Core Viewpoint - Yanzhou Coal Mining Company Limited (兖矿能源) has announced a spin-off plan for its subsidiary, Kason Technology Co., Ltd. (卡松科技), which has submitted an application for listing on the National Equities Exchange and Quotations (新三板) without involving new share issuance [1][2]. Group 1: Spin-off Details - The spin-off will allow Yanzhou Coal to maintain a 51% stake in Kason Technology, ensuring control remains unchanged [1]. - The spin-off is seen as a step towards professionalizing operations, although there are concerns regarding the actual benefits and asset quality [1][2]. - The process is straightforward as it does not require financing or shareholder approval, only needing approval from the Hong Kong Stock Exchange and the National Equities Exchange [1][2]. Group 2: Financial Overview of Kason Technology - Kason Technology's total assets are reported at 355 million yuan, with net assets of 206 million yuan and total liabilities of 149 million yuan as of June 2025 [1]. - For the first half of 2025, Kason Technology achieved revenue of 154 million yuan and a net profit of 4.36 million yuan, indicating a need for improved growth and profitability stability compared to its 2024 full-year performance of 333 million yuan in revenue and 10.64 million yuan in net profit [2]. Group 3: Strategic Intentions - The spin-off aims to create independent financing channels for Kason Technology, reducing its reliance on the parent company and enhancing its market competitiveness [4]. - It is expected to improve corporate governance transparency and brand value, as Kason Technology will need to enhance its information disclosure and internal controls as a public company [4]. - The listing is anticipated to provide a market-based valuation reference, helping Yanzhou Coal to realize the value of its quality assets [4]. Group 4: Market Context and Challenges - The New Third Board market is expanding, with 158 new companies listed in the first half of 2025, a 41.07% increase from the previous year [7]. - Kason Technology's revenue of 333 million yuan is significantly below the average revenue of 1.03 billion yuan for new companies listed in the same period, indicating a competitive disadvantage [7]. - Despite favorable policies aimed at supporting small and micro enterprises, the effectiveness of these measures in driving growth for Kason Technology will depend on its operational capabilities and industry competitiveness [7][8].

Core Points - The "2025 Phoenix Star Listed Company Awards" ceremony was held in Guangzhou, recognizing companies in various key areas such as innovation, shareholder returns, social responsibility, and growth [1] - Nine awards were presented, including Best Innovative Listed Company, Best Shareholder Return Listed Company, and Best Employer Award [1] - The Best Employer Award focused on "people-oriented" organizational management innovation, evaluating health保障体系, workplace vitality, and employee happiness [1] Group 1: Best Employer - JD Group - JD Group has invested over 220 billion yuan in improving employee living conditions over the past 20 years, providing comprehensive social security and welfare benefits totaling nearly 500 billion yuan [4] - The company launched the "JD Youth City" plan, which will offer nearly 4,000 employee apartments and various recreational facilities, covering a total construction area of over 300,000 square meters [4] - JD Group emphasizes that employees are the core driving force of the company, implementing various human resource initiatives to support employee development and well-being [3][4] Group 2: Best Employer - Digital China - Digital China aims to create a platform for talent growth without "ceilings," focusing on mutual success and providing diverse career development paths [5][6] - The company values both performance and the emotional well-being of employees, promoting a culture of care and support through initiatives like a love fund and comprehensive health保障 [6] - Digital China fosters a vibrant workplace culture centered on responsibility, passion, and innovation, offering various activities and rewards to recognize employee contributions [6] Group 3: Best Employer - China National Offshore Oil Corporation (CNOOC) - CNOOC emphasizes a people-oriented approach, implementing a "three reductions, three guarantees" strategy to streamline assessments while maintaining accountability [9] - The company has reduced assessment indicators significantly, with a 59.2% reduction in scoring indicators for subsidiaries and 58.6% for headquarters, ensuring quality over quantity [9] - CNOOC has established a comprehensive talent development system, supporting employees from students to strategic scientists through various training programs [9]

