Core Insights - The "Invest Chengdu" Future Industry Investment Alliance held its first financing roadshow event, showcasing five high-quality companies from future industries with a total financing demand exceeding 700 million yuan [2][5] Group 1: Event Overview - The event took place on September 26 at the Chengdu Private Economy Development Promotion Center, focusing on future industries such as future energy, satellite communication, new displays, high-end equipment, and biotechnology [2][3] - The Chengdu government aims to strengthen the "Invest Chengdu" brand and establish a "tropical rainforest" fund ecosystem to support these industries [2] Group 2: Company Highlights - Chengdu Chenxian Optoelectronics Co., Ltd. presented its Micro-LED production line with a technology transfer yield of 99.995%, seeking 500 to 1,000 million yuan for production line construction and R&D [4] - Sichuan Rongxin New Energy Power System Co., Ltd. showcased its leading technology in high-power fuel cell hybrid systems, with applications in rail and road transportation [4] Group 3: Investment Engagement - Notable investment institutions such as Hillhouse Capital and Dongfang Fuhai participated, engaging in discussions on technology maturity, application scenarios, and market potential [5] - The event facilitated precise matching between investors and projects, with a total financing demand of over 700 million yuan reported [5] Group 4: Government Support and Future Plans - Chengdu's government has launched the "Tomorrow Star" initiative to support innovative companies with significant market potential and disruptive technologies [6] - The future industry fund aims to provide comprehensive capital services throughout the lifecycle of enterprises, focusing on seed, startup, and growth stages [10][11]

Core Viewpoint - The article discusses the performance and dividend distribution of actively managed equity mutual funds in the A-share market, highlighting the significant gains in major indices and the limited number of funds that have distributed dividends this year [1][2]. Summary by Category Overall Market Performance - The A-share market has seen a broad increase, with the Shanghai Composite Index reaching a nearly 10-year high above 3800 points, reflecting a year-to-date increase of approximately 15% as of September 24 [1]. - The Shenzhen Component Index and the ChiNext Index have shown even stronger performance, with increases of about 28% and over 48%, respectively [1]. Dividend Distribution - As of September 21, 2025, only 127 out of 7463 actively managed equity mutual funds have distributed dividends this year, representing less than 2% of the total [1]. - The total dividend amount for actively managed equity funds with a scale of 10 billion and above reached 2.106 billion yuan, with 32 distributions [2][6]. Top Dividend Distributing Funds - The top three actively managed equity funds by total dividend amount for those with a scale of 10 billion and above are: 1. "E Fund Kexun Mixed" (110029) managed by Liu Jianwei, with a total dividend of approximately 530 million yuan and a year-to-date return of 78.24% [6][7]. 2. "E Fund Value Selection Mixed" (110009) managed by Bao Zhengyu, with a total dividend of approximately 437.5 million yuan [6]. 3. "Huashang Advantage Industry Mixed A" (000390) managed by Zhang Mingxin, with a total dividend of approximately 170 million yuan and a year-to-date return of 81.98% [7]. Fund Performance Insights - The "E Fund Kexun Mixed" has achieved a cumulative return of 182.92% since its inception, significantly outperforming its benchmark [6]. - The "Huashang Advantage Industry Mixed A" fund manager adjusted the portfolio significantly after market fluctuations, leading to a strong performance in sectors like AI and military industry [7]. Mid-Sized Funds - For funds with a scale of 5-10 billion, the total dividend amount reached 441 million yuan, with the top three funds being: 1. "Penghua Shengshi Innovation LOF" (160613) managed by Wu Xuan [8]. 2. "Caitong Asset Digital Economy Mixed Initiated A" (017483) managed by Bao Huaiwen, with a total dividend of approximately 53.71 million yuan and a year-to-date return of 61.98% [12]. 3. "Xinhua Preferred Dividend Mixed A" (519087) managed by Zhao Qiang [8]. Smaller Funds - For funds with a scale of 1-5 billion, the total dividend amount was 423 million yuan, with the top three funds being: 1. "Southern North Exchange Selected Two-Year Open Mixed Initiated" (014294) managed by Lei Jiayuan [13]. 2. "Yinhua Huixiang Three-Year Regular Open Mixed" (019597) managed by Fang Jian [13]. 3. "West China Li De Quantitative Preferred One-Year Holding Period Mixed A" (010779) managed by Zhai Zijian, which distributed dividends 11 times this year [16]. Smallest Funds - For funds with a scale of 1 million to 10 million, the total dividend amount was 108 million yuan, with the top three funds being: 1. "Hongta Hongtu Shengfeng Mixed A" (013733) managed by Zhao Yao, with a total dividend of approximately 16.52 million yuan [22]. 2. "West China Li De Quantitative Preferred One-Year Holding Period Mixed C" (010780) managed by Zhai Zijian [22]. 3. "West China Li De Central Enterprise Preferred Stock A" (022164) managed by Sheng Fengyan [22].

