国庆假期，一批中央企业全力以赴抓项目、促投资、稳经济，许多重大工程建设不停歇，建设者们奋战 项目一线，加快工程进度。 全球首个"双塔一机"光热储能电站 进入全系统试运行 10月2日，全球首个"双塔一机"光热储能电站——三峡恒基能脉瓜州70万千瓦"光热储能+"项目光热储能 电站两座约200米高的吸热塔同时点亮，进入全系统试运行。这标志着塔式光热发电技术突破"单塔单 机"传统范式，为我国大型风光新能源基地稳定供电提供新的技术路径。 该光热储能电站是国家"十四五"第一批"沙戈荒"大基地项目——三峡恒基能脉瓜州70万千瓦"光热储能 +"项目的组成部分。光热储能电站投产后，将推动光热发电与光伏、风力发电互补调节等多种能源联 合调度模式发展，预计每年可为电网提供清洁电能18亿千瓦时。 三峡能源供图 鹤岗萝北一期 20万千瓦风储项目成功吊装 10月1日，国家能源集团国华投资黑龙江分公司鹤岗萝北一期20万千瓦风储项目最后一台风机成功吊 装。 "这是项目的第30台风机，也是最后一台。它的成功吊装，意味着项目主体工程的圆满收官，更标志着 建设者为祖国母亲献上了一份沉甸甸的厚礼。"项目负责人朱志龙表示。 作为国家能源集团在东北地区 ...

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 于祥明）国庆节前，国家发展改革委透露出诸多政策利好。一方面，5000亿元新型政策性金融工具推出；另一方面，今年 第四批690亿元超长期特别国债支持消费品以旧换新资金下达。 全国首批、全省首单新型政策性金融工具落地 其中，推动扩大有效投资，新型政策性金融工具正式落地推出，规模共5000亿元，全部用于补充项目资本金。并且，记者了解到，近日首批投放项目已 落地。 "无锡金融发布"公众号10月1日发文称，9月29日，全国首批、全省首单新型政策性金融工具（基金）项目正式签约落地无锡市。（见下图） 无锡至宜兴城际轨道交通工程此次获批新型政策性金融工具资金31.99亿元（其中一期14.33亿元、二期17.66亿元），为全省获批额度最大项目。9月29 日，国开行江苏省分行向无锡地铁集团一次性投放工具资金17.66亿元，专项用于无锡至宜兴城际轨道交通二期工程项目资本金，该投放为新型政策性 金融工具设立后全国首批投放项目。 "可将其归为准财政政策工具。"国家发展改革委投资研究所研究员吴亚平接受上海证券报记者采访表示，新型政策性金融工具具有典型的项目单位和政 策性金融机构"双 ...

Group 1: Manufacturing Sector Insights - In September 2025, the Manufacturing PMI rose to 49.8%, an increase of 0.4 percentage points from the previous month[7] - The production index reached a six-month high at 51.9%, up 1.1 percentage points, indicating active manufacturing activities[13] - New orders index was at 49.7%, showing a slight increase of 0.2 percentage points but still in the contraction zone[13] Group 2: Raw Materials and Pricing - The main raw materials purchasing price index decreased slightly to 53.2%, down 0.1 percentage points, while the factory price index fell to 48.2%, down 0.9 percentage points[19] - The procurement volume index rose to 51.6%, an increase of 1.2 percentage points, indicating accelerated raw material purchases[21] Group 3: Non-Manufacturing Sector Performance - The services business activity index fell to 50.1%, a decrease of 0.4 percentage points, with notable sector differentiation[22] - The construction business activity index was at 49.3%, a marginal increase of 0.2 percentage points, but still below the critical point[26] Group 4: Economic Policy and Risks - The government announced a new policy financial tool worth 500 billion yuan to support project capital, aimed at boosting infrastructure activities[27] - Real estate demand remains weak, posing a risk to overall economic recovery[28]

21世纪经济报道记者边万莉 数据显示，10月将有8000亿元3个月期买断式逆回购到期，5000亿元6个月买断式逆回购到期。10月9日，央行开展1.1万亿买断式逆回购 操作后，10月3个月买断式逆回购将形成3000亿元的净投放。 央行9月30日公告表示，为保持银行体系流动性充裕，2025年10月9日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展 11000亿元买断式逆回购操作，期限为3个月(91天)。 "这意味着10月3个月期买断式逆回购加量续作3000亿。此外，10月还有5000亿6个月期买断式逆回购到期，预计央行10月还会开展一次6 个月期买断式操作，我们估计等量续作的可能性比较大。"东方金诚首席宏观分析师王青表示，10月两个期限品种的买断式逆回购将合 计延续加量续作，连续第5个月向市场注入中期流动性。 他分析背后的主要原因在于，10月政府债券还会较大规模发行；9月29日国家发改委宣布，当前正在加快推进5000亿新型政策性金融工 具相关工作，预计接下来会较大幅度拉动配套贷款投放；另外，当前股市强势运行，10月居民存款"搬家"现象还会比较明显。以上都会 在一定程度上带来资金面收紧效应。由此，着眼于 ...

