1. Report Industry Investment Rating No information provided in the document. 2. Core Views of the Report - The stock market is trending upwards, and the linkage between stocks and bonds is weakening. In the stock index futures market, the sector rotation between high - and low - performing sectors does not change the upward trend. In the stock index options market, the sentiment remains optimistic, and buying call options is still a strong strategy. In the bond market, the sentiment is warming up [1]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - **View**: The sector rotation between high - and low - performing sectors does not change the upward trend. The basis, spread, and position of IF, IH, IC, and IM have changed. The Shanghai Composite Index opened higher and fluctuated on Thursday, hitting a new high. The hot sectors rotated, with agriculture, forestry, animal husbandry, and petrochemical industries leading the rise, while machinery, power equipment, and national defense and military industries leading the decline. Due to high trading volume and continuous inflow of leveraged funds, the upward trend remains unchanged. It is recommended to hold IM long positions [7]. - **Operation Suggestion**: Allocate IM long positions [7]. 3.1.2 Stock Index Options - **View**: The sentiment remains optimistic, and buying call options is still a strong strategy. The underlying market continued the optimistic sentiment of last week, with all varieties rising. The trading volume of the options market exceeded 20 billion yuan, up 36.72% from the previous trading day. All sentiment indicators in the options market give optimistic expectations. The volatility of each variety continued to rise significantly, approaching the level of April 8, 2025, but still about 10% away from the previous high on April 7 [2][8]. - **Operation Suggestion**: Buy call options and construct bull spreads [8]. 3.1.3 Bond Index Futures - **View**: The bond market sentiment is warming up. The yields of major inter - bank interest - rate bonds generally declined significantly, with long - term bonds performing better than short - term bonds. The central bank made a net investment of 219 million yuan in the open market and a net MLF investment of 30 billion yuan in August. The capital market remains loose. The reaction of long - term bond yields to the stock - bond seesaw effect has weakened. The 30 - year bond yield around 2% has certain cost - effectiveness for insurance and other institutional investors [3][8][10]. - **Operation Suggestion**: Adopt a cautious stance on trends. Consider long - position alternatives for hedging due to high short - position hedging costs. Pay attention to the narrowing of long - term basis and the steepening of the yield curve [10]. 3.2 Economic Calendar - The economic data of the United States on August 25, 2025, shows that the seasonally - adjusted annualized number of new home sales in July was 652,000 units, and the month - on - month change was - 0.61%. The economic data to be released includes China's cumulative year - on - year industrial enterprise profits in July, the US continued and initial jobless claims in August, the US second - quarter real GDP quarterly - adjusted annualized rate, PCE price index, and core PCE price index, as well as Japan's industrial production index and retail sales in July, and the US core PCE and PCE price indices in July [11]. 3.3 Important Information and News Tracking - **Expanding Domestic Demand and Stabilizing Employment Policies**: On August 25, the director of the National Development and Reform Commission held a symposium to listen to suggestions on expanding domestic demand and stabilizing employment, and promised to improve policies, create a fair market environment, and support enterprises [12]. - **Real Estate**: Six departments in Shanghai jointly issued a notice to optimize and adjust real estate policies, including removing the housing purchase limit for eligible households outside the outer ring and treating single adults as households for housing purchase limit policies [12][13]. - **Stock Market**: The three major A - share indices opened and closed higher. The Shanghai Composite Index rose 1.51%, the Shenzhen Component Index rose 2.26%, the ChiNext Index rose 3%, and the Beijing Stock Exchange 50 rose 0.23%. The trading volume of the two markets was 3.14 trillion yuan, an increase of 594.4 billion yuan from the previous trading day [13]. 3.4 Derivatives Market Monitoring - The document only lists the sections of stock index futures data, stock index options data, and bond index futures data, but no specific data is provided in the given content.

