Core Viewpoint - The concentration of AAA-rated bonds in China's credit bond market has significantly increased, raising concerns about the effectiveness of credit ratings in risk identification and pricing [2][3][7]. Group 1: Market Trends - From January to August 2025, AAA-rated bonds accounted for 85% of newly issued corporate bonds, up from 40% in 2016 [2]. - The share of AAA-rated issuers rose from 64% in 2016 to approximately 75% by 2024, while the share of AA-rated and below issuers dropped from 23% to around 7% [3]. - The number of state-owned enterprises (SOEs) issuing bonds surged to 1,140, representing 95% of issuers, while private enterprises dwindled to just 3, all rated AA+ [4]. Group 2: Investor Behavior - The tightening of risk appetite among investors has led to increased demand for AAA-rated bonds, with many institutions only accepting AAA or AA+ rated bonds for investment [5][6]. - The shift towards AAA-rated bonds is driven by a fear of defaults, as past bond defaults have made investors cautious [5][6]. Group 3: Rating Agency Dynamics - The high concentration of AAA ratings may obscure real risks, potentially misclassifying high-risk bonds as low-risk assets [7]. - Rating agencies face pressure to maintain AAA ratings due to competitive market dynamics, which can compromise their objectivity [7][8]. Group 4: Market Implications - The concentration of AAA ratings has led to a compression of credit spreads, forcing investors to shift from a "buy and hold" strategy to a more active trading approach [7][8]. - This shift has resulted in increased valuation volatility, heightened liquidity risk, and a stronger linkage between primary and secondary markets [8]. Group 5: Recommendations for Improvement - There is a call for a high-quality rating system that includes a diversified investor structure and improved regulatory oversight to enhance the credit rating industry [8][9]. - Suggestions include leveraging technology to improve rating accuracy and establishing a more robust framework for high-yield bonds to support small and medium enterprises [8][9].

在北京亦庄电擎科技的实验室内，一套国产兆瓦级高功率密度航空发电系统正在接受严苛测试。 企业感受最明显的，是新三板挂牌"绿色通道"机制。合众伟奇公司专注于电力能源数字化领域，经过十 年发展，已成为行业领先者。该公司董事长曹伏雷对上证报记者回忆道："我们去年4月26日通过'挂牌 审核咨询对接系统'进行申报前咨询，5月8日就拿到反馈，6月初报材料，不到两周就收到问询函，最后 在去年8月中旬就获批挂牌——比普通流程节省了将近两个月。" "在300千瓦等级上，我们的进度比美国确实落后两到三年。但走到兆瓦级这个新的技术高点，我们拉齐 了和美国的差距，有些技术指标甚至更具优势。"电擎科技创始人、董事长张文学对上海证券报记者 说。自2016年成立以来，这家聚焦航空航天大功率电能系统的企业，一步步完成了从纯军工向军民融合 的转型。 2023年底，电擎科技成功登陆北京"专精特新"专板，随之而来的是更快的成长节奏。如今，像它这样借 助专板加速发展的科创企业，在北京已超过900家。 专板成为科创成长新摇篮 走进北京股权交易中心（下称"北股交"），大厅显示屏上的数字显示出北京科技创新力量的稳步增长。 截至9月19日，北京"专精特新"专 ...

据陈都烨透露，目前抖音正在成为最适合年轻创作者成长的平台，85%万粉以上的青年创作者将抖音作 为起步平台。"他们贡献了更有质感的审美、更丰富的技术运用和更具感染力的情绪表达，这也是过去 一年抖音内容发展的一大趋势。"陈都烨说。 优质内容播放时长增220% 抖音持续加码优质创作 ◎记者 罗茂林 作为内容驱动型平台，近年来抖音的内容升级之路从未停止，"优质内容"的概念正在全平台范围内推 广。以优质为导向，抖音推出"青年创作者成长计划""创作阶梯计划""AI创作浪潮计划""精选品牌伙伴 计划"，加码支持创作。 9月20日，在2025抖音创作者大会上，抖音副总裁陈都烨对外界披露了抖音内容升级的新变化：一年以 来，抖音上优质内容播放量、播放时长同比分别提升160%、220%，优质内容的播放时长为普通内容的 17倍；游戏、二次元、人文社科等17个垂类优质内容播放时长同比倍增；此外，平台上的创作风格从 200余种增加到800余种。 AI技术的发展，为创作者带来了新的表达空间，也在深刻地改变内容行业，这是不容忽视的另一大趋 势。近半年，抖音平台上使用AI创作的稿件量增长了91%。 此外，创作者群体画像的变化也能折射出内容生态 ...