Group 1 - The core viewpoint of the article is that Yanzhou Coal Mining Company Limited plans to spin off its subsidiary, Kason Technology Co., Ltd., and list it on the National Equities Exchange and Quotations (NEEQ) system, also known as the New Third Board [1] - Kason Technology is primarily engaged in the research, production, and sales of various industrial lubricants and greases [1] - The proposed spin-off, if successful, is expected to enhance Kason Technology's focus on its core lubricant business while leveraging its advantages in industrial lubricants and online oil monitoring technology [1] Group 2 - The spin-off aims to promote technological research and development in online oil monitoring and related hardware and software manufacturing [1] - This initiative is anticipated to drive innovation and improve the efficiency of results conversion, contributing to the development of the group's high-end equipment manufacturing sector [1] - The overall goal is to continuously expand the group's industrial scale through this strategic move [1]

地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 制作日期： 2025/09/19 隔夜夜盘市场走势 1. 国际贵金属期货普遍收跌，COMEX 黄金期货跌 1.07%报 3678.2 美元/盎司， COMEX 白银期货跌 0.12%报 42.1 美元/盎司。美联储降息后，鲍威尔讲话偏鹰， 美元指数反弹，导致黄金白银获利回吐，价格承压回调。 2. 国际油价小幅下跌，美油主力合约收跌 0.61%，报 63.31 美元/桶；布伦特原 ...

Market Analysis - The A-share market experienced increased volatility and a significant rise in trading volume, with the overall market liquidity being ample [2][3] - The Shanghai Composite Index fell by 1.15% to 3831.66 points, while the Shenzhen Component Index and the ChiNext Index dropped by 1.06% and 1.64% respectively, indicating a broad market decline [3][8] - The technology sector showed resilience, with the semiconductor and hardware equipment sectors leading the recovery towards the end of the trading session [3][8] Monetary Policy Impact - The Federal Reserve's decision to cut interest rates by 25 basis points on September 18, 2025, has created a more optimistic outlook for future rate cuts, with a total of 50 basis points expected by the end of the year [6][8] - The market's risk appetite is anticipated to rise further due to recent positive developments in U.S.-China relations and domestic technological advancements [6][8] Bond Market Dynamics - The bond market is experiencing a "short strong long weak" pattern, with the 30-year main contract falling by 0.17% to 115.62 yuan, indicating a general downward trend in government bond futures [8] - The People's Bank of China continues to provide liquidity support, with a net injection of 195 billion yuan on September 18, 2025, enhancing the demand for interest rate bonds [8] Commodity Market Trends - The domestic commodity futures market is generally weak, with a higher number of declining products compared to those that increased, particularly in the agricultural sector [8] - The focus on anti-involution products is expected to remain a hot topic in the domestic commodity market, with price fluctuations anticipated due to profit-taking and policy changes [8] Investment Opportunities - Key investment themes include precious metals, driven by central bank purchases and expectations of further rate cuts by the Federal Reserve [9] - The artificial intelligence sector is gaining traction due to accelerated capital expenditures by global tech giants, presenting significant investment opportunities [9] - The domestic chip industry is poised for growth due to technological breakthroughs and the potential for domestic substitution [9] Strategic Recommendations - The report suggests focusing on strong industry trends such as artificial intelligence and solid-state batteries, as well as benefiting from the depreciation of the U.S. dollar in the metals sector [10] - In the bond market, the report highlights the value of deeply discounted long-term government bonds, indicating a potential for increased allocation [10] - For commodities, the report recommends a long-term positioning in precious and base metals, while actively following policy developments in the industrial sector [10]

