Core Points - The meeting emphasized the importance of implementing the recent speeches and letters from General Secretary Xi Jinping, particularly in relation to the BRICS spirit and the Shanghai spirit, to enhance international cooperation and cultural exchanges [1] - The meeting discussed the new revised "Regulations on the Work of the Party School (Administrative Academy)" and the need for deepening understanding and execution of these regulations [2] - The meeting highlighted the importance of supporting national defense and military construction, as well as improving the quality of work related to veterans and military support [2] Group 1 - The meeting conveyed the significance of Xi Jinping's recent speeches and letters, focusing on expanding high-level opening-up and enhancing international cooperation [1] - The meeting called for a comprehensive improvement in the training mechanisms for party members and cadres, emphasizing the need for a strong teaching staff and research on major issues [2] - The meeting stressed the necessity of political awareness in advancing work related to veterans and military support, aiming for high-quality development in this area [2] Group 2 - The meeting also addressed other matters, although specific details were not provided [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The coal and coke futures prices fluctuated strongly overall yesterday and continued to rise at night due to the strong overseas interest - rate cut expectation and the strong domestic "anti - involution" atmosphere. The spot - end has completed 2 rounds of coke price cuts. The supply and demand sides of coal and coke are in a fast resumption process, especially the rapid recovery of hot metal, which supports the rigid demand for raw materials. Coupled with the positive macro signals boosting market sentiment, the market is expected to run with an upward bias [2][3][4] Group 3: Summary by Related Catalog Market Logic - Overseas interest - rate cut expectation is strong, and the domestic "anti - involution" atmosphere is thick. The coal and coke futures prices fluctuated strongly yesterday and continued to rise at night. The mainstream steel mills adjusted the coke purchase price, and the coke price has completed 2 rounds of cuts [3] Coal Mine Situation - The coking coal market remains weak, with transaction prices mainly falling and low downstream purchasing enthusiasm. However, some coal mines have better sales after price cuts, and the market still expects pre - National Day restocking. Last week, coal production gradually recovered, with the daily average clean coal output of 523 coal mines reaching 72.8 tons, a week - on - week increase of 3.5 tons. Due to production cuts and better sales after price cuts, the mine - end inventory decreased [4] Demand Situation - Steel mills are resuming production rapidly, with the daily average hot metal output last Sunday exceeding expectations and rising to 240.55 tons, an increase of 11.71 tons from the previous week, returning to the pre - restriction level. Currently, the steel mill profitability rate is 60.17%, a week - on - week decrease of 0.87 percentage points and a year - on - year increase of 54.11 percentage points. The finished products are in a continuous inventory accumulation process, and the steel mill profits have narrowed, which may limit the upward space of hot metal and test the raw material demand in the later stage [4]

全国统一大市场建设 要清除哪些 顽糧疯疾 习近平总书记在二十届中央财经委员会第六 次会议上强调,近年来,推动全国统一大市 场建设取得积极成效。但总体来看,这项任 务仍很艰巨,全国统一大市场建设面临不少 困难和阻力。当前最急迫的是聚焦重点难 点,下决心清除顽瘴痼疾。 -,着力整治企业低价无序竞争乱象 第一 ◆ 重点整治最低价中标、以次充好、利益 勾连等突出问题。 ◆ 规范政府采购和招标投标,加强对中标 结果的公平性审查,健全企业正常申诉 渠道，完善投诉处理机制。 要制定全国统一的地方招商引资行为清 单，明确鼓励和禁止的具体行为。 建立健全规范的财政补贴政策体系。 加强招商引资信息披露。 对违规行为查实后要严肃处理。 ◆ "内卷"重灾区,要依法依规有效治 理。 更好发挥行业协会自律作用,引导企业 提升产品品质,实行优质优价，反对低 价劣质。 推动落后产能有序退出,实现市场动态 ◆ 出清。 线上线下一体治理。 ◆ 第二，着力整治政府采购招标乱象 第三，着力整治地方招商引资乱象 第四，着力推动内外贸一体化发展 ◆ 畅通出口转内销路径，提高国内国际标 准一致性,建设内外贸一体化综合服务 平台,培育一批内外贸优质企业,开 ...

