Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes various sectors in the financial and commodity markets, including financial derivatives, precious metals, shipping, and multiple commodity futures. It points out that market trends are influenced by a combination of factors, such as macro - economic policies, supply - demand balances, and geopolitical situations. Different sectors present different trends, with some in a state of shock, others showing signs of weakness or strength, and the overall market is complex and changeable. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The A - share market showed an overall correction on Tuesday, with the main stock indexes fluctuating downwards during the session and rebounding slightly at the end. The main contracts of the four major stock index futures had mixed performances. The banking and precious metals sectors among the cyclical sectors were strong, while technology stocks corrected. It is recommended to lightly sell put options on MO2511 near the strike price of 6600 when the index corrects to collect premiums [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures closed down across the board, and the yields of major inter - bank interest - rate bonds generally rose. The central bank's open - market operations led to a net withdrawal of funds, and the bond market sentiment was weak. It is recommended to operate within a range, lightly test long positions when the market sentiment stabilizes at low levels, and appropriately participate in the basis narrowing strategy for the TL contract [5][8]. Precious Metals - The US dollar index remained weak, and safe - haven sentiment drove funds to flow into gold, pushing up its price. The price of international gold reached a high and then narrowed its gains, while silver showed a slight decline. It is recommended to buy gold on dips or buy out - of - the - money call options, and sell out - of - the - money put options on silver when the price is above $41 [9][12][13]. Container Shipping Index (European Route) - The EC futures market oscillated. The spot freight rates showed a certain range of fluctuations, and the market had digested the impact of the previous spot decline. It is recommended to wait and see in a volatile market [14][15]. Commodity Futures Non - Ferrous Metals - **Copper**: The copper market oscillated. The spot price declined, and the downstream was less willing to buy at high prices. The supply side was affected by factors such as smelter maintenance, and the demand side improved after the price decline. It is expected to oscillate in the short term, with the main contract referring to the range of 79,000 - 81,000 yuan [15][17][20]. - **Alumina**: The alumina market was in a pattern of high supply, high inventory, and weak demand. The futures price was in a bottom - wide oscillation. It is expected to oscillate in the range of 2850 - 3150 yuan/ton, and it is necessary to pay attention to policy changes in Guinea and cost - profit changes [20][22][23]. - **Aluminum**: The aluminum price declined, and the market trading activity increased slightly. The supply was at a high level, the demand entered the peak season, and the inventory was still in a state of accumulation. It is expected to oscillate in the range of 20,600 - 21,000 yuan/ton, and it is necessary to pay attention to the double - festival stocking and inventory inflection points [23][25]. - **Aluminum Alloy**: The pre - holiday stocking demand provided phased support for the spot price. The supply was tight, the demand was gradually recovering, and the inventory was accumulating. It is expected to oscillate in the range of 20,200 - 20,600 yuan/ton, and attention should be paid to the supply of scrap aluminum and import policies [25][27][28]. - **Zinc**: The zinc market was in a state of supply - demand differentiation at home and abroad. The domestic supply was loose, and the demand was in the peak season. The short - term price was expected to oscillate, with the main contract referring to the range of 21,500 - 22,500 yuan [28][30][31]. - **Tin**: The import of tin ore in August remained at a low level, and the supply was tight. The demand was in a state of "weak supply and demand". It is expected to oscillate at a high level, with the price range of 265,000 - 285,000 yuan, and attention should be paid to the import situation of tin ore from Myanmar [31][33][34]. - **Nickel**: The nickel market oscillated weakly. The supply was at a high level, the demand was relatively stable in some areas and general in others. It is expected to oscillate in the range of 119,000 - 124,000 yuan, and attention should be paid to macro - expectations and ore - related news [34][35][36]. - **Stainless Steel**: The stainless - steel market oscillated narrowly. The raw material prices were firm, the supply was under pressure, and the demand had not significantly increased. It is expected to oscillate in the range of 12,800 - 13,200 yuan, and attention should be paid to steel - mill dynamics and pre - holiday stocking [37][40]. - **Lithium Carbonate**: The lithium - carbonate market oscillated. The supply and demand were in a tight balance during the peak season. It is expected to oscillate in the range of 70,000 - 75,000 yuan, and attention should be paid to the marginal changes in orders [41][44]. Black Metals - **Steel**: The steel market was affected by factors such as export support and seasonal demand changes. The price was expected to oscillate at a high level, with the thread referring to the range of 3100 - 3350 yuan and the hot - rolled coil referring to the range of 3300 - 3500 yuan. It is recommended to lightly try long positions and pay attention to the seasonal recovery of apparent demand [44][46]. - **Iron Ore**: The iron - ore market was supported by factors such as reduced shipments and increased iron - water production. The price was expected to oscillate upwards, with the range of 780 - 850 yuan. It is recommended to buy on dips and consider the arbitrage strategy of long iron ore and short hot - rolled coil [47][48]. - **Coking Coal**: The coking - coal market was in a state of supply - demand balance and tightening. The price was expected to oscillate upwards, with the range of 1150 - 1300 yuan. It is recommended to buy on dips and consider the arbitrage strategy of long coking coal and short coke [49][51]. - **Coke**: The coke market was in a process of price adjustment. The price was expected to rebound gradually, with the range of 1650 - 1800 yuan. It is recommended to buy on dips and consider the arbitrage strategy of long coking coal and short coke [52][55]. Agricultural Products - **Meal**: Argentina's cancellation of the export tax on soybeans and their derivatives put pressure on the two - meal market. The domestic meal supply was abundant, and the market was expected to oscillate weakly [56][59]. - **Pigs**: The pig market had a large slaughter pressure, and the spot price was difficult to improve before the National Day. The market was expected to adjust weakly, and the previous reverse - spread strategy was recommended to be withdrawn and observed [60][61].

