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]

Report Summary Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints - The central bank restarted the 14 - day reverse repurchase operation to regulate cross - quarter funds and maintain liquidity. The reform of the capital market is expected to support the A - share market. The lithium - ion battery export continues to grow, and the energy equipment industry is expected to expand. If the cobalt export ban in Congo (Kinshasa) is extended, the cobalt price may rise. Attention should be paid to the progress of Sino - US leaders' meeting. The domestic economic activity in August weakened comprehensively [2][3][4][5][7] - The real estate sales in September showed a short - term rebound but will face a high - base effect in the fourth quarter. The port activities were slightly active, while the auto sales were weak. The government may increase fiscal support and cut policy interest rates in the future [6][9] Summary by Related Catalogs Macro - economic News - The central bank carried out 300 billion yuan of 14 - day reverse repurchase operations and 240.5 billion yuan of 7 - day reverse repurchase operations on September 22, aiming to regulate cross - quarter funds and maintain liquidity [2] - The China Securities Regulatory Commission Chairman introduced the achievements of the capital market during the "14th Five - Year Plan" period, and the reform is expected to support the A - share market [2] - The Ministry of Foreign Affairs stated that the Sino - US leaders maintain close communication, and the progress of the meeting needs to be closely watched [3] - From January to August, the export volume of domestic lithium - ion batteries was 3.003 billion, with a year - on - year increase of 18.66%, and the export value was 48.296 billion US dollars, with a year - on - year increase of 25.79%. In August 2025, the export value was 7.153 billion US dollars, with a year - on - year increase of 23.51%, and the export volume was 436 million, with a year - on - year increase of 18.24%. Attention should be paid to relevant companies with a high proportion of lithium - ion battery business [4] - The National Energy Administration and other departments proposed that by 2030, China's energy key equipment industry chain and supply chain will achieve self - control. Attention should be paid to energy equipment manufacturing companies [4] - Congo (Kinshasa) will extend the cobalt export ban until October 15 and implement an annual export quota from October 16. The short - term cobalt price may rise [5] - In August, domestic economic activities weakened comprehensively. Fixed - asset investment, real estate, consumption, industry, services, and exports all declined to varying degrees [7] - Chinese banks are guided to issue loans to local government - related entities to repay their debts. Local governments are accelerating the issuance of "special new local government bonds" for debt replacement and repayment [8] - The government may increase fiscal support by about 0.5% of GDP and cut policy interest rates by 20 basis points in the next 2 - 3 quarters [9] Economic Data - The sales growth rate of 30 - city real estate rebounded from - 10% in August to 15% in early September. The port cargo throughput growth rate rebounded from 5% in August to 7% in early September, and the container throughput growth rate rebounded from 8% to 12%. The steel production decline rate narrowed slightly, and the auto sales and wholesale declined. The net issuance of national debt and new special local government bonds slowed down [6] Market Data - The 10 - year Treasury bond yield was 1.863, with a change of - 1.50BP; DR007 was 1.489, with a change of - 2.08BP; USDCNH was 7.1157, with a decline of 0.05%; the US dollar index was 97.31, with a decline of 0.35% [10][12] - The latest A - share market turnover was 2142.5 billion yuan, the turnover rate was 3.92%, and the margin trading balance was 2381.6 billion yuan (as of September 19, 2025) [20] - The top three rising industries were electronics, computer, and non - ferrous metals. The top three industries with net capital inflows on the day were electronics, computer, and machinery equipment. The top three industries with net capital inflows at the end of the session were electronics, computer, and non - banking finance [23][25] - From September 19 to 22, the proportion of TMT trading volume increased by 3.20%, while that of other sectors decreased to varying degrees [30]

何立峰表示，9月19日，习近平主席与特朗普总统通话，达成重要共识，为下阶段中美关系稳定发展作 出战略指引。中美双方拥有广阔的合作空间和广泛的共同利益，希望美方同中方按照相互尊重、和平共 处、合作共赢的原则坦诚沟通、增信释疑，推动中美经贸关系稳定、健康、可持续发展。希望美国国会 议员积极搭建沟通渠道，加强对话交流，为两国共同发展发挥积极作用。 中共中央政治局委员、国务院副总理何立峰9月22日下午在人民大会堂会见美国国会众议员代表团史密 斯一行。 推动中美经贸关系稳定、健康、可持续发展。 ...

何立峰表示，9月19日，习近平主席与特朗普总统通话，达成重要共识，为下阶段中美关系稳定发展作 出战略指引。中美双方拥有广阔的合作空间和广泛的共同利益，希望美方同中方按照相互尊重、和平共 处、合作共赢的原则坦诚沟通、增信释疑，推动中美经贸关系稳定、健康、可持续发展。希望美国国会 议员积极搭建沟通渠道，加强对话交流，为两国共同发展发挥积极作用。（新华社） 中共中央政治局委员、国务院副总理何立峰9月22日下午在人民大会堂会见美国国会众议员代表团史密 斯一行。 ...

