Group 1 - The core topic revolves around the upcoming IPO of Moore Threads, a company specializing in GPU development, which has become a hot topic in the stock market as its listing date approaches [1] - Moore Threads plans to raise 8 billion yuan through its IPO on the Sci-Tech Innovation Board, with the listing review scheduled for September 26 [1] - On September 22, the "Moore Threads concept" stocks surged by 6.1%, with several companies, including Yingqu Technology and Donghua Software, hitting the daily limit [1] Group 2 - Huachen Equipment disclosed that it holds a 0.6601% stake in Moore Threads through a partnership, with an investment of 2.640536 million shares [2] - Zhongtian Technology's subsidiary has invested in a fund that holds shares in Moore Threads, although specific details were not disclosed [2] - Shengyuan Environmental Protection confirmed an indirect investment of 29.735 million yuan in Moore Threads through a fund, representing a 0.2423% stake [2] Group 3 - Several companies, including Zhangjiang Hi-Tech and Dazhu Laser, clarified that they do not have any direct investments in Moore Threads, despite market speculation [3] - First Capital and Ultrasonic Electronics also confirmed they have not participated in any investment in Moore Threads [3] - Silver Trust Technology denied rumors of a strategic partnership with Moore Threads regarding AI chip development [3] Group 4 - Guanghuan New Network experienced an 8% increase in stock price, with investors inquiring about its indirect stake in Moore Threads through a fund [4] - Guanghuan New Network later confirmed that it does not have any investment in the China Mobile Industry Fund and thus does not hold shares in Moore Threads [5]

Core Viewpoint - The company Jinzi Ham (002515) is making a strategic investment in the AI and optical communication sectors by acquiring up to 20% equity in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. for no more than RMB 300 million through capital increase and expansion [1][4]. Group 1: Investment Details - The investment will occur in two rounds, with the final amount and shareholding ratio to be determined after due diligence on Zhongsheng Microelectronics [4]. - Zhongsheng Microelectronics was founded in 2019 by core R&D personnel from American optical communication chip design companies and has been recognized as a "future unicorn" in China for two consecutive years [5]. - The company specializes in the R&D and design of high-speed optical module core chips, with applications in AI, cloud computing, and telecommunications networks [5]. Group 2: Financial Performance - Jinzi Ham reported a revenue of RMB 170 million in the first half of the year, a decrease of 14.73% year-on-year, with a net profit attributable to shareholders of RMB 22.92 million, down 25.11% year-on-year [8]. - The company aims to diversify its investment channels to enhance performance and adapt to market challenges, while maintaining stable operations in its core business [8]. Group 3: Strategic Rationale - The investment aligns with the company's overall development strategy, allowing for more efficient use of idle funds and capitalizing on the trends of the digital economy [8]. - The framework agreement signed is a preliminary intention, and the transaction is still subject to uncertainties, making it difficult to predict its impact on the company's operational performance [8].

Core Viewpoint - The total scale of bond ETFs in China has surpassed 600 billion yuan, driven by the issuance of new ETFs and increased investor interest in existing products [1][2]. Group 1: Growth of Bond ETFs - As of September 22, the number of bond ETFs reached 53, with a total scale of 607.448 billion yuan, an increase of over 400 billion yuan since the beginning of the year, representing a growth rate of more than 200% [2]. - The recent surge in bond ETF scale was significantly influenced by the second batch of 14 sci-tech bond ETFs, which collectively raised 40.786 billion yuan, pushing the total above 600 billion yuan [2]. - The growth of government bond ETFs and convertible bond ETFs has also contributed to the increase in bond ETF scale, with notable growth in specific funds such as the convertible bond ETF from Bosera Fund, which increased from approximately 38 billion yuan to nearly 60 billion yuan [2]. Group 2: Market Dynamics and Innovations - The number of bond ETFs with over 10 billion yuan in assets has increased from 5 at the beginning of the year to 25 currently, indicating a significant expansion in the market [3]. - The bond ETF market has historically faced challenges such as insufficient product coverage and a lack of long-duration products, but recent innovations are addressing these issues [4]. - The current market for bond ETFs shows potential for further expansion, with only about 15% of domestic bond index funds being ETFs, compared to over 40% in the U.S. market [4]. Group 3: Investment Strategies and Mechanisms - Existing bond ETFs cover a wide range of products, including credit bonds and interest rate bonds across various maturities, enhancing investment options for investors [5]. - Bond ETFs offer higher transparency and stronger tool attributes compared to off-exchange index funds, with improved liquidity and flexibility due to mechanisms such as T+0 trading and cross-market redemption [5]. - There remains a gap in the market for certain types of bond ETFs, such as high-yield bond ETFs and global strategy ETFs, indicating opportunities for future development [5].

