Group 1 - The core viewpoint of the article emphasizes the importance of advancing the construction of a unified national market in China, as articulated by General Secretary Xi Jinping [4][5]. - China is committed to high-level opening up and high-quality development, which will provide new opportunities for international cooperation [5][6]. - There is a continuous push across various regions in China to create a broader, deeper, and more comprehensive framework for opening up, thereby expanding new spaces for economic development [5][6]. Group 2 - The article highlights the achievements in agricultural and rural development during the "14th Five-Year Plan" period, indicating a stable and positive trend [9]. - The construction of a new energy system in Jilin province is accelerating, contributing to high-quality economic development [10]. - Heilongjiang province is enhancing its agricultural productivity, with a mechanization rate exceeding 99% and a record grain output of over 1,600 billion jin [11].

Group 1 - The State Council has approved a pilot program for the market-oriented allocation of factors in ten regions, including Beijing's sub-center and the Guangdong-Hong Kong-Macao Greater Bay Area, to enhance economic vitality and consumption [1] - The pilot areas are characterized by strong economic foundations and growth potential, covering key urban clusters and metropolitan areas in China [1] - The overall structure of the pilot program is consistent but tailored to local conditions, focusing on stimulating innovation in technology, efficient land allocation, and enhancing the flow of human resources and capital [1][2] Group 2 - The pilot program aims to deepen reforms in land management, granting greater autonomy to pilot regions in managing land resources and matching new construction land with population trends [2] - It includes innovative land supply mechanisms such as long-term leasing and flexible supply periods, as well as revitalizing underutilized land [2] - A unified regulatory framework is essential for a high-level socialist market economy, which will enhance market efficiency and ensure fair competition [3] Group 3 - The construction of a unified national market requires the implementation of "Five Unifications and One Openness," which includes standardizing market systems and infrastructure, and ensuring consistent government actions [4] - The initiative emphasizes the importance of resource allocation and reducing waste through the free flow of factors [4] - Expanding both domestic and international openness is crucial for building a unified national market and gaining a competitive edge in the global economy [4]

Core Viewpoint - The State Council has approved a pilot program for market-oriented allocation of factors in ten regions, aiming to enhance economic vitality and resource efficiency in key urban areas [1] Group 1: Pilot Program Overview - The pilot program will be implemented in ten regions, including Beijing's sub-center, key cities in southern Jiangsu, and the Guangdong-Hong Kong-Macao Greater Bay Area, among others [1] - These regions are characterized by strong economic growth, vibrant consumption, and favorable environments for development [1] Group 2: Key Focus Areas - The pilot will focus on stimulating innovation in technological factors, promoting efficient land allocation, guiding the flow of human resources, and developing a data factor market [2] - It aims to enhance the service capacity of capital factors for the real economy and improve the institutional framework for resource and environmental markets [2] Group 3: Regulatory Framework - The program emphasizes the need for continuous reform in land management and the establishment of a unified regulatory system to ensure efficient factor flow and fair competition [2][3] - The Ministry of Industry and Information Technology will develop a unified technical market rule system to strengthen market access, competition, and intellectual property protection [2] Group 4: National Market Construction - The construction of a unified national market is essential for high-quality development and gaining competitive advantages in international trade [4] - The "Five Unifications and One Openness" principle is highlighted as a fundamental requirement for advancing the national market, focusing on unified market systems and infrastructure [3][4]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The main contract of Shanghai copper rose and then pulled back, with a decrease in open interest, a premium in the spot market, and a strengthening basis. The copper price is supported by the cost as the TC spot index of copper ore is in the negative range and the concentrate price remains firm. Supply of scrap copper and copper concentrate is