Core Viewpoint - The meeting held by the Beijing Municipal Political Consultative Conference focused on exploring new mechanisms for industrial investment growth, particularly in synthetic biology manufacturing, AI large models, and commercial aerospace, to enhance the high-quality development of the capital's economy [1] Group 1: Synthetic Biology Manufacturing - Beijing is actively developing the synthetic biology manufacturing industry, aiming to cultivate a new trillion-level growth point in the bio-economy [2] - The president of Beijing University of Chemical Technology highlighted that by the end of this century, 70% of manufacturing products could be produced using biological methods, with a projected output exceeding $30 trillion, accounting for over one-third of total manufacturing output [2] - Recommendations include establishing a national-level platform for synthetic biology manufacturing, setting up special funds for public service platform construction, and leveraging the advantages of Zhongguancun Science Park to create a distinctive industrial park for synthetic biology [2] Group 2: AI Large Models - The AI industry in China has experienced exponential growth, particularly in the large model sector, prompting the need for a new investment growth mechanism [3] - Suggestions include enhancing the leverage of government funds, utilizing the Beijing AI Industry Investment Fund to attract more social capital, and establishing a "data trust" or "data sharing zone" to provide high-quality datasets for AI companies [3] - A proposal for a significantly higher "super R&D expense deduction" rate for companies incurring substantial costs in computing power for foundational model training was also made [3] Group 3: Commercial Aerospace - The development of large-scale space projects, such as satellite internet constellations and reusable rocket technology, is essential for the growth of new space industries [4] - Continuous investment is necessary for the success of future industries, which often have long cycles and high returns [5] - Recommendations include creating large-scale technology projects aligned with the capital's high-quality development and supporting commercial aerospace companies during their listing phases on the Sci-Tech Innovation Board [5]

本报记者 郭冀川 9月23日，在第25届中国国际工业博览会开幕式上，工业和信息化部党组书记、部长李乐成表示，工业 是物质生产的基本力量，在生产力构成中处于主体和支柱地位，是发展新质生产力的主战场、主阵 地。"十四五"以来，中国推进新型工业化取得历史性成就，制造业增加值达33.6万亿元，总体规模连续 15年保持全球第一，预计"十四五"期间中国制造业增加值增量达8万亿元，对全球制造业增长贡献率超 过30%。 北京邮电大学区块链与人工智能联合实验室执行主任陈晓华对《证券日报》记者表示，培育新兴产业、 前瞻布局未来产业，是推动经济高质量发展、构建现代化产业体系的关键战略。无论是人工智能、生物 医药等新兴产业，还是量子科技、脑机接口等未来产业，都具备高技术含量、高附加值的鲜明特征，它 们不仅能够创造新的经济增长点，还能推动经济结构优化升级，提升经济发展的质量和效益。 当前，人工智能、高端制造与新材料的深度融合，正催生以人形机器人、脑机接口为代表的新一代颠覆 性产品，这些产品市场前景广阔、发展潜力巨大。在不久前举办的2025世界机器人大会上，展示了机器 人产业的最新发展成果。同时，大会还达成了融资金额14.81亿元，为机 ...

