Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The current stance of China's monetary policy is supportive, implementing a moderately loose monetary policy. The market risk appetite has increased due to the strengthened expectation of the Fed's interest rate cut, and the US stock market has reached a record high [1]. - The Chinese capital market is in the initial stage of strategic allocation. The CSI 500 and CSI 1000 indices, which are rich in technology - growth components, are more aggressive, while the SSE 50 and CSI 300 indices, which are rich in dividend - blue - chip components, are more defensive [4][11]. - With the Fed entering the interest rate cut cycle, the policy space for the domestic central bank has expanded, but the short - term capital market has tightened, and the bond futures prices have fluctuated at a low level [13]. 3. Summary by Directory 3.1 Key Varieties - **Fats and Oils**: The night - session of fats and oils was weak. The production and export of Malaysian palm oil decreased in early September, and Argentina's cancellation of export taxes on soybean oil and soybean meal dragged down the short - term performance of the fats and oils sector [2][29]. - **Gold**: After the Fed's interest rate decision, gold and silver initially declined and then strengthened again, reaching a new high this week. The long - term driving force for gold remains clear, and the expectation of further interest rate cuts by the Fed has continued the bullish sentiment [3][20]. - **Stock Index**: The US stock market rose. The previous trading day's stock index rebounded. The 9 - month trend was more volatile, in the high - level consolidation stage, but the long - term strategic allocation period of the Chinese capital market has just begun [4][11]. 3.2 Main News on the Day - **International News**: The Indian Minister of Commerce and Industry will visit the US to reach a "mutually beneficial" trade agreement, indicating a relaxation of tensions between the two countries [6]. - **Domestic News**: Since the implementation of the "9·24" package of policies, the "stability" foundation of China's capital market has been continuously consolidated, and the "vibrant" ecosystem has been accelerating. The number of new A - share accounts in August increased significantly [7]. - **Industry News**: The State Council's Food Safety Office is promoting the formulation of national standards for pre - made dishes and the explicit use of pre - made dishes in the catering industry [8]. 3.3 Daily Returns of Overseas Markets - The FTSE China A50 futures rose 0.45%, ICE Brent crude oil fell 0.15%, ICE 11 - sugar fell 2.04%, and other varieties showed different degrees of change [9]. 3.4 Morning Comments on Main Varieties - **Financial**: - **Stock Index**: Similar to the previous analysis, the short - term is in a high - level consolidation stage, and the long - term is in the strategic allocation period [11]. - **Treasury Bonds**: Bond prices rose slightly. The central bank carried out a 14 - day reverse repurchase operation. It is recommended to wait and see in the short term [13]. - **Energy and Chemicals**: - **Crude Oil**: Night - session oil prices continued to fall. Iraq plans to resume oil exports, and the market is concerned about OPEC's production increase [14]. - **Methanol**: Methanol prices fell at night. The overall inventory of coastal methanol is rising, and it is expected to be short - term bearish [15]. - **Rubber**: Natural rubber prices stopped falling and stabilized. Supply is expected to increase, and there is a possibility of a short - term rebound [16]. - **Polyolefins**: Polyolefin prices fell. The market is expected to fluctuate in a low - level range [17][18]. - **Glass and Soda Ash**: Glass and soda ash futures prices fell. The market is in the process of inventory digestion, and attention is paid to the consumption in autumn [19]. - **Metals**: - **Precious Metals**: Gold and silver prices reached a new high. The long - term driving force for gold is clear, and the bullish sentiment continues [20]. - **Copper**: Copper prices fell slightly at night. The market is affected by multiple factors and may fluctuate within a range [21]. - **Zinc**: Zinc prices fell slightly at night. The supply may be in surplus in the short term, and prices may fluctuate weakly within a range [22]. - **Lithium Carbonate**: Weekly production increased, inventory decreased, and prices may fluctuate in the short term [23][24]. - **Black Metals**: - **Coking Coal and Coke**: The main contracts fluctuated in a narrow range, showing a high - level oscillating trend [25]. - **Iron Ore**: Steel mills have resumed production, and iron ore demand is supported. The market is expected to be oscillating and bullish [26]. - **Steel**: The supply pressure of steel is increasing, and the market supply - demand contradiction is not significant. The market is bullish, with hot - rolled coils stronger than rebar [27]. - **Agricultural Products**: - **Protein Meal**: Bean and rapeseed meal prices fell significantly at night. The US soybean harvest pressure will gradually emerge, and bean meal is expected to be under pressure [28]. - **Fats and Oils**: Similar to the previous analysis, the short - term performance is weak [29][30]. - **Sugar**: International sugar prices are in a stage of inventory accumulation and are expected to be weak. Domestic sugar prices are supported by low inventory but are also affected by import pressure [31]. - **Cotton**: International cotton prices have limited upward momentum, and domestic cotton prices are also under pressure. The short - term is expected to be oscillating and weak [32]. - **Shipping Index**: - **Container Shipping to Europe**: The EC index fluctuated, and the spot freight rate accelerated its decline at the end of September. The decline rate may slow down after the National Day, and attention is paid to the shipping companies' price - cut rhythm [33].