2025 年 9 月 16 日 螺纹钢：反内卷情绪再度来袭，偏强震荡 热轧卷板：反内卷情绪再度来袭，偏强震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 螺纹钢、热轧卷板基本面数据 | | | （元/吨） 昨日收盘价 | 涨跌 （元/吨） | 涨跌幅 （%） | | --- | --- | --- | --- | --- | | | RB2510 HC2510 | 3,045 3,398 | 28 24 | 0.93 0.71 | | 期 货 | | | | | | | | 昨日成交 （手） | 昨日持仓 （手） | 持仓变动 （手） | | | RB2510 | 152,543 | 505,713 | -36,058 | | | HC2510 | 103,193 | 335,167 | -28,943 | | | | 昨日价格 （元/吨） | 前日价格 （元/吨） | 涨跌 （元/吨） | | | 上海 | 3240 | 3220 | 20 | | | 杭州 ...

Group 1 - The Hang Seng Technology Index rose by 0.52%, with notable increases in stocks such as Bilibili-W (+5.08%) and Trip.com Group-S (+3.14%) [3] - The Hang Seng Technology Index ETF (159742) experienced a 1.71% intraday increase, currently up 0.97%, marking an 8-day consecutive rise [3] - Over the past week, the Hang Seng Technology Index ETF has accumulated a 4.45% increase [3] Group 2 - The CSI Hong Kong Stock Connect Internet Index increased by 0.06%, with significant gains from Lion Group (+8.52%) and Meituan-W (+2.26%) [6] - The Hong Kong Internet ETF (159568) also rose by 0.60%, aiming for an 8-day consecutive increase [6] - The Hong Kong Internet ETF has seen a 4.98% increase over the past week, ranking in the top half among comparable funds [6] Group 3 - The recent US-China economic talks resulted in a consensus on the TikTok issue, which may alleviate market concerns regarding escalating trade tensions [7] - The upcoming press conference by the State Council will introduce policies aimed at expanding service consumption, indicating a proactive approach to economic stimulation [7] Group 4 - Internet platforms are lowering service consumption barriers, allowing users to easily book services and enhancing transparency and efficiency in consumer decision-making [8] - The ongoing efforts to combat "involution" in service sectors, combined with the strengthening narrative around internet AI, are expected to provide upward momentum for related companies [8] - The Hang Seng Technology Index ETF and Hong Kong Internet ETF are recommended for investors looking to capitalize on the sector's potential [8] Group 5 - The latest scale of the Hang Seng Technology Index ETF reached 3.66 billion, a new high in nearly a year, with a net inflow of 155 million over the last ten trading days [9] - The Hong Kong Internet ETF's latest scale reached 359 million, marking a new high in three months, with a net inflow of 14.06 million over the last five trading days [9]

