【文 观察者网 周远方】9月中旬，东北—华北的大片玉米陆续进入蜡熟期：乳白线在玉米籽粒1/2以 上，轻捏玉米粒和粉碎后的青贮料，手感湿润却挤不出水，正是做青贮的黄金窗口。 牧场信息工作人员从地头回来，实时监督着田间玉米的留茬高度、切割长度、籽粒破碎程度等关键数据 及时回传；4小时内，这些连棒带叶的整株玉米将被压进密封窖。 在1000公里外的东北黑土地，相似的场景同步发生，在去年收储60多万吨青贮的基础上，认养一头牛今 年的总收青贮量进一步增加十几万吨，其中东北占比超40%。 发酵2个月左右，就成为超10万头奶牛越冬的最佳营养口粮。 9 月 23 日，抢收依然紧锣密鼓地进行着，农民们迎来丰收节。《人民日报》评论，稳固大国粮仓、端 牢中国饭碗，必须靠技术吃饭。 政治局7月末会议再次强调的"纵深推进全国统一大市场"，在这里有了具体的模样： 东北黑土地的蜡熟玉米、山东-河北的灌装工厂、杭州的算法、九大RDC物流仓、云上电商、全国零售 渠道的货架——被同一串数据串进一本账。 一、一杯黑土牛奶的"全国统一大市场"接力 一杯从黑龙江安达出发的 A2 β-酪蛋白有机纯牛奶，20 天左右就能抵达全国货架。 以安达有机牧场为 例 ...

Group 1 - Morgan Stanley's chief economist for China, Xing Ziqiang, maintains the view that China's economy will exhibit a "high first, low later" trend by 2025, with a mild support policy expected to be introduced by the end of September or October, amounting to less than one trillion yuan [1][10][13] - The proposed support policy includes a plan to invest approximately 3 trillion yuan to acquire 1.5 million residential units in first- and second-tier cities, converting them into affordable housing to stabilize the real estate market and enhance the social security system [2][32][34] - The focus of the upcoming "14th Five-Year Plan" will be on stabilizing the real estate market, promoting a unified national market, and advancing new productive forces [18][20][21] Group 2 - The chemical industry and the outbound Chinese innovative pharmaceutical sector are identified as two significant investment opportunities, particularly in the context of global market dynamics [8][6] - The anticipated support policy is expected to be mild, with a total investment of around 500 billion to 1 trillion yuan, aimed at addressing the economic downturn observed in July and August [9][14][13] - The central government's intervention in the real estate market is deemed necessary to reduce inventory and improve market expectations, particularly in first- and second-tier cities [22][24][32] Group 3 - The social security system's reform is crucial for increasing consumer confidence, with a target to raise the consumption share of GDP from below 40% to between 45% and 48% by 2030 [36][38][40] - The financial implications of enhancing the social security system are significant, with estimates suggesting an annual increase in central government subsidies to the social security fund by 1% of GDP, potentially costing 3 to 4 trillion yuan over five years [42][44] - The U.S. Federal Reserve is expected to lower interest rates by nearly 100 basis points, which may lead to a depreciation of the dollar and reduced attractiveness of U.S. Treasury bonds, impacting global asset prices [45][48][49]

实现产业链集聚并形成网络效应，"链式招商"能够对产业链上下游企业形成有效吸引力。比如，江西信 丰县通过链式招商，集聚30多家印刷电路板上市企业，发展成全国知名的产业集聚区。大族数控、景旺 电子等龙头企业落户后，上下游企业纷纷跟进。完善产业上下游配套，助力企业降低生产成本，这本身 就是地域发展的重要竞争优势。 从培育产业链生态出发的"链式招商"，会释放出"以商招商"的内生动力。这其中起关键作用的是龙头企 业。一家龙头企业的落地，意味着研发、配套、物流、服务等一整套上下游环节的随之聚合。因此，现 在的招商引资不能停留在"引来一企"，而是要"带动一批、繁荣一链"。 现在的招商引资不能停留在"引来一企"，而是要"带动一批、繁荣一链" 一段时间以来，各地招商引资的新思路、新变化引人深思。上海虹口区推行"基金、土地、场景、会 展"招商模式，江西赣州市通过链式招商、以商招商等方式培育产业生态；陕西西安市绘制重点产业链 招商图谱……各地的实践表明，招商引资正从"拼优惠"转向"拼生态"。 今天，全国统一大市场建设有序推进，违规实施优惠政策被明令禁止，企业更加期待公平有序的市场环 境、长期可持续的发展前景。面对企业的更高需求，应 ...

