Core Insights - Digital assets have transitioned from "marginal innovation" to "mainstream allocation," becoming a focal point in global financial markets due to advancements in digital technology, financial inclusivity, and clearer regulations [3][10] - Major economies are strategically positioning themselves in the digital asset space, making it a frontier for the reconstruction of financial systems and geopolitical competition [3][10] Digital Asset Overview - Digital assets generally consist of central bank digital currencies (CBDCs) and crypto assets, which include stablecoins, real-world assets (RWAs), and virtual assets [4] - As of August 2025, the total market capitalization of global crypto assets reached $3.9 trillion, with Bitcoin accounting for over 56% [4] - The U.S. is accelerating the establishment of a regulatory framework through various legislations, while the EU's Markets in Crypto-Assets (MiCA) regulation has come into full effect [4][10] Challenges in Digital Asset Development - Technological challenges include security vulnerabilities, interoperability issues, and the need for unified communication standards [5] - Regulatory challenges stem from fragmented rules and cross-border enforcement disputes, leading to high compliance costs [5] - Market challenges include insufficient liquidity in secondary markets and uncertainties regarding asset ownership and bankruptcy isolation [5] Future Directions for Digital Assets - The significance of developing digital assets lies in their potential to enhance economic efficiency and reduce transaction costs, particularly in facilitating data sharing and cross-border payments [6] - The value foundation of digital assets varies, with CBDCs having a clear value basis, while the stability of stablecoins depends on the market value and liquidity of their collateral [6] - The role of stablecoins in reshaping cross-border payment systems and the international monetary framework is under scrutiny, with challenges related to liquidity management and regulatory uncertainties [6] Global Monetary System Evolution - The international monetary system is showing signs of fragmentation due to geopolitical competition and technological changes, presenting opportunities for other reserve currencies [7] - Strengthening institutional frameworks and further opening capital accounts are essential for leveraging the advantages of digital assets [7] Thematic Exploration in Digital Assets - The October issue of Tsinghua Financial Review features a cover topic on global digital assets, inviting experts to discuss the interaction between digital assets and the monetary financial system from multiple dimensions [12]

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Views of the Report - The Shanghai copper main contract had a slight pullback, with a decrease in open interest, a spot premium, and a strengthening basis [2]. - At the mining end of the fundamentals, the spot index of copper concentrate TC is in the negative range, and the concentrate quotation remains firm, providing cost support for copper prices [2]. - In terms of supply, the supply of scrap copper and copper concentrate is relatively tight, which restricts the smelting capacity to some extent. Coupled with macro - factors such as the Fed's interest rate cut, copper prices are operating in a high - level range [2]. - On the demand side, the strong copper prices suppress the downstream purchasing sentiment, and the trading volume in the spot market is relatively light. At the terminal, the boost to demand in the peak season has not yet appeared, and the consumption recovery is relatively slow [2]. - In the options market, the purchase - to - sell ratio of at - the - money option positions is 1.33, a month - on - month decrease of 0.0385. The sentiment in the options market is bullish, and the implied volatility has slightly increased [2]. - Technically, for the 60 - minute MACD, the double lines are above the 0 - axis, and the green bars are expanding. The operation suggestion is to conduct light - position range - bound trading, paying attention to controlling the rhythm and trading risks [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper was 80,560 yuan/ton, a decrease of 320 yuan; the price of LME 3 - month copper was 10,006 dollars/ton, a decrease of 120.5 dollars [2]. - The inter - month spread of the main contract was 10 yuan/ton, an increase of 30 yuan; the open interest of the main contract of Shanghai copper was 147,464 lots, a decrease of 17,752 lots [2]. - The net position of the top 20 futures holders of Shanghai copper was - 11,447 lots, an increase of 1 lot; the LME copper inventory was 150,950 tons, a decrease of 1,675 tons [2]. - The inventory of cathode copper in the SHFE was 94,054 tons, an increase of 12,203 tons; the LME copper cancelled warrants were 15,800 tons, a decrease of 1,375 tons [2]. - The SHFE warrants of cathode copper were 33,291 tons, a decrease of 2,856 tons [2]. 