Group 1 - The seminar held in Nanning, Guangxi, focused on financial regulatory cooperation among ASEAN and China, Japan, and South Korea, with over 20 representatives from eight countries and regions attending [1][2] - China has been ASEAN's largest trading partner for 16 consecutive years, while ASEAN has been China's largest trading partner for five years, highlighting the importance of trade relations [1] - The upcoming signing of the China-ASEAN Free Trade Area upgrade protocol is expected to boost regional economic integration and stability amid increasing global trade uncertainties [1] Group 2 - The discussions at the seminar included topics such as regional financial vulnerabilities, sustainable financial development, and cross-border financial data flow and privacy protection [2] - The seminar enhanced understanding of China's economic and financial development among foreign representatives and fostered mutual trust and consensus among regulatory agencies from ASEAN and the 10+3 countries [2] - The Financial Regulatory Bureau plans to strengthen cross-border regulatory cooperation with ASEAN and 10+3 member countries, promoting the development of both domestic and foreign financial institutions [2]

原标题：打通运费支付堵点：浙商银行"铁路运费证"让大宗商品运输资金活起来 "煤炭运量这么大，每月几千万铁路运费压得资金周转都紧了。"大宗商品企业在铁路运输环节的这一困 境，随着浙商银行携手中国国家铁路集团有限公司（以下简称 "国铁集团"）创新推出"铁路运费证"业 务，得到有效破解。 近日，"铁路运费证"业务在淮南矿业（集团）有限责任公司落地，该业务融合"国内信用证+铁路物 流"，全流程线上化操作，有效缓解大宗商品企业在铁路运输环节面临的运费支付压力与资金周转难 题，标志着银铁协同服务实体经济、缓解企业融资压力取得实际进展。 聚焦企业痛点，创新模式破局 铁路货运是大宗商品运输的"主力军"。数据显示，2024年全国铁路货运总发送量突破51亿吨，其中煤炭 运量占比超55%，年运量达28亿吨级。 与此同时，运输是一个不容忽视的大宗商品成本占比。以煤炭为例，煤炭运输成本在采购总成本中占比 可达15%至30%,具体比例受运输距离、装卸效率及能源波动等因素影响。 对大宗商品企业而言，铁路运输环节的运费支付长期面临压力：一方面，近年来货运需求增长叠加运价 机制调整，企业运费成本上升；另一方面，行业普遍存在"上游现款、下游赊销 ...

Core Insights - HSBC has successfully conducted a pilot project on "quantum computing-assisted bond trading," marking a significant advancement in the application of emerging technology within the financial sector [1][2] - The pilot, in collaboration with IBM, demonstrated a 34% improvement in the accuracy of predicting whether bond trades would execute at quoted prices compared to traditional computing methods [1] - Quantum computing leverages quantum physics to solve complex problems that traditional computers struggle with, offering significantly faster processing speeds [1] Industry Potential - According to McKinsey, the quantum technology market is projected to reach $100 billion within the next decade, primarily driven by quantum computing, which had a revenue of only $4 billion last year, indicating substantial growth potential [1] - The pilot project utilized a hybrid model combining quantum and traditional computing, focusing on pricing in the European corporate bond market [2] - HSBC's quantum technology lead, Philip Intallura, emphasized that current quantum computers can effectively address real-world business challenges, providing a viable example for technology implementation [2]

从历史角度来看，美国股市"极其昂贵"。但美国银行策略师表示，深入研究就会发现如此高的估值或许 是有道理的。 这一观点与其他华尔街人士的观点形成了鲜明对比，其中一些人将美股的高估值与世纪之交的互联网泡 沫相提并论，并警告称类似的情况有可能再度发生。 美国银行股票与量化策略部门主管Subramanian表示："该指数与上世纪80年代、90年代和21世纪初相比 发生了显著变化。或许我们应该将当前的市盈率作为新常态，而不是期待市场会回归到过去那种模 式。" 尽管美国关税政策及其对经济增长和通胀的潜在影响存在风险，标普500指数仍较4月8日的低点飙升逾 30%。标普500指数在稳步攀升：该基准指数已连续108个交易日跌幅未超过2%，这是自2024年7月以来 持续时间最长的一次。 本周，标普500指数的12个月预期市盈率达到了22.9倍的高位，本世纪仅有两次突破这一水平：互联网 泡沫破裂时期，以及2020年夏天疫情反弹期间，当时美联储将利率降至接近零的水平。 美联储主席杰罗姆.鲍威尔在周二的一次演讲中指出，从诸多指标来看，股市估值"相当高"。 美股估值处于高位 由Savita Subramanian领导的美国银行团队表示 ...