Core Viewpoint - The issuance of dim sum bonds (offshore RMB bonds) by technology giants is becoming a significant financing option for domestic companies, particularly in the context of AI and cloud computing capital expenditures, thereby revitalizing the offshore RMB market [1][2]. Group 1: Financing Trends - Since 2025, the issuance of US dollar bonds by Chinese tech companies has been zero, contrasting with the rapid rise of dim sum bonds and convertible bonds as key fundraising tools [2]. - Baidu successfully issued two tranches of dim sum bonds in March, raising 10 billion RMB at a low interest rate of 2.7% for 5 years and 3% for 10 years [2]. - Tencent issued a total of 8 billion RMB in offshore RMB bonds, aligning with the recent growth of the dim sum bond market [2]. Group 2: Factors Driving Financing Shift - The shift in financing methods is driven by macroeconomic conditions and the capital needs of enterprises, particularly due to intensified AI competition and cloud infrastructure expansion [4]. - Major internet companies are expected to increase their annual capital expenditures to at least 34 billion USD from 2025 to 2026, focusing on AI capabilities, cloud infrastructure, and international market expansion [4]. - Despite having substantial cash reserves, companies require foreign currency for overseas expansion and technology investments, necessitating a readily available offshore funding pool [4]. Group 3: Market Dynamics - The attractiveness of dim sum bonds is enhanced by the low interest rates of RMB assets and the expansion of the Bond Connect "southbound" mechanism, which broadens the investor base for offshore RMB bonds [5][6]. - The cost of dollar financing remains high, making the offshore RMB market an appealing option for companies seeking cost-effective financing solutions [6]. - The choice between dollar bonds and dim sum bonds is influenced by factors such as financing costs, exchange rate risks, and the investor base [6]. Group 4: Implications for RMB Internationalization - The entry of tech giants into the dim sum bond market is expected to create a stable long-term financing channel and promote the internationalization of the RMB [7]. - The issuance of dim sum bonds by companies like Tencent and Baidu enriches the offshore RMB product offerings, providing more options for international investors [7]. - Investors find dim sum bonds attractive due to their relatively low risk exposure and higher static coupon rates compared to domestic bonds, especially given the quality of issuers like Tencent and Baidu [7][8]. Group 5: Future Outlook - The dim sum bond market is anticipated to have significant growth potential, becoming a stable long-term financing source for tech companies [8]. - Companies with strong operating cash flows and low debt levels are well-positioned to manage their leverage while benefiting from bond issuance [8].

据公告，*ST广道于9月12日收到中国证监会《行政处罚决定书》。该决定书明确认定，公司披露的 2018年至2023年年度报告、2024年半年度报告及《2024年度向特定对象发行股票募集说明书(草案)》存 在虚假记载，相关事实已触及《北京证券交易所股票上市规则》第10.5.1条第（七）项规定的重大违法 强制退市情形。北交所据此拟决定终止其股票上市交易。 从造假手段与规模看，这是一起持续时间长、涉及面广的典型财务舞弊案件。决定书指出，*ST广道制 作虚假购销合同、发票、银行回单、发货通知单及入库单等方式虚构销售和采购业务，从而虚增营业收 入及营业成本14.65亿元，各期占比均超85%，其中2020年虚增比例高达98.96%；虚增营业成本7.54亿 元，占各期报告记载金额的83.30%至99.13%不等。高比例的财务数据失真，严重扭曲了公司真实经营 状况，极大损害了投资者知情权。 针对这一性质恶劣的违法行为，监管部门迅速启动全链条追责程序。经查明，金文明作为*ST广道时任 董事长、总经理、实际控制人，明知和放任公司实施财务造假，协调第三方借款，审批同意其控制的两 家关联公司配合资金流转。赵璐作为公司时任董事、副总经 ...

Core Viewpoint - The issuance of floating-rate bonds in China has significantly increased, driven by the need for interest rate risk management and policy support, with a year-to-date issuance of 97 bonds totaling 275.57 billion yuan, representing a year-on-year increase of 123.5% [1][2][3] Group 1: Market Dynamics - The floating-rate bond market has seen a resurgence, with policy bank bonds accounting for over 80% of the issuance, while commercial bank bonds and subordinated bonds have also resumed issuance since June, totaling 38.9 billion yuan [1][2] - The newly issued floating-rate bonds exhibit a pattern of high initial trading activity followed by a significant drop in liquidity, with many bonds experiencing zero transactions after the first month [2][3] Group 2: Cost and Risk Management - The primary driver for commercial banks to restart floating-rate bond issuance is the pressure to reduce funding costs amid narrowing net interest margins and increasing market interest rate volatility [3][4] - Floating-rate bonds allow banks to dynamically adjust their funding costs in a declining interest rate environment, helping to alleviate the mismatch between high-interest liabilities and low-interest assets [3][4] Group 3: Future Outlook - Experts predict that floating-rate bond issuance will become normalized, with expectations for a complete yield curve to be established, catering to different institutional funding duration needs [5][6] - The introduction of floating-rate mechanisms in local government bonds could further stimulate demand from banks and other institutions, leading to substantial growth in the floating-rate bond market [6]

