Group 1 - The ESG China Innovation Conference 2025 and the first ESG International Expo will be held in Beijing from October 24 to 26, focusing on "full-chain innovation leading green transformation" [1] - The conference aims to stimulate ESG innovation actions among Chinese enterprises and promote the construction of a Chinese-style ESG system, responding to national strategies such as modernization and low-carbon development [1][3] - This year's conference marks a key transition in China's ESG development from concept to practice, emphasizing deep transformation through full-chain innovation [1] Group 2 - The conference will feature a "1+15+1" structure, including one main forum, fifteen parallel sessions, and one ESG international expo, serving as a showcase, connector, and accelerator for ESG practices in China [2] - The main forum will include leadership speeches, the release of seven core results, and roundtable discussions, with key outcomes such as the 2025 ESG Practice Report and China's first ESG large model [2] - The first ESG International Expo will highlight bilateral exchanges between local achievements and international experiences, with over 70 participating institutions, showcasing a diverse and international character [3] Group 3 - The conference will gather over a thousand representatives from government, various enterprises, international organizations, and academic institutions across key industries such as energy, manufacturing, finance, and technology [3] - The expo will feature more than 37% of overseas participating institutions, demonstrating the global influence of China's ESG practices and facilitating efficient connections between domestic and international ESG systems [3] - The event aims to enhance the sustainable development capabilities and international competitiveness of Chinese enterprises, contributing Chinese wisdom and solutions to global ESG governance [3]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Report's Core View - The A - share market is expected to experience continued volatility due to the escalation of Sino - US trade disputes, high valuations in the technology sector, and high uncertainty in end - of - month negotiations. Short - term strategies can include arbitrage (long large - cap blue - chips and short small - cap growth stocks) and reducing positions. Attention can be paid to defensive sectors and policy - beneficial sectors [13]. - The bond market is expected to stabilize in October, but a counter - offensive may require a resurgence of easing expectations. The short - term stock - bond seesaw is significant, and the bond market's safe - haven sentiment is boosted by the frictions in the external environment. The sustainability of the bond market's strength is questionable, and it is advisable to wait patiently for better bond - market allocation opportunities, which may appear in the second half of the fourth quarter [100][110]. - For the shipping index, the spot freight rates are currently falling, but the shipping companies are raising prices for the second half of October and November, and there is an expectation of a price increase in the far - month contracts. The December contract has the opportunity for an oversold correction [130]. 3. Summary According to the Directory 3.1 Stock Index 3.1.1 Market Review - Since the beginning of the year, the A - share market has shown a trend of short - term correction followed by a strong run, a sharp decline after external shocks and then a rebound and continuous upward movement, and consolidation after the realization of positive news and a stalemate in negotiations. The market has been affected by various factors such as technological trends, economic concerns, trade policies, and policy stimuli [7]. - From October 13 - 17, 2025, the A - share market declined with reduced trading volume. The futures market was generally weaker than the spot market. The market is expected to continue to fluctuate due to Sino - US trade disputes and high valuations in the technology sector [10][13]. 3.1.2 Transaction and Position Analysis - Stock index trading volume increased. The average daily trading volumes of IF, IH, IC, and IM increased compared to the previous week. The overall position of the stock index also increased [14]. 3.1.3 Basis, Inter - period Spread, and Inter - variety Spread Analysis - Basis trends were divergent. The basis of CSI 300 widened, SSE 50 changed from premium to discount, CSI 500 basis widened, and CSI 1000 basis narrowed [18][19]. - The inter - period spreads of IF, IH, IC, and IM all showed negative values and widened. The same was true for the spreads between the current - quarter and the current - month contracts [25]. - Large - cap blue - chips performed relatively better. The ratios of different indices were at different historical percentile levels and changed compared to the previous period [27]. 