tight, restricting smelter capacity, and combined with macro - factors such as the Fed's interest rate cut, the copper price is in a high - level range. The strong copper price suppresses downstream purchasing sentiment, resulting in a light trading volume in the spot market. The peak season has not yet boosted demand, and consumption recovery is slow. In the options market, the call - put ratio of at - the - money options is 1.37, with a month - on - month decrease of 0.0148, indicating a bullish sentiment, and the implied volatility slightly decreased. Technically, on the 60 - minute MACD, the two lines are above the 0 - axis and the green bars are expanding. The operation suggestion is to conduct light - position oscillatory trading, paying attention to controlling the rhythm and trading risks [2]. 3. Summary According to Related Catalogs Futures Market - The closing price of the main futures contract of Shanghai copper was 80,880 yuan/ton, a decrease of 60 yuan; the price of LME 3 - month copper was 10,119.50 US dollars/ton, a decrease of 67 US dollars. The spread between the main contract and the next - month contract was - 20 yuan/ton, a decrease of 50 yuan. The open interest of the main contract of Shanghai copper was 165,216 lots, a decrease of 14,040 lots. The net position of the top 20 futures holders of Shanghai copper was - 7,538 lots, a decrease of 1,884 lots. The LME copper inventory was 152,625 tons, a decrease of 1,325 tons. The inventory of cathode copper in the Shanghai Futures Exchange was 94,054 tons, an increase of 12,203 tons. The LME copper cancelled warrants were 17,175 tons, a decrease of 3,550 tons. The warehouse receipts of cathode copper in the Shanghai Futures Exchange were 33,692 tons, a decrease of 2,856 tons [2]. Spot Market - The price of SMM 1 copper spot was 81,120 yuan/ton, an increase of 180 yuan; the price of 1 copper spot in the Yangtze River Non - Ferrous Metals Market was 81,235 yuan/ton, an increase of 240 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper was 59 US dollars/ton, unchanged; the average premium of Yangshan copper was 53.50 US dollars/ton, unchanged. The basis of the CU main contract was 240 yuan/ton, an increase of 240 yuan; the LME copper cash - to - 3 - month spread was - 61.93 US dollars/ton, an increase of 11.49 US dollars [2]. Upstream Situation - The import volume of copper ore and concentrates was 256.01 million tons, an increase of 21.05 million tons. The TC of domestic copper smelters was - 41.30 US dollars/thousand tons, a decrease of 0.45 US dollars. The price of copper concentrate in Jiangxi was 71,280 yuan/metal ton, a decrease of 10 yuan; the price of copper concentrate in Yunnan was 71,980 yuan/metal ton, a decrease of 10 yuan. The processing fee of blister copper in the South was 700 yuan/ton, unchanged; the processing fee of blister copper in the North was 700 yuan/ton, unchanged. The output of refined copper was 127 million tons, a decrease of 3.20 million tons. The import volume of unwrought copper and copper products was 425,000 tons, a decrease of 55,000 tons [2]. Industry Situation - The social inventory of copper was 41.82 million tons, an increase of 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai was 56,170 yuan/ton, a decrease of 20 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai was 68,650 yuan/ton, unchanged. The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 590 yuan/ton, unchanged [2]. Downstream and Application - The output of copper products was 216.94 million tons, a decrease of 4.51 million tons. The cumulative completed investment in power grid infrastructure was 331.497 billion yuan, an increase of 40.431 billion yuan. The cumulative completed investment in real estate development was 60,309 billion yuan, an increase of 6,729.23 billion yuan. The monthly output of integrated circuits was 4,250 million pieces, a decrease of 439,220.70 pieces [2]. Option Situation - The 20 - day historical volatility of Shanghai copper was 8.31%, unchanged; the 40 - day historical volatility of Shanghai copper was 7.73%, an increase of 0.01%. The implied volatility of at - the - money options in the current month was 13.92%, a decrease of 0.0177. The call - put ratio of at - the - money options was 1.37, a decrease of 0.0148 [2]. Industry News - The article "Deeply Promote the Construction of a Unified National Market" by General Secretary Xi Jinping was published in Qiushi. The government is determined to remove stubborn problems, rectify the chaos of low - price and disorderly competition among enterprises, government procurement and tendering, and local investment promotion; promote the integrated development of domestic and foreign trade and improve the legal system. From January to August, the added value of