作为中保政府间经济联委会新一届例会重要配套活动，本次论坛吸引了中保两国百余家企业参与，涵盖 农业、能源、物流、汽车制造、信息技术、金融等多个领域。 论坛还包括专题推介和企业对接会等环节，为两国企业提供了高效的交流平台。与会企业代表表示，通 过本次论坛不仅了解了对方市场需求和政策环境，还建立了直接联系，为后续合作奠定了良好基础。 新华社索非亚9月17日电 "中国—保加利亚商务论坛"日前在保加利亚首都索非亚举行，来自中保两国的 100多家企业参加了本次论坛并进行对接交流。 保加利亚经济和工业部长迪洛夫在开幕致辞中表示，保加利亚高度重视发展对华经贸关系，愿为中国企 业到保投资提供更多便利和支持。他说，保加利亚拥有良好的投资环境和区位优势，正在积极推进基础 设施建设，期待更多中国企业参与保加利亚经济发展。 中国商务部副部长凌激在致辞中说，中保两国传统友谊深厚，经贸合作成果显著。2020年至2024年，双 边贸易额从29亿美元增至41亿美元；中国对保投资累计达1.7亿美元，涵盖农业、制造业、新能源等多 个领域。 ...

Summary of Key Points Core Viewpoint - On September 17, a total of 39.78 billion yuan net inflow was recorded for industry-themed ETF funds, with a cumulative net inflow of 124.46 billion yuan over the past five trading days, indicating strong investor interest in these funds [1]. Fund Inflows - A total of 123 industry-themed ETF funds experienced net inflows on September 17, with the leading fund being the Guotai CSI All-Share Securities Company ETF (512880), which saw an increase of 9.36 million shares and a net inflow of 11.88 billion yuan [1][3]. - Other notable funds with significant net inflows include: - Huabao CSI Financial Technology Theme ETF (159851) with a net inflow of 5.25 billion yuan [3]. - Huaxia CSI Robotics ETF (562500) with a net inflow of 5.01 billion yuan [3]. - Guotai Securities ETF (512000) with a net inflow of 3.59 billion yuan [3]. Fund Outflows - On the same day, 164 industry-themed ETF funds experienced net outflows, with the Guotai CSI Coal ETF (515220) leading the outflows, which saw a reduction of 4.21 million shares and a net outflow of 4.6 billion yuan [4][5]. - Other funds with significant net outflows include: - Huabao CSI Medical ETF (512170) with a net outflow of 1.50 billion yuan [5]. - Penghua CSI Sub-Segment Chemical Industry ETF (159870) with a net outflow of 1.49 billion yuan [5]. - Huatai-PineBridge CSI Rare Earth Industry ETF (516780) with a net outflow of 1.36 billion yuan [5].

中新社曼谷9月17日电(记者李映民)泰国国家经济和社会发展委员会17日公布了2024年泰国贫困与不平 等状况报告。报告显示，贫困人口已增加至343万人，占全国人口的4.89%，高于2023年的3.41%；贫困 线也于2024年上调，从原来的月收入3043泰铢提高到3078泰铢。 报告称，尽管过去几年泰国贫困状况整体上有持续改善的趋势，但2024年贫困人口的增加，已为泰国敲 响警钟，尤其是在全球与国内经济因多重因素而面临高度不确定性的时期，这一情况更值得重视。 与此同时，贫困具有流动性，民众可能因经济、社会结构性因素或自然灾害等影响，在"贫困"与"非贫 困"状态之间转换。2024年，泰国易受贫人群数量在各个层级都出现上升。其中，"极贫群体"(消费支出 低于贫困线20%以上者)达到87.9万人，"轻度贫群体"增加至255万人。 报告还指出，农业劳动力依然是最易陷入贫困的群体，占贫困人口总数的45.49%。这反映出农业部门 的结构性脆弱性，因为农民主要依赖生产收入，而收入极易受天气和农产品价格波动影响。气候变化导 致大量农户在农业经济下行时再次陷入贫困。(完) （文章来源：中国新闻网） ...