Core Viewpoint - The article highlights the advancements in synthetic biology and biomanufacturing, particularly focusing on the recognition of key projects and experts in the field by the Ministry of Science and Technology of the People's Republic of China for the 2025 National Science and Technology Awards [2][5]. Group 1: National Science and Technology Awards - A total of 60 projects for the National Natural Science Award, 51 for the National Technology Invention Award, and 134 for the National Science and Technology Progress Award passed the preliminary evaluation [2]. - Notable projects include research on catalysts, reactors, and processes for carbon dioxide conversion, and advanced manufacturing technologies for green chiral pesticides [2][5]. - Key contributors to these projects include professors and researchers from prestigious institutions such as the University of Science and Technology of China and Zhejiang University [2][5]. Group 2: Key Projects and Contributors - The project on catalysts and processes for carbon dioxide conversion is led by notable figures such as Professor Zeng Jie and Academician Yang Jinlong, with a preliminary evaluation suggestion of a second prize [3]. - The project on advanced manufacturing technologies for green chiral pesticides involves contributors like Academician Zheng Yuguo and Professor Xue Yaping, also suggested for a second prize [5]. - The involvement of multiple companies and institutions indicates a collaborative effort in advancing biomanufacturing technologies [2][5].

Core Viewpoint - Recently, Nantong Fuzhou Biotechnology Partnership (Limited Partnership) was established, focusing on the production, quality inspection, operation, and import-export of edible mushroom strains, with investment from China Baowu Steel Group's Huabao Trust [1] Company Summary - Nantong Fuzhou Biotechnology Partnership's business scope includes edible mushroom strain production, quality inspection, operation, and import-export activities [1] - The company is backed by investments from Huabao Trust, which is a subsidiary of China Baowu Steel Group [1]

Core Viewpoint - Tianyu Biotechnology Co., Ltd. has announced the early repayment of part of the idle raised funds temporarily used to supplement working capital, ensuring that the repayment does not affect the implementation of the fundraising investment projects [1][2]. Group 1 - The company’s board of directors approved the continued use of up to RMB 61.5 million of idle raised funds to temporarily supplement working capital, with a usage period not exceeding twelve months from the date of approval [1]. - As of September 23, 2025, the company has repaid RMB 2 million to the special account for raised funds, bringing the total amount repaid to RMB 2 million [2]. - The remaining raised funds used for temporary working capital will be fully repaid before the due date, and the company will fulfill its information disclosure obligations in a timely manner [2].

