Core Points - The Ministry of Commerce released a work plan to support Beijing in being the first to implement the WTO's E-commerce Agreement, aiming for rapid adoption of global digital trade rules in China [1][2] - Beijing is selected as the only pilot city due to its advantages in digital industry, trade demand, and data resource aggregation, with the digital economy accounting for 45% of its GDP in 2024 [1][2] - The work plan includes 41 specific measures across five areas to enhance trade digitization, improve data governance, optimize the digital consumption environment, increase transparency in telecom business, and strengthen international cooperation in digital trade [3][4] Summary by Sections Implementation of the E-commerce Agreement - The work plan aims to facilitate the implementation of the WTO's E-commerce Agreement in Beijing, leveraging the city's digital trade capabilities and infrastructure [1][2] - The plan is a collaborative effort among five national departments, emphasizing the importance of Beijing as a testing ground for digital trade policies [1][2] Digital Trade Development in Beijing - Beijing has been recognized as a pilot city for expanding foreign access to value-added telecommunications services, with 10 companies approved for pilot operations, the highest in the country [2] - The city has established a cross-border electronic contract signing platform with over 14,000 certified enterprises, leading in data diversity and outbound data flow rates [2] Specific Measures in the Work Plan - The work plan outlines five key areas with 41 measures, including promoting digital trade processes through electronic documentation and enhancing data governance and consumer protection [3] - It aims to create a seamless digital trade environment by digitizing trade processes, improving data sharing, and ensuring consumer safety in online transactions [3] Future Directions - The plan encourages Beijing to align with international high-standard trade rules and establish a coordination mechanism to ensure effective implementation of the work plan [4] - It aims to create replicable practices and experiences that can be promoted nationwide, maximizing the pilot's demonstration effect for broader adoption of the E-commerce Agreement [4]

Core Viewpoint - The Ministry of Commerce of China has released a work plan to support Beijing in being the first pilot city to implement the WTO's E-commerce Agreement, aiming to expedite the adoption of global digital trade rules established by the WTO by the end of 2024 [1] Group 1: Implementation of the Work Plan - The work plan was jointly developed by five national departments, including the Ministry of Commerce and the Central Cyberspace Affairs Commission, to leverage Beijing's advantages in digital industry and trade [1][2] - Beijing's digital economy accounted for 45% of its GDP in 2024, with digital trade making up half of its service trade, surpassing the national average [1][2] Group 2: Digital Trade Initiatives - Beijing has been selected as the only pilot city for the implementation of the E-commerce Agreement due to its achievements in digital openness and cross-border data flow management [2][3] - The city has established a cross-border electronic contract signing platform with over 14,000 certified enterprises and has initiated several digital trade pilot projects [2] Group 3: Specific Measures in the Work Plan - The work plan outlines 41 specific measures across five areas: enhancing trade digitization, improving data governance, optimizing the digital consumer environment, increasing transparency in telecom business, and strengthening international cooperation in digital trade [3] - Key initiatives include promoting paperless trade through electronic documents and payments, enhancing personal data protection, and expanding value-added telecom business [3][4] Group 4: Future Directions - The plan aims to create a favorable environment for enterprises to expand internationally by fostering cooperation in data protection and digital trade standards with other WTO members [4] - Beijing will establish a city-level coordination mechanism to ensure the effective implementation of the work plan and to accumulate experiences that can be replicated nationwide [4]

Market Situation - The A-share major indices opened lower on Thursday but experienced an upward trend throughout the day, with the Shanghai Composite Index closing up 1.65% at 3875.31 points [1] - The Shenzhen Component Index rose by 3.36%, and the ChiNext Index increased by 5.15%, indicating strong market performance [1] - A total of 4221 stocks rose, with 94 hitting the daily limit, while 1047 stocks declined, including 6 hitting the lower limit [1] - The TMT sector showed significant gains, particularly in communication equipment, electronic components, and computer hardware, which rose by 6.87%, 6.50%, and 6.23% respectively [1] Futures Market - All four major index futures contracts rose in line with the indices, with IF2509 and IH2509 increasing by 2.64% and 1.56% respectively [2] - The basis for the four major futures contracts is rapidly correcting, with IF2509 at a premium of 13.97 points and IH2509 at a premium of 7.12 points [2] News Highlights - The Ministry of Commerce in China plans to expand digital trade by promoting orderly opening in telecommunications, internet, and cultural sectors, encouraging foreign investment in the digital field [3] - Japan's central bank is accelerating plans to reduce its large ETF holdings, with officials indicating that a sell-off may be imminent, although the timing remains uncertain [3] Capital Flow - On September 11, the A-share trading volume exceeded 400 billion, with a total turnover of 2.44 trillion [4] - Northbound capital transactions amounted to 315.27 billion, indicating strong foreign interest [4] - The central bank conducted a 7-day reverse repurchase operation of 292 billion at a fixed rate of 1.40%, resulting in a net injection of 79.4 billion for the day [4]

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 9 月 12 日星期五 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资咨 ...

