Core Viewpoint - Since September 24 of last year, the performance of public funds has rebounded significantly, with nearly 90% of funds achieving positive returns, and many funds showing substantial gains of over 100% and even 200% [1][6]. Fund Performance Summary - The ordinary stock fund index has led with a 60.33% increase, while enhanced index funds, mixed equity funds, and passive index funds have all risen by over 50% [6]. - Notable funds include: - Debon Xin Xing Value Flexible Allocation Mixed A with a 271.51% increase - CITIC Construction Investment North Exchange Selected Two-Year Open Mixed A with a 268.41% increase - Other funds with over 200% gains include China Europe Digital Economy Mixed Initiation A and Yongying Advanced Manufacturing Smart Selection Mixed Initiation A [4][6]. Market Outlook - Current index levels are at a phase high, suggesting a potential for sideways market movement. However, structural opportunities remain, particularly in sectors aligned with industrial trends such as artificial intelligence, innovative pharmaceuticals, and new consumption [5][7]. - The rapid advancement of industrial upgrades and the release of policy dividends are expected to provide ongoing momentum for the A-share market [7]. - The stability of Sino-US relations is anticipated to lower the risk of overseas policy impacts on the domestic equity market in the coming quarters, reinforcing a bullish outlook for the mid-term equity market [7].

对于中国而言，掌握稀土的资源优势就是一张底牌。未来中国是否会松口，不仅取决于中国自身的利益和国际规则，还与美国是否愿意放弃之前在贸 易战中的"强权逻辑"息息相关。中方并不排斥与美方建立良好的商业关系，但这绝不能以牺牲国家利益为代价。 在国际关系的复杂棋局中，中美之间的稀土问题正如一颗巨型棋子，关系到未来全球科技竞争的走向。最近，美国一个跨党派代表团的访华行动再次 将这一问题推向了聚光灯下。在美国与中国高层领导进行了一番通话后，这个代表团就带着明确的目标——希望中国能够恢复对美国的稀土供应，并 以此为契机对中美关系进行修复。 有人可能会说，这次代表团的访问是美国在试图缓和紧张局势，但探究背后的意图，我们会发现，美国并不单纯只是希望恢复贸易关系，而是带着几 分强硬和不安。这种不安的根源在于，特朗普政府意识到，当前国内外经济环境的变动，以及对高科技产业的迫切需求，让稀土的价值愈发凸显。拥 有全球49%稀土储量和69%产量的中国，无疑是在这场博弈中占据了主动权。 在与中方的会谈中，美国代表团未能达成实质性成果，其中一个重要原因就是他们似乎对稀土这个问题的理解仍停留在表面。他们希望中国在没有任 何对等回报的情况下，就给 ...

人民网旧金山9月24日电（记者邓圩）日前，中国驻旧金山总领事张建敏举行媒体吹风会暨中华人民共和国成 立76周年图片展，宣介新中国成立以来发展成就，并就中美关系介绍中方立场。近20位媒体、智库人士参加。 张建敏表示，新中国成立以来，中国共产党带领中国人民走出了一条中国特色社会主义道路，创造了经济快 速发展和社会长期稳定两大奇迹，历史性地消除绝对贫困，为全球治理持续贡献中国力量和智慧。中国举办了上 海合作组织天津峰会，提出了全球治理倡议，为世界和平与发展作出了新的贡献。中美两国完全可以相互成就、 共同繁荣、造福两国、惠及世界，应相互尊重、和平共处、合作共赢，加强各领域交流，增进相互理解信任。 中国驻旧金山总领事张建敏向与会媒体和智库人士介绍图片展。人民网记者 邓圩摄 当晚，出席旧金山总领馆国庆招待会的各界人士亦参观了图片展。 ...

