2025年09月12日 国泰君安期货商品研究晨报 观点与策略 | 黄金：下修非农就业 | 3 | | --- | --- | | 白银：金银比上行 | 3 | | 铜：美元回落，价格上涨 | 5 | | 锌：累库持续 | 7 | | 铅：价格震荡 | 9 | | 锡：区间震荡 | 10 | | 铝：震荡偏强 | 12 | | 氧化铝：弱势运行 | 12 | | 铸造铝合金：跟随电解铝 | 12 | | 镍：窄幅震荡运行 | 14 | | 不锈钢：现实与预期博弈，钢价或震荡运行 | 14 | | 碳酸锂：产量延续回暖，偏弱震荡 | 16 | | 工业硅：关注今日内蒙会议信息 | 18 | | 多晶硅：市场情绪再次发酵，关注仓单注册 | 18 | | 铁矿石：震荡反复 | 20 | | 螺纹钢：螺纹需求相对较弱，宽幅震荡 | 21 | | 热轧卷板：热卷需求韧性良好，宽幅震荡 | 21 | | 硅铁：宽幅震荡 | 23 | | 锰硅：宽幅震荡 | 23 | | 焦炭：预期反复，宽幅震荡 | 25 | | 焦煤：预期反复，宽幅震荡 | 25 | | 原木：震荡反复 | 26 | | 对二甲苯：油价走低，估值再次下探 ...

Core Viewpoint - The Chinese government has approved a two-year pilot program for market-oriented allocation of factors in ten regions, aiming to enhance economic efficiency and promote high-quality development through comprehensive reforms [1][2]. Group 1: Pilot Program Details - The pilot program will be implemented in ten regions, including Beijing's urban sub-center, key cities in southern Jiangsu, and the Guangdong-Hong Kong-Macau Greater Bay Area, among others [1][2]. - The program aims to create a replicable model for nationwide implementation, focusing on improving the quality of factors, ensuring smooth flow of resources, and maximizing market potential [2][4]. Group 2: Specific Reforms and Measures - The pilot program includes measures to integrate technology and capital, promote technology transfer, and support financial institutions in providing diverse financing options for technology commercialization [3]. - The Guangdong-Hong Kong-Macau Greater Bay Area will develop a multi-tiered capital market, enhance listing systems, and establish a comprehensive service platform connecting technology and capital markets [3]. Group 3: Support from Various Departments - The Ministry of Human Resources and Social Security emphasizes increasing job opportunities, enhancing service supply, optimizing market environments, and improving skill training to support the pilot regions [5]. - The Ministry of Natural Resources will grant pilot regions greater autonomy in land management and promote efficient land use through innovative supply systems and standards for low-efficiency land [6]. Group 4: Financial Support and Risk Management - The People's Bank of China will enhance financial support for the pilot regions, focusing on improving financial services, promoting digital finance, and ensuring risk management to prevent systemic financial risks [7].

天眼查App显示，近日，河北雄安鑫源嘉尚科技有限公司成立，法定代表人为金莲凤，注册资本10万人 民币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；计算 机软硬件及辅助设备零售；日用品销售；建筑材料销售；建筑装饰材料销售；轻质建筑材料销售；五金 产品零售；电子产品销售；机械设备销售；电气设备销售；化工产品销售（不含许可类化工产品）；金 属材料销售；建筑用钢筋产品销售；工艺美术品及礼仪用品销售（象牙及其制品除外）；服装服饰批 发；服装服饰零售；电线、电缆经营；机械设备租赁；建筑工程机械与设备租赁；对外承包工程；建筑 砌块销售；耐火材料销售；建筑防水卷材产品销售；专用化学产品销售（不含危险化学品）；计算机及 通讯设备租赁；充电控制设备租赁；办公设备租赁服务；租赁服务（不含许可类租赁服务）。（除依法 须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - Tianzhun Technology (688003) has received approval from the Shanghai Stock Exchange's listing review committee for its application to issue convertible bonds to unspecified objects, pending final approval from the China Securities Regulatory Commission [1][3]. Trading Information Summary - As of September 11, 2025, Tianzhun Technology's stock closed at 57.8 yuan, an increase of 3.03%, with a turnover rate of 2.29%, a trading volume of 44,600 shares, and a transaction amount of 254 million yuan [1]. - On the same day, the net outflow of main funds was 2.4731 million yuan, accounting for 0.97% of the total transaction amount; the net outflow of retail funds was 9.7718 million yuan, accounting for 3.84% of the total transaction amount; while the net inflow of retail investors was 12.245 million yuan, accounting for 4.81% of the total transaction amount [1][3]. Company Announcement Summary - The board of directors of Suzhou Tianzhun Technology Co., Ltd. confirmed the accuracy and completeness of the announcement regarding the approval of the application to issue convertible bonds by the Shanghai Stock Exchange's listing review committee on September 10, 2025 [1]. - The issuance is subject to the approval of the China Securities Regulatory Commission, and the timing and outcome of this approval remain uncertain [1].

