习近平在听取新疆维吾尔自治区党委和政府工作汇报时强调 完整准确全面贯彻新时代党的治疆方略 努力建设团结和谐、繁荣富裕、文明进步、安居乐业、生态良好的社会主义现代化新疆 王沪宁蔡奇参加汇报会 率中央代表团出席新疆维吾尔自治区成立70周年庆祝活动的中共中央总书记、国家主 席 、 中 央 军 委 主 席 习 近 平 ， 24 日 听 取 新 疆 维 吾 尔 自 治 区 党 委 和 政 府 工 作 汇 报 。 他 强 调，新疆要完整准确全面贯彻新时代党的治疆方略，坚持稳中求进工作总基调，统筹发 展和安全，牢牢扭住社会稳定和长治久安工作总目标，紧紧围绕铸牢中华民族共同体意 识、推进中华民族共同体建设，锚定中央赋予的"五大战略定位"，凝心聚力、久久为 功，努力建设团结和谐、繁荣富裕、文明进步、安居乐业、生态良好的社会主义现代化 新疆。 习近平指出，新疆维吾尔自治区成立70年来，在党中央坚强领导和全国人民大力支持 下，自治区党委和政府团结带领全区各族干部群众坚定维护国家统一、民族团结、社会 稳定，持续推动经济社会发展，新疆面貌发生翻天覆地的变化，同全国各地一道如期全 面建成小康社会、迈上全面建设社会主义现代化国家新征程。他 ...

第三个信号是：金融支持实体经济的力度进一步加大。五年来，银行业、保险业通过信托、信贷、债 券、股权等多种方式，为实体经济提供新增资金170万亿元，特别是科研技术贷款、制造业中长期贷款 年均增速分别达到27.2%、21.7%。政策正在引导资金流入实体经济，尤其是高端制造业。具备核心技 术、符合新质生产力方向的企业可能获得更多资源支持。这预计有利于高端装备、新能源汽车产业链、 工业母机等方向的发展。在高端装备制造方面，机器人、工业自动化、精密仪器的细分领域或将受益。 在新能源产业链方面，从锂电池到智能驾驶的全产业链将迎来良好机会。工业母机也将受益于制造业转 型升级和政策扶持，具备较高的确定性。 今天刚好是"924"行情一周年。过去一年，A股市场发生了巨大的变化，从之前市场重心不断下移，到 开启一波牛市行情，A股市场总市值从68万亿增至104万亿，突破100万亿大关。A股市场也开启了两轮 强势上攻行情。第一轮是"924"政策重磅利好出台带来的快速上行行情，在短短几个交易日内，上证指 数大涨近1000点，成交量创出历史新高。在去年10月8日，成交额突破了3.4万亿。去年9月24日，大盘 正式确立了本轮牛市的起点。今年 ...

"924" 一周年经济回顾与展望 --如何重塑增长和提振就业 联合资信 研究中心 | 张 振 王 妍 吴 玥 回顾"924"政策实施一周年，中国经济在复杂多变的国内外环境下展现出 较强韧性。宏观调控政策在稳定增长、提振价格方面发挥了积极作用，但 也暴露出传统政策工具效力下降、结构性矛盾突出等新挑战。未来中国经 济发展需要根据经济动能对 5.0%增长目标进行再评估，重构增长模式，将 就业优先置于政策核心位置，在一揽子宏观政策基础上做出明确调整，专 注于结构性改革。 "两新"政策对商品零售市场的刺激效果显著。2025 年 8 月，社会消费品零售 总额累计同比增长 4.6%，较 2024 年 8 月提高 1.2 个百分点。考虑到低通胀，4.6%增 速与 5.0%的经济增长目标基本匹配。以旧换新政策效果持续显现，现金补贴推动耐 用消费品销售额阶梯式、波浪形高速增长。2025 年 8 月限额以上汽车、家用电器和 音像器材、文化办公用品、通讯器材商品零售额分别累计同比增长 0.5%、28.4%、22.3%、 21.1%，分别较 2024 年 8 月提高 2.9、25.9、27.2、9.3 个百分点。餐饮券等定向消费 刺激 ...