整理 | GLP1减重宝典内容团队 据新华社，当地时间9月24日，国务院总理李强在纽约会见美国盖茨基金会主席比尔·盖茨。 李强对盖茨及基金会长期致力于全球减贫、卫生、发展及公益慈善事业表示赞赏。李强表示，近年来，中国卫生健康事业取得巨大成 就，建成了世界上规模最大的疾控体系和医疗服务体系，并积极参与全球发展合作。中方愿同基金会建立更加紧密的合作关系，在全 球健康领域全链条开展更多合作项目，积极面向发展中国家开展三方、多方合作，更好惠及当地民众，为全球发展事业作出更大贡 献。希望基金会继续加强同中国有关部门与地方的合作，用好北京全球健康药物研发中心、上海全球健康与发展卓越中心等平台，落 实好相关合作项目。 李强指出，中美关系保持健康稳定发展，不仅造福两国，而且惠及世界。当前全球性挑战层出不穷，中美应继续紧密合作，加强和完 善全球治理，共促世界稳定发展繁荣。期待盖茨及基金会发挥自身作用，推动中美交流合作不断深化，取得更多务实成果。 盖茨表示，中国近年来在科技创新、人工智能、医疗卫生、减贫等领域取得的发展成就举世瞩目。基金会期待进一步加强对华关系， 在全球健康领域特别是面向发展中国家开展更多实质性合作，共促全球发展 ...

据新华社，当地时间9月24日，国务院总理李强在纽约会见美国盖茨基金会主席比尔·盖茨。 李强对盖茨及基金会长期致力于全球减贫、卫生、发展及公益慈善事业表示赞赏。李强表示，近年来，中国卫生健康事业取得巨大成就，建成了世 界上规模最大的疾控体系和医疗服务体系，并积极参与全球发展合作。中方愿同基金会建立更加紧密的合作关系，在全球健康领域全链条开展更多 合作项目，积极面向发展中国家开展三方、多方合作，更好惠及当地民众，为全球发展事业作出更大贡献。希望基金会继续加强同中国有关部门与 地方的合作，用好北京全球健康药物研发中心、上海全球健康与发展卓越中心等平台，落实好相关合作项目。 李强指出，中美关系保持健康稳定发展，不仅造福两国，而且惠及世界。当前全球性挑战层出不穷，中美应继续紧密合作，加强和完善全球治理， 共促世界稳定发展繁荣。期待盖茨及基金会发挥自身作用，推动中美交流合作不断深化，取得更多务实成果。 盖茨表示，中国近年来在科技创新、人工智能、医疗卫生、减贫等领域取得的发展成就举世瞩目。基金会期待进一步加强对华关系，在全球健康领 域特别是面向发展中国家开展更多实质性合作，共促全球发展事业。美中关系是当今世界最重要的一组双 ...

Core Viewpoint - The meeting between Beijing's Mayor Yin Yong and the U.S. Congressional delegation emphasizes the importance of stable development in China-U.S. relations, highlighting the role of local governance and youth engagement in fostering bilateral ties [1] Group 1: Strategic Insights - Mayor Yin Yong referenced a recent phone call between President Xi Jinping and President Trump, which provided strategic guidance for the next phase of China-U.S. relations [1] - The focus is on enhancing local exchanges and cooperation, with Beijing positioned as a model for implementing the leaders' consensus [1] Group 2: Urban Development Initiatives - Beijing is actively working on its urban governance framework, addressing challenges associated with being a megacity, and aiming to build an internationally recognized harmonious and livable city [1] - The city is implementing a new urban master plan that emphasizes resource and environmental capacity as a rigid constraint to solve "big city problems" [1] Group 3: Areas of Cooperation - There is a desire to deepen exchanges in urban governance and other fields with U.S. localities, encouraging U.S. representatives to leverage their strengths to facilitate communication and cooperation [1]

李强指出，中美关系保持健康稳定发展，不仅造福两国，而且惠及世界。当前全球性挑战层出不穷，中 美应继续紧密合作，加强和完善全球治理，共促世界稳定发展繁荣。期待盖茨及基金会发挥自身作用， 推动中美交流合作不断深化，取得更多务实成果。 盖茨表示，中国近年来在科技创新、人工智能、医疗卫生、减贫等领域取得的发展成就举世瞩目。基金 会期待进一步加强对华关系，在全球健康领域特别是面向发展中国家开展更多实质性合作，共促全球发 展事业。美中关系是当今世界最重要的一组双边关系，基金会及我本人愿为推动两国加强沟通合作、携 手应对全球性挑战作出积极努力。 （文章来源：新华社） 当地时间9月24日，国务院总理李强在纽约会见美国盖茨基金会主席比尔·盖茨。 李强对盖茨及基金会长期致力于全球减贫、卫生、发展及公益慈善事业表示赞赏。李强表示，近年来， 中国卫生健康事业取得巨大成就，建成了世界上规模最大的疾控体系和医疗服务体系，并积极参与全球 发展合作。中方愿同基金会建立更加紧密的合作关系，在全球健康领域全链条开展更多合作项目，积极 面向发展中国家开展三方、多方合作，更好惠及当地民众，为全球发展事业作出更大贡献。希望基金会 继续加强同中国有关部 ...