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Views of the Report - The Fed cut interest rates by 25 basis points as expected, and the dot - plot shows two more cuts this year and one next year. The Canadian central bank also cut rates. Hong Kong aims to assist mainland tech firms in financing, promote RMB - denominated trading of Hong Kong stocks, and build a regional gold reserve hub [1]. - Gold has long - term upward drivers due to factors like the Fed's rate - cut cycle, weak U.S. employment data, and central banks' gold purchases, but short - term adjustments may occur after the expected rate cut [2]. - Copper prices may fluctuate within a range due to the combination of tight concentrate supply and high smelting output, along with mixed downstream demand [3]. - The Chinese stock index has entered a high - level consolidation phase in September. The long - term strategic allocation period of the Chinese capital market has just begun, with different index characteristics for offensive and defensive strategies [3]. 3. Summary by Directory 3.1 Main News of the Day - **International News**: On September 18, the Fed cut rates by 25 basis points, with the dot - plot indicating another 50 - basis - point cut in 2025 and a 2026 median rate of 3.4% [5]. - **Domestic News**: The National Cyberspace Administration of China requires leading enterprises to take on the responsibility of tackling "neck - stuck" technologies in key areas like chips [6]. - **Industry News**: The Ministry of Industry and Information Technology is seeking public comments on a mandatory national standard for intelligent connected vehicles' combined driving assistance systems. From January to July, the sales of passenger cars with combined driving assistance systems reached 7.7599 million, a 21.31% year - on - year increase [7]. 3.2 Daily Returns of Overseas Markets - The FTSE China A50 futures rose 0.63%, ICE Brent crude oil fell 0.85%, ICE No. 11 sugar fell 1.93%, and other commodities had various changes in price on September 17 compared to September 16 [8]. 3.3 Morning Comments on Main Varieties - **Financial**: - **Stock Index**: The U.S. stock market showed mixed performance. The Chinese stock index rose, with the power equipment sector leading the gain and the agriculture, forestry, animal husbandry, and fishery sector leading the decline. The market turnover was 2.40 trillion yuan. The financing balance increased on September 16. September's trend is more volatile, and the market is in a high - level consolidation phase. The long - term strategic allocation period of the Chinese capital market has just started [10][11]. - **Treasury Bonds**: Treasury bonds generally rose, with the yield of the 10 - year active bond falling to 1.77%. The central bank increased net reverse - repurchase operations. With the Fed's rate cut, the domestic central bank has more policy space, and the bond price has stabilized [12]. - **Energy and Chemicals**: - **Crude Oil**: SC crude oil fell 0.52% at night. Eight countries decided to increase daily oil production by 137,000 barrels starting from October, and the 1.65 - million - barrel voluntary cut may be partially or fully restored [13]. - **Methanol**: Methanol fell 0.67% at night. The average operating load of coal - to - olefin plants decreased, and the overall methanol inventory along the coast increased significantly. Methanol is short - term bearish [14]. - **Rubber**: Rubber prices fell on Wednesday. Supply is increasing, but with the arrival of the peak consumption season, demand is improving, and the inventory is decreasing. Short - term prices are expected to be volatile and bullish [15]. - **Polyolefins**: Polyolefin prices rebounded. The current market is mainly driven by supply and demand. After continuous declines, the short - selling pressure has eased, and the stable oil price provides support. Terminal demand recovery may support the price rebound [16]. - **Glass and Soda Ash**: Glass and soda ash futures are consolidating. The inventory of glass and soda ash production enterprises decreased last week. The market is in a process of inventory digestion, and the future depends on consumption and policy changes [17]. - **Metals**: - **Precious Metals**: Gold and silver prices fluctuated more after the Fed's rate - cut decision. Gold has long - term upward drivers but may face short - term adjustments [18]. - **Copper**: Copper prices fell 0.84% at night. The concentrate supply is tight, but smelting output is high. Downstream demand is mixed, and copper prices may fluctuate within a range [19]. - **Zinc**: Zinc prices fell 0.76% at night. The processing fee of zinc concentrate has increased, and smelting output is expected to rise. Short - term supply may exceed demand, and zinc prices may be weakly volatile [20]. - **Lithium Carbonate**: Supply is increasing, while demand shows a mixed trend. The inventory is decreasing. Futures prices may be highly volatile, and the price is under pressure from the expected resumption of production [22]. - **Black Metals**: - **Coking Coal and Coke**: The coking coal and coke futures showed a volatile trend at night. The short - term market is under pressure but also supported by policy expectations [23]. - **Iron Ore**: Steel mills are resuming production, and iron ore demand is supported. Global iron ore shipments have decreased, and port inventory is decreasing rapidly. The price is expected to be volatile and bullish [24]. - **Steel**: The steel market has a small supply - demand contradiction. The supply pressure is increasing, and the inventory is accumulating. The export is facing challenges, and the market is in a short - term adjustment phase [25]. - **Agricultural Products**: - **Protein Meal**: The prices of soybean and rapeseed meal were weak at night. The USDA report had a neutral - bearish impact on the market. With the improvement of Sino - U.S. trade relations, the domestic supply is expected to increase, and the price is under pressure [26][27]. - **Oils and Fats**: The prices of oils and fats were weakly volatile at night. The MPOB report had a negative impact on palm oil, but the impact has been mostly digested. The market is expected to be volatile [28]. - **Sugar**: International raw sugar prices are expected to be weak due to increased supply. The domestic sugar market is supported by high sales - to - production ratios and low inventory but is also under pressure from imported sugar and new - season beet sugar. The domestic sugar price is expected to follow the international trend and be weak [29]. - **Cotton**: International cotton prices have limited upward momentum due to supply pressure. The domestic cotton market is entering the new - flower acquisition period, and the price is expected to be volatile. Attention should be paid to the selling - hedging pressure after the large - scale listing of new cotton [30]. - **Shipping Index**: - **Container Shipping to Europe**: The EC index was weak. During the National Day Golden Week, shipping companies' cargo - booking pressure increased, and price cuts intensified. The 12 - contract is relatively resistant to decline, and attention should be paid to the follow - up price - cut rhythm of shipping companies [31].