风险提示及免责条款 何立峰表示，9月19日，习近平主席与特朗普总统通话，达成重要共识，为下阶段中美关系稳定发展作 出战略指引。中美双方拥有广阔的合作空间和广泛的共同利益，希望美方同中方按照相互尊重、和平共 处、合作共赢的原则坦诚沟通、增信释疑，推动中美经贸关系稳定、健康、可持续发展。希望美国国会 议员积极搭建沟通渠道，加强对话交流，为两国共同发展发挥积极作用。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况 或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。 何立峰表示，中美双方拥有广阔的合作空间和广泛的共同利益，希望美方同中方按照相互尊重、和平共 处、合作共赢的原则坦诚沟通、增信释疑，推动中美经贸关系稳定、健康、可持续发展。希望美国国会 议员积极搭建沟通渠道，加强对话交流，为两国共同发展发挥积极作用。 本文作者：王慧慧，来源：新华社，原文标题：《何立峰会见美国国会众议员代表团时指出 中美双方 应以两国元首通话重要共识为引领 推动双边经贸关系稳定健康可持续发展》 中共中央政治局委员、国务院副总理何立峰9月22日下午在人民大会堂会见 ...

何立峰表示，9月19日，习近平主席与特朗普总统通话，达成重要共识，为下阶段中美关系稳定发展作 出战略指引。中美双方拥有广阔的合作空间和广泛的共同利益，希望美方同中方按照相互尊重、和平共 处、合作共赢的原则坦诚沟通、增信释疑，推动中美经贸关系稳定、健康、可持续发展。希望美国国会 议员积极搭建沟通渠道，加强对话交流，为两国共同发展发挥积极作用。（ （文章来源：新华社） 中共中央政治局委员、国务院副总理何立峰9月22日下午在人民大会堂会见美国国会众议员代表团史密 斯一行。 ...

Group 1 - ByteDance announced plans to comply with Chinese laws to ensure TikTok's continued service to American users [1] - The Chinese Ministry of Commerce confirmed that a basic framework consensus was reached during talks in Madrid regarding TikTok, focusing on cooperation to resolve issues and promote economic collaboration [2] - The Chinese government emphasizes respect for corporate intentions and aims for a balanced solution that aligns with Chinese laws, advocating for a fair business environment for Chinese companies in the U.S. [2]

发言人说，当地时间9月14日至15日，中美双方在西班牙马德里举行会谈，就以合作方式妥善解决 TikTok相关问题、减少投资障碍、促进有关经贸合作等达成了基本框架共识。9月19日晚，中美两国元 首举行通话，就当前中美关系和共同关心的问题坦诚深入交换意见，就下阶段中美关系稳定发展作出战 略指引。 发言人说，中方在TikTok问题上的立场是清楚的，中国政府尊重企业意愿，乐见企业在符合市场规则基 础上做好商业谈判，达成符合中国法律法规、利益平衡的解决方案。"希望美方与中方相向而行，切实 履行相应承诺，为包括Tik-Tok在内的中国企业在美持续运营提供开放、公平、公正和非歧视的营商环 境，推动中美经贸关系稳定、健康、可持续发展。" 新华社北京9月20日电 商务部新闻发言人20日就TikTok问题进展情况答记者问时说，希望美方与中方相 向而行，切实履行相应承诺，为包括TikTok在内的中国企业在美持续运营提供开放、公平、公正和非歧 视的营商环境，推动中美经贸关系稳定、健康、可持续发展。 有记者问：据报道，中美双方在马德里会谈就TikTok问题达成了基本框架共识。9月19日，中美两国元 首通话也就TikTok问题交换意见。 ...

Group 1 - The recent phone call between Chinese President Xi Jinping and U.S. President Donald Trump reflects a constructive dialogue aimed at stabilizing and developing U.S.-China relations, with both leaders expressing positive evaluations of recent negotiations [1][2] - Xi emphasized the historical cooperation between China and the U.S. during World War II, suggesting that this shared history can serve as a foundation for future collaboration in addressing global challenges [1][2] - The call reiterated the vision of mutual success and prosperity between the two nations, with both sides needing to work towards mutual respect, peaceful coexistence, and win-win cooperation [2][3] Group 2 - The recent negotiations between the U.S. and China have been characterized by equality, respect, and mutual benefit, with an emphasis on avoiding unilateral trade restrictions that could undermine the progress made [3] - The discussions included specific issues such as the TikTok situation, where Xi indicated that the Chinese government respects corporate decisions and is open to negotiations that align with market rules and Chinese laws [3][4] - The U.S. expressed a desire to promote economic cooperation and support negotiations to resolve the TikTok issue, indicating a potential pathway for further collaboration [3][4]

9月20日，商务部新闻发言人就Ti kTo k问题进展情况答记者问。 商务部新闻发言人就Ti kTok问题进展情况答记者问。 ▲ 商务部网站截图 来源：人民日报客户端 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 编辑丨赵方婷 有记者问：据报道，中美双方在马德里会谈就Ti kTok问题达成了基本框架共识。9月19日，中美两国元首通话也就Ti kTok问题交换意 见。请问商务部能否进一步介绍相关进展情况？ 答：当地时间9月14日至1 5日，中美双方在西班牙马德里举行会谈，就以合作方式妥善解决Ti kTok相关问题、减少投资障碍、促进有 关经贸合作等达成了基本框架共识。9月1 9日晚，中美两国元首举行通话，就当前中美关系和共同关心的问题坦诚深入交换意见，就 下阶段中美关系稳定发展作出战略指引。 中方在Ti kTok问题上的立场是清楚的，中国政府尊重企业意愿，乐见企业在符合市场规则基础上做好商业谈判，达成符合中国法律法 规、利益平衡的解决方案。希望美方与中方相向而行，切实履行相应承诺，为包括Ti kTok在内的中国企业在美持续运营提供开放、公 平、公正和非歧视的营商环境，推动中美经贸 ...