近日，上市银行市值大涨引发市场关注。上市银行总市值受何因素影响？银行股投资价值何在？如何看 待后续走势？ 股本结构有所差异 记者从业内了解到，作为A+H两地上市银行，六大行总市值会受到增资、股权结构、AH股两市表现等 因素影响。其中，农业银行总股本中A股占比更高，在本轮A股行情中占据结构性优势。 基于股权结构差异，农业银行的股本结构中，A股占91%，H股仅占9%，使其更多受益于A股上涨。建 设银行的股本结构中，H股占92%，A股仅占8%，使其更多受益于H股上涨。工商银行的股权结构设计 更加平衡，股本结构中A股占76%，H股占24%。 从另外一个视角来看，尽管A+H股总市值排位短期发生变化，但在衡量商业银行最核心实力的资本、 资金、资产、营收等指标上，工商银行亦不逊色。 截至6月末，工商银行总资产52.32万亿元，稳居六大行首位，也是全球资产规模最大的商业银行。从经 营业绩看，上半年工商银行实现营收4090.82亿元、归母净利润1681.03亿元，均居行业第一。客户贷 款、存款规模保持同业引领地位。 继续看好配置价值 中金公司分析师张帅帅认为，对比其他行业，银行业高股息特征，除了本身收益率（股息率高低）、波 动 ...

9月5日晚间，*ST紫天公告称，深交所决定终止公司股票上市。公司股票将于9月15日复牌并进入退市 整理期，退市整理期的交易期限为15个交易日，退市整理期期满后深交所将对公司股票进行摘牌。 深交所在《终止上市决定书》中表示，*ST紫天因财务会计报告存在虚假记载被中国证监会责令改正但 未在要求期限内完成整改，且在股票停牌两个月及被实施退市风险警示两个月内仍未完成整改，触及股 票终止上市情形。 8月22日，*ST紫天收到证监会行政处罚决定书。决定书显示，*ST紫天连续两年累计虚增收入24.99亿 元，在三份定期报告中存在造假行为。 其中，在2022年年度报告中，*ST紫天虚构互联网广告费代充值业务、短信发送服务业务等行为，导致 2022年年度报告虚增收入7.78亿元、虚增利润0.85亿元，分别占年度营业收入44.59%、利润总额 35.99%。 在2023年半年度报告中，*ST紫天在云服务业务未开工、未经客户验收通过且未收到任何款项情况下提 前确认营业收入，导致2023年半年度报告虚增营业收入2.07亿元、利润0.79亿元，占当期营业收入 图片来源：公司公告 两年累计虚增收入24.99亿元 14.56%、利润总额5 ...

9月5日，中国机械工业集团有限公司（简称"国机集团"）在广州举办"合力同行 共创价值"2025年上市公司集体投资者交流活动。国机集团董事长张晓仑表 示，国机集团将把提升上市公司投资价值、强化投资者回报作为一项长期工作来抓，引导上市公司用好市值管理工具箱，打造主业突出、治理规范、业绩优 良、核心竞争力强的专业领军上市公司集群。 七家国机集团控股上市公司，国机重装、一拖股份、国机精工、中国电研、中工国际、国机汽车、苏美达，分别介绍了公司概况、经营状况、投资价值等。 推动优质资源向上市公司集聚 张晓仑表示，国机集团将着力在聚焦主责主业，提高上市公司发展质量；强化资本运营，发挥上市公司平台功能；加大改革力度，激发上市公司发展活力； 坚持规范运作，提升上市公司治理水平；积极回报投资者，提升上市公司投资价值等五个方面发力。 他表示，集团将推动优质资源进一步向上市公司集聚，支持上市公司积极开展有利于提高投资价值的资本运营。引导上市公司聚焦产业链供应链关键环节加 快整合行业资源，弥补产业链短板；支持上市公司围绕提高主业竞争优势、增强科技创新能力，开展同行业、上下游重组整合，做强做优做大核心主业；支 持上市公司通过市场化并购加 ...

