Group 1 - The meeting emphasized the importance of integrating Xi Jinping's important speeches with the spirit of the 20th Party Congress, focusing on high-quality drafting of the province's 14th Five-Year Plan [1] - The meeting highlighted the need to develop new productive forces tailored to local conditions, promote regional coordinated development, and enhance the quality of life for citizens [1] - The meeting underscored the responsibility of being a cultural province, enhancing the utilization of cultural relics, and promoting education on revolutionary traditions and patriotism [1] Group 2 - The meeting discussed the need to improve elderly care service policies and promote the silver economy, aiming for high-quality development in elderly care services [2] - The implementation of the childcare subsidy system was recognized as a significant measure for promoting high-quality population development in the province [2] - The meeting reviewed the progress of reducing formalism and burdens on grassroots levels, emphasizing the need to focus on key rectification tasks set by the central government [2]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by over 10% in the next six months [1]. Core Insights - The SW food and beverage industry index fell by 3.45% from October 17 to October 30, 2025, underperforming the CSI 300 index by approximately 5.43 percentage points [2][10]. - The report highlights a rapid clearance in the liquor sector during Q3, with a notable performance from high-end liquor brands like Kweichow Moutai, which reported a revenue of CNY 39.81 billion, a year-on-year increase of 0.35% [2][50]. - The report suggests focusing on high-certainty stocks in the liquor sector, such as Kweichow Moutai, and also recommends attention to mid-range and regional liquor brands [2][50]. Summary by Sections Market Review - The food and beverage sector's performance was mixed, with most sub-sectors underperforming the CSI 300 index. The pre-processed food sector saw the highest increase at 2.69%, while other liquor categories experienced the largest decline at -5.02% [12][15]. - Approximately 35% of stocks in the sector recorded positive returns during the review period, with notable gainers including Richen Co. (+11.93%) and Haixin Food (+9.66%) [15] Industry Data Tracking Liquor Sector - The price of Feitian Moutai decreased to CNY 1,660 per bottle, down CNY 100 from October 16, while the prices of other premium liquors remained stable [18]. Seasoning Sector - Soybean meal prices increased to CNY 3,028 per ton, while white sugar prices fell to CNY 5,750 per ton [22]. Beer Sector - The average price of aluminum increased to CNY 21,070 per ton, while barley prices decreased to CNY 2,225 per ton [27]. Dairy Sector - The average price of fresh milk remained stable at CNY 3.04 per kilogram [34]. Meat Products Sector - The average wholesale price of pork decreased to CNY 17.96 per kilogram, down 0.06 from October 16 [36]. Important News - The report notes a 1.6% year-on-year increase in tobacco and alcohol retail sales in September, with total sales reaching CNY 4.808 billion [39]. - Wine imports saw a significant decline of 41.17% in September, with cumulative imports down 22.58% year-on-year [40]. - The report also highlights a 15% year-on-year decrease in liquor production in September [41]. Company Announcements - Kweichow Moutai reported a revenue of CNY 130.904 billion for the first three quarters of 2025, a year-on-year increase of 6.32% [44]. - Qingdao Beer reported a revenue of CNY 293.67 billion for the same period, reflecting a 1.41% increase [46]. - East Peak Beverage achieved a revenue of CNY 168.44 billion, marking a 34.13% increase [48].

Core Points - The article discusses the recent approval of child-rearing subsidy applications in Jiangsu, indicating that the subsidy program is now fully open for applications through various online platforms and local government offices [1][4]. - The national standard for the child-rearing subsidy is set at 3,600 yuan per child per year, applicable until the child reaches three years of age [7][11]. - The subsidy calculation for children born before January 1, 2025, will be prorated based on the number of months eligible for the subsidy [8][9]. Group 1 - The child-rearing subsidy application status has changed to "approved," indicating progress towards disbursement [2][3]. - Applications can be submitted online via Alipay, WeChat, and provincial government service platforms, or in person at local township offices [4]. - The subsidy is designed to support families with children under three years old, with a total potential subsidy amount based on the child's birth month [8][10]. Group 2 - The subsidy amount varies by the month of birth, with a detailed table outlining the specific amounts for each month from 2022 to 2024 [9][10]. - Parents or guardians must provide necessary documentation, including medical proof of birth and household registration, when applying for the subsidy [11]. - The funds will be disbursed to the bank accounts of the applicants or the children [12].