3.1.4 Industry Sector Overview - In the CSI 300, the financial, energy, and public sectors led the gains, while the information, communication, and pharmaceutical sectors led the losses. In the CSI 500, the energy sector led the gains, and the information, raw material, and industrial sectors led the losses [30][31]. - At the primary industry level, the banking, coal, and food and beverage sectors led the gains, while the electronics, media, and automobile sectors led the losses [32][34]. 3.1.5 Valuation Comparison - As of October 17, 2025, the rolling price - to - earnings ratios of CSI 300, SSE 50, CSI 500, and CSI 1000 were at different levels and historical percentile positions [36]. 3.2 Treasury Bonds 3.2.1 This Week's Market Review - **Treasury Bond Futures Market**: The A - share market's performance affected the bond market. The long - end futures generally outperformed the cash bonds. There were certain positive arbitrage opportunities in each contract, and the basis of 10 - year, 5 - year, and 2 - year bonds was relatively low with potential for upward regression. Due to poor liquidity, it is not recommended to participate in the inter - period strategy of the 2603 contract. A flattening strategy (short short - end and long long - end) can be considered [41][43][58][62]. - **Bond Cash Market**: Most treasury bond spot yields declined this week. A - share adjustments boosted the sentiment of long - term bonds, and long - end yields declined more significantly. US bond yields also declined across the board [71]. - **Funding Situation**: At the beginning of the month, the funding pressure was low, and the central bank mainly conducted net withdrawals. The funding situation returned to a relaxed state, and there was no liquidity stratification between banks and non - banks. Funding rates fluctuated [77][78]. - **Interest Rate Derivatives**: Most yields of interest rate swaps declined this week, and the liquidity expectation was stable [94]. 3.2.2 Market Analysis - **Recent Market Logic**: The bond market is expected to stabilize in October, but a counter - offensive may require a resurgence of easing expectations. The sustainability of the bond market's strength is questionable, and it is advisable to wait patiently for better allocation opportunities [100]. - **This Week's Fundamental Situation**: September's export data was better than expected, but inflation and social financing were still weak. Export growth may face risks in the later period, inflation showed slow recovery, and social financing had both negative and positive signals [101][102]. - **Next Week's Bond Market Outlook**: The short - term stock - bond seesaw is significant, and the bond market's safe - haven sentiment is boosted by the frictions in the external environment. Attention should be paid to next week's economic data [110]. 3.2.3 Next Week's Open - Market Maturities and Important Economic Calendar Next week, there will be a total of 7891 billion yuan of reverse repurchase maturities in the open market, and there will be important economic data such as September's LPR loan quotes and third - quarter economic data [112]. 3.3 Shipping Index 3.3.1 Market Review The SCFIS continued to decline for 13 consecutive weeks, but shipping companies raised freight rates for the second half of October and November, and China's counter - measures against the US improved the sentiment of far - month contracts [114]. 3.3.2 Container Shipping Market Situation - **Spot Market**: Freight rates on most ocean routes rebounded, and shipping companies raised freight rates for the second half of October and November. Although the full implementation of the price increase may be difficult, a bottom - up trend is likely to form, which is expected to boost the expectations of far - month contracts [120]. - **Supply - Demand Fundamentals of Container Shipping**: On the supply side, the container shipping capacity in Europe in October was at a relatively high level in the off - season, and the potential capacity is expected to continue to grow. The actual capacity decreased slightly, but the supply pressure still exists. The progress of the cease - fire agreement in the Red Sea is uncertain, and it is unlikely to bring additional supply pressure this year. On the demand side, the eurozone's economic indicators showed a slowdown, and the macro - demand continued weak recovery, which may have limited support for container shipping prices [125][126]. 3.3.3 Market Outlook In October, it is the traditional off - season, and the supply pressure still exists. However, shipping companies are raising prices for the end - of - year long - term contract season, and there is an expectation of price increases in far - month contracts. The December contract has the opportunity for an oversold correction [130].