Core Insights - The current macroeconomic context emphasizes the role of the futures market in supporting national strategies, addressing the urgent need for operational certainty among enterprises facing significant challenges [1][2] - Enterprises are grappling with three main challenges: unpredictable price fluctuations, squeezed profit margins, and inadequate risk management capabilities [2][3] - The essence of these difficulties lies in the contradiction between the urgent demand for operational certainty and the insufficient application of risk management tools [3] Group 1: Challenges Faced by Enterprises - Price volatility has increased unpredictability, with raw material prices, such as lithium carbonate, fluctuating over 30% monthly, impacting production planning for companies in the new energy sector [2] - Profit margins are under pressure due to an imbalance between overcapacity and uneven demand recovery, leading many companies to operate on thin margins [2] - Many enterprises, especially small and medium-sized ones, lack the expertise to effectively utilize futures tools, resulting in a situation where they want to hedge but do not know how [2][4] Group 2: Solutions and Innovations by the Company - The company has introduced three innovative models to address the risk management challenges faced by small and medium-sized enterprises: drip irrigation service, ecological platform, and digital empowerment [1][6] - The company provides personalized, full-cycle risk management services, including macro and industry qualitative analysis, risk factor identification, and hedging strategy optimization [3][6] - The company has developed a "drip irrigation" service model for small and medium-sized enterprises, offering a combination of over-the-counter options and rights-trade to lower participation barriers and mitigate raw material price risks [6][7] Group 3: Expectations from the Futures Industry - Enterprises expect customized services that are simple, understandable, and cost-effective, tailored to their scale and position in the industry chain [5] - There is a demand for full-cycle support, not only in teaching the use of tools but also in assisting with the establishment of risk management systems [5] - Companies seek ecological support that involves collaboration with exchanges and industry associations to provide policy interpretation and talent training, thereby lowering the barriers to using futures tools [5][8] Group 4: Gaps in the Futures Market - There is a need to expand the variety of futures products available, particularly for emerging industries and regional specialty agricultural products [9][10] - The alignment of futures contract rules with actual trading practices needs improvement to enhance the effectiveness of hedging strategies [9][10] - There is a significant shortage of professionals who understand both industry logic and financial tools, which hampers the effective implementation of risk management strategies [9][10] Group 5: Recommendations for Improvement - The company suggests a three-party collaboration approach involving regulatory bodies, futures companies, and social sectors to enhance the futures market's service to the real economy [10][11] - It advocates for the acceleration of new product development in emerging industries and the optimization of contract rules based on market research [10] - The establishment of a team combining industry researchers and risk consultants is recommended to provide comprehensive services to enterprises [11]

黄金价格高企之际，"痛金"正在年轻消费群体中流行。这种把动漫、游戏等二次元IP与黄金饰品结合的 产品，被不少人视为比普通谷子(二次元徽章、卡片等周边)更保值的消费选择。今年以来，"痛金"不仅 成为社交平台的热门话题，也被珠宝商视作新的增长点。 "痛金"的流行，与当下年轻群体的消费观念密切相关。机构认为，各代际支出中均呈现出"悦己化"特 征。在这一趋势推动下，小克重、IP化、具备社交属性的黄金饰品更受青睐。 然而值得注意的是，"痛金"产品的溢价幅度普遍偏高，部分单品每克售价远超常规金饰。业内分析人士 提醒，从保值增值的角度看，购买标准金条、金币或通过期货投资，才是更为理性的选择。 黄金遇上二次元 在北京一家周大福专柜前，33岁的李明正仔细端详着一款《黑神话：悟空》联名转运珠。这款重约3克 的黄金饰品，雕刻着游戏中标志性的金箍棒图案，售价6600元，折合约2200元/克，比当日首饰金价格 高出近一倍。 "确实不便宜。"李明最终还是刷了卡，"但玩了这么多年游戏，终于有一款国产大作让我这么激动，就 想着买个纪念品。" 与黑悟空系列一同陈列着的，还有足金材质的IP形象Chiikawa饰品。无独有偶，老庙黄金与《天官赐 ...

