Economic Overview - The US second quarter GDP was revised up to an annualized growth rate of 3.8%, significantly higher than the previous estimate of 3.3%, driven by strong consumer spending and a decline in imports[14] - Initial jobless claims in the US fell to 218,000, the lowest level since July, indicating resilience in the labor market[14] - The core PCE price index rose by 2.9% year-on-year in August, suggesting persistent inflation pressures[14] Market Reactions - US stock markets experienced a decline in the first three trading days of the week, but improved sentiment on Friday resulted in a mixed performance, with Intel shares rising nearly 20% due to potential investment news[12] - The 10-year US Treasury yield increased to 4.18%, reflecting the impact of strong economic data on bond markets[12] Policy Developments - The Trump administration announced new tariffs ranging from 25% to 100% on imports of building materials, furniture, and patented drugs, effective October 1[11] - The People's Bank of China emphasized the implementation of a moderately loose monetary policy and proposed new tools to stabilize capital markets[13] Sector Performance - In China, industrial profits for large enterprises increased by 0.9% year-on-year in the first eight months, with August showing a significant turnaround with a 20.4% increase[13] - The A-share and Hong Kong markets showed structural opportunities, particularly in technology and growth sectors, despite overall cautious trading ahead of the National Day holiday[15] Global Market Trends - Global stock indices displayed mixed performance, with European and Japanese markets showing strength while US and Chinese markets faced corrections[9] - Commodity prices generally rose, with natural gas and oil prices rebounding due to geopolitical factors and supply-demand expectations[9] Investment Strategy - A multi-asset FOF portfolio is recommended with a 60% allocation to equities, 30% to fixed income, and 10% to commodities, achieving an annualized return of 41.55%[8] - Investors are advised to focus on 10-year US Treasuries as a stable investment during the current interest rate cycle[47]

Domestic Macro - The State Council discussed the "Banking Supervision Law (Revised Draft)" on September 19, 2025, emphasizing fair competition among various business entities [6][16] - On September 22, the National Development and Reform Commission held a press conference highlighting achievements in the financial sector during the "14th Five-Year Plan" period, with total banking assets nearing 470 trillion yuan, ranking first globally [6][16] - The People's Bank of China announced a 600 billion yuan MLF operation on September 24, marking a net injection of 300 billion yuan for the month, continuing a trend of increased liquidity for seven consecutive months [6][16] Industry Policy - The National Healthcare Security Administration released the 11th batch of drug procurement documents on September 20, 2025 [7][17] - The Ministry of Industry and Information Technology issued the "Steel Industry Growth Stabilization Work Plan (2025-2026)" on September 22, setting an average annual growth target of around 4% for the steel industry over the next two years [7][17] - The Ministry of Commerce and eight other departments jointly issued guidelines to promote digital consumption on September 23, proposing 14 specific measures, including trials for smart connected vehicles [7][18] Local Policy - Shanghai announced adjustments to its housing property tax policy on September 19, 2025, exempting first-time homebuyers and second homes under certain conditions for residents with residence permits [8][19] - Sanya implemented a plan for affordable rental housing on September 21, 2025, with rent prices guided by the government [8][19] - Tianjin will initiate a pilot program for real estate trust property registration on September 25, 2025, aimed at revitalizing existing assets [8][19] Overseas Dynamics - The Bank of Japan decided to maintain its benchmark interest rate at 0.5% on September 19, 2025, marking the fifth consecutive meeting without changes [9][20] - The European Commission approved a new round of sanctions against Russia on September 19, 2025, targeting energy, financial services, and trade restrictions [9][20] - The U.S. government announced a 15% tariff on EU automobiles and related products on September 24, 2025, as part of a trade agreement [9][20]

Core Viewpoint - The Chinese government, through nine departments, has released a set of 13 policy measures aimed at promoting service exports, which is seen as a crucial step in expanding high-level foreign trade and fostering new growth drivers in foreign trade [2][3]. Group 1: Financial Support and Investment - Utilize existing central and local funding channels to actively support service exports, particularly in new service models such as digital services, high-end design, and environmental consulting [3][10]. - Enhance the role of the Service Trade Innovation Development Fund to increase investment in service trade and digital trade, encouraging more social capital to enter these sectors [10]. - Optimize the zero tax rate declaration process for service exports by promoting electronic information to replace paper documentation, thereby improving efficiency [11]. Group 2: Insurance and Risk Management - Increase support from export credit insurance companies for service exports, expanding coverage and improving claims service quality [4][12]. - Improve the precision of export credit insurance policies by enhancing information sharing with insurance institutions and providing better financial services to small and micro enterprises [5][13]. Group 3: Regulatory and Operational Improvements - Implement supportive measures for customs supervision in comprehensive bonded zones, simplifying approval processes for imported goods needed for research and testing [6][14]. - Facilitate cross-border personnel movement and inbound consumption by optimizing visa policies for foreign investment enterprises and high-level talent [7][15]. - Enhance cross-border fund flow management by supporting service enterprises in joining multinational corporate cash pool pilot programs [8][16]. Group 4: Knowledge and Data Management - Encourage the transformation and transaction of intellectual property by improving valuation and transaction systems, and promoting collaboration with third-party assessment institutions [9][18]. - Promote and regulate cross-border data flow by establishing important data directories and guidelines, while supporting enterprises in using networks for international trade [19][20]. Group 5: Market Expansion Support - Support enterprises in exploring international markets by providing legal support and enhancing participation in domestic and international exhibitions [21][22].

