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].

Key Points - The People's Bank of China announced eight policy measures to be implemented in Shanghai, focusing on enhancing the financial market infrastructure and promoting digital currency [1][2] - The establishment of an interbank market trading report database aims to collect and analyze trading data across various financial sub-markets [1] - A digital RMB international operation center will be set up to facilitate the internationalization of digital currency and support financial market innovation [1] - The creation of a personal credit agency will provide diversified credit products to financial institutions, improving the social credit system [1] - A pilot program for offshore trade finance services will be launched in the Shanghai Lingang New Area to support offshore trade development [1] - The development of offshore bonds will expand financing channels for enterprises involved in the Belt and Road Initiative [1] - The optimization of free trade account functions will enhance the efficient flow of funds between quality enterprises and foreign capital [1] - Structural monetary policy tools will be innovated in Shanghai, including blockchain credit refinancing and cross-border trade refinancing [2] - The discussion on the international monetary system highlights the need for a balanced competition among a few strong sovereign currencies [2][3] - The potential for Special Drawing Rights (SDR) to become an international reserve currency is emphasized, requiring political consensus and operational improvements [3] - The global cross-border payment system is evolving towards greater efficiency and inclusivity, driven by emerging technologies [3] - The global financial stability framework faces new challenges, necessitating a robust international financial safety net led by the IMF [4] - The governance of international financial organizations, particularly the IMF, requires adjustments in quota shares to reflect the economic standing of member countries [5]