本报记者 吴晓璐 9月24日，证监会出台《关于深化上市公司并购重组市场改革的意见》（即"并购六条"）一周年。一年来，上市公司累计 披露资产重组超2100单，其中重大资产重组230余单，并购重组市场活跃度明显提升。 中证金融研究院首席经济学家潘宏胜在接受《证券日报》记者专访时表示，从过去一年的实践来看，同行业上下游产业并 购较多，半导体等一些战略性新兴产业成为重点；运用多样化、组合化支付工具的案例增多，有效提高并购成功率；并购重组 审核效率提升，激发市场主体积极性。"并购六条"对提高交易效率、活跃资本市场、推动产业升级和高水平科技自立自强等方 面的作用初步显现。 支持上市公司向"新"发展 提高产业集中度 从重组目的来看，一年来，上市公司大多围绕同行业、产业链上下游资产并购，重大资产重组中超过七成为产业整合。另 外，战略性新兴产业、未来产业也成为并购重点方向。 潘宏胜表示，"并购六条"把"跨界并购"和"收购未盈利硬科技资产"纳入常规通道，明确提出"支持上市公司围绕战略性新兴 产业、未来产业等进行并购重组，支持'两创'板块公司并购产业链上下游资产"，目的在于更好发挥资本市场促进科技创新和产 业创新融合发展方面的积极 ...

1. Report Industry Investment Rating No relevant content provided in the report. 2. Report's Core View - The CSI 500 index has high - value configuration due to its alignment with the national "new quality productivity" strategy, and its constituent stocks are expected to have significant profit growth, which may digest the current high valuation [3][10][17]. - The CSI 500 index - enhanced funds are a mature product category with a long history, large scale, and the ability to create obvious excess returns. Among them, the China - Europe CSI 500 Index - Enhanced Fund has excellent performance [23][30][31]. - The China - Europe CSI 500 Index - Enhanced Fund has low deviations in constituent stocks, factors, and industries, outstanding performance, strong unique Alpha acquisition ability, good market environment adaptability, and stock - selection as the main source of excess returns [84][85]. 3. Summary by Directory 3.1中证 500 指数配置价值分析 (Analysis of the Allocation Value of the CSI 500 Index) 3.1.1战略方向契合：新质生产力视角下的政策红利 (Strategic Direction Fit: Policy Dividends from the Perspective of New Quality Productivity) - The industry distribution of the CSI 500 index is highly consistent with the national "new quality productivity" strategy. Its constituent stocks cover many high - tech industries, making it a high - quality carrier for policy dividends [10]. - Most of the top - ten constituent stocks of the CSI 500 index are related to the key areas of new quality productivity and can benefit from policy support [13][14]. 3.1.2估值与盈利情况：当前具有良好的配置价值 (Valuation and Profitability: Currently with Good Allocation Value) - As of September 19, 2025, the PE (TTM) of the CSI 500 index is at a relatively high quantile since 2015, but it is in a reasonable range compared with other broad - based indices [15]. - According to Wind's consensus forecast data, the earnings per share of the CSI 500 index constituent stocks are expected to rise significantly in 2025 and 2026, and the net profit is also expected to increase notably, with expected growth rates of 24.7% and 18.1% respectively [17]. - Although the current valuation quantile of the index is high, the future profitability of the constituent stocks is optimistic, and the valuation is expected to be digested with the profit growth [22]. 3.2中证 500 指数增强基金投资价值与策略分析 (Analysis of the Investment Value and Strategy of CSI 500 Index - Enhanced Funds) 3.2.1产品发展情况：较为成熟的品类 (Product Development: A Relatively Mature Category) - The first CSI 500 index - enhanced product in the Chinese public - offering market was established in 2011, with a 14 - year history, accumulating a lot of investment experience [23]. - As of Q2 2025, the total scale of CSI 500 index - enhanced products exceeded 4.3 billion yuan, and the number of products increased from 15 at the end of 2016 to 71, indicating strong market demand and active layout by fund companies [23][26]. 3.2.2历史表现情况：更加明显的超额 (Historical Performance: More Obvious Excess Returns) - Historically, the CSI 500 index - enhanced products have generally created excess returns for investors, except in a few periods when the index rose rapidly [30]. - Compared with the CSI 300 index - enhanced products, the CSI 500 index - enhanced products can create more obvious excess returns, with a higher slope of the relative return curve and generally higher annual excess returns [31]. 