Report Industry Investment Rating The document does not provide the industry investment rating. Core Viewpoints - On September 17, 2025, most sectors in the convertible bond market rose, and the valuation increased compared to the previous day. The CSI Convertible Bond Index rose 0.57%, and the trading sentiment in the convertible bond market heated up [1]. - The convertible bond price center increased, with the proportion of high - price bonds rising. The valuation also increased, with the conversion premium rate and overall weighted parity showing certain changes [2]. - In the stock market, more than half of the underlying stock sectors rose. The top three rising sectors in the A - share market were power equipment, automobiles, and household appliances, while the top three falling sectors were agriculture, forestry, animal husbandry and fishery, commercial and retail, and social services. In the convertible bond market, the top three rising sectors were light manufacturing, power equipment, and electronics, and the top three falling sectors were transportation, beauty care, and household appliances [3]. Summaries by Directory Market Main Index Performance - The CSI Convertible Bond Index closed at 479.44, up 0.57% daily, 0.42% weekly, 1.79% monthly, and 15.65% since the beginning of 2025. The Shanghai Composite Index closed at 3876.34, up 0.37% daily, 1.81% weekly, 5.72% monthly, and 15.65% since the beginning of 2025. The Shenzhen Component Index closed at 13215.46, up 1.16% daily, 5.63% weekly, 15.40% monthly, and 26.89% since the beginning of 2025. The ChiNext Index closed at 3147.35, up 1.95% daily, 9.74% weekly, 27.44% monthly, and 46.96% since the beginning of 2025 [7]. - In terms of market style, large - cap growth stocks were relatively dominant. Large - cap growth stocks rose 1.15%, large - cap value stocks fell 0.03%, mid - cap growth stocks rose 0.98%, mid - cap value stocks rose 1.02%, small - cap growth stocks rose 1.07%, and small - cap value stocks rose 1.15% [1][8]. Market Fund Performance - The trading volume in the convertible bond market was 80.992 billion yuan, a 3.63% increase compared to the previous day, and the total trading volume of the Wind All - A Index was 2402.924 billion yuan, a 1.51% increase compared to the previous day. The net out - flow of the main funds in the Shanghai and Shenzhen stock markets was 32.839 billion yuan, and the yield of the 10 - year Treasury bond decreased by 1.78bp to 1.83% [1]. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 131.07 yuan, a 0.69% increase compared to the previous day. The closing price of equity - biased convertible bonds was 183.62 yuan, up 7.66%; the closing price of bond - biased convertible bonds was 118.21 yuan, up 0.24%; and the closing price of balanced convertible bonds was 126.68 yuan, up 0.73% [2]. - The conversion premium rate of the 100 - yuan parity fitting was 29.21%, a 0.38pct increase compared to the previous day. The overall weighted parity was 102.13 yuan, a 0.38% increase compared to the previous day. The conversion premium rate of equity - biased convertible bonds was 11.14%, up 2.39pct; the conversion premium rate of bond - biased convertible bonds was 83.79%, up 0.43pct; and the conversion premium rate of balanced convertible bonds was 21.80%, down 0.47pct [2]. Industry Rotation - In the A - share market, the top three rising sectors were power equipment (+2.55%), automobiles (+2.05%), and household appliances (+1.64%); the top three falling sectors were agriculture, forestry, animal husbandry and fishery (-1.02%), commercial and retail (-0.98%), and social services (-0.86%). In the convertible bond market, the top three rising sectors were light manufacturing (+2.70%), power equipment (+2.05%), and electronics (+1.83%); the top three falling sectors were transportation (-0.28%), beauty care (-0.19%), and household appliances (-0.12%) [3]. - In terms of different sectors: - Closing price: The large - cycle sector rose 0.66%, the manufacturing sector rose 1.91%, the technology sector rose 1.36%, the large - consumption sector rose 0.18%, and the large - finance sector rose 0.55% [3]. - Conversion premium rate: The large - cycle sector rose 0.5pct, the manufacturing sector rose 0.034pct, the technology sector rose 0.49pct, the large - consumption sector fell 0.1pct, and the large - finance sector rose 0.32pct [3]. - Conversion value: The large - cycle sector rose 0.44%, the manufacturing sector rose 1.72%, the technology sector rose 1.01%, the large - consumption sector fell 0.46%, and the large - finance sector rose 0.31% [3]. - Pure bond premium rate: The large - cycle sector rose 0.8pct, the manufacturing sector rose 2.7pct, the technology sector rose 2.0pct, the large - consumption sector rose 0.19pct, and the large - finance sector rose 0.63pct [4].