央广网北京9月12日消息（记者韩萌）据中央广播电视总台中国之声《新闻和报纸摘要》报道，商 务部有关负责人昨天（11日）介绍，第四届全球数字贸易博览会将于本月25日到29日在浙江杭州举办， 目前筹备工作已基本就绪。 截至目前，第四届全球数字贸易博览会的展览总面积15.5万平方米。其中，国际展商占比超20%， 国际客商超过1万名，较去年增长54%。商务部副部长盛秋平强调，本届数贸会不仅注重商品和服务市 场的开放，也注重发展理念和生态的交融。 今年上半年，我国可数字化交付的服务进出口达到1.5万亿元，跨境电商进出口达到1.3万亿元，均 创历史新高。盛秋平表示，本届数贸会围绕数字贸易核心优势，不仅注重改造提升传统产业，也注重培 育壮大新兴产业，布局建设未来产业。 盛秋平：将设置1个"未来科技竞技场"主展区和7个特色展区，发布百余项中国首发、亚洲首秀、全 球首展，集中呈现尖端技术、产品；继续发布《全球数字贸易发展报告》《中国数字贸易发展报告》等 研究成果；举办30余场产业和投融资对接活动。 盛秋平：主宾国阿联酋和印尼将开设国家馆，系统展示数字经济发展成就；联合国贸发会议等30余 个国际组织，百余名嘉宾将围绕数字贸易规则 ...

经济日报北京9月11日讯(记者冯其予)第四届全球数字贸易博览会将于9月25日至29日在杭州举办。 在国新办11日举行的新闻发布会上，商务部副部长盛秋平表示，数字贸易作为数字技术与国际贸易深度 融合的新形态，通过拓展贸易边界、创新贸易模式、赋能贸易主体，正展现出强大韧性和潜力，成为世 界各国在全球经济格局深度调整与不确定性加剧背景下的战略选择。 数据显示，今年上半年，我国可数字化交付的服务进出口达1.5万亿元，跨境电商进出口达到1.3万 亿元，均创历史新高。据了解，第四届数贸会不仅注重商品和服务市场的开放，也注重发展理念和生态 的交融。截至目前，参展商数量超1700家，展览总面积15.5万平方米。其中，国际展商占比超20%，包 括70余家全球500强企业；国际客商超1万名，较去年增长54%；主宾国阿联酋和印尼将开设国家馆，系 统展示数字经济发展成就；联合国贸发会议等30余个国际组织、百余名嘉宾将围绕数字贸易规则、规 制、管理、标准等深度交流，凝聚发展共识。 ...

本次大会共有700余位嘉宾出席，聚焦数字贸易前沿趋势，设置了场景展示、成果与需求发布、主旨演讲等多个环节，并配套举办商务考察、产 品发布会等系列投资促进活动。 大会成果丰富，中国服务贸易协会数字贸易专委会、中国信息协会数智客服专委会等专业机构揭牌成立。在数字贸易成果展示环节，90余家企业 展示了近150项产品和技术解决方案。 9月11日，2025年中国国际服务贸易交易会——雄安新区数字贸易创新发展大会现场。（河北雄安新区宣传网信局供图） 9月11日下午，2025年中国国际服务贸易交易会——雄安新区数字贸易创新发展大会在河北雄安新区开幕。 大会期间，一系列重要报告、创新成果、重大需求与合作项目发布。雄安新区发布涵盖基础设施、城市治理、公共服务、数字经济四大领域共 150余项数字创新成果的《雄安新区数字产品创新推广目录》，并发布46项数字贸易场景需求，中国服务贸易协会发布《中国数字贸易创新发展 报告》。 本次大会将持续至9月12日，其间还将举办雄安人工智能产业创新发展活动、数字科技应用创新研讨等多场平行活动。（记者龚璟璐） 【纠错】 【责任编辑:王萌萌】 ...