3.2.3产品特征分布：中欧中证 500 指数增强独特性、市场环境适应性均较好 (Product Feature Distribution: The China - Europe CSI 500 Index - Enhanced Fund Has Good Uniqueness and Market Environment Adaptability) - Most CSI 500 index - enhanced products have limited ability to obtain unique Alpha, and their Alpha - acquisition methods may be similar, resulting in homogeneous performance. Only a few products can efficiently obtain unique Alpha [38]. - More than 62% of CSI 500 index - enhanced products have obvious shortcomings in market environment adaptability, while only 15% of products can perform in the top 50% in various market environments [42]. - The China - Europe CSI 500 Index - Enhanced Fund can efficiently obtain unique Alpha and has no obvious market environment adaptability shortcomings, performing in the top 40% in all market environments [44]. 3.3中欧中证 500 指数增强产品特征分析 (Analysis of the Product Features of the China - Europe CSI 500 Index - Enhanced Fund) 3.3.1持仓特征：成分股、因子、行业暴露均较小 (Positioning Characteristics: Small Exposure to Constituent Stocks, Factors, and Industries) - The China - Europe CSI 500 Index - Enhanced Fund has a relatively dispersed stock position, with a low proportion of the top - ten and top - thirty holdings. It does not rely on market - value sinking to obtain excess returns, and its market - value style deviation is small [46][51]. - The fund's factor exposure is relatively mild, with exposure to various factors controlled within 0.5 times the standard deviation in the past four full - position periods. The average factor exposure is lower than the sample average [53][55]. - The proportion of CSI 500 constituent stocks in the fund's position is significantly higher than the average of similar products, and the industry deviation from the CSI 500 index is controllable, with the maximum over - or under - allocation ratio not exceeding 6% and further tightened in H1 2025 [55][61]. 3.3.2业绩表现：25 年表现在同类中较为领先 (Performance: Leading Performance Among Peers in 2025) - Since its establishment, the China - Europe CSI 500 Index - Enhanced Fund has outperformed the benchmark index, with a cumulative return of 31.69% as of September 19, 2025, leading the benchmark by 27.77% [63]. - In 2025, the fund's return reached 34.56%, ranking in the top 5% among similar products, with an annualized tracking error of only 3.54%, ranking in the lower 18% [63]. - The fund has a prominent risk - return ratio, with an annualized Sharpe ratio of 2.29 and a Calmar ratio of 4.44, leading among all CSI 500 index - enhanced products [64]. - The fund has significant advantages in drawdown control, with a lower drawdown than the index and the average of similar products in major market drawdowns since 2024, and its maximum relative return drawdown is also significantly lower than the average of similar products [71][75]. 3.3.3收益拆分：选股收益贡献明显 (Return Decomposition: Significant Contribution from Stock - Selection Returns) - The China - Europe CSI 500 Index - Enhanced Fund mainly obtains excess returns through stock - selection, and trading can also contribute part of the excess returns [78]. - The fund's absolute returns come from a wide range of sectors, with the science and technology innovation sector contributing more returns. It can also obtain excess returns in most sectors through stock - selection [80]. 3.3.4产品特征总结 (Product Feature Summary) - The fund has no significant deviations in constituent stocks, factors, and industries, and the deviations in all dimensions tightened in H1 2025 [84]. - Despite strict deviation control, the fund's performance in 2025 is outstanding, with leading returns, small tracking errors, excellent risk - return ratios, and leading drawdown control among similar products [84]. - The fund has outstanding ability to obtain unique Alpha and good market environment adaptability, with no obvious market environment shortcomings [85]. - Stock - selection is the main source of excess returns, with the main stock - selection returns coming from the science and technology innovation sector, and relatively good stock - selection performance in other sectors [85].

