Core Viewpoint - The China-ASEAN Agricultural and Poverty Alleviation Cooperation Conference aims to enhance regional agricultural cooperation and poverty alleviation through dialogue and collaboration among various stakeholders [1][3]. Group 1: Conference Objectives and Themes - The conference focuses on "Smart Agriculture and Poverty Alleviation Cooperation, Hand in Hand to Develop New Quality Productivity" [3]. - Representatives from China, Brunei, Cambodia, Myanmar, and other countries, along with experts and business representatives, engage in discussions on smart agricultural technology innovation, poverty alleviation models, resource optimization, and the development of new quality productivity [3]. Group 2: Achievements and Future Directions - Agricultural cooperation between Guangxi and ASEAN countries has a long history, with recent years seeing an expansion in cooperation areas and methods, resulting in significant achievements [3]. - The total import and export volume of agricultural products between Guangxi and ASEAN countries is projected to reach 30.29 billion yuan in 2024, a 56.5% increase compared to 2018 [3]. Group 3: Strategic Initiatives - Guangxi is leveraging national artificial intelligence initiatives to build a development path that integrates research and development from major cities with applications in ASEAN, aiming to enhance agricultural trade and investment [3]. - The conference advocates for a new framework for smart agricultural cooperation and the establishment of a digital technology collaborative innovation system [5]. Group 4: Key Collaborations and Projects - Four significant cooperation projects were established, including cross-border animal disease prevention and smart agriculture technology collaboration with Laos [5]. - Guangxi Agricultural Vocational and Technical University signed a cooperation agreement with relevant enterprises in Laos to promote various aspects of agricultural technology and education [5]. Group 5: Exhibition and Promotion - The conference featured the first "AI + Agriculture" exhibition area, showcasing advanced technologies such as smart agricultural machinery and agricultural big data platforms [5]. - Over 100 agricultural enterprises from Guangxi participated in the exhibition, promoting local specialty products like Liubao tea and dragon fruit, thereby expanding cooperation in agricultural technology and trade with ASEAN [5].

Group 1 - The State Council's press conference highlighted achievements in technological innovation during the "14th Five-Year Plan" period, focusing on goals such as environmental improvement, food security, transportation efficiency, and public health [1][2] - In environmental improvement, significant breakthroughs were made in pollution prevention, with PM2.5 average concentration in the Beijing-Tianjin-Hebei region decreasing by 18% due to precise control measures [1] - For food security, advancements in biotechnology and agricultural machinery were emphasized, including the development of disease-resistant and drought-resistant crop varieties, which support national food safety and agricultural revitalization [1] Group 2 - In transportation efficiency, key developments included the CR450 train achieving operational speeds of 400 km/h and the C919 aircraft reaching significant milestones in commercial operation, with over 1,000 domestic and international orders [2] - The construction of transportation infrastructure, particularly the Sichuan-Tibet Railway, showcased advanced construction technologies and standards in extreme environments [2] - In public health, innovations included the world's first 5.0T full-body MRI scanner and the first approved dual-antibody drug for solid tumors, which has been included in the national medical insurance directory, alleviating economic burdens for patients [2]

Core Viewpoint - The rapid appreciation of the Thai Baht raises concerns among the Thai Chamber of Commerce, as the exchange rate has reached 31.70 Baht/USD, the highest level in nearly four years, which contradicts the actual economic situation in Thailand [1] Impact on Key Sectors - **Export Sector**: The appreciation of the Baht leads to increased prices for Thai products, resulting in decreased competitiveness and reduced foreign exchange income [2] - **Tourism Sector**: The rising costs of travel in Thailand make it less attractive to foreign tourists, negatively impacting the tourism industry [2] - **Agriculture Sector**: Farmers, particularly those reliant on exports like rice and cash crops, face income losses due to the strong Baht [2] Causes of Baht Appreciation - The appreciation is attributed to a weaker US dollar, driven by market expectations of potential interest rate cuts by the Federal Reserve, and rising international gold prices leading to increased gold trading and capital inflows into the Baht. Additionally, some capital inflows are from investment and cryptocurrency markets [3] Recommendations - The Thai Chamber of Commerce and the Private Sector Committee recommend that the Bank of Thailand systematically manage the exchange rate, particularly by separately listing gold inflows and outflows for accurate assessment. They urge the government and the central bank to take urgent measures to maintain the Baht at a level that reflects the true economic conditions, in order to avoid undermining the competitiveness of Thai businesses [3]

