Summary of Key Points from the Conference Call Industry and Company Involvement - The discussion primarily revolves around the U.S. economy, Federal Reserve monetary policy, and the implications of recent immigration policies under the Trump administration. Core Insights and Arguments 1. **Federal Reserve's Divergent Views on Monetary Policy** The Federal Reserve exhibits significant internal disagreement regarding future monetary policy, with some officials advocating for two more rate cuts while others suggest only one or even an increase in rates [3][4][8] 2. **Market Interpretation of Rate Cuts** The recent 25 basis point rate cut by the Federal Reserve was perceived as less dovish than expected, leading to a more hawkish interpretation by the market. This was due to the absence of a larger 50 basis point cut that some market participants anticipated [2][9] 3. **Impact of Employment Issues on Monetary Policy** The primary economic challenges in the U.S. are centered on employment rather than demand. Rising corporate costs are leading to reduced hiring, which is exacerbated by tariffs and immigration policies. The Federal Reserve is urged to focus on inflation and price pressures rather than solely stimulating demand through rate cuts [7][19] 4. **Stock Market Performance and Risks** Despite the S&P 500 index reaching new highs, there are concerns about excessive optimism in the market, particularly driven by a few technology giants. The overall earnings expectations for the majority of companies have not improved, raising risks associated with market concentration [10] 5. **U.S.-China Relations and Strategic Stability** Future U.S.-China relations are expected to remain competitive but strategically stable. Both countries are focusing on localizing key industries to enhance self-sufficiency, which may lead to a prolonged period of tension without significant escalation [14][15] 6. **Changes in H1B Visa Policy** The Trump administration has increased fees for H1B visa applications significantly, aiming to limit foreign labor influx and protect domestic workers. This policy could lead to higher operational costs for companies reliant on foreign talent [5][20] 7. **Macroeconomic Implications of Immigration Policies** The new immigration policies may result in increased corporate costs and inefficiencies. Companies may face higher expenses if they continue hiring foreign talent or struggle with skill mismatches and higher wage demands when hiring locally. This could contribute to inflationary pressures and potential stagflation risks [21] Other Important but Potentially Overlooked Content 1. **Federal Reserve's Limited Aggressiveness in Rate Cuts** The expectation for aggressive rate cuts by the Federal Reserve is tempered, indicating a cautious approach in response to economic data [9][8] 2. **Public Sentiment on Trump's Policies** There is a noted decline in public satisfaction with Trump's policies, particularly regarding inflation, which is affecting lower-income groups disproportionately [17][18] 3. **Economic Disparities and Political Implications** The growing economic divide and pressures on low-income individuals could complicate the political landscape, especially with upcoming elections [16][19]

自本月初与日本达成的贸易协议正式生效以来，美国政府正探讨如何利用日本承诺的5500亿美元投资重 振本国制造业。 目前特朗普政府正与日本团队讨论过使用部分5500亿美元帮助在美建厂，但情况依旧变化多端，已有十 余个提案仍在考虑。比如，美国总统特朗普与美商务部部长卢特尼克提出在美建设燃气轮机及仿制药生 产设施、投资新建核电站与能源管道等选项。 当前，美国制造业整体表现疲软。本周最新数据显示，美国9月纽约联储制造业指数从11.9大幅下滑 至-8.7。新订单与发货量显著减少，企业资本支出意愿持续低迷，招聘活动与投资意向仍未复苏，消费 者信心亦未见明显改善。 牛津经济研究院高级经济学家帕莱什（Nico Palesch）此前对第一财经记者表示，当前很难有信心预测 美国制造业或所谓再工业化的实质性回归。 "一方面，制造商作为潜在投资主体，普遍对销售前景持悲观态度，因此不太可能大规模扩建产能。另 一方面，近年来的工厂建设热潮主要得益于拜登政府时期的《通胀削减法案》和《芯片与科学法案》， 而特朗普政府削减了相关补贴，仅靠关税难以支撑广泛的制造业复兴。"帕莱什说。 用关税威胁投资 本月初，特朗普签署行政命令，正式实施美日贸易协议 ...

