits, new energy vehicles, and high-end equipment have shown improved performance, contributing positively to the sector's transformation and upgrade [3]

Core Insights - The performance of Shanghai's top 100 enterprises continues to expand, with total revenue exceeding 10 trillion yuan for the third consecutive year, and net profit rising rapidly [1] Group 1: Revenue and Profit Performance - In 2024, the total operating revenue of Shanghai's top 100 enterprises reached 10.03 trillion yuan, a slight decrease of 0.42% year-on-year [1] - The net profit of Shanghai's top 100 enterprises reached 665.57 billion yuan, with a growth rate of 24.84% [1] - The threshold for entry into the top 100 increased to 10.73 billion yuan, up by 240 million yuan year-on-year [1] - The top 100 in the service industry, private enterprises, and emerging industries all showed varying degrees of revenue growth, with private enterprises growing by 9.26% and emerging industries by 11.48% [1] Group 2: Asset Growth - The total assets of Shanghai's top 100 enterprises exceeded 49 trillion yuan, with a growth rate of 6.29% [2] - The total equity reached 8.2 trillion yuan, growing at a rate of 6.14% [2] - The service industry top 100 had total assets of 40.6 trillion yuan, growing by 7.40%, while private enterprises had total assets of 5.1 trillion yuan, growing by 6.49% [2] Group 3: Private Enterprises and Emerging Industries - Private enterprises achieved a total operating revenue of 3.3 trillion yuan, marking a significant increase of 277.1 billion yuan, or 9.26% year-on-year [3] - The net profit of private enterprises reached 224.55 billion yuan, with a remarkable growth rate of 69.50% [3] - The top 10 enterprises in net profit among private enterprises accounted for a total of 168.41 billion yuan, with an increase of 105.94 billion yuan, reflecting a growth rate of 169.56% [3] - Notably, 8 out of the top 10 profit-increasing enterprises were from emerging industries, indicating their significant contribution to the overall profit growth of private enterprises [3] Group 4: Emerging Industries Performance - The emerging industries' top 100 achieved a total operating revenue of 2.2 trillion yuan, marking a new high [4] - The net profit for emerging industries reached 195.37 billion yuan, with a growth rate of 72.47% [4] - The average operating revenue of the top 100 emerging industries was approximately 22.21 billion yuan, with 35 enterprises exceeding 10 billion yuan in revenue [4] - Information technology companies within the emerging industries showed outstanding performance, with total operating revenue of 1.5 trillion yuan, growing by 19.14%, and net profit of 191.84 billion yuan, growing by 88.25% [5]

央行公告称，9月23日以固定利率、数量招标方式开展了2761亿元7天期逆回购操作，投标量2761亿元，中标量2761亿元。Wind数据显示，当日2870亿元 逆回购到期，据此计算，单日净回笼109亿元。 1. 公开市场操作 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场周二资金面与上日变动不大，整体仍均衡，惟跨季资金价格稍涨，因需求升温，此外央行公开市场14天期逆回购仅恢复操作一日后再次暂停。 月内资金充裕，存款类机构隔夜回购加权利率维持在1.41%附近；匿名点击（X-repo）系统上，隔夜报价亦略降至1.41%。非银机构质押存单和信用债融入 隔夜资金的报价基本还在1.50%-1.55%区间。 海外方面，最新美国隔夜融资担保利率为4.14%。 （IMM） // 债市综述 // 3. 同业存单 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 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，较上日微升。 （*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 普遍上行 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投 ...

Group 1 - The Ministry of Industry and Information Technology emphasizes the importance of achieving new industrialization during the 14th Five-Year Plan, focusing on high-quality development and the integration of technological and industrial innovation [1] - The plan includes fostering emerging industries and future industries, with actions to create new driving forces through technology innovation, large-scale development, and application scenario construction [1] - Key areas for future industries include humanoid robots, brain-computer interfaces, the metaverse, and quantum information, with the establishment of pilot zones for these industries [1] Group 2 - Traditional industries are encouraged to undergo renewal and upgrading, focusing on high-end, intelligent, and green development, while enhancing value creation [2] - The manufacturing sector is set to undergo digital transformation, with initiatives like "Artificial Intelligence + Manufacturing" to promote smart, green, and service-oriented manufacturing [2] - There is a commitment to building a mutually beneficial industrial ecosystem, optimizing the business environment, and deepening international industrial cooperation to ensure a stable and efficient global supply chain [2]