industrial enterprises above the designated size increased by 6.2% year - on - year; the national fixed - asset investment (excluding rural households) was 32,611.1 billion yuan, a year - on - year increase of 0.5%, among which private investment decreased by 2.3% year - on - year. In August, the national urban surveyed unemployment rate was 5.3%; the total retail sales of consumer goods were 396.68 billion yuan, a year - on - year increase of 3.4%. In August, the sales price of new commercial residential buildings in first - tier cities decreased by 0.9% year - on - year, with the decline narrowing by 0.2 percentage points month - on - month. Among them, Shanghai increased by 5.9%, while Beijing, Guangzhou, and Shenzhen decreased by 3.5%, 4.3%, and 1.7% respectively. The sales prices of new commercial residential buildings in second - and third - tier cities decreased by 2.4% and 3.7% year - on - year respectively, with the declines narrowing by 0.4 and 0.5 percentage points respectively. From January to August, the national real estate development investment was 60,309 billion yuan, a year - on - year decrease of 12.9%; among which, residential investment was 46,382 billion yuan, a decrease of 11.9%. The sales area of new commercial housing was 573.04 million square meters, a year - on - year decrease of 4.7%; among which, the sales area of residential housing decreased by 4.7%. The sales volume of new commercial housing was 55,015 billion yuan, a decrease of 7.3%; among which, the sales volume of residential housing decreased by 7.0%. Wall Street top strategists said that after the Fed cut interest rates this week, the record - breaking rally in the US stock market may lose momentum temporarily. Strategists from Morgan Stanley, JPMorgan Chase, and Oppenheimer Asset Management warned that a more cautious tone may replace the bullish sentiment as investors turn their attention to the potential economic slowdown [2].

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core Viewpoint The overall supply - demand situation of the polysilicon market shows an increase in supply and a decrease in demand. The photovoltaic industry chain has a pattern of strong supply and weak demand, with high terminal transaction pressure. The price of polysilicon is expected to weaken, and it is likely to maintain a volatile trend. The operation suggestion is to wait and see or arrange put options [3]. 3) Summary by Relevant Catalogs a) Market Data - **Futures Market**: The closing price of the main polysilicon contract is 53,670 yuan/ton, up 125 yuan; the main position is 127,779 lots, down 4,433 lots; the 11 - 12 spread of polysilicon is - 2,525 yuan, up 45 yuan; the spread between polysilicon and industrial silicon is 44,755 yuan/ton, up 10 yuan [3]. - **Spot Market**: The spot price of polysilicon is 51,550 yuan/ton, unchanged; the basis of polysilicon is - 1,995 yuan/ton, up 65 yuan; the weekly average price of photovoltaic - grade polysilicon is 6.45 US dollars/kg, up 0.25 US dollars [3]. - **Upstream Situation**: The closing price of the main industrial silicon contract is 8,915 yuan/ton, up 115 yuan; the spot price of industrial silicon is 9,200 yuan/ton, unchanged; the monthly output of industrial silicon is 366,800 tons, up 33,600 tons; the total social inventory of industrial silicon is 552,000 tons, up 10,000 tons [3]. - **Industry Situation**: The monthly output of polysilicon is 125,000 tons, up 20,000 tons; the monthly import volume of polysilicon is 1,170 tons, up 57 tons; the weekly spot price of imported polysilicon in China is 6.9 US dollars/kg, up 0.14 US dollars [3]. - **Downstream Situation**: The monthly output of solar cells is 66,382,000 kilowatts, down 1,004,000 kilowatts; the average price of solar cells is 0.82 RMB/W, up 0.01 RMB; the monthly export volume of photovoltaic modules is 110,432,680 pieces, up 21,456,820 pieces; the monthly import volume of photovoltaic modules is 14,525,650 pieces, up 3,429,750 pieces; the monthly average import price of photovoltaic modules is 0.29 US dollars/piece, down 0.02 US dollars [3]. b) Industry News The CSI Photovoltaic Industry Index tracked by the Photovoltaic Leading ETF (159609) rose 1.62%. Among the heavy - weight stocks, Arctech Solar rose 5.5%, Ginlong Technologies rose 3.8%, Deye Inverter rose 3.6%, Junda Co., Ltd. rose 3.3%, Shangneng Electric rose 3.1%, Sungrow Power Supply rose 7.3%, LONGi Green Energy rose 1.0%, TBEA Co., Ltd. rose 0.3%, and Tongwei Co., Ltd. rose 0.8%. The macro - level emphasizes rectifying the chaos of low - price and disorderly competition in enterprises. For polysilicon, the inventory is rising, but the increase is expected to be limited due to the anti - involution in the industry [3]. c) Key Points to Watch There is no news today [3].

