上周白银市场呈现全面走强态势。9月26日，国际白银价格强势上行，伦敦现货白银突破46美元/盎司， 盘中触及46.62美元/盎司，创下自2010年以来的14年新高。年内涨幅更是达到59.52%，远超纽约金 43.59%的涨幅。国内市场方面，白银期货同样表现亮眼。9月25日沪银收于10632元/千克，当日涨幅达 2.27%，创出该品种上市以来历史新高，成为本周国内贵金属市场的核心领涨品种。 从需求端看，工业应用的迅猛增长成为白银价格最核心的驱动力。全球能源转型持续加速，预计2025年 光伏新增装机量将突破600GW，直接推动光伏银浆的需求激增。与此同时，新能源汽车渗透率的提高 进一步扩大了白银的工业消费量。根据世界白银协会的数据，工业需求目前已占白银总需求的58%，其 中仅光伏一项就贡献了17%。 另一方面，金融属性和避险需求也令银价不断攀升。随着地缘政治局势持续紧张以及全球贸易不确定性 增加，市场避险情绪显著升温，资金大量流入贵金属市场。由于金价已处于历史高位，白银显示出明显 的比价优势。当前内外盘金银比分别处于82: 85的高位，远高于历史均值，白银估值仍相对较低。 消息面上，多重宏观与产业消息形成共振支撑。 ...

Supply and Demand Dynamics - The Grasberg copper mine in Indonesia, which accounted for 3.5% of global copper production in 2024, faced a force majeure shutdown, leading to a rapid increase in copper prices[3] - The supply-demand balance appears tight despite a short-term surplus, with potential supply reductions of 200,000 tons in Q4 2025 and 500,000 tons in 2026 due to the mine's closure[3] - In the U.S., September 2025 S&P Global PMI, August housing sales, and durable goods orders exceeded expectations, indicating healthy demand for resources[3] Economic Recovery Indicators - China's manufacturing electricity consumption growth reached 5.5% year-on-year in August 2025, reflecting a recovery in physical consumption linked to external demand[3] - The manufacturing profit margin improved to 4.53%, nearing 2023 levels, with industrial profits turning positive for the first eight months of 2025, rising 2.6 percentage points to 7.4%[4] Financial Asset Concerns - The global financial assets to GDP ratio has surged, exceeding two standard deviations, indicating potential financial bubble risks[5] - U.S. tech giants are increasingly concentrating profits, with capital expenditures nearing 50% of operating cash flow, raising concerns about sustainability without external financing[5] Market Outlook - The transition from a financial-driven market to a real economy focus is anticipated to initiate a new bull market in China, particularly in resource sectors[6] - Investment recommendations include upstream resources (copper, aluminum, oil, gold), capital goods (engineering machinery, heavy trucks), and raw materials (basic chemicals, steel) as they benefit from domestic recovery and international demand[6]

Group 1: Chemical Industry - The chemical industry is experiencing a significant transformation, with a recent policy aimed at stabilizing growth by restricting new capacity and promoting the renovation of old equipment, referred to as the "anti-involution policy" [7] - The global chemical industry is facing challenges, particularly in Europe where production rates are below 75% due to high energy costs, creating opportunities for Chinese chemical companies to benefit from lower production costs [7] - Chemical sector valuations and profits are at historical lows, providing ample room for profit recovery driven by policy changes, with some companies now offering dividends comparable to those in the coal industry [9] Group 2: Green Energy - The green energy sector is becoming profitable without government subsidies, with competitive pressures leading to lower generation costs than coal power [11] - However, green energy companies face challenges from low coal prices, which allow coal power companies to undercut prices, slowing profit growth for green energy [11] - Future opportunities for green energy may arise from increased demand from data centers and potential rises in coal prices or electricity costs [11] Group 3: Resource Sector - A recent incident at the world's second-largest copper mine has resulted in a projected supply shortage of 250,000 tons by 2025, potentially leading to greater price increases [13] - The initiation of a rate-cutting cycle by the Federal Reserve, combined with increased demand for gold from central banks, is creating a new allocation cycle for resource assets [14] - Resource prices are volatile, but there are opportunities for stable investments in dividend-paying sectors as the economy has not fully recovered [14] Group 4: Market Signals - The recent decline in the dividend index is linked to rising long-term deposit rates, with the 10-year government bond yield reaching 1.83% on September 25, reducing the attractiveness of dividend stocks [3] - The gaming industry has shown resilience, with a 4% increase in stock prices and a 21% increase in game licenses issued this year compared to last year, indicating a strong consumer spending trend [5] - The market is currently characterized by mixed signals, with opportunities in the chemical sector supported by policy and reduced foreign capacity, while green energy and resource sectors are influenced by external factors [16][17]