Market Overview - The Hang Seng Index closed up 490 points, reaching a near four-year high at 25,829.91, with a daily increase of 1.94% [3] - The market saw a significant increase in trading volume, with total turnover rising by 29.5% to 369.698 billion [3] - The Northbound capital flow recorded a net outflow of 1.376 billion [3] Key Stock Performances - Among the 85 blue-chip stocks, 72 rose while 12 fell, with Zijin Mining (02899) leading the gainers at 6.4% [4] - Other notable gainers included Galaxy Entertainment (00027) up 5.6%, Sands China (01928) up 5.8%, and Hong Kong Exchanges and Clearing (00388) up 3.3% [4] - Conversely, Geely Automobile (00175) fell by 1.4%, Orient Overseas (00316) by 0.9%, and BYD Electronic (00285) by 0.8% [4] Offshore RMB Bond Market - The first day of the optimized offshore RMB bond repurchase business recorded over 60 transactions involving more than 3 billion RMB, with participation from at least 25 financial institutions [7] - The Hong Kong Monetary Authority aims to promote the offshore RMB repurchase business to enhance market conditions and support the development of Hong Kong as a global offshore RMB hub [7][8] Real Estate Policy Changes - Shanghai announced adjustments to its real estate policies, allowing eligible residents to purchase an unlimited number of homes outside the outer ring road, effective from August 26 [9] - The policy aims to optimize housing fund policies and improve personal housing loan limits to support home purchases [9] Corporate News - Ganfeng Lithium (01772) plans to raise approximately 25.42 billion through a new H-share placement and issuance of convertible bonds, with proceeds aimed at loan repayment and capacity expansion [12] - HeartTech Medical (02291) reported a 17% discount on a major shareholder's sale of shares, raising 254 million [13] - Zai Lab (09688) narrowed its interim loss to 89.165 million, with total revenue increasing by 15.35% to 216 million [14] - Lens Technology (06613) reported a 32.68% increase in interim profit to 1.143 billion, with revenue rising by 14.18% to 32.96 billion [15]

Group 1: Hot News - The General Offices of the CPC Central Committee and the State Council issued an opinion on promoting green - low - carbon transformation and strengthening the construction of the national carbon market, including supervision of pilot carbon markets, coordination between national and local markets, and expansion of the national market's coverage [2] - As of August 25, 2025, the Shanghai Export Container Settlement Freight Index (European route) reported 1990.20 points, down 8.7% from the previous period [2] - On August 25, NDRC Director Zheng Shanjie held a corporate symposium to listen to opinions on expanding domestic demand and stabilizing employment, and stated that the NDRC will improve policies, create a fair market environment, and support enterprises [2] - White House National Economic Council Director Hassett said it is appropriate for the Fed to consider a rate cut, and it will take months to decide on the successor to the Fed Chair [2] - Fed's Logan said there is still room to lower bank system reserves, and the standing repo facility may be re - enabled in September, and the optimal way to communicate the federal funds rate target should be explored [3] Group 2: Plate Performance - Key focus: Coking coal, coke, asphalt, glass, palm oil [4] - Night - session performance: Non - metallic building materials rose 2.81%, precious metals 27.14%, oilseeds 12.33%, non - ferrous metals 21.08%, soft commodities 2.58%, coal - coking - steel - ore 14.51%, energy 3.26%, chemicals 12.00%, grains 1.22%, and agricultural and sideline products 3.06% [4] Group 3: Plate Position - The document shows the position changes of commodity futures plates in the past five days, including Wind agricultural and sideline products, grains, chemicals, energy, coal - coking - steel - ore, non - ferrous metals, etc. [5] Group 4: Performance of Major Asset Classes - Equity: Shanghai Composite Index rose 1.51% daily, 8.69% monthly, and 15.87% annually; S&P 500 fell 0.43% daily, rose 1.58% monthly, and 9.48% annually; etc. [6] - Fixed - income: 10 - year Treasury bond futures rose 0.27% daily, fell 0.49% monthly, and 0.90% annually; 5 - year Treasury bond futures rose 0.15% daily, fell 0.18% monthly, and 0.95% annually; etc. [6] - Commodity: CRB Commodity Index rose 0.57% daily, 0.64% monthly, and 1.68% annually; WTI crude oil rose 1.73% daily, fell 6.44% monthly, and 9.96% annually; etc. [6] - Others: US Dollar Index rose 0.72% daily, fell 1.62% monthly, and 9.27% annually; CBOE Volatility Index was flat daily, fell 14.95% monthly, and 18.04% annually [6]