Core Points - The imposition of a 39% tariff by the Trump administration has severely impacted Switzerland's exports to the U.S., with a notable 22% decline in foreign sales in August compared to July, marking a rare occurrence for Swiss exports [1][4] - The trade deficit with the U.S. has significantly narrowed from 2.93 billion Swiss francs to 2.06 billion Swiss francs (approximately 2.6 billion USD), reaching the second-lowest level since the peak of the COVID-19 pandemic [1][5] - The Swiss government has been actively negotiating with the U.S. to lower the tariff rates, but efforts have so far been unsuccessful, despite ongoing dialogues [5][6] Trade Dynamics - The 39% tariff on Swiss goods is substantially higher than the average tariff rate of 15% imposed on developed countries, creating a unique challenge for Switzerland [5] - The Swiss agricultural sector remains sensitive to trade negotiations, with strong domestic opposition to increasing imports of U.S. beef and poultry, reflecting a commitment to food security and self-sufficiency [6] - Overall, Switzerland's exports to other European countries and North America have helped mitigate the impact of the U.S. tariffs, resulting in only a 1% decline in total export volume [6] Sector Performance - Exports of luxury watches from Switzerland decreased by 8.6% in August compared to July, while core pharmaceutical exports, which are exempt from tariffs, unexpectedly fell by 1.3% [7] - Despite the resilience shown by the Swiss economy, the government anticipates a significant slowdown in economic growth due to aggressive U.S. taxation policies [7] - Switzerland is actively seeking to diversify its export markets, recently signing a new free trade agreement with the Mercosur bloc [7]

| 硅铁(SF51) | 54.60% | 折算价:72硅铁合格块:内蒙-天津仓单 | 5728 | -38 | -0.65% | 5766 | 10 | 0.17% | 折算价:6517硅锰:内蒙-湖北仓单 | 硅锰(SM601) | 6000 | 5990 | 26.60% | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 92 | 3260 | 2.90% | 47.10% | HRB40020mm:上海 | 螺纹钢 (RB2601) | 3168 | 30 | 30.20% | Q235B: 4.75mm: 上海 | 3420 | 3390 | 0.88% | 热卷(HC2601) | | | | | | 5.02% | 845 | 40 | 34.60% | 折算价:62.5%巴混粉(BRBF):淡水河谷:日照港 | 铁矿石 (12601) | 805 | -5 74% | 1735 | -100 | 163 ...

美国农业部长罗林斯表示，特朗普政府正在制定计划，准备动用关税收入来资助一个项目，以支持美国农民应对因出口销售下滑和投入成本上涨而面临的困境，迎接收获季。“通过现正流入美国的关税收入来为这项援助计划提供资金是‘绝对有可能的’”。罗林斯将美国农民面临的困境归咎于拜登政府的贸易政策。 https://t.co/2Ahd7fqwmO外汇交易员 (@myfxtrader):美国大豆协会周二致特朗普的信函写道：“大豆种植户正面临巨大的财务压力。价格持续下跌，与此同时，我们的农民却在投入和设备上花费巨额资金。美国大豆种植户无法承受与我们最大客户之间长期的贸易争端。” ...