Investment Rating - The report indicates a positive outlook for the non-ferrous metals industry, particularly in copper and gold, due to supply disruptions and increased demand for ETFs [1][5]. Core Insights - The report highlights significant supply concerns in the copper market following a landslide at the Grasberg mine, which is expected to reduce Freeport's copper production guidance by approximately 27,000 tons [1][17]. - The copper smelting industry is facing "involution" competition, which has led to low processing fees, prompting calls for regulatory measures to stabilize the industry [2][18]. - The Congolese government has extended a cobalt export ban, tightening global supply expectations and impacting cobalt prices [4][20]. - Global gold ETF holdings have seen the fastest growth in three years, indicating strong demand for gold as a safe-haven asset [5][21]. Summary by Sections Market Review - The non-ferrous metals sector experienced a 3.52% increase, outperforming the Shanghai Composite Index by 3.31 percentage points [11]. Key Focus Areas & Price Changes - **Copper**: LME copper price rose to $10,205 per ton, a 2.09% increase week-on-week, with a significant drop in LME copper inventory [23][26]. - **Gold**: COMEX gold price reached $3,789.80 per ounce, up 1.89% week-on-week, with a notable increase in ETF holdings [40][45]. - **Cobalt**: The price of electrolytic cobalt increased by 12.68% week-on-week, reflecting supply constraints due to export bans [46][47]. Core View Updates and Key Stock Tracking - **Industrial Metals**: Recommendations include companies with integrated operations in aluminum and copper, such as China Hongqiao and Zijin Mining, with expectations for copper prices to potentially exceed $12,000 per ton [56][58]. - **Precious Metals**: Continued central bank gold purchases suggest gold remains a strong long-term asset, with recommendations for stocks like Chifeng Jilong Gold Mining [56][57]. - **Strategic and Minor Metals**: The report anticipates a revaluation opportunity for strategic metals like cobalt and tungsten due to ongoing export controls and rising prices [57][58].

Group 1: Cryptocurrency Market - The cryptocurrency market experienced a significant downturn, with Ethereum's price dropping below $4000, marking a 6.25% decline and a seven-week low [2] - Over 250,000 traders were liquidated globally within 24 hours, with total liquidation amounting to $1.155 billion [2] - Analysts attribute Ethereum's decline to reduced institutional inflows and short-term technical pressures, with nearly $300 million withdrawn from U.S.-listed Ethereum ETFs since Monday [2] Group 2: U.S. Tariff Measures - Former President Trump announced new tariffs effective October 1, including a 25% tariff on imported heavy trucks and a 100% tariff on branded or patented pharmaceuticals [2] - Tariffs on kitchen cabinets and related products will be 50%, while soft furniture will face a 30% tariff [2] - These measures are expected to increase costs, disrupt supply chains, and exacerbate inflationary pressures in the U.S. economy [2] Group 3: U.S. Federal Reserve Statements - Federal Reserve officials expressed mixed views on interest rate cuts, with some advocating for a significant reduction of 150-200 basis points due to restrictive current rates [2] - Chicago Fed President expressed caution regarding early and substantial rate cuts, citing concerns over persistent inflation [2] - Recent economic data, including Q2 GDP and core PCE price index, exceeded expectations, adding uncertainty to the Fed's rate cut outlook [2] Group 4: A-Share Market Dynamics - The A-share market saw fluctuations, with the Shanghai Composite Index down 0.65%, the Shenzhen Component down 1.76%, and the ChiNext Index down 2.6% [3] - Non-tech sectors showed resilience