Core Viewpoint - The establishment of a unified market foundation system is essential for the effective functioning of the market economy and resource allocation efficiency in China [3][4][5]. Summary by Sections Market Foundation System - The market foundation system is crucial for regulating market economic operations, as highlighted in the "Opinions on Accelerating the Construction of a National Unified Market" issued in March 2022 [3]. - The system has evolved alongside China's reform and opening-up, with significant laws such as the Company Law and Anti-Monopoly Law being established to support a unified market framework [4]. Current Challenges - Despite progress, there are still significant challenges, including regional disparities in market rules, local protectionism, and barriers to market entry for new industries [5][7]. - The lack of a comprehensive national legislative framework for social credit systems and other areas has led to difficulties in cross-regional collaboration [7]. Legal and Regulatory Framework - There is a need for a unified, transparent, and law-based market foundation system to eliminate barriers and enhance market vitality [5][8]. - The design of laws and regulations should focus on unity, precision, and foresight, particularly in emerging sectors like artificial intelligence and big data [8][10]. Enforcement and Supervision - Ensuring uniform enforcement and regulatory standards is vital for the effective implementation of the unified market foundation system [10][11]. - The establishment of a modern regulatory system that leverages technology is necessary to address issues of inconsistent enforcement and local protectionism [11][12]. Collaborative Support Systems - Building a collaborative support system across various sectors is essential for the successful implementation of the unified market foundation system [12][13]. - Coordination between competition policies and other regulatory frameworks is necessary to eliminate local protectionist policies and ensure fair competition [13][14]. Awareness and Governance - There is a need to address cognitive biases and promote a correct understanding of the relationship between local development and the national unified market [14][15]. - Enhancing the theoretical and policy understanding of local leaders is crucial for overcoming local protectionism and fostering a unified market environment [15].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views - On September 16, the coking coal 2601 contract closed at 1240.5, up 5.84%. Traders fully priced in three interest rate cuts by the Federal Reserve by the end of 2025. After the impact of administrative production cuts at the beginning of the month subsided, most mines resumed production. Supply from mines increased this period, the capacity utilization rate of independent coal washing plants decreased for 4 consecutive weeks, and the cumulative import growth rate declined for 3 consecutive months. Inventory is neutral. Technically, the daily K is above the 20 - and 60 - day moving averages. It should be treated as a volatile and bullish trend [2]. - On September 16, the coke 2601 contract closed at 1735.0, up 4.24%. The spot market saw a second - round price cut for coke. In terms of fundamentals, the pig iron output this period was 240.55 tons, an increase of 11.71 tons. After the impact of steel mill production control for the parade faded, pig iron output returned to the previous level. Coke inventory is moderately high. The average profit per ton of coke for 30 independent coking plants nationwide this period was 35 yuan/ton. Technically, the daily K is above the 20 - and 60 - day moving averages. It should be treated as a volatile and bullish trend [2]. 3. Summary by Related Catalogs 3.1 Futures Market - JM main contract closing price: 1240.50 yuan/ton, up 53.00 yuan; J main contract closing price: 1735.00 yuan/ton, up 46.50 yuan [2]. - JM futures contract open interest: 982079.00 lots, up 43952.00 lots; J futures contract open interest: 53357.00 lots, down 86.00 lots [2]. - Net open interest of the top 20 coking coal contracts: - 115144.00 lots, down 5404.00 lots; Net open interest of the top 20 coke contracts: - 5055.00 lots, up 147.00 lots [2]. - JM 5 - 1 month contract spread: 89.00 yuan/ton, down 8.00 yuan; J 5 - 1 month contract spread: 138.50 yuan/ton, down 1.00 yuan [2]. - Coking coal warehouse receipts: 600.00 pieces, up 100.00 pieces; Coke warehouse receipts: 1520.00 pieces, unchanged [2]. 