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - Gold: Downward revision of non - farm payrolls [2] - Silver: Breakout upward [2] - Copper: Driven by multiple logics, price increases [2] - Zinc: Maintains a sideways trend [2] - Lead: Reduced inventory supports the price [2] - Tin: Ranges sideways [2] - Aluminum: Ranges sideways; Alumina: Rebounds upward; Cast aluminum alloy: Follows electrolytic aluminum [2] - Nickel: Contradictions in the smelting end are not prominent, focus on news - related risks at the ore end [2] - Stainless steel: Long - and short - term logics compete, steel prices may fluctuate [2] 3. Summaries by Related Catalogs Gold and Silver - **Fundamental Data**: Yesterday, the closing prices of various gold and silver products showed different degrees of increase, such as the daily increase of Shanghai Gold 2510 being 0.41%. The trading volume and positions of some contracts also changed. For example, the trading volume of Shanghai Silver 2510 increased by 326,453 compared with the previous day. The inventory of some products also changed, like the Shanghai Gold inventory increased by 2,799 kilograms [5]. - **Macro and Industry News**: There are various news including Sino - US reaching a basic framework consensus on resolving the TikTok issue, China's market regulatory authority investigating NVIDIA for anti - monopoly, and China's economic data in August showing characteristics of "slow industry, weak investment, and light consumption" [5][7][8]. - **Trend Intensity**: Gold trend intensity is 0, silver trend intensity is 0 [9]. Copper - **Fundamental Data**: The closing price of the Shanghai copper main contract decreased by 0.15% during the day and increased by 0.54% during the night session. The trading volume and positions of futures contracts changed, and the inventory of Shanghai copper increased by 5,083 tons [11]. - **Macro and Industry News**: Investors almost consider the Fed's interest rate cut this week a certainty. The Trump administration announced a reduction in the import tariff on Japanese cars to 15%. Anglo American and Teck Resources agreed to merge, and Peru's copper production in July increased by 2% year - on - year [11][13]. - **Trend Intensity**: Copper trend intensity is 1 [13]. Zinc - **Fundamental Data**: The closing price of the Shanghai zinc main contract increased by 0.02%, and the trading volume and positions of futures contracts changed. The inventory of Shanghai zinc increased by 5,466 tons [14]. - **News**: The market regulatory authority investigated NVIDIA for anti - monopoly, and major car companies responded to the "60 - day payment term" initiative [15]. - **Trend Intensity**: Zinc trend intensity is 0 [16]. Lead - **Fundamental Data**: The closing price of the Shanghai lead main contract increased by 0.70%, and the trading volume and positions of futures contracts changed. The inventory of Shanghai lead decreased by 68 tons, and the LME lead inventory decreased by 3,950 tons [17]. - **News**: Investors almost consider the Fed's interest rate cut this week a certainty, and the Trump administration reduced the import tariff on Japanese cars [18]. - **Trend Intensity**: Lead trend intensity is 0 [18]. Tin - **Fundamental Data**: The closing price of the Shanghai tin main contract increased by 0.99% during the day and 0.48% during the night session. The trading volume and positions of futures contracts changed, and the Shanghai tin inventory decreased by 178 tons [21]. - **Macro and Industry News**: Similar to the gold and silver section, there are multiple macro - level news [22]. - **Trend Intensity**: Tin trend intensity is 0 [23]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamental Data**: The closing price of the Shanghai aluminum main contract decreased by 100 compared with T - 1. The trading volume and positions of futures contracts changed. The inventory of domestic aluminum ingots increased by 1.10 million tons. The closing price of the Shanghai alumina main contract increased by 21 compared with T - 1 [24]. - **Comprehensive News**: An important article by General Secretary Xi Jinping was published in Qiushi Journal [26]. - **Trend Intensity**: Aluminum trend intensity is 0, alumina trend intensity is 0, and aluminum alloy trend intensity is 0 [26]. Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai nickel main contract increased by 1,360 compared with T - 1. The trading volume and positions of futures contracts changed. The price of some nickel - related products and the spread between contracts also changed [27]. - **Macro and Industry News**: The Indonesian CNI nickel - iron project entered the trial - production stage, environmental violations were found in the IMIP, and Indonesia planned to shorten the mining quota period [27][28][30]. - **Trend Intensity**: Nickel trend intensity is 0, stainless steel trend intensity is 0 [33].

金融期货早评 宏观：经济仍需政府部门发力托底 【市场资讯】1）中美就妥善解决 TikTok 问题达成基本框架共识。李成钢：中国绝不会以 牺牲原则立场、企业利益和国际公平正义为代价，寻求达成任何协议。2）中国公布 8 月经 济数据，显现"工业缓、投资弱、消费淡"特征，新一轮政策宽松预期升温。8 月 70 城房价： 一线二手房价环比降幅 1%持平上月，各线新房房价同比降幅有所收窄。3）从美东时间 16 日 0 时 1 分起，美国对日本汽车的进口关税下调至 15%。4）美国密歇根税务官员：没有证 据表明美联储理事库克的主要住宅违反税收政策。 【核心逻辑】国内方面，从今年的政策导向来看，我国对消费领域的重视程度正与日俱增。 政策转向的背后是由于收入分配层面的失衡，使得国内有效需求难以充分释放，导致资本 回报率呈现递减趋势。当前年内逐步落地的一系列需求端政策并非终点，后续仍将有更多 民生领域的相关政策逐步出台、落地。其次，8 月经济数据显示，经济增速延续放缓态势， 投资端走弱特征显著，消费增速虽边际放缓，但放缓幅度有所收窄。当前经济边际下滑的 背后，更多反映的是经济运行中的核心矛盾；与此同时，我国生产端表现依然偏强，高 ...