while tech stocks faced corrections, indicating a rotation of funds towards lower-valued sectors [3] - Key sectors such as wind power, chemical fiber, and military industry gained attention, with technology remaining a core focus for future market movements [3] Group 5: Strategic Restructuring in Energy Sector - Two major energy groups in China, Henan Energy Group and China Pingmei Shenma Group, are planning a strategic restructuring involving five A-share companies [3] - The restructuring will not change the control of the listed companies and is not expected to significantly impact their operations [3] Group 6: Stock Suspension and Performance - A-share company Upwind New Materials announced a suspension for verification after its stock price surged over 1800% year-to-date [3] - The stock's rapid increase is attributed to its association with the intelligent robot concept, marking it as the first "20-fold stock" of 2025 [3] Group 7: Xiaomi's Development Strategy - Xiaomi's CEO Lei Jun emphasized the importance of self-developed chips, committing at least 50 billion yuan to this initiative over the next decade [3] - The launch of the Xiaomi 17 series aims to redefine the brand's image and showcase significant product upgrades [3] Group 8: Bond Market Developments - The People's Bank of China, along with the CSRC and the State Administration of Foreign Exchange, announced support for foreign institutions to engage in bond repurchase transactions in the Chinese bond market [4] - This initiative aims to enhance the attractiveness of RMB-denominated bonds and strengthen the status of Hong Kong as an international financial center [4] Group 9: U.S. Stock Market Trends - U.S. chip stocks faced a sell-off, with the Philadelphia Semiconductor Index dropping over 2%, contributing to a decline across major indices [4] - Market confidence in U.S. tech stocks weakened amid rising risks of a government shutdown and uncertainty surrounding the Fed's interest rate decisions [4] Group 10: Global Copper Supply Issues - The Grasberg mine in Indonesia, operated by Freeport, has halted production due to a landslide, invoking force majeure [5] - This mine accounts for approximately 3.5% of global copper production in 2024, exacerbating supply shortages in the copper market [5] - The incident is expected to intensify the tightness in copper supply over the next two years [5]

Group 1 - Contemporary market dynamics show larger companies, like CATL, outperforming smaller stocks, indicating a potential market distortion [1] - CATL's market capitalization reached 1.8 trillion, with a weight of 17.7% in the ChiNext Index, significantly influencing its performance [1][2] - The performance of small-cap stocks is lagging, as evidenced by the 0.21% decline in the CSI 2000 index over the past 20 days [1] Group 2 - The rapid growth of domestic ETF assets is notable, with the scale surpassing 1 trillion in October 2020, 2 trillion in August 2023, and projected to reach 3 trillion by September 2024 [4] - The trend indicates that investors should prioritize index-weighted stocks over non-component stocks when conditions are similar [4] - A significant copper mine accident is expected to reduce copper production by 35% in 2026, impacting global copper stocks positively [5] Group 3 - The domestic automotive industry is expanding internationally, indicating broader market opportunities [6] - Companies like JD.com and Xiaomi are heavily investing in AI and chip development, with Xiaomi committing at least 500 billion over the next decade for self-developed chips [7][10] - The market shows a strong interest in AI narratives, as seen with Alibaba's stock surge following an AI-focused meeting announcement [9]

港股晨报 1. 国证视点：突发停产影响铜板块活跃，美国经济数据喜 忧参半 周四，港股三大指数涨跌不一，恒生指数跌 0.13%，国企指数涨 0.01%，恒生 科技指数涨 0.89%。大市成交金额 3148.90 亿元，主板总卖空金额 451.61 亿 元，占可卖空股票总成交额比率为 16.05%。南向资金流（北水）微跌。港股通 净流入金额为 110.46 亿港元。港股通 10 大成交活跃股中，北水净买入最多的 是阿里巴巴 9988.HK、腾讯控股 700.HK、中芯国际 981.HK；净卖出最多的是小 米集团 1810.HK、晶泰控股 2228.HK、光大控股 165.HK。北向资金方面，9 月 25 日北向资金共成交 2984.25 亿元，占两市总成交额的 12.59%。工业富联 601138.SH、海光信息 688041.SH、寒武纪 688256.SH 位列沪股通成交前三，成 交额分别为 29.33 亿、24.07 亿、20.08 亿；立讯精密 002475.SZ、宁德时代 300750.SZ、中际旭创 300308.SZ 位列深股通成交前三，成交额分别为 52.65 亿、45.36 亿、38.09 亿。 ...

