Group 1 - The market opened lower and continued to decline due to panic sentiment over the weekend, but the overall profit-making effect was still decent, with nearly a hundred stocks hitting the daily limit despite 2,700 companies declining [3] - The Shanghai Composite Index fell more than the Nikkei, raising questions about the performance of domestic institutions [3] - Historical experience suggests that speculative trading in November is strong but often halts in December, indicating a potential early exit this year [3] Group 2 - The primary reason for the index decline is not geopolitical factors, as evidenced by the limited safe-haven sentiment in gold prices, but rather the depreciation pressure on the RMB, which affects the risk appetite for A-shares [6] - The index has tested the 20-day moving average at 3,970, which is a key support level to watch; a rebound is likely if volume increases, otherwise, the index may continue to decline [6] - A stabilization point is anticipated around Friday, following two days of reduced trading volume [6]

Core Points - The central point of the article is the depreciation of the Chinese yuan against the US dollar, coinciding with the Federal Reserve's decision to lower interest rates for the first time in 2025 [1] Group 1: Currency Exchange Rates - On September 18, the central parity rate of the yuan against the US dollar was reported at 7.1085, a depreciation of 72 basis points [1] - As of 9:34 AM on the same day, the yuan's exchange rate was 7.1085, reflecting a depreciation of 0.07%, while the offshore yuan rate was 7.1051, showing a depreciation of 0.04% [1] Group 2: Federal Reserve Actions - The Federal Reserve concluded a two-day monetary policy meeting on September 17, announcing a 25 basis point reduction in the federal funds rate target range to between 4.00% and 4.25% [1] - This marks the first interest rate cut by the Federal Reserve in 2025 and the first reduction in nine months since December of the previous year [1]