Core Viewpoint - The construction of a national unified market is a significant decision made by the Central Committee, essential for building a new development pattern, promoting high-quality development, and gaining an advantage in international competition [2][3]. Group 1: Five Unifications and One Openness - The basic requirements for advancing the national unified market construction are "Five Unifications" and "One Openness" [4]. - "Five Unifications": - Unification of market basic systems, particularly in property rights protection, fair competition, and quality standards [4]. - Unification of market infrastructure to facilitate the flow of logistics, capital, and information, and to improve the modern commercial circulation system [4]. - Unification of government behavior standards to ensure clear regulations for local economic development and investment attraction [4]. - Unification of market supervision and law enforcement, establishing clear criteria for administrative penalties [4]. - Unification of factor resource markets to promote free flow and efficient allocation, reducing resource misallocation and waste [4]. - "One Openness": - Continuous expansion of openness, implementing internal and external connectivity without closed operations [4]. Group 2: Key Focus Areas - The article emphasizes the need to address key challenges and eliminate persistent issues [6]. - Focus Area 1: Addressing chaotic low-price competition among enterprises, particularly in "involution" areas, through legal and regulatory measures [6]. - Focus Area 2: Rectifying irregularities in government procurement and bidding, including issues like lowest price bidding and conflicts of interest [6]. - Focus Area 3: Standardizing local investment attraction practices with a unified list of encouraged and prohibited behaviors [6]. - Focus Area 4: Promoting the integration of domestic and foreign trade, facilitating the path from export to domestic sales [6].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report suggests that stock index futures may show a volatile and moderately strong trend. On September 15, the current - month contracts of the four major stock index futures showed mixed performance, with trading volume and open interest generally decreasing, indicating a cooling of investors' trading enthusiasm [1][2]. 3. Summary by Relevant Content 3.1 Stock Index Futures Data Tracking - **September 15 Quotes**: The closing prices, price changes, basis, trading volumes, and open interests of various stock index futures contracts (such as IF, IH, IC, IM) and their underlying indexes (CSI 300, SSE 50, CSI 500, CSI 1000) are presented. For example, the CSI 300 closed at 4533.06, up 0.24%, while IF2509 closed at 4527.8, up 0.04%, with a basis of - 5.26 [1]. - **Trading Volume and Open Interest Changes**: On the trading day, the total trading volume of stock index futures decreased, with IF down 10859 lots, IH down 9934 lots, IC down 38503 lots, and IM down 46447 lots. The total open interest also decreased, with IF down 11030 lots, IH down 1517 lots, IC down 18126 lots, and IM down 15462 lots [2]. 3.2 Basis Charts - Basis charts of IF, IH, IC, and IM are provided, showing the basis changes of current - month, next - month, current - quarter, and next - quarter contracts from August 20 to September 15 [4]. 3.3 Top 20 Member Position Changes - The changes in long and short positions of the top 20 members in various stock index futures contracts are presented. For example, in the IF2509 contract, long positions decreased by 13634 lots, and short positions decreased by 13985 lots [5]. 3.4 Trend Intensity - The trend intensities of IF and IH are 1, and those of IC and IM are also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.5 Important Drivers - Policy Factors: An important article by General Secretary Xi Jinping will be published in the 18th issue of Qiushi magazine, emphasizing the rectification of corporate low - price disorderly competition and government procurement bidding chaos. The National Bureau of Statistics states that in August, the national economy was generally stable, but there are still many risks and challenges [7]. - Market Conditions: The market is optimistic about the interest - rate decision week. The S&P has reached 6600 points, and the NASDAQ has hit a record high for six consecutive trading days. In the domestic A - share market, the Shanghai Composite Index fell 0.26% to 3860.5 points, while the Shenzhen Component Index rose 0.63%, and the ChiNext Index rose 1.51%. The A - share trading volume was 2.3 trillion yuan, down from 2.55 trillion yuan the previous day [7][8].

文章指出，要聚焦重点难点，下决心清除顽瘴痼疾。第一，着力整治企业低价无序竞争乱象。"内 卷"重灾区，要依法依规有效治理。更好发挥行业协会自律作用，引导企业提升产品品质。推动落后产 能有序退出。第二，着力整治政府采购招标乱象。重点整治最低价中标、以次充好、利益勾连等突出问 题。规范政府采购和招标投标，加强对中标结果的公平性审查。第三，着力整治地方招商引资乱象。要 制定全国统一的地方招商引资行为清单，明确鼓励和禁止的具体行为。加强招商引资信息披露。第四， 着力推动内外贸一体化发展。畅通出口转内销路径，提高国内国际标准一致性，培育一批内外贸优质企 业。第五，着力补齐法规制度短板。持续开展规范涉企执法专项行动。健全有利于市场统一的财税体 制、统计核算制度和信用体系。第六，着力纠治政绩观偏差。完善高质量发展考核体系和干部政绩考核 评价体系。 文章强调，建设全国统一大市场，既是攻坚战，也是持久战，各地区各部门要从政治和全局高度抓 好落实。中央和地方、地方和地方、政府和企业、企业和企业都要加强协调配合，形成推进合力。 扫一扫在手机打开当前页 新华社北京9月15日电 9月16日出版的第18期《求是》杂志将发表中共中央总书记、 ...