Core Insights - The report by Zhiyan Consulting highlights the growth in China's copper ore and concentrate imports, with a significant increase in both quantity and value in July 2025 compared to the previous year [1]. Import Data Summary - In July 2025, China imported 2.56 million tons of copper ore and concentrates, representing a year-on-year increase of 18.5% [1]. - The import value for the same period reached $6.927 billion, marking a year-on-year growth of 33.1% [1]. Company Profile - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services, including feasibility studies and customized reports [1].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The report comprehensively analyzes various sectors in the financial and commodity futures markets, including financial derivatives (such as stock index futures, treasury bond futures), precious metals, container shipping indices, and multiple commodity futures (such as non - ferrous metals, black metals, agricultural products, energy chemicals). It provides market conditions, news, and operation suggestions for each sector, with a view to guiding investors to make decisions based on the current market situation and future trends [1]. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: TMT led the market, with most stock index futures rising. The basis of the four major stock index futures contracts was deeply discounted. The market was affected by domestic and overseas news, and the trading volume of the A - share market increased slightly. It is recommended to sell put options on MO2511 when the index pulls back [2][3][4]. - **Treasury Bond Futures**: MLF was incrementally renewed, and treasury bond futures generally showed an oscillating trend. The central bank's monetary policy showed a moderately loose orientation, but the improvement of inter - bank market liquidity was limited. It is recommended to conduct range operations and pay attention to fast - in and fast - out, and also participate in the basis narrowing strategy of the TL contract [5][7][8]. Precious Metals - **Gold and Silver**: The US government faced a shutdown risk, and the economy and inflation were relatively resilient. Silver reached a new high due to its industrial attributes. Gold maintained a high - level oscillation. In the future, the Fed's policy path will suppress the US dollar index, and the political situation in Europe and the United States will increase the demand for precious metals as a hedge. It is recommended to buy on dips or buy out - of - the - money call options for gold, and maintain a bullish view on silver [9][12][13]. Container Shipping Index (European Line) - The spot freight rates of shipping companies were provided, and the SCFIS European line index declined. The futures price rose, and CMA raised its November price. It is recommended to go long on the December and February contracts [14][15]. Commodity Futures Non - Ferrous Metals - **Copper**: Grasberg mine disturbances increased supply concerns, and copper prices remained high. The macro - market was affected by the Fed's interest rate cut, and the supply side was affected by the mine accident. Although the short - term demand was suppressed, the long - term supply - demand contradiction supported the price. It is recommended to hold long positions [16][17][20]. - **Alumina**: The market was in a situation of high supply, high inventory, and weak demand. The price was under pressure, but the cost support limited the downward space. It is recommended to pay attention to the cost - profit change and Guinea's policy [20][21][23]. - **Aluminum**: The social inventory showed a turning point, and the fundamentals improved marginally under the support of the peak season effect and stocking demand. The aluminum price was expected to oscillate at a high level after a pullback [24][25][26]. - **Aluminum Alloy**: The disk oscillated, and the pre - holiday stocking demand supported the spot price. The supply was tight, the cost was high, and the demand recovered moderately. It is recommended to consider arbitrage operations [26][27][28]. - **Zinc**: The social inventory decreased during the peak season, and the price was expected to oscillate. The supply was loose, and the demand showed differentiation at home and abroad [29][30][32]. - **Tin**: The import of tin ore remained low in August, and the supply supported the price. The demand was weak, and the market was in a tight - balance situation. It is recommended to pay attention to the import situation of tin ore from Myanmar [32][33][35]. - **Nickel**: The non - ferrous metal sector boosted the intraday market, and the fundamentals changed little. The supply was high, and the demand was stable in some sectors and weak in others. The price was expected to oscillate within a range [36][37][38]. - **Stainless Steel**: The disk oscillated and rose slightly. The raw material prices were firm, and the cost provided support. The supply increased, and the demand improvement was not obvious. It is recommended to pay attention to the steel mill's dynamics and inventory digestion [39][40][41]. - **Lithium Carbonate**: The sector sentiment drove the disk to strengthen slightly, and the fundamentals were in a tight - balance during the peak season. The supply increased