Report Industry Investment Ratings - **Macro Finance**: Bullish on the medium to long - term for stock indices, hold a wait - and - see attitude for treasury bonds [1][5] - **Black Building Materials**: Range trading for coking coal and rebar, buy on dips for glass [1][8][10] - **Non - ferrous Metals**: Wait - and - see or buy on dips for copper, suggest buying on dips after a pullback for aluminum, suggest waiting or shorting on rallies for nickel, range trading for tin, gold, and silver [1][12][18][19] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins are expected to oscillate; conduct an arbitrage strategy of shorting 01 and going long on 05 for soda ash [1][23][34] - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to oscillate, PTA is expected to oscillate weakly, apples are expected to oscillate strongly, and jujubes are expected to oscillate weakly [1][36][37] - **Agriculture and Animal Husbandry**: Short on rallies for pigs and eggs, wide - range oscillation for corn, range oscillation for soybean meal, and oscillation with an upward bias for oils [1][39][46][53] Core Views The report provides investment strategies and market analyses for various futures products. It takes into account factors such as supply and demand, macro - economic conditions, policy changes, and seasonal factors. Overall, the market for different futures products shows a complex situation with both opportunities and risks, and investors need to make decisions based on specific product characteristics and market trends [1][5][8] Summaries According to Related Catalogs Macro Finance - **Stock Indices**: Oscillating in the short - term, bullish on the medium to long - term, buy on dips. Affected by pre - holiday capital demands, A - shares fluctuated widely. The Shanghai Composite Index and Shenzhen Component Index showed slight declines, while the ChiNext Index rose. Pay attention to whether the micro - cap stock index can regain stability on the 20 - day line [5] - **Treasury Bonds**: Hold a wait - and - see attitude. The bond market had a slight pullback. Open - market operations affected liquidity expectations, and the future trend of treasury bond futures needs further observation [5] Black Building Materials - **Coking Coal and Coke**: Oscillating. Multiple factors drove up market sentiment, with coal prices rising across the board, including pit - mouth, port, and purchased coal prices [8] - **Rebar**: Oscillating. The futures price of rebar oscillated weakly. The market sentiment weakened slightly, and the short - term focus is on the demand in October [8] - **Glass**: Buy on dips. The fundamentals of glass are stable. The supply is relatively stable, and the demand has a certain degree of support. The market is speculating on supply - side shutdown expectations and seasonal and macro - economic factors [10] Non - ferrous Metals - **Copper**: High - level oscillation. The price of copper fluctuated after a rapid rise. The high price suppressed demand, and the market is affected by factors such as Fed's interest - rate policy, domestic economic data, and seasonal consumption [12][13] - **Aluminum**: Neutral. The price of aluminum showed a neutral trend. The price of bauxite decreased slightly, and the production capacity of alumina and electrolytic aluminum increased steadily. The demand entered the peak season, and it is recommended to buy on dips [13] - **Nickel**: Neutral. The fundamentals of nickel changed little in the short - term, affected by macro and mine - end news. In the long - term, the supply is in surplus. It is recommended to short on rallies moderately [18] - **Tin**: Neutral. The supply of tin ore is tight, and the downstream consumption is picking up. It is recommended to conduct range trading [18][19] - **Silver and Gold**: Neutral. After the Fed cut interest rates by 25 basis points, precious metals showed a strong - side oscillation. Affected by US economic data and trade negotiations, it is recommended to conduct range trading [19][20][21] Energy and Chemicals - **PVC**: Oscillating. The cost is at a low level, the supply is high, and the demand is affected by the real - estate market and exports. It is expected to oscillate in the short - term [23] - **Caustic Soda**: Oscillating. The upstream inventory has stopped falling and rebounded, and the demand is expected to increase marginally. It is expected to oscillate before the National Day [26] - **Styrene**: Oscillating. The cost is affected by oil prices and pure - benzene supply, and the demand is limited during the peak season. It is expected to oscillate weakly [27] - **Rubber**: Oscillating. Affected by typhoons and weak overseas buying, the raw - material price has limited upward momentum. The downstream pre - holiday stocking is basically over, and the price is expected to decline [29][30] - **Urea**: Oscillating. The supply has increased, the agricultural demand is scattered, and the compound - fertilizer market has slightly improved. The inventory has been accumulating, and it is recommended to pay attention to the support level of the 01 contract [30] - **Methanol**: Oscillating. The supply in the mainland has recovered, the traditional demand is stable, and the demand from methanol - to - olefins has declined. The port inventory is at a high level, and the price is expected to oscillate weakly [31] - **Polyolefins**: Oscillating. The downstream demand has improved during the "Golden September and Silver October" season, and the supply pressure has been relieved. The inventory has been decreasing, and the price is expected to oscillate in a range [32] - **Soda Ash**: Short 01 and go long on 05 for arbitrage. The downstream pre - holiday replenishment is active, but the production has increased. The supply is expected to be in surplus, and it is recommended to conduct the arbitrage strategy [34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Oscillating. The global cotton supply - demand situation has improved, but the new - cotton output is expected to increase significantly. It is recommended to prepare for hedging [36] - **PTA**: Oscillating weakly. Affected by concerns about OPEC+ production increases, the oil price has declined. The supply and demand are in a state of accumulation, and the price is expected to oscillate weakly [36][37] - **Apples**: Oscillating strongly. Affected by weather conditions, the price of early - maturing apples is firm, and the market is expected to oscillate strongly [37] - **Jujubes**: Oscillating weakly. The consumption is weak, and the price is under pressure after reaching a high level, with an expected weak - side oscillation [37] Agriculture and Animal Husbandry - **Pigs**: Under pressure. Affected by factors such as supply increases and policy support, the short - term price may have a limited rebound, and it is recommended to short on rallies. Pay attention to the arbitrage strategy of long 05 and short 03 [39][40] - **Eggs**: Resistance to rebound. The short - term supply pressure is difficult to relieve significantly, and the demand is gradually weakening. It is recommended to short on rallies for the 11 contract and be cautious about shorting the 12 and 01 contracts in the short - term [42] - **Corn**: Range - oscillating. The new - crop supply will ease the tight supply of old - crop corn. It is recommended to take a short - side approach for the 11 contract and pay attention to the new - crop listing rhythm [45] - **Soybean Meal**: Weakly oscillating. Affected by Argentina's cancellation of export tariffs, the price is under pressure in the short - term, but there is cost support. The domestic supply is abundant from September to October, and the price is expected to be weak [46][48] - **Oils**: Adjusting. Affected by Argentina's cancellation of export tariffs, the oil price has回调. However, there is still support at the bottom. It is recommended to wait and see in the short - term and pay attention to arbitrage opportunities [53]