Group 1 - Xibei has issued an official apology, committing to adjust its food preparation process to ensure dishes are made fresh on-site by October 1, addressing customer concerns about food quality and shelf life [1] - The company is actively communicating with suppliers to shorten the shelf life of products while ensuring food safety and inventory turnover [1] Group 2 - The Northeast Yujie media company and its associated noodle factory have been penalized for false advertising, with fines totaling approximately 671.76 million yuan [1] - The company was established in February 2014 and has a registered capital of 30,000 yuan [1] Group 3 - The Fourth Meteorological Economic Forum highlighted that global wind and solar power installations have reached 31%, with extreme weather becoming a critical factor affecting power system stability [1] - Research indicates that for every 1°C increase in maximum temperature, the peak electricity load increases by 4.5% [1] Group 4 - By the end of 2024, China's cumulative installed capacity of renewable energy is expected to reach 1.41 billion kilowatts, accounting for 42% of the total installed capacity [2] - China has maintained the world's leading position in wind and solar power generation for 15 and 10 consecutive years, respectively [2] Group 5 - As of the second quarter of 2025, the balance of green loans in China is approximately 42.4 trillion yuan, with green bond balances exceeding 2.2 trillion yuan [3] - Carbon reduction support tools have guided financial institutions to issue over 1.38 trillion yuan in carbon reduction loans [3] Group 6 - The 2025 Service Trade Fair showcased advancements in hydrogen energy applications and the accelerated implementation of zero-carbon parks [4][5] - Major energy companies demonstrated new green low-carbon technologies, including hydrogen and carbon capture solutions [5] Group 7 - The Chinese environmental protection industry is shifting from technology importation to independent innovation, with capabilities to "go global" in technology, equipment, and talent [6] - The focus is on sharing pollution reduction and carbon reduction technology globally to address climate change [6] Group 8 - Xiaomi has dismissed its China market manager for leaking confidential information and serious violations of company policies [7] - The company emphasizes a zero-tolerance policy towards violations and encourages adherence to ethical standards [7] Group 9 - The risk of "social washing" in ESG practices is gaining attention, with experts noting that donations should complement, not replace, addressing supply chain issues [8] - Companies are encouraged to align donations with ESG strategies and community needs to avoid superficial compliance [8]

