北京时间9月18日凌晨，美联储在结束为期两天的货币政策会议后宣布，将联邦基金利率目标区间下调25个基点，至4.00%—4.25%之间。这是美联储自 2024年12月以来的首次降息。最新点阵图显示，多数美联储官员预计2025年还将降息两次。 数据显示，当地时间9月17日，美股三大股指收盘涨跌不一。美国科技七巨头指数跌0.66%，英伟达跌超2%。中概股多数上涨，纳斯达克中国金龙指数涨 2.85%。 美联储自2024年12月以来首次降息 当地时间9月17日下午2:00，美联储最新的联邦公开市场委员会（FOMC）货币政策会议纪要显示，美联储决定将联邦基金利率目标区间下调25个基点， 至4.00%—4.25%之间。这是美联储自2024年12月以来的首次降息。 刚被任命的美联储理事、目前仍担任白宫经济顾问委员会主席的斯蒂芬·米兰，是唯一持不同意见的，他支持降息50个基点。 美联储主席鲍威尔在联邦公开市场委员会（FOMC）会议结束后，在美联储总部举行新闻发布会。鲍威尔表示，美国失业率维持在低位但略有上升。通胀 近期有所上升，仍处于略高水平。美国通胀风险上行，就业风险下行。明年之后，多数通胀预期指标将符合2%的目标。预计今年 ...

重要新闻提示 商务部：将通过竞争性评审方式，选出50个左右消费新业态新模式新场景试点城市 商务部今日15时举行新闻发布会，新闻发言人介绍近期商务领域重点工作有关情况，并答记者问。 国新办今日15时举行"高质量完成'十四五'规划"系列主题新闻发布会，请科技部部长阴和俊介绍"十四 五"时期科技创新发展成就，并答记者问。 央行公开市场今日有2920亿元7天期逆回购到期。 第十届华为全联接大会（HUAWEI CONNECT 2025）将于9月18日至20日在上海举办。 寒武纪今日16时至17时举行2025年半年度业绩说明会。 2025深圳国际数字能源展将于9月18日至21日举办。 财经新闻 天普股份：股票交易异常波动等相关事项核查工作已完成，今日起复牌 品茗科技：正在筹划重大事项，可能导致公司控制权变更，今起停牌 今日提示 3. 财政部9月17日发布的数据显示，1—8月，全国一般公共预算收入148198亿元，同比增长0.3%；1—8 月，全国一般公共预算支出179324亿元，同比增长3.1%。2025年1—8月主要税收收入项目中，印花税 2844亿元，同比增长27.4%。其中，证券交易印花税1187亿元，同比增长81 ...

Core Viewpoint - The Chinese market is poised to become the largest contributor to Apple's "Apple Tax" as the company faces regulatory challenges globally while maintaining standard commission rates in China, unlike the reduced rates in the US and EU [2][5][14]. Group 1: Apple's Financial Performance - Apple's total revenue for the third fiscal quarter of 2025 reached $94.04 billion, marking the strongest quarterly revenue growth since December 2021 [2]. - The services segment, including iCloud, Apple Music, and App Store, generated $27.42 billion, a 13% year-over-year increase, significantly exceeding market expectations [2]. - Services accounted for 25.6% of total revenue but contributed 41% to gross margin, with a gross margin of 75.5%, far surpassing the hardware business's 37% [2]. Group 2: Regulatory Challenges - Apple's "Apple Tax," a commission on digital goods and services sold through the App Store, is facing global scrutiny, with antitrust lawsuits initiated by the US Department of Justice and other countries [3][4]. - The company has begun implementing low or zero commission models in the US and EU, while maintaining standard rates in China [4][5]. - The EU has imposed significant fines on Apple for restricting developers from directing users to third-party payment options, with a €500 million fine issued in April 2025 [6][12]. Group 3: Market Dynamics in China - In 2024, China's App Store ecosystem is projected to generate $23 billion in sales, making it the second-largest market after the US [5][12]. - The estimated "Apple Tax" contribution from China in 2024 is $6.44 billion, second only to the US's $14.8 billion, indicating a higher relative burden in China compared to the US and Europe [14]. - By 2025, China's "Apple Tax" is expected to reach $7.2 billion, potentially surpassing the US and Europe by 2026, as the country maintains the highest commission rates globally [16][17]. Group 4: Legal Actions and Consumer Sentiment - In 2024, a landmark antitrust lawsuit was filed by consumers in China against Apple's in-app purchase policies, with the Shanghai Intellectual Property Court ruling against the plaintiffs [17]. - Another lawsuit was initiated by a small app developer in Beijing, alleging unfair monopolistic practices by Apple, which is currently awaiting judgment [18].