Group 1: Investment Ratings - The investment rating for stock index futures is "Relatively Strong", and for treasury bond futures is "Oscillating" [1] Group 2: Core Views - The equity market shows mixed performance. The current market expects 3 interest rate cuts within the year. The domestic economic data in August shows a slight decline in demand - side indicators, indicating that the economy is still in the process of bottom - stabilization. The current market mainly prices in long - term policy expectations, and the impact of current fundamentals is limited. The implementation of the parenting subsidy system is expected to boost the inflation environment through more inclusive fiscal support. With the approaching of the important meeting in October, the long - short game intensifies, and it is advisable to reduce long positions appropriately [1] - Treasury bond futures closed lower. The central bank carried out reverse repurchase operations, with a net withdrawal of funds. The short - term central bank signals to support the capital market. The current bond market shows no obvious inflection point signal and will continue the oscillating trend due to the mixed fundamentals [1][2] Group 3: Daily Price Changes Stock Index Futures - IH rose from 2,925.0 to 2,939.8, an increase of 14.8 or 0.51% [3] - IF rose from 4,483.8 to 4,530.0, an increase of 46.2 or 1.03% [3] - IC rose from 6,940.6 to 7,157.0, an increase of 216.4 or 3.12% [3] - IM rose from 7,127.0 to 7,303.2, an increase of 176.2 or 2.47% [3] Stock Indexes - Shanghai Composite 50 rose from 2,919.5 to 2,939.5, an increase of 20.0 or 0.68% [3] - CSI 300 rose from 4,519.8 to 4,566.1, an increase of 46.3 or 1.02% [3] - CSI 500 rose from 7,180.7 to 7,323.7, an increase of 143.0 or 1.99% [3] - CSI 1000 rose from 7,408.1 to 7,534.2, an increase of 126.2 or 1.70% [3] Treasury Bond Futures - TS fell from 102.35 to 102.32, a decrease of 0.024 or 0.02% [3] - TF fell from 105.63 to 105.57, a decrease of 0.06 or 0.06% [3] - T fell from 107.72 to 107.65, a decrease of 0.065 or 0.06% [3] - TL fell from 114.32 to 114.07, a decrease of 0.25 or 0.22% [3] Group 4: Market News - The A - share market opened low and closed high. The ChiNext Index rose more than 2% in the afternoon, and the STAR 50 Index rose more than 3%. Over 4,400 stocks in the Shanghai, Shenzhen, and Beijing stock markets rose, with a trading volume of over 2.34 trillion yuan. The Shanghai Composite Index rose 0.83%, the Shenzhen Component Index rose 1.8%, and the ChiNext Index rose 2.28% [1][4] - Robot concept stocks continued to strengthen, and stocks in the new energy sectors such as photovoltaic and solid - state batteries rose. The semiconductor sector exploded again [4][5] Group 5: Chart Analysis Stock Index Futures - The report presents the historical price trends of IH, IF, IM, and IC futures contracts, as well as their respective basis trends [7][8][9][10][11] Treasury Bond Futures - The report shows the trends of treasury bond futures contracts, spot bond yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [14][17][18][19] Exchange Rates - The report displays the trends of the US dollar - RMB central parity rate, euro - RMB central parity rate, forward exchange rates, US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [23][24][25][27][29]

Report Industry Investment Rating - The investment rating for stock index futures is "Relatively Strong", and for treasury bond futures is "Oscillating" [1] Core Viewpoints - The market fluctuated throughout the day with the three major indexes showing mixed results. Over 4,200 stocks in the Shanghai, Shenzhen, and Beijing markets closed lower, and the trading volume exceeded 2.51 trillion yuan. The Fed cut interest rates by 25BP, but its stance was cautious, and there was internal divergence on the path of interest rate cuts this year. The domestic economic data in August showed a slight decline in