9月22日，这位Universa Investments的掌门人近日在接受《华尔街日报》采访时表示，他预见美股在短期内可能继续走高， 标普500指数或将"相当快地"触及 8000点 ，这意味着较当前水平有约20%的上涨空间。Spitznagel指出，美联储降息等因素为市场进一步上行创造了理想条件。 美国"黑天鹅"基金经理Mark Spitznagel认为，当前美国的市场环境类似于"咆哮的二十年代"即将终结时的狂热，美股将迎来一轮大幅上涨，但一场剧烈的调整 也正在酝酿，随后可能迎来自1929年以来最严重的一次崩盘。 然而，他警告称，这轮上涨将是灾难的前奏。 Spitznagel将当前的市场状况与1929年进行了比较，认为多年来联邦政府对市场和经济的反复干预，导致风险像 干燥的引火物一样不断累积，最终可能引发一场猛烈的"火焰风暴"。 Spitznagel是《黑天鹅》作者Nassim Nicholas Taleb的得意门生，他的对冲基金以其独特的尾部风险对冲策略而著称，该策略并非预测市场时点，而是在市场 乐观、对冲成本低廉时买入保护。这种策略使其在雷曼兄弟破产、2015年"闪电崩盘"以及新冠疫情引发的市场熔断中为客 ...

Market Overview - The Hang Seng Index closed down 185 points, marking a cumulative decline of 385 points over two days, with a final closing value of 26,159 points [3] - The total market turnover was 29.46 billion HKD, with a net outflow of 4.069 billion HKD from northbound trading [3] Stock Performance - Among 88 blue-chip stocks, 67 experienced declines, with notable drops including: - CSPC Pharmaceutical Group down 4.7% to 9.47 HKD - China Biologic Products down 4.5% to 8.14 HKD - WuXi AppTec down 3.3% to 109.7 HKD - BYD down 3.1% to 106.3 HKD - New Oriental Education saw an increase of 1.9% to 40.64 HKD, and CITIC Limited rebounded by 1.5% to 11.5 HKD, being the strongest blue chips [4] Debt Issuance - Bank of China assisted the Shenzhen Municipal Government in issuing offshore RMB local government bonds in Hong Kong, raising a total of 4 billion RMB. The bonds include 2-year, 5-year, and 10-year maturities with interest rates of 1.61%, 1.8%, and 2.08% respectively [7] - The issuance attracted significant interest, with a peak order book size of 18.67 billion RMB and an order multiple of 4.7 times [7] Green Finance Initiatives - The Hong Kong Stock Exchange signed a memorandum of cooperation with carbon trading centers in Guangzhou, Shenzhen, and Macau to enhance knowledge sharing and cooperation in the green finance ecosystem within the Greater Bay Area [8] E-commerce Regulation - The State Administration for Market Regulation reported that the online retail sales in China reached 7.43 trillion RMB in the first half of the year, growing by 8.5% year-on-year, with live e-commerce playing a significant role. However, issues of false marketing and counterfeit products were highlighted as prominent problems in the sector [9] Corporate Developments - Fantasia Holdings announced that 84% of its existing bondholders have supported the restructuring agreement, extending the deadline for creditors to join the plan [12] - Postal Savings Bank of China will absorb its wholly-owned subsidiary, Postal Huinong Bank, to optimize management and business structure, with no significant impact on its financial status [13] - China Resources Land announced the resignation of its CFO and the appointment of new executives [14] - Jiufang Zhitu Holdings is investing in EX.IO to expand its digital asset business, leveraging the resources of the virtual asset trading platform [15]