"新型政策性金融工具对投放项目的要求也较高，比如项目需在今年能够开工并形成实物工作量， 且具备收益、举债能力与偿债能力相匹配等。这些项目的落地，将对当前面临较大压力的经济增长 起到比较积极的作用。"上述地方政府投融资人士说。 "我们了解到，地方政府部门已经储备了多轮符合条件的项目，既有传统基建类、消费基建类项 目，也有大科技类、绿色低碳类以及物流类项目。从投资方向来看，感觉与超长期国债的投资方向 很接近。"上述地方政府投融资人士表示，这也与近几年国家投资方向高度吻合，意味着未来政府 投资会更精准。 国家发展改革委会同有关方面积极推进新型政策性金融工具有 关工作。新型政策性金融工具规模共5000亿元，全部用于补 充项目资本金。 作者： 杜涛 封图：图虫创意 9月29日，国家发展改革委政策研究室副主任、新闻发言人李超表示，国家发展改革委会同有关方 面积极推进新型政策性金融工具有关工作。新型政策性金融工具规模共5000亿元，全部用于补充 项目资本金。 东方金诚首席宏观分析师王青分析，本次5000亿元新型政策性金融工具，有望撬动投资约6万亿 元。相当于2024年基建投资总额（宽口径，24.9万亿元）的24.4%。预计 ...

本报（chinatimes.net.cn）记者张智 北京报道 随着四季度即将到来，当前，投资也明显加速。 9月29日，新建上海至杭州高铁（下称"新建沪杭高铁"）先期工程开工建设；同日，新建温州至福州高 铁（下称"新建温福高铁"）开工建设。一天之内两条高铁开工，这只是近期投资加速的一个缩影。 9月30日上午，安徽省委、省政府举行2025年全省第四批重大项目开工动员会，此次开工动员项目587 个，总投资3323.8亿元，年度计划投资426.9亿元。 为了保障投资项目有效落地，9月29日，国家发展改革委举行的新闻发布会上，国家发展改革委政策研 究室副主任李超表示，国家发展改革委会同有关方面积极推进新型政策性金融工具有关工作。新型政策 性金融工具规模共5000亿元，全部用于补充项目资本金。 东方金诚首席宏观分析师王青对《华夏时报》记者表示，新型政策性金融工具作为资本金，将主要投向 基建领域，重点解决因地方财政偏紧导致的部分项目建设面临资本金不足的突出问题。 交通投资保持高位 今年以来，交通运输经济运行总体平稳，货运量、港口货物吞吐量、跨区域人员流动量等主要指标总体 保持平稳增长。 国铁集团相关负责人告诉《华夏时报》记 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The HC2601 contract widened its decline on Tuesday. The new policy - based financial instruments with a total scale of 50 billion yuan are being actively promoted. The weekly output of hot - rolled coils decreased slightly but remained at a high level with a capacity utilization rate of 82.81%. Demand was relatively stable, and changes in inventory and apparent demand were small. Near the holiday, the spot market lacked momentum, the cost support weakened due to weak furnace materials, and tariff disturbances affected market sentiment. Technically, the 1 - hour MACD indicator of the HC2601 contract showed that DIFF and DEA were weakening downward. The operation suggestion is to maintain a bearish stance [2]. 3. Summary According to Relevant Catalogs Futures Market - The closing price of the HC main contract was 3,253 yuan/ton, a decrease of 36 yuan; the position volume was 1,349,868 lots, a decrease of 34,602 lots; the net position of the top 20 in the HC contract was - 44,607 lots, an increase of 16,036 lots; the HC1 - 5 contract spread was - 6 yuan/ton, an increase of 3 yuan; the HC warehouse receipt in the previous trading day was 46,314 tons, unchanged; the HC2601 - RB2601 contract spread was 181 yuan/ton, a decrease of 11 yuan [2]. 现货市场 - The price of 4.75 hot - rolled coils in Hangzhou was 3,350 yuan/ton, a decrease of 30 yuan; in Guangzhou, it was 3,310 yuan/ton, a decrease of 10 yuan; in Wuhan, it was 3,400 yuan/ton, unchanged; in Tianjin, it was 3,280 yuan/ton, a decrease of 10 yuan. The basis of the HC main contract was 97 yuan/ton, an increase of 6 yuan; the spread between hot - rolled coils and rebar in Hangzhou was 70 yuan/ton, a decrease of 20 yuan [2]. Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 778 yuan/wet ton, a decrease of 1 yuan; the price of Hebei quasi - first - class metallurgical coke was 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,250 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,950 yuan/ton, a decrease of 40 yuan. The inventory of iron ore at 45 ports was 139.9735 million tons, an increase of 1.9313 million tons; the inventory of coke in sample coking plants was 392,900 tons, a decrease of 29,200 tons; the inventory of coke in sample steel mills was 6.6138 million tons, an