Core Points - The "Basket Tide Market" in Fuyang District attracted many citizens, showcasing various local agricultural products from Lishui City, highlighting the collaboration between Fuyang and Lishui through the "mountain-sea cooperation" initiative [1][2] - The cooperation has been ongoing for nine years, with significant investments made by Fuyang to support the development of Lishui's tourism and economy, including a 5 million yuan investment in the "Cun Yun-Fuyang Mountain-Sea Cooperation Ecological Tourism Cultural Industry Park" [1] - A total investment of 1.78 billion yuan in the Hangzhou Cun Yun Building is expected to provide stable income for 134 economically weak villages in Lishui, while a 3.6 billion yuan industrial park is set to be completed by 2027, focusing on high-end equipment manufacturing and automotive parts [1] Group 1 - The event featured local delicacies such as Jinyun small pancakes and sweet pomelo, emphasizing the rich agricultural heritage of the region [1] - The organizer's support, including waiving booth fees and creating brand signage, has significantly aided local businesses in promoting their products [1] - The partnership has created a "bridge of connection" between industries and consumers, enhancing mutual benefits and shared development [2]

Industry Overview Upstream - Glass prices have declined [1] - Egg prices have significantly rebounded [1] Midstream - PX and PTA operating rates have remained stable at a medium level [2] - Coal consumption by power plants has increased [2] Downstream - The sales of commercial housing in first, second, and third-tier cities have rebounded [2] - The number of domestic flights has increased [2] Key Events Production Industry - On the 17th, the Ministry of Industry and Information Technology publicly solicited opinions from the society on the mandatory national standard "Safety Requirements for Intelligent Connected Vehicle Combined Driving Assistance Systems". The draft for comments has established a safety baseline for intelligent connected vehicle products, requiring the system to be activated only under its designed operating conditions. For different functions such as single-lane, multi-lane, and pilot assistance, comprehensive safety technical requirements such as human-machine interaction, functional safety and expected functional safety, information safety, and data recording have been set, constructing a "triple safety guarantee" [1] Service Industry - The Ministry of Finance released the fiscal revenue and expenditure situation from January to August 2025, showing that the stamp duty revenue was 284.4 billion yuan, a year-on-year increase of 27.4%. Among them, the securities transaction stamp duty revenue was 118.7 billion yuan, a year-on-year increase of 81.7%. According to the data previously released by the Ministry of Finance, the securities transaction stamp duty revenue from January to July 2025 was 93.6 billion yuan, a year-on-year increase of 62.5%. This means that the securities transaction stamp duty in August this year was 25.1 billion yuan, a month-on-month increase of 66.23% compared to 15.1 billion yuan in July and a year-on-year increase of 225.97% compared to August 2024 [1] Key Data Price Index | Industry Name | Index Name | Frequency | Unit | Update Time | Price | YoY | | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | H | Yuan/ton | 9/16 | 2294.3 | -0.68% | | Agriculture | Spot price: Egg | H | Yuan/kg | 9/16 | 7.9 | 11.63% | | Agriculture | Spot price: Palm oil | H | Yuan/ton | 9/16 | 9516.0 | -0.04% | | Agriculture | Spot price: Cotton | Daily | Yuan/ton | 9/16 | 15299.8 | -0.23% | | Agriculture | Average wholesale price: Pork | Daily | Yuan/kg | 9/16 | 19.9 | 0.10% | | Non-ferrous metals | Spot price: Copper | H | Yuan/ton | 9/16 | 81196.7 | 1.64% | | Non-ferrous metals | Spot price: Zinc | H | Yuan/ton | 9/16 | 22218.0 | 0.22% | | Non-ferrous metals | Spot price: Aluminum | Daily | Yuan/ton | 9/16 | 20960.0 | 1.29% | | Non-ferrous metals | Spot price: Nickel | Daily | Yuan/ton | 9/16 | 123750.0 | 1.63% | | Non-ferrous metals | Spot price: Aluminum | H | Yuan/ton | 9/16 | 17031.3 | 1.49% | | Ferrous metals | Spot price: Rebar | H | Yuan/ton | 9/16 | 3148.0 | -0.17% | | Ferrous metals | Spot price: Iron ore | Daily | Yuan/ton | 9/16 | 807.9 | 0.97% | | Ferrous metals | Spot price: Wire rod | Daily | Yuan/ton | 9/16 | 3352.5 | 1.06% | | Others | Spot price: Glass | H | Yuan/square meter | 9/16 | 14.0 | -1.75% | | Others | Spot price: Natural rubber | Daily | Yuan/ton | 9/16 | 15166.7 | -0.05% | | Others | China Plastic City Price Index | H | Point | 9/16 | 793.6 | -0.54% | | Energy | Spot price: WTI crude oil | H | US dollars/barrel | 9/16 | 63.3 | 1.67% | | Energy | Spot price: Brent crude oil | H | US dollars/barrel | 9/16 | 67.4 | 2.15% | | Energy | Spot price: Liquefied natural gas | H | Yuan/ton | 9/16 | 3876.0 | -0.56% | | Energy | Coal price: Coal | Daily | Yuan/ton | 9/16 | 776.0 | -0.26% | | Chemical | Spot price: PTA | H | Yuan/ton | 9/16 | 4633.8 | -0.21% | | Chemical | Spot price: Polyethylene | H | Yuan/ton | 9/16 | 7378.3 | -0.18% | | Chemical | Spot price: Urea | Daily | Yuan/ton | 9/16 | 1665.0 | -1.55% | | Chemical | Spot price: Soda ash | Daily | Yuan/ton | 9/16 | 1262.5 | 0.00% | | Real estate | Cement price index: National | H | Point | 9/16 | 131.5 | 0.72% | | Real estate | Building materials composite index | H | Point | 9/16 | | 0.84% | | Real estate | Concrete price index: National index | H | Point | 9/16 | 92.0 | -0.72% | [33]

