10月10日，截至13时25分，金融科技板块下挫，中证金融科技主题指数下跌2.48%，成份股大面积飘 绿，星环科技-U领跌7.32%，指南针下跌6.59%，信安世纪下跌6.37%。上涨方面，先进数通逆市领涨 10.87%，电科数字、恒银科技、大智慧跟涨。 热门ETF方面，百亿金融科技ETF（159851）场内价格下跌超2%，回落至60日均线附近，成交近5亿 元，盘中持续溢价，资金午后加速抢筹，实时净申购6200万份，此前近20日资金已加码超20亿元。 西部证券近期研报表示，建议持续关注流动性充裕+风险偏好改善下TO C金融科技板块投资机会，未来 技术与流量仍是竞争核心驱动。金融信息服务商作为强贝塔板块，增量资金持续入市有望进一步打开其 业务成长空间，从而迎来盈利和估值双击。 风险提示：金融科技ETF被动跟踪中证金融科技主题指数，该指数基日为2014.6.30，发布日期为 2017.6.22，该指数2020-2024年年度涨跌幅分别为：10.46%、7.16%、-21.40%、10.03%、31.54%，指数 成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表现。文中指数成份股仅作 展示，个股 ...

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以下文章来源于经济观察报 ，作者欧阳晓红 经济观察报 . 经济观察报是专注于财经新闻与经济分析的全国性综合财经类媒体，创办于2001年。聚焦商道、商技和 商机，以锐度、悦度、广度、深度的报道形成了权威的媒体公信力和影响力。 一场宏大浪潮激起的不同浪花。 美联储降息后，美元指数走弱，年内跌幅近10%，而人民币汇率稳中向好，年内涨幅为 2.46%；这可能是系统性变量的拐点。它意味着，世界在寻找美元之外的相关资产锚。 在此背景下，人民币的"三角功能"可能在跃迁：从"结算货币"渐趋进阶至"投资货币"， 并逐步试探"储备货币"的边界。 国 际 货 币 基 金 数 据 显 示 ， 2025 年 一 季 度 ， 人 民 币 全 球 外 储 占 比 2.12% （ 2463 亿 美 元），位列第六，低于美元（57.74%）、欧元（20.06%）、英镑（5.12%）、日元 （5.15%）和加元（2.63%）。 有分析认为，尽管中国金融市场持续开放，人民币国际化目前仍处于一个"螺旋上升"但 面临结构性挑战的阶段。例如，中国经济的全球影响力巨大，但人民币的国际地位与之 并不匹配。未来的推进策略是一项需要多管齐下、稳扎稳打的系统性工 ...

节后首个交易日（10月9日），沪指10年来首次突破3900点整数关口，市场放量成交，大金融盘中异动 明显。金融科技水下拉升翻红，信安世纪领涨超6%，高伟达、神州信息、恒生电子等多股涨超2%，财 富趋势、同花顺等炒股软件涨超1%。 责任编辑：杨赐 创新方面，上海成立数币运营中心，金融创新再迎新举措。9月24日，数字人民币国际运营中心在上海 正式运营。数字人民币国际运营中心由中国人民银行数字货币研究所筹建和管理，负责建设运营数字人 民币跨境和区块链基础设施，本次同步推出跨境数字支付平台、区块链服务平台和数字资产平台等3大 数字人民币运营平台。 多角度把握金融科技机会，建议重点关注金融科技ETF（159851）及其联接基金（A类013477、C类 013478），标的指数全面覆盖了互联网券商、金融IT、跨境支付、AI应用、华为鸿蒙等热门主题。截 至9月30日，金融科技ETF（159851）最新规模超120亿元，近1个月日均成交额超10亿元，规模、流动 性在跟踪同一标的指数的6只ETF中断层第一！ 数据来源：沪深交易所等。 风险提示：金融科技ETF被动跟踪中证金融科技主题指数，该指数基日为2014.6.30，发布日期 ...