Report Industry Investment Ratings - The investment rating for the粕类 is neutral [3] - The investment rating for the玉米 is cautiously bearish [6] Core Views - The adjustment in this report is slightly higher than market expectations, leading to a decline in US soybean prices. Future attention should focus on changes in the new - season US soybeans. In China, the strengthening of Brazilian premiums has supported domestic soybean prices to some extent, but the domestic soybean supply remains sufficient with high downstream inventories. Attention should be paid to changes in China - US policies [2] - For corn, the supply of old grain from traders is limited and its price is firm. New grain is gradually coming onto the market, and traders are mainly buying at lower prices. The overall supply is loose. Feed enterprises are using their inventories, and deep - processing enterprises also want to buy at lower prices. Future attention should be on the listing and purchase of new - season corn [5] Summary by Related Catalogs 粕类 Market News and Important Data - Futures: The closing price of the soybean meal 2601 contract was 3041 yuan/ton, a change of - 1 yuan/ton (- 0.03%) from the previous day; the rapeseed meal 2601 contract was 2518 yuan/ton, a change of + 14 yuan/ton (+ 0.56%) [1] - Spot: In Tianjin, the soybean meal spot price was 3030 yuan/ton, up 10 yuan/ton; in Jiangsu and Guangdong, it was 2950 yuan/ton, unchanged. In Fujian, the rapeseed meal spot price was 2670 yuan/ton, up 20 yuan/ton [1] - US market: As of September 14, the US soybean good - to - excellent rate was 63%, the defoliation rate was 41%, and the harvest progress was 5% [1] Market Analysis - The report adjustment was slightly higher than expected, causing a decline in US soybean prices. In China, the strengthening of Brazilian premiums supported domestic soybean prices, but supply was sufficient and downstream inventories were high. Policy changes between China and the US should be watched [2] Strategy - Neutral [3] Corn Market News and Important Data - Futures: The closing price of the corn 2511 contract was 2166 yuan/ton, a change of - 1 yuan/ton (- 0.05%); the corn starch 2511 contract was 2443 yuan/ton, unchanged [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2600 yuan/ton, unchanged [3] - US market: As of September 11, the US corn export inspection volume was 1.5117 million tons, a week - on - week increase of 4.7% and a year - on - year increase of 165.7%. As of September 14, the good - to - excellent rate was 67%, and the harvest progress was 7% [3] Market Analysis - The supply of old grain from traders was limited and its price was firm. New grain was gradually coming onto the market. Feed enterprises were using inventories, and deep - processing enterprises wanted to buy at lower prices. The overall supply was loose [5] Strategy - Cautiously bearish [6]

Core Viewpoint - The Chinese government has made significant progress in consolidating and expanding the achievements of poverty alleviation during the "14th Five-Year Plan" period, ensuring that large-scale poverty does not reoccur [1][3]. Group 1: Poverty Alleviation Measures - A comprehensive monitoring and support mechanism to prevent poverty has been established, with an average of 3-5 support measures provided to at-risk individuals [3]. - The Ministry of Agriculture and Rural Affairs has implemented various measures such as industry subsidies, employment support, and medical insurance subsidies to ensure early detection and intervention [5]. - The scale of migrant workers from poverty alleviated areas has remained above 30 million annually, supported by collaboration from eastern provinces, central units, enterprises, and social organizations [8]. Group 2: Financial Support and Investment - The central government has allocated a total of 850.5 billion yuan in support for rural revitalization during the "14th Five-Year Plan" period [12]. - National fiscal spending on agriculture, forestry, and water affairs has reached 10.8 trillion yuan, focusing on food security and implementing various subsidies for staple crops [15]. - Financial resources have been directed towards rural infrastructure projects, including sanitation, water supply, and educational facilities [18]. Group 3: Agricultural Development - The government supports the establishment of 210 characteristic industrial clusters, 250 modern agricultural parks, and 1,098 strong agricultural towns during the "14th Five-Year Plan" [21]. - The projected revenue from leisure agriculture is expected to reach approximately 900 billion yuan in 2024, with a significant increase in the number of agricultural leading enterprises [23]. - A pilot program for extending land contracts for an additional 30 years has been initiated in several provinces to ensure stability for farmers [24].