Core Insights - The event titled "Financial Empowerment of Cultural and Tourism Industry" was held in Chengdu, focusing on the integration of financial capital with the cultural and tourism industry in Sichuan [1][4] - The meeting attracted over 220 participants from various sectors, including major enterprises, financial institutions, and industry associations, aiming to facilitate precise connections between industry resources and financial capital [3][7] Group 1: Event Overview - The event was organized by the provincial government and aimed to promote high-quality development in the cultural and tourism sector through financial collaboration [1][4] - It served as a key activity within the "2025 Well-Known Enterprises in Sichuan" initiative, emphasizing the theme of "Building Circles and Strengthening Chains" [1][4] Group 2: Participation and Engagement - The event featured representatives from 19 central enterprises, 10 industry associations, 104 cultural and tourism companies, and 37 financial institutions, with over one-third of attendees being top executives [7] - Notable speakers included leaders from the China Cultural Entertainment Industry Association and Agricultural Bank of China, who discussed the importance of customized financial support for industry development [3][7] Group 3: Key Features of the Event - The event highlighted five main characteristics: strong growth potential, high attraction, effective linkage, high innovation content, and significant investment value [6][8] - It emphasized the integration of technology within the cultural and tourism sectors, showcasing digital technology companies and promoting cross-industry collaborations [8] Group 4: Policy and Investment Opportunities - The event provided a platform for policy interpretation, project announcements, and resource connections, aimed at maximizing investment advantages in Sichuan's cultural and tourism sectors [8] - A strategic cooperation agreement was signed between the provincial economic cooperation center and the China Cultural Entertainment Industry Association to enhance collaboration on emerging industries [8]

Core Viewpoint - The company has approved the use of idle self-owned funds to purchase bank wealth management products, with a limit of up to RMB 1 billion, to enhance fund utilization efficiency and overall performance [1][2]. Group 1: Investment Decision - The company held board meetings on August 14, 2025, and a temporary shareholders' meeting on September 4, 2025, to approve the investment plan [1]. - The company plans to use RMB 1 billion of its own funds for wealth management investments within one year from the approval date [1][2]. - The investment will be conducted through the Shenzhen State-owned Assets Management Platform [1]. Group 2: Investment Details - The company has signed an agreement with Huaxia Bank Shenzhen Branch to purchase structured deposits with an investment amount of RMB 1 billion [2]. - The investment will have varying annualized interest rates of 0.1%, 2.2%, or 2.35% [2]. - The investment period is from September 22, 2025, to September 22, 2026 [2]. Group 3: Impact and Risk Management - The investment is expected to improve fund utilization efficiency and enhance overall company performance while ensuring that daily operations are not affected [2]. - The company will implement a risk control framework, including separating decision-making, execution, and supervision functions [3]. - Continuous monitoring of product risk and regular audits by the internal audit department will be conducted to ensure fund safety [3].

深圳中科云信息技术有限公司(以下简称"中科云")创始人龚文斌对公司第一笔海外订单至今记忆犹新： 一位加拿大学生花了两倍于产品本身的费用——其中快递费和报关费已超过产品价格，只为将中科云的 国产迷你主机带回学校研究。"我当时特别开心，感觉迎来了产品走向海外的起点。" 这份希冀和喜悦的背后，却隐藏着小微企业出海的共同难题：兵马未动粮草先行，出海资金筹集问题首 当其冲。这类企业往往缺乏可作为有效抵押物的海外资产，难以从传统渠道获得融资支持。 当"走出去"的渴望遇上"融不到"的困境，如何打破融资难的"玻璃门"，成为影响小微企业出海成败的关 键因素之一。 出海：是刻在名字里的使命 转机，出现在富融银行"出海贷"的落地。2024年5月，深港跨境数据验证平台上线，该平台基于微众银 行提出的分布式数据传输协议理念及牵头研发的国产开源区块链底层平台FISCO BCOS进行开发，为深 港两地机构提供数据凭证的可信验证服务。富融银行通过该平台对中科云自主授权的信用信息进行跨境 验证，为其香港关联企业提供了无需抵押、无需财务报表、无手续费的约270万港币贷款支持。 "从没想过香港银行会给我们贷款。以前100万的资金只能做100万的生 ...

