Group 1 - The core viewpoint of the article is the official launch of the Digital Renminbi International Operation Center in Shanghai, which introduces three major business platforms [1] - The three platforms include: Digital Renminbi Cross-Border Digital Payment Platform, Digital Renminbi Blockchain Service Platform, and Digital Asset Platform [1] - The event was attended by key officials, including a member of the People's Bank of China and the Vice Mayor of Shanghai, indicating the significance of the launch [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2025, the convertible bond market shows wide - volatility characteristics, and attention should be paid to band and structural selection [27]. - Active funds reduce positions, while passive funds increase allocations. The delisting of Pufa Convertible Bonds in October may bring re - allocation demand [27]. - In Q4, the equity market tends to have a structural market. Equity - biased convertible bonds still have obvious elasticity advantages, and capital outflows bring more profit space for low - price convertible bonds [27]. - A portfolio of ten convertible bonds is recommended to select high - quality targets, focusing on elasticity, and the portfolio is adjusted monthly [27]. 3. Summary by Relevant Catalogs Macro Data Overview - In Q2 2025, GDP at constant prices increased by 5.2% year - on - year, slightly lower than the previous quarter's 5.4% [1]. - In August 2025, the manufacturing PMI was 49.4%, up from 49.3% in the previous month; the non - manufacturing PMI for business activities was 50.3%, up from 50.1% [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 new RMB loans of financial institutions in that month were 590 billion yuan [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 the cumulative year - on - year growth rate 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]. Commodity Investment Reference Comprehensive - The Ministry of Commerce called on the US to cancel unreasonable tariffs on China and emphasized that the biggest obstacle to Sino - US economic and trade cooperation is US unilateral restrictions [2]. - Xiaomi launched the Xiaomi 17 series, Xiaomi Pad 8 series, and many other tech home appliances. Xiaomi's founder, CEO Lei Jun, said that self - developed mobile phone SoCs should be persisted for at least 10 years with an investment of at least 50 billion yuan [2]. - According to CME's "FedWatch", the probability that the Fed will keep interest rates unchanged in October is 14.5%, and the probability of a 25 - basis - point rate cut is 85.5% [2]. Metals - On September 25, international precious metal futures generally rose. Fed officials sent mixed policy signals, reflecting the Fed's dilemma in balancing inflation and employment goals [3]. - On September 25, the closing price of the main Shanghai copper contract 2511 was 82,710 yuan/ton, up 3.4%. The suspension of production at the Grasberg mine may exacerbate the global copper supply shortage [3][4]. - The China Non - Ferrous Metals Industry Association proposed to control the expansion of copper smelting capacity. High - end analysts predicted a 500,000 - ton copper supply loss in the next 12 - 15 months [4]. - Congo (Kinshasa) extended the cobalt export ban until October 15 and implemented an export quota system. Cobalt prices have risen nearly 40% this year [4]. - Citi raised its copper price forecast. It is expected that the medium - term copper price will rise to $12,000 per ton in the next 6 - 12 months [5]. Coal, Coke, Steel, and Minerals - In August 2025, global crude steel production increased by 0.3% year - on - year to 145.3 million tons, while China's crude steel production decreased by 0.7% year - on - year to 77.4 million tons [6]. - As of mid - September, the price of coke (quasi - first - grade metallurgical coke) decreased by 4.69% month - on - month, and the price of rebar (HRB400E Φ20mm) increased by 0.29% month - on - month [6][7]. Energy and Chemicals - On September 25, international oil prices fluctuated narrowly. The resumption of crude oil exports in the Kurdish region eased supply concerns, but the unexpected decrease in US crude oil inventories offset some negative impacts [8]. - Daqing Gulong Continental Shale Oil National Demonstration Area added 158 million tons of proven shale oil reserves [8]. - Russia plans to implement a diesel export ban on resellers until the end of the year and extend the gasoline export ban on resellers