8月25日，国家发展改革委主任郑栅洁主持召开企业座谈会，围绕科学编制"十五五"规划，听取关于扩 内需、稳就业等方面意见建议。座谈会上，企业负责人逐一介绍自身生产经营和所在行业发展情况，并 对"十五五"时期发展提出了具体政策建议；郑栅洁认真听取企业发言，与大家深入沟通交流。 参会企业表示，面对近年来国际国内市场发展新机遇、新挑战，企业积极谋划转型发展，着力推动国内 外市场相互联通、相互促进，努力服务构建新发展格局。建议国家在编制"十五五"规划时，进一步完善 扩大国内需求、促进市场有序竞争、知识产权保护、绿色低碳发展、企业人才和用工保障等方面政策， 助力企业实现更好发展。同时，与会企业表示将加快创新发展，自觉抵制无序竞争，积极稳岗扩岗，为 经济持续向好发展作出更多努力。 郑栅洁表示，"十五五"时期，我国发展环境面临深刻复杂变化，同时中国特色社会主义制度优势、超大 规模市场优势、完整产业体系优势、丰富人才资源优势将更加彰显，我们要坚定发展信心，有效应对各 种风险挑战，持续推动经济社会高质量发展。对企业提出的意见建议，将在"十五五"规划编制工作中认 真研究吸纳。希望企业增强信心、抓住机遇，充分利用国内国际两个市场两种 ...

1．中共中央办公厅、国务院办公厅发布关于推进绿色低碳转型加强全国碳市场建设的意见，主要目标 是：到2027年，全国碳排放权交易市场基本覆盖工业领域主要排放行业，全国温室气体自愿减排交易市 场实现重点领域全覆盖。到2030年，基本建成以配额总量控制为基础、免费和有偿分配相结合的全国碳 排放权交易市场，建成诚信透明、方法统一、参与广泛、与国际接轨的全国温室气体自愿减排交易市 场，形成减排效果明显、规则体系健全、价格水平合理的碳定价机制。 重要的消息有哪些 8月26日（周二）申购提示 新股方面，三协电机申购代码920100，发行价8.83元/股，申购上限85.5万股。 投资有风险，申购需谨慎。 2．8月25日，上海发布楼市新政，包括对外环外符合条件将不限购房套数、成年单身人士视同家庭、房 贷利率层面不再区分首套和二套房、提高绿色建筑公积金贷款额度、公积金落实"又提又贷"、优化房产 税征收等。 3．国务院新闻办公室将于2025年8月26日（周二）上午10时举行"高质量完成'十四五'规划"系列主题新 闻发布会，请国家发展改革委党组成员、国家能源局局长王宏志介绍"十四五"时期能源高质量发展成 就，并答记者问。 5．国家新 ...

Group 1 - The National Development and Reform Commission (NDRC) is focusing on the "14th Five-Year Plan" to enhance domestic demand and stabilize employment, with input from various enterprises on their operational conditions and industry developments [1][2] - Enterprises are actively planning transformation and development to connect domestic and international markets, suggesting that the NDRC improve policies related to expanding domestic demand, promoting orderly competition, protecting intellectual property, and supporting green and low-carbon development [1][2] - The NDRC emphasizes the importance of leveraging China's institutional advantages, large market size, complete industrial system, and rich talent resources to respond to complex changes in the development environment and promote high-quality economic and social development [2] Group 2 - The NDRC will carefully consider the suggestions from enterprises during the planning process and encourages businesses to enhance confidence, seize opportunities, and engage in orderly market competition [2] - Key companies participating in the meeting include Shandong Wanhua Chemical Group, Jiangxi Jinko Energy, Sichuan XGIMI Technology, Guangdong Haida Group, and Jiangsu Tiangong Technology, indicating a diverse representation of industries [2]

郑栅洁主任表示，"十五五"时期，我国发展环境面临深刻复杂变化，同时中国特色社会主义制度优势、 超大规模市场优势、完整产业体系优势、丰富人才资源优势将更加彰显，我们要坚定发展信心，有效应 对各种风险挑战，持续推动经济社会高质量发展。对企业提出的意见建议，将在"十五五"规划编制工作 中认真研究吸纳。希望企业增强信心、抓住机遇，充分利用国内国际两个市场两种资源，有序开展市场 竞争，为扩内需、稳就业多作贡献。国家发展改革委将深入贯彻落实党中央、国务院决策部署，不断完 善扩内需政策举措，积极营造公平竞争市场环境，支持企业加快技术和产品创新、增加优质供给，扎实 稳就业扩就业、促进高质量充分就业。同时，加强政企常态化沟通交流，点面结合帮助解决企业实际困 难，促进民营经济健康发展、高质量发展。 编辑 刘佳妮 新京报讯 8月25日，国家发展改革委主任郑栅洁主持召开企业座谈会，围绕科学编制"十五五"规划，听 取关于扩内需、稳就业等方面意见建议。座谈会上，企业负责人逐一介绍自身生产经营和所在行业发展 情况，并对"十五五"时期发展提出了具体政策建议；郑栅洁主任认真听取企业发言，与大家深入沟通交 流。 山东万华化学集团、江西晶科能源、 ...