Group 1 - The Ministry of Commerce emphasizes the integration of long-term rectification matters with the new deployment and requirements of the 20th Central Committee's Third Plenary Session regarding business work [1] - The ministry is conducting investigations into issues that hinder the establishment of a unified national market, aiming to enhance the construction of this market with more effective measures [1] - There is a focus on enriching the legal and regulatory standards in the commercial circulation sector and promoting the introduction of economic policy documents [1] Group 2 - The ministry aims to strengthen the national digital service export base and enhance the international competitiveness of digital trade enterprises [1] - There is an increased effort to implement foreign investment policies and optimize the evaluation of foreign investment promotion effectiveness [1] - The ministry is actively pursuing bilateral and multilateral economic and trade cooperation, including the process of joining CPTPP and DEPA [1] Group 3 - The ministry is committed to advancing strict governance within the party, ensuring adherence to Xi Jinping's thoughts, and updating the integrity risk list at the ministerial level [1] - There is a focus on improving the accountability mechanisms for leadership and conducting regular warning education to enhance work style [1] - The goal is to build a high-level, professional team for foreign trade and investment with strong political integrity and capabilities [1]

人民财讯9月22日电，中共国家市场监督管理总局党组发布关于二十届中央第三轮巡视整改进展情况的 通报，下一步，持续健全新业态新模式常态化监管制度，着力提升穿透式监管能力。加快编制《健全国 家标准体系实施方案》。持续推动《食品安全法》修订工作，坚决守牢食品安全底线。强化产品质量全 周期监管，保障人民群众生命财产安全。加快推进构建全国统一大市场，健全反垄断法律规则体系，完 善公平竞争审查制度。开展市场监管系统执法干部能力提升三年行动，制定《关于加强市场监管所所长 能力建设的意见》，按计划完成市场监管信息化工程，持续开展现有信息系统整合共享，全面提升市场 综合监管能力和水平。 ...

根据党中央统一部署，2024年4月15日至7月19日，中央第五巡视组对商务部党组开展了常规巡视。2024 年10月19日，中央第五巡视组向商务部党组反馈了巡视意见。按照巡视工作有关要求，现将巡视整改进 展情况予以公布。 一、党组履行巡视整改主体责任情况 商务部党组深入学习贯彻习近平总书记关于党的建设的重要思想、关于党的自我革命的重要思想以及关 于巡视整改的重要讲话精神，坚持把抓好巡视整改作为一项重大政治任务，深刻领悟"两个确立"的决定 性意义，坚决做到"两个维护"，把巡视整改与贯彻落实党的二十届三中全会和中央经济工作会议精神结 合起来，与纵深推进全面从严治党结合起来，扎实做好"后半篇文章"，以整改实效推动商务高质量发 展。 （一）坚持思想引领，强化整改政治自觉。部党组召开会议，深入学习贯彻习近平总书记听取二十届中 央第三轮巡视情况汇报时的重要讲话精神，研究部署巡视整改工作。深学细悟习近平总书记关于巡视工 作重要论述，认真学习贯彻《中国共产党巡视工作条例》，切实把思想和行动统一到党中央决策部署上 来，坚持问题导向、动真碰硬，以严肃态度、有力举措、扎实作风全力抓好整改落实。 （二）坚持以上率下，健全整改工作机制。 ...

赵庚晟代表中国汽车流通协会向出席活动的领导嘉宾表示欢迎，向十堰市委市政府的鼎力支持表示感谢。他表示，十堰因车而建，因车而兴，是全国汽 车产业化程度最高、链条最完整、集群优势最明显的区域之一。面对行业多层次、多元化发展趋势，要抢抓宏观政策窗口期，主动融入服务全国统一大市场 建设，推动新能源汽车产业由大制造向大流通转变，由卖产品向卖服务升级，实现"制造+生产性服务业"双轮驱动转型。 刘世锦对本届交易会的召开表示祝贺。他说，我国新能源汽车产业在过去二十年取得了令人瞩目的成就，连续十年产销保持全球第一，已成为拉动中国 经济增长的重要引擎和重要支撑。当前，我国新能源汽车高增长态势延续，反内卷治理与技术革命双轮驱动产业格局正加速重构。未来，随着技术创新不断 突破、应用场景不断丰富、国际化程度不断提高，新能源汽车产业必将继续为中国经济发展注入新动能。十堰在汽车产业方面有着深厚的积淀，希望十堰在 跨界融合重构产业生态、持续拉长产业链条、优化市场配置机制、促进新能源汽车出口上做文章，进一步提升产业链现代化水平，加快在全国新能源汽车产 业发展中脱颖而出。 黄剑雄代表市委市政府向莅临盛会的各位领导、各位嘉宾表示诚挚欢迎。他说，零部 ...