智通财经APP讯，重塑能源(02570)公布，2025年10月17日耗资约62.63万港元回购4500股股份。 ...

一个游走于资本市场与佛祖之间的浪子。我可以生，可以死，我大笑，由天决定！ 以下文章来源于格隆 ，作者万连山 本文来自微信公众号： 格隆 （ID：guru-lama） ，作者：万连山，头图来自：视觉中国 天天说美元收割全世界，伊朗今天告诉你，什么才叫收割。 截至2025年9月底，美元兑伊朗里亚尔在自由市场的汇率，已达到1:1150000。 格隆 . 然而今年年初时，还是80万里亚尔兑1美元，2010年时还是1万里亚尔兑1美元。 但是，实际的购买力没变。 对此，伊朗议会现任议员侯赛因·萨姆萨米公开嘲讽："一国货币的声誉无法通过取消四个零来恢复。 相反，只有通过增强货币的实际价值才能达到这一目的。" 就算去掉4个0，实际物价依然在飞涨，钞票的实际购买力依然在下降。 在这种环境中，民间不得不自发"去0"，用"土曼"作为计价单位，方便交易。 但官方与民间的计价割裂，也导致货币功能接近崩溃。 所以在经历长达8年的挣扎后，月初，伊朗议会不得不批准对货币制度全面改革。 改革的核心就是， 在未来几年，将里亚尔的面值抹去4个0。 官方给出的解释很体面：这是一次应对恶性通胀的"技术性修复"，一场旨在"简化交易"的账本大扫 除。 简 ...

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating provided in the given content. 2. Core View of the Report - The upstream prices of energy and agriculture have declined recently. Specifically, international oil prices have dropped significantly, and pork prices have also fallen [1]. - The chip manufacturing industry is showing a strong trend. TSMC's Q3 financial report exceeded market expectations, boosting market optimism about the increasing demand for AI chips. TSMC is confident in the positive development of the AI market [1]. - China's foreign trade has withstood pressure and shown a stable and positive trend in the first three quarters of this year. The Ministry of Commerce will strengthen policy reserves and introduce new policies to stabilize foreign trade [1]. 3. Summary by Related Catalog Production Industry - TSMC's Q3 revenue and net profit exceeded market expectations, indicating strong demand for AI chips. The company is confident in the AI market. In terms of technology and capacity, the A16 process is expected to be mass - produced in the second half of the year, the 2 - nanometer process will be mass - produced later this quarter, and multiple phases of 2 - nanometer wafer fabs are being prepared in Taiwan. The second wafer fab in Japan has started construction [1]. Service Industry - The Ministry of Commerce will strengthen policy reserves and introduce new policies to stabilize foreign trade. It will work on releasing policy effectiveness, promoting trade, and deepening trade cooperation [1]. Upstream - Energy: International oil prices have declined significantly [1]. - Agriculture: Pork prices have fallen [1]. Midstream - Chemical: The PTA operating rate is at a medium level compared to the same period in the past three years [1]. - Energy: The coal consumption of power plants has decreased [1]. Downstream - Real estate: The sales of commercial housing in second - and third - tier cities have rebounded from a low level [1]. Key Industry Price Indicators - Many agricultural products' prices have declined, such as corn (-1.61%), eggs (-1.63%), palm oil (-1.28%), etc. on October 16 [34]. - Most non - ferrous metals' prices have decreased, including copper (-0.59%), zinc (-1.06%), nickel (-1.18%), etc. on October 16 [34]. - Energy prices have mixed trends. WTI crude oil increased by 7.53%, while Brent crude oil decreased by 6.55% on October 16 [34]. - Chemical product prices generally declined, like PTA (-3.51%), polyethylene (-1.43%), etc. on October 16 [34]. - Real estate - related indices, such as the building materials composite index (-1.49%) and the concrete price index (-0.34%), have decreased on October 16 [34].

Core Insights - The 2025 Sustainable Global Leaders Conference was held from October 16 to 18 in Shanghai, focusing on sustainable development and ESG practices [1] - Liu Kai, a professor from Renmin University, presented four key research outcomes from the Beijing ESG Research Institute during the conference [3] Group 1: ESG Disclosure Manual - The first outcome is a foundational ESG disclosure manual published by the Beijing ESG Research Institute, aimed at helping enterprises, governments, and investors understand ESG disclosure in an international context [5][7] - The manual includes over 450 indicators, detailing definitions, importance, disclosure methods, and relevant regulatory guidance [7][8] - This manual serves as a valuable tool for regulatory bodies and investors, guiding them in achieving carbon neutrality goals and understanding ESG disclosures [8] Group 2: Green Development Contribution Data Platform - The second significant outcome is the establishment of a data platform for assessing the social contributions of Chinese enterprises in green development, evaluating around 5,000 listed companies [5][10] - The platform aims to create a unique Chinese theoretical and evaluation system that encompasses and exceeds ESG principles, focusing on both positive and negative externalities [10] - The evaluation system includes monetized metrics for social contributions and is closely linked to environmental factors and the dynamic changes in green development opportunities [10] Group 3: Green Development Case Collection - The final outcome involves a nationwide case collection initiative for green development, guided by the National Development and Reform Commission and the Beijing sub-center [13] - This initiative aims to quantify externalities and integrate them into pricing systems, rewarding companies with positive contributions and penalizing those with negative impacts [13] - The collected cases will provide insights to national departments and promote best practices for green transformation across various sectors [13]