and producers [8]. Agricultural Products - The Ministry of Agriculture and Rural Affairs called for stabilizing the supply of "vegetable basket" products and promoting the application of high - performance agricultural machinery [9]. - In 2024, China's organic product sales reached 124.7 billion yuan, a year - on - year increase of 22.79%, making China the world's third - largest organic consumer market [9]. - China launched an anti - dumping investigation into imported pecans from Mexico and the US starting from September 25 [10]. - The EU Commission adjusted its forecasts for wheat and corn production and exports in the 2025/26 season [10]. - Argentina resumed taxing the export of grains and their by - products after agricultural product sales reached $7 billion [10]. Financial News Compilation Open Market - On September 25, the central bank conducted 483.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 3.5 billion yuan on the same day [11]. - On September 25, the central bank conducted 600 billion yuan of 1 - year MLF operations, with a net injection of 300 billion yuan, and has increased the volume of MLF for 7 consecutive months [11]. Important News and Information - China submitted a position paper on the issue of special and differential treatment to the WTO, not seeking new special and differential treatment in current and future negotiations [12][13]. - The Ministry of Commerce responded to issues related to Sino - US soybean trade and Boeing aircraft purchase negotiations, emphasizing that US unilateral restrictions are the main obstacle to normal economic and trade cooperation [2][13]. - The Ministry of Commerce launched a trade and investment barrier investigation into Mexico's measures to raise import tariffs on Chinese products [14]. - Three US companies were included in the unreliable entity list for their military - related cooperation with Taiwan [15]. - The China Foreign Exchange Trade System will optimize the "Swap Connect" operation mechanism and increase the daily net limit to 450 billion yuan from October 13 [15]. - The central bank deputy governor proposed to expand the application scenarios of the Hong Kong RMB bond market [16]. - The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority jointly released a development roadmap for the fixed - income and money market [16]. - The scale of China's public funds exceeded 36 trillion yuan for the first time at the end of August [17]. - Internet giants such as Tencent, Baidu, and Alibaba are accelerating their layout in the dim - sum bond market [17]. - The Digital RMB International Operation Center was officially launched on September 24, with three business platforms launched [18]. - The Bank of China Research Institute predicted that more banks may cut deposit rates in Q4, and the RMB exchange rate will remain stable and may appreciate [18]. Bond Market Summary - MLF incremental roll - over had little positive impact on the bond market. Spot bonds and futures were generally weak [21]. - In the exchange bond market, Vanke bonds generally rose, while some other bonds fell [21]. - The CSI Convertible Bond Index rose 0.46%, and the Wind Convertible Bond Equal - Weighted Index rose 0.33% [22]. - On September 25, most money market interest rates rose [22]. - Shibor short - term varieties showed differentiation [23]. - The winning yields of some financial bonds issued by policy - based banks were announced [23][24]. - Inter - bank repurchase fixed - rate bonds and silver - silver inter - bank repurchase fixed - rate bonds generally rose [24]. - European and US bond yields generally rose, with some exceptions [24][25]. Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.1253, down 34 basis points from the previous trading day [26]. - The US dollar index rose 0.60%, and most non - US currencies fell [26]. Stock Market Important News - The A - share market showed a differentiated trend, with the ChiNext Index hitting a new stage high for two consecutive days. AI concept stocks rebounded [29]. - The Hong Kong Hang Seng Index fell 0.13%, while the Hang Seng Tech Index rose 0.89%. Geely Auto rose nearly 4% on its first trading day [29]. - The Shanghai, Shenzhen, and Beijing stock exchanges announced the holiday schedule for the National Day and Mid - Autumn Festival [29]. Today's Reminders - On September 26, 247 bonds will be listed, 88 bonds will be issued, 139 bonds will make payments, and 344 bonds will repay principal and interest [28].