8月25日，国家发改委主任郑栅洁主持召开企业座谈会，围绕科学编制“十五五”规划，听取关于扩内需、稳就业等方面意见建议。不断完善扩内需政策举措，积极营造公平竞争市场环境，支持企业加快技术和产品创新、增加优质供给，扎实稳就业扩就业、促进高质量充分就业。同时，加强政企常态化沟通交流，点面结合帮助解决企业实际困难，促进民营经济健康发展、高质量发展。 ...

Economic Growth and Resilience - In the first half of 2025, China's GDP grew by 5.3%, reflecting strong growth resilience despite a complex global economic environment [1][2] - The growth was primarily supported by effective policy measures and a recovering domestic demand market [2][3] Policy Support and Domestic Demand - Fiscal and monetary policies worked in tandem to support economic growth, with a record issuance of special government bonds amounting to 555 billion yuan, an 18 percentage point increase from the previous year [2] - The recovery in domestic demand was driven by consumer confidence improvements and infrastructure investments, which countered the downturn in the real estate market [2][3] Consumer Market Dynamics - The consumer market showed signs of recovery, heavily influenced by government subsidies, particularly the "trade-in" policy, which contributed approximately 1.3 trillion yuan to consumer spending in 2024 [4][5] - Future consumer market growth will depend on stable income growth and enhanced consumer confidence, with a focus on optimizing the consumption environment [5][6] Investment Focus - Investment priorities for the second half of 2025 will center on high-quality infrastructure projects and strategic initiatives, particularly in new infrastructure sectors like 5G and renewable energy [8][14] - Policies will encourage private investment through improved business environments and market access [8][14] Export Market Challenges - The export landscape is expected to face increased pressure due to tariffs and global economic uncertainties, despite previous resilience [9][10] - Diversification of export markets has been a strategic focus, with ASEAN's share increasing while the U.S. share has decreased to 11.9% [9] Technological Innovation and Industry Upgrading - Policies will support technological innovation and industry upgrading, particularly in high-tech sectors like semiconductors and AI, through financial incentives and regulatory support [11][12] - The government aims to enhance the competitiveness of export products through innovation and improved trade structures [10][11] Employment Strategies - Employment stability is a priority, with measures to support entrepreneurship and job creation, particularly for youth [13][14] - The government will enhance vocational training and employment services to improve labor market outcomes [13] Macroeconomic Policy Outlook - The macroeconomic outlook for the second half of 2025 is optimistic, with coordinated policies expected to sustain growth [14][15] - Emphasis will be placed on balancing employment stability, economic growth, and risk management, with a focus on long-term sustainable development [15][16]

Core Points - The article emphasizes the importance of consolidating and expanding the achievements of poverty alleviation while effectively connecting them with rural revitalization, with 2025 marking the final year of a five-year transition period [2] - Employment expansion is highlighted as a key measure for consolidating poverty alleviation results, with local authorities implementing monitoring and support systems for returning migrant workers [2][3] - The effectiveness of rural revitalization funding directly impacts the implementation of the strategy, with increased investments in education, healthcare, housing, and infrastructure in regions like Liuzhou, Guangxi [2][3] Group 1 - The establishment of a supervisory working group in Liuzhou to ensure effective use of rural revitalization funds, involving multiple departments to prevent fund leakage [3] - In 2023, Liuzhou's disciplinary inspection and supervision led to 288 cases being filed regarding rural revitalization fund usage, with 123 individuals receiving disciplinary actions [3] - The focus on rural drinking water safety in Wanzhou District, with significant improvements noted in access to clean water for residents [4][5] Group 2 - Continuous monitoring and accountability measures are being implemented to ensure that poverty alleviation policies are effectively applied, particularly in low-income and underdeveloped areas [4][5] - In Yunnan Province, a public platform has been established to collect and address urgent issues related to poverty prevention and rural revitalization, leading to the identification of 362 problems this year [5]