这场中美关税拉锯，从2018年头一炮打响，到2025年特朗普二度上台接着加码，步步走得急，闹得全球供应链都跟着晃荡。起初是特朗普签那道行政令，对 中国钢铝产品甩上25%和10%的关税，中国这边也没闲着，立马对美国128项产品回敬等额措施。 接着2018年7月，美国对340亿中国货加25%，中国对等反制；9月又来2000亿的10%，中国跟进600亿。2019年5月，美国把那2000亿从10%提到25%，中国加 600亿到5%-25%不等。8月美国再推3000亿的10%，中国对750亿美国货加5%-10%。这来来回回，关税清单像滚雪球，越滚越大。 到了2020年1月，第一阶段协议签了，中国承诺多买2000亿美国货，包括农产和能源，可执行起来磕磕绊绊。拜登接棒后，没松口，2022年5月审了301条 款，继续维持。 2023年8月，美国商务部对华为等加强出口管制，2024年5月14日拜登签令，对中国电动车加100%，半导体电池到50%。 特朗普2024年底胜选，2025年1月20日就职，2月1日三道行政令，对中墨加加10%，2月4日对中国10%生效。2月27日帖文宣布再加10%，3月3日行政令累计 20%。4月2日总 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 600113 | 浙江东日 | 52.24 | 4.90% | | 18.01万 | 8.94亿 | | 000058 | 深塞格 | 9.71 | 3.63% | | 22.53万 | 2.19亿 | | 600865 | 百大集团 | 9.54 | 1.81% | | 7.53万 | 7148.25万 | | 603682 | XD锦和商 | 5.70 | 1.79% | 1 | 6.77万 | 3869.11万 | | 600838 | 上海九百 | 8.49 | 1.68% | | 5.72万 | 4844.04万 | | 002187 | 广百股份 | 6.46 | 1.25% | | 9.65万 | 6155.82万 | | 601010 | 文峰股份 | 2.69 | 1.13% | | 27.79万 | 7495.41万 | | 002419 | 天虹股份 | 5.47 | 1.11% | | 15.42万 | 84 ...

Group 1 - The core point of the article is that Eurasia Group announced a temporary board meeting to discuss the acquisition of shares from individual shareholders of an affiliated enterprise [1] - For the year 2024, the revenue composition of Eurasia Group is as follows: commercial activities account for 71.26%, leasing services for 27.33%, real estate for 0.94%, tourism and catering for 0.32%, and property leasing for 0.15% [1] - As of the report, the market capitalization of Eurasia Group is 2.1 billion yuan [1] Group 2 - The article mentions a significant growth in a new type of insurance product, which has seen a 33-fold increase over five years, attracting over 30 insurance companies to enter the market [1]

Report Industry Investment Rating There is no information provided regarding the report industry investment rating. Core Viewpoints of the Report Through macro - fundamental and technical analysis, the report predicts the trends of various futures contracts on September 26, 2025, and also gives the expected trends for September 2025. It also provides information on macro - news and trading alerts, and analyzes the performance of various futures contracts on September 25, 2025 [2][7][12]. Summary by Relevant Catalogs 1. Futures Market Forecast - **Stock Index Futures**: Expected to oscillate and consolidate. IF2512 has resistance at 4588 and 4600 points, support at 4550 and 4529 points; IH2512 has resistance at 2970 and 2981 points, support at 2946 and 2939 points; IC2512 has resistance at 7250 and 7300 points, support at 7139 and 7100 points; IM2512 has resistance at 7380 and 7459 points, support at 7245 and 7174 points [2]. - **Treasury Bond Futures**: The ten - year Treasury bond futures contract T2512 is likely to oscillate weakly, with support at 107.40 and 107.30 yuan, resistance at 107.72 and 107.83 yuan. The thirty - year Treasury bond futures contract TL2512 is likely to oscillate weakly in a wide range, with support at 113.5 and 113.0 yuan, resistance at 114.3 and 114.7 yuan [2]. - **Precious Metal Futures**: Gold futures contract AU2512 is likely to oscillate strongly, with resistance at 862.1 and 865.0 yuan/gram, support at 850.0 and 848.0 yuan/gram. Silver futures contract AG2512 is likely to oscillate strongly and will attack the resistance at 10600 and 10680 yuan/kg, support at 10411 and 10397 yuan/kg, and may hit a new high since listing [3]. - **Base Metal Futures**: Copper futures contract CU2511 is likely to oscillate in a wide range and will accumulate strength to attack the resistance at 83300 and 84000 yuan/ton, support at 82000 and 81500 yuan/ton. Aluminum futures contract AL2511 is likely to oscillate strongly and will attack the resistance at 20860 and 20940 yuan/ton, support at 20740 and 20700 yuan/ton. Alumina futures contract AO2601 is likely to oscillate weakly and will test the support at 2900 and 2877 yuan/ton, resistance at 2942 and 2960 yuan/ton [3]. - **Other Commodity Futures**: Crude oil futures contract SC2511 is likely to oscillate and consolidate, with resistance at 492 and 494 yuan/barrel, support at 485 and 483 yuan/barrel. Fuel oil futures contract FU2601 is likely to oscillate strongly, with resistance at 2910 and 2929 yuan/ton, support at 2887 and 2873 yuan/ton. PTA futures contract TA601, PVC futures contract V2601, and bean meal futures contract M2601 are likely to oscillate weakly. Natural rubber futures contract RU2601 is likely to oscillate weakly and will test the support at 15210 and 15110 yuan/ton [6]. 2. Macro - news and Trading Alerts - The Ministry of Commerce took multiple measures, including adding US entities to export - control and unreliable - entity lists, responding to Sino - US soybean trade issues, initiating trade - investment barrier investigations against Mexico, and launching an anti - dumping investigation into imported pecans from Mexico and the US [7]. - The digital RMB international operation center was officially launched, and the tax department and platforms are preparing for the first tax - related information submission. The US Q2 GDP growth was revised upwards, and some Fed officials advocated for interest - rate cuts [8]. 3. Futures Market Analysis and Forecast - **Stock Index Futures**: On September 25, 2025, IF2512, IH2512, and IC2512 showed different degrees of upward movement, while IM2512 showed a slight decline. The report also gives the expected trends for September 2025, all contracts are likely to oscillate in a wide range [12][13][16]. - **Treasury Bond Futures**: On September 25, 2025, the ten - year Treasury bond futures contract T2512 oscillated weakly, and the thirty - year Treasury bond futures contract TL2512 oscillated slightly upwards. The report gives the expected trends for September 26, 2025 [37][40]. - **Precious Metal Futures**: On September 25, 2025, the gold futures contract AU2512 oscillated downwards, and the silver futures contract AG2512 oscillated upwards and hit a new high during the night session. The report gives the expected trends for September 2025 and September 26, 2025 [45][50]. - **Base Metal Futures**: On September 25, 2025, copper, aluminum, and other base metal futures showed different trends. The report gives the expected trends for September 2025 and September 26, 2025 [56][61]. - **Other Commodity Futures**: On September 25, 2025, various commodity futures such as crude oil, fuel oil, and PTA showed different trends. The report gives the expected trends for September 2025 and September 26, 2025 [100][104][111].