Core Insights - The Digital Renminbi International Operation Center officially commenced operations on September 24, 2023, launching three major business platforms: cross-border digital payment platform, blockchain service platform, and digital asset platform [1][2]. Group 1: Digital Renminbi International Operation Center - The center is established by the People's Bank of China (PBOC) to manage and operate the digital renminbi's cross-border and blockchain infrastructure, facilitating international operations and financial market development [2]. - The PBOC aims to support the center's stable and long-term development, enhancing the convenience of cross-border trade and investment [2]. Group 2: Cross-Border Digital Payment Platform - The "Shubi Da" platform was launched to address traditional cross-border payment challenges such as high costs, low efficiency, and limited transparency [3]. - This platform aims to create a secure, efficient, and inclusive global payment network, providing a "China solution" for central bank digital currency (CBDC) cross-border payment cooperation [3][4]. - The platform has already integrated with Hong Kong's Fast Payment System and has undergone a comprehensive upgrade to enhance its service capabilities [3]. Group 3: Blockchain Service and Digital Asset Platforms - The digital renminbi blockchain service platform aims to provide standardized cross-chain transaction information transfer and on-chain digital renminbi payment services, acting as middleware to connect different blockchains [8]. - The digital asset platform supports compliant digital asset transactions, including bonds and carbon credits, facilitating the issuance, registration, custody, and trading of digital assets on-chain [8]. - This initiative is designed to lower the cost of participation and enhance transaction efficiency across various blockchain applications [8]. Group 4: Advantages of the Platforms - The cross-border payment platform offers global access through existing networks, allowing foreign institutions to achieve "one connection to many" [4]. - It features flexible and efficient access strategies, including lightweight and direct connections, breaking down geographical and system barriers [4][5]. - The platform enhances regulatory transparency and compliance costs through technologies like smart contracts, while providing real-time transaction status tracking [5][6].

9月25日，市场震荡上行，创业板指探底回升一度涨逾2%，续创3年多新高。截至收盘，沪指跌0.01%， 深成指涨0.67%，创业板指涨1.58%。沪深两市成交额2.37万亿，较上一个交易日放量443亿。板块方 面，游戏、AI应用、可控核聚变等板块涨幅居前，港口航运、贵金属、油气等板块跌幅居前。 | 名称 | 最新点位 | 涨跌幅 | | --- | --- | --- | | 上证指数 | 3853.3 | -0.34(-0.01%) | | 深证指数 | 13445.9 | +89.76(0.67%) | | 创业板指 | 3235.76 | +50.19(1.58%) | | | 日期:9月25日 制图:21投资通 | | 隔夜外盘 纽约股市三大股指9月25日集体下挫。截至当天收盘，道琼斯工业平均指数比前一交易日下跌173.96 点，收于45947.32点，跌幅为0.38%；标准普尔500种股票指数下跌33.25点，收于6604.72点，跌幅为 0.50%；纳斯达克综合指数下跌113.16点，收于22384.70点，跌幅为0.50%。 欧洲三大股指9月25日全线下跌。截至当天收盘，英国富时100种股票平均价 ...

18、南下资金净买入港股110亿港元，大幅加仓阿里、腾讯和中芯国际； 19、公告精选︱东方雨虹：拟6亿元投资建设东方雨虹上林县新材料产业链项目；吉宏股份：预计前三 季度扣非净利润同比增长65.72%—76.86%； 14、大智慧：湘财股份的A股换股价格为7.51元/股 大智慧的A股换股价格为9.53元/股； 15、紫金矿业市值突破千亿美元 位列全球矿业巨头第三； 16、摩尔线程影子股联美控股4连板； 17、今日A股昊创瑞通上市； 格隆汇9月26日｜国际要闻： 大中华区要闻： 1、美股三大指数集体收跌，英特尔涨近9%，中概指数涨0.42%； 2、小摩：明年中金价至少达4050美元； 3、美国8月耐用品订单初值环比意外增长2.9%； 4、美国上周初请失业金人数为21.8万 创近2个月新低； 5、美国第二季GDP终值上修至3.8%，创近两年最快增速； 6、美国二季度实际PCE终值环比+2.5% 高于预期； 7、美国二季度核心PCE物价指数年化终值环比+2.6% 高于预期； 8、日股收盘再创历史新高，年内累涨14.69%； 9、泽连斯基：如果达成停火协议 将准备好卸任； 10、美联储洛根：美联储应放弃联邦基金利率 改 ...