increase of 164,800 tons; the inventory of billets in Hebei was 1.225 million tons, an increase of 7,700 tons [2]. Industry Situation - The blast furnace operating rate of 247 steel mills was 84.47%, an increase of 0.47 percentage points; the blast furnace capacity utilization rate was 90.88%, an increase of 0.50 percentage points. The weekly output of hot - rolled coils of sample steel mills was 3.2419 million tons, a decrease of 23,000 tons; the capacity utilization rate was 82.81%, a decrease of 0.59 percentage points. The factory inventory of hot - rolled coils of sample steel mills was 817,000 tons, an increase of 4,000 tons; the social inventory of hot - rolled coils in 33 cities was 2.988 million tons, an increase of 21,100 tons. The monthly output of domestic crude steel was 7.737 million tons, a decrease of 229,000 tons; the monthly net export volume of steel was 901,000 tons, a decrease of 38,000 tons [2]. Downstream Situation - The monthly output of automobiles was 2.8154 million vehicles, an increase of 224,300 vehicles; the monthly sales volume was 2.8566 million vehicles, an increase of 263,200 vehicles. The monthly output of air conditioners was 16.8188 million units, a decrease of 3.7777 million units; the monthly output of household refrigerators was 9.4532 million units, an increase of 722,500 units; the monthly output of household washing machines was 10.1318 million units, an increase of 1.3575 million units [2]. Industry News - The China Household Electrical Appliances Association issued an initiative to strengthen self - discipline and fair competition in the household appliance industry, aiming to avoid disorderly low - price competition and dumping below cost. On September 28, three steel enterprises announced the progress of ultra - low emission transformation and evaluation and monitoring. So far, 209 steel enterprises have been announced on the website of the China Iron and Steel Association [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Domestically, the economic fundamentals are relatively cold. To achieve the economic growth target, policies in the fourth quarter still need to be strengthened. The newly announced 500 billion in new policy - based financial instruments may have various sources of funds, and there is still a certain probability of releasing the debt space limit. The "anti - involution" policy has had an impact on PPI and industrial enterprise profits, but the subsequent recovery process remains tortuous [1][10][13]. - Abroad, the Fed's interest rate cut in September can be regarded as a preventive one. There is a significant divergence between the Fed and the market next year. The controversy over the Fed's independence will continue in October, and the US Supreme Court will start reviewing the legality of some tariffs in November. The US government faces a shutdown risk on October 1st, which may affect economic data release and market sentiment [2][22][27]. - In terms of major asset trends, stocks will mainly fluctuate, and it is advisable to go long on dips; bonds have weak sentiment; the exchange rate will fluctuate within a range; and for gold, it is advisable to take a long - biased approach [3][28][30]. Summary by Relevant Catalogs Domestic: A New Round of Support Policies is Coming (1) The expectation of stable - growth policies