Group 1 - The 6th China Liaoning International Investment and Trade Fair will be held in Shenyang from September 25 for four days, focusing on "New Era of Northeast Revitalization and New Journey of Cooperation and Win-Win" [1] - The event aims to enhance Liaoning's level of open cooperation and establish it as a hub for open cooperation in Northeast Asia, promoting comprehensive revitalization [1] - Over 60 countries will participate, including representatives from Fortune 500 companies and private enterprises, engaging in discussions and cooperation with local businesses [1][2] Group 2 - A series of main activities will be held, including an opening ceremony and a key project signing ceremony on September 25 at the Shenyang New World Expo [1][2] - The fair will feature four "Invest in Liaoning" international economic and trade matching activities, and three exchange activities with Japan, Mongolia, and Uzbekistan [2] - Additional activities include a forum on modern service industry quality and a series of events promoting integrated development of domestic and foreign trade [2] Group 3 - The theme exhibition will showcase achievements in revitalization, innovation, and international cooperation, featuring various specialized pavilions [2] - The fair will also promote consumption through themed activities, including sports events and a consumption season in autumn 2025 [3]

Core Viewpoint - The A-share market is experiencing a slow bull market despite short-term volatility, driven by active capital inflow and a focus on growth sectors, particularly technology [4][7]. Market Overview - From September 15 to September 19, the A-share market showed a mixed performance with major indices fluctuating. Growth sectors, represented by the ChiNext, performed strongly, while large financial and resource sectors faced significant pressure [4]. - The market is characterized by increased volatility in daily trading, with some investors taking profits following the Federal Reserve's 25 basis point rate cut, while others continue to invest in growth stocks [4][5]. Federal Reserve's Rate Cut - The Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00%-4.25% on September 17, marking its first rate cut of 2025. This decision was anticipated by the market, leading to a preemptive rally in growth sectors such as AI and semiconductors [5]. - The Fed's overall tone was neutral, indicating a "preventive rate cut" to manage rising risks in the job market. Future rate cut expectations suggest an additional 50 basis points reduction within 2025 [5]. Domestic Economic Data - August economic data in China showed a steady but weak trend, with pressures across production, consumption, investment, and exports. Industrial production remained resilient but slowed, while traditional sectors like consumer goods faced declining growth [6]. - Fixed asset investment continued to weaken, significantly impacted by the real estate sector, with both manufacturing and infrastructure investment growth rates declining [6]. Market Dynamics - The "asset scarcity" phenomenon is driving residents to seek higher-yield investment products, contributing to the ongoing slow bull market. The risk appetite among investors has increased following the Fed's rate cut [7]. - Market trading volume concentration has increased, indicating a stronger focus on leading sectors. Although there are signs of potential market consolidation, the previous strong sectors remain robust [7]. Recommended Investment Directions - Growth technology sectors are expected to continue performing well, with opportunities emerging in AI computing, solid-state batteries, robotics, and biotechnology. The domestic storage chip industry is poised for growth due to the need for self-sufficiency [8]. - The Hong Kong stock market, lagging behind A-shares, is anticipated to rebound due to the Fed's rate cut and ongoing capital inflows. The current market trend shows a joint rise in technology and cyclical sectors [8].

Core Viewpoint - The article discusses the ETF grid strategy, focusing on new economic sectors and financial sectors, highlighting investment opportunities in China's evolving economy and the financial market's recovery [3][4][6]. Group 1: New Economic ETF - The New Economic ETF (159822.SZ) aligns with the government's 2025 work report, emphasizing the development of new productive forces and the integration of technology and industry innovation [3]. - This ETF indirectly tracks the S&P China New Economy Index through full holdings in the ICBC South China S&P China New Economy Industry ETF (3167.HK), focusing on leading companies in artificial intelligence, internet, biotechnology, and innovative pharmaceuticals [3]. - The ETF aims to capture new growth drivers in China's economy while diversifying regional risks [3]. Group 2: Financial ETF - The Financial ETF (510230.SH) tracks the Shanghai Stock Exchange 180 Financial Index, with significant allocations in banking (62%), securities (20%), and insurance (18%) sectors [4][6]. - As of June 30, 2025, the banking sector's dividend yield reached 5.86%, surpassing the market average and the ten-year government bond yield, making it an attractive option for long-term funds [4]. - The securities sector saw a substantial increase in brokerage revenue, with a 50.69% year-on-year growth in H1 2025, indicating a recovery in sector performance [4][6]. - The insurance sector is expected to benefit from supportive policies, alleviating pressure on liabilities, while the stock investment balance of life insurance companies reached nearly 2.9 trillion yuan, a 50% year-on-year increase, suggesting a shift towards equity asset allocation [6].