当地时间9月24日（周三），美股三大指数收跌，标普500指数连续第二个交易日下滑。甲骨文与英伟达等AI概念股继续承压。此外，美联储青睐的PCE通 胀数据将在本周公布。 截至收盘，道指跌171.50点，跌幅为0.37%，报46121.28点；纳指跌75.61点，跌幅为0.33%，报22497.86点；标普500指数跌18.95点，跌幅为0.28%，报 6637.97点。 AI概念股继续承压 AI概念股周三继续承压，英伟达收跌0.8%，甲骨文收跌1.7%。 美光科技公司的财报一度使周三早间市场恢复了一些信心。该公司报告财报优于预期，并发布了强劲的业绩指引。人工智能（AI）热潮推动了美光科技 公司营收增长46%。 然而，在这家领先的内存芯片制造商发布业绩之前，市场情绪笼罩在对AI行业内部循环性质的加剧担忧之中，其原因主要是由英伟达与OpenAI的合作引 发。 英伟达宣布向OpenAI投资1000亿美元，该消息曾提振其股价及整个股市，但一些投资者指出，这是一笔客户与供应商之间的交易，它与互联网泡沫时期 所见的事件有相似之处。 此外，投资者也对这两家知名AI公司的增长计划是否有足够的能源支撑提出了疑问。 市场还担忧AI ...

一 、成分股分红进度 截至2025年9月24日： 上证50指数中，有16家公司处于预案阶段，3家公司处于决案阶段，4家公司进入 实施阶段，24家公司已分红，3家公司不分红； 沪深300指数中，有69家公司处于预案阶段，16家公司处于决案阶段，16家公司 进入实施阶段，174家公司已分红，25家公司不分红； 中证500指数中，有42家公司处于预案阶段，29家公司处于决案阶段，19家公司 进入实施阶段，339家公司已分红，71家公司不分红； 中证1000指数中，有50家公司处于预案阶段，41家公司处于决案阶段，25家公司 进入实施阶段，682家公司已分红，202家公司不分红。 二、行业成分股股息率比较 我们对当前已披露分红预案的个股股息率进行了统计，其中，煤炭、银行和钢铁行业的股 息率排名前三。 三、已实现及剩余股息率 截至2025年9月24日： 上证50指数已实现股息率为2.20%，剩余股息率0.57%； 沪深300指数已实现股息率为1.75%，剩余股息率0.39%； 中证500指数已实现股息率为1.12%，剩余股息率0.12%； 中证1000指数已实现股息率为0.88%，剩余股息率0.07%。 四、股指期货升 ...

比如，央行设立两个结构性货币政策工具。5月9日，中国人民银行印发《关于设立服务消费与养老再贷 款有关事宜的通知》，专门设立5000亿元服务消费与养老再贷款，引导金融机构加大对住宿餐饮、文体 娱乐、教育、居民服务、旅游等服务消费重点领域和养老产业的信贷投放。目前，金融机构申报服务消 费与养老再贷款近600亿元，涉及经营主体近4000家，贷款5700多笔。 近日，商务部、中国人民银行等部门印发《关于扩大服务消费的若干政策措施》(以下简称《政策措 施》)，提出发挥金融、财政等政策合力，从供需两端激发服务消费新增量，促进服务消费高质量发 展。 政策合力效应显现 服务消费是经济增长的重要驱动力，在外部环境不确定性加大、国内经济转型调整的宏观背景下，提振 服务消费的必要性不断凸显。 政策引领加快服务消费提质发展。"去年以来，按照党中央、国务院关于大力提振消费、全方位扩大国 内需求的决策部署，中国人民银行出台了一系列金融支持政策，有效带动扩大服务消费供给，支持更好 满足居民服务消费需求。"中国人民银行信贷市场司负责人杨虹表示。 此外，《政策措施》提出，综合运用货币信贷等政策工具，支持金融机构扩大服务消费领域信贷投放， 加大 ...