resurfaces - The economic data in August was generally cold, with consumption weakening, production sluggish, and investment under pressure. To achieve the economic growth target, new stable - growth policies are necessary. The new policies may focus on debt limits and policy - based banks. The 500 billion in new policy - based financial instruments will be used to supplement project capital and support private enterprises' participation in the "Artificial Intelligence +" action [10][13]. (2) Has the "anti - involution" policy taken effect? - The "anti - involution" policy did not boost the "troika" of the economy but had an impact on PPI and industrial enterprise profits. In August, the year - on - year growth rate of PPI increased from - 3.6% in July to - 2.9%, and the year - on - year growth rate of industrial enterprise profits soared from - 1.5% in July to 20.4%. However, the recovery of PPI and industrial enterprise profits is also due to the low base last year [17][18]. Abroad: There is a Significant Divergence between the Fed and the Market Next Year - The Fed's interest rate cut in September was a preventive one. There is a difference between the Fed's and the market's expectations for the federal funds target rate next year. If the Fed remains data - dependent, the market's pricing may be incorrect, but the upcoming change of the Fed chairman adds uncertainty. The controversy over the Fed's independence will continue in October, and the US Supreme Court will review the legality of some tariffs in November. The US government faces a shutdown risk on October 1st, which may affect economic data release and market sentiment [21][23][27]. Major Asset Trends Outlook (1) Stocks: Mainly fluctuate, and it is advisable to go long on dips - Since September, the strong upward trend of the equity market has been curbed, and the Shanghai Composite Index has generally fluctuated. The growth style leads, and the market risk appetite will be maintained due to new policy tools and the upcoming Fourth Plenary Session of the 20th CPC Central Committee. The general direction of the stock market is still upward, but the market may fluctuate in the short term [28]. (2) Bonds: Weak sentiment - The bond market continued to adjust in September. Factors such as the draft for soliciting opinions on fund fees, possible over - expected fiscal policies, and potential redemption pressure on the liability side of funds have suppressed the bond market. Although the overall view is bullish, short - term caution is needed [30]. (3) The RMB exchange rate will remain volatile - Since September, the domestic supporting factors for the RMB exchange rate have weakened, but the support from the current account and the capital account still exists. The US dollar index is the core variable. After the Fed's interest rate cut in September, the US dollar index rebounded slightly, but in the long run, it is in a downward channel, and the RMB is still in an appreciation trend [34]. (4) Gold: It is advisable to take a long - biased approach - Gold showed strong performance in September. The Fed's interest rate cut, along with geopolitical issues, the controversy over the Fed's independence, and fiscal issues in various countries, supported the gold price. It is recommended to allocate 15 - 20% of the position to go long on gold [38].