FICC日报 | 2025-09-24 风险 若国内政策落地不及预期、海外货币政策超预期、地缘风险升级，股指有下行风险 市场分析 关注"十五五"规划。国内方面，工信部部长李乐成表示，"十五五"时期，要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，开辟人形机器人、脑机接口、元宇宙、量子信息等新 赛道，创建一批未来产业先导区。海外方面，鲍威尔表示，从许多衡量指标来看，比如股票价格，目前的确相当 高估。但他也表示，目前并不是金融稳定风险高企的时候；美联储的职责不是盯着股价或决定合理估值是多少。 此外，他未就美联储是否会在10月会议上降息给出任何暗示，令市场失望。 指数坚挺。现货市场，A股三大指数震荡收红，沪指跌0.18%收于3821.83点，创业板指涨0.21%。行业方面，板块 指数涨多跌少，仅银行、煤炭、电力设备等五个行业收红，社会服务、商贸零售、计算机、钢铁行业跌幅居前。 当日沪深两市成交金额为2.5万亿元。海外方面，美国三大股指全线收跌，纳指跌0.95%报22573.473点。 期指增仓。期货市场，基差方面，IC、IM贴水程度继续加深。成交持仓方面，股指期货成交量和持仓 ...

Domestic Market Overview - The domestic market experienced wide fluctuations and a slight decline on September 23, with the Shanghai Composite Index closing at 3821.83 points, down 0.18%, and the Shenzhen Component Index at 13119.82 points, down 0.29% [1][4][8] - Among the 30 CITIC first-level industries, 5 sectors saw an increase, with banking, coal, and electric equipment & new energy leading the gains, while consumer services, comprehensive finance, and retail experienced significant declines [1][4][8] Overseas Market Overview - On the same day, all three major U.S. stock indices closed lower, with the Dow Jones down 0.19%, S&P 500 down 0.55%, and Nasdaq down 0.95%. Amazon fell over 3%, and Nvidia dropped nearly 3%, leading the declines [2][4] Key News Highlights - The first batch of pilot platforms in Shanghai was announced, covering new energy storage and humanoid robots, indicating a push towards innovation in these sectors [3][13][14] - In August, the total electricity consumption in China grew by 5% year-on-year, with the first and second industries maintaining rapid growth, while the third industry and residential electricity consumption saw a decline [15][16] Driving Factors - The Ministry of Industry and Information Technology emphasized the need to cultivate emerging industries and accelerate the development of new pillar industries, including humanoid robots and quantum information [9] - A total of 1108 stocks rose while 4266 fell in the A-share market, reflecting a mixed sentiment among investors [9]

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]

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 ...

Core Viewpoint - Chongqing is accelerating the development of six high-growth future industries and three high-potential future industries, showcasing four new characteristics in its industrial development [1][2] Group 1: Industry Development - Chongqing is focusing on cultivating future industries such as aerospace information, biomanufacturing, advanced materials, hydrogen and nuclear energy, new energy storage, artificial intelligence, and low-altitude economy [1] - The city has established a future industry innovation source system and is implementing targeted initiatives to strengthen core technology breakthroughs, resulting in the establishment of 113 major research platforms [1] - Chongqing has made significant progress in technology transfer and product development, creating a system for technology transfer and nurturing 30 landmark products in future industries [1] Group 2: Enterprise Growth - The city is fostering high-quality enterprises by leveraging various industrial research institutes, resulting in the cultivation of 21 "little giant" enterprises and 13 potential unicorns in future industries [2] - An example of innovation includes the "little giant" enterprise Zhongke Yaolu Ship, which has developed multiple intelligent visual equipment with an accuracy rate greater than 99.99% for defect detection in various applications [2] Group 3: Industrial Cluster Development - Chongqing is accelerating the construction of future industry pilot zones, having established two municipal pilot zones and three in preparation, which are crucial for the development of future industries [2] - The Liangjiang New Area has concentrated 90% of the city's aerospace industry projects, hosting over 240 enterprises and forming a complete chain from satellite manufacturing to rocket launch and terminal application [2]

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]