Core Viewpoint - The People's Bank of China (PBOC) emphasizes a monetary policy framework that is primarily domestic-focused, supportive, and data-driven, distinguishing it from the inflation-targeting approaches of major developed economies [1][2][3]. Group 1: Monetary Policy Principles - The principle of "taking the initiative" in monetary policy means that adjustments will be based on domestic economic conditions rather than merely following global trends [1][2]. - The supportive stance of monetary policy indicates a low interest rate environment, similar to a phase of moderate easing [1][4]. - The "data-based" approach signifies that monetary policy adjustments will rely heavily on economic data, making it more complex due to multiple targets [1][6][7]. Group 2: Economic Context and Expectations - Following the Federal Reserve's interest rate cuts, the PBOC has more room to maneuver its monetary policy, with some market participants anticipating potential rate cuts within the year [3][8]. - Recent economic data from July and August shows signs of weakness, prompting discussions about the likelihood of further rate cuts [8][10]. - Key economic indicators, such as retail sales and fixed asset investment, have shown a slowdown, reinforcing the need for supportive monetary measures [8][10]. Group 3: Future Policy Tools - The PBOC plans to utilize various monetary policy tools to ensure liquidity and support economic recovery, with a focus on reducing financing costs [8][9]. - The potential for new structural monetary policy tools has been highlighted, which could leverage commercial bank funding to stimulate investment [11].

Core Viewpoint - The risk of inflation is leaning towards the downside rather than the upside, according to European Central Bank Governing Council member Wunsch [1] Group 1: Inflation Risks - Energy price declines, a strengthening euro, and uncertain economic growth prospects are cited as reasons for the assessment of inflation risks [1] Group 2: Monetary Policy - Wunsch suggests that the neutral interest rate level may still be insufficient, indicating support for a moderately accommodative monetary policy [1]

国家市场监管总局认证监管司副司长杨冬介绍，截至2024年底，中国累计加入21个认证认可国际组织， 对外签署15份多边互认协议和150份双边合作文件，未来将持续提升国内国际标准一致性程度。就"出口 转内销"降本提效举措，市场监管总局将支持认证机构积极采信出口企业已有认证检测结果，缩短认证 办理时间。 中国工商银行、中国银行表示，将在强化融资支持、助力引流促销、支持拓宽市场等方面为外贸企业保 驾护航。 中国人民银行信贷市场司副司长余剑表示，下一步将坚持支持性货币政策，实施好适度宽松的货币政 策，保持流动性充裕。同时做好民营企业多元化融资，推动跨境贸易和投融资便利化，坚持以市场驱动 和企业自主选择为基础，围绕企业需求进一步完善跨境人民币相关政策、制度安排，让人民币更好用。 中新网北京5月9日电 由中华全国工商业联合会主办的外贸出口型民营企业赋能对接会8日在北京召开。 会上，商务部、中国人民银行、国家市场监管总局等部门宣讲支持民营企业发展政策举措，京东、阿里 巴巴等企业介绍支持方案，合力助外贸企业拓内销。 商务部市场体系建设司司长杨沐表示，商务部将在市场渠道、国内消费、财政金融和服务保障上加大支 持力度。就加大市场准 ...