Company Performance - Workday experienced a significant gain of 6.9% after Elliott Investment Management disclosed a stake of over USD 2 billion and expressed support for its management [1][11] - General Mills reported better-than-expected profits for the latest quarter, but its revenue only matched forecasts, leading to a 1.9% drop in its stock [2][11] - RCI Hospitality Holdings saw a sharp decline of 10.2% following accusations of bribery and tax evasion by New York's attorney general [8][12] Market Overview - The S&P 500 remained virtually unchanged, hovering near its record set earlier in the week, while the Dow Jones Industrial Average rose by 211 points, or 0.5% [1][11] - The upcoming Federal Reserve interest rate decision is anticipated to be a key event, with expectations of a quarter-point cut [5][12] - International markets showed mixed results, with Japan's Nikkei 225 slipping 0.2% due to a 13.8% drop in exports to the US [9][10][12] Investment Activities - Workday announced an increase in its stock buyback program, allowing for up to USD 4 billion in purchases to return cash to investors [1][11] - StubHub is set to debut on the New York Stock Exchange with an initial public offering price of USD 23.50 per share [9][12]

Group 1 - The core event involves a block trade of 200,000 shares of Xinzhisoft, with a transaction value of 4.57 million yuan, accounting for 2.05% of the total trading volume on that day [1] - The transaction price was 22.85 yuan, which represents a discount of 1.51% compared to the market closing price of 23.2 yuan [1]

Core Points - The company announced the redemption implementation of "Jinxian Convertible Bonds" and the upcoming cessation of trading [1] - The last trading day for "Jinxian Convertible Bonds" is set for September 18, 2025, after which trading will cease [1] - The final conversion date is September 23, 2025, with unconverted bonds being forcibly redeemed at 100.41 CNY per bond [1] - The company has triggered the conditional redemption clause as the stock price has been above 130% of the conversion price for 15 trading days from August 4 to August 22, 2025 [1] - Investors are advised to convert their bonds within the specified period to avoid losses [1]

Core Viewpoint - The software service index and related ETFs have shown positive performance, indicating a growing interest and investment in the software and AI sectors, particularly in the domestic market [1][4][5]. Group 1: Market Performance - As of September 17, 2025, the software service index increased by 0.95%, with notable gains from individual stocks such as Guidewire (up 11.13%) and Wealth Trend (up 5.65%) [1]. - The software ETF (159852) rose by 0.85%, with a cumulative increase of 5.58% over the past week as of September 16, 2025 [1]. Group 2: Liquidity and Scale - The software ETF had a turnover rate of 6.74% during the trading session, with a transaction volume of 311 million yuan [4]. - Over the past month, the ETF's average daily transaction volume was 579 million yuan, ranking first among comparable funds [4]. - The ETF's scale grew by 1.649 billion yuan over the past three months, also leading among comparable funds [4]. Group 3: Investment Opportunities - The top ten weighted stocks in the software service index account for 62.05% of the index, with notable companies including iFlytek, Tonghuashun, and Kingsoft [5]. - The report from Huatai Securities suggests a return to value and growth in the market, with a focus on AI as a key area for investment [5]. - The domestic AI computing power demand is expected to grow due to the development of local models and applications, presenting new opportunities for domestic computing businesses [5]. Group 4: Industry Developments - CrowdStrike announced the integration of NVIDIA's Nemotron model into its Charlotte AI to enhance threat detection and response capabilities [4]. - The first "AIDC Industry Development Conference" was held in Shanghai, focusing on establishing standardized guidelines for AI data center construction [4].