3.2 Spot Market - Ganqimao Meng 5 raw coal: 950.00 yuan/ton, up 15.00 yuan; Tangshan first - grade metallurgical coke: 1720.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot (CFR): 149.00 US dollars/wet ton, unchanged; Rizhao Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal: 1570.00 yuan/ton, up 20.00 yuan; Tianjin Port first - grade metallurgical coke: 1620.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal: 1540.00 yuan/ton, unchanged; Tianjin Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal: 1270.00 yuan/ton, unchanged; J main contract basis: - 15.00 yuan/ton, down 46.50 yuan [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price: 1080.00 yuan/ton, down 20.00 yuan; JM main contract basis: 29.50 yuan/ton, down 53.00 yuan [2]. 3.3 Upstream Situation - Fine coal output of 314 independent coal washing plants: 25.60 million tons, up 0.40 million tons; Fine coal inventory of 314 independent coal washing plants: 280.60 million tons, down 5.60 million tons [2]. - Capacity utilization rate of 314 independent coal washing plants: 0.35%, unchanged; Raw coal output: 39050.00 million tons, up 951.30 million tons [2]. - Coal and lignite imports: 4273.70 million tons, up 712.70 million tons; Average daily raw coal output of 523 coking coal mines: 185.60 million tons, up 15.60 million tons [2]. - Imported coking coal inventory at 16 ports: 466.35 million tons, up 1.58 million tons; Coke inventory at 18 ports: 258.31 million tons, down 2.45 million tons [2]. - Total coking coal inventory of all - sample independent coking enterprises: 883.54 million tons, down 36.51 million tons; Coke inventory of all - sample independent coking enterprises: 67.84 million tons, up 1.33 million tons [2]. 3.4 National Industrial Situation - Coking coal inventory of 247 steel mills: 793.73 million tons, down 2.03 million tons; Coke inventory of 247 sample steel mills: 633.29 million tons, up 9.58 million tons [2]. - Available days of coking coal for all - sample independent coking enterprises: 12.81 days, down 0.28 days; Available days of coke for 247 sample steel mills: 11.29 days, down 0.42 days [2]. - Coking coal imports: 962.30 million tons, up 53.11 million tons; Coke and semi - coke exports: 0.00 million tons, down 89.00 million tons [2]. - Coking coal output: 4089.38 million tons, up 25.00 million tons; Capacity utilization rate of independent coking enterprises: 75.92%, up 2.78% [2]. - Profit per ton of coke for independent coking plants: 35.00 yuan/ton, down 29.00 yuan/ton; Coke output: 4260.00 million tons, up 74.50 million tons [2]. 3.5 National Downstream Situation - Blast furnace operating rate of 247 steel mills: 83.85%, up 3.47%; Blast furnace ironmaking capacity utilization rate of 247 steel mills: 90.20%, up 4.43% [2]. - Crude steel output: 7737.00 million tons, down 228.82 million tons [2]. 3.6 Industry News - An important article by Xi Jinping pointed out the need to address the chaotic low - price and disorderly competition among enterprises and promote the orderly exit of backward production capacity [2]. - Rio Tinto's SimFer announced that the first shipment of the Simandou project is planned for November 2025 and will gradually reach the designed capacity of 60 million tons within 30 months [2]. - From January to August, the added value of large - scale industries increased by 6.2% year - on - year, with a 0.1 - percentage - point decline compared to January - July; infrastructure investment increased by 2.0%, with a 1.2 - percentage - point decline; manufacturing investment increased by 5.1%, with a 1.1 - percentage - point decline; real estate development investment decreased by 12.9%, with a 0.9 - percentage - point increase in the decline [2].