Group 1: Market Overview - The US stock market saw declines across major indices, with the Dow Jones down 0.19%, S&P 500 down 0.55%, and Nasdaq down 0.95% [5] - European indices showed mixed results, with Germany's DAX30 up 0.36% and the UK's FTSE 100 down 0.04% [5] - Hong Kong's Hang Seng Index fell 0.7%, while the Hang Seng Tech Index dropped 1.45% [5] Group 2: Commodity Prices - Spot gold reached a new high of $3,790 per ounce before retreating to close at $3,764.02, up 0.46% [7] - WTI crude oil rose 2.05% to $63.53 per barrel, while Brent crude oil increased by 1.81% to $67.22 per barrel [7] - The US dollar index closed at 97.22, down 0.08% [7] Group 3: Economic Indicators - The Federal Reserve's Chairman Powell indicated that the policy rate remains slightly restrictive, suggesting potential for further rate cuts [10] - The People's Bank of China reported a 5.0% year-on-year increase in total electricity consumption for August, amounting to 10,154 billion kilowatt-hours [12]

Group 1 - A bipartisan delegation from the U.S. Congress visited China, marking the first visit by House members since 2019, indicating a potential thaw in U.S.-China relations after years of tension [3][6] - The delegation's six-day visit includes discussions with various Chinese departments, emphasizing the U.S. intention to enhance mutual understanding [3] - Economic relations between the two countries appear to be stabilizing, with previously planned tariff increases postponed to November 10, suggesting effective communication mechanisms in the economic domain [3] Group 2 - Military dialogue between the U.S. and China is highlighted as a critical area needing improvement, with concerns raised about the lack of effective communication potentially leading to risks [3][6] - The upcoming Xiangshan Forum will see a lower-level U.S. representation compared to previous years, indicating insufficient military exchanges [3] - The visit is seen as a potential opportunity to establish new channels for dialogue across various sectors, which is essential for the long-term stability of U.S.-China relations [6]