此外，方案鼓励我国建材企业将优势产能、绿色低碳技术及标准"走出去"，依托相关领域的先发优势， 参与并引领全球建材产业变革，为行业在结构转型中重塑价值链、培育新质生产力注入持久动力。近期 热门视频你会关注海水涌入内陆！超强台风，现场画面→特朗普：孕妇别吃"它"！股价突发巨震！世卫 组织发声→定了！就在本周日特大暴雨、海水倒灌！紧急提醒→深夜大消息！美联储，释放重要信号来 源：央视财经（ID：cctvyscj） 监制：柯成韵主编：于小曼 记者：宁坤 值得关注的是，方案还布局了"六零"示范工厂培育，以"零外购电、零化石能源、零一次资源、零碳排 放、零废弃物排放、零一线员工"为标杆，打造引领未来的建材产业样板。 建材政策转向构建现代产业体系 这次建材稳增长方案的出台，意味着行业政策正式告别单一产能调控模式，迈向以新质生产力为核心的 现代产业体系构建新阶段。 方案最突出的突破，在于搭建起多部门协同治理框架，通过打通产能调控、资源管理、环保约束与终端 市场需求的壁垒，系统性破解长期制约行业发展的"供需失衡"难题。在供给端，政策主动引导要素资源 从传统建材的同质化竞争领域退出，向绿色建材、先进无机非金属材料等新赛道集中，为 ...

习近平在听取新疆维吾尔自治区党委和政府工作汇报时强调 完整准确全面贯彻新时代党的治疆方略 努力建设团结和谐、繁荣富裕、文明进步、安居乐业、生态良好的社会主义现代化新疆 王沪宁蔡奇参加汇报会 习近平强调，加强党的领导和党的建设是推进新疆现代化建设的根本保证。要持续加强理论武装， 用新时代中国特色社会主义思想凝心铸魂。把保稳定、促发展作为培养锻炼干部的大课堂，让广大干部 在实践中磨炼不畏艰险、攻坚克难的意志，增强团结服务群众、驾驭复杂局面的本领。全面建强基层组 织，增强基层党组织政治功能和组织功能。巩固深入贯彻中央八项规定精神学习教育成果，健全正风肃 纪反腐长效机制，营造风清气正的政治生态。 习近平指出，兵团是实现党中央关于新疆工作总目标的重要战略力量。要深化兵团改革，探索符合 兵团实际、彰显兵团特色的高质量发展之路。 新疆维吾尔自治区党委书记陈小江汇报了自治区党委和政府的工作。自治区人民政府主席艾尔肯· 吐尼亚孜、自治区人大常委会主任祖木热提·吾布力、自治区政协主席努尔兰·阿不都满金、新疆生产建 设兵团政委何忠友参加汇报会。 王沪宁、蔡奇、李干杰、何立峰、王小洪、雪克来提·扎克尔、谌贻琴、王东峰和刘振立，中央和 ...