Macro Information and Commentary - Fixed asset investment in August showed a cumulative year-on-year growth rate decline to 0.50%, with infrastructure investment at 5.42%, manufacturing investment at 5.10%, and real estate development investment at -12.90% [2][3] - Retail sales of consumer goods in August had a month-on-month year-on-year growth rate of 3.40%, dragging the cumulative growth rate down to 4.60%, the lowest level since 2025 [3] - The A-share market experienced fluctuations from September 15 to September 19, with the Shanghai Composite Index down 1.30% and the ChiNext Index up 2.34% [4] Investment Recommendations - The A-share market is expected to operate in a "slow bull" trend under the guidance of policies aimed at stabilizing the stock market, with a likelihood of gradual upward movement in September [4] - Focus areas for investment include anti-involution sectors, technology-related artificial intelligence sectors, and large environmental protection sectors [5] North Exchange Overview - As of September 19, 2025, the North Exchange had 276 listed stocks, with a total market value of approximately 921.74 billion yuan, a decrease of 1.40% from the previous week [6][7] - The newly listed company N Shichang saw a significant increase of 271.56% in its stock price during its first week of trading [6] North Exchange Liquidity - The average trading volume on the North Exchange decreased by 13.21% to 1.147 billion shares, and the average trading amount fell by 14.73% to 27.234 billion yuan [7] - The average turnover rate also declined, indicating reduced liquidity in the market [7] Industry Performance on North Exchange - Among the 24 primary industries represented on the North Exchange, the environmental and transportation sectors showed the highest growth rates of 6.08% and 3.60%, respectively, while the construction materials and decoration sectors experienced declines of -6.65% and -5.04% [8]

每天晨光熹微中，郑州东站数十列银白色动车组整装待发，犹如一支支蓄势待发的箭矢，即将沿 着"米"字形高铁网通向四面八方。 天时地利聚英才。9月19日，第三届全国技能大赛在郑州开幕，3420名参赛选手将在竞技场上续 写"技能照亮前程"的中国故事。 "本届大赛在郑州举办，既是国家对河南及郑州技能人才队伍建设成果的肯定，也是基于郑州无可 替代的战略区位和超级交通枢纽优势的综合考量。"见证郑州航空业蓬勃发展的南航河南公司工作人员 杨现利告诉记者，郑州密集的国内航线网络为远距离的嘉宾和选手提供了快捷选择，此外大赛还涉及大 量精密设备、工具、布展材料的运输，郑州的"航空+铁路+公路"等多式联运体系为此提供了完美解决 方案。 枢纽优势铸就发展新引擎，机遇之城扬帆正当时。纵横交错的高铁网络、辐射全球的航空运输、贯 通南北东西的公路网在此交会，正赋予郑州这座千年商都前所未有的发展动能与时代机遇。郑州交通优 势正转化为流通优势，为融入服务全国统一大市场建设提供坚实的物流支撑。 "米"字形高铁网 重塑经济地理格局 高效互联互通的基础设施，是全国统一大市场建设的血脉经络。郑州如何发挥区位交通优势，更好 地服务国内国际双循环？在"米"字 ...

