Shang Hai Zheng Quan Bao

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科创50指数涨超3% 芯片产业链走强
Shang Hai Zheng Quan Bao· 2025-09-22 18:48
Group 1: Market Performance - The A-share market saw collective gains on September 22, with the STAR 50 Index rising over 3%, leading the major indices [2] - The Shanghai Composite Index closed at 3828.58 points, up 0.22%, while the Shenzhen Component Index rose 0.67% to 13157.97 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 21,425 billion yuan, with SMIC's trading volume nearing 20 billion yuan, ranking first in A-shares [2] Group 2: Chip Industry Strength - The chip industry chain experienced a collective surge, significantly boosting the STAR 50 Index, with Chip Yuan Co. hitting a 20% limit-up and surpassing a market cap of 100 billion yuan [3] - Notable stocks like De Ming Li and SMIC reached historical highs, with the latter's stock price increasing over 6% [3] - The upcoming IPO of Moer Thread on September 26 is expected to enhance the domestic GPU sector, focusing on high-performance computing applications [3] Group 3: Consumer Electronics Activity - The consumer electronics sector showed active performance, with stocks like Changying Precision and Hongfuhang hitting the 20% limit-up [5] - Industrial Fulian's stock rose nearly 9%, closing at 70.5 yuan per share, marking a new high with a total market cap of 1.4 trillion yuan [5] - Lixun Precision announced a strategic partnership with PIMIC to develop next-generation smart wearable products based on edge AI chip technology [5] Group 4: Market Outlook - Analysts from Guojin Securities suggest that a recovery in China's earnings fundamentals may be underway, with potential opportunities in Hong Kong stocks and cyclical manufacturing sectors [6] - Huatai Securities emphasizes that the current positive feedback from the funding environment is crucial for the sustainability of the market rally [6] - The market may enter a phase of consolidation, but previous strong sectors are expected to remain robust, indicating potential for new market dynamics [6]
助力上海科创中心能级跃升 2025浦江创新论坛共话科技前沿趋势与合作机遇
Shang Hai Zheng Quan Bao· 2025-09-22 18:48
◎记者 严曦梦 宋薇萍 9月22日,2025浦江创新论坛在上海落下帷幕。本届论坛以"共享创新共塑未来:构建开放合作的全球科 技共同体"为主题,立足上海,辐射全球,为国际科技创新合作搭建起重要对话平台,共同探讨全球科 技前沿趋势与合作机遇。 上万项技术需求发布 未来健康、未来信息、未来化学、未来能源、未来材料……瞄准新一轮科技革命与产业变革趋势,2025 浦江创新论坛汇聚45个国家、300余家机构、550余位中外嘉宾,共谋未来产业发展方向。 以脑科学为例,2025浦江创新论坛期间,科学界在上海发起"全脑介观神经联接图谱"大科学计划,国际 灵长类介观脑图谱联盟发起成立,《国际灵长类介观脑图谱联盟白皮书》发布。 推动"科技种子"落地生根、开花结果,离不开系统性的创新生态支撑。作为浦江创新论坛的重要组成部 分,2025 InnoMatch技术转移大会以"以展促需,以需促转,以转促产"为理念,面向全球发布技术需求 超10000项,企业投入总额超200亿元,覆盖人工智能、量子科技、生物医药等20多个前沿领域。大会同 步发布2000个人才需求岗位,集中展示1728项国内外待转化成果、847项中小企业创新产品,以及80多 项 ...