demand - side indicators, indicating that the economy is still on the way to bottom - out and stabilize. The implementation of the parenting subsidy system is expected to boost inflation through more inclusive fiscal policies. As the important meeting in October approaches, the long - short game intensifies, and it is advisable to reduce long positions appropriately [1] - Treasury bond futures closed lower across the board. The central bank conducted 276.1 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 10.9 billion yuan. The short - term central bank's signal to support the capital market is obvious. With the current fundamental factors being mixed, the bond market shows no obvious turning point signal and will continue the oscillating trend [1][2] Summary by Directory 1. Daily Price Changes - **Stock Index Futures**: On September 23, 2025, IH was at 2,925.0 (up 2.0, 0.07% from the previous day), IF was at 4,483.8 (down 0.2, 0.00%), IC was at 6,940.6 (down 72.6, - 1.04%), and IM was at 7,127.0 (down 103.2, - 1.43%) [3] - **Stock Indexes**: The Shanghai Composite 50 was at 2,919.5 (down 2.7, - 0.09%), the CSI 300 was at 4,519.8 (down 2.8, - 0.06%), the CSI 500 was at 7,180.7 (down 44.4, - 0.61%), and the CSI 1000 was at 7,408.1 (down 81.4, - 1.09%) [3] - **Treasury Bond Futures**: On September 23, 2025, TS was at 102.35 (down 0.052, - 0.05%), TF was at 105.63 (down 0.145, - 0.14%), T was at 107.72 (down 0.26, - 0.24%), and TL was at 114.32 (down 0.81, - 0.70%) [3] 2. Market News - **Diplomatic Response**: The Ministry of Foreign Affairs stated that the tariff war and trade war are not in the interests of any party, and both sides should resolve issues through negotiation on the basis of equality, respect, and reciprocity [5] - **Stock Market Performance**: The market fluctuated throughout the day. The shipping sector was strong, with Nanjing Port and Ningbo Shipping hitting the daily limit. Bank stocks rebounded, with Nanjing Bank and Xiamen Bank rising more than 3%. The tourism sector adjusted, with Yunnan Tourism and Tibet Tourism hitting the daily limit down. Semiconductor chip stocks strengthened in the afternoon, with many stocks such as Demingli and Leon Micro hitting the daily limit [5][6] 3. Chart Analysis - **Stock Index Futures**: The report presents the trends and basis trends of IH, IF, IC, and IM contracts, as well as the trends of the Shanghai Composite 50, CSI 300, CSI 500, and CSI 1000 indexes [8][10][12] - **Treasury Bond Futures**: The report shows the trends of treasury bond futures contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [15][18][20] - **Exchange Rates**: The report includes the trends of the US dollar against the RMB, the euro against the RMB, forward exchange rates, the US dollar index, and cross - currency exchange rates [24][25][28] 4. Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the director of macro - financial research at Everbright Futures Research Institute [32] - Wang Dongying, an index analyst with a master's degree from Columbia University, mainly tracks stock index futures, focusing on macro - fundamental quantification, key industry sector research, index earnings report analysis, and market capital tracking [32]

1. Report Industry Investment Rating - Stock index: Bullish [1] - Treasury bond: Sideways [1][2] 2. Core Viewpoints of the Report - The market rebounded after hitting bottom, with the three major indexes rising slightly. The current market is mainly pricing in long - term policy expectations, and the impact of current fundamental factors is limited. In the long run, the Fed is likely to start a rate - cut cycle in September, and the A - share rate - cut channel may also open, which is beneficial to long - term stock index futures. The implementation of the child - rearing subsidy system is expected to boost inflation through fiscal support. The liquidity market is expected to continue, showing obvious structural characteristics and accelerating sector rotation [1]. - On Monday, treasury bond futures closed up. The central bank conducted reverse - repurchase operations, with a net investment of 260.5 billion yuan. The short - term signal of the central bank's care for the capital market is obvious. With the current fundamentals being a mix of bullish and bearish factors, the bond market shows no obvious turning - point signal and will continue its sideways trend [1][2]. 