Domestic News - The National Internet Information Office has taken measures against the platforms of UC and Toutiao for failing to fulfill their responsibilities in managing content, leading to the spread of harmful information and disruption of the online ecosystem [1][1] - The State Administration for Market Regulation has urged Huolala to comply with the Anti-Monopoly Law and ensure fair market competition, protecting the rights of truck drivers and consumers [2][2] - The Ministry of Industry and Information Technology emphasized the need to cultivate emerging industries and establish a growth mechanism for future industry investments, focusing on areas like humanoid robots and quantum information [2][2] - In August, China's total electricity consumption reached 10,154 billion kilowatt-hours, a year-on-year increase of 5.0%, with the primary industry seeing a 9.7% increase [2][2] Industry Developments - Following the Federal Reserve's interest rate cut, international gold prices have continued to rise, with domestic gold prices reaching a record high of 1,100 yuan per gram [3][3] - The Guangxi government is establishing a state-owned enterprise group to promote the high-quality development of the critical metals industry, focusing on asset evaluation and optimizing equity structure [3][3] International News - The OECD has revised its global economic growth forecast for 2025 to 3.2%, an increase of 0.3 percentage points from its June prediction [4][4] - S&P Global reported a decline in Australia's Composite PMI from 55.5 in August to 52.1 in September [4][4]

中国技工新职业"数智化"趋势明显 中新网郑州9月23日电 题：中国技工新职业"数智化"趋势明显 中新网记者 阚力 竞技场上，争分夺秒，激烈"拼杀"；比赛结束，敬畏对手，师长相称。 选手平均年龄仅24岁的中华人民共和国第三届职业技能大赛(简称全国技能大赛)竞技场上，"数智化"程 度最高的新职业赛项，成为中青年选手角逐的高地。 作为中国赛事规格最高、竞赛项目最多、参赛规模最大、影响范围最广的综合性国家职业技能赛事，全 国技能大赛设置的赛项也被认为是就业趋势的风向标。 近年来，中国"数智化"程度较高的前沿技术等领域，产业链长、发展空间大、人才需求旺盛，强动手、 重实践的技工院校学生和一线工人，正在成为这些领域高质量发展的必然要素。 值得一提的是，本届大赛中，智能制造、高端装备、数字技术、新能源等前沿技术领域赛项占比超过 50%。 大赛现场，集成电路工程技术赛项的27位选手熟练使用虚拟仿真制造设备完成晶圆加工，这一场景备受 关注。该赛项讲解员、河南医药健康技术学院教师米嘉慧告诉记者，"新职业不是高高在上，不同类别 的人才有不同的分工，不一定都是搞科研的博士"。 以服务机器人为例，经过多年研发、实验及应用，其研发水平已 ...

李乐成表示，"十五五"时期，工业和信息化部将贯彻落实党中央、国务院决策部署，牢牢锚定实现新型 工业化这个关键任务，以推动高质量发展为主题，以发展新质生产力为重点，以推动科技创新和产业创 新深度融合为关键路径，以改革创新为根本动力，加快建设以先进制造业为骨干的现代化产业体系。一 是大力提升产业科技创新体系整体效能。强化企业科技创新主体地位，完善国家制造业创新中心建设布 局，建立健全中试平台梯次培育体系，大力发展科技服务业，打造世界领先科技产业园区。二是加力推 进传统产业焕新升级。深入实施制造业技术改造升级工程，强化标准引领、质量提升、品牌建设和数智 化、绿色化改造，大力发展智能制造、绿色制造、服务型制造。三是培育壮大新兴和未来产业。实施培 育新兴产业打造新动能行动，加快打造一批新兴支柱产业。建立未来产业投入增长机制，开辟脑机接 口、元宇宙、量子信息等新赛道。四是全面构建互利共赢产业生态。强化重点外资项目服务保障，深化 国际产业合作，共同构筑安全稳定、畅通高效、开放包容、互利共赢的全球产业链供应链体系。 龚正指出，工博会已成为全球规模最大的综合性工业品牌展会和促进国际经贸交流合作的重要平台。上 海要深入贯彻落实习 ...

随着A股的持续回暖，私募机构的仓位水平快速攀升。 私募排排网最新数据显示，股票私募整体仓位已飙升至年内新高，其中百亿私募大幅加仓，单周加仓幅度高达 11.11%，而50亿—100亿元规模私募仓位更是创下近三年来新高，凸显出头部机构对市场的信心。 多家私募机构一致表示，在资金与信心的双轮驱动下，A股市场整体有望延续强势行情。不过当前市场结构分 化严重，部分股票短期涨幅较大，在个股层面或有回调风险。 股票私募仓位升至年内新高 9月以来，上证指数在高位盘整，深成指和创业板指表现强势，市场情绪高涨，上周两市日均成交额升至2.5万 亿，汇聚诸多高手的私募机构选择再度加仓。 私募排排网数据显示，截至2025年9月12日，股票私募仓位指数达到78.04%，较前一周的75.08%大幅上升2.96 个百分点。这一水平不仅与年内高点持平，也反映出私募整体的配置积极性正在加速提升。 从仓位分布来看，中高仓位私募占据市场主导。具体而言，60.02%的股票私募保持满仓状态，23.34%的私募 维持中等仓位，而低仓与空仓的私募合计不足两成。这意味着，大多数私募机构已经选择积极参与市场，普遍 看好后市行情。 对于此次私募大幅加仓的核心原因 ...