"北向互换通"再次扩容。 自2023年5月15日上线以来，"互换通"持续平稳运行，交易日趋活跃，已成为境外机构投资者管理人民 币利率风险的重要渠道。截至2025年8月底，已有来自15个国家和地区的境外银行、证券公司、资产管 理机构等82家境外金融机构累计达成人民币利率互换交易1.5万余笔、合计名义本金约8.15万亿元人民 币。 香港交易所介绍，未来，三方基础设施将继续在两地监管机构指导下，与所有市场参与者紧密合作，不 断丰富"互换通"产品，完善风险管理框架，推动内地与香港金融市场共同发展，助力中国金融市场高水 平对外开放。 此外，从9月22日起，香港场外结算将现有的人民币不交收利率掉期（CNY NDIRS）合约的最长期限从 5.5年延长至11年，以方便境外投资者更好地管理利率风险。 9月22日，在两地监管机构的指导与支持下，香港交易及结算所有限公司（以下简称"香港交易所"）旗 下的香港场外结算有限公司（以下简称"香港场外结算"）与中国外汇交易中心（以下简称"外汇交易中 心"）和银行间市场清算所股份有限公司（以下简称"上海清算所"），联手在"北向互换通"下增加以一 年期贷款市场报价利率（LPR1Y）为参考利率的 ...

证券时报记者谭楚丹许盈 "并购六条"政策实施一年来，市场活跃度显著提升，并购重组作为资本市场优化资源配置、服务实体经 济的重要功能进一步凸显。 站在新的起点上，多家受访券商高管对未来并购重组市场发展充满信心，但也认为并购市场在审核效 率、估值包容性、投后整合、理性交易等方面仍有进一步优化空间。 他们认为，需从监管、上市公司、投资机构三方协同发力，进一步优化政策环境、提升并购质量、防范 市场风险，推动并购市场实现健康可持续发展。 建言提升 审核效率及包容性 并购重组审核的效率与包容性，直接关系到企业的并购意愿及市场活力。多名受访的券商人士向证券时 报记者表示，希望审核效率与包容度进一步提升。 西南证券总裁杨雨松建议，继续提升中小型产业整合项目及大市值上市公司并购小标的资产的审核速 度，为这类项目设立快速审核通道，简化审核材料、缩短审核周期。在他看来，上述项目通常业务协同 性强、风险低，快速审核可提升市场效率，激发企业并购意愿。 私募基金 需对估值有理性预期 作为并购交易中的重要参与方，私募基金等投资机构在交易谈判、退出机制等方面扮演关键角色。多位 业内人士呼吁，机构应更理性看待估值与退出，发挥专业监督作用。 徐 ...

杜坤伦许余洁 自2024年财政部《企业数据资源相关会计处理暂行规定》正式施行以来，数据资产"入表"已从一个前沿 的理论概念，迅速转变为数字经济时代企业价值重估的现实命题。然而，广大企业在实践中普遍面 临"想入、盼入，但又怕入、难入"的窘境。数据资产的权属界定、价值计量、成本归集等一系列难题， 构成了从顶层设计到实践落地之间的"最后一公里"。在此背景下，江苏省财政厅近日印发的《企业数据 资源入表指南》（以下简称《指南》），为企业数据资源规范化入表等提供操作手册，标志着地方层面 在推动数据要素价值化进程中，迈出了从"怎么看"到"怎么办"的关键一步。 首先，当前企业数据资产入表的最大障碍之一，是会计核算与传统体系的冲突以及操作流程的缺失。企 业面对"数据"这一新型生产要素，往往不知从何入手进行成本归集与分摊。《指南》第四章系统性地构 建了数据资源成本的归集与分摊框架。它不仅厘清了采购成本、加工成本、开发成本等主要构成，更创 新性地将成本细分为可直接归集的"数据权属鉴证费""质量评估费"等，以及需要分摊的"基础设施成 本""人力资源成本"等间接费用。与此同时，《指南》为间接成本的分摊提供明确的动因指引，如基础 设施成 ...