3. Summary by Directory Research Views - **Stock Index Futures**: The market had a bottom - up rebound, with more stocks falling than rising, and the trading volume was 2.14 trillion yuan. The August economic data showed that demand - side indicators such as consumption and investment declined slightly month - on - month. The implementation of the child - rearing subsidy system is a significant policy, and it is expected that the central bank will purchase national bonds to support fiscal policies, promoting inflation recovery. The market liquidity is expected to continue, with accelerated sector rotation [1]. - **Treasury Bond Futures**: On Monday, treasury bond futures closed higher, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts rising by 0.22%, 0.20%, 0.13%, and 0.04% respectively. The central bank conducted 240.5 billion yuan of 7 - day and 300 billion yuan of 14 - day reverse - repurchase operations, with a net investment of 260.5 billion yuan. The short - term signal of the central bank's care for the capital market is obvious. The current fundamentals are a mix of bullish and bearish factors, and the bond market will continue its sideways trend [1][2]. Daily Price Changes - **Stock Index Futures**: On September 22, 2025, compared with September 19, 2025, IH rose by 9.6 points (0.33%), IF by 19.6 points (0.44%), IC by 29.2 points (0.42%), and IM by 39.4 points (0.55%). Among stock indexes, the Shanghai Composite 50 rose by 12.4 points (0.43%), and the CSI 300 rose by 20.7 points (0.46%), the CSI 500 by 54.8 points (0.76%), and the CSI 1000 by 51.3 points (0.69%) [3]. - **Treasury Bond Futures**: On September 22, 2025, compared with September 19, 2025, TS rose by 0.034 points (0.03%), TF by 0.095 points (0.09%), T by 0.14 points (0.13%), and TL by 0.33 points (0.29%) [3]. Market News - At the press conference, the central bank governor stated that the conference was about the development of the financial industry during the 14th Five - Year Plan period and did not involve short - term policy adjustments [4]. Chart Analysis - **Stock Index Futures**: The report presents the historical trends of IH, IF, IM, and IC main contracts, as well as their monthly basis trends [5][6][7]. - **Treasury Bond Futures**: It shows the historical trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [12][13][18]. - **Exchange Rates**: The report includes historical data on the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, and exchange rates between major currencies [21][22][26]. Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the director of macro - financial research at Everbright Futures Research Institute [30]. - Wang Dongying, an index analyst with a master's degree from Columbia University, focuses on stock index futures, including macro - fundamental quantification, key industry research, index financial report analysis, and market capital - flow tracking [30].

南都讯 记者宋承翰 发自北京 在育儿补贴正式开发申领后，国家卫生健康委、财政部印发的《关于印发 育儿补贴制度管理规范（试行）的通知》公开了。该通知发文日期为8月24日，正式开放申领日期为9月 8日，文件上网公开日期为9月18日。 监管方面，文件还要求，市级卫生健康部门每年按一定的比例，对补贴对象信息进行抽查。省级卫生健 康部门根据需要开展抽查，实行动态监管，确保资金安全。 文件第二十八条 实施育儿补贴制度的工作人员有下列行为之一的，依法依规给予行政处分或处罚；情 节严重构成犯罪的，依法追究刑事责任。（一）滥用职权，徇私舞弊，擅自改变补贴范围和补贴标准 的；（二）贪污、挪用、扣压、拖欠补助资金的；（三）玩忽职守，补助资金管理混乱的；（四）弄虚 作假，虚报瞒报，出具不实材料的。 第二十九条规定，对骗取、冒领补贴资金的，由县级卫生健康部门负责追回，并依法依规追究有关责 任。 据悉，现阶段育儿补贴国家基础标准为每孩每年3600元。 文件明确，补贴对象为从2025年1月1日起，符合法律法规规定生育或收养的3周岁以下婴幼儿。对3周岁 以下的孤儿、事实无人抚养的婴幼儿，予以发放补贴。 婴幼儿父母一方或其他监护人均可申领，申 ...