多因素支撑 券商板块迎业绩和估值双提升
Shang Hai Zheng Quan Bao· 2025-09-22 18:48
Core Viewpoint - The brokerage sector is experiencing a significant rally, driven by increased market activity and investor participation, leading to a positive outlook for the third quarter performance of securities firms [1][2]. Group 1: Market Activity and Performance - As of September 22, 48 out of 50 brokerage stocks closed higher, with Guosheng Financial leading with a 7.49% increase [1]. - The trading volume in A-shares has notably increased, with 15 out of 16 trading days in September exceeding 2 trillion yuan, and a peak of 3.14 trillion yuan on September 18, marking the third-highest daily volume of the year [1]. - The active trading environment is expected to boost the brokerage firms' brokerage and proprietary trading business forecasts [1]. Group 2: Financial Metrics and Growth Potential - The return on equity (ROE) for the brokerage sector is on an upward trend, as firms have passed the peak of high costs and are balancing cost reduction with long-term competitiveness [1][2]. - There is significant potential for incremental capital inflow into the market, with the current high savings rate indicating room for a shift from savings to investments [2]. - The self-operated business of brokerages is expected to see enhanced elasticity, with the low-interest-rate environment making equity markets increasingly attractive [2]. Group 3: Valuation and Long-term Outlook - The brokerage sector's valuation remains at historically low levels, despite a positive performance in the equity market since the beginning of the year [3]. - There is a clear divergence between the improvement in the brokerage sector's fundamentals and its valuation, indicating strong potential for recovery [3]. - The overall outlook for the brokerage industry is positive, supported by increased market activity, favorable regulatory policies, and accelerated long-term capital inflows [3].
五部门印发钢铁业稳增长工作方案 加大产能减量置换力度 增强高端产品供给能力
Shang Hai Zheng Quan Bao· 2025-09-22 18:48
Core Viewpoint - The "Steel Industry Growth Stabilization Work Plan (2025-2026)" aims to promote effective quality improvement and reasonable quantity growth in the steel industry, focusing on structural adjustment and high-quality development [1][2]. Group 1: Overall Goals - The plan sets an annual growth target of approximately 4% for the industry's added value, emphasizing the role of the steel industry as a "ballast" for the economy [1]. - It aims to eliminate extensive production capacity and scale expansion thinking, focusing on market supply-demand balance, optimizing industrial structure, and improving supply quality and efficiency [1]. Group 2: Key Measures - Five areas of work measures are outlined: strengthening industry management, enhancing technological innovation, expanding effective investment, broadening market demand, and deepening open cooperation [1]. - In industry management, the plan emphasizes precise control of capacity and output, revising capacity replacement methods, and supporting low-carbon steelmaking processes [1]. Group 3: High-End Product Supply - The plan requires enhancing the supply capacity of high-end products, focusing on key steel materials needed for high-end equipment and core components [2]. - It encourages collaboration among steel enterprises, upstream and downstream companies, universities, and research institutions for coordinated efforts in the industrial chain [2]. Group 4: Market Demand Expansion - The plan proposes deepening cooperation between steel and key steel-consuming sectors, such as shipbuilding, by signing long-term stable cooperation agreements to maintain industry chain stability [2]. Group 5: Open Cooperation - The plan emphasizes strengthening the management of steel product exports to maintain competitive order in the export market [3].