可以试想这样的场景：2025年的秋天，上海的一家中型汽车零部件出口商，在完成一笔对南非客户的订单时，用人民币完成了全流程的报价、结算和资金回 流。 这家企业财务总监可能会告诉你，这不是政策要求，也没有补贴推动，只是对方开口就问能不能用人民币收款。 如此回答，折射出这个时代里的悄然之变。今年二季度，中国企业跨境交易人民币结算占比首次超过美元。 中国人民大学国际货币研究所（IMI）在交通银行、商务部的支持下，2024年以来，进行了四次企业跨境人民币观察问卷调查（每个季度收回企业问卷数量 在1090—1793之间）。调查结果显示，越来越多的企业包括外资和第三国贸易对手，主动要求人民币结算。其中，2024年四季度，68%的受访企业使用人民 币进行跨境贸易结算，40%的受访企业在与第三国交易中使用人民币，71%的受访企业将"资产安全性"视为使用人民币的首要原因。 这组数据显示，人民币不再只是一个政策口号，它正以交易真实发生的方式，在微观经济肌理中走向国际化。 记者 欧阳晓红 在美元降息、黄金创新高、人民币跨境支付系统（CIPS）上线运行将迎来十周年、数字人民币国际运营中心正式启动的背景下，人民币国际化的逻辑可能 正从" ...

Group 1 - The core viewpoint of the lecture is that China's economy is entering a critical transformation period, with a focus on key breakthroughs and development plans during the "14th Five-Year Plan" [1] - The lecture emphasizes the integration of macro strategies and microeconomic levels, providing specific paths for China's economic development over the next five years [1][5] - The importance of addressing global changes, industrial restructuring, and technological innovation challenges is highlighted [1][5] Group 2 - The restructuring of the global economic landscape and China's strategic response is analyzed, particularly in the context of the US-China rivalry and energy transitions [3][5] - The shift from being merely a "world factory" to becoming a rule-maker in the global economy is emphasized [3] - The competition over AI chips, digital economy, and technology standards is identified as a new battleground, requiring Chinese companies to strategically position themselves [3][5] Group 3 - The strategic layout in technology independence, industrial upgrading, green transformation, and digital currency is detailed [5][6] - Emphasis is placed on technological innovation in AI chips, hydrogen energy, and high-end equipment manufacturing to overcome technological bottlenecks [5][6] - The focus on digital transformation through digital currency and enhancing financial service efficiency is outlined [5][6] Group 4 - High-quality development is identified as the main theme for China's future economy, shifting from speed to quality [6] - The need for innovation and transformation in manufacturing, technology, and energy industries is stressed [6] - Companies are guided on aligning their strategies with national strategies for efficient resource allocation [6][8] Group 5 - Systemic risks such as energy crises, supply chain risks, and financial volatility are analyzed, with specific strategies proposed for mitigation [7][8] - The impact of energy cost fluctuations on production and the strategic opportunities in renewable energy sectors are discussed [7] - Companies are advised on diversifying supply chains and managing financial risks through various strategies [8][22] Group 6 - The importance of central-local collaboration and policy support in driving China's economic development is emphasized [8][10] - State-owned enterprises are encouraged to take a leading role in high-end manufacturing and digital industries [8] - The collaboration between local governments and industry funds is analyzed for reducing R&D costs and enhancing innovation capabilities [8][10] Group 7 - Key measures and action plans for companies during the "14th Five-Year Plan" period are outlined, focusing on strategic investments in AI, computing power, and green energy [10][12] - The need for precise identification of policy support areas and capital flows for investment is highlighted [15][16] - Companies are encouraged to engage in cross-border mergers and acquisitions to enhance their global market presence [16] Group 8 - The integration of green transformation and corporate social responsibility (ESG) is discussed, particularly in the context of China's dual carbon goals [33][34] - Companies are advised to establish comprehensive carbon emission management systems and engage in green technology innovation [34][19] - The importance of collaboration with supply chains and local governments for promoting green technology is emphasized [19][34] Group 9 - The need for enhanced risk management capabilities in response to complex international situations is highlighted [22][24] - Companies are encouraged to diversify their supply chains and establish long-term contracts for critical raw materials [22][23] - Financial risk management strategies, including the use of financial instruments for hedging, are recommended [23][24] Group 10 - The importance of innovation and execution capabilities for companies to gain a competitive edge in the market is stressed [24][25] - Companies are advised to strengthen strategic decoding and organizational management to ensure effective execution of strategic goals [25] - The integration of capital, technology, and industry resources is emphasized to enhance innovation capabilities [25]