3.2 Spot Market - The price of SMM 1 copper spot was 81,120 yuan/ton, an increase of 180 yuan; the price of 1 copper spot in the Yangtze River Non - ferrous Metals Market was 81,235 yuan/ton, an increase of 240 yuan [2]. - The CIF (bill of lading) price of Shanghai electrolytic copper was 56 dollars/ton, with no change; the average premium of Yangshan copper was 53.5 dollars/ton, with no change [2]. - The basis of the CU main contract was 560 yuan/ton, an increase of 500 yuan; the LME copper cash - to - 3 - month spread was - 59.26 dollars/ton, an increase of 2.67 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates was 2.5601 million tons, an increase of 0.2105 million tons; the copper smelter's roughing fee (TC) was - 41.3 dollars/kiloton, a decrease of 0.45 dollars [2]. - The price of copper concentrate in Jiangxi was 71,530 yuan/metal ton, an increase of 250 yuan; the price of copper concentrate in Yunnan was 72,230 yuan/metal ton, an increase of 250 yuan [2]. - The processing fee for blister copper in the south was 700 yuan/ton, with no change; the processing fee for blister copper in the north was 700 yuan/ton, with no change [2]. 3.4 Industry Situation - The output of refined copper was 1.301 million tons, an increase of 0.031 million tons; the import volume of unwrought copper and copper products was 425,000 tons, a decrease of 55,000 tons [2]. - The social inventory of copper was 418,200 tons, an increase of 4,300 tons; the price of 1 bright copper wire scrap in Shanghai was 56,170 yuan/ton, a decrease of 20 yuan [2]. - The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 590 yuan/ton, with no change; the price of 2 copper scrap (94 - 96%) in Shanghai was 68,650 yuan/ton, with no change [2]. 3.5 Downstream and Application - The output of copper products was 2.2219 million tons, an increase of 0.0526 million tons; the cumulative grid infrastructure investment was 331.497 billion yuan, an increase of 40.431 billion yuan [2]. - The cumulative real estate development investment was 6,030.919 billion yuan, an increase of 672.942 billion yuan; the monthly output of integrated circuits was 4,250,287,100 pieces, a decrease of 438,933,600 pieces [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper was 8.37%, an increase of 0.06%; the 40 - day historical volatility of Shanghai copper was 7.79%, an increase of 0.06% [2]. - The implied volatility of the at - the - money option in the current month was 14.07%, an increase of 0.0015; the purchase - to - sell ratio of at - the - money options was 1.33, a decrease of 0.0385 [2]. 3.7 Industry News - Nine departments including the Ministry of Commerce issued "Several Policy Measures to Expand Service Consumption", supporting cross - border cooperation between high - quality consumption resources and well - known IPs, etc. [2]. - US retail sales in August increased by 0.6% month - on - month, exceeding expectations for the third consecutive month. Real retail sales adjusted for inflation increased by 2.1% year - on - year, achieving 11 consecutive months of positive growth [2]. - PBOC Governor Pan Gongsheng pointed out in an article that the international dominant currency has the attribute of a global public good, and there are inherent instability problems when borne by a single sovereign currency. The international monetary system may evolve towards a pattern of co - existence, competition, and checks and balances among a few sovereign currencies [2]. - As of the end of August, the passenger vehicle industry inventory in China was 3.16 million units, a decrease of 0.13 million units from the previous month. From May to August, car companies more rationally controlled production, reducing the inventory pressure on dealers [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Through macro - fundamental and technical analysis, the report forecasts the trend of various futures on September 17, 2025, including股指期货,国债 futures, precious metal futures, base metal futures, energy futures, and agricultural product futures [2]. - The report also provides macro - news and transaction tips, as well as information on commodity futures from September 16, 2025 [7][10]. 3. Summary by Related Catalogs 3.1 Macro Information and Transaction Tips - Trump said he would talk with Chinese leaders, and the Chinese Foreign Ministry had no specific information to offer [7]. - Premier Li Qiang conducted research in Gansu and Qinghai, emphasizing innovation - driven and green development [7]. - Nine departments including the Ministry of Commerce issued policies to expand service consumption, proposing 19 measures in five aspects [7]. - PBOC Governor Pan Gongsheng pointed out the evolution trend of the international monetary system [7]. - The cancellation of the "restriction on overseas individuals' home - purchase in China" was a misinterpretation [8]. - The Ministry of Agriculture and Rural Affairs introduced the high - quality development of agriculture and rural areas, and re - emphasized the policy on rural housing and homestead [8]. - The US Senate approved Milan's nomination as a Fed governor, and the Fed's Cook was allowed to stay in office [8]. - US Treasury Secretary Baisent mentioned the market's expectation of Fed rate cuts [9]. - The US considered imposing tariffs on more steel, aluminum, and auto parts [9]. - The US House Republicans proposed a temporary spending bill, which might lead to bipartisan disputes [9]. - US retail sales and manufacturing output showed positive growth in August [9]. 