高盛集团衍生品团队表示，10月波动加剧不仅仅是巧合。随着投资者关注财报、分析师活动日和管理层 对下一年的指引，这种压力会加剧交易量和波动性。 该行衍生品团队的数据显示，从历史上看，标普500指数已实现的波动率从8月到10月增长了26%；即将 到来的财报季通常会产生一年中最大的财报日波动。该团队发现，未来4个月内，除财报收益之外，还 有450多个重大事件可能推动美国、欧洲和亚洲股市大幅波动。这些事件包括Victoria's Secret的10月中 旬时装秀、LVMH在巴黎时装周期间的一场迪奥(Dior)秀、特斯拉公司的年度股东大会、凯悦酒店集 团、家得宝(Home Depot)和Dollar Tree的企业活动。这些事件都可能成为买入波动性的候选因素。 格隆汇9月26日｜高盛表示，自1928年以来，标普500指数10月的历史波动比其他月份高出约20%。近几 十年来，这一幅度甚至更高，因为第四季通常会出现企业层面的大量催化剂。 ...

Core Insights - A new individual business named Suifeng Trading was established in Huashi Town, Xiangtan County, with a registered capital of 50,000 RMB [1] - The legal representative of the business is Li Sui, and its operational scope includes food sales, tobacco retail, and alcohol sales [1] Business Scope - The business is authorized to engage in food sales, tobacco products retail, and alcohol operations, subject to necessary approvals from relevant authorities [1] - General projects include online sales of pre-packaged food, daily necessities sales, office supplies sales, agricultural products sales, and home appliance sales [1] - The business can also wholesale and retail edible agricultural products, fresh fruits, and fresh vegetables [1]

"七站两场"夜间疏散压力大。"七站两场"持续高位运行，铁路客流近六成集中在北京南站、北京西站， 夜间接驳压力突出，首都机场和大兴机场的接驳需求同样旺盛。 新京报讯(记者裴剑飞)9月26日，北京市有关部门举行中秋国庆假期交通保障新闻发布会。今年中秋国 庆假期共8天，出行规模、距离和强度均有显著提升，超长假期或创客流新高，预计今年日均进出京客 流约429万人次，同比上升4.5%。 北京市交通委党组成员、副主任、新闻发言人李泽钧介绍，今年中秋国庆双节相逢，北京将迎来大量海 内外游客，假期期间多项大型活动密集举办，进一步汇聚客流，市民出行意愿显著增强，预计将形成年 度出行高峰。今年中秋国庆假期共8天，出行规模、距离和强度均有显著提升，交通出行呈现跨区域流 动与潮汐集聚的运行态势，形成"由中心向周边辐射、近郊与远郊联动"的出行格局。 超长假期或创客流新高。铁路、民航、省际客运、公路自驾等城际交通客运量逐年上升，预计今年日均 进出京客流约429万人次，同比上升4.5%。客流高峰日为10月1日，达479万人次，有望创历年国庆假期 单日客流新高。 跨省中长线出行占比大幅提升。高速公路出行需求旺盛，日均交通量预计279万辆次。 ...