期 货 眼 ·日 迹 每日早盘观察 大宗商品研究所 2025 年 10 月 17 日 0 / 45 大宗商品研究所 期货眼·日迹 | 豆粕：市场整体稳定 | 盘面震荡运行 3 | | --- | --- | | 白糖：外糖价格再次下跌 | 内外糖大趋势偏弱 3 | | 油脂板块：印尼调整税费，短期维持震荡 5 | | | 玉米/玉米淀粉：新粮压力减弱，盘面继续偏强 5 | | | 生猪：出栏压力继续体现 | 价格整体回落 6 | | 花生：产区天气仍有影响，花生短期偏强震荡 7 | | | 鸡蛋：需求表现尚可 | 蛋价有所企稳 8 | | 苹果：新果质量一般 | 果价有所支撑 8 | | 棉花-棉纱：基本面变化不大 | 棉价震荡为主 9 | | 钢材：钢材供需改善，钢价小幅反弹 11 | | --- | | 双焦：现货成交良好 底部有支撑 11 | | 铁矿：中期偏空思路对待 12 | | 铁合金：低估值下跟随反弹，但驱动持续性或不足 13 | | 贵金属：美国地区银行信贷爆雷，金银强势上涨 14 | | --- | | 铜：短期铜价存在整固需求，长期趋势不变 15 | | 氧化铝：供需过剩带动偏弱走势不变 ...

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 10 月 17 日星期五 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资 ...

与以往美国联邦政府"停摆"造成的局部影响不同，笔者认为，此次"停摆"通过"数据真空""信心崩塌""政 策失焦"三重传导机制，对全球资产定价体系造成了系统性扰动。 大宗商品： 分化中的震荡与结构性机会 作为全球定价的核心资产类别，大宗商品市场在此次美国联邦政府"停摆"危机中呈现出显著的分化特 征：美元信用弱化与经济预期恶化的双重作用，叠加不同商品的供需基本面差异，构成了当前市场波动 的核心逻辑。 贵金属市场显现避险属性。数据显示，全球央行在2025年第三季度延续了强劲的购金势头，成为黄金需 求端最稳定、最重要的支撑量。据世界黄金协会数据，自2022年以来，全球央行每年的黄金净购买量均 超过1000吨，远高于2008年至2022年年均500吨的购买水平。同时，36万亿美元的债务规模及年均超过1 万亿美元的利息支出让美元信用坍塌的压力加大，从而进一步强化了黄金的避险属性。 能源市场陷入多空博弈的震荡格局。美国联邦政府"停摆"导致美国能源信息署推迟发布原油库存数据， 市场被迫依赖私营机构的数据研判供需情况。目前看，原油的利空因素主要来自供给端，OPEC+增产 计划稳步推进与俄罗斯原油出口增加形成双重压力。同时，全球贸 ...

2025年10月17日 标的指数成份股涨幅 TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 4685 | 简称 | 東日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (96) | (96) | 月) (%) | | 1 | 603730.SH 岱美股份 | | 5.15 | 7.95 | 3.77 | | 2 | 605098.SH 行动教育 | | 4.63 | 21.02 | 5.53 | | 3 | H5'866T09 | 中信银行 | 3.84 | 14.49 | 4.46 | | 4 | 600188.SH | 兖矿能源 | 3.71 | 10.45 | 6.42 | | 5 | 601288.SH | 农业银行 | 3.03 | 46.57 | 3.23 | | 6 | 601088.SH | 中国神华 | 2.81 | 2.25 | 5.38 | | 7 | 601939 SH | 建设银行 | 2.68 | 9.46 | 4.19 | | 8 | 002807.SZ | 江阴 ...