Core Viewpoint - The recent issuance of the policy measures by the Ministry of Commerce and eight other departments aims to promote service exports, marking a significant step for China to transition from a "trade giant" to a "trade power" [2] Group 1: Service Export Growth - In the first four months of 2025, China's total service import and export volume exceeded 2.6 trillion yuan, with service exports growing by 14.6% year-on-year, indicating substantial potential and development space in service exports [2] - Knowledge-intensive services dominated service exports, with a total of 865.04 billion yuan in the first half of 2025, representing a year-on-year increase of 7.8% and accounting for 51.5% of total service exports [3] - The digital service sector is expanding significantly, with an estimated 2.5 trillion yuan (approximately 350 billion USD) in digitally deliverable services expected in 2024, reflecting a year-on-year growth of 12% and comprising 54% of total service trade [3] Group 2: Strategic Importance of Service Exports - Developing service exports is crucial for China's economic transformation, reducing reliance on traditional goods trade and enhancing the country's position in high-quality foreign trade development [4] - The shift towards knowledge-intensive, digital trade, and cultural exports signifies a move up the global trade value chain, positioning China as a key provider of high-end intermediate goods and solutions [4] - Strengthening participation in global value chain division, particularly in digital and cultural trade, will enhance China's influence in global rule-making and create new opportunities for high-quality economic development [4] Group 3: Highlights of the Policy Measures - The policy measures exhibit stronger collaboration among eight departments, addressing previous policy fragmentation by covering the entire chain from regulation to funding and technology [5] - The measures emphasize pilot programs in free trade zones and Hainan Free Trade Port to explore innovative data services and financial support, accumulating experience for nationwide implementation [5] - The focus on emerging fields like digital services and support for small and medium-sized enterprises (SMEs) reflects a balanced approach to achieving both targeted breakthroughs and comprehensive improvements [5] Group 4: Key Areas of Focus - The measures introduce innovative initiatives for cross-border data flow, which is essential for digital service exports, including guidelines for data identification and the establishment of international data centers [6] - Addressing financing challenges for SMEs, the measures propose expanding export credit insurance coverage and innovating intellectual property pledge financing to alleviate financial burdens [6] - Future recommendations include leveraging digital technology to enhance service exports, building service export industry clusters, and deepening financial supply-side structural reforms to support SMEs in the service export sector [6]

Core Insights - The report highlights a significant decline in pig prices, with the average price of live pigs dropping to 12.82 yuan/kg by September 19, marking a three-year low [5][6] - The report indicates that the supply side is experiencing pressure due to increased market supply, while demand remains weak, particularly affected by high temperatures in August [5][6] - The government is implementing stricter policies to control pig production capacity, aiming to stabilize prices and promote high-quality development in the industry [6] Industry Overview - In August 2025, the average prices for piglets, live pigs, and pork were 33.63 yuan/kg, 14.35 yuan/kg, and 24.98 yuan/kg, respectively, showing month-on-month declines of 5.87%, 3.77%, and 1.52% [5] - The report notes that the number of breeding sows in July was 40.42 million, with a slight decrease, indicating a trend of capacity reduction in the industry [5] - The report anticipates that the short-term pressure on pig prices will lead to a long-term upward trend as the government’s capacity reduction policies take effect [6] Company Insights - Major companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuff Group, reported significant declines in sales prices in August, with average sales prices of 13.51 yuan/kg and 13.90 yuan/kg, respectively [7] - The report suggests that companies with strong cost advantages are likely to maintain profitability despite the current market pressures [6] - The report recommends focusing on leading companies in the industry, such as Muyuan Foods and Wens Foodstuff Group, which are expected to perform well in the long term [6]

何亚东表示，近年来，我国服务出口保持了较快增长，特别是高技术高附加值服务出口的竞争力持续提 升。 9月24日，商务部等9部门印发《关于促进服务出口的若干政策措施》的通知（以下简称《通知》）对外 发布。 25日，在商务部例行新闻发布会上，商务部新闻发言人何亚东表示，近年来，我国服务出口保持了较快 增长。2014到2024年，服务出口的总额从2191亿美元增至4459亿美元，年均增速为7.3%，特别是高技 术高附加值服务出口的竞争力持续提升。但与此同时，我国服务业总体外向度仍不高，服务企业国际市 场的开拓能力有待进一步的提升。 何亚东介绍，商务部会同相关部门认真贯彻落实党中央国务院部署要求，出台了《关于促进服务出口的 若干政策措施》，从财税、金融、便利化、国际市场开拓等方面提出了13项务实举措。 根据商务部9月发布的最新数据，2025年1-7月，我国服务贸易稳步增长，服务进出口总额45781.6亿元 （人民币，下同），同比增长8.2%。其中，出口19983亿元，增长15.3%；进口25798.6亿元，增长 3.3%。服务贸易逆差5815.6亿元，比上年同期减少1836.2亿元。 专家：未来数字化转型将成为核心驱动 ...