Group 1 - Xibei has issued an official apology, committing to adjust its food preparation process to on-site cooking in response to customer demand, with nationwide implementation expected by October 1 [1] - Xibei is actively communicating with upstream suppliers to shorten food shelf life while ensuring safety and inventory turnover [1] Group 2 - The Fourth Meteorological Economic Forum highlighted that global wind and solar power installations have reached 31%, with extreme weather becoming a key factor affecting power system stability [2] - China aims to achieve a cumulative installed capacity of 1.41 billion kilowatts of renewable energy by the end of 2024, accounting for 42% of the total installed capacity [2] Group 3 - As of the second quarter of 2025, the balance of green loans in China is approximately 42.4 trillion yuan, and the balance of green bonds exceeds 2.2 trillion yuan, positioning China among the top globally [3] - Carbon reduction support tools have guided financial institutions to issue over 1.38 trillion yuan in carbon reduction loans [3] Group 4 - The 2025 Service Trade Fair showcased advancements in hydrogen energy applications and the accelerated implementation of zero-carbon parks, indicating a significant shift towards green transformation in China's economic development [4][5] Group 5 - The China Environmental Protection Industry Association emphasized the importance of sharing pollution reduction and carbon reduction technology globally, highlighting China's capability in technology innovation and output [6] Group 6 - Xiaomi has dismissed its China Marketing Department General Manager Wang Teng for leaking confidential company information and serious violations of company policies [7] Group 7 - The risk of "social washing" in ESG practices has gained attention, with experts noting that donations should complement, not replace, genuine efforts to address supply chain issues [8] - Companies are encouraged to adopt a strategic approach to donations, integrating them with ESG strategies to avoid superficial compliance [8]

Core Viewpoint - The article analyzes the intense competition among established companies and emerging players in five key sectors: chips, artificial intelligence, electric vehicles, financial investment, and energy, highlighting the potential for unexpected challengers to emerge [2]. Chips - Nvidia, led by CEO Jensen Huang, dominates over 90% of the AI chip market, benefiting from soaring demand for generative AI chips, making it the highest-valued company globally [5][6]. - AMD, under CEO Lisa Su, aims to become the second-largest supplier in the AI chip market, securing orders from major companies like Microsoft and Meta to diversify supply chains away from Nvidia [6]. Electric Vehicles - Elon Musk's Tesla has seen a decline in annual delivery numbers for the first time in 2024, with quarterly deliveries also decreasing year-on-year, as the company focuses on AI and full-vision autonomous driving systems [8][9]. - BYD, led by CEO Wang Chuanfu, has gained significant attention by competing with Tesla for global electric vehicle sales, holding about 20% of the market share and being the second-largest automotive battery manufacturer [10]. Artificial Intelligence - OpenAI, co-founded by CEO Sam Altman, has rapidly become a tech giant with its product ChatGPT, boasting over 780 million weekly active users and a valuation nearing $300 billion after a recent funding round [13]. - Altman's rise has led to conflicts with figures like Elon Musk and Mark Zuckerberg, as well as tensions with former OpenAI co-founders who left due to dissatisfaction with his leadership [14]. Financial Investment - Jamie Dimon, CEO of JPMorgan Chase, has led the bank to record profits of nearly $58.5 billion in 2024, with revenues reaching $278.9 billion, while facing increasing competition from private equity firms [16]. - Apollo Global Management, under CEO Marc Rowan, has shifted focus to private credit, a sector that has doubled in size to approximately $2 trillion over the past five years, posing a challenge to traditional banks like JPMorgan [18]. Energy - Darren W. Woods, CEO of Exxon Mobil, has successfully navigated the company back to the top of the industry by emphasizing capital discipline and shareholder returns, maintaining production leadership in the Permian Basin [20][21]. - Chevron, led by CEO Mike Wirth, faces competition from Exxon Mobil in the Permian Basin and has also engaged in disputes over resources in Guyana, while both companies continue to focus on fossil fuels despite the push for green energy from European rivals [22].

Group 1 - The core inflation rate in the U.S. for August reached 2.9%, slightly above July's 2.7%, indicating that inflation remains above the Federal Reserve's 2% target but is trending moderately and not out of control [1] - The U.S. stock market reacted positively, with major indices rising significantly, including the Dow Jones Industrial Average surging over 610 points to surpass the 46,000 mark for the first time [2] - The S&P 500 index increased by 0.9%, while the Nasdaq achieved a record closing high, breaking the 22,000 point barrier for the first time [2][3] Group 2 - The anticipated confirmation of Stephen Miran as a Federal Reserve Board nominee is expected to influence the upcoming interest rate decision meeting on September 16-17 [2] - The European Central Bank maintained its interest rates, while the Turkish Central Bank announced another rate cut, highlighting increasing global monetary policy divergence [2] - The VIX index remained low at around 14.78, indicating a calm market environment compared to the volatility seen in the spring [5]