Report Core View - The report focuses on the new energy installation progress in the power industry and provides an overview of mid - level events, industry status, and key data in various industries [1] Industry Overview Production Industry - On September 24, 2025, President Xi Jinping announced China's new national independent contributions at the United Nations Climate Change Summit. By 2035, China aims to reduce the net greenhouse gas emissions in the entire economy by 7% - 10% from the peak, increase the share of non - fossil energy consumption in the total energy consumption to over 30%, increase the total installed capacity of wind and solar power to more than 6 times that of 2020, striving for 36 billion kilowatts, reach a forest stock volume of over 240 billion cubic meters, make new energy vehicles the mainstream of new vehicle sales, cover major high - emission industries in the national carbon emissions trading market, and basically build a climate - resilient society [1] Service Industry - Nine departments including the Ministry of Commerce issued 13 policy measures to promote service exports, aiming to boost the high - quality development of service trade. These measures include leveraging existing funds, enhancing the guiding fund's role, optimizing tax - free procedures, and increasing export credit insurance support. Support is also provided for international data service businesses in areas like the Lin - gang New Area of the Shanghai Free Trade Pilot Zone and the Hainan Free Trade Port, and for establishing international data and cloud - computing centers in relevant areas [2] Upstream - In infrastructure, cement prices have increased; in agriculture, the prices of eggs and palm oil have declined [2] Midstream - The polyester operating rate in the chemical industry has slightly decreased [3] Downstream - In the real estate sector, the sales of commercial housing in first - and second - tier cities have declined; in the service sector, the number of domestic flights has remained stable [3] Key Data Agricultural Products - On September 24, the spot price of corn was 2,288.6 yuan/ton with a year - on - year decrease of 0.12%, the spot price of eggs was 7.8 yuan/kg with a - 3.13% change, the spot price of palm oil was 9,040 yuan/ton with a - 4.50% change, the spot price of cotton was 15,090.8 yuan/ton with a - 1.50% change, the average wholesale price of pork was 19.6 yuan/kg with a - 0.81% change [37] Metals - On September 24, the spot price of copper was 80,060 yuan/ton with a - 0.67% change, the spot price of zinc was 21,824 yuan/ton with a - 1.45% change, the spot price of aluminum was 20,693.3 yuan/ton with a - 1.02% change, the spot price of nickel was 122,633.3 yuan/ton with a - 0.31% change, the spot price of aluminum was 17,031.3 yuan/ton with a - 0.18% change, the spot price of螺纹钢 was 3,195 yuan/ton with a 1.49% change, the spot price of iron ore was 813.7 yuan/ton with a 0.76% change, the spot price of wire rod was 3,375 yuan/ton with a 0.75% change, the spot price of glass was 14.3 yuan/square meter with no change [37] Others - On September 24, the spot price of natural rubber was 14,983.3 yuan/ton with a - 0.72% change, the China Plastic City price index was 790.7 with a - 0.33% change, the spot price of WTI crude oil was 63.4 dollars/barrel with a 0.17% change, the spot price of Brent crude oil was 67 dollars/barrel with a - 0.70% change, the spot price of liquefied natural gas was 3,802 yuan/ton with a - 1.81% change, the coal price was 788 yuan/ton with a 1.03% change, the spot price of PTA was 4,572.9 yuan/ton with a - 1.64% change, the spot price of polyethylene was 7,350 yuan/ton with a - 0.63% change, the spot price of urea was 1,655 yuan/ton with a - 1.05% change, the spot price of soda ash was 1,262.5 yuan/ton with no change, the national cement price index was 134.1 (compared to 114.3) with a 2.68% change, the real - estate building materials comprehensive index had a 0.24% change, and the national concrete price index was 91.7 with a - 0.08% change [37]

Core Viewpoint - Accelerating the development of service trade is a crucial measure for expanding high-level opening-up and cultivating new momentum for foreign trade development [1][2] Group 1: Policy Measures - The Ministry of Commerce and nine other departments issued the "Several Policy Measures to Promote Service Exports," which aims to enhance service export support and promote high-quality development of service trade [1] - The policy includes 13 specific measures such as utilizing existing funding channels, enhancing innovation development guidance funds, optimizing zero tax rate declaration procedures, and increasing export credit insurance support [1][2] - It emphasizes improving the information-sharing mechanism with insurance institutions, enhancing financial service supply for small and micro enterprises, and optimizing the insurance service process [1] Group 2: International Data Services - The policy supports the development of international data service businesses in designated areas like the Shanghai Free Trade Zone and Hainan Free Trade Port [2] - It encourages the establishment of international data centers and cloud computing centers to meet the needs of various enterprises [2] - The policy also promotes the integration of foreign and domestic currency pools for multinational companies, facilitating internal fund allocation [2] Group 3: Market Expansion Support - The policy aims to enhance the role of service trade intermediary organizations in helping enterprises explore international markets by providing legal support such as intellectual property protection and dispute resolution [2] - It includes the creation and regular updating of a directory of renowned international service trade exhibitions to support enterprises in participating in domestic and international events [2] - The policy encourages enterprises to host exhibitions abroad and cultivate their own brands to assist in expanding international market reach [2]

