Core Viewpoint - The article emphasizes the importance of focusing on export-oriented consumer companies with global manufacturing layouts, brand output capabilities, and channel integration advantages in the current changing external environment and policy dynamics [3]. Macro Summary - The Federal Reserve announced a 25 basis point rate cut, lowering the federal funds rate target range to 4.00%-4.25%, aligning with market expectations [3]. - In August, the U.S. CPI increased by 2.9% year-on-year, with a month-on-month increase of 0.4%. The core CPI rose by 3.1% year-on-year, with a month-on-month increase of 0.3% [3]. Cost Tracking - The exchange rate of the U.S. dollar against the Chinese yuan slightly depreciated, while the euro appreciated against the yuan [4]. - The shipping costs for various routes, including Europe, the U.S. East Coast, the U.S. West Coast, and Southeast Asia, have decreased year-on-year [4]. - The comprehensive index of the China Export Container Freight Index (CCFI) was 1125.30, down 38.11% year-on-year and 2.07% month-on-month [4]. Industry High-Frequency Data Tracking - The U.S. restaurant industry saw a decrease in the Restaurant Performance Index (RPI) to 99.7 in July, down 0.3% from June [5]. - The U.S. housing market index in September was 32, down 21.95% year-on-year, with existing home inventory increasing by 15.67% year-on-year [5]. - U.S. wholesale sales increased by 1.4% month-on-month in July, while retail sales rose by 0.6% in August [5]. - The export volume of golf carts from China decreased by 5.85% month-on-month and 72.12% year-on-year in July [5]. - Motorcycle exports from China saw a month-on-month decline of 3.17% but a year-on-year increase of 24.42% in August [5]. Recent Activities - The article mentions various upcoming industry events and reports, including discussions on transportation, new energy, electronics, coal, agriculture, and home appliances [20].

美联储降息后，各国利率如何分化 本报告导读： 美联储降息启动新一轮全球政策周期，利率分化与港币资金面紧张推动中长期配置 切换，关注美债、港币债及全球流动性传导格局变化，警惕流动性拐点下结构性机 会与风险并存。 投资要点： | [Table_Authors] | 王一凡(分析师) | | --- | --- | | | 021-38031722 | | | wangyifan4@gtht.com | | 登记编号 | S0880524120001 | | | 唐元懋(分析师) | | | 0755-23976753 | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | [Table_Report] 相关报告 市场活跃度回落，指数振幅收窄 2025.09.21 2025 年四季度的债市，还能"先弱后强"吗 2025.09.21 银行二永债周度数据库更新（2025.9.12-9.19） 2025.09.21 长端补跌，曲线继续走陡 2025.09.21 大行融出税期短暂跌破 4 万亿 2025.09.21 债 券 研 究 债券研究 /[Table_Date] ...