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The supply side of the industrial silicon industry shows a regional differentiation trend of "steady production increase in the northwest and capacity shrinkage in the southwest." The actual production progress of new capacity in Xinjiang needs to be tracked next week [2]. - The total demand for industrial silicon from the three major downstream industries remains flat. The current industry inventory is still at a high level, and inventory digestion faces certain pressure [2]. - The spot price of industrial silicon continued to rise today, and it is expected to continue to rise in the future. It is recommended to pay attention to the opportunity of going long at low prices. If the price falls below 8,200 yuan later, one can consider medium - and long - term long positions at low prices [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the main contract was 8,915 yuan/ton, with a week - on - week increase of 115 yuan/ton; the position of the main contract was 287,184 lots, a week - on - week decrease of 3,764 lots; the net position of the top 20 was - 59,221 lots, a week - on - week decrease of 17,194 lots; the warehouse receipts of GIE were 49,905 lots [2]. - The closing price of the December contract for industrial silicon was - 370 yuan/ton, a week - on - week decrease of 5 yuan/ton; the spread between the November and December contracts for industrial silicon was - 370 yuan/ton, a week - on - week decrease of 5 yuan/ton [2]. Spot Market - The average price of oxygen - permeable 553 silicon was 9,300 yuan/ton, a week - on - week increase of 100 yuan/ton; the average price of 421 silicon was 9,600 yuan/ton, a week - on - week increase of 100 yuan/ton [2]. - The basis of the Si main contract was 385 yuan/ton, a week - on - week decrease of 15 yuan/ton; the DMC spot price was 11,020 yuan/ton, unchanged from the previous week [2]. Upstream Situation - The average price of silica was 410 yuan/ton, unchanged from the previous week; the average price of petroleum coke was 1,860 yuan/ton, a week - on - week increase of 20 yuan/ton [2]. - The average price of clean coal was 1,850 yuan/ton, unchanged from the previous week; the average price of wood chips was 490 yuan/ton, unchanged from the previous week; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged from the previous week [2]. Industry Situation - The monthly output of industrial silicon was 366,800 tons, a month - on - month increase of 33,600 tons; the social inventory of industrial silicon was 552,000 tons, a week - on - week increase of 10,000 tons [2]. - The monthly import volume of industrial silicon was 2,211.36 tons, a month - on - month increase of 71.51 tons; the monthly export volume of industrial silicon was 52,919.65 tons, a month - on - month decrease of 12,197.89 tons [2]. Downstream Situation - The weekly output of organic silicon DMC was 44,900 tons, a week - on - week increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 20,900 yuan/ton, unchanged from the previous week [2]. - The weekly average price of photovoltaic - grade polysilicon was 6.45 US dollars/kg, a week - on - week increase of 0.25 US dollars/kg; the overseas market price of photovoltaic - grade polysilicon was 15.75 US dollars/kg, unchanged from the previous week [2]. - The monthly export volume of unforged aluminum alloy was 24,908.89 tons, a month - on - month decrease of 861.29 tons; the weekly operating rate of organic silicon DMC was 72.71%, a week - on - week increase of 2.12 percentage points [2]. - The monthly output of aluminum alloy was 1.536 million tons, a month - on - month decrease of 133,000 tons; the monthly export volume of aluminum alloy was 20,187.85 tons, a month - on - month decrease of 337.93 tons [2]. Industry News - The CSI Photovoltaic Industry Index tracked by the Photovoltaic Leading ETF (159609) rose 1.62%. Among the heavy - weight stocks, Canadian Solar rose 5.5%, Ginlong Technologies rose 3.8%, Deye Technology rose 3.6%, Junda Co., Ltd. rose 3.3%, Shangneng Electric rose 3.1%, Sungrow Power Supply rose 7.3%, LONGi Green Energy rose 1.0%, TBEA Co., Ltd. rose 0.3%, and Tongwei Co., Ltd. rose 0.8% [2]. - From a fundamental perspective, on the supply side, as the wet season deepens, the electricity price advantage in the southwest region becomes more obvious, stimulating a significant acceleration in the resumption of production of silicon plants [2]. - On the demand side, the three major downstream industries of industrial silicon (organic silicon, polysilicon, and aluminum alloy) have a flat total demand for industrial silicon [2].