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Views of the Report - The Fed cut interest rates by 25 basis points as expected, and the dot - plot shows two more cuts this year and one next year. The Canadian central bank also cut rates. Hong Kong aims to assist mainland tech firms in financing, promote RMB - denominated trading of Hong Kong stocks, and build a regional gold reserve hub [1]. - Gold has long - term upward drivers due to factors like the Fed's rate - cut cycle, weak U.S. employment data, and central banks' gold purchases, but short - term adjustments may occur after the expected rate cut [2]. - Copper prices may fluctuate within a range due to the combination of tight concentrate supply and high smelting output, along with mixed downstream demand [3]. - The Chinese stock index has entered a high - level consolidation phase in September. The long - term strategic allocation period of the Chinese capital market has just begun, with different index characteristics for offensive and defensive strategies [3]. 3. Summary by Directory 3.1 Main News of the Day - **International News**: On September 18, the Fed cut rates by 25 basis points, with the dot - plot indicating another 50 - basis - point cut in 2025 and a 2026 median rate of 3.4% [5]. - **Domestic News**: The National Cyberspace Administration of China requires leading enterprises to take on the responsibility of tackling "neck - stuck" technologies in key areas like chips [6]. - **Industry News**: The Ministry of Industry and Information Technology is seeking public comments on a mandatory national standard for intelligent connected vehicles' combined driving assistance systems. From January to July, the sales of passenger cars with combined driving assistance systems reached 7.7599 million, a 21.31% year - on - year increase [7]. 3.2 Daily Returns of Overseas Markets - The FTSE China A50 futures rose 0.63%, ICE Brent crude oil fell 0.85%, ICE No. 11 sugar fell 1.93%, and other commodities had various changes in price on September 17 compared to September 16 [8]. 3.3 Morning Comments on Main Varieties - **Financial**: - **Stock Index**: The U.S. stock market showed mixed performance. The Chinese stock index rose, with the power equipment sector leading the gain and the agriculture, forestry, animal husbandry, and fishery sector leading the decline. The market turnover was 2.40 trillion yuan. The financing balance increased on September 16. September's trend is more volatile, and the market is in a high - level consolidation phase. The long - term strategic allocation period of the Chinese capital market has just started [10][11]. - **Treasury Bonds**: Treasury bonds generally rose, with the yield of the 10 - year active bond falling to 1.77%. The central bank increased net reverse - repurchase operations. With the Fed's rate cut, the domestic central bank has more policy space, and the bond price has stabilized [12]. - **Energy and Chemicals**: - **Crude Oil**: SC crude oil fell 0.52% at night. Eight countries decided to increase daily oil production by 137,000 barrels starting from October, and the 1.65 - million - barrel voluntary cut may be partially or fully restored [13]. - **Methanol**: Methanol fell 0.67% at night. The average operating load of coal - to - olefin plants decreased, and the overall methanol inventory along the coast increased significantly. Methanol is short - term bearish [14]. - **Rubber**: Rubber prices fell on Wednesday. Supply is increasing, but with the arrival of the peak consumption season, demand is improving, and the inventory is decreasing. Short - term prices are expected to be volatile and bullish [15]. - **Polyolefins**: Polyolefin prices rebounded. The current market is mainly driven by supply and demand. After continuous declines, the short - selling pressure has eased, and the stable oil price provides support. Terminal