LPR连续四个月维持不变 年内仍有下行空间
Shang Hai Zheng Quan Bao· 2025-09-22 18:48
Core Viewpoint - The Loan Prime Rate (LPR) has remained unchanged for four consecutive months, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, aligning with market expectations [2] Group 1: Current LPR Situation - The stability of LPR is attributed to the unchanged policy rates and the lack of motivation for banks to lower LPR spreads due to historical low net interest margins [2][4] - Recent increases in medium to long-term market interest rates, such as the AAA-rated interbank certificates of deposit and 10-year government bond yields, have influenced market expectations [2] Group 2: Future Outlook - Experts predict potential downward adjustments in policy rates and LPR by the end of the year to stimulate domestic demand and stabilize the real estate market [3] - The easing of external constraints due to potential interest rate cuts by the Federal Reserve may provide a more favorable environment for China's monetary policy adjustments [2][5] Group 3: Constraints on LPR Changes - The decline of LPR is constrained by factors such as bank interest margins, which could be negatively impacted by rapid LPR decreases, and the already low levels of deposit rates [4] - The current low levels of newly issued loan rates further limit the space for reducing deposit rates [4] Group 4: Monetary Policy Strategy - The central bank is expected to maintain a balanced approach, focusing on internal and external factors while implementing moderately loose monetary policies, with a preference for reserve requirement ratio cuts over interest rate reductions [5] - Future LPR changes will need to balance multiple objectives, including growth stabilization, interest margin maintenance, and foreign trade stability [5]
恒生AH股溢价指数创逾6年新低
Shang Hai Zheng Quan Bao· 2025-09-22 18:48
Group 1 - The Hang Seng-Hushen Connect AH Premium Index has declined significantly since 2025, reaching a low of 116.62 points on September 22, marking a drop of over 17% this year [1][2] - The narrowing of the AH premium is attributed to increased southbound capital inflow and a wave of "A+H" listings, which have altered the structure of Hong Kong-listed companies [1][2] - Southbound capital has totaled 11,224.67 million HKD this year, primarily investing in consumer discretionary, financials, information technology, and healthcare sectors [2][3] Group 2 - Foreign capital has shown signs of improvement in buying Hong Kong stocks, with long-term stable foreign capital inflows amounting to approximately 677 million HKD from May to July [3][4] - Certain companies, such as Ningde Times and Heng Rui Pharmaceutical, have seen their H-shares trading at a premium over A-shares, indicating higher valuation recognition from international investors [4][5] - The inclusion of new constituent stocks in the AH Premium Index reflects the overall price gap between A-shares and H-shares, with some H-shares trading over 20% higher than their A-share counterparts [4]
四部门详解“十四五”金融业硬核成绩单
Shang Hai Zheng Quan Bao· 2025-09-22 18:48
Core Viewpoint - The Chinese banking sector has achieved significant milestones over the past five years, with a focus on maintaining financial stability and supporting economic recovery through a supportive monetary policy framework [7][8][9]. Group 1: Banking Sector Achievements - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first in the world [9]. - The stock and bond markets are the second largest globally, while foreign exchange reserves have maintained the top position for 20 consecutive years [7][9]. - The growth rates for loans to technology-based SMEs, inclusive small micro loans, and green loans have exceeded 20% annually during the "14th Five-Year Plan" period [9]. Group 2: Monetary Policy and Financial Stability - The People's Bank of China emphasizes a supportive monetary policy stance, aiming for liquidity sufficiency and reduced financing costs to bolster consumption and investment [8][10]. - The number of financing platforms has decreased by over 60%, and financial debt has dropped by more than 50% compared to the beginning of 2023 [10]. - The bond market has maintained a low default rate, and the overall market operation remains stable [10][11]. Group 3: Financial Services to the Real Economy - The banking and insurance sectors have provided an additional 170 trillion yuan in funding to the real economy over the past five years [12][13]. - Key areas such as scientific research loans, long-term loans for manufacturing, and infrastructure loans have seen annual growth rates of 27.2%, 21.7%, and 10.1%, respectively [13]. - The balance of inclusive small micro enterprise loans has reached 36 trillion yuan, which is 2.3 times that of the end of the "13th Five-Year Plan" [13]. Group 4: Regulatory Enhancements - The financial regulatory framework has been strengthened through comprehensive oversight, including institutional, behavioral, functional, and continuous regulation [15]. - The financial sector has effectively managed risks, with a significant reduction in high-risk institutions and assets compared to peak levels [15]. - Support for affordable housing and rental housing projects has exceeded 1.6 trillion yuan, with loans for housing construction surpassing 7 trillion yuan [15]. Group 5: Foreign Exchange Market Developments - The foreign exchange market has shown stability, with cross-border receipts and payments reaching 14 trillion USD in 2024, a 64% increase from 2020 [21]. - The trading volume in the foreign exchange market is projected to reach 41 trillion USD in 2024, reflecting a 37% growth since 2020 [21]. - The proportion of the renminbi in cross-border trade has increased from 16% to nearly 30%, indicating enhanced market resilience [21][22].