熊锦秋 近期，证监会连续公布多份行政处罚决定书，包括对两家会计师事务所和一家资产评估公司及其从业人 员开出罚单。这些案件暴露出中介机构未尽勤勉尽责义务，已成为资本市场健康发展的隐患。 从上述案例来看，中介机构失职行为呈现多样化特征。比如，某会计所在对首航高科的审计中，未能识 别控股股东资金占用10.63亿元的异常情况；某会计所在对延安必康的审计中，函证程序存在明显缺 陷，未有效执行风险识别程序；某评估公司在评估业务中更是应客户要求随意调高评估值，完全丧失独 立性。 中介机构未能勤勉尽责的现象屡禁不止，背后或有复杂成因。一是利益驱动与成本压力。审计评估行业 竞争激烈，甚至存在低价内卷竞争，导致项目投入资源不足。如某会计所收取首航高科审计费用仅101 万元，却要承担数十亿元规模上市公司的审计责任。在成本压力下，简化程序、缩减工作量可能成为一 些机构的选择。 二是专业能力与职业怀疑精神缺失。上述案例中，有的从业人员对明显异常迹象视而不见，如某所审计 人员对回函地址被涂抹、回函为复印件等异常未进一步核查，反映出专业判断能力的不足和职业怀疑精 神的缺失。 三是独立性缺失。个别会计师甚至存在影响审计独立性的行为，并且未采 ...

（文章来源：证券时报） 9月22日，中共上海证券交易所委员会发布关于二十届中央第三轮巡视整改进展情况的通报。通报称， 经过集中整改，上交所党委巡视整改工作取得阶段性成效。下一步，上交所党委将坚持标准不变、力度 不变、"一把手"负责不变，扎实推进巡视整改常态化长效化。 具体来看，上交所党委将强化党委"把方向、管大局、保落实"领导作用，走好中国特色金融发展之路； 一体推进防风险、强监管、促高质量发展工作，做好金融"五篇大文章"，更大力度推动中长期资金入 市，持续稳定和活跃资本市场，更好服务新质生产力发展和广大投资者；坚持从严监管、科学监管，既 抓早抓小抓苗头，更打大打恶打重点，努力做到严而有度、严而有方、严而有效。 同时，上交所党委还将进一步全面深化改革，以深化资本市场投融资综合改革为牵引，以深入推进"提 质增效重回报"行动、加强指数化投资生态建设为抓手，健全市场内在稳定性长效机制；发挥好科创板 改革"试验田"作用，落实好进一步全面深化科创板改革各项改革措施，进一步推动"科创板八条""并购 六条"创新性示范性案例落地；稳步拓展互联互通，丰富跨境投融资产品，推进高水平对外开放。 （张淑贤） ...

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王志高 据《经济参考报》报道，国务院国资委近日披露"十四五"央企成绩单：资产总额突破90万亿元，研发投 入连续三年超万亿元，战略性新兴产业投资年均增速超20%，6组企业重组、9家新央企成立……这些数 字不是简单的"成绩汇总"，而是一份关于中国经济"产业基因"的进化报告——央企正以重组为刃、创新 为种，在传统与未来的接榫处，悄然改写中国产业的底层密码。 曾经被贴上"大而不精"标签的央企，正在打破这一刻板印象。2024年，央企战略性新兴产业营收突破11 万亿元，近两年贡献度提升8个百分点；474个国家级研发平台、97个原创技术策源地，串起了"从0到 1"的创新链条；更有中试验证平台开放、千亿元创投基金等新机制，让"实验室成果"加速走向生产线。 这场变革标志着央企体系正从"规模驱动"向"创新驱动"系统性跃迁。 重组整合的逻辑，远不止于"物理合并"的量变。6组企业重组、9家新央企成立，更像是一场精心设计 的"产业拼图"：中国星网统筹卫星互联网布局，中国电气装备整合电力装备产业链，这些举措实则是国 家战略资源的重新排兵布阵。这种整合通过资源重构激活创新生态，让"化学裂变"替代"物理相加"，使 企业从"单打独斗"转向"协 ...