Report Industry Investment Ratings - Not provided in the given content Core Views - Domestically, policies in the consumption field will continue to be introduced due to income distribution imbalance. The economy needs government support, with the production side remaining strong. Overseas, US inflation is resilient, and the market is concerned about the US job market. Focus on Fed Chair Powell's speech and the dot - plot [2] - For the US dollar index, there is a risk of downward break - out. The RMB exchange rate may form a "three - price convergence" pattern. It is advisable to short the US dollar index and use appropriate hedging strategies for enterprises [3][4] - The stock index is expected to be mainly volatile. Wait for the Fed's interest - rate cut to land and hold positions for observation [5] - The sentiment of treasury bonds has recovered. Consider holding long positions at low prices [6] - The container shipping market has insufficient cargo volume. Near - month contracts may fall, and short - selling opportunities can be focused on [8] - Precious metals may be bullish in the medium - to - long - term. Be cautious of profit - taking after the interest - rate cut expectation is fulfilled [11] - Copper is expected to be in high - level consolidation [12] - The fundamentals of the aluminum industry chain vary. Aluminum may be bullish, alumina may be bearish, and cast aluminum alloy may be bullish [13][15][16] - Zinc is expected to be mainly volatile [16] - Nickel and stainless steel are affected by the macro level, and the fundamentals are relatively stable [17] - Tin is in high - level oscillation [18] - Lithium carbonate is supported by the peak - season demand [19] - Industrial silicon and polysilicon are in a pattern of rising and then falling. Be cautious about polysilicon investment [20][21] - Lead is in high - level oscillation [21] - The trading logic of steel products is switching. Pay attention to policy implementation and demand [22] - Iron ore has limited upside and downside space [24][25] - Coal and coke are not recommended as short - selling targets in the black series. Pay attention to downstream restocking and policies [27] - Ferrosilicon and ferromanganese are supported by cost. Focus on the impact of coking coal prices [28] - Crude oil is mainly driven by supply. It is recommended to short at high prices [32] - LPG is mainly volatile. Pay attention to PDH enterprise start - up [34] - PX - TA is in oscillation. PTA processing fees may be repaired [37] - MEG - bottle chips have a heavy inventory - building expectation. Do not short blindly [38] - PP is supported by the cost side. It is recommended to go long at low prices [41] - PE has a slow demand recovery and a weak pattern [44] - Pure benzene and styrene are in a strong - side oscillation. Observe the downstream restocking intention [46][47] - Fuel oil is waiting for an opportunity to short the cracking profit [47] - Low - sulfur fuel oil focuses on shorting the high - low sulfur spread in the far - month [48] - Asphalt follows the cost and waits for a long - position opportunity [48] - Rubber and 20 - number rubber continue to be in wide - range oscillation. Pay attention to weather and demand [51] - Urea is in a pattern of support below and suppression above, with the 01 contract expected to oscillate between 1650 - 1850 [53] - For glass, soda ash, and caustic soda, the soda ash market is affected by supply and demand expectations, with a pattern of strong supply and weak demand [53] Summary by Directory Financial Futures Macro - China's Ministry of Commerce explores setting spring and autumn holidays for primary and secondary schools and promotes the opening of Internet and cultural fields. The US Treasury Secretary believes the Fed has been slow to respond, and the market expects a 75 - basis - point interest - rate cut by the end of the year. The Fed's interest - rate meeting is highly anticipated [1][4] RMB Exchange Rate - The on - shore RMB against the US dollar rose. The US inflation is resilient, and the market is concerned about the US job market. The RMB exchange rate may form a "three - price convergence" pattern [2][3][4] Stock Index - The stock index was volatile, with small - cap stocks relatively strong. Wait for the Fed's interest - rate cut to land and hold positions for observation [4][5] Treasury Bonds - Treasury bonds opened low and went high. The policy on expanding service consumption was released, and its impact on the market is limited. Consider holding long positions at low prices [6] Container Shipping - The container shipping index (European line) futures had a mixed performance. The new - week Maersk European line spot - cabin quotes continued to decline, and the cargo volume was insufficient. Focus on short - selling opportunities for near - month contracts [6][8] Commodities Precious Metals - Gold and silver prices were