demand recovery may support the price rebound [16]. - **Glass and Soda Ash**: Glass and soda ash futures are consolidating. The inventory of glass and soda ash production enterprises decreased last week. The market is in a process of inventory digestion, and the future depends on consumption and policy changes [17]. - **Metals**: - **Precious Metals**: Gold and silver prices fluctuated more after the Fed's rate - cut decision. Gold has long - term upward drivers but may face short - term adjustments [18]. - **Copper**: Copper prices fell 0.84% at night. The concentrate supply is tight, but smelting output is high. Downstream demand is mixed, and copper prices may fluctuate within a range [19]. - **Zinc**: Zinc prices fell 0.76% at night. The processing fee of zinc concentrate has increased, and smelting output is expected to rise. Short - term supply may exceed demand, and zinc prices may be weakly volatile [20]. - **Lithium Carbonate**: Supply is increasing, while demand shows a mixed trend. The inventory is decreasing. Futures prices may be highly volatile, and the price is under pressure from the expected resumption of production [22]. - **Black Metals**: - **Coking Coal and Coke**: The coking coal and coke futures showed a volatile trend at night. The short - term market is under pressure but also supported by policy expectations [23]. - **Iron Ore**: Steel mills are resuming production, and iron ore demand is supported. Global iron ore shipments have decreased, and port inventory is decreasing rapidly. The price is expected to be volatile and bullish [24]. - **Steel**: The steel market has a small supply - demand contradiction. The supply pressure is increasing, and the inventory is accumulating. The export is facing challenges, and the market is in a short - term adjustment phase [25]. - **Agricultural Products**: - **Protein Meal**: The prices of soybean and rapeseed meal were weak at night. The USDA report had a neutral - bearish impact on the market. With the improvement of Sino - U.S. trade relations, the domestic supply is expected to increase, and the price is under pressure [26][27]. - **Oils and Fats**: The prices of oils and fats were weakly volatile at night. The MPOB report had a negative impact on palm oil, but the impact has been mostly digested. The market is expected to be volatile [28]. - **Sugar**: International raw sugar prices are expected to be weak due to increased supply. The domestic sugar market is supported by high sales - to - production ratios and low inventory but is also under pressure from imported sugar and new - season beet sugar. The domestic sugar price is expected to follow the international trend and be weak [29]. - **Cotton**: International cotton prices have limited upward momentum due to supply pressure. The domestic cotton market is entering the new - flower acquisition period, and the price is expected to be volatile. Attention should be paid to the selling - hedging pressure after the large - scale listing of new cotton [30]. - **Shipping Index**: - **Container Shipping to Europe**: The EC index was weak. During the National Day Golden Week, shipping companies' cargo - booking pressure increased, and price cuts intensified. The 12 - contract is relatively resistant to decline, and attention should be paid to the follow - up price - cut rhythm of shipping companies [31].

Group 1 - The core point of the article is that the Hong Kong-listed company Base Champion (08460.HK) plans to acquire a licensed virtual asset trading platform, which may include cryptocurrency exchange and related fintech solutions [1] - Base Champion primarily engages in foundation engineering and beverage trading, and also has interests in agriculture and agricultural products [1] - The current market capitalization of Base Champion is approximately HKD 13 million to 16 million, categorizing it as a micro-cap company [1]