沪深北交易所分别发布2025年国庆节、中秋节休市安排 上纬新材：公司股票9月26日开市起停牌核查 今日提示 央行今日有3543亿元7天期逆回购到期 2025人工智能计算大会9月26日举办 重要新闻提示 河南省委、省政府决定对河南能源集团有限公司和中国平煤神马控股集团有限公司实施战略重组 6. 9月25日，沪深北交易所分别发布关于2025年国庆节、中秋节休市安排的公告。根据公告，10月1日 （星期三）至10月8日（星期三）休市，10月9日（星期四）起照常开市。另外，9月28日（星期日）、 10月11日（星期六）为周末休市。有关清算事宜将根据中国证券登记结算有限责任公司的安排进行。 7. 9月25日，中国证券投资基金业协会发布的最新数据显示，截至8月底，我国公募基金资产净值合计 36.25万亿元，再创新高，这也是公募基金规模首次突破36万亿元。 2025无人机创新应用大会9月26日至27日举办 摩尔线程科创板IPO于9月26日上会 财经新闻 1. 商务部网站9月25日消息，商务部决定将3家美国实体列入出口管制管控名单 商务部决定将3家美国企业列入不可靠实体清单。 2. 中国（北京）证券期货仲裁中心启用仪式9月25 ...

Group 1 - The Ministry of Commerce has added three US entities, including Huntington Ingalls Industries, to the export control list and three others to the unreliable entity list [1] - The digital RMB international operation center has officially launched in Shanghai, introducing three major business platforms: cross-border digital payment, blockchain service, and digital asset platform [1] - The Ministry of Education and the State Administration for Market Regulation have issued guidelines for the procurement and acceptance management of bulk food ingredients in school canteens, requiring suppliers to have legal operating qualifications [1] Group 2 - The Chinese government is initiating a trade and investment barrier investigation against Mexico due to proposed increases in import tariffs on products from non-free trade partners, including China [1] - The China Foreign Exchange Trading Center announced improvements to the "Swap Connect" mechanism, including an increase in the daily net limit to 45 billion yuan starting October 13, 2025 [1] - The China Securities Investment Fund Industry Association reported that the net asset value of public funds in China has surpassed 36 trillion yuan, reaching a historical high of 36.25 trillion yuan as of August 2025 [1] Group 3 - Five A-share companies, including Pingmei Shenma and Yicheng New Energy, announced that the Henan provincial government will implement a strategic restructuring of two major energy groups, which will not significantly impact their operations [1] - Hanyu Pharmaceutical announced plans to raise no more than 968 million yuan for the research and development of Semaglutide, including domestic injectable and US oral formulations [1] - The financing prosperity index for small and micro enterprises in August 2025 was reported at 54.22 points, indicating a slight decline from July, with overall credit structure continuing to optimize [1] Group 4 - Non-coal Holdings plans to implement a strategic restructuring involving its controlling shareholder [6] - China Railway recently won bids for 11 major projects with a total bid amount of 50.215 billion yuan [6] - Ganfeng Lithium's subsidiary is increasing capital and introducing investors for its lithium battery business [6]

今日关注 1、中基协发布数据显示，我国公募基金规模首次突破36万亿元大关，截至8月底达到36.25万亿元，单月猛增1.18万 亿元。受益于股票市场上涨，股票型基金规模在8月增长近6300亿元，混合型基金增长超3300亿。货币基金和QDII 基金规模分别增长1963亿元和672亿元。股债跷跷板效应下，债券基金规模小幅下降285亿元。 2、数字人民币发展迈出重要一步。9月24日，数字人民币国际运营中心正式运营，并推出三大业务平台——数字人 民币跨境数字支付平台、数字人民币区块链服务平台及数字资产平台。央行副行长陆磊表示，目前已初步构建数字 人民币跨境金融基础设施体系。 宏观经济 1、商务部回应中美大豆贸易相关问题表示，美方应采取积极行动，取消相关不合理关税。对于购买波音飞机谈判 进展，商务部称，中美两国在经贸领域拥有广泛共同利益和广阔合作空间。当前影响中美正常经贸合作的最大障碍 在于美单边限制措施。 2、商务部发布公告，决定将扁平地球管理公司等3家美国实体列入出口管制管控名单，禁止两用物项对其出口，任 何出口经营者不得违反上述规定。同时，将爱尔康公司等3家涉台军售美国实体列入不可靠实体清单，禁止上述企 业从事与中 ...