国网淮安供电公司设备部副主任袁啸峰介绍，智能巡检代替人工作业，是电网运维领域提升效率、降低 风险、减轻一线班组负担的有效方法。公司现有的"无人机+高清视频+四足机器人"立体智能巡检体系 可降低80%人工巡检工作量。通过不断迭代图像智能识别算法等，该体系设备自主巡检、研判准确率已 超95%。 "在人工智能算法和高新技术装备赋能下，一线运维员工的常规性、重复性劳动大幅压降，可将更多精 力投入到更高价值的工作，持续提升专业能力。"袁啸峰说。 近年来，极端天气增多，电网负荷、用电量等迅猛增长，对运维能力提出更高要求。今年迎峰度夏期 间，江苏淮安电网负荷四创历史新高。面对持续增加的新挑战，国网淮安供电公司不断加快数智化技术 发展，以新质生产力提升电网运维质效。 新华社南京9月24日电（记者陆华东）近日，在江苏淮安220千伏武黄变电站，四足机器人配合旋翼无人 机和高清视频巡检系统对站内设备进行全方位"体检"。目前，国网淮安供电公司利用这套智能巡检体 系，仅在单座变电站每年便可替代120多次人工巡检。新兴技术、智能装备正有力"护航"能源可靠供 应。 【纠错】 【责任编辑:王頔】 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The CSI 500 Index is highly consistent with the national "new quality productivity" strategy, benefiting from policy dividends and technological innovation [4][12]. - The earnings per share of CSI 500 constituent stocks are expected to rise, and the valuation is likely to be digested with the improvement of earnings [4][20]. - The CSI 500 index enhancement is a relatively mature product with a large scale and obvious excess returns [4][26]. - The China - Europe CSI 500 Index Enhancement has good performance in unique Alpha acquisition and market environment adaptation, with outstanding risk - return characteristics [4][47]. 3. Summary by Directory 3.1 CSI 500 Index Allocation Value Analysis 3.1.1 Strategic Direction Fit: Policy Dividends from the Perspective of New Quality Productivity - The CSI 500 Index, as a core representative of A - share mid - cap enterprises, has a high proportion of technology innovation sectors in its constituent stocks, which are consistent with the key areas in the "Action Plan" [4][12]. - Many of the top - proportion industries in the CSI 500 constituent stocks are in line with the definition of new quality productivity, such as electronics, pharmaceutical biology, and power equipment [12]. - Most of the top ten constituent stocks of the CSI 500 can benefit from the national promotion of new quality productivity [16]. 3.1.2 Valuation and Earnings: Good Current Allocation Value - As of September 19, 2025, the PE (TTM) of the CSI 500 Index was 34.20 times, at the 76.7% quantile since 2015, which is in a reasonable range compared with other broad - based indexes [18]. - According to Wind's consensus forecast, the earnings per share of CSI 500 constituent stocks are expected to significantly recover in 2025, rising from 0.36 yuan in 2024 to 0.49 yuan, an increase of over 38%, and continue to rise in 2026 [20]. - The net profit of the CSI 500 Index is expected to increase significantly in 2025 and 2026, by 24.7% and 18.1% respectively [20]. 3.2 Investment Value and Strategy Analysis of CSI 500 Index Enhancement Funds 3.2.1 Product Development: A Relatively Mature Category - The first CSI 500 index enhancement product in the Chinese public fund market was established in 2011, with 14 years of history, accumulating a lot of investment experience [26]. - As of Q2 2025, the total scale of CSI 500 index enhancement products exceeded 4.3 billion yuan, and the number of products increased from 15 at the end of 2016 to 71 [26][29]. 3.2.2 Historical Performance: More Obvious Excess Returns - Since 2017, the CSI 500 index enhancement products have generally outperformed the CSI 500 Index, except in some periods when the index rose rapidly [32]. - Compared with the CSI 300 index enhancement, the CSI 500 index enhancement can create more obvious excess returns, with a steeper slope of the relative return curve and higher annual excess returns on average [33]. 