Report Industry Investment Rating - Stock Index: Bullish [1] - Treasury Bonds: Volatile [1] Core Viewpoints - The market fluctuated throughout the day, with all three major indices declining in the afternoon. Over 4,400 stocks in the Shanghai, Shenzhen, and Beijing stock markets closed lower, and the trading volume exceeded 3 trillion yuan. The economic data for August showed a slight decline in demand - side indicators such as consumption and investment, indicating that the economy is still on the path to bottom - out and stabilize. The current market mainly reflects long - term policy expectations, and the impact of current fundamental factors is limited [1]. - In the long run, the Federal Reserve is likely to start an interest - rate cut cycle in September, and the market expects three interest - rate cuts within the year. The interest - rate cut channel for A - shares may also open, which is beneficial for the medium - and long - term stock index of equity assets [1]. - The implementation of the parenting subsidy system is expected to directly increase the income level of residents. In the future, the central bank's purchase of national debt to raise funds for the central government and the introduction of more inclusive fiscal support programs will be an important way to stabilize and boost China's inflation [1]. - The liquidity - driven market is expected to continue, but it shows obvious structural characteristics, and the rotation of market sectors may accelerate [1]. - Recently, the bond market has been affected by a large - scale redemption of bond funds. In August, the CPI turned negative year - on - year, while the PPI bottomed out and rebounded. The growth of social financing declined as expected, the real - economy financing demand was weak, and the phenomenon of residents moving their deposits continued. In the short term, with the complex fundamental situation, there is no clear turning - point signal in the bond market, and it is still expected to move in a wide range [2]. Summary by Directory 1. Daily Price Changes Stock Index Futures - IH: From 2,956.2 on September 17, 2025, to 2,912.4 on September 18, 2025, a decrease of 43.8 points or 1.48% [3]. - IF: From 4,553.2 on September 17, 2025, to 4,448.2 on September 18, 2025, a decrease of 105.0 points or 2.31% [3]. - IC: From 7,252.4 on September 17, 2025, to 6,985.4 on September 18, 2025, a decrease of 267.0 points or 3.68% [3]. - IM: From 7,547.0 on September 17, 2025, to 7,454.8 on September 18, 2025, a decrease of 92.2 points or 1.22% [3]. Stock Indices - Shanghai Composite 50: From 2,952.8 on September 17, 2025, to 2,912.8 on September 18, 2025, a decrease of 40.0 points or 1.35% [3]. - CSI 300: From 4,551.0 on September 17, 2025, to 4,498.1 on September 18, 2025, a decrease of 52.9 points or 1.16% [3]. - CSI 500: From 7,260.0 on September 17, 2025, to 7,199.9 on September 18, 2025, a decrease of 60.2 points or 0.83% [3]. - CSI 1000: From 7,554.8 on September 17, 2025, to 7,476.4 on September 18, 2025, a decrease of 78.4 points or 1.04% [3]. Treasury Bond Futures - TS: From 102.46 on September 17, 2025, to 102.41 on September 18, 2025, a decrease of 0.046 points or 0.04% [3]. - TF: From 105.89 on September 17, 2025, to 105.82 on September 18, 2025, a decrease of 0.07 points or 0.07% [3]. - T: From 108.16 on September 17, 2025, to 108.08 on September 18, 2025, a decrease of 0.075 points or 0.07% [3]. - TL: From 115.88 on September 17, 2025, to 115.62 on September 18, 2025, a decrease of 0.26 points or 0.22% [3]. 2. Market News - Market Trend: The market rose in the morning and then declined in the afternoon. All three major indices closed lower. Over 4,400 stocks in the Shanghai, Shenzhen, and Beijing stock markets closed lower, and the trading volume exceeded 3 trillion yuan. As of the close, the Shanghai Composite Index fell 1.15%, the Shenzhen Component Index fell 1.06%, and the ChiNext Index fell 1.64% [5]. - Industry Sectors: The automobile service, high - bandwidth memory, tourism, and CPO sectors led the gains, while the precious metals, non - ferrous metals, diversified finance, and securities sectors led the losses [5]. - Popular Concepts: Tourism stocks strengthened against the trend, with Yunnan Tourism and Qujiang Cultural Tourism hitting the daily limit. CPO and other computing - hardware stocks were active, with Decentel and Yangtze Optical Fibre and Cable hitting the daily limit. Semiconductor chip stocks rose first and then fell, with Microport and Saiwei Micro - Electronics rising more than 10%. On the downside, gold stocks declined collectively, with Xiaocheng Technology falling more than 8%; securities and fintech stocks adjusted, with DZH falling more than 8% [5]. 