郑晓蓉 ■董事长专访 在接受上海证券报记者专访时，科翔股份董事长郑晓蓉语气坚定："AI算力爆发驱动高端服务器产业格 局重塑，我们必须抓住这次机遇。公司已经制订了清晰的战略规划，不仅要实现技术创新，也要借助资 本市场做大做强，回报投资者信任。" 拐点将至：营收增长经营向好 科翔股份正在迎来它的业绩拐点。 今年上半年，科翔股份实现营收18.06亿元，同比增长16.04%；净利润亏损6203.42万元，较去年同期减 亏36.96%。 这一数据背后，传递出公司业绩好转的积极信号。不难看出，当前公司正处于一个关键的转型期。 2022年到2024年，科翔股份营业收入持续增长，从26.37亿元增至33.96亿元，但净利润却承受压力； 2025年一季度起，已经显示出向好迹象，营收达8.72亿元，同比增长36.84%，净利润亏损减至3326.43 万元，同比减亏51.79%。 科翔股份郑晓蓉： 高端服务器PCB赛道突围 三年磨剑瞄准百亿元产值 ◎记者 杨子晏 惠州大亚湾，科翔股份总部生产基地一片繁忙。成批成批的精密印制电路板（PCB）正从生产线上下 来，售往全球，应用于智能手机、新能源汽车，乃至最前沿的AI服务器领域。 AI浪 ...

◎记者 韩远飞 医药公司向日葵宣布跨界半导体领域。 9月21日晚，向日葵发布预案，公司拟以发行股份及支付现金的方式购买漳州兮璞材料科技有限公司 （下称"兮璞材料"）100%股权、浙江贝得药业有限公司40%股权（下称"贝得药业"）并募集配套资金。 公司股票将于9月22日复牌。 蹊跷的是，在预案尚未发布、公司股票停牌前，公司股价出现一波拉升。停牌前7个交易日，公司股价 累计上涨近30%，停牌前一个交易日即9月5日，公司股价上涨超11%。谁在提前抢筹布局？ 张大伟 制图 向日葵欲跨界半导体领域 股价提前异动谁在抢筹？ 此次跨界不是向日葵首次谋求转型。 另一标的贝得药业是向日葵的控股子公司，主要从事抗感染类、心血管类、消化系统类等药物的研发、 制造和销售。其成立于2004年11月，主导产品涵盖抗感染药物、心血管药物、消化系统药物等领域；报 告期内，主要营业收入由原料药和制剂构成，其中克拉霉素原料药占主要构成部分。 公告显示，本次交易预计构成关联交易、重大资产重组，但不构成重组上市。截至预案签署日，标的公 司的审计、评估工作尚未完成，标的资产评估结果及交易作价尚未确定。 停牌前资金提前抢筹 对于本次交易，向日葵表现出乐 ...

Market Overview - A-shares experienced a mixed performance last week, with the Shanghai Composite Index declining by 1.30% to close at 3820.09 points, while the Shenzhen Component Index rose by 1.14% and the ChiNext Index increased by 2.34% [2] - The market showed overall volatility in the first half of the week, but retreated towards the end as investors reacted to the Federal Reserve's interest rate cut [2][3] Federal Reserve Impact - The Federal Reserve's decision to cut interest rates by 25 basis points was in line with market expectations, leading to a temporary cooling of investor sentiment and risk appetite [3][4] - Despite short-term fluctuations, the long-term outlook remains positive for A-shares, with expectations of a stronger RMB and improved market risk appetite [3][4] Calendar Effects - Historical data indicates that A-shares typically exhibit a calendar effect around the National Day holiday, with a tendency for the market to perform poorly before the holiday and rebound afterward [5][6] - Over the past decade, indices such as the Shanghai Composite and CSI 300 have shown over 60% probability of rising in the week following the National Day holiday [5] Sector Performance - Certain sectors, particularly technology-related industries such as computers, communications, and electronics, have a higher probability of rising in the five trading days following the holiday [6] - Financial sectors, including banks and non-bank financials, are also expected to perform well in the weeks following the holiday [6] Investment Strategy - The fourth quarter is anticipated to see a shift in investment styles, with a potential rotation from previously high-performing sectors to more defensive ones [7] - Investors are encouraged to focus on sectors driven by economic recovery and industry trends, such as AI, innovative pharmaceuticals, new energy, and consumer sectors [7]

从"纸上"到"场上" 北京"专精特新"专板 构建企业成长新生态 ◎年悦 记者 张雪 开板两年，专板已构建起三层梯度培育体系：孵化层234家、规范层509家、培育层157家。在这900家企 业中，有500家被认定为专精特新中小企业，其中138家更是晋级为国家级专精特新"小巨人"企业；此 外，板块内还有194家创新型中小企业。 "近六成企业的研发投入超过行业平均水平，2024年整体研发强度接近24%。"北股交相关负责人告诉上 证报记者，"其中有185家企业，年研发投入超过2000万元。" 2024年，专板企业平均营收规模达到7425.62万元，营收破亿的企业有171家。 中科宇图是新入驻专板的企业之一。这家成立于2001年的空天信息与生态环境智能化服务商，属于国家 级"小巨人"企业。"我们来专板，最看重的是它提供的上市培育服务和绿色通道机制。"中科宇图公司董 秘陈龙对上证报记者坦言，"我们正在启动挂牌与上市阶段，这方面的服务机制让我们非常受用。" 多元服务构建企业成长生态 在北京亦庄电擎科技的实验室内，一套国产兆瓦级高功率密度航空发电系统正在接受严苛测试。 "在300千瓦等级上，我们的进度比美国确实落后两到三年。 ...