Market Overview - Major indices accelerated their rise last week, with the Shanghai Composite Index surpassing the 3800-point mark, increasing by 3.49% weekly. The Shenzhen Component Index rose by 4.57%, the ChiNext Index by 5.85%, and the Xinhua 500 Index by 4.14% [1] - The Xinhua 500 Index achieved its best weekly performance of the year, opening at 4644.1 points and closing at 4816.45 points, with a weekly fluctuation of 4.34% and a total trading volume of 4.1 trillion yuan, an increase of 1.03 trillion yuan week-on-week [1] Industry Performance - All industry indices under the Shenwan first-level industry classification rose last week, with the highest gains seen in the telecommunications, electronics, comprehensive, computer, and beauty care sectors. Conversely, the real estate, coal, pharmaceutical, banking, and non-ferrous metals sectors lagged behind [4] Government Policies and Regulations - The State Council issued guidelines to enhance financial support for government and social capital cooperation (PPP) projects, allowing local governments to utilize general and special bonds for construction costs of eligible ongoing projects [6] - The Ministry of Finance and the State Taxation Administration announced improvements to the VAT refund policy, providing full monthly refunds for certain industries, including manufacturing and environmental protection [7] - New regulations for rare earth mining and smelting were introduced, imposing penalties on companies that violate the rules [7] - A draft regulation on internet platform pricing behavior was released, focusing on guiding lawful pricing practices and establishing a collaborative governance mechanism [7] - The Financial Regulatory Bureau is seeking opinions on a draft for managing commercial bank merger loans, categorizing them into control-type and equity-type loans [8]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of interim regulations for internet marketing activities of futures companies, effective from October 9, 2025, to enhance oversight and protect the rights of traders [1] Group 1: Regulatory Framework - The interim regulations, titled "Interim Regulations on Internet Marketing Management for Futures Companies," consist of 18 articles aimed at strengthening the comprehensive supervision of internet marketing activities [1] - The regulations define the scope of internet marketing activities and emphasize the need for content review, marketing system establishment, and management of marketing personnel and accounts [1] Group 2: Stakeholder Engagement - Prior to finalizing the regulations, the CSRC sought public opinions, which were generally supportive of the main ideas and content of the regulations [1] - The CSRC has incorporated significant feedback from various stakeholders into the final version of the interim regulations [1] Group 3: Implementation and Compliance - The CSRC will focus on ensuring the effective implementation of the interim regulations, which include measures to enhance customer protection and outline prohibited behaviors during internet marketing activities [1]