ENCODE 计划揭示了人类基因组超过 80% 的基因组区域能够转录产生"暗物质"之称的 RNA。根据 RNA 的 5' 端是否具有帽子修饰结构，这些可以被分为两大 类：1）帽子结构的 （capped RNA，capRNA） ；2）非帽 RNA （noncapped RNA，napRNA） 。除 mRNA 和部分长非编码外，其余几乎所有均属于 napRNA。 这些 napRNA 不仅通过作为非编码 RNA （ncRNA） 调控多种生物学过程，还作为加工产物解析特定的 RNA 生物生成过程。然而，由于其长度异质性、末端修 饰多样性以及复杂的二级结构等，鉴定这些 napRNA 面临巨大挑战。 为应对这一挑战，中山大学生命科学学院 杨建华 / 李斌 / 屈良鹄 教授团队开发了 NAP-seq 技术，并于 2025 年 9 月 17 日在 Nature Protocols 期刊发表了题 为： NAP-seq for full-length noncapped RNA sequencing 的论文，系统介绍了该方法的设计原理与实验步骤。 编辑丨王多鱼 排版丨水成文 图1. NAP-seq的设计原理和实验步骤 NAP-s ...

内地和香港股市今年表现亮眼，陈东认为，这次中资股升浪与宏观基本面关系不大，目前中国宏观经济 增长仍乏力，通胀依然低企，尚未见到企业盈利预测上调，支持股市上升的动力主要来自中央去年九月 的政策支持承诺，市场预测每当经济增速减慢，便会有更多刺激措施推出。 他续称，中美紧张关系有降温迹象，双方均希望达成贸易协议，市场相信不会重返100%关税，预期中 美两国未来数月会有正式协议，变相降低中资股的风险溢价，加上人民银行为股市提供流动性支持措 施，AI主题亦带动科技股上扬，多个因素带动中资股获得估值重估，令外资对中国资产的兴趣提高， 当中较为熟悉中国的投资者最愿意重返中国市场，欧美投资者目前参与度仍偏低，但假若中资股升浪持 续，未来料有更多投资者回归。 美国不断收紧对华出口高科技产品的限制，瑞士百达财富管理亚洲首席策略师兼研究主管陈东指， DeepSeek令大家意识到中国在科技创新方面，与美国的差距并非很大，相信随着中国大力发展科技自 给自足战略，华为、阿里巴巴(09988)、百度(09888)等均自研芯片，未来将会出现两个科技生态系统， 中美或会迫使其他国家选择靠边站。 陈东指，中国股市正处于结构性改革阶段，科技股在中 ...

Core Insights - The 2025 China Small and Medium Cities High-Quality Development Index was released, highlighting the achievements of Yishui County in various national rankings [1] - Yishui County has improved its overall strength ranking, moving up 2 places to 85th, and has received three national honors in green development, investment potential, and new urbanization quality [1] Group 1: Industrial Development - Yishui County emphasizes industrial economy as a cornerstone for high-quality development, focusing on biomanufacturing and fine chemicals as key industries [1] - The county has established a "command + chain leader + special team" mechanism to enhance industrial growth, with a total industrial output value of 59.07 billion yuan, reflecting a year-on-year growth of 5.8% [2] Group 2: Urban-Rural Integration - Towns are seen as a bridge for urban-rural integration, with successful examples like Xujiahukou Town leveraging local resources for cultural and economic development [2] - Xujiahukou Town ranked 495th among the national top 1,000 towns, while Yangzhuang Town made its debut on the list at 983rd, showcasing the effectiveness of rural revitalization efforts [2] Group 3: Infrastructure and Public Services - Infrastructure improvements are underway, including transportation and public service upgrades, enhancing the quality of life for residents [3] - Initiatives such as old community renovations and public service enhancements are contributing to a better living environment and community well-being [3] Group 4: Social Development - The county's social development is marked by strong governance and community engagement, with events like the 2025 Shandong (Yishui) Food Expo attracting nearly 400 quality enterprises [3] - Cultural initiatives and community programs are fostering a vibrant social atmosphere, promoting reading and cultural activities [3] Group 5: Future Prospects - Yishui County's comprehensive development strategy positions it favorably in the competitive landscape of county-level governance, contributing to the revitalization of the Yimeng revolutionary area [4] - The county aims to continue enhancing its industrial base, urban-rural integration, and social welfare to achieve sustainable growth [4]