摩尔线程科创板IPO上会； 2025人工智能计算大会在北京举办； 2025·青岛创投风投大会举办。 机构预计，节前上证指数围绕3800点进行窄幅震荡。 【财经日历】 COMEX黄金期货上涨0.08%，报3771.1美元/盎司。 ►►商务部获得的初步证据和信息显示，根据墨西哥《国会公报》2025年9月9日刊登的关于调整多项进口税的提案，墨西哥政府拟对中国等非自贸伙伴的产 品提高进口关税税率，该措施将严重损害中国企业的贸易投资利益。依据《中华人民共和国对外贸易法》第三十六条、第三十七条及《对外贸易壁垒调查规 则》第十二条、第三十五条的规定，商务部决定自2025年9月25日起对墨西哥相关涉华限制措施启动贸易投资壁垒调查。 ►►9月25日，农业农村部召开全国粮油作物大面积单产提升暨"三秋"生产视频会，部党组书记、部长韩俊出席会议并讲话。会议要求，要抓实抓好"三 秋"生产重点工作，毫不放松抓好秋粮收获，确保"颗粒归仓"，着力抓好冬小麦生产，持续巩固冬油菜扩种成果，确保冬小麦、冬油菜种足种满。要稳定"菜 篮子"产品生产供给，抓好冬春蔬菜稳产保供，强化生猪产能综合调控，持续抓好肉牛奶牛产业纾困，切实做好保供稳价工作。要严抓 ...

Market Overview - US GDP growth was revised up to 3.8% for Q2, the highest in nearly two years, driven by strong consumer spending and a decline in imports [3][9] - Initial jobless claims fell significantly to 218,000, the lowest level since July [3][9] - Major US stock indices experienced a three-day decline, marking the longest losing streak in a month, with Oracle down over 5% and Tesla down over 4% [2] - Bitcoin dropped below $110,000, down 3.62%, while Ethereum fell over 7% to a seven-week low of $3,823 [2][11] - Gold rebounded by 0.38%, and silver surpassed $45, reaching a fourteen-year high [2] Company News - Xiaomi launched the Xiaomi 17 series with prices starting at 4,499 yuan, emphasizing its commitment to chip development and technology [13][21] - BYD's sales in Europe surged by 201.3% year-on-year in August, surpassing Tesla for the second consecutive month [14] - NIO's market value surpassed Kweichow Moutai, making it the third-largest listed company in China, with a market cap reaching 1.83 trillion yuan [18] Digital Currency and Blockchain - The Digital RMB International Operation Center officially launched, offering cross-border digital payment, blockchain services, and digital asset platforms [3][26] - The digital RMB aims to address pain points in traditional cross-border payments and enhance transaction security and privacy through advanced technologies [26] AI and Technology - Intel showcased its next-generation Xeon processors at the 2025 Yunqi Conference, utilizing new manufacturing processes and advanced packaging technologies [27] - Baidu upgraded its video generation model, allowing for unlimited-length AI video creation, enhancing its competitive edge in the market [28] - Strong Brain Technology demonstrated a breakthrough in non-invasive brain-machine interface technology, enabling users to control prosthetic limbs with their thoughts [29]