宏观要闻 商务部等九部门发布13条措施支持服务出口 据商务部网站周三发布消息，商务部会同中央网信办、财政部等八个部门印发《关于促进服务出口的若 干政策措施》，提出一系列具体举措。《措施》特别提到，要加快发展国际数据服务业务。支持在上海 自贸试验区临港新片区、海南自由贸易港等有条件的地区开展国际数据服务业务。适应服务贸易新业态 新模式发展需要，支持在自贸试验区、海南自由贸易港、国家服务业扩大开放综合试点示范地区等建立 国际数据中心和云计算中心，面向各类有需求的企业提供数据处理服务。 前8个月新开工改造城镇老旧小区2.17万个 住房和城乡建设部周三发布消息，2025年，全国计划新开工改造城镇老旧小区2.5万个。根据各地统计 上报数据，1-8月份，全国新开工改造城镇老旧小区2.17万个。分地区看，河北、辽宁、重庆、江苏、 安徽、重庆、新疆生产建设兵团已全部开工。 商务部称中国在世贸谈判中将不寻求新的特殊和差别待遇 ...

Market Overview - The market showed mixed performance in early trading, with the ChiNext Index leading gains, rising over 4% [1] - As of the midday close, the Shanghai Composite Index was at 3881.07 points, up 0.33%, with a trading volume of 707.7 billion yuan; the Shenzhen Component Index was at 12639.72 points, up 1.34%, with a trading volume of 1020.5 billion yuan; the ChiNext Index was at 2808.08 points, up 2.41%, with a trading volume of 494.6 billion yuan; the Sci-Tech 50 Index rose 4.16% to 1323.76 points, with a trading volume of 69.8 billion yuan [1] - The total trading volume for both markets reached 1.73 trillion yuan, an increase of 48.3 billion yuan compared to the previous trading day [1] Sector Performance - Sectors such as semiconductors, CPO, AI glasses, and rare earth permanent magnets saw significant gains, while sectors like liquor, coal, insurance, and poultry farming experienced declines [1][2] - CPO and other computing hardware stocks surged, with companies like New Yisheng reaching historical highs [2] - Chip stocks also saw a resurgence, with companies like Changchuan Technology hitting the daily limit [2] - Rare earth permanent magnet concept stocks were active, with Beikong Technology reaching the daily limit [2] Institutional Insights - Zhonghai Fund believes that the A-share market will continue its bullish trend in the short term, but volatility is expected to increase as indices rise. They advise investors to wait for pullbacks to focus on growth blue chips at lower valuations [3] - CITIC Securities highlights the State Council's issuance of opinions on deepening the integration of "Artificial Intelligence+" across various sectors, aiming for over 90% penetration of new intelligent terminals and agents by 2030. They recommend focusing on the embodied intelligent industry chain and potential disruptive opportunities from new technologies [3] Policy Developments - The Ministry of Commerce announced measures to promote and regulate cross-border data flow and accelerate the development of international data services. This includes enhancing export credit insurance support and improving financial services for small and medium-sized enterprises [4] Industrial Profit Trends - According to the National Bureau of Statistics, from January to July, profits of large-scale industrial enterprises fell by 1.7% year-on-year, totaling 40,203.5 billion yuan. State-owned enterprises saw a profit decline of 7.5%, while private enterprises and foreign-invested enterprises experienced a profit increase of 1.8% [5]

Core Points - The State Council Information Office held a press conference on August 27 to discuss the development of China's service trade and the preparation progress for the 2025 Service Trade Fair [1] - The Ministry of Commerce's Service Trade Division Director, Kong Dejun, announced that policies to promote service exports will be released soon [1] Financial Policy - The government will increase support for export credit insurance and enhance the precision of related policies [1] - There will be a focus on providing more financial services to small and micro enterprises and improving the convenience of insurance services [1] Regulatory Facilitation - The government plans to improve bonded supervision systems to facilitate personnel exchanges and promote inbound consumption [1] - Efforts will be made to enhance the convenience of service trade fund settlements and encourage the transformation and transaction of intellectual property [1] - The initiative will also promote and regulate cross-border data flow and accelerate the development of international data service businesses [1] International Market Expansion - The government aims to leverage service trade intermediary organizations to assist enterprises in exploring international markets [1] - Support will be provided for companies to participate in overseas exhibitions [1]

Core Viewpoint - The Ministry of Commerce is set to release new policies aimed at promoting service exports, focusing on financial support, regulatory facilitation, and international market expansion [1] Financial Policy - The government will enhance export credit insurance support and improve the precision of related policies [1] - There will be an increase in financial services aimed at small and micro enterprises, along with efforts to enhance the convenience of insurance services [1] Regulatory Facilitation - The government plans to refine customs supervision systems to facilitate personnel exchanges and promote inbound consumption [1] - Efforts will be made to improve the convenience of service trade fund settlements and encourage the transformation and transaction of intellectual property [1] - The initiative will also support the regulated cross-border flow of data and accelerate the development of international data service businesses [1] International Market Expansion - The government aims to leverage service trade intermediary organizations to assist companies in exploring international markets [1] - Support will be provided for enterprises to participate in overseas exhibitions [1]