Core Viewpoint - Singapore Exchange Group (SGX) plays a crucial role as a bridge connecting Asia and the global capital markets, particularly in facilitating the internationalization of Chinese enterprises and products [1][4]. Group 1: Strategic Focus and Initiatives - SGX aims to deepen cooperation between Singapore and China’s capital markets, supporting the two-way capital flow of Chinese concept-related products [4]. - The exchange has expanded its secondary listing framework to include companies listed on Shanghai and Shenzhen stock exchanges, enhancing transparency and investor access [5]. - SGX has streamlined the IPO process, reducing the time from application to listing to approximately 6 to 8 weeks, providing greater certainty for applicants [5]. Group 2: Market Development and Investor Engagement - Approximately 20% of SGX-listed companies are from Greater China, spanning various industries, indicating strong interest from Chinese multinational corporations [6]. - The Monetary Authority of Singapore has launched a S$50 billion "Securities Market Development Plan" to enhance the competitiveness of the Singapore securities market [6]. Group 3: ETF and Index Collaboration - As of July 2023, 10 cross-border ETF products have been launched under the Singapore-China ETF mutual access mechanism, marking significant progress in collaboration [7]. - A new index, the CSI-SGX Asia Emerging Markets Technology Index, was launched in January 2024, focusing on key sectors like internet and semiconductor technology [7][8]. Group 4: Financial Performance and Future Goals - SGX reported its highest revenue and net profit since its listing in the fiscal year 2025, with a net profit of S$609.5 million, a 15.9% increase year-on-year [9]. - The exchange aims to become a leading international exchange, facilitating connections between global investors and Asian markets while embracing new technologies like AI to enhance operational efficiency [9][10].

为吸引中国企业到新交所上市，新交所打出了一套"政策组合拳"，不仅将二次上市框架适用范围扩大到 在上交所和深交所上市的企业，还在流程透明度、时间确定性与投资者触达上提供更清晰的路径选择， 支持企业在全球市场建立更稳健的投资者基础。 凭借国际化平台与多元资产战略优势，新加坡交易所集团（新交所）近年来在全球金融市场中持续发挥 连接亚洲和世界、中国与全球资本市场的关键桥梁作用。 "深化中新资本市场合作是新交所的战略重点，我们致力于支持中国概念相关产品的双向资本流动，并 积极参与中国金融市场国际化进程。"新交所首席执行官（CEO）罗文才日前在接受中国证券报记者专 访时表示，除ETF与指数领域的合作外，新交所还致力于为有意在国际市场融资的中国企业提供支持。 在罗文才看来，新交所是中国企业拓展东南亚与亚洲布局的重要门户，同时新交所也能为全球投资者提 供通往中国市场的可靠通道。对于希望对接国际投资者的中国企业而言，新交所是一个切实可行的平 台。 "我们欢迎中国企业，尤其是有意拓展海外业务的中国企业前来布局。未来，我们也将进一步提升产品 与服务的国际化水平，构建更加强大的合作生态系统，助力中国企业走向全球化，也为全球投资者把握 ...

为吸引中国企业到新交所上市，新交所打出了一套"政策组合拳"，不仅将二次上市框架适用范围扩大到 在上交所和深交所上市的企业，还在流程透明度、时间确定性与投资者触达上提供更清晰的路径选择， 支持企业在全球市场建立更稳健的投资者基础。 凭借国际化平台与多元资产战略优势，新加坡交易所集团（新交所）近年来在全球金融市场中持续发挥 连接亚洲和世界、中国与全球资本市场的关键桥梁作用。 "深化中新资本市场合作是新交所的战略重点，我们致力于支持中国概念相关产品的双向资本流动，并 积极参与中国金融市场国际化进程。"新交所首席执行官（CEO）罗文才日前在接受中国证券报记者专 访时表示，除ETF与指数领域的合作外，新交所还致力于为有意在国际市场融资的中国企业提供支持。 在罗文才看来，新交所是中国企业拓展东南亚与亚洲布局的重要门户，同时新交所也能为全球投资者提 供通往中国市场的可靠通道。对于希望对接国际投资者的中国企业而言，新交所是一个切实可行的平 台。 "我们欢迎中国企业，尤其是有意拓展海外业务的中国企业前来布局。未来，我们也将进一步提升产品 与服务的国际化水平，构建更加强大的合作生态系统，助力中国企业走向全球化，也为全球投资者把握 ...