Core Viewpoint - The 2025 China International Service Trade Fair showcased the integration of finance and technology, highlighting innovative products and services from various banks and tech companies [1][2]. Group 1: Event Overview - The event took place from September 10 to 14, 2025, at Shougang Park [1]. - The fair featured numerous banks collaborating with technology firms to enhance the experience with smart and interactive exhibits [2]. Group 2: Technological Innovations - The financial exhibition included advanced technologies such as humanoid robots, AI-driven services, and interactive displays, significantly enhancing visitor engagement [3][7]. - The "Star Motion Q5" robot, capable of performing Tai Chi, exemplified the blend of finance and technology, showcasing the capabilities of tech companies supported by banks [8]. Group 3: Bank Participation - Several banks, including Shanghai Pudong Development Bank and Beijing Bank, presented cutting-edge technology at their booths, such as surgical robots and interactive digital displays [4][6]. - Beijing Bank's booth featured a robot named "Xiao Jing," which provided guided tours and intelligent responses, indicating a strong future application in banking services [9]. Group 4: Collaborative Efforts - Banks like Shanghai Pudong Development Bank are focusing on building cross-domain ecological platforms to integrate financial services into various scenarios, reflecting a strategic push towards digital transformation [6]. - The event facilitated collaboration between financial institutions and tech companies, promoting innovation in the financial technology sector [9].

Group 1 - The core focus of Fangzi District this year is to deepen innovation and develop new quality productivity, optimizing innovation platforms and enhancing talent cultivation and technology cooperation for high-quality economic development [1] - The establishment of the Shandong University Weifang Research Institute in April has strengthened the collaboration between academia and industry, successfully incubating three technology companies and providing services to 15 enterprises [2] - The district has implemented a policy to promote the use of innovation vouchers, with six vouchers used by small and micro enterprises, resulting in provincial subsidies of 7,600 yuan [2] Group 2 - Fangzi District has organized various institutions to participate in annual performance evaluations, with notable achievements from the Weichai Lovol Provincial Technology Innovation Center and Gongda Electronics City-level key laboratory [3] - Major technology projects have been prioritized, such as the national key R&D project led by Weichai Lovol, which received 30 million yuan in funding and aims to enhance grain and oil crop yields [4] - The district has strengthened project tracking management for over 30 ongoing technology projects, ensuring dedicated funding and timely technical advancements [5] Group 3 - Fangzi District has actively promoted deep integration of industry, academia, and research through various initiatives, including specialized events and competitions [7] - The district has facilitated over ten industry-academia collaboration activities with institutions like Harbin Institute of Technology and Beijing Institute of Technology, focusing on projects such as high-power tractor technology research [7] - Local companies have achieved significant recognition in innovation competitions, with two firms winning top awards in the Shandong Province competition, showcasing the district's strong innovation capabilities [8]

Core Viewpoint - The Haidian District has made significant progress in the "Two Zones" construction over the past five years, becoming a crucial growth engine for high-quality regional development, with key metrics leading the city. Group 1: Economic Performance - In 2024, Haidian utilized foreign capital of $1.766 billion, maintaining the top position in the city for seven consecutive years [2] - As of August 2025, Haidian has added 2,982 "Two Zones" projects, with 2,097 projects completed and recorded, leading the city in both foreign investment project entries and exits [2] Group 2: Institutional Innovation - Haidian has implemented 24 reform measures, resulting in 98 institutional innovation cases, with 4 cases replicated nationwide and 9 cases promoted citywide [3] - The district's high-quality development performance has ranked first in the city for four consecutive years, with over 30% of national high-tech enterprises located in Haidian [3] Group 3: Industry Development - In the pharmaceutical and health sector, Haidian is focusing on cell and gene therapy, synthetic biology, and brain-computer interfaces, establishing a credible data space for health and nurturing global drug research centers [4] - The revenue of large-scale technology service enterprises in Haidian reached 244.8 billion yuan in 2024, accounting for 31.2% of the city's total [4] Group 4: Talent and Data Reform - Haidian has implemented the "Haiying Plan," with over 2 million talent resources and 646 academicians, accounting for 35.8% of the national total [5] - The first high-end data labeling demonstration base in the country was established in Haidian, with 9 business scenarios passing data export safety assessments [5] Group 5: Regulatory and Service Improvements - Haidian has optimized enterprise services, achieving "zero materials" for business registration and reducing approval times for catering enterprises by an average of 80% [7] - The district has issued the first patent licensing securitization product in Beijing, with knowledge property pledge financing amounts leading the city for several years [8] Group 6: Law Enforcement and Public Services - The Haidian Public Security Bureau has introduced measures to enhance the legal business environment, including a 24-hour enterprise service hotline and three on-site police service stations [9]