Market Overview - On September 5, U.S. stock indices experienced slight declines, with the Dow Jones Industrial Average falling by 0.48% to 45400.86 points, the S&P 500 down 0.32% to 6481.5 points, and the Nasdaq decreasing by 0.03% to 21700.39 points [2][4] - The U.S. technology sector saw a drop, with the Technology Seven Index declining by 0.84%. Notable declines included Nvidia, which fell over 2%, and Microsoft, which dropped 2.55%. In contrast, Tesla rose by 3.64% [4] Chinese Stocks Performance - The Nasdaq China Golden Dragon Index increased by 1.16%, with several Chinese stocks performing well. Canadian Solar surged over 15%, Dingdong Maicai rose over 6%, and Alibaba and Baidu both increased by over 3% [4] Gold Market - International precious metals futures generally rose, with COMEX gold futures increasing by 0.92% to $3639.8 per ounce, and COMEX silver futures up by 0.22% to $41.51 per ounce. London spot gold reached a historic high of $3600.18 per ounce during trading, closing at $3586 per ounce, a 1.15% increase [5][8] Oil Market - International oil prices fell on September 5, with light crude oil futures for October delivery dropping by $1.61 to $61.87 per barrel, a decrease of 2.54%. Brent crude oil for November delivery fell by $1.49 to $65.50 per barrel, down 2.22% [7] Employment Data - The U.S. unemployment rate rose to 4.3% in August, marking a 0.1 percentage point increase and the highest level in nearly four years. Non-farm payrolls increased by only 22,000, significantly below market expectations of 75,000 [9]

证监会9月5日消息，证监会对《开放式证券投资基金销售费用管理规定》进行了修订，并更名为《公开 募集证券投资基金销售费用管理规定》，现向社会公开征求意见。此举旨在落实《推动公募基金高质量 发展行动方案》，进一步降低基金投资者成本，规范公募基金销售市场秩序，保护基金投资者合法权 益，推动公募基金行业高质量发展。 本次销售费率改革突出体现在降费力度大，实实在在让利投资者等方面。以近三年平均数据测算，该阶 段基金销售费用改革将整体降费约300亿元，降幅约为34%。 实实在在让利投资者 《开放式证券投资基金销售费用管理规定》于2009年12月发布实施，2013年6月进行了第一次修订。此 次时隔12年再次修订，并更名为《公开募集证券投资基金销售费用管理规定》，是贯彻新"国九条"精 神、落实《公募基金行业费率改革工作方案》和《推动公募基金高质量发展行动方案》的重要举措，是 分阶段推进费率改革的"最后关键一步"。 本次销售费率改革针对公募基金销售领域存在的一些突出问题，立足维护投资者合法权益，引导基金销 售机构切实端正经营理念，把维护投资者利益放在首要位置，专注提升客户服务能力，切实降低投资者 成本，促进形成良好的行业发展新 ...

Market Performance - On September 5, U.S. stock indices experienced slight declines, with the Dow Jones Industrial Average falling by 0.48% to 45400.86 points, the S&P 500 down 0.32% to 6481.5 points, and the Nasdaq down 0.03% to 21700.39 points [3] - The Wind U.S. Technology Seven Giants Index decreased by 0.84%, with notable declines in Nvidia and Microsoft, which fell over 2% [5] Chinese Stocks - The Nasdaq China Golden Dragon Index rose by 1.16%, with significant gains in Chinese stocks such as Arctech Solar, which increased over 15%, and Dingdong Maicai, which rose over 6% [5] Commodity Prices - International precious metals futures generally rose, with COMEX gold futures increasing by 0.92% to $3639.8 per ounce, and COMEX silver futures up by 0.22% to $41.51 per ounce [8] - London spot gold reached a historic high, briefly surpassing $3600 per ounce, closing up 1.15% at $3586 per ounce [8] Employment Data - The U.S. Labor Department reported that the unemployment rate in August rose by 0.1 percentage points to 4.3%, marking a nearly four-year high, with non-farm payrolls increasing by only 22,000, significantly below market expectations [13]

Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has revised the "Publicly Raised Securities Investment Fund Sales Fee Management Regulations" to lower fees for fund subscriptions, purchases, and sales service fees, expected to save investors approximately 30 billion yuan annually [2] - The CSRC has guided the Shanghai, Shenzhen, and Beijing stock exchanges to release disclosure guidelines on "pollutant emissions," "energy utilization," and "water resource utilization," aiming to enhance sustainable development awareness among listed companies [3] - The National Financial Supervisory Administration has revised the "Insurance Company Capital Guarantee Fund Management Measures" to strengthen regulation over insurance company capital guarantee funds, with a minimum deposit requirement of 20 million yuan [3] Group 2: Company News - Hikvision's chairman proposed a mid-term dividend plan for 2025, suggesting a cash dividend of 4 yuan per 10 shares, amounting to approximately 3.666 billion yuan, which represents 64.8% of the company's net profit for the first half of the year [5] - Aerospace Hongtu signed a strategic cooperation agreement for an internet satellite project worth 2.9 billion yuan, although it is still in the preliminary intention stage and subject to formal contracts [5] - Kweichow Moutai's controlling shareholder received a loan commitment of up to 2.7 billion yuan from Agricultural Bank of China to support stock repurchase plans [5] - Yihuatong announced the termination of a planned acquisition of 100% equity in Danzhou Xuyang Hydrogen Energy Co., citing a lack of consensus among parties involved [6] - Delisted Longyu received a notice of administrative penalty from the Shanghai Securities Regulatory Bureau, with a total fine of 38.1 million yuan for financial misconduct [6][7] - Kuangda Technology's controlling shareholder signed a share transfer agreement to transfer 4.12 billion shares at a price of 5.39 yuan per share, totaling 2.22 billion yuan [6] - Zhizheng Co. received approval from the CSRC for a major asset swap and fundraising not exceeding 1 billion yuan to acquire control of Advanced Packaging Materials International Limited [8] Group 3: Industry Insights - According to a report from Zhongtai Securities, the domestic medical device industry is in a rapid development phase, with expectations for a turning point in the third quarter of 2025, highlighting opportunities in policy support and innovation-driven growth [9]

西部黄金2025年上半年共实现营业收入约为50.3亿元，同比增长69.01%，主要由于公司黄金产品销售价 格较上年同期上升、销量较上年同期增加，致使营业收入较上年同期增加；实现归属于上市公司股东的 净利润约为1.54亿元，同比增长131.94%，主要由于自有矿山生产的黄金的销量较上年同期增加、销售 价格较上年同期上升。 一些公司称，业绩达到历史最好水平。山金国际2025年上半年共实现营业收入约为92.46亿元，同比增 长42.14%；实现归属于上市公司股东净利润约为15.96亿元，同比增长48.43%。报告期内，公司整体发 展态势持续向上向好向优，净利润达到历史最高水平。 部分公司拟大手笔分红，引发市场关注。山东黄金发布的2025年半年报显示，上半年，公司共实现营业 收入约为567.66亿元，同比增长24.01%；实现归属于上市公司股东的净利润约为28.08亿元，同比增长 102.98%，公司黄金产量及主要经济指标创历史新高。公司拟向全体股东每10股派发现金红利1.8元（含 税），合计派发现金红利约8.05亿元。 频获机构调研 近期，黄金行业上市公司频获机构调研。从机构调研内容看，上半年业绩增长的原因、未来黄 ...