Market Overview - On September 17, the market showed a strong upward trend, with the Shanghai Composite Index rising by 0.37%, the Shenzhen Component Index by 1.16%, and the ChiNext Index by 1.95%[2] - The total trading volume reached 2.4 trillion, a slight increase of approximately 30 billion compared to the previous trading day[1] Sector Performance - More than half of the sectors experienced gains, with notable increases in power equipment, automotive, home appliances, coal, and machinery[1] - The main sectors attracting capital include computing power, semiconductors, robotics, and new energy, indicating a high level of market activity[1] Capital Flow - On September 17, net inflows into the Shanghai Stock Exchange amounted to 27.539 billion, while the Shenzhen Stock Exchange saw net inflows of 24.762 billion[3] - The top three sectors for capital inflow were automotive parts, batteries, and power grid equipment, while the sectors with the highest outflows were components, chemical pharmaceuticals, and liquor[3] Policy and Regulatory Developments - The State-owned Assets Supervision and Administration Commission announced plans to promote strategic restructuring of state-owned enterprises to enhance core competitiveness and operational efficiency[4] - Hong Kong's Chief Executive proposed exploring a reduction in the stock settlement cycle to T+1 to attract more overseas companies for secondary listings[5] Industry Dynamics - The Ministry of Industry and Information Technology is focusing on 116 key directions for product and process innovation, including high-performance integrated electric joint modules and precision transmission technologies[7][8] - The 2025 World Energy Storage Conference reported a total planned investment of 24.58 billion in 18 signed projects, covering new batteries, storage systems, and zero-carbon parks[9] Fundraising Activity - In September, 122 new funds were launched, representing a 45.24% increase compared to August, with a notable improvement in fundraising efficiency[11][12] - Foreign institutions have conducted nearly 1,800 research visits to A-share companies since the second half of the year, indicating sustained interest in Chinese assets[13]

美方的"狮子大开口"终于让韩国忍无可忍了。韩总统亲自赴美谈判，结果不但被美方多次冒犯，而且也 没有得到在关税问题上的满意答复，导致韩政府直接拒绝签署美国提出的经贸关税协议。 根据7月份达成的框架协议，美国提出将对韩国进口产品的拟议关税从25%降至15%，但前提是韩国承 诺将这3500亿美元投资于华盛顿选定的行业——涉及半导体、造船等韩国命脉产业，并做出额外让步 (如购买美国原材料、雇佣美国工人)。 为了有进一步谈判的余地，韩国企业已分别宣布向美国追加1500亿美元的投资，其中包括大韩航空以 500亿美元订购103架波音飞机，然而这些承诺对于缓解韩国迫在眉睫的财政压力作用甚微。 然而，韩国与日本的经济体量并无可比性。数据显示，韩国的经济规模仅达到日本的一半，外汇储备约 为4160亿美元，不到日本1.32万亿美元的三分之一，但韩国也需要投资3500亿美元(日本承诺向美国投 资5500亿美元)，这相当于韩国外汇储备的84%，也难怪谈判无法推进了。 不仅如此，与日元不同，韩元不可自由兑换，也就是不具备储备货币地位，这使得韩国缺乏足够的风险 对冲能力。如果韩国照做，韩国的外汇储备很可能会耗尽，届时韩元将暴跌，从而引发一 ...

