China A-share auto OEM sector saw selective afternoon moves; JAC Motors hit the daily limit, while BAIC BluePark, Yutong Bus and BYD rose.

China State Planner promoted 36 transport, logistics, water-conservancy and energy projects to private investors, with estimated total investment of 61.4 bln yuan and proposed private capital of 15.6 bln yuan. Projects have clear operating revenue models and strong private-sector interest; examples include rail, warehousing, wind power, energy storage, EV charging infrastructure and water-diversion works.

9月21日，巴菲特指数（沪深300市值/GDP）连升两日至93.03%，近期基本在年内波动的中间区域震荡。股债性价比指标——沪深300指数股权风险溢价（ERP）连降两日至5.75%，但依然处于偏高位置；从大周期来看，该指标仍处在过去四年波动区间中间区域，暗示目前股市相对国债收益的吸引力处于中性偏高水平。 -------- 注：1、巴菲特指数是通过将股市总市值和GDP来比较，判断目前股市是否高估，通常70-100%为正常估值，低于该区间为低估，高于该区间为高估。 2、沪深300指数风险溢价（ERP）主要对比沪深300收益和国债收益率，统计近10年数据可以发现该指标和股指有明显反向关系，每次股市都处于底部区域时，风险溢价均超过6%，也就是当ERP≥6%，股市有投资性价比，而当ERP≤4%时，则股市往往接近或处于阶段性高点，投资性价比低甚至要小心回调风险。