Core Viewpoint - The steel industry is set to benefit from a significant policy initiative aimed at stabilizing growth and promoting high-quality development, with a target of approximately 4% annual growth in value added over the next two years [1][2]. Group 1: Policy Framework - The "Steel Industry Stabilization Growth Work Plan (2025-2026)" was jointly issued by five government departments, focusing on structural adjustments and high-quality development [2][3]. - The plan emphasizes a problem-oriented and goal-oriented approach, proposing 10 specific measures across five key areas [2][3]. Group 2: Key Measures - The plan includes precise control of production capacity and output, with a focus on supporting advanced enterprises and phasing out inefficient capacity [2][3]. - It promotes the development of low-carbon steelmaking processes, such as electric arc furnaces and hydrogen metallurgy, through differentiated support for capacity replacement [2][3]. - The plan mandates that by the end of 2025, over 80% of steel production capacity must complete ultra-low emission transformations [6]. Group 3: Industry Management and Innovation - Steel enterprises will be classified and managed in tiers, encouraging resource allocation towards leading companies [3]. - The plan aims to enhance the supply of high-end products by fostering collaboration among steel companies, upstream and downstream enterprises, and research institutions [3][4]. Group 4: Investment and Digital Transformation - The plan calls for the modernization of equipment and the promotion of digital transformation within the industry, including the establishment of evaluation standards for digitalization [4][7]. - It encourages the adoption of advanced technologies and the development of intelligent manufacturing processes [4][7]. Group 5: Monitoring and Support - The plan outlines organizational, policy, and operational support measures to ensure the effective implementation of the growth strategy [7]. - Continuous monitoring and capacity warning mechanisms will be established to maintain industry stability [7]. Group 6: Market Outlook - Analysts predict a gradual recovery in steel demand as seasonal changes occur, with a potential reduction in inventory levels [7]. - The industry is expected to enter a performance cycle focused on profitability, driven by increased production restrictions and a shift towards high-quality development [7].

河南金融监管局近日批覆，覈准中原信托变更注册资本及调整股权结构。 批覆信息显示，河南金融监管局同意河南投资集团有限公司(简称「河南投资集团」)对中原信托有限公司(简称「中原信托」)增资约7.24亿元，其中增加 注册资本约3.19亿元，其余部分计入资本公积。增资完成后，中原信托注册资本变更为50亿元。 中原信托成立于1985年。自2008年5月起，历经多次增资，截至2024年末注册资本约46.81亿元。 中原信托2024年年报显示，公司股东共三家，其中河南投资集团持股约64.93%，为第一大股东，河南中原高速公路股份有限公司(简称「中原高速」)持股 约27.27%、光大兴陇信托有限责任公司持股约7.8%，两家公司分列第二和第三大股东。2025年2月28日，根据甘肃省高级人民法院(2024)甘执复234号司法 裁定，公司第三大股东由光大兴陇信托有限责任公司恢复为河南省豫粮粮食集团有限公司。 在今年2月举行的中原信托2025年度工作会议上，中原信托党委副书记、总经理(拟任)赵阳在经营工作报告中指出，2024年是中原信托全面转型发展的关 键之年，公司按照「12345」经营思路，加快转型创新，严格风险管控，加强内部管理 ...

Core Viewpoint - Gold prices have surged to a new historical high, driven by expectations of further interest rate cuts by the Federal Reserve and increased demand from central banks and investors [1][4][8]. Group 1: Gold Price Movement - As of September 22, spot gold reached $3720 per ounce, marking a daily increase of over 1% and a cumulative rise of over 12% since August 20 [1][4]. - Year-to-date, gold prices have increased by more than 42%, with COMEX gold futures also reflecting similar gains [6][10]. Group 2: Market Reactions - Gold-related stocks in the U.S. and A-share markets saw significant gains, with companies like Barrick Gold and Newmont Mining rising over 2.5%, and in A-shares, Shengda Resources hitting the daily limit [4][6]. - Analysts suggest that the trend of monetary policy easing by the Federal Reserve is likely to continue, which may further elevate gold prices [11][12]. Group 3: Future Projections - Major investment banks, including JPMorgan and UBS, have raised their gold price forecasts, predicting spot gold could reach $3800 per ounce by Q4 2025 and potentially exceed $4000 per ounce in 2026 [8][9]. - The potential for gold prices to reach $5000 per ounce exists if there is a significant shift in investor behavior, particularly if individual investors diversify into gold as central banks do [9][10]. Group 4: Economic Indicators and Influences - The Federal Reserve's recent decision to cut interest rates by 25 basis points aligns with market expectations and is seen as a catalyst for gold's price increase [10][11]. - Ongoing geopolitical tensions and concerns over U.S. trade policies are contributing to heightened demand for gold as a safe-haven asset [10][12].