Report Industry Investment Rating - The rating for stock index is "Volatility" [4] Core Viewpoints of the Report - This week, the A-share market showed a pattern of rising and then falling, with obvious divergence in market confidence. The A-share market pricing is confusing and shows obvious characteristics of building a top at a high level. It is recommended to take appropriate profit-taking [2][10] Summary by Relevant Catalogs 1. One-week Views and Overview of Key Macroeconomic Events - **Next Week's Viewpoint**: Pay attention to the change in risk appetite after the Sino-US talks. It is recommended to take appropriate profit-taking due to the confusing pricing clues and obvious high-level topping characteristics in the current A-share market [2][10] - **This Week's Key Events**: - On September 15, an important article by the national leader will be published in Qiushi Magazine, aiming to rectify chaos in enterprise competition and government procurement [11] - On September 15, the economic data for August showed a weakening trend, with declines in consumption, industrial added value, investment, etc [12] - On September 16, 9 departments jointly issued policies to expand service consumption [13] - On September 16, the Premier of the State Council investigated new quality productivity-related fields [14] - On September 17, the Ministry of Commerce will select 50 new consumption pilot cities [15] - On September 18, it was reported that China's R & D investment intensity in 2024 exceeded the EU average [16] - On September 19, the President of China had a phone call with the President of the United States [17] - On September 19, the State Council executive meeting studied policies on implementing domestic product standards in government procurement [18] 2. One-week Market Quotes Overview - **Global Stock Market Weekly Overview**: From September 15 - 19, global stock markets denominated in US dollars rose. The MSCI Global Index increased by 0.99%, with emerging markets (+1.55%) > developed markets (+0.97%) > frontier markets (-0.01%). The Dutch stock market led the world with a 6.23% increase, while the Australian stock market performed the worst with a 2.17% decline [20] - **Chinese Stock Market Weekly Overview**: During the same period, Chinese equity assets were differentiated, with Hong Kong stocks > Chinese concept stocks > A-shares. The average daily trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2518.1 billion yuan, a 191.4 billion yuan increase from last week. The ChiNext Index rose 2.34%, performing the best, while the Shanghai 50 Index fell 1.98%, performing poorly [23] - **Weekly Overview of GICS Primary Industries in Chinese and Foreign Stock Markets**: Most global GICS primary industries rose this week, with the information technology industry leading (+2.47%) and the real estate industry performing poorly (-1.32%). In the Chinese market, the real estate industry led the rise (+1.94%), while the financial industry lagged (-3.90%) [27] - **Weekly Overview of China's A-share CITIC Primary Industries**: This week, 16 out of the A-share CITIC primary industries rose (26 last week), and 14 fell (4 last week). The coal industry led the rise (+3.59%), while the banking industry lagged the most (-4.09%) [30] - **Weekly Overview of China's A-share Style**: The large-cap growth style was dominant this week [34] - **Overview of Futures Basis**: Information on the basis of IH, IF, IC, and IM in the past 6 months is provided [37][41] 3. Index Valuation and Earnings Forecast Overview - **Broad-based Index Valuation**: Valuation data such as PE and PB of various broad-based indexes this week, their eight-year percentile, and changes from the beginning of the year are presented [42] - **Primary Industry Valuation**: Valuation data such as PE and PB of various primary industries this week, their eight-year percentile, and changes from the beginning of the year are presented [43] - **Broad-based Index Equity Risk Premium**: The ERP of the CSI 300 rose rapidly this week, while that of the CSI 500 and CSI 1000 declined slightly [44][49] - **Consensus Earnings Growth Forecast for Broad-based Indexes**: The expected earnings growth rate of the CSI 300 in 2025 was raised to 7.40%, and in 2026 was lowered to 8.53%. For the CSI 500, the 2025 rate was lowered to 32.14%, and the 2026 rate was raised to 18.08%. For the CSI 1000, the 2025 rate was raised to 38.54%, and the 2026 rate was lowered to 20.77% [50] 4. Liquidity and Capital Flow Tracking - **Interest Rates and Exchange Rates**: This week, the 10-year bond yield declined, the 1-year yield rose, and the spread narrowed. The US dollar index was 97.7, and the offshore RMB was 7.11 [56] - **Trading Capital Tracking**: This week, the average daily trading volume of northbound funds increased by 12 billion yuan compared to last week, and the margin trading balance increased by 50.8 billion yuan [59] - **Capital Inflow Tracking through ETFs**: There are 29 ETFs tracking the CSI 300, 27 tracking the CSI 500, 15 tracking the CSI 1000, and 39 tracking the CSI A500. This week, the share of ETFs tracking the CSI 300 decreased by 600 million shares, the CSI 500 by 200 million shares, the CSI 1000 by 300 million shares, and the CSI A500 by 500 million shares [62][66] 5. Tracking of Domestic Macroeconomic High-frequency Data - **Supply Side**: The tire production rate rebounded slightly [69] - **Consumption Side**: Real estate transactions remained sluggish, but the year-on-year growth rate of passenger car wholesale sales rebounded, and the crude oil price dropped to around $67 per barrel [77][87] - **Inflation Observation**: The prices of production materials weakened, while agricultural product prices rebounded [89]