3.2.3 Product Feature Distribution: Good Uniqueness and Market Environment Adaptability of China - Europe CSI 500 Index Enhancement - Most CSI 500 index enhancement products have limited ability to obtain unique Alpha, and their Alpha sources may be similar, resulting in homogeneous performance [41]. - More than 62% of CSI 500 index enhancement products have obvious shortcomings in market environment adaptability, and only 15% of products can perform in the top 50% in various market environments [45]. - The China - Europe CSI 500 Index Enhancement can efficiently obtain unique Alpha and perform in the top 40% in all market environments [47]. 3.3 Product Feature Analysis of China - Europe CSI 500 Index Enhancement 3.3.1 Positioning Characteristics: Small Exposure to Constituent Stocks, Factors, and Industries - The China - Europe CSI 500 Index Enhancement has a relatively dispersed stock position, with a low proportion of the top ten and top thirty stocks, and low deviation in market - value style [49][54]. - The product has relatively mild factor exposure, with exposure to most factors within 0.3 times the standard deviation, and lower than the average of similar products [56][58]. - The proportion of CSI 500 constituent stocks in the product's position is higher than the average of similar products, and the industry deviation is controllable, especially in H1 2025 [58][64]. 3.3.2 Performance: Leading Performance among Peers in 2025 - As of September 19, 2025, the cumulative return of the China - Europe CSI 500 Index Enhancement since its establishment was 31.69%, leading the benchmark by 27.77%. Since H2 2023, it has outperformed the benchmark [66]. - In 2025, the product's return reached 34.56%, ranking in the top 5% among similar products, with an annualized tracking error of only 3.54%, ranking in the bottom 18% [66]. - The product has a high risk - return ratio, with an annualized Sharpe ratio of 2.29 and a Calmar ratio of 4.44, leading among CSI 500 index enhancement products [67]. - The product has significant advantages in drawdown control, with a smaller drawdown than the index and the average of similar products in several market drawdowns since 2024, and a smaller relative return drawdown [74][78]. 3.3.3 Return Breakdown: Significant Contribution from Stock Selection - The China - Europe CSI 500 Index Enhancement mainly obtains excess returns through stock selection, and trading can also contribute part of the excess returns [81]. - The product's absolute return comes from a wide range of sectors, with the technology innovation sector contributing more, and it can obtain excess returns in most sectors [84]. 3.3.4 Product Feature Summary - The product has no significant deviation in constituent stocks, factors, and industries, and the deviation has further tightened in H1 2025 [89]. - Despite strict deviation control, the product has outstanding performance in 2025, with high returns, low tracking error, and excellent risk - return characteristics [89]. - The product has strong ability to obtain unique Alpha and good market environment adaptability, performing in the top 40% in all market environments [90]. - Stock selection is the main source of excess returns, with significant contributions from the technology innovation sector and good performance in other sectors [90].

机构：三季度北京甲级写字楼市场净吸纳量创年内新高 中新社北京9月24日电 (记者 庞无忌)多元化专业服务与投资管理公司高力国际24日在北京发布的一份报 告显示，三季度北京甲级写字楼市场净吸纳量创年内新高。 报告指出，三季度北京写字楼市场去化进一步加快，净吸纳量达12.5万平方米，已连续九个季度实现去 化，季度平均去化量达到8万平方米。随着需求侧明显放量，北京写字楼市场空置率回落，环比下降近1 个百分点。 高力国际北京公司董事总经理李娟认为，在科技创新驱动的新周期中，更多优质企业选择从低效资产向 优质资产转移。本轮"科技创新周期"和"写字楼市场再平衡周期"的双周期共振，将驱动北京写字楼市场 迈入一场以质量变革和效率提升为核心的供给侧改革。(完) 来源：中国新闻网 编辑：熊思怡 从租金来看，跨板块与跨资产类别竞争强度居高不下，区域市场分化特征进一步凸显。报告指出，三季 度北京写字楼市场整体租金仍处于下行通道，净有效租金环比下降3.5%至每月每平方米227.3元人民 币。 值得注意的是，科技创新正为中关村市场带来源源不断的新增办公需求。中关村写字楼市场已连续五个 季度去化量达到历史较高水平，三季度该子市场净吸纳量再 ...