3.2 Commodity Futures Information - On September 16, COMEX gold futures rose 0.23% to $3727.5/oz, and silver futures fell 0.19% to $42.88/oz [10]. - On September 16, US oil rose 1.97% to $64.55/bbl, and Brent crude rose 1.56% to $68.49/bbl [11]. - On September 16, most LME base metals closed higher, except for copper [11]. - OPEC + will discuss production capacity this week [11]. - The on - shore RMB against the US dollar rose 65 points, and the RMB central parity rate was raised by 29 points [11]. - The US dollar index fell 0.73% on September 16, and most non - US currencies rose [12]. 3.3 Futures Market Analysis and Forecast 3.3.1 Stock Index Futures - On September 16, IF2509, IH2509, and IC2509 had different trends, with some facing downward pressure and some rebounding [12][13]. - On September 16, IM2509 rose, with short - term upward momentum [14]. - In September 2025, IF, IH, IC, and IM are expected to have wide - range oscillations [16][17]. - On September 17, stock index futures are expected to have strong - side oscillations [2]. 3.3.2 Treasury Futures - On September 16, the ten - year T2512 rose, and most treasury futures closed higher [34]. - On September 16, the central bank conducted 2870 billion yuan of 7 - day reverse repurchase operations, with a net injection of 400 billion yuan [35]. - The short - end Shibor rates rose on September 16 [35]. - On September 16, the issuance of financial bonds by agricultural and state - owned banks had different yields and multiples [35]. - In September 2025, fiscal policy still has room for action [36]. - On September 17, T2512 and TL2512 are expected to have wide - range oscillations [2]. 3.3.3 Precious Metal Futures - On September 16, the new gold futures contract AU2512 set a new high since listing, with strong upward momentum [40]. - In September 2025, the gold futures continuous contract is expected to have strong - side oscillations and set a new high [43]. - On September 17, AU2512 is expected to have strong - side oscillations and set a new high [43]. - On September 16, the silver futures contract AG2512 set a new high since listing, with an upward trend [51]. - In September 2025, the silver futures continuous contract is expected to have strong - side oscillations and set a new high [51]. - On September 17, AG2512 is expected to have wide - range oscillations [52]. 3.3.4 Base Metal Futures - On September 16, the copper futures contract CU2510 had a slight decline, with short - term upward momentum weakening [56]. - In September 2025, the copper futures continuous contract is expected to have strong - side wide - range oscillations [56]. - On September 17, CU2511 is expected to oscillate and consolidate [56]. - On September 16, the aluminum futures contract AL2511 had a slight decline, with downward pressure increasing [62]. - In September 2025, the aluminum futures continuous contract is expected to have strong - side wide - range oscillations [63]. - On September 17, AL2511 is expected to oscillate and consolidate [63]. - On September 16, the alumina futures contract AO2601 rose, with short - term upward momentum [67]. - In September 2025, the alumina futures continuous contract is expected to have weak - side wide - range oscillations [67]. - On September 17, AO2601 is expected to have weak - side oscillations [67]. 3.3.5 Energy Futures - On September 16, the new crude oil futures contract SC2511 rose, with short - term upward momentum [102]. - In September 2025, the crude oil futures continuous contract is expected to have weak - side wide - range oscillations [102]. - On September 17, SC2511 is expected to have strong - side oscillations [102]. 3.3.6 Agricultural Product Futures - On September 16, the soybean meal futures contract M2601 had a slight decline, with short - term downward pressure [112]. - On September 17, M2601 is expected to have weak - side oscillations [112]. - On September 16, the soybean oil futures contract Y2601 rose, with short - term upward momentum [114]. - On September 17, Y2601 is expected to have strong - side oscillations [114]. - On September 16, the palm oil futures contract P2601 rose, with short - term upward momentum [117]. - On September 17, P2601 is expected to have strong - side oscillations [117].