动力煤主力 (ZCE_ZC) 加自选

据国家发展和改革委员会（NDRC）称，中国将向加工贸易中的纺织企业分配20万吨滑动关税棉花进口配额，与去年的数量相匹配。配额将根据合同申请发放，直至达到上限，不接受进一步的提交。申请截止日期为12月31日，但该文件没有具体说明何时发放配额。中国是一个主要的棉花进口国，尽管国内产量可观，但一直位居全球最大买家之列。2022年，中国进口了价值82.9亿美元的棉花，主要来自美国、巴西和越南。配额调整之际，1月至7月棉花进口量急剧下降74.2%，至52万吨，反映出需求疲软和贸易条件收紧。新的配额旨在“满足国内加工商的棉花需求”，并稳定中国庞大纺织业的供应。

China will allocate 200,000 metric tons of sliding tariff rate cotton import quotas to textile firms in the processing trade, matching last year’s volume, according to the National Development and Reform Commission (NDRC). Quotas will be issued based on contract applications until the cap is reached, with no further submissions accepted. The deadline for applications is December 31, though the document does not specify when quotas will be issued. China is a major cotton importer, consistently ranked among the top global buyers despite its sizable domestic production. In 2022, it imported USD 8.29 billion worth of cotton, mainly from the U.S., Brazil, and Vietnam. The quota move comes amid a sharp 74.2% drop in cotton imports to 520,000 metric tons from January to July, reflecting weaker demand and tighter trade conditions. The new quota aims to “meet cotton needs” of domestic processors and stabilize supply for China’s vast textile industry.

在商家和消费者普遍抱怨之后，中国发布了旨在遏制互联网平台不公平定价行为的法规草案。国家发展和改革委员会周六宣布的拟议规则旨在提高在线销售商品和服务定价的透明度和公平性。平台和商家必须“通过合同和订单等标准化手段商定和更改价格”，并被要求“遵守明确的定价规定，提高定价规则的透明度，及时披露费用变化，以更好地接受公众监督。”此举是对主要平台操纵价格以促进销售和误导消费者的指控的回应。该草案将公开征求公众意见一个月。

China has released draft regulations aimed at curbing unfair pricing practices on internet platforms, following widespread complaints from merchants and consumers. The proposed rules, announced by the National Development and Reform Commission on Saturday, seek to promote transparency and fairness in pricing for goods and services sold online. Platforms and merchants must “agree on and change prices through standardised means such as contracts and orders,” and are required to “adhere to clear pricing regulations, increase the transparency of pricing rules and promptly disclose fee changes to better accept public oversight.” The move responds to allegations that major platforms manipulate prices to boost sales and mislead consumers. The draft is open for public comment for one month.

周一，中国10年期政府债券收益率交易至1.78%左右，徘徊在四周来的最高水平附近，这得益于对美联储鸽派立场的乐观情绪。在周五举行的美联储年度杰克逊霍尔研讨会上，主席杰罗姆·鲍威尔在9月17日的会议上表示，可能会降息，理由是就业风险上升。投资者预计，美联储的潜在降息可能会导致美国收益率下降，使中国资产更具吸引力。此外，中国央行中国人民银行于8月25日通过其一年期中期贷款工具（MLF）向银行体系注入了6000亿元人民币，旨在保持充足的流动性，并表明更宽松的货币立场。展望未来，投资者等待中国最新的采购经理人指数和工业利润数据，以了解世界第二大经济体的健康状况。

China’s 10-year government bond yield traded to around 1.78% on Monday, hovering near its highest level in four weeks, supported by optimism surrounding the US Federal Reserve’s dovish stance. At the Fed’s annual Jackson Hole symposium on Friday, Chair Jerome Powell indicated a potential interest rate cut at the September 17 meeting, citing rising risks to employment. Investors anticipated that the Fed's potential rate cuts could lead to lower US yields, making Chinese assets more attractive. Additionally, China's central bank, the People's Bank of China, injected CNY 600 billion into the banking system on August 25 through its one-year medium-term lending facility (MLF), aiming to maintain ample liquidity and signaling a more accommodative monetary stance. Looking ahead, investors await China's latest purchasing managers' index readings and industrial profits data for fresh insights into the health of the world's second-largest economy.

沪深300指数升至4470.00点，为2022年7月以来的最高点。过去4周，沪深300指数上涨8.05%，过去12个月上涨34.42%。

CSI 300 increased to 4470.00 Index Points, the highest since July 2022. Over the past 4 weeks, Shanghai Shenzhen CSI 300 Index gained 8.05%, and in the last 12 months, it increased 34.42%.