Group 1 - The fourth Global Digital Trade Expo will be held in Hangzhou, Zhejiang from September 25 to 29, with over 1,700 exhibitors and a total exhibition area of 155,000 square meters [1] - Digital trade is emerging as a strategic choice for countries amid global economic adjustments and increasing uncertainties, showcasing strong resilience and potential [1][2] - The expo will feature a significant international presence, with over 20% of exhibitors being international, including more than 70 Fortune 500 companies, and over 10,000 international guests, a 54% increase from last year [2] Group 2 - In the first half of the year, China's digitally deliverable service imports and exports reached 1.5 trillion yuan, while cross-border e-commerce imports and exports hit 1.3 trillion yuan, both setting historical highs [3] - The expo will include a "Future Technology Arena" and seven themed exhibition areas, showcasing over 100 first releases in China, Asia, and globally, focusing on cutting-edge technologies like generative AI and multimodal sensory interaction [3] - The event aims to facilitate business cooperation by releasing procurement lists for seven key industry exhibition areas, with an expected total procurement amount of 30 billion yuan [4]

Core Insights - The fourth Global Digital Trade Expo will be held in Hangzhou, Zhejiang from September 25 to 29, with over 1,700 exhibitors and a total exhibition area of 155,000 square meters [1][2] - Digital trade is emerging as a strategic choice for countries amid global economic adjustments and increasing uncertainties, showcasing strong resilience and potential [1][2] Group 1: Event Details - The expo will feature over 20% international exhibitors, including more than 70 Fortune 500 companies, and expects over 10,000 international guests, a 54% increase from last year [2] - Guest countries UAE and Indonesia will set up national pavilions to showcase their digital economy achievements [2] Group 2: Economic Impact - In the first half of the year, China's digitally deliverable service imports and exports reached 1.5 trillion yuan, while cross-border e-commerce imports and exports hit 1.3 trillion yuan, both setting historical highs [3] - The expo will focus on enhancing traditional industries and nurturing emerging industries, featuring a "Future Technology Arena" and seven themed exhibition areas [3] Group 3: Procurement and Collaboration - The city of Hangzhou aims to ensure tangible benefits for enterprises through digital trade cooperation, with a focus on creating market opportunities [4] - Seven procurement lists for key digital trade sectors will be released, with expected total procurement amounting to 30 billion yuan, including nearly 1 billion yuan in procurement intentions from Indonesia [4] - Hangzhou will continue to lead in cross-border e-commerce development, optimizing top-level design and addressing institutional innovation challenges [4]

Group 1: US Market Performance - US economic data has fueled expectations for interest rate cuts, leading to all three major US stock indices reaching historical highs, with the S&P 500 up 0.85%, Dow Jones up 1.36%, and Nasdaq up 0.72% [1] - Tesla shares rose by 6%, while Oracle fell over 6%. The semiconductor index has seen six consecutive days of gains, with Micron up over 7%, but Broadcom fell nearly 3% and Nvidia saw a slight decline [1] - Chinese concept stocks rebounded significantly, with the Chinese concept index rising nearly 3%, and Next Tech gaining over 97% [1] Group 2: Economic Indicators - Following the release of the US CPI, US Treasury prices surged, with the 10-year Treasury yield dipping below 4.0% for the first time in five months, and the US dollar index quickly fell [2] - The European Central Bank's president delivered hawkish remarks, resulting in the euro and 10-year German bond yields reaching new daily highs [3] Group 3: Oil and Energy Sector - The International Energy Agency (IEA) raised its global oil supply forecast, causing crude oil prices to halt a three-day increase, with US oil prices dropping over 2% [4] Group 4: Technology and Innovation - Microsoft and OpenAI have reached a non-binding agreement allowing OpenAI to advance its restructuring plan to become a for-profit company [5] - Tesla's Model Y L new order delivery times have been pushed to November, indicating strong demand as October's supply has sold out [6][13] Group 5: Domestic Developments in China - The State Council approved a pilot program for market-oriented allocation of factors in ten regions, including major urban areas and economic zones, starting from September 8 for two years [7] - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs announced a list of pilot projects for intelligent elderly care service robots [8] - The Ministry of Commerce held a roundtable meeting with foreign trade enterprises, involving 12 foreign trade companies and experts from Shanghai University of Finance and Economics [9] Group 6: Stock Market Insights - A report from a securities firm indicates that the current market is in a bullish phase with significant index breakthroughs, suggesting a focus on new productivity sectors such as AI computing power, semiconductors, and robotics [11] - The solar industry is experiencing price increases, with polysilicon prices rising by up to 4.65%, and the overall solar sector showing potential for significant performance improvement [12] Group 7: Corporate Announcements - Anning Co. plans to participate in a merger and restructuring for a total cash payment of 6.508 billion yuan [18] - Yangjie Technology intends to acquire 100% of Better Electronics for 2.218 billion yuan, focusing on electronic circuit protection components [18] - Xpeng Huitian received a special flight certificate for its flying car in the UAE, marking a significant milestone for Chinese flying car companies [10]