新华社权威速览 · 统一市场基础制度, 特别是实 现产权保护、公平竞争、质量标准 等制度的统一; · 统一市场基础设施,打通物 流、资金流、信息流,健全现代商 贸流通体系; · 统一政府行为尺度,地方在推 总书记部署 全国统一大市场建设 9月16日出版的第18期《求 是》杂志发表中共中央总书记、 国家主席、中央军委主席习近平 的重要文章《纵深推进全国统一 大市场建设》。 文章强调,建设全国统一大 市场,是党中央作出的重大决 策,不仅是构建新发展格局、推 动高质量发展的需要,而且是赢 得国际竞争主动权的需要。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。 "五统一、一开放" 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"。 "五统一": 下决心清除顽瘴疯坏。 动经济发展特别是招商引资时,哪 些能干哪些不能干有明确规矩,不 能各行其是; · 统一市场监管执法,明确市场 监管行政处罚裁量基准,一把尺子 量到底; · 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。 "一开放": · 持续扩大开放,实行对内对外 开放联通,不 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Trump's pressure on Powell has further boosted market expectations for interest rate cuts, leading to a collective rise in the three major US stock indexes [2][3] - China's economic data shows fluctuations and still faces certain pressure, increasing the expectation of policy intensification [1][3] - President Xi Jinping's article on rectifying the chaos of low - price and disorderly competition among enterprises and the upcoming press conference on expanding consumption have reignited the anti - involution trading, and it is recommended to continue to pay attention to investment opportunities in relevant targets [1][3] - The overall adjustment of the Shanghai Composite Index has not ended, and investors are advised not to rush to bottom - fish but to hedge risks through stock index futures [3] Summary by Directory 1. Market Analysis - **Domestic Economic Data**: In August, the added value of industrial enterprises above designated size increased by 5.2% year - on - year and 0.37% month - on - month; the service production index increased by 5.6% year - on - year; the total retail sales of consumer goods increased by 3.4% year - on - year and 0.17% month - on - month. From January to August, national fixed - asset investment increased by 0.5% year - on - year, with manufacturing investment growing by 5.1% and real estate development investment falling by 12.9% [1] - **Overseas Economic Data**: The US September New York Fed Manufacturing Index dropped sharply by 21 points to - 8.7, far lower than the market expectation of 5. New orders and shipment indicators both fell to their lowest levels since April 2024 [1] - **Stock Index Performance**: In the spot market, the three major A - share indexes ended with mixed results. The Shanghai Composite Index fell 0.26% to 3860.50 points, and the ChiNext Index rose 1.52%. The trading volume of the Shanghai and Shenzhen stock markets was 2.28 trillion yuan. In overseas markets, the three major US stock indexes rose across the board, with the Nasdaq rising 0.94% to 22348.749 points, and the S&P 500 and Nasdaq hitting new record highs. Alphabet's market value exceeded $3 trillion [2] - **Futures Market**: In the futures market, the basis of stock index futures declined on the day of the current - month contract delivery this Friday. The trading volume and open interest of stock index futures decreased simultaneously [2] 2. Strategy - Continue to pay attention to investment opportunities in anti - involution trading targets [3] - Do not rush to bottom - fish, and use stock index futures to hedge risks [3] 3. Macro - economic Charts - Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][9][10] 4. Spot Market Tracking Charts - **Stock Index Performance Table**: Shows the daily performance of major domestic stock indexes on September 15, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc., with corresponding daily changes [12] - **Charts**: Include charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances [6][14] 5. Stock Index Futures Tracking Charts - **Trading Volume and Open Interest Table**: Displays the trading volume and open interest of IF, IH, IC, and IM contracts, along with their changes [15] - **Open Interest Charts**: Include charts of the open interest and open - interest ratios of IH, IF, IC, and IM contracts, as well as the net open interest of foreign investors in these contracts [6][16][19] - **Basis Table**: Presents the basis of stock index futures for different contracts (current - month, next - month, current - quarter, and next - quarter) and their changes [38] - **Basis Charts**: Include charts of the basis of IF, IH, IC, and IM contracts [6][40][42] - **Inter - delivery Spread Table**: Shows the inter - delivery spreads of stock index futures and their changes [43][44] - **Inter - delivery Spread Charts**: Include charts of the inter - delivery spreads of IH, IF, IC, and IM contracts [6][45][50]