Group 1: PMI Overview - In September, the manufacturing PMI was 49.8%, up from 49.4% in the previous month[2] - The non-manufacturing PMI stood at 50.0%, slightly down from 50.3%[2] - The manufacturing PMI's increase aligns with seasonal trends, with a month-on-month rise of 0.4 percentage points (pct) compared to the previous value[2] Group 2: Supply and Demand Dynamics - The production index rose to 51.9% (+1.1pct), indicating stronger supply than demand[2] - The new orders index increased to 49.7% (+0.2pct), while the new export orders index was at 47.8% (+0.6pct), showing resilience in external demand[2] - Overall, the supply-demand balance remains skewed towards supply exceeding demand[2] Group 3: Price Index Trends - The price index declined after three consecutive increases, with the main raw material purchase price index at 53.2% (-0.1pct) and the factory price index at 48.2% (-0.9pct)[2] - This reflects a weakening impact of "anti-involution" policies on upstream raw material prices, shifting focus to the actual implementation of policies[2] Group 4: Sector Performance - The equipment manufacturing PMI rose to 51.9% (+1.4pct), marking the highest point since March[2] - The consumer goods sector PMI increased to 50.6% (+1.4pct), driven by seasonal demand ahead of the upcoming holidays[2] - The high-energy-consuming industries PMI fell to 47.5% (-0.7pct), consistent with previous price index trends[2] Group 5: Non-Manufacturing Sector Insights - The non-manufacturing PMI decreased by 0.3pct to 50.0%, slightly below the five-year average[2] - In the service sector, travel-related consumption saw a seasonal decline, while financial services maintained high activity levels[2] - The construction PMI was at 49.3% (+0.2pct), with weather conditions impacting project initiation[2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - On Tuesday, the freight index (European line) futures prices showed mixed trends. The main contract EC2510 closed down 1.02%, and the far - month contracts declined between -1% and -11%. The latest SCFIS European line settlement freight rate index dropped 134.43 points from last week, a 10.7% week - on - week decline. Spot indicators continued to fall, and the futures prices lacked support. [1] - Maersk's spot cabin quotes for European lines stopped falling and rebounded in mid - October, and MSC's quotes followed with a small increase later, leading to a recovery in futures price valuation. Geopolitical conflicts supported the futures prices, but before the National Day holiday, shipping companies lowered freight rates to increase cargo volume, and the supply - demand pattern remained unchanged, with significant freight rate pressure. [1] - The recent economic data in the Eurozone fluctuated, with business sentiment indices weaker than expected. The ECB indicated a slower pace of interest rate cuts due to improved economic expectations and easing inflation. Overall, there is uncertainty in the trade war, the demand for the freight index (European line) is weak, and the futures prices fluctuate greatly. Investors are advised to be cautious, pay attention to operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data. [1] Group 3: Summary by Relevant Catalogs 1. Futures Market Data - EC main contract closing price: 1110.600, down 11.4; EC second - main contract closing price: 1731.9, down 3.10. [1] - EC2510 - EC2512 spread: -621.30, up 20.00; EC2510 - EC2602 spread: -532.20, up 19.80. [1] - EC contract basis: 9.89, up 4.40. [1] - EC main contract position: 24782 hands, down 4532. [1] 2. Spot Market Data - SCFIS (European line) (weekly): 1120.49, down 134.43; SCFIS (US West Coast line) (weekly): 921.25, down 272.39. [1] - SCFI (composite index) (weekly): 1114.52, down 83.69; spot price: 1087.41, down 69.06. [1] - CCFI (composite index) (weekly): down 32.82; CCFI (European line) (weekly): down 39.00. [1] - Baltic Dry Index (daily): 2259.00, down 400.00; Panama Freight Index (daily): 1832.00, down 14.00. [1] - Average charter price (Panamax): 14769.00, unchanged; average charter price (Capesize): 30090.00. [1] 3. Industry News - The US Department of Commerce issued export control penetration rules, and China's Ministry of Commerce responded firmly against it. [1] - US President Trump and Israeli Prime Minister Netanyahu held a bilateral meeting, and a Gaza peace plan was proposed. [1] - The National Development and Reform Commission announced that the new policy - based financial instruments totaling 500 billion yuan will be used to supplement project capital, and efforts are being made to allocate the funds to specific projects. [1] 4. Key Data to Watch - September manufacturing PMI final values in France, Germany, the Eurozone, and the UK on October 1st. [1] - Eurozone September CPI annual rate preliminary value on October 1st. [1] - US September ADP employment figures (in ten thousands) on October 1st. [1] - US September ISM manufacturing PMI on October 1st. [1]