strong. Gold reached a new high. Focus on the Fed's September FOMC meeting, including interest - rate cuts, dot - plots, and Powell's speech. The medium - to - long - term may be bullish, and be cautious of profit - taking [9][11] Copper - The copper price冲高回落. It is expected to be in high - level consolidation due to the conflict between macro and micro factors [11][12] Aluminum Industry Chain - Aluminum prices rose due to interest - rate cut expectations and improved fundamentals, but the downstream receiving sentiment was poor. Alumina supply is in surplus, and prices may be weak. Cast aluminum alloy is supported by scrap aluminum shortages and may be bullish [13][15][16] Zinc - Zinc prices were mainly volatile. Supply is in surplus, and demand is average. Observe macro and consumption, and the short - term is in bottom - side strong - side oscillation [16] Nickel and Stainless Steel - Nickel and stainless steel were affected by the macro level and mine - end disturbances. The fundamentals were relatively stable. Focus on subsequent macro - level positive news [16][17][18] Tin - Tin prices were in high - level oscillation. They were supported by the Fed's interest - rate cut expectations, and the short - term supply is tight [18] Lithium Carbonate - Lithium carbonate futures rose. Supported by the peak - season demand, the reasonable price range is 72000 - 76000 yuan/ton [18][19] Industrial Silicon and Polysilicon - Industrial silicon and polysilicon futures had a pattern of rising and then falling. Industrial silicon has short - term positive sentiment support and long - term structural pressure. Polysilicon is affected by news and policies, and investment should be cautious [19][20][21] Lead - Lead prices were in high - level oscillation. The supply is weak relative to demand, and the short - term is in high - level oscillation [21] Black Metals Steel Products - The trading logic of steel products is switching. There is a high - supply and over - seasonal inventory - building pressure, but there is also support from the hot - rolled coil inventory decline and pre - holiday restocking expectations. Pay attention to policy implementation and demand [22][23] Iron Ore - Iron ore prices were oscillating. The fundamentals have slightly declined, and the upside and downside space are limited [24][25] Coal and Coke - Coal and coke prices were in high - level oscillation. The supply is frequently disturbed, and they are not recommended as short - selling targets in the black series. Pay attention to downstream restocking and policies [26][27] Ferrosilicon and Ferromanganese - Ferrosilicon and ferromanganese prices冲高回落. They are supported by cost, and the trading logic is the game between strong expectations and weak reality. Focus on the impact of coking coal prices [28] Energy and Chemicals Crude Oil - Crude oil prices rose. Geopolitical disturbances dominate the price trend. Supply pressure is the core driving force, and it is recommended to short at high prices [30][31][32] LPG - LPG prices were mainly volatile. The supply is loose, and the demand has little change. Pay attention to PDH enterprise start - up [33][34] PX - TA - PX - TA prices were in oscillation. PX supply may increase in September, and PTA supply and demand are in a complex situation. PTA processing fees may be repaired [35][36][37] MEG - Bottle Chips - MEG - bottle chips have a heavy inventory - building expectation. Do not short blindly as the supply lacks elasticity and the downward space is limited [37][38] PP - PP prices were slightly up. The supply pressure is relieved, and the demand is in the recovery stage but the peak season is not obvious. The cost side provides support, and it is recommended to go long at low prices [38][40][41] PE - PE prices were slightly up. The supply is expected to decrease, and the demand is in the process of recovery but the speed is slow. It is in a weak pattern and is expected to be in oscillation [42][43][44] Pure Benzene and Styrene - Pure benzene and styrene prices were in a strong - side oscillation. Pure benzene has an increase in supply and a decrease in demand. Styrene supply may increase after September, and the demand has limited growth. Observe the downstream restocking intention [46][47] Fuel Oil - Fuel oil prices were in a certain situation. The supply is expected to rise slowly, and the demand is stable. Wait for an opportunity to short the cracking profit [47] Low - Sulfur Fuel Oil - Low - sulfur fuel oil prices were in a certain situation. The supply is relatively abundant, and the demand is weak. Focus on shorting the high - low sulfur spread in the far - month [48] Asphalt - Asphalt prices were in a certain situation. The supply is increasing, and the demand is affected by rain and funds. The inventory is improving. Try long - position after the cost stabilizes [48] Rubber and 20 - Number Rubber - Rubber and 20 - number rubber prices were in wide - range oscillation. Affected by weather, supply, and demand, the short - term cost is supported, and the long - term needs to pay attention to policies and trade [50][51] Urea - Urea prices were in a certain situation. The market has sufficient supply and increasing inventory. There is support from exports, and the 01 contract is expected to oscillate between 1650 - 1850 [51][52][53] Glass, Soda Ash, and Caustic Soda - Soda ash prices were up. The inventory is decreasing, and the supply is expected to remain high. The demand is stable, and it is in a pattern of strong supply and weak demand [53]