证券时报•数据宝统计，中国石油化工股份在港交所公告显示，9月22日以每股4.070港元至4.120港元的 价格回购541.00万股，回购金额达2211.61万港元。该股当日收盘价4.080港元，下跌0.97%，全天成交额 6.34亿港元。 今年以来该股累计进行7次回购，合计回购1.29亿股，累计回购金额5.81亿港元。（数据宝） （万港元） 2025.09.22 541.00 4.120 4.070 2211.61 2025.08.22 6762.40 4.430 4.340 29772.14 2025.03.26 288.00 4.110 4.090 1179.71 2025.03.25 950.00 4.110 4.090 3890.92 2025.03.24 2380.00 4.170 4.110 9851.53 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 中国石油化工股份回购明细 日期 回购股数 （万股） 回购最高价 （港元） 回购最低价 （港元） 回购金额 ...

Group 1: Gold Price Surge - Gold prices have reached a new historical high of $3720 per ounce, with a daily increase of over 1% and a cumulative rise of over 12% since August 20 [1][6] - Year-to-date, gold prices have increased by more than 42% [1][6] Group 2: Market Reaction - U.S. gold stocks collectively surged over 5% in early trading, with notable increases in companies such as Barrick Mining and Newmont [4] - In the A-share market, gold-related stocks also saw significant gains, with Shengda Resources hitting the daily limit and Zhongjin Gold rising over 9% [5] Group 3: Future Predictions - Morgan Stanley has raised its gold price forecast, expecting spot gold to reach $3800 per ounce by Q4 2025 and potentially exceed $4000 in Q1 2026 [7] - UBS has also increased its target price for gold, projecting it to reach $3800 by the end of 2025, up from a previous estimate of $3500 [7] - Goldman Sachs maintains a target of $3700 for gold by the end of 2025 and $4000 by mid-2026, highlighting the potential for prices to exceed $4500 under certain conditions [8] Group 4: Economic Factors - The Federal Reserve's recent decision to cut interest rates by 25 basis points has established a trend of gradually easing monetary policy, which is expected to support higher gold prices [6][9] - Analysts suggest that ongoing geopolitical tensions and concerns over U.S. economic policies are driving increased demand for gold as a safe-haven asset [8][10] Group 5: Institutional Demand - Central banks are continuing to purchase gold, with the demand being less sensitive to price fluctuations, which supports a bullish outlook for gold prices [10] - The trend of de-dollarization and geopolitical risks are prompting institutional investors to diversify their portfolios with gold, providing a solid support base for prices [10]

金价，持续上涨！ 9月22日，金价再度大涨，现货黄金站上3720美元/盎司，再创历史新高，日内涨幅超过1%。自8月20日 启动新一轮行情以来，现货黄金累计涨幅超过12%。而自今年年初以来，金价涨幅更是超过42%。 今日美股盘前，黄金概念股集体上涨，伊格尔矿业、巴里克黄金、哈莫尼黄金涨超3%，纽蒙特矿业、 金罗斯黄金涨超2.5%，盎格鲁黄金涨近2%。 近日，摩根大通上调了对金价的价格预测，该行预计现货金价将在2025年第四季度达到3800美元/盎 司，并在2026年第一季度突破4000美元/盎司大关。同时，若美联储独立性受到冲击，投资者的资金轮 动可能在两个季度内将金价推至5000美元/盎司的高位。摩根大通的报告分析了过去六次美联储降息周 期，发现黄金价格在降息开始前和开始后都表现出持续的上涨。在最近的四次降息周期中，黄金在降息 开始后的9个月内均实现了两位数的累计回报。 瑞银也提高了黄金的目标价。瑞银预计，到2025年底金价将达到每盎司3800美元，高于此前预测的每盎 司3500美元。到2026年中，金价可能在每盎司3900美元左右，此前预测为每盎司3700美元。瑞银表示， 由于就业数据疲软，市场对美联储将重 ...

9月22日，A股市场整体上涨。 截至收盘，上证指数收报3828.58点，上涨0.22%；深证成指收报13157.97点，上涨0.67%；创业板指收报3107.89 点，上涨0.55%。两市合计成交21214.83亿元，较上一交易日减少2023.47亿元。 1. 两市主力资金净流出近150亿元 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2025-9-22 | -149.51 | -77.29 | 37. 32 | -12. 91 | | 2025-9-19 | -431.42 | -147.94 | -31. 05 | -206. 34 | | 2025-9-18 | -760.44 | -203. 53 | -196. 21 | -332. 00 | | 2025-9-17 | -328.39 | -128. 05 | -39.90 | -150. 90 | | 2025-9-16 | -165.54 | -44. 85 | 4. 6 ...