marginally, the demand was optimistic, and the inventory decreased. It is recommended to expect the price to oscillate within a range [42][43][44]. Black Metals - **Steel**: Steel exports supported the black metal valuation, and the steel price continued to oscillate. The cost had support, the supply was at a high level, and the demand showed seasonal fluctuations. It is recommended to go long with a light position and pay attention to the seasonal recovery of demand [46][47]. - **Iron Ore**: The supply and demand of iron ore showed a slight improvement, but it was still insufficient in the peak season. The supply was affected by shipping and arrival, and the demand was supported by high - level hot metal production. It is recommended to go long on the 2601 contract at low prices and conduct arbitrage operations [48][50]. - **Coking Coal**: The coking coal market was strong, and the downstream replenishment demand supported the price. The supply increased as mines resumed production, and the demand recovered with the increase in hot metal production. It is recommended to go short on the 2601 contract at high prices and conduct arbitrage operations [51][53][54]. - **Coke**: The main coke enterprises started to raise prices, and the price increase space might be limited. The supply decreased due to cost pressure, and the demand was supported by the increase in hot metal production. It is recommended to go short on the 2601 contract at high prices and conduct arbitrage operations [55][56]. Agricultural Products - **Meal**: Argentina restarted the export tax, but China had purchased many ships of Argentine soybeans. The domestic soybean meal supply was abundant, and the near - month price was under pressure. The 1 - 5 spread might continue to weaken [57][58][60].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2025, the convertible bond market shows wide - volatility characteristics, and attention should be paid to band and structural selection [27]. - Active funds reduce positions, while passive funds increase allocations. The delisting of Pufa Convertible Bonds in October may bring re - allocation demand [27]. - In Q4, the equity market tends to have a structural market. Equity - biased convertible bonds still have obvious elasticity advantages, and capital outflows bring more profit space for low - price convertible bonds [27]. - A portfolio of ten convertible bonds is recommended to select high - quality targets, focusing on elasticity, and the portfolio is adjusted monthly [27]. 3. Summary by Relevant Catalogs Macro Data Overview - In Q2 2025, GDP at constant prices increased by 5.2% year - on - year, slightly lower than the previous quarter's 5.4% [1]. - In August 2025, the manufacturing PMI was 49.4%, up from 49.3% in the previous month; the non - manufacturing PMI for business activities was 50.3%, up from 50.1% [1]. - In August 2025, the year - on - year growth rates of M0, M1, and M2 were 11.7%, 6.0%, and 8.8% respectively. The new RMB loans of financial institutions in that month were 590 billion yuan [1]. - In August 2025, CPI decreased by 0.4% year - on - year, and PPI decreased by 2.9% year - on - year [1]. - In August 2025, the cumulative year - on - year growth rate of fixed - asset investment (excluding rural households) was 0.5%, and the cumulative year - on - year growth rate of total retail sales of consumer goods was 4.64% [1]. - In August 2025, the year - on - year growth rates of export and import values were 4.4% and 1.3% respectively [1]. Commodity Investment Reference Comprehensive - The Ministry of Commerce called on the US to cancel unreasonable tariffs on China and emphasized that the biggest obstacle to Sino - US economic and trade cooperation is US unilateral restrictions [2]. - Xiaomi launched the Xiaomi 17 series, Xiaomi Pad 8 series, and many other tech home appliances. Xiaomi's founder, CEO Lei Jun, said that self - developed mobile phone SoCs should be persisted for at least 10 years with an investment of at least 50 billion yuan [2]. - According to CME's "FedWatch", the probability that the Fed will keep interest rates unchanged in October is 14.5%, and the probability of a 25 - basis - point rate cut is 85.5% [2]. Metals - On September 25, international precious metal futures generally rose. Fed officials sent mixed policy signals, reflecting the Fed's dilemma in balancing inflation and employment goals [3]. - On September 25, the closing price of the main Shanghai copper contract 2511 was 82,710 yuan/ton, up 3.4%. The suspension of production at the Grasberg mine may exacerbate the global copper supply shortage [3][4]. - The China Non - Ferrous Metals Industry Association proposed to control the expansion of copper smelting capacity. High - end analysts predicted a 500,000 - ton copper supply loss in the next 12 - 15 months [4]. - Congo (Kinshasa) extended the cobalt export ban until October 15 and implemented an export quota system. Cobalt prices have risen nearly 40% this year [4]. - Citi raised its copper price forecast. It is expected that the medium - term copper price will rise to $12,000 per ton in the next 6 - 12 months [5]. Coal, Coke, Steel, and Minerals - In August 2025, global crude steel production increased by 0.3% year - on - year to 145.3 million tons, while