此次公开发行的主题硬钱包，不仅是工商银行数字人民币生态建设的重要一环，更是其响应国家数字经济战略、赋能体育产业发展的具体实践。十五运会主 题数字人民币硬钱包设计深度融合粤港澳大湾区地域文化，以十五运会会徽"木棉红、紫荆紫、莲花绿"三色为核心视觉元素，通过海浪纹样串联粤港澳三 地，生动诠释"湾区互联，开放共享"的办赛理念。 十五运会主题数字人民币硬钱包延续了数字人民币"无网无电、碰一碰支付"的技术优势，用户可通过数字人民币APP进行关联和充值，并在工行POS机消费 场景中便捷支付。同时，工行准备了数字人民币硬钱包消费体验红包，可在指定餐饮、超市、文旅等商户使用，进一步降低公众体验门槛，推动数字人民币 普惠化应用。 随着第十五届全国运动会（以下简称"十五运会"）日益临近，作为我国规模宏大的综合性体育盛会，本届全运会首次由粤港澳三地联合承办，标志着区域协 同发展进入新阶段。中国工商银行作为十五运会银行合作伙伴，积极深化金融科技创新与服务融合，9月26日，正式在广州首发"十五运会主题数字人民币硬 钱包"，以数字支付技术助力体育盛事，为公众提供兼具实用性与收藏价值的金融产品。 工商银行表示，此次主题硬钱包的推出，旨在通 ...