Core Viewpoint - Company is experiencing a turning point in its main business operations, with management raising the annual guidance due to significant improvements in Q2 performance, both domestically and internationally [2] Financial Performance - In Q2, the company achieved revenue of 4.966 billion, a year-on-year increase of 23.1%, exceeding the previous guidance of 18%-21% [2] - Operating profit reached 836 million, up 11.3% year-on-year, while adjusted net profit was 692 million, reflecting a 10.6% increase, with an adjusted net profit margin of 13.9% [2] - Management has raised the full-year revenue growth forecast from 22.8% to 25% [2] Domestic Market Strategy - Domestic revenue for the brand in Q2 was 2.62 billion, a year-on-year increase of 13.6%, with same-store sales turning positive [3] - The company opened 30 new stores in Q2, reversing the previous trend of net store closures [3] - Same-store growth is driven by an increase in average transaction value, despite a slight decline in customer traffic [3] Growth Drivers - Key factors driving same-store growth include organizational improvements, product supply enhancements, and optimized holiday operations [4] - A "Chief Growth Officer" team has been established to streamline operations across various departments [4] International Expansion - Overseas revenue reached 1.94 billion, a year-on-year increase of 28.6%, with significant growth in North America and Europe [5] - The company plans to open over 500 new stores internationally this year, with a net increase of 189 stores in the first half [5] North America Market Strategy - The company focuses on large store formats in North America, with new stores expected to achieve 1.5 times the sales efficiency of older stores [6] - A cluster opening strategy is employed to enhance brand presence and marketing efficiency [6][7] TOPTOY Brand Performance - TOPTOY achieved revenue of 400 million in Q2, a year-on-year increase of 87%, with a net increase of 13 stores [8] - The brand aims to enhance sales contributions from proprietary brands and IPs, focusing on markets with high potential [8] Store Format and IP Strategy - The company continues to implement a large store strategy, with significant investments in MINISOLAND and flagship stores [9] - The IP strategy has evolved to include both proprietary and licensed IPs, with plans to launch self-owned IP products in overseas markets [10]

Group 1: Macro and Strategy - The current stock market rise is not driven by macro liquidity excess but rather by internal fund rotation and leverage [7] - Market pricing is influenced by risk appetite recovery, with potential stabilization in prices due to external demand support and gradual implementation of "anti-involution" policies [7] - The marginal stabilization of prices may lead to a moderate rise in equity assets, with potential sector rotation and interest rate cut expectations becoming significant for the bond market [7] Group 2: Industry and Company Analysis - The data center and AI server liquid cooling industry is rapidly evolving to address high energy consumption and heat generation, with liquid cooling technology expected to significantly reduce PUE levels [18][19] - The liquid cooling market is projected to see substantial demand, with an estimated 89,000 tons of cooling liquid needed by 2028 due to the growth of AI data centers [19] - The pharmaceutical sector is witnessing a focus on innovative drug companies with differentiated capabilities, as exemplified by the recent IPO of Jinfang Pharmaceutical on the Hong Kong Stock Exchange [20][21] - Huicheng Vacuum reported a 9.71% decline in revenue and a 27.82% drop in net profit for the first half of 2025, attributed to weak downstream demand and revenue structure adjustments [23] - OptoTech achieved a 30.68% increase in revenue and a 28.80% rise in net profit in the first half of 2025, driven by the recovery in the lithium battery sector and industrial AI technology applications [26] - Miniso is experiencing a turning point in its main business operations, with strategies focused on large store models and proprietary IP driving quality growth [28]

封面新闻记者 喻言 9月25日，2025解放碑国际消费节在重庆渝中区启幕。在为期2个月的消费狂欢季内，丰富多彩的首展首秀、新品首发、主题快闪等活动将轮番上演，呈现 出一场全域联动、全民参与的消费嘉年华。 2025解放碑国际消费节启动。 2025解放碑国际消费节集市。 本届消费节以"国际风·时尚潮"为主题，活动聚焦"首发经济""场景创新"两大核心，将开展一系列创新首展首秀、渝悦精品嗨购、主题快闪等特色活动，打 造为期2个月的消费狂欢季。如联动100余个国内外知名品牌，开展热力潮街焕新计划、夜未央全域潮玩计划、云购线上联动计划等；联合重庆银联、工商 银行等平台，举办百场主题促销等。 值得一提的是，本次活动上，还视频发布了2025年解放碑、春熙路商圈"十大消费领潮地"，汇集来福士探索舱·云端乐园、夜游锦江、四川省川剧院、 COSMO成都等两地特色消费空间，共同绘制成渝消费领潮地新图景。 据悉，解放碑国际消费节自2020年与"全国示范步行街"揭牌同步创办以来，已成功举办四届，成为了极具辨识度的标志性消费节会IP。 ...