智通财经APP获悉，9月25日，商务部举行例行新闻发布会，商务部新闻发言人何亚东表示，中美关 系"活力在地方"。中美省州经贸合作是中美经贸关系不可或缺的组成部分，也是双方加强经贸往来的重 要平台和渠道。关于大豆贸易，美方应采取积极行动，取消相关不合理关税，为扩大双边贸易创造条 件，也为全球经济发展注入更多稳定性、确定性。 中美经贸关系的本质是互利共赢，中美两国在经贸领域拥有广泛共同利益和广阔合作空间。当前影响中 美正常经贸合作的最大障碍在于美单边限制措施，希望美方与中方相向而行，为中美经贸关系稳定、健 康、可持续发展创造有利条件。 中国仍然是世界上最大的发展中国家，中国发展中国家地位和身份没有改变，中国始终是全球南方的一 员，永远和发展中国家站在一起。中国将一如既往地践行真正的多边主义，支持以规则为基础的多边贸 易体制，并与其他发展中成员站在一起，推动将发展作为世贸组织议程的中心，更好地弥合南北发展鸿 沟，推动完善全球经济治理，建设开放型世界经济。 文字实录如下： 何亚东： 各位记者朋友： 大家下午好，欢迎参加商务部例行新闻发布会。今天我没有需要向大家通报的信息。下面我愿意回答记 者朋友提出的问题。 下面请提 ...

【何亚东】: 各位记者朋友： 大家下午好，欢迎参加商务部例行新闻发布会。今天我没有需要向大家通报的信息。下面我愿意回答记 者朋友提出的问题。 下面请提问。 【央视财经记者】: 近日，商务部等8部门联合印发《关于大力发展数字消费共创数字时代美好生活的指导意见》，能否介 绍一下《指导意见》出台背景及主要特点？ 【何亚东】: 党中央、国务院高度重视，多次就发展数字消费作出部署。为改善数字消费"硬设施"和"软环境"，更大 限度激发数字消费潜力，商务部联合国家发展改革委、工业和信息化部等7部门研究出台《关于大力发 展数字消费共创数字时代美好生活的指导意见》。我们从这个文件的标题就可以看出《指导意见》的几 个关键词。 第一个关键词是数字消费，也就是促进数字消费提质扩量。数字消费是新型消费的重要组成部分，包括 数字产品消费、数字服务消费、数字内容消费以及通过数字渠道实现的消费。从规模来看，据商务部测 算，2024年我国居民数字消费规模达23.8万亿元，相当于当年居民消费的44.2%。《指导意见》支持数 字产品、数字服务、数字内容高质量发展，通过丰富数字消费领域供给，创新数字消费场景，来释放多 样化、品质化消费潜力。 第二个 ...

2014—2024年我国服务出口总额从2191亿美元增至4459亿美元 中新网9月25日电 中国商务部新闻发言人何亚东25日在商务部例行新闻发布会上表示，近年来，我国服 务出口保持较快增长。2014—2024年，服务出口总额从2191亿美元增至4459亿美元，年均增长7.3%， 高技术、高附加值服务出口竞争力持续提升。与此同时，我国服务业总体外向度还不高，服务企业国际 市场开拓能力还有待提升。 何亚东强调，下一步，商务部将会同相关部门推动政策措施尽快落地见效，助力我国服务出口企业持续 提升国际竞争力。 来源：中国新闻网 编辑：陈俊明 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 何亚东介绍，商务部会同相关部门，认真贯彻落实党中央、国务院部署要求，出台了《关于促进服务出 口的若干政策措施》，从财税、金融、便利化、国际市场开拓等 方面提出了13项务实举措，主要有三 个特点： 一是政策措施更"细"。比如，财政政策方面，进一步明 ...

· 2025 年 9 月 25 日 国都港股操作导航 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 46,121.28 | -0.37% | | 标普 500 指数 | 6,637.98 | -0.28% | | 纳斯达克综合指数 | 22,497.86 | -0.33% | | 英国富时 100 指数 | 9,250.43 | 0.29% | | 德国 DAX 指数 | 23,666.81 | 0.23% | | 日经 225 指数 | 45,524.00 | -0.23% | | 台湾加权指数 | 26,247.37 | 1.42% | | 内地股市 | | | | 上证指数 | 3,853.64 | 0.83% | | 深证成指 | 13,356.14 | 1.80% | | 香港股市 | | | | 恒生指数 | 26,518.65 | 1.37% | | 国企指数 | 9,442.99 | 1.64% | | 红筹指数 | 4,045.49 | -0.04% | | 恒生科技指数 | 6,323.15 | 2.53% | | AH 股溢 ...