Report Industry Investment Rating There is no information provided regarding the report industry investment rating. Core Viewpoints of the Report Through macro - fundamental and technical analysis, the report predicts the trends of various futures contracts on September 26, 2025, and also gives the expected trends for September 2025. It also provides information on macro - news and trading alerts, and analyzes the performance of various futures contracts on September 25, 2025 [2][7][12]. Summary by Relevant Catalogs 1. Futures Market Forecast - **Stock Index Futures**: Expected to oscillate and consolidate. IF2512 has resistance at 4588 and 4600 points, support at 4550 and 4529 points; IH2512 has resistance at 2970 and 2981 points, support at 2946 and 2939 points; IC2512 has resistance at 7250 and 7300 points, support at 7139 and 7100 points; IM2512 has resistance at 7380 and 7459 points, support at 7245 and 7174 points [2]. - **Treasury Bond Futures**: The ten - year Treasury bond futures contract T2512 is likely to oscillate weakly, with support at 107.40 and 107.30 yuan, resistance at 107.72 and 107.83 yuan. The thirty - year Treasury bond futures contract TL2512 is likely to oscillate weakly in a wide range, with support at 113.5 and 113.0 yuan, resistance at 114.3 and 114.7 yuan [2]. - **Precious Metal Futures**: Gold futures contract AU2512 is likely to oscillate strongly, with resistance at 862.1 and 865.0 yuan/gram, support at 850.0 and 848.0 yuan/gram. Silver futures contract AG2512 is likely to oscillate strongly and will attack the resistance at 10600 and 10680 yuan/kg, support at 10411 and 10397 yuan/kg, and may hit a new high since listing [3]. - **Base Metal Futures**: Copper futures contract CU2511 is likely to oscillate in a wide range and will accumulate strength to attack the resistance at 83300 and 84000 yuan/ton, support at 82000 and 81500 yuan/ton. Aluminum futures contract AL2511 is likely to oscillate strongly and will attack the resistance at 20860 and 20940 yuan/ton, support at 20740 and 20700 yuan/ton. Alumina futures contract AO2601 is likely to oscillate weakly and will test the support at 2900 and 2877 yuan/ton, resistance at 2942 and 2960 yuan/ton [3]. - **Other Commodity Futures**: Crude oil futures contract SC2511 is likely to oscillate and consolidate, with resistance at 492 and 494 yuan/barrel, support at 485 and 483 yuan/barrel. Fuel oil futures contract FU2601 is likely to oscillate strongly, with resistance at 2910 and 2929 yuan/ton, support at 2887 and 2873 yuan/ton. PTA futures contract TA601, PVC futures contract V2601, and bean meal futures contract M2601 are likely to oscillate weakly. Natural rubber futures contract RU2601 is likely to oscillate weakly and will test the support at 15210 and 15110 yuan/ton [6]. 2. Macro - news and Trading Alerts - The Ministry of Commerce took multiple measures, including adding US entities to export - control and unreliable - entity lists, responding to Sino - US soybean trade issues, initiating trade - investment barrier investigations against Mexico, and launching an anti - dumping investigation into imported pecans from Mexico and the US [7]. - The digital RMB international operation center was officially launched, and the tax department and platforms are preparing for the first tax - related information submission. The US Q2 GDP growth was revised upwards, and some Fed officials advocated for interest - rate cuts [8]. 3. Futures Market Analysis and Forecast - **Stock Index Futures**: On September 25, 2025, IF2512, IH2512, and IC2512 showed different degrees of upward movement, while IM2512 showed a slight decline. The report also gives the expected trends for September 2025, all contracts are likely to oscillate in a wide range [12][13][16]. - **Treasury Bond Futures**: On September 25, 2025, the ten - year Treasury bond futures contract T2512 oscillated weakly, and the thirty - year Treasury bond futures contract TL2512 oscillated slightly upwards. The report gives the expected trends for September 26, 2025 [37][40]. - **Precious Metal Futures**: On September 25, 2025, the gold futures contract AU2512 oscillated downwards, and the silver futures contract AG2512 oscillated upwards and hit a new high during the night session. The report gives the expected trends for September 2025 and September 26, 2025 [45][50]. - **Base Metal Futures**: On September 25, 2025, copper, aluminum, and other base metal futures showed different trends. The report gives the expected trends for September 2025 and September 26, 2025 [56][61]. - **Other Commodity Futures**: On September 25, 2025, various commodity futures such as crude oil, fuel oil, and PTA showed different trends. The report gives the expected trends for September 2025 and September 26, 2025 [100][104][111].

Group 1 - The China Securities Financial Technology Theme Index decreased by 0.90% as of September 26, 2025, with mixed performance among constituent stocks [3] - The Financial Technology ETF (516860) fell by 0.95%, with the latest price at 1.56 yuan, while it has seen a cumulative increase of 9.99% over the past three months [3] - The trading volume for the Financial Technology ETF was 79.6468 million yuan, with a turnover rate of 3.17% [3] Group 2 - At the 2025 JD Supply Chain Financial Technology Conference, JD Technology announced a development path focusing on three integrations: consumption and industry, innovation and scenarios, and internal and external circulation [3] - The Digital RMB International Operation Center's business platform was introduced at a promotional event in Shanghai, marking its official operation [3] Group 3 - Experts indicate that the policy aims to leverage the early advantage of the Digital RMB to participate in global digital currency rule-making and address traditional cross-border payment issues [4] - The policy sets a target for the Digital RMB to account for over 25% of retail payments and 60% in government procurement and public services by the end of 2026 [4] - The Financial Technology ETF saw a significant growth of 4.07 billion yuan in scale over the past month, ranking 2nd among comparable funds [4] Group 4 - The top ten weighted stocks in the China Securities Financial Technology Theme Index account for 54.08% of the index, including companies like Tonghuashun and Dongfang Caifu [5]

Group 1 - The core viewpoint of the article is the official launch of the Digital Renminbi International Operation Center in Shanghai, which introduces three major business platforms [1] - The three platforms include: Digital Renminbi Cross-Border Digital Payment Platform, Digital Renminbi Blockchain Service Platform, and Digital Asset Platform [1] - The event was attended by key officials, including a member of the People's Bank of China and the Vice Mayor of Shanghai, indicating the significance of the launch [2]