来源：市场资讯 尽管市场对潜在的政策变动表现出强烈的积极情绪，但沙姆马指出，沙特股市的表现可持续性依然依赖 于市场的基本面和整体经济前景。由于对地缘政治紧张局势的担忧、油价低迷以及支出限制对经济增长 的影响，沙特股市在今年表现不佳，曾一度累计下跌近10%，成为中东地区表现最差的市场。相比之 下，MSCI新兴市场指数年内累计上涨25%。 目前，沙特资本市场管理局（CMA）规定外国投资者对任何上市公司的持股比例不得超过49%。然 而，CMA近期表态，正在接近放宽这一限制。CMA董事会成员Abdulaziz Abdulmohsen Bin Hassan在本 月早些时候的采访中表示："我们几乎将达成一致。这项政策有望在年底前生效。" 尽管CMA放宽外资限额的消息引起市场关注，但是否正式批准仍未确定。另外，即使获得批准，外资 最终能在沙特上市公司中持有的比例仍不明确。任何超过50%的持股比例调整都有重要意义，这将使国 际投资者首次能够持有沙特上市公司的大部分股权。 富兰克林邓普顿中东和北非股票投资主管萨拉·沙姆马（Sara Shamma）表示，若取消外资持股限制，可 能会释放超过100亿美元的被动资金流入，并促使明晟（ ...

Group 1 - The financial support of 10 million yuan from Dongfang Rural Commercial Bank is crucial for Jiangsu Beimei Pharmaceutical Co., Ltd., which is establishing a children's medicine production base in Lianyungang [1] - The first phase of the project has a total investment of 133 million yuan and aims to build multiple high-end children's medicine production lines along with intelligent inspection and storage systems [1] - The project commenced construction in October last year and is expected to start trial production in October this year, with an anticipated annual sales revenue of 360 million yuan once fully operational [1] Group 2 - Dongfang Rural Commercial Bank has prioritized the new pharmaceutical industry in Lianyungang as a key area for credit support, utilizing a "loan-investment linkage" model to enhance financial backing for high-quality industrial development [2] - The bank has launched the "Chenghui Rong" special credit product to assist new pharmaceutical enterprises, which typically face long R&D cycles and high investment costs, by providing loans based on state-owned enterprise investment ratios [2] - As of this year, the bank has successfully implemented the "loan-investment linkage" business for four new pharmaceutical enterprises, amounting to 27 million yuan [2] Group 3 - Dongfang Rural Commercial Bank continues to optimize financial supply and innovate service models and product systems, focusing on key livelihood sectors such as aquaculture and agricultural machinery [3] - The bank has issued loans totaling 240 million yuan for freshwater aquaculture, 120 million yuan for marine aquaculture, 277 million yuan for fishing vessel operations, and 2.338 million yuan for agricultural machinery [3] - By the end of June this year, the loan balance for technology-based enterprises reached 1.526 billion yuan, demonstrating the bank's commitment to supporting small and micro enterprises [3] Group 4 - The bank is accelerating its digital transformation to enhance the quality and efficiency of the real economy, exploring "whole-chain credit" cooperation models and promoting the "E Chain Loan" platform [4] - As of the end of June, the bank has issued supply chain loans totaling 907 million yuan, effectively addressing the last mile of service in the industrial chain [4] - The bank's total deposit balance reached 33.229 billion yuan, an increase of 2.753 billion yuan since the beginning of the year, while the total loan balance was 28.329 billion yuan, reflecting a growth of 1.504 billion yuan [4]

Core Viewpoint - Global institutional investors are increasingly optimistic about the growth prospects of emerging markets, particularly in Asia, as indicated by HSBC's latest "Emerging Market Investment Intentions Survey" [1] Group 1: Investor Sentiment - Over 60% of surveyed institutional investors believe that emerging market stocks will outperform developed markets, an increase from 49% in June [3] - The proportion of investors holding a bullish view on emerging markets has risen from 44% in June to 62%, while bearish sentiment has halved to 7% [3] - More than half of the respondents are optimistic about the prospects of the Chinese stock market, significantly up from about one-third in June [3][4] Group 2: Market Risks and Catalysts - 28% of respondents view "tariffs and trade tensions" as the biggest downside risk for emerging markets, followed by concerns about potential recessions in major economies [5] - 33% of respondents believe that "capital flowing out of the U.S. and being reallocated" is the main catalyst for positive emerging market performance, while 19% cite the recent rebound of the Chinese stock market as a positive factor [5] Group 3: Sustainable Development - The growth momentum of the Chinese economy is seen as a crucial factor influencing the overall direction of emerging markets [6] - 81% of respondents are considering incorporating sustainable development factors into their investment strategies, indicating a long-term trend towards ESG risk management and innovation [6] - The survey collected insights from 100 investors across 100 institutions, managing a total of $423 billion in emerging market assets [6]