China's crude steel production decreased by 0.7% year - on - year to 77.4 million tons [6]. - As of mid - September, the price of coke (quasi - first - grade metallurgical coke) decreased by 4.69% month - on - month, and the price of rebar (HRB400E Φ20mm) increased by 0.29% month - on - month [6][7]. Energy and Chemicals - On September 25, international oil prices fluctuated narrowly. The resumption of crude oil exports in the Kurdish region eased supply concerns, but the unexpected decrease in US crude oil inventories offset some negative impacts [8]. - Daqing Gulong Continental Shale Oil National Demonstration Area added 158 million tons of proven shale oil reserves [8]. - Russia plans to implement a diesel export ban on resellers until the end of the year and extend the gasoline export ban on resellers and producers [8]. Agricultural Products - The Ministry of Agriculture and Rural Affairs called for stabilizing the supply of "vegetable basket" products and promoting the application of high - performance agricultural machinery [9]. - In 2024, China's organic product sales reached 124.7 billion yuan, a year - on - year increase of 22.79%, making China the world's third - largest organic consumer market [9]. - China launched an anti - dumping investigation into imported pecans from Mexico and the US starting from September 25 [10]. - The EU Commission adjusted its forecasts for wheat and corn production and exports in the 2025/26 season [10]. - Argentina resumed taxing the export of grains and their by - products after agricultural product sales reached $7 billion [10]. Financial News Compilation Open Market - On September 25, the central bank conducted 483.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 3.5 billion yuan on the same day [11]. - On September 25, the central bank conducted 600 billion yuan of 1 - year MLF operations, with a net injection of 300 billion yuan, and has increased the volume of MLF for 7 consecutive months [11]. Important News and Information - China submitted a position paper on the issue of special and differential treatment to the WTO, not seeking new special and differential treatment in current and future negotiations [12][13]. - The Ministry of Commerce responded to issues related to Sino - US soybean trade and Boeing aircraft purchase negotiations, emphasizing that US unilateral restrictions are the main obstacle to normal economic and trade cooperation [2][13]. - The Ministry of Commerce launched a trade and investment barrier investigation into Mexico's measures to raise import tariffs on Chinese products [14]. - Three US companies were included in the unreliable entity list for their military - related cooperation with Taiwan [15]. - The China Foreign Exchange Trade System will optimize the "Swap Connect" operation mechanism and increase the daily net limit to 450 billion yuan from October 13 [15]. - The central bank deputy governor proposed to expand the application scenarios of the Hong Kong RMB bond market [16]. - The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority jointly released a development roadmap for the fixed - income and money market [16]. - The scale of China's public funds exceeded 36 trillion yuan for the first time at the end of August [17]. - Internet giants such as Tencent, Baidu, and Alibaba are accelerating their layout in the dim - sum bond market [17]. - The Digital RMB International Operation Center was officially launched on September 24, with three business platforms launched [18]. - The Bank of China Research Institute predicted that more banks may cut deposit rates in Q4, and the RMB exchange rate will remain stable and may appreciate [18]. Bond Market Summary - MLF incremental roll - over had little positive impact on the bond market. Spot bonds and futures were generally weak [21]. - In the exchange bond market, Vanke bonds generally rose, while some other bonds fell [21]. - The CSI Convertible Bond Index rose 0.46%, and the Wind Convertible Bond Equal - Weighted Index rose 0.33% [22]. - On September 25, most money market interest rates rose [22]. - Shibor short - term varieties showed differentiation [23]. - The winning yields of some financial bonds issued by policy - based banks were announced [23][24]. - Inter - bank repurchase fixed - rate bonds and silver - silver inter - bank repurchase fixed - rate bonds generally rose [24]. - European and US bond yields generally rose, with some exceptions [24][25]. Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.1253, down 34 basis points from the previous trading day [26]. - The US dollar index rose 0.60%, and most non - US currencies fell [26]. Stock Market Important News - The A - share market showed a differentiated trend, with the ChiNext Index hitting a new stage high for two consecutive days. AI concept stocks rebounded [29]. - The Hong Kong Hang Seng Index fell 0.13%, while the Hang Seng Tech Index rose 0.89%. Geely Auto rose nearly 4% on its first trading day [29]. - The Shanghai, Shenzhen, and Beijing stock exchanges announced the holiday schedule for the National Day and Mid - Autumn Festival [29]. Today's Reminders - On September 26, 247 bonds will be listed, 88 bonds will be issued, 139 bonds will make payments, and 344 bonds will repay principal and interest [28].