中国证监会党委:落实落细全面深化资本市场改革各项部署
Shang Hai Zheng Quan Bao· 2025-09-22 18:48
Group 1 - The core viewpoint of the news is the progress report on the rectification of the China Securities Regulatory Commission (CSRC) following the third round of inspections by the Central Committee, emphasizing the implementation of new policies and the commitment to high-quality development [1] - The CSRC is focused on enhancing risk management, regulatory enforcement, and supporting technological innovation and new productive forces, leading to positive changes in market structure and ecology [1] - The CSRC will continue to strengthen its rectification efforts with a commitment to long-term improvement and effective supervision of the rectification process [1] Group 2 - The CSRC emphasizes the importance of the Party's leadership in the capital market, ensuring that policies and regulations align with the directives from the central government [2] - The commission is accelerating the implementation of comprehensive capital market reforms, particularly in the Sci-Tech Innovation Board, Growth Enterprise Market, and the Beijing Stock Exchange [2] - The focus is on enhancing the attractiveness and competitiveness of China's capital market through institutional reforms and the development of a multi-level bond market [2] Group 3 - The CSRC aims to improve risk resolution and regulatory enforcement capabilities, promoting the entry of long-term funds into the market and enhancing the regulatory framework for listed companies [3] - There is a commitment to strict enforcement of laws and regulations, improving the detection of violations, and establishing a comprehensive regulatory system [3] - The CSRC plans to introduce more measures to protect investors' rights and interests [3] Group 4 - The CSRC is dedicated to establishing a long-term mechanism for inspection rectification, ensuring that standards remain high and responsibilities are clearly defined [4] - The commission will regularly assess the effectiveness of completed rectification tasks and maintain focus on long-term issues that require ongoing attention [4] - There is a commitment to guiding and overseeing the rectification efforts of various market entities, including stock exchanges [4]
四大金融管理部门详解“十四五”金融业硬核成绩单
Shang Hai Zheng Quan Bao· 2025-09-22 18:48
Group 1 - The People's Bank of China reported that multiple financial indicators rank among the top globally, with total banking assets nearing 470 trillion yuan, the largest in the world [2][3] - The banking and insurance sectors provided an additional 170 trillion yuan in funding to the real economy during the "14th Five-Year Plan" period [2][3] - The average annual growth rates for loans to technology-based SMEs, inclusive small micro loans, and green loans exceeded 20% [2][3] Group 2 - Loans for scientific research technology, medium to long-term loans for manufacturing, and infrastructure loans grew at average rates of 27.2%, 21.7%, and 10.1% respectively [3] - Insurance funds invested over 5.4 trillion yuan in stocks and equity funds, representing an 85% increase from the end of the "13th Five-Year Plan" [3] - The real estate financing coordination mechanism's "white list" project loans exceeded 7 trillion yuan, supporting the construction and delivery of nearly 20 million housing units [3] Group 3 - The foreign exchange market has shown stability, with the holdings of foreign institutions and individuals in domestic stocks, bonds, and deposits exceeding 10 trillion yuan [3] - The proportion of the renminbi in cross-border trade increased from 16% to nearly 30%, indicating enhanced resilience in the foreign exchange market [3] - The market-oriented formation mechanism of the renminbi exchange rate is continuously improving, with more effective macro-prudential management in the foreign exchange market [3]
休刊启事
Shang Hai Zheng Quan Bao· 2025-09-22 18:48
本报编辑部 根据国家有关2025年部分节假日安排的通知和沪深北交易所2025年国庆、中秋假期休市的规定,《上海 证券报》拟于2025年10月1日至10月8日休刊,10月9日起恢复出报。 ...