广东省河源市造船厂区内，焊花闪烁、机器轰鸣，在建船舶正有序推进装配工序。航运业作为支撑区域 经济循环的重要纽带，船舶建造周期长、投入大，而在建船舶难抵押长期制约企业发展。近日，邮储银 行河源城区支行突破瓶颈，率先在全省落地在建船舶抵押贷款，为航运企业解困，更探索出金融赋能实 体经济的新路径。 英德市某航运有限公司深耕内河运输多年，国家《关于推动内河水运体系联通工程行动方案》出台后， 企业计划联合河源市现代造船工业有限公司，打造3艘3000总吨LNG新能源船舶，每艘造价超千万元， 契合绿色航运趋势。 "没资金，项目难推进。"企业负责人坦言，船舶建造需持续注资，以往依赖传统抵押融资，可在建船舶 因未竣工缺乏估值体系，"跑了多家银行都被婉拒，项目一度停滞。"支行在与造船企业对接时，获悉航 运公司困境。随即成立专项小组，联合市分行"三农"团队多次深入厂区调研，熟悉造船全流程、测算价 值波动，再与省行研讨，最终打破传统思维，推出在建船舶抵押方案。方案依托专业机构建立"进度 +成本+前景"估值模型，还通过监管协议跟踪进度控风险，全流程仅10余天便完成审批。 这笔贷款的意义远超单一企业受益，率先打通"在建船舶抵押融资"堵点 ...

Seaway注意到，本次欧洲行，恒力分别拜访了MSC创始人Gianluigi Aponte； 希腊船王George Procopiou；希腊船东Laskaridis Maritime董事长、创始人 Athanasios C. Laskaridis；希腊船东Centrofin Management公司的Dimitris Prokopiou；Capital Maritime创始人兼董事长、知名船东Evangelos Marinakis； Marmaras Navigation and Delta Tankers公司老板Diamantis Diamantidis。顺序为从上到下，做左到右。 9月14日，恒力合作创新暨海工科技产业园开工动员大会在大连长兴岛隆重举行，标志着恒力集团在助力制造强国中再有新的举措，集团现代化的产业配 套体系实现再度升级。 Seaway海事新闻获悉，9月7日至13日，恒力集团董事长、总裁陈建华率领恒力重工考察团，前往欧洲开展了为期7天的商务交流活动，展示推介恒力重工 新发展，实地探索全球行业新机遇和船东新需求。 本次恒力集团董事长陈建华董事长率队拜访了希腊、瑞士等地30余家欧洲船东，洽谈涉及 ...

Core Viewpoint - The shift in South Korea's export structure from reliance on the U.S. to diversification towards China and ASEAN is not a temporary fluctuation but a long-term transformation driven by policy changes [2][4][13]. Export Trends - South Korea's exports to the U.S. decreased by 3.7% year-on-year in the first half of the year, with a significant drop of 12% in August and an 8.2% decline in the first ten days of September, indicating a persistent downward trend [2][4]. - In contrast, exports to China and ASEAN remained stable, with exports to China at approximately $110 billion in July and August, and ASEAN exports exceeding $108 billion during the same period [4][6]. Market Diversification - The South Korean government has recognized the high dependency on U.S. exports and is actively promoting market diversification, which is reflected in the current export trends [4][8]. - Concerns about the stability of demand from China and ASEAN are addressed by highlighting the consistent demand for semiconductor equipment and automotive parts from China, as well as the growing potential of the ASEAN market [6][8]. Investment Strategy - South Korean companies are adjusting their investment plans in the U.S. due to risks associated with U.S. policies, opting instead for more stable markets in Latin America and Europe, which also present high-end market opportunities [10][11]. - The shift in investment strategy is seen as a rational risk-avoidance measure rather than a retreat from high-end sectors, allowing for a more concentrated resource allocation in stable markets [11][13]. Long-term Outlook - The changes in South Korea's export structure are viewed as a necessary adaptation for an export-oriented economy to mitigate risks associated with global trade uncertainties, moving from a single-market dependency to a diversified approach [13].