Group 1 - The core viewpoint of the news is that during the "14th Five-Year Plan" period, China has made significant progress in consolidating and expanding the achievements of poverty alleviation, ensuring that large-scale poverty does not reoccur [1] - The Ministry of Agriculture and Rural Affairs has established a monitoring and support mechanism to prevent poverty, providing an average of 3 to 5 types of support to those at risk of falling back into poverty [1] - The scale of migrant workers from poverty alleviation has remained above 30 million annually, with strong support from various sectors including eastern provinces, central units, enterprises, and social organizations [1] Group 2 - The coverage of policies aimed at strengthening agriculture and benefiting farmers has expanded significantly, with national fiscal spending on agriculture, forestry, and water affairs reaching 10.8 trillion yuan [2] - Key agricultural subsidies have been implemented, including cost and income insurance for major grain crops, ensuring comprehensive coverage [2] - The government has supported the construction of rural infrastructure, including sanitation, water supply, and educational facilities, addressing critical areas of public welfare [2] Group 3 - A pilot program for extending land contracts for an additional 30 years has been initiated in seven provinces, ensuring stability for most farmers' original contracted land [3]

Core Insights - The Chinese government has maintained a positive momentum in agricultural and rural development during the "14th Five-Year Plan" period, with significant increases in grain production and improvements in rural living conditions [1][2] Group 1: Agricultural Production - Grain production in China has reached a new level, with a record output of 1.4 trillion jin (approximately 700 million tons) last year, an increase of 74 billion jin compared to 2020 [1] - The per capita grain availability has reached 500 kg, ensuring basic self-sufficiency in grains and absolute safety in staple food supply [1] - The summer grain production is stable, early rice has increased, and the area for autumn grain is also on the rise, with a target of maintaining an annual grain output of around 1.4 trillion jin [1] Group 2: Rural Development Initiatives - The implementation of the "Ten Million Project" has led to the establishment of a rural construction task list and project management system, improving rural living environments [1] - Over 90% of administrative villages have access to 5G, and the express delivery network has accelerated, allowing more farmers to access delivery services conveniently [1] - More than 95% of village clinics are included in the medical insurance system, making healthcare more accessible for rural residents [1] Group 3: Poverty Alleviation Efforts - The government has successfully prevented large-scale poverty and has provided targeted assistance to over 6 million individuals at risk of falling back into poverty as of July this year [2] - The scale of employed labor from poverty alleviation efforts has remained above 30 million annually during the "14th Five-Year Plan" period [2]

Group 1 - The core objective during the "14th Five-Year Plan" period is to build a strong agricultural nation, with a focus on rural revitalization and steady agricultural development [1] - The agricultural sector has made significant progress in poverty alleviation, with over 6 million monitoring subjects identified and supported, and stable employment for around 30 million people in recent years [3] - Agricultural modernization has achieved important milestones, including the establishment of over 1 billion mu of high-standard farmland and a mechanization rate of over 75% for crop farming [5] Group 2 - The revenue of large-scale agricultural product processing enterprises reached approximately 1.8 trillion yuan, indicating a significant improvement in the rural living environment [7] - The per capita disposable income of rural residents is projected to reach 23,119 yuan in 2024, with a noticeable reduction in the income gap between urban and rural residents [9] - The vitality of rural development continues to grow, with over 2 million farmer cooperatives and more than 4 million family farms established [11]