Report Industry Investment Rating - The investment rating for stock index futures is "Relatively Strong", and for treasury bond futures is "Oscillating" [1] Core Viewpoints - The market fluctuated throughout the day with the three major indexes showing mixed results. Over 4,200 stocks in the Shanghai, Shenzhen, and Beijing markets closed lower, and the trading volume exceeded 2.51 trillion yuan. The Fed cut interest rates by 25BP, but its stance was cautious, and there was internal divergence on the path of interest rate cuts this year. The domestic economic data in August showed a slight decline in demand - side indicators, indicating that the economy is still on the way to bottom - out and stabilize. The implementation of the parenting subsidy system is expected to boost inflation through more inclusive fiscal policies. As the important meeting in October approaches, the long - short game intensifies, and it is advisable to reduce long positions appropriately [1] - Treasury bond futures closed lower across the board. The central bank conducted 276.1 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 10.9 billion yuan. The short - term central bank's signal to support the capital market is obvious. With the current fundamental factors being mixed, the bond market shows no obvious turning point signal and will continue the oscillating trend [1][2] Summary by Directory 1. Daily Price Changes - **Stock Index Futures**: On September 23, 2025, IH was at 2,925.0 (up 2.0, 0.07% from the previous day), IF was at 4,483.8 (down 0.2, 0.00%), IC was at 6,940.6 (down 72.6, - 1.04%), and IM was at 7,127.0 (down 103.2, - 1.43%) [3] - **Stock Indexes**: The Shanghai Composite 50 was at 2,919.5 (down 2.7, - 0.09%), the CSI 300 was at 4,519.8 (down 2.8, - 0.06%), the CSI 500 was at 7,180.7 (down 44.4, - 0.61%), and the CSI 1000 was at 7,408.1 (down 81.4, - 1.09%) [3] - **Treasury Bond Futures**: On September 23, 2025, TS was at 102.35 (down 0.052, - 0.05%), TF was at 105.63 (down 0.145, - 0.14%), T was at 107.72 (down 0.26, - 0.24%), and TL was at 114.32 (down 0.81, - 0.70%) [3] 2. Market News - **Diplomatic Response**: The Ministry of Foreign Affairs stated that the tariff war and trade war are not in the interests of any party, and both sides should resolve issues through negotiation on the basis of equality, respect, and reciprocity [5] - **Stock Market Performance**: The market fluctuated throughout the day. The shipping sector was strong, with Nanjing Port and Ningbo Shipping hitting the daily limit. Bank stocks rebounded, with Nanjing Bank and Xiamen Bank rising more than 3%. The tourism sector adjusted, with Yunnan Tourism and Tibet Tourism hitting the daily limit down. Semiconductor chip stocks strengthened in the afternoon, with many stocks such as Demingli and Leon Micro hitting the daily limit [5][6] 3. Chart Analysis - **Stock Index Futures**: The report presents the trends and basis trends of IH, IF, IC, and IM contracts, as well as the trends of the Shanghai Composite 50, CSI 300, CSI 500, and CSI 1000 indexes [8][10][12] - **Treasury Bond Futures**: The report shows the trends of treasury bond futures contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [15][18][20] - **Exchange Rates**: The report includes the trends of the US dollar against the RMB, the euro against the RMB, forward exchange rates, the US dollar index, and cross - currency exchange rates [24][25][28] 4. Member Introduction - Zhu Jintao, a master of economics from Jilin University, is the director of macro - financial research at Everbright Futures Research Institute [32] - Wang Dongying, an index analyst with a master's degree from Columbia University, mainly tracks stock index futures, focusing on macro - fundamental quantification, key industry sector research, index earnings report analysis, and market capital tracking [32]

一年前，2024年9月24日，国新办新闻发布会重磅推出"降准降息+股市支持工具"组合拳，以系统性政策力量砸开A股三年调整的坚冰，为中国资本市场注 入关键动能。 一年后的今天，这场被命名为 "9·24行情" 的变革，已然开启A股史上具有深远意义的慢牛征程：沪深总市值从81.8万亿跃升至116.6万亿（首破百万亿大 关）；寒武纪取代贵州茅台成 "股王"；外资从连续两年减持转为净流入超百亿美元；上市公司上半年研发投入超8100亿元…… 5月7日，《推动公募基金高质量发展行动方案》出台，引导行业从"重规模"向 "重回报"转型。 6月18日，科创板增设科创成长层，增强制度包容性以服务科技创新与新质生产力发展。 所有数据的背后，是政策从 "托底" 到 "制度建设" 的升华，是资金从 "小票博弈" 到 "龙头集中" 的转向，是市场从 "融资优先" 到 "投资-融资良性循环" 的 质变。 站在一周年节点回望，"9·24行情"是投资者信心恢复与市场生态重塑的重要里程碑，更是A股市场高质量发展的全新起点——一个以科技为主线、以龙头 为核心、以慢牛为特征的全新资本市场，正承载着经济转型的使命，成为中国科技创新与产业升级的 "孵化器 ...