3. Chart Analysis Stock Index Futures - The report presents the historical price trends and basis trends of IH, IF, IC, and IM futures contracts, as well as the corresponding stock - index trends [7][8][9][10][11]. Treasury Bond Futures - It shows the historical price trends of treasury - bond futures contracts, the yields of treasury bonds, basis, inter - delivery spreads, cross - variety spreads, and funding rates [14][17][19]. Exchange Rates - The report includes the historical trends of the central parity rates of the US dollar, euro, and other currencies against the RMB, as well as the trends of forward exchange rates, the US dollar index, and cross - currency exchange rates [23][24][25][27][29].

Core Points - The National Health Commission and the Ministry of Finance have issued the "Childcare Subsidy System Management Norms (Trial)" emphasizing a people-centered approach and ensuring benefits for the public [1] Group 1: Application Process - The application and review process for childcare subsidies has been streamlined, with clear eligibility criteria and reduced application materials [2] - The review process will leverage big data to alleviate the burden on grassroots levels, with initial reviews and confirmations to be completed within 30 working days [2] Group 2: Distribution of Subsidies - Childcare subsidies will be calculated annually and disbursed in a lump sum, with provinces determining the specific distribution timing, aiming for at least one batch per quarter [3] - The distribution channels will include the bank accounts of applicants or their infants [4] Group 3: Information Management - The initiative will utilize information from various sectors such as public security, civil affairs, and health to ensure efficient processing [5] - There are strict requirements for information security, prohibiting unauthorized access and dissemination of data [6] Group 4: Supervision and Accountability - Health and finance departments are required to establish robust mechanisms for monitoring fund distribution and management of agencies involved [7] - Measures will be taken to recover funds and hold accountable those who fraudulently claim subsidies [7]

Core Points - The article discusses the implementation of the "Childcare Subsidy System Management Regulations (Trial)" by the National Health Commission and the Ministry of Finance, focusing on making the system beneficial, safe, and easy to use [1] Group 1: Application and Approval Process - The application and approval process for childcare subsidies has been simplified, with clear eligibility criteria and reduced documentation requirements. The process will primarily be online, utilizing big data for initial reviews, aiming to complete the review within 30 working days [1] Group 2: Distribution Timing and Channels - Childcare subsidies will be calculated annually and distributed in a lump sum once a year. Provinces will determine the distribution timing based on local conditions, with a minimum of one concentrated distribution per quarter to ensure timely and full disbursement. Payments will be made to the bank accounts of applicants or their infants [1] Group 3: Information Management - The system will enhance information management by utilizing data from various sectors such as public security, civil affairs, and health. It emphasizes the importance of information security and prohibits unauthorized access or disclosure of information [1] Group 4: Supervision and Management - The implementation of the childcare subsidy system will be subject to legal supervision and inspection. Health and finance departments are required to establish robust mechanisms for fund supervision and management, with strict accountability for any fraudulent claims [1]