Market Overview - A-shares experienced a slight increase, with the Shanghai Composite Index rising by 0.04% to 3,861 points, while the Shenzhen Component Index and the ChiNext Index rose by 0.45% and 0.68%, respectively[14] - The Hang Seng Index fell by 0.03%, while the Hang Seng Tech Index increased by 0.56%, indicating mixed performance in the Hong Kong market[9] - European markets declined ahead of the Federal Reserve's interest rate decision, with the Stoxx 600 index dropping by 1.09%[7] Economic Indicators - The U.S. retail sales rose for the third consecutive month in August, exceeding expectations[4] - The U.S. dollar index fell below 97, reflecting market concerns over potential interest rate cuts by the Federal Reserve[24] - International gold prices reached a record high, with spot gold touching $3,703 per ounce[24] Federal Reserve Insights - The Federal Reserve is expected to announce its interest rate decision on Wednesday, with market anticipation leaning towards a rate cut[4] - U.S. Treasury yields showed a downward trend, with the 10-year yield at 4.03% and the 30-year yield at 4.65%[27] Sector Performance - In the U.S. market, energy stocks rose by 1.73% due to concerns over Russian oil supply disruptions, while utility stocks led declines with a drop of 1.81%[7] - In the A-share market, the real estate sector saw a gain of 1.5%, while financials declined by 0.8%[14] Investment Opportunities - Robinhood launched a new social trading platform, which is expected to enhance user engagement and trading frequency, with a target price of $125 for its stock[6] - The Chinese technology sector is showing optimism, particularly in AI-related stocks, despite potential profit-taking pressures[20]

Group 1 - The European Commission is considering including certain independent Chinese refineries in its 19th round of sanctions against Russia [3] - A new package of sanctions may be proposed after the EU delegation returns from negotiations with the United States [3] - The EU is expanding the scope of sanctions to include third-country companies that assist Russia in evading Western restrictions [3][5] Group 2 - The 18th sanctions list included two Chinese banks and India's Nayara Energy refinery, which is a joint venture with Russian oil companies [3] - Nayara Energy stated that Microsoft has ceased providing services to it following the EU sanctions [3] - The EU has been monitoring certain Chinese refineries that purchase Russian oil from already sanctioned "shadow" oil fleets since summer [5]

Company News - Hengwei Technology announced plans to acquire 75% of Shanghai Shuhang Information Technology Co., Ltd. and will suspend trading from September 17, with an expected suspension period of no more than 10 trading days [5][6] - The company is a leader in the field of network visualization and AI computing integration, providing advanced products and solutions across various sectors including telecommunications and industrial internet. As of September 16, the stock price was 32.25 yuan per share, with a market capitalization of 10.3 billion yuan [6] - First Opening Co., Ltd. reported significant stock price fluctuations, with a cumulative increase of 100% from September 3 to September 12, leading to a trading suspension for verification [6] - Loushao Technology announced a strategic cooperation agreement with Kepler Robotics and a leading domestic cross-border e-commerce company to prioritize collaboration on AI service robots, aiming to sell at least 1 million units in the US and Europe by 2026-2028 [7] - Vanke A disclosed that its largest shareholder, Shenzhen Metro Group, will provide a loan of up to 2.064 billion yuan to repay bond principal and interest, with a loan term of no more than 3 years [7] - Brothers Technology expects a net profit of 100 million to 115 million yuan for the first three quarters of 2025, representing a year-on-year increase of 207.32% to 253.42% due to rising prices of certain vitamin products and improved production capacity [8] - Tonghuashun announced a cash dividend plan for the first half of 2025, distributing 1 yuan per 10 shares, totaling 53.76 million yuan [8] - An彩高科 plans to acquire 100% of Henan Gaohun Minerals for 15.0112 million yuan, enhancing its competitiveness in high-end materials [8] - Guang'an Aizhong intends to acquire 90% of Qitai County Hengtai New Energy Power Generation Co., Ltd. for zero yuan, with plans to invest in a 400MW coal power flexibility transformation project [9] - Suzhou Planning announced plans to acquire 80% of Kunshan Development Zone Architectural Design Institute for 8.3172 million yuan, which will enhance its market share and profitability [9] Industry News - The Ministry of Commerce and nine other departments released policies to expand service consumption, proposing 19 measures including promoting "service consumption seasons" and optimizing operating hours for popular cultural venues [3] - The Guizhou provincial government will implement a tax refund policy for overseas travelers starting October 1, following the approval of relevant regulations [3] - The 22nd China-ASEAN Expo will be held from September 17 to 21 in Nanning, Guangxi [2] - The Suzhou Municipal Artificial Intelligence Industry Association announced an action plan to build a leading AI industry cluster, aiming to gather over 3,000 AI companies by the end of 2026 [4]