一年前，2024年9月24日，国新办新闻发布会重磅推出"降准降息+股市支持工具"组合拳，以系统性政策 力量砸开A股三年调整的坚冰，为中国资本市场注入关键动能。 一年后的今天，这场被命名为 "9·24行情" 的变革，已然开启A股史上具有深远意义的慢牛征程：沪深总 市值从81.8万亿跃升至116.6万亿（首破百万亿大关）；寒武纪取代贵州茅台成 "股王"；外资从连续两 年减持转为净流入超百亿美元；上市公司上半年研发投入超8100亿元…… 所有数据的背后，是政策从 "托底" 到 "制度建设" 的升华，是资金从 "小票博弈" 到 "龙头集中" 的转 向，是市场从 "融资优先" 到 "投资-融资良性循环" 的质变。 站在一周年节点回望，"9·24行情"是投资者信心恢复与市场生态重塑的重要里程碑，更是A股市场高质 量发展的全新起点——一个以科技为主线、以龙头为核心、以慢牛为特征的全新资本市场，正承载着经 济转型的使命，成为中国科技创新与产业升级的 "孵化器"。 1 政策筑基：多维度举措构建市场支撑体系 回溯2024年9月24日，中国人民银行、金融监管总局、证监会在国新办新闻发布会上联合出台"稳地产、 稳股市、稳经济"一揽子 ...

周三（9月24日）亚盘早盘，美元兑日元上涨，目前交投于147附近，截止北京时间11:43分，美元兑日 元报价147.84，上涨0.15%，上一交易日美元兑日元收盘为147.62。澳新银行研究部高级国际经济学家 TomKenny在报告中表示，日本央行今年剩余时间可能维持政策利率不变。 他指出，美国关税对日本经济影响的不确定性加剧，加之日本国内政治局势不明朗，这些因素可能使日 本央行在明年之前保持按兵不动。日本央行上一次加息是在2025年初。Kenny称，央行暂停加息的一个 主要原因是其下调了2026财年的通胀预期，目前该预期已低于2%的物价稳定目标。这表明央行政策委 员会成员对实现物价稳定使命的信心有所下降，他补充道。澳新银行已将日本央行25个基点的加息预期 从2025年10月推迟至2026年1月。 美元兑日元支撑位是147.00关口，若跌破该点位，现货价格可能会加速下跌至146.20的水平支撑位。下 跌趋势可能会进一步延伸至145.50-145.45区域，这是上周三触及的7月7日以来的最低水平。 ...

从日线图看，英镑兑美元正贴近布林带(26,2)中轨运行，布林中轨约1.3510，与现价1.3516几乎重合，技 术上构成"均值磁力位"。上轨与下轨基本水平且带宽温和，暗示近期属于盘整市场，波动率处于中性偏 收缩阶段。价格自低点1.3140启动的反弹在9月上旬并未形成持续趋势，期间在1.3594附近遇阻，随后冲 高至1.3726后回落，前高1.3788未被改写，形态上呈现"高位逐步下移"的轻度下降楔形/箱体上沿压制特 征。 核心通胀率也符合预期，为3.6%，服务业通胀率则从7月份的5.0%降至4.7%。Raja说："好消息是，8月 份的通胀数据修正了我们[在7月份]看到的一些意外上行。"他说，坏消息是，通胀在见顶前还有一段路 要走。8月份达到5.1%的食品通胀继续走高。他补充说，英国央行可能希望等待积累更多证据，然后再 放松限制性政策。 周三（9月24日）亚盘早盘，英镑兑美元暂报1.3504，跌幅0.14%，昨日收盘报1.3523。德意志银行的 SanjayRaja在一份报告中称，英国通胀数据对市场而言是个积极因素，8月份总体通胀率维持在3.8%。 ...