Core Viewpoint - The announcement indicates that Hailianxun has successfully passed the restructuring listing review by the Shenzhen Stock Exchange, marking a significant step in the merger process with Hangzhou Qilun [1] Group 1: Restructuring Details - The restructuring listing matter for Hailianxun was approved in the 9th review meeting of 2025 by the M&A Review Committee of the Shenzhen Stock Exchange [1] - The announcement confirms that the transaction meets the restructuring conditions and information disclosure requirements [1] - There are no further conditions to be fulfilled for this restructuring listing, indicating that a key phase of the review process has been completed [1] Group 2: Merger Process - Hailianxun plans to absorb and merge with Hangzhou Qilun by issuing A-shares to all shareholders of Hangzhou Qilun [1] - Upon approval and completion of the merger, Hangzhou Qilun will terminate its listing and cancel its legal entity status, with Hailianxun inheriting all assets, liabilities, business, personnel, contracts, and other rights and obligations of Hangzhou Qilun [1] - The A-shares issued for this merger will be applied for listing and trading on the ChiNext of the Shenzhen Stock Exchange [1]

Core Insights - The seminar on "Non-Heritage and Cultural Products RWA On-Chain Ecology" successfully concluded in Hong Kong, focusing on the future of cross-border digital cultural assets [1][3][21] - Hong Kong is emerging as a key hub for the digitalization and cross-border circulation of non-heritage and cultural assets, driven by its positioning as an "International Innovation and Technology Center" and its free port advantages [3][21] Industry Developments - The seminar featured discussions on the digitalization of cultural assets, with experts emphasizing that digital finance is crucial for addressing challenges in cross-border transactions, such as authenticity verification, lack of standardized valuation, and high transaction costs [3][11] - The launch of an AI valuation system by ULTILAND aims to provide transparent and multi-dimensional value assessments for artworks and other RWAs (Real World Assets), enhancing market liquidity for cultural assets [14][15] - The introduction of the RWA Cultural Fund, which targets investments in non-heritage and cultural product-related RWA projects, aims to create a complete cycle from research to capital deployment, with an initial fundraising goal of HKD 200 million, expanding to HKD 1 billion by 2026 [16] - The establishment of the Non-Heritage and Cultural Products Digital Financial Development Alliance seeks to promote the integration of culture, finance, and technology, facilitating the international circulation of non-heritage and cultural assets [17][21] Key Highlights - The seminar showcased three significant outcomes: the AI valuation system, the RWA Cultural Fund investment framework, and the formation of the digital financial development alliance [14][16][17] - A new book titled "Guidelines for Tokenization of Non-Heritage and Cultural Products" was also pre-sold during the event, indicating a growing interest in the compliance and market pathways for digital cultural assets [21]

Group 1 - The core viewpoint of the article highlights that the Futian District of Shenzhen has been recognized as a benchmark city for the development of headquarters economy in China by 2025, and it will collaborate with the China Industrial Development Promotion Association to establish an "Innovation Development Practice Zone" for headquarters economy [1][6] - The conference, themed "Breaking the Deadlock and Evolution," aims to create a high-end dialogue and cooperation platform for headquarters and building economies, focusing on attracting global headquarters enterprises to invest in China and promoting the global layout of Chinese headquarters enterprises [3][6] - The Futian District has actively promoted the development of headquarters and building economies, with 159 buildings generating over 100 million yuan in taxes, ranking among the top in the country [6][7] Group 2 - The district has implemented a series of precise planning and policies to transform buildings into "vertical industrial parks," attracting numerous top enterprises to establish their headquarters or regional headquarters [6][7] - As of the first half of 2025, the headquarters economy in Futian District achieved an added value of approximately 150 billion yuan, with 118 municipal-level headquarters enterprises [6][7] - Futian District aims to create a favorable development space and high-quality business environment by focusing on three major positions: Central Innovation Zone, Central Business District, and Central Vitality Zone, further promoting high-quality development of the headquarters economy [7]