Core Viewpoint - The press conference highlighted the achievements of China's financial sector during the "14th Five-Year Plan" period, emphasizing the stability and growth of the financial system, as well as the ongoing reforms and regulatory improvements. Financial Sector Achievements - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, with stock and bond market sizes ranking second worldwide [3] - The average annual growth rate for loans to technology-based SMEs, inclusive small micro loans, and green loans exceeded 20% during the "14th Five-Year Plan" [3] - The People's Bank of China is committed to enhancing the central bank system and maintaining a supportive monetary policy stance [3] Regulatory Improvements - The banking and insurance sectors' total assets surpassed 500 trillion yuan, with an average growth rate exceeding 9% over the past five years [6] - The financial regulatory authority has imposed penalties on 20,000 institutions and 36,000 individuals since the beginning of the "14th Five-Year Plan" [6][9] - The number of high-risk institutions and the scale of high-risk assets have significantly decreased, indicating that risks are under control [6] Capital Market Developments - The capital market's basic systems and regulatory logic have been comprehensively restructured, with the market capitalization of technology companies in A-shares increasing to over 25% [10] - The total market capitalization of A-shares surpassed 100 trillion yuan for the first time in August 2023 [10] - The direct financing ratio has steadily increased, reaching 31.6%, up by 2.8 percentage points from the end of the "13th Five-Year Plan" [10] Cross-Border Financial Activities - The use of the renminbi in cross-border trade has risen to nearly 30%, reflecting its growing significance as a trade financing and payment currency [4][17] - China's cross-border receipts and payments are projected to reach 14 trillion dollars in 2024, a 64% increase compared to 2020 [17] - The foreign exchange reserves have remained stable at over 3 trillion dollars throughout the "14th Five-Year Plan" [17]

自今年6月科创板"1+6"改革政策以来，科创板新增受理15家公司IPO申请，其中4家为未盈利企业，1家 适用第五套标准。目前，已有3家未盈利企业IPO注册生效，其中2家为第五套标准企业。禾元生物也是 重启科创板第五套标准后的首家过会并取得注册批文的企业。 证券时报记者获悉，目前，科创成长层首批新注册企业发行上市的各项工作正在有序稳步推进中，上交 所技术系统完成全网通关测试，已于近日陆续上线。证券公司已有序组织投资者签署参与科创成长层交 易的风险揭示书，目前已有500万户投资者开通科创成长层交易权限。 禾元生物启动发行，是落实科创板"1+6"改革、增强对优质科技型企业的制度包容性和适应性的重要体 现，彰显了尊重科技创新规律、支持优质科技企业发展、更好服务新质生产力的政策导向。 值得一提的是，根据"科创板八条"的相关试点安排，禾元生物也是首家采用网下发行差异化限售与配售 安排的公司。根据禾元生物披露的公告文件，其网下整体限售比例不低于40%，对投资者报价设置了3 档差异化限售档位，申购最高限售档位投资者的配售比例不低于最低限售档位的9倍。 禾元生物成为科创成长层新注册企业中首家启动发行工作的企业。 9月22日晚， ...

近年来，随着房地产市场出现调整，中山市商品房成交量和房价也有所下降。市场数据显示，今年8月 中山一手房网签面积合计11.89万平方米，网签均价每平方米1.22万元，同比下降5.54%，环比上涨 7.22%。另据乐有家研究中心数据，8月中山卖得最贵二手房，是一套位于东区万丽豪庭的约140平方米 的房源，成交单价为每平方米17832元。此外，上周中山门店新房看房量环比大涨57%，冲至今年第二 高位，仅次于"五一"黄金周。 有香港购房者对记者表示，交通便捷促使更多香港居民将购房目光投向大湾区其他城市。"现在深圳和 中山的公共交通也很方便，从前海坐跨市公交到马鞍岛就一个小时，我们经常先到深圳吃个饭逛一下 街，然后再坐大巴车回中山。"这位香港购房者还表示，早在30多年前，中山就吸引了大量港澳居民前 来买房，所以香港购房者一直对中山楼市持有较高的关注度。 与此同时，在2025年9月17日至2025年10月31日期间，对所有在中山购买新建商品住房的购房人（不限 制户籍，不限制就业），在缴纳契税后实施梯度奖补。其中，对购房人属于经市委